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Why It’s
(Mostly)
Safe to
Reopen the
Schools
REVIEW
The New Wave of
Private Vacations
THE WALL STREET JOURNAL WEEKEND OFF DUTY
* * * * * * * * SATURDAY/SUNDAY, AUGUST 8 - 9, 2020 ~ VOL. CCLXXVI NO. 33 WSJ.com HHHH $5.00
Some Jobs Come Back, but Long-Term Challenges Persist Trump

What’s By March, 20.1 million Millions of workers laid off during the pandemic
News 20million
jobs were added
since the end of the
last recession.
have been unemployed for at least 15 weeks.
Unemployed Americans, by duration
Eyes New
World-Wide Change in nonfarm payrolls
Less than 5 weeks
5 to 14
25 million
20
Orders as
Aid Talks
15 to 26
since end of 2007 recession
27 or more
Historic job gains for three 15
rump said he was pre-
T 15
pared to move forward
with executive orders to pro-
vide more coronavirus aid
to Americans, after White
months running have
restored about 45% of the
jobs lost in April, which
10
5
Stall
The U.S. shed
House negotiations with saw payrolls fall to levels BY KRISTINA PETERSON
21 million jobs in
Democrats made no prog- April, bringing 0 AND SIOBHAN HUGHES
ress toward agreements on not seen since the
payrolls to post- Feb. March April May June July
central issues in the talks. A1 beginning of the recession levels. WASHINGTON—President
10 Trump said he was prepared to
The Trump administra- decade-long move forward with executive or-
tion’s cascade of actions recovery. Service-providing jobs led in July gains ders to provide more coronavi-
against Beijing represent a
Growth slowed Leisure and hospitality rus aid to Americans, after
new phase in U.S.-China rela-
in July, adding 592,000 White House negotiations with
tions, one marked by increas-
1.8 million jobs after Democrats made no progress to-
ing confrontation and few ef- Retail
June’s 4.8 million surge. ward agreements on unemploy-
forts to ease tensions. A1, A8 258,300
ment benefits and state and lo-
The U.S. intelligence Professional services cal aid, two of the central issues
5
.
community has assessed 170,000 in the talks.
that Russia is trying to dam- Mr. Trump said he was set to
ly
Health care
age Biden’s campaign, while 125,500 take executive action to suspend
China prefers that Trump Other service jobs the payroll tax, retroactive to
not win re-election. A3 277,200 July 1 and running through the
The U.S. death toll from
the coronavirus passed
160,000, as parts of the coun- 0 2010
on Government
Goods-producing
301,000
Note: Seasonally
adjusted; latest
figures are
preliminary
end of the year. He also said he
intended to extend recently ex-
pired jobless payments through
December, but he declined to
try showed signs that the
'15 '20 39,000 say how large the payments
us ,
virus’s spread was easing. A7 Source: Labor Department

would be. He reiterated that he
l
All New York schools have would impose a partial morato-

e
al a
Hiring Shows Improvement

been authorized to reopen, rium on evictions and assist
Gov. Cuomo said, citing with student-loan payments.
the state’s low infection “If Democrats continue to
ci on
rate for the coronavirus. A3 hold this critical relief hostage,

I will act under my authority as
Falwell will take an indefi-
BY SARAH CHANEY come the shock from the pan- tionwide Mutual Insurance Co. ployed between 15 and 26 weeks president to get Americans the
nite leave of absence from the
demic and related lockdowns. chief economist. “But the down- rose in July to the highest read- relief they need,” said Mr.
presidency of Liberty Uni-
Hiring increased in July for The U.S. now has about 13 turn was so big—the hole that ing on record for the category Trump, in remarks from his golf
er s
versity at the request of the

the third straight month, though million fewer jobs than in Febru- was dug was so deep—that it will going back to 1948, and it is club in Bedminster, N.J. He said
school’s board of trustees. A3
overall gains have yet to restore ary, the month before the coro- still take probably at least a cou- nearly double the prior peak in the orders were being drafted,
m er
A federal appeals court half of the U.S. jobs lost due to navirus hit the U.S. economy, the ple of years to dig ourselves out.” 2009 at the end of that reces- and he expected potential legal
revived a bid by House the coronavirus pandemic. Labor Department said Friday. U.S. stocks slipped Friday af- sion. It is a bad sign that even challenges if he moved ahead.
Democrats to require Mc- July’s addition of 1.8 million Unemployment remains histori- ter July’s employment figures with improvements in overall The White House has pro-
Gahn to testify in an inves- jobs and a lower unemployment cally high. Before the coronavirus were released and as policy hiring, millions of workers could vided little detail about how it
tigation into Trump. A6 rate of 10.2%, after a peak of drove the U.S. into a deep reces- makers in Washington re- be out of a job for a long time. would pay for additional aid
m rp
nearly 15% in April, showed the sion this year, the unemployment mained deadlocked on how to The greatest employment without an act of Congress.
Business & Finance U.S. economy continued to mend rate was hovering around a 50- provide additional economic Please turn to page A2 House Speaker Nancy Pelosi (D.,
during the summer coronavirus year low of 3.5%. stimulus, including extra aid to Calif.) and Senate Minority
surge. It also reflected how far “We’re in a pretty strong re- laid-off workers. Heard on the Street: Much is Leader Chuck Schumer (D., N.Y.)
The U.S. added 1.8 mil- the economy has to go to over- bound,” said David Berson, Na- The number who were unem- needed for jobs recovery.... B14 Please turn to page A6
co Fo
lion jobs in July as the un-

employment rate fell to
UPS Slaps EXCHANGE Neglect Set Up Moves Fuel

10.2%, but the country has
yet to restore half of the
jobs lost because of the cor-
Holiday Beirut’s Explosion China-U.S.

onavirus pandemic. A1, A2
UPS plans to impose hefty
fees on large shippers during
the holiday season, antici-
pating a crush of online or-
ders amid the pandemic. A1
Fees on Big Tensions
BY BOB DAVIS
WarnerMedia’s new boss Retailers Attempts to move the dangerous
chemicals became mired in bureaucracy
n-
ousted the leadership of The Trump administration’s

HBO Max, the streaming ser- cascade of actions against Bei-
vice that launched less than BY PAUL ZIOBRO BEIRUT—The 2,750 met- cording to the ship’s captain jing represent a new chapter in
three months ago, as part of ric tons of ammonium ni- and the International Trans- U.S.-China relations, one
no
a broader restructuring. B1 United Parcel Service Inc. trate sailed into the city port Workers’ Federation, a marked by increasing confron-
plans to impose hefty fees on nearly seven years ago. The global trade union. It ended tation and few efforts to ease
A boom in auto lending
large shippers during the holi- up in a warehouse as Leba- tensions.
threatens to unravel as pay-
ment deferrals end while un-
day season, reflecting the By Dion Nissenbaum, nese officials, lawyers, Business leaders, scholars
employment remains high and
added complexity and cost of Nazih Osseiran, judges and a Russian ship- and others involved in relations
stimulus measures fade. B1
an expected crush of online Georgi Kantchev per bickered over what to do between the world’s two big-
orders amid the coronavirus and Benoit Faucon next. gest economies say that while
Singapore police brought pandemic. Over the next three years, the moves clearly have an elec-
their first criminal charges The fees will test the ability ship’s captain at the time attempts to get rid of the toral component—the president
against an individual linked of large retailers such as Ama- TIM COOK’S APPLE called it a “powder keg.” cargo became mired in the is campaigning on being tough
to the suspected fraud at for- zon.com Inc. and Target Corp. How an engineer The cargo, a chemical country’s bureaucracy, ac- on China—they go well beyond
mer fintech star Wirecard. B3 to offset costs during a holi- compound used for blasting cording to correspondence the 2020 election. Previous
day season when skittish
successfully made mines and building car between Lebanese officials. confrontations between the
China’s exports gained Steve Jobs’s
shoppers will avoid crowded bombs, was seized when the Please turn to page A10 Please turn to page A8
momentum in July for the
second straight month as
stores and rely more on online creation his own. B1 ship carrying it was found
orders. unseaworthy and its owner Lebanon’s leaders look to U.S. levies sanctions on Hong
global demand recovered. A9
UPS on Friday said the fees failed to pay certain fees, ac- evade blame............................. A10 Kong and China officials..... A8
Goldman restated its sec- could total as much as $3 a
ond-quarter earnings lower package for ground shipments
in the wake of the bank’s
$3.9 billion settlement with
and other lower-priced ship-
ping options and up to $4 a
Who Are the Animals Foreign-Policy Sage Dies at 95
Malaysia over 1MDB. B12 package for air shipments
bound for residences.
Missing at the Zoo? You.
The Dow and S&P 500
That is significantly higher i i i
edged up 0.2% and 0.1%,
than the last time UPS insti-
respectively, while the
Nasdaq dropped 0.9%. B13
tuted additional fees during a Chimps, bears notice absence of human
peak holiday season, in 2018.
Surcharges then reached 28 visitors; bored meerkats, a lonely cockatoo
cents on ground shipments
NOONAN and up to 99 cents for some
air shipments. BY NORA ECKERT served animals including a cur-
America Is a Coalition The newly planned fees mudgeonly black bear and red
Of the Worried A15 come as UPS as well as rival Humans aren’t the only ones river hogs seeming to peer
FedEx Corp. try to offset sig- whose routines have been up- around in the sudden quiet.
nificantly higher costs from ended by the pandemic. “We always think, ‘The ani-
CONTENTS Sports........................ A12
Books..................... C7-12 Style & Fashion D2-3 the influx of packages flowing While lockdowns have mals don’t really pay that
Food......................... D8-9 Travel........................... D4 through their network. forced zoo and aquarium visi- much attention to visitors.
Gear & Gadgets D10 U.S. News.... A2-3,6-7 They have already imposed tors to stay home, the animals They just kind of do their own
Heard on Street...B14 Weather................... A12
MARK WILSON/GETTY IMAGES
Obituaries................ A11 Wknd Investor....... B5

additional fees on large ship- appear to have noticed that thing.’ And then when the zoo
Opinion.............. A13-15 World News.... A8-10 pers and have raised prices on they have the place to them- is empty, it’s like, ‘Oh, wow,
some customers by double- selves. Some of them seem to they actually respond or look
digit rates. miss people, staff say, while at visitors more than we
> Shares of both companies others don’t exactly seem to thought,’” said Mary Yoder,
got a boost Friday. Investors mind that no one is tapping on collection manager of primates
have been hoping delivery the glass. at Arizona’s Phoenix Zoo.
companies could squeeze “It completely surprised Staff members are trying to
s 2020 Dow Jones & Company, Inc.
higher prices out of customers me,” said Beth Schaefer, direc- fill the void. At Australia’s Ade- Brent Scowcroft served Presidents Gerald Ford and George
All Rights Reserved after years of investments to tor of animal programs at the laide Zoo, employees noticed H.W. Bush as national security adviser and was an
Please turn to page A6 Los Angeles Zoo, when she ob- Please turn to page A11 influential figure in U.S. foreign policy for decades. A6
A2 | Saturday/Sunday, August 8 - 9, 2020 * ***** THE WALL STREET JOURNAL.
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
Shutdowns Amp Up Energy Use at Home

Beginning Modi, a professor of mechan- Some New York City apartments consumed, on average, 23% a.m. to 10 a.m. window, tion had returned to normal.
in March, ical engineering who helped more electricity during business hours while a stay-at-home when energy use typically New York’s energy use has
when busi- design and conduct the order was in effect to curb the spread of Covid-19. ramps up as people arrive at already crept up since busi-
nesses across study. “There were 20 days Pre-stay-at-home Stay-at-home work, the decline was as nesses began slowly reopen-
the country in the month that you didn’t high as 21%. ing in June, but overall con-
snapped off use air conditioning from 9 Weekday use Weekend use Other parts of the country sumption is still lower than
the lights and sent employ- a.m. to 5 p.m., and now you 550 watts used, on average experienced similar decreases. normal, and forecasters pre-
ees home to curb the spread do. That’s 160 hours of air Daily weekday electricity dict the decreases could last
of Covid-19, overall electric- conditioning.” demand across the central re- for a year or more.
450
ity consumption declined. One small window unit, he gion of the U.S. dropped by “Right now, things have
But household energy use estimated, might add $12 to 9% to 13% in March and April leveled off,” Mr. Smith said.
surged, with some New York $15 to someone’s monthly +10% compared with expected de- “We see a reduction of about
350 +23%
City apartments consuming, utility bill—a cost that would mand, according to the U.S. 3%. We anticipate it will con-
on average, 23% more electric- vary by region, with average Energy Information Adminis- tinue for some time, most
ity during business hours—a rates ranging from less than 250 tration, and demand in most likely through all of 2021,
shift that, with the accompa- 10 cents per kilowatt-hour in of Michigan and Wisconsin and possibly well into 2022.”
nying expense, could make Louisiana to nearly 31 cents was 11% to 16% lower, fueled
B
things worse for those already in Hawaii. 150 in part by the March 18 deci- ut after this year’s un-
suffering financially as a con- Overall, weekday electricity sion by Ford Motor Co., Gen- precedented disrup-
sequence of the pandemic. use in the apartments in- 4 a.m. 8 a.m noon 4 p.m 8 p.m 4 a.m. 8 a.m. noon 4 p.m 8 p.m eral Motors Co. and Fiat tion, with many em-
The double-digit increases cluded in the study increased Notes: Weekdays Stay-at-home (30 Mar '20 - 3 Apr '20) ; Pre-stay-at-home (2 Mar '20 - 6 Mar '20) Chrysler Automobiles NV, the ployees continuing to work
occurred on weekdays from by 7% after New York’s stay- Weekends: Stay-at-home (4 Apr '20 - 5 Apr '20); Pre-stay-at-home (7 Mar '20 - 8 Mar '20) three major car manufactur- from home, it’s unclear how
9 a.m. to 5 p.m. across nearly at-home order went into ef- Source: Columbia University study under the BENEFIT program of the USDOE ers based in Detroit, to begin a return to normal will look.
Building Technologies Ofice.
300 city apartments whose fect on March 22, while week- closing their facilities. “What will work habits be
energy habits researchers at end use rose by 4%. But the Energy use typically drops once the economic recovery
Columbia University had total amount of electricity ing per square foot,” he said. lockdown, New York state during recessions—as it did happens?” Mr. Smith said.
monitored since 2018. consumed by residences at the “They have elevators. They consistently used 6% to 8% most recently during the 2008 “In the past, people would
The apartments, they said, height of the lockdown never must circulate air and water less electricity than normal, downturn—and rebounds as go back to work. Here, peo-
roughly match the diversity matched the volume typically across the whole building. according to estimates by the economy recovers. ple will go back to work. But
of the city’s residential build- swallowed by commercial The mechanical room may be the New York Independent During the 2008 reces- what does back to work
ing stock, and the research- properties, even as many downstairs and have to System Operator, which sion, New York state saw an mean?”
ers anticipated that other ar- workers set up shop at home. pump stuff up to the 15th manages the state’s electric underrun of 1.9% in annual If businesses find they can
eas of the country observing floor.” grid and wholesale market. energy consumption, accord- reduce expenses by making
T
stay-at-home orders would o explain the mis- All of that adds up to In the city, the decreases ing to Zachary Smith, vice the home office permanent,
have experienced similar match, Dr. Modi ticked greater electrical demand were greater. president of planning for the the shift from commercial to
changes in energy use. off some of the ways and, when shut down, larger There, overall energy use New York Independent Sys- residential electricity use
“I see air conditioning as the two differ: “Commercial energy savings. declined by as much as 15%, tem Operator. By the second could be the pandemic’s last-
the big load,” said Vijay buildings use far more light- From the beginning of the and at times within the 6 quarter of 2010, consump- ing lightbulb moment.
.
ly
Measuring Unemployment
Americans are returning to work,
Reasons for unemployment
. million
25
Virus Adds to Rolls
bringing down the unemployment
rate for different races and the
18% on
20 Of Long-Term Jobless
number of people who say they 16
BY ERIC MORATH bad shape,” she said. “It’s hard
us ,
15
are temporarily laid off. Temporarily
AND DANNY DOUGHERTY to see how this doesn’t trans-
l
laid off
Among late to a lot of people being
e
al a
Black 10 An increasing number of out of work for a long time.”

14
workers
Unemployment rate workers were unemployed for Being out of work for more
Permanently more than three months in than 15 weeks means econo-
ci on
Hispanic 5 lost job

July, a signal that the corona- mists no longer categorize
12% Asian Left job virus pandemic is likely to those workers as short-term
0 Other* have a lasting economic im- unemployed. However, workers
pact on many people. have to be out of work for more
Jan. Feb. March April May June July
10 The number who were un- than six months to be counted
er s
Overall 2020
employed between 15 and 26 as long-term unemployed.
White weeks rose by a seasonally ad- The level of long-term un-
m er
Alternate measures of unemployment justed 4.6 million to 6.5 mil- employment remains well be-
8 lion people last month, accord- low levels reached after the
25% ing to the Labor Department. 2007-09 recession, but it too
The July reading is the highest is rising, reflecting that those
on record for the category in out of work before the pan-
m rp
6
20 Marginally data going back to 1948, and it demic began have been unable
attached and is nearly double the prior to find a new job. That is
part-time for
15 economic peak, set in 2009 at the end of largely because hiring this
4
reasons the last recession. summer has been concen-
It is an ominous signal that trated among those being re-
co Fo
10 Unemployment even as overall hiring im- called to jobs from which they
rate proves, millions of workers are were temporarily laid off.
2
5 facing the prospect of being Jeff Marcell, 59 years old,
15 weeks
out of a job for a long time. was furloughed from a sales job
or more
Research has shown that at a commercial lighting store
0 0 the longer a person is out of in Nashville, Tenn., in March.
2017 ’18 ’19 ’20 Jan. Feb. March April May June July work, the harder it is to regain He said his boss texted him on
*Includes those leaving temporary jobs or entering the labor force 2020 employment. Economists attri- a Sunday and told him not to
Note: Seasonally adjusted data bute that to factors such as report to work the next day. A
Source: Labor Department skills erosion and a bias few weeks later, he received a
among employers to hire those letter informing him that he’d
Hires Rise, and staying inside and not go-

ing anywhere,” he said.
at which businesses hire and
consumers spend depends, in
laid off a second time, with most
of these layoffs occurring in
who are already employed or
only recently lost their jobs.
been permanently laid off. “I
didn’t get a phone call or any-
n-
By early May, patient visits large part, on the course of the states without large virus surges. “If you’re out of work for a thing,” he said. “First time I’ve
Joblessness were climbing, and Desert Or-

thopaedic workers returned to
regular 40-hour weeks.
virus. Many consumers remain
hesitant to resume store visits,
dine out or board planes as virus
The labor-market recovery
depends on employers’ confi-
dence and ability to meet em-
long time the long-term conse-
quences can be really bad,”
said Katharine Abraham, a Uni-
ever been laid off by U.S. mail.”
Mr. Marcell said he has
done some interviews, but em-
Still High
no
Labor-market gains have cases remain high. ployees’ desire to feel safe re- versity of Maryland labor econ- ployers are reluctant to hire.
been uneven. Jobless rates for A Federal Reserve Bank of St. turning to work, said Becky omist and former economic ad- Many offices in the city re-
white, Asian and Hispanic work- Louis analysis found that states Frankiewicz, president of Man- viser to President Obama. main closed, which lowers de-
ers declined in July, while hold- powerGroup North America. Consequences include a lower mand for the products he
Continued from Page One ing steady for Black workers. “It’s not just about the eco- likelihood of finding employ- knows best. And local officials
growth occurred last month in The number of individuals nomic conditions in the state or ment, a higher likelihood of have recently reimposed new
the hospitality, government, re- saying they are unemployed due
Service-sector jobs the status of the virus, it’s about dropping out of the labor force restrictions. “Here in Nash-
tail, business-services and the to temporary layoffs continued accounted for the how people feel,” she said. and the potential for reduced ville, we’re start-stop-start-
health-care sectors. Broad-based to fall, a sign that workers being Eric Lanser, age 34, of Bos- wages when returning to work. stop,” he said. “I think the
job growth, combined with last recalled to old jobs was driving
bulk of employment ton, has seen job prospects im- Following the last recession, businesses want to wait and
week’s decline in unemployment recent hiring. The number un- growth in July. prove since he was furloughed long-term unemployment bal- see” before making a job offer.
claims, belied some economists’ employed due to permanent lay- from a small investment-banking looned and was a factor econo-
fears that a rise in virus cases offs held steady, suggesting few firm in March. mists pointed to for sluggish THE WALL STREET JOURNAL
this summer would trigger a re- new jobs are being created. At the onset of the pandemic, wage growth and a lackluster
(USPS 664-880)
versal in the economic recovery. Service-sector jobs were hit with a larger number of corona- he reached out to several firms, overall recovery as the econ- (Eastern Edition ISSN 0099-9660)
Desert Orthopaedic Center in particularly hard by social-dis- virus cases since June saw the but none was hiring because ac- omy steadily added jobs. (Central Edition ISSN 1092-0935)
Las Vegas is looking to add a tancing measures and had the weakest job recoveries between tivity in mergers and acquisi- Earlier this year, when (Western Edition ISSN 0193-2241)
couple of physicians to its prac- most ground to gain. Goods-pro- early June and late July. Ari- tions had dried up, he said. Mr. states ordered broad shut- Editorial and publication headquarters:
1211 Avenue of the Americas,
tice. The medical company had viding jobs, which include min- zona, Florida and Texas were Lanser said demand for invest- downs of business, many ex- New York, N.Y. 10036
reduced staff hours in several ing, manufacturing and con- among the states with the ment-banking services appears pected they would be short-
Published daily except Sundays and general
departments after patient visits struction, either declined or sharpest increases in coronavi- to be increasing now, and as a term. But more than four legal holidays. Periodicals postage paid at
and surgeries fell steeply begin- hardly grew last month. rus cases and mild employment result, he has more job leads. months into the downturn, New York, N.Y., and other mailing offices.
ning in mid-March, said Chief Fi- The economy entered a reces- recoveries, the report said. “I’m feeling much more optimis- that isn’t how the labor mar- Postmaster: Send address changes to
nancial Officer Jim Washer. sion in February and appeared A Cornell University survey tic,” Mr. Lanser said. ket is playing out for many The Wall Street Journal, 200 Burnett Rd.,
Chicopee, MA 01020.
“I think a lot of it was just to begin a recovery as early as separately found that 31% of re- —Kim Mackrael workers, Ms. Abraham said.
due to people hunkering down April. Economists say the speed called workers had recently been contributed to this article. “The economy is still in really All Advertising published in The Wall
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THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, August 8 - 9, 2020 | A3
U.S. NEWS
New York
Schools
In Chicago, U.S. Agents Target Crime
BY ERIN AILWORTH
AND SADIE GURMAN
Cleared CHICAGO—Inside a modi-
To Reopen fied freightliner parked on Chi-

cago’s west side this week,
technician Jill Jacobson fired
BY LEE HAWKINS two rounds from a black 9mm
pistol into a machine designed
All New York schools have to capture the unique markings
been authorized to reopen, made on a bullet case as am-
Gov. Andrew Cuomo said, munition moves through a gun.
clearing the way for New York Just an hour earlier, a field
City, the nation’s largest agent with the U.S. Bureau of
school district, to go forward Alcohol, Tobacco, Firearms
with a plan to offer students a and Explosives brought the
hybrid of optional in-person weapon to the technology-
CARLOS JAVIER ORTIZ FOR THE WALL STREET JOURNAL (2)

classes and remote learning. laden truck, one of roughly
Mr. Cuomo said he made 300 federal agents now in Chi-
the decision based on the cago to help local police ramp
state’s low infection rate for up efforts to combat gun crime
the new coronavirus. amid a sharp spike in violence.
The green light to reopen The Trump administration
New York schools comes as has called for a surge of hun-
other states grappling with dreds of federal officers in cit-
surges in the virus have tight- ies such as Chicago, Kansas
ened social-distancing mea- City, Mo., and Detroit that
sures and postponed in-class- have seen increases in violent
room learning. Districts in crime. In Chicago, there have
other states were closely been 450 murders in the city
watching to see if New York this year through Aug. 2, a
City, with 1.1 million students 55% rise from the year-earlier
in its school system, would period, according to Chicago Roughly 300 federal agents are in Chicago to help local police ramp up efforts to combat gun crime. Images of cartridge cases, above, are
have any in-classroom learn- police data. displayed inside an ATF freightliner. Technician Jill Jacobson, below, uses a machine that captures unique markings on bullet cases.
ing in the fall. This isn’t the first time fed-
Other large metropolitan eral agents have been sent to
districts, including Los Ange- Chicago, which has long strug- Federal Focus Is on of factors, including economic
les, Philadelphia, Washington, gled with illegal gun traffick- and psychological stress from
D.C., Houston, San Francisco ing and street gangs. Adminis- Large Enterprises the pandemic. This follows de-
and Atlanta, have already de- trations of both parties have clines in the number of shoot-
cided to keep schools closed attempted to tackle the city’s ing incidents in Chicago, which
and offer classes remotely. crime problem for decades by Chicago’s U.S. Attorney John fell from more than 3,500 in
.
In Chicago, the Chicago deploying federal resources Lausch said his office has prose- 2016 to about 2,150 in 2019.
Teachers Union announced with mixed results. The signif- cuted more gun crimes every
ly
Mr. Lausch said the current
Tuesday that it planned to take icantly larger surge under the year since 2017. Yet crime in goal is to use the extra federal
the first steps toward a poten- Trump administration, called Chicago has hardly stabilized. agents to go after large crimi-
tial strike to force city schools Operation Legend, shows the The city has seen 1,804 shoot- nal enterprises and target re-
to remain online only. The next
day, Chicago Public Schools an-
nounced that it would begin
the year learning at home.
challenge federal and local of-
ficials will face in attempting
to curb violent crime.
Justice Department officials
on ing incidents through Aug. 2.
That is up 48% compared with
the period in 2019, according to
Chicago police data.
peat offenders. “We’ve seen a
lot of impulsive and opportu-
nistic gang-related shootings,”
he said in an interview. “If we
Once one of the places have said they will gauge their Residents and experts attri- can get to the root of that...we
us ,
hardest hit by the virus, New success based on the number bute that increase to a number think that could be impactful.”
l
York has driven down its in- of cases they bring and on
e
al a
fection and hospitalization whether violent crime rates

rates through lockdown re- fall. But they acknowledge the a machine gun, making it pro- The latest effort builds upon U.S. hit a peak. The Clinton lence in our neighborhood for
strictions and social-distanc- impact of programs like Opera- hibited under federal law. a similar push by President and George W. Bush adminis- the long term is through all-
ci on
ing enforcement over the past tion Legend is difficult to Prosecutors can pursue a Trump’s first attorney general, trations launched similar en- hands-on-deck partnerships,”
five months. gauge in cities like Chicago, variety of charges at the fed- Jeff Sessions. forcement programs with Ms. Lightfoot said.
The state’s infection rate where various law-enforcement eral level, where the potential In 2017, Mr. Sessions sent 12 names like Project Exile and The federal agents in Chi-
for the virus is currently un- initiatives and community- penalties are typically much additional federal prosecutors Project Safe Neighborhoods cago are operating largely out
der 1%. The governor said Fri- driven programs have affected tougher. and 20 ATF agents to Chicago, that aimed to unite state and of public view and working
er s
day that state officials will shifting crime rates for years. The federal charge of un- where they formed a Chicago federal law enforcement in closely with Chicago police of-
continue to monitor infection Cook County State’s Attorney lawful possession of a firearm Gun Strike Force, which simi- pursuit of federal gun cases. ficers, many of whom are al-
m er
rates as the beginning of the Kim Foxx said her office has by a felon, for example, is pun- larly exploited gun-tracing The Obama administration ready stationed alongside
school year draws near. worked to tackle violence with ishable by up to 10 years in technology to link and solve also sent federal agents to them on task forces fighting
Mr. Cuomo has said a dis- the help of federal partners prison, and those convicted shootings. Those positions help cities beset by violence violent crimes.
trict can reopen for in-person from various administrations, must serve 85% of their sen- were permanent, whereas most when they requested help, cur- They are focusing on solv-
instruction if its region’s daily and whether this effort will be tence, often in a prison far of the agents sent to Chicago rent and former law-enforce- ing shootings, arresting fugi-
m rp
coronavirus infection rate av- more successful than past oper- from family and friends. last month will return to their ment officials said. tives, thwarting illegal gun
erages below 5% for 14 days. ations depends on strategy. usual assignments in about Recalling a similar deploy- sales, cracking down on drug-
New York City Mayor Bill de “Having additional re- Shooting incidents in Chicago two months. ment of federal agents into the peddling gangs and bringing
Blasio set a tougher standard, sources to look at gun prose- 4,000
Mr. Sessions credits the city a few years ago, former more cases in federal court.
saying a 3% threshold sends the cution, to look at gun cases is strategy, similar to one he em- Chicago Mayor Rahm Emanuel But some experts doubt
co Fo
message of “health and safety incredibly helpful,” she said. Year-to-date ployed as a federal prosecutor said the aid is most effective that will offer a long-term fix.
first,” noting he had worked on “But what we also know, how- through Aug. 2 in Mobile, Ala., in the 1980s when coordinated through and Lance Williams, a professor
3,000
the plan with unions for teach- ever, is that this is a short- and ’90s, for drops in crime. led by Chicago police. of urban community studies at
ers and principals. term triage.” “You’ve got to put serious Mr. Trump has clashed with Northeastern Illinois Univer-
Mr. Cuomo’s announcement The program has led to fed- criminals in jail, you cannot Democratic mayors, including sity, said it is unlikely that the
came on the day of the dead- eral criminal charges in Chi- 2,000 leave them out there terroriz- Chicago Mayor Lori Lightfoot federal agents sent to Chicago
line for parents to notify the cago against three people in ing neighborhoods, and gang about spikes in violent crime, will have more than a passing
city’s Department of Education its first two weeks: a pair of leaders have to be prose- prompting rebuke from Demo- impact on spiking gun violence
whether their children would felons who prosecutors said 1,000 cuted,” he said in an interview. crats who described the addi- here if root causes of violence
be attending school in person. were found with illegal hand- Attorney General William tional resources as an effort to aren’t also addressed.
Parents will have the option of guns and ammunition and a Barr championed similar strat- boost Mr. Trump’s chances at “You have broken communi-
keeping students at home for third man who was arrested 0 egies when he was attorney re-election. ties, broken people, people
full-time remote learning, a after ATF agents discovered a 2016 ’17 ’18 ’19 ’20
general under President Ms. Lightfoot cautiously who have basically given up
n-
choice preferred by 26% of handgun in his bedroom that George H.W. Bush in the 1990s, welcomed the federal aid. on life,” Mr. Williams said.
families surveyed by the city. had been modified to fire like Source: Chicago Police Department when rates of violence in the “The only way to curb vio- “You have to fix that.”
no
Falwell to Step Aside as College President

BY IAN LOVETT his arm around a woman wear- recent radio interview. TIME TO RAISE
YOUR SPIRITS
ing ripped shorts with the top Still, Rep. Mark Walker, a
Jerry Falwell Jr. will take an button open. minister and Republican from
indefinite leave of absence The photo would potentially North Carolina, called on him
from the presidency of Liberty be in violation of the code of to resign.
University, one of the largest conduct for Liberty students, Mr. Falwell didn’t respond
evangelical Christian colleges which requires modest dress. to requests for comment.
STEVE HELBER/ASSOCIATED PRESS
in the country, at the request of Mr. Falwell this week apolo- The son of Liberty Univer-
the school’s board of trustees. gized for having posted the sity’s founder, the famed
The board announced Friday photo with his pants unbut- preacher Jerry Falwell Sr., Mr.
that Mr. Falwell agreed to step toned, which he had deleted Falwell took over as president
aside without citing the reason from Instagram. of the school after his father’s
that it made the request. He said the woman in the death in 2007.
Mr. Falwell has come under photo was his wife’s assistant. More than 100,000 students
increasing pressure to resign “I’ve apologized to everybody, now attend Liberty, most of
after he posted a photo of him- and I’ve promised my kids I’m them online, and the campus
Jerry Falwell, Jr. agreed to take self online earlier this week going to try to be a good boy is a popular destination for
a leave from Liberty University. with his pants unbuttoned and from here on out,” he said in a middle-class evangelicals.
Report Cites Foreign Election-Meddling Efforts

BY DUSTIN VOLZ gence agencies about foreign in our democratic process,” Mr. Trump has repeatedly
efforts to interfere in the 2020 wrote Mr. Evanina, a veteran played down or outright re-
WASHINGTON—The U.S. in- election, after months of esca- intelligence and law-enforce- jected the intelligence commu-
telligence community has as- lating but generally vague ment official who serves in the nity’s views that Russia sought
sessed that Russia has under- warnings about such activity. Office of the Director of Na- to help him four years ago.
taken a broad effort to damage It represents the “most cur- tional Intelligence. Speaking in New Jersey on
Democrat Joe Biden’s bid for rent, accurate, and objective The report described Russia Friday after the intelligence
the presidency, while China election threat information” on as the most active among the bulletin was released, Mr.
prefers that President Trump behalf of the U.S. intelligence three in its attempts to influ- Trump said Moscow didn’t NOLET’S SILVER GIN
not win re-election, a senior community that can be offered ence public debate and per- prefer his re-election. FEATURES REAL BOTANICALS OF
intelligence official said Friday.
Iran is also seeking to un-
“in an unclassified setting at
this time,” Mr. Evanina wrote.
ception about the campaign by
harming Mr. Biden, the pre-
Told by a reporter that U.S.
intelligence agencies dis-
ROSE, PEACH & RASPBERRY.
CRAFTED WITH 11 GENERATIONS OF
dermine U.S. democratic insti- “Ahead of the 2020 U.S. sumptive Democratic nominee, agreed, Mr. Trump replied: “I
tutions and President Trump, elections, foreign states will saying Moscow views him as don’t care what anybody says.” FAMILY DISTILLING EXPERTISE.
E N J O Y R E S P O N S I B LY
and to divide the country continue to use covert and antagonistic to the Russian es- Tony Blinken, a foreign-pol- NOLET’S® Silver 47.6% Alc./Vol. (95.2 Proof) ©2020
ahead of the November con- overt influence measures in tablishment. icy adviser to the Biden cam- Imported by NOLET’S US Distribution, Aliso Viejo, CA.
test, Bill Evanina, who runs their attempts to sway U.S. Russia interfered in the paign, said that Mr. Biden has *Per 1.5 Fl Oz. - Average Analysis: 117 Calories,
0g Carbs, 0g Protein, 0g Fat
the National Counterintelli- voters’ preferences and per- 2016 election to boost Mr. vowed to refuse any foreign ma-
gence and Security Center, spectives, shift U.S. policies, Trump’s campaign and harm terials intended to help him in
wrote in a brief public report. increase discord in the United Democratic nominee Hillary the election and criticized Mr.
The disclosure is the most States, and undermine the Clinton, according to U.S. in- Trump and his campaign for not
detailed yet from U.S. intelli- American people’s confidence telligence agencies. making a similar commitment.
A4 | Saturday/Sunday, August 8 - 9, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.
POLITICS
Trump Tries to Hold Key Suburbs Marquee

Events
Polls show eroding
support in blue-collar
enclaves that helped
Dwindle
president win in 2016 For 2020
BY DANTE CHINNI BY BEN PERSHING
LAKE COUNTY, Ohio—Four WASHINGTON—The dimin-

years ago Donald Trump ran ishment of the party conven-
away with this longtime battle- tions because of coronavirus
ground county, capturing it by means there will be fewer
more than 15 points. His re- tentpole events this election
election chances could hinge on season, heightening the im-
his ability to replicate that feat portance of
in places like this in 2020.
Big margins in Lake and
the few that
remain. That
similar blue-collar suburban THIS includes Joe
MADDIE MCGARVEY FOR THE WALL STREET JOURNAL (2)
counties in the Great Lakes re- WEEK Biden’s run-

gion helped the president flip ning-mate pick
several states and win the Elec- and the presi-
toral College. But polling data dential debates, which have
in similar counties and inter- become the subject of bicker-
views here show he has lost ing between the campaigns.
some support in places that Democrats announced this
were central to his 2016 vic- week that Mr. Biden would
tory. deliver his Aug. 20 nomina-
Erin Marrott, a longtime Re- tion acceptance speech from
publican voter who pulled the his home state of Delaware
lever for Mr. Trump, says this rather than from Milwaukee,
year she is voting for former making the party convention
Vice President Joe Biden, the all-virtual. Convention
presumptive Democratic nomi- events—particularly Mr. Bi-
nee. Mrs. Marrott, 49 years old, Volunteers register voters, den’s speech and that of his
said she doesn’t approve of the above, at a farmers market in running mate—will still get
way Mr. Trump has comported the town square of Painesville, media attention, but it is hard
himself and reached her tipping Lake County’s government to imagine they will generate
point after he suggested that seat; swimmers at a state park the same buzz and television
injected disinfectants could be on Lake Erie in Mentor. ratings they would if journal-
a treatment for the coronavi- ists from around the world
rus. Mr. Trump later said he an infection rate that places it and thousands of supporters
.
was being sarcastic. squarely in the middle of the were packed into an arena.
Mrs. Marrott, a nurse practi- pack in Ohio, according to data The same dynamic is at
ly
tioner who lives in Concord, from Johns Hopkins University. work for Republicans, whose
said she received a call after Lake, which was hammered convention will now consist
that asking if “disinfectant IVs” economically in the pandemic, of a small gathering for one
were available.
“I always believed that any
candidate—red or blue—would
rise up to meet the challenges
on rebounded somewhat. Since
spiking to 21% in April, unem-
ployment was back down to
12% in June, still higher than it
day in Charlotte, N.C., fol-
lowed by an Aug. 27 accep-
tance speech by President
Trump in a still-undeter-
of a public-health crisis. Even was before the pandemic. mined location. The president
us ,
in 2016, I thought Trump could The swing in 2016 voting said this week he is consider-
l
handle a crisis like this, but ob- caught a lot of people by sur- ing delivering the address
e
al a
viously, he can’t,” she said. prise, including Democrat Kevin from the White House, an
“President Trump has done Malecek, who lost his seat as a idea that has drawn criticism
good things: The stock market county commissioner. He says from watchdog groups and
ci on
is up and unemployment was he led in early voting but lost some fellow Republicans.
down before the pandemic. But when late voters broke heavily So what is left on the 2020
I cannot vote for someone who to Mr. Trump, and he thinks the election calendar to draw the
is supposed to be a role model electoral vote threshold. here than in the other three. going to vote for him, 90% of drivers were less economic attention of a public that re-
and doesn’t rise to the occa- Wall Street Journal/NBC Most people interviewed in the time it’s about stylistic than cultural factors. The mains preoccupied with coro-
er s
sion.” News polling indicates that Mr. Lake County—where Mr. Trump things,” he said. “They’re cer- Obama administration’s sup- navirus? The first item will be
Mr. Trump in 2016 won a Trump has a 1-point lead over outperformed Mr. Romney by tainly not the hard-core support for same-sex marriage and Mr. Biden’s running-mate an-
m er
swath of counties like Lake that Mr. Biden in those Middle Sub- double digits—said they think porters, but they’re definitely defense of abortion rights, he nouncement, which is ex-
are classified as Middle Sub- urb counties in 2020, within he is likely to win again. But people who have voted for suggested, weren’t popular in pected to come in the next
urbs by George Washington the margin of error and much there are signs he cannot count him.” Lake, where older Catholics are week. The woman he chooses
University’s American Commu- smaller than his 2016 edge. on the lopsided victories here He said he thinks that to the dominant religious force. will immediately become a
nities Project. The group— Dale Fellows, chairman of and in similar counties. some extent that is to be ex- Democratic nominee Hillary target of Republicans, a rally-
m rp
which also includes Macomb the Lake County Republican pected after four years in of- Clinton was particularly unpop- ing point for Democrats and a
County, Mich., Racine County, Party, is bullish on Mr. Trump’s fice, and he believes most of ular here, Mr. Malecek said. clue about the potential fu-
Wis., Beaver County, Pa., and chances in Lake. He says his of- Mr. Trump’s supporters will Mr. Malecek noted that in ture direction of the party.
others—is generally less di- fice is seeing a steady stream
A big margin in Lake stick with him. Mr. Cirino said 2018, Democratic Sen. Sherrod The fall will bring three
verse and more blue-collar than of supporters wanting signs, County helped flip the president should move the Brown won Lake County in his presidential debates (and one
co Fo
other suburban areas that have magnets and bumper stickers campaign conversation back to re-election bid. Mr. Biden, who vice-presidential matchup).
seen big swings toward Demo- bearing the name Trump.
Ohio to Mr. Trump the economy if he wants to win. was born in Scranton, Pa., has a Mr. Trump’s campaign is lob-
crats in recent years. “We were surprised at how in the last election. Lake County, which sits just similar appeal to voters, Mr. bying for an additional debate
Mr. Trump took those coun- many people—nontraditional east of Cleveland, bears all the Malecek said. “I’m not saying or for the face-offs to start in
ties by 13 percentage points, politically involved people— marks of Trump-friendly ter- Joe Biden is going to win the early September, rather than
compared with a 2-point win would come into our office rain. It is older and less racially county, but that blue-collar Sept. 29, since early voting in
for Republican Mitt Romney in back in 2016. They’d never been Lake County Commissioner diverse than the nation as a mantle is there.” some states will have already
those places in 2012. That suc- into a political party office in Jerry Cirino, a Republican who whole, with fewer college de- Mr. Cirino says he expects begun by then. The bipartisan
cess, combined with his strong their lives. They wanted any- is running to serve in the Ohio grees and more manufacturing Mr. Trump to carry Ohio and to Commission on Presidential
performance in rural areas, thing Trump. They just really, state Senate in 2020, says on jobs. The median household in- win Lake comfortably, but he’s Debates and Mr. Biden, who
helped Mr. Trump outweigh really liked Trump,” he said. the campaign trail, he’s running come sits about $3,000 above fine with a smaller winning currently holds a solid lead in
Democrat Hillary Clinton’s “And it’s the same thing now.” into some voters who backed the national average. percentage than in 2016. national and battleground
strength in cities to win Ohio, Of the four Great Lakes the president in 2016 but are Ohio has seen increases in “You don’t have to win dou- state polls, have rejected the
n-
Michigan, Pennsylvania and states he flipped, Mr. Trump’s fed up with his rhetoric now. its coronavirus case counts in ble digits. I still think it’s possi- idea of adding another de-
Wisconsin, states that didn’t victory was the widest in Ohio, “When I knock on a door recent weeks. Lake County has ble that these polls are faulty,” bate—meaning there won’t be
back Mr. Romney and that which he won by 8 percentage and someone tells me they seen 37 deaths since the begin- he said. “But again, 6% would one extra chance for the 2020
pushed Mr. Trump over the 270 points, and he is polling better don’t like him or they’re not ning of the pandemic and has be perfectly fine with me.” election to take center stage.
no
Biden Narrows the Field for His Choice of a Running Mate

BY KEN THOMAS sham, the people said.
AND TARINI PARTI Mr. Biden’s choice is among Susan Rice Sells
the most consequential of his
Joe Biden is nearing a deci- campaign and could influence Netflix Holding
sion on his running mate for the direction of the Demo-
the November election, as cratic Party for years. The per-
some of his top choices face son he chooses would have an Susan Rice, believed to be
scrutiny over their past state- inside track to succeed Mr. Bi- a top contender to be Joe Bi-
ments and records. den, 77 years old, as the den’s vice presidential running
“I’ve narrowed it down, and party’s leader. He has said he mate, has sold a significant
MARK HUMPHREY/ASSOCIATED PRESS
I’ll be ready to make that an- would pick a woman, and if he proportion of the Netflix Inc.
nouncement,” Mr. Biden said wins, his running mate would shares she has acquired since
in an interview at a virtual be the nation’s first woman to
AL DRAGO/BLOOMBERG NEWS
becoming a company director

convention of the National As- serve as vice president. in May 2018.
sociation of Black Journalists Mr. Biden’s campaign de- The former national secu-
and the National Association clined to comment. rity adviser and United Na-
of Hispanic Journalists that The former vice president, tions ambassador for Presi-
aired Thursday. “You’ll find who has emphasized personal dent Obama exercised roughly
out shortly.” chemistry and governing in his a quarter of the more than
California Sen. Kamala Har- search, has remained in Dela- 5,200 options she held as of
ris and former Obama adminis- ware this week as he reaches California Sen. Kamala Harris and former national security adviser Susan Rice have garnered attention. this week, according to a Se-
tration national security adviser the final stage of the process. curities and Exchange Com-
Susan Rice have been garnering Los Angeles Mayor Eric Garc- organized by Lt. Gov. Eleni Church of Scientology’s head- made it more difficult for her mission filing dated Thursday.
significant attention from Mr. etti, a member of Mr. Biden’s Kounalakis, addressed her ap- quarters in Los Angeles have to provide a complete picture The Wall Street Journal
Biden’s team, while Rep. Karen vetting team, said this week peal and what they saw as un- hurt her standing, the people of her background and accom- reported earlier this week that
Bass of California and Massa- on MSNBC’s “Morning Joe” fair criticism of her in a recent familiar with the search said. plishments, one Bass ally said. Ms. Rice held the options.
chusetts Sen. Elizabeth Warren that all of the contenders had virtual meeting with Mr. Bi- The California Democrat and Ms. Rice, who has never run At her sale price of
are among the women who re- “passed the vet.” den’s vetting team. leader of the Congressional for political office, has pitched $508.68 per share, Ms. Rice
main in the mix, according to The Trump campaign has Asked in the convention in- Black Caucus tried to walk back herself as someone experienced netted about $305,000 after
people familiar with the search. sought to portray Mr. Biden as terview about whether a June her comments regarding Castro in crisis management who accounting for the various
Mr. Biden has been ex- captive to the party’s liberal debate clash with Ms. Harris in TV appearances, but the could help Mr. Biden with coro- strike prices associated with
pected to interview candidates wing and expects to use his might influence his thinking, Trump campaign has branded navirus recovery efforts. “I’ve the options awarded to her
this week and announce his announcement to further that Mr. Biden responded: “I don’t her as “Communist Karen.” Ms. campaigned on behalf of oth- as compensation.
decision next week ahead of cause. hold grudges, and I’ve made it Bass also defended her decision ers, just not on behalf of my- “Ambassador Rice’s sale
his Delaware-based speech to Ms. Harris, whose loyalty to really clear that I don’t hold to attend the Scientology open- self,” she told “CBS This Morn- of a fraction of her Netflix
the Democratic National Con- Mr. Biden has been questioned grudges. I think it was a debate, ing, initially saying the new ing.” “I do think this is going to stock has nothing to do with
vention later this month. by some in the former vice pres- and it’s as simple as that, and building was located in her dis- be quite a different election V.P. speculation,” Erin Pelton,
Other candidates under con- ident’s orbit in part due to her she’s very much in contention.” trict. Her team later acknowl- given the pandemic, and unfor- Ms. Rice’s spokeswoman, said
sideration include Michigan 2020 presidential primary bid, For Ms. Bass, numerous ar- edged that the Church of Scien- tunately, much of the interac- in a statement.
Gov. Gretchen Whitmer, Illinois has had several top Democrats ticles scrutinizing her past tology wasn’t in her district. tion with the American people A Netflix spokeswoman
Sen. Tammy Duckworth, Rep. defend her in recent days, call- comments about the late Cu- Ms. Bass’s lack of a national will take place remotely.” declined to comment.
Val Demings (D., Fla.) and New ing the criticism of her sexist. ban dictator Fidel Castro and profile and the scrutiny she —Catherine Lucey —John McCormick
Mexico Gov. Michelle Lujan Gri- A group of California allies, at the 2010 opening of the has faced in the past week has contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 8 - 9, 2020 | A5
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A6 | Saturday/Sunday, August 8 - 9, 2020 * ******* THE WALL STREET JOURNAL.
U.S. NEWS
Top Adviser President

Prepares
Shaped Policy Aid Move
Of Cold War
MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

Continued from Page One
have said executive orders
would accomplish little. In a
statement, they said a reliance
BY WARREN P. STROBEL Academy in 1947. on executive orders by Mr.
An aircraft accident ended Trump would be “unworkable,
WASHINGTON—Brent Scow- his dreams of flying airplanes. weak and narrow,” and no sub-
croft was the only person to “Then I pursued an eclectic Air stitute for fuller legislation.
serve two U.S. presidents as na- Force career,” he said in a 1999 Negotiators have been strug-
tional security adviser, helping interview for an oral history. At gling for weeks to bridge the di-
to shape the Cold War and its first, that meant academia. At vide between a Democratic $3.5
largely peaceful conclusion and Columbia University, he earned trillion aid bill, passed by the
influencing generations of a master’s degree and began a House in May, and Senate Re-
American foreign-policy strate- decadeslong study of national publicans’ $1 trillion proposal
gists. security strategy. At West Point, unveiled last week. Treasury Secretary Steven Mnuchin, left, and White House Chief of Staff Mark Meadows on Friday.
Mr. Scowcroft, who had been he taught Russian history for After nearly two weeks of al-
in declining health in recent four years. most daily negotiating sessions, The stimulus negotiations said that Democrats could re- workers were taking in more
years, died Thursday at age 95 But soon, his career took him Treasury Secretary Steven are playing out against a duce the cost of their offer by in jobless aid than their prior
of natural to increasingly powerful policy Mnuchin said earlier in the day shrinking window of time be- shortening the length of some pay, but economists say they
OBITUARY causes at his jobs in Washington. that he and White House chief fore November’s elections. benefits, such as the 15% in- haven’t seen evidence the as-
BRENT home in Vir- He became a protégé and of staff Mark Meadows would Democrats’ hand in the negoti- crease in food-stamp benefits sistance was affecting the rate
SCOWCROFT ginia, his office aide to Henry Kissinger, who be urging Mr. Trump to take ations has been strengthened they have proposed. at which people are returning
1925-2020 said. served as President Richard steps on his own. Officials had by divisions among Senate Re- Mrs. Pelosi told reporters to work.
He served as Nixon’s national security ad- set a deadline of Friday for a publicans, with Majority that she had said to the White On additional funding for
White House national security viser. The two would later work tentative deal. Leader Mitch McConnell (R., House officials, “come back state and local governments,
adviser to two U.S. presidents: together in private business. By Democratic negotiators said Ky.) publicly estimating that when you are ready to give us a Democrats have pressed for a
Gerald Ford and George H.W. 1975, Mr. Nixon had resigned they would resume the negotia- there are 20 GOP senators who higher number.” $915 billion influx, while Re-
Bush. With the latter, Mr. Scow- and Mr. Ford was president. tions if Republicans embrace would likely oppose an aid White House officials said a publicans offered $150 billion.
croft helped end the Cold War President Ford dismissed Mr. more generous funding to com- package of any size. Because package of roughly $2 trillion to That marks a shift for Republi-
peacefully, reunify Germany and Kissinger as his top national se- bat the health and economic cri- Democratic votes will be $2.5 trillion was a nonstarter. cans, who initially offered only
eject Iraq’s army from Kuwait. curity aide (he retained his posi- ses caused by the virus and needed to pass any agreement White House officials said increased flexibility on previ-
He ran a White House nation as secretary of state), and moves to contain it. Republicans in both the House and Senate, that Democrats hadn’t budged ously approved aid but no
tional security process that was Mr. Scowcroft became White have criticized the Democratic Democratic leaders argued Re- off their initial proposals on the fresh funding.
so lauded for weighing all sides House national security adviser. proposal as a sprawling wish list publicans should be willing to two most contentious issues, Mr. Mnuchin said he thought
of an issue and its crisp deci- Across the Potomac River, the and expressed growing concerns move closer to their positions. the now-lapsed $600 in weekly a deal hinged on resolving those
sion-making that replicating the elder Mr. Bush soon would lead about deficit spending. Messrs. Meadows and federal unemployment benefits, two disputes. “If we can reach
“Scowcroft model” has been a the Central Intelligence Agency. “It’s real needs, that’s what Mnuchin had indicated this which Democrats extended in an agreement on state and local
.
goal ever since for West Wing If Mr. Scowcroft as foreign- guides us,” Mr. Schumer said. week that they likely wouldn’t their May bill, and the amount and unemployment, we will
officials trying to harmonize policy thinker could seem hard- “What seems to guide them is pursue negotiations with the of new funding for state and lo- reach an overall deal and if we
ly
the views of bickering generals, hearted at times, Brent Scow- the idea that government Democratic leaders beyond Fri- cal governments. can’t, we can’t,” he said.
diplomats and spies. croft the man was anything but. should spend as little money as day without some kind of Democrats have said the Ahead of Mr. Trump’s re-
A retired Air Force general, Those who had worked for possible despite the crisis in breakthrough. The quartet had $600 sum, which is paid in ad- marks, White House adviser
Mr. Scowcroft for decades men-
tored generations of national se-
curity professionals in a realist
brand of foreign policy that
him during high-stakes global
crises spoke of “Brent” decades
later in admiring tones. Physi-
cally slight and elfin in his later
onAmerica.”
Congress has already autho-
rized about $3 trillion in new
spending since March to help
been meeting since last Mon-
day for multihour sessions in
Mrs. Pelosi’s office.
Democrats said they had of-
dition to state benefits, is neces-
sary to keep people out of pov-
erty and the economy from
collapsing. Republicans said it is
Larry Kudlow said the Office of
Management and Budget was
looking into whether Mr.
Trump in executive actions
championed a U.S.-led interna- years, his eyes projected mis- mitigate the impact of coronavi- fered Thursday night to scale too high and doesn’t create an could repurpose funds not yet
us ,
tional order, valued Washing- chievous good humor. rus shutdowns, including stimu- back their proposed spending incentive for people to try to spent from previous coronavi-
l
ton’s allies and looked on revo- His wife, Marian Horner lus checks and jobless payments by $1 trillion if Republicans in- find new work. Republicans in rus-aid legislation.
e
al a
lutionary change with suspicion. Scowcroft, died in 1995. He is to American households and creased theirs by $1 trillion. “If the negotiations had proposed At the $600 weekly rate, the
Brent Scowcroft was born in survived by a daughter, Karen emergency loans and grants to we take down a trillion and they extending the jobless aid at jobless benefit cost the federal
Ogden, Utah, in 1925, and grad- Scowcroft, and a granddaugh- struggling businesses and state add a trillion, we’ll be within $400 a week. government about $15 billion a
ci on
uated from the U.S. Military ter, Meghan. and local governments. range,” Mrs. Pelosi said. She Studies have found many week.
U.S. WATCH
er s
CONGRESS spond to a request to comment.

m er
In a statement, the Angels

Court Upholds said they hired a former federal
McGahn Subpoena prosecutor to conduct an inde-
pendent investigation into Mr.
A federal appeals court on Skaggs’s death and learned of
m rp
Friday revived a bid by House “unacceptable behavior inconsis-

Democrats to require former tent with our code of conduct.”
White House counsel Don Mc- A lawyer retained by Mr. Sk-
Gahn to testify in an investiga- aggs’s family said that the re-
tion into President Trump. port shouldn’t be kept private,
co Fo
The U.S. Court of Appeals for and pointed to investigators’

the District of Columbia Circuit claim in the complaint that Sk-
rejected Mr. McGahn’s argu- aggs had not been the only An-
ments that the judiciary should gels employee who had received
decline to intervene in a dispute drugs from Mr. Kay.
between the other two branches —Jared Diamond
of government.
The court, in a 7-2 decision, ARIZONA
said the House had a long-recog-
nized right to subpoena officials Arpaio Loses Bid to
like Mr. McGahn and seek judicial Retake Sheriff’s Post
enforcement of its demand for
testimony when there is an im- Joe Arpaio on Friday was
STEPHEN GROVES/ASSOCIATED PRESS
n-
passe with the White House. narrowly defeated in his bid to

—Brent Kendall win back the sheriff’s post in
metro Phoenix that he held for
USPS 24 years before being voted out
no
in 2016 amid voter frustrations

Postal Chief Says It over his taxpayer-funded legal
Can Handle Ballots bills, his penchant for self-pro-
motion and a defiant streak that
New Postmaster General led to his now-pardoned criminal
Louis DeJoy defended the U.S. RIDING ON IN A PANDEMIC: More than 250,000 people are expected for the 10-day 80th Sturgis Motorcycle Rally in South Dakota, which conviction.
Postal Service’s independence opened Friday despite fears it could lead to a coronavirus outbreak. The crowd is expected to be half the size of other years. Mr. Arpaio lost the Republi-
from the Trump administration can primary for Maricopa
and said that the agency has crease in mail volume. crats and elections experts are geles Angels, has been charged Texas Rangers. County sheriff to his former top
ample capacity to handle an in- The appointment of Mr. DeJoy, concerned the cost-saving changes with giving Angels pitcher Tyler In a complaint filed in federal aide, Jerry Sheridan. The loss
flux of mailed ballots in the a former logistics executive and may disrupt voting by mail. Skaggs the fentanyl that caused court in Fort Worth, Texas, an marked Mr. Arpaio’s second
coming election. donor to President Trump’s cam- —Paul Ziobro his death in a Texas hotel room, agent with the Drug Enforce- failed attempt to return to poli-
Mr. DeJoy’s comments Friday paign and the Republican Party, in a criminal complaint that ac- ment Administration said that tics. He ran an unsuccessful pri-
came as the agency reported has increased scrutiny of the TEXAS cused Mr. Kay of providing his Mr. Kay was part of a conspiracy mary campaign for U.S. Senate
another deep quarterly loss, Postal Service. Recent efforts to colleague, and others, with drugs to provide fentanyl with the in- in 2018, not long after President
stemming from both longstand- curtail overtime and other costs Charges Are Filed on other occasions. tention of distributing it. The Trump had pardoned his 2017
ing financial problems and fresh have led to delivery delays in In Pitcher’s Overdose Mr. Skaggs was found dead in complaint says that that but for criminal contempt of court con-
challenges from operating during parts of the country, according to his room at a Dallas-area hotel on the fentanyl, Mr. Skaggs viction for disobeying a judge’s
the coronavirus pandemic, which postal-union representatives and a Eric Kay, the former commu- July 1, 2019, hours before a wouldn’t have died. order in a racial profiling case.
has increased costs amid a de- business association. Some Demo- nications director for the Los An- scheduled game against the A lawyer for Mr. Kay didn’t re- —Associated Press
UPS Plans “These surcharges help pro-

tect our network and ensure
UPS is compensated appropri-
were surprised by how high
UPS is going.
“This is devastating to re-
clined to comment. Company
executives have said they are
evaluating plans for added
during peak periods for bulky
parcels.
UPS said its surcharges will
ship packages.
UPS is encouraging custom-
ers to adjust their operations
Holiday ately for additional costs in-

curred to maintain our high-
quality service,” according to
tailers,” said John Haber, CEO
of the supply chain consultant
Spend Management Experts
fees during the peak season.
“This is part of the new nor-
mal,” FedEx Chief Marketing
apply from mid-November un-
til mid-January. They are de-
signed to apply only to cus-
to avoid the brunt of the fees.
According to the internal doc-
ument, some of those steps in-
Charges the document viewed by The

Wall Street Journal.
The new charges come after
Inc. “It’s getting to a point
where I’m starting to consider
it gouging.”
Officer Brie Carere said in late
June.
tomers who ship more than
25,000 packages a week, with
the fees rising based on how
clude shifting promotions dur-
ing the holiday season so
volume doesn’t surge too
UPS’s new chief executive, Retailers including Target much higher the weekly ship- much during the busiest times,
expand and modernize their
Carol Tomé, recently said the
company would take a more
have been revamping supply
chains in recent years to give
Retailers have been ping volume is compared to
the customer’s average weekly
such as around Thanksgiving,
and enticing shoppers to pick
delivery systems. The pan- aggressive approach to raising themselves more options to revamping supply shipping volume in February. up orders in stores or to have
demic has allowed them to
capitalize on that much sooner
prices on large retailers to
manage capacity.
fulfill online orders. The Min-
neapolis-based retailer ships
chains so they have That month is seen as a base-
line because it was before the
packages delivered to access
points like dry cleaners, drug-
than expected. “While retailers may more than 80% of online or- more options. pandemic upended buying and stores or other local busi-
Shares in UPS rose 7.9% to a squawk at price increases that ders from its stores, a spokes- shipping patterns. nesses.
fresh all-time closing high of come their way, large retailers man said, reducing the dis- The starting fees are $1 for “These strategies help UPS
$156.90, while FedEx shares have a way to spread that tance, cost and time it takes to ground shipments and $2 for decrease disruptions to our
rose 6.5% to $183.53. across and nobody knows,” fulfill an order. In the past, the company air. The company said it would network, maintain a steadier
In an internal document cir- Ms. Tomé, who previously While Target is a big UPS hasn’t imposed surcharges on also include surcharges of $5 stream of volume throughout
culated before the surcharges served as finance chief at customer, it also uses a num- residential deliveries during on shipments that require ad- peak season and may alleviate
were disclosed, UPS told its Home Depot Inc., said on an ber of other national and local the holidays and instead ditional handling and $50 for financial effects of the sur-
sales team that the fees would earnings call last week. carriers. “We can choose the worked closely with shippers large items. charges for our customers,”
offset costs to hire new work- Shipping consultants ex- best option for every box,” the to manage expected shipping A UPS spokesman said the according to the document.
ers and to secure additional pected the holiday surcharges Target spokesman said. volume during the busiest surcharges reflect the avail- —Sarah Nassauer
air, truck and rail capacity. to be steeper than before but A FedEx spokeswoman de- times. It has charged more able capacity to handle and contributed to this article.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, August 8 - 9, 2020 | A7
U.S. NEWS
Virus Deaths Top

160,000 in U.S.
BY ALLISON PRANG However, the recent drop
in the number of reported
The U.S. death toll from the cases could be tied in part to
coronavirus pandemic passed a decline in testing. In 25
160,000, as parts of the coun- states, the seven-day average
try showed signs that the vi- number of tests per 1,000
CAM BONELLI/HATTIESBURG AMERICAN/ASSOCIATED PRESS

rus’s spread was easing. people was down from a week
The U.S. reported more earlier, according to data
than 59,000 new coronavirus from Johns Hopkins. Testing
cases, according to data com- and contact tracing are seen
piled by Johns Hopkins Uni- as essential to containing the
versity. Globally, the total virus. But demand has out-
number of confirmed cases stripped supply.
surpassed 19 million, with the Health experts say cases,
U.S. making up about a quar- together with the percentage
ter of the tally. of positive tests (known as the
Nine states, Vermont, positivity rate), hospitaliza-
Texas, South Dakota, North tions and deaths create a
Dakota, Nebraska, Massachu- sense of how the virus is
setts, Indiana, Illinois and Ha- spreading through a commu-
waii, have seen the seven-day nity.
average of new confirmed Twenty-four states saw the People played slot machines on Friday at the Bok Homa Casino after it reopened in Sandersville, Miss.
cases rising faster than the seven-day average of positivity
two-week average as of Aug. 6, rates fall over the past week, “When testing is going up Recent Trends
according to a Wall Street according to data from the and the rate of new infections
Journal analysis of Johns Hop- Covid Tracking Project. and the proportion positive The seven-day moving average of new daily Covid-19 cases in the U.S. has dipped below the 14-day
kins data. That held true in 40 Among the 25 states that are going down, it’s very diffi- moving average in recent days and the positivity rate is down, indicating a possible slowdown in
states a month earlier, so the have seen a drop in testing cult to tell” if that is driven by new cases. However, testing is also down.
data reflect declines in re- over the past week, the more testing or less cases, he New daily cases, Percentage of tests that are New daily tests
ported new cases in a swath of seven-day average positivity said. by moving average positive, seven-day moving
the country. rate increased in 14 states Fewer people getting tested average
The seven-day average for from a week earlier, accord- isn’t necessarily bad, he said, 80,000 9% 1,000,000
new cases has been falling for ing to a Wall Street Journal pointing to Massachusetts,
about two weeks, from around analysis of data from the where there was less of a 14-day
67,000 on July 22 to 55,510 on Covid Tracking Project. It fell “craze to get tested” once 60,000 Seven-day 750,000
Thursday. Since July 26, the in nine states and was flat in cases began declining. 7
seven-day average has been two others. Nationally, the seven-day
40,000 500,000
less than the 14-day average, a When testing is falling moving average positivity rate
signal that case counts along with the positivity has fallen to about 7.4% from 5
.
broadly are coming down. rate, cases are usually de- 8.6% in mid-July. However, 20,000 250,000
Comparing the one- and two- clining, said Michael Mina, that figure had fallen to as low
ly
week averages of new cases an assistant professor of epi- 4.3% in June, before coronavi-
0 3 0
helps smooth out anomalies in demiology at the Harvard rus began to surge in the
the data, such as lags behind T.H. Chan School of Public southern and western parts of April May June July Aug. June July Aug. June July Aug.
in reporting. Health. on
the U.S. Sources: Johns Hopkins University (cases); Covid Tracking Project (tests)
Pfizer to Manufacture Gilead’s Covid-19 Treatment

us ,
l
e
al a
BY MATT GROSSMAN Inc. manufacture the antiviral rus’s ability to replicate in a and Asia, the company said. veloping a vaccine for the new Takeda will be responsible for
medication developed by patient’s cells. Federal and Supply has grown more than coronavirus, also reached regulatory approvals in Japan.
Gilead Sciences Inc. is ex- Gilead. The drug, which has state agencies have decided 50-fold since January, when deals this week to ramp up Novavax has also licensed
ci on
panding its manufacturing been in short supply, has been how to apportion the treat- the new coronavirus first led production. Novavax will li- its vaccine candidate to Serum
network to ramp up produc- approved for limited use as a ment among hospitals as de- to an outbreak of Covid-19 in cense the technology to Institute of India Pvt. Ltd., giv-
tion of Covid-19 treatment treatment for Covid-19. mand exceeded its availability China. Takeda Pharmaceutical Co., ing the company the rights to
remdesivir, and says it will be Pfizer plans to produce rem- during the pandemic. Gilead plans to produce two which anticipates the capacity produce the Novavax vaccine
able to meet global demand in desivir at its Kansas facility. Gilead’s manufacturing net- million additional remdesivir to make more than 250 million for India and low- and middle-
er s
real time starting in October. The drug, first developed as work for remdesivir now in- treatment courses by the end doses a year with funding income countries. That could
The company has struck a a potential treatment for hep- cludes more than 40 compa- of the year, the company said. from the Japanese govern- support the production of 1 bil-
Novavax Inc., which is de-
m er
multiyear deal to have Pfizer atitis C, interferes with the vi- nies in North America, Europe ment, the companies said. lion doses, Novavax said.
m rp
co Fo
ANDREW WELSH HUGGINS/ASSOCIATED PRESS
n-
no
Ohio Gov. Mike DeWine left his official residence for his family home on Thursday.
Governor Seeks to Reassure

After Conflicting Test Results
BY KRIS MAHER governor, his wife and four with molecular technology
AND BRIANNA ABBOTT staffers later Thursday, and all called a polymerase chain reac-
came back negative. tion, or PCR, that looks for
A day after conflicting test There are currently two au- chunks of the new coronavi-
results for Covid-19, Ohio Gov. thorized antigen tests on the rus’s genetic code and ampli-
Mike DeWine reiterated Friday
that he believes the negative
market, from Quidel Corp. and
Becton, Dickinson & Co., that
fies them. The PCR tests are
highly accurate but expensive In full bloom
result is accurate after two can be quickly administered in and often involve shipping
rounds of follow-up testing. settings such as doctor’s of- samples off-site for analysis. Diamond & enamel brooch
The Republican governor fices and nursing homes. Both types of tests are meant Stunning design. Exquisite craftsmanship. Brilliant color.
also sought to allay any to diagnose an active infection.
doubts about the efficacy of Mr. DeWine said Ohioans
Bold enamel work gives this exceptional orchid brooch a lifelike
Covid-19 testing that might should have confidence in the quality and sophisticated charm. The one-of-a-kind creation is
have been caused by the dif-
Health officials are accuracy of the 1.3 million crafted of 18K yellow gold highlighted by vibrant pink, violet
ferent results. “No one should increasingly calling Covid-19 tests conducted in and yellow enameled petals and 1.00 total carat of shimmering
take the results of this test the state, because the majority white diamonds. Evoking the beauty of nature, this eye-catching
and say, ‘Oh, none of these re-
for wider use of have looked for genetic mate- brooch is truly captivating. 21/2”w x 2”h. #31-1479
sults are right,’ ” Mr. DeWine more rapid tests. rial and been conducted in a
said on a Columbus radio pro- lab. He called the commonly
gram Friday. used test “basically the gold
On Thursday, Mr. DeWine standard as far as testing.”
had been scheduled to meet Roughly a quarter of all Antigen tests are much
President Trump when he ar- tests in the U.S. are currently faster and often cheaper but
rived in Cleveland. The gover- conducted at these point-of- less sensitive. Health authori-
nor took a Covid-19 test that care settings, Adm. Brett Gi- ties sometimes recommend
morning as part of the White roir, assistant secretary for confirming the result of an an-
House protocol. The result was health at the U.S. Department tigen test with a follow-up
positive, and Mr. DeWine re- of Health and Human Services, molecular test, depending on
turned to Columbus rather told NBC News on Thursday. the circumstances.
than meet the president. “That’s really great, be- Public-health authorities are
Mr. DeWine was first admin- cause you get the results back increasingly calling for wider 622 Royal Street, New Orleans, LA • 888-767-9190 • ws@rauantiques.com • msrau.com
istered an antigen test, which in five to 15 minutes,” he said. use of cheaper, more rapid and
searches for pieces of viral pro- But most Covid-19 diagnos- repeatable tests, after the test- Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
teins in a patient sample. Two tic tests in the U.S.—including ing system buckled under the Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
rounds of more sensitive tests the follow-up tests conducted spike of cases in July, resulting
that look for the virus’s genetic on Mr. DeWine later Thurs- in wait times for results that
material were conducted on the day—are done in laboratories sometimes stretched into weeks.
A8 | Saturday/Sunday, August 8 - 9, 2020 * *** THE WALL STREET JOURNAL.
WORLD NEWS
Chinese Officials Face U.S. Sanctions
Trump administration request to comment, but China Mrs. Lam, Hong Kong’s
has responded to a string of highest official, has served as
accuses Beijing of recent U.S. sanctions with chief executive since 2017. She
undermining Hong blacklistings of U.S. officials, sponsored the controversial
criticizing the Trump adminis- bill to legalize extradition to
Kong's political freedom tration’s actions as interfer- mainland China in 2019 that
ence in domestic politics. prompted the biggest protests
The U.S. levied sanctions on The confrontation between in the city’s history.
some of Hong Kong’s leading the two powers over Hong She has continued to push
officials and China’s top en- Kong’s autonomy has become Beijing’s agenda during the
forcers of Beijing’s clampdown another flashpoint in a rela- past 12 months. After the im-
on the territory, ratcheting up tionship that has been deterio- plementation of the sweeping
the Trump administration’s rating for several years. Ten- National Security Law, she said
use of sanctions against senior sions have built as Washington she was confident “social un-
Chinese political figures. challenged China’s expanding rest, which has troubled Hong
naval presence in the South Kong people for nearly a year,
ANTHONY KWAN/GETTY IMAGES

By Ian Talley in China seas, prosecuted a trade will be eased and stability will
Washington and Lucy war to counter what it said be restored, thereby enabling
Craymer in Hong Kong were unfair practices and Hong Kong to start anew.”
charged Chinese tech giants Mr. Tang was appointed
The Treasury Department and government agents of Hong Kong police commis-
measures target the territory’s state-orchestrated corporate sioner in mid-November 2019
Beijing-appointed chief execu- espionage and hacking cam- as a standoff between students
tive Carrie Lam and several paigns. and police officers at universi-
other current and former offi- Those tensions have wors- Hong Kong Chief Executive Carrie Lam is among those on Washington’s most recent blacklist. ties in the city was already un-
cials responsible for imple- ened in recent months as the der way.
menting Beijing’s decision to Trump administration pointed tions and trade oversight, said of being blacklisted by U.S. au- exodus out of Hong Kong, The siege at the Hong Kong
assert greater control over the to Beijing’s Hong Kong crack- the action “holds Chinese offi- thorities. those experts say. Polytechnic University, which
former British colony. down as representing a much cials accountable for their bru- “I have no assets in the The administration sanc- lasted for more than a week,
The moves are likely to ex- broader threat to U.S. security tal crackdown on human U.S., and I don’t particularly tioned Luo Huining, director of coincided with one of the most
acerbate diplomatic tensions and democratic and free-mar- rights and liberty in Hong like going to the U.S.,” Mrs. Beijing’s liaison office in Hong violent weeks of the Hong
between the world’s two larg- ket principles globally. Kong.” Lam told Hong Kong Open TV, Kong, and Xia Baolong and Kong protests.
est economies and deal an- In addition to Treasury “China must face the conse- according to the South China Zhang Xiaoming, the head and Mr. Xia, the director of the
other blow to Hong Kong’s sanctions, the Commerce De- quences of its actions—we will Morning Post newspaper. “If deputy head, respectively, of Hong Kong and Macau Affairs
standing as a global financial partment has expanded its not let up,” said Mr. Van Hol- they won’t grant me a visa, Chinese central government’s Office, was once a provincial
center. own blacklist of Chinese com- len, co-sponsor of legislation then I will just not go there.” Hong Kong and Macau Affairs leader who upheld Communist
Secretary of State Mike panies, the Justice Depart- that would levy additional U.S. experts say the sanc- Office, both of whom were ap- Party authority with a cam-
Pompeo said the officials were ment has filed charges against sanctions against China over tions listings are likely not pointed in the past year to paign to tear down Christian
selected “for being leaders or alleged Beijing-directed hack- Hong Kong. only to spur diplomatic fric- oversee the Communist Party’s churches and crosses.
officials of an entity engaged ers and the State Department Friday’s action freezes any tion but will be seen by West- new policy. Before his appointment in
in actions or policies that forced Beijing to close its assets the targets have within ern companies with Hong Beyond Mrs. Lam, other February, Mr. Xia had little ex-
.
threaten the peace, security, Houston consulate over espio- U.S. jurisdiction and prevents Kong operations as elevating Hong Kong officials targeted perience with Hong Kong af-
stability, or autonomy of Hong nage charges. their travel to the U.S. their business risk. in the measure, including po- fairs. He was a deputy to Chi-
ly
Kong.” Sen. Chris Van Hollen (D., In an interview with a local If Washington and Beijing lice commissioner Chris Tang, nese President Xi Jinping when
The Chinese Embassy in Md.), a senior member of the television station last month, continue their tit-for-tat ac- are responsible for security the Chinese leader was a top
Washington didn’t answer a Senate committee with sanc- Mrs. Lam said she had no fear tions, it could fuel a corporate and law enforcement. provincial official in the 2000s.
on
President’s Second
us ,
Moves Note Canadian

l
e
al a
New Phase Gets Death

ci on

two nations have been limited,
Sentence
seeking to put economic rela- BY CHUN HAN WONG
er s
tions first. But U.S. business

no longer has the sway it once HONG KONG—China has
m er
had in getting Beijing and imposed the death penalty on

Washington to back off. a second Canadian citizen for
In recent days, the White drug-related offenses in as
House has piled one anti-China many days, amid a deepening
initiative on top of another in diplomatic row centered on
m rp
sectors including finance, tech- Canada’s arrest of a well-con-

nology and national security. nected Chinese tech executive.
They include starting the pro- Ye Jianhui was sentenced
cess of delisting Chinese com- Friday by the municipal Inter-
panies in the U.S., planning to mediate People’s Court in the
KIN CHEUNG/ASSOCIATED PRESS
co Fo
shut two of the most popular southern city of Foshan, on

Chinese apps—WeChat and Tik- convictions for manufacturing
Tok—sanctioning Hong Kong and transporting drugs, ac-
leader Carrie Lam, sending a cording to a court notice. It
cabinet official to Taiwan and didn’t provide details on the
closing the Chinese consulate person apart from nationality.
in Houston. The court also convicted
Some of the U.S. actions five accomplices on similar
were in response to moves by A protester was surrounded by riot police during a rally outside the U.S. Consulate in Hong Kong on July 4. charges. One, named Lu Han-
China, including a draconian chang, also was sentenced to
new national security law for Advisers to former Vice ington University. “Keeping a record-keeping. being pushed by the State De- death while four others—who
Hong Kong, repression of Ui- President Joseph Biden, the Cold War from becoming a hot U.S-China trade, which was partment and National Security weren’t named—received jail
ghurs in Xinjiang province and presumptive Democratic presi- war is the issue.” the heart of the confrontation Council, said administration of- terms ranging from seven
n-
continuing U.S. complaints dential nominee, say that a Bi- There are still some con- through 2019, is now one of the ficials, is a free-trade deal with years to life imprisonment, the
about cyber theft or forced den administration would take straints on how far the Trump stabilizing elements. The two Taiwan. While that would have notice said.
technology transfer. China a less confrontational tone to- administration is willing to sides signed a phase one trade limited economic consequences, Mr. Ye is the fourth Cana-
doesn’t allow U.S. social media ward China, but many of the push confrontation now. During accord, which the president has it could be viewed in Beijing as dian citizen known to have re-
no
companies to operate freely in policies on trade and national the two-year trade war with touted as one of his big a big political commitment to ceived the death penalty in
its market. security would be similar. China, the president often achievements. U.S. Trade Rep- an island that China views as a China for drug-related of-
China has responded mostly There is widespread Demo- resentative Robert Lighthizer renegade province. fenses since December 2018,
rhetorically by reasserting cratic support for a tough and his Chinese counterpart, So far, Mr. Lighthizer, usu- when Canadian authorities ar-
what it calls its “red lines,”
which the U.S. crosses at its
stance on China. For instance, a
proposal to require Chinese
Some of the U.S. Vice Premier Liu He, are sched-
uled to meet by videoconfer-
ally a China hawk, has blocked
the proposal because of what
rested—at Washington’s re-
quest—a top executive at Chi-
peril. “We urge the U.S. side to firms to comply with U.S. audit actions were in ence to discuss the accord he considers Taiwan’s protec- nese telecommunications giant
handle relevant issues properly
with prudence and immediately
requirements, or be delisted,
recently passed the Senate
response to moves around Aug. 15.
But it’s far from clear the
tionist policies.
Michael Pillsbury, a China
Huawei Technologies Co. Bei-
jing has demanded the execu-
stop interfering in China’s in- unanimously. by China. pact will hold through the elec- expert at the conservative Hud- tive’s release.
ternal affairs,” Yang Jiechi, “The Biden team has been tion. “You know, I made a trade son Institute who consults with Another Canadian national,
China’s top foreign policy offi- pretty clear that they agree deal, and it’s a wonderful deal,” the administration, said the Xu Weihong, was sentenced to
cial, wrote on Friday. with the idea of strategic com- Mr. Trump told Fox Business president acted because he was death on Thursday on a drug-
“What is taking people petition” with China, said Evan backed away from provocative Network’s Lou Dobbs on Tues- frustrated with what he re- manufacturing conviction.
aback is that this has all hap- Medeiros, a former Obama ad- actions when markets sank. His day. “But after this happened”-- garded as Chinese stonewalling A spokesman for Canada’s
pened at once,” said Clete Wil- ministration Asia official. concern about the markets is referring to the coronavirus on issues ranging from the cor- foreign department said “the
lems, a former Trump White All of which suggests ten- only magnified in the run-up to pandemic—“I don’t feel the onavirus pandemic to nuclear two death sentences are of
House economic aide. “It sig- sions will continue no matter the election, say Trump offi- same about the deal.” arms control. “The President great concern.” A spokesman
nals that the hawks are ascen- the outcome of the November cials, particularly as the econ- And even in trade, the told me two weeks ago that for China’s Foreign Ministry
dant and the president feels he election. “A new Cold War has omy is struggling to regain its Trump administration is weigh- he’s not finished with China said judicial agencies handle
needs to do more to make the begun,” said David Shambaugh, footing after the steepest ing steps that might add to the yet,” said Mr. Pillsbury. “There cases independently and in ac-
case for a second term.” a China expert at George Wash- downturn in over 70 years of tensions. Among the measures is more to come.” cordance with local laws.
Security Concerns, Pandemic Anger Fuel Trump Moves Against Apps

BY ALEX LEARY Ltd. and the multipurpose ramifications of the orders were viewing the order. consequences world-wide. there was agreement on the
AND MICHAEL C. BENDER WeChat app from Shenzhen- still unclear Friday, with the Mr. Trump already had Privately, Mr. Trump has security challenges and issues
based Tencent Holdings Ltd. White House referring ques- taken aim at the video-sharing faulted China, and its handling around theft of data, the offi-
WASHINGTON—President “The two big concerns for tions to the Commerce Depart- app TikTok, and Microsoft of the virus, for jeopardizing cial said.
Trump’s concern about na- the American people must be ment. Commerce officials, who Corp. has been in talks to buy his re-election chances, ac- “This issue of stealing data
tional security risks from Chi- national security and privacy,” were given 45 days to work out its U.S. operations. WeChat, cording to White House offi- is really, really important,” the
nese social-media companies said Peter Navarro, an eco- details, had no comment. which is used throughout cials and advisers outside the official added. “In many ways,
has been amplified by his frus- nomic adviser to the president. A person familiar with the China for text messages, pay- administration. it’s the heart of the China
tration over the coronavirus “They can track, surveil, and decision said the order is ments and entertainment, rep- “Our attitude on China has problem. They just steal at
and the challenges it poses to monitor while acting as a vac- aimed solely at WeChat, and resented a new initiative. changed greatly since the random.”
his re-election bid, culminat- uum cleaner for data or other not Tencent’s extensive other In addition to national secu- China virus hit us,” Mr. Trump Beijing has denied organized
ing in two executive orders personal or business informa- operations, including mobile rity concerns, Mr. Trump’s ag- said Tuesday when asked theft of U.S. trade secrets, but
that raised the stakes in the tion that may wind up in the and videogames. gressive actions have been about his push to ban TikTok in the phase-one trade pact
U.S.-China confrontation, hands of the Chinese Commu- A spokesman for China’s driven by his frustration over in the U.S. signed with the U.S. last year it
White House aides and outside nist Party or People’s Liberation Ministry of Foreign Affairs on the pandemic and China’s fail- One senior administration agreed to stiffen protection of
advisers said Friday. Army,” he said in an interview. Friday called the U.S. action ure to contain it, according to official said action against the trade secrets and to assess
Mr. Trump signed a pair of U.S. officials contend that bullying under the pretense of people familiar with his think- social-media platforms had criminal penalties for “willful
orders late Thursday, to take under China’s Communist national security. ing. Publicly, he has blamed the been discussed for several trade secret misappropriation.”
effect in 45 days, that would Party rule, companies have no TikTok said the executive outbreak on Beijing and ques- weeks, including Oval Office Critics say Mr. Trump’s
bar Americans from transac- choice but to comply with re- order was done “without due tioned whether the country’s talks with Mr. Trump. moves against the technology
tions with the TikTok video app quests from Beijing for data. process” and threatened legal leaders purposefully failed to While China policy typically companies raise free-speech
owned by Beijing’s ByteDance The implementation and full action. Tencent said it was re- contain it to spread economic divides the president’s team, issues.
WORLD NEWS
Exports
Ride Wave
American Firms Take Refuge in China
BY TREFOR MOSS Most consumer segments in China returned to growth by June.
In July, as SHANGHAI—China has long

been an important destination
China’s retail sales by segment, change from a year earlier
1ST HALF 2020 JUNE
Rules Ease for U.S. companies. In the Cosmetics

