14 Feb Wall Street Journal

WSJ
The Next Pandemic

Is Coming.
Will We
Be Ready?
REVIEW
ashley graham
WSJ. MAGAZINE
THE WALL STREET JOURNAL WEEKEND
* * * * * * * * SATURDAY/SUNDAY, FEBRUARY 13 - 14, 2021 ~ VOL. CCLXXVII NO. 36 WSJ.com HHHH $5.00
What’s
Lunar New Year Kicks Off, Shadowed by the Coronavirus
Trump’s
News Lawyers
World-Wide Say He
T rump’s defense team
argued Democrats’ alle-
Didn’t
gations that he incited the
Capitol riot were “patently
absurd” and said his ex-
hortations to supporters to
@mag_international Rile Mob
fight were standard political Defense arguments in
rhetoric, in a rebuttal that
paved the way for a Senate Senate impeachment
vote as early as Saturday on trial end quickly, set up
whether to convict or acquit
the former president. A1 possible weekend vote
Federal health and edu-
BY REBECCA BALLHAUS
cation officials urged the na-
tion’s elementary and second-
WAS H I N GTO N — D on a l d
ary schools to reopen safely
Trump’s defense team argued
as soon as possible, as the
Democrats’ allegations that he
CDC issued new guidelines. A1
incited last month’s Capitol riot
ELOISA LOPEZ/REUTERS
China refused to pro- were “patently absurd” and

vide WHO investigators said his exhortations to sup-
with raw, personalized porters to fight were standard
data on early Covid-19 political rhetoric, in a compact
cases in that country. A9 rebuttal that paved the way for
a Senate vote as early as Satur-
Draghi was named Italy’s
HOPES FOR GOOD FORTUNE: A woman prayed at a temple in Manila’s Chinatown on Friday as the start of the Lunar New day on whether to convict or
prime minister after persuad-
Year, celebrated by people around the world, ushered in the Year of the Ox amid the continuing threat of the coronavirus. acquit the former president.
ing nearly all of the coun-
Using less than three of
try’s squabbling parties to
their allotted 16 hours in Mr.
support his government. A9
Trump’s second impeachment
CDC Issues New Guidelines,

The Biden administration trial, Mr. Trump’s lawyers ar-
said it would begin process- gued that the former president
ing some asylum seekers who in his Jan. 6 speech urging sup-
are waiting in Mexico. A3 porters to “fight” and march to
the Capitol was exercising his
Presses Schools to Reopen

The Supreme Court
First Amendment rights, not
blocked Alabama from ex-
encouraging violence. They
ecuting an inmate unless
said rioters breached the Capi-
his pastor could stand
tol for their own reasons and
alongside him as he dies. A3
not at Mr. Trump’s behest.
Federal health and education communities. practices, cleaning and main- bringing students back to “No thinking person could
Business & Finance officials urged the nation’s ele- In new guidelines for taining healthy facilities, and schools without Covid-19 trans- seriously believe that the presi-
mentary and secondary schools schools, the U.S. Centers for working with health depart- mission have led to sharp de- dent’s Jan. 6 speech on the El-
to reopen safely as soon as pos- Disease Control and Prevention ments to use contact tracing, bates between parents pushing lipse was in any way an incite-
South Korean e-com- said students, teachers and isolation and quarantine to re- for reopenings and cautious ment to violence or
merce giant Coupang un- By Betsy McKay, staff should be required to duce the risk of transmission school systems, as well as tense insurrection,” said Trump law-
veiled its filing for a U.S. Yoree Koh wear masks at all times and once someone has been in- negotiations between teachers yer Michael van der Veen. He
initial public offering that and Catherine Lucey should maintain distances of at fected. unions and city governments. noted that Mr. Trump urged his
is expected to be the larg- least 6 feet from one another as Strictly adhering to these The CDC, the nation’s public- supporters to march peacefully
est from a foreign com- sible, saying Friday that they much as possible, with students measures will reduce the risk of health agency, issued the guide- to the Capitol in the same
pany since Alibaba’s block- can operate by strictly adhering divided into small groups that Covid-19 in schools even if Please turn to page A6 speech in which he urged them
buster 2014 debut. A1 to safety precautions to reduce don’t mix with one another. transmission is high in the to fight.
A record 47.2% of U.S. eq- the risk of Covid-19 transmis- Also essential, the agency community, the CDC said. China refuses to give WHO Many Republican lawmakers,
uity trading volume in Jan- sion in classrooms and in their said, are proper hand-washing The timing and logistics of Covid-19 data............................. A9 Please turn to page A4
uary was executed outside
public stock exchanges, up
from 39.9% a year earlier. B1
Major U.S. stock indexes
Car Makers A Refugee Bride Fights EXCHANGE
closed at records Friday. The
Collide With
S&P 500, Dow and Nasdaq
had weekly gains of 1.2%,
1% and 1.7%, respectively. B13 Global Chip To Unite With Her Groom
American Express ac-
knowledged that the Justice
Department and other agen-
Shortage