June quarter, the world’s sec- -.% .5%
ond-largest economy became a Beverages
BY ERIN MENDELL vital refuge for many of them .5 9.
as China’s rebounding con- Communications equipment
China’s exports picked up sumer economy helped offset 5.8 8.8
momentum in July for the sec- the damage from tumbling Commodities
ond straight month, as global sales back home. 5. 6.9
demand recovered with the In earnings calls for the Tobacco and liquor
easing of coronavirus-related quarter, senior executives from -3. 3.3
restrictions. some of America’s best-known Food
Underpinned by strong brands singled out China for .5 .9
shipments of protective gear salvaging what otherwise was Household appliances
for the pandemic and elec- a rough three months. -. 9.8
tronic products to fulfill work- “China offered a model of Clothing and footwear
from-home demand, July’s recovery, stabilization and then
THOMAS PETER/REUTERS
−9.6 −.
7.2% increase from a year ear- growth,” David Weinberg, chief Total retail sales
lier was the fastest so far in operating officer of Skechers −11.4 −1.8
2020, according to data re- USA Inc., told analysts on a late Automobiles
leased by the General Admin- July earnings call. Overall, the
−5. −8.
istration of Customs on Friday. sneaker company’s quarterly Catering
It beat June’s 0.5% growth, sales dropped 42% from a year
−3.8 −5.
in addition to a 0.1% increase earlier but were bolstered in Chinese retail sales rebounded more strongly in the April-to-June
expected by economists polled part by 11.5% growth in China. period than many analysts predicted. Women stroll in Beijing. Source: National Bureau of Statistics
by The Wall Street Journal. Chinese retail sales re-
“After turning positive in bounded more strongly in the which is suffering,” Chris Hollis, 1% yearly growth this quarter, vorably with the coffee chain’s nue fell 17% year over year.
June, July’s export data April-to-June period than the head of investor relations, followed by 2.4% growth in the 38% decline in global revenue. Nike Inc. also returned to
showed an overall improve- most analysts had been pre- said on an earnings call. While final three months of the year. Yum China Holdings Inc., growth in China in its most re-
ment in global demand,” said dicting earlier in the year, fall- LVMH revenue fell 38% year Though consumption has re- which chiefly operates KFC cent quarter, which ended May
Iris Pang, an economist with ing just 3.9% from the same over year in the April-to-June bounded, headwinds remain in restaurants in the country, 31, as China sales rose 1% from
ING Bank in Hong Kong. time last year. That compared period, China jumped 65%, China. Unemployment levels, said revenue fell 11% in the a year earlier—helping offset a
Exports to the Association with a much steeper 19% drop driven by Chinese luxury con- which surged to a record high quarter from last year and global revenue decline of 38%.
of Southeast Asian Nations in the first quarter, when large sumers trading foreign shop- earlier this year, are tapering said recovery was uneven, While overall auto sales in
and the U.S., China’s No. 1 and parts of China were locked ping sprees for local buying be- off, but the jobs being created with affluent east-coast mar- China haven’t fully recovered,
No. 3 trading partners, jumped down to prevent the spread of cause of travel restrictions. are mainly low-paying and kets bouncing back stronger. Tesla Inc. was able to capital-
sharply to post double-digit the coronavirus. U.S. retail Gucci owner Kering SA re- temporary and aren’t boosting Restaurants in China are ize on demand for its locally
growth in July, while exports sales, by comparison, declined ported similar results: Quar- people’s spending power, said unlikely to recover their losses produced Model 3 sedan. The
to the European Union, China’s 8.1% in the second quarter in terly sales at its luxury brands Dan Wang, an analyst at the this year, said Ms. Wang, of Palo Alto, Calif.-based electric-
.
second-largest trading partner, year-over-year terms, accord- fell 43% year over year, but rose EIU. She predicted that the the EIU. Those in commercial vehicle maker more than dou-
reported a smaller year-over- ing to the Census Bureau. by more than 40% in China. damage to income is likely to districts are likely to struggle bled its unit sales in China in
ly
year decline. Despite rising political ten- With the virus largely under serve as a longer-term drag on as white-collar workers work the first half of the year to
“External demand has in- sions between Washington and control in China, many ana- some consumer segments. from home, she said. 48,384 vehicles, according to
deed passed the most difficult Beijing, American brands have lysts expect retail sales to re- In addition, three consumer In clothing and footwear, data provider LMC Automotive.
stage,” said UBS economist
Ning Zhang, who predicted a
mild recovery in China’s ex-
ports in the second half of the
suffered little commercial fall-
out among Chinese consumers,
enabling them to capitalize on
the economic rebound in China.
on turn to yearly growth in the
third quarter, even as the U.S.
and other Western countries
struggle to control new out-
categories remained in negative
territory in June, compared
with a year earlier: restaurants
and cafes, autos, and clothing
higher-end brands fared better.
Lululemon Athletica Inc.
said its China sales grew by
single-digit percentage points
Toyota Motor Corp. said
the rebound in China has
sparked optimism the company
could deliver profit of nearly
year as Western economies re- The gulf between China and breaks and fully reopen their and footwear, down 15.2%, 8.2% in April and in recent weeks $7 billion this year, despite the
us ,
open. the rest of the world was widest economies. The Economist In- and 0.1%, respectively. had been increasing by more crisis. The Japanese auto
l
Meanwhile, China’s imports in the luxury sector. For LVMH telligence Unit had said as re- Starbucks Corp. suffered a than 20% compared with a year maker’s China sales grew 23%
e
al a
dropped 1.4% from a year ear- Moët Hennessy Louis Vuitton cently as April that Chinese re- 19% drop in quarterly China earlier. CEO Calvin McDonald in June from a year earlier and
lier in July, reversing a 2.7% SE, China was “a very good off- tail sales wouldn’t grow again sales in the second quarter— didn’t give a quarterly figure were down 2% for the virus-af-
increase in June. That came in set for the rest of the business, before 2021; now it forecasts though that still compared fa- for China, though global reve- fected first half of the year.
ci on
lower than economists’ expec-

tations for 1.0% growth.
Free Coronavirus Testing Sparks Suspicions

That meant its trade sur-
plus widened to $62.33 billion
last month, much higher than
er s
the $46.42 billion surplus in

June and the $42.50 billion BY LUCY CRAYMER remain distrustful of Beijing Hong Kong’s largest exhibition Mrs. Lam named also con- Lawyers have expressed
AND WENXIN FAN
m er
surplus that economists had and its intentions after China center and build a second tem- ducted extensive testing in concern after it was revealed
expected. imposed a sweeping new na- porary hospital nearby to help China. Kingmed Diagnostics that police took DNA samples
Imports fell mainly because Hong Kong is offering resi- tional-security law in the city with a potential influx of pa- said it had performed 12 mil- from several people arrested
of decreasing commodity dents free coronavirus testing at the end of June following a tients. lion tests nationwide by July, under the new national secu-
prices in July, as the volume as it battles its biggest out- year of protests. Mrs. Lam said three organi- the same month the third rity law for carrying protest
m rp
of China’s overseas purchases break yet, with government Local councilors and resi- zations would participate in company, HBM Lab, was as- banners and flags.
of crude oil, coal, soybeans leaders trying to reassure citi- dents have raised concerns the Hong Kong testing pro- signed to test 60,000 people Ted Hui Chi-Fung, a district
and other products rose, offi- zens suspicious of the inten- that testing provides an op- gram, including BGI Group, within seven days at a county councilor for the Central and
cials and economists said. tions of the Chinese techni- portunity for the Chinese gov- China’s leading genetic-se- in Xinjiang, where a new out- Western district, said people
“We think that goods im- cians and pop-up labs crossing ernment to collect DNA sam- quencing company. BGI previ- break had occurred. felt they couldn’t trust a main-
co Fo
ports will gain further traction over from the mainland to as- ples that could be used later in China first conducted mass land company to conduct a test
in the second half amid sess the spread of Covid-19. law enforcement or to keep testing for the novel coronavi- without sending samples of
China’s continued domestic re- New cases of Covid-19 have track of people. rus in Wuhan, the city where their DNA to China for storage.
covery,” said Louis Kuijs, an jumped in the city in recent Standing in front of a back-
Many Hong Kong the epidemic began. Within 19 “DNA data could be used
economist with Oxford Eco- weeks. Officials have intro- drop that declared “Fight the residents fear Beijing days starting in mid-May, the subsequently by the police for
nomics. duced some of their strictest virus with Central Govern- government found 300 asymp- suing us or be used by main-
Economic activity in China lockdown measures yet to con- ment’s full support,” Mrs. Lam
will collect personal tomatic cases there after test- land institutions or the Beijing
rebounded across the board in tain the outbreak, which has said concerns that the testing information. ing 9.9 million people in the government for other pur-
June, helping its economy to reached 3,939 confirmed cases program would also be used to $130 million program. poses like what has happened
post growth in the second out of a population of 7.5 mil- collect data were unfounded Hong Kong’s city govern- in Xinjiang in the concentra-
quarter after a sharp contrac- lion people. and the protection of personal ment earlier this week said tion camps,” Mr. Hui said.
tion in the first three months Hong Kong’s top local offi- information was important. ously said it had conducted a labs affiliated with the main- Last month, the U.S. sanc-
of the year. cial, Chief Executive Carrie She said specimens would be million tests by late June in land had already conducted tioned two BGI affiliates for aid-
n-
While economists are opti- Lam, said at a news confer- sent to the lab with just a bar Beijing alone, after the Chi- 90,000 tests ahead of the ing China’s surveillance of the
mistic about China’s recovery ence late Friday that with the code, and if they were found nese capital was caught by a wider testing program. ethnic Uighur minority in Xinji-
for the remainder of the year, help of Beijing it would offer to be positive it would be the second wave of infections. The One of them was Sunrise ang using its genetic sequenc-
the intensifying confrontations free testing to all residents in department of health that company also said it had Diagnostic Centre, a company ing technologies. BGI denied the
no
between Beijing and Washing- the city in two weeks’ time as would decode who the speci- worked with other countries BGI set up in Hong Kong in allegation, saying that one of
ton stoked concerns about its part of an effort to bring the men belonged to. to build testing labs, including June. the companies had conducted
outlook. outbreak under control. A team from the mainland ones in Australia, Serbia and DNA collection is proving to no business since it was estab-
—Grace Zhu The tests are voluntary but will also expand a temporary Abu Dhabi. be a sensitive issue in Hong lished and the other provided
contributed to this article. many citizens in Hong Kong hospital constructed inside The other two companies Kong, however. services for scientific research.
WORLD WATCH
INDIA
Jet Skids on Landing,
11 Reported Killed
An Air India Express flight
carrying 190 people overshot the
runway amid heavy rain in
southern India, according to the
country’s civil-aviation agency.
Local police have reported 11
deaths, Civil Aviation Minister
Hardeep Singh Puri said in a
tweet Friday night.
The Boeing model 737 jet
was landing in Calicut in the
state of Kerala after traveling
from Dubai in the United Arab
ASSOCIATED PRESS
Emirates on Friday evening

when it skidded off the runway
and fell into a valley, said a
spokesman for the Ministry of
Civil Aviation.
The ministry said 190 people A Boeing 737 overran the runway while landing in southern India on Friday. At least 11 people on the flight from Dubai in the United Arab Emirates were killed, an official said.
were on board: 184 passengers,
including 10 infants; two pilots beverages—in retaliation for Presi- argued was the worst trade deal U.S.-made items it could target. SRI LANKA supermajority in Parliament—and
and four cabin-crew members. dent Trump’s move to aggravate ever made. The government plans to place lead with his brother Gotabaya
—Krishna Pokharel one of the world’s largest and On Thursday, Mr. Trump said tariffs on U.S. goods with a Rajapaksa Family Rajapaksa, elected president in No-
steadiest trading relationships. the U.S. would reimpose a tariff value of 3.6 billion Canadian dol- Extends Power vember. With a message of stabil-
CANADA The decision by Canada of 10% on some aluminum pro- lars (US$2.71 billion), or the ity and strong leadership, the
marks a return to the tense duced in Canada, arguing imports equivalent of what Canadian alu- The Rajapaksa family ce- brothers’ Sri Lanka Podujana Pera-
Retaliation Vowed trade rhetoric that nearly de- from America’s northern neighbor minum faces from the U.S. tariff. mented its grip on Sri Lankan muna party won over voters ham-
Over New Tariffs railed negotiations toward a suc- were surging into the U.S., and “We will not escalate, but we parliamentary elections, accord- mered by a weakening economy
cessful conclusion of a new U.S.- depressing the U.S. industry. will not back down,” Ms. Free- ing to results released Friday, and terrorist attacks—though its
Canada said Friday that it in- Mexico-Canada agreement, Canada said it would swiftly land said. “We hope when Amer- gaining enough seats to push focused appeal to the majority
tended to place its own tariffs on which officially came into force retaliate against the president’s icans look at this list, they will through constitutional changes Sinhala Buddhist population raises
a range of U.S. products that con- last month. The new pact was decision. The country’s deputy understand why this dispute is a increasing executive power. concerns for the large minority
tain aluminum—from washing ma- meant to replace a North Ameri- prime minister, Chrystia Free- bad idea.” Mahinda Rajapaksa will remain communities.
chines to golf clubs to canned can trade treaty that Mr. Trump land, unveiled on Friday a list of —Paul Vieira prime minister—but now with a —Asiri Fernando
A10 | Saturday/Sunday, August 8 - 9, 2020 * ******* THE WALL STREET JOURNAL.
WORLD NEWS
Lebanon Leaders Look to Evade Blame

As anger rises over under pressure due to a crum- aid. Mr. Trump in a news con- was impounded in 2013. Au- bollah from the explosion, say- being placed under house ar-
bling economy and growing ference that evening didn’t thorities were supposed to ing it had no knowledge of rest. French forensic units are
suspected negligence, public anger over years of characterize the disaster as an have disposed of the dangerous what was stored in the port providing technical assistance
elites press probe poor governance and corrup- attack, as he had previously material, but for reasons that warehouses. “We don’t run or in the investigation, according
tion—all now compounded by done. remain unclear, they never did. control or interfere in the to a consultant to the Leba-
targeting junior officials the deadly explosion. “This is an event like the Mr. Aoun and Hezbollah port. We don’t know what was nese prime minister.
Rescue workers from sev- world has not seen in a long leader Hassan Nasrallah on Fri- happening there,” he said. Military Public Prosecution
BY ISABEL COLES eral countries joined local time—horrible event,” the pres- day both backed a probe into Offering to shelter those Judge Fadi Aqiqi said 18 indi-
teams in a desperate search for ident said. He said U.S. person- the blast. displaced by the blast, Mr. viduals had been questioned in
BEIRUT—Lebanon’s leaders life in the rubble from Tues- nel were already on the ground Hezbollah is a dominant Nasrallah said the probe relation to the explosion so
sought to deflect blame for a day’s explosion at Beirut’s port. “to identify further health and military and political force would quickly determine who far, including port officials,
massive explosion that killed People held funerals for their humanitarian needs.” with grass-roots support in was responsible. customs authorities and those
more than 150 people and in- loved ones and cleared away Lebanese authorities be- Lebanon, cementing its influ- Earlier in the day, Mr. Aoun responsible for maintenance of
jured thousands more, throw- debris from the blast that de- lieve a fire ignited a massive ence inside the country. The dismissed the need for an in- the hangar where the ammo-
ing their weight behind a stroyed a swath of the city. The stockpile of ammonium ni- government—composed of ternational probe and said the nium nitrate was stored.
probe that has focused on ju- death toll rose to 157 Friday. trate, a highly combustible Hezbollah and its allies—is blast might have been caused Many Lebanese see the ex-
nior officials, as protesters Still unaccounted for are material that had been stored likely to echo Mr. Nasrallah’s by a bomb or rocket, without plosion as the outcome of
geared up for protests against 148 people, said Mohammed in a depot at the port for more tone and apportion blame ac- providing any details. years of poor governance and
the country’s political elite. Nasser, acting country director than six years. cordingly. Though the cause of the fire corruption that drove millions
Activists are calling for for the International Rescue Details of how the ammo- Designated by the U.S. and that is thought to have ignited into the streets last year, forc-
mass demonstrations on Sat- Committee, citing Lebanese nium nitrate came to be stored several other Western nations the ammonium nitrate is still ing Prime Minister Saad al-
urday against the leaders they government figures. so close to the city center as a terror group, the Iran- unclear, no evidence has Hariri to resign. They have
hold responsible for one of the President Trump spoke Fri- point to gross negligence on backed Hezbollah has de facto emerged that the blast was called for a government made
worst disasters to hit the tiny day with Lebanon President the part of local authorities. control over all ports of entry the result of an attack. up of technocrats and experts
Mediterranean country. Michel Aoun, the White House More than 2,700 tons of the into Lebanon. The investigation opened who can work independently
Politicians across the ideo- said, and expressed sympathy explosive material had been In a speech Friday, Mr. Nas- by judicial authorities has led of sectarian allegiances to ad-
logical spectrum already were for the dead while offering transferred from a ship that rallah sought to distance Hez- to a number of port officials dress the country’s challenges.
Behind
Beirut’s
Explosion
Port officials didn’t heed court
FROM TOP: SAM TARLING FOR THE WALL STREET JOURNAL; BORIS MUSINCHAK/REUTERS
orders to safely store the am-
.
monium nitrate, but instead
sought permission to unload
ly
the chemicals, according to
court documents reviewed by
The Wall Street Journal. Other
officials simply stopped re-
sponding to proposals.
At one point, the country’s
Court of Urgent Matters re-
on
fused to grant permission to
us ,
sell or re-export the ammonium

l
nitrate. A security division

e
al a
asked that the ship be moved

for safety, but it remained in
port. The ship’s crew was
ci on
stranded on the boat for

months without pay.
On Tuesday, firefighters con-
verged on Beirut’s main port to
battle flames and smoke pour-
er s
ing from the windows of Ware-

house 12. As small pops echoed Elie-Joe Khoury stood on the roof of his Beirut office Friday, above. Below, Rhosus Captain Boris Prokoshev, at right, in the port of Beirut in 2014.
m er
through the air, they worked

with hammers and pliers to pry Ammonium nitrate is primarily used as fertilizer
loose the steel doors that held in farming and is also used to make explosives used Approximate share
the ammonium nitrate. in mining. Stored in a dry place, pure ammonium of ammonium
Nearly 15 minutes after the
m rp
nitrate is safe. The chemical compound becomes nitrate use

firefighters arrived, they were more dangerous if it is mixed with other products or Fertilizers Explosives
engulfed in one of the largest mpuriti
contaminated with impuritiestie
es and subjected
ed tto
o hea
heat:
nonnuclear explosions in his- 78% 22%
tory. It tossed bodies, trees and 1 Exposed to heat of up to 446 °F,, it decompos
decomposes ses
e
cars through the air, killing non-explosively, producing
ngg mainly y nitrogen,
nitr
ni trogen,
g ,
co Fo
more than 150 people and in- water vapor and oxxygenn.
oxygen.
juring 5,000 more, laying waste
to Beirut’s port and much of its Nitrogen
commercial district. The orange-red
The blast was the culmina- hue seen in the
tion of a series of crises that Wa
Water cloud that
have brought the country to its vapo
or billowed over
knees. Lebanon faces an unrav- Beirut after
eling economy, an accelerating Tuesday’s blast
outbreak of the coronavirus, stemmed from
and recurrent protests against ammonia and
Oxygen
government corruption and Am
mmonia nitrogen dioxide
deepening poverty. Decades of Niitrogen
itro
ogen
n
gases also
n-
financial mismanagement led dio

oxide
produced by the
the country to default earlier decomposition tain and Ms. Ananina said. Lebanese customs directors
this year on billions in loans 2 Exp
Exposed
posed to higher
high
her heat,
he heat
heaat, it detonates
detonates of ammonium The sailors sent dozens of continued to send letters to ju-
from international investors. —decomposing
—dd osing explosively
decomposing explossi
explossiively
yaass the nitrate. appeals to Lebanese and Rus- dicial authorities seeking to get
no
Months of talks about a bailout chee

emical
chemical reaction
n moves
reaction mov vees through
th
hrough h sian officials, as well as to in- rid of the merchandise. Their
with the International Mone- e substa
the ance fa
substance aste
er than th
faster he speed
the ternational maritime organiza- proposals: export the goods, or
tary Fund have gone nowhere. of sound—producing a large volume tions and the Red Cross. sell to the privately owned Leb-
“What happened is a physi- of gas and a shockwave. Standing on the deck one day, anese Explosives Company.
cal manifestation of the woes the sailors held a placard in The court didn’t respond to
that Lebanon is suffering English saying “Lebaneses re- subsequent requests after its
from,” said Lina Khatib, direc- Source: Compound Interest lease us home.” 2014 ruling. The purview of
tor of the Middle East and “My wife starves [because] I safely moving and transporting
North Africa Program at Chat- and said that all the culprits International Transport Work- ney through the Suez Canal to cannot transmit money to her,” the ammonium nitrate is that
ham House, a nonpartisan Lon- will be held accountable. The ers’ Federation, who reviewed Africa so the ship would have Mr. Prokoshev wrote in a letter of Lebanon’s military and the
don-based think tank. “Lebanon government has ordered a the case at the time and worked to pick up extra cargo in Beirut, to the Beirut court in 2014. He ministry of public works.
is entering one of the bleakest freeze on the assets of seven to help the Rhosus crew. “It Mr. Prokoshev said. said he was owed nearly The anti-drugs and money-
eras in its modern history.” officials, including Badri Daher, was a big risk for such a ship to Fábrica de Explosivos de $32,000 in wages. The crew laundering division asked the
Prices on imports, the bulk the head of Lebanon’s customs carry such a dangerous cargo.” Moçambique, a firm that makes still hasn’t been paid, Ms. vessel to be moved, citing con-
of Lebanon’s goods, have authority, and Hassan Koray- The European Union data- commercial explosives in Mo- Ananina said. cerns for the safety of port
soared. People are unable to tem, the Beirut port’s general base Equasis says the Rhosus zambique, said it had placed Another worry for Mr. workers, according to docu-
pay for meat and bread. Power manager. was being managed by a Bul- the cargo’s order for ammo- Prokoshev was the dangerous ments. The vessel stayed on in
outages, which have long been In a response to a request garian company, whose director nium nitrate from a Georgia- cargo the ship was still carry- the Beirut port. Mr. Prokoshev,
a fact of life in Lebanon, have for comment, Mr. Daher sent said that he has never owned it based company called Savaro, ing. “We were hostages, the captain, said the ship had a
meant some people have had as the Journal a document he had and suggested that the real but the shipment was never stranded for months, without hole in its forepeak, a storage
little as two hours of reliable transferred to Lebanon’s Cen- owner must have falsified doc- paid for as it wasn’t delivered. pay and we had a dangerous compartment, which the sailors
power each day. Many people tral Bank detailing his bank ac- uments and used his company’s On Thursday, Cyprus police, cargo,” he said. “We’ve been pumped periodically. When
rely on generators to keep their counts, as part of anti-money- name. The Bulgarian Transport acting on behalf of Interpol’s living on a powder keg.” they abandoned the vessel and
power going, but the bills for laundering legislation. Mr. Lebanon bureau, asked Mr. Later that year, a Lebanese the cargo was moved to the
the fuel to keep them running Koraytem couldn’t be reached Grechushkin about the circum- court granted permission for warehouse, the water accumu-
18 to 20 hours a day are rising. for comment. stances of the ship’s grounding, the crew to disembark, given lated and it sank, he said.
Public anger is boiling over. Even before arriving in Leb-
‘It was a big risk said spokesman Stelios the dangerous cargo, and au- Meanwhile, concern
Late Thursday, protesters and anon, in 2013, the vessel carry- for such a ship to Stylianou. He said the vessel’s thorities discharged the cargo mounted over the ammonium
security forces clashed in ing the volatile cargo had a his- owner isn’t under formal inves- to the port’s warehouses, ac- nitrate. In a December 2017 let-
downtown Beirut. Some activ- tory of detentions, poor
carry such a tigation in Cyprus and declined cording to a letter by lawyers ter, reviewed by the Journal,
ists carried shields and charged maintenance and ownership dangerous cargo.’ to elaborate further. for Mr. Prokoshev and the Mr. Daher, head of Lebanon’s
riot police. controversies. Three months Once in Beirut, the ship be- ship’s creditors. customs, warned a judge of
Bahaa Hariri, brother of for- before it was held in Beirut, it gan to load road vehicles to Proposals for the cargo “the extreme danger that these
mer Lebanese Prime Minister had been detained for 13 days pick up the extra cash. But Leb- started soon after the ship ar- goods remain in the warehouse
Saad Hariri and the eldest son by Spanish authorities because Ministry said that according to anese authorities refused to rived in Beirut. Chafic Merhi, under inappropriate weather
of Rafiq Hariri, the former of faulty radio and fire-safety its records the last known clear it, saying that the ship the customs chief at the time, conditions.” A solution should
prime minister killed by a truck equipment. owner was Teto Shipping. wouldn’t be able to carry the asked permission from the be found “in order to preserve
bomb in 2005, said it was time When Captain Boris Proko- The company is controlled heavy new load, according to Court of Urgent Matters for re- the safety of the port and its
for the government to step shev took over the ship, called by Igor Grechushkin, a Russian the captain and Ms. Ananina, export or sale of the ammo- workers,” he said.
down and pave the way for an the Rhosus, in the fall of 2013, businessman based in Cyprus. the official with the Interna- nium nitrate, according to court Customs officials who tried
independent international in- he found a broken diesel gener- Mr. Grechushkin didn’t return a tional Transport Workers’ Fed- documents. to unlock the cargo’s impasse
vestigation of the blast. ator and water leakages on the request for comment. eration. The officials encoun- Mr. Merhi couldn’t be are now being targeted by au-
“This is utter carelessness,” deck. “It had seen better days,” After picking up its cargo in tered other technical violations reached for comment. thorities seeking to establish
he said. “It’s appalling. We need he said in an interview. the Black Sea port of Batumi, and detained the ship. In June 2014, the court re- who is responsible for the ca-
to get to the truth.” “This was an old, substan- Georgia, the ship sailed for the Mr. Grechushkin didn’t send sponded. It refused to grant tastrophe. On Thursday, the
The Lebanese government dard ship with poor mainte- port of Beira, Mozambique. But replacement sailors and the permission for re-export or government ordered the freeze
said it has taken steps to as- nance and a substandard Mr. Grechushkin, the Rhosus’s crew, consisting of Russian and sale, and ordered the port au- of the accounts held by Mr. Da-
suage the public. Officials have owner,” said Olga Ananina, a owner, told the captain that he Ukrainian citizens, was thority to float the vessel and her, the customs chief, and his
detained 19 Beirut port officials Russia-based inspector with the had no money to fund the jour- stranded on the ship, the cap- safely store the cargo. predecessor Mr. Merhi.
OBITUARIES
MARTHA NIERENBERG HAROLD SELLS
1924 — 2020 1928 — 2020
Immigrant Helped Ace Shoe Salesman

Form Dansk Designs
BY JAMES R. HAGERTY March 12, 1924, in Budapest. Her
Envisioned Foot Locker
paternal grandfather, Manfred
I
n the early 1950s, Martha Weiss, employed as many as
Nierenberg noticed running a 40,000 people and owned facto- BY JAMES R. HAGERTY company,” he said.
family-owned metal-engrav- ries making cars, airplanes and In the early 1960s, he was of-
H
ing business gave little joy to her other items. On her mother’s arold Sells thought sneak- fered the job of general sales man-
husband, Ted Nierenberg. She side, her grandfather was Baron ers were for basketball or ager, based in New York. He
urged him to try something else. Mór Lipót Herzog, whose art col- gym class. In the early wanted to stay in California and
After selling the family firm, lection—seized by the Nazis—in- 1970s, when he was a senior exec- noted that he would have to buy a
they toured Europe in search of cluded works by French impres- utive at the G.R. Kinney shoe new wardrobe for a colder cli-
products they could market in the sionists and Italian, Dutch and chain, he was surprised to find mate. His boss insisted and told
U.S. At a museum in Copenhagen, Spanish masters. more and more people wearing him that joining the top executive
they saw spoons and forks made She remembered a teenage life pricey athletic shoes on the ranks would make him rich.
by Jens Quistgaard. Soon they of horseback riding, tennis, skiing street. “So I had no choice but to go,”
had an agreement to distribute and waltzes. That ended around “I would go to shopping centers he said.
his wares in the U.S. Back home, her 20th birthday in March 1944 on a Saturday and sit down on a He became head of real estate
from their garage in Great Neck when the Nazis invaded Hungary. bench and watch the feet go by,” for Kinney and later for the par-
on Long Island, N.Y., they estab- The family was dispersed. Mar- Mr. Sells recalled in an oral his- ent, Woolworth. In early 1983, he
lished Dansk Designs as a pre- tha, feigning sickness, hid in a tory. He recommended to his boss was surprised to be promoted to
mium brand of housewares, sold hospital and later with friends. that Kinney, owned by F.W. Wool- president of Woolworth. By early
mostly in chic department stores. While the family scattered, Na- worth Co., should jump into ath- 1987, he was chairman and CEO.
zis ransacked their home and letic footwear and reduce its de- Shortly before his retirement in
shot their dog. The family even- pendence on leather shoes. 1993, Arc of New Jersey honored
tually agreed to hand over facto- The result was the Foot Locker Mr. Sells for Woolworth’s efforts
Ms. Nierenberg found ries to the invaders in exchange chain, whose first store opened in milked cows and plowed with the to employ people with develop-
wares at a museum in for letting 42 family members 1974 at the Puente Hills Mall near help of two mules, Toby and Mike. mental disabilities.
leave Hungary. Martha and some Los Angeles. It touted snake-proof The task was complicated because After retirement, he and his
Copenhagen that she others relocated to Portugal and boots, nine types of football shoes the mules “were complete oppo- wife, Louise Sells, built a home
could market in the U.S. then, in late 1945, to New York. and “the entire Adidas line,” as sites,” Mr. Sells said in the oral alongside a golf course in Las Ve-
Building on her earlier chemis- well as shoes for bike racing, history, recorded by a friend, Rich gas. One room was devoted to
try studies, she worked at the bowling, spelunking and fencing. McCord. “Toby wanted to go fast, memorabilia, including a picture
Rockefeller Institute, helping with Mr. Sells was soon promoted to Mike wanted to slow everything of him shaking hands with Ronald
“Expensive…by Design” was an research on radioactive isotopes. the executive team at the parent down.” Reagan and bowling trophies. His
early tagline. Teak cheese boards A colleague introduced her to company, Woolworth, and served wife and daughter teasingly called
E
and ice buckets were among the the Nierenberg family. Her first as chief executive of the retailer ntertainment options in- it his “I love me” room.
.
big sellers. date with Ted Nierenberg was a from 1987 to 1993. Foot Locker cluded hunting for possums. He still liked going to malls.
Mr. Nierenberg was in charge performance of “Guys and Dolls.” became the star performer as the At 16, in May 1945, he “He would sit there, get a bag of
ly
of marketing. Ms. Nierenberg, They married in April 1951. traditional Woolworth five-and- graduated first in his high-school popcorn and watch people and
whose family had fled Nazi perse- When Dansk Designs pros- dime stores died. The parent com- class of 40 and dreamed of teach- where they shopped,” said his
cution in Hungary, kept the books pered, the Nierenbergs bought 40 pany evolved into today’s Foot ing math. After deciding to delay daughter, Pamela Draper.
and handled personnel.
In the early days, a strike by
stevedores threatened to cut off
merchandise shipments. Ms.
Armonk, N.Y., and built a home.
Some of her family’s paintings
ended up in Hungarian and Rus-
on
acres of land, including a lake, in Locker Inc.
Mr. Sells, who died July 29 at
age 92, helped transform Wool-
worth from a sleepy general mer-
college, he rode a Greyhound bus
to Fort Smith, Ark., and, at 17,
started working at a Kinney shoe
store. Within a year, he had saved
Louise Sells died in 2001. In
2008, Mr. Sells married Pauline
Collins, an interior designer.
He is survived by his wife,
Nierenberg bundled her children sian museums. chandiser to a specialty retailer. enough to buy a 1939 Ford. At age daughter, two stepchildren, a sis-
us ,
in a station wagon and drove to For more than 30 years, the His office was perched in the 19, he was already a store man- ter, three grandchildren and three
l
the docks, where she talked the family has sought the return of gothic Woolworth tower, bristling ager. great-grandchildren.
e
al a
men she found there into handing some of those paintings. Their with spires and turrets, in lower Mr. Sells liked the shoe busi- In the oral history, he spoke of
over the goods. “I single-hand- lawsuit against the Hungarian Manhattan. He seemed more at ness so much he decided to skip the day he was named president
edly bypassed the strike and National Gallery and the Museum home in a suburban mall, scan- college. Louise Harris joined the of Woolworth. “I remember driv-
ci on
saved our company,” she recalled of Fine Arts in Budapest is pend- ning at foot level to see which store’s staff as a cashier. They ing home that night in a limousine
in a 2019 interview for a memoir. ing. shoes were selling. married in 1947. with my own driver,” he said. It
Ms. Nierenberg died June 27 at The paintings “were stolen by Harold Edgar Sells was born In the mid-1950s, Kinney sent was hard to fathom for a man who
a senior living home in Rye, N.Y. German Nazis and Hungarian Na- July 15, 1928, and grew up on a Mr. Sells to open its first stores in recalled steering mules through
She was 96. zis, and that’s wrong,” Ms. 40-acre farm near Ozark, Ark. The California, where he became a re- the Arkansas mud.
er s
Márta Weiss de Csepel, later Nierenberg said in a 2008 inter- family lived in a two-room shack gional manager responsible for
known as Martha, was born into view. “And it doesn’t get any less heated by a wood stove. the West Coast. “My [sales] num- Read in-depth profiles at
m er
a wealthy Jewish family on wrong with the passage of time.” As a schoolboy, he fed chickens, bers dwarfed everybody in the WSJ.com/news/types/obituaries
FROM PAGE ONE

m rp
For more information:

In Memoriam wsj.com/inmemoriam
Animals in
re

Zoos Miss
co Fo

Humans
IN Continued from Page One
MEMORIAM their meerkats were less active

than normal. Their solution: a
shiny red remote-controlled
car.
The pointy-faced mongooses
can’t get enough of it, said
n-
Mark Smith, curator for the

zoo. “They sort of bound along
beside the car, and some of
them would jump up onto the
no
bushes and the rocks in the ex-

hibit to watch it.”
PHOENIX ZOO
Cecil, an emu at the Ade-

laide Zoo, got his very own
!! " # #$ decorative tree, adorned with
% " ! " & &'&' bulbs, disco balls and tinsel Above, Jax the mandrill has a visit with Mary Yoder, who works with primates at the Phoenix Zoo.
( ! ! #
$" )""! $ that dance in the light. It’s not
*+" " "" , " close enough to peck at, but it ium in Tokyo wanted to make
- . / 0"! " 1 2! seems to keep Cecil enter- sure their eels—about 300 of

!" , ! " tained when he’s not foraging them—didn’t become used to
) "# ( "
3" +! +$$"" "# for tasty bites, Mr. Smith said. the lack of visitors, since the
" "1 !!", $ With a mesmerizing smile, sea creatures often get skittish
+#$ "# 4! "# bright red snout and yellow around people without consis-
0"! 25 "# 2$ " chest, a mandrill named Jax tent human contact. So the
4#" + " "" used to enchant visitors at the aquarium has periodically set
0"! 6" "# 7""!
! " *+# " ! Phoenix Zoo. During the pan- up tablets around the eel en-
7""!8 "# demic, he swapped out his closure for videochats with vir-
"# characteristic joyful jumping tual visitors.
"1 9! # with simply lying in his enclo- The eels “should be able to
/" ! !#"! #"/ $"
$"" " $$) ) " sure. Ms. Yoder made an effort show their vibrant appearance
"#" # # # #)" "!! to visit him more often and without diving into the sand
ROYEV RUCHEY ZOO
! :5 " # #! $5 even shares lunches with him, even when humans approach
)5" #5 !"
$ "# +" 2 "!
Honor your loved though they’re separated by a them,” the aquarium said in a
) 9# # $ # #" one’s life in The Wall glass barrier. Over time, she statement.
$ "$""$ ( ! / said, Jax seemed to get his At Wisconsin’s Milwaukee
" ) " "# ! # "
Street Journal mojo back. County Zoo, Alex the orangu-
))% ! !5 “I’ll be like ‘Hey buddy, how tan used to plug her ears when
!!# " "! " $ "#"
# !" # "" ) "# Share your loved are you? Good morning!’ And Help me out a bit here.’ ” lated, workers sometimes guests ignored the
# "# )!$ he’ll just run up with this big Staff at the Royev Ruchey changed their own clothes mul- “Shh…QUIET ZONE!” signs
one’s story with an
( ! "# 5" "# smile and shake his head and Nature Park in Krasnoyarsk, tiple times throughout the day, around her enclosure. Kara
"# # ) ! announcement in the show you his teeth.… For him it Russia, tried several remedies to mix up the scenery. DeLanty, the zoo area supervi-
5 "" " pages of The Wall Street is actually a smile and a greet- to lift the spirits of two young The fishing cats at Smithso- sor of primates, said Alex
" !" !
" "# " " "! Journal, either in our ing.” chimpanzees who were eating nian’s National Zoo and Con- seemed to move around a little
$ " ( " #" national or regional Row, a cockatoo living in and sleeping less than usual servation Biology Institute in more while the zoo was closed.
# "# # ! 5 RainForest Adventures Discov- while the park was closed to Washington, D.C., usually ig- Now that visitors are filter-
"/ # " $!$" $ $ editions. Our In Memoriam
ery Zoo in Sevierville, Tenn., is visitors. Giving the pair, Tikhon nore Senior Curator Bryan Am- ing back in, Ms. DeLanty said
"# "#" $ ! !! notices provide a dignified
"# 4" ! "! "# notorious for belting out “Row, and Anfisa, their favorite aral when he walks by. One fi- she often sees Alex perched a
"# # " "# ! " $ way for friends, family and row, row your boat,” and nor- dress-up clothes and comfy nally noticed him on a morning safe distance away from visi-
"# "# ! # ! # # colleagues to pay tribute. mally human visitors finish the bedding didn’t work. Then the walk of the facility. tors, observing them, though
#! # #! tune with her. Now, Row sings zoo tried broadcasting “The “Those animals are typically Alex doesn’t seem too both-
( ! !! " !$" 9
)! ! 9!! $ )5 ) " to herself and, without her Lion King” on a tablet into pretty aloof, pretty secretive,” ered.
"# # #$ !! usual audience, trails off. Bill their enclosure. Mr. Amaral said, “It was inter- “She likes to kind of watch
$ # ) #
To learn more, visit Lucey, the zoo’s director, said “The mood rose sharply,” esting to see one of those ani- people and check people out.
) # 3 # #! WSJ.com/InMemoriam she looks around at her avian Andrey Gorban, the park’s di- mals actually pay attention, It’s not that she doesn’t like
! $ # #! counterparts like she’s waiting rector, wrote in an email, add- and kind of perk up when I them,” Ms. DeLanty said. “She
3# #
"
$ ) $ " "# +" for them to join in. ing that one of them was “im- walked by and actually ac- doesn’t want people screaming
$" " "# “You wonder what’s going possible to distract” from the knowledge me. For what it’s and, you know, making a lot of
;!! " <" 6"" "# © 2020 Dow Jones & Company, Inc. through her little head, you movie. To keep animals worth.” ruckus. But who wants that in
30 +" All Rights Reserved.
know? Like, ‘Come on guys! throughout the park stimu- Keepers at Sumida Aquar- their house?”
SPORTS
China’s World Cup Dream Takes a Hit
Kicking off its soccer season five months late, the collapse of several domestic clubs highlights the sport’s dysfunction
BY TREFOR MOSS
C
Shanghai
hina’s leader, Xi Jin-
ping, wants the country
to become a soccer
world power by 2050.
By the looks of its pro-
fessional league, it’s going to take
far longer.
Club soccer in China is in crisis.
Since last year’s season ended in
December, 13 of the 64 clubs in the
country’s three professional divi-
sions have dissolved, either
through bankruptcy or after being
forced to close by Chinese soccer
authorities after failing to pay
players.
Now, the coronavirus pandemic
is throwing the Chinese game
more headaches. The new season
kicked off five months late on July
25, deploying some of the same
pandemic-era tactics that Western
leagues are using to get back to
work.
To minimize the risk of infec-
tions, authorities ordered the 16
clubs in China’s top division to dis-
patch their squads to one of two
cities, Dalian and Suzhou. The
teams have begun playing their
matches in two pools of eight
without spectators, while staying
in local hotels for the season’s du-
ration. The top and bottom teams
in the two pools will meet in play-
.
off finals later this year.
For a league whose sur-
ly
Players on Wuhan Zall and Qingdao Huanghai, above, in action during a
viving members are already Chinese Super League match. Left, Shanghai SIPG players take part in training.
struggling to connect with
fans, it’s a dismal specta- tant last in the second division, heavily in facilities and training.
cle.
Despite Xi’s soccer ambi-
tions—China currently sits
76th in the world soccer
on and Li, a sports teacher, sensed his
club was doomed. When bank-
ruptcy was formally confirmed in
January after the nightmarish
Though developing young play-
ers makes sense, the initiative is
unlikely to bear fruit so long as
the Chinese league remains ne-
rankings, 54 places below 2019 campaign, he recalled, “I felt glected, says Tom Byer, an Ameri-
us ,
the U.S.—the Chinese game relieved.” can soccer coach who worked as a
l
has proved stubbornly re- Shenxin had fallen victim to a consultant on China’s school soc-
e
al a
sistant to progress. After system in which wealthy corporate cer program. “The Chinese ap-
qualifying for the World owners bankroll clubs for political proach is: we need more coaches,
Cup for the only time in and business purposes, while ne- we need better facilities, we need
ci on
2002, the national team glecting the needs of fans, said more resources—they don’t con-
has underperformed, fail- Mark Dreyer, a commentator on sider the cultural part,” he said.
ing repeatedly to reach the Chinese sports who founded the With relatively few parents
tournament that Xi dreams website China Sports Insider. “In emotionally engaged in China’s
of winning. Qualification China, we’re still a very long way misfiring domestic league, children
er s
for the 2022 World Cup in from having a genuine fan base,” have little exposure to soccer at
Qatar looks like a distant said Dreyer. “Stadiums are soul- home or in their communities, and
m er
prospect after a humbling less. Fans are told to sit down and don’t learn basic soccer skills in
defeat to Syria in Novem- keep quiet; they’re seen as an in- their first five years—the key de-
ber. convenience.” velopmental phase, according to
Adding insult to injury, Hao Hai- phy of playing attractive, attack- ticket sales, sponsorships or The Chinese Football Associa- Byer.
dong, the star of China’s 2002 minded soccer, as well as its un- broadcasting rights. tion didn’t respond to questions. And for many children in the
m rp
squad and the country’s most dec- derdog status as one of the city’s “The soccer market started to In a May statement confirming the country’s network of soccer
orated soccer star, denounced Xi smaller clubs. get more and more unhealthy; all disqualification of various clubs, schools, the sport has become just
and called for the Communist By 2016, however, Chinese soc- the clubs were losing money,” said the association urged owners to another part of the curriculum.
Party’s overthrow. Hao was quickly cer was starting to struggle finan- Li. “pay attention to long-term plan- “The Chinese system sees sports
scrubbed from the annals of the cially. Clubs were spending vast Shenxin was one of those being ning and rational management.” as about keeping children fit and
co Fo
sport, his online presence erased sums on foreign players, often fad- dragged under. Owned by a local Disillusionment among fans disciplined,” he said. “It’s not
overnight. ing superstars seeking a last big real-estate developer embroiled in spells trouble for China’s surviving about having fun.”
STRINGER/REUTERS, ALY SONG/REUTERS
The national team ultimately payday. Recent flops include for- a long-running legal and financial clubs. It also undermines Xi’s Meanwhile, the huge popularity
draws its strength from the do- mer Argentina and Manchester dispute with the state-run Bank of dream of developing a world-beat- of European soccer—now back on
mestic league, and the recent col- United star Carlos Tevez, who told Shanghai, Shenxin gradually lost ing national team. Chinese TV screens—provides a
lapse of so many clubs has high- reporters his unsuccessful 2017 its best players and was relegated Since Xi outlined his soccer am- ready outlet for millions of fans
lighted the Chinese game’s spell at Shanghai Shenhua had from the top division. Attendance bitions in 2014, China has focused who may finally be running out of
dysfunctional condition. been a lucrative “holiday.” Mean- routinely topped 10,000 a few on developing its grass-roots game patience with the domestic game.
Like many soccer fans, Li Zhi- while, few clubs bothered to culti- years ago; in 2019 it averaged just rather than trying to address the “Why would you invest your
hao, 22, fell in love with his local vate a pipeline of homegrown tal- 1,800 fans. league’s failings directly, designat- blood, sweat and tears supporting
club, Shanghai Shenxin, at a young ent, and didn’t patiently develop The club won just three league ing 50,000 schools nationwide as a club that may be gone next
age. He liked the team’s philoso- stable sources of income from games last season, finishing a dis- “soccer schools” and investing year?” said Dreyer.
n-
Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton
d t <0 Hot Weather, Ice Hockey Don’t Mix
no
60s
Vancouver
V 0s
Calgary
C gary
ary 10s BY VIPAL MONGA
Winnipeg
ip
Seattle 70s 20s
Por
P d
Portland 80s 60s 70s 30s Toronto
Helena Montreal
t
Billings
Bismarckk
70s Ottawa
ttawa Augusta
A g t 40s ALL OF NORTH AMERICA’S
Eugene i
Boise major pro sports leagues are
p s / . Pa Toronto
T t A bany
b
Albany Boston 50s
80s 70s Pierre Mpls./St. Paul
90s ff
Buffalo tford
Hartford 60s grappling with the quarantine
Sioux
oux Falls
k
Milwaukee Detroit
t 70s restrictions imposed on them
100s Reno New Y
Yorkk 70s
Philadelphia
hil d l h
Salt Lake
L City
Cit
C tyy ess Moines Chicago
Des
Cheyenne
y h g Cleveland
Clevel d
Cl
80s
by the coronavirus. For the
Pittsburgh
g
Sacramento 90s Omahah p i fi ld Indianapolis
Springfield
h ngton
g on D.C.
Washington D.C
DC
National Hockey League
Denver Kansas 90s
an Francisco
San i Charleston there’s an added challenge:
JEFF VINNICK/GETTY IMAGES
Topeka City
70s Colorado Richmond
h d 100+
Las
Ve g
Vegas
C d St.. Louis
Lou L
Louisville 80s Raleigh
l i h summertime.
Springs
p g 100s
Los A
Ange
Angeles
hit
Wichita Nashville
h ill Ch l tt
Charlotte The people in charge of
Santaa Fe
F Memphis
hi maintaining the NHL’s two
100s Albuquerque
Ab q q C l b
Columbia
Ph
Phoenix Oklahoma City Warm Rain
San Diego Little Rock
Atl t
Atlanta playoff bubble rinks in To-
T c
Tucson 100s Birmingham
i gh
El Paso Ft. Worth Dallas
D ll
Cold
ronto and Edmonton, Alberta,
Jackson T-storms
40s 90s JJacksonville
k ill have been struggling to keep
Mobile
bil
60s Austin
A ti
t
Houston Stationary Snow the ice in game shape during
ew Orleans
New l d
Orlando
70s 80s San
an Antonio Tampa a time of year that’s better The Oilers and Blackhawks face off inside the NHL’s bubble.
Anchorage
A h g Honolulu
l Miami
Showers Flurries suited to swimming than to
50s 70s skating. NHL playoffs begin with a se- and Boston and hid the puck
Ice It’s a high priority for the ries of qualifying games and a from players and viewers.
league. After all, fans don’t round robin that will deter- Referees ordered players to
U.S. Forecasts City Hi
Today Tomorrow
Lo W Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W want to watch 200-pound mine playoff seeding. clear the air by skating in cir-
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 93 76 pc 96 69 pc Frankfurt 97 70 s 99 72 pc players on razor-sharp blades The Pittsburgh Penguins, cles like tourists at the Rocke-
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 93 74 t 92 75 t Geneva 89 64 s 89 67 pc skating through mush. for example, prepared for feller Center rink.
Today Tomorrow Philadelphia 85 72 t 89 73 pc Havana 89 72 t 91 75 t
City Hi Lo W Hi Lo W “There are going to be their qualifying-round games But the old Buffalo Memo-
Phoenix 111 84 s 112 86 s Hong Kong 90 80 pc 90 81 c
Anchorage 66 54 c 64 55 c Pittsburgh 84 62 pc 86 64 pc Istanbul 88 77 s 86 74 pc people working on it 24/7,” against the Montreal Cana- rial Auditorium and the an-
Atlanta 92 74 s 94 74 t Portland, Maine 78 61 pc 82 67 s Jakarta 91 77 c 92 76 t said Hanson Skotheim, an diens by practicing in subop- cient Boston Garden didn’t
Austin 98 73 pc 98 73 pc Portland, Ore. 78 55 pc 84 58 s Jerusalem 86 71 s 83 69 s arena technician who has timal conditions during their have air conditioning and
Baltimore 86 69 t 89 71 pc Sacramento 96 63 s 98 63 s Johannesburg 62 42 s 70 42 s
Boise 90 59 s 89 57 s St. Louis 90 74 pc 93 77 pc London 93 65 s 93 68 pc worked on the ice at Edmon- July training camp. they were packed full of peo-
Boston 75 67 t 86 71 s Salt Lake City 95 66 s 94 68 s Madrid 98 71 s 103 72 pc ton’s Rogers Place and at the “We’re probably going to ple. In Toronto, where the
Burlington 83 64 s 86 68 c San Francisco 75 58 s 76 57 pc Manila 86 78 t 83 79 t Olympics in Pyeongchang, face tough conditions…so outside temperature hit 85
Charlotte 90 71 t 92 70 t Santa Fe 91 59 s 91 56 t Melbourne 58 49 c 59 45 pc
Chicago 88 72 pc 92 74 pc Seattle 74 54 pc 77 56 pc Mexico City 71 57 t 70 57 t South Korea. we’re trying to get used to it degrees Fahrenheit with hu-
Cleveland 81 61 s 86 66 pc Sioux Falls 90 71 pc 91 63 pc Milan 91 69 s 93 71 s The ideal ice surface for right now,” said defenseman midity of 71% on Aug. 1, the
Dallas 97 77 s 96 79 s Wash., D.C. 87 72 t 89 74 pc Moscow 76 57 c 75 56 pc hockey is smooth enough to Kris Letang, after a practice temperature inside Scotia-
Denver 97 64 pc 95 57 pc Mumbai 86 79 r 85 79 sh
allow players to glide, but before the team moved to bank Arena was below 60 de-
Detroit
Honolulu
83 65 s
88 77 pc 89 75 pc
88 71 t
International Paris
Rio de Janeiro
99
77
71 s
67 s
99 71 pc
78 66 s “grippy” enough to allow their Toronto NHL bubble. grees, and there were no fans.
Today Tomorrow
Houston 93 77 pc 94 76 pc
City Hi Lo W Hi Lo W
Riyadh 110 86 pc 109 84 pc them to make sudden stops The players have cause for The NHL, for its part,
Indianapolis 84 67 pc 87 71 t Rome 93 71 s 90 70 s
Kansas City 91 76 s 93 75 s Amsterdam 91 68 pc 89 68 pc San Juan 91 80 pc 90 79 t
and turns to follow the play, concern. Even in more normal downplayed the ice as an is-
Las Vegas 103 80 s 105 79 s Athens 88 75 t 89 78 s Seoul 84 75 r 80 75 r he said. A smooth surface seasons, when the playoffs sue for the tournament.
Little Rock 94 74 pc 95 75 s Baghdad 115 84 pc 112 83 pc Shanghai 90 79 t 95 82 t also keeps the puck level and extend into May and June, “The issues we are dealing
Los Angeles 82 62 pc 82 60 s Bangkok 90 80 t 90 79 t Singapore 90 81 t 89 80 sh
Miami 91 79 pc 91 78 pc Beijing 91 71 c 92 74 pc Sydney 66 48 pc 62 52 r
makes it easier for players to heat and humidity have made with now are no different in
Milwaukee 83 71 pc 87 71 pc Berlin 93 69 s 91 69 pc Taipei City 93 79 t 96 79 s control passes and shots. for some comical moments. type or scope that we regu-
Minneapolis 89 72 pc 88 66 t Brussels 96 71 s 95 71 pc Tokyo 90 79 c 92 81 pc Sloppy, uneven ice that Both the 1975 and 1988 larly deal with in the regular
Nashville 93 70 pc 93 73 pc Buenos Aires 62 57 c 68 55 c Toronto 82 65 s 86 71 pc
New Orleans 93 77 pc 92 78 pc Dubai 105 94 pc 105 94 pc Vancouver 71 55 pc 71 56 s
makes for difficult puck han- Stanley Cup Finals series in season,” said NHL deputy
New York City 81 71 t 87 73 pc Dublin 65 53 pc 65 57 pc Warsaw 88 63 pc 87 63 t dling is something players May were marred when fog commissioner Bill Daly in an
Oklahoma City 94 74 s 95 75 s Edinburgh 67 49 pc 63 54 pc Zurich 86 59 s 87 60 s have been expecting as the shrouded the rinks in Buffalo emailed statement.
OPINION
THE WEEKEND INTERVIEW with Mikhail Kokorich | By Tunku Varadarajan
The New ‘Gold Rush in Space’

W
hen the Crew Dragon in 2014 as part of what he calls came to power in 2000, Mr.
splashed down in the “the Putin exodus.” Kokorich grew alarmed by the
Gulf of Mexico last He pored over more than sci- curtailments of freedoms. He
Sunday—completing ence textbooks. “I read many threw in his lot with Open Rus-
the first manned American writers,” he says. sia, Mikhail Khodorkovsky’s op-
space mission from American soil in “Jack London, Mark Twain, position group, “running several
nine years—Mikhail Kokorich was James Fenimore Cooper, Theo- programs for it in Siberia.”
exultant. Which is striking, given dore Dreiser, Ernest Heming- In 2005, Mr. Kokorich started
that he’s Russian. way. These books helped me un- a new company, ChudoDom (or
Crew Dragon was conceived and derstand the importance of Wonder House), which he de-
constructed by SpaceX, Elon Musk’s human freedoms and the spirit scribes as “a kind of Russian
space-transport company. “It’s re- of pioneers.” Bed, Bath & Beyond.” It was the
markable,” Mr. Kokorich, a physicist Thus he speaks of the Crew largest home-merchandise retail
and aerospace engineer, says of the Dragon splashdown with a his- chain in Eastern Russia and, af-
mission, “because it marks the tran- torical sweep. “In terms of man- ter 2009, in the whole country.
sition of space exploration from the agerial effectiveness,” he says, In 2011, at 35, Mr. Kokorich
nation-state into the hands of pri- “using private business for had what he calls his “midlife
vate entrepreneurs.” space is like Queen Elizabeth I’s crisis” and resolved to “do what
BARBARA KELLEY
Mr. Kokorich, 44, is one such en- hiring of Francis Drake in the I truly love—physics and engi-
trepreneur. In 2017 he founded Mo- 16th century. These are bucca- neering.” He co-founded Dauria
mentus, a California-based company neers in space.” Drake created a Aerospace, Russia’s first private
that seeks to revolutionize transport multigun ship, “which was the aerospace company. Flush with
in space by developing in-space greatest achievement of science cash from selling the retail
transfer vehicles that use water as a and technology of that time.” He tion of reusable methane-fueled 2014 he moved to the U.S. under an chain, he gave generously to RPR-
propellant. These would “comple- leaps ahead to the 17th century: rocket engines,” he says, “defini- O-1 visa, granted to aliens “with ex- Parnas, a liberal opposition party.
ment low-cost gigantic rockets, like “With the help of the East India Co., tively ended the U.S. dependence on traordinary ability or achieve- He also contributed “a substantial
Starship from SpaceX and New the British Empire was built in the Russian rockets that began when ment.” In 2018, after he and his amount of money to the organizing
Glenn from Blue Origin,” he says. East. This laid the economic founda- the Soviet Union collapsed.” The companies endured years of threats committee” for rallies and protests
Craft built by Momentus would en- tion for victory over Napoleonic choice of the Lunar Gateway as “the from Moscow, he applied for politi- against Mr. Putin in Bolotnaya
able the outer-space equivalent of France and the Pax Britannica in the next human-habitation platform in cal asylum in the U.S. The last Square, in central Moscow. These
the connecting flight. A satellite 19th century.” Mr. Kokorich says pri- space, instead of a space station in straw was his detention and four- protests, which took place in
would reach orbit by “ride-sharing vate companies like SpaceX—and, Earth’s low orbit, carries with it fi- hour interrogation that year at 2011-12, were “the last time when
on a big rocket,” then transfer to a yes, his own—“will be the main nancial and technical requirements Moscow’s international airport. He there was real hope about any kind
Momentus vehicle for the next leg driver of centuries of Pax Americana that will effectively make the U.S. hasn’t returned to Russia since, of democracy, or at least a glimmer
farther out. in space.” the controlling, if not the sole, plat- fearing imprisonment. of it,” Mr. Kokorich says.
America is regenerating its space form operator.” Dimitry Rogozin, head of Rus- In 2014, an aerospace competitor
ambitions as Russia falls ever lower He also cites President Trump’s sia’s state-run space corporation, informed the authorities that Mr.
.
A Russian immigrant in the space-tech pecking order. “The executive order of April 6 on the re- Roscosmos, suggested recently on Kokorich had bankrolled the Bolot-
U.S. is definitely No. 1, then the Euro- covery and use of space resources, Twitter that Mr. Kokorich’s work in naya protesters. That’s when he de-
ly
talks about America’s edge pean Union, then China,” Mr. which he calls a “great clarifier, re- the U.S. space industry was akin to cided to move to California with his
in the new era of private Kokorich says. “Next, I think India is inforcing the view that Americans that of a Nazi collaborator. The wife and children. This move had
now comparable with Russia, and should have the right to engage in tweet was later deleted. It said that consequences that were typical of
exploration, and his own on
maybe even more advanced than the commercial exploration and re- Mr. Kokorich “quickly changed his Putin’s Russia: His company was
plans for a water-fueled Russia in a wider sense.” He attri- covery of resources in outer space, views after moving to the United charged with various allegations of
butes “the withering of Russia’s his- rather than treating space as some States. As they say, nothing per- financial impropriety, and eventually
space transport. toric might in space” to its being sort of global commons.” In short, sonal, only business. The ‘Free shut down.
Y
strapped for cash, saddled with a So- Mr. Kokorich says, the U.S. will, “for World,’ apparently, opened his eyes
us ,
viet-era approach that leans too the foreseeable future, use its mar- to many things. #Vlasovites.” The et Mr. Kokorich hasn’t with-
l
The choice of water as a propel- heavily on the state, hampered by in- ket power to set the agenda of in- hashtag refers to a Soviet general drawn from the Russian politi-
e
al a
lant, Mr. Kokorich says, would “not ternational sanctions and export re- ternational cooperation.” who defected to Germany, com- cal fray. Angered that “Putin
N
only enable extremely low-cost in- strictions, and debilitated by a brain manded a pro-Nazi force that appropriated the right to govern
space vehicles—built in a ‘Mad Max’ drain—of which he is an example: “I umerous major U.S. corpora- styled itself the Russian Liberation Russia as a czar,” Mr. Kokorich
ci on
steampunk style—but eventually al- am,” he says, “the typical representa- tions are already leading Army, and was hanged for treason serves as California coordinator for
low the use of water mined from the tive of the Putin exodus.” players in space. The big after the war. the Free Russia Foundation, a “non-
moon and from asteroids.” Far- He says there’s been a tectonic tech companies are developing sat- Mr. Kokorich says he’s had a po- partisan NGO that seeks to tell
fetched? He points to “binding con- shift in space exploration, from the ellite constellations to connect the litical conscience for almost as long American lawmakers the truth
tracts already with NASA, Lockheed Cold War superpower rivalry to a estimated half of the global popula- as he’s been an entrepreneur. He about Russia, and help support an
er s
Martin, and the U.S. Air Force,” not “gold rush in space,” driven by pri- tion that’s not yet online. “Amazon started his first company in 1995, American ‘Russia policy’ that pro-
to mention dozens of satellite oper- vate enterprise. Entry barriers are and the aerospace manufacturer at 19, “providing explosives and motes freedom and democracy.”
m er
ators and manufacturers. “Hell, Mo- lower because satellites are con- Blue Origin,” he says, “are working chemical services to Siberian min- It surely didn’t help Mr. Kokorich’s
mentus even has a ride-share part- nected to rockets in an increasingly on Project Kuiper to enhance global ing companies.” In four years, “we standing with the Putin regime that
nership agreement with SpaceX.” standardized way, and the cost of broadband connectivity. With became the largest supplier of ex- he also favors secession for his home
Now a CEO in the vanguard of hardware has dropped like a meteor. Google’s backing, SpaceX is con- plosives in Siberia.” He then re- region. He is part Buryat, the north-
rocket science, Mr. Kokorich was “Ten years ago,” he says, “it cost structing a satellite constellation of turned to finish his studies at No- ernmost of the Mongol peoples,
m rp
born in a house with no indoor toi- $100,000 to launch one kilo into its own. And true to form, Apple is vosibirsk State University, “the best whose land China ceded to Russia in
lets and sporadic electricity in Agin- space. Five years ago, with cheap pursuing a space project in secret.” foundry for physicists in Russia.” the late 17th century.
skoye, Siberia, population around post-Soviet Russian rockets, the Even Facebook has confirmed a sat- Mr. Kokorich, not always self-effac- “An independent Siberia,” he
10,000. His mother was 19 when she price fell to $20,000 to $30,000. To- ellite program in the works. All ing, says he “quickly became one of says, “has a greater chance of be-
bore him, and he was raised by her day, it’s $5,000.” He says it will drop this, he says, is proof of “transna- the most prominent students.” coming a democratic and liberal
co Fo
parents, both schoolteachers with another order of magnitude, to tional cooperation driven by an en- He came of age in the 1990s, a state than Russia.” Perhaps, but the
more education than almost anyone $500, once Starship—SpaceX’s su- trepreneurial initiative that serves member of “probably the only gen- odds for extracting water from as-
else in town. “I often studied by the per heavy, fully reusable rocket—is all mankind,” and of the benefits eration in the history of Russia that teroids seem better than either.
light of a kerosene lamp when I was operational. “afforded by American oversight.” had the opportunity to grow up ex-
young,” he tells me by Zoom from Mr. Kokorich believes the extra- Mr. Kokorich is happy to see the posed to political freedom, democ- Mr. Varadarajan is executive edi-
his house in Los Altos Hills, Calif., terrestrial gold rush favors the U.S. U.S. leave his native land behind in racy, a free press, and respect for tor at Stanford University’s Hoover
where he’s lived since he left Russia “The development of a new genera- the 21st century’s space race. In human rights.” After Vladimir Putin Institution.
The Cares Act Creates an Opportunity for School Choice

Elizabeth Reilly was a legal quagmire. Ms. Reilly and other and fees of less than $6,100. Hardly a Deeply shaped by his experience Carolina students, as it has every-
n-
preparing for a hard parents await word on whether the caviar price, but still a significant growing up in rural Virginia during where, but in a surprising way it has
conversation with South Carolina Supreme Court will sacrifice for moderate and low-in- the time of school integration, Mr. also created opportunity. This would
her children. She take up the case and resolve it come families. Slaughter, the school’s founder, speaks be the first time the Palmetto State
couldn’t afford to quickly, as she tries to plan for the In Aiken, S.C., the Rev. Doug powerfully about SBC Prep’s mission. has offered students income-based fi-
no
keep them in the pri- rapidly approaching fall semester. Slaughter and his staff are preparing “If you can instill some hope in a per- nancial help to attend a school other
vate school they had Despite the mountain of evidence for Second Baptist Christian Prep’s son, no matter what they lack, or than the one they’re zoned for. Peo-
CROSS
COUNTRY always attended. The from states like Florida that poor and fall semester. Founded 26 years ago don’t have, or experience, it’s not go- ple like Elizabeth Reilly and Doug
Reillys had worked minority children—in public and pri- on the legacy of African-American ing to be the end of their story,” he Slaughter haven’t yet lost hope.
By Ellen
hard and relied on vate schools—are the greatest benefi- education activist and South Carolina says. “This grant makes it possible for
Weaver
family help to keep ciaries of programs like SAFE Grants, native Mary McLeod Bethune, SBC us to do what we love to do, and that Ms. Weaver is president and CEO
their two children— school-choice efforts in South Carolina Prep has provided some of Aiken’s is to give hope to young people.” of Palmetto Promise Institute and co-
who each face learning challenges—in have consistently run into the brick poorest residents with the opportu- The pandemic has done enormous defendant with Gov. Henry McMaster
the school that met their needs. When wall of the state’s public-education nity of a high-quality education. damage to the education of South in the pending SAFE Grants litigation.
Elizabeth’s husband, a Marine veteran, lobby. Even many Republican lawmak-
died earlier this year, she found her- ers in this deep red state have hesi-
self in a tight spot: managing her own
health, moving into a smaller home as
she adjusted to a newer, smaller bud-
tated to take on the union-allied edu-
cation machine, especially in rural
communities where the local school
The NBA’s Moral Failure in China
get, and facing the reality that her district may be the largest employer. By Marsha Blackburn munist Party. But October’s global ians in concentration camps since the
‘W
kids would likely have to withdraw Decade after decade, thousands of meltdown and subsequent state-led Holocaust.
from the school they love. talented and ambitious students have e did everything we could, retaliation over Houston Rockets NBA officials spent years sur-
been consigned to failure by an anti- given the limited over- General Manager Daryl Morey’s pro- rounded by this, and failed to raise
quated system. The state’s bloated sight that we had.” Hong Kong tweet proved how little the alarm. There was no moral
But South Carolina’s education establishment keeps offer- That is the statement of the Na- control most companies have over panic—only plausible deniability.
ing the same excuse: “Education is tional Basketball Association’s deputy their coveted place in the Chinese And for what? In the NBA’s case,
public-education lobby underfunded.” commissioner and chief operating offi- market. returns diminished. Game broadcasts
is attempting to block The argument falls apart when cer, Mark Tatum, delivered after ESPN Here in the U.S., the past few are still on the state media’s blacklist.
confronted with facts. South Carolina released its exposé on abuse and ne- months have given rise to a new era The league may have distanced itself
need-based scholarships. spends more than $10 billion annu- glect at the league’s basketball train- of popular dissent. The NBA, like from their recruitment outposts, but
ally on public education. That’s ing academies in Xinjiang, China. That most major businesses, has been officials are still afraid of sacrificing
$14,383 per student, more than any article, published days after Mr. Tatum quick to boost the social-justice sig- any more of China’s $4 billion fan
Then she received an email from other Southern state except Virginia dodged my own inquiry into the NBA’s nal, weaving expressions of carefully base to a rogue tweet.
the principal. Gov. Henry McMaster and Louisiana. The opposition to footprint in China, revealed that most vetted solidarity into their corporate The current political climate en-
had just announced Safe Access to modestly priced education-choice American NBA China employees had branding. League-approved messages courages this segregation of moral
Flexible Education (SAFE) Grants, a programs like SAFE Grants has noth- little to no influence over their Chi- supporting Black Lives Matter now clarity, which is why unraveling our
new initiative to meet the educational ing to do with what is best for stu- nese counterparts who were responsi- cover the backs of some 300 players’ relationship with China will take
needs of working families like hers. A dents and everything to do with who ble for the abuse, and those who did game jerseys, with similar messages much more than securing pharma-
one-year, $32 million program funded will control that $10 billion: parents swept problems under the rug to avoid appearing in fresh court paint. ceutical supply chains, or convincing
by emergency Cares Act dollars, the or central planners. confrontations with Beijing. One can’t help but compare this our allies to reject bugged telecom-
grants would provide low- to moder- The plaintiffs, reaching for an The NBA’s posture in Xinjiang sent outpouring of officially licensed em- munications equipment.
ate-income students in South Carolina ever-elusive definition of “equity,” a strong message to the Chinese pathy to the NBA’s attitude toward Risk to reputation and profit
with up to $6,500 to attend or remain conveniently fail to mention that Communist Party: For the right price, China. weighs heavy on the minds of those
in a private school of their choice. The their Orangeburg district, considered anything is up for debate—even the ESPN’s report suggests that the tasked with choosing whose struggle
news was the lifeline she needed. to be poor and rural, receives more value of a human life. NBA maintained its academies in Xin- matters. Gone are the days of “ping
But Ms. Reilly’s hope was dashed. than $16,000 per student. Where One of the unexpected side effects jiang through the summer of 2019, pong diplomacy” and the confident
South Carolina’s public-education does all that money go? South Caro- of the Covid-19 pandemic has been an even as league officials fielded more exchange of culture and ideals. That
lobby had secretly petitioned a judge lina’s high administrative spending abundance of inconvenient insight reports of state-sanctioned abuse of strategy fell apart the moment our
to enjoin Mr. McMaster from continu- mirrors well-documented national into how far members of the global student athletes. The facilities were corporate envoys decided to condone
ing the SAFE Grant program. The trends that have seen exponential economy will go to preserve their relocated in a region notorious for the the very atrocities we had the oppor-
plaintiffs, which include a school dis- growth in nonteaching staff and lationships with Beijing. In private, at mass murder of Uighur Muslims and tunity to undermine.
trict and several taxpayers as well as spending. least, most corporate executives ad- other ethnic minorities, compulsory
the union-affiliated teachers associa- A 2018 survey of South Carolina’s mit that doing business in China political re-education, and one of the Mrs. Blackburn, a Republican, is a
tions, have tied up this urgent aid in private schools found average tuition means doing business with the Com- most extensive internments of civil- U.S. senator from Tennessee.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
An Autopsy of New York’s Mail-Vote Mess How We Got Trump and How He Got Ideas
S
ix weeks after New York’s primary elec- Second, most prepaid mail usually skips post- A glance at Peggy Noonan’s head- Undoubtedly, Mr. Trump loved play-
tions on June 23, the final vote tally in the marking altogether and goes “directly to a sorta- line (“Burn the Republican Party ing to the crowds, and they loved
Down?” Declarations, Aug. 1) had me what he had to say. But I heard from
12th Congressional District remains a tion machine,” Mr. Calabrese said. On Election
torn as to whether I should read the him a distinct set of ideas: tax reform,
mystery. On Monday a federal Day, USPS staff overrode that piece. Good thing I did. She summa- deregulation, judges bound to the Con-
judge ordered the counting of Lax deadlines. Late procedure and forced every- rized what the American public has stitution, fewer military operations
certain mail ballots that ar- ballots. Carelessness. thing through the postmarking endured for 25 years and the di- overseas, standing up to China on
rived after Election Day but system. But again, he wasn’t lemma voters face this fall. How did trade, border security, no more free-
without a postmark to prove Missing postmarks. sure about before June 23, say- we get here, with President Trump? riding for allies, walking away from
when they were sent. Imagine ing it was “very possible” that She cites a rudderless foreign policy the Paris Climate Accord and Iran nu-
this kind of mess 45 days fol- some ballots went straight to and long, unsuccessful wars, the fi- clear deal, immigration reform, and
lowing Nov. 3. sorting. nancial collapse in 2008, and anxiety- health-care reform. He has had much
After primary day, an initial count of 40,000 Stranger mishaps suggest carelessness. Ray- provoking illegal immigration that success with the first eight items and
ballots had Rep. Carolyn Maloney beating pro- mond Riley, the chief clerk at the Kings County Washington never addressed. much less with the last two.
She could also have mentioned a This is a remarkable record consid-
gressive challenger Suraj Patel by 648 votes. The Board of Elections, testified that someone on his
smug, do-nothing Congress that ering that Democrats never accepted
canvassing of some 65,000 absentee ballots staff went to a local USPS office to drop mail, and views us as deplorable masses. Both Mr. Trump’s victory and have worked
didn’t start until July 8, but unofficial data last postal workers unexpectedly gave over “a hand parties bear the blame. The nation ever since to undermine the 2016 re-
month showed a preliminary rejection rate of cart of ballots.” His office then complained to the deserves better. sults. Ms. Noonan may disagree with
28% in Brooklyn. Mr. Patel joined a federal law- USPS: “Obviously, staff safety was my biggest LAURA DUFFY the president’s policies, but she can’t
suit, and Judge Analisa Torres held two days of concern.” Redondo Beach, Calif. deny he had a consistent platform and
hearings last week. The court transcript is a Another incident: In the spring of 2018, Mr. has mostly followed through on it.
bracing read. Riley said, the USPS delivered “several hundred In the Midwest, no one is talking DON STUART
i i i absentee ballots from the previous November.” about redoing the Republican Party. Nashville, Ind.
City officials were deluged. Eleven days be- Many of these votes were valid, except “this was Here the party is more unified than it
has been in many years. Although no one would mistake
fore the election, “the Manhattan borough office five months after Election Day.”
Starting about 10 years back or so, Mr. Trump for a jazz musician, his
had something like 30 or 40,000 pending appli- Under oath, the skepticism of the USPS was the Missouri Republican Party went ability to wing it is one of the main
cations for absentee ballots, and I was told that broad and deep. “We certainly did alert the gov- through a gut-wrenching experience. reasons he triumphed over the
they could only process 5,000 per day,” testified ernor’s office to the fact that partnering with the We had our Tea Party moments that scripted automatons he faced in 2016.
Douglas Kellner, the co-chair of the New York U.S. Postal Service in running an election has a almost tore the party apart. But the It also stands him in stark contrast to
State Board of Elections. “Basically my view is lot of risks,” Mr. Kellner said. Later he was more party adapted, changed and in many his current, barely visible opponent.
that they threw up their hands and said, ‘Well, direct: “I don’t have a great deal of confidence ways remade itself, incorporating TOM PARONIS
there’s nothing more that we can do.’” in the U.S. Postal Service.” parts of the Tea Party agenda. The Brooklyn, N.Y.
As a result, many ballots were sent to voters Emily Gallagher, a Democratic candidate for election of Mr. Trump was the
late. Allen Tanko, a marketing manager with the state Assembly, testified: “I myself had an absen- crowning achievement. Most folks Ms. Noonan does a masterful job
U.S. Postal Service, said that one day before the tee ballot and went and voted in person because knew that he didn’t represent every- explaining why both parties set the
thing that the more-conservative ele- stage for President Trump. Increas-
voting, on June 22, the city Board of Elections I had a sense of distrust of what would happen
ments of the party wanted, but he ingly, the public appears to agree
dropped 34,359 items, presumably ballots, into with my ballot once I mailed it in.” City attorney brought a feeling that someone out- with John Adams’s view that the de-
the mail stream. Postal workers tried to expedite Stephen Kitzinger, in his closing argument, said
.
side the Washington cabal would be velopment of a two-party system is
them, but some of these ballots were sent to New that if voters dropped their ballots in a mailbox, calling the shots. to be “dreaded as the greatest politi-
ly
Yorkers temporarily out of state, who could not “they bore the risk of it not being postal marked, SHARON AND DAVID STACKELHOUSE cal Evil, under our Constitution.”
possibly have received them in time. timely or otherwise, if they relied on the postal Lee’s Summit, Mo. How right he was. Both parties have
New York lets voters request an absentee ballot service for delivery.” poisoned politics. Conflict, not com-
with a mail application, which can be postmarked on
Judge Torres issued a preliminary injunction
a mere seven days before the election. “The state on Monday. Because the USPS’s delivery process
Board of Elections has repeatedly advised the leg- takes two days, she said, it’s a “virtual certainty”
Ms. Noonan could have saved a lot promise, is the order of the day.
of ink by simply writing: After eight
years of failed Republican policies
and then eight years of failed Demo-
Strangely, Ms. Noonan concludes
from this that both parties foster
unity because voters must join a co-
islature and the executive chamber that that date that any ballots received by election officials on
cratic policies, we deplorables said, alition, either the Republicans or the
us ,
is unrealistic,” Mr. Kellner said. Fourteen days June 24 or 25 were in fact mailed by Election
“What the heck, can’t be any worse.” Democrats, at the end of the day. This
l
would be better, he added, but New York’s political Day, even if they don’t have any postmark saying HOWARD SHOTTS kind of unity smacks of a shotgun
e
leaders “have rejected that because they don’t so. Judge Torres therefore ruled that all such
al a
Stover, Mo. wedding. It’s regrettable that the

want to be perceived as doing something that’s ballots, statewide, must be counted. world’s greatest democracy has to
not voter friendly.” For the record, the USPS sug- On Tuesday the city certified Ms. Maloney as Ms. Noonan suggests most of the force voters to choose between two
ci on
gests that voters allow seven days for mailing the victor, up by about 3,500 votes, not including president’s programs and ideas came parties, neither of which represents
their completed ballots. the ballots Judge Torres ordered counted. New out of applause lines—he stuck with the best the country has to offer.
The USPS’s policy is to postmark all ballots, York state officials plan to appeal her ruling. Mr. the ones that received the most MICHAEL J. POLELLE
and the city was assured it would happen. What Patel is refusing to concede. cheers at his rallies. Sarasota, Fla.
went wrong? Testimony by Michael Calabrese, a i i i
er s
manager at a New York postal processing facility, What a fiasco. Meantime, the national debate
offered two possibilities. First, postmarking ma- over mass mail voting proceeds like two post-
The Knotted Environmental Review Process
m er
chines can reject mail if, for example, it isn’t cards passing in the night. President Trump uses
“folded over properly.” On Election Day, USPS the word “fraud.” The factotums of conventional Brevity by Richard Epstein did in- Your July 17 editorial (“Trump’s
staff were ready to grab bypassed ballots and wisdom hit their computer hotkeys for phrases justice to the endless process that is New Chant: Build the Road”) about
postmark them by hand. “We were doing so for like “no evidence” of “widespread fraud.” Why the National Environmental Policy Act project delays caused by federal envi-
m rp
thousands of ballots,” Mr. Calabrese said. He focus on criminality? Old-fashioned government (“Trump Helps the Environment by ronmental reviews should be read by
wasn’t sure, however, if this happened before incompetence is clearly sufficient to create a Enraging Environmentalists,” op-ed, all Democrats. NEPA itself isn’t being
June 23: “That’s the only day I recall doing so with mail-vote debacle the country might come to re- July 31). For 40 years, I worked as a changed by the Trump administration;
a hundred percent certainty.” gret in November. transportation engineering consultant the procedures for approval of major
on many projects requiring NEPA re- federal actions are being simplified.
co Fo
view, including Boston’s Big Dig and The new guidelines limit report
States of Unemployment New York City’s doomed Westway.
Public and agency reviews were like
length, restrict the types of projects
subject to arduous impact studies, re-
F
rituals—the work had to be done over fine the public comment process, and
riday’s employment report for July worker who lost a job has been collecting $969 and over again to get it right. For us, shorten the procedural tightrope from
shows the labor market continues to im- more each month. Businesses have reported dif- the consultants, budgets were ex- project vision to final decision making.
prove, despite a setback from the surge ficulties rehiring workers due to the enhanced tended and companies flourished. But As a proud Democrat and former envi-
in coronavirus infections this benefits. The best decision for those staff in the trenches running ronmental professional, I’m pleasantly
summer in the South and The jobs market is Congress could make is not ex- the technical numbers and responding surprised to see the Trump adminis-
West. The progress should getting better, but some tending the $600 enhance- to public comments, however inane, it tration get one right.
continue without overly strict ment that expired on July 31. was exhausting and demoralizing. CURTIS C. LUECK, P.E., PH.D
lockdowns and policy mistakes states lag far behind. Better to help states extend the New York’s “City Environmental
Quality Review Technical Manual,” de-
Tucson, Ariz.
by Congress. duration of benefits rather
n-
signed in 1993 to speed development,

The private economy cre- than increase the amount. has been made into a ponderous door- Madison’s Foresight and Our
ated 1.46 million jobs and the unemployment rate Meanwhile, the wide variation in state jobless stop by subsequent edits. City review-
fell to 10.2% from 11.1%. But the labor-force partic- claims is striking and isn’t getting enough atten- ers once again give finger-wagging di-
Folly With the Census Count
ipation rate fell a mere 0.1 points to 61.4%. This tion. The share of the workforce receiving bene-
no
rectives to private consultants, In their excellent article on the

suggests that the surge of workers returning from fits in the week ending July 18 hit 18.1% in Cali- environmental planners and transpor- constitutional grounds for excluding
the sidelines in May and June slowed as of mid- fornia, 16.3% in New York and 15.2% in tation engineers. The result is worse illegal aliens from the census numbers
July when the labor survey was taken. Connecticut compared to 3.6% in Idaho, 4.5% in than “nimby,” the not-in-my-backyard used to apportion House seats (“Mad-
The most troubling sign is the growing share Utah and 4.9% in Alabama. syndrome. The banshee cry of too ison Warned About ‘Sanctuary’
of long-term unemployed (27 weeks or more), Note the much higher rates in states that many cities is “banana”: Build abso- States,” op-ed, Aug. 2), David B.
which rose 1.3 percentage-points to 9.2%. The locked down their economies for longer. Arizona lutely nothing anywhere near anybody. Rivkin Jr. and John S. Baker Jr. skip
STEVEN P. SCALICI, P.E. over a key part of Federalist No. 54.
share who have been unemployed between 15 (7.9%) has made progress against its serious Staten Island, N.Y. While Madison indeed saw the need
and 26 weeks also nearly quadrupled to 39.6%. summer flare-ups by closing bars and mandating to forestall attempts to buttress state
Millions who were laid off before the pandemic face masks, while New Jersey (12%) is experi- “inhabitant” numbers, he argued that
or who lost jobs amid the sweeping government enced another surge of infections despite keep- No Safe Way to Do Business by tying states’ shares of federal di-
lockdowns remain on the sidelines. ing restaurants, gyms and bars closed. rect taxation to that same number of
One reason is that the $600 a week in federal Keeping the virus under control will be neces- With the Regime in Beijing inhabitants, the Constitution would
enhanced unemployment benefits has allowed sary to give Americans confidence to work and Regarding Steve Saleen’s “How provide an offsetting incentive. Alas,
two-thirds of the unemployed to make more spend. But the states that do this without impos- Chinese Officials Hijacked My Com- in 1913 the 16th Amendment delinked
than they did working, according to a recent Uni- ing policies that create mass unemployment will pany” (op-ed, Aug. 1): I first heard direct taxes from state representation,
versity of Chicago study. In Michigan the median do the best by their citizens. of China’s intellectual-property theft and laid waste to this wise statecraft.
at an American Railway Engineering We are left with the unchecked ambi-
Association conference in the early tion to swell census counts, as the
Sally Yates Can’t Remember 1970s. China’s government was us-

ing manual labor to maintain its
Founders knew we would be.
STU HAAS
S
railway system’s trackage. Back from Seattle
ally Yates was a top official in the gence, Bill Priestap, ask if the goal of the bu- a visit over there, one railway sup-
Obama Justice Department who served reau’s interview with Mr. Flynn was to “get plier was asked about the opportu-
as acting Attorney General in the first him to admit to breaking the Logan Act.” Notes nity for U.S. companies to sell the Pepper ...
days of the Trump Administration until Presi- about the Jan. 5, 2017 Oval Office meeting Chinese modern railway mainte-
dent Trump fired her for insubordination. On taken by FBI agent Peter Strzok have Mr. Biden nance equipment. “Sure,” came the
And Salt
Wednesday the Senate Judiciary Committee bringing up the Logan Act. And the leak to the response. “You can sell your prod- THE WALL STREET JOURNAL
asked whether then Vice President Joe Biden Washington Post that ginned up all the hyste- ucts to China—one time.”
STEPHEN WARNER
had brought up the Logan Act during an Oval ria against Gen. Flynn tied his calls to Russia’s
Atlanta
Office meeting related to the investigation of ambassador to the Logan Act.
the incoming national security adviser, Mi- Ms. Yates is rewriting history. While she I’m sorry for Mr. Saleen’s China ex-
chael Flynn. testified that the Flynn investigation was all perience. But much like with buyers
“I can’t remember,” she said. about counterintelligence, her argument that of Venezuela’s or Argentina’s bonds,
How convenient. The Logan Act is an ob- Gen. Flynn had “neutered” the sanctions Presi- there’s a good bit of “I told you so” to
scure statute from 1799 that forbids private dent Obama had imposed on Russia is also an go around. You lost money dealing
citizens from negotiating with foreign govern- implicit Logan Act argument. with an authoritarian regime. You’re
ments over disputes with the United States. It We’re delighted everyone now agrees that surprised?
has only been used to prosecute twice, in 1802 prosecuting Mr. Flynn under this statute FRANK HERMAN
Peachtree City, Ga.
and in 1852, both times unsuccessfully, and is would have been ridiculous. In many ways
widely regarded as unconstitutional. the Logan Act has become the new Steele
Letters intended for publication
Yet the Logan Act was the main premise dossier, something that was taken very seri- should be emailed to wsj.ltrs@wsj.com.
that Justice Department officials and the FBI ously by the FBI and Justice and the press— Please include your city, state and
cited for going after Gen. Flynn for his conver- but is now so discredited that everyone telephone number. All letters are sub-
sations with Russia’s ambassador to the U.S. wants to run away from it. Including Sally ject to editing, and unpublished letters
cannot be acknowledged.
Notes taken by the FBI head of counterintelli- Yates and Joe Biden. “It needs a reboot.”
OPINION
America Is a Coalition of the Worried

We’re in the middle (perhaps—no- the summer of 1914 or 1939, but
body knows) of a world-wide pan- there’s a definite sense of worry, of
demic, a historic occurrence that for not knowing, and thinking there’s a
everyone alive has been without long road until we’re done with this,
DECLARATIONS precedent. We are in the middle (per- if one can even say such a thing, and
By Peggy Noonan haps—nobody knows) of a severe certainly a long road until the joys
I
economic contraction that looks of next summer, which seems very
t’s August, high summer, and likely to produce a long recession. distant.”
you’re trying to ease in and re- We’ve experienced a national eco- If you broaden your lens and look
lax with family, and friends. nomic shutdown, again without prec- toward Washington, what makes you
You’ve imagined it for months. edent. The virus continues, and ev- feel better, more secure, inspired?
You’re at the beach with pails eryone fears it will turn worse in the What makes you feel safer, as if
and shovels and towels and the short fall when it starts to collide with the there’s a way out or a path through?
chairs, and you’re trying to sit back flu. Anything?
and do nothing after this unrelenting Everyone is worried about the fu- There’s something I’ve been trying
year of stress and effort and rolling ture of the big cities. Crime, protests, to write for a few weeks but can’t get
with every punch. That’s something the feeling nobody’s in charge. The my hands around—but it’s as if
people don’t fully appreciate about historic upending of a commuter there’s no president, it’s an empty
themselves, don’t fully credit—that model that has, in New York at least, CHAD CROWE White House, nobody’s really there,
they rolled with every punch this reigned for centuries. When you re- it’s not an administration but an ec-
year, even when history wouldn’t turn to the city in the fall, what will centric event that causes clamor. I’ve
stop throwing them. you be returning to? never had that feeling before, that a
You’re looking at the waves with You’re thinking: Do we want to live tions and foreclosures.” People are collar jobs are still in their homes White House is empty and weight-
this fixed and pleasant look on your there, should we live there, should we maintaining a surface cool. “Every- and on Zoom. “They see their co- less. The media, whose job it is to
face because the kids or grandkids live someplace else? What you’re re- one I talk to is getting by day to day workers every day, virtually, and if hold it to account, are distrusted. A
are always picking up cues and clues. ally asking is: Will the city hold? but anxious about what the future there are layoffs these people just— Knight Foundation-Gallup survey re-
But really you’ve got this thousand- Are we going to have school? How holds.” “The uncertainty is so much.” poof!—disappear into another dimen- leased this week showed 86% of
yard stare, you’re a million miles will that work? If we don’t, what will People in the medical field tend to sion. No goodbyes or farewell happy Americans seeing “a great deal” or “a
away, immersed in your concerns, it do to the kids and to parents who feel secure in their jobs, but she isn’t hour.” If you read the papers you see fair amount” of political bias in news
your fears. About everything. have to work? If schools open, what sure the nation’s nurses, in a second there’s no run on the banks, and the coverage. The Democrats can’t agree
might the kids catch and bring home? wave in the fall, will be willing to go stock market is booming. “But is it? on what they’re running on beyond
Is my business going to make it? back and work in the same conditions There are warning signs—unemploy- “We’re Not Trump,” which may or
Everyone is anxious this Will it really open up again as an of- they faced in March and April. “Do ment but also all the apparel firms may not be enough, with a presiden-
fice, a store, a way of working? If it we have it in us to do it again?’ going under, malls empty. Commer- tial candidate age 77 who sometimes
summer—not over regular does, will it continue to need me? At A retired political pro in the Mid- cial real estate is next.” seems confused. People can’t even be
things, but over big and the same salary? Real-estate sales west: “Most people I interact with A lawyer in Westchester County, confident the election will work, that
outside my city are booming. put on a good face, but the conversa- N.Y., said weekday evening services at it will be orderly, that the old rough
essential things. The mood: Everyone is trying to tion usually goes to serious con- his synagogue are drawing twice as integrity of the system will hold.
think all this through, even though cerns”—the economy, jobs, the many congregants as in the pre-Covid They know there will likely be no
it’s too big to “think through.” schools. Some large local employers past. “Folks are frayed, bewildered, “election night” with states called
It is the salient fact of the summer And everyone is afraid of making a are laying people off; several local they need a time-out from the uncer- and a winner declared. But will there
of ’20, that everyone goes so quickly mistake. businesses have gone under. “People tainty. It’s not that they expect deliv- be an election week? Month?
.
from “Beautiful day” to “How you do- Everyone wants a feeling of safety. are very worried about both the erance—the High Holiday liturgy and When you look toward Washington
ing?” to “I’m so worried.” But no one is certain where safety is. short-term impact and longer-term history are a giant cautionary tale.” it’s not solid ground, it’s more shift-
ly
People who haven’t worried in I’m not sure Washington and the consequences.” “It’s like things around us are broken ing sand.
years are worried, and it’s not about national political class see this, but a A university administrator in and we want some certainty. Not the And so the mood this charged
regular things, it’s about big and es- great question of 2020: What will Southern California: “What adds to certainty that everything will be all summer of ’20: Everyone’s scared, ev-
sential things. It’s a whole other or-
der of anxiety.
That’s all this is about. How anx-
ious everyone is, and how deep down
make us feel safer? on
Am I right in what I’m seeing? I
ask five disparate friends. In spades,
they say.
the weirdness for many in their 40s
and 50s in particular is the disso-
nance between what people are see-
ing around them every day and what
right, but the certainty that ‘this’ is
here this moment and will again be
here in the morning.”
To a writer and consultant based
eryone’s trying to figure out where
safety is, everyone’s afraid of making
a mistake.
You aren’t alone. The whole vast
they know they’re going to be anx- A nurse in a lake community in they feel and know is sand shifting in Virginia, this historical moment middle of the country now is a Coali-
us ,
ious for a long time. New Jersey names her worry: “Evic- under their feet.” People with white- feels charged. “It’s maybe not quite tion of the Worried.
l
e
al a
School Closures Damage the Youngest Children

ci on
By Christine K. VanDeVelde tors in play and then friends. Those and often in life will struggle with years are more likely to suffer anxi- ease Control and Prevention have
I
who go on to kindergarten without those basic academic skills. And ety and depression and exhibit an recommended that schools reopen,
n the contentious debate over significant play time with other they’re not crossing the midline array of sensory, motor and cogni- noting the social, emotional, behav-
opening schools, there is almost children will lack the social skills to when every swing set and slide in tive issues, such as an inability to ioral and academic harm of remain-
er s
no mention of the youngest form friendships and be part of a every park is wrapped in caution control their emotions or poor ing closed.
learners—children 2 to 5, who at- classroom community. They may tape. memory. Play pays off like later for- Time is not on our children’s
m er
tend day care, nursery schools or not know how to read social cues, Play bolsters mental health, too. mal education does—improving life side. With every passing day that
prekindergarten programs. That’s a empathize, see another person’s Children construct make-believe trajectories such as academic per- day-care centers, nursery schools
terrible omission. What those chil- point of view, or even regulate their worlds to make sense of fears or formance, college completion, earn- and pre-K programs remain closed,
dren need to accomplish can’t be bodies. traumas—like the experience of a ings, relationships, and overall men- they are missing out on learning
done in isolation or in front of a A child’s most important educa- global pandemic. In the concentra- tal and physical health. from their peers and the critical de-
m rp
laptop, and it has to be done during tional experience occurs before age tion camps of World War II, children Studies are showing that young velopmental window for play is
a brief developmental window that 6. By that age, 90% of brain devel- played a game together they called children are probably the least likely closing. That has the potential to
closes around age 5 and never opment will have occurred. Accord- “gas chamber.” After the 9/11 at- to contract Covid-19. When they do, set them back in ways that will last
opens again. ing to the Center on the Developing tacks, children at Stanford Univer- the virus poses minimal health risks. a lifetime. If the purpose of public-
The learning needs of the youn- Child at Harvard, more than one sity’s laboratory nursery school built So far, exactly 10 American children health policy is to promote well-be-
co Fo
gest students in pre-K programs are million neural connections are towers of blocks and knocked them ages 1 to 4 have died from it. Young ing, let’s not forget the lifetime
easy to underestimate, because their formed in a young child’s brain ev- down—over and over again. This children also aren’t major spreaders well-being of our youngest.
schoolwork consists of playing to- ery second. That’s trillions of brain- kind of dramatic play in groups is a of the virus. Even for older school-
gether—pretending to be a princess cell pathways every 24 hours, and child’s most powerful mental tool for children, the American Association Ms. VanDeVelde is the author of
or a superhero, playing house, dig- play is what develops them. Play understanding the world. of Pediatricians, the National Acade- “College Admission: From Applica-
builds and shapes the brain. “Neu- Children who don’t play with mies of Science, Engineering and tion to Acceptance.” She is writing a
roscientists, developmental biolo- other children during their early Medicine, and the Centers for Dis- book on early childhood education.
Kids learn to function as gists, psychologists, social scientists
and researchers from every point of
people by playing together
between ages 2 and 5.
the scientific compass now know
that play is a profound biological
process,” says physician Stuart
Trump’s Spectrum Chaos
They can’t play on Zoom. Brown, founder of the National In- Bullying from the “Sully” Sullenberger to intone listened to: “While the Pentagon’s
n-
stitute for Play. U.S. seems to have about the importance of GPS, fixation on Ligado has raged in
This development affects future played only a par- which is not in dispute. Washington over the past decade,
ging in the sand to create a dinosaur competence in domains as funda- tial role in the U.K. Ms. Cantwell may not detect Europe and China have been hard
park. Just as older students must mental as being able to pay atten- turnabout on Hua- chaos but Utah Republican Sen. at work, catching up to and even
no
work to succeed, pre-K pupils must tion, acquire language and get along wei, ending the Mike Lee, in a hearing, put his fin- surpassing our civil/commercial
play, and they must play with each with others. When that development Chinese tech gi- ger on the real problem: bureau- GPS capabilities.”
BUSINESS
other. As the developmental psychol- doesn’t occur, those pathways—and ant’s ability to cratic self-aggrandizement mas- By making a stink now, oppo-
WORLD
ogist Jean Piaget put it, “Play is the those skills—are lost and can’t be re- supply equipment querading in the “catchphrase nents don’t expect to change the
By Holman W.
work of childhood.” covered. The gaps observed in older to British telecom- ‘national security.’” Worse is the FCC’s decision. Their goal is deter-
Jenkins, Jr.
When children play together, children’s skills, whether in reading munications net- Pentagon’s successful co-opting of ring Verizon, T-Mobile and others
they practice life and become at or executive function, were already works. A darkening many House and Senate armed ser- from working with Ligado to put
home in the physical and social present when they started kindergar- perception of Beijing and its inten- vices committee members by get- its highly promising spectrum to
world. When they organize a game ten. That’s the price of school clo- tions seem mainly responsible. ting private GPS interests to twist work. “The private sector must
of “cheetahs in the jungle” or hag- sures for young children. And the companies, like Voda- their arms. have certainty that the FCC has fi-
gle over how to share a wheelbar- The value of play and physical fone and BT Global, that bet on This column does not make nal say over spectrum issues so
row, they are learning to take turns, activity on a school playground can Huawei equipment and insisted a technical determinations, but that innovation in wireless technol-
follow rules, communicate and per- hardly be overstated. When children ban would cost them billions, lead leaked defense and commerce de- ogies can be seen as good invest-
suade peers in the face of conflict. play catch, run, or cross hand-over- to dropped calls and undermine partment emails make clear the in- ments that won’t be undone by
These skills can’t be taught. They hand on a climbing structure, they Britain’s rollout of next-generation terference claims are overblown other agencies,” points out the pol-
are learned through concrete inter- are learning to use both sides of networks? They now intimate to and the real issue is who controls icy group Public Knowledge.
action with peers, not siblings and their body and both hemispheres of their shareholders that the world Bingo. But the major federal de-
not parents. Children have to ex- their brain together. This is called may not end after all. partments are among the nation’s
plore for themselves what it’s like cross-lateral development or “cross- This ought to ring some bells as When Democrats credit biggest spectrum squatters. All
to be part of a group. In settings ing the midline.” We do it when we Pentagon officials make their own have a stake in blocking any ratio-
like day care and pre-K programs, scratch our nose or cross our an- fuss about a Federal Communica- the administration with nal reallocation that would see a
children are put together with kles—and read and write. Children tions Commission decision to let a smooth work, you know valuable but underused national
strangers, who become collabora- who don’t cross the midline early private company, Ligado Networks, resource slip from their grasp.
develop some little-used bandwidth the unraveling has begun. Unfortunately, the chaos contin-
adjacent to that used by the Global ues. Yanked this week by the White
Positioning System. House was the renomination of re-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Planes might fall from the sky. the nation’s spectrum policy. The spected FCC member Michael
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
Future wars might be lost. Or so FCC is charged with weighing the O’Rielly, whose reappointment was
Matt Murray Almar Latour
opponents hint, though when broad public interest rather than being harassed by Pentagon allies
Editor in Chief Chief Executive Officer and Publisher pinned down their complaint is the interest of any particular spec- in the Senate.
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: that GPS “might” be imperiled with trum claimant. The FCC has no de- Mr. O’Rielly’s defenestration,
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; radio interference. sire to let planes crash or smart which could endanger GOP policy
Natalie Cerny, Chief Communications Officer;
Jason Anders, Chief News Editor; Louise Story, Chief
Kamilah Mitchell-Thomas, Chief People Officer; With unusual charity, Demo- bombs go off-target. It has listened goals for the next several years,
News Strategist, Product & Technology Officer
Edward Roussel, Chief Innovation Officer; cratic Sen. Maria Cantwell acquits carefully to the Pentagon—most re- amounts to reason #12,352 Mr.
Thorold Barker, Europe; Elena Cherney, News Christina Van Tassell, Chief Financial Officer the Trump administration of “in- cently in a classified briefing Trump is likely to experience the
Features & Special Projects; Andrew Dowell, Asia;
Anthony Galloway, Video & Audio; Brent Jones,
OPERATING EXECUTIVES: ternal chaos” in the matter. No- whose contents do not seem to most epic unfriending of any recent
Kenneth Breen, Commercial;
Culture, Training & Outreach; Alex Martin, Print & Jason P. Conti, General Counsel;
body else does. The FCC’s critics at have wowed commissioners. president once he leaves office.
Writing; Michael W. Miller, Features & Weekend; Tracy Corrigan, Chief Strategy Officer; the departments of defense, com- The agency’s April 20 decision, At Wharton, he was apparently
Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products & Services; merce and transportation claim to authored by FCC Chairman Ajit absent the day they explained that
Matthew Rose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer;
Investigations; Stephen Wisnefski, Professional News Nancy McNeill, Corporate Sales;
speak for the executive branch, but Pai, was unanimously supported loyalty is cultivated with loyalty.
Gerard Baker, Editor at Large Thomas San Filippo, Customer Service; Secretary of State Mike Pompeo by fellow members of both parties. Mr. Trump’s cooperators and toler-
Paul A. Gigot, Editor of the Editorial Page;
Josh Stinchcomb, Advertising Sales; and Attorney General William Barr Ligado’s proposal has been under ators in government will have
Suzi Watford, Chief Marketing Officer; have applauded the agency’s deci- consideration, in some form, since scant reason to stick up for him in
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International
sion, saying it will speed the coun- 2001. Daniel Goldin, NASA chief his presidential afterlife. Other
WALL STREET JOURNAL MANAGEMENT: Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head; try’s progress in competing with under Presidents Bush, Clinton presidents kept such things in
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head China in 5G. and Bush, recently added his two mind, especially those departing
EDITORIAL AND CORPORATE HEADQUARTERS: The silliness became epic when cents in a long essay in the spe- with mountainous personal legal
1211 Avenue of the Americas, New York, N.Y., 10036 opponents rolled out retired pilot cialist publication Aviation Week & bills to pay. But Mr. Trump appar-
Telephone 1-800-DOWJONES
and Hudson River hero Capt. Space Technology. He should be ently has no worries on that front.
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EXCHANGE
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HBO Max
Executives
How Tim Cook Ousted in
Made Apple His Own Shake-Up
BY JOE FLINT
WarnerMedia’s new boss ousted

The industrial engineer has turned the leadership of HBO Max, the
streaming service that launched less
Steve Jobs’s creation into a company than three months ago, as part of a
that reflects his own tactical, broader restructuring that aims to
simplify how the entertainment gi-
cautious approach. It’s been one ant makes and distributes content.
Chief Executive Jason Kilar de-
of the most lucrative business cided to remove WarnerMedia Enter-
successions in history. tainment Chairman Robert Green-
blatt—who oversaw HBO and HBO
Max as well as several other cable
channels—and Kevin Reilly, who was
BY TRIPP MICKLE the unit’s head of content. All the
WarnerMedia production operations
are now being rolled into one unit.
The reorganization puts a single
person—Warner Bros. Chairman
and Chief Executive Ann Sarnoff—in
charge of all content that will be dis-
tributed on the company’s many
platforms, from HBO and HBO Max
to its cable channels including TNT
.
and TBS. The changes will also mean
significant layoffs throughout the
ly
company’s entertainment operations.
The moves come just months into
Mr. Kilar’s tenure. The decision re-
on flects the entertainment industry’s
push to slim itself down in a chal-
lenging economy and uncertainty
over the effects the coronavirus is
having on television and movie pro-
us ,
duction. “I realize this is a lot to

l
take in,” Mr. Kilar said in a memo to

e
al a
staff. “And none of us should expect

Please turn to page B2
ci on
Default Risk
Increases for
er s
Auto Loans
m er
BY JEAN EAGLESHAM
m rp
AND KEN BROWN
A decadelong boom in auto lend-

ing threatens to unravel as payment
deferrals end while unemployment
PHOTO ILLUSTRATION BY DOUG CHAYKA; PHOTO: WIREIMAGE/GETTY IMAGES; FISKER: ANDREJ SOKOLOW/DPA/ZUMA PRESS
co Fo
remains high and stimulus measures

fade.
Borrowing for cars, trucks and
SUVs rose more than 90% in the past
decade, faster than all other types of
borrowing except student loans, ac-
cording to the Federal Reserve Bank
of New York. Going into the down-
turn, auto debt outstanding was at a
record $1.35 trillion and loan bal-
After Steve Jobs’s death, Silicon Valley anticipated nior Apple executives say, is a corpo- ances had never been higher.
rate colossus pursuing growth by build- There were signs of trouble even
Apple Inc.’s business would falter. Wall Street fretted ing an empire of products and services before the crisis hit. According to
n-
about the road ahead. And loyal customers agonized around his predecessor’s revolutionary the New York Fed, 5.1% of car loan
inventions. Its success in wooing cus- balances were 90 or more days de-
about the future of a beloved product innovator. tomers in China has helped sales soar linquent in the first quarter, only
while its drive for efficiency has kept slightly below the peak of 5.3% in
no
Today, Apple shares are at record one of the most lucrative business suc- costs under control. the financial crisis.
highs. The company’s market valua- cessions in history through a triumph of Transitions from dominant leader The lending boom was fueled by
tion is $1.9 trillion—bigger than the method over magic. to successor are seldom successful. banks and investors who believed
GDP of Canada, Russia or Spain. And Where Mr. Jobs orchestrated great Microsoft Corp. stumbled when Bill auto loans were a safe way to get ex-
Apple, now the world’s largest com- leaps of innovation, generally defined Gates ceded the reins and General tra yield while interest rates were
pany, continues to dominate the by new products capable of upending Electric Co. sank after Jack Welch low. They were relying on lessons
smartphone market. industries, Mr. Cook has made Apple passed the baton. learned in the financial crisis when
It is a testament to how an industrial more reflective of himself. The 59-year- “Rewind the clock to October 2011, consumers defaulted on their mort-
engineer—a man Bono called the Zen old CEO, like the company he leads, is and people were like, ‘It’s all over,’ ” gages but kept making car payments.
master—has turned Steve Jobs’s cre- cautious, collaborative and tactical. said Mike Slade, a longtime adviser to If defaults rise, it will test
ation into Tim Cook’s Apple, delivering Mr. Cook’s Apple, many former se- Please turn to page B6 whether lenders, and the investors
that backed the loans, can work out
deals that prevent borrowers from
Please turn to page B13
Congrats on Your New CEO Job!

Don’t Get Off the Couch
Taking the reins during a pandemic is a lonely, awkward, challenging task
BY CHIP CUTTER
BRYAN ANSELM FOR THE WALL STREET JOURNAL
On his first day as chief execu- home, sitting on Zoom calls for scattered list of emergency action
tive of a Washington, D.C., com- sometimes hours at a time. items, alongside turning a profit
mercial real-estate company, John “Well, I guess I got to pull up the and creating new products during
L. Ziegenhein turned to his wife address,” he said to his wife with a an economic downturn. Many have
over morning coffee and joked: chuckle. He knew the location but, never met their direct reports in
How do I get to the office? he said, “I had never seen my physi- person, so they must build trust
In three months of interviewing cal office until Monday morning.” from the ground up.
for the top job at Chevy Chase Companies are still replacing The experience can be surreal.
Land Co., he had never been inside executives in the coronavirus era, Some new chiefs say they have still
the company’s corporate head- though the role of a new CEO is never been in their company’s of-
quarters. Instead of boardroom now different in almost every way. fices. Many can’t visit employees in
presentations or quiet dinners in Those starting top jobs during the other cities due to ongoing travel
restaurant banquettes, he com- pandemic must get up to speed bans. Some, like the chief executive
pleted more than 15 interviews for online, meet their management of medical-device company Vision- When Tom Ruggia became CEO of VisionCare, he embarked on a listening
the job almost entirely from his teams remotely and deal with a Please turn to page B8 tour—virtually. One manager gave him a tour of a facility via FaceTime.
B2 | Saturday/Sunday, August 8 - 9, 2020 * *** THE WALL STREET JOURNAL.
THE SCORE
THE BUSINESS WEEK IN 7 STOCKS
MICROSOFT CORP. WALT DISNEY CO. BAUSCH HEALTH COS.

PERFORMANCE OF VIDEOGAME STOCKS
Microsoft’s pursuit of a Tik-
Tok trophy just got more
Source: FactSet
Walt Disney lost nearly $5
billion this past quarter, but Bausch has a spinoff in its
sights. The pharmaceutical
MSFT complicated. The tech giant
said Aug. 2 that talks to buy
10%
DIS investors don’t seem to mind.
The entertainment giant re-
BHC company—formerly Valeant
Pharmaceuticals—said Thurs-
1.8% the U.S. operations of the 8
8.8% ported its first loss since 3.4% day that it plans to break off
Chinese-owned video app 2001 as the pandemic closed its faster-growing eye-care
would continue after an 11th-hour inter- its theme parks, halted movie distribu- business from its core operations. The
vention from President Trump over per- 6 Take-Two tion and shut live sports events that eye-care unit, known as Bausch & Lomb,
Interactive
ceived security risks. Mr. Trump had ex- Software Disney networks broadcast. But share- would return to being a separate com-
pressed opposition, saying he preferred holders appeared to focus on results pany, as it was before Valeant acquired
4
an outright ban of the app, and on from Disney+, which reported strong Bausch & Lomb for $8.7 billion in 2013.
Monday said the U.S. government subscriber growth. The company has Over the last several years, the Canada-
should receive payment for allowing a 2 also announced that the long-postponed based company has sought to climb out
deal. He then issued orders that set a Electronic live-action remake of “Mulan” will pre- of the roughly $30 billion in debt accu-
45-day deadline for an American com- Arts miere on the streaming platform next mulated through acquisitions and dis-
pany to purchase TikTok’s U.S. opera- 0 month as a premium-priced download. tance itself from past controversies.
Activision
tions. Microsoft shares fell 1.8% Friday. Blizzard Disney shares rose 8.8% Wednesday. Bausch shares rose 3.4% Thursday.
–2
WAYFAIR INC. –4
CAPITAL ONE FINANCIAL CORP. UBER TECHNOLOGIES INC.
Life is getting more comfort-

able for this online furniture
Mon. Tues. Wed. Thurs. Fri.
Capital One is paying the
price for one of the largest- The road is getting bumpy
for Uber. The ride-hailing
W seller. Wayfair turned a profit
for the first time since going
COF ever data breaches of a big
bank. The Office of the
UBER company posted another big
loss Thursday as the pan-
3.6% public in 2014, as more TAKE-TWO INTERACTIVE SOFTWARE INC. 1.7% Comptroller of the Currency 5.2% demic weighs on ridership.
housebound online shoppers
bought home goods during the pan- The Covid-19 lockdown is helping videogame com-
panies level up. Take-Two Interactive Software, the
fined the company $80 mil-
lion over the 2019 incident, which com-
Gross bookings were down
75% year-over-year, but Chief Executive
demic. The company saw an 84% jump
in sales and boosted its active customer
TTWO publisher behind “Grand Theft Auto” and other promised the personal information of
about 106 million card customers and
Dara Khosrowshahi on Thursday said
business was bouncing back in Asia and
base to 26 million, a 46% year-over-year 5.9% gaming franchises, saw its earnings jump as pan- applicants. Regulators also ordered the cities including New York. The com-
increase. Chief Executive Niraj Shah said bank to make risk-management changes pany’s food-delivery business, Uber Eats,
the trend is so new and volatile that it’s demic restrictions limited entertainment options for many. and fortify cybersecurity defenses. Capi- has been a bright spot, but it lost $232
hard to predict whether it will last, but Take-Two’s results came days after Electronic Arts reported tal One said it made many of the million in the quarter on an adjusted
the company has seen repeat business the strongest June quarter sales in its 38-year history. changes. The hack exposed addresses basis as profits remains elusive in the
from new customers and plans to invest and dates of birth of individuals and cutthroat food-delivery market. Uber
to keep them engaged. Wayfair shares Take-Two shares rose 5.9% Tuesday. small-business owners. Capital One shares fell 5.2% Friday.
added 3.6% Wednesday. shares fell 1.7% Thursday. —Francesca Fontana
TAX REPORT | LAURA SAUNDERS

HBO Max
.
Home Is Where the Tax Breaks Are
ly
Executives
on
The real-estate market is heating up. Here’s what homeowners need to know.
Ousted
Continued from page B1
the above changes to be easy.”
us ,
The coronavirus Earlier this week, Comcast

l
pandemic has had Corp.’s NBCUniversal also shuf-

e
al a
profound effects on fled executive ranks as part of a

real estate, and the similar reorganization, and com-
sudden shifts make menced a round of layoffs.
ci on
it a good time to The departure of two high-

delve into tax profile executives who were
breaks available to home buyers tasked with guiding the much-
and homeowners. ballyhooed launch of HBO Max is
Many people are scrambling to certain to raise questions about
er s
get mortgages now that interest how that platform is faring and
rates are under 3%, either to buy a whether it would meet the lofty
goals AT&T has for it.
m er
home in a red-hot market or refi-

nance debt on an existing one. Priced at $14.99, HBO Max is
Others, who are working from more expensive than its rivals in-
home far longer than expected, cluding Netflix Inc., Walt Disney
are itching to renovate their nest Co.’s Disney+ and NBCUniversal’s
m rp
or add workspace. new Peacock service. While the

And then there are those who service has a very large offering
have moved to vacation homes of both original programming
for the long haul. Some are even and classic movies and television
social distancing in motor homes shows, the higher price tag and
co Fo
or boats. consumer confusion over the dif-

The tax landscape for home- ferences between it and HBO may
owners changed with the 2017 tax be making it a hard sell.
overhaul, which made the long- About 4.1 million people had
cherished mortgage-interest de- activated the new service by the
duction irrelevant for many. For end of June, AT&T has disclosed.
2018, 13 million filers claimed this Mr. Kilar said he was very
write-off, down about 60% from pleased with the platform’s start.
KIERSTEN ESSENPREIS
2017’s total of 33 million filers. He also said the decision to re-

The overhaul also limited interest move Messrs. Greenblatt and
deductions on home-equity loans Reilly shouldn’t be seen as an in-
and repealed a benefit for some dictment of their performance at
home offices. the helm of HBO Max.
n-
But other tax breaks for homes Mr. Reilly and Mr. Greenblatt
remain, such as one allowing declined to comment.
mortgage-interest write-offs for easier to get a benefit. If a single $400,000 mortgage balance refi- often deduct home-office expenses Although Ms. Sarnoff only
motor homes and boats. Loosened person buys a $250,000 home nances at a lower interest rate but on Schedule C for a space that’s joined WarnerMedia about a year
no
rules on withdrawals from retire- with 20% down and a 3% interest raises the balance to $450,000 in used regularly and exclusively for ago, she has been seen as a
ment accounts could provide a rate, the first-year interest is order to have $50,000 for college the business. (That means no steady leader during a tumultu-
source of funds for home buyers about $5,950. If this buyer lives in tuition. In that case, only the in- watching sports on a couch in the ous time in the industry. AT&T
who need cash this year. A spokes- a higher-tax area and has $10,000 terest on $400,000 would be de- office during off-hours.) For more Chief Executive John Stankey,
woman for TD Bank said it’s al- of SALT write-offs, then his total ductible. But if she uses the details, see IRS Publication 587. who previously headed Warner-
lowing such withdrawals to be itemized deductions are more $50,000 to add a room, then inter-
used for down payments than $3,500 above the $12,400 est on the $50,000 would be de- n I’m spending more time at
Whether you’re part of a back- threshold, even without other ductible, says Mr. Liddiard. home, and I want to remodel my Mr. Kilar confirmed
log of buyers or mulling changes write-offs. house and add office space. Are
to your current home, here are an- n I want to borrow to buy a boat there tax breaks for remodeling? that layoffs will begin
swers to some key questions. n How much mortgage interest or RV. Can I count that as a home Yes, in some cases. A business next week but
can I deduct? and deduct mortgage interest? owner who builds or upgrades of-
n Will I get a mortgage-interest For new mortgages issued after Maybe! Mortgage interest on debt fice space at home may be able declined to elaborate.
deduction if I buy a home? Dec. 15, 2017, taxpayers can deduct used to buy a motor home or boat to take deductions for costs. For
Yes, but it might not lower your interest on up to $750,000 of can be deductible if it has cook- example, a photographer’s ex-
taxes, if your “standard deduc- mortgage debt on up to two ing, sleeping and toilet facilities. penses for adding a studio and Media, and Mr. Kilar both hold
tion” is higher than your total homes. The write-off is also subject to darkroom to her home could be Ms. Sarnoff in high regard, ac-
itemized deductions listed on For mortgages issued before the other requirements, such as deductible over time on Schedule cording to company insiders.
Schedule A. that date, a “grandfather” provi- no deductions for more than C, as could the interest on a bor- Among other moves an-
The 2017 overhaul nearly dou- sion allows interest deductions on two homes. rowing to finance it. nounced Friday, Andy Forsell,
bled the standard deduction, and up to $1 million of mortgage debt For homeowners without busi- currently the general manager of
now it’s $24,800 for most married on up to two homes. n Can I still deduct interest on a nesses, the cost of improvements HBO Max, will oversee the busi-
couples filing jointly and $12,400 Here’s how these two rules can home-equity loan? such as an addition can raise the ness operations of the unit as
for most single filers. So millions interact. If a homeowner has a It depends. Until the 2017 over- “cost-basis” of the house and re- well as marketing and consumer
fewer homeowners are itemizing. grandfathered $800,000 mortgage haul, interest on up to $100,000 of duce taxable profit when it’s sold. engagement. Both he and Ms.
Typical itemized deductions are on a first home and wants to bor- home-equity debt used for any So if a house was bought for Sarnoff will report to Mr. Kilar.
for mortgage interest, charitable row $100,000 to buy a second purpose was deductible. $250,000 and the owner made Also elevated in the reorgani-
donations, medical expenses and home in 2020, then the interest Now, such interest is deductible $150,000 of improvements, then zation is Casey Bloys, who cur-
state and local taxes (SALT), such on the $100,000 wouldn’t be de- if it’s used to make substantial im- the starting point for measuring rently oversees original program-
as property and income or sales ductible. For more information, provements to a home. The debt the gain after a sale would be ming for HBO. Mr. Bloys will
taxes. SALT deductions are limited see IRS Publication 936. must be secured by the property $400,000. The interest on a report to Ms. Sarnoff and be di-
to $10,000 per tax return. Note that the $750,000 limit it’s used for, and the $750,000 and home-improvement loan can also rectly responsible for original
Here are examples provided by applies per tax return, so unmar- $1 million total debt limits apply. be deductible. content of HBO Max and the en-
Evan Liddiard, a CPA who directs ried couples who buy homes to- tertainment cable networks.
federal tax policy at the National gether can deduct interest on n Now that I’m working from n Can I take money out of my IRA As was the case with the NBC-
Association of Realtors. Say that up to $1.5 million of mortgage home, can I take a home-office or 401(k) to help buy a home? Universal reorganization, there
a married couple buys a $400,000 debt. Some couples in high-cost deduction? This year many people can with- will be significant staff reduc-
home with a 20% down payment, housing markets have refrained Not if you are an employee, be- draw more from such savings tions at WarnerMedia, a process
a 3% interest rate and a 30-year from marrying in order to double cause the 2017 overhaul repealed plans than in the past, and on bet- that is set to begin next week, a
fixed rate mortgage. The first- their deduction. that write-off. But your company ter terms, because Congress loos- person familiar with the matter
year interest deduction would be can likely reimburse you for your ened rules for people affected by said. Mr. Kilar confirmed that the
about $9,500. n I’m refinancing my mortgage work expenses during the pan- the pandemic. These savers can layoffs will begin next week but
If the couple deducts that at a lower rate. Can I still deduct demic and get a deduction. The withdraw up to $100,000 from declined to elaborate beyond
amount, along with the limit of the interest? payment won’t be taxable to you, IRAs and many 401(k)s without that.
$10,000 for SALT, they’d still need Yes, in many cases. But current law says Gerard Schreiber, a CPA who owing the 10% penalty that would At Warner Bros. alone, the
more than $5,300 in charitable or disallows deductions on the “cash- specializes in tax issues involving often apply. Then they can spread staff reductions are expected to
other write-offs to get above the out” portion of a refinancing un- disasters. the tax over three years or pay all be around 10%, the person said.
$24,800 threshold. less it’s used to improve a home. Workers who are self-employed, or part of the withdrawal back, ac- Warner Bros. has around 1,000
Many single filers will find it Say that a borrower with a either full-time or part-time, can cording to IRA specialist Ed Slott. employees.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 8 - 9, 2020 | B3
BUSINESS & FINANCE NEWS
Kodak’s Drug
Move Is Latest
Of Several Pivots
BY PAUL ZIOBRO On Friday, Kodak said it
would conduct a review of re-
Eastman Kodak Co. for cent activity by the company
generations was a household and related parties in connec-
name in photography, the tion with the potential loan.
maker of “Kodak Moments” The internal review will be un-
that preserved families’ most dertaken for a special commit-
cherished memories. tee of the board by law firm
Today’s Kodak moments are Akin Gump Strauss Hauer &
mostly digital, and the com- Feld LLP.
pany has spent much of the John Ward, a lecturer at
last decade attempting to ma- Saunders College of Business
neuver out of bankruptcy and at the Rochester Institute of
BETTMANN ARCHIVE/GETTY IMAGES

into new business areas. The Technology, said Kodak’s roots
latest pivot brings it squarely in the chemical industry give
into the fight against the coro- it a chance to pull off the
navirus outbreak. move into making pharmaceu-
Kodak last week agreed to a tical ingredients, but a lot of
preliminary deal for a $765 work remains to be done.
million government loan to “It’s not a matter of turning
jump-start production of in- the switch and getting into
gredients used to make ge- this business,” said Mr. Ward,
neric drugs, including the ma- who worked at Kodak for two In the 1890s, the first female employees made Solio prints by exposing them to the sunlight in an Eastman factory penthouse in Rochester.
laria drug hydroxychloroquine, decades. “There are some core
which President Trump has capabilities there but they are nology for the commercial- ering digital photography and ruptcy earnings call. He said day, Kodak has nearly 5,000
touted in the treatment of going to have to make signifi- printing market. online photo applications to Kodak should be viewed as employees world-wide, down
Covid-19. cant investments, bring in Kodak’s decline played out technology titans including having two business lines: a from 7,300 in 2014. At one
The loan now faces con- people, shift focus. it’s TBD over decades, accelerating as Apple Inc., Alphabet Inc.’s high-growth line that includes time, Kodak employed 145,000.
gressional scrutiny as lawmak- whether they can pull it off.” photography went digital. The Google, Amazon.com Inc. and digital-printing technology; The last decade has sent
ers question Kodak’s lack of a Kodak’s latest move shows evolution ate away at Kodak’s Samsung Electronics Co. and a declining business that Kodak on some unusual de-
track record in pharmaceuti- how far the 130-year old com- leading position in print pho- Kodak emerged from bank- once was its bread-and-butter, tours. They included launches
cals and stock-option grants pany has moved from its tography, even though the ruptcy protection the next including commercial film. of Kodak cellphones and tab-
issued to executives ahead of roots. Long considered a lead- company developed a digital year, narrowing its focus on After posting more than lets, and in 2018, a digital cur-
the announcement of the loan. ing industrial manufacturer camera in 1975. commercial imaging. “Kodak $2.1 billion in revenue in 2014, rency called KodakCoin, which
The company’s stock has been that attracted scientific talent A 2012 bankruptcy filing is, in many ways, a startup,” the company logged revenue the company said would help
.
on a wild ride over the past to its corporate base in Roch- and restructuring forced then-Chief Executive Jeffrey of just $1.2 billion last year photographers license their
week, surging from $2 to as ester, N.Y., Kodak today mainly Kodak to sell off a half-billion- Clarke said in 2014 on the and has posted losses in four work and track when images
ly
high as $60. provides software and tech- dollar portfolio of patents cov- company’s first post-bank- of the last six fiscal years. To- are used without permission.
Wirecard Debacle on
Insurers Say No to Covid Test Bills
Leads to Criminal BY SARAH KROUSE
us ,
AND ANNA WILDE MATHEWS

l
e
al a
Case in Singapore Connecticut manufacturing

company Mott Corp. hired an
urgent-care clinic in May to
ci on
regularly test workers for

Singapore police brought investors in June when it re- Covid-19 to avoid workplace
their first criminal charges vealed that it couldn’t locate outbreaks and give workers
CHRISTOPHER CAPOZZIELLO FOR THE WALL STREET JOURNAL

against an individual linked to more than $2 billion in cash. peace of mind. The medical
the suspected fraud at Wire- Its shares plunged and the group asked the company’s in-
er s
card AG, the one-time German company filed for bankruptcy surer whether testing costs
technology star that collapsed within weeks as the account- would be covered.
m er
ing scandal deepened. The answer was no.

By Chong Koh Ping in Several former Wirecard Now Mott pays more than
Singapore and Paul J. executives were arrested last $30,000 a month to test 150
Davies in London month by prosecutors in Mu- employees biweekly for the
nich, who accused them of col- disease caused by the new cor-
m rp
at the end of June after admit- luding to inflate the com- onavirus. The company has so
ting more than $2 billion of pany’s results by booking fake far found six people who were
cash on its balance sheet was income from as early as 2015. infected but experienced no
fake. The suspected fraud was symptoms, Chief Executive Bo-
The city-state’s white collar uncovered when auditors at ris Levin said.
co Fo
crime division charged R. Ernst & Young GmbH declined Insurers don’t have to cover
Shanmugaratnam, a director to sign off on Wirecard’s 2019 workplace Covid-19 testing Mott Corp. is paying over $30,000 a month to test 150 employees biweekly for Covid-19.
and owner of Citadelle Corpo- accounts, saying that bank let- that an employer does to
rate Services Pte Ltd., with ters confirming that €1.9 bil- broadly screen for infection Some executives say the ductible. Insurers may deny screening is “not medically
falsifying papers that showed lion ($2.2 billion) was held in among employees, according risk of asymptomatic trans- coverage if a worker doesn’t necessary. It is for the safety
more than €100 million ($118 escrow accounts controlled by to federal guidance and Con- mission of Covid-19 makes first try to seek testing from of the workplace,” said Steve
million) in three separate es- a trustee were forged. Those necticut’s insurance rules. regularly testing workers criti- an in-network provider or Wojcik, a vice president at the
crow accounts held on behalf letters related to a trustee and They are required to pay for cal. “We probably prevent a didn’t contact the health in- Business Group on Health,
of Wirecard, according to two banks in the Philippines tests a doctor orders as part much larger spread” that surer for help finding such a which represents employers.
charge sheets reviewed by The that had supposedly taken of diagnosing or treating a pa- could force the company to provider. “Like other workplace safety
Wall Street Journal. over the accounts in late 2019 tient, or for testing those who abruptly shut down, Mott’s Some state rules have measures, it wouldn’t come
The charges were filed in from a Singapore-based bank have been in contact with an Mr. Levin said. evolved as the demand for through the health plan.”
early July against Mr. Shan- and trustee. infected person. Mott is employee-owned testing has outstripped supply Workplace benefits and
n-
mugaratnam, a 54-year-old In early July, Singapore po- Most large companies are and makes high-precision fil- and states have sought ways other trade groups have writ-
Singapore citizen. They al- lice and the Monetary Author- self-insured and pay their own tration products for companies to preserve tests for those ten to congressional leaders
leged he falsified the letters ity of Singapore launched an health-care costs. They have in health-care, semiconductors, with symptoms or known con- for both parties in recent
from Citadelle to Wirecard in investigation into Citadelle flexibility on how they pay for defense and aerospace. tact with infected individuals. weeks, asking for additional
no
March 2016 and 2017 and that and another company with workplace screening pro- When a state requires cov- Large insurers including federal resources to pay for
he did so willfully “and with links to Wirecard called Senjo grams. But for smaller compa- erage of workplace testing, it CVS Health Corp.’s Aetna, Covid-19 testing. Groups in-
intent to defraud.” Group Pte Ltd., the authorities nies that aren’t paying their is typically tied to specific in- UnitedHealth Group Inc. and cluding the American Benefits
Citadelle provides corpo- said at the time. Mr. Shanmug- own health claims, the ability dustries or types of work- Cigna Corp. say they are pay- Council, the Business Group on
rate management services, aratnam and Citadelle have to test workers often depends places. ing for coronavirus tests that Health and the National Alli-
such as company formation worked closely for years with on what their health insurers In West Virginia, insurers health-care providers order to ance of Healthcare Purchaser
and accounting services, and a string of Singapore compa- are required—or willing—to must cover workplace testing diagnose or treat individual Coalitions, say employers
acted as a trustee in charge of nies that have done business cover. for child-care and nursing- patients, as federal law re- alone shouldn’t have to foot
bank accounts that supposedly with Wirecard. There is an evolving patch- home workers without impos- quires. But they generally the bill for the widespread
held Wirecard funds from the According to public docu- work of coverage rules across ing any cost-sharing. aren’t covering tests per- testing that is required.
fintech company’s business ments, Mr. Shanmugaratnam the U.S., with some benefits California says insurers formed at an employer’s be- “The employers that will in-
has acted as a director, secre- executives pressing for addi- should cover workplace test- hest for broad screening pur- cur the greatest challenges as-
tary or shareholder of several tional federal funding to pay ing regardless of symptoms poses, they say. sociated with widespread test-
companies that the Journal for more widespread testing. for essential workers, such as Health insurers haven’t tra- ing in order to bring
The charges allege previously reported were con- In states that allow cost-shar- people who work in grocery ditionally covered other types employees back to the work-
Citadelle’s owner trolled by Henry O’Sullivan, ing for employee testing, stores, agricultural facilities, of workplace testing, such as place are among the enter-
citing people familiar with workers may pay part of the public transit and education, screening for illicit drugs, say prises that have been hardest
falsified financial him and the companies. Mr. cost out of their pocket—even though those workers might consultants and health-bene- hit by the economic conse-
documents. O’Sullivan was a close associ- if the test is technically cov- be subject to cost-sharing such fits experts. quences of the pandemic,”
ate of Jan Marsalek, Wire- ered by an insurer. as copays or meeting a de- Employer coronavirus they wrote.
card’s former chief operating
officer, the Journal also re-
partners.
The three escrow accounts
purportedly held €143.4 mil-
ported, citing people who
knew the men.
The companies where Mr.
Key Player in 737 MAX Probe Leaves Southwest
lion ($169.5 million) in total at Shanmugaratnam held direc- BY ANDREW TANGEL familiar with the matter. Boeing
the end of 2015, and one of tor, secretary or ownership and the Justice Department de-
them held €177.5 million at the roles include Senjo Group and A central figure in a federal clined to comment.
end of 2016, according to the its payments arm. criminal probe into Boeing Co.’s David Gerger, Mr. Forkner’s
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES
charge sheets. In reality, the That business, Senjo Pay- development of the 737 MAX is attorney, said Mr. Forkner was
three accounts didn’t hold ments, was one of three third- leaving Southwest Airlines Co., among some 630 pilots who
those funds, they said. party partners of Wirecard where he has worked as a pilot took the voluntary exit package.
Mr. Shanmugaratnam is that supposedly processed bil- since leaving the plane maker The Wall Street Journal re-
currently out on bail of lions of dollars in payments on more than two years ago. ported in March prosecutors
S$150,000 ($109,386), accord- behalf of the German com- Mark Forkner, who as Boe- were seeking to build a criminal
ing to the Attorney-General’s pany. Revenue generated by ing’s 737 MAX chief technical case against Mr. Forkner and
Chambers in Singapore. His their activities was supposed pilot oversaw regulatory ap- were considering charges
lawyer, Narayanan to be paid into accounts con- provals for training and pilot against Mr. Gustavsson.
Sreenivasan, declined to com- trolled by Citadelle as trustee. manuals, is among more than Mr. Gerger has said Mr.
ment. If found guilty, Mr. Citadelle also provided cor- 4,400 Southwest employees Forkner did his job honestly
Shanmugaratnam faces a max- porate services for another who opted for a voluntary buy- and would never jeopardize the
imum sentence of 10 years in company, Bijlipay Asia, the out package, a spokeswoman safety of other pilots or their
jail and a fine for each of the Singapore-based parent of an for the airline said. passengers.
four charges. Citadelle Corpo- Indian business called Bijlipay. Justice Department prosecu- Mr. Gustavsson and his law- More than 4,400 of the airline’s employees took a voluntary buyout.
rate Services couldn’t immedi- Bijlipay was used by employ- tors in recent months have been yer couldn’t be reached for
ately be reached for comment. ees at Senjo and Wirecard in a gathering information about comment. emails he sent during his time Aviation Administration about a
Wirecard, one of Europe’s backdated software transac- Mr. Forkner and his then-fellow Mr. Forkner emerged as a fo- at Boeing, including one ex- flight-control system later im-
fastest-growing electronic- tion in 2016, the Journal pre- Boeing technical pilot Patrik cus of the MAX saga after dis- change in which he said he in- plicated in two fatal crashes
payments companies, stunned viously reported. Gustavsson, according to people closures of chat messages and advertently misled the Federal that claimed 346 lives.
EXCHANGE
son said. A recall from battery sup-
plier A123 Systems Inc. slowed
Fisker’s production, which helped
push the battery company into
bankruptcy.
“It was like one drowning guy
trying to save another,” Mr. Ander-
son said.
Amid disagreements with his
board, Mr. Fisker said he felt he lost
control of the company bearing his
name. He resigned in March 2013.
Fisker Automotive defaulted later
that year and was purchased by Chi-
nese investors at auction for around
$150 million in 2014—a fraction of
the more than $1.2 billion it had
originally raised.
A New Track
Mr. Fisker said he took nothing
from Fisker Automotive when he
This Car Designer left and had lost nearly everything.

He moved from his house into an
apartment, and spent one night
sleeping in his Karma. He took de-
Is Ready to Race sign jobs, like designing a line of

megayachts bearing his name with
Italian boat maker Azimut Benetti
SpA. In 2016, he started Fisker Inc.
ADAM AMENGUAL FOR THE WALL STREET JOURNAL(2)
Elon Musk Again

with his wife Geeta. He still con-
trolled the Fisker brand.
Tesla’s record under Mr. Musk,
49, proves there is a viable market
for electric vehicles, he said, open-
ing opportunities for new compa-
Henrik Fisker’s last electric car firm collapsed. nies. “I have a lot of respect for
him,” Mr. Fisker said.
Now he wants another go. Can he catch Tesla? In starting again, Mr. Fisker said
he learned many lessons from his
BY BEN FOLDY past failure. Seek public markets for
financing. Avoid the capital drain of
manufacturing. Don’t try to build
everything on his own.
D
“The last thing an EV startup
should be looking to do is build its
anish car designer Hen- own factory,” Mr. Fisker said. “I think
.
rik Fisker is getting back it’s a really dumb idea, quite frankly.”
in the electric-vehicle Fisker 2.0 will provide the design
ly
race, this time in pursuit inside and out, the software brains
of his old adversary Elon of the vehicles and a proprietary
Musk. The question is: ownership app—all elements in-
Can he catch his rival this time?
Roughly a decade ago the man
who made a name for himself de-
signing sports cars for Aston Martin
on creasingly important to drivers—and
integrate the components, he said.
But it will rely on other companies
for many critical parts, manufactur-
and BMW was neck and neck along- ing and service. That could expose
us ,
side Tesla in a battle to capture the Mr. Fisker to some of the problems
l
public’s imagination for high-end he experienced with his last venture,

e
al a
electrified luxury cars. His first fu- but he said there are now many
turistic-looking plug-in models sold more suppliers geared toward the
for more than $100,000 each, and production of electric vehicles.
ci on
celebrities like Leonardo DiCaprio, With the arrangements, the

Justin Bieber and former U.S. Vice company expects to turn a profit
President Al Gore drove them. on the first vehicles it makes, Mr.
But Fisker Automotive went Fisker said. If Fisker as a company
bust in 2013 after a troubled is able to hit its overall targets of
er s
launch of a first model and an around 20% margins before inter-

abortive attempt to retool an exist- est, taxes, depreciation and amorti-
m er
ing factory. The failed upstart was zation that would exceed the same
ultimately auctioned off to Chinese ratio earned in recent years by tra-
investors, allowing Tesla to pull ditional auto makers like GM,
ahead and become the world’s Volkswagen AG and Toyota.
most valuable car company today. Analysts say there are risks in
m rp
Now Mr. Fisker, 56, is ready for the partnership approach, and the
another go. His Los Angeles auto Fisker Inc. hopes to release the Ocean, a battery-powered SUV made with recycled materials, in 2022. double-digit margin targets are am-
maker Fisker Inc. has new finan- bitious, particularly for a startup.
cial backers and designs on going Mark Wakefield, a managing di-
public later this year. It hopes to Auto Inc., a lesser-known Chinese Not Enough.” He left BMW for As- electric vehicles. In 2009, Fisker Au- rector at restructuring adviser Alix-
co Fo
release the Ocean, a battery-pow- plug-in car maker, gained 43% on ton Martin, and the Vantage he de- tomotive and Tesla received hun- Partners LLP, said using other auto
ered SUV made with recycled ma- July 30, its first day of trading pub- signed there became one of its best- dreds of millions in loan guarantees makers’ essential parts “just doesn’t
terials, in 2022. licly in the U.S. selling models. from the U.S. Department of Energy. have the greatest history in the auto
Mr. Fisker’s startup isn’t looking “This is a gold rush,” said IHS Craving a new challenge, he At the time, it wasn’t clear which industry.” Companies, he added, ei-
to emulate Tesla’s business model. Markit’s Mr. Urquhart. moved to California with a plan to company had the lead. The ther relinquish control over engi-
Instead, he intends to challenge Fisker Inc. announced a merger build and design custom sports cars. $100,000 Karma, assembled in Fin- neering details or pay partners a
nearly every aspect of how vehicles last month with an acquisition com- He met with two California entre- land by another company, made it premium to manage them.
are built and sold today—and learn pany backed by private equity giant preneurs also launching a car com- to market before Tesla’s Model S. Mr. Fisker also wants to experi-
from his own mistakes. In contrast Apollo Global Management Inc. The pany—Tesla’s then-Chief Executive Then the wheels fell off. The gov- ment with another approach to
to Tesla—which like other auto deal, which provides Fisker about $1 Martin Eberhard and then-Tesla ernment stopped disbursing Fisker’s how consumers obtain their car.
makers built its own plants and de- billion in new funding and values it board Chairman Mr. Musk—and in loans in 2011. The Karma had quality Fisker wants drivers to be able to
veloped many of its own technolo- at $2.9 billion, would take the com- 2007 was hired to consult on the issues with some of its new technol- lease the base-level Ocean for $379
gies in-house—Fisker intends to use pany public later this year. company’s designs. ogy, several former Fisker executives a month and a $3,000 initial fee.
n-
core parts like batteries and motors Mr. Fisker also met an entrepre- said, and two major recalls were is- Unlike a conventional lease, the
developed by other companies, con- California Dreaming neur developing military vehicles sued. Production in Finland stopped lessee can terminate at any point,
tract out the building of the vehi- Mr. Fisker has long known what he that could sneak behind enemy lines and never restarted. Flooding during when Fisker will lease the vehicle
cles, and outsource parts and ser- wanted to do: design automobiles. under electric power before using superstorm Sandy destroyed an en- again for a lower price.
no
vice. Customers can obtain the cars As a boy in Denmark, he said he gas to escape. Mr. Fisker figured the tire shipment of more than 300 Kar- Other companies have tried sub-
using a subscription-like lease that doodled cars in his school note- technology could work in a sports mas waiting for import into the U.S. scription-based services, typically
can be terminated at any time. books and wrote Volvo Cars AB ask- car, and began envisioning the at the port of Newark, N.J. with higher-end cars, but found lit-
Within two years of starting pro- ing for a job, volunteering to sweep Fisker Karma, a luxury plug-in hy- The company’s strategy ulti- tle success. Mr. Fisker said he sees
duction, he predicts $10.6 billion in floors and clean toilets. The com- brid that he wanted to build. mately suffered because of partner- the flexible lease model fitting into
revenue and companywide margins pany declined his offer, but recom- After Mr. Fisker showed the ships with companies that were too a generational shift where vehicle
of 19% before interest, taxes, depre- mended he attend the ArtCenter Karma publicly, Tesla alleged Fisker dependent on one another, said Da- components become increasingly
ciation and amortization. College of Design if he was serious stole intellectual property and sued. vid Anderson, who led early invest- commoditized as brands differenti-
“I’ve taken a lot of lessons from about designing cars. An arbitrator found in favor of Mr. ments in Fisker Automotive and sat ate themselves more on design,
Fisker Automotive,” Mr. Fisker said. After graduating from the Fisker. Tesla did not respond to re- on the company’s board until 2010. software and user experiences.
“I’ve also learned to sort of de-risk school’s Swiss campus, Mr. Fisker quests for comment. He also took delivery of the com- Why will the result be different
riskier decisions.” began his career at BMW in Mu- pany’s seventh vehicle (he wanted this time? Several people involved
Mr. Fisker will need to succeed nich, where he designed the exte- Wheels Fall Off #007) and still drives it. with Fisker Automotive say Mr.
where others—including himself— rior of the curvy Z8 roadster James Thus began a rivalry between the Problems or cash issues affected Fisker in the past had been reluc-
have failed. Mr. Fisker’s unorthodox Bond drove in 1999’s “The World Is two companies for the future of the entire supply chain, Mr. Ander- tant to make decisions undercut-
business model faces plenty of chal- ting his aesthetic vision for a car,
lenges, from potential pitfalls in its but he now is more mature and
outsourcing strategy to an uneven The Great Race Global electric car stock willing to compromise.
industry record with Netflix-like car “He’s a very proud man,” said
Tesla’s valuation is now larger than many traditional auto Battery electric vehicles
subscriptions. Mr. Anderson, who has purchased
makers targeting the electric vehicle market. The global fleet Plug-in hybrid electric vehicles
“I admire Henrik’s ambition, in shares in the Apollo-backed com-
of electric cars has mushroomed since Fisker Automotive
terms of trying to do something 8 million pany expected to merge with Fisker.
filed for bankruptcy, giving hope to a string of startups. Tesla
completely different, but it’s going JULY 2020 “Last time around there may have
to be a tall order,” said Tim Ur- $266.64 billion 6 been issues and I think he knows
quhart, principal automotive ana- Market capitalization Fisker some of those were his own.”
Automotive
lyst at IHS Markit Ltd. 4 He is aware of the risks as Fisker
$ billion filed for
bankruptcy looks to larger potential partners
A Gold Rush in 2013 like VW for help. “There’s an old

Mr. Fisker’s latest venture benefits joke about the mouse mating with
from a new wave of investor enthu- the elephant,” Mr. Anderson said.

siasm for electric vehicles, spurred 15
“The mouse loves it right up until
in part by Tesla’s skyrocketing valu- 1 ’15 the elephant sits on him.”
ation and Wall Street’s hunt for the Talks between VW and Fisker to
next promising bet that will upend Volkswagen Share-price performance, 2020 license technology have taken lon-
the traditional car business. Tesla Nikola NIO DiamondPeak ger than expected, according to a
shares have more than tripled in 1 Spartan Energy Acquisition filing from Fisker last week. A VW
2020, and the auto maker’s market company spokesman said the com-
value now exceeds that of Toyota BMW 8% pany is in discussions with potential
Motor Corp., General Motors Co. partners for its technology but it is
and Ford Motor Co. combined. 6 too early to provide any details.
That is helping to lift valuations 5
Mr. Fisker said the company is
4
for other electric-transportation also in talks with others, resolved to
startups, analysts say. GM never again rely on one supplier.
Nikola Corp., an electric truck “Just starting a car company a
company pointedly branded with in- second time is already a big risk,”
Ford
ventor Nikola Tesla’s first name, – he said.
briefly surpassed Ford in market
1 ’15 ’ J F M A M J J A
capitalization in its first week of On Business: To lap Tesla, Ford
listing publicly in June. Shares in Li Sources: FactSet (market capitalization, performance); International Energy Agency (car stock) should go private................................... B8
WEEKEND INVESTOR
THE INTELLIGENT INVESTOR | JASON ZWEIG proof of the power of luck and
longevity.
Why Many Rich People Aren’t Wealthy

In a similar vein, “The Psychol-
ogy of Money” argues the biggest
determinant of long-term returns
often happens to be when you
were born. Adjusted for inflation,
people born in 1950 earned es-
sentially nothing in the stock
Skipping gold coins into the ocean isn’t smart. Apparently some people need to learn that the hard way. market between the ages of 13
and 30, Mr. Housel shows. Those
born in 1970 earned
It isn’t often that roughly nine times as
I receive a new book much on stocks in
I feel I have to read, their formative years.
but I couldn’t wait to Those born in 2000?
dig into “The Psy- They may have to
chology of Money.” save a lot more than
To be published their parents did.
next month, this 242-page, easy- The book isn’t per-
to-read book by Morgan Housel fect, of course. In de-
isn’t about investing. It’s about scribing how financial
how to think about investing, and bubbles form, Mr.
it’s one of the best and most orig- Housel says invest-
inal finance books in years. ments get blown up
Mr. Housel, 36 years old, is a far beyond fundamen-
blogger and venture capitalist tal value when short-
who writes beautifully and wisely term traders come to
about a central truth: Money isn’t dominate a market.
primarily a store of value. Money That isn’t the whole
is a conduit of emotion and ego, story; the most en-
carrying hopes and fears, dreams thusiastic buyers in
and heartbreak, confidence and market bubbles often
surprise, envy and regret. believe they’ll stick
Mr. Housel begins with a around to capture
shocking anecdote he witnessed even bigger payoffs in
himself: A technology multimil- the distant future.
lionaire handed a hotel valet Bubbles form when
thousands of dollars in cash to go catchy stories and the
buy fistfuls of gold coins at a human need for imi-
nearby jewelry store. The execu- tation and conformity
tive then flung the coins, worth turn investing into a
ALEX NABAUM
about $1,000 apiece, into the Pa- social imperative.

cific Ocean one at a time, skip- Mr. Housel urges in-
ping them across the water like vestors to think about
flat rocks, “just for fun.” what money and
To that man, money was a play- wealth are for. He
.
thing. (He later went broke, Mr. draws a critical dis-
Housel writes.) To Ronald Read, and had no need to spend big so more than 300,000% from 1995 and extensive connections into tinction between being rich (having
ly
however, money was possibility. other people wouldn’t think he through 2018. one of the best track records in fi- a high current income) and being
Mr. Read spent decades pumping was small. From such old-fash- Yet, along the way, many inves- nancial history. Mr. Housel, how- wealthy (having the freedom to
gas and working as a janitor in ioned virtues great fortunes can tors quit; each stock spent at least ever, notices that Mr. Buffett ac- choose not to spend money).
Brattleboro, Vt. After he died in
2014 at the age of 92, his estate
was able to give more than $6
million to local charities—because
be built.
A new book defines

on 94% of the time trading below its
previous all-time highs.
Investors think of such volatil-
ity as a kind of “fine” for having
crued at least 95% of his wealth
after age 65. (The chairman of
Berkshire Hathaway Inc. will turn
90 at the end of this month.)
Many rich people aren’t
wealthy, Mr. Housel argues, be-
cause they feel the need to spend
a lot of money to show others
he had scrimped and put every made a mistake, says Mr. Housel. Had Mr. Buffett earned his how rich they are. He defines the
us ,
spare penny into stocks that he optimal savings as Instead, they should regard it as a world-beating returns for only 30 optimal savings level as “the gap
l
held for decades. ‘the gap between your “fee,” the unavoidable cost of par- years rather than much longer, he between your ego and your in-
e
al a
How, asks Mr. Housel, did a jan- ticipation. You never know how would be worth 99.9% less, notes come.” Wealth consists in caring
itor “with no college degree, no ego and your income.’ big the fee will be or when you Mr. Housel. “The real key to his less about what others think
training, no background, no for- will incur it, but patience can success is that he’s been a phe- about you and more about using
ci on
mal experience and no connec- make it bearable. nomenal investor for three-quar- your money to control how you
tions massively outperform” many Analyzing two of the biggest Mr. Housel has a knack for look- ters of a century,” he writes of Mr. spend your time.
professional investors? stock-market winners of the past ing at the same thing as everyone Buffett. “His skill is investing, but He writes: “The ability to do
Investing isn’t an IQ test; it’s a few decades, Mr. Housel says Net- else and seeing something differ- his secret is time.” what you want, when you want,
test of character. Unlike the man flix Inc. returned more than ent. Most investors regard Warren So Mr. Buffett—traditionally with who[m] you want, for as long
er s
who chucked coins into the sea, 35,000% between 2002 and 2018. Buffett as someone who has par- viewed as the greatest living exas you want to, pays the highest
Mr. Read could defer gratification Monster Beverage Corp. gained layed brilliant analysis, hard work ample of investing skill—is also dividend that exists in finance.”
m er
m rp
Make the call

co Fo
that helps you

n-
make the call.

no
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B6 | Saturday/Sunday, August 8 - 9, 2020 * *** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Saturday/Sunday, August 8 - 9, 2020 | B7
EXCHANGE
KEYWORDS | CHRISTOPHER MIMS
Tim Cook Mr. Cook is described by col-
leagues and acquaintances as a
humble workaholic with a singular
Mr. Cook greets customers at a
newly refurbished Carnegie
Library Apple Store in
Made Apple
His Own
commitment to Apple. Longtime
colleagues seldom socialized with
him, and assistants said he kept his
calendar clear of personal events.
Around Thanksgiving two years
Washington, D.C., in 2019.
But their combined revenue in the

2019 fiscal year of $24.5 billion
Short on Workers,
Continued from page B1
Steve Jobs and former member of
Apple’s executive team. “When you
ago, guests saw him dining by
himself at the secluded Amangiri
Hotel near Zion National Park.
When a guest later bumped into
him, he said he came to the hotel
was less than Apple’s peak annual
sales for the iPad of $32 billion,
Mr. Jobs’s last product.
Mr. Cook questioned Hollywood
producers such as Brian Grazer to
FedEx Recruits Robots
take over from the man, it is possi- to recharge after a hectic fall learn more about the entertain- Sue, Randall, Colin for its postage meters. The number Somerville, Mass., which makes a
ble to screw everything up. There’s punctuated by the rollout of Ap- ment business before approving a and Bobby are four has grown much faster than ex- similar AI-powered, camera-
FROM TOP: JIM LO SCALZO/EPA/SHUTTERSTOCK; MASON TRINCA/REUTERS; SEONGJOON CHO/BLOOMBERG NEWS

a tendency to say, ‘Oh, I’ll show ple’s latest iPhone. “They have the $1 billion budget for a streaming- of the most reliable pected during the pandemic. UPS equipped picking system. Its tech-
them.’ Tim has done a fabulous job.” best masseuses in the world here,” TV service, people familiar with workers at the FedEx said in the quarter ended in June, nology is used by a handful of
Apple, under Mr. Cook, has he said, the guest recalls. the meetings said. Express World Hub the volume of packages shipped companies, including Japan’s Pal-
joined but not defined the reinven- Apple declined to make Mr. Cook The initial services have faced in Memphis, Tenn., from businesses to homes surged tac, a wholesaler of consumer
tion of the smart home, television or any of its executives available. criticism. Apple Music was re- according to their su- by 65% from a year before. packaged goods. Many other
and automobile industries. And Instead, the company helped ar- vamped after its first year, while pervisors. Each clocks eight hours a Second, with new and ongoing startups have recently received
yet, the company has thrived. range calls with four people it said Apple TV+ faced criticism that it day of steady work, sorting around stay-at-home orders due to in- funding or announced deals to sell
Since he started running the could speak to areas of importance launched with just nine shows, an 1,300 packages an hour from bins creasing Covid-19 cases, the avail- robotic picking systems.
company in 2011, the year Mr. Jobs to Mr. Cook such as environmental- attack it has addressed by adding onto a conveyor—four hours on the ability of workers even for essen- Despite this flurry of activity,
died, Apple’s revenue and profit ism, education and health. None of films such as the Tom Hanks day shift and another four at night. tial businesses is reduced. Third, the overwhelming majority of in-
have more than doubled, and Ap- the four said they knew him well. World War II film “Greyhound.” They almost never take breaks, but the need for social distancing dustrial robot arms in the world
ple’s market value has soared from One had never met him, another Mr. Cook isn’t rattled, former since they’re still learning on the within warehouses and other logis- are still the “dumb” kind: They re-
$348 billion to $1.9 trillion. The met him only in passing, a third members of the services team job, they do regularly call on co- tics facilities means automation peat the same action over and
company has $81 billion in cash, spent half an hour with him and a said, calculating that over time, workers in the facility for help. Sue, can play a role in helping workers over again—for example welding
excluding debt, and has returned fourth spent a few hours with him. Apple will gain subscribers. for instance, has had some trouble do their jobs without being di- the same parts together repeat-
$475.5 billion to shareholders. Though current and former em- “They’re not going to go full bore,” with the soft bags in which clothing rectly adjacent to one another. edly on an automobile production
The company’s earnings report ployees say Mr. Cook has created a one of these people said. “With a is typically shipped. Despite widespread unemploy- line. In warehouses where e-com-
last week sent shares up more more relaxed workplace than Mr. billion devices world-wide, they The four workers are actually ment, companies in the logistics merce orders are filled, most au-
than 10% in a single day. Jobs, he has been similarly de- believe if you’ve got something a 260-pound industrial robot arms. industry are still finding it hard to tomation consists of various sort-
After coming out publicly as gay manding and detail oriented. He little better and it’s on your own Manufactured by Waukegan, Ill.- hire people fast enough. FedEx’s ing technologies.
in 2014, Mr. Cook has amplified once got irritated that the com- phone, people will adopt it.” based Yaskawa America, they are air hub in Memphis currently has Amazon itself has yet to move
the company’s advocacy of privacy, pany mistakenly shipped 25 com- Even as he has delegated some equipped with computer vision and 500 job openings, says Mr. Prather. robot arms into the human job of
sustainability and human rights. puters to South Korea instead of product-development responsibili- artificial intelligence from San Anto- Even before the pandemic, ware- picking and sorting, publicly at
Those stances have opened Apple Japan, said a former colleague, ties, Mr. Cook has stepped in more nio-based Plus One Robotics. houses and sorting centers had a least. While the company is an
to criticism that the company adding that it seemed like a minor directly on political issues, navi- They work only about half as labor crunch because many of the avid producer and consumer of ro-
doesn’t always live up to its val- misstep for a company shipping gating tension between the U.S. fast as skilled humans in the same jobs in the industry are both phys- bots that move shelves and help
ues, particularly in China, where it nearly 200 million iPhones annu- and China. roles, but they are quickly becom- ically demanding and dull, leading sort packages, Amazon still uses
has ceded operations over the data ally. “We’re losing our commit- Mr. Cook first opened the China ing an important part of the chain to high turnover and challenges humans to accomplish the task of
centers storing customer informa- ment to excellence,” Mr. Cook said, market to Apple by shifting proof machines and people that keep with recruitment, he adds. taking goods off shelves or out of
tion to a Chinese state-owned this person recalls. duction to factories there around packages flowing through the “This has never been about, bins and putting them into other
company, bowed to government Mr. Cook’s command of detail 2000. He leaned on that manufac- world’s largest air freight facility, ‘Can a robot beat a human?’” says bins or on conveyors. The com-
pressure to remove apps tied to causes underlings to enter meet- time lieutenant. If he senses some- Cook surprised advisers by agree- Mr. Cook broadened Apple’s Well Cooked turing presence—and the more says Aaron Prather, senior adviser Erik Nieves, founder of Plus One pany’s enormous and quickly
.
Hong Kong protests and worked ings with trepidation. He leads one is insufficiently prepared, he ing to meet Mr. Icahn for dinner at mandate toward social causes. than three million Chinese employ- of the technology research and Robotics. “This is about how changing inventory still defeats
Tim Cook started running Apple on
with a supplier that the U.S. gov- through interrogation, with a pre- loses patience and says, “Next,” as the corporate raider’s New York Among his first steps as chief ex- ees in Apple’s supply chain—to ex- planning team at FedEx Express. they’re a thousand people short even the best combination of AI,
ly
August 24, 2011, and since then the
ernment says used forced labor of cision that has reshaped how Ap- he flips a page of the meeting City apartment. ecutive was to introduce a corpo- pand sales, signing a 2014 agree- While companies such as FedEx every night in Memphis, and there computer vision and gripper, says
company’s market capitalization
Uighurs, an ethnic minority group. ple staff work and think. agenda, this person said, adding, Mr. Jobs hadn’t believed in re- rate match program for charitable ment with China Mobile Ltd. that Corp., Deutsche Post DHL Group, is no alternative.” Brad Porter, vice president at Am-
has quintupled.
The company has defended its “The first question is: ‘Joe, how “people have left crying.” turning cash to shareholders, be- gifts, paving the way to direct con- broadened iPhone distribution to United Parcel Service Inc. and Ama- Some of the humans FedEx and azon Robotics.
on
practices, saying it follows the laws many units did we produce today?’ In late 2012, Mr. Cook was absent lieving it was better to reinvest tributions by Apple to the Anti- Apple’s market capitalization 700 million new users. The deal zon.com Inc. have long relied on bil- others do hire could take on “There will always be a need for
in the countries where it operates. ‘It was 10,000.’ ‘What was the when Apple’s senior leadership Apple’s money in building prod- Defamation League and others. helped turn China into Apple’s sec- lions of dollars worth of automation higher-level supervisory roles, people to support the automation
In China, Apple says it retains con- yield?’ ‘98%.’ You can answer gathered at the St. Regis hotel in ucts. Mr. Cook was less dogmatic. In 2014, Mr. Cook met individu- $2.0 trillion ond-largest market. to get packages to customers with less risk of injury, expanding in our fulfillment centers,” he
trol over sensitive encryption keys those and then he’d say, ‘Ok, so San Francisco to review an early He sat with Mr. Icahn during a ally with Apple’s top executives and In the U.S., Mr. Cook faced po- quickly—from conveyors that divert the burgeoning sector of robot adds. “We see new technologies in-
that protect user data and has found 98%, explain how the 2% failed?’ prototype of the Apple Watch, its three-hour meal, which culminated told them he was gay, former col- Aug. 7 tential tariffs on imports of de- packages down one path or another tech support. creasing safety, speeding up deliv-
us ,
no evidence of forced labor in facto- You’d think, ‘F—, I don’t know.’ It first new product after Mr. Jobs, ac- with sugar cookies shaped like Ap- leagues said. He planned to publicly 1.5 $1.9 trillion vices made in China—a threat that to guided vehicles that shuttle about ery times, and adding efficiencies
l
ries making its products. drives a level of detail so everyone cording to people in attendance. ple’s corporate logo. disclose his sexuality and he raised could trigger retaliation by China. entire shelves of goods—these robot within our network; we re-invest
e
al a
Apple’s reliance on China also becomes Cook-like,” said Joe Such an absence from a new “I got the feeling that he the risks such an announcement He sought to protect Apple by giv- arms are something different. Existing machines are those efficiency savings in new
1.0
has unnerved investors and thrust O’Sullivan, a former Apple opera- product discussion would have wouldn’t mind me being there,” could pose in some markets. Apple ing both sides what they wanted. They typify an important and services for customers that lead to
the company into the middle of es- tions executive. He said Mr. Cook’s been unthinkable for Mr. Jobs, as- pressuring Apple to return more was on steady footing at the time, Speaking at a Chinese economic growing trend in automation in getting ‘eyes’ and the creation of new jobs.”
ci on
calating tensions between Beijing first meeting with staff the day he sociates say. But as Apple contin- cash to shareholders, said Mr. with sales soaring of the recently 0.5
forum in 2018 after the Trump ad- general, and robotics in particular. ‘brains’ that allow them While this technology is great
and the White House. arrived in 1998 lasted 11 hours. ued to rake in record profits, Mr. Icahn, an avid poker player. released iPhone 6. ministration proposed tariffs, he What’s new here is that existing for sorting packages, as at FedEx,
Last week, in congressional tes- Middle managers today screen Cook began to turn his focus to- The company later added $30 Associates say it was vintage championed free trade, saying machines are getting both “eyes” to sense and respond. and dealing with a limited range of
timony alongside other leaders of staff before meetings with Mr. ward investors who wanted to billion in buybacks, a sum that rose Tim Cook, an example of con- 0 countries that support it “do ex- and “brains” that allow them to items, as at Paltac, it’s possible that
giant technology companies, Mr. Cook to make sure they’re knowl- know what he would do with an annually to total $360.7 billion in science balanced by a methodical ceptionally.” sense and respond. For robots, this the Holy Grail of picking technol-
er s
2015 ’20
Cook said that he is “personally edgeable. First-timers are advised ever-growing pile of cash. repurchases over eight years. The awareness of pros and cons. Mr. Back in the U.S., he generally means the addition of FedEx currently has four of these ogy—a robot that can handle the
committed” to improving the num- not to speak. “It’s about protecting Wall Street investors, including capital returns helped attract other Cook said he ultimately wanted to
m er Source: FactSet worked through President Trump’s cameras not so different from the robots at its Memphis facility, but same variety as a human—will re-
ber of women and Black leaders in your team and protecting him. You Carl Icahn, wanted Apple to return investors, including Warren Buf- be a role model for young people daughter and son-in-law to foster ones in cellphones, which perceive the company estimates one human main out of reach for a long time,
Apple’s senior ranks. During those don’t waste his time,” said a long- capital to investors. In 2013, Mr. fett’s Berkshire Hathaway Inc. being bullied or worried their fam- a direct relationship with the pres- visible light. Computer vision can could tend up to eight of them, in the same way we have yet to cre-
hearings, he also defended the ilies would disapprove of them. ideas develop with less oversight ident. He also met with U.S. Trade also include sensors that use other jumping in only when they have a ate an autonomous vehicle that can
company’s treatment of app devel- “I kept to my small circle, and I than Mr. Jobs applied. Representative Robert Lighthizer technologies in order to perceive problem they can’t solve on their handle the same variety of road sit-
opers, who have complained about started thinking, ‘You know, that When hardware chief Dan Ric- and economic adviser Larry Kud- depth. Meanwhile the “brains” of own, like when packages get caught uations a human can.
m rp
Apple’s market power. is a selfish thing to do at this cio was exploring the idea of a low. The administration exempted the robot are built with artificial in a conveyor and block a sensor. One reason for the sudden pop-
Mr. Jobs, who largely rebuffed point,’ ” Mr. Cook said during an smart speaker around 2015, Mr. Apple’s smartwatch from an early intelligence, generally some form Meanwhile, at the Plus One com- ularity of robots, says Mr. Nieves,
succession planning, tapped Mr. interview with CNN in 2018. “I Cook peppered him with ques- round of tariffs. of machine learning, a broad cate- mand center in San Antonio, people is they are a way to do the same
Cook to succeed him in part be- need to be bigger than that, I tions about the product and asked In 2019, after The Wall Street gory that enables everything from are on call to help guide the robot job as a human without completely
cause, as Apple’s operations chief, need to do something for them for more information, said Mr. Journal reported Apple planned to Alexa’s understanding of our remotely when it encounters a pack- re-engineering the inside of a
co Fo
he ran a division devoid of drama and show them that you can be Deaver, the former human-re- shift production of its only U.S.- voices to systems that can teach age it can’t identify or some other warehouse. “These robot arms
and focused on collaboration, peo- gay and still go on and do some sources executive, who said he made product, the Mac Pro, to themselves how to beat humans at logical difficulty, even before anyone make a lot of sense,” says FedEx’s
ple who were close to Mr. Jobs said. big jobs in life.” was briefed on the exchange. China, Mr. Cook moved to secure board games. This AI gives exist- is needed to intervene on site. Mr. Prather, “because we can’t just
His ascent surprised some outsiders Mr. Cook reshaped Apple’s Mr. Riccio’s team scaled back tariff waivers and continue pro- ing robots and other machines a The AI that powers these robot tear down the building and say,
because—as Mr. Jobs told biogra- board, replacing product- and mar- working on it, Mr. Deaver said. duction in Austin, Texas. He later level of adaptability not before arms is learning all the time, but ‘OK, everyone wait a year until we
pher Walter Isaacson—Mr. Cook keting-minded directors with fi- Later, Mr. Cook emailed Mr. Riccio hosted Mr. Trump for a press con- seen. In fact, the new flexibility there are always situations that trip have a new one.’”
wasn’t a “product person,” but col- nance-oriented ones. about Amazon.com Inc.’s Echo ference at the Texas factory where and intelligence make them able, it up and require human interven- But when one of these big players
leagues understood the selection. Without Mr. Jobs as product speaker and asked where Apple the president took credit for the for the first time, to replace hu- tion. No amount of AI, at least of does build a new facility, using the
Apple needed a new operating style conductor, Mr. Cook has called on stood on its speaker effort. plant—a claim Mr. Cook, who has mans in some of the most common the sort that exists now, can handle sort of technology that’s become
after losing someone irreplaceable. software, hardware and design ex- Mr. Riccio’s team ramped up criticized the president on envi- jobs in warehousing and logistics. every possible “edge case,” those available only in the past few years,
Mr. Cook was a relative stranger ecutives to collaborate, people fa- work. Apple’s resulting HomePod ronmental and immigration issues, It’s not as if these robots are unexpected situations which are in- things are different. For example,
to the creative endeavors favored miliar with the shift said. The ap- speaker trailed rivals to market by didn’t correct even though Apple about to steal all the jobs in these dividually rare but quite common many of the warehouses where
by Mr. Jobs, and after the Apple proach has shown his tendency to about two years and has struggled had been manufacturing in Austin industries, however. For now, when considered all together. This packages are sorted for FedEx’s
n-
founder’s death, he did little to deliberate and be careful, letting to catch up, accounting for five since 2013. they’re mostly filling vacancies galaxy of edge cases is a major bar- ground service are newer than its
change that. Instead, he focused million of the 76 million active Mr. Trump has called Mr. Cook created by surging demand and, rier to fully autonomous AI systems. Memphis air hub. These facilities are
on a series of small steps that to- smart speakers in the U.S. as of a friend, and in one televised where possible, giving humans a For any attempts to automate so completely automated with, for
gether are building a fortress Mr. Cook, left, at Apple’s annual last year, according to Consumer meeting, called him “Tim Apple.” chance for promotion. For the e-commerce, “the challenge is instance, smart conveyors known as
no
around the iPhone: a smartwatch, Worldwide Developers Conference Intelligence Research Partners. As the reference gathered steam foreseeable future, humans will that humans are incredible,” says “shoe sorters,” humans touch pack-
AirPods and music, videos and in 2019; an Apple store in Seoul, “Here’s Dan, who was used to get- on social media, Mr. Cook turned prove more adaptable as work Bruce Leak, founding partner at ages only when they’re brought into
other subscription services. below, reopened this past April ting firm direction, so if it feels like it into a joke, changing his name needs change. venture capital firm Playground these buildings on trucks, and when
after closing amid the pandemic. a yellow light, then it looks like a on Twitter to Tim, followed by a Proponents argue that bringing Global. “Twenty-five years ago they exit them on different trucks,
red light,” said Mr. Deaver, who said picture of the Apple logo. robots into these roles is necessary Amazon didn’t exist,” he adds, says Ted Dengel, managing director
‘This is what most he spearheaded a project to improve At the Golden Globes in January, for at least three reasons. “and today they have more than a of operations technology and inno-
internal collaboration. “Then you Mr. Cook attended alongside Jenni- First, the explosion of e-com- million direct employees. People vation at FedEx Ground.
people don’t understand: have Tim, who is a processor. He fer Aniston and Reese Witherspoon merce means an explosion in the are trainable, flexible, resilient So until and unless every fac-
Incremental is likes to listen a lot. Time and pa- of Apple’s original program, “The volume of packages shipped to and intelligent, and automation tory and fulfillment center in the
tience are his favorite warriors.” Morning Show.” He steeled himself homes. About 87 billion parcels and robots aren’t any of those world is re-designed to run “dark,”
revolutionary for Apple.’ Mr. Riccio didn’t respond to reas host Ricky Gervais joked that Ap- were shipped world-wide in 2018— things.” (Amazon currently has that is, without the involvement of
quests for comment. ple had joined “the TV game with a that’s 40 a year to every person in 876,000 employees, says a spokes- any human labor, these uniquely
Mr. Cook tends to assess new superb drama about the importance America—and this volume will woman for the company.) challenging tasks will benefit from
“This is what most people don’t product ideas with caution, taking of dignity and doing the right thing, more than double by 2025, accord- Mr. Leak is an investor in the human brain and body—or at
understand: Incremental is revolu- the position in some discussions made by a company that runs ing to Pitney Bowes, best known RightHand Robotics, based in least a reasonable facsimile.
tionary for Apple,” said Chris that he doesn’t want to release a sweatshops in China.”
Deaver, who spent four years in hu- product that may sell poorly and The joke underscored the discon-
man resources working with Apple’s undermine the company’s track re- nect between the Apple Mr. Cook
research and development teams. cord of success, according to se- has championed—a force for good
“Once they enter a category with a nior engineers. in the world—and the Apple some
simply elegant solution, they can “Apple seems to be hitting on all critics see—a corporation focused
start charting the course and own- cylinders, but beyond the hardware on maximizing profits. Mr. Cook has
ing that space. No need to break team achieving new performance pushed supply-chain audits to elimi-
speed records, just do it organically.” gains, there’s a stagnation and incre- nate child labor and promoted
From when he took over in mentalism,” said John Burkey, a for- higher-education courses at Chinese
2011, Mr. Cook followed the advice mer Apple software engineer and factories. And Apple pressures sup-
of his predecessor: Don’t ask what founder of Brighten.ai, a virtual-as- pliers to operate under razor-thin
I would do. Do what’s right. He sistant company. He added that Ap- margins that trickle down to the
continued waking up each morning ple’s strong hold on customers who factory floor, suppliers said.
before 4 a.m. and reviewing global continue to buy new iPhones masks Mr. Cook is at ease when he re-
sales data. He maintained his Fri- weaknesses and creates a risk that turns to Auburn, his alma mater,
day meeting with operations and they may miss the next evolution in university officials say. He keeps a
finance staff, which team members technology. “Ask yourself what fea- low profile, often visiting without
called “date night with Tim” be- ture of the iPhone you use that you telling administrators. He can be
cause they stretched hours into weren’t using five years ago? Do you seen at a coffee shop in town,
the evening. He seldom visited Ap- actually use Animoji?” working and talking with students.
ple’s design studio, a place Mr. Instead of new stand-alone de- He attends football games, often
Jobs visited almost daily. vices, Mr. Cook has found success arranging his own tickets.
“I knew what I needed to do was building products around the Auburn President Jay Gogue
not to mimic him,” Mr. Cook told iPhone, with a watch, headphones said Mr. Cook has talked about Co-
ESPN of Mr. Jobs during a 2017 visit and music- and TV-subscription lin Powell’s belief that manage-
at his alma mater, Auburn Univer- services. ment is tasked with moving an
sity in Alabama. “I would fail miser- The products disrupted markets, army from point to point, while
ably at that, and I think this is with the watch out-selling the en- leadership moves an army to
largely the case for many people tire Swiss watch industry in unit where it never thought possible.
FEDEX
who take a baton from someone sales and AirPods accounting for “There are times to be a good
larger than life. You have to chart nearly half of all headphones sold manager and times to be a good
your own course. You have to be the world-wide at the end of 2019, ac- leader,” Dr. Gogue said. “He under- Robotic arms, manufactured by Yaskawa America and equipped with computer vision and artificial
best version of yourself.” cording to Counterpoint Research. stands that.” intelligence by Plus One Robotics, sort packages at the FedEx Express World Hub in Memphis, Tenn.
EXCHANGE
SEAN PROCTOR FOR THE WALL STREET JOURNAL
NICK HAGEN FOR THE WALL STREET JOURNAL

Ford Motor Co. chairman Bill Ford, photographed in 2017 at his office in Dearborn, Mich. Jim Farley, photographed in January in Wixom, Mich., was named Ford’s new CEO this week.
This week marked ON BUSINESS | JOHN D. STOLL in that next IPO.

two years since that Before Ford could go private,
infamous Elon Musk there would be big questions to an-
tweet: “Am consider-
ing taking Tesla pri-
vate at $420,” the
billionaire posted.
“Funding secured.”
It’s Time to Take Ford Private swer, including what to do with the
finance company and how big of a
premium current investors need.
And there are cautionary tales. Re-
member Cerberus Capital Manage-
Tesla Inc. is still public, and it’s ment’s takeover of Chrysler in 2007?
thriving. But there is another bil- To innovate, the auto giant needs to forget about shareholders for a while It was a disaster.
lionaire in the auto business who Yet, David Brophy, a University
should consider the virtues of be- of Michigan Ross Business School
ing private: Bill Ford. founder, however, believed the ger profits and product hiccups. Henry Ford. Since the death of his professor considered an expert in
The Ford Motor Co. chairman company could be a key player in But Mr. Ford praised his outgoing father in 2014, Mr. Ford has been private-company finance, told me
on Tuesday named a new chief ex- tech-industry infrastructure. boss’s willingness to challenge amassing the company’s supervoting that going private is possible for a
ecutive, Jim Farley. I talked to A $24.4 billion buyout, executed convention and slay sacred cows. Class B shares, and now owns one- company even as encumbered and
multiple managers at Ford this with Silver Lake Partners, gave Mr. “He cared more about Ford’s repu- fifth of the pie, compared with less complex as Ford.
week, and their goal is ambitious: Dell total control. Being private al- tation than his own,” Mr. Ford said than 5% in 1999 when he became “I’m sure a lot of people have
They don’t just want to be Tesla, lowed him to buy a bunch of compa- at a press conference Tuesday. chairman of the board. been looking at Ford given how
they want to lap it. nies and make big investments with- I met Mr. Ford in 2001 as a cub While Mr. Ford has grown more cheap the stock is,” he said. The
Some of the raw material is in out justifying his actions to analysts reporter. He was presiding over a powerful, however, Wall Street has Fords would need to likely find
place. Ford is a partner with Riv- every three months. Today, the celebration at the Rouge factory. A grown more skeptical of the com- several investors from various con-
.
ian, the company building battery- newly named Dell Technologies Inc. “living roof” with trees, shrubs pany. The market value of Ford’s tinents to pull off a deal, which
powered delivery vans for Ama- is worth $45 billion. It still makes and grass would be installed on a combined classes of stock was would include the assumption of
ly
zon.com Inc., and it has invested PCs, but it is considered a major new plant being built on the site. $64.5 billion when he took over in $30 billion in automotive-business
in robocar developer Argo AI. The player in cloud computing. In the years that followed, I 1999. By the start of this year, the debt, about half of which was
new CEO is an industry lifer prom- I asked Mr. Ford about the Dell watched TED talks, attended con- sum had declined by 37%. The taken on during the first quarter
ising to boost profits, revenue and
competitiveness.
Old-line companies like Ford,
though, struggle to satisfy lofty
on
strategy in 2017. This was a few
weeks after he replaced CEO Mark
Fields with an office-furniture ex-
ecutive named Jim Hackett amid
ferences and took notes in staff
meetings (I briefly worked at
Ford) where similarly sustainable
goals and aspirations were out-
value of a single share has been
more than halved when adjusted
for splits and dividends.
Today, the stock’s low price rel-
to get through the pandemic.
Ford, the family and the buyout
industry are all flush with cash.
Money that investors have com-
goals and fickle stockholders at worries his company lacked ade- lined. Ford bought a Norwegian EV ative to its high dividend indicates mitted to private-equity funds that
us ,
the same time. Wall Street’s short- quate vision. maker, introduced hybrids and, for investors expect little growth—in- hasn’t yet been spent was at a re-
l
termism tends to target the old He said that taking Ford private a spell, backed away from gaso- creasingly a code word for innova- cord $1.45 trillion globally as of
e
al a
and slow, not the young and nim- had been seriously explored, but it line-thirsty SUVs. tion—in years to come. Being off June, excluding venture-capital
ble. Sometimes, the answer is to wasn’t necessary. The company, he Today, the company’s business the stock market would give Mr. funds, according to data provider
take back control. said, was already guided by long- model is almost entirely identical Farley, the CEO, more margin for Preqin Ltd. Among them are firms
ci on
This is something Michael Dell re- term thinking. And managers to the one I studied in 2001. Why? taking risks, fewer people outside known for long-term thinking that
alized after the financial crisis, when feared that Ford’s debt load would Milking profits from trucks and the company to constantly answer would be willing to lend Mr. Ford
shares in his once vaunted personal- be too hefty, and the Ford Credit SUVs is the most efficient way to to and time to remake Ford’s im- the cash and patience he needs,
computer company were trading for lending arm would be unable to tamp down investor revolts. age from hackneyed metal-bender Mr. Brophy said.
the equivalent of milk money. tap public financing if the parent “We have to create shareholder into savvy tech company. It even- “If you wanted to patch the
er s
At that time, Dell was seen by left the stock market. value,” Mr. Ford told the Detroit tually would need to be public roof, this strategy would allow you
investors as a computer maker In the end, Mr. Hackett’s tenure Free Press this week. again, to cash out private inves- to get her done and then bring it
m er
more akin to Hewlett-Packard than was a stinker from an investor There is a reason to place a bet tors, but better to look more like back as a new entity,” he said. “Bill
Apple; its shares curdled. Its standpoint. Shares slid amid mea- on the 63-year-old great-grandson of Tesla and less like General Motors Ford could be your Michael Dell.”
m rp
The New ing on the current crisis to make

changes, many more are reluctant
to oust leaders in a downturn,
rists it doesn’t directly control—
temporarily closed shop. Some
flower deliveries were delayed be-
co Fo
CEOs of the hoping to avoid added disruption.

New research from Spencer Stuart
and Bain & Co. using 30 years of
cause shipping companies were
overwhelmed by all the new online
orders. A lockdown in the Philip-
Pandemic data shows that CEO transitions

tend to decline by up to 32% in
times of economic crisis, as many
pines temporarily disrupted an out-
sourced call center where custom-
ers dialed in with questions and
boards seek stability, even if lead- complaints, so FTD hired more vir-
Continued from page B1 ers are showing poor performance. tual agents in the U.S. and set up
JOVELLE TAMAYO FOR THE WALL STREET JOURNAL
Care, are asking colleagues to take The numbers from April and May other overseas call centers, includ-
them on FaceTime tours of facili- show the trend has continued in ing one in Jamaica, to hedge against
ties. Others, like the new chief of this crisis, with CEO turnover any future issues, Mr. Cole says.
flower-delivery service FTD, have slowing dramatically world-wide. “You kind of have to throw out
had to deal with emergencies like a Companies choosing to make the manual,” he said. “Covid-19
n-
coronavirus lockdown that affected changes in the C-suite now may doesn’t care about what my vision
overseas call centers. be addressing immediate needs, for the company was. We had to
“The 21st-century CEO role was or the turnover could also reflect change our goals on a daily,
already really difficult,” says Cathy long-term succession planning put nightly basis.”
no
Anterasian, head of CEO succession in place in prior years, Ms. Anter- Amid it all, Mr. Cole amped up
services at Spencer Stuart, the exec- asian says. communication, scheduling 50 hours
utive search and leadership advisory For some executives, the pan- of videoconference calls in his first
firm. “It is all of that on steroids demic was a catalyst for changing week on the job with his direct re-
given the challenges of the day.” jobs. In March, soon after the U.S. Charlie Cole, the new chief executive of flower-delivery company FTD, ports. He vowed to answer every
In recent weeks, technology went into lockdown, Johnson & which is based near Chicago, works in his yard at home in Seattle. email he received from employees, a
startup Magic Leap, beauty giant Johnson vice president Tom Rug- commitment he said he has upheld.
Coty Inc. and furniture retailer gia undertook a personal exercise He also began writing a personal let-
Crate and Barrel have all named to map out his career. He said he took the reins this summer. Learning on the Job ter to employees nearly every week,
new leaders. On Monday, Tyson asked himself, “Where are you to- With the pandemic raging, Mr. Some of the people who sharing raw moments, like how the
Foods Inc. said it would promote day in your life, and where do you Ruggia quickly embarked on a lis- death of his mother during his child-
SYNGAL: AP; BANKS: TYSON FOODS; KARP: SIMON & SCHUSTER; RENDLE: THE CLOROX COMPANY; JOHNSON: BLOOMBERG NEWS; HARF: GETTY IMAGES
company president Dean Banks, a want to be?” tening tour—albeit a virtual one. He
have become CEOs since hood shaped his view of Mother’s
former technology executive, to its Around that time, Mr. Ruggia got hosted a town hall meeting to an- the pandemic began Day, and weighing in on police bru-
top job, while Clorox Co. said it a call about the CEO role at Vision- swer questions and introduce him- tality and racial unrest. “It was vul-
would elevate its president, Linda Care Inc., a small company develop- self to the company’s 18 employees nerable by nature,” he says.
Rendle, to CEO in September. Ford ing products to help restore vision and set up a marathon of one-on- In the end, Mother’s Day reve-
Motor Co. also said this week that to people in the late stages of macu- one meetings with his management nue surpassed FTD’s expectations,
chief operating officer Jim Farley lar degeneration. The company’s team via video. Instead of visiting making it one of the best in com-
will take over as chief executive on purpose resonated with him, Mr. VisionCare’s manufacturing and re- pany history, though there were
Oct. 1 after a three-year turnaround Ruggia said, so he studied up on the search and development facilities in customers who faced delivery de-
effort led by the auto maker’s cur- firm and reached out to a peer who Israel, a general manager there di- Sonia Syngal Dean Banks lays, he said. The intensity of
rent CEO, Jim Hackett, failed to had also left a corporate giant to aled Mr. Ruggia on FaceTime and Gap Tyson Foods those early weeks also made clear
raise profits or boost Ford’s stock. lead a startup to get his perspective. walked around the office, holding the company’s strengths and weak-
While some companies are seiz- Ultimately, he made the leap and his phone up so Mr. Ruggia could nesses to Mr. Cole, while giving
wave to employees. FTD’s culture a jolt.
“It’s not like making a trip to Is- “Success in the face of unprece-
Hiring Freeze rael, and that’s still in the plans for dented circumstances...I think it
when that can occur again. But at gives us a momentum,” he said.
During an economic crisis, many companies become reluctant to name
least they can see my face moving “Our team congealed in a way
new CEOs, preferring stability, new research shows.
around the building,” he said. Jonathan Karp Linda Rendle that you couldn’t fake. We did it
CEO transitions at S&P 500 companies “You’ve got this situation: It is what Simon & Schuster Clorox all virtually.”
it is. We can cry about it, or can we Mr. Ziegenhein, of Chevy Chase
80 make the most of every moment.” Land Co., said there have been up-
Asian Dotcom Global New CEOs who have been on sides to taking on his new job amid
financial crisis financial crisis the job for a few months already the pandemic. With so many people
crisis
60 say they have faced tests that have working virtually, Mr. Ziegenhein
solidified bonds with their teams. has chosen to go into his office regu-
Charlie Cole took the helm of larly but nobody stops by to ask him
40
flower-delivery service FTD LLC in Peggy Johnson Peter Harf to micromanage situations. Instead,
late March. By then, the coronavi- Magic Leap Coty he said that he is able to focus on
rus had upended the economy, and big priorities for the company,
Mother’s Day, the company’s most- which owns and manages offices,
20 important holiday, which Mr. Cole shelter-in-place order. That meant apartment complexes and retail fa-
calls FTD’s make-or-break “Black remotely directing a team he did cilities, including how to build and
Friday,” was just six weeks away. not know. design offices to make them more
0 FTD’s offices outside Chicago were Problems soon mounted. Some resilient to future pandemics.
closed, and Mr. Cole opted to work farms in California closed, halting “I’m in an office right now com-
2000 ’05 ’10 ’15
from his home in Seattle out of re- the supply of fresh flowers. Many of pletely by myself,” he says. “I’m
Sources: Spencer Stuart, S&P Capital IQ spect for the state of Washington’s the company’s retail partners—flo- just laser focused.”
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Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
27433.48 Trailing P/E ratio 26.72 19.01 3351.28 Trailing P/E ratio * N/A 22.67 11010.98 Trailing P/E ratio *† N/A 23.54 commodities performed around the world for the week.
s 46.50 P/E estimate * N/A 16.92 s 2.12 P/E estimate * N/A 17.69 t 97.09 P/E estimate *† N/A 21.24
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or 0.17% or 0.06% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high Nymex natural gas 24.40%
11108.07, 08/06/20
29551.42, 02/12/20 0.14579812049809 3386.15, 02/19/20 Comex silver 13.82
Russell 2000 6.00
30000 3500 11000 Dow Jones Transportation Average 5.82
S&P SmallCap 600 5.35
27500 3250 10500 S&P 500 Industrials 4.76
Kospi Composite 4.55
10000 S&P MidCap 400 4.00
25000 3000
Dow Jones Industrial Average 3.80
Session high S&P 500 Financials 3.26
65-day moving average 22500 65-day moving average 2750 9500
DOWN UP S&P 500 Energy 3.12
t
Session open Close Nymex RBOB gasoline 3.12

65-day moving average 9000
20000 2500 S&P 500 Telecom Svcs 2.98
Close Open
t
S&P 500 Information Tech 2.94

Session low 17500 2250 8500 DAX 2.94
Bars measure the point change from session's open Nikkei 225 2.86
15000 2000 8000 IPC All-Share 2.69
June July Aug. June July Aug. June July Aug. Bloomberg Commodity Index 2.58
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index Nasdaq Composite 2.47
S&P 500 2.45
Euro Stoxx 2.41
Major U.S. Stock-Market Indexes Trading Diary Comex gold 2.41
Latest 52-Week % chg Volume, Advancers, Decliners Nymex crude 2.36
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. S&P/TSX Comp 2.32
Dow Jones Total volume* 796,497,149 18,469,460 FTSE 100 2.28
Industrial Average 27456.24 27223.55 27433.48 46.50 0.17 29551.42 18591.93 4.4 -3.9 7.4 Adv. volume* 455,876,607 4,666,860 FTSE MIB 2.22
Transportation Avg 10577.05 10289.23 10576.38 245.29 2.37 11304.97 6703.63 3.6 -3.0 4.4 Decl. volume* 328,904,691 13,603,957 CAC-40 2.21
Utility Average 846.43 825.64 843.23 14.36 1.73 960.89 610.89 2.0 -4.1 4.8 Issues traded 3,054 273 S&P 500 Materials 2.17
Total Stock Market 34207.72 33947.14 34194.10 36.08 0.11 34631.28 22462.76 14.1 3.5 10.1 Advances 1,891 127 Nasdaq 100 2.14
Barron's 400 728.16 720.73 728.13 5.90 746.64 455.11 9.8 -0.6 3.8 Declines 1,078 137 Stoxx Europe 600 2.03
0.82
Unchanged 85 9 S&P 500 Consumer Discr 1.89
Nasdaq Stock Market New highs 98 3 S&P 500 Consumer Staples 1.43
Nasdaq Composite 11126.04 10920.37 11010.98 -97.09 -0.87 11108.07 6860.67 38.3 22.7 19.9 New lows 8 … Shanghai Composite 1.33
Nasdaq 100 11276.30 11044.60 11139.39 -127.69 -1.13 11267.08 6994.29 45.7 27.6 23.4 Closing Arms† 1.38 2.10 S&P/ASX 200 1.30
Block trades* 4,999 176 S&P BSE Sensex 1.15
S&P
Nasdaq NYSE Arca
IBEX 35 1.06
500 Index 3352.54 3328.72 3351.28 2.12 0.06 3386.15 2237.40 14.8 3.7 10.5
S&P 500 Utilities 0.97
MidCap 400 1938.67 1909.28 1938.53 23.43 1.22 2106.12 1218.55 2.0 -6.0 3.4 Total volume*4,192,765,333 270,699,111
iShJPMUSEmgBd 0.95
SmallCap 600 911.78 893.35 911.67 15.67 1.75 1041.03 595.67 -2.0 -10.7 2.2 Adv. volume*2,068,607,958 98,325,452
Russian ruble 0.91
.
Decl. volume*2,089,330,332 171,620,807
Other Indexes S&P 500 Health Care 0.86
ly
Issues traded 3,436 1,396
Russell 2000 1569.26 1539.52 1569.18 24.56 1.59 1705.22 991.16 3.7 -6.0 3.5 Norwegian krone 0.68
Advances 1,893 594
NYSE Composite 12766.05 12648.89 12765.84 36.68 0.29 14183.20 8777.38 0.1 -8.2 2.1 S&P 500 Real Estate 0.67
Declines 1,435 786
Value Line 476.85 470.09 4.80 1.02 562.05 305.71 -13.7
South Korean won 0.41
476.77 -6.6 -3.1 Unchanged 108 16
NYSE Arca Biotech
NYSE Arca Pharma
KBW Bank
5721.59
661.38
77.49
5634.67
657.49
74.29
5678.03
661.17
77.42
4.19
-0.50
2.37
-0.08
0.07 on
3.16
6142.96
672.00
114.12
3855.67
494.36
56.19
23.4
13.3
-18.1
12.0
1.2
-31.7
12.7
8.1
-7.2
New highs
New lows
Closing Arms†
153
10
1.33
66
25
1.19
iShiBoxx$InvGrdCp
iShNatlMuniBd
iSh TIPS Bond
Australian dollar
0.30
0.27
0.25
0.21
PHLX§ Gold/Silver 157.29 152.22 154.14 -5.46 -3.42 161.14 70.12 60.9 44.2 23.5 Block trades* 23,731 1,503
us ,
Canada dollar 0.20

PHLX§ Oil Service 38.24 37.16 38.22 0.42 1.10 80.99 21.47 -41.6 -51.2 -33.5
l
* Primary market NYSE, NYSE American NYSE Arca only. Chinese yuan 0.11
PHLX§ Semiconductor †(TRIN) A comparison of the number of advancing and declining
e
2210.01 2153.53 2178.86 -26.08 -1.18 2209.81 1286.84 48.8 17.8 25.7 Swiss franc
al a
0.10
issues with the volume of shares rising and falling. An
Cboe Volatility 24.02 22.02 22.21 -0.44 -1.94 82.69 11.54 23.6 61.2 30.8 Euro area euro 0.06
Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. WSJ Dollar Index 0.06
ci on
-0.08 iSh 1-3 Treasury

-0.09 VangdTotalBd
International Stock Indexes Percentage Gainers... -0.13 Sao Paulo Bovespa
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -0.14 VangdTotIntlBd
-0.14 Indian rupee
er s
World The Global Dow 2992.30 –6.98 –0.23 –8.0 Conduent CNDT 4.13 1.87 82.74 7.97 1.54 -35.3
Addex Therapeutics ADR ADXN 21.00 9.38 80.69 37.52 6.19 ...
-0.14 Japanese yen
DJ Global Index 429.36 –1.34 –0.31 –1.1
Groupon GRPN 25.77 9.32 56.66 63.20 9.60 -48.7 -0.22 iSh 7-10 Treasury
m er
DJ Global ex U.S. 246.13 –1.89 –0.76 –6.6

OpGen OPGN 3.37 1.16 52.49 12.80 0.92 -38.3 -0.26 iShiBoxx$HYCp
Americas DJ Americas 779.63 –0.17 –0.02 2.5 Kazia Therapeutics ADR KZIA 6.40 2.13 49.88 9.74 2.27 162.3 -0.26 Hang Seng
Brazil Sao Paulo Bovespa 102775.55 –1350.09 –1.30 –11.1 -0.27 UK pound
Sirius Intl Insurance SG 10.15 3.17 45.34 12.00 5.06 -6.0
Canada S&P/TSX Comp 16544.48 –34.62 –0.21 –3.0 -0.33 Nymex ULSD
Adamas Pharmaceuticals ADMS 3.78 1.17 44.83 7.78 1.90 -37.5
m rp
Mexico S&P/BMV IPC 38005.00 6.66 0.02 –12.7

AnPac Bio-Medical ADR ANPC 7.60 2.11 38.43 12.18 5.03 ... -0.49 Mexico peso
Chile Santiago IPSA 2751.23 13.90 0.51 –17.5
ShotSpotter SSTI 33.33 7.35 28.29 41.00 18.44 6.6 -0.65 iSh 20+ Treasury
EMEA Stoxx Europe 600 363.55 1.06 0.29 –12.6 TrueCar True 5.48 1.19 27.74 6.35 1.98 55.7 -0.72 Indonesian rupiah
Eurozone Euro Stoxx 357.12 1.42 0.40 –11.6 HCI Group HCI 59.58 12.81 27.39 59.71 31.61 45.2 -1.92 Lean hogs
Belgium Bel-20 3340.10 31.47 0.95 –15.6 Domtar UFS 28.48 6.01 26.75 41.00 18.40 -19.7 -2.40 Comex copper
co Fo
Denmark OMX Copenhagen 20 1296.13 16.25 1.27 14.1 Big 5 Sporting Goods BGFV 7.81 1.59 25.56 8.47 0.65 294.4 -2.61 Corn
France CAC 40 4889.52 4.39 0.09 –18.2 Patriot National Bancorp PNBK 8.63 1.68 24.17 14.50 3.83 -38.7 -3.04 Soybeans
Germany DAX 12674.88 83.20 0.66 –4.3 ZAGG ZAGG 3.98 0.74 22.84 9.01 2.06 -33.3 -3.20 South African rand
Israel Tel Aviv 1403.00 … Closed –16.7
Italy FTSE MIB 19516.43 41.28 0.21 –17.0
Percentage Losers -6.73 Wheat
Latest Session 52-Week *Continuous front-month contracts
Netherlands AEX 559.57 1.11 0.20 –7.4 Company Symbol Close Net chg % chg High Low % chg
Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Russia RTS Index 1271.43 –11.01 –0.86 –17.9 OLB Group OLB 5.80 -4.60 -44.23 15.30 4.75 -51.7 THE WALL STREET JOURNAL
South Africa FTSE/JSE All-Share 56757.73 –898.96 –1.56 –0.6 Alteryx Cl A AYX 121.38 -47.62 -28.18 185.75 75.17 -7.4
Spain IBEX 35 6950.50 –7.40 –0.11 –27.2 Everspin Technologies MRAM 6.35 -2.20 -25.73 9.01 1.75 16.1 See an expanded daily list of selected global stock indexes, bond ETFs, currencies
Sweden OMX Stockholm 692.00 0.23 1.6 and commodities at WSJ.com/TrackTheMarkets
1.60 Nova Lifestyle NVFY 1.82 -0.56 -23.53 4.10 0.66 -52.7
Switzerland Swiss Market 10068.03 0.90 0.01 –5.2 ADiTx Therapeutics ADTX 5.85 -1.75 -23.03 9.58 2.83 ...
Turkey BIST 100 1060.59 26.19 2.53 –7.3
JanOne JAN 4.16 -1.23 -22.82 9.24 2.00 13.7
U.K. FTSE 100 6032.18 5.24 0.09 –20.0
Meridian Bioscience 19.32 -4.97 -20.46 75.0
n-
VIVO 26.58 5.51

U.K. FTSE 250 17622.93 143.55 0.82 –19.5
Asia-Pacific
IBEX
GSX Techedu ADR
IBEX
GSX
15.40 -3.60 -18.95
106.99 -24.28 -18.50
19.00 15.25
141.78 11.72
...
700.8 Speed-Read the Markets
Australia S&P/ASX 200 6004.80 –37.39 –0.62 –10.2 AquaBounty Technologies AQB 2.51 -0.55 -17.97 4.55 1.52 -23.9
China Shanghai Composite 3354.04 –32.43 –0.96 10.0
no
Yelp YELP 21.92 -4.79 -17.93 39.37 12.89 -40.4

Hong Kong Hang Seng 24531.62 –398.96 –1.60 –13.0 NantHealth NH 4.22 -0.90 -17.58 6.39 0.45 659.3 With 30-plus charts and concise analysis,
India S&P BSE Sensex 38040.57 15.12 0.04 –7.8 6.53 -1.37 -17.34 121.4
Capricor Therapeutics CAPR 12.32 0.88 The Daily Shot morning newsletter delivers an
Japan Nikkei Stock Avg 22329.94 –88.21 –0.39 –5.6 GW Pharmaceuticals ADR GWPH 109.37 -22.73 -17.21 172.12 67.98 -34.5
Singapore Straits Times 2545.51 –0.53 –21.0
overview of the trends impacting global markets.
–13.59 Xunlei ADR XNET 4.10 -0.83 -16.84 7.20 2.02 98.1
South Korea Kospi 2351.67 9.06 0.39 7.0 Sign up now at WSJ.com/DailyShot
Taiwan TAIEX 12828.87 –84.63 –0.66 6.9
Most Active Stocks
Volume % chg from Latest Session 52-Week
Thailand SET 1324.40 –8.82 –0.66 –16.2 Company Symbol (000) 65-day avg Close % chg High Low s 2020 Dow Jones & Co., Inc. All Right reserved. 2DJ6399
Sources: FactSet; Dow Jones Market Data OpGen OPGN 208,953 13466.8 3.37 52.49 12.80 0.92
TOP Ships TOPS 172,436 75.6 0.09 -10.71 9.71 0.07
Get real-time U.S. stock quotes and track most-active iShares Silver Trust SLV 123,530 205.4 26.19 -2.57 26.90 10.86
WSJ
.COM
stocks, new highs/lows and mutual funds.
Plus, deeper money-flows data and email delivery of
key stock-market data.
Conduent
ProSh UltraPro Shrt QQQ
CNDT
SQQQ
117,319
116,845
4757.3
41.4
4.13
5.54
82.74
3.36
* Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
7.97
37.69
1.54
5.34
Currencies
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days
Fri YTDchg Fri YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004315 23177 0.02
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Argentina peso .0137 72.7732 21.5 Europe
Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Brazil real .1839 5.4381 35.3 Czech Rep. koruna .04480 22.323 –1.5
U.S. consumer rates notes and bonds major U.S. trading partners
Canada dollar .7472 1.3384 3.0 Denmark krone .1582 6.3200 –5.1
Chile peso .001268 788.80 6.7 Euro area euro 1.1788 .8484 –4.9
A consumer rate against its Money Market/Savings Accts Colombiapeso .000266 3762.95 14.7 Hungary forint .003405 293.68 –0.6
benchmark over the past year 4.00% 8%
Ecuador US dollar 1 1 unch Iceland krona .007339 136.26 12.5
Bankrate.com avg†: 0.25% Mexico peso .0447 22.3873 18.3 Norway krone .1106 9.0419 3.0
0.90% WSJ Dollar index
s
ableBanking,adivisionofNortheastBank Euro Uruguay peso .02345 42.6350 14.8 Poland zloty .2671 3.7436 –1.3
s
Federal-funds 3.00 4
2.00% Lewiston, ME 877-505-1933 One year ago Asia-Pacific Russia ruble .01357 73.713 18.8
target rate t Sweden krona .1143 8.7509 –6.6
t BrioDirect 0.90% 2.00 0
Australian dollar .7157 1.3972 –1.9
Switzerland franc 1.0959 .9125 –5.7
1.50 China yuan .1435 6.9678 0.1
Montebello, NY 877-369-2746 Turkey lira .1371 7.2930 22.6
Hong Kong dollar .1290 7.7505 –0.5
Money market TAB Bank 0.90% Tradeweb ICE Friday Close 1.00 Ukraine hryvnia .0362 27.6500 16.8
1.00 –4 s India rupee .01333 75.026 5.1
account yields UK pound 1.3050 .7663 1.6
Ogden, UT 800-355-3063 t Yen Indonesia rupiah .0000684 14625 5.3
t Middle East/Africa
0.50 0.00 –8 Japan yen .009440 105.93 –2.5
First Internet Bank of Indiana 0.91%
1 3 6 1 2 3 5 7 10 20 30 Kazakhstan tenge .002382 419.87 10.0 Bahrain dinar 2.6527 .3770 –0.02
Indianapolis, IN 888-873-3424 2019 2020 Macau pataca .1252 7.9870 –0.4 Egypt pound .0627 15.9597 –0.6
0.00 month(s) years
AS O N D J FMAM J J A Sallie Mae Bank 0.99% Malaysia ringgit .2388 4.1875 2.4 Israel shekel .2932 3.4107 –1.3
maturity New Zealand dollar .6599 1.5154 2.0 Kuwait dinar 3.2716 .3057 0.8
2019 2020 Salt Lake City, UT 877-346-2756
Pakistan rupee .00594 168.400 8.6 Oman sul rial 2.5976 .3850 –0.01
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0204 49.104 Qatar rial .2747 3.641 –0.1
–3.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7285 1.3727 2.0 Saudi Arabia riyal .2667 3.7501 –0.03
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008409 1189.18 3.0 South Africa rand .0567 17.6397 26.0
Sri Lanka rupee .0053969 185.29 2.2
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg
Taiwan dollar .03397 29.436 –1.6
Prime rate* 3.25 3.25 3.25 l 5.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03202 31.230 4.9 WSJ Dollar Index 88.74 0.53 0.60 –0.92
Libor, 3-month 0.25 0.25 0.24 l 2.18 -1.06
U.S. Treasury, Barclays 2501.810 0.430 0.410 1.910 0.400 9.24 5.76 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.25 0.26 0.25 l 0.78 -0.04
0.69 l -0.76 U.S. Treasury Long, Barclays 5052.520 1.120 1.100 2.370 0.980 22.24 13.23
Five-year CD, annual yield
30-year mortgage, fixed† 3.08
0.69
3.10
0.67
3.03 l
1.96
4.22 -0.85 Aggregate, Barclays 2299.360 1.040 1.050 2.460 1.020 8.57 5.65
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 2.64 2.72 2.64 l 3.57 -0.47
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Barclays 2230.660 1.030 1.070 2.690 0.930 5.03 3.86
Jumbo mortgages, $510,400-plus† 3.12 3.14 3.06 l 4.71 -1.22 DJ Commodity 603.73 -6.62 -1.08 647.86 433.70 0.81 -6.01
High Yield 100, ICE BofA 3166.122 4.306 n.a. 10.740 4.285 3.109 3.681
Five-year adj mortgage (ARM)† 3.23 3.23 3.06 l 4.78 -0.08 TR/CC CRB Index 146.85 -1.75 -1.18 187.39 106.29 -14.66 -20.96
New-car loan, 48-month 4.27 4.27 4.17 l 4.67 1.37 Muni Master, ICE BofA 592.223 0.860 0.934 3.441 0.860 5.019 4.389 Crude oil, $ per barrel 41.22 -0.73 -1.74 63.27 -37.63 -24.37 -32.49
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. 4.704 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 2.238 0.073 3.37 2.862 1.482 5.62 2.24
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services
Gold, $ per troy oz. 2010.10 -41.40 -2.02 2051.50 1452.10 34.31 32.29
MARKET DATA
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures Dec 508.50 511.00 498.50 503.50 –4.75 112,188 Sept .9481 .9484 .9432 .9443 –.0032 155,560 Dec 27110 27227 26987 27206 46 477
Wheat (KC)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD S&P 500 Index (CME)-$250 x index
Contract Open
Sept 417.00 420.00 t 409.75 415.50 –1.75 135,510 Aug .7492 .7516 .7464 .7472 –.0055 13,938 Sept 3341.30 3346.70 3324.60 3344.80 0.50 24,643
Open High hi lo Low Settle Chg interest
Dec 427.75 430.75 t 420.75 427.25 –1.00 81,281 Sept .7516 .7517 .7464 .7472 –.0055 118,961 Dec … … … 3334.50 0.50 2
Copper-High (CMX)-25,000 lbs.; $ per lb. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Mini S&P 500 (CME)-$50 x index
Aug 2.8740 2.8740 2.7920 2.7905 –0.1150 1,301 Aug 143.575 143.925 142.500 142.725 –.750 5,723 Aug 1.3145 1.3147 1.3012 1.3054 –.0098 626 Sept 3343.75 3347.75 3322.25 3344.75 0.50 2,624,936
Sept 2.9180 2.9185 2.7845 2.7925 –0.1180 110,510 Sept 145.700 146.550 144.975 145.125 –.750 13,486 Sept 1.3150 1.3150 1.3012 1.3055 –.0098 179,690 Dec 3331.50 3336.75 3312.50 3334.50 0.50 60,960
Gold (CMX)-100 troy oz.; $ per troy oz. Cattle-Live (CME)-40,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Mini S&P Midcap 400 (CME)-$100 x index
Aug 2040.10 2057.10 2009.60 2010.10 –41.40 5,122 Aug 102.600 103.700 102.425 102.800 .175 23,359 Sept 1.1011 1.1011 1.0931 1.0960 –.0038 58,704 Sept 1910.00 1938.10 1899.30 1935.80 24.20 56,672
Oct 2065.10 2078.00 s 2015.00 2018.00 –40.40 70,073 Oct 107.000 107.600 106.250 106.450 –.525 124,419
Dec 1.0997 1.1036 1.0959 1.0987 –.0038 159 Dec 1910.80 1928.50 1900.90 1935.30 24.20 3
Dec 2076.40 2089.20 s 2024.80 2028.00 –41.40 409,103 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini Nasdaq 100 (CME)-$20 x index
Feb'21 2086.90 2099.20 s 2036.10 2038.50 –41.60 33,578 Aug 50.500 51.200 50.500 51.000 1.250 12,953
Aug .7201 .7242 s .7145 .7150 –.0085 345 Sept 11260.50 11283.25 s 11035.25 11122.75 –138.50 230,965
April 2100.30 2107.60 s 2045.00 2048.00 –41.40 12,524 Oct 49.725 51.850 49.725 50.975 1.775 105,943
Sept .7237 .7244 s .7145 .7150 –.0085 120,913 Dec 11241.00 11264.75 s 11020.00 11106.25 –138.50 2,096
June 2111.80 2112.70 s 2055.10 2055.50 –41.50 7,458 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Sept 649.40 659.40 s 630.00 648.00 6.40 2,664 Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Russell 2000 (CME)-$50 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. Aug .04458 .04466 .04424 .04458 –.00007 81 Sept 1544.30 1569.00 1531.30 1566.20 21.70 509,726
Aug … … s … 2172.60 –79.20 ... Nov 579.10 583.50 s 559.10 580.50 7.00 1,008
Milk (CME)-200,000 lbs., cents per lb. Sept .04441 .04453 .04404 .04442 –.00007 129,196 Dec 1535.10 1564.30 1529.60 1562.80 21.60 553
Sept 2281.20 2292.00 2148.30 2176.60 –82.80 7,105 Mini Russell 1000 (CME)-$50 x index
Aug 19.99 19.99 19.32 19.36 –.45 5,897 Euro (CME)-€125,000; $ per €
Dec 2287.40 2287.40 2160.10 2189.00 –78.00 3,263 Sept 1851.00 1857.40 1843.20 1855.20 –.90 8,088
Sept 16.88 17.00 16.16 16.23 –.68 4,408 Aug 1.1867 1.1884 1.1758 1.1785 –.0092 1,599
Platinum (NYM)-50 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 1.1888 1.1892 1.1764 1.1791 –.0093 690,213 U.S. Dollar Index (ICE-US)-$1,000 x index
Aug s 965.10 –44.50 15
Sept 2,533 2,552 2,508 2,546 36 50,456 Sept 92.79 93.63 92.74 93.41 .64 34,961
Oct 1023.00 1035.50 963.10 970.40 –43.50 53,001 Dec 2,514 2,527 2,490 2,523 29 80,244 Dec 92.81 93.62 92.81 93.43 .64 1,283
Silver (CMX)-5,000 troy oz.; $ per troy oz. Index Futures
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Aug 29.530 29.530 s 27.525 27.533 –0.854 155 Sept 117.30 118.80 113.60 115.45 –1.55 63,628 Mini DJ Industrial Average (CBT)-$5 x index
Sept 29.025 29.915 s 27.430 27.540 –0.860 131,868 Sept 27292 27371 27105 27333 48 94,903 Source: FactSet
Dec 119.35 120.65 116.00 117.90 –1.05 82,506
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Sept 41.97 42.22 41.06 41.22 –0.73 380,136 Oct 12.95 13.00 12.63 12.67 –.27 386,674
Oct 42.19 42.44 41.33 41.49 –0.71 229,555 13.50 13.55 13.22 13.25 –.25 235,981
Nov 42.54 42.78 41.70 41.86 –0.70 130,459
March'21
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks
Dec 42.86 43.09 42.03 42.19 –0.70 256,446 Sept 27.00 27.00 27.00 27.00 .29 1,071
June'21
Dec
44.29
44.94
44.44
45.09
43.47
44.15
43.63 –0.73
44.34 –0.69
161,621
181,846
Nov 27.20 27.20
Cotton (ICE-US)-50,000 lbs.; cents per lb.
27.20 27.20 .24 2,631 Global Government Bonds: Mapping Yields
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Oct 64.74 64.74 61.78 61.88 –2.53 102 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Sept 1.2516 1.2562 1.2174 1.2199 –.0300 83,517 Dec 64.85 64.87 62.15 62.36 –2.49 124,181
Oct 1.2701 1.2748 1.2401 1.2428 –.0263 45,497 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
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 116.15 116.35 114.00 114.35 –.85 5,453
Nov 119.50 119.50 117.35 117.60 –.85 3,188
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Sept 1.2315 1.2378 1.1956 1.2076 –.0205 107,787 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Oct 1.1638 1.1694 1.1328 1.1459 –.0151 61,526
Interest Rate Futures 0.125 U.S. 2 0.133 s l 0.121 0.161 1.605
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Sept 2.153 2.256 2.140 2.238 .073 317,730 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 0.625 10 0.567 s l 0.540 0.646 1.734
Oct 2.297 2.389 2.283 2.376 .071 142,572 Sept 228-070 229-090 226-060 226-220 –1-11.0 1,041,210 5.750 Australia 2 0.268 t l 0.268 0.256 0.726 13.5 14.7 -87.9
Nov 2.643 2.735 2.633 2.720 .066 105,898 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec 2.975 3.049 2.951 3.044 .059 90,336 Sept 182-090 182-260 181-130 181-190 –21.0 1,080,776 2.500 10 0.837 t l 0.867 0.892 0.973 27.0 32.6 -76.1
Jan'21 3.078 3.151 3.067 3.147 .051 126,428 Dec 180-220 181-050 179-250 179-300 –21.0 25,252 0.000 France 2 -0.590 s l -0.598 -0.603 -0.757 -71.9 -236.2
-72.3
March 2.930 2.976 2.914 2.973 .037 83,523 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Sept 140-045 140-090 139-290 139-305 –6.5 3,452,280 0.000 10 -0.216 s l -0.228 -0.115 -0.314 -78.3 -76.8 -204.8
Agriculture Futures Dec 140-030 140-070 139-270 139-280 –6.5 33,612
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.000 Germany 2 -0.681 s l -0.701 -0.673 -0.856 -81.4 -82.2 -246.1
Corn (CBT)-5,000 bu.; cents per bu. Sept 126-037 126-055 126-002 126-010 –3.0 3,425,891 0.000 10 -0.507 s l -0.530 -0.427 -0.582 -107.4 -107.1 -231.6
Sept 311.00 312.00 t 307.25 307.75 –3.50 508,554 Dec 126-097 126-100 126-050 126-052 –3.5 33,868
Dec 323.50 324.25 t 320.00 320.75 –3.00 693,695 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 1.000 Italy 2 -0.071 s l -0.081 -0.081 -0.023 -20.4 -20.2 -162.8
Oats (CBT)-5,000 bu.; cents per bu. Sept 110-151 110-153 110-141 110-143 –.7 2,178,980 0.950 10 0.934 s 0.932 1.216 1.413 39.1 -32.1
Sept 274.75 277.25 272.75 274.25 –.25 555
l 36.6
Dec 110-158 110-168 110-157 110-157 –.8 885
Dec 268.00 268.00 263.50 264.50 –1.25 3,786 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 0.100 Japan 2 -0.124 s l -0.126 -0.129 -0.237 -25.7 -24.7 -184.2
Soybeans (CBT)-5,000 bu.; cents per bu. Aug 99.9125 99.9125 99.9100 99.9100 –.0025 187,098
Aug 878.00 878.75 871.00 870.25 –10.50 1,199 0.100 10 0.010 t l 0.020 0.040 -0.196 -55.7 -52.1 -193.0
Oct 99.9350 99.9400 99.9300 99.9350 .0000 244,814
Nov 878.75 879.50 866.75 867.50 –10.50 369,165 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 0.400 Spain 2 -0.417 s l -0.436 -0.394 -0.501 -55.7 -210.6
-55.0
Soybean Meal (CBT)-100 tons; $ per ton. Sept 101-315 102-020 101-190 101-220 –11.0 73,006
Aug 281.00 t 280.00
281.30 280.00 –.70 1,156 Eurodollar (CME)-$1,000,000; pts of 100% 1.250 10 0.277 s l 0.276 0.420 0.147 -29.1 -26.4 -158.7
Dec 288.20 t 286.60
289.00 286.80 –1.60 167,646 Aug 99.7725 99.7750 99.7625 99.7650 –.0100 199,035
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 0.500 U.K. 2 -0.007 s l -0.033 -0.071 0.461 -14.0 -15.4 -114.4
Sept 99.7800 99.7850 99.7750 99.7800 –.0050 1,480,165
Aug 31.03 31.46 31.03 31.35 –.17 491 Dec 99.7450 99.7450 99.7300 99.7350 –.0100 1,006,465 4.750 10 0.140 s l 0.109 0.181 0.487 -42.7 -43.1 -124.7
.
Dec 31.28 31.44 30.70 30.75 –.53 176,799 March'21 99.8100 99.8150 99.7950 99.8000 –.0150 922,884
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Source: Tullett Prebon
ly
Sept 11.52 11.58 11.49 11.53 .04 6,196 Currency Futures
Nov 11.53 11.64 11.52
Wheat (CBT)-5,000 bu.; cents per bu.
11.58 .04 3,305
Japanese Yen (CME)-¥12,500,000; $ per 100¥ Corporate Debt
Sept 501.25 503.75 490.50 495.50 –5.75 158,881 Aug .9476 .9481 .9430 .9441 –.0032 1,281 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
Exchange-Traded Borrowing Benchmarks | WSJ.com/bonds

on that same company’s share price.
Investment-grade spreads that tightened the most…
Issuer Symbol Coupon (%) Maturity Current
Spread*, in basis points
One-day change Last week
Stock Performance
Close ($) % chg
Portfolios Money Rates August 7, 2020 EPR Properties EPR 4.500 June 1, ’27 477 –23 479 32.16 6.88
us ,
Southwest Airlines LUV 5.125 June 15, ’27 355 –21 n.a. 33.28 0.79
l
Largest 100 exchange-traded funds, Key annual interest rates paid to borrow or lend money in U.S. and Baxter International BAX 3.750 Oct. 1, ’25 45 –20 55 80.73 0.45
latest session
e
international markets. Rates below are a guide to general levels but
al a
Synovus Financial SNV 3.125 Nov. 1, ’22 150 –19 n.a. 21.42 6.09
Friday, August 7, 2020 don’t always represent actual transactions. 5.930 May 1, ’60 –18 359 170.02
Boeing BA 326 –1.27
Closing Chg YTD
Week —52-WEEK— Biogen BIIB 2.253 May 1, ’30 100 –16 118 305.71 10.10
ci on
ETF Symbol Price (%) (%) Inflation Latest ago High Low
CommSvsSPDR XLC 59.93 –0.12 11.7 June index Chg From (%) M&T Bank MTB 3.550 July 26, ’23 10 –15 10 107.61 3.90
CnsmrDiscSelSector XLY 140.38 0.15 11.9
level May '20 June '19 Switzerland 0.00 0.00 0.50 0.00 Cimarex Energy XEC 3.900 May 15, ’27 270 –15 n.a. 28.35 0.85
CnsStapleSelSector XLP 63.51 0.54 0.8
EnSelectSectorSPDR XLE 37.18 0.13 –38.1
Britain 0.10 0.10 0.75 0.10
FinSelSectorSPDR XLF 24.84 2.14 –19.3 U.S. consumer price index Australia 0.25 0.25 1.00 0.25 …And spreads that widened the most
FT DJ Internet FDN 184.77 –1.49 32.8 All items 257.797 0.55 0.6
HealthCareSelSect XLV 106.41 0.32 4.5 Secondary market Sumitomo Mitsui Financial SUMIBK 1.474 July 8, ’25 69 24 71 ... ...
Core 266.302 0.19 1.2
er s
IndSelSectorSPDR XLI 75.13 1.71 –7.8 Williams Partners … 5.100 Sept. 15, ’45 254 21 271 … …
InvscQQQI QQQ 271.47 –1.15 27.7 Fannie Mae
InvscS&P500EW RSP 109.52 1.01 –5.4 Bank of America BAC 2.881 April 24, ’23 43 11 52 26.11 2.51
133.85 6.4 International rates 30-year mortgage yields
iSh3-7YTreasuryBd IEI –0.07 Banco Santander SANTAN 2.706 June 27, ’24 70 11 n.a. ... ...
m er
iShCoreDivGrowth DGRO 40.20 0.93 –4.4 30 days 1.763 1.788 3.388 1.751
iShCoreMSCIEAFE IEFA 59.98 –0.40 –8.1 Week 52-Week Charles Schwab SCHW 4.200 March 24, ’25 45 11 n.a. 34.04 2.72
iShCoreMSCIEM IEMG 52.50 –1.89 –2.3 Latest High Low
60 days 1.816 1.841 3.403 1.804
iShCoreMSCITotInt IXUS 58.13 –0.90 –6.1
ago
Notes on data: Walgreens Boots Alliance WBA 3.800 Nov. 18, ’24 78 10 76 41.52 1.54
iShCoreS&P500 IVV 335.95 0.07 3.9 Capital One Financial COF 4.250 April 30, ’25 71 9 80 65.75 3.62
iShCoreS&P MC IJH 193.52 1.19 –6.0 Prime rates U.S. prime rate is the base rate on corporate
iShCoreS&P SC 75.03 1.82 –10.5 loans posted by at least 70% of the 10 largest Enterprise Products Operating … 3.900 Feb. 15, ’24 52 8 55 … …
IJR U.S. 3.25 3.25 5.25 3.25
m rp
iShS&PTotlUSStkMkt ITOT 75.36 0.05 3.7 U.S. banks, and is effective March 16, 2020.
iShCoreUSAggBd AGG 119.43 –0.12 6.3 Canada 2.45 2.45 3.95 2.45 Other prime rates aren’t directly comparable; High-yield issues with the biggest price increases…
iShSelectDividend DVY 85.08 1.70 –19.5 Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location.
iShEdgeMSCIMinEAFE EFAV 67.53 0.10 –9.4 Bond Price as % of face value Stock Performance
Complete Money Rates table appears Monday Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShEdgeMSCIMinUSA USMV 64.33 0.75 –1.9 Policy Rates
iShEdgeMSCIUSAMom MTUM 142.04 –0.83 13.1
through Friday.
iShEdgeMSCIUSAQual QUAL 103.27 0.27 2.2 Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet Ford Motor F 4.750 Jan. 15, ’43 94.500 2.78 91.625 6.86 –1.01
iShGoldTr IAU 19.37 –1.73 33.6 Diebold Nixdorf DBD 8.500 April 15, ’24 94.750 2.72 91.250 8.12 2.92
iShiBoxx$InvGrCpBd LQD 138.76 –0.28 8.4
co Fo
iShiBoxx$HYCpBd HYG 85.17 –0.25 –3.1 Service Properties Trust SVC 4.375 Feb. 15, ’30 84.500 2.25 82.828 7.96 9.04
61.51 –0.10 6.1
iShIntermCorpBd
iShJPMUSDEmgBd
IGIB
EMB 114.17 –0.21 –0.3 A Week in the Life of the DJIA APX APXSEC 7.625 Sept. 1, ’23 101.563 1.81 96.000 ... ...
iShMBSETF MBB 110.72 0.05 2.5 Brinks BCO 4.625 Oct. 15, ’27 104.590 1.64 n.a. 47.19 0.47
iShMSCI ACWI ACWI 79.36 –0.45 0.1 A look at how the Dow Jones Industrial Average component stocks Freeport–McMoRan FCX 5.450 March 15, ’43 114.030 1.59 111.709 13.96 –4.12
iShMSCI EAFE EFA 63.63 –0.41 –8.4
iShMSCIEmgMarkets EEM 43.87 –2.05 –2.2 did in the past week and how much each moved the index. The DJIA DCP Midstream Operating DCP 5.125 May 15, ’29 103.530 1.53 101.000 13.96 –3.32
iShNasdaqBiotech IBB 136.23 –0.39 13.0 gained 1,005.16 points, or 3.80%, on the week. A $1 change in the MGM Resorts International MGM 6.750 May 1, ’25 106.000 1.50 104.000 19.03 3.09
iShNatlMuniBd MUB 117.17 ... 2.9
iShPfd&Incm PFF 36.04 0.19 –4.1 price of any DJIA stock = 6.86-point change in the average. To date,
iShRussell1000Gwth
iShRussell1000
IWF
IWB
211.29
186.28
–0.97
–0.04
20.1
4.4
a $1,000 investment on Dec. 31 in each current DJIA stock …And with the biggest price decreases
iShRussell1000Val IWD 120.39 1.07 –11.8 component would have returned $28,347, or a loss of 5.51%, on the Telecom Italia Capital TITIM 6.375 Nov. 15, ’33 123.500 –2.50 122.499 ... ...
iShRussell2000 IWM 156.17 1.59 –5.7 $30,000 investment, including reinvested dividends.
iShRussellMid-Cap IWR 57.97 0.47 –2.8 Bausch Health BHCCN 6.250 Feb. 15, ’29 104.438 –1.56 106.480 ... ...
iShRussellMCValue IWS 82.62 1.30 –12.8
The Week’s Action Nabors Industries NBR 7.250 Jan. 15, ’26 63.000 –1.50 n.a. 51.54 –0.46
iShS&P500Growth IVW 227.49 –0.68 17.5
iShS&P500Value IVE 115.12 1.19 –11.5 Pct Stock price Point chg $1,000 Invested(year-end '19) Tenneco TEN 5.375 Dec. 15, ’24 71.000 –1.50 67.250 8.17 10.41
iShShortCpBd IGSB 55.02 –0.04 2.6 chg (%) change in average* Company Symbol Close $1,000
110.72 ... 0.2
MEDNAX MD 6.250 Jan. 15, ’27 104.760 –1.37 105.750 20.44 0.49
iShShortTreaBd SHV 11.11 12.99 89.10 Walt Disney DIS $129.93 $898
iShSilver SLV 26.19 –2.57 57.0 Hilton Domestic Operating … 4.875 Jan. 15, ’30 104.699 –1.32 105.000 … …
n-
iShTIPSBondETF TIP 126.17 –0.27 8.2 8.03 4.55 31.21 Raytheon Technologies RTX 61.23 703 Genesis Energy GEL 6.250 May 15, ’26 92.520 –1.27 94.000 6.23 3.66
iSh1-3YTreasuryBd SHY 86.56 –0.01 2.3
iSh7-10YTreasuryBd IEF 122.53 –0.21 11.2 7.61 12.02 82.44 Boeing BA 170.02 525 Covanta Holding CVA 5.875 July 1, ’25 105.000 –1.00 104.596 10.15 3.05
iSh20+YTreasuryBd TLT 169.88 –0.67 25.4 6.26 5.84 40.06 American Express AXP 99.16 807
iShRussellMCGrowth IWP 171.04 –1.09 12.1 *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.
iShUSTreasuryBdETF GOVT 28.21 –0.18 8.8 5.31 10.32 70.78 McDonald’s MCD 204.60 1,049 Note: Data are for the most active issue of bonds with maturities of two years or more
no
JPM UltShtIncm JPST 50.82 –0.05 0.8 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
PIMCOEnhShMaturity MINT 101.84 0.02 0.2 5.22 7.86 53.91 3M MMM 158.33 915
SPDR BlmBarcHYBd JNK 105.88 –0.13 –3.3
SPDRBloomBar1-3MTB BIL 91.54 0.01 0.1
5.21 10.31 70.71 Goldman Sachs GS 208.27 917
SPDR Gold GLD 190.81 –1.59 33.5 4.71 14.25 97.74 UnitedHealth Group UNH 317.03 1,087
SchwabIntEquity
SchwabUS BrdMkt
SCHF
SCHB
31.29
79.70
–0.41
0.09
–7.0
3.7 4.57 19.41 133.13 Apple AAPL 444.45 1,524 Dividend Changes
SchwabUS Div SCHD 56.24 1.44 –2.9 4.35
SchwabUS LC SCHX 80.39 0.10 4.7
4.25 29.15 Nike NKE 101.86 1,011 Dividend announcements from August 7.
SchwabUS LC Grw SCHG 112.10 –0.70 20.7 3.82
SchwabUS SC SCHA 71.40 0.96 –5.6
1.57 10.77 Dow DOW 42.63 807 Amount Payable / Amount Payable /
Schwab US TIPs SCHP 61.53 –0.29 8.7 3.64 7.47 51.24 Microsoft MSFT 212.48 1,355 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
SPDR DJIA Tr DIA 274.62 0.26 –3.7 Brookfield Prop Pfd. 2 A BPYPO 8.3 .39844 Q Sep30 /Sep01
SPDR S&PMdCpTr MDY 353.27 1.20 –5.9 3.41 2.86 19.62 Chevron CVX 86.80 739 Increased
Clearway Energy Cl A 3.7 .3125 /.21 Sep15 /Sep01 Brookfield Property Ptrs BPY 11.3 .3325 Q Sep30 /Aug31
SPDR S&P 500 SPY 334.57 0.07 3.9 3.23 1.36 9.33 Exxon Mobil XOM 43.44 644 CWEN.A Q
Canadian Natural Res CNQ 6.4 .31802 Q Oct05 /Sep18
SPDR S&P Div SDY 96.54 1.74 –10.3 Clearway Energy Cl C CWEN 3.5 .3125 /.21 Q Sep15 /Sep01
TechSelectSector XLK 113.74 –1.49 24.1 3.13 5.96 40.88 Visa V 196.36 1,048 Cogent Communications CCOI 3.6 .705 /.68 Q Sep04 /Aug21 Fomento Econ Mexicano ADR FMX 2.6 .68956 SA Aug31 /Aug19
UtilitiesSelSector XLU 61.49 1.80 –4.8 Franco-Nevada FNV 0.7 .26 Q Sep24 /Sep10
VanEckGoldMiner GDX 42.74 –3.37 46.0 2.84 2.74 18.79 JPMorgan Chase JPM 99.38 732 Enviva Partners EVA 6.4 .765 /.68 Q Aug28 /Aug17
VangdInfoTech VGT 303.19 –1.62 23.8 Escalade ESCA 3.2 .14 /.125 Q Sep21 /Sep14 Itau Unibanco Holding ADR ITUB 2.7 .0025 M Oct13 /Sep02
VangdSC Val VBR 115.99 1.83 –15.4 2.57 2.94 20.16 Travelers TRV 117.36 869 Falcon Minerals FLMN 11.2 .03 /.025 Q Sep08 /Aug25 Manulife Financial MFC 5.8 .2111 Q Sep21 /Aug17
VangdSC Grwth VBK 216.14 –0.37 8.8 2.32 6.15 42.18 Home Depot HD 271.64 1,260 Federal Realty Invt Trust FRT 5.4 1.06 /1.05 Q Oct15 /Sep22 Novo Nordisk ADR NVO 1.4 .78261 SA Aug25 /Aug17
VangdDivApp VIG 126.31 0.60 1.3 Terreno Realty 1.9 .29 /.27 Oct16 /Oct02
40.96 –7.0 1.99 0.81 5.56 Walgreens WBA 41.52 719 TRNO Q Osisko Gold Royalties OR 1.3 .0377 Q Oct15 /Sep30
VangdFTSEDevMk VEA –0.41
VangdFTSE EM VWO 43.44 –2.03 –2.3 Tractor Supply TSCO 1.1 .40 /.35 Q Sep09 /Aug24 Pan American Silver PAAS 0.5 .05 Q Aug27 /Aug17
1.95 2.84 19.48 Johnson & Johnson JNJ 148.60 1,033 Victory Capital Cl A VCTR 1.1 .06 /.05 Q Sep25 /Sep10
VangdFTSE Europe VGK 53.51 –0.50 –8.7 PartnerRe Pfd. F PREpF 5.7 .36719 Q Sep01 /Aug21
VangdFTSEAWxUS VEU 50.57 –0.92 –5.9
VangdGrowth VUG 222.16 –0.90 22.0
1.85 2.43 16.67 Procter & Gamble PG 133.55 1,090 Reduced PartnerRe Pfd. G PREpG 6.3 .40625 Q Sep01 /Aug21
1.83 PartnerRe Pfd. H PREpH 7.0 .45313 Q Sep01 /Aug21
VangdHlthCr VHT 205.17 0.30 7.0 1.05 7.20 Verizon VZ 58.53 985 BlackRock TCP Capital TCPC 14.3 .30 /.36 Q Sep30 /Sep16
VangdHiDiv VYM 83.05 1.13 –11.4 MFA Financial MFA ... .05 /.20 Q Oct30 /Sep30 PartnerRe Pfd. I PREpI 5.7 .36719 Q Sep01 /Aug21
VangdIntermBd BIV 94.17 –0.21 8.0 1.64 2.02 13.85 IBM IBM 124.96 967 RenaissanceRe Pfd. E RNRpE 5.3 .33594 Q Sep01 /Aug31
96.91 –0.20 6.1
Shyft Group SHYF 0.5 .025 /.05 SA Sep18 /Aug18
VangdIntrCorpBd VCIT 1.54 2.04 13.99 Caterpillar CAT 134.92 935 RenaissanceRe Pfd. F RNRpF 5.3 .35938 Q Sep01 /Aug31
VangdLC VV 155.21 –0.04 5.0
VangdMC VO 177.12 0.16 –0.6 1.19 0.56 3.84 Coca-Cola KO 47.80 879 Initial Restaurant Brands Intl QSR 3.9 .52 Q Oct02 /Sep18
VangdMBS VMBS 54.46 0.11 2.4 FAT Brands 8.25% Pfd. B FATBP 13.1 .09167 Aug07 / Scorpio Tankers STNG 3.2 .10 Q Sep29 /Sep09
VangdRealEst VNQ 82.39 1.43 –11.2 0.97 0.78 5.35 Merck MRK 81.02 905 Public Storage Pfd. L PSApL 4.3 .334 Sep30 /Sep15 Sprott SII 2.3 .23 Q Sep01 /Aug17
VangdS&P500ETF VOO 307.36 0.05 3.9 Stifel Finl Pfd. C SFpC 5.8 .4934 Sep15 /Sep01
VangdST Bond BSV 83.15 –0.05 3.2 0.70 0.33 2.26 Cisco Systems CSCO 47.43 1,013 Stantec STN 1.4 .1168 Q Oct15 /Sep30
VangdSTCpBd VCSH 83.04 –0.02 2.5 0.63 0.30 2.06 Intel INTC 48.03 816 Foreign Tsakos Energy Pfd D TNPpD 10.7 .54688 Q Aug28 /Aug25
VangdSC VB 158.04 0.65 –4.6 Tsakos Energy Pfd E TNPpE 11.7 .57813 Q Aug28 /Aug25
VangdTotalBd BND 89.38 –0.11 6.6 0.44 0.57 3.91 Walmart WMT 129.97 1,103 BPP 5.75% Pfd. 3 Cl A BPYPN 8.2 .35938 Q Sep30 /Sep01
VangdTotIntlBd BNDX 58.15 –0.19 2.8 BrightSphere Invt Group BSIG 0.3 .01 Q Sep25 /Sep11
VangdTotIntlStk VXUS 52.35 –0.89 –6.0
–0.08 –0.03 –0.21 Pfizer PFE 38.45 1,011 Brookfield Bus Partners BBU 0.9 .0625 Q Sep30 /Aug31 Special
VangdTotalStk VTI 169.80 0.08 3.8 Brookfield Prop 6.5% Pfd. BPYPP 8.1 .40625 Q Sep30 /Sep01 Verso Cl A VRS 3.1 3.00 Sep28 /Sep18
VangdTotlWrld VT 80.69 –0.35 –0.4 *Based on Composite price. DJIA is calculated on primary-market price.
VangdValue VTV 106.06 1.16 –11.5 Source: Dow Jones Market Data; FactSet. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
DarlingIngred DAR 31.63 7.5 GRAVITY GRVY 83.05 11.0 InnovativeIndProp IIPR 117.34 3.1 MurphyUSA MUSA 142.34 1.9 Puxin NEW 12.39 0.6 SummerInfant SUMR 13.16 12.2 Zillow A ZG 85.16 11.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Daseke DSKE 5.66 12.3 GSXTechedu GSX 141.78 -18.5 InnovSolSuprt ISSC 7.24 13.9 NatureSunshine NATR 10.89 6.7 RH RH 317.61 3.0 SunnovaEnergy NOVA 28.73 0.3 Zillow C Z 85.10 11.7
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Deere DE 183.71 1.2 G Willi-Food WILC 19.25 -6.0 Insulet PODD 233.99 -1.2 Nautilus NLS 12.39 7.7 RangeResources RRC 8.32 6.3 SurgeryPartners SGRY 20.96 -1.7
in the latest session. % CHG-Daily percentage change from the previous trading session. DexCom DXCM
DigitalTurbine APPS
456.23
24.42
0.4
6.2
Gaia
Generac
GAIA
GNRC
12.79 3.3
179.35 3.2
IntlMoneyExpress IMXI
iRhythmTechs IRTC
17.88
217.58
5.0
9.6
Neogen
NeoGenomics NEO
NEOG 81.93
41.03
1.9
-0.8
Ranpak
Redfin
PACK
RDFN
9.07
47.12
5.3
0.7
Switch
Synaptics
SWCH
SYNA
19.99
92.32
-2.8
-0.8
Lows
DormanProducts DORM 86.09 2.7 KKR KKR 36.92 0.7 RenewableEnergy REGI 34.98 7.3 AestheticMed AIH 4.40 -1.8
Friday, August 7, 2020 GenieEnergy GNE 9.11 7.2 NexPointPfdA NREFpA 24.60 0.3 T-MobileUS TMUS 118.00 6.5
EPAM Systems EPAM 306.41 0.2 Kemper KMPR 84.91 1.9 RexfordIndPfdC REXRpC 27.27 0.4 CONSOL Coal CCR 3.54 -0.3
GibraltarInds ROCK 63.93 0.3 NextEraEnergy NEE 289.41 1.8 TRowePrice TROW 140.45 1.1
52-Wk % 52-Wk % 52-Wk % EQT EQT 17.24 5.1 KimberlyClark KMB 158.31 0.5 RitchieBros RBA 55.88 13.9 CheckmatePharm CMPI 13.13 -6.7
GladstoneLand LAND 16.76 3.5 NextEraEnergy NEP 63.78 1.0 TechTarget TTGT 41.94 1.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EducDev EDUC 19.76 7.9 KornitDigital KRNT 57.64 0.3 RocketCos. RKT 26.85 15.8 CypressEnvl CELP 2.60 -2.6
GoldStandrdVntr GSV 1.07 9.3 NVIDIA NVDA 460.19 -1.2 TopBuild BLD 143.20 2.0
Electro-Sensors ELSE 4.26 4.4 KuraOncology KURA 21.10 13.8 RocketPharm RCKT 27.73 0.1 EyePointPharm EYPT 0.65 4.5
AspenGroup ASPU 11.06 5.1 CanPacRlwy CP 282.05 1.0 GoldenBull BTBT 5.50 1.6 OmegaFlex OFLX 125.70 3.8 TradeDesk TTD 510.00 2.6
ENSG 58.34 1.9 LHCG 214.00 1.6 ROL 54.86 2.4 FreelineTherap FRLN 17.01 ...
Highs AssdBancPfdF ASBpF
AtHomeGroup HOME
26.00
15.88
0.9
5.4
CanadianSolar CSIQ 26.72
CarrierGlobal CARR 29.03
7.2
2.5
EnsignGroup
Envestnet ENV 92.51 2.8
GoresHoldingsV GRSVU
Grainger GWW
10.25 1.6
349.51 1.3
LHC Group
LandstarSystem LSTR 127.59 1.3
Ontrak
OptimizeRx
OTRK
OPRX
64.33
17.68
2.7
2.2
Rollins
RoperTech ROP 441.55 0.9
TrueCar TRUE
TruistFinlPfdO TFCpO
6.35
27.49
27.7
0.4
GOAcquisitionUn GOAC.U 9.95 0.1
ARYASciencesAcqIII ARYA 10.97 4.4 EnvivaPartners EVA 41.51 0.8 LibertyBroadbandA LBRDA 143.99 0.9 SIGA Tech SIGA 7.97 17.8 GoHealth GOCO 16.40 1.6
AtlUnionPfdA AUBAP 25.93 0.7 CelsiusHldg CELH 22.96 1.8 Grubhub GRUB 76.11 ... Overstock OSTK 112.62 10.1 Tucows TCX 72.90 -6.7 HSBC HSBC 20.98 -0.2
Accenture ACN 231.87 0.3 ExOne XONE 10.44 2.6 LibertyBroadbandC LBRDK 146.02 1.0 STAG Indl STAG 33.78 1.5
AxonicsModul AXNX 46.15 1.8 CharlesRiverLabs CRL 221.64 1.7 HCI Group HCI 59.71 27.4 PGT Innovations PGTI 18.81 0.8 TwistBiosci TWST 71.71 -6.1 HudsonExecA HEC 9.75 0.2
AcutusMedical AFIB 28.93 1.1 eXpWorld EXPI 29.76 9.9 LifewayFoods LWAY 3.79 5.8 SailPointTechs SAIL 38.71 15.1
BRP Group BRP 19.88 9.0 CharterComms CHTR 611.47 ... HarvardBioSci HBIO 4.25 4.8 PRA Group PRAA 45.02 1.0 USA Truck USAK 11.08 2.8 IBEX IBEX 15.25 -18.9
AddexTherap ADXN 37.52 80.7 Facebook FB 278.89 1.2 LightInTheBox LITB 2.77 22.7 Semtech SMTC 59.12 0.5
BerryGlobal BERY 53.85 1.8 CheckmatePharm CMPI 15.35 -6.7 Hawkins HWKN 53.44 4.3 Paccar PCAR 88.63 1.4 UPS B UPS 156.90 7.9 JustEnergyPfdA JEpA 0.64 -12.2
FactSet FDS 358.83 0.7 LiveRamp RAMP 53.88 3.4 SenecaFoods A SENEA 42.76 1.7
AdvDrainageSys WMS 56.03 4.6 BestBuy BBY 103.72 0.1 Chegg CHGG 89.82 2.5 HolicityUn HOLUU 10.10 1.0 PapaJohn's PZZA 100.69 0.6 UnitedRentals URI 174.11 2.9
Fastenal FAST 48.51 1.1 Lowe's LOW 154.12 1.1 SenecaFoods B SENEB 41.66 1.2 JustEnergy JE 0.34 -1.7
AdvMicroDevices AMD 87.29 -2.1 Big5SportingGds BGFV 8.47 25.6 Chipotle CMG 1193.25 -0.5 HomeDepot HD 274.92 0.8 PennNational PENN 49.08 11.7 UnitedHealth UNH 319.00 0.9 LegendBiotech LEGN 31.25 -3.7
FedEx FDX 183.88 6.6 lululemon LULU 343.74 0.9 SharpsCompliance SMED 8.99 9.6
Airgain AIRG 14.96 -2.8 BigLots BIG 47.18 1.5 Ciena CIEN 61.52 0.1 HorizonGlobal HZN 4.92 15.3 PennyMacFin PFSI 55.99 2.1 UplandSoftware UPLD 45.00 0.7 NaviosMariPfdH NMpH 1.78 1.5
FirstSolar FSLR 78.54 13.1 MTBC MTBC 13.40 ... ShockwaveMed SWAV 53.33 3.0
AlloVir ALVR 37.37 7.0 BioceresCropWt BIOX.WS 0.62 -3.4 Clearfield CLFD 19.23 1.0 FocusFinPtrs FOCS 40.94 -3.0 HorizonTherap HZNP 78.93 5.3 Mannatech MTEX 18.26 1.3 Penumbra PEN 237.96 0.6 SimpsonMfg SSD 101.90 -0.4 VaronisSystems VRNS 122.71 -2.4 Nkarta NKTX 23.60 -3.6
AltairEngg ALTR 44.34 -0.3 BoozAllen BAH 84.89 2.1 ClearwayEnergyC CWEN 27.05 4.3 Fonar FONR 26.00 3.2 HormelFoods HRL 51.95 0.9 MarineMax HZO 31.57 4.5 Personalis PSNL 23.00 -0.8 SiriusIntlIns SG 12.00 45.3 VeriskAnalytics VRSK 191.21 0.8 OLB Group OLB 4.75 -44.2
Amedisys AMED 239.49 0.7 BowXAcquisitionUn BOWXU 10.10 0.2 ClearwayEnergyA CWEN.A 25.17 3.8 FortBrandsHome FBHS 79.97 1.8 HubSpot HUBS 268.43 -0.9 Masco MAS 58.18 1.3 PitneyBowes PBI 6.38 11.8 SiTime SITM 64.64 -4.3 WasteConnections WCN 105.49 -1.1 OccidentalPetrolWt OXY.WS 4.06 -7.6
AmerSupercond AMSC 11.98 2.0 BrookfieldRenew BEPC 48.48 3.2 Cloudflare NET 45.28 -3.1 FoxFactory FOXF 111.98 0.9 HudsonTech HDSN 1.28 4.3 McCormick MKC 201.84 1.3 PlugPower PLUG 11.75 5.1 SolarWinds SWI 21.70 12.3 Wayfair W 323.15 -1.0 PathfinderBncp PBHC 9.08 -2.1
AmerWaterWorks AWK 150.04 1.9 Brooks Auto BRKS 57.56 -0.7 ConsldComm CNSL 8.19 4.9 FreedomHolding FRHC 20.05 0.6 Humana HUM 418.84 2.5 McCormickVtg MKC.V 201.60 1.5 Pool POOL 331.12 ... SorrentoTherap SRNE 15.04 6.0 Williams-Sonoma WSM 93.34 3.8 PeabodyEnergy BTU 2.43 -6.7
Annexon ANNX 26.90 2.7 CEVA CEVA 42.36 1.5 Cree CREE 73.96 -0.9 FreelineTherap FRLN 21.69 ... IHS Markit INFO 84.10 1.5 MiratiTherap MRTX 137.29 -0.5 PrincipiaBio PRNB 95.15 5.3 Stamps.com STMP 325.13 17.9 Wingstop WING 170.00 -1.7 RackspaceTech RXT 15.25 -2.5
AppliedOptoelec AAOI 17.57 5.0 Calix CALX 22.69 ... Crexendo CXDO 11.99 2.1 GCI LibertyA GLIBA 83.93 1.9 InariMedical NARI 67.10 -0.4 MolinaHealthcare MOH 196.54 0.9 ProvidenceService PRSC 91.17 3.8 Stepan SCL 114.53 1.1 XcelEnergy XEL 72.83 3.2 SeanergyMaritime SHIP 1.40 -2.7
ArtisanPtrsAsset APAM 39.48 2.1 CanNtlRlwy CNI 100.25 0.6 Danaher DHR 207.66 -0.1 GCPAppliedTechs GCP 26.62 2.9 InfuSystems INFU 14.19 10.7 MonolithicPower MPWR 283.48 -1.3 PublicStoragePfK PSApK 27.39 0.1 StoneCo STNE 50.42 -0.1 YucaipaAcqn YAC.U 10.12 0.5 VistasMediaAcqnUn VMACU 9.91 -0.5
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. -22.45 49.28 19.00 FidNatlFin FNF 3.8 12 35.17 0.58 -10.36 57.09 22.75 MagnaIntl MGA 3.3 dd 49.16 0.03 23.62 209.95 115.29 Salesforce.com CRM ... dd 201.05 -6.74
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 6.25 158.21 91.68 FidNatlInfo FIS 0.91624 147.78 0.78 18.53 100.42 35.20 ManhattanAssoc MANH ... 71 94.53 -1.47 2.61 55.00 37.62 Sanofi SNY 2.3 11 51.51 0.01
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -33.47 31.64 11.10 FifthThirdBncp FITB 5.3 11 20.45 0.68 -27.80 21.23 8.62 ManulifeFin MFC 5.8 10 14.65 0.06 -18.78 27.20 9.74 SantanderCons SC 4.6 24 18.98 -0.09
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -13.80 69.89 37.92 58.com WUBA ... 6 55.80 0.30 -39.14 69.65 15.26 MarathonPetrol MPC 6.3 dd 36.67 0.94 23.19 175.00 72.05 SareptaTherap SRPT ... dd 158.97 4.55
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations -7.53 66.78 29.36 FirstAmerFin FAF 3.3 9 53.93 0.71 -4.65 1347.64 710.52 Markel MKL ... 71 1090.03 12.05 -51.17 41.14 11.87 Schlumberger SLB 2.5 dd 19.63 0.31
-1.13 125.12 70.06 FirstRepBank FRC 0.7 22 116.12 2.17 34.05 561.68 275.50 MarketAxess MKTX 0.5 74 508.20 4.55 -28.43 51.65 28.00 SchwabC SCHW 2.1 14 34.04 0.90
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. s 30.33 78.53 28.47 FirstSolar -38.07 153.39 46.56 Marriott MAR 0.0 34 93.78 3.39 49.25 167.46 76.50 ScottsMiracleGro SMG 1.6 28 158.47 1.71
FSLR ... 79 72.93 8.47
-39.42 52.52 22.85 FirstEnergy FE 5.3 31 29.44 0.26 5.68 119.88 74.33 Marsh&McLen MMC 1.6 30 117.74 -1.03 220.74 146.99 26.41 Sea SE ... dd 129.00 -9.21
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -10.14 125.05 73.50 Fiserv FISV ... 83 103.91 1.53 -21.33 281.82 135.08 MartinMarietta MLM 1.0 22 220.00 6.92 -23.85 64.17 39.02 Seagate STX 5.7 12 45.31 0.35
s-New 52-week high. standards vj-In bankruptcy or receivership or 87.97 131.98 50.73 Five9 FIVN ... dd 123.27 -3.89 35.84 39.40 16.45 MarvellTech MRVL 0.7 16 36.08 -0.55 2.36 45.49 17.06 SealedAir SEE 1.6 18 40.77 0.92
t-New 52-week low. lf-Late filing being reorganized under the -16.37 329.85 168.51 FleetCorTech FLT ... 28 240.61 -22.39 s 21.21 58.18 27.04 Masco MAS 0.9 36 58.17 0.74 40.43 187.99 65.44 SeattleGenetics SGEN ... dd 160.45 -1.35
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -7.61 14.00 5.36 Flex FLEX ... 62 11.66 -0.10 37.34 258.00 139.36 Masimo MASI ... 56 217.08 -2.16 -14.25 161.87 88.00 SempraEnergy SRE 3.2 9 129.90 1.70
four quarters. requirements. assumed by such companies. 33.54 71.72 24.36 Floor&Decor FND ... 49 67.85 -0.35 9.86 347.25 199.99 Mastercard MA 0.5 45 328.02 -2.12 -25.41 54.72 18.25 SensataTechs ST ... 72 40.18 0.62
FD-First day of trading. t-NYSE bankruptcy -38.79 98.05 55.40 FomentoEconMex FMX 2.6 41 57.85 -0.56 11.67 73.52 41.93 MaximIntProducts MXIM 0.0 29 68.69 -0.40 1.59 52.89 33.93 ServiceCorp SCI 1.6 21 46.76 0.22
-26.24 9.65 3.96 FordMotor F 0.0 dd 6.86 -0.07 s 18.75 201.84 112.22 McCormick MKC 1.2 36 201.55 2.50 52.74 454.69 213.99 ServiceNow NOW ...117 431.21 0.88
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. 22.71 151.95 70.20 Fortinet FTNT ... 55 131.00 -8.51 s 17.85 201.60 113.12 McCormickVtg MKC.V 1.2 36 201.60 2.96 -8.72 20.90 12.20 ShawComm B SJR 4.7 19 18.52 -0.14
-3.13 44.72 28.59 Fortis FTS 3.6 20 40.22 -0.01 3.54 221.93 124.23 McDonalds MCD 2.4 32 204.60 1.42 12.54 659.87 325.43 SherwinWilliams SHW 0.8 35 656.72 2.15
-5.45 80.61 37.31 Fortive FTV 0.4 49 72.23 1.53 9.89 172.18 112.60 McKesson MCK 1.1 27 152.00 0.25 -32.89 39.74 17.09 ShinhanFin SHG 4.5 ... 25.55 -0.31
Friday, August 7, 2020 YTD 52-Week Yld Net s 22.15 79.97 33.90 FortBrandsHome FBHS 1.2 26 79.81 1.38 -5.87 24.29 12.35 MedicalProp MPW 5.4 24 19.87 0.16 164.88 1107.92 282.08 Shopify SHOP ... dd 1053.12 -35.01
% Chg Hi Lo Stock Sym % PE Last Chg -33.45 39.73 19.81 FoxA FOXA 1.9 12 24.67 -0.32 -11.81 122.15 72.13 Medtronic MDT 2.3 28 100.05 3.32 14.70 13.27 3.50 Sibanye-Stillwater SBSW ... dd 11.39 -0.47
YTD 52-Week Yld Net -31.62 38.84 19.13 FoxB FOX 1.8 12 24.89 -0.27 -28.13 25.22 10.81 MelcoResorts MLCO 0.0 dd 17.37 -0.55 -58.25 163.60 42.25 SimonProperty SPG 8.4 10 62.19 0.99
% Chg Hi Lo Stock Sym % PE Last Chg -37.84 70.74 6.02 CaesarsEnt CZR ... dd 37.07 -0.68
-16.21 120.73 62.48 CamdenProperty CPT 3.7 45 88.90 -0.75 48.66 166.11 77.18 Franco-Nevada FNV 0.7138 153.57 -2.75 108.76 1248.22 422.22 MercadoLibre MELI ... dd 1193.97 -25.99 -16.36 7.40 4.11 SiriusXM SIRI 0.9 26 5.98 0.06
ABC 1.11 57.54 40.70 CampbellSoup CPB 2.8 28 49.97
-14.88 87.62 46.45 CIBC CM 6.0 10 70.82
0.09
0.44
-14.13 30.41
6.40 14.76
14.91 FranklinRscs BEN
4.82 FreeportMcM FCX
4.8 11 22.31
0.0 dd 13.96
0.46
-0.60
-10.92 92.64 65.25 Merck
-24.03 53.28 22.85 MetLife
MRK
MET
3.0 20 81.02
4.8 5 38.72
-0.03
1.74
19.43 149.49 67.90 Skyworks
28.78 40.07 15.10 SlackTech
SWKS
WORK
1.4 32 144.37
... dd 28.95
-3.70
-1.14
7.89 26.48 14.71 ABB ABB 2.6 43 25.99 -0.04 s 10.65 100.25 65.13 CanNtlRlwy CNI 1.7 26 100.08 0.62 16.56 46.55 29.17 FreseniusMed FMS 0.0 18 42.93 -0.37 19.02 955.00 579.40 MettlerToledo MTD ... 42 944.17 5.92 2.67 53.72 33.80 SmithAO AOS 2.0 27 48.91 0.31
-0.12 58.72 23.77 AcadiaPharm ACAD ... dd 42.73 -0.90 -38.42 32.79 6.71 CanNaturalRes CNQ 6.4483 19.92 0.58 -5.49 113.28 53.15 MicrochipTech MCHP 1.5 40 98.97 -0.22 -13.00 52.26 26.07 Smith&Nephew SNN 1.7 47 41.82 0.85
53.85 17.21 3.40 ADT ADT 1.1 dd 12.20 0.18 s 10.61 282.05 173.26 CanPacRlwy CP 1.0 22 281.99 2.87 GHI -9.35 61.19 31.13 MicronTech MU ... 24 48.75 0.05 6.65 125.62 91.88 Smucker SJM 3.2 16 111.05 0.76
-10.67 52.40 21.76 AECOM ACM ... dd 38.53 0.22 -37.33 28.41 16.10 Canon CAJ 5.5 27 17.14 0.31 34.74 217.64 132.25 Microsoft MSFT 1.0 37 212.48 -3.87 32.15 26.76 7.89 Snap SNAP ... dd 21.58 0.23
s 18.02 83.93 26.51 GCI LibertyA GLIBA ... 14 83.62 1.52 -11.66 148.88 82.00 MidAmApt MAA 3.4 40 116.49 -0.01 -13.05 172.61 90.72 SnapOn SNA 2.9 14 147.30 1.07
-13.77 21.23 8.11 AES AES 3.3 61 17.16 0.61 -21.15 34.34 9.00 CanopyGrowth CGC ... dd 16.63 -0.89 56.09 91.97 37.40 GDS Holdings GDS ... dd 80.51 -4.98
-30.96 55.07 23.07 Aflac AFL 3.1 9 36.52 1.11 -36.11 107.59 38.00 CapitalOne COF 0.6 dd 65.75 2.30 -27.26 5.54 3.32 MitsubishiUFJ MUFG 4.8 17 3.95 0.05 17.23 33.30 15.20 SOQUIMICH SQM 2.0 34 31.29 -0.25
... 23.27 11.92 GFLEnvironmental GFL 0.2 dd 21.56 -0.55 -17.48 3.20 1.96 MizuhoFin MFG 4.1 9 2.55 ... 122.39 221.25 67.02 SolarEdgeTech SEDG ... 63 211.47 5.15
-22.91 19.65 6.25 AGNC Invt AGNC 10.6 dd 13.63 0.01 3.95 60.69 39.05 CardinalHealth CAH 3.7 dd 52.58 -0.53 s 389.43 141.78 11.72 GSXTechedu GSX ...561 106.99 -24.28 -12.22 11.00 6.20 MobileTeleSys MBT 7.6 9 8.91 -0.09 s 15.69 21.70 11.50 SolarWinds SWI ...221 21.46 2.35
85.48 17.05 4.10 ANGI Homesvcs ANGI ...517 15.71 -0.09 -22.19 169.86 97.55 Carlisle CSL 1.6 19 125.92 4.54 -7.77 274.03 112.00 Galapagos GLPG ... 66 190.75 3.13
21.35 319.83 200.07 Ansys ANSS ... 68 312.37 -2.88 -14.34 34.98 15.21 Carlyle CG 3.9 dd 27.48 -0.22 278.83 95.21 12.47 Moderna MRNA ... dd 74.10 0.34 17.69 84.14 50.94 Sony SNE 0.4 16 80.03 -0.44
12.16 109.46 65.09 Gallagher AJG 1.7 28 106.81 1.25 -37.20 153.05 56.62 MohawkInds MHK ... 13 85.65 -0.71 -14.14 71.10 41.96 Southern SO 4.7 18 54.69 0.80
-14.93 5.70 3.17 ASETech ASX 1.9 14 4.73 -0.06 14.38 103.18 37.59 CarMax KMX ... 27 100.28 -0.37 -9.69 50.99 13.04 Gaming&Leisure GLPI 6.2 20 38.88 0.73
23.70 402.87 191.25 ASML ASML 0.6 48 366.07 -3.16 -72.02 51.94 7.80 Carnival CCL 0.0 dd 14.22 0.44 s 44.45 196.54 102.85 MolinaHealthcare MOH ... 15 196.01 1.75 6.07 46.61 23.43 SoCopper SCCO 3.6 30 45.06 -1.11
4.44 105.58 61.04 Garmin GRMN 2.4 21 101.89 -0.44 -30.85 61.94 33.18 MolsonCoorsB TAP 0.0 dd 37.27 0.70 -38.35 58.83 22.46 SouthwestAir LUV 0.0 83 33.28 0.26
-23.18 39.70 26.08 AT&T T 6.9 18 30.02 0.18 -74.98 49.03 7.08 Carnival CUK 16.6 dd 12.05 0.29 -14.64 165.26 76.91 Gartner IT ... 50 131.54 0.88
16.54 102.89 61.61 AbbottLabs ABT 1.4 58 101.23 -0.52 s ... 29.03 11.50 CarrierGlobal CARR 1.1 ... 28.97 0.70 0.94 59.96 41.19 Mondelez MDLZ 2.3 23 55.60 0.11 33.79 217.36 93.92 Splunk SPLK ... dd 200.38 -13.28
s 77.55 179.35 71.43 Generac GNRC ... 45 178.60 5.62 51.70 243.92 93.81 MongoDB MDB ... dd 199.65 -14.10 68.59 299.67 109.18 Spotify SPOT ... dd 252.12 -3.20
4.95 101.28 62.55 AbbVie ABBV 5.1 20 92.92 0.35 108.58 225.45 22.16 Carvana CVNA ... dd 192.00 -30.99 -13.26 193.76 100.55 GeneralDynamics GD 2.9 14 152.97 3.83
82.20 319.19 119.01 Abiomed ABMD ... 89 310.82 -4.16 7.59 181.99 114.01 CaseysGenStores CASY 0.7 24 171.06 1.18 s 56.57 283.48 130.12 MonolithicPower MPWR 0.7101 278.73 -3.77 135.33 158.43 32.33 Square SQ ...246 147.22 -6.78
-42.65 13.26 5.48 GeneralElec GE 0.6 16 6.40 0.07 30.90 83.96 50.06 MonsterBev MNST ... 39 83.19 -0.32 -5.12 173.67 70.00 StanleyBlackDck SWK 1.8 30 157.26 2.22
86.95 110.75 37.60 AcceleronPharma XLRN ... dd 99.12 -7.34 56.61 91.18 31.04 Catalent CTLT ...126 88.17 -0.02 20.15 66.14 46.59 GeneralMills GIS 3.0 18 64.35 0.17
s 9.97 231.87 137.15 Accenture ACN 1.4 30 231.56 0.67 -8.64 150.55 87.50 Caterpillar CAT 3.1 18 134.92 0.53 16.05 296.66 164.19 Moody's MCO 0.8 30 275.52 -3.80 -13.80 98.14 50.02 Starbucks SBUX 2.2 68 75.79 0.13
-26.99 39.86 14.32 GeneralMotors GM 0.0 25 26.72 0.10 -1.51 57.57 27.20 MorganStanley MS 2.8 9 50.35 0.90 -12.05 85.89 42.10 StateStreet STT 3.0 11 69.57 3.03
38.79 87.73 44.91 ActivisionBliz ATVI 0.5 35 82.47 -4.37 -17.98 128.88 52.70 Celanese CE 2.5 19 100.98 2.01 63.55 36.63 16.24 Genmab GMAB ... 68 36.52 0.18
36.31 470.61 255.13 Adobe ADBE ... 59 449.57 -14.54 -52.02 10.82 1.41 CenovusEnergy CVE 0.0 dd 4.87 -0.08 6.12 178.57 102.59 Morningstar MORN 0.7 47 160.57 -2.42 -16.30 35.78 14.98 SteelDynamics STLD 3.5 11 28.49 0.50
-1.87 45.20 19.41 Genpact G 0.9 25 41.38 -0.38 -20.56 23.18 6.50 Mosaic MOS 1.2 dd 17.19 1.05 2.54 67.94 38.45 Stericycle SRCL ... dd 65.43 1.33
-5.11 171.43 71.33 AdvanceAuto AAP 0.7 28 151.97 0.14 2.24 74.70 41.62 Centene CNC ... 22 64.28 0.56 -6.07 31.27 19.48 Gentex GNTX 1.8 23 27.22 0.17
s 85.02 87.29 27.43 AdvMicroDevices AMD ...166 84.85 -1.86 -25.16 30.71 11.58 CenterPointEner CNP 2.9 dd 20.41 0.14 -10.48 187.49 120.77 MotorolaSol MSI 1.8 30 144.26 0.23 1.18 168.98 105.69 Steris STE 1.0 32 154.22 -1.76
-12.69 108.58 49.68 GenuineParts GPC 3.41015 92.75 0.52 -18.63 23.11 12.75 Mylan MYL ... 31 16.36 -0.07 6.39 31.98 14.67 STMicroelec STM 0.7 27 28.63 -0.28
-28.26 4.70 1.80 Aegon AEG 4.3 5 3.25 0.07 -25.86 11.69 2.96 CentraisElBras EBR ... 5 6.91 -0.18 6.73 85.97 60.89 GileadSciences GILD 3.9 dd 69.35 0.54
14.62 99.36 61.13 AgilentTechs A 0.7 45 97.78 0.33 -20.59 15.30 8.16 CenturyLink CTL 9.5 9 10.49 -0.07 40.50 228.54 110.59 NICE NICE ... 73 217.99 -6.86 s 22.99 50.42 17.72 StoneCo STNE ... 72 49.06 -0.03
-13.19 48.25 31.43 GSK GSK 4.9 17 40.79 -0.18 233.83 16.44 1.19 NIO NIO ... dd 13.42 -0.42 -8.76 226.30 124.54 Stryker SYK 1.2 45 191.54 2.95
33.66 84.66 31.00 AgnicoEagle AEM 1.0 40 82.35 -1.75 3.73 87.00 38.40 CeridianHCM CDAY ...140 70.41 -4.09 -4.23 209.62 105.54 GlobalPayments GPN 0.4118 174.83 -1.67
19.87 299.82 167.43 AirProducts APD 1.9 33 281.69 -1.30 -4.56 80.90 53.08 Cerner CERN 1.0 42 70.04 0.09 -13.76 41.78 19.54 NRG Energy NRG 3.5 2 34.28 0.30 -24.97 7.56 4.49 SumitomoMits SMFG 5.2 7 5.56 0.07
68.68 185.76 70.83 Globant GLOB ...123 178.88 -5.26 1.75 4071.13 2043.01 NVR NVR ... 19 3875.01 1.03 -0.30 173.98 95.34 SunComms SUI 2.1113 149.65 3.45
26.44 116.39 75.18 AkamaiTech AKAM ... 33 109.22 0.04 s 45.06 221.64 95.58 CharlesRiverLabs CRL ... 41 221.60 3.80 -21.44 111.43 56.74 GlobeLife GL 0.9 12 82.68 2.35
15.61 99.40 48.89 Albemarle ALB 1.8 21 84.44 1.10 s 24.08 611.47 345.67 CharterComms CHTR ... 57 601.87 -0.27 -5.15 139.59 58.41 NXP Semi NXPI 1.2 dd 120.71 -1.74 -9.66 50.13 24.37 SunLifeFinancial SLF 3.9 14 41.17 0.63
14.66 85.46 40.25 GoDaddy GDDY ... dd 77.88 -1.12 24.06 135.51 71.66 Nasdaq NDAQ 1.5 28 132.87 2.17 -50.67 34.56 9.61 SuncorEnergy SU 3.9 dd 16.18 -0.25
... 16.50 13.72 Albertsons ACI ... 8 15.35 0.08 11.51 130.65 80.06 CheckPoint CHKP ... 22 123.73 0.01 98.18 14.39 3.79 GoldFields GFI 0.6 69 13.08 -0.84
9.49 65.37 39.37 Alcon ALC ... dd 61.94 0.46 s 129.44 89.82 25.89 Chegg CHGG ...173960 86.98 2.16 -5.54 69.08 44.29 NationalGrid NGG 5.2 26 59.20 -0.02 -13.92 10.84 4.43 Suzano SUZ 1.2 dd 8.47 -0.17
-9.42 250.46 130.85 GoldmanSachs GS 2.4 11 208.27 4.02 -32.17 59.26 24.04 NatlRetailProp NNN 5.7 28 36.37 0.52 -34.21 38.18 12.15 SynchronyFin SYF 3.7 7 23.69 0.60
8.71 177.70 109.22 AlexandriaRlEst ARE 2.4 54 175.65 1.27 16.54 513.75 330.01 Chemed CHE 0.3 32 511.92 4.49 5.25 56.98 38.43 Graco GGG 1.3 35 54.73 0.58
-4.50 125.52 72.67 AlexionPharm ALXN ... 28 103.28 -0.62 -12.66 67.49 27.06 CheniereEnergy LNG ... 14 53.34 0.22 ... 23.90 7.93 Natura&Co NTCO 0.0 dd 17.24 -0.75 7.17 74.25 30.02 SyneosHealth SYNH ... 36 63.74 -0.51
s 3.21 349.51 200.61 Grainger GWW 1.8 30 349.38 4.32 -54.19 7.05 2.45 NatWest NWG 0.0 32 2.95 -0.01 -0.12 153.07 52.06 Synnex SNX 0.0 14 128.64 0.75
18.86 268.00 155.54 Alibaba BABA ... 31 252.10 -13.58 -7.54 49.30 17.75 CheniereEnerPtrs CQP 6.9 16 36.81 -0.79 -21.68 25.73 13.40 Grifols GRFS 1.6 20 18.24 -0.25
9.59 326.36 127.88 AlignTech ALGN ... 14 305.81 4.01 -27.97 125.27 51.60 Chevron CVX 5.9 dd 86.80 -0.67 ... 91.88 66.82 nCino NCNO ... dd 75.37 0.04 42.81 204.90 104.90 Synopsys SNPS ... 65 198.79 -3.47
s 54.21 76.11 29.35 Grubhub GRUB ... dd 75.01 0.01 -31.24 65.38 34.66 NetApp NTAP 4.5 12 42.80 0.59 -32.43 85.98 26.00 Sysco SYY 3.1 22 57.80 1.40
-32.50 847.95 426.87 Alleghany Y 0.0 dd 539.67 20.10 89.34 59.30 20.62 Chewy CHWY ... dd 54.91 -1.83 -49.20 8.92 3.32 GpoAvalAcc AVAL 7.5 5 4.43 -0.08
-19.62 139.24 77.37 Allegion ALLE 1.3 33 100.11 0.91 -32.88 28.50 15.80 ChinaEastrnAir CEA ... 12 18.37 -0.19 52.13 503.27 235.01 NetEase NTES 1.6 19 466.50 -15.53
... 60.28 37.66 AlliantEnergy LNT 2.8 21 54.72 1.38 -15.91 14.70 8.27 ChinaLifeIns LFC 3.8 9 11.63 -0.28
9.56 107.17 55.90 GuardantHealth GH
4.24 124.16 71.64 Guidewire
... dd 85.61
GWRE ... dd 114.42
2.86
-4.65
52.90 575.37 252.28 Netflix NFLX ... 83 494.73 -14.35 TUV
-13.82 125.92 64.13 Allstate ALL 2.2 7 96.91 2.43 -17.39 44.93 30.12 ChinaMobile CHL 5.4 9 34.92 0.45 7.09 136.26 72.14 Neurocrine NBIX ... 55 115.11 -0.91
-11.87 151.97 58.38 HCA Healthcare HCA 0.0 13 130.27 -2.05 16.18 153.02 100.78 NewOrientalEduc EDU ... 54 140.87 -6.73 58.88 82.49 31.11 TAL Education TAL ...382900 76.58 -4.72
-29.74 35.42 10.22 AllyFinancial ALLY 3.5 12 21.47 0.38 -26.87 64.30 41.30 ChinaPetrol SNP 8.9 16 43.99 -0.98 -26.57 65.38 29.50 HDFC Bank HDB 0.7 22 46.53 0.22 -9.96 57.92 32.37 TC Energy TRP 5.1 14 48.00 -0.16
24.62 167.33 73.32 AlnylamPharm ALNY ... dd 143.53 -0.59 -30.57 35.60 18.45 ChinaSoAirlines ZNH 0.0 15 23.33 -0.52 41.78 47.95 26.13 NYTimes A NYT 0.5 54 45.61 -0.87
-7.11 43.25 21.69 HD Supply HDS ... 15 37.36 0.52 -10.77 20.99 10.44 NewellBrands NWL 5.4 dd 17.15 0.33 -25.88 53.99 27.70 TD Ameritrade AMTD 3.4 10 36.84 0.99
11.87 1587.05 1008.87 Alphabet A GOOGL ... 33 1498.37 -6.58 -28.87 48.30 26.66 ChinaTelecom CHA 5.0 25 29.30 -0.60 -10.12 23.93 12.54 HP HPQ 3.8 9 18.47 0.20 -3.57 101.00 48.62 TE Connectivity TEL 2.1 dd 92.42 0.71
11.78 1586.99 1013.54 Alphabet C GOOG ... 33 1494.49 -5.61 -39.96 11.08 5.08 ChinaUnicom CHU 3.3 10 5.62 -0.02 58.60 72.22 33.00 Newmont NEM 1.5 14 68.91 -1.20
t -45.41 39.69 20.98 HSBC HSBC 4.7 dd 21.34 -0.04 -1.31 15.36 7.88 NewsCorp B NWS 1.4 dd 14.32 0.82 -6.74 20.91 13.54 Telus TU 4.8 21 18.06 0.01
21.30 185.75 75.17 Alteryx AYX ... dd 121.38 -47.62 s 41.04 1193.25 415.00 Chipotle CMG ...131 1180.62 -6.18 48.52 28.47 11.78 HUYA HUYA ... 76 26.66 -1.35 -25.80 20.32 10.29 TIM Part TSU 2.7 7 14.18 0.03
1.57 31.78 15.96 AlticeUSA ATUS ... 90 27.77 0.16 -16.52 167.74 87.35 Chubb CB 2.4 27 129.95 3.39 1.38 15.07 7.90 NewsCorp A NWSA 1.4 dd 14.34 0.83
-39.15 25.47 4.25 Halliburton HAL 1.2 dd 14.89 0.07 s 18.84 289.41 174.80 NextEraEnergy NEE 1.9 40 287.78 4.97 -9.19 64.95 32.72 TJX TJX 0.0 41 55.45 2.04
-15.51 52.45 30.95 Altria MO 8.2 dd 42.17 0.62 -0.14 39.47 33.71 ChunghwaTel CHT 3.0 27 36.85 0.26 -29.57 62.75 19.04 HartfordFinl HIG 3.0 9 42.80 1.22 s 46.76 118.00 63.50 T-MobileUS TMUS ... 38 115.09 6.99
-20.14 9.07 4.60 AlumofChina ACH ... 75 6.94 -0.35 35.00 96.72 47.98 Church&Dwight CHD 1.0 33 94.96 -0.16 0.54 105.62 60.00 Nike NKE 1.0 64 101.86 1.41
-27.33 123.05 41.33 Hasbro HAS 3.5 26 76.75 -0.14 255.82 93.99 10.16 Nikola NKLA ... dd 36.72 0.42 s 14.60 140.45 82.51 TRowePrice TROW 2.6 17 139.63 1.47
71.41 3344.29 1626.03 Amazon.com AMZN ...122 3167.46 -57.54 18.60 167.53 52.90 ChurchillDowns CHDN 0.4 dd 162.72 2.56 -11.39 34.22 20.61 HealthcareAmer HTA 4.7168 26.83 -0.44 37.75 84.00 40.25 TaiwanSemi TSM 1.7 28 80.03 -0.49
-47.21 5.12 1.90 Ambev ABEV ... 19 2.46 -0.03 s 42.87 61.52 30.58 Ciena CIEN ... 30 60.99 0.04 -11.10 30.67 19.56 NiSource NI 3.4 dd 24.75 0.41
-17.00 37.93 18.63 HealthpeakProp PEAK 5.2 46 28.61 0.56 34.23 5.45 2.34 Nokia NOK 0.9 41 4.98 -0.02 42.91 180.61 100.00 TakeTwoSoftware TTWO ... 45 174.96 -2.38
-0.28 11.20 5.80 Amcor AMCR 4.3 34 10.81 0.01 -12.86 224.64 118.50 Cigna CI 0.0 13 178.19 5.12 -8.19 113.69 51.78 Heico A HEI.A 0.2 31 82.20 0.34 -8.01 20.93 12.43 TakedaPharm TAK 3.5 58 18.15 -0.04
-14.27 77.29 44.05 Amdocs DOX 2.1 17 61.89 0.01 -22.33 118.19 46.07 CincinnatiFin CINF 2.9 24 81.67 2.22 -4.65 5.41 3.40 NomuraHoldings NMR 3.3 6 4.92 -0.02
-12.05 147.93 52.01 Heico HEI 0.2 38 100.39 -0.12 22.48 203.67 96.45 Nordson NDSN 0.8 34 199.45 3.26 74.72 110.80 43.69 TandemDiabetes TNDM ... dd 104.15 -1.35
s 41.98 239.49 121.00 Amedisys AMED ... 61 237.00 1.61 15.21 311.01 154.33 Cintas CTAS 0.8 38 310.01 6.98 1.62 73.99 41.85 HenrySchein HSIC ... 25 67.80 0.82 2.76 131.93 81.05 Target TGT 2.1 24 131.75 2.74
-7.88 426.50 222.34 Amerco UHAL 0.0 17 346.20 4.02 -1.11 53.07 32.40 CiscoSystems CSCO 3.0 19 47.43 -0.34 2.50 219.88 112.62 NorfolkSouthern NSC 1.9 25 198.99 3.22
4.85 52.89 20.73 Herbalife HLF ... 23 49.98 -2.65 -21.64 110.48 60.67 NorthernTrust NTRS 3.4 13 83.25 3.19 -36.15 19.44 5.60 TeckRscsB TECK 1.3 dd 11.09 -0.28
7.01 87.66 58.74 Ameren AEE 2.4 24 82.18 1.12 -34.76 83.11 32.00 Citigroup C 3.9 9 52.12 1.23 -2.08 162.20 109.88 Hershey HSY 2.2 28 143.92 0.25 131.39 253.00 54.58 TeladocHealth TDOC ... dd 193.72 -18.78
-20.62 18.04 10.12 AmericaMovil AMX 2.7 40 12.70 -0.03 -37.38 41.29 14.12 CitizensFin CFG 6.0 10 25.43 0.67 -4.27 385.00 263.31 NorthropGrum NOC 1.8 23 329.27 2.93
-20.63 74.11 26.06 Hess HES 1.9 dd 53.03 -0.36 -8.46 28.70 15.12 NortonLifeLock NLOK 2.1 5 23.36 1.20 -23.00 15.78 6.57 TelecomArgentina TEO 14.2 dd 8.74 -0.05
-21.45 17.94 10.41 AmericaMovil A AMOV 2.8 40 12.49 -0.09 27.27 173.56 90.57 CitrixSystems CTXS 1.0 24 141.14 0.35 -36.38 17.59 7.43 HewlettPackard HPE 4.8 dd 10.09 -0.02 -6.49 398.99 195.34 TeledyneTech TDY ... 31 324.06 2.14
-54.57 31.67 8.25 AmerAirlines AAL 0.0 dd 13.03 -0.01 71.96 29.95 15.00 Clarivate CCC ... dd 28.89 -0.81 -12.44 99.84 69.18 Novartis NVS 2.4 26 82.91 -0.50
-16.21 117.68 72.29 Hill-Rom HRC 0.9 31 95.13 -1.32 4178.64 189.40 3.54 Novavax NVAX ... dd 170.29 2.79 -0.78 405.07 221.27 Teleflex TFX 0.4 37 373.50 3.93
-8.37 104.97 65.14 AEP AEP 3.2 23 86.60 1.93 54.68 239.87 144.12 Clorox CLX 1.9 32 237.49 1.34 -24.53 115.48 44.30 Hilton HLT 0.0641 83.70 1.00 32.46 11.93 6.15 Ericsson ERIC 0.4137 11.63 -0.08
-20.35 138.13 67.00 AmerExpress AXP 1.7 21 99.16 3.24 s 134.82 45.28 14.50 Cloudflare NET ... dd 40.06 -1.29 11.68 68.96 48.60 NovoNordisk NVO 1.4 25 64.64 0.95
31.30 73.63 26.49 Hologic HOLX ... 28 68.55 -1.70 -6.21 98.84 53.40 Novocure NVCR ...722 79.04 0.07 -34.64 14.68 7.75 TelefonicaBras VIV 6.0 13 9.36 -0.18
11.48 29.89 17.50 AmHomes4Rent AMH 0.7107 29.22 0.27 -13.64 60.13 36.27 Coca-Cola KO 3.4 22 47.80 0.32 s 24.39 274.92 140.63 HomeDepot HD 2.2 27 271.64 2.27 -40.32 8.06 3.75 Telefonica TEF 7.8 20 4.16 0.02
-40.27 58.66 16.07 AIG AIG 4.2 dd 30.66 1.34 -18.57 58.94 28.35 Coca-Cola Euro CCEP 3.3 24 41.43 0.82 65.34 30.07 13.51 NuanceComms NUAN ... 54 29.48 -0.12
-12.86 29.44 19.38 HondaMotor HMC 3.5 23 24.67 -0.57 -21.22 58.70 27.52 Nucor NUE 3.6 27 44.34 1.08 -29.40 31.48 16.06 TelekmIndonesia TLK 3.0 15 20.12 -0.29
12.09 272.20 174.32 AmerTowerREIT AMT 1.7 60 257.61 2.10 19.81 68.93 35.20 Cognex CGNX 0.3 83 67.14 -0.43 -12.37 184.06 101.08 Honeywell HON 2.3 19 155.11 2.53 26.07 108.36 45.11 10xGenomics TXG ... dd 96.13 -3.08
-25.94 52.96 23.85 Nutrien NTR 5.1 23 35.48 0.24
.
s 21.93 150.03 92.00 AmerWaterWorks AWK 1.5 42 149.79 2.82 8.80 71.48 40.01 CognizantTech CTSH 1.3 23 67.48 -0.10 s 110.11 78.93 23.81 HorizonTherap HZNP ... 31 76.06 -46.69 23.77 9.10 Tenaris TS 0.0 dd 12.07 -0.10
12.72 41.29 23.30 AmericoldRealty COLD 2.1 76 39.52 -1.53 10.75 77.46 58.49 ColgatePalm CL 2.3 25 76.24 0.38
3.84 s 90.39 460.19 147.39 NVIDIA NVDA 0.1 84 447.98 -5.44
s 14.43 51.95 39.01 HormelFoods HRL 1.8 30 51.62 0.44 36.46 17.97 9.22 TencentMusic TME ... 48 16.02 -0.55
ly
-4.05 180.85 80.01 Ameriprise AMP 2.6 8 159.84 5.03 -4.80 47.74 31.70 Comcast A CMCSA 2.1 17 42.81
20.09 106.45 72.06 AmerisourceBrgn ABC 1.6 13 102.10 0.49 -11.78 71.92 45.51 CommerceBcshrs CBSH 1.8 23 59.94
-0.06
1.53
29.63 70.29 25.51 DR Horton
-38.01 18.90 7.86 HostHotels
DHI 1.0 12 68.38
HST 0.0100 11.50
0.76
0.74
OPQ 28.42 92.24 42.87 Teradyne
247.26 1794.99 211.00 Tesla
TER 0.5 25 87.57
TSLA ...756 1452.71
-3.29
-36.87
-1.96 102.31 54.82 Ametek AME 0.7 25 97.79 0.27 -27.71 15.40 5.54 SABESP SBS 1.9 14 10.88 -0.16 -32.22 27.87 9.25 HowmetAerospace HWM 0.0 14 16.96 -0.32 -25.16 46.43 23.00 OGE Energy OGE 4.7 dd 33.28 0.34 21.63 13.76 6.07 TevaPharm TEVA ... dd 11.92 -0.23
-0.16 264.97 177.05 Amgen AMGN 2.7 20 240.69 -0.86 10.51 38.06 22.83 ConagraBrands CAG 2.2 22 37.84 0.37 -17.87 22.83 11.69 HuanengPower HNP 4.0 40 16.50 -0.26 -61.05 78.48 12.16 ONEOK OKE 12.7 20 29.47 0.36 4.11 137.65 93.09 TexasInstruments TXN 2.7 25 133.56 -0.18
-0.25 110.24 63.05 Amphenol APH 0.9 30 107.96 -0.39 -41.45 93.34 33.13 ConchoRscs CXO 1.6 dd 51.27 -0.35 -11.95 43.15 25.01 Huazhu HTHT ... dd 35.28 -0.70 6.14 487.95 251.51 OReillyAuto ORLY ... 23 465.18 -0.89 -15.74 52.87 20.26 Textron TXT 0.2 23 37.58 0.55
-2.12 127.39 79.08 AnalogDevices ADI 2.1 39 116.32 -0.42 -41.10 67.13 20.84 ConocoPhillips COP 4.4 19 38.30 0.25 -3.78 155.00 85.62 Hubbell HUBB 2.6 20 142.23 1.86 ... 43.47 21.00 OakStreetHealth OSH ... ... 39.00 -1.00 27.54 423.70 250.21 ThermoFisherSci TMO 0.2 45 414.33 -1.40
-16.72 63.71 26.04 Anaplan PLAN ... dd 43.64 -1.42 -16.98 95.10 62.03 ConEd ED 4.1 19 75.11 1.19 s 63.07 268.43 90.83 HubSpot HUBS ... dd 258.46 -2.35 -62.51 48.85 9.00 OccidentalPetrol OXY 0.3 dd 15.45 ... 4.57 82.50 52.23 ThomsonReuters TRI 2.0 23 74.87 0.54
37.24 38.50 12.66 AngloGoldAsh AU 0.3 dd 30.66 -1.00
-33.86 98.79 32.58 AB InBev
-21.66 10.50 3.51 AnnalyCap
-8.40 309.10 171.03 Anthem
-6.17 238.19 143.93 Aon
-39.27 33.77 3.80 Apache
-28.31 55.68 24.53 ApartmtInv
BUD 2.0 dd 54.26 -0.62
NLY 13.1 dd 7.38 0.07
ANTM 1.4 12 276.66 5.18
AON 0.9 26 195.44 -0.17
APA 0.6 dd 15.54 -0.06
AIV 4.4 30 37.03 0.03
9.13 104.88 55.69 Copart
9.41 31.99 17.44 Corning
-14.34 32.08 20.38 Corteva
on
-8.52 211.39 107.51 ConstBrands B STZ.B 1.6 dd 172.70
-9.21 212.00 104.28 ConstBrands A STZ 1.7 dd 172.27
-49.91 40.25 6.90 ContinentalRscs CLR 0.0 dd 17.18
-5.41 365.68 236.68 Cooper COO 0.0 44 303.92
CPRT ... 34 99.24
GLW 2.8313 31.85
CTVA 2.1 37 25.32
1.29
1.18
0.29
3.54
0.42
0.01
-0.10
s 14.03 418.84 208.25 Humana
16.42 138.76 75.29 JBHunt
HUM 0.6 16 417.94
JBHT 0.8 30 135.95
-35.94 15.63 6.82 HuntingtonBcshs HBAN 6.2 12 9.66
-33.08 279.71 147.14 HuntingIngalls HII 2.5 13 167.90
0.81 51.74 21.79 IAA
-36.25 15.42 6.86 ICICI Bank
46.20 407.86 168.65 IdexxLab
IAA ... 39 47.44
IBN 0.0 23 9.62
IDXX ... 72 381.76
10.31
2.06
0.36
5.10
0.82
...
-8.02
80.49 226.89 88.66 Okta
-34.25 82.73 46.37 Omnicom

-14.52 25.92 8.17 ON Semi
OKTA ... dd 208.23
47.00 190.12 104.61 OldDomFreight ODFL 0.3 38 185.98
57.48 110.17 28.83 Ollie'sBargain OLLI ... 50 102.85
-21.49 45.22 13.33 OmegaHealthcare OHI 8.1 20 33.25
OMC 4.9 12 53.27
ON ...106 20.84
107.78 28.80 9.02 OneConnectFinTech OCFT ... dd 20.84
-9.08
-1.21
-0.28
0.45
-0.41
-0.29
-3.92
48.10 121.33 32.30 ThorIndustries THO 1.5 31 110.02
-10.25 182.54 114.04 3M
-6.61 134.42 78.60 Tiffany
-8.66 84.26 52.07 Toro
MMM 3.7 18 158.33
TIF 1.9 43 124.82
TTC 1.4 30 72.77
-18.46 58.51 33.74 TorontoDomBk TD 5.2 11 45.77
-29.58 56.91 22.13 Total
-7.53 145.41 108.01 ToyotaMotor
TOT ... dd 38.94
TM 2.8 10 129.96
-0.52
2.33
-0.21
1.28
0.30
-0.37
1.62
2.24 55.38 19.46 ApolloGlbMgmt APO 4.7 dd 48.78 0.20 38.80 939.00 500.24 CoStar CSGP ...102 830.42 -1.08 s 11.43 84.10 44.81 IHS Markit INFO 0.8 43 83.96 1.24 3.95 47.84 29.11 OpenText OTEX 1.5 44 45.81 -0.44 58.50 154.48 63.89 TractorSupply TSCO 1.1 25 148.10 -0.04
us ,
44.59 180.56 81.01 AppFolio APPF ...185 158.98 -11.34 15.99 345.12 268.00 Costco COST 0.8 41 340.91 -2.40 -34.85 12.44 4.52 ING Groep ING 7.8 6 7.85 0.14 4.25 57.84 39.71 Oracle ORCL 1.7 18 55.23 -0.05 s 89.85 510.00 136.00 TradeDesk TTD ...199 493.20 12.45
51.35 457.65 199.15 Apple AAPL 0.7 34 444.45 -10.34 97.82 319.55 99.01 CoupaSoftware COUP ... dd 289.31 -22.94 12.66 184.02 98.04 IPG Photonics IPGP ... 69 163.26 -1.76 -21.86 16.64 9.93 Orange ORAN 3.7 10 11.40 -0.15 14.02 69.06 33.23 Tradeweb TW 0.6 62 52.85 -0.75
4.14 69.44 36.64 ApplMaterials AMAT 1.4 20 63.57 -0.04 -39.73 220.25 118.00 Credicorp BAP 6.7 10 128.45 4.25 -27.97 89.21 52.65 Orix 13.32 118.10 70.00 TraneTech
l
3.90 169.14 81.79 IQVIA IQV ...241 160.54 -0.50 IX 5.0 6 60.08 -0.11 TT 1.8 29 116.85 1.36
3.14 123.44 79.84 Aptargroup ATR 1.2 39 119.25 1.59 16.11 520.00 199.00 CreditAcceptance CACC ... 28 513.61 -0.52 -12.83 76.00 34.00 IcahnEnterprises IEP 14.9 dd 53.61 1.60 ... 64.52 38.00 OtisWorldwide OTIS 1.2 ... 64.41 0.93 -15.11 673.51 200.06 TransDigm TDG 0.0 43 475.39 3.32
-11.70 99.04 29.22 Aptiv
e
APTV 0.0 13 83.86 -0.67 -18.14 14.12 6.47 CreditSuisse CS 0.5 6 11.01 ... 10.27 199.83 104.28 Icon ICLR ... 31 189.91 0.57 2.04 68.72 28.56 OwensCorning OC 1.4 dd 66.45 1.51 2.07 101.16 52.50 TransUnion TRU 0.3 54 87.38 0.84
al a
-32.95 18.89 6.64 ArcelorMittal MT 0.0 dd 11.76 -0.21 s 57.44 73.96 27.77 Cree CREE ... dd 72.66 -0.68 -2.59 178.14 104.56 IDEX IEX 1.2 34 167.54 1.02 -16.28 18.77 3.55 PG&E PCG ... dd 9.10 ... -14.30 153.65 76.99 Travelers TRV 2.9 17 117.36 3.62
-24.25 48.32 20.93 ArchCapital ACGL ... 12 32.49 1.17 104.03 118.58 31.95 CrowdStrike CRWD ... dd 101.75 -8.55 6.08 190.85 115.94 IllinoisToolWks ITW 2.2 28 190.55 2.60 42.17 28.93 15.91 PLDT PHI 3.6 14 28.42 0.64 54.70 144.96 56.22 Trex TREX ... 49 139.04 0.43
-5.01 47.20 28.92 ArcherDaniels ADM 3.3 14 44.03 0.48 18.32 180.00 114.18 CrownCastle CCI 2.9 93 168.19 4.32 7.21 404.20 196.78 Illumina -31.28 161.79 79.41 PNC Fin PNC 4.2 7 109.70 2.67 17.94 50.30 20.01 Trimble TRMB ... 26 49.17 0.12
14.35 41.88 20.20 AresMgmt ARES 3.9107 40.81 0.54 ILMN ... 76 355.66 -43.67
2.22 80.56 42.97 CrownHoldings CCK ... 21 74.15 0.59 102.98 44.91 8.80 Immunomedics IMMU ... dd 42.95 -0.23 -18.71 52.80 26.27 POSCO PKX 3.9 11 41.15 -0.82 -17.05 38.95 20.10 Trip.com TCOM ... dd 27.82 -0.17
43.76 272.74 103.75 arGEN-X ARGX ... dd 230.76 -0.34 11.35 204.98 101.03 Cummins CMI 2.6 18 199.27
ci on
3.05 -38.65 27.90 7.04 ImperialOil IMO 4.1 dd 16.24 -0.31 ... 33.23 10.61 PPD PPD ... ... 31.98 0.22 -30.65 56.92 24.01 TruistFinl TFC 4.6 13 39.06 1.51
13.47 267.30 156.63 AristaNetworks ANET ... 25 230.80 -5.58 29.89 86.77 43.72 CyrusOne CONE 2.4520 84.99 0.89 11.01 110.36 62.48 Incyte INCY ... dd 96.93 -0.32 -14.82 134.36 69.77 PPG Ind PPG 1.9 27 113.71 2.81 153.36 288.81 68.06 Twilio TWLO ... dd 249.00 -11.49
-12.44 85.80 39.25 ArrowElec ARW ... 16 74.20 -0.45 22.09 12.98 6.76 Infosys INFY 1.6 23 12.60 -0.23 -24.36 36.83 18.12 PPL PPL 6.1 11 27.14 0.64 15.88 45.85 20.00 Twitter TWTR ... dd 37.14 -0.55
4.92 158.93 90.06 AscendisPharma ASND ... dd 145.97 -0.47
-14.96 142.89 73.07 AspenTech AZPN ... 31 102.84 0.76
DEF -7.58 38.96 17.01 IngersollRand IR ... dd 33.90 0.86 -4.08 113.31 58.67 PRA HealthSci PRAH ... 33 106.61 -2.04 18.95 382.92 245.00 TylerTech TYL ... 77 356.88 -7.23
-3.67 42.62 17.09 DISH Network DISH ... 17 34.17 69.40 142.00 55.72 Inphi IPHI ... dd 125.39 -3.11 16.09 89.07 43.90 PTC PTC ...116 86.94 -1.65 -31.02 94.24 42.57 TysonFoods TSN 2.7 13 62.80 0.34
-6.77 142.61 76.27 Assurant AIZ 2.1 20 122.21 3.34 -0.13 s 12.01 88.63 49.11 Paccar PCAR 1.4 19 88.60 1.24 -3.10 13.49 7.48 UBS Group UBS 1.5 10 12.19 -0.05
-8.48 135.67 71.21 DTE Energy DTE 3.4 19 118.86 1.92 s 27.18 233.99 121.00 Insulet PODD ...783 217.73 -2.69
11.13 64.94 36.15 AstraZeneca AZN 2.5 68 55.41 -0.80 -19.75 69.29 43.63 Intel INTC 2.7 9 48.03 -0.54 -14.75 114.78 71.05 PackagingCpAm PKG 3.3 18 95.47 0.46 -23.15 51.25 29.20 UDR UDR 4.0 57 35.89 0.40
-24.71 50.43 13.37 Athene ATH ... 18 35.41 1.40 ... 34.94 14.60 DadaNexus DADA ... dd 24.70 -2.64
s 33.83 207.66 119.60 Danaher DHR 0.4 51 205.40 -0.29 9.85 58.50 33.70 InteractiveBrkrs IBKR 0.8 25 51.21 0.39 17.74 53.43 13.58 PagSeguroDig PAGS ... 39 40.22 -0.28 -23.01 51.14 21.75 UGI UGI 3.8 16 34.77 0.95
42.04 198.41 107.00 Atlassian TEAM ... dd 170.93 -7.04 9.09 101.93 63.51 ICE 12.97 266.20 125.47 PaloAltoNtwks PANW ... dd 261.25 -4.63 10.63 41.86 13.71 Uber UBER ... dd 32.90 -1.81
-5.50 121.08 77.92 AtmosEnergy ATO 2.2 22 105.71 1.01 -27.47 128.41 26.15 Darden DRI 0.0 dd 79.06 2.57 ICE 1.2 26 100.96 3.50
-24.86 69.12 25.39 InterContinentl IHG 0.8 25 51.60 0.11 54.92 40.11 10.61 PanAmerSilver PAAS 0.5235 36.70 -1.73 1.59 199.91 107.22 Ubiquiti UI 0.6 36 191.98 -2.96
28.77 251.39 125.38 Autodesk ADSK ...172 236.24 -7.33 99.26 98.99 27.55 Datadog DDOG ...8962 75.28 -14.73
er s
-6.77 158.75 90.56 IBM IBM 5.2 14 124.96 0.47 -3.99 215.94 93.00 ParkerHannifin PH 1.8 21 197.60 4.57 -19.46 353.40 124.05 UltaBeauty ULTA ... 27 203.88 -0.13
6.01 100.10 59.54 Autohome ATHM 0.9 23 84.82 -5.31 9.78 92.16 53.51 DaVita DVA ... 13 82.37 0.08
-1.72 143.87 92.14 IntlFlavors IFF 2.4 30 126.80 1.42 -13.65 90.53 47.87 Paychex PAYX 3.4 24 73.45 0.86 1.41 63.62 42.00 Unilever UN 2.7 23 58.27 -0.70
-20.13 87.01 38.16 Autoliv ALV 0.0 42 67.42 -0.86 24.70 220.36 78.70 DeckersOutdoor DECK ... 21 210.56 4.05
s 5.91 183.71 106.14 Deere -22.93 47.64 26.38 IntlPaper IP 5.8 22 35.49 0.22 12.05 342.00 163.42 PaycomSoftware PAYC ... 98 296.66 -2.00 4.41 64.84 44.06 Unilever UL 3.0 24 59.69 -0.73
-19.07 182.32 103.11 ADP ADP 2.6 24 137.99 1.47 DE 1.7 21 183.50 2.24
9.92 156.00 66.98 Paylocity PCTY ...115 132.80 -1.61 1.18 188.96 105.08 UnionPacific UNP 2.1 23 182.93 3.32
18.31 62.89 25.51 DellTechC DELL ... 10 60.80 -0.15 -20.30 25.20 11.63 Interpublic IPG 5.5 16 18.41 -0.12
-0.76 1274.41 684.91 AutoZone AZO ... 19 1182.22 3.85 18.13 314.73 187.68 Intuit INTU 0.7 61 309.43 -2.80 83.63 204.23 82.07 PayPal PYPL ... 91 198.63 -5.46 -61.03 95.16 17.80 UnitedAirlines UAL ... dd 34.33 -0.07
m er
67.52 144.20 55.50 Avalara AVLR ... dd 122.71 -6.60 -53.52 62.48 17.51 DeltaAir DAL 0.0 dd 27.18 0.10
16.02 704.00 360.50 IntuitiveSurgical ISRG ... 72 685.85 -5.40 -8.90 10.88 5.08 Pearson PSO 3.2 18 7.68 -0.31 59.70 4.69 1.99 UnitedMicro UMC 2.3 35 4.28 -0.32
-26.63 229.40 118.17 Avalonbay AVB 4.1 27 153.86 2.89 -19.84 60.87 31.57 DentsplySirona XRAY 0.9 dd 45.36 2.10 s 34.03 156.90 82.00 UPS B
0.77 32.70 15.64 InvitatHomes INVH 2.0166 30.20 0.87 43.95 118.72 38.01 Pegasystems PEGA 0.1 dd 114.66 -1.64 UPS 2.6 31 156.90 11.43
-3.73 57.24 35.62 Avangrid AGR 3.6 22 49.25 0.86 18.51 11.16 4.99 DeutscheBank DB 0.0 dd 9.22 ... s 4.09 174.11 58.85 UnitedRentals URI
s 101.47 456.23 138.28 DexCom -6.95 73.09 39.32 IonisPharma IONS ... 70 56.21 -0.30 140.49 73.21 17.70 Peloton PTON ... dd 68.30 -1.42 ... 12 173.59 4.94
19.39 22.86 6.66 Avantor AVTR ... 93 21.67 -0.51 DXCM ...202 440.70 1.70
-32.35 40.65 10.58 PembinaPipeline PBA 7.5 19 25.07 -0.87 -36.82 61.11 28.36 US Bancorp USB 4.5 12 37.46 0.67
-19.66 176.22 100.52 Diageo DEO 2.5 45 135.31 -0.56 7.11 27.50 14.51 iQIYI IQ ... dd 22.61 -0.31
-11.47 141.09 76.96 AveryDennison AVY 2.0 19 115.82 1.37 -7.59 34.49 21.00 IronMountain IRM 8.4 42 29.45 0.36 s 91.71 49.08 3.75 PennNational PENN ... dd 49.00 5.14 s 7.84 319.00 187.72 UnitedHealth UNH 1.6 18 317.03 2.97
14.47 104.90 49.80 AxonEnterprise AAXN ... dd 83.88 -7.79 -54.76 105.95 14.55 DiamondbkEner FANG 3.6 dd 42.01 1.28 -4.03 47.43 22.01 Pentair PNR 1.7 22 44.02 0.66 -9.49 230.32 105.11 UnivDisplay
32.46 165.49 105.00 DigitalRealty DLR 2.8 56 158.61 1.61 -48.74 9.40 3.48 ItauUnibanco ITUB 2.7 10 4.69 -0.15 OLED 0.3 61 186.51 -0.05
-8.50 49.58 31.66 BCE BCE 5.8 21 42.41 -0.50 s 42.57 237.96 121.80 Penumbra PEN ...822 234.20 1.45 -23.71 157.06 65.20 UniversalHealthB UHS 0.0 13 109.44 1.62
-39.41 87.43 23.25 DiscoverFinSvcs DFS 3.4 16 51.39 1.28
2.16 56.91 29.78 BHP Group BHP 5.1 15 55.89 -0.95
JKL 0.05 147.20 101.42 PepsiCo PEP 3.0 28 136.74 0.88 -29.33 10.18 3.56 VEREIT VER 4.7 dd 6.53 -0.05
m rp
-1.74 48.67 23.64 BHP Group BBL 6.2 12 46.19 -0.82 -2.10 103.00 24.80 DiscoveryB DISCB ... 18 35.50 -2.69 22.89 123.21 62.91 PerkinElmer PKI 0.2 45 119.33 0.28 -38.51 100.25 45.07 VF VFC 3.1 76 61.28 1.30
84.52 43.10 18.84 BJ'sWholesale BJ ... 24 41.96 0.17 -35.92 33.66 17.12 DiscoveryA DISCA ... 11 20.98 -0.65 76.16 69.18 26.53 JD.com JD ...109 62.06 -2.85 -2.34 63.86 40.01 Perrigo PRGO 1.8 29 50.45 -0.01 -10.45 28.75 9.85 VICI Prop VICI 5.2 24 22.88 0.18
-39.11 40.08 15.51 BP BP 9.4 19 22.98 -0.28 -36.70 31.20 15.43 DiscoveryC DISCK ... 10 19.30 -0.39 39.16 99.35 41.33 Joyy YY ... 66 73.46 -11.68 -31.02 55.38 27.74 PetroChina PTR 4.0 10 34.72 -1.14 -17.98 255.37 125.00 VailResorts MTN 0.0 50 196.72 3.68
74.31 7.55 2.16 B2Gold BTG 1.1 17 6.99 -0.28 -10.16 153.41 79.07 Disney DIS 0.0 dd 129.93 -0.89 -28.71 141.10 76.91 JPMorganChase JPM 3.6 13 99.38 2.14 -45.92 16.84 4.01 PetroleoBrasil PBR 2.8 dd 8.62 -0.27 -15.45 13.67 6.49 Vale VALE ... 45 11.16 -0.37
-1.11 147.38 82.00 Baidu BIDU ...124 125.00 -0.58 176.29 229.83 43.13 DocuSign DOCU ... dd 204.76 -10.92 26.31 195.03 123.64 JackHenry JKHY 0.9 48 184.00 1.57 -43.77 15.66 4.16 PetroleoBrasilA PBR.A 3.9 dd 8.39 -0.28 -43.77 101.99 31.00 ValeroEnergy VLO 7.4 20 52.66 1.18
-35.35 25.99 9.12 BakerHughes BKR 4.3 dd 16.57 -0.02 1.99 73.94 44.68 DolbyLab DLB 1.3 29 70.17 0.30 1.66 104.00 59.29 JacobsEngg J 0.8 29 91.32 0.85 -1.86 40.97 27.88 Pfizer PFE 4.0 15 38.45 0.18 22.40 176.19 89.62 VarianMed
25.20 197.35 125.00 DollarGeneral DG 0.7 25 195.29 2.74 VAR ... 56 173.82 0.73
16.79 82.82 51.26 Ball BLL 0.8 69 75.53 1.09 12.42 22.13 8.98 JamesHardie JHX 0.0 41 22.08 0.14 -8.92 90.17 56.01 PhilipMorris PM 6.0 17 77.50 0.38 -24.57 9.41 3.24 Vedanta VEDL 2.9 dd 6.51 -0.05
-46.24 5.80 2.64 BancoBilbaoViz BBVA 7.7 5 3.00 -0.09 2.59 119.71 60.20 DollarTree DLTR ... 28 96.49 0.89 -15.54 154.24 86.88 JazzPharma JAZZ ... 55 126.08 -0.99 -43.57 119.92 40.04 Phillips66 PSX 5.7 dd 62.87 1.90 85.71 273.88 118.11 VeevaSystems VEEV ...132 261.22 -10.01
-51.72 8.05 2.58 BancoBradesco BBDO 3.1 8 3.81 -0.07 -2.66 90.89 57.79 DominionEner D 4.7125 80.62 0.99 1.87 157.00 109.16 J&J JNJ 2.7 26 148.60 1.05 133.21 98.96 22.09 Pinduoduo PDD ... dd 88.20 -3.42 -28.09 75.40 13.35 Ventas VTR 4.3 38 41.52 2.01
-14.91 29.73 12.50 BancodeChile BCH 3.5 13 17.86 -0.24 32.45 422.15 220.90 Domino's DPZ 0.8 35 389.12 -3.43 -4.08 44.82 22.77 JohnsonControls JCI 2.7 38 39.05 0.66 -8.64 105.51 60.05 PinnacleWest PNW 3.8 15 82.16 1.37 9.20 221.30 148.77 VeriSign VRSN ... 31 210.40 -1.40
co Fo
-55.40 12.68 3.69 BancSanBrasil BSBR 10.7 11 5.41 -0.09 -11.06 58.32 31.08 Donaldson DCI 1.6 26 51.25 0.39 5.32 26.44 15.20 JuniperNetworks JNPR 3.1 25 25.94 0.17 87.66 37.33 10.10 Pinterest PINS ... dd 34.98 -0.92 s 28.00 191.21 116.61 VeriskAnalytics VRSK 0.6 61 191.16 1.60
-29.65 30.47 11.43 BcoSantChile BSAC 1.9 10 16.23 -0.23 -34.08 45.59 23.16 DouglasEmmett DEI 3.9 15 28.94 -0.24 -26.15 42.90 20.93 KB Fin KB 4.8 4 30.55 -0.16 -31.11 159.01 48.62 PioneerNatRscs PXD 2.1 42 104.28 1.92 -4.67 62.22 48.84 Verizon VZ 4.2 13 58.53 0.70
-47.10 4.42 1.90 BancoSantander SAN 3.8 dd 2.19 -0.03 -6.27 120.26 62.95 Dover DOV 1.8 23 108.03 2.79 s 26.50 36.92 15.55 KKR KKR 1.5134 36.90 0.26 -55.68 22.81 3.00 PlainsAllAmPipe PAA 8.8 dd 8.15 0.10 24.68 306.08 165.23 VertxPharm VRTX ... 35 272.99 -0.35
-54.08 56.10 16.27 BanColombia CIB 4.5 8 25.16 -1.08 -22.11 56.25 21.95 Dow DOW 6.6 dd 42.63 0.58 13.85 209.30 110.19 KLA KLAC 1.7 26 202.85 -0.74 -55.36 23.36 3.04 PlainsGP PAGP 8.5 dd 8.46 0.21 -37.55 50.11 10.10 ViacomCBS B VIAC 3.7 13 26.21 -0.68
-25.87 35.72 17.95 BankofAmerica BAC 2.8 13 26.11 0.64 49.78 61.95 33.33 DrReddy'sLab RDY 0.5 39 60.78 -0.40 22.12 195.47 92.86 KSCitySouthern KSU 0.9 32 187.04 1.62 3.67 108.98 37.35 Polaris PII 2.4 dd 105.43 1.58 -37.58 53.00 13.12 ViacomCBS A VIACA 3.4 14 28.01 -0.67
-27.46 79.93 38.31 BankofMontreal BMO 5.5 10 56.22 0.33 218.60 44.79 9.77 DraftKings DKNG ...619 34.09 0.44 0.52 72.88 52.66 Kellogg K 3.3 22 69.52 0.29 s 54.72 331.12 160.35 Pool POOL 0.7 47 328.60 0.05 63.09 24.02 6.17 Vipshop VIPS ... 29 23.11 -0.78
-25.00 51.60 26.40 BankNY Mellon BK 3.3 8 37.75 1.76 15.52 24.14 14.55 Dropbox DBX ...404 20.69 -2.58 2.35 32.00 18.98 KeurigDrPepper KDP 2.0 36 29.63 -0.20 -18.49 112.38 68.97 PostHoldings POST ... dd 88.93 -2.70 313.76 75.00 11.65 VirBiotech VIR ... ... 52.03 1.87
-24.78 58.22 31.94 BkNovaScotia BNS 6.3 9 42.49 0.25 -5.04 103.79 62.13 DukeEnergy DUK 4.5 17 86.61 2.40 -38.09 20.52 7.45 KeyCorp KEY 5.9 11 12.53 0.35 -19.42 58.28 23.31 PrincipalFin PFG 5.1 10 44.32 1.37 4.50 214.17 133.93 Visa V 0.6 38 196.36 -2.41
-41.81 10.22 3.41 Barclays BCS 2.6 ... 5.54 ... 14.65 40.84 25.19 DukeRealty DRE 2.4 39 39.75 0.12 -4.37 110.00 77.93 KeysightTechs KEYS ... 32 98.14 -1.84 6.93 134.65 94.34 Procter&Gamble PG 2.4 27 133.55 0.84 -17.79 27.96 11.30 Vistra VST 2.9 16 18.90 0.07
55.30 30.69 12.65 BarrickGold GOLD 1.0 12 28.87 -0.63 ... 28.20 24.25 Dun&Bradstreet DNB ... ... 26.05 1.00 -30.21 88.99 45.96 KilroyRealty KRC 3.3 36 58.55 1.13 25.33 91.81 62.18 Progressive PGR 0.4 12 90.73 1.12 -6.25 173.37 86.00 VMware VMW ... 9 142.31 -2.03
-39.67 31.97 11.15 BauschHealth BHC ... dd 18.05 -2.08 -12.98 73.77 28.33 DuPont DD 2.1 dd 55.87 1.16 s 14.33 158.31 110.66 KimberlyClark KMB 2.7 21 157.26 0.79 17.87 106.73 59.82 Prologis PLD 2.2 41 105.07 0.19 -20.28 21.72 11.46 Vodafone VOD 6.5 dd 15.41 -0.01
-3.46 95.19 69.10 BaxterIntl BAX 1.2 45 80.73 0.36 49.57 44.65 17.05 Dynatrace DT ... dd 37.84 -3.40 -32.36 22.58 9.42 KinderMorgan KMI 7.3203 14.32 0.02 -4.95 133.58 83.81 Proofpoint PFPT ... dd 109.10 -0.25 -46.54 68.67 27.64 VornadoRealty VNO 6.0 21 35.55 0.33
-5.72 286.72 197.75 BectonDicknsn BDX 1.2 92 256.41 -3.20 -39.95 32.19 12.10 ENI E 7.3 dd 18.59 -0.26 ... 42.80 17.01 KingsoftCloud KC ... dd 33.46 -4.80 -27.50 97.24 38.62 PrudentialFin PRU 6.5 dd 67.96 3.31 -16.68 63.81 29.75 VoyaFinancial VOYA 1.2 18 50.81 1.22
33.02 256.01 114.41 BeiGene BGNE ... dd 220.50 -3.56 -41.73 89.54 27.00 EOG Rscs EOG 3.1 81 48.81 -2.08 98.52 10.21 2.72 KinrossGold KGC ... 13 9.41 -0.35 -16.54 42.55 15.68 Prudential PUK 2.9 51 31.79 0.54 ... 72.68 38.46 Vroom VRM ... ... 63.97 -3.54
-7.54 79.92 43.05 Berkley WRB 0.8 35 63.89 1.70 s 40.46 306.41 151.97 EPAM Systems EPAM ... 59 298.00 0.52 19.31 57.69 18.02 KirklandLakeGold KL 1.0 18 52.58 -1.53 -5.76 63.88 34.75 PublicServiceEnt PEG 3.5 16 55.65 1.02 -9.66 152.49 65.56 VulcanMatls VMC 1.0 28 130.08 3.68
-7.51 231.61 159.50 BerkHathwy B BRK.B ... 52 209.48 4.46 15.52 57.30 25.76 E*TRADE ETFC 1.1 15 52.41 1.03 19.36 47.32 27.54 Knight-Swift KNX 0.7 25 42.78 0.44 -6.44 266.76 155.37 PublicStorage PSA 4.0 28 199.25 3.17
-7.44 347400 239440 BerkHathwy A BRK.A ... 53 314333 6878.93
s 13.22 53.85 25.00 BerryGlobal BERY ... 12 53.77 0.93
-7.82 83.99 34.44 EastmanChem EMN 3.6 17 73.06
3.21 105.78 56.41 Eaton ETN 3.0 26 97.76
1.14
1.25
9.97 54.28 29.89 KoninklijkePhil PHG
-31.02 12.30 6.28 KoreaElcPwr KEP
0.0 43 52.60
... dd 8.16
0.01
0.09
14.07 47.37 17.12 PulteGroup PHM 1.1 10 44.26 -0.46 WXYZ
39.97 50.97 25.04 Qiagen QGEN ...1293 47.31 0.44
s 17.20 103.72 48.10 BestBuy BBY 2.1 19 102.90 0.15 52.89 61.06 26.02 eBay EBAY 1.2 8 55.21 0.13 10.21 35.87 19.99 KraftHeinz KHC 4.5 dd 35.41 0.13 12.68 136.06 67.54 Qorvo QRVO ... 40 130.97 -4.26 -22.27 236.51 71.12 WEX WEX ... 57 162.81 -5.74
73.96 172.29 48.18 BeyondMeat BYND ... dd 131.51 -1.07 0.99 231.36 124.60 Ecolab ECL 1.0 dd 194.90 0.70 21.56 36.84 21.82 Kroger KR 2.0 13 35.24 0.21 22.69 113.00 58.00 Qualcomm QCOM 2.4 46 108.25 -2.81 -10.04 93.62 38.62 W.P.Carey WPC 5.8 36 72.00 1.21
... 104.00 67.12 BigCommerce BIGC ... dd 79.00 -14.51 -42.59 20.95 6.28 Ecopetrol EC 7.0 6 11.46 -0.13 43.71 26.66 8.00 L Brands LB 0.0 dd 26.04 0.78 13.88 47.63 23.77 QuantaServices PWR 0.4 19 46.36 0.93 -42.64 70.80 27.18 WPP WPP 3.4 11 40.32 0.07
123.47 51.25 13.23 Bilibili BILI ... dd 41.61 -2.83 -27.58 78.93 43.63 EdisonInt EIX 4.7 18 54.61 0.74 s 54.67 214.00 100.00 LHC Group LHCG ... 56 213.08 3.43 17.25 131.81 73.02 QuestDiag DGX 1.8 23 125.21 0.70 -13.59 81.75 35.07 Wabtec WAB 0.7 30 67.23 2.66
148.33 104.79 23.61 Bill.com BILL ... dd 94.49 -6.66 -1.06 82.55 51.51 EdwardsLife EW ... 66 76.94 -0.47 4.28 53.62 31.56 Line LN ... dd 51.11 0.20 263.53 306.72 54.13 Quidel QDEL ... 76 272.76 -12.59 -29.58 64.50 36.65 WalgreensBoots WBA 4.5 51 41.52 0.63
21.07 286.68 155.17 Bio-Techne TECH 0.5 46 265.76 -0.79 -17.49 32.66 15.17 ElancoAnimal ELAN ... dd 24.30 -0.14 -15.57 36.63 13.31 LKQ LKQ ... 17 30.14 0.09 9.37 134.13 102.00 Walmart WMT 1.7 25 129.97 0.62
RS
n-
41.65 540.06 309.38 Bio-RadLab A BIO ... 8 524.13 -1.09 32.74 99.56 39.01 Elastic ESTC ... dd 85.35 -6.16 -7.76 99.60 32.01 LPL Financial LPLA 1.2 14 85.09 2.36 ... 34.76 26.99 WarnerMusic WMG ... dd 28.51 -0.36
3.03 374.99 215.78 Biogen BIIB ... 9 305.71 28.05 -12.13 167.75 110.00 ElbitSystems ESLT 1.0 25 136.25 -0.60 -11.23 230.99 142.01 L3HarrisTech LHX 1.9 24 175.64 1.97 s 12.29 105.49 70.87 WasteConnections WCN 0.7130 101.95 -1.18
40.35 131.94 62.88 BioMarinPharm BMRN ...179 118.67 -0.98 33.93 147.36 85.69 ElectronicArts EA ... 21 143.99 -2.96 14.15 206.74 98.02 LabCpAm LH ... 53 193.11 3.34 -12.31 27.25 16.81 RELX RELX 2.6 27 22.16 0.05 -1.09 126.79 85.34 WasteMgt WM 1.9 30 112.72 2.35
127.27 105.00 12.53 BioNTech BNTX ... dd 77.00 -0.08 142.19 137.61 39.11 EmergentBiosol EBS ... 41 130.66 3.70 27.37 387.69 181.38 LamResearch LRCX 1.2 25 372.44 -5.37 s 45.82 317.61 73.14 RH RH ... 41 311.33 9.03 -9.12 245.68 154.39 Waters WAT ... 26 212.34 1.70
18.87 77.81 50.01 BlackKnight BKI ... 86 76.65 1.03 -12.97 78.38 37.75 EmersonElec EMR 3.0 21 66.37 1.25 -27.04 96.82 30.89 LamarAdv LAMR 3.1 24 65.12 -0.67 9.85 86.48 42.85 RPM RPM 1.7 36 84.32 0.38 31.85 238.78 132.97 Watsco WSO 3.0 39 237.53 3.95
17.01 592.48 323.98 BlackRock BLK 2.5 21 588.19 5.96 -17.02 43.15 22.57 Enbridge ENB 7.3 48 33.00 -0.06 -27.06 96.32 39.06 LambWeston LW 1.5 25 62.75 -0.75 -16.41 102.45 54.21 RaymondJames RJF 2.0 12 74.78 2.83 s 242.68 323.15 21.70 Wayfair W ... dd 309.68 -3.02
-6.11 64.97 33.00 Blackstone BX 3.5 71 52.52 -0.48 -2.40 83.30 48.01 EncompassHealth EHC 1.7 24 67.61 -0.46 -35.98 74.29 33.30 LasVegasSands LVS 0.0101 44.20 -1.02 -30.68 93.45 40.71 RaytheonTech RTX 3.1 dd 61.23 1.36 -25.85 55.52 28.93 Weibo WB ... 20 34.37 -1.12
-47.81 391.00 89.00 Boeing BA 0.0 dd 170.02 -2.18 -34.43 11.21 5.21 EnelAmericas ENIA 6.9 8 7.20 -0.04 -18.03 143.50 63.20 Lear LEA 0.0 46 112.46 -0.77 13.51 69.79 36.91 RealPage RP ...121 61.01 -1.77 -53.40 54.75 22.00 WellsFargo WFC 1.6 29 25.07 0.83
no
-14.57 2094.00 1107.29 BookingHldgs BKNG ... 30 1754.48 2.69 -49.88 14.13 3.75 EnergyTransfer ET 19.0 13 6.43 -0.20 -4.78 125.84 68.00 Leidos LDOS 1.5 22 93.21 2.20 -14.82 84.92 38.00 RealtyIncome O 4.5 43 62.72 0.58 -30.08 93.17 24.27 Welltower WELL 4.3 77 57.18 0.77
s 19.04 84.89 54.37 BoozAllen BAH 1.4 24 84.67 1.77 178.76 76.75 17.18 EnphaseEnergy ENPH ... 59 72.84 1.47 31.28 74.35 25.42 Lennar A LEN 0.7 11 73.24 -0.05 -33.98 70.13 31.80 RegencyCtrs REG 5.7 77 41.65 0.69 81.97 279.54 124.53 WestPharmSvcs WST 0.2 72 273.55 -0.34
-10.30 46.60 17.00 BorgWarner BWA 1.7 18 38.91 0.23 40.27 74.28 38.12 Entegris ENTG 0.5 42 70.26 -2.53 23.71 56.32 18.87 Lennar B LEN.B 0.9 8 55.30 -0.29 65.18 664.64 271.37 RegenPharm REGN ... 24 620.21 -1.00 -41.71 72.00 27.40 WesternDigital WDC 0.0 dd 36.99 -0.30
118.55 871.64 290.02 BostonBeer SAM ... 74 825.79 -18.97 -12.63 135.55 75.19 Entergy ETR 3.6 17 104.67 2.38 9.34 277.42 163.40 LennoxIntl LII 1.2 30 266.76 -4.12 -34.38 17.54 6.94 RegionsFin RF 5.5 17 11.26 0.42 -13.11 28.45 17.39 WesternUnion WU 3.9 16 23.27 0.51
-34.69 147.83 71.57 BostonProps BXP 4.4 14 90.04 1.74 -36.43 29.56 10.27 EnterpriseProd EPD 9.9 9 17.90 -0.19 ... 19.90 15.10 LiAuto LI ... dd 16.89 -1.61 -43.60 169.26 55.39 ReinsGrp RGA 3.0 10 91.97 2.90 -17.63 75.65 28.99 WestlakeChem WLK 1.8 19 57.78 0.41
-13.82 46.62 24.10 BostonSci BSX ... 14 38.97 1.08 18.93 181.76 103.01 Equifax EFX 0.9 68 166.64 3.86 s 14.73 143.99 80.14 LibertyBroadbandA LBRDA ...143 142.91 1.27 -13.04 122.17 70.57 RelianceSteel RS 2.4 15 104.14 1.84 -28.86 20.56 7.98 WestpacBanking WBK 9.9 9 12.08 0.01
-19.06 176.98 64.23 BrightHorizons BFAM ... 60 121.65 -1.90 35.63 799.00 477.87 Equinix EQIX 1.3137 791.70 -0.36 s 15.23 146.02 86.20 LibertyBroadbandC LBRDK ...145 144.90 1.48 -3.17 202.68 113.27 RenaissanceRe RNR 0.7 15 189.80 5.27 -32.25 44.39 21.50 WestRock WRK 2.8 10 29.07 -0.42
-4.94 68.34 45.32 BristolMyers BMY 2.9 dd 61.02 -0.31 -19.69 21.04 8.41 Equinor EQNR 4.4 dd 15.99 ... -0.16 27.67 14.36 LibertyGlobal C LBTYK ... dd 21.76 -0.20 65.16 159.97 72.32 Repligen RGEN ...262 152.77 -1.90 -6.13 31.58 13.10 Weyerhaeuser WY 0.0 69 28.35 0.34
-21.76 45.64 27.32 BritishAmTob BTI 8.0 10 33.22 -0.10 -13.44 27.30 9.89 Equitable EQH 3.2 dd 21.45 0.84 -1.54 28.48 15.23 LibertyGlobal A LBTYA ... dd 22.39 -0.10 1.07 100.91 65.37 RepublicSvcs RSG 1.9 27 90.59 2.69 77.75 57.89 18.66 WheatonPrecMet WPM 0.8193 52.88 -2.52
3.14 331.58 155.67 Broadcom AVGO 4.0 58 325.93 -3.23 -4.48 77.55 41.97 EquityLife ELS 2.0 53 67.24 0.18 -19.79 48.95 18.31 LibertyFormOne C FWONK ... dd 36.87 -0.51 11.79 209.00 108.85 ResMed RMD 0.9 41 173.24 -2.28 17.40 174.62 64.00 Whirlpool WHR 2.8 13 173.20 1.32
9.48 137.84 81.90 BroadridgeFinl BR 1.6 38 135.25 -0.11 -31.80 89.55 49.62 EquityResdntl EQR 4.4 19 55.19 1.55 -20.99 46.52 16.87 LibertyFormOne A FWONA ... dd 34.59 -0.54 -15.74 79.46 25.08 RestaurantBrands QSR 3.9 25 53.73 -1.47 -12.10 25.29 8.41 Williams WMB 7.7198 20.85 0.03
-16.12 45.61 21.57 BrookfieldMgt BAM 1.5 27 32.32 -0.15 30.84 227.54 130.20 ErieIndemnity A ERIE 1.8 38 217.20 0.16 -34.10 30.16 13.59 LibertyBraves A BATRA ... 24 19.54 0.10 4.88 53.48 31.79 RexfordIndlRealty REXR 1.8105 47.90 0.57 s 26.87 93.34 26.01 Williams-Sonoma WSM 2.1 22 93.17 3.43
-4.95 50.74 23.22 BrookfieldInfr BIP 4.5 dd 42.82 -0.34 0.70 54.52 30.40 EssentialUtil WTRG 2.1 41 47.27 1.71 -34.66 30.03 13.20 LibertyBraves C BATRK ... 24 19.30 0.14 ... 36.00 21.61 ReynoldsCnsmr REYN 2.7 ... 32.51 1.10 -1.22 220.97 143.34 WillisTowers WLTW 1.4 25 199.47 -0.48
-35.81 20.77 7.15 BrookfieldPropREIT BPYU 11.2 dd 11.84 0.19 -25.82 334.17 175.81 EssexProp ESS 3.7 23 223.19 3.21 -24.97 51.11 22.54 LibertySirius A LSXMA ... 18 36.27 -0.01 59.48 306.46 120.03 RingCentral RNG ... dd 269.00 -18.29 12.27 4.34 2.52 Wipro WIT 0.3 18 4.21 -0.08
s ... 48.48 40.34 BrookfieldRenew BEPC ... ... 48.02 1.48 -3.17 220.42 137.01 EsteeLauder EL 0.0 56 199.99 0.75 -23.35 50.52 22.63 LibertySirius C LSXMK ... 18 36.30 -0.02 2.68 65.20 35.35 RioTinto RIO 6.3 14 60.95 -1.51 138.27 319.34 76.81 Wix.com WIX ... dd 291.60 -16.38
16.67 48.69 30.70 Brown&Brown BRO 0.7 30 46.06 0.44 204.88 138.95 29.95 Etsy ETSY ...111 135.06 4.40 16.36 170.75 101.36 EliLilly LLY 1.9 25 152.93 0.05 -15.15 63.84 32.38 RobertHalf RHI 2.5 17 53.58 0.78 7.92 202.00 107.75 Workday WDAY ... dd 177.47 -6.22
1.66 72.85 44.68 Brown-Forman B BF.B 1.0 40 68.72 1.09 -16.13 294.31 157.32 EverestRe RE 2.7 18 232.19 8.53 -34.99 62.95 16.11 LincolnNational LNC 4.2 34 38.36 2.44 s ... 26.85 17.50 RocketCos. RKT ... ... 24.90 3.39 -46.64 153.41 35.84 WynnResorts WYNN 0.0 dd 74.10 -2.47
0.49 68.15 41.03 Brown-Forman A BF.A 1.1 37 63.08 0.84 -15.26 76.57 42.01 Evergy EVRG 3.7 20 55.16 0.41 15.22 251.36 146.71 Linde LIN 1.6 58 245.31 -1.35 10.35 230.93 115.38 Rockwell ROK 1.8 34 223.64 1.69 24.95 51.07 15.50 XP XP ... 87 48.13 -1.87
-13.42 54.49 30.78 Bruker BRKR 0.4 42 44.13 0.63 4.64 99.42 60.69 EversourceEner ES 2.5 25 89.02 0.92 -33.33 76.60 21.70 LiveNationEnt LYV ... dd 47.65 0.18 -17.15 52.35 32.20 RogersComm B RCI 3.6 17 41.15 -0.75 1.51 100.18 38.47 XPO Logistics XPO ... 97 80.90 4.05
-21.01 58.19 29.00 Bunge BG 4.4 dd 45.46 0.76 -6.26 123.31 35.25 ExactSciences EXAS ... dd 86.69 -3.71 382.36 150.00 15.12 LivongoHealth LVGO ... dd 120.88 -13.47 16.80 176.55 58.22 Roku ROKU ... dd 156.39 2.52 s 13.94 72.83 46.58 XcelEnergy XEL 2.4 27 72.34 2.24
-20.98 250.89 105.67 BurlingtonStrs BURL ...264 180.19 1.62 26.90 27.80 13.67 Exelixis EXEL ... 25 22.36 -0.45 -57.10 3.58 1.27 LloydsBanking LYG 3.9 70 1.42 ... s 65.44 54.86 30.72 Rollins ROL 0.6 84 54.86 1.31 9.91 112.17 67.68 Xilinx XLNX 1.4 42 107.46 -1.20
-28.18 64.75 29.17 CBRE Group CBRE ... 13 44.02 1.77 -14.61 50.54 29.28 Exelon EXC 3.9 14 38.93 1.03 -0.97 442.53 266.11 LockheedMartin LMT 2.5 17 385.62 5.88 s 24.47 441.55 240.00 RoperTech ROP 0.5 29 440.90 3.92 -2.08 89.34 54.62 Xylem XYL 1.3 56 77.15 1.36
-19.65 146.09 73.39 CDW CDW 1.3 22 114.77 -0.02 -23.65 139.88 40.76 Expedia EXPE 0.0 dd 82.56 -1.65 -28.06 56.88 27.32 Loews L 0.7 dd 37.76 1.25 -23.17 124.16 56.30 RossStores ROST 0.0 35 89.44 2.47 64.05 7.02 2.23 YamanaGold AUY 1.1 24 6.48 -0.24
-30.60 52.33 19.73 CF Industries CF 3.6 19 33.13 -0.26 9.52 87.65 52.55 ExpeditorsIntl EXPD 1.2 24 85.45 0.92 54.86 74.55 31.37 LogitechIntl LOGI 1.0 26 73.03 -1.35 -9.97 82.74 49.55 RoyalBkCanada RY 4.5 12 71.30 0.19 36.03 60.18 27.93 Yandex YNDX ...156 59.16 -0.84
-14.53 87.12 46.32 CGI GIB ... 22 71.55 -0.24 -1.76 124.45 72.70 ExtraSpaceSt EXR 3.5 31 103.76 2.66 s 27.57 154.12 60.00 Lowe's LOW 1.4 26 152.78 1.59 -60.98 135.31 19.25 RoyalCaribbean RCL 0.0 61 52.10 1.00 -9.84 119.59 54.95 YumBrands YUM 2.1 27 90.82 -0.17
22.49 99.22 56.94 CH Robinson CHRW 2.1 28 95.79 0.63 -37.75 75.18 30.11 ExxonMobil XOM 8.0 26 43.44 -0.20 s 47.68 343.74 128.84 lululemon LULU ... 77 342.12 2.94 -47.71 61.17 21.25 RoyalDutchA RDS.A 6.9 dd 30.84 -0.41 11.12 54.68 38.33 YumChina YUMC 0.0 41 53.35 -0.91
-16.73 225.36 131.80 CME Group CME 2.0 25 167.14 3.17 0.67 156.36 79.78 F5Networks FFIV ... 26 140.58 -0.76 15.18 96.73 48.44 Lumentum LITE ... 62 91.34 -2.35 -50.96 62.27 19.19 RoyalDutchB RDS.B 8.6 dd 29.41 -0.37 55.63 38.99 18.71 ZTO Express ZTO 0.0 37 36.34 -1.19
0.06 69.17 46.03 CMS Energy CMS 2.6 24 62.88 1.13 9.97 111.70 56.77 FMC FMC 1.6 30 109.77 1.52 -29.82 61.95 14.56 Lyft LYFT ... dd 30.19 -2.15 13.86 147.64 59.78 RoyalGold RGLD 0.8 46 139.19 -3.61 93.20 89.48 29.43 ZaiLab ZLAB ... ... 80.35 -0.93
-23.77 51.30 25.18 CNA Fin CNA 4.3 20 34.16 1.21 s 30.79 278.89 137.10 Facebook FB ... 33 268.44 3.16 -29.41 98.91 33.71 LyondellBasell LYB 6.3 11 66.69 1.25 ... 56.50 39.90 RoyaltyPharma RPRX ... ... 43.76 -0.14 10.80 289.10 150.06 ZebraTech ZBRA ... 31 283.04 -3.69
-32.45 11.99 5.06 CNH Indl CNHI 0.0 10 7.43 -0.09 s 32.62 358.83 195.22 FactSet FDS 0.9 37 355.82 2.45 -11.84 96.79 44.44 Ryanair RYAAY ... 76 77.24 -0.64 15.33 101.94 50.23 Zendesk ZEN ... dd 88.38 -2.49
-34.66 181.13 81.11 CNOOC
-3.82 40.88 17.73 CRH
CEO 8.2 6 108.90 -2.36
CRH 2.3 16 38.79 0.34
17.89 447.72 177.65 FairIsaac
162.90 28.25 5.99 Farfetch
FICO ... 57 441.72
FTCH ... dd 27.21
0.66
-0.75
MN 20.29 165.43 90.89 SAP
27.18 360.00 186.06 S&P Global
SAP
SPGI
0.8 41 161.17
0.8 33 347.27
-0.81
-5.30
s 73.62 85.10 20.04 Zillow C
s 74.55 85.16 18.65 Zillow A
Z
ZG
... dd 79.76
... dd 79.84
8.34
8.27
47.46 97.82 32.30 CRISPR Therap CRSP ...192 89.81 -3.13 s 31.12 48.51 26.71 Fastenal FAST 2.1 33 48.45 0.51 -36.61 174.00 85.09 M&T Bank MTB 4.1 10 107.61 4.04 29.17 323.02 205.20 SBA Comm SBAC 0.6 dd 311.28 3.95 -6.88 161.11 74.37 ZimmerBiomet ZBH 0.7848 139.38 6.39
0.79 80.62 46.81 CSX CSX 1.4 20 72.93 0.66 295.27 117.79 10.63 Fastly FSLY ... dd 79.33 -10.31 -42.80 34.63 5.90 MGM Resorts MGM 0.1 5 19.03 0.57 -18.68 69.61 35.41 SEI Investments SEIC 1.3 17 53.25 0.87 20.05 163.98 90.14 Zoetis ZTS 0.5 47 158.88 -2.45
-12.56 77.03 52.04 CVS Health CVS 3.1 10 64.96 0.84 -38.78 141.35 64.11 FederalRealty FRT 5.4 22 78.81 2.39 11.91 129.97 66.87 MKS Instrum MKSI 0.6 29 123.11 -2.65 -6.45 23.80 14.07 SK Telecom SKM 3.3 21 21.62 1.10 280.26 281.00 60.97 ZoomVideo ZM ...1503 258.73 -9.52
28.45 2044.41 1031.39 CableOne CABO 0.5 47 1911.94 74.92 s 21.37 183.88 88.69 FedEx FDX 1.4 12 183.53 11.29 -27.73 30.53 6.87 MPLX MPLX 14.9 dd 18.40 -0.13 -0.70 66.74 29.51 SS&C Tech SSNC 0.8 32 60.97 0.85 ... 64.40 32.10 ZoomInfoTech ZI ... ... 46.10 -1.34
18.27 22.67 13.06 CabotOil COG 1.9 26 20.59 0.76 12.33 189.26 127.73 Ferrari RACE 0.7 61 185.95 -0.69 40.36 398.49 210.34 MSCI MSCI 0.9 59 362.37 -10.35 -30.42 40.96 13.00 StoreCapital STOR 5.4 23 25.91 1.11 170.65 135.85 35.00 Zscaler ZS ... dd 125.85 -6.43
56.47 112.32 51.39 CadenceDesign CDNS ... 30 108.53 -1.99 -25.19 16.25 6.00 FiatChrysler FCAU ... dd 10.99 -0.10 -35.26 67.75 22.02 MagellanMid MMP 10.1 9 40.70 0.35 -5.46 270.95 127.39 SVB Fin SIVB ... 14 237.34 7.96 58.99 10.69 5.51 Zynga ZNGA ... dd 9.73 -0.22
Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
EdgewoodGrInst 47.38 -0.48 23.0 OTC 15.99 -0.17 25.0 Invesco Funds Y TotRt 10.99 ... 8.0 CAITAdml 12.39 ... 3.9 WdsrllAdml 62.37 +0.31 -2.7 WndsrII 35.15 +0.17 -2.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Fidelity Puritn 25.02 -0.09 10.8 DevMktY 44.35 -0.77 -2.7 PIMCO Funds A CapOpAdml r162.62 -0.24 3.1 WellsIAdml 67.86 +0.22 4.1 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e 500IdxInstPrem116.35 +0.09 4.9 SrsEmrgMkt 20.88 -0.42 1.2 JPMorgan I Class IncomeFd 11.68 +0.01 NA EMAdmr 36.21 -0.71 -1.4 WelltnAdml 75.79 +0.05 2.6 SmValAdml 49.84 +0.90-14.6
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Contrafund K6 17.21 -0.15 19.0 SrsGlobal 12.49 -0.11 -5.2 CoreBond 12.55 -0.01 NA PIMCO Funds I2 EqIncAdml 71.69 +0.75 -8.3 WndsrAdml 63.99 +0.82-10.5 TotBd2 11.69 -0.02 7.7
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r ExtMktIdxInstPre 65.89 +0.23 3.3 SrsGroCoRetail 24.85 -0.27 40.0 EqInc 17.64 +0.21 NA Income 11.68 +0.01 NA ExplrAdml 102.97 +0.23 5.9 VANGUARD FDS TotIntl 16.81 -0.15 -5.2
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not IntlIdxInstPrem 39.92 -0.20 -7.1 SrsIntlGrw 18.23 -0.14 4.1 JPMorgan R Class PIMCO Funds Instl ExtndAdml 98.25 +0.34 3.3 DivdGro 30.30 +0.31 0.1 TotSt 82.64 +0.08 4.7
available due to incomplete price, performance or cost data. NE-Not released by Lipper; MidCpInxInstPrem 23.07 +0.09 -1.8 SrsIntlVal 8.80 -0.05-11.1 CoreBond 12.57 -0.01 NA IncomeFd 11.68 +0.01 NA GNMAAdml 10.79 +0.01 3.6 INSTTRF2020 25.03 -0.05 3.8 VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SAIUSLgCpIndxFd 18.12 +0.01 4.8 TotalBond 11.60 -0.01 8.0 CorePlusBd 8.87 -0.01 NA Price Funds GrwthAdml 114.41 -0.99 22.5 INSTTRF2025 25.60 -0.06 3.5 BalInst 41.35 ... 6.7
SeriesOverseas 11.07 -0.03 2.7 Fidelity SAI Lord Abbett A BlChip 151.20 -1.86 21.6 HlthCareAdml r 92.62 +0.31 8.5 INSTTRF2030 25.88 -0.06 3.0 DevMktsIndInst 13.17 -0.07 -6.1
SmCpIdxInstPrem 19.91 +0.31 -5.1 TotalBd 11.08 -0.01 7.3 ShtDurIncmA p 4.17 ... 0.9 DivGro 53.78 +0.22 1.5 HYCorAdml r 5.86 ... 1.4 INSTTRF2035 26.14 -0.07 2.5 DevMktsInxInst 20.58 -0.11 -6.1
Friday, August 7, 2020 Lord Abbett F
TMktIdxInstPrem 94.50 +0.12 4.6 Fidelity Selects EqInc 27.44 +0.34-13.3 InfProAd 28.15 -0.07 8.8 INSTTRF2040 26.40 -0.07 2.0 ExtndInst 98.24 +0.34 3.3
Net YTD Net YTD Net YTD USBdIdxInstPrem 12.71 -0.01 8.2 Softwr r 24.13 -0.40 25.5 ShtDurIncm 4.17 ... 1.0 EqIndex 89.12 +0.07 4.8 IntlGrAdml 128.26 -2.12 24.8 INSTTRF2045 26.58 -0.08 1.5 GrwthInst 114.42 -0.99 22.5
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Lord Abbett I
Fidelity Advisor I First Eagle Funds Growth 87.32 -0.97 19.0 ITBondAdml 12.76 -0.01 9.6 INSTTRF2050 26.63 -0.07 1.6 InPrSeIn 11.47 -0.03 8.9
ShtDurInc p 4.17 ... 1.0
American Century Inv Baird Funds 5GlbFxdInc 10.87 ... 1.3 NwInsghtI 36.55 -0.31 11.8 GlbA 57.17 -0.08 -1.3 HelSci 90.93 -0.09 11.7 ITIGradeAdml 10.71 -0.01 9.0 INSTTRF2055 26.74 -0.07 1.6 InstIdx 299.35 +0.25 4.9
Ultra 66.81 -0.71 28.1 AggBdInst 11.97 -0.02 8.3 EmgMktVa 24.76 -0.20-13.2 Metropolitan West LTGradeAdml 12.52 -0.04 17.4 InstPlus 299.37 +0.25 4.9
Fidelity Freedom FPA Funds LgCapGow I 53.30 -0.64 21.0 IntlVal 33.64 -0.19-10.4
American Funds Cl A CorBdInst 12.29 -0.01 7.9 EmMktCorEq 20.38 -0.27 -5.5 TotRetBd 11.73 -0.01 8.4 MidCpAdml 219.52 +0.36 0.4 InstTStPlus 70.73 +0.07 4.7
FF2020 16.26 -0.06 3.4 FPACres 31.40 +0.02 -4.3 MidCap 100.05 -0.10 5.0 LifeCon 21.83 -0.05 4.7
AmcpA p 35.72 -0.21 8.3 BlackRock Funds IntlCoreEq 12.39 -0.08 -9.4 TotRetBdI 11.73 ... 8.6 MuHYAdml 11.85 +0.01 3.0 MidCpInst 48.49 +0.08 0.4
FF2025 14.41 -0.05 3.2 Franklin A1 NHoriz 76.79 -1.09 29.3 LifeGro 36.68 -0.10 2.3
AMutlA p 41.97 +0.26 -2.5 HiYBlk 7.54 ... 0.3 IntSmCo 17.00 -0.10 -9.8 TRBdPlan 11.03 -0.01 8.5 MuIntAdml 14.84 +0.02 4.1 MidCpIstPl 239.16 +0.39 0.4
FF2030 17.79 -0.06 2.7 CA TF A1 p 7.85 +0.02 4.5 MFS Funds Class I R2020 22.83 -0.05 NA LifeMod 29.65 -0.07 3.6
BalA p 29.14 +0.05 3.6 HiYldBd Inst 7.54 ... 0.4 IntSmVa 16.12 -0.13-16.5 IncomeA1 p 2.11 +0.01 -6.8 ValueI R2025 18.39 -0.04 NA MuLTAdml 12.24 +0.01 4.7 SmCapInst 75.76 +0.56 -4.0
Freedom2020 K 16.25 -0.05 3.4 40.84 +0.43 -7.6 PrmcpCor 26.69 +0.13 -4.4
BondA p 14.26 -0.01 10.3 BlackRock Funds A LgCo 25.73 +0.02 4.9 MuLtdAdml 11.26 +0.01 2.7 STIGradeInst 11.00 -0.01 4.1
Freedom2025 K 14.39 -0.05 3.2 FrankTemp/Frank Adv MFS Funds Instl R2030 26.74 -0.07 NA STAR 29.26 -0.07 7.7 STIPSIxins 25.44 -0.04 3.0
CapIBA p 59.29 ... -4.6 GlblAlloc p 20.00 -0.08 7.7 TAUSCoreEq2 19.77 +0.11 -1.1 MuShtAdml 15.96 ... 1.6
Freedom2030 K 17.78 -0.06 2.8 IncomeAdv 2.09 +0.01 -6.7 IntlEq 26.92 -0.19 -3.4 R2035 19.62 -0.06 NA TgtRe2015 15.83 -0.03 4.3 TotBdInst
CapWGrA 51.91 -0.29 0.2 BlackRock Funds Inst US CoreEq1 25.74 +0.12 0.2 PrmcpAdml r144.04 +0.27 -0.1 11.78 -0.01 8.1
Freedom2035 K 14.89 -0.05 1.8 FrankTemp/Franklin A Nuveen Cl I R2040 27.87 -0.08 NA TgtRe2020 33.75 -0.08 3.8 TotBdInst2 11.69 -0.02 7.7
EupacA p 57.11 -0.53 2.6 MultiAstIncome 10.69 ... 0.1 US CoreEq2 23.22 +0.14 -1.1 RealEstatAdml116.79 +1.67 -9.7
Freedom2040 K 10.40 -0.04 1.4 Growth A p 127.30 -0.46 13.4 HYMunBd 17.10 +0.02 -1.9 PRIMECAP Odyssey Fds TgtRe2025 20.53 -0.05 3.5 TotBdInstPl 11.78 -0.01 8.2
FdInvA p 61.24 -0.11 0.8 StratIncOpptyIns 10.07 -0.01 2.7 US Small 31.77 +0.55 -8.7 SmCapAdml 75.76 +0.56 -4.0
Fidelity Invest RisDv A p 71.42 +0.47 3.1 Oakmark Funds Invest AggGrowth r 47.57 -0.14 5.9 TgtRe2030 37.55 -0.09 3.0 TotIntBdIdxInst 34.90 -0.03 3.4
GwthA p 59.18 -0.48 15.7 Bridge Builder Trust US SmCpVal 27.97 +0.66-18.4 SmGthAdml 76.03 -0.27 9.1
CoreBond 11.09 -0.01 8.2 USLgVa Balanc 26.63 -0.02 9.2 FrankTemp/Franklin C OakmrkInt 20.15 -0.31-19.2 Growth r 40.77 -0.10 -0.4 TgtRe2035 23.09 -0.06 2.5 TotIntlInstIdx r112.46 -1.02 -5.1
HI TrA p 9.66 ... -0.6 32.29 +0.36-15.4 STBondAdml 10.90 -0.01 4.3
ICAA p 40.07 -0.05 2.5 CorePlusBond 10.76 -0.01 7.8 Dodge & Cox BluCh 142.29 -2.10 32.1 Income C t 2.14 +0.01 -7.0 Old Westbury Fds Schwab Funds
STIGradeAdml 11.00 -0.01 4.1 TgtRe2040 39.92 -0.11 2.0 TotItlInstPlId r112.48 -1.02 -5.1
IncoA p 22.19 +0.05 -2.9 Intl Eq 11.64 -0.06 -2.9 Balanced 94.50 +0.92 -4.7 Contra 16.36 -0.14 20.1 FrankTemp/Temp Adv LrgCpStr 15.20 -0.09 0.9 1000 Inv r 74.90 +0.05 NA TotBdAdml 11.78 -0.01 8.1 TgtRe2045 25.10 -0.07 1.6 TotStInst 82.69 +0.08 4.7
IntBdA p 14.24 ... 6.8 LargeCapGrowth 18.56 -0.14 17.2 Income 14.89 ... 7.8 ContraK 16.39 -0.14 20.2 GlBondAdv p 9.91 ... -4.5 Parnassus Fds S&P Sel 51.82 +0.04 NA TotIntBdIdxAdm 23.26 -0.02 3.4 TgtRe2050 40.41 -0.12 1.6 ValueInst 41.36 +0.46-10.1
N PerA p 52.17 -0.45 10.4 LargeCapValue 12.60 +0.15 -7.1 Intl Stk 36.58 -0.51-16.1 CpInc r 9.99 +0.01 0.1 Guggenheim Funds Tru ParnEqFd 49.77 -0.01 6.3 TSM Sel r 58.53 +0.07 NA TotIntlAdmIdx r 28.12 -0.26 -5.1 TgtRet2055 43.87 -0.12 1.6 WCM Focus Funds
NEcoA p 51.17 -0.48 11.9 ClearBridge Stock 170.11 +2.31-10.0 GroCo 29.62 -0.32 38.7 TotRtnBdFdClInst NA ... NA PGIM Funds Cl Z TIAA/CREF Funds TotStAdml 82.67 +0.08 4.7 TgtRetInc 14.60 -0.03 4.7 WCMFocIntlGrwIns 21.16 -0.16 11.9
NwWrldA 73.51 -0.85 4.2 LargeCapGrowthI 64.23 -0.50 NA DoubleLine Funds GrowCoK 29.68 -0.32 38.8 Harbor Funds TotalReturnBond NA ... NA EqIdxInst 24.43 +0.02 4.7 TxMCapAdml173.81 +0.14 5.7 TotIntBdIxInv 11.63 -0.01 3.4 Western Asset
SmCpA p 64.93 -0.52 10.4 Columbia Class I CoreFxdIncmI 11.30 -0.01 NA InvGrBd 12.37 -0.01 8.7 CapApInst 98.72 -1.94 NA PIMCO Fds Instl VANGUARD ADMIRAL TxMIn r 13.15 -0.07 -6.1 USGro 57.10 -0.86 32.7 CoreBondI NA ... NA
TxExA p 13.60 +0.01 3.5 DivIncom I 23.49 +0.17 -2.8 TotRetBdI NA ... NA LowP r 45.96 +0.32 -8.2 Harding Loevner AllAsset 11.56 -0.01 -1.7 500Adml 309.73 +0.26 4.9 USGroAdml 147.98 -2.23 32.8 WellsI 28.01 +0.09 4.1 CorePlusBdI 12.63 -0.02 NA
WshA p 45.94 +0.23 -3.6 Dimensional Fds Edgewood Growth Instituti Magin 11.96 -0.06 17.3 IntlEq 24.27 -0.18 NA InvGrdCrBd 11.26 -0.01 5.4 BalAdml 41.35 +0.01 6.7 ValAdml 41.36 +0.46-10.1 Welltn 43.89 +0.03 2.5 CorePlusBdIS 12.63 -0.01 NA
BUSINESS & FINANCE
Third Point Re Strikes Merger Deal Goldman Shaves

BY STELLA YIFAN XIE
Third Point Reinsurance

$2 Billion From companies. Some insurers have
had to make payouts under
event-cancellation, business-
Ltd., backed by U.S. hedge-
fund manager Daniel Loeb,
said it would merge with Sir-
ius International Insurance
Quarterly Profit interruption and other com-
mercial insurance policies they
sold to companies.
Sirius Group reported
Group Ltd., whose majority losses exceeding $100 million
shareholder in China has been in the first six months of BY LIZ HOFFMAN The bank set aside an addi-
under financial pressure. 2020, after the company tional $2 billion in legal provi-
The cash-and-stock deal is boosted its reserves for losses Goldman Sachs Group Inc. sions in the quarter, according
ANDREW KELLY/REUTERS
worth around $788 million, related to Covid-19. restated its second-quarter to Friday’s filing, much of
based on Third Point Re’s Aug. The deal, approved by Min- earnings lower Friday after which is likely to go to the U.S.
5 closing price, and the com- sheng Investment Group’s reaching a $3.9 billion settle- Justice Department to settle
bined property-and-casualty board, is likely to ease the con- ment with the government of its allegations related to
insurer would be called Sirius- glomerate’s near-term liquidity Malaysia to resolve a long- 1MDB.
Point Ltd. pressure and could help pre- running investigation into its Federal prosecutors have
The bulk of Sirius Group’s Daniel Loeb will buy $50 million in shares of the combined company. vent Sirius’s financial-strength work for a corrupt investment accused Goldman of violating
shares are held by a Singapore- rating from being downgraded fund. antibribery and corruption
based arm of China Minsheng In 2016 Minsheng paid $2.6 SiriusPoint rise over time. by major credit-rating firms, That settlement, reached laws by ignoring warning
Investment Group, a privately billion for Sirius, then known Other Sirius shareholders according to a person familiar last month just after the quar- signs at 1MDB in pursuit of
held conglomerate that has as White Mountains Insurance can choose to receive either with the matter. ter’s end, reduced the bank’s deal fees that ultimately ex-
faced liquidity problems in the Group, but as of Aug. 6 its $9.50 a share, about a 36% pre- Sid Sankaran, a former top earnings by $2 billion to $373 ceeded $600 million.
past year. Funds managed by market capitalization had tum- mium to the stock’s last-traded executive at American Interna- million, or 53 cents a share. The Wall Street Journal re-
Bain Capital, Carlyle Group and bled to around $800 million. price, or Third Point Re securi- tional Group Inc., will become Previously it had reported ported in December that U.S.
Centerbridge Partners have The Wall Street Journal re- ties and other instruments. SiriusPoint’s chairman and profit of $2.4 billion, or $6.26 prosecutors were seeking a
also invested in Sirius. ported last year that Minsheng Mr. Loeb, chief executive and CEO. Sirius Group president per share, holding steady dur- fine of around $2 billion on
Last August, Minsheng had earmarked its Sirius stake chief investment officer of and CEO Kip Oberting will step ing a stretch in which the cor- top of a guilty plea by a Gold-
couldn’t make payments on for sale, and the insurer said hedge-fund firm Third Point down when the deal is com- onavirus pandemic hammered man subsidiary and ongoing
$500 million in U.S. dollar in March that it had launched LLC and Third Point Re’s largest plete, while Third Point Re CEO other banks’ results. oversight of the bank’s compli-
bonds. It was granted a one- a formal sale process. individual shareholder, will buy Dan Malloy will remain as a se- Under the settlement, Gold- ance procedures.
year reprieve, but this month Minsheng will receive $100 $50 million in shares of the nior underwriting executive. man will pay $2.5 billion in All in, the 1MDB affair is
was again unable to repay. It million in cash in addition to combined company when the The combined company cash to the Malaysian govern- likely to cost Goldman more in
had said in a July regulatory shares of Third Point Re with a deal closes, likely in early 2021. would be a global insurer and ment to settle allegations that penalties than the $5.1 billion
filing that the coronavirus recent value of around $477 The coronavirus pandemic reinsurer that had $2.5 billion it enabled the theft of billions it paid to settle government
pandemic had slowed its plans million, plus other securities. has pressured the earnings and in annual gross written premi- of dollars from the fund, investigations into its mort-
to sell assets to raise cash. It That gives Minsheng the oppor- share prices of many property- ums in the year ended in June. known as 1MDB. It also guar- gage-trading activities around
proposed another one-year ex- tunity to recover more of its in- and-casualty insurers as well Mr. Loeb’s hedge-fund firm anteed the recovery of $1.4 the 2008 housing crisis. It
tension and said it is working vestment in Sirius—if shares of as reinsurers, which provide will help oversee and manage billion in assets allegedly sto- didn’t admit to wrongdoing
on other potential solutions. Third Point Re or the combined coverage to other insurance the investments of SiriusPoint. len from the fund. then.
.
Struggling Homeowners Have Mortgage Payment Options
ly
BY JULIA CARPENTER time as they manage the
As part of the coronavirus

relief effort, Congress passed a
$2 trillion stimulus package in
on Covid-related fallout.
Modify Mortgage
April with provisions for those For millions of Americans,
us ,
struggling to make their mort- their old jobs are gone tempo-
l
gage payments. Lenders were rarily or permanently. For

e
al a
supposed to allow forbearance these homeowners, Mrs. Cor-

for homeowners with feder- ley recommends mortgage
ally-backed mortgages. modification.
ci on
Forbearance allows home- While refinancing your

DAVID PAUL MORRIS/BLOOMBERG NEWS
owners to suspend their mortgage replaces your previ-

monthly payments when they ous mortgage with an entirely
experience a virus-related new loan, mortgage modifica-
hardship without the usual tion changes the terms of your
er s
consequences of delinquency existing mortgage to help

or even foreclosure. The flood homeowners make their pay-
m er
of requests have mortgage ser- ments. Traditionally, they have

vicers working overtime and been put to use for those af-
homeowners waiting hours on fected by national disasters.
the phone. But now, Mr. Fratantoni said,
As states reopen and shut People with pandemic-related hardships can take advantage of several programs to ease mortgage payments and save their homes. these programs could help
m rp
down again, Michael Fratan- those struggling with the

toni, chief economist and se- all these different approaches tent to set them on a path again and ultimately paying are not stable yet.” Covid-related economic down-
nior vice president at the to reducing the payments for from serious distress,” Mr. off the loan.” Those who have already turn.
Mortgage Bankers Association, the borrower for a period Fratantoni said. “Over time, Here’s what’s available for been approved for forbearance Mortgage modification isn’t
says more people are investi- while they’re getting back on you get them back to making those struggling to make pay- are very likely to be extended, for those who are able to make
co Fo
gating their options. “You use their feet, always with the in- their regular payment once ments now. Mrs. Corley said, even if their payments and simply looking
financial situation has wors- to take advantage of the low
ened since they were first ap- interest rates, Mrs. Corley
ADVERTISEMENT
Extend Forbearance proved. said. This option is for those
Homeowners with federally- who wouldn’t be able to afford
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
backed mortgages are allowed
to extend forbearance for up
to 12 months, said Donna Cor-
Payment Deferrals
Some homeowners may be
the overhead costs of refinanc-
ing and are potentially at risk
for missing payments or losing
ley, executive vice president back to work but in a much their home, although those
COMMERCIAL REAL ESTATE BUSINESS OPPORTUNITIES
and head of single-family busi- different capacity, with fewer transitioning from an adjust-
ness at Freddie Mac. hours or reduced income. As able-rate to a fixed-rate mort-
She recommends people they come out of forbearance, gage are also able to use it to

contact their servicer to ask homeowners may need help retool the terms of their loan.
n-
how they can set up an exten- making up the payments they “For the folks who haven’t

sion. The process should be missed. been affected by Covid, I say

very similar to what they ex- The “evaluation hierarchy” interest rates are at all-time

perienced when they first at Freddie Mac walks borrow- historic lows—go refi,” she

no

asked about forbearance sev- ers through several options: a said. “People who have income

eral months back. lump sum repayment, repay- should absolutely take advan-

!
Mr. Fratantoni said his ment plans and payment de- tage of the all-time low inter-

" # $
group has seen “a lot of exten- ferral. Under the Cares Act, for est rates, but they’re much
!
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sion activity” and he predicts those seeking payment defer- better suited to go look at refi-

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even more to come as the cri- ral the interest accrues at the nancing.”

$
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sis continues. While the share same rate as though the bor- There are some potential
of loans in forbearance has rower had been making pay- pitfalls to these options.

&. / consistently declined since ments. Missed payments typically
0

! "!
!
1 ) &.
April, more than half of the
borrowers in forbearance are
For most of these options,
those with federally-backed
lower credit scores, and mort-
gage modifications will appear
#!$ % &' ) 2

already in an extension, ac- mortgages have to attest to a on credit reports and could
%
3 cording to the Mortgage Bank- Covid-19 hardship. For a defer- impact people’s ability to qual-
/ 45*,6 78,8759: ers Association. ral, missed payments during ify for future loans. If the

'; < “People are either not back forbearance can be delayed for modification extends the life
to work or they still haven’t the life of the loan. That of the loan, homeowners could
AVIATION BUSINESS OPPORTUNITIES

recovered income, because amount comes due when you pay more in interest over
their hours were cut or their pay off the mortgage, refi- time. Under the Cares Act, re-
() ( income was reduced. That nance the mortgage or sell the questing forbearance and

()))))) hasn’t turned around,” he said. house. This is a very attractive missing payments on feder-

!"# $%&'

“I think the extension [activ-
ity] is saying you have a lot of
homeowners out there who
option for many people right
now, Mrs. Corley says, because
it allows people to buy some
ally-backed mortgages as a re-
sult of the pandemic shouldn’t
affect your credit score, so

()()

make sure to keep an eye on

it.
!!"#$%&$ PUBLIC NOTICES ADVERTISEMENT Mr. Fratantoni recommends

first contacting your servicer
BUSINESS OPPORTUNITIES

Showroom to ask about the different

To advertise: 800-366-3975 or WSJ.com/classifieds
modifications available. Those
with federally-backed mort-

$
1- !'0
&2 '# /1/ , 0% #3%2 .-/

gages should attest to a hard-
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BOATING LUXURY ship related to Covid-19, ac-
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of the loan, allowing home-
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forbearance. Others could re-
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an adjustable-rate to a fixed-
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uses one or a combination of

THEMARKETPLACE

THEMARKETPLACE these options, after initiating a
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ADVERTISE TODAY ADVERTISE TODAY conversation with the servicer
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(800) 366-3975 (800) 366-3975 and the borrower. According

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to Freddie Mac, it can reduce a

© 2020 Dow Jones & Company, Inc. © 2020 Dow Jones & Company, Inc.

All Rights Reserved. All Rights Reserved. monthly mortgage payment by
as much as 20%.
MARKETS
Jobs Data Stocks Make Gains at Week’s End

Pressure BY ANNA ISAAC unemployment rate fell to Index performance this past week WeChat and TikTok, effective
Treasurys AND GUNJAN BANERJI
U.S. stocks wavered Friday

10.2%, according to the Labor
Department. Economists sur-
veyed by The Wall Street Jour-
4.0%
3.5
Dow Jones
Industrial Average
45 days from Thursday. That
essentially imposes a deadline
for a U.S. company to pur-
but ended the week with gains nal had estimated that pay- chase TikTok’s U.S. operations.
BY SAM GOLDFARB as the latest employment re- rolls grew by 1.5 million and The orders came as rela-
port showed the economy that the unemployment rate 3.0 tions deteriorate, prompting
U.S. government bond added more jobs than ex- dropped to 10.6% from 11.1% in speculation that trade be-
prices slipped Friday after pected last month, though un- June. 2.5 Nasdaq Composite tween the world’s two largest
new data showed the economy certainty surrounding fresh Still, there were concerns S&P 500 economies could take a hit.
added more jobs last month government stimulus threat- the next aid package wouldn’t 2.0 “China is just about the only
than expected. ened to crimp a recovery. be as robust as the first. Fiscal bipartisan issue in Washington
The yield on the benchmark The S&P 500 edged lower stimulus has been a driver in at the moment,” said James
1.5
10-year U.S. Treasury note set- for much of the session before the stock market’s dramatic Athey, senior investment man-
tled at 0.562%, according to turning higher late recovery from its March lows, ager at Aberdeen Standard In-
Tradeweb, compared with FRIDAY’S in the day, eking and worries that lawmakers 1.0 vestments. “The framework of
0.535% on Thursday. MARKETS out a slim gain for wouldn’t reach a consensus a cold war, decoupling and a
Yields, which rise when bond the sixth consecu- stirred volatility on Friday, an- 0.5 bipolar world is the right one
prices fall, immediately ticked tive trading session, the lon- alysts said. to think about. It won’t be pos-
higher after the Labor Depart- gest such streak since April “We have a lot of wood to 0 sible to straddle both China’s
ment said the economy added 2019. chop from here,” said Chris Mon. Tues. Wed. Thurs. Fri. and the U.S.’s agenda.”
1.8 million jobs in July on top of Major indexes rose for O’Keefe, a lead portfolio man- In corporate news, shares of
the 4.8 million added the previ- much of the week, though ager at Logan Capital Manage- Source: FactSet Uber Technologies fell $1.81,
ous month. That was above the their big gains came to a halt ment. Still, he said “I think or 5.2%, to $32.90 after the
forecast of economists surveyed ahead of the jobs report and they have to do something.” each added about 2.5% for the $47.30 a troy ounce, or 2.4%, company posted another big
by The Wall Street Journal, as talks between White House The S&P 500 edged up 2.12 week. The Dow gained 3.8%. to $2010.10 this week. It was loss after market close Thurs-
who had expected a 1.5 million officials and Democratic lead- points, or 0.1%, to 3351.28. The Also in the backdrop are the ninth consecutive week of day, with little sign of recovery
increase in jobs. ers on a new coronavirus-aid Dow Jones Industrial Average tensions between the U.S. and gains, the longest such stretch in its core ride-hailing busi-
Yields soon fell back to pre- package concluded without a added 46.50 points, or 0.2%, to countries around the globe. since 2006. ness as the pandemic drags on.
vious levels, a sign investors breakthrough. On Friday, those 27433.48. The tech-heavy Nas- Though stocks edged higher, President Trump signed ex- Overseas, major markets
expect a challenging economic talks were on the brink of col- daq Composite shed 97.09 concerns about the economy ecutive orders Thursday night fell. The Shanghai Composite
recovery and years of ultra- lapse. points, or 0.9% to 11010.98, and trade were evident in the that would bar people in the dropped 1%, while Hong
loose monetary policy while The latest jobs report backing away from its record market for traditionally safer U.S. or subject to U.S. jurisdic- Kong’s Hang Seng Index fell
businesses and households try showed that employers added hit Thursday. assets such as gold. Front- tion from transactions with 1.6% and Japan’s Nikkei 225
to recover from the 1.8 million jobs in July and the The S&P 500 and Nasdaq month gold futures gained the China-based owners of index dropped 0.4%.
CREDIT fallout of the coro-
MARKETS navirus pandemic.
Bond Investors Keep Wary Eye on Volatility

Still, yields edged
higher again later in the morn-
ing, as investors looked ahead
to a slate of large Treasury note
auctions coming next week.
.
Before the report, yields on BY PAUL J. DAVIES Option adjusted spreads on investment grade bond Cumulative net flows to verse again if investors get
longer-term Treasurys had spooked.
ly
indexes minus spreads on credit default swap indexes investment grade bond funds
been trending downward due Bond investors are wary Investors have piled into in-
3 percentage points $40 billion
in part to signals from the about a return of coronavirus- vestment-grade bond funds on
Federal Reserve that it could induced volatility, despite cen- the back of Federal Reserve and
leave short-term interest rates
at around zero until inflation
tral banks’ efforts to backstop
credit markets.
This fear is keeping yields
on investment-grade corporate
on U.S. Europe
European Central Bank corpo-
rate-bond purchases, but mean-
while, companies have flooded
the market with new debt is-
2 20
bonds elevated compared with sues. This supply of new debt
us ,
Investors expect a the cost of insuring them has helped keep yields on cash
l
challenging recovery against defaults in derivatives bonds higher, while investors’

e
al a
markets. That is because the preference for CDS indexes has

and years of loose indexes of corporate debt de- pushed spreads on those lower.
monetary policy. rivatives have proved easier to Both factors have contributed
ci on
1 0
trade than cash bonds since to the basis.
the market meltdown in March. U.S. investment-grade
The difference means inves- bonds funds have taken in a
has reached or exceeded its tors right now could buy in- net $37 billion this year to the
2% target. surance out of the income end of July, according to fund
er s
Investors’ expectations for from their bonds and have tracker EPFR Global. Mean-
0 –20
years of easy money policies money left over. This would while, U.S. investment-grade
m er
have helped drag the 10-year make them long cash bonds Sept. 2019 Jan. ’20 Aug. Jan. 2020 July companies have issued more
yield near its record closing and short the same credit Note: ICE BofA corporate indexes versus CDX for the U.S. and iTraxx main for Europe than $900 billion of net new
low of 0.501% after it spent through the derivatives mar- Sources: FactSet (U.S. spread); IHS Markit (Europe spread); EPFR Global (net flows) debt so far in 2020, more than
months mostly hovering kets, hedging their risk while in the full year in each of the
around two-thirds of a per- still earning some yield from more reliably liquid, meaning ICE BofA U.S. Corporate bond ing clients to exploit this basis last 10 years.
m rp
cent. At the same time, signals their bonds. investors can more easily buy index and on the CDX index by using CDS indexes to buy Fund managers have been
from the Fed have led to an The dash for cash in March or sell the amounts they want peaked at 2.75 percentage default insurance while own- eager to keep cash available so
even sharper decline in the during the initial wave of in- for the prices they expect. points March 23. That was up ing bonds and to pocket the they aren’t forced to sell their
yields on Treasury-inflation fections forced fund managers “People do still have a bit from less than 0.6 percentage difference. The trade works most attractive bonds if there
protected securities, or TIPS, to raise money by selling what of fear around liquidity, and point at the end of February. for indexes, but not for many is a wave of outflows during
co Fo
as investors bet the central could be sold, rather than CDS is a better way of playing This difference, known as individual companies, because another wave of the virus. In-
bank will at least drive infla- what they preferred to sell, that,” said Colin Purdie, chief the basis, has shrunk as mar- individual CDS aren’t traded vesting via CDS derivatives re-
tion closer to its target. which led to a sharp spike investment officer for credit at kets have recovered, but it much and are sometimes even quires less cash up front.
The yield on the 10-year higher in yields on safer cor- Aviva Investors. took until the start of June to less liquid than the bonds. But while the threat of a re-
TIPS dropped to a record low porate debt across industries. During March’s mayhem, the get back below 1 percentage David Riley, chief invest- turn to trouble in the market
in late July and has extended Since then, U.S. and Euro- investment-grade CDS in- point and it is still at more ment officer at BlueBay Asset remains, the safety net de-
its decline since then, finish- pean bonds have recovered dexes—called the CDX in the than 0.7 percentage point now. Management, said his firm’s ployed by central banks means
ing Friday’s session at around significantly due to the huge U.S. and the iTraxx in Europe— A more sophisticated ver- funds have started buying de- that even with another severe
negative 1.04%. wave of central-bank support were extremely volatile. But sion of this calculation from an- fault protection in expectation outbreak, the mayhem of March
A measure of investors’ an- for markets and government they saw a much smaller spike alysts at Barclays, which takes of a return of volatility when is unlikely to be repeated.
nual inflation expectations policies aimed at keeping peo- than cash indexes in their account of bond maturities, other investors get spooked. “It’s impossible to retest
based on the difference be- ple in work or protecting their spreads, which is the name for shows a basis close to zero for “Volatility will likely return the levels of volatility we saw
tween 10-year nominal and in- incomes during lockdowns. the extra yield above govern- European bonds and CDS be- to the liquid cash indices be- in March. The amount of cen-
n-
flation-protected Treasury However, big investors have ment bonds that corporate bor- fore March, jumping to more cause central bank support tral bank support in place al-
yields—known as the break- preferred to trade in the in- rowers have to pay to investors than 0.9 percentage point at has created a hunt for yield, ready is a game changer,” said
even inflation rate—climbed dexes of bond derivatives to compensate for credit risk. their peak and still at about 0.2 which has led to big inflows Andrey Kuznetsov, senior
to above 1.6% from 1.05% on known as credit default swaps The difference between percentage point now. into investment grade bonds,” credit portfolio manager at
no
May 1. because these have proved these measures of risk on the Barclays analysts are advis- he said. These flows could re- Federated Hermes.
Risks Rise Percentage of auto-loan

balances 90 days or
more past due, quarterly
cial crisis borrowers stretched
for bigger mortgages—only to
default on them later. Defaults
four months for most borrow-
ers. At some subprime lenders,
10% of loans have been ex-
For Soured 5%
on car loans are less likely, in-
vestors believe, because peo-
ple need their cars to get
tended, according to S&P. Con-
sumers make up the missed
payments either by tacking
Auto Loans 4
work. And if they do default,
repossessing and reselling a
car is far easier than foreclos-
them onto the end of the loan
or paying more each month.
Mutual funds and other big
ing on a home. investors own more than $480
3
Continued from page B1 Another parallel with pre- billion of consumer loans ex-
losing their wheels. crisis mortgages is that many cluding mortgages, according
The stress would show up auto loans are securitized, to the Securities Industry and
2
first in subprime loans, made meaning sold to investors, and Financial Markets Association.
to consumers with low credit can be hard to modify. Even if defaults rise signifi-
scores. About a quarter of 1
A study by Samuel Kruger, cantly, investors likely won’t
loans made to these borrowers a finance professor at the Uni- face big losses because of
were packaged and sold to in- versity of Texas at Austin, built-in cushions in the securi-
vestors last year under con- 0 showed securitized mortgages ties and the cash generated by
tracts that limit the changes had higher risks of foreclo- selling repossessed cars, ac-
LUCY HEWETT FOR THE WALL STREET JOURNAL
2010 ’12 ’14 ’16 ’18 ’20

that can be made, according to sure, because the companies cording to ratings firms.
S&P Global Inc. Source: New York Fed Consumer servicing the deals had lower Still, the impact from a
“We’re on the edge of the Credit Panel/Equifax incentives to modify loans. wave of defaults could be
cliff with subprime auto loans “There’s good reason to be worse than expected. The av-
[but] it’s not a foregone con- hung up on me,” she said. concerned the same thing erage car loan is $35,000, a
clusion that this will lead to a Santander, one of the big- could be true this time third larger than a decade ago,
crisis,” said Bronson Argyle, a gest auto lenders, no longer around” with securitized auto and an increasing number fi-
finance professor at Brigham owned Ms. Panikowski’s loan. loans, Mr. Kruger said. nance cars worth less than the
Young University, who has The bank had packaged it to- Auto-loan securitizations loan. In April, according to
studied auto lending. gether with 66,796 others into typically bar lenders from re- car-shopping site Edmunds,
Ursula Panikowski, a 63- a $1.1 billion security called ducing the amount owed or 42% of cars traded in were un-
year-old bus driver in Chicago, Santander Drive Auto Receiv- the interest rate, unless legally derwater on their loans.
lost her job in February, and ables Trust 2017-1, securities Ursula Panikowski, who lost her job as a bus driver in February, required to. Many agreements Investors are optimistic
asked her lender, Santander filings show. eventually was able to get the balance on her auto loan reduced. allow for temporary reduc- about the bonds despite the
Consumer USA, several times “Reducing interest rates or tions in payments, but often risks, in part because of stimu-
if it could reduce her debt by principal is not an industry told her it would write down has given itself more leeway only for a few months. lus from the Federal Reserve.
roughly $5,000 so her loan standard practice and not per- $5,700 of her debt. “They to modify loans in its most re- Relaxing the limits imposed Bonds backed by auto loans
balance would be closer to mitted under certain of our se- mentioned something about cent securitizations. by securitizations usually re- fell in value when the crisis
what her 2013 Nissan Path- curitizations,” a Santander the media and said they Auto lending soared in the quires “getting a lot of the in- began but rebounded strongly.
finder was actually worth. spokeswoman said, adding wanted to be sure I’m satis- past decade because low inter- vestors to agree, which is hard “Sentiment has improved
Despite filing for bank- that the lender has stopped fied,” she said. She plans to est rates and longer loan terms to do,” said Larry Platt, a part- and demand has returned be-
ruptcy last year, Ms. Pan- repossessions and offered borrow from friends to pay off reduced monthly payments. ner at law firm Mayer Brown cause the Fed has provided so
ikowski says she had kept up other help to customers. the rest of her loan. Consumers took advantage by LLP who specializes in con- much liquidity,” said Amy Sze,
her monthly payments. She After The Wall Street Jour- Santander said it would borrowing more to buy expen- sumer credit. an analyst at JPMorgan. But,
says she initially got the run- nal asked Santander about Ms. help borrowers regardless of sive SUVs and pickup trucks. Auto lenders have offered she added: “We’re not out of
around. “Every time, they Panikowski’s loan, the lender whether it holds the loan. It Similarly, before the finan- payment deferrals of one to the woods by any means.”
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE
A Tenuous Saudi-
Russia Oil Alliance
Could Melt Down
Rebounding oil prices may expose cracks that
exist in the pact between oil-producing nations
Saudi Arabia, the dominant war greatly worsened by the pan-
LEONHARD FOEGER/REUTERS
force of OPEC, might as well have demic. Before that, Russia failed to
been herding cats in recent years follow through on all three deals it
trying to bring order to the unruly had struck with OPEC since 1998,
cartel. It wasn’t until Russia and according to the Center for Strate-
others piled in to make it “OPEC+” gic and International Studies.
that the market purred. But now Both countries could clearly do
the expanded group’s greatest ac- with higher oil prices: Russia’s
complishment could falter as oil economy could contract by as
prices stabilize and as Riyadh and much as 6% this year, according to Saudi Arabia's minister of energy and Russia's energy minister sit side by side. Will the fellowship last?
Moscow’s interests diverge. the World Bank. President Vladimir
After a historic glut—partly of Putin has warned the coming re-
their own making—Saudi Arabia cession could be worse than the of commodity strategy at RBC Cap- the cost of miscalculation could be the companies, creating an incen-
and the rest of the Organization of slump the country experienced in ital Markets, figures it is more like calamitous.” tive for energy companies to in-
the Petroleum Exporting Countries, 2008-09. Saudi Arabia’s economy $65 once its actual security budget The kingdom in particular crease volume at lower prices to
joined by Russia and even a help- could shrink by 6.8%, according to is included. treads a fine line internally. To generate profit, explains Ms. Croft.
ing hand from the Trump adminis- the International Monetary Fund. Whatever the actual break-even deal with the economic fallout re- Russia also has a lever that
tration, agreed to slash crude out- While both face pressure, price ob- is, the recent easing of cutbacks sulting from the oil demand col- Saudi Arabia lacks: Its currency
put by an unprecedented 9.7 jectives pull them in different di- might already be too much. lapse, Saudi Arabia has imple- drops when its economy falters,
million barrels a day in April. Com- rections. Saudi Arabia needs oil “They lost the momentum for mented some unpopular measures while Saudi riyals are pegged to
pliance has been remarkable. In prices to be at $94 a barrel to bal- price,” Mr. Ross said. Ms. Croft this year, tripling its value added the U.S. dollar. Russian energy
mid-July, they agreed to allow pro- ance its budget. Russia claims it said in a report discussing the pro- tax and suspending its cost of liv- companies pay their costs in de-
.
duction to increase by 1.6 million can balance its budget at $42, duction increase that the “margin ing allowance to state employees. preciated rubles, while exporting in
barrels per day. though Helima Croft, global head for error appears rather slim and Meanwhile, King Salman was re- dollars or euros, according to Paul
ly
The latest adjustment was a recently hospitalized to treat an in- Sheldon, chief geopolitical adviser
flection of a demand picture that flamed gallbladder, raising ques- at S&P Global Platts. Russia is also
seems to be improving. Yet that Brent crude oil Estimated minimum price per tions about succession. Though his especially sensitive to letting
very development could hobble co-
operation between Saudi Arabia
and Russia going forward.
“Under $40 [a barrel], they were
continuous contract
$80 a barrel
on barrel of oil needed to balance
FY2020 budget
Venezuela $359
son Crown Prince Mohammed bin
Salman has been the de facto
leader, and a popular one, an offi-
cial change of power could make
prices surpass the level that would
allow U.S. shale producers to gain
market share.
Once you add in the objectives
able to come together. The higher Libya 293 additional austerity measures more of other countries, the picture gets
us ,
the price, the harder it will be to Algeria 133 delicate. RBC notes that power even messier. The budget situation
l
get Russia to go along with contin- 60 Nigeria 130 transitions in Saudi Arabia tradi- for other OPEC members looks
e
al a
ued production cuts—especially Saudi Arabia 94 tionally come with temporary in- even more dire than Saudi Ara-
OPEC Plus
once you get to $50 a barrel for Iran 91 creases in domestic spending. bia’s, creating temptation to stray
reaches deal
Brent crude,” says veteran OPEC- Meanwhile, Russia, which values from the agreed cuts as prices sta-
ci on
Average 90
40
watcher Gary Ross, chief executive Saudi Iraq 83 market share, faces internal pres- bilize. Relationships within the or-
officer of Black Gold Investors. initiates Congo 83 OPEC sure from its energy companies to ganization have been strained
Saudi Arabia and Russia, the price war Angola 81 allow higher production: Many since April.
countries
second- and third-largest oil pro- 20 Equatorial Guinea 71 Russia smaller firms, which account for It took an unprecedented emer-
ducers behind the U.S., have a ten- Kuwait 71 more than a million jobs, are at gency to get the Saudis and the
er s
uous partnership. While Russia Russia 65 risk of going bankrupt. This is Russians together earlier this year.
made a rare show of cooperation in 0 Gabon 65 partly because of the way the Rus- Getting that cooperation to con-
m er
2017 to prop up battered oil prices, UAE 64 sian tax system is structured: Any tinue to prevent another leg down
J F M A M J J A
that agreement fell apart earlier windfall gains from higher oil in oil prices looks like a long shot.
this year, devolving into a price Sources: FactSet (brent); RBC Capital Markets (price to balance budget) prices tend to go to the state, not —Jinjoo Lee
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OVERHEARD WhoWins in the New

co Fo
From sensitive cave men to a

U.S. ConflictWith China
Cockney-accented gecko to the
camel excited by “Hump Day,”
CHRISTOPHER LEE FOR THE WALL STREET JOURNAL
Berkshire Hathaway’s Geico has Microsoft, Hong Kong stock exchange could gain
cranked out decades of funny
TV ads for home and car insur-
ance that have almost made The White House shot with both Unaccountable
commercial breaks enjoyable. barrels at Sino-U.S. financial links
Number of U.S.-listed companies
But your homeowners associa- Thursday, firing off a plan that
where public accounts cannot be
tion isn’t amused. could force Chinese companies to
inspected, by jurisdiction
n-
Community Associations In- give up U.S. listings and executive

stitute, a lobbying group that orders restricting transactions re- China
represents the stereotypically lated to ByteDance and Tencent
175
officious groups, “is deeply dis- Holdings, two major Chinese tech
no
appointed by the company’s in- companies.

Hong Kong
accurate portrayal of home- One major winner could be Mi-
More people are back at work, but the recovery is far from complete owners associations” in its crosoft, which is negotiating to 76
latest ad. buy the U.S. operations of popular
As the ad begins, a couple short-video app TikTok from Byte- France
What Could Fuel a gushes about the neighborhood

where they bought their new
home, and then note with
Dance. Another could be the Hong
Kong stock exchange, the likely de-
fault option for the delisted Chi- Belgium
22
Job Market Recovery? slightly less enthusiasm that

“the HOA have been very in-
volved.” Enter “Cynthia,” accom-
nese companies.
There is still significant uncer-
tainty about the outcome. Delist-
10
panied by a clipboard-toting ing would be the penalty for miss- Note: Figures as of June 1
Jobs kept bouncing back last there is less need for stimulus. helper, who notes that shrubs ing a 2022 deadline to comply Source: Public Company Accounting Oversight Board
month. To figure if the recovery The risk is that turns out not to aren’t approved and takes a with U.S. audit requirements. Non-
can continue, watch three things: be true, and many households will chain saw to a mailbox that is compliance is a longstanding
what happens in Congress, what need to sharply curtail spending, “2 inches over regulation.” source of tension between the U.S. U.S. goods vendors in China.
happens in schools and what hap- with some facing insolvency. That But the CAI doesn’t want you and China: Of the 283 U.S.-listed The impact on China of delist-
pens with the virus. in turn would affect the job mar- to think that they have no companies whose auditors’ compli- ing would be arguably smaller, but
The Labor Department on Fri- ket, curtailing the recovery. sense of humor. They note that ance can’t be verified, according to still significant.
day reported that the economy The degree to which schools are learning about the benefits of the Public Company Accounting Most of the equity that foreign
added 1.76 million jobs in July, able to open will also matter for HOA living “is so easy a cave Oversight Board, 251 are based in investors own in Chinese compa-
down from the 4.79 million it jobs. There are upward of 45 mil- man could do it” and they invite Hong Kong or China. The issue has nies is listed outside China. In to-
added in June, but still a good sign lion working parents with children Geico to “take 15 minutes to gained new significance as ties tal, foreigners owned 2.102 trillion
that, despite Covid-19 flare-ups under 18, and most of them are in discuss the value of community have deteriorated. yuan ($300 billion) of mainland-
and tightened restrictions, busi- jobs that can’t be done from home. associations.” It’s unclear that Chinese compa- listed A-shares at the end of 2019,
nesses—especially in hard-hit in- Without in-person school, many nies can comply: Under Chinese according to the country’s central
dustries such as restaurants—con- parents will be forced to choose law, they require permission from bank. Though up considerably
tinue to hire back the workers between working and supervising securities regulators. Major U.S.- since such shares were added to
they shed during the worst of the and caring for their children. Many listed Chinese companies have al- major global indexes, that’s far be-
crisis. The recovery is still far will choose the latter. A running ready been moving to get their low the value of the American de-
from complete, however, with the tally maintained by Education shares traded elsewhere as well, positary receipts of the 249 U.S.-
jobs count 12.88 million below its Week shows that 17 of the 20 larg- and this threat is likely to acceler- listed Chinese companies, which a
February levels. est U.S. school districts will be re- ate the process, even before any Jefferies research note last month
With so many out of work, a lot mote-only when classes begin for laws are enacted. put at more than $1.5 trillion.
of stimulus payments from the the fall, with two planning on stu- The two executive orders—one Chinese companies aren’t with-
spring already spent, and the expi- dents attending some days during banning U.S. companies from out options for replacing that
ration at the end of July of the ex- the week and only one—Dallas’s— transacting with ByteDance, and funding. European depositary re-
tra $600 weekly payments the un- offering full reopening. the other restricting transactions ceipts are less popular than ADRs,
employed were receiving, many Finally, there’s the matter of with Tencent—also entail signifi- but could be an option for compa-
households are struggling to stay what the virus does. Parts of the cant uncertainty: They say the nies intent on an equity-market
afloat. Yet the White House, Senate country that have seen cases surge types of transaction affected will presence overseas.
Republicans and House Democrats over the past month are going to be delineated in 45 days when the Most of all, delisting ADRs
remain at loggerheads over the have to go back to the drawing orders take effect. would be a victory for Hong Kong.
size and scope of the next stimulus board on how to reopen safely, and Tencent’s WeChat is a dominant The market, increasingly Chinese-
package. Indeed, the combination there is a constant risk of flare-ups payments provider and the most dominated, would welcome the ad-
of Friday’s jobs report and the high elsewhere. After the bungled re- important texting app in China, ditional hundreds of billions of
level of the stock market might openings of the spring, hopefully The HOA has strong feelings meaning restrictions might have dollars in market capitalization
lead the White House and congres- we have learned something. about mailboxes. major secondary effects on overall that U.S.-listed Chinese companies
sional Republicans to conclude —Justin Lahart Chinese spending in the U.S., or on could bring. —Mike Bird
REVIEW
Gender Bender The Egghead’s Egghead

Data on a range of abilities Richard Hofstadter,
show great overlap for midcentury America’s social
men and women C4 anatomist in chief Books C7
CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, August 8 - 9, 2020 | C1
.
ARNE DEDERT/PICTURE ALLIANCE/GETTY IMAGES
ly
on
us ,
l
e
al a
ci on
E Why It’s
very American has a Students at Robert Schumann elementary
school in Wiesbaden, Germany, on June 10.
stake in the ongoing debate
er s
over how, when and if to re-
(Mostly) Safe
open schools this fall. Last also encouraging but less definitive.
m er
spring’s pandemic-driven clo- We must start with the fact that school clo-
sures affected 62 million pre- sures cause significant damage to children—dam-
primary, primary and secondary age that videoconferences cannot repair. In Bos-
To Reopen
school students, not to mention their parents. ton, the city reported last spring that more than
m rp
With the arrival of the school year, the tem- one in five public school children who participated
perature of the debate has risen. The second- in virtual learning dropped out. Low-income chil-
largest teachers union, the American Federation dren, in particular, are less likely to have high-
The Schools
of Teachers, is preparing for its members to go speed internet access at home and often lack the
on strike if schools reopen without their assent. extracurricular educational opportunities that
co Fo
President Trump has expressed a desire to “cut wealthier parents can provide. School closures
off funding” for schools that don’t reopen. It also increase food insecurity, because 30 million
doesn’t help that the debate is taking place dur- children receive free or reduced-price meals
ing the 2020 presidential campaign and a late- Please turn to the next page
summer rise in coronavirus-related cases, hospi-
talizations and deaths.
The good news is that amid the heated rheto- Mr. Roy is president of the Foundation for
ric—and the genuine fear—the accumulating sci-
Younger children urgently need to get back to Research on Equal Opportunity and the co-
entific evidence and real-world experience is their classrooms, and the evidence from author (with Dan Lips, Preston Cooper,
reasonably consistent. We do have a path to re- Lanhee Chen and Bob Kocher) of the
opening schools this fall, especially for our youn-
Europe shows no wider harms. It’s more foundation’s report, “Reopening America’s
gest children. For older children, the story is complicated with older students. By Avik Roy Schools and Colleges During Covid-19.”
n-
no
The True Face of

Freedom Wears a Mask
Rational measures to combat the pandemic don’t Francisco, with almost 45,000 new
restrict our autonomy—they make it possible, just cases by the end of the winter.
It’s easy to scoff at this anti-
like the rules that let us enjoy the pleasures of the mask league—or at the similar anti-
open road. By Kwame Anthony Appiah mask protests that have recently
taken place across the country. But
THEY CALLED THEMSELVES the cisco’s Dreamland skating rink. at a time of lockdowns, mask rules,
Sanitary Spartacans. Outraged by “Large numbers of people have bans on large gatherings and vari-
San Francisco’s mask-wearing ordi- suddenly come to the conclusion that ous mandatory social-distancing
nance, they protested and assembled constitutional rights as to individual measures, such protests pose a seri-
in large numbers, fighting the public liberty are, in the domain of health ous question about whether ratio-
health authorities for the freedom to matters, being rapidly supplanted by nal measures for the control of in-
walk around barefaced. On January an intolerable autocracy,” one news- fectious diseases compromise
25, 1919, their newspaper ad ap- paper editorialist wrote, praising this liberty. Even if you’re not on the
peared: “ANTI-MASK MEETING TO- brigade of upright citizens for taking side of the Sanitary Spartacans, you
NIGHT.” As the so-called Spanish flu on “an insidious and organized at- might still think they were protect-
continued to take its toll—it would tempt to inaugurate a regime of ing one ideal at the expense of an-
prove the deadliest pandemic in medical domination.” Unfortunately, other. To grasp why this is a mis-
DAN PAGE
modern history—thousands of indig- after the mask order was lifted a take, we’ll have to come to grips
nant citizens showed up at San Fran- week later, the flu surged in San Please turn to page C4
Inside
HISTORY
Remotely WEEKEND
CONFIDENTIAL
FOREIGN AFFAIRS
After the Hiroshima

bombing 75 years ago,
Possible NIH director
Why Canada,
Australia, New
journalist John Hersey Some surprising jobs Francis Collins Zealand and
shook Americans by can be done virtually, draws hope from the U.K. should
writes Joe Queenan, scientific progress
describing the horrors with just a little form the next
suffered by survivors. C5 ingenuity—or a lot. C6 and his faith. C6 superpower. C3
C2 | Saturday/Sunday, August 8 - 9, 2020 * *** THE WALL STREET JOURNAL.
REVIEW
Europe Charts a Path A teacher joins a July 7 protest in

Orlando, Fla., against the state’s
For Returning to Classes plans to reopen schools in August.
University of Edinburgh. The experi-

Continued from the prior page The Netherlands imposed neither ence of school reopenings has been
through the National School Lunch distancing nor masking requirements positive in countries that started with
Program. when it reopened schools in May, and the youngest children, like the Nether-
Children may be increasingly phys- Covid-19 cases and deaths continued lands, and those that started with the
ically insecure as well. In a paper pub- to decline there as well. In a study of oldest children, like Germany. It has
lished this May in the online social- 54 families with Covid-19 by the been positive in countries that man-
science journal SSRN, researchers Dutch National Institute for Public dated strict physical distancing in
found that Covid-19 school closures Health and the Environment, no child schools, like Denmark, and also in
have led to a 27% decline in reports of under 12 was found to be the “index” countries that did not, like Sweden.
child abuse. Because school personnel patient—that is, the first patient in And it has been positive in countries
are often the first people to notice the family. These results, the institute where the pandemic has been as
maltreatment, a decline in reported concluded, “confirm the impression deadly as in the U.S. and also in coun-
cases is possibly a sign that more that children do not play a significant tries where it has not.
child abuse is going undetected. role in the transmission of the virus.” The case for reopening high
The American Academy of Pediat- A similar study by Icelandic re- schools, however, is less definitive and
rics has succinctly and forcefully sum- searchers across the entire country’s requires more caution. The Israeli ex-
marized the case for reopening: “The population was published in June in perience, along with a recent outbreak
importance of in-person learning is the New England Journal of Medicine, at a Georgia summer camp, suggest
well-documented, and there is already with similar results. Kári Stefánsson, that while high-schoolers themselves
evidence of the negative impacts on one of the leaders of the research are at little risk of severe illness or
children because of school closures in group, said, “We have not found a sin- death from Covid-19, they are capable
the spring of 2020. Lengthy time gle instance of a child infecting par- of serving as reservoirs of the virus
away from school and associated in- ents.” France announced its reopening teachers.” and of transmission to adults, particu-
terruption of supportive services of- After Germany’s Covid-19 caseload plans on April 21, three weeks after its Skeptics argue that the European larly when infection rates are high.
ten results in social isolation, making peaked on March 28, Angela Merkel’s new cases peaked, and opened experience isn’t useful for the U.S. be- And in all age groups, we must still
it difficult for schools to identify and government carefully reopened schools gradually over the course of cause America’s performance during take seriously the risk that teachers
address important learning deficits as schools in May, with class sizes cut in May and June, with mask require- the pandemic has been so much and school staff will transmit the cor-
well as child and adolescent physical half, one-way hallways, staggered ments for high-school students but worse. They point to the fact that the onavirus to each other, as we would in
or sexual abuse, substance use, de- breaks, masks for teachers and free not younger children. Attendance was U.S. reports higher case counts per any other workplace or gathering
pression and suicidal ideation. This, in twice-weekly Covid-19 tests for stu- voluntary. A study by researchers at capita than many other countries. But space. This is especially true where
turn, places children and adolescents dents and teachers. Some schools re- Institut Pasteur of students ages 6–11 comparing case counts across coun- transmission is substantial and un-
at considerable risk of morbidity and, quired masks in hallways and bath- found that “there was no evidence of tries is problematic, due to variations controlled, as defined by the CDC. In
in some cases, mortality.” onwards transmission from children in testing volume, reporting method- places like New York City, where
Nor are children the only ones ad- in the school setting.” Notably, the ologies and the age mix of those in- many schools are located in cramped
versely affected by school closures. It will be study was conducted in Crépy-en-Va- fected. Take France and Germany. The and antiquated buildings with poor
According to the Pew Research Cen- essential for lois, a town north of Paris that had shapes of the Covid-19 case curves in ventilation, safety may remain a con-
.
ter, in June, the unemployment rate seen an outbreak originating with two each are remarkably similar, with cern. Older teachers and those with
ly
for women was 20% higher than for schools that high-school teachers that spread to comparable peaks at the end of March underlying health conditions that
men, in part because of their much do reopen to adolescent students. France’s success and start of April, troughs of under 10 make them more susceptible to
higher level of participation in the ed- with reopening led the government to cases per million in early July and an Covid-19 should remain home and re-
ucation sector. And many mothers set realistic on reduce its distancing mandate from uptick in recent weeks. But as of Au- ceive paid medical leave.
have been forced out of the workforce expectations four square meters between students gust 3, France’s mortality rate from It is inevitable that we will see
due to their inability to find child to one linear meter and to make at- Covid-19 was 464 per million resi- cases of Covid-19 in schools, especially
care.
and plan for tendance mandatory for primary and dents, more than four times higher among adolescents and adults, for the
problems.
us ,
Fortunately, while the harm caused middle schools. than Germany’s, at 109 deaths per same reasons we see them in the
by school closures is obvious, the broader community. Remember
l
e
risk to children of severe that school-aged children repre-
al a
Covid-19 illness or death is very sent nearly one-fifth of the U.S.

low. While there are 45 million population. It will be essential for
ci on
children in prekindergarten, kin- schools that do reopen to set re-

dergarten, elementary or middle alistic expectations and plan for
school, as of July 29, only 28 problems. Infected individuals
Americans ages 1–15 have died of and their close contacts need to
the coronavirus, according to the stay home. Schools that cluster
er s
Centers for Disease Control and groups of students in identical

Prevention. Though 28 is not class schedules should fare bet-
m er
zero, it is a number worth put- ter. Leaders should keep an eye

ting in context. For example, in out for schools where adherence
2016, 190 children ages 1–14 died to public health guidelines is
of influenza or pneumonia, 625 poor and step in to help where
m rp
died of homicide, 1,257 died of needed.

cancer and 2,895 died of uninten- One way to keep schools safe
tional injuries like car accidents, is temperature sensors. Many
according to the National Center public health experts have cast
for Health Statistics. doubt on the effectiveness of
co Fo
The most important question temperature sensors, because

for school reopenings, then, is people can spread Covid-19 with-
not the risk to children from out an elevated body tempera-
Covid-19 but rather the risk to ture. But in most places, conven-
adults—parents, teachers and tional lab tests are unavailable
school staff. Every parent and for asymptomatic individuals.
teacher has had the experience of Even where lab tests are widely
catching whatever bug was circu- available, results can take up to a
lating among their children in week to deliver. Contactless tem-
school. Could the same be true of perature sensors, by contrast, are
the novel coronavirus? reusable, easy to buy and able to
Here we can learn a great deal deliver results in less than one
n-
from the experience of other industri- rooms but not when seated at desks. Sweden, famously, has taken a Students in Dresden, Germany, second. Schools should require par-
alized countries. Iceland, the Nether- A study of 2,045 students and teach- unique approach to the pandemic, took graduation exams in their ents to check and log their kids’ tem-
lands, Belgium, Denmark, Norway, ers in the German state of Saxony, by barring large gatherings but keeping closed high school on April 20 peratures before sending them to
Austria, Germany, Finland, France and researchers at the Technical Univer- its businesses and schools open, with- before classes resumed May 4. school and to keep them at home if
no
Sweden reopened schools in April and sity of Dresden, found only 12 positive out strict distancing and mask re- they are showing any Covid-like
May, and their experience has been cases of Covid-19. “The dynamics of quirements. Finland took a more con- million. symptoms. Temperature checks
largely positive. Every European virus spreading have been overesti- ventional approach to lockdowns. Yet Indeed, France, the Netherlands, should also become part of daily at-
country that reopened schools in the mated….[and] schools did not become a study by Swedish and Finnish health Sweden and Belgium all have mortal- tendance routines at schools, serving
spring plans to start the fall school hot spots after reopening,” the univer- authorities found nearly identical in- ity rates from Covid-19 that are simi- as an early warning system for poten-
year on time. sity wrote. Reinhard Berner, chief of fection rates of 5 per 10,000 in chil- lar to—or worse than—the U.S., ac- tial outbreaks.
These countries have taken several the department of pediatrics at the dren ages 1–19. Surveying the broad cording to data compiled by the High schools should consider be-
different approaches to reopening. university’s hospital, said, “We are go- experience in their countries, the Foundation for Research on Equal Op- ginning with a staggered model, as
Denmark, the first country to reopen ing into the summer vacation of 2020 health authorities concluded that portunity. And each of those Euro- New York City is attempting, in which
schools, announced its plan on April with an immunity status that is no “Finland has not shown children to be pean countries has successfully re- subgroups of students attend school
6, just as Covid-19 cases were peaking different from that in March 2020,” contributing much in terms of trans- opened schools. at different times, supplemented with
there and elsewhere in Europe. Kin- adding that “children may even act as mission” to adults, and in Sweden The most notable counterpoints to virtual learning. This is far from ideal,
dergartens and elementary schools re- a brake on infection.” there was “no increased risk for the European experience have come especially for lower-income students,
opened the following week in order to from Israel and South Korea. In Jeru- but there is enough evidence regard-
help working parents; children over 12 salem, an outbreak occurred at a high ing transmission from adolescents to
FROM TOP: JOE BURBANK/ORLANDO SENTINEL/TRIBUNE NEWS SERVICE/GETTY IMAGES; ROBERT MICHAEL/DPA/ZUMA PRESS
followed a month later. The Nether- school, infecting over 100 students adults to warrant a careful autumn.
lands announced its plan in mid-April
Managing Risks and 15 staff members. The primary Policy makers could help solve this
and also took a staggered approach Covid-19 poses much less of a threat Countries have reopened schools at cause was a heat wave, during which problem by enabling low-income stu-
than the flu to children up to age 14. a range of mortality rates.
when it began opening in May. Ger- the government exempted teachers dents and their parents to form mi-
many had similar timing but started and students from wearing masks. croschools, or “pods,” which serve as
Ratio of deaths by flu/pneumonia Covid-19 deaths per million people,
with older students, on the premise versus Covid-19, by age group* as of Aug. 4 Schools closed windows, even in a kind of middle ground between
that adolescents would be more likely cramped rooms, to reduce tempera- home schooling and traditional
to adhere to distancing and hand- Greater risk from Greater risk tures. school. Parents with means are band-
washing guidelines. Sweden has kept influenza/pneumonia from Covid-19 Belgium A study of 5,706 South Korean in- ing together in small groups and host-
its schools open throughout the pan- 8.99 Less than a year dex patients published in the journal ing for-hire teachers in their living
Sweden 6
demic for those under 16 and re- Emerging Infectious Diseases sug- rooms and are finding that this 18th-
opened high schools and colleges in 8.31 1-4 years US 6 gested that children ages 10–19 may century technique is far superior to
mid-June. 4.00 5-14 years transmit Covid-19 at rates comparable learning on a computer screen.
The results, thus far, have been France 6 to those of adults. In 231 relatives of Microschools need not be reserved
pretty consistent across these coun- 15-24 years 1.47 124 such index children, 43 of the rel- for the wealthy and healthy. Both
Netherlands

tries. Denmark trod carefully, requir- 25-34 years 3.01 atives tested positive: a rate of 19%. Congress and state legislatures can
ing children to stay 2 meters apart Germany By contrast, only 5% of the relatives fund Education Savings Accounts, and
wherever possible. Children were 35-44 years 4.25 of children under 10 tested positive. realign school funding formulas, so
Denmark 6

grouped into “bubbles” of 12 and 45-54 years 4.89 These figures compared with positive that low-income parents can band to-
were required to wash their hands ev- Austria rates of 12% to 18% in the relatives of gether just as high-earners are doing.
ery two hours but not to wear masks. 55-64 years 5.15 adult index patients. Microschools require no overhead and
It worked. Denmark’s case and mor- 65-74 years 4.74
Finland
The totality of the evidence makes very little infrastructure, enabling
tality counts continued to decline af- clear the compelling case for reopen- parents to pay good teachers well.
75-84 years 3.35 Norway
ter reopening schools, according to ing schools for younger children. “It is Their diversity and variety can help
data from the European CDC, leading 85 years and older 2.33 Iceland
extremely difficult to find any in- us discover new ways for children to
Peter Andersen of the Danish Serum stance anywhere in the world…of a learn. And they just might give us a
Institute to conclude that “you cannot child [under 15] transmitting to a way to build something beneficial and
*Based on CDC data as of July 29; assumes 200,000 total Covid-19 fatalities, flu and pneumonia deaths equal to
see any negative effects from the re- annual average 2007-2017 teacher in school,” observes Mark lasting out of this exceptionally trying
opening of schools.” Source: Foundation for Research on Equal Opportunity analysis of CDC and European CDC data Woolhouse, an epidemiologist at the year.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 8 - 9, 2020 | C3
REVIEW
in trying to stop Chinese hegemony

in Asia. A strong, prosperous Can-
zuk Union would make the Anglo-
sphere a force-multiplier in a more
uncertain world.
“Provided that every effort is
made, that nothing is kept back,”
Winston Churchill told a joint ses-
sion of Congress in Washington on
Dec. 26, 1941, “that the whole man-
power, brainpower, virility, valor
and civic virtue of the English-
speaking world, with all its galaxy of
loyal, friendly or associated commu-
nities and states—provided that is
bent unremittingly to the simple but
supreme task, I think it would be
reasonable to hope that the end of
1942 will see us quite definitely in a
better position than we are now.” He
was right; by the end of 1942 Ameri-
can forces had landed in North Af-
rica and were joining hands with al-
lies from the Anglosphere to liberate
that continent from the Axis powers.
Today, with the further support
of a “galaxy” of supportive countries
such as Israel, India, South Africa,
Poland, Japan and so on, the Anglo-
sphere would be able to face down
Russian, Chinese, Iranian, North Ko-
rean and other potential threats as
we progress through this dangerous
BARRY BLITT
century. Churchill would have ap-

proved. Indeed, it is his phrase, “the
English-speaking peoples,” that
gives the Anglosphere its powerful
historical resonance.
The Return of
The old and enduring loyalty,
BY ANDREW ROBERTS friendship and association among
H
.
the various English-speaking com-
ly
ow will Great Britain munities and states has evolved
The Anglosphere
survive Brexit and over time, to meet changing circum-
prosper in a world so- stances and to seize opportunities.
lidifying into the
three empire blocs of
the U.S., China and the European
Union? One answer is to realize the
on The communities should look to
strengthen institutional ties, and
create new ones, for the benefit of
each of them, and of the world.
us ,
concept of the “Canzuk Union,” a vi- The detailed politics of admitting

tal first step on the way to a fully To survive and thrive in the 21st century, the U.K. should form a new the entire Canzuk Union into a com-
l
e
functioning Anglosphere. union with Canada, Australia and New Zealand. prehensive free-trade agreement
al a
The Anglosphere is the name with the U.S., as a successor to

given to all those countries in the Nafta, would be complex, as would
ci on
world where the majority of people tries, mostly for defense and secu- realpolitik. The Canzuk Union would other eight. And with a combined de- the politics of a free-trade agree-
speak English as their first lan- rity matters but also on issues like immediately enter the global stage fense expenditure of over $100 bil- ment between Canzuk and the EU.
guage, almost all of which have sim- industrial standards. as a superpower, able to stand lion, it would also be able to punch Yet in both cases, the sheer value of
ilar outlooks and shared values. The The Canzuk countries have not shoulder-to-shoulder with the U.S. above its weight. the trade of the combined Canzuk
four “Canzuk” countries of Canada, just a common majority language in the great defining struggle of the All four countries have long been entity argues that it would even-
er s
Australia, New Zealand and the U.K. but a common legal system, a com- 21st century against an increasingly members of the Five Eyes intelli- tually happen.
are a prominent historical subset of mon parliamentary and political tra- revanchist China. gence alliance with the U.S., and Unlike the EU, however, whose
m er
this larger group, and there is a dition, a common military structure Canzuk would have a combined Canada’s membership in the North leaders refused to disclose its ulti-
mounting case that some form of and tradition and a common head of American Aerospace Defense Com- mate centralizing goals when it was
federation among them—with free state in Queen Elizabeth II. They mand (Norad) would be extended to set up in the 1950s, Canzuk would
trade, free movement of people, a are, moreover, racially diverse, mul- Churchill’s the Canzuk Union as a whole, with not seek an “ever closer union.” Its
m rp
mutual defense organization and ticultural countries with a long his- Britain providing a nuclear deter- program for a loose confederal state
combined military capabilities— tory of working together, including rhetoric about rent and space program and its seat linking the Westminster democ-
would create a new global super- the period when their military col- ‘the English- on the U.N. Security Council. The re- racies would be clearly enunciated
power and ally of the U.S., the great
anchor of the Anglosphere.
laboration was, in 1940-41, the sole
force on the planet that resisted speaking cent news that one of Britain’s two
aircraft carriers will now be sta-
right from the start.
A second Anglospheric super-
peoples’ gives
co Fo
Prime Minister Boris Johnson’s Nazi totalitarianism. All they lack is tioned in the Far East, joining Aus- power would mean that the political
welcome decision to cut the tech gi-
ant Huawei out of Britain’s 5G net-
geographic proximity, which in the
era of the internet and post-Covid
the Anglo- tralia’s two amphibious ships, shows
how Canzuk would be able to help
values we share will be better de-
fended and promoted, and a flour-
work and China’s sabre-rattling renewed air travel is no longer the sphere its the U.S. and Japan contain China’s ishing Canzuk would be a fine
against Canada and Australia are
just the most recent developments
insuperable barrier it once was.
Although the Canzuk idea traces
historical expansionist ambitions in the South
China Sea.
neighbor and trading and defense
partner for the U.S. As the world or-
pushing the Canzuk idea into the its roots back to early 20th-century resonance. There is no reason why the Amer- der undergoes its most profound
realm of practical politics. Others in- debates over the Imperial Federa- ican taxpayer should pick up the bill transition since the end of the Cold
clude the projected Anglo-Australian tion, when Joseph Chamberlain was of being the world’s policeman for- War, it is an idea whose moment has
post-Brexit free trade deal and the the British colonial secretary, the GDP of more than $6 trillion, placing ever, and an intimate alliance with arrived.
new multibillion-dollar Type 26 frig- discussions taking place among its it behind only the U.S., China and the Canzuk would provide welcome re-
ate program, which has buy-in from proponents today—mostly conserva- EU. Its combined population of 135 lief. The cost of curbing and con- Mr. Roberts’s most recent books
n-
Britain, Canada and Australia. There tive policy intellectuals but also a million would make it the world’s taining China’s global ambitions are “Leadership in War: Essential
has also long existed an array of growing number of political fig- ninth-largest power demographically, would become the historic role of Lessons from Those Who Made
multilateral working groups and ures—are rooted powerfully in the with much higher levels of education not one but two superpowers, as it History” and “Churchill: Walking
committees among the four coun- present and in a cool assessment of and GDP per capita than most of the is clear that the EU has no interest with Destiny.”
no
Out of Action, From ties to be performed by

them.”
The Civil War to the When referring to sol-

diers or sailors unable to
Major Leagues
perform their expected
roles, a fuller phrase, “sick
and disabled list,” was also
WORD ON often used in both British
THE STREET WHEN THE POWERS-THAT-BE ami Marlins who recently and American English. And
at Major League Baseball de- tested positive. “sick list” goes back even
BEN
cided to proceed with a cur- The creation of the further in the military. In
ZIMMER
tailed 60-game regular season “Covid-19 injured list” is just his 1748 novel “The Adven-
for 2020, they had to make nu- the latest wrinkle in how base- tures of Roderick Ran-
merous accommodations to the ball has dealt with players who pete in sports,” Jeff Pfeifer, and Ives are on the disabled dom,” Tobias Smollett
fact that they were playing are sidelined due to injury or MLB’s senior director of list, the former having been drew on his experience as a
through a global pandemic. illness. The terminology sur- league economics and opera- severely ill, and the latter naval-surgeon’s mate in the
Not only would games be rounding these periods of inac- tions, wrote in a memo notify- lame from an accident in the Royal Navy: “In the morning
played in eerily empty stadi- tivity has been in flux lately, ing clubs of the name change. field last season.” after the captain came on
ums, but rules had to be and the “injured list” itself is a Some form of “disabled list” While Chadwick can be board, our first mate, accord-
drafted for what happens when sign of the changing times. Be- had been in place in the major credited with many of base- ing to custom, went to wait on
a player tests positive for coro- fore the beginning of the 2019 leagues since 1915, and the ball’s innovations, his use of him with a sick list.”
season, MLB an- term had been in informal “disabled list” was a borrow- As for “injured list,” base-
nounced that what baseball use for decades being of sorts, since the phrase ball’s replacement term for
[Injured List] had long been called

the “disabled list”
would henceforth be
known as the “in-
jured list” instead.
fore that. Stefan Fatsis, co-
host of Slate’s sports podcast
“Hang Up and Listen” (and a
former Wall Street Journal
sports reporter), brought to
had already been in circulation
in military circles since at
least the Civil War. In an 1864
letter to General Braxton
Bragg of the Confederate
“disabled list,” it has a long
pedigree in American sports,
as in an 1894 medical report
on college football: “The Le-
high team is badly crippled,
navirus, or even shows symp- As ESPN reported at the time, my attention an early use of Army, the brigadier general seven men being on the in-
toms. Affected players are now the decision was made at the “disabled list” in a baseball John S. Preston, who headed jured list.” Indeed, baseball’s
immediately placed on a suggestion of advocacy groups context from a pioneer in the the conscription office in Rich- new nomenclature brings it
“Covid-19 injured list.” for the disabled. sport, Henry Chadwick. mond, wrote, “The supply of into line with the “injured re-
If a player showing possible “The principal concern is Chadwick, who edited the officers for the conscript ser- serve list” used in professional
symptoms clears health and that using the term ‘disabled’ first baseball guides and in- vice is under existing regula- football and hockey. The term
safety protocols, he can return for players who are injured vented the box score, wrote an tions exclusively from the dis- suffers, however, from impre-
to his team’s lineup, but those supports the misconception article for a sporting magazine abled list, and is altogether cision: a player ailing from
JAMES YANG
stricken with the virus may be that people with disabilities in 1881 on the latest action in insufficient to furnish the Bu- coronavirus, after all, is not
out of commission for signifi- are injured and therefore are college baseball. At Yale, Chad- reau with enrolling officers technically injured, no matter
cantly longer, like the 18 Mi- not able to participate or com- wick reported, “Messrs. Camp suitable for the ordinary du- how incapacitated.
REVIEW
Rejecting Masks
Puts Freedom in
Danger
Continued from Page One to keep truckin’ on.
with a thorny old briar of a question: Minimal-state libertari-
What do we mean by liberty? ans tend to revile regula-
Two centuries ago, the French tions while prizing private
statesman and political theorist Ben- property and the free mar-
jamin Constant distinguished be- ket. But property rights are
tween the “liberty of the ancients” meaningless without legal
and the “liberty of the moderns.” For procedures to sort out
the citizens of ancient city-states like ownership and mecha-
Athens, he said, to be free was to nisms of enforcement to
participate in government; for mod- protect it. What does own-
ern citizens, living in much larger ership amount to if anyone
states, freedom was something you bigger and stronger could
secured against government. The just come along and take
contrast can be marked by a pair of what you’ve got? Free mar-
prepositional phrases: “freedom to” kets, too, depend upon an
and “freedom from.” edifice of rules, regulations
In the Cold War era, the Oxford and mechanisms for their
philosopher Isaiah Berlin famously enforcement. Otherwise a
singled out “two concepts of liberty” contract would be worth-
among the many he found floating less. If fraud runs rampant,
around. He wrote warily about the markets are undermined.
allure of “positive liberty,” which “Where there is no law,” as
typically involved a political commu- John Locke famously observed in justified; maybe our Sanitary Sparta- free. declined to take medi-
nity that defined your “true inter- 1689, “there is no freedom.” Amer- cans simply value liberty more than “Everyone is re- The ideal of cation for his HIV, lied
ests” and encouraged or compelled ica’s founders agreed. others do. sponsible for their freedom on the to partners about his
you to pursue them—and which, he What prevents one human being This is why it’s important to rec- own health-care deci- open road depends status and knowingly
feared, could be used to support So- from forcing another into subservi- ognize that the very opposition is sions,” one anti-mask on many rules. infected others.
viet-style tyranny. (As a boy, born in ence is the exercise of legitimate misconceived. The right rules are a protester in Florida We can debate the
Latvia, he had witnessed the Russian state power and the rule of law. condition of liberty. Just as the bliss- told a reporter in July. proper measures to be
Revolution.) “Negative liberty,” on Equality, in this sense—the political ful freedom of the road requires “We want our choices respected as taken when it comes to such people,
the other hand, was a simpler and equality that forbids one person measures to pave those roads, and well.” Yet when freedom involves but we can’t say that the govern-
more compact notion—it involved from placing shackles on others or well-drafted antifraud statutes only collective action—whether we’re ment advances our liberty by leav-
the mere absence of constraints im- otherwise disregarding their basic fortify the free market, sensible pub- making an exchange in a marketing them alone. Ask someone teth-
.
posed upon you by others. Here rights—is a precondition of freedom. lic-health policies—like mask-wear- place or driving down a road—such ered to a ventilator how free she is.
ly
again was the basic contrast between Yet emancipation doesn’t just hap- ing rules, which protect both the in- language doesn’t make sense. It cer- Pandemics don’t just imperil our
“freedom to” and “freedom from.” pen; civil rights and civil liberties are dividual and the commonweal—don’t tainly doesn’t make sense when it health, then; they impede our free-
In the grand American tradition, meaningless without enforcement. compromise liberty; they advance it. comes to curbing a contagion. The dom. Imagine one country that, as
freedom is about being unfettered,
undominated: You’re not the boss of
me. In truth, what Constant called
the liberty of the moderns is also a
peel a marble.
on
Trying to separate “freedom from”
and “freedom to” is like trying to
Once you recognize the fretwork

The uncontrolled spread of infec-
tious diseases gets in the way of
managing your life without interfer-
ence and fulfilling your goals. Bluntly
masks are not a personal health care
decision. Their point is largely to
protect others, not to protect the
wearer.
the coronavirus cast its global
shadow, largely held off from offi-
cial prohibitions to curb its spread,
and another coun-
us ,
very ancient idea. When people in of rules that makes freedom possi- put: There’s precious little freedom There are people try that imposed
classical times wrote about freedom, ble, you see how so many liberals in the sick ward and less still in the who decry seat-belt The rapid such measures ag-
l
e
they were usually distinguishing the and conservatives have wrongly graveyard. and motorcycle-hel- spread of gressively. Several
al a
condition from involuntary servi- framed the situation we find our- Consider the use of state author- met laws as acts of a months later, the
tude. As Constant pointedly ob- selves in today. Liberals, for their ity to encourage vaccination. Today’s nanny state, protect- infectious first country has
ci on
served, Athenians could gather in the ing them from dan- diseases gets the higher death
public square for discussions each gers they may not toll and disease
day because they had slaves doing fear. And when you in the way of prevalence; people
most of the work. (He might have comply with these managing there, on their own
said the same of many in Indepen- laws the main bene- accord, tend to
your life
er s
dence Hall in 1787.) To be free was, fits to strangers may shelter at home be-
as a matter of definition, not to be come in lowered in- without cause they don’t
m er
enslaved. Hence the Sanitary Sparta- surance fees and the feel safe in public
cans—Spartacus, remember, having like, not in saved
interference places. In the sec-
led a slave rebellion against his Ro- lives. But the right and fulfilling ond country, now
man overlords. The trouble is that analogy in today’s your goals. carefully reopening,
m rp
we usually don’t think hard enough debate over masks the rate of infection
about all that’s actually required to isn’t with laws like is very low; you can
live free. those; it’s with laws meet friends at a
What’s the iconic image of Ameri- requiring your car to have function- restaurant without feeling you’ve
can freedom? To judge by countless ing brakes, so you don’t barrel into taken your life into your hands.
co Fo
rock and country songs, it’s rolling or over other people. Most sane Daily life in the second country is
down the highway, possibly with the people don’t think this requirement simply going to feel a lot freer.
wind in our hair. Sure, there were is a denial of a right. There may be What our latter-day Sanitary
comforts back home, but also expec- something uplifting in “Give me lib- Spartacans have failed to grasp is
tations and obligations, and now, erty or give me death” as a slogan. that someone can constrict your
rockin’ down the highway, you’re “Give me liberty and give them freedom by making you deathly ill;
FROM TOP: GETTY IMAGES; SOPHIE BASSOULS/SYGMA/GETTY IMAGES
free from all that. part, routinely speak antivaxers, who have death,” not so much. and barefaced scofflaws can hinder
But what does it take to roll on about the common Isaiah Berlin joined protests against Those who recklessly spread dis- our broader liberties by entrench-
down the highway? Well, a highway, good outweighing indi- famously masks and stay-at-home ease, similarly, have long posed a ing a contagion that inevitably re-
for starters. The federal government vidual freedoms. Many proposed two rival orders, speak like the challenge to liberal democracies. In stricts the normal conduct of busi-
built the interstate highway system, libertarians, amid the concepts of Sanitary Spartacans. the early years of the 20th century, ness and social intercourse.
using its constitutional prerogative pandemic, echo the liberty. But measles once sick- Mary Mallon, a chronic, asymptom- Perpetuating the pandemic limits
n-
of eminent domain hundreds of sentiment. In the ened millions of Ameri- atic carrier of Salmonella typhi, ig- the scope of everyone’s individual
thousands of times to keep it words of David Boaz of cans each year, sending nored repeated warnings not to autonomy. That’s why, in many
straight, while collecting taxes to pay the Cato Institute, “We believe in the tens of thousands to the hospital and take work as a cook, and time and places today, the true face of free-
for its construction and mainte- presumption of liberty. But that pre- not a few to the morgue; parents again left a trail of typhoid-related dom wears a mask.
no
nance. And then you can only speed sumption can be overcome in partic- once lived in fear that polio would suffering and death. “Typhoid
down your lane because you know ular circumstances.” Once you posit kill or paralyze their children. Given Mary” was remanded to a cottage Mr. Appiah is a professor of phi-
that the other cars are moving in the a trade-off between liberty and ratio- that vaccinations aren’t 100% effec- on an island in New York’s East losophy and law at New York Uni-
same direction. Governmental power, nal public-health strictures, of tive, the success of the antivaccina- River. Just five years ago, California versity. His most recent book is
exercised through a veritable trailer- course, you invite disagreement tion movement increases the risks to gave a jail sentence to Thomas Mi- “The Lies That Bind: Rethinking
load of law, is what makes it possible about when the sacrifice of liberty is those outside it. It makes us all less guel Guerra, who, prosecutors said, Identity.”
What the understand whole

sets of data.
average men.
Height and
ations. Men showed more self-
esteem by a range of 0.04 to 0.21
Numbers Averages are

one well-known
way; we can com-
running times are
particularly easy
to measure, but
standard deviations, increasing
through adolescence; they were
found more likely to make “in-
EVERYDAY Say About pare how men and

women do at
men and women
have also been
trusive interruptions” by 0.33
standard deviations.
MATH
EUGENIA
Gender something “on av-
erage.” There are
compared in
broader areas of
The differences may be inter-
esting, but they are also very
CHENG
Differences different types of
averages: The
mean is where we
behavior, such as
mathematical
skills, aggression
small. The differences within
each gender are greater than the
differences between genders, so
add up all results and divide by ther side of the mean always and self-esteem. gender is not a good predictor of
the total number of people, and comprises a fixed proportion of In 2005, Jane Shibley Hyde these behaviors.
IN 2005 LAWRENCE SUMMERS, the median is the 50th percen- the results, around 70%. collated a large collection of Such comparisons are
Data on then the president of Harvard, tile that tells us that half the The standard deviation for meta-analyses of these differ- blurred, of course, by issues be-
abilities caused an uproar by appearing people rank above it and half height is around 2.5 inches, so ences. In her book “Inferior,” An- yond the reach of mathematics.
reveal a to suggest that the lack of rank below. For example, the the mean heights of men and gela Saini sums up the results: Many of the behaviors studied
women professors in math and mean height of men in the U.S. women are about two standard “In every case, except for throw- are much harder to define and
great science might arise from biologi- is 5 feet 9 inches, and for women deviations apart. Thus, around ing distance and vertical jump- measure than height or mara-
deal of cal differences. Fifteen years on, it is 5 inches less, but plenty of 95% of women are shorter than ing, females are less than one thon times and involve some mix
overlap a gender imbalance in these women are taller than plenty of the average for men, but there is standard deviation apart from of biological and sociological in-
fields persists and the argu- men. Averages don’t tell us much still a noticeable overlap. For males. On many measures, they fluences. But it is logically
for men ments rage on. I believe math about differences among entire data sets that differ by one stan- are less than a tenth of a stan- flawed to infer a biological dif-
and can help us to progress. sets of data because they neglect dard deviation or less, there is dard deviation apart, which is ference from a statistical differ-
The discipline of math in- how widely the data are spread. more substantial overlap. indistinguishable in everyday ence. Mathematics provides us
women. volves, among other things, iron- That spread of data can be Average marathon times for life.” For example, “mathematics with powerful tools, but we have
ing out ambiguities and provid- studied via the standard devia- men and women differ by about problem solving” was found to to know their uses and limits.
ing clear definitions for tion, which is calculated from 30 minutes, for instance. That be better in men by just 0.08
TOMASZ WALENTA
comparisons. Men and women the distance that each data point sounds like a lot, but is only half standard deviations; interest- Dr. Cheng’s new book, “X+Y: A
are not homogenous groups of ranges from the mean. For a the standard deviation of one ingly, women were found to out- Mathematician’s Manifesto for
people who all behave in the standard bell curve, a distance of hour—and the fastest women perform men at “mathematics Rethinking Gender,” will be pub-
same way, so we need ways to “one standard deviation” on ei- run marathons twice as fast as concepts” by 0.03 standard devi- lished Aug. 25 by Basic Books.
REVIEW
BY LESLEY M.M. BLUME HISTORICALLY SPEAKING
W
AMANDA FOREMAN
hat does it take
to get people to
care about a di-
saster that they The Sharp
haven’t experi-
enced directly? Our apparent in- Riposte as a
ability to see and feel the human
toll behind mass-casualty statis-
Battle Tactic
tics suggests that we are hard-
wired for indifference. “When IN THE CENTER of Bas-
headlines say a hundred thousand togne, Belgium (pop.
people are killed, whether in bat- 16,000), there is a statue
tle, by earthquake, flood, or atom of U.S. Army General An-
bomb, the human mind refuses to thony C. McAuliffe, who
react to mathematics,” wrote died 45 years ago this week. It’s a
Lewis Gannett of the New York small town with a big history. Bas-
Herald Tribune in 1946, describ- togne came under attack during the
ing Americans’ failure to compre- final German offensive of World War
hend mass death tolls throughout II, known as the Battle of the Bulge.
World War II. People “swallowed The town was the gateway to An-
statistics, gasped in awe,” he twerp, a vital port for the Allies, and
added, “and, turning away to dis- all that stood between the Germans
cuss the price of lamb chops, for- and their objective was Gen. McAu-
got.” liffe and his 101st Airborne Division.
Occasionally, however, someone Despite being outnumbered by a fac-
can make the human mind react tor of four to one, he refused to sur-
to the story behind the numbers— render, fighting on until Gen. George
and the World War II journalist Patton’s reinforcements could break
John Hersey was one of them. On the siege.
Aug. 6, 1945—75 years ago this While staving off the German at-
week—the U.S. detonated a nearly tack, Gen. McAuliffe uttered the
10,000-pound uranium bomb over greatest comeback of the war. A
Hiroshima, instantly killing tens of typewritten ultimatum from Com-
thousands of men, women and mander Heinrich von Lüttwitz of the
children. For reporters and editors 47th German Panzer Corps gave him
world-wide, the bombing and the two hours to surrender the town or
onset of the atomic age was face “annihilation.” With ammunition
among the biggest stories in his- running low and casualties mounting,
tory: Humans had, at last, in- the general made his choice. He sent
vented the means with which to back the following typed reply:
extinguish their entire civilization. December 22, 1944
They were, as E.B. White put it, To the German Commander,
.
“stealing God’s stuff.” NUTS!
ly
Yet amid the crush of initial The American Commander
coverage of the atomic bombing The true laconic riposte is ex-
of Hiroshima—and then, three tremely rare. The Spartans, whose
on
A Reporter’s
days later, of Nagasaki—Hersey ancient homeland of Lakonia inspired
and his editors at the New Yorker the term “laconic,” were masters of
noticed that something seemed the art. When Philip II of Macedon
to be missing: any meaningful re- ordered them to open their borders,
us ,
Focus on Humanity
ports about what had happened he warned them, “For if I bring my
to the people in the two Japanese army into your land, I will destroy
l
e
cities. Much of the media’s atten- your farms, slay your people and raze
al a
tion focused instead on the dev- your city.” According to the later ac-
In Hiroshima
astation of the landscape. Hersey count of the Greek philosopher Plu-
ci on
became determined to get into tarch, they sent back a one-word

Japan to tell the story from the message: ‘If’.
blast survivors’ point of view;
they were, after all, the only hu-
mans ever to live through a nu-
er s
clear attack.
He faced the problem of gain- John Hersey shook Americans by telling the story of history’s
m er
ing access to Japan—by then to-

tally under the control of Gen. first atomic bombing from the survivors’ point of view.
Douglas MacArthur and his
forces—and getting Japanese vic-
m rp
tims to speak with him. Yet per- every reader could comprehend The novelistic article A mother standing what hap-
haps the biggest challenge was how the atomic bomb worked or that resulted was sim- and child after pened at Hiroshima.
getting Americans to care that a visualize a nuclear war, but prac- ply entitled “Hiro- the atomic The heart of the
single, small, primitive nuclear tically anyone could grasp a story shima,” and it took up bombing story—of any story—is
bomb—created and detonated in about a handful of regular peo- nearly all of the New of Hiroshima, the individual.” Hersey
co Fo
their name—had just killed more ple—mothers, fathers, grade- Yorker’s issue of Aug. Japan, Dec. created a visceral reac-
than 100,000 people. Most were school children, doctors, clerks— 31, 1946. The details 1945. tion on a mass scale,
THOMAS FUCHS
civilians; it has been going about their were harrowing. Mrs. changing overnight the
estimated that less daily routines when Nakamura’s three chil- American public’s view
than 10% of those the bomb exploded. dren had been buried in the de- of atomic weapons.
killed that day were
Hersey’s Hersey’s goal, as he bris of their crushed house but The U.S. government scrambled
Japanese military goal was to later put it, was to survived, Hersey wrote. The little to regain control of the story of
personnel. (The ex-
act number of dead
make the make the reader
“become the charac-
family took refuge in a surviving
park, the children vomiting un-
Hiroshima and return it to the
realm of sterile statistics. The
Once the age of the Spartans
passed, it took more than a millen-
will never be reader ters enough to suf- controllably from heavy radiation 100,000 nameless, faceless dead nium for the laconic comeback to
known; remains ‘become the fer some of the exposure; they were gradually had been unavoidable casualties, return in earnest. The man most re-
continue to be un- pain, some of the surrounded by scores of charred government representatives ar- sponsible was a colorful Teutonic
characters
n-
covered in Hiro- disaster.” and mutilated people who had gued—necessary to avoid the knight called Götz von Berlichingen,
shima to this day.) enough to Hersey managed also staggered into the park. deaths of many more American who participated in countless Ger-
The American to wangle his way The article succeeded in mak- and Japanese soldiers. “The face man conflicts, uprisings and skir-
public did have
suffer some into Hiroshima, un- ing millions of Americans con- of war is the face of death,” wrote mishes, including the Swabian War
of the pain.’
no
some sense of the der the eyes of Gen. front the horror of the bombing. former Secretary of War Henry between the Hapsburgs and the
massive casualties MacArthur’s occu- Relieved that the war was finally Stimson in a response in Harper’s Swiss. He lost a hand to a cannon-
in Hiroshima and pation forces. He over, most had stopped thinking Magazine. But for millions of ball and wore an iron prosthesis
Nagasaki, but as Gannett sug- gathered the testimonies of six about Hiroshima; they had come Hersey’s readers around the (hence his nickname, Götz of the
gested, clinical casualty statistics Hiroshima residents whose to accept nuclear weapons as a world, the faces of Hiroshima now Iron Hand). In 1515, sick of trading
can be numbing—especially for a names and stories would soon be- new element of modern life, included the haunting images of a insults with an opponent who
population suffering from atroc- come world-famous: Hatsuyo Na- along with the radio and the air- mother, a clerk, a young doctor wouldn’t come out to fight, Götz
ity exhaustion after years of kamura, a young widow plane. “Hiroshima” and others who had narrowly es- abruptly ended the conversation
global carnage. World War II re- with school-age chil- shattered their indiffer- caped the most terrifying weapon with: “soldt mich hinden leckhenn,”
mains the deadliest conflict in dren; Toshiko Sasaki, a A U.S. Army ence and apathy. yet conjured up by humankind. which literally meant “kiss my ass.”
human history, with an estimated young clerk; two doc- photo of Even Lewis Gannett Hersey’s then-revolutionary ap- He recorded the encounter in his
15 million combatants and 45 mil- tors, Terufumi Sasaki a mushroom was impressed: Hersey proach didn’t solve the problem of memoirs, but it remained little
lion civilians killed. Against that and Masakazu Fujii; a cloud about an had overcome the sta- anesthetizing casualty statistics. known until Johann Wolfgang von
background, what was another German priest, Father hour after the tistics barrier. “For the But “Hiroshima” gave reporters Goethe adapted Götz’s autobiogra-
100,000 dead, especially in a mili- Wilhelm Kleinsorge; atomic first time,” Gannett and editors an important tool in phy into a successful play in 1773.
tary action that hastened the end and a Japanese Meth- bombing of wrote, “you feel that telling the story of subsequent ca- From then on, the insult was popu-
of the war? odist pastor, Rev. Ki- Hiroshima, you are reading, seeing, lamities. It remains imperative to larly known in Germany as a “Swa-
Hersey hoped to drive home yoshi Tanimoto. Aug. 6, 1945. experiencing, under- humanize mass casualties, bian salute.”
the gruesome reality whether the more than In his novel “Les Misérables,” Vic-
behind those imper- 800,000 murdered in tor Hugo—possibly inspired by Goe-
FROM TOP: ALFRED EISENSTAEDT/THE LIFE PICTURE COLLECTION/GETTY IMAGES; ASSOCIATED PRESS
sonal numbers. As a Rwanda’s 1994 geno- the—immortalized the French defeat

war reporter, he had cide, the over two mil- in 1815 at the Battle of Waterloo with
witnessed the worst in lion Vietnamese civil- a scene of spectacular, if laconic, defi-
human nature, and he ians killed in the ance that incorporated France’s most
thought that our spe- Vietnam War, the 3,000 common expletive. According to
cies’ best chance for slain by al Qaeda on Hugo, Gen. Pierre Cambronne, com-
survival in the atomic 9/11 or the 155,000-plus mander of Napoleon Bonaparte’s Im-
age rested on making American dead in the perial Guard, fought to the last sylla-
people see the human- Covid-19 crisis. Such ble in the face of overwhelming force.
ity in one another storytelling remains Encircled by the British army, “They
again. crucial in bringing the could hear the sound of the guns be-
Instead of emphasiz- powerful to account— ing reloaded and see the lighted slow
ing the biblical, end-of- and giving voices to matches gleaming like the eyes of ti-
days approach to telling those who can never gers in the dusk. An English general
the story of the Hiro- speak again. called out to them, ‘Brave Frenchmen,
shima bombing, he de- will you not surrender?’ Cambronne
cided to dial it down to Ms. Blume is the au- answered, ‘Merde’” (that is, “shit”).
a human vantage point. thor of “Fallout: The The scene’s veracity is still hotly
He would profile a Hiroshima Cover-Up debated, the fog of war making mem-
small group of blast and the Reporter ories hazy. But Cambronne—who sur-
survivors—everyday Who Revealed It to vived—later disavowed it, especially
people—who had been the World,” published after “le mot de Cambronne’’ (Cam-
caught up in this man- this week by Simon & bronne’s word) became a common
made apocalypse. Not Schuster. euphemism for the profanity.
REVIEW
.
I
WEEKEND CONFIDENTIAL | EMILY BOBROW
ly
t takes no time for Francis “anchoring and reassurance” when he
Francis Collins
Collins, the director of the Na- arrives at 5 a.m. each day. He is par-
tional Institutes of Health, to ticularly steadied by a verse in 2 Cor-
recall the moment when he
knew he wanted to be a scien-
tist. “Tenth-grade chemistry class,” he
says over the phone from his home of-
on inthians in which Paul hears God say,
“My Grace is sufficient for you, for my
power is made perfect in weakness.”
“I can’t tell you how much that helps
us ,
fice in Chevy Chase, Md., where he me when it is not clear what path to
has been working since most of the
During the pandemic, the head of the National Institutes of take,” Dr. Collins says. “I can do the
l
Health relies on both science and faith.

e
NIH campus in Bethesda, Md., shut best I can, but if there’s some weak-
al a
down in March. Much of the science ness in me, that’s OK.”

he had learned before then was “de- Dr. Collins sees faith and scientific
ci on
scriptive” and uninteresting, he ex- would inoculate themselves against says. The NIH is now working to get are getting a lot of mixed messages reason as natural complements, not
plains—but for this class, students Covid-19. “We could potentially save more virus testing in high-risk neigh- from leaders.” adversaries. In his bestselling 2006
used experiments to figure things out. hundreds of thousands of lives,” Dr. borhoods, and he is involved in “seri- Dr. Collins’s extraordinary scientific book “The Language of God” and else-
“It became clear to me that science is Collins says. “And yet so many Ameri- ous discussions with senior leader- credentials helped make him a rare where, he elegantly argues that sci-
like a detective story,” says Dr. Collins, cans have been affected, or infected, ship” at the NIH to figure out how top-level appointee from the Obama ence answers “how,” whereas religion
er s
70. “If you’re good at it, you’ll discover by outrageous, outlandish conspiracy best to address the medical legacy of administration who has stayed on un- answers “why.”
something that no one ever knew be- theories that have no foundation at centuries of racism. “You can’t survey der Mr. Trump. A physician and genet- He arrived at his worldview while
m er
fore. What’s not to love about that? I all.” He notes that the antivaccination these circumstances without feeling a icist, he helped isolate the gene for in medical school in his 20s, after wit-
was hooked.” movement, which has gained steam in call to action,” he observes. cystic fibrosis in the late 1980s and nessing the way faith soothed many of
The stakes for Dr. Collins’s detec- recent years, is already responsible for Meanwhile, the U.S. death toll is led the NIH’s Human Genome Project his dying patients. When one of these
tive work have never felt higher. As the return of once-eradicated child- approaching 160,000, with new to its completion in 2003, among patients asked Dr. Collins what he be-
m rp
the head of a $42 billion biomedical hood diseases, such as a spike in mea- Covid-19 cases surging across the other feats. Dr. Collins has managed to lieved, he was embarrassed to dis-
research agency, he is working 15- sles cases last year. “This deep dis- shield the NIH’s budget from threat- cover he had no answer. “It’s the most
hour days to help fight the raging trust does not serve us well as a ened cuts. (It helps, he notes, that important question that anyone ever
Covid-19 pandemic. Coordinating nation that wants to have a bright fu- Congress decides what gets funded: gets asked, and I was utterly unpre-
public and private players to create ture,” he says.
‘This deep “In terms of our fortunes, we are pared,” he recalls. Reading C.S. Lewis
distrust does not
co Fo
faster tests, new treatments and a To help inspire public confidence, much more dependent on the House helped persuade him that a belief in
vaccine demands lots of Zoom calls, Dr. Collins says that he and Anthony serve us well and Senate than the White House.”) God is not just possible but rational.
he says. “Getting different pharma- Fauci, the director of the NIH’s Na- Still, the increasing politicization of He says this perspective can leave him
ceutical companies at the same table tional Institute of Allergy and Infec- as a nation that science distresses him. Science “is feeling somewhat lonely in both scien-
as government officials is something tious Diseases, are working to broaden wants to have based on finding the truth,” Dr. Collins tific and theistic circles, but this
I’ve done before, but it usually takes coronavirus vaccine trials to include says. “The idea that these answers are spring, it earned him the prestigious
around two years to put together. In people of different races, ages and risk a bright future.’ somehow more acceptable to one Templeton Prize, awarded to those
this case, it took two weeks,” he says profiles. “If we say it’s safe, we need party or another is deeply troubling.” who recognize the role science can
with a chuckle. The speed may be to make sure it’s safe and effective for At a time when it can feel like he play in probing the thorniest ques-
paying off. In Senate testimony in everyone,” Dr. Collins says. country. Although other countries holds the fate of millions of people in tions of the universe.
early July, Dr. Collins expressed opti- Such outreach is particularly vital across Asia and Europe have found his hands, Dr. Collins can still find Dr. Collins attributes his optimism
mism that there will be a vaccine since the pandemic has exposed deep ways to allow businesses and schools “fun distraction” in a spin on his Har- in part to his faith and the comfort he
n-
“that works and is safe” by the end health disparities in the U.S., further to reopen without new outbreaks, ley-Davidson motorcycle, sometimes feels in knowing that “God is in
of the year. eroding public trust in the medical es- many U.S. states are shutting down, with his wife on the back. (Unfortu- charge.” But working among selfless,
But it is one thing to generate a tablishment. Black Americans, for ex- and President Trump’s reluctance to nately, the pandemic has kept him devoted medical researchers also fills
PHOTOGRAPH BY DIANE BAKER
proven vaccine in record time, another ample, are dying of Covid-19 at 2.5 wear a mask helped turn mask-wear- from playing guitar with his band, the him with hope. “You can’t be in this
no
to produce enough doses and another times the rate of white ones, according into a contentious issue. “Ameri- Affordable Rock ’n’ Roll Act.) community without feeling grateful
still to get people to take it. Dr. Collins ing to the Atlantic’s Covid Tracking cans are individualists,” Dr. Collins He also finds comfort in his evan- and inspired by the dedication and al-
is alarmed that in a May poll by the Project. “These are differences that says. “They are also people who have gelical faith. “Even in a dark moment, truism that defines this work,” he
Associated Press-NORC Center for have nothing to do with the biology of sacrificed when it’s necessary, and at I have some confidence that there’s a says. “It is nice to know when we
Public Affairs Research, only around individuals but with health inequities great personal cost. I think they’re plan,” he says. A Bible sits on his of- wake up in the morning that we are
half of all Americans said that they that were already there,” Dr. Collins capable of doing that now, but they fice desk, and he finds it a source of doing something that matters.”
Fishing, Acupuncture with the pa-

tient, it helps to
are just as scary on Skype as
they are in person. They set up
And Other Newly have soothing, at-

mospheric music
playing in the back-
the virtual meeting, they invite
all those behind on the juice or
the vig to attend, they point to
MOVING Virtual Jobs ground: waterfalls, wind

chimes, gongs. Scented candles
which leg will get broken if they
don’t pay up, and everybody
TARGETS will not work remotely; patients goes home happy. Well, mostly
will have to provide their own. everybody.
JOE
AMERICA SEEMS RESIGNED to almost impossible to find. But In theory, people who ply While we’re on the subject of
QUEENAN
having a two-tiered workforce, now, anyone sheltering in place and it could be all over. And their trade on the open seas intimidation, what about dental
where “knowledge workers” can work on their shelters, with just because of the expensive, have to leave the house to do hygiene? Cleaning teeth and
stay home and work via com- the help of remote sheet rock- cumbersome machinery in- their jobs. But an enormous gums is actually not that hard;
puter while the hoi polloi slave ers. A sheet rocker can do good volved, lawn service companies amount of deep-sea fishing can it simply requires grit, persis-
It’s time away in the trenches. If you are business by going on Zoom con- are probably going to have to be done remotely using robots. tence and a vindictive personal-
lucky enough to work for ferences and showing custom- continue putting in a physical Most fish are not particularly ity. Virtual teeth-cleaning can
to get Google you can carry out your ers step-by-step how to expertly appearance for the foreseeable hard to catch. Lobsters are a be accomplished via FaceTime
creative duties (whatever those are) re- repair cracked walls and disin- future. Large quantities of layup. With the aid of a reason- with the dental technician pa-
about motely until next July. If you tegrating ceilings. Yes, the sheet leaves simply cannot be blown ably priced aqua-robotic unit, tiently explaining to the patient
work for McDonald’s—or the rocker has to be meticulous and remotely. Not yet. most fishermen can haul in how to safely manipulate a
what police force, or the hospital or patient. Yes, the clients have to But there are candidates be- their catch from the safety and sharp surgical knife and peel
can be the nursing home—you can’t. possess minimal motor skills. yond home maintenance. Con- comfort of their living rooms. away noxious tartar.
done Or so it is widely assumed. But if everybody pays attention trary to popular belief, there is Obviously, this does not apply And because so many tough,
But this is where the American and does their job, there is ab- no reason that acupuncture can- to anything that involves har- suck-it-up-soldier dental techni-
remotely. people need to get creative. solutely no reason that sheet not be done remotely, if clients poons. cians seem to derive perverse
Important jobs that we long rocking cannot be done re- are willing. The acupuncturist After several unsuccessful delight from the obvious dis-
thought could only be done in motely. Try it! And the same for simply uses a sharpie on her experiments, it has become comfort of their patients, it is
person can—with a little inge- plumbing and basic carpentry. lower back to show where the clear that bouncers and repo entirely possible that less pain-
nuity—be accomplished re- Admittedly, guiding amateurs needles go in, and the patients men cannot work from home. ful, self-administered, non-sa-
NISHANT CHOKSI
motely. A case in point: sheet remotely is not an option for can do the rest themselves. It’s But other people who rely on distic virtual teeth cleaning may
rocking. electricians and roofers; those not magic. It’s technique. their intimidating personalities be the wave of the future.
All through human history, jobs are too dangerous. One To foster the illusion that the can. Mobsters whose work in- But virtual root canals? Prob-
good sheet rockers have been glance away from the screen acupuncturist is in the room volves leaning on slow payers ably not.
BOOKS
Among the ‘Unclean’ The Butterfly Effect

The myths Insects
and abiding stigma and their gifts
of leprosy C12 to mankind C9
READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 8 - 9, 2020 | C7
A Hood
In the
Closet
Life of a Klansman
By Edward Ball
FSG, 395 pages, $28
BY W. RALPH EUBANKS
I
F THERE IS a lesson to be
learned from the first 20 years
of this century, it is that the
force and impact of history are
inescapable. In the spotlight
cast by Black Lives Matter, Americans
have witnessed how certain elements
of our cultural memory cry out to be
recognized and cannot continue to
be ignored or disguised by mythology.
Yet in spite of hard evidence, it is
difficult for Americans to come to
terms with the burdens and wrongs of
the past. The demons lurking in family
chronicles and stories—transgressions
shrouded in silence, euphemism or
willed amnesia—are often the most
difficult to exorcise; they inevitably
BERNARD GOTFRYD/GETTY IMAGES
bring up questions of legacy and

inheritance.
Edward
Ball’s tangled
family his- The author of
.
tory has long
ly
preoccupied
‘Slaves in the
him as writer Family’ returns
Richard Hofstadter in New York, 1970. of narrative with a personal
on nonfiction.
More than history of New
An Egghead & Proud of It

20 years ago, Orleans during
Mr. Ball
Reconstruction.
us ,
examined the
lives of his
l
e
South Caro-
al a
The ‘anti-intellectualism’ of American life and the ‘paranoid style’ of American politics have lina ancestors in the National Book
Award-winning book “Slaves in the
become catch phrases. How reliable was the mandarin scholar who coined them?
ci on
Family,” which focused on black and

white Americans’ shared history of
Richard Hofstadter our culture”—a case that he made in None of this would matter much if slavery. Digging into his family’s slave-
Edited by Sean Wilentz “Anti-Intellectualism in American Life” Hofstadter had not been such a high- holding past—between 1698 and 1865,
with regard to religion, politics, business profile public intellectual, who, despite his close to 4,000 blacks were either
Library of America, 1,047 pages, $45
er s
and education and that he elaborated brief membership of the Communist Party purchased by the Balls or born on of
BY RICHARD ALDOUS upon in a series of lectures and with in the late 1930s, was the embodiment of their 20-odd plantations—was, the
m er
essays in venues like Harper’s and the the liberal spirit circa 1956-65, the period author wrote, “a bit like doing psycho-
T
HERE HAS NOT been much New York Review of Books. covered in the Library of America edition. analysis on myself,” because it made
to smile about during the The early 1960s was an odd time to be The writer and critic Irving Howe once him come face-to-face with how the
coronavirus pandemic, but making claims about anti-intellectualism, noted of his fellow New York intellectuals ways of the plantation system may
m rp
one of the small pleasures coinciding as it did with a moment in that “what drove them, and sometimes have shaped his own identity and the
of the lockdown, for some of American life when intellectuals across drove them crazy, was not . . . the quest very path of his life.
us, has been a social-media account called the board enjoyed unprecedented influ- for money, nor even a chance to ‘mix’ In the opening pages of “Slaves,”
Bookcase Credibility. Each post consists of ence. To illustrate this point comprehen- with White House residents; it was finally Mr. Ball mentioned that “someday I
a photograph of a public figure talking on sively would require a book and not a a gnawing ambition to write something, may look into my Louisiana family”
co Fo
Zoom, framed by a home-office bookcase, review, but just think of names like Daniel even three pages, that might live.” If because, like his Carolina family, they
with a wry commentary on what the Bell, David Riesman, Rachel Carson, Jane that’s the standard for a writer (and it’s a too were slaveholders. That is exactly
choice of books on display might convey Jacobs, Erving Goffman, A.O. Hirschman, good one), then Hofstadter passes with what he does in “Life of a Klansman,”
about the speaker. The front cover of this J.K. Galbraith, Abraham Maslow, John flying colors. The idea of “anti-intellectu- though this time he digs deeper by
elegant volume from the Library of Hope Franklin, Dwight Macdonald, alism” and the “paranoid style” have both examining how white supremacy is
America brings that account to mind, for Reinhold Niebuhr and Arthur Schlesinger entered the lexicon of public discourse. as much a part of his family history
its design looks like a Zoom call from the Jr. Then start thinking systemically. What From the president and Steve Bannon to as the institution of slavery. The result
1950s, with Columbia University’s Richard the military analyst Fred Kaplan calls Cancel Culture, Hofstadter’s terms have is brave, revealing and intimate, an
Hofstadter, natty in his bow tie, with been used almost to the point of destruc- exploration of how one family’s morally
swept-back hair and modish glasses, tion over the past four years to describe complicated past echoes down to the
gazing out imperiously for all the world Though regarded as a kind of hot-button topics and personalities from present. This is a story for our cultural
as if he’s talking to Chuck Todd on “Meet right to left. By any measure, Hofstadter moment, as Americans begin to engage
social psychologist, he saw
n-
the Press.” If anything, he is the one achieved his “three pages.” with and acknowledge the ways white
giving credibility to the books in the the U.S. through the lens of Yet in page after page of the thousand supremacy endures in our society.
background, not the other way around. his own privilege. The urbane or so presented in this omnibus, what Needless to say, this is not a sweet
Credibility is the name of the game begins to overwhelm is the suffocating and tidy tale.
prose carried a misdiagnosis.
no
at the Library of America. The current complacency, even snobbishness, behind In “Life of a Klansman,” Mr. Ball
volume brings together two of Hof- the urbane but alienating prose. Hofstad- reconstructs the life of his great-
stadter’s best-known works, “Anti- ter may have been America’s social great-grandfather Polycarp Constant
Intellectualism in American Life” (1963) “the wizards of Armageddon” had already psychologist in chief, but he saw the Lecorgne (1832-86), a white French
and “The Paranoid Style in American invented a whole new field of nuclear country itself through the lens of his own Creole working-class carpenter who
Politics and Other Essays” (1965), along strategy. Paul Nitze and others had privilege and the “status anxiety” he lived in New Orleans. Born to a mother
with occasional articles and lectures. created a new framework for Cold War diagnosed in others. He was by all from a plantation-owning family and
It is expertly edited by Sean Wilentz, a international-relations theory. In eco- accounts the nicest of men—a pluralist a father who had deserted from the
professor of history at Princeton, with nomics, the likes of F.A. Hayek, Milton who endured with dignity and forbear- French navy, Lecorgne watched his
additional material drawn from the ex- Friedman and the Chicago School were ance the anti-Semitism he faced early in parents’ fortune wax and wane on the
cellent 2006 biography of Hofstadter by laying down new foundations for capital- his career and who was generous to his back of the slave trade. Unlike the story
David S. Brown. As always with this ism and free markets. Hans Morgenthau, students and younger historians whether of Mr. Ball’s South Carolina family,
series, the hardback edition itself is a Hannah Arendt and Henry Kissinger were they agreed with him or not. But he was which was based on their extensive,
thing of beauty, and it grants Hofstadter reinvigorating foreign-policy realism. also unreflectively elitist and perhaps well-kept records and ledgers, the story
(1916-70) admission to the Elysian Fields Various think tanks had made Washington even “paranoid” about the exaggerated of the Lecorgnes was difficult for the
of American writing. The question is, the global capital for intellectual fire- influence of the people, an “illiberal and author to piece together. Using public
then, whether he deserves his place. power linking ideas to public policy. At ill-tempered” mass he saw as dangerous records, Mr. Ball traced the family’s
Hofstadter’s most famous idea was the White House it was difficult to walk when it rose up and debased the govern- many changes of residence as well as
that the United States throughout its any corridor without tripping over a ing class—even, potentially, a vehicle for the black men and women they bought
history has been an inhospitable place for Harvard professor. Even the CIA got in on an American form of fascism. His and sold. He tells how Constant
intellectuals. “The common strain that the act, secretly funding the Congress for painfully narrow frame of reference left Lecorgne moved down New Orleans’s
binds together the attitudes and ideas Cultural Freedom and outlets such as him out of touch not just with the vast social ladder—from the white moneyed
which I call anti-intellectual,” he wrote, Partisan Review and Encounter. Later his- majority in the country but, as impor- Please turn to page C8
“is a resentment and suspicion of the torians and journalists, such as Neil Shee- tant, with the major ideas and currents
life of the mind and of those who are han and David Halberstam, would argue of the times. It would, for example, be
considered to represent it; and a disposi- that, with Vietnam on the horizon, “the hard to guess from reading this book that
tion constantly to minimize the value of best and the brightest” had enjoyed too civil rights were already at the center
that life.” This hostile attitude was cap- much respect and influence, not too little. of the American national debate. Martin
tured by the likes of the popular author In comparison with many of these Luther makes the index; Martin Luther
and pioneering environmentalist Louis thinkers, Hofstadter seems less intellec- King Jr. does not—and neither does
Bromfield, who trolled university intellectual than middlebrow. He was by training Malcolm X.
tuals as “Eggheads”—those who were a historian, but one who expressed con- In many ways, that was the fatal flaw
“supercilious and surfeited with conceit tempt for what he called the “archive of Hofstadter’s kind of liberalism. Its blind
and contempt for the experience of more rats” doing the hard work of reading spots about the lives and concerns of
sound and able men” and who showed historical documents. He preferred to ordinary Americans meant that when the
“extreme remoteness” from the “thought think of himself as a pioneer in the social culture wars began to rage, from the
and feeling of the whole of the people.” sciences, but here too there was a lack of mid-1960s onward, voices like his seemed
Hofstadter was no crude simplifier disciplinary rigor to his work for which no not so much wrong as irrelevant to both
who thought that “American history can sprinkling of quotes from Max Weber and right and left. The legacy of that dead end
be satisfactorily reduced to a running a few au courant theorists like Theodor continues to haunt the middle ground
battle between the eggheads and the Adorno could compensate. “This is not of American politics to this day.
fatheads.” Indeed, he judged the majority science,” the historian David A. Shannon,
FSG
of the country not anti-intellectual but his contemporary, complained; “this is an Mr. Aldous, a professor of history at
non-intellectual. What he did hold was example of what an intelligent person can Bard, is the author, most recently, of PATRIARCH Polycarp Constant
that “anti-intellectualism is pervasive in do sitting in an armchair.” “Schlesinger: The Imperial Historian.” Lecorgne in an undated photograph.
BOOKS
‘I have never sought the reason why I write. . . . Everything happens in the unconscious, and I don’t know what this unconscious is.’ —N ATH ALIE SARRAU TE
Making the Novel New

Nathalie Sarraute: A Life Between coterie of pretentious critics responding with
By Ann Jefferson approbation or disfavor to the appearance
of an avant-garde novel called “The Golden
Princeton, 425 pages, $39.95
Fruits.” Taken together, the author’s friend
BY BENJAMIN BALINT Hannah Arendt said, these two novels
I
delivered “the severest indictment ever
N ONE OF her letters, Nathalie meted out to the ‘intellectuals.’”
Sarraute, a pioneering practitioner of They also thrust Sarraute into the center
the New Novel—or “nouveau roman”— of a school of French novelists—among them,
likens writing to “repeatedly casting a Alain Robbe-Grillet, Michel Butor, Marguerite
line to reel in something that slips off Duras and Claude Simon (later awarded the
and hides, and, when you have hauled it up, Nobel Prize for literature). These writers
when it’s there, laid out in the light of day, it were united, Sarraute wrote, by “a common
dies.” It is a telling metaphor, given her own conviction that in order to remain alive,
literary output. In her many works, Sarraute the art of the novel, like all art, requires a
was always in search of what lies beneath the constant renewal of its forms, and conse-
surface of our daily interactions, however quently of its substance.”
fleeting. But she was no mere psychological Like other exponents of the New Novel,
pointillist. In “Nathalie Sarraute: A Life Sarraute disavowed the prevailing pieties of
Between,” Ann Jefferson, professor emerita of traditional plot and the conventions of realism,
French at Oxford, shows how Sarraute’s just as modern painters had freed themselves
literary innovations, in part, issued from the from pictorial representation. She banished,
disruptions of her own boundary-defying life. too, what she called the omniscient narrator’s
“aerial view” and gave up old-fashioned
verisimilitude for a higher one: “that element
The realities of the 20th century of indetermination, of opacity and mystery
that one’s own actions always have for the
needed a different fictional form, one who lives them.”
she thought—one that showed If this meant that author and reader meet,
the opacity and mystery of as she put it, in “mutual distrust,” so be it.
Sarraute’s abstract renderings exasperated
human action. Sartre approved. and disoriented many readers. Undaunted
by early incomprehension, however, she won
slow acceptance and belated fame.
Born to Jewish parents in czarist Russia in As Sarraute began to exhibit her gifts for
WORLD HISTORY ARCHIVE/ALAMY
1900, the future writer accompanied her vibrant dialogue in experimental plays for
mother to Paris at age 9 and wouldn’t return radio and theater, her reputation as a dramatist
.
to her homeland for 25 years. Other Russian- soared. Gérard Depardieu and Glenn Close
ly
born émigré writers in Paris, like her starred in productions of her plays; Isabelle
contemporary Irène Némirovsky, drew freely Huppert read excerpts of her works on
from their origins. “Nathalie’s Russian identity, television. Essays by Susan Sontag and other
by contrast, would play no part in her literary
one,” Ms. Jefferson writes.
After studying English at the Sorbonne and
at Oxford, Nathalie returned to Paris to study
on
SHOCK OF THE NOUVEAU Portrait of Nathalie Sarraute by Raymond Moretti, 1989.
critics gave her international recognition.
Richard Avedon photographed her for
Harper’s Bazaar. “Childhood” (1983), a
superbly paced series of memories from her
us ,
law and married Raymond Sarraute, a fellow gardener’s cottage in the village of Janvry. an anonymous narrator who is both a early life, became a bestseller. Her complete
law student. During the late 1920s and 1930s, In 1942 she briefly gave refuge to the Irish participant in its story and a disinterested works appeared in the prestigious Pléiade
l
e
her legal career was interrupted by the births expatriate writer Samuel Beckett, whose observer. As in later novels, she deliberately edition, usually a posthumous honor.
al a
of their three daughters as well as by her activities in a Resistance group had been depersonalized her characters, often stripping Yet to the day of her death in 1999, she
public advocacy for women’s suffrage (not betrayed by one of its members. Herself them of proper names and distinctive descrip- lost neither her fierce independence nor her
ci on
granted, in France, until 1944). She was also denounced by a neighbor, Sarraute fled once tions. “My real characters, my only characters,” kinship with marginality. “Her self-chosen
at this time, as Ms. Jefferson shows, feeling more to a town north of Paris, where she she once said, “are words.” In a glowing place,” writes Ms. Jefferson, who knew
the first stirrings of a lifelong obsession with posed as a teacher and her daughters as her preface, Jean-Paul Sartre called the debut “an Sarraute personally, “was invariably between
the ways in which our social lives teem with nieces. In this way, darting between safe anti-novel that reads like a detective story.” rather than within.”
what she called “interior movements that houses, she lived out the war. By her own By then, Sarraute had become a member of Did the truths that Sarraute attempted
er s
precede and prepare our words and actions.” admission, Sarraute knew next to nothing Sartre’s circle, the most celebrated in postwar to reel in—to borrow from her image of the
Sarraute’s first book, “Tropisms” (1939)— about Judaism; yet the Occupation, Ms. Paris. It was an affiliation not without its costs. writer’s vocation—offer an enduring way out
m er
comprising 24 sketches of momentary Jefferson writes, “imposed a Jewish identity Sartre’s partner, the feminist philosopher of stultifying conventionality, or did they funnel
impressions culled from seemingly drab on her that made her a social outcast and the Simone de Beauvoir, felt “unhappy about down to a dead end? Without dismissing any
domestic situations—aspired to put these target of a politics of persecution.” Sartre’s enthusiasm for Nathalie’s writing,” of the subtlety of her writing, Ms. Jefferson
fluctuations of emotion into words. Its delicate Those harrowing years also cemented her Ms. Jefferson writes, and envied “their lets readers decide for themselves. But her
m rp
inflections were soon drowned out by the conviction that the characters who inhabit intellectual complicity.” compelling biographical portrait leaves no
German invasion of France. In August 1941, the fiction of the 19th century—the apogee In “The Planetarium” (1959), Sarraute doubt that Sarraute, at least for an elusive
Raymond was arrested and sent to an intern- of the individual—were no longer available depicts a social-climbing young man trying moment, cast off old encumbrances and set
ment camp. His wife later noted the indignity to a novelist. In the theater of 20th-century to curry favor with a self-promoting author literature at a new angle to the world.
at having to buy “yellow satinette stars” with realities, such characters would flail about who bears a strong resemblance to Beauvoir.
co Fo
“two coupons cut from the textile ration-card.” like half-strung marionettes. Sarraute had “She painted me as a ridiculous, untalented Mr. Balint is the author of “Kafka’s Last
To escape anti-Semitic measures and the labored throughout the war on her first novel, writer,” Beauvoir griped. Sarraute’s next novel, Trial,” awarded the 2020 Sami Rohr Prize
threat of deportation, Sarraute hid in a “Portrait of a Man Unknown” (1948), featuring “The Golden Fruits” (1963), gives voice to a for Jewish Literature.
A Klansman violence against black residents of

New Orleans continued. He tracks
Lecorgne’s subsequent involvement
the same community, without becom- mits that “we can never make out our benignly referring to Polycarp Con-
ing an element of social disorder.” personal links to the felonies of his- stant Lecorgne as “our Klansman”
Mr. Ball also connects historical tory.” But he also understands that the without acknowledging the gravity
In the in fighting for white supremacy by

following clues in period newspapers
New Orleans with the present mo- folkways and traditions of past gener- of his actions. Similarly, when the city
ment, as when he interviews the ations weigh heavily upon the souls of of New Orleans placed the White
Family
n-
and accounts left behind by the lead- descendants of black and Creole fami- the living. While he admits feeling League’s memorial to the Battle of
ers who would have directed him. He lies who were victimized by White guilt about his family’s history, he also Canal Street on public land, it also
finds strong circumstantial evidence League violence, showing how past recognizes that his “guilt is something glossed over the past. After its instal-
linking his ancestor to continued up- trauma lives on in the stories of many like a stage of grief.” lation in November 1891—during a
no
Continued from page C7 risings against Reconstruction, includ- of the city’s current resi- time when Louisiana was
class to the working class—and, in his ing the climactic 1874 Battle of Canal dents. Instead of taking the busy disenfranchising Afri-
late 20s, joined the Confederate Army Street, in which some 5,000 white testimony of these families can-American voters—an
when the Civil War erupted in 1861. supremacists confronted the Louisiana and braiding it together inscription was added to
Summarily kicked out for taking part militia and the New Orleans police in with that of his own, Mr. the base of the memorial:
in an alcohol-fueled riot, he later an unsuccessful attempt to unseat the Ball sets this section of the “The national election in
rejoined but found himself adrift after state’s Republican governor, William book apart. It’s a risky but November 1876 recognized
the war’s end. Pitt Kellogg. effective narrative gambit, white supremacy and gave
In the early 1870s Lecorgne found While the life of Mr. Ball’s great- revealing that while Mr. us our state.”
a new purpose: He became part of great-grandfather is the focus of “Life Ball may share the history In the spring of 2017,
New Orleans’s White League, a white- of a Klansman,” the culture and par- of the people he is inter- the city of New Orleans
supremacist paramilitary outfit. The viewing, the impact of that removed the monument to
League was part of a network of shared history is both infi- the White League. The base
organizations in Reconstruction-era The author’s great- nitely varied and painfully of the obelisk on Canal
Louisiana, including the Ku Klux Klan particular. Street today stands empty,
and the valiantly named Knights of the
great-grandfather, “I am trying to open a no longer an intimidating
White Camellia, whose collective pur- like many other former small window into U.S. presence on the landscape.
pose was, in the words of the Knights’ Confederates, violently history,” Mr. Ball writes Now that other such stat-
founder, to protect the white race toward the end of “Life of ues are coming down and
“from amalgamation and miscegena- resisted Reconstruction. a Klansman.” “I am trying American society is be-
tion and other degradations.” Chap- to bring whiteness up from ginning to reckon with its
ters of the League emerged all across its unconscious storage history of racial violence,
the Reconstruction-era South, with ticulars of 19th-century New Orleans place into nascence, which Mr. Ball’s examination of
the avowed purpose of overthrowing function as a kind of composite sup- is that feeling just short of the life of his family’s
Republican governments and restoring porting character, illuminating local is- consciousness.” “Life of a Klansman reminds us that
white supremacy. “The only difference sues of racial caste and social hierar- Klansman” does just that; it there’s much more work to
LIBRARY OF CONGRESS
between the White League and the chy as well as larger regional trends. helps the reader to under- be done. “Racial identity,
Ku-klux was the League was not se- Mr. Ball artfully reanimates ideas that stand that uncomfortable deeply embedded, cannot
cret,” Mr. Ball writes. By night-riding attempted to justify slavery and, later, historical legacies must be removed and replaced,
and terrorizing people of color, the black subjugation. “The names Samuel be faced and confronted. like computer memory,” he
League won back the rule of white Morton and Josiah Nott,” he writes, Though Mr. Ball shies away writes. “What is possible is
people and helped end Reconstruction were “murmured and admired in New from prescriptiveness, the ‘HALT!’ Justice confronts the White League in New Orleans. to acquire some awareness
in Louisiana. Orleans.” Both of these influential fig- tensions in the stories he Cartoon by Thomas Nast in Harper’s Weekly, 1874. of racial formations inside
Although he was not a leader in the ures—Morton a Philadelphia Quaker, tells make it clear that he the self and to place that
League, Lecorgne was a devoted foot Nott a Southern academic—were phy- wishes to throw off the “straitjacket of In “Life of a Klansman” Edward Ball awareness with other sentience pos-
soldier. Mr. Ball traces Lecorgne’s sicians who believed the races were whiteness” that was tightly wrapped reveals how American culture has sessed by ‘knowing man.’” Bearing
involvement with racial violence, be- created separately and endowed with around his ancestors. His prose is been built on generation after genera- witness to the historical impact of
ginning with anecdotes from family unequal aptitudes from the start. Mor- almost never cloying or superficial; tion of unresolved grief connected white supremacy, as Mr. Ball does in
folklore and then moving into concrete ton was a great influence on the Swiss- this is not a handwringing apology with racial violence. Rather than seek- this book, is a step toward achieving
court records that reveal how Le- born biologist and polymath Louis of the sort one sometimes reads in ing ways to harness the transforma- that awareness.
corgne and some of his associates Agassiz, a Harvard professor whose social-media confessionals. Mr. Ball is tive power of confronting the history
were indicted for treason against the ideas took hold nationally. In 1863 movingly philosophical about what of racial oppression and white su- Mr. Eubanks’s new book, “A Place
U.S. government and for breaching the Agassiz wrote that blacks were “inca- responsibility his generation holds for premacy, Americans have chosen to Like Mississippi: A Journey Through
Ku Klux Klan Act of 1871. In the end, pable of living on a footing of social the sins of its fathers. He veers away ignore it or normalize it. That is what a Real and Imagined Literary Land-
all charges were suspended and the equality with the whites, in one and from sentimentality and bluntly ad- Mr. Ball’s family did for years by scape,” will be published next year.
BOOKS
‘Our treasure lies in the beehive of our knowledge.We are perpetually on the way thither, being by nature...honey-gatherers of the mind.’ —FRIEDRICH NIETZSCHE
Silk, Shellac & a Rush of Cochineal

The Butterfly Effect
By Edward D. Melillo
Knopf, 253 pages, $27.95
BY CHRISTOPH IRMSCHER
E
VERYONE KNOWS the
feeling—the unexpected
prick, mild at first, then
sharper; the itchiness
and swelling that follow,
redness spreading on skin. A meeting
of species, one a mere blip in the
planet’s long history, the other hun-
dreds of millions of years old, with
ancestors hailing from the Cambrian
seas. A painful meeting that renews
in us a desire for retaliation—for the
squish or swat that, next time, will
surely spare us discomfort. Our con-
cern for life, observed the writer Elias
Canetti, does not extend to insects:
“Their blood does not stain our
hands, for it does not remind us of
our own.”
In “The Butterfly Effect,” Edward
Melillo, an environmental historian at
Amherst College, sets out to right the
balance. His title plays on a concept
RENE KREKELS/NIS/MINDEN PICTURES
in chaos theory that suggests, put

simply, that small events can have big
effects. The analogy Edward Lorenz,
the concept’s creator, proposed, while
not true literally, was at least memo-
rable: Consider the possibility that
the flapping of a butterfly’s wings
might cause a tornado. (Professor
.
Lorenz had originally envisioned a sea
ly
gull, but that was decidedly less
poetic). The allusion in the book’s cochineal’s red carmine, known to the surely remember the thousands of lac History of Massachusetts,” hinted that Stravinsky custom-composed for 10-
title is apt for another reason. An Toltecs and Aztecs long before the bugs that were needed to make that such a shift would instill humility. inch shellac records, a three-minute
early incentive for “The Butterfly
Effect” came when the 11-year-old
Edward Melillo, enrolled in summer
school in Woods Hole, Mass., saw a
on
Spanish invaders came, a color so un-
usual and exotic that the poet Emily
Dickinson invoked it to capture the
shimmering beauty of a passing
original 1944 shellac gramophone
record. As Mr. Melillo reports with
satisfaction, no industrial engineer
has ever been able to replicate the
A more aggressive opinion came from
Archy the cockroach, the unforgettable
literary character sprung from the
caustic pen of Don Marquis. During
movement per side. Mr. Melillo is at
his most inspiring, however, when he
exalts the scientists who have rejected
the view that there’s little in the world
us ,
monarch butterfly drink from a slice hummingbird, a “Rush of Cochineal.” special luster of silk, no synthetic long nights at the offices of the New of insects to remind us of our own.
of watermelon: “Instantly, I identified Expensive to make, the potent dye food dye has been found to be as safe And in this group no one stands out
l
e
with the thirst-quenching impulse of fascinated painters. Caravaggio, in as the cochineal’s, and, even if gramo- more than Charles Henry Turner
al a
an organism that had, until that mo- “The Incredulity of St. Thomas” (ca. phone records have long gone the Some of the greatest (1867-1923), the first African-American
ment, seemed so stubbornly foreign.” 1601-02), lavished it on the smocks of way of the dodo, shellac still coats to place an article in the journal
achievements of human
ci on
Surprisingly—and rather bril- the apostles, making them ruddy with our apples, candy and pills. Science and the first to win a doctor-
liantly—more than half of Mr. life, a sharp contrast with the risen Insects are indeed everywhere. culture have been built ate in zoology from the University of
Melillo’s book is not about monarchs Christ, who, no longer of this world, They pollinate our flowers, surrender on the crushed bodies Chicago. Shunned by the white aca-
or mosquitoes but about creatures looks evanescent, pale. In Vincent van their DNA in labs so that we may demic establishment, Turner taught
far less relatable, though they have Gogh’s “Bedroom at Arles” (1888), learn more about our own, and if of insects. high school in St. Louis for much of
er s
been part of our lives for centuries: the cochineal-colored blanket we see toasted grasshoppers don’t regularly his professional life. Among insects,
Bombyx mori, the smooth, soft silk- crumpled on the painter’s empty bed grace everyone’s dinner plate, the though, he found what he hadn’t en-
m er
worm bred for the sole purpose of has easily survived the discoloration reader, led by Mr. Melillo, will under- York Sun, Archy uses a typewriter to countered among humans—percep-
spinning its silken cocoon; Dacty- affecting the rest of the picture. Red stand why: shamefaced denial of the bang out poems, funny, irreverent, and tiveness, nuanced behavior, evidence
lopius coccus, the fingernail-sized as blood, it mocks van Gogh’s stated insectivorous hominids in our prehis- entirely without capitals (he can’t op- of a complex social life. Long before
female cochineal, blind and wingless, hope that this picture would give the toric past. For the less finicky, Mr. erate the shift key), in which he calls the Austrian entomologist Karl von
m rp
which spends its brief life sucking on viewer a feeling of rest and peace. Melillo recites the superior benefits of for, what else, an insect revolution and Frisch decoded the waggle dance of
a prickly pear cactus in Peru or Mex- Enchantment has its price. Having a bug-based diet: lots of protein, little preaches insect pride: “insects were the honeybees, Turner proved that
ico, turning red berries into carminic learned from Mr. Melillo that it takes fat and modest environmental impact. insects / when man was only / a bur- insects hear sounds and distinguish
acid; and Kerria lacca, the lac bug, up to 2,000 silkworm cocoons to Insects are our “partners,” says Mr. bling whatisit”! Archy has a point: pitches, that bees rely on spatial
whose larvae colonize trees in India make a silk dress, I won’t be able to Melillo, though it does seem that, hu- Insects don’t need humankind. Yet memory and can tell the difference
co Fo
or Thailand, wrapping themselves in read in quite the same way one of my man bloodletting aside, they tend to if they suddenly went extinct—and between colors, that ants follow
protective tubes of resin, the source favorite passages of poetry, the magi- get the raw end of the deal. It makes tropical species, stripped of their habi- scripted motions when they return to
of shellac. With humans, such de- cal moment in Wallace Stevens’s perfect sense for Mr. Melillo to focus tats, already do, at an alarming rate— their nests, and that cockroaches learn
fenses count for nothing: Millions of “Peter Quince at the Clavier” (1915) on the benefits we derive from in- our planet’s ecosystem would crash. from experience. Archy would have
workers harvest these insects year when the speaker tells his lover that sects; books are, after all, written for Mr. Melillo is a witty and eloquent approved: “i do not see why men /
after year, gathering, boiling, drying “thinking of your blue-shadowed silk, people, not for bugs. Yet, from Aesop guide through the fraught terrain of should be so proud.”
and squeezing them to death. / Is music.” And next time I listen to to Kafka to Eric Carle, writers have human-insect interactions, able to
Some of the greatest achievements Ella Fitzgerald and the Ink Spots wondered what the world would look write as lucidly about the white-eyed Mr. Irmscher is director of the
of human culture were built on the swinging their way through “Into like from a six-legged perspective. mutant fruitfly as the four movements Wells Scholars Program at Indiana
crushed bodies of insects. Take the Each Life Some Rain Must Fall,” I will Thoreau, in his essay “The Natural of Serenade in A (1925), which Igor University Bloomington.
n-
TheDaunting argued that the cultural dismissal of of Bombs” (1987), “Staying seas are rising, fisheries are
no
less-celebrated locales is precisely the Put” (1993) and “Earth Works” collapsing, storms and floods
prejudice that’s driven their abuse and (2012), has been watching his and wildfires are increasing in
Duality neglect. As he observed in “Writing

From the Center,” his 1995 book of es-
children grow to adulthood and
start families of their own.
frequency and destructiveness.”
Yet Mr. Sanders finds some
Of Nature
says, “there are no backwaters. There It hasn’t always been encouragement after meeting a
is only one river, and we are all in it. smooth sailing. In “Hunting for retired banker who, inspired by
Wave your arm, and the ripples will Hope,” his 1998 book, Mr. Henry Wadsworth Longfellow’s
eventually reach me.” Sanders chronicled a rift be- celebration of “the forest pri-
The Way of Imagination Henry David Thoreau, whose reflec- tween him and then-teenage meval,” decides to spend much
By Scott Russell Sanders tions from Walden Pond, in Massachu- Jesse, who found his father’s of his wealth in restoring a
Counterpoint, 259 pages, $16.95 setts, stand as a model for divining the environmental worries fatal- vanished woodland. The story,
cosmic from one’s own back door, is istic. “You make me feel the part of the book’s title essay,
BY DANNY HEITMAN the subject of “The Infinite Extent of planet’s dying and people are gives Mr. Sanders hope that the
MICHAEL FORSBERG/NATIONAL GEOGRAPHIC
H
Our Relations,” one of the most mem- to blame and nothing can be arts and sciences, in expanding
OMEBOUND for weeks orable essays in Mr. Sanders’s latest done about it,” Mr. Sanders society’s collective imagination,
in this pandemic year, collection. He has good things to say recalls his son telling him. can help humanity see possibil-
many Americans seem about Thoreau, including the many “There’s no room for hope.” ities beyond the present peril—
to be reading more The remark was a challenge and a greater sense of our
deeply, looking more to temper worry with wonder, shared predicament.
closely at neighborhood birds and How do we celebrate a to choose joy over rancor. “In At their best, Mr. Sanders’s
plants, and asking more questions power that produces order to believe in hope we essays are an invitation to such
about where the world is going. This needn’t believe that everything possibilities. In “Kinship and
is the sort of life that the best nature not only butterflies, will turn out well,” Mr. Sanders Kindness,” one of the best se-
writers lead all the time, as one is whales and sycamore told readers back then. “We lections in “The Way of Imagi-
reminded by the arrival of “The Way of trees but also hurricanes, need only believe that we are on the as the contagion poses a paradox. nation,” he recalls hurrying through
Imagination,” Scott Russell Sanders’s right path.” A virus that’s prompted so many his morning, then being stopped
new book of essays. plagues and cancer? “The Way of Imagination” finds Mr. locked-down householders to pause short by “the year’s first wildflowers,
For decades now, from his home Sanders’s hope challenged even more. and consider the natural beauty be- here in southern Indiana . . . bloodroot,
in Bloomington, Ind., Mr. Sanders has In a heartbreaking essay, “At the Gates yond their windows is also killing thou- spring beauties, Dutchman’s breeches,
been writing about the flora, fauna “brilliant clarities” of “Walden,” but he of Deep Darkness,” he reveals that sands and impoverishing many more. cut-leaved toothwort, and trout lilies.
and community of his part of the laments that Thoreau’s “radical indi- Jesse, in his 40s, has Stage 4 cancer. Mr. Sanders finds no easy way to grasp . . . My inner chatter ceased. For a spell
world and what they might reveal vidualism, however necessary in his “Now, dismayed by Jesse’s illness, I the daunting duality of nature, its there was only a communion of deli-
about the larger health of the planet. day as a bulwark against demands for question whether my writing has paid power to both heal and destroy. But cate blooms, fragrant soil, birdsong,
Suffice it to say that few people be- conformity from church and society, sufficient attention to nature’s dark he decides that in spite of its contra- sunlight, wind, breath, all suffused with
yond Bloomington regard this small now appears too narrow, rejecting side,” Mr. Sanders writes. “In seeking dictions, the universe is still worthy of an energy that might be joy, might be
city of 85,000 as a barometer of the as it does all responsibility of the self to defend the wild Earth against respect and affection. “Think of how growth, might be the pulse of life.”
human condition and the global ecol- toward others.” human abuse, have I taken too san- you love your child, if you have a Such moments of transcendence are
ogy. The American canon of nature Mr. Sanders’s writings, unlike Tho- guine a view of wildness? Can I still child,” he writes, “or how you love the around us, Mr. Sanders reminds us in
writing tends to be defined by such reau’s, have been shaped by his life as celebrate a power that produces not children of others. . . . That is how we this troubled season, if only we take
iconic settings as Henry Beston’s a husband, father and grandfather. His only monarch butterflies, humpback must love the world.” the time to notice.
coastal New England or John Muir’s wife, Ruth, son, Jesse, and daughter, whales, and sycamore trees, but also Mr. Sanders frames his personal
California. But like his friend Wendell Eva, often pop up in his essays. For his hurricanes, plagues, and cancer?” challenges, which also include his Mr. Heitman, editor of Phi Kappa
Berry, the agrarian philosopher whose regular readers, one of the small plea- Although Mr. Sanders wrote those wife’s Parkinson’s disease, within Phi’s Forum magazine, is the author
writings are informed by his home sures of following Mr. Sanders’s books words before the advent of Covid-19, broader worries. “Deserts are spread- of “A Summer of Birds: John James
ground in Kentucky, Mr. Sanders has over the years, including “The Paradise they resonate with particular urgency ing,” he notes, “glaciers are melting, Audubon at Oakley House.”
BOOKS
‘Until one has loved an animal, a part of one’s soul remains unawakened.’ —AN ATO LE FRAN C E
FIVE BEST ON ANIMALS IN FICTION MYSTERIES

TOM NOLAN
In Search
Francesca Marciano Of Forbidden
The author, most recently, of the story collection ‘Animal Spirit’ Knowledge
Grief Is the Thing IN THE LONDON of 1703, as
With Feathers re-created in Elsa Hart’s sus-
By Max Porter (2015) penseful historical mystery “The
1
Cabinets of Barnaby Mayne”
This slim and beautifully (Minotaur, 344 pages, $26.99),
chaotic novel explores it is the passion of certain men
the aftermath of a young of means to assemble personal
mother’s death and its collections featuring “rarities
effect on her husband and two of art and nature”: private
boys. The father is unprepared museums that often fill entire houses. One of
to take charge. “I felt that the most celebrated such displays is that of
perhaps the main result of her Sir Barnaby Mayne, whose ambitious goal is
being gone would be that I “to keep a record of the whole world and its
would permanently become this history.” His rooms full of “coins, feathers, eggs,
organizer, this list-making trader nests, insects, bones, pelts, horns, and claws,”
SCIENCE & SOCIETY PICTURE LIBRARY/GETTY IMAGES
in clichés of gratitude, machine- he contends, “contain no less than the future

like architect of routines for course of all knowledge.”
small children with no Mum.” Amateur botanist Cecily Kay, the estranged
One night the doorbell rings, wife of a British consul, comes to Sir Barnaby’s
the father opens the door and residence in hope of a few weeks’ solitary
is confronted by a crow, who study in the Plant Room. But her stay is
announces he won’t leave “until disrupted by the murder of her host, stabbed
you don’t need me anymore.” at the conclusion of a small private tour.
This visitor becomes the family Mayne’s long-suffering
therapist, babysitter and THIS WEEK curator admits to the deed
protector. “I do eat baby rabbits, before fleeing the scene,
plunder nests, swallow filth. . . . The but some find this mild
But I care deeply. . . . Motherless Cabinets of man’s confession hard to
children are pure crow. For a undeterred by the loss. Mabel a man like that—a snob and a stories, luminous gems all, Barnaby credit. (“Walter Dinley?
sentimental bird it is ripe, rich has now won considerable fame. pervert, as they saw him— the encounter with an animal Mayne The same man who apolo-
.
and delicious to raid such a But her story takes a darker turn shouldn’t be on anyone’s reading sparks a crucial epiphany. By Elsa Hart gizes to furniture when
ly
nest.” He rejects any kind of as her identification with her list. . . . Of course literature can’t he bumps into it?”)
standard coping mechanisms tigers begins to reveal its do its job in a culture like that.” Cecily undertakes to
for loss and succeeds, with his masochistic nature. She knows Bear find out who really killed Sir Barnaby Mayne,
special brand of humor, in they will eventually go rogue— on By Marian Engel (1976) using the same scientific logic she would
5
guiding the bereft family from she seems to be waiting for it— Birds of a apply to identifying an unknown floral speci-
deep sadness into the future. and when they do, and maul her, Lesser Paradise Considered daring when men. Was the assassin the smooth-talking
she’s left on the verge of death, By Megan Mayhew Bergman it was published in the physician to whom Mayne is said to have
us ,
her body a map of scars. (2012) 1970s for its way of willed his cabinets of wonder? Or the ethereal
4
The Final Confession touching on the theme of young woman who appeared for the tour
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of Mabel Stark In “Housewifely Arts”— women’s sexuality, “Bear” is the unexpectedly and then vanished before the
al a
By Robert Hough (2001) The Friend the opening story of this story of a bookish young woman body was found?
2
By Sigrid Nunez (2018) delightful collection— assigned to a remote island in Cecily comes to wonder if the murder may
ci on
3
This extravagantly a single mother tracks northern Ontario. Employed by a have something to do with Sir Barnaby’s recent
entertaining novel is Following the suicide down an African gray parrot in cultural institute, Lou has the job obsession with the occult. Sure enough, the
based on the life of Mabel of her writer friend— a roadside zoo. Because the bird of cataloging items of historic entire house is shrouded in spookiness in the
Stark, who in the 1920s a caustic professor of used to belong to her deceased value at an old abandoned home- aftermath of its owner’s killing. “The collection
became the world’s first female literature—the grief- mother and could replicate her stead. The only other resident is changing,” a guest insists. “Everything looks
er s
tiger trainer. It’s a story about stricken narrator of “The Friend” voice exactly, “her contralto on the island is a bear who sharper and more poisonous. . . . It’s as if it
female rage and self-destruction— is confronted with a request. imitations of Judy Garland and lives chained in a cabin nearby. knows its master is no longer here and is
m er
the two drives, in Robert Hough’s The dead man’s wife has asked Reba McEntire, the way she “There had always, it seemed, preparing to defend itself.”
conception, that explain Mabel’s her to adopt Apollo, her late answered the phone: ‘What are been a bear,” a local tells her. Ms. Hart, the author of a trio of novels
attraction to the cats. She had husband’s aged dog. The narrator, you selling? I’m not interested,’ ” Lou doesn’t mind her isolated involving an exiled librarian in 18th-century
been a bit of a caged beast her- also a writer and teacher, takes she drives for two days in the situation. She had “always loved China, proves adept at depicting this “realm
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self—an inmate of a psychiatric Apollo in. The dog grieves the hope of hearing her mother’s her loneliness.” One day she of the collectors . . . a shadowy place full of
ward from which she escaped. loss of his owner as much as the perfect pitch again. The subject decides to unchain the bear, illusions,” tainted by greed and fraud and now
Out in the world, she visits a narrator does. “He walks with of “Saving Face”—a young then to swim naked with him in homicide. She puts her cast of obsessives and
circus, sees a tiger for the first head lowered, like a beast of veterinarian—has lost her the river. She allows the bear to dilettantes in the context of a larger England
time and decides that she’s burden. . . . They don’t weep. But upper lip to a wolf hybrid during come into the house and sleep in where Queen Anne is on the throne and “there
co Fo
found her true calling. In her they can and do fall to pieces.” an operation on the animal. front of the fire while she cuddles were enough new laws, new wars, and new
first attempt at training a lion, At first it’s their shared sadness Scarred for life, she postpones him. The intimacy between two books to sustain any argument.”
she pries its jaws open with her that binds them. But later, his her wedding, uncertain whether grows apace. Yes, the bear and The studious Cecily is fortunate to acquire a
hands and slips her head in. As new owner concludes, the dog her fiancé will continue to find the researcher become lovers. steadfast ally: the more worldly Meacan Barlow,
she emerges, “her hair plastered has to forget his lost master her desirable. In “Another Story But don’t be put off by the a professional illustrator and (coincidentally)
with lion saliva, her eyes are and “fall in love with me.” She Won’t Believe,” a lonely sensational content. This her childhood friend. “It’s the two of us
shining.” But the true love of Sigrid Nunez’s observations, via woman, separated from her beautifully written short novel together now,” Meacan vows in feminist
her life will be Rajah, a pug tiger her narrator, are drenched in wit young daughter and adrift in won the Governor General’s solidarity, after Cecily escapes a near-fatal
who grows into a massive cat. and judgment. She recalls how alcoholism, finds solace nurturing Literary Award for its Canadian attack on the Mayne premises. “We’re going
The two become so emotionally her friend had said that his entire a half-frozen lemur by keeping author. It is, not altogether to find the villain, and we’re going to make it
attached that Mabel’s husband class agreed “that it didn’t matter him warm under her coat on a surprisingly, apparently very clear that we are not such little creatures
asks for a divorce. She’s how great a writer Nabokov was, snowy night. In each of these dedicated to her therapist. after all.”
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Between the Eerie and the Everyday

PETER CAMERON’S novel Peaks.” The unnamed couple prospect of sudden fatherhood, is feels safest when someone locks that Francie fears in herself.
“What Happens at Night” have come to adopt a baby who yanked back to the realities of her inside her bedroom at night. Franny sleepwalks and sleep-
(Catapult, 301 pages, $26) is an will give them the consolation of human contact. The novel’s inde- Stranger still are the experiences fights and has to tie her wrists to
optical illusion. Consider it from family life in the wife’s remaining terminacy is both intriguing and that she thinks of as “punctures” the bedposts so that she won’t
one angle and you have the months. Instead, she comes moving, because it means that in reality—moments when living strangle her husband during the
darkly comic tale of a Manhattan under the spell of a nearby faith one character’s loss is another’s things seemed to emerge from night. The only answer for some-
couple’s winter trip to a forgotten healer named Brother Emmanuel, consummation, and an unbroken inanimate objects, like a real rose one with her “destructive compul-
European backwater within the while the husband is increasingly night is both a source of terror from an embroidered curtain or sion” is to go to sea, where she
Arctic Circle, the site of the only waylaid by the hotel’s meddling and the condition of a long- a butterfly from a butterfly- finds kindred souls in a crew of
orphanage willing to let them staff and guests. desired resting place. patterned lampshade. outsiders and thrill-seekers on a
FICTION adopt a baby in spite of the All of this plays out amid the The novel unfolds as Francie, North Atlantic fishing boat.
SAM SACKS wife’s late-stage cancer. There, distortion of perpetual darkness THIS WEEK now in her mid-20s, decides to “Migrations” is located in a
while lodging at an absurdly (“A year is like a day here [and] confront these inexplicable occur- near future in which 80% of all
grandiose hotel, they fall under the winter is really nothing more What Happens at Night rences. To this end she builds a wild animals have died off from
the influence of an array of kooks than a single night”), which By Peter Cameron tent on her apartment balcony, climate change. Franny is an
and criminals who prey on them obscures the true nature of where she sits and seeks to amateur ornithologist trying to
for their own idle designs. But each interaction. Are the side The Butterfly Lampshade recall every sensation during follow what may be the last re-
relax your eyes and the book characters paranormal or just By Aimee Bender her “transition” from Portland to maining colony of Arctic terns on
At a changes complexion, dissolving eccentric? The most memorable— California. These recovered mem- their migration from Greenland to
grand into an atmosphere of pure indeed, the book’s reliable scene- Migrations ories make up most of the book, Antarctica, persuading the boat’s
Gothic horror, filled with stealer—is an ageless lounge By Charlotte McConaghy and Ms. Bender depicts them in half-mad captain to take up her
hotel phantoms and demons and other singer named Livia Pinheiro- a clear and gentle light, their fool’s errand with the promise
within avatars of the uncanny. Rima, who insinuates herself details precise but never threat- that the birds will lead them to
the Mr. Cameron’s ability to into the couple’s troubles, either Aimee Bender takes a soft- ening. There is a resemblance to the ocean’s dwindling supply of
Arctic flicker between the eerie and the to help them or toy with them, spoken approach to the super- Haruki Murakami in the brushing fish. But if the expedition is about
grubbily banal defines his fasci- it’s initially unclear. Livia is a natural in “The Butterfly Lamp- of the fantastic against the ordi- salvaging hope in environmental
Circle, nating recent project of revising mesmerizing raconteur and shade” (Doubleday, 284 pages, nary, but in “The Butterfly Lamp- collapse, it’s also a form of flight,
a classic literary genres. “Coral outrageous prevaricator, and $26.95), her first novel in 10 shade” the intersection isn’t sinis- as Franny is running away from
childless Glynn,” from 2012, elegantly when not performing for a years. Its unassuming protagonist ter, or even especially revelatory. a litany of personal tragedies,
upends the English comedy of meager hotel audience she’s the is Francie, who at the age of 8 Ms. Bender is interested in the many of them self-inflicted.
but manners. “What Happens at fabulously dressed Virgil guiding left Portland, Ore., to live with integrity of private mysteries, and Franny’s woes, revealed in
hopeful Night” retools the Victorian the couple through the limbo of her aunt in Southern California her wise, perceptive novel calmly staggered flashbacks, are so
couple ghost story. Set in what I take to the Arctic town. after her emotionally fragile insists that reality is not a fixed extensive and extravagant that
be an imaginary Finnish outpost, She is also the slightly mother suffered a breakdown. place but a journey that everyone they begin to be slightly funny.
become the book mostly unfolds in the unearthly go-between for the As her mother remained in a travels by different routes. But a bit of melodrama is
trapped Borgarfjaroasysla Grand Imperial novel’s alternating states. As the supportive living facility, Francie Franny Lynch, the tempes- permissible in a good nautical
in a Hotel, which mixes the anachro- wife becomes more and more grew up in normal, loving cir- tuous narrator of Charlotte adventure, and “Migrations”
Victorian nistic splendor of Wes Ander- preoccupied with her death, her cumstances, showing no signs of McConaghy’s debut novel, moves at a fast, exciting clip,
son’s Grand Budapest Hotel with story merges with the vaporous mental distress yet conspicuously “Migrations” (Flatiron, 256 motored as much by love for
ghost the haunted secrecy of the Great stuff of spirits and visions. Yet marked by the trauma of chang- pages, $26.99), actually exhibits “creatures that aren’t human” as
story. Northern Hotel from “Twin the husband, confronted by the ing families. Like her mother, she the unconscious violent tendencies by outrage at their destruction.
BOOKS
‘Children aren’t supposed to like dark chocolate. It’s one of those bitter things that you are meant to acquire a taste for later in life.’ —EMMA JANE UNSWORTH
Adulting Ain’t Easy

Grown Ups
By Emma Jane Unsworth
Scout, 338 pages, $27
BY ANNA MUNDOW
‘I
FLATTER MYSELF that
I understand all sorts of
curiosity,” a character in
Joseph Conrad’s 1913 novel
“Chance” declared. “It is the
most respectable faculty of the human
mind.” Most readers at the time would have
agreed. After all, private life was still private
back then and one’s inner life a mystery,
particularly to oneself. Hence all that
introspective brooding and all those tragic
misunderstandings without which the great
novels would be less great and far shorter.
(Imagine Tess, for example, coming clean
with Angel Clare, or Gilbert Osmond leveling
with Isabel Archer.) How was Conrad to
know that curiosity would mutate to become
insatiable or that it would be fed—instantly
and incessantly—by a glowing rectangle
attached to practically every human hand?
“They’re all trying to be our friends now,
the phones, aren’t they, like the banks,”
LAURIE FULLER/EYEEM/GETTY IMAGES
muses the mother in “Grown Ups,” Emma

Jane Unsworth’s new novel. “The sleep
tracking. The health data. That’s how they
get us sucked in and make us need them so
they can make us miserable again.” Carmen
McLaine has come to visit her adult daughter,
Jenny, the novel’s narrator, whose phone is
her constant companion and whose wind-
tunnel consciousness fairly churns with
.
gloriously random reflections. Here is Jenny
ly
explaining her best friend, Kelly, an erstwhile who her father was or is. “It ran its course,” focused here than in her previous two novels, “No,” said my mother, shifting the car
radical: Carmen says of an affair with one possible “Hungry, the Stars and Everything” (2011) into drive. “But it was a great line, don’t
candidate, “as all relationships with men and “Animals” (2014), both of which had you think?”
Kelly got pregnant with her university
ex. . . . He now has a baby with another
woman and is a proper truck-blocking
activist. He and Kelly once stayed up a
should.” on
In Jenny’s present, on the other hand,
there is Art, the photographer ex-boyfriend
who claims to need “a lot of artistic
a frantic, jam-it-all-in quality to them. In
“Grown Ups,” self-inflating targets such as
mindfulness, artiness and new-manliness are
sparingly deployed and exquisitely punctured
This scene alone—one of many—makes
“Grown Ups” essential reading for our
dismal times.
us ,
tree for six weeks, while she was preg- headspace.” (Translation: he doesn’t want a The novel’s deeper charm resides in
nant. . . . It’s going to be a make-or-break baby.) There are friends and colleagues such its fleeting evocations of the past and of
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holiday when you’re crapping in a carrier as Vivienne, who “looks like the kind of ‘So let me get this straight: England’s flintier regions, sketches that in
al a
bag and arguing about who has more woman who’s spent a lot of time smoking their deftness recall Alan Bennett’s portraits
snacks left because there’s no electronic on Spanish beaches.” And there is, above all,
You’re upset because of his northern English birthplace. “Its winds
ci on
entertainment. Kelly still has a star tattoo Jenny’s phone. Her personal oracle that on a someone you don’t know and mosses; its cool, thirsty cities,” Jenny
on her wrist from when she used to be good day vibrates with likes and on a bad day might not like a version of you says, conjuring up her native ground and
an anarchist. (She never turned down a torpedoes her self-esteem. “So let me get this remembering Manchester’s seedier clubs and
cheeseboard, though. I think you often straight,” Carmen says during one such crisis. that doesn’t really exist.’ pubs—“half-done places that smelled of beer
find that with anarchists—they still like “You’re upset because someone you don’t and freshly sawn wood”—where Carmen
er s
the small comforts.) know might not like a version of you that performed onstage throughout her daughter’s
doesn’t really exist.” while the overall mood is subtly textured and youth. The mementoes which Jenny still
m er
As her laconic wit suggests, Jenny is a The reader, too, may find Jenny’s online the central plot almost quaintly plain. Jenny pictures, stored in boxes in her mother’s
north-of-England girl. Now in her mid-30s, insecurities barely credible given her age. meets Art, lives with Art, loses Art (along garage: “Polaroids and airline tickets . . .
she lives in London and writes a column But her voice is so immediately engaging— with . . . well, we won’t say). She almost loses paper clips and hair grips shoaling like krill
titled “Intense Modern Woman” for an online and her perspective so zanily acute—that her friend Kelly as well, yet fails to alienate . . . key rings, snapped candles in whiskey
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feminist magazine. (“We want ferocity,” her we overlook any incongruities. Describing Carmen, who alights in Jenny’s life with bottles. The fallout of every ending.” All of
editor reminds her. “A roar from the lady her workplace, Jenny says: surprising consequences, none of them, thank which, Carmen blithely reveals, she tossed
jungle.”) goodness, too heartwarming. This is, after all, out long ago. “Home,” Jenny laments,
Jenny’s mother—all painted nails and gin It’s all creative types in here. . . . There’s the mother who once had the following ambushed by loss. “The word still presents
pick-me-ups—is an actress turned spiritualist a lot of lino. A lot of dachshunds. Lots of exchange with a sneering neighbor: itself, ludicrously. I am thirty-five years away.
co Fo
with a website titled “Medium at Large” and plants that are real-imitating-plastic. You ‘Away’ rather than ‘old,’ that’s how it feels
a spotty maternal track record. Outrageously see men with visible pocket watches high- “Is that why her father’s never been sometimes.” Meanwhile Carmen, busy
alive, Carmen is nonetheless the ghost in fiving over MacBook Airs and you worry around?” he said. . . . “You were too applying her makeup, says, “Let’s have a gin.”
Jenny’s past. There was that Christmas, for about what this means for evolution. extraordinary, were you?” Proving, once again, that in this sprightly
instance, when she flitted off to the Bahamas, “No, he was too dead.” novel introspection has met its match.
leaving her teenage daughter alone to shock But this oddly charming narrative is . . . She got back in the car and started
her with a mock-suicide the day she returned. far more than a feast of one-liners. Ms. the engine. Ms. Mundow is a writer in central
And there’s the fact that she won’t tell Jenny Unsworth’s satirical eye is more keenly “My father’s dead?” I said. Massachusetts.
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A Vampire Tells His Side of the Story

no
STEPHENIE MEYER’S in 1918. Bella is a clumsy, A highlight of both books is the biology class. Edward is torn. conjures a world of thrilling,
“Midnight Sun” brings about a moderately pretty 17-year-old moment when, to save Bella He wants to leave the girl elemental desire, one moreover
long-awaited consummation. who inadvertently exudes such from transforming into one of alone, and he wants to drink in which teenage mediocrity
It’s not a climactic moment powerful sex appeal that she the undead herself, Edward her blood: is rewarded with immortality
between teenager Bella Swan attracts “all things male,” as sucks another vampire’s venom and the passionate love of a
and the gorgeous vampire Edward puts it. out of her hand and gets a “Bella?” I said, unable to supernatural hottie. So kudos
Edward Cullen but a We know from “Twilight” taste of her blood: “It hit me stop myself. My willpower to Ms. Meyer for giving her
consummation that reconnects that when Bella takes the seat like an explosion,” he tells us lay in shreds. readers another excuse to re-
Ms. Meyer with her vast and next to Edward in junior here. “A bomb detonating She hesitated before look- turn to the story that hooked
hungry audience. biology class, in their first close inside my body and mind. ing at me. When she turned, them in the first place.
CHILDREN’S “Midnight Sun” (Little, encounter, he turns away and The first time I’d caught Bella’s her expression was guarded, That said, “Midnight Sun”
BOOKS Brown, $27.99) is a retelling seems overcome with strange suspicious. feels like a missed opportunity,
MEGHAN from Edward’s perspective of anger. In “Midnight Sun,” THIS WEEK I reminded myself that creatively if not commercially.
COX GURDON the conversations and events Edward gives a blow-by-blow she had every right to dis- We know from “Twilight” that
related by Bella in “Twilight,” description of this experience: Midnight Sun trust me. That she should. Edward, who doesn’t sleep,
the first book of what would “Her scent hit me like a batter- By Stephenie Meyer She waited for me to con- has spent his evenings for the
become a blockbuster fantasy- ing ram, like an exploding tinue, but I just stared at her, past century reading books,
romance series published grenade. There was no image reading her face. I pulled in learning languages and be-
between 2005 and 2008. A violent enough to encompass scent, I thought I’d be undone. shallow mouthfuls of air at coming a virtuoso pianist. He’s
dozen years ago, early chapters the force of what happened to That was a paper cut. This was regular intervals, fighting glamorous, rich and cultivated,
Edward of “Midnight Sun” leaked to the me in that moment.” The a decapitation.” my thirst. with superhuman faculties (he
and public, thrilling Ms. Meyer’s vampire feels transformed from It is fair to say that in the “What?” she finally said, can read minds and has perfect
fans and inspiring fresh works human-seeming teen to raven- years since the “Twilight” a hard edge to her voice. “Are recall), and he has witnessed
Bella of amateur homage. For the ous monster. “Thirst burned series first appeared, Ms. you speaking to me again?” the 20th century from the
are back author, though, the disclosure through my throat like fire. Meyer’s prose has not become I wasn’t sure how to Model-T to the internet. So it’s
at last, was a blow, and after making My mouth felt baked and desic- more artful. Edward’s senses answer her question. Was I disappointing that the Edward
again the leaked chapters available on cated, and the fresh flow of flail “like tentacles.” He wants speaking to her again, in the of “Midnight Sun” has even
her website, she has said that venom did nothing to dispel to “flush out [Bella’s] thoughts’ sense that she meant? less of an inner life than the
lighting she had to put the manuscript that sensation. My stomach hiding place.” He worries that Not if I could help it. I ordinary teenage girl he pursues.
up their away until the fuss died down. twisted with the hunger that the girl will wander “into the would try to help it. He’s shallow and anxious. His
twilight The result is a massive 658- was an echo of the thirst.” path of another death sentence.” “No, not really,” I told her. emotions lurch with pubescent
page addition to the “Twilight” This is a problem for Edward In these pages, there’s a great abruptness. He second-guesses
world of oeuvre that will gratify because, unlike conventional deal of glowering. Jaws are Those seeking confirmation himself, struggles to block his
undying devotees—but only devotees. vampires, he and other flexed and tightened and of cultural decline may feel they own thoughts, hisses and sighs
teenage Edward’s testimony in members of the Cullen family clenched and locked. Characters need look no further than the and groans and carries on. You
“Midnight Sun” begins with his have forsworn human victims engage in fantastically banal mismatch between Ms. Meyer’s wouldn’t think that he had read
desire. first awareness of Bella, whose and feed only on animals. Their conversations that are freighted writing and her success in the anything, thought anything or
arrival at the high school in ethical commitment sets them with unspoken meaning. We market. The “Twilight” books learned anything since his days
Forks, Wash., has the student at odds with what we might know this because every bland (and movies) have made Ms. as a callow human. All of this
body thrumming with gossip call the wider blood-sucking utterance—and there is no Meyer a wealthy woman. Look makes “Midnight Sun” no more
and speculation. Edward is 104 community, which in “Twilight” other kind—comes encrusted on her works, ye mighty prose and no less than it promises
but looks an eternal 17, the age and “Midnight Sun” brings the with moment-by-moment stylists, and despair! to be. It is “Twilight” told from
at which he was converted to Cullens (and the appetizing exposition. Consider, for Of course, it’s not the Edward’s perspective, which, it
vampirism to prevent him from Bella) into violent contact with instance, this exchange between writing but the story that has turns out, is both unimaginative
succumbing to the Spanish Flu a more traditional vampire clan. Edward and Bella after another captivated readers. Ms. Meyer and immature.
BOOKS
‘Mercy is no substitute for justice.’ —SISTER CATHERINE SULLIVAN, A DAUGHTER OF CHARITY AT CARVILLE LEPROSARIUM, 1916 -3 6
Dwelling Outside the Camp

Carville’s Cure
By Pam Fessler
Liveright, 348 pages, $28.95
BY LAURA KOLBE
I
T IS A STORY that sounds all
too familiar to audiences in
2020: physicians, public-health
scientists and politicians know
that an infectious disease has
reached the United States but cannot
decide whether the best course is to
alarm the public or play down the
threat of illness. In fact, some do not
believe it is contagious at all, while
others insist that large-scale man-
datory quarantines are the only hope
of ridding the country of this “loath-
some disease.”
This is not a story about corona-
virus, with its nearly 5 million positive
test results in the U.S. as of this
writing. Nor is it about HIV and the
AIDS epidemic, though Pam Fessler’s
fascinating “Carville’s Cure” does
mention the ways that stigma and
mistrust of medical data prolonged
and embittered the fight for effective
therapies for that disease as well.
LIVERIGHT; ON C7: ALAMY
Rather, “Carville’s Cure” focuses on

Hansen’s disease—the modern term for
leprosy—a slowly progressive bacterial
infection to which 95% of the world’s
population is naturally immune, and
which the nonimmune can generally
only contract through months of close TOUCHING ‘Stanley Stein,’ born Sidney Levyson, who became an outspoken advocate for Carville patients, with actress Tallulah Bankhead.
.
contact with an affected person.
ly
The extraordinary disproportion be- and demographic invasion. Though to be closely confined for life remained cabins on the property; subsequent rules to keep clandestine families
tween the relatively minor threat of Hansen’s disease was also relatively the widespread public and medical directors would raze the structures, together. Black and brown patients
this false epidemic—at its height in the prevalent in, for example, Norway consensus well into the 20th century. forbid cooking and gardening and took classes, ate, slept and worked
1920s, a few thousand people in the
U.S. were infected—and the profound
cultural, political, and interpersonal
havoc it wreaked across the nation
on
(where doctor Gerhard Hansen had dis-
covered, in 1873, that the disease had a
bacterial cause), the condition was
most associated with East Asia and the
The Louisiana Leper Home, better
known as “Carville” for its nearest
town, started out in 1894 as a local
enterprise run by the Daughters of
eliminate pets and livestock. In Car-
ville’s early history, men and women
were not permitted to socialize at all.
Sidney Levyson, a young Texan
alongside white patients at a time
when that was hardly imaginable in the
rest of Louisiana.
One of many ironies in Carville’s
us ,
provides Ms. Fessler, an NPR journalist, Pacific, not least because of a cluster of Charity, an order of Catholic sisters pharmacist who arrived at Carville history is that when, in 1981, the
with a remarkable and vivid case study cases that could be traced to U.S. mili- trained in nursing, and became the U.S. in 1931 as “Patient No. 746,” was federal government finally agreed that
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for exploring issues of patients’ rights, Public Health Service’s “national lepro- immediately renamed “Stanley Stein”— indefinite confinement of people with
al a
the ethics of clinical research and sarium” following an Act of Congress like all Carville patients, he was given Hansen’s disease no longer made
the notorious American tradition of Those with leprosy were in 1917. This ramshackle, swampy a permanent pseudonym to protect sense, patients who had fought assidu-
ci on
intermingling concerns about disease former plantation, regularly struck family members on the “outside” from ously for their civil rights suddenly had
with anxieties about immigration and
quarantined for life and by outbreaks of malaria, was for much ignominy and harassment. Stein fought to fear abrupt eviction. Several had ar-
the proper scope of public-welfare lost the ability to vote, of its history deeply unconducive to against the hospital’s numbing rou- rived as young children and were then
management. marry or maintain health or human flourishing—but then, tines, its petty tyrannies and pressures in their 80s—without savings, family,
Why was “leprosy” so desperately staff and residents alike hadn’t had to conform, at first by styling himself a or friends “outside.” Even those in less
er s
feared in the late 19th and early 20th custody of children. much choice in the matter. Its founders dandy, walking the grounds in a tweed precarious positions had minimal work
centuries? Ms. Fessler points to a had sought in vain for a more pleasant suit and silk tie. His lasting contribu- experience and little daily contact with
m er
variety of factors, starting with the co- and salutary location, but at one tion, however, was the founding of a the social routines of the wider world.
incident revival of American religious tary occupation of the Philippines at proposed site after another had been patient newspaper, the Star. Though it The last patient left around 2015.
fervor (“leprosy” appears numerous the turn of the 20th century. A laundry met with bureaucratic obstruction, began as little more than light gossip Ms. Fessler’s final chapter is point-
times in the Bible, though the author is workers’ union in St. Louis used this and worse. (One public health official and reports on the hospital’s dinner edly called “Lessons Not Learned.” She
m rp
quick to point out that these instances association to dissuade customers from tasked with reconnaissance in Gulfport, and movie offerings, the Star quickly argues that “the stigma of leprosy lives
are probably both bad translation and having their wash done by Chinese Miss., took refuge in his hotel and was began to run scathing critiques both of on,” not only for Hansen’s disease itself
bad dermatology: The biblical authors immigrants, while the former head of smuggled out on the next train to avoid Carville and of U.S. public health policy but for other conditions where public
were probably describing “a range the Louisiana Board of Health warned an “angry mob” brandishing hot tar more generally. Readers around the perception is clouded by “discrimi-
of skin ailments,” from psoriasis to of the “unprincipled, vicious and lep- and a bag of feathers.) country were transfixed by reports nation, superstition, and ignorance.”
co Fo
ringworm). She cites one particularly rous hordes of Asia.” Few could agree Patients had even less say: Those from this hitherto taboo corner of Though the two diseases could hardly
melodramatic scene in the bestselling on how to deal with the afflicted: In diagnosed with leprosy were manda- American life. Stein became a national be more different, one hopes that the
1880 novel “Ben-Hur,” in which women 1899, one U.S. senator from California torily quarantined for life at Carville, celebrity, corresponding with Marlon larger lesson of Hansen’s disease—that
with leprosy, their faces all “fetid declared lepers an “undue burden” on where they lost the ability to vote Brando and Tallulah Bankhead, and scientific reasoning and compassion
rawness” and “red secretion,” curse the state and proposed shipping them (having, as institutionalized residents, remained a proud activist for Hansen’s for the sick are better foundations for
their fate. When the Ohio State Medical to the then-territory of Hawaii; other the same status as prisoners and disease patients until his death in 1967. public policy than fear and neglect—
Association put two women with the proposals included creating a leprosar- patients of psychiatric facilities), to Ms. Fessler’s meticulously re- reaches our debates about Covid-19
disease on display, the crowd re- ium in the middle of Yellowstone Na- marry or to maintain custody of their searched account illuminates the end- from the not-so-distant past.
portedly cried out “Unclean! Unclean!” tional Park. Even after Hansen’s disease children. Everyday freedoms were at less ways, large and small, in which
—“as it was in the time of Moses,” was better understood as a minimally the whim of whoever was medical those confined to Carville sought to Dr. Kolbe is an attending physician
according to one onlooker. communicable infection—even after the director at the time: The more lenient determine the shape of their own lives. at New York-Presbyterian Hospital
Then there was the association emergence of curative antibiotics—the authorities permitted patients to grow New romances often blossomed; the and an assistant professor at Weill
n-
between leprosy and foreign cultural idea that those suffering from it needed their own food, raise pets and build resultant households bent and broke Cornell Medical College.
Bestselling Books | Week Ended August 1

no
With data from NPD BookScan
Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScan gathers point-of-sale bookdata
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan16,000locationsacross theU.S.,
representing about85%ofthenation’sbooksales.
Too Much and Never Enough 1 1 The Answer Is . . . 6 3 Where the Crawdads Sing 1 2 Near Dark 6 1 Print-book dataproviders includeallmajorbooksellers,
Mary L. Trump/Simon & Schuster Alex Trebek/Simon & Schuster Delia Owens/Putnam Brad Thor/Atria webretailersandfoodstores. E-bookdataproviders
includeallmajore-bookretailers.Freee-booksand
The Plus 2 New Begin Again 7 9 Disney Princess: Enchanted Pop-Ups 2 New The Vanishing Half 7 5 thosesellingforlessthan99centsareexcluded.
Greg Gutfeld/Threshold Eddie S. Glaude/Crown Igloo Books/Igloo Books Brit Bennett/Riverhead Thefiction andnonfiction combinedlistsinclude
aggregated salesforallbookformats (exceptaudio
How to Destroy America in Three... 3 2 Magnolia Table, Vol. 2 8 — 1st Case 3 New 28 Summers 8 6 books,bundles, boxedsetsandforeign
Ben Shapiro/Broadside Joanna Gaines/Morrow James Patterson & Chris Tebbetts/Little, Brown Elin Hilderbrand/Little, Brown languageeditions) andfeaturea
combination ofadult,youngadultand
How to Be an Antiracist 4 4 The Room Where It Happened 9 5 The Ballad of Songbirds and Snakes 4 3 Disney Pixar: Awesome Pop-Ups 9 New juveniletitles.Thehardcoverfiction
Ibram X. Kendi/One World John Bolton/Simon & Schuster Suzanne Collins/Scholastic Igloo Books/Igloo Books andnonfiction listsalsoencompass
a mixofadult,youngadultandjuveniletitleswhile
Untamed 5 6 Stamped: Racism, Antiracism, and You 10 8 The Order 5 4 Marvel...: Super Hero Pop-Ups 10 New thebusinesslistfeaturesonlyadulthardcovertitles.
Glennon Doyle/Dial Jason Reynolds & Ibram X. Kendi/Little, Brown Young Readers Daniel Silva/Harper Igloo Books/Igloo Books ReferquestionstoTeresa.Vozzo@wsj.com.
Nonfiction E-Books Nonfiction Combined Fiction E-Books Fiction Combined Hardcover Business
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AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK
Too Much and Never Enough 1 New Too Much and Never Enough 1 1 Deadlock 1 New Deadlock 1 New Atomic Habits 1 1
Mary L. Trump/Simon & Schuster Mary L. Trump/Simon & Schuster Catherine Coulter/Gallery Catherine Coulter/Gallery James Clear/Avery
Meghan and Harry 2 New On Tyranny 2 — 1st Case 2 New 1st Case 2 New Die With Zero 2 New
Lady Colin Campbell/Pegasus Timothy Snyder/Tim Duggan James Patterson & Chris Tebbetts/Little, Brown James Patterson & Chris Tebbetts/Little, Brown Bill Perkins/Houghton Mifflin Harcourt
The Plus 3 New Big Preschool Workbook 3 5 The Order 3 2 Where the Crawdads Sing 3 3 StrengthsFinder 2.0 3 2
Greg Gutfeld/Threshold School Zone Publishing/School Zone Daniel Silva/Harper Delia Owens/Putnam Tom Rath/Gallup
White Fragility 4 4 White Fragility 4 4 The Guest List 4 3 The Order 4 2 Total Money Makeover 4 4
Robin DiAngelo/Beacon Robin DiAngelo/Beacon Lucy Foley/Morrow Daniel Silva/Harper Dave Ramsey/Thomas Nelson
Of Monkey Bridges and Bánh Mì... 5 — How to Be an Antiracist 5 6 Near Dark 5 1 The Vanishing Half 5 5 Dare to Lead 5 3
Oanh Ngo Usadi/O&O Ibram X. Kendi/One World Brad Thor/Atria Brit Bennett/Riverhead Brené Brown/Random House
How to Be an Antiracist 6 7 SuperLife 6 — The Vanishing Half 6 4 Near Dark 6 1 Extreme Ownership 6 6
Ibram X. Kendi/One World Darin Olien/HarperWave Brit Bennett/Riverhead Brad Thor/Atria Jocko Willink & Leif Babin/St. Martin’s
Untamed 7 — My 1st Learn to Write Workbook 7 7 Spells for the Dead 7 New The Ballad of Songbirds and Snakes 7 6 Emotional Intelligence 2.0 7 —
Glennon Doyle/Dial Crystal Radke/Rockridge Faith Hunter/Ace Suzanne Collins/Scholastic Travis Bradberry & Jean Greaves/TalentSmart
The Splendid and the Vile 8 — The Plus 8 New 28 Summers 8 5 The Guest List 8 4 Who Moved My Cheese? 8 —
Erik Larson/Crown Greg Gutfeld/Threshold Elin Hilderbrand/Little, Brown Lucy Foley/Morrow Spencer Johnson/Putnam Books for Young Readers
The Problem of Pain 9 — How to Destroy America in Three... 9 2 The Winner 9 — Disney Princess: Enchanted Pop-Ups 9 New Never Split the Difference 9 9
C.S. Lewis/HarperOne Ben Shapiro/Broadside David Baldacci/Grand Central Igloo Books/Igloo Books Chris Voss/Harper Business
If You Tell 10 — Untamed 10 8 Where the Crawdads Sing 10 — 28 Summers 10 7 The Daily Stoic 10 8
Gregg Olsen/Thomas & Mercer Glennon Doyle/Dial Delia Owens/Putnam Elin Hilderbrand/Little, Brown Ryan Holiday & Stephen Hanselman/Portfolio
PLAY
NEWS QUIZ DANIEL AKST From this week’s NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
Wall Street Journal
1. Activist Cori Bush school set the trend Cell Blocks Cell Blocks
unseated Rep. Wil- on this? Divide the grid
liam Lacy Clay in a into square or
Democratic pri- A. Bard rectangular blocks, For previous
mary. Where is B. University of each containing weeks’ puzzles,
the House district Chicago one digit only. and to discuss
they contested? C. Dartmouth Every block must strategies with
D. Oberlin contain the number other solvers, go
A. St. Paul, Minn. of cells indicated by to WSJ.com/
B. St. Petersburg, Fla. 6. Turkey’s currency hit a the digit inside it. puzzles.
C. St. Louis, Mo. record low against the dollar.
D. St. Albans, Vt. What is it called? Killer Sudoku
Level 4 Suko
A. Lira
2. The Miami Marlins brought
B. Dinar
ex-Olympic athlete Eddy Alva-
C. Sultana
rez to the majors. In what sport
D. Vizier
did he earn a silver medal?
A. Baseball 7. Gold closed above $2,000 a Killer Sudoku Level 1

B. Biathlon troy ounce for the first time.
As with standard
C. Curling What’s so special about a troy
Sudoku, ill the
D. Speedskating ounce?
grid so that every
column, every row Slurred Speech
A. There are 14.6 of them to and every 3x3 box
3. Futures prices for coveted ar-
the pound. contains the digits O G L E S A L AM I H EW E L G A R
abica coffee are down far more
B. There are 16.4 of them to 1 to 9. Each set of N E E D N O O N A N I R E N A A C P
this year than for prosaic ro- E N G I N E K N O C K G R A N D S L AM
the pound. cells joined by
busta. Why? G U I N E A S D E P T H R O N A L D
C. It is based on the weight of dotted lines must S T A R K C E D A R N Y T O L
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A. Consumer belt-tightening P A P E R C U T S P A C E N E E D L E
D. It beat out the Schenectady target number in
has hurt fancier brands. L I M A E M I T E P O X Y Z A X
ounce for supremacy. its top-left corner. A T E I T S P L I T P I C A G E N T
B. Restaurants, where arabica
Within each set MA N U A L E R I C S U G G E S T S
prevails, have been closed for T H I R D D E G R E E B U R N
of cells joined by
the pandemic. 8. Six women became the most C A M E O V E R D E E D N E T T L E
dotted lines, a digit
C. A robusta blight sweeping senior female officials to serve R E E S E B E N R E G A L E L I O T
cannot be repeated. A I L L A S E S D E MO E K E S
Vietnam at the Vatican. Which panel
B O O S T E R S H O T S P A R E R I B
D. A rumor that robusta were they tapped for? S U N N Y D E I R E E D E N
brews fight Covid-19 A P G A R E E L E D S T U F F
Suko E S P I E D A N N UM P U E B L O S
A. The Council for the Econ-
Place the numbers WH I P C R A C K M E D I UM R O A S T
omy
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4. Lord & Taylor joined K O R E A P O I A G E O N E L I S A
B. The Congregation for 1 to 9 in the spaces
SW I R L T O N G O N U T S T R E Y
ly
the ranks of retailers in so that the number
the Doctrine of the Faith
bankruptcy. What were in each circle is equal Acrostic
C. The Dicastery for Pro-
the respective first names to the sum of the Gina Rae La Cerva, “Feasting Wild(: In
moting Integral Human
of the store’s eponymous four surrounding
Development on Search of the Last Untamed Food)”—“Eating
LL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM
founders? spaces, and insects is only a rarity in the Western world.

D. The Swiss Guard each color total There are some nineteen hundred insect
FROM TOP: TIM MOSENFELDER/GETTY IMAGES; ISTOCK
A. David and Samuel is correct. species that are part of human diets...all
B. Samuel and George 9. Riding a pandemic- over Asia, Africa, and South America. The
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to CEO. Which of these A. Gypsy moth; B. Irish Mist; C. Nantucket;
5. The NFL will scale D. Artie Shaw; E. Rufescent; F. Antipathy;
ci on
is a Clorox brand?
back full-contact prac- G. Earthworm; H. Listerine; I. At present;
tices. Which unlikely J. Chewbacca; K. El Centro; L. Rod Carew;
A. Burt’s Bees M. Vermouth; N. Airlines; O. Fire ants; P. Eric
Answers are listed B. Brita Idle; Q. Accented; R. “Senorita”; S. Thresher;
C. Glad T. In the end; U. Nepalese; V. Gatineau;
below the crossword W. Wrestler; X. Insomnia; Y. Leonidas;
er s
solutions at right. D. All of the above Z. Detritus

m er
Answers to News Quiz: 1.C, 2.D, 3.B, 4.B, 5.C, 6.A, 7.A, 8.A, 9.D.
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 52 Hillside house
asset 1
19 20 21
53 Lhasa ___ 2
22 23 24 56 Oscar winner as
25 26 27 28 29
Mercury 3
co Fo
58 Suit properly
30 31 32 33 34 35 36 37
59 “Ruffneck”
4
38 39 40 41 rapper MC ___ 5
60 Neighborhood
42 43 44 45 46 47 48 49
61 Muddy up 6
50 51 52 53 54 62 Luxurious 7
55 56 57 58 59 60 61 62 country
residence 8
63 64 65 66 64 First-aid product
67 68 69 70 prefix 9
65 Chocolate- 10
71 72 73 74 caramel candy
75 76 77 78 79 80 81 82 67 Headwear for 11
Picasso
n-
83 84 85 86 87
68 Subsides 12
88 89 90 91 92 93 94 69 Move, to real 13
95 96 97 98
estate pros
70 Modern-day 14
no
99 100 101 102 103 104 105 106 107 hieroglyphic

71 Unwanted 15
108 109 110 111 112
email
113 114 115 116 117 118 119 120
72 Daddy, in Cereal Boxes | by Patrick Berry
121 122 123 Durango Each Row of the grid contains a 7 • Elite squad (2 wds.) Boxes
76 NASA’s Grissom series of answers placed end to • Fabricate • Doubter’s response (2,4,2)
124 125 126
77 Szubanski of end, clued in order of appearance.
• Superman’s bald • Fodder for gossip magazines
“Babe” Answers to clues in the Boxes list
B-Listers | by Andrea Carla Michaels & Tony Orbach 78 High school must be packed into rectangular archenemy (8)
subj. containers before entering. Letters8 • Anglican priest’s • It’s used heavily in Goth fashion
Across 54 With 106-Down, 105 Like some bills 10 Roadside
German Dadaist and hills assistance org. 80 Middle weight? in a given Box should be packed parsonage (8)
1 “Phew! Someone
open a window!” 55 Polite reply to a 108 Sorrowful sigh 11 Like some foreign 81 Goal left-to-right and top-to-• Damager of granite • “Go right ahead!” (6,2)
schoolmarm 109 No longer in films 82 Spirit S A M bottom, as shown in the countertops • Ants’ midsections (8)
7 Lose it
57 Neurologist’s effect 12 Intent look 85 South African P L E SAMPLE. Box clues are • Graph lines
12 Pass the hat • Addictive stuff sold in bars (9)
printouts, briefly 110 “Jingle Bells” 13 In sequence settler ordered by length
19 Home of Triple-A S A (shown in parentheses 9 • Ottoman Empire bigwigs • States bordering the Atlantic
58 Radar operator’s preposition 14 Spike with a 86 NYPD figures
baseball’s
duty? M P after each clue) but • Slatted box (4,5)
Rainiers 112 Gillette brand screenplay Oscar 89 Capable of being
63 “I second that!” L E otherwise randomly, so • Gravelly voice • Magnesium sulfate, more
20 Dresser’s kin 113 Many tour guides 15 Graceful drawn out
65 Madrid monarchs
you must use the Row familiarly (5,4)
21 Singer’s quavery 115 Graffiti? antelopes 90 JFK guess 10 • Ticked off
answers to determine where each
effect 66 Creaks, squeaks 121 Post-holdup 16 Terra ___ 91 Guileless state Box belongs. The 22 Boxes will • Lamb nursers • Shed light on (9)
22 Matchmaker’s and shrieks question 17 Sick, in rap slang 92 D.C.-area airport • Wrong in every way (7,2)
almost fill the grid; the letters • Attendee at a school’s open
prattling about 67 Officiant at Boris 122 Quite a bit 18 Fiddled (with) 93 Deg. for a outside the boxes will spell another house, usually • Canadian seaport where
being “made for and Natasha’s barrister
wedding? 123 Somewhat 20 Cracker spread box that might come in handy. Greenpeace was founded (9)
each other”? hostile 94 Stronghold
11 • On display
23 Hauling measure
24 With proficiency 71 Maker of short
124 Rubbery 96 FX letters
Rows • Flimflams
• Rather than (7,2)
suits 28 Egg cells
25 Ready the substances 1 • Lowest-ranking members • Act of extortion (9)
97 Chap • Babe Ruth’s jersey number
machete, say 73 Contradict 31 Final Four org.
125 Alaska’s longest 99 Clichéd
of a British police force 12 • Elects (to) • Another name for a trembling
26 Ornamental 74 Factory river 33 Burrowing
rodents 100 Andean bearer • Oozes poplar (5,4)
swimmers 75 Oil stain under • Summer camp craft
126 Finds a new 2 • Led down the garden path • What waiters and soldiers
27 Snoozefest the car? tenant for 34 Figure taking a 101 Grammy- • King in the news in 1991
77 “Is it just ___...” bow? winning “Weird • Equally balanced both do (4,6)
29 Play to ___ Down 35 Classic car Al” song 13 • Destructive criminal • Common tow truck destination
(draw) 79 Letters of • Male cats
1 Rash description, 36 Beat by a narrow 102 Parts of planes • They're confessed in (6,4)
30 Long urgency
perhaps margin 103 Deteriorates 3 Many a classical sculpture
• confession
32 Proud motto of a 83 Galoot • Mistakes caused by
2 Sierra Nevada 37 Underwear • NASA vehicles on Mars • Stand for one’s work
spicy food 84 Troop troupe, 104 “___ durn carelessness (10)
resort initials
restaurant? briefly tootin’!” • Brewery supply
3 Possible courses 14 • Bed sharers, often • Fails to enforce discipline
38 Costa ___ 85 Pickers pick them 39 Accepts, as terms 106 See 54-Across 4 • In the altogether
of events • Bothered no end (2 wds.) (6,3,3)
40 Golden Crispers! 87 Chart template 42 Hue’s partner 107 Leaves to turn
4 Like the • Black ball • Come up with • Rabble-rousing, as rhetoric (12)
brand 88 Solution for “Odyssey” 43 Move quickly 111 Behind
• Absolutely intend to 15 • Greeting card • Birth of a child, colloquially (7,5)
41 Juan’s wife shaking hands? 5 Singer with the 44 Signs of things to 114 Disease
42 Poorly hit fly ball 92 Training session 2015 #1 hit come preventer, in 5 • Singing ensembles composition • Athletes who’ll always be
at Wrigley Field? for would-be “Cheerleader” 45 Tom Hanks slang • Handout at a scavenger hunt • “Alice in Wonderland” remembered (4,2,6)
46 “In all online posters? 6 Honey-do list comedy 116 Singer Rawls • Pacino’s “The Irishman” role bird • Predator that suffocates its
probability...” 95 H look-alike item 46 Extra mins. in 117 Texter’s “Beats • Whip-cracker’s cry prey (11,5)
games me” 6 • “Weekend Update” co-host
50 Copacabana 96 Like some monks 7 Fella
Jost Get the solutions to this week’s Journal Weekend Puzzles in next
s
Beach setting 98 Paint can 8 Basketball but 47 Wrong 118 Day-___

119 Rooster’s mate • Lacking fizz Saturday’s Wall Street Journal. Solve crosswords and acrostics
51 General direction not football 48 Candidate’s focus
assemblies? 99 Collection of 9 Country singer 49 Support payers, 120 Colosseum • “She's the Sheriff” star online, get pointers on solving cryptic puzzles and discuss all of the
52 Dyeing site paint swatches? Tillis at times greeting Suzanne puzzles online at WSJ.com/Puzzles.
REVIEW
ICONS
A Filmmaker
Refracts
Vermeer’s Light
British director Terence Davies draws inspiration
from the 17th-century Dutch master in his
carefully composed movies.
BY J.S. MARCUS The director says he was struck by
J
“the stillness of the light” and the
ohannes Vermeer, the 17th- “sumptuous beauty” in Vermeer’s
century Dutch master, de- paintings, which often show enigmatic
picted the lush trappings of scenes of everyday life, illuminated by
middle-class life at the sunlight streaming through windows.
height of Holland’s Golden Mr. Davies, for whom mood can seem
Age, furnishing his light-filled rooms to matter more than plot, relies on a
with elaborate carpets, similar device, using
rich drapery and art- light refracted through
works-within-art- windows to comment
works. Vermeer has ‘The style on the states of mind of
found a fan in the Brit- came of its his characters or con-
ish film director Ter- trast the sadness or
ence Davies, who has
own accord, even seediness of their
used Vermeer-like ef- but lives. “I always see win-
fects to enhance the dows,” he says, adding:
stark settings of his au-
Vermeer “The style came of its
tobiographical movies, helps.’ own accord, but Ver-
inspired by a working- TERENCE DAVIES meer helps.”
class childhood in Film director Something mysteri-
mid-20th-century Liver- ous is typically happen-
.
pool. ing just out-
ly
Vermeer’s towering reputation is side a Vermeer painting. In
derived from some three dozen sur- “Woman Reading a Letter,” yet 30. Often given to Above, ‘The Milkmaid,’ Johannes
viving paintings. Mr. Davies, 74, is from around 1663, a blue- furnishing his interiors Vermeer, ca. 1660. Left, director
also known for a small number of
works that have acquired a critical
and cult following. His “Distant
Voices, Still Lives” (1988), about a Liv-
smocked, pregnant woman on
is gripping a letter with both
hands, with the artist’s sig-
nature light flooding half the
with opulent objects and
artworks, including wall
maps and painted harp-
sichords, Vermeer ap-
Terence Davies on set in 2015.
in Liverpool. A signature sequence in

“Distant Voices, Still Lives” shows the
us ,
erpool family haunted by a violent but room while the other half parently left the wall of mother of the family—based on his
loving father, is now regularly lauded remains in shadow. “You feel this room decidedly own, he says—sitting on a sunlit win-
l
e
as one of Britain’s greatest films. He that woman is on the verge blank. For decades, dowsill, her feet dangling inside, while
al a
revisited England’s immediate post- of discovering something scholars had known washing a smudged windowpane. Ver-
war years in 2011’s “The Deep Blue unpleasant,” says Mr. Davies about a large, looming meer uses natural light to foster a
ci on
Sea,” starring Rachel Weisz as Hester, of the work, now in Amster- painting of a Cupid lurk- scene of timeless beauty, and Mr. Da-
the adulterous wife of a London judge, dam’s Rijksmuseum. In “The ing underneath the top vies follows suit, though the audience
then ventured back to mid-19th-cen- Deep Blue Sea,” Mr. Davies layer of paint but had knows the brutality and want of the
tury New England for 2016’s “A Quiet often uses clear light assumed Vermeer had mother’s life is hovering just outside
Passion,” starring Cynthia Nixon as streaming through a window changed his mind about his frame.
er s
Emily Dickinson. as equivocal commentary on decorating the room and Repeatedly drawn to period set-
FROM TOP: RIJKSMUSEUM; MAGNOLIA PICTURES/EVERETT COLLECTION
Mr. Davies’s next film is “Benedic- Hester’s confused state of covered it up. In the tings, Mr. Davies will forgo any recon-
m er
tion,” another literary biopic, about mind and dingy surroundings. happen in a real room. In “A Quiet wake of recent analysis, Dresden’s structions of World War I in his new
the British poet Siegfried Sassoon, the Vermeer’s paintings are actually Passion,” Mr. Davies consistently ma- conservators have discovered that the film about Sassoon, who is known for
World War I veteran and bohemian subtle deceptions, explains Arthur K. nipulates his use of apparent natural overpaint was completed decades af- his verse depictions of the horrors of
grandee. Mr. Davies, who writes as Wheelock Jr., the former longtime cu- light and candlelight, allowing the ac- ter Vermeer’s death in 1675, and they the trenches. Instead, says the direc-
m rp
well as directs his films, was forced to rator of northern baroque paintings at tion progressively to darken as Dick- have gradually brought it back into tor, he will use stock black-and-white
shut down production this spring due Washington’s National Gallery of Art. inson gets older. view, transforming a naked wall into footage to conjure up the war years,
to the pandemic, but he now plans to “The light feels right but is not accu- Cameras will roll on “Benediction” an atmospheric commentary on the then dramatize the rest of Sassoon’s
start shooting in September. rate,” says Mr. Wheelock of “The Art just as the Vermeer world readies for potentially amorous contents of the life, before and after, in full color.
Mr. Davies, who lives near of Painting,” one of Mr. Davies’s favor- its own major unveiling. In Germany, girl’s letter. Luckily, he says, “that raw footage is
co Fo
Colchester, northeast of London, de- ite Vermeer works, which shows an at the Dresden State Art Collections, A naked wall is still a main feature so powerful.” One sequence he has
scribes Vermeer as “a strong but un- artist and his model. The light reaches conservators are wrapping up the fi- in another early Vermeer painting, the found, Mr. Davies says, shows a war-
conscious influence.” He was first places it never could, says Mr. Whee- nal stages of a dramatic treatment of Rijksmuseum’s “The Milkmaid,” which time recruiting office. “It has lots of
drawn to the Dutch artist in the early lock, who notes that Vermeer lights an early Vermeer work, “Girl Reading Mr. Davies cites as his “absolute fa- clerks and light coming through the
1980s, thanks to a few art books that up the rear silhouette of the model’s a Letter at an Open Window” from vorite” for its ability to conjure up windows, and it’s so ravishing,” he
have remained a source of inspiration. blue gown in a way that could never around 1659, when the artist was not “the women who lived on my street” says. “It could almost be a Vermeer.”
MASTERPIECE | ‘THE BELLELLI FAMILY’ (1858-59, REVISED C. 1867), BY EDGAR DEGAS

n-
Detonating the thereof—of legs, human and oth-

erwise. Neither Laura nor Gennaro
no
seems to have any. Giulia sits
Nuclear Family clumsily on one leg and steadies

herself, unnaturally, with the
other. Giovanna has two feet, but
BY JUDITH H. DOBRZYNSKI the red chalk drawing hanging behind on first glance only one is visible.
Laura’s left shoulder. Laura and her Some legs on Gennaro’s chair and
IT’S CALLED “THE BELLELLI FAMILY” two daughters, having just returned desk also appear to be missing.
or simply “Family Portrait,” but nei- from Naples, wear the black garb of Degas made many sketches for
ther title does the painting justice. Be- mourning. The trio forms a loose the painting and changed his mind
gun by Edgar Degas in August 1858, grouping that occupies two-thirds of after starting it too. Originally, for
likely finished the following year, and the canvas, with the younger girl, Giu- example, Gennaro wasn’t in the
revised around 1867, the large canvas lia, at the center. painting at all; then he was, but
is actually a complex, unusually candid They are separated from Gennaro sitting at the desk, not set away
depiction of the tensions, emotions by a slightly jagged vertical line, from it.
and alienation within a nuclear family. formed by the left edge of the mirror, The painting, clearly created
Had this breakthrough work been well the mantel and the legs of the desk for exhibition, was apparently
known before Degas died in 1917— and chair, that creates two different shown only once in Degas’s life-
when it was still in his possession—he backgrounds. His, with its mirrored re- time, at the 1867 salon—possibly
might be just as renowned today for flection of the rest of the room, sug- because he sensed that it might
this youthful triumph as he is for the gests a more varied life. Reinforcing disturb family members.
brilliant pastels of ballet dancers from the implied estrangement, Gennaro Later in his life, when he
his mature years. turns his back to the viewers. He is moved, he placed it along with
Degas was just in his 20s when he wearing a light brown jacket, another hands folded at her waist. An unusually the edge of the chair other large paintings in storage with
painted “The Bellelli Family,” but its contrast with the women. Degas’s pal- Aligned obediently with candid depiction suggesting her impa- his dealer, Paul Durand-Ruel, who ex-
size—6 1/2 feet by 8 feet—signals his ette for the rest of the picture also sig- her mother, she is the only of tensions, tience to get away from hibited it after Degas died. There, his
ambitions for it. The woman in the nals the somber situation, with no character who meets the emotions and the turmoil. friend Mary Cassatt saw it, and ad-
frame is his beloved Aunt Laura, his cheer injected by the soft, bland colors viewer’s gaze, but those alienation. Gennaro, busy at his vised her friend, the great collector
father’s sister, and he was living with of the flowered wallpaper or speckled eyes express some uncer- desk, seems stubbornly Louisine Havemeyer, to buy it. Cassatt
the Bellellis in late summer 1858. Her carpet. tainty. She seems to be withdrawn from his also brought it to the attention of the
husband, Gennaro, had been exiled That physical separation merely be- caught uncomfortably in a position family, a separate entity. Degas sug- Metropolitan Museum of Art, which
from their home in Naples because of gins this family psychodrama, in that’s not necessarily to her liking. gests him as the disruptive force—he wanted it.
his political activities in the 1848 revo- which every member has a role. Laura Giulia, on the other hand, was the reportedly disliked him—by placing But neither was to be: The French
lution, and the family had moved to looks away, into the distance, her eyes more free-spirited of the girls, and De- his chair at an angle, a departure from government swept in almost immedi-
Florence. They were living in fur- fixed on something unknowable, or gas portrays her in a more playful the geometry of the rest of the paint- ately and purchased the painting,
nished rooms, with all the accoutre- perhaps simply in avoidance of her pose, with her leg crossed under her ing, with one exception. A diagonal, eventually passing it to the Musée
ments of middle-class life: a mantel husband. She is thought by some dress and her arms akimbo. Giulia was extending from Laura’s nose, down her d’Orsay. There, the painting, a mile-
clock, a candlestick, gilt-framed mir- scholars to be pregnant (with a boy closer to her father, though here she right arm, across Giulia’s white pin- stone in capturing the dynamics of
ror, paintings, chandelier and bell pull. who dies in infancy), and she steadies seems either conflicted or, as some afore, points to the rear of a little dog, complicated relationships, occupies a
GETTY IMAGES/DEAGOSTINI
But it was not a happy home. In let- herself with one hand on the desk. Her scholars suggest, indifferent to the leaving the room, in the lower right place of honor, hanging for all to see
ters to Degas, Laura calls her husband face is stern. troubles. Pulled in opposite directions corner. He seems to be escaping the on a wall that is clearly visible from
“disagreeable” and “detestable.” Laura’s right arm rests protectively by her parents, she casts her gaze palpable tensions. the museum’s central allée.
Degas chose to portray a moment on the shoulder of the older girl, Gio- away from the room, refusing to meet As if these elements were not
soon after the death in Naples of his vanna, who stands upright, stiff as an his glance. She is striving for a mea- enough, Degas adds to the feeling of Ms. Dobrzynski writes about art for
grandfather, who is commemorated in I-beam, with her feet together, her sure of autonomy, with her position on unease with his portrayal—or lack the Journal and other publications.
OFF DUTY
Junior-Varsity Circuit
Vino Breaker?
Why there is true Tesla is facing its
value in wineries’ first real EV rival
‘second-label’ —and it’s built in
bottles D8 China D10
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 8 - 9, 2020 | D1
.
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JOHN W. TOMAC
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Going It Alone
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If you’ve ever wanted a spa resort—or dude ranch—all to yourself, now’s the time. In the name of social
distancing, high-end hotels and travel companies are selling pampered privacy. And it doesn’t come cheap.
N
BY CHRISTIAN L. WRIGHT
land to recreate a 10-day summer camp their affords, given that coronavirus cases are spiking
OW THAT Covid-19 has made ex- young children would otherwise have missed. in many parts of the U.S. and a whole passport’s
troverts into agoraphobes and sent Each family of four had a three-bedroom house worth of countries has forbidden Americans en-
even the most social of butterflies to themselves, a shared counselor to do all the try. “Everyone’s comfort level is different,” said
back into the cocoon, the loonily wrangling, two activities a day—from shooting Stacy Fischer-Rosenthal, president of Fischer
extravagant world of private jets, clay pigeons to tie-dying T-shirts—all their food Travel Enterprises in New York, who notes that
cliff-side villas and ultraexclusive hotels has be- provided, including a private chef for one meal a only about 35% of her clientele is currently trav-
gun to seem…strangely sensible. day, and full access to the 3,500-acre sporting eling, when it’s typically about 95% at this time
Last month, Jack Ezon, founder and managing resort. Price tag: $45,160 per family. of year. “But safety is the new luxury.”
partner of Embark Beyond, sent three families It’s no wonder travelers are seeking the The high-end travel industry is seizing the
to the Preserve Club & Residences in Rhode Is- heightened control that so-called private travel Please turn to page D4
Inside
PIE, MORE PROMPTLY VERY OVER-THE-TOP SO MANY PEOPLE ASK US... INSERTION ORDERS
Simplify the art of the tart with this quick, 26 cardis and thin jackets to layer on ...for design that’s traditional but not dated. Designers are urging men to tuck in
no-roll, press-in crust D9 your look post-sundown D2 Check out this house. D6 everything from jackets to sweaters D3
D2 | Saturday/Sunday, August 8 - 9, 2020 * *** THE WALL STREET JOURNAL.
STYLE & FASHION

A B C D
is for Accordion is for Belted is for Checkerboard is for Dainty
Pleat Channel a cashmere- Kule’s graphic, black- Flaunt this raglan-
This colorful, pleat- clad Nicole Kidman in and-white twist on sleeved knit to your
back cardigan with a “Big Little Lies”— the classic cotton audition for a Wes An-
high-low hem will add minus the murder. cardi doubles as an derson film or while
some serious swish Brunello Cucinelli optical illusion if you sipping an Aperol
to your social distanc- Cardigan, stare at it long spritz. Cardigan, $310,
ing. Cardigan, $2,350, $3,995, matchesfash- enough. Cardigan, Comme des Garçons
thombrowne.com ion.com $348, kule.com Girl, 212-604-9200
E F G H
is for Embroidered is for Fortuny is for Golf is for Heirloom
Even if your window- Proust described the A cheeky design in Similar to the
sill plants are limp Venetian designer’s breathable cashmere sweater your grandfa-
and languishing, you gowns as “faithfully that will take you ther wore, but with
can pose as a bota- antique but markedly from bogeys on the thoughtful neck and
nist in this floral original.” The same is green to “Boogie cuff details and with-
wool-knit jumper. true of this Fortuny- Nights” at the drive- out that stale cigar
Sweater, $550, esque number. Jacket, in. Cardigan, $398, aroma. Cardigan,
shrimps.com $1,920, etro.com torysport.com $109, llbean.com
I J K L
is for Invisible is for Jean Jacket is for Kitsch is for Loved
With sheer shoulders, Introduced in 1967, This cashmere wrap Throw pre-pandemic
this cozy wool option this Levi’s topper has fuses the splendor of polish to the wind
lets you combat staying power. Plus, it the American South- (for now) and swap
breezes and show off goes from tough to west with the com- your structured blazer
the tan you got read- chic if you swap out fort and familiarity of for this distressed
ing on your roof. bulky sneakers for your favorite throw. wool top. Marni Cardi-
Cardigan, $550, sandals. Jacket, $98, Cardigan, $3,380, gan, $1,090, matches-
alexanderwang.com levi.com Alanui, 310-274-8800 fashion.com
.
M N
ly
is for Madras A-TO-Z is for Nineties
A barrel-cuffed
bomber in two color
schemes (it’s revers-
ible!) for the indeci-
on
Most Valuable Layer
Pair this nostalgic
cotton pointelle style
with a printed dress,
a la Larisa Oleynik in
us ,
sive preppy woman 1999’s “10 Things I

l
prone to impromptu Hate About You.”

e
outfit changes. Jacket, When sweltering days melt into cooler nights, you Cardigan, $190,
al a
$298, ralphlauren.com prettiesvenice.com

need a thin topper. Here, an alphabetic guide.
ci on
O BY SARA BOSWORTH cashmere cardigans to linen button-

ups and patterned ponchos, the op-
P
is for Over Anything FOR AN ESSENTIAL wardrobe hero, tions can overwhelm. Julian Taffel, is for Poncho
er s
When it’s all too much look no further than the summer co-founder of knitwear brand Leo- This fringed jersey
and you can’t think, layer. Pop culture documents its en- rosa, recommends a high-quality it- poncho is a signifi-
m er
this tweed piece during relevance—see the jean jack- eration that can span the seasons. cant upgrade from
will compliment ets Thelma and Louise wore on their “It’s a great investment because, in- the ones you get at
whatever falls out of steamy cross-country caper in Ridley evitably, you’ll constantly find it in rainy concerts or
your closet. Cardigan, Scott’s 1991 film, Michelle Obama’s your purse,” he said. Splash Mountain.
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$448, brochu- prodigious supply of cotton J.Crew Telsha Anderson, owner and buyer Poncho, $400,
walker.com sweaters, the Balmain hoodies that at New York-based boutique T.a., con- int.matteau-store.com
featured in Beyoncé’s 2019 concert siders whimsy highly justified during
film “Homecoming,” and Taylor this stifling summer of social distanc-
Q Swift’s recent hit “Cardigan,” in ing and isolation-induced monotony.

R
co Fo
which she modestly compares herself “We’ve all been quarantined,” she
to an old sweater “under someone’s said. “When I do go out in the eve-
is for Quilted bed.” With many indoor establish- ning, I want to find a piece that’s ca- is for Robe
Go bare-armed and ments still off-limits during Covid-19 tering to the most fun part of my per- We’ve spent months
fancy-free in this tex- and most evening socializing done sonality, so that when I look back on wrapped in bathrobes
tural, patch-pocket, outside, this just-in-case garment has that week, I’ll remember it.” Here, 26 on the couch. This
navy vest from Dan- only grown in importance. indelible layers for when the sun cheery yellow version
ish designer Line Ranging from fisherman knits and leaves the park before you do. lets you take that
Sander Johansen. at-home comfort
Vest, about $790, outside. Robe, $350,
lsjstudio.com lesslessrobes.com
n-
S T U V
no
is for Short-Sleeve is for Tie-Dye is for Utility is for Varsity

Remember Julie What better way to This flattering, Maybe you lettered in
Delpy’s day-to-night- guard against rosé cinched-waist military high school track;
to-day look in 1995’s spills than pink tie- jacket’s many pockets maybe you happily
“Before Sunrise?” dye? This asymmetri- let compulsively cau- slept through tryouts.
This cashmere top is cal denim jacket tious sorts pack extra This cropped varsity-
just like that, plus won’t show a drop. masks and hand sani- style look works
rugby stripes. Cardi- Jacket, $890, tizer. Jacket, $375, either way. Cardigan,
gan, $128, jcrew.com loewe.com frame-store.com $595, goop.com
W X Y Z
is for Windbreaker is for X-Stitch is for Yuppie is for Zipper
When you urgently With bubble-gum- Should you wear your This sleek knit hoodie
need to evoke pink sleeves, this waf- sweater or tie it prep- rendered in an ice-
Whitney Houston fle knit skews “Little pily around your neck? princess blue is
during her 1991 Super House on the Prairie,” This chartreuse worthy of two-time
Bowl performance, try perfect for those with charmer decrees: Olympic medalist
this tracksuit riff. a sartorial sweet “Both!” Cardigan, Michelle Kwan herself.
Martine Rose Jacket, tooth. Cardigan, $795, $475, leorosa- Hoodie, $228,
F MARTIN RAMIN/THE WALL STREET JOURNAL (C D G); JESSIE KANELOS WEINER (ILLUSTRATIONS)
$565, ssense.com loveshackfancy.com world.com livetheprocess.com
DOUBLE TIME / SUMMER OR NOT, SOCIALLY DISTANT OUTDOOR GATHERINGS ARE HERE TO STAY. THESE LAYERING COMBOS WILL STAND UP TO THE CHILL.
Quilted + Madras + Jean Jacket Nineties +

Varsity Short-Sleeve + Kitsch Heirloom
Vested Interest Clash Course Classic-Cum- Time Warp
If you want that Checks and Quirky An era-defying
just-back-from- stripes, buttons Slip a denim ensemble for
Aspen look in and zippers—this jacket under your when you’re
mid-autumn, this fusion is what patterned wrap seeking some-
is the answer. happens when for an appealing thing that hints
The visibility of you don’t know but unexpected at the golden
your varsity knit what to wear, so dichotomy, just in days of yore,
will ensure every- you simply wear case you haven’t but can’t quite
one knows you’re it all. For experi- gotten your fill decide which de-
far beyond your enced mix-and- of “unexpected” cade you want
bunny-hill days. matchers only. this year. to conjure.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 8 - 9, 2020 | D3
STYLE & FASHION
INSERT HERE 1. A dress shirt

and tie improbably nipped into
track pants at Prada. 2. The
once-unfathomable double-
breasted tuck at Ermenegildo
Zegna. 3. Even a sport coat
gets the treatment at Hermès.
4. A striped cummerbund ups
the tuck ante at Dior Men.
1 2 3 4
proachable clothes likely to sell

well. The exaggerated tuck is a
styling trick to make standard
pieces—like Prada’s vanilla sweats
and white shirt—“look a little bit
more interesting.”
Though they have a place in
high-fashion editorials, over-the-
top tucks won’t appear on Bloom-
ingdale’s mannequins soon, said
Mr. Berkowitz: “A sports jacket
tucked in isn’t necessarily trans-
latable for everyday life.”
Less-eccentric tucking tricks
have become more commonplace,
though. Tucking can elevate more-
casual pieces, as per Mr. Berko-
witz. Over the past few years
The exaggerated tuck

GETTY IMAGES (REAGAN); GUILLEM CASASÚS (PHOTO ILLUSTRATION)
is a styling trick to
make simple pieces
look a little more
interesting.
.
younger urbanites have been slip-
ly
ping their modest T-shirts into
their pants like “Rebel Without a
Cause”-era greasers. Virgil Abloh,
on the designer of Off-White and
Louis Vuitton menswear, has been
photographed executing the rare
sweatshirt tuck. And some profes-
us ,
sionals who forgo jackets are bat-
A Hard-Tuck Story
tening down their shirts in some
l
e
semblance of formality.
al a
Still, plenty of men still proudly

let their shirttails hang free. For
ci on
nearly a decade, the aptly named

Untuckit has sold short, curve-
hemmed shirts specifically de-
Any amateur can slip a shirt into pants. Designers are pushing more advanced tucking techniques. signed for that purpose. And to-
day if you’re Zooming from home,
er s
your waistline isn’t even visible.

BY JACOB GALLAGHER panted statesman’s. array but at least you can domi- Why tuck? Untethered shirttails
I
m er
The mop-haired Prada model nate your clothes. People who sur- also hide flabbiness, whether it’s
N 1984, as he soared over wears a tie and dress shirt, but vive the pandemic “will be looking caused by hibernation snacking or
America on Air Force One one-ups Reagan by tucking both for a certain amount of security,” not. Cynics say tucking in a shirt
en route to Iowa, Ronald into a pair of elastic-waisted cot- said G. Bruce Boyer, a former fash- is really just a way to showcase
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Reagan addressed his staff ton pants—just one of many ex- ion editor of Town & Country, who that you’ve been working out.
in perfectly presidential amples of what we’ll call “extreme has written several books on For proponents of tucking,
clothing—at least from the waist tucking” witnessed during the Eu- men’s fashion. That sense of secu- whether basic or tricky, a return
up. A pressed white shirt. A sensi- ropean fashion unveilings last rity, it seems, can start at the to presentability can’t arrive soon
ble tie. While the leader of the month. In their respective look- beltline. enough. “If there’s one thing that
co Fo
free world radically wore sweat- books, Hermès and Ermenegildo Justin Berkowitz, the men’s I miss, it’s getting properly
pants below, he apparently drew Zegna models demonstrated the fashion director at Bloomingdale’s, dressed up...and going out and
the line at visible shirttails, tuck- dubious art of securing a sport floated another theory to explain having dinner with friends and
ing his into the elasticized coat inside a pair of trousers. the intricate insertions. Such seeing other people who are
heather-gray sweats. In recent French label Lemaire followed suit tucks, he pointed out, make simple dressed up,” said style authority
years a photo documenting this with a cardigan. And a number of clothing appear more complex. In Mr. Boyer. For the moment, men
curious styling move has become models at Dior sealed their shirts what might be a nod to the trou- like him—caught between a thirst
an internet curiosity. Then last inside hefty cummerbund-ish belts bled waters the industry is navi- for fanciness and a WFH culture
month, Prada perhaps inadver- that spanned their midsections. gating (see: the recent bankrupt- that encourages frumpiness—can
tently paid tribute to the style in What to make of all this dra- cies of Barneys, Brooks Brothers perhaps take a page from Rea-
its spring 2021 menswear collec- matic tuckery? If nothing else, it and J.Crew) many brands went gan’s playbook. The sweatpant
tion lookbook, showing an outfit sends a subliminal message of “very back to basics” this season, COMMANDER IN SWEATS Ronald tuck might be the happy medium
n-
that echoed the soberly sweat- control. The world may be in dis- he said, pumping out highly ap- Reagan’s look predated Prada’s. of our videoconferencing era.
no
Left to right: Julia Chu,

Calvin Nguyen, Christina
Chou and Caleb Lin
Starter Piece
Goodfight’s roomy dress The Most Trusted Name in Tibetan Rugs.
trousers, which are “flowy
but at the same time
don’t get stuck under-
neath your shoes,” said
Mr. Lin of the bestsellers.
INSIDER SECRET The uninitiated should
also consider the “Grocery
Getter,” an athletic short
Goodfight’s Cheeky Chic punched up with errand-
aiding pockets to hold a
The made-in-Los Angeles menswear credit card and phone.
brand was started by four friends Homegrown

with a knack for cool basics Originally, Goodfight
manufactured some
clothes abroad, but its
Why We’re Chu and Calvin Nguyen— recent collection was
Obsessed met at the Los Angeles made entirely in Los An-
This California label branch of bygone bou- geles. Clothing produc-
makes clothes that fall be- tique Opening Ceremony. tion there is a “dying art
tween wearable and The fourth, Christina form and we love to sup-
winky. Plaid trousers come Chou, who’s married to port the local economy,”
in an extremely wide cut; Mr. Lin, is a Hollywood said Ms. Chu.
a blazer looks conserva- agent. The quartet, Mr. Lin
tive until you realize the said, founded the brand in Extra Credit
front pockets are angled 2017 “to offer a different The foursome conducts
like a Windbreaker’s; and a perspective in menswear,” an informal book club at
genteel polo shirt packs namely one with some its office, with Ms. Chou
three pockets. We also like levity. “Really fun prints, in particular sharing
the brand’s philanthropic really fun colors and inter- choice reads. Her recent
EFI CHALIKOPOULOU (ILLUSTRATION)
bent. Net profits from a T- esting cuts” are key to its favorites include “Minor
shirt it sells benefit an or- manifesto, said Ms. Chu. Feelings: An Asian Ameri-
ganization that’s rebuild- can Reckoning” by Cathy
ing Black Wall Street in For Fans Of Park Hong and “On Earth COOL SCHOOL Clockwise from top left:
Tulsa, Okla. DIY 1980s skate videos; We’re Briefly Gorgeous” A translucent tote doubles as a planter;
the original “The Italian by Ocean Vuong. a young fan; Mr. Nguyen outside a New
N E W M O O N R U G S .CO M | 8 0 0. 8 6 3 .0 4 4 2
Origin Story Job”; a kitschy commit- York pop-up shop; a splotchy camo coat;
Three of Goodfight’s ment to afternoon tea; Find it at gdfht.com ‘Minor Feelings’; ‘Grocery Getter’ shorts; a
founders—Caleb Lin, Julia making your own jam. —J.G. look from the brand’s upcoming collection.
ADVENTURE & TRAVEL

FORTRESS OF
SOLITUDE Chatham
Hostel
Bars Inn, on Cape Cod,
has 30 cottage-style
Takeovers
buildings—including Four small
three standalone
cottages—private boat hotels where
charters and beach buyouts are a
cabanas.
relative bargain,
as long as you
fill every room
IN THE AGE of the

novel coronavirus, small
properties are running
tight ships. Many ad-
minister daily tempera-
ture checks for staff
(upon arrival for
guests), require at least
a two-night minimum
to control turnover,
have mask require-
ments and rope off
common facilities that
can’t be 100% secured.
Here are four hotels
that you can take
A Lot of over—guest list entirely

at your discretion—for a
Privacy,
fairly modest nightly
fee.
Please
Old-School Nantucket
The Daniel Webster
House is a shingle-and-
clapboard classic with
Continued from page D1 13 rooms—wallpapered,
moment, marketing everything from all with four-poster
a beekeeping tutorial to a zip line beds. From $5,000 per
through a forest as a “private” ex- night, jaredcoffin-
.
perience. Dunton River Camp—eight house.com/suites
ly
luxury tents on a 19th-century cattle
ranch in Colorado, 4 miles from its Hamptons Made
sister resort Dunton Hot Springs— Attainable
reopened in June as an exclusive-
use-only property (meaning one
family or group at a time) available
for $15,000 a night for up to 16
on A Room at the Beach,
in New York’s Bridge-
hampton, is a groovy
renovated motel two
us ,
guests. “We customized to give miles from the sea,

[guests] the option of not being
l
with just 10 rooms,

e
with anyone else,” said Edoardo landscaped grounds
al a
Rossi, executive vice president of ALL MINE Kenoza Hall, a restored 22-room house set on 55 acres in New York’s Catskills, opened in June and is available and a swimming pool.
Dunton Hot Springs, Inc. “We’re for a buyout, from $4,000 a night. In addition to the hotel spa and pool, guests have private access to Kenoza Lake. Pricing for buyout is
ci on
here to make people forget what’s case by case, but room

happening around the world and to including minimizing contact be- pool, no wait for the Peloton. Social rental agency that represents up- rates run from about
escape.” tween guests and staff. “I’ve been distancing on tap. To attract the su- market homes from Milan to Myko- $575 a night, Iwanta-
Even if you’re not an angel in- with Hyatt for 26 years,” he said, preme recluse, some hideaways like nos and, increasingly, the U.S. “It roomatthebeach.com
vestor or part of a royal family, it’s “long enough to remember the ÀNI Private Resorts, with villa re- used to be London and Paris,” said
er s
increasingly possible to book a hotel [bursting of the] dot-com bubble, sorts in the Caribbean, and Magee Amanda Dyjecinski, the agency’s Upscale Bohemian in
floor with a private elevator (at the 9/11, the financial crisis.” The chal- Homestead, a luxury spa resort chief brand and marketing officer. the Catskills
m er
Dupont Circle hotel in Washington lenges of all those combined, he within the 30,000 acres of Brush “But now L.A. is our top destination Hotel Dylan, a rein-
D.C., for example, which reopens in added, barely compare with what Creek Ranch in Wyoming, are avail- for Americans. We have people who vented motel in Wood-
September), or take over a train Hyatt has gone through with able only as full buyouts. Otherwise, live in L.A. who are booking our stock, N.Y., with 22
that gives exclusive access to the Covid-19. “Some things we took for it’s possible to create your own lit- homes there because they want the unique rooms equipped
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Grand Canyon, or have a five-star granted—hugging, handshakes, buf- tle Kennebunkport compound by pool, the extra space and the ser- with a turntable, Turk-
gym to yourself or even—as a perk taking all four cottages at Maine’s vices like private chef and nanny.” ish towels and No-
at Caldera House in Wyoming, for White Barn Inn, Auberge Resorts vogratz design that
instance—unwind at your very own Collection (from $5,016 a night). If Wildly Exclusive spills out into the com-
working dude ranch. Create your own a historic house is more your cup of Private guides can get you way off mon spaces, featuring
co Fo
It’s easy to dismiss private travel Kennebunkport tea, there’s Kenoza Hall, the re- the beaten path. Isn’t that every lobby fireplace and salt-
as a selfish indulgence just now. But stored 22-room 1880s boarding- germaphobe’s dream vacation? water pool. From about
hoteliers argue that it’s a kind of
compound by taking all house that opened last month on a Mark Allvey and Christopher Brun- $14,500 for two nights,
stimulus that lets them get some of four cottages at Maine’s lake in the Catskills (from $4,000 ning of Untold Story Travel usually thehoteldylan.com
a hard-hit workforce back on the White Barn Inn. per night) or Washington School concoct itineraries in far-flung des-
job. No sector of travel has been un- House Hotel, an 1889 schoolhouse tinations around the globe but have Wine Country Hide-
touched by the pandemic, but ho- made into a chic 13-room inn in rejiggered their approach for Ameri- out
tels have been pummeled: Accord- Park City, Utah (from $7,000 per cans who need to stay closer to The six-suite Duchamp
ing to the American Hotel and fets, elevators. This is a genera- night). home—creating, for instance, in Healdsburg, Calif., has
FROM TOP: CHATHAM BARS INN; LAWRENCE BRAUN; KIM CARROLL; ISTOCKPHOTO
Lodging Association, as of mid May, tional change.” swanky pop-up camps in the wilder- a 50-foot pool, a Euro-
75% of hotel employees in the U.S. Travelers, too, will have to ad- European-style Villas, ness. One such trip was a three-day pean vibe and a limit of
had been laid off or furloughed. just. If an entire hotel is not private Stateside rafting expedition down the Colo- 12 guests. From $8,300
n-
Booking a room has a ripple effect: enough for you, try an island. For For those suffering from Europe rado River in Utah, with a chef, as- for a two-night buyout;
Some of those employees can start those who are willing to go farther withdrawal this summer, there’s a tronomer and rafting guides who duchamphotel.com
to trickle back. afield—and have the means—there full menu of stateside villas. Among set up camps on the banks of the
When Carmel Valley Ranch, set are a few not-too-distant private is- them: a fully equipped three-bed- river. Not exclusive enough for you?
no
on 500 acres in Carmel, Calif., re- lands, such as Moskito Island in the room on Lynmar Estate, a winery Try a hidden town, about an hour’s
opened on June 30, the resort’s British Virgin Islands and Over Yon- overlooking Quail Hill Vineyard in drive from Aspen, where luxury
menu of small-group outings—from der Cay in the Bahamas, up for the Sonoma, Calif.; a deluxe cottage travel company Blue Marble Private
fishing to falconry—morphed into snatching. Some other possibilities within the confines of Santa Bar- partnered with VistaJet to get
private or semiprivate activities. for entrée into the private realm: bara’s Belmond El Encanto hotel, guests into a 4,500-acre modern-
The restaurants began preparing where you can have private movie day cowboy estate so secret that de-
picnics for guests to pick up and eat A Hotel of Your Own night on your hillside terrace (pet tails are only revealed when the BULK RATE The
anywhere they choose. Peter McMa- Imagine you, your family and six of fees are waived); or a New England nondisclosure agreement is signed. Duchamp Healdsburg
hon, managing director of the your best friends engaged in a hotel version at Chatham Bars Inn, where One divulgence is the price: from offers all six rooms
ranch, now part of the Hyatt Corpo- takeover—no rotten kids (other shingle-style cottages manage to $180,000 per night for up to 70 starting at $8,300 for
ration, said the resort is rethinking than your own), no tipsy brides- capture the feel of grand old Cape guests, all-inclusive (except the two nights.
nearly every aspect of its operations maids, no unknown Speedos in the Cod. Or try Onefinestay, a vacation plane), with a 3-night minimum stay.
A BEGINNER’S GUIDE TO FLYING PRIVATE / CHARTERING YOUR OWN JET IS STILL A PRICEY PROPOSITION, BUT IT’S NEVER BEEN MORE TEMPTING
THE HUMORIST Robert Covid-19 concerns and the lim- to a mask refusenik. size and large cabin (or
Benchley once quipped that ited availability of commercial Like any exclusive domain, “heavy”)—and operating costs
there were only two classes of flights,” said Jamie Walker, the world of private flying rise accordingly. Light planes
travel: “First Class, and with CEO of Jet Linx. In March, the comes with its own rules and are smaller, with space for up
children.” Today, as former company launched a 90-day insider jargon. Here’s what you to six to eight passengers;
First Class habitués shun com- membership plan for a $5,000 need to know before you with midsize and larger air-
mercial flights, they can be down payment, reduced from make the leap: craft you can fly farther with
found just as often with the the usual $17,500 admission more people. The swankiest
kids and even the family pet in price. It drew so many re- Check out the companies. In models include spacious Gulf-
tow—aboard a private jet. sponses that the deal has addition to Jet Linx, which stream and Bombardier jets
Private flying, in fact, is one been extended until the end of just acquired an operation at that can seat more than a
of the bright spots in an other- 2020. Also this year, private New York City’s private jet dozen fliers. At the other end
wise bleak aviation picture. jets are getting a tax break as airport in Teterboro, N.J., of the spectrum, you can rent
Scheduled air travel is down by the CARES Act waived the other big players include Net- a no-frills turboprop for a
about 70% from the same time 7.5% federal excise tax on all Jets, Flexjet, XO, VistaJet and more modest ride—and price.
last year; for chartered flights, flights until 2021. But charter- Wheels Up. There are also
after a dip earlier this spring, ing a plane is still expensive— smaller charter brokers like Do the math. For the first-
demand is almost back to pre- often six to 10 times the tab Velocity Jets that don’t own timer or casual user, the main
pandemic levels, according to for a premium airline ticket. planes but sort through the options are an on-demand
Doug Gollan, founder of Pri- For consumers worried options for you. Safety rat- charter or a jet card, which
vate Jet Card Comparisons, a about the potential health ings on each operator are functions a bit like a prepaid
website that helps consumers risks of commercial air travel, published by industry audi- card with each flight a with-
sift through the plans. Much of it might be worth the tors like Argus (argus.aero/ drawal from your balance.
the new business is from an splurge: You fly out of sepa- air-charter-operators). Trips are typically priced on an
influx of newbies to the private rate terminals, with no TSA hourly basis, starting at
jet scene, industry leaders say. pat-downs or mosh pits at Know your plane. There are around $4,000 an hour for a
“We’ve seen a definitive in- the boarding gate. In-flight, dozens of models, but char- light jet to more than $11,000
A NEW JET SET Demand for chartered flights is almost back to crease in new clients who are you won’t worry about tered jets can be divided into for a larger model.
pre-pandemic levels, with newbies generating a lot of business. choosing to fly private due to packed planes or sitting next three basic flavors—light, mid- — Barbara Peterson
.
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DESIGN & DECORATING
JACK THOMPSON
SITTING PRETTY
.
In the living room of Jill Brown’s Bellville, Texas, home, canny ditional and modernize it,” she said. Beneath the area rug, a pol-
ly
modifications to a voluptuous Victorian camelback sofa temper ished concrete floor adds edginess, and placing the cast-iron fix-
its baroque quality. Ms. Brown removed a bit of carved trim from tures overhead in an unexpected geometric grid updates the
the top and built up the feet to create a sleeker, higher perch. “I 19th-century lights, which are sourced from Ms. Brown’s shop,
liked the challenge of figuring out how to take something so tra- on
Brown House & Wares, opening in Houston in September.
HOUSE TOUR
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A New
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Tradition
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A Texas house furnished with time-

honored décor steers clear of fustiness
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BY SARAH KARNASIEWICZ love a white farmhouse,” she
W
said with a laugh. “But I BAREFOOT IN THE PARK
HEN Jill love color more.” While the solid-green painted floors in the master bedroom
co Fo
Brown be- The home’s rich interior seem avant-garde, their inspiration couldn’t be more tradi-
gan de- palette consists of coral reds, tional: the floor of the entrance hall to Monticello, Thomas
signing her inky blues, ocher yellows and Jefferson’s neoclassical masterpiece. “Greens are pretty
family herbal greens—colors that easy to live with because there are so many in nature,” said
home in Bellville, just outside nod to early American design Ms. Brown. “And it was a way to bring the outdoors in, al-
Houston, the housewares while simultaneously reading most like you were walking on grass.” A mix of her mother’s
dealer’s vision was shaped as daring and current. Other antique textiles and cushions adorn the bed. Above, the
more by the humble vernacu- traditional elements, like the window trim is finished in jadeite turquoise, and the ceiling
lar architecture of her native plain wrought-iron curtain is painted a pale shade of celadon meant to look like a re-
Ohio than the ritzy limestone rods in the master bedroom flection of the lacquered floor below. “Though they look dif-
ranches of her adopted and Shaker-style joinery in ferent,” Ms. Brown said, “there’s a relationship that builds
TONE-SETTING TILE Texas. “The idea was to build the kitchen, subtly carry a between all the different planes of color and tones.”
n-
A crate of antique encaustic tiles Ms. Brown salvaged from a classic American farm- “modern primitive” aes-
a circa-1860 home in Belgium inspired the master bath- house,” Ms. Brown explained. thetic—which Ms. Brown
room’s warm, sensual palette of brick red and toasty wheat. She and her architect and traces to her mother’s pas-
They also add a jolt of grandeur to the room’s otherwise un- collaborator, the late Reagan sion for American crafts—
no
derstated furnishings and fittings. “My default setting is al- Miller, drew largely on an- throughout the house. “That
ways simple,“ said Ms. Brown. “The tiles are ornate in their tique materials, an approach style is so easy to make look
pattern, but there’s also something plain about that kind of that lends the new build a fresh” she said. “I think the
repetition.” Next to the marble-topped vanity and graceful convincingly storied air. But best pieces are the ones that
chair, straight, contemporary edges frame an expressionist in Ms. Brown’s hands tradi- make it hard to tell whether
nude, one of many in the room. “None of them are precious, tional never translates to they were made in 1810 or
but I love the colors, and they give me so much pleasure.” staid. “Don’t get me wrong, I yesterday.”
CRAZY CORNER
Ms. Brown calls this unique pair of light fixtures in an area
of the sitting room—a traditional Delft table lamp pur-
chased during her years abroad in Belgium and a contempo-
rary mosaic floor lamp assembled from broken flow blue
dishware and mirrors—a “hilarious” play on scale. “I love
how they relate, and the mix of highbrow and low,” she said.
She puts that dynamic to work again with the oversize Art
KITCHEN MIXER Deco-era alphabet chart (one of many Ms. Brown collected
Peacock blue and mustard yellow in the galley kitchen evoke both of storage—that’s why the cabinets go to the ceiling,” explained from old European schoolhouses) on the wall. “On one hand
Colonial Williamsburg and art of the Dutch masters. But in bold Ms. Brown. Modern fixtures illuminate the workspace, but at the you have these sleek lines in the lettering, and on the other
combination, they are adventurous and contemporary. As to the far end of the room, a beloved baroque Flemish chandelier crowns you can see the remains of the original pencil marks from
dramatic Shaker-style cabinetry, necessity was the mother of a dining nook. “Some people don’t like them because they think the schoolroom,” she said. “It creates this wonderful con-
monumentality. “I have way too much tableware, so I needed tons they are old-fashioned, but I think they are beyond trends.” trast of glamour and utility.”
DESIGN & DECORATING
$3,800
Venini
$100 Prism Chandelier

on 1stdibs
Venini
Prism Chandelier
on Craigslist
FINE FIND Chicago designer Lauren Svenstrup

chatted up the seller of the green marble table
at left, leading her to score the chandelier, too.
sellers accept bids randomly.) Be diligent. Said

New York designer Rudy Saunders of Dorothy
Draper & Company, “I am on resale sites
RYAN MCDONALD (DINING TABLE)
daily.” Just filter your search by “newly

added,” he said.
Make Nice With the Seller

“Be polite in your negotiated bid,” said Ms.
Kelly. Los Angeles designer John McClain, who
nabbed a 1970s console table for $40, person-
alizes the transaction: “Let them know the
piece is going to a good home.”
Second-Hand Gold Be Ready to Act Fast

You’ll reduce shipping costs by searching for
pieces you can pick up yourself. But better
deals can be had with larger pieces that intim-
idate other would-be buyers. Ms. Downing
.
Thanks to Americans’ Covid-driven purges, offerings on peer-to-peer resale sites are surging. Pickens’s strategy: “Have a mover you can call
ly
in a jiffy.” Uber-like services such as Dolly con-
Design pros share strategies for scoring major finds (and savings) on Craigslist and others. nect you with drivers who retrieve and deliver
small loads in their own van or truck, for far
BY RACHEL WOLFE on
finding your own high-end deals. you like. “I searched ‘brass’ one day and found less than moving companies charge.
R
a stunning antique brass fireplace surround.”
ESELLER SITES like Facebook Search Broadly, Then Sift School Yourself
Marketplace and Craigslist have Sellers who list a designer piece by its correct Time Your Quest Marika Meyer, a designer in Bethesda, Md.,
us ,
long held a reputation for being name are wise to its value. A search for “De More posts about high-end pieces appear on points out that you’ll be better able to assess
only slightly more curated than Sede snake sectional,” say, might not pull in the weekend—“when people have time to a piece’s value if you stick to a category you
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the curb. But now that quaran- listings that simply call it a sofa or couch, said clean out a home or garage and post online,” know. Otherwise, educate yourself before you
al a
tined homeowners have had time to spring- Ms. Svenstrup. “The vaguer the description, said American Society of Interior Designers bid: Sites like 1stdibs, Chairish and Live Auc-
clean all summer, “online marketplaces are the better deal you will get, because they chair-elect Kerrie Kelly—but weekends are of- tioneers can provide links to other listings
ci on
brimming with rare vintage and quality con- clearly do not know what they have.” Joyce ten too competitive to yield the best deals. across the web. Not everyone will find a
temporary décor,” said Chicago designer Lau- Downing Pickens of JDP Interiors in Los Ange- “Sunday evenings are when the bidding gets green marble table for $800 (above) like Ms.
ren Svenstrup, of Studio Sven. Take the Milo les, who found an oak campaign chest for hottest,” explained London designer Nicky Do- Svenstrup did (1stdibs lists a near-identical
Baughman-style vintage sofa she found on $250, always uses a broad search term, such bree. You’ll frequently find the best bargains one for $8,200). But saving money on pres-
Facebook Marketplace for $120. Or the $1,000 as “dresser,” and “then I sit down to the te- midweek, especially before lunchtime. (Note tige items isn’t the only reward. There’s also
er s
Moroso YY Chair Brooklyn architect Tal Schori dious task of going listing by listing.” Alterna- that while eBay sellers exploit bidding dead- “the pride you take in finding and curating
snagged from Craigslist for $200. Here, tips on tively, said Ms. Svenstrup, look for materials lines, Craigslist and Facebook Marketplace your own collection,” Ms. Svenstrup said.
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FLOWER SCHOOL
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Never Miss A Story,

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Style or Trend.
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MEREDITH HEUER FOR THE WALL STREET JOURNAL, FLORAL STYLING BY LINDSEY TAYLOR (ARRANGEMENT); DAVID INSHAW/ BRIDGEMAN IMAGES (PAINTING))
The Arrangement
Surreal Estate
Floral designer Lindsey Taylor captures the strange, exaggerated
landscape of British painter David Inshaw’s ‘The Badminton Game’
IT’S AUGUST and, here in Bulbous glass
the northeast, too hot for vessels in blue
my liking. To take my mind and green
off sweating, I turned to the allude to the
website of the UK’s Tate vast sky and
Gallery, where I stumbled on fantastically
“The Badminton Game” scaled shrubs
(1972-3), a fresh take on life in British
in the verdant English coun- painter David
tryside painted by British Inshaw’s ‘The
artist David Inshaw (b. Badminton
1943). The work’s surreal Game’ (1972-
quality—eerily long shadows 73).
in a clipped formal garden The Inspiration
of unusual scale—drew me Get the latest trends in the
in. Who were these other- mass which I dotted with purple dresses), drumstick
earthly badminton players? I grey-blue echinops, or globe allium and ripening black- worlds of food, travel, business,
decided to base this month’s thistle, adding indigo with berries I let drip over the
arrangement on their world. cornflower and stalks of edge. The final touch: a few fashion, culture and more.
To conjure the sky and larkspur. Next came white, snips of clematis ‘Rooguchi’
the outsize greenery, I gath- cloudlike astrantia flowers. in the front green vessel,
ered two rotund vintage Imagining the layered its conical blossom conve- explore more at wsj.com/magazine
green vessels and a more- gardens tucked behind the niently echoing a shuttle-
modern glass vase in blue. painting’s shrubs, I fash- cock’s shape.
Into the tallest went fresh ioned a separate little bou- To my eye, the awkward-
chartreuse bupleurum flow- quet of small white roses, ness of the arrangement
ers and spiky amsonia foli- eggplant-colored astrantia captured the strange, © 2020 Dow Jones & Company, Inc. All rights reserved. 3DJ4845
age. This created a green (nodding to the players’ moody summer scene.
EATING & DRINKING

second-label wine to her estate’s ac- ling from the Mosel at an affordable
claimed Super Tuscan, Sassicaia. price,” he wrote in an email. Low in
She disputed the second-label char- alcohol, produced from steep slate-
acterization outright. “Many people soil vineyards, the approachable
understandably perceive Guidal- wine is a mere $10 a bottle—far
berto as a second wine,” she wrote cheaper than the single-vineyard
in an email. “In reality, Guidalberto wines from the Dr. Loosen estate.
is another wine, a new project.” In much the same way, the Cloud-
Created in 2000, the Guidalberto line Willamette Valley Pinot Noir
is a Bordeaux–style blend of Caber- provides an affordable introduction
net and Merlot (formerly Sangio- to Oregon Pinot Noir, noted wine-
vese too) that’s much more afford- maker Véronique Boss-Drouhin, of
able than the formidable Super Domaine Drouhin in Oregon and
Tuscan: The 2017 Tenuta San Guido Maison Joseph Drouhin in Bur-
Guidalberto I purchased cost $45 a gundy. Back in 2002, when the wine
bottle, about a fifth of the price of was created, 5,000 cases were pro-
the 2017 Sassicaia. It’s also softer duced. The wine became so popular
and much easier to drink in its youth that today that number is closer to
than the famously long-lived Sassic- 50,000, though the price ($20) has
aia, displaying another hallmark of remained almost unchanged. The
second-label wines: approachability. 2018 Cloudline Pinot is particularly
Whereas the flagship might need delicious, with a bright cherry note.
time to reach its peak, a second Decoy, the onetime second-label
wine is styled to be ready to drink. wine of Duckhorn Vineyards in
This is true of Champagne Delam- Napa, has evolved over the years. In
otte, which collectors often refer to the beginning, back in 1985, it was a
as the second label of the very ex-
pensive, rare and slow-maturing
Champagne Salon. Although the De- Approachability is a
lamotte and Salon houses share the
same director, Didier Depond, they
hallmark of wineries’
are distinct entities according to second-label wines.
Catherine Cutier, vice president of
marketing and brand strategy at the
wine importing company Vineyard Cabernet blend made from grapes
Brands. “We prefer to call them sis- that didn’t make the cut for other
ter houses,” she wrote in an email. Duckhorn wines. According to Alex
Winemaker François Chidaine Ryan, president and CEO of the
made his name in the regions of Duckhorn Portfolio, the wine was so
DAVID DORAN
Vouvray and Montlouis before successful that in 2010, Decoy be-

turning to another part of the came its own brand, with its own
Loire Valley, the Touraine. Accord- winemaking team and winery.
.
ing to his wife, Manuéla Chidaine, The decision was not made
ly
he fell in love with this underrated lightly. “A second-label wine has
ON WINE / LETTIE TEAGUE
region in 2006 and wanted to its own rules. If it doesn’t have a
show drinkers it had good terroir. place or a story or a reason for
When the Supporting

on In the Touraine, he makes the sec-
ond-label Clos de la Grange Sauvi-
gnon, a wonderfully crisp, snappy
wine I’ve been drinking for a cou-
being, it could bring down sales or
cannibalize your primary brand,”
Mr. Ryan said. But a good second
label can lift up the sales of the
Cast Steals the Show

us ,
ple years. It’s just $13 a bottle, and original. After the economic crisis
the minerally, lithe 2019 may be of 2008, sales of the less-expen-
l
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the best vintage I’ve tasted yet. sive Decoy wines rose. When the
al a
I’m also a fan of the Dr. L Ries- economy improved and Decoy
ling, the second label of the Dr. drinkers were willing to spend a
ci on
Loosen estate in Germany’s Mosel bit more, some “upgraded” to the

“SECOND” IS AN inherently disap- types of grapes. Often it’s a wine wine writer Stephen Brook notes region. So is my friend Eberhard founding label, Duckhorn.
pointing word. Second place. Second made in larger quantities than a that “...there is no clear line in the Müller, a German-born chef turned Meanwhile, former second-label
class. Second rate. And yet, as the producer’s “first” wine and priced sand between the quality required farmer who owns Satur Farms on Decoy has continued to be such a
second-born of two, I believe “sec- much lower. for the grand and the second wines. Long Island with his wife, Paulette success, the company is launching a
er s
ond” can also signal something of The second-label concept proba- It’s a subjective decision.” And he Satur. He buys Dr. L by the case. “It’s sibling, Decoy Limited, priced in be-
worth, especially when it comes to bly originated in Bordeaux, where a cautions: “The principle to remem- a refreshing drink after a long hot tween the Decoy and Duckhorn la-
m er
the second wines of winemakers winery’s first-label bottling is ber is that a second wine is always day at the farm,” he said. He espe- bels. I wondered: Does that make
who are first-rate. known as its grand vin. I’ve tasted the second-best wine.” cially likes how well it pairs with the Decoy Limited a second label of De-
What’s known as a second or sec- some seconds from that region that Perhaps that’s why some people I vegetables he grows on his farm. coy or a third label of Duckhorn?
ond-label wine might be produced were quite good and some that were contacted seemed to bristle at the According to Ernst Loosen, pro- Perhaps, instead of second-label,
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from grapes that didn’t make the cut worse than mediocre. (One recent term. That’s how Priscilla Incisa prietor of the Dr. Loosen estate, he these should be called extra wines.
for a winery’s flagship bottling. Or it standout: the 2016 Confidences de della Rocchetta, co-owner of Tenuta launched the Dr. L brand as an “am- Who doesn’t want something extra,
might be made by the same wine- Prieuré-Lichine, second label of Châ- San Guido Guidalberto in Tuscany, bassador for Mosel Riesling.” The especially in times such as these?
making team as the flagship, but in a teau Prieuré-Lichine.) In the excel- reacted when I asked her about first vintage was 1996. “The idea be-
different location, with different lent book “The Complete Bordeaux,” Guidalberto, the Cabernet-based hind Dr. L is to create a typical Ries- Email Lettie at wine@wsj.com.
co Fo
OENOFILE / SECOND-LABEL WINES FROM PREMIUM PRODUCERS
2018 Dr. L Riesling $10 2019 Clos de la Grange 2017 Tenuta San Guido 2018 Cloudline Willam- Delamotte Brut Non
Ernst Loosen of the Dr. Touraine Sauvignon Guidalberto $45 ette Valley Pinot Noir Vintage Champagne
Loosen estate is an ac- François Chidaine $13 Serious wine collectors $20 The Drouhin family $45 Sister house to
knowledged star of Mr. Chidaine turns out will pony up hundreds of crafts exemplary Pinot Champagne Salon—the
Germany’s Mosel Valley, terrific Chenin Blanc- dollars for the great Su- Noir in both Burgundy rare bubbly at a high
and his top bottlings based wines in Vouvray, per Tuscan Sassicaia; and Oregon for often- three-figure price—
don’t come cheap. But and he does great work everyone else can taste lofty prices. Their sec- Champagne Delamotte,
this light, low-alcohol, in less-heralded parts of Tuscan terroir in Sassic- ond-label Cloudline of- under the same direc-
n-
sprightly white gives the Loire Valley too. This aia’s sibling Guidalberto, fers Willamette Valley tor, produces this very
budget drinkers a taste white from the Touraine a deliciously earthy, soft, Pinot fans a bright, elegant, nuanced Côte
of his talent and Mosel is racy, minerally and a approachable Cabernet- cherry-inflected red at a des Blancs Chardonnay-
Riesling, too. true deal at this price. based Bordeaux blend. daily drink price. dominant Champagne.
no
SLOW FOOD FAST / SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
Ricotta Gnudi With Mushrooms, Walnuts, Lemon Zest and Basil

MICHAEL HOEWELER (ILLUSTRATIOM); JENNY HUANG FOR THE WALL STREET JOURNAL|, FOOD STYLING BY TYNA HOANG|, PROP STYLING BY BEATRICE CHASTKA
“NO OTHER food appeals to as many people, poached in olive oil. Fresh basil and lemon
as easily, as Italian,” said Douglass Williams. zest give the dish a summery lift.
“It doesn’t matter where you’re from, when The gnudi dough consists of nothing more
you sit down to pizza or pasta, you get it.” than ricotta, Parmesan, egg, nutmeg and just
At MIDA, Mr. Williams’s celebrated Italian enough flour to bind it. The dumplings
restaurant in Boston, these delicious ricotta should hold together in the simmering pot;
dumplings, or gnudi, take a full 24 hours to depending on the ricotta’s moisture you may
prepare. For home cooks, however, he’s de- need more flour or cheese to get the delicate
The Chef Douglass veloped a far quicker riff. In his first Slow texture right. “Test one,” Mr. Williams ad-
Williams Food Fast recipe, he tops the pillowy gnudi vised. “I have a motto: Taste, taste, taste.”
with toasted walnuts and mushrooms gently That’s easy to do here. —Kitty Greenwald
His Restaurants
MIDA and soon-to-
open APIZZA, in Total Time 25 minutes 1. Fill a large pot with salted tain a steady simmer. Work-
the Boston area. Serves 4 water and bring to a boil over ing in 2 batches to avoid
high heat. In a medium pot crowding, use a soup spoon
What He’s Kosher salt and freshly over medium heat, combine to drop egg-size dollops of
Known For ground black pepper mushrooms, oil and a pinch of dough into simmering water.
Masterful pastas 2 cups fresh mushrooms, salt. Once small bubbles form (Gnudi should hold together.)
and pizzas. Fresh torn into bite-size in oil, after about 2 minutes, Without stirring, poach half
flavor combinations. pieces reduce heat to low. Gently the gnudi until they puff, rise
Italian dishes as ap- 2 cups olive oil poach mushrooms until they and bob on water’s surface,
proachable as they 1 cup walnuts, toasted warm through and oil is aro- about 3 minutes. Use a slot-
are elegant. and roughly chopped matic, about 10 minutes, ted spoon to transfer gnudi
1 cup roughly torn basil making sure oil never smokes to a platter. Cooked gnudi
leaves or gets too hot. Off heat, stir should be pillowy-soft yet
2 cups whole-milk ricotta in walnuts. Let oil cool at maintain their structure. Re-
1/
2 teaspoon freshly grated least 5 minutes. peat with remaining dough.
nutmeg 2. In a bowl, mix ricotta, nut- 4. Distribute warm gnudi
1 egg, lightly beaten meg, egg, Parmesan and flour among 4 warm bowls. Gar-
WSJ+ members: 1/
2 cup grated Parmesan, until just combined. Season nish with Parmesan, salt and
Sign up for a gnudi plus more to garnish with salt and pepper. Dough lemon zest. Generously spoon
1/
cooking class with 4 cup all-purpose flour, should be moist yet manage- mushroom-walnut mixture
Douglass Williams plus more as needed able and slightly sticky. and its oil over gnudi. Garnish
at wsjplus.com/ Finely grated zest of 1 3. Lower heat under boiling with more Parmesan, lemon DOUBLE PLAY The aromatic oil in which the mushrooms poach
slowfoodfast. lemon water to medium and main- zest, salt and basil. makes a savory sauce for the gnudi.
EATING & DRINKING
Good Times, Simplest

Strawberry Tart
This is the simplest tart
No Rolling you’ll ever make, and it’s

a stunner. Fill a baked
crust with sweetened
mascarpone and top
with the ripest straw-
berries you can find.
Dispense with applying pin to dough and Other berries will work,
too; so will halved fresh
opt instead for easy press-in pie crusts figs. Sprinkle it with De-
merara sugar for sea-
soning and crunch.
BY GABRIELLA GERSHENSON baked without pie weights That’s it.
I
and well suited to unbaked Total Time 50 minutes
AM AN enthusiastic fillings such as fresh fruit, Makes 1 (9 ½-inch) tart
baker. But if a recipe mascarpone and ice cream.
calls for rolling out The best-known example is 1 Easy No-Roll Tart Crust
dough, I typically take the graham cracker crust, a (recipe at left), baked
a hard pass. Come classic for Key lime pies and in a 91/2-inch tart
summer, when the greatest cheesecake. Chances are you pan with a removable
fruit of the year begs to be have some cookie or cracker bottom and left in pan
showcased in a pie, you’d in your kitchen now that can after baking
think this would prove prob- work as a base ingredient. 1 cup (8 ounces)
lematic. But I have a hack: the Jaynelle St. Jean, owner of mascarpone
press-in crust. Pietisserie in Oakland, Calif., 4 teaspoons granulated
It eliminates the need for a sells a chocolate cream pie sugar
rolling pin; instead, you press with a crust of pulverized 1/
2 teaspoon pure vanilla
the dough into the pan with pretzels. “It goes amazingly extract
your fingers. And there’s no well with chocolate—some- 2 teaspoons unsalted
need to keep the butter cold, thing we all know because of butter, very soft, for
the key to the flakiness so chocolate-covered pretzels,” sog-proofing (optional)
hard to nail in hot weather. she said. She also makes a 2 pints ripe strawber-
“You’re told, ‘Don’t over han- salted Nilla wafer crust for her ries, rinsed, hulled,
dle it, make sure your hands banana chai cream pie, creates and halved if large,
aren’t warm and the water is ombré effects that go from va- and patted dry
cold.’ These things are scary,” nilla into chocolate, and CREAM TEAM A layer of 2 tablespoons
said cookbook author and pas- blitzes rainbow sprinkles with mascarpone takes this Demerara sugar
try guru Alice Medrich. cookies for a funfetti look. strawberry tart over the top.
In her book “Sinfully Easy Kate McDermott, author of 1. In a small bowl, mix
Delicious Desserts,” Ms. Me- the forthcoming “Pie Camp,” mascarpone with 4 tea-
.
drich shares a recipe for a ad-libbed a favorite press-in spoons sugar and vanilla.
ly
crust of flour, sugar, butter, recipe when she had less than Easy No-Roll 8 tablespoons unsalted thin, even layer. Press 2. If you will not be serv-
vanilla and a bit of salt—“the an hour to pull a pie together. Tart Crust butter, melted dough squarely into corners ing the tart within 3-4
most delicious sweet crust I “I had one cup of oatmeal left, This smart recipe from Al- 1/
4 cup granulated sugar or of pan to avoid extra-thick hours, sog-proof the crust
know, and as forgiving as
Play-Doh to work with.” Icono-
clastically, it calls for melted
butter. Yet the crust is re-
one cup of coconut, one cup of
almond meal. I threw it all in
the bowl,” she said. “I put in 5
or 6 tablespoons of melted
on ice Medrich produces the
easiest, most delicious tart
crust you will ever make.
Press it into a tart pan with
1/
3/
brown sugar
4 teaspoon salt
4 teaspoon pure vanilla
extract
edges. If using a pie plate,
press crust up the sides but
not over the rim. (Crust can
be prepared 2-3 days ahead
by spreading the bottom
with the thinnest-possible
layer of soft butter. Chill
crust to set butter, 10-15
us ,
markably crisp and flavorful. butter, a few tablespoons of a removable bottom for a 1 cup plus 2 tablespoons to this point, wrapped and minutes, before adding
This unfussy style is pre- sugar, and I went for it.”
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY LIZA JERNOW
l
tidy crust with beautifully unbleached all-purpose refrigerated. Bring to room mascarpone mixture.
e
Bake times range from fluted sides, or push it into flour temperature before baking.) 3. Spread mascarpone
al a
about 6 minutes for a graham a pie plate for a more 4. Place pan on a baking evenly over crust. Begin
crust to 20 for Ms. Medrich’s homespun look. Either way, 1. Position a rack in the sheet. Bake until the crust arranging berries, as close
ci on
sweet crust. To press the this crust is remarkably lower third of the oven and is fully golden brown all together as possible,
dough into the pan, start with good for something so sim- preheat to 350 degrees. over, 20-25 minutes. If the around edges of tart and
the heel of your hand and ple to prepare: buttery, in- 2. In a medium bowl, com- crust puffs up during bak- work toward the middle.
your fingers. For an extra-fin- tensely crunchy and deeply bine butter, sugar, salt and ing, gently press it down Remove tart from pan
ished look, once the crust is flavorful. This immensely vanilla. Add flour and mix with the back of a fork and and transfer to a platter.
er s
fairly uniform, Ms. Medrich accommodating recipe just until well blended. If prick it a few times. Set Refrigerate unless serving
recommends lining it with works with either granu- the dough seems too soft, pan on a rack to cool. (Once within 2 hours. Before
m er
plastic wrap and then a sheet lated or brown sugar; the let it stand a few minutes crust is completely cool, it serving, sprinkle with De-
of paper towel, and gliding a latter just gives the crust to firm up. can be kept at room tem- merara sugar. Tart is best
straight-sided cup over the slightly more complex cara- 3. Press dough evenly over perature, wrapped airtight, on the first day but still
surface. “All of this stuff is su- melized taste. the bottom and up the at least 3 days.) very good on day two.
m rp
Find a recipe for milk per simple,” said Ms. Medrich. Total Time 40 minutes sides of a 91/2 -inch tart pan —Adapted from “Sinfully —Adapted from “Sinfully
chocolate pudding pie with “The hardest thing will be Makes 1 (9 1/2 -inch) tart with a removable bottom or Easy Delicious Desserts” Easy Delicious Desserts”
halvah whipped cream at making up your mind about crust or (9-inch) pie crust a 9-inch pie plate to make a by Alice Medrich by Alice Medrich
wsj.com/food. what you want to put in it.”
co Fo
CUTTING CLASS
1. Place butt with
How to Butcher A Boston Butt
This Way
skin to the side.
Into Multiple Meals Holding the knife
in a “pistol grip,”
To Hog Heaven
insert into seam
WHAT YOU’LL NEED dividing fat and
1 (15-20 pound) bone-in, skin-on skin, and cut from
far side to near
The glorious piece of pork known as the Boston butt Boston Butt
n-
while peeling
yields a bonanza of different cuts. Butcher it yourself Victorinox or Mac boning knife, 6-inch back skin. Repeat
and you’ll be set for summer grilling and beyond blade, semi-flexible until skin is
removed.
no
THE EXPRESSION “live high on the Mr. Piccone’s sustainable model

hog” refers, quite literally, to having now extends to Piccone’s Corner,
the good fortune to eat from the up- his soon-to-open restaurant and 2. With fat cap
per part of a pig’s anatomy. Once, butcher shop in Portland. Both the down, trace neck-
only the wealthy could afford the butcher shop and restaurant were bone with knife to
costlier cuts from above the belly, inspired by farm economics. “If you separate meat.
such as the loin, ribs and shoulder. don’t have a means of distributing Insert knife under
Feet, hocks and knuckles were cheap what you raise, you’re beholden to rib end, hold top of
“off-cuts.” But today’s sustainably someone else’s process and the bone with one hand
minded farmers, butchers and cooks cost is extremely high,” said Mr. and cut to release
value the entire hog. Indeed, farmer Piccone. “It’s about cutting out bone. Turn butt 3. Use tip of knife to follow one side of blade
Austin Piccone values the hog’s those costs and not being subject around, pull neck- bone and cut, peeling back meat with opposite
whole life cycle, too, as well as the to a generic cut sheet.” bone and peel bone hand. Repeat along other side, then trace under-
environment in which it’s raised. Head butcher Noah Grobart will away while cutting side of bone around shoulder joint. When finished,
“There’s no reason, as a preside over the shop, from far to near. grab joint from far end and pull it off.
society, we can’t farm and Pro Tip: supplying charcuterie,
raise quality food in a way At the butcher, sausage and custom cuts
that is considerate of ani- ask for a 15-20 to consumers and the res- 5. Find the
mals and considerate of pound bone-in, taurant, under executive seam that runs
the ecosystems around skin-on Boston chef Nic Maraziti’s the length of
us,” he says. butt. Bone-in charge. Mr. Maraziti’s the tube-shaped
For Mr. Piccone, the and skin-on al- menu will reflect his and roll (aka the
answer lies in the regen- lows for sturdier Mr. Piccone’s Italian heri- coppa). Cut
erative agriculture he butchering tage as well as Pacific along the seam
practices at his 35-acre Northwest ingredients, in with knife tip
farm in Sandy, Ore. This way of dishes like potato gnocchi with em- while rolling off
farming aims to reduce impact on ber-roasted beets, Napa cabbage 4. Lay the meat out flat and cut down middle coppa with
the climate through chemical-free and crescenza cheese. through thinnest part of meat to separate the opposite hand.
fertilization and rotating livestock The restaurant and butcher shop rounded piece with the tube-shaped roll from the Set coppa aside.
in order to keep carbon in the at Piccone’s Corner will feature cuts flatter piece. Set flat piece aside.
ground instead of releasing it into both high and low on the hog. The
the atmosphere. popular Boston butt comes from the
Prior to farming, Mr. Piccone was upper part of the pig’s shoulder, and 6. Cut off all fat
in the field of holistic natural health using Mr. Grobart’s instructions and silverskin
and acupuncture. After studying the here, you can butcher it into four (fascia) from
connection between health and diet, useful cuts: presa steak, ideal for flap of meat
he wanted to promote wellness in grilling; coppa, terrific for roasting; separated from
the food system. In 2013 he estab- stew cubes for braising; and trim for coppa. Trim
lished Wallow & Root Pasture Farm, charcuterie. —Kathleen Squires meat into a filet
which is devoted to raising livestock (aka presa
such as lamb, rabbits and his prized Find a recipe for pork shoulder
JOE MCKENDRY
steak).
heritage hogs, a hybrid breed nur- steak with grilled peach-carrot 7. Chop remaining meat into stew cubes. Reserve
tured with non-GMO feed made of salad and carrot-top chimichurri at fat and trim for sausage.
alfalfa, peas, wheat and molasses. wsj.com/food.
GEAR & GADGETS

POLE POSITION hand. It’s the first car to fea-
Polestar’s five-seater EV has ture an embedded Android
front/rear traction motors, Automotive OS in the center
good for a maximum of 408 hp display, providing the Google
and 0-60 mph in 4.45 seconds. ecology of apps and “voice
command that actually
works,” the company prom-
ises, through Google Assis-
tant. We will give that more
of a thorough test next time.
But now, the Elon in the
room: Like other first-gener-
ation premium EVs from leg-
acy auto makers (Audi e-
tron, Jaguar I-PACE, Porsche
Taycan), the Polestar’s per-
formance nominals fall short
of Tesla in range (roughly,
and unofficially, 250 miles)
and charging rate (max 150
kW, or 40 minutes to 80%
charge, equivalent to about
200 miles). At the risk of be-
ing reductive, the numbers
reflect the limitations of pris-
matic, pouch-style lithium
cells, compared with Tesla’s
cylindrical wonder cells.
These numbers also ex-
press themselves in the
Polestar’s exterior, in its un-
usual body massing. The
roofline of this four-door
fastback is about 3 inches
higher than it would be in a
traditional sedan. Occupants
are sitting on and among 78
POLESTAR
kWh worth of batteries and

two inverters. The 2’s heavi-
ness below the door handles
RUMBLE SEAT / DAN NEIL betrays the incompressibil-
ity of this bulk. A bit like a
.
gravid goldfish.
ly
In Polestar, Tesla May Have
To the credit of Polestar
CEO Thomas Ingenlath—a
studio designer before he
on became an exec—the 2 owns
Finally Met Its EV Match

it. As good architecture
should, he told me in an in-
terview last week, the 2 au-
us ,
thentically conveys the me-

chanical underpinnings, even
l
e
capitalizing on them, for its
al a
EVEN THOUGH it makes the numbers may be multi- steering column, a vivid and sion corners quite hard, Drivers also have the option bandy crossover stance.
most technically advanced tudes—we don’t really know. smartly animated display en- quite calmly and always to turn regenerative braking Somehow, it works. The
ci on
cars in the world, Tesla rubs That is people who would sconced in a taut-stitched within itself. Nice adjustable all the way up, for minimum- anatomical, um—can I say
some people the wrong way. love to own a Tesla except dash binnacle. The absence Öhlins dampers, by the way. effort, one-pedal driving. thickness?—is so unexpected
Maybe it’s because CEO for the way they look, inside of an instrument panel in For an electric vehicle, the And I’d like to paint my and strange, it’s cool. It also
Elon Musk is…complicated. and out. Here I am referenc- cars disquiets some. 2PP’s braking—the pedal up- dogs that battleship-gray hue. reminds me of an anamor-
Maybe they resent the role ing the company’s famously As with Tesla, Polestar’s take, sensitivity and hard- With deliveries beginning phically stretched Saab 9000.
er s
that public money—Califor- minimalist cabins and arch, vegan interior is standard ness underfoot—feels sur- in September, the Polestar 2 And no one will ever mis-
nia clean-air credits, a re- high-altitude design lan- equipment. The 2’s multi- prisingly hydraulics-forward. opens with a pretty strong take it for a Tesla.
m er
gressive $7,500 federal tax guage. Those are legitimate tiered dash is clothed in
credit for purchase of luxury buyer preferences. Tesla’s sustainable textiles and
EVs—played in the com- Model Y is about as cozy as a trimmed with veneer from
pany’s meteoric rise. Maybe Harry Harlow monkey cage. aluminum trees, apparently.
m rp
they are short on the stock

and don’t want to increase
You have them in your coun-
try, don’t you? Poppin’ out
deliveries. I mean, right? For Never Elon’ers, The interior’s lightest
The point is, cancel cul-
this car might look grace note is the leatherette- our Poplins.
ture is as old as business and-crystal shift lever, or
like Christmas—hell, 2 for $299
co Fo
marketing, and it cuts drive selector. Hands down

across ideologies. People it looks like it’s the best shift switch of its
support brands that repre- kind. An LED light inte- During our Summer Sale,
sent their values and reject already been to Mars. grated into the shifter proj-
others that don’t. Not al- ects a ghostly Polestar logo
enjoy these eye poppin’ savings.
ways righteously, I grant in the console. Our timeless, cotton-rich “Perfect
you. My father, who was a And if the Polestar 2 isn’t So, charming, but also re- Poplin” suits are now on sale at
Marine corporal in the Pa- some prophesied Tesla- ally quick: Our test vehicle our lowest price of the year.
cific during World War II, slayer—and it’s not—it is was a road-gripping, elec-
swore he would never buy a still very good, hugely desir- tron-singeing joy to drive, A definite warm weather
Japanese car. Then he drove able and in some meaningful with torque-rich permanent- necessity for the well dressed
a Toyota and all was for- ways more lovable than the magnet motors (150 kW, or man, available as two-button
n-
given, apparently. Model Y. 204 hp) at the front and models in classic fit. In choice
So, sure, for Never Definitely more kissable. rear axles (408 hp com-
Elon’ers, the 2021 Polestar 2 Unlike the Y, the Polestar 2 bined), and all the luscious,
of khaki, olive, oyster or navy.
Launch Edition ($66,100, as is blessed with a placidly instantly accelerative au- Reg. $295, Buy one Suit $200
no
tested) might look like smiling front grille. If it thority one craves from
Christmas. This midsize, were in the Marvel Universe electric AWD propulsion.
2 Suits for $299
five-seat sportback is the it would be Vision. But, be- This little buggy runs 0-100
first mass-produced EV from ing an EV, it doesn’t need mph in 10.76 seconds, says
the premium-performance anything like that kind of the company. It sounds like Summertime &
brand, a partnership be- grille area for cooling effect. this: Whoosh. … Damn!
tween Volvo Cars and corpo- Most is solid plastic. In fact, Ours was upfitted with the Linen’s Easy!
rate-parent Geely Car Group. considering the costs in the glory-seeking Perfor-
Fresh? hell, this thing looks drag and overall range, the mance Pack ($5,000), includ- $200
like it’s already been to grille represents an extrava- ing gold-anodized front
Mars. Here, at last, is a char- gant investment in form Brembo discs and my favor-
ismatic future-tech EV for over function in the inter- ite sport tire, Continental
Look sharp and keep cool in
which one need never shrug ests of the familiar. SportContact, wrapped these tailored-fit jackets. Crafted
apologetically in the Trader The interior features sev- around 20-inch wheels that from a lightweight, soft-washed
Joe’s parking lot, as if to say, eral outcroppings of the old strobed like erotic spiro- 100% linen, our unstructured
Yeah, I know. He whack…. regime. Unlike Tesla, the graphs. With its center of two-button sportcoats are the
But I want to address my- Polestar provides an instru- gravity slung low between key to summer comfort.
self to another group, whose ment panel ahead of the four wide tires, the 2PP ver-
Available in choice of
navy blue, light blue or tan.
2021 POLESTAR 2 LAUNCH EDITION WITH PERFORMANCE PACK
Reg. $295 Sale $200
Base Price $59,900
Price, as Tested $66,100
Powertrain Battery-electric,
with front and rear AC syn-
chronous motors and inverters;
78 kWh lithium-ion battery
pack; full-time all-wheel drive
Length/Width/Height/ NEW EAST HAMPTON STORE
Wheelbase IS NOW OPEN!
181.3/72.8/58.2/107.7 inches
Curb Weight 4,680 pounds East Hampton
Power/Torque 300 kW (408 51 Newton Lane
hp), 660 Nm (487 lb-ft) M-Sat. 10-7, Sun. 11-6
0-60 mph 4.45 seconds NYC LOCATIONS
Max Charging 150 kW induc- Please visit us online: 921 7th Ave. (cor. 58 st.)
tive, 40 minutes to 80% M-Sat. 11-6, Sun. Closed (212) 957-1600
charge (about 200 miles) www.frankstellanyc.com
Average Electric Range 250 440 Columbus Ave. (cor. 81 st.)
miles (estimated) FREE SHIPPING! M-Sat. 11-6, Sun.12-6 (212) 877-5566
Luggage Capacity 14.2 cu. ft.
Find Us on Facebook.com/frankstellanyc Find Us on Instagram.com/frankstellanyc Phone Orders Accepted
The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not
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Some Jobs Come Back, but Long-Term Challenges Persist Trump

virus’s spread was easing. A7 Source: Labor Department

All New York schools have would impose a partial morato-

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versity at the request of the

lion jobs in July as the un-

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Holiday Beirut’s Explosion China-U.S.

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Obituaries................ A11 Wknd Investor....... B5

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Black 10 An increasing number of out of work for a long time.”

Hispanic 5 lost job

Hires Rise, and staying inside and not go-

Joblessness were climbing, and Desert Or-

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To Reopen fied freightliner parked on Chi-

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fection and hospitalization whether violent crime rates

Falwell to Step Aside as College President

Report Cites Foreign Election-Meddling Efforts

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LAKE COUNTY, Ohio—Four WASHINGTON—The dimin-

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MD Anderson Cancer Center is a place where

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CONGRESS spond to a request to comment.

In a statement, the Angels

Friday revived a bid by House “unacceptable behavior inconsis-

The U.S. Court of Appeals for and pointed to investigators’

passe with the White House. narrowly defeated in his bid to

in 2016 amid voter frustrations

UPS Plans “These surcharges help pro-

Holiday ately for additional costs in-

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Pfizer to Manufacture Gilead’s Covid-19 Treatment

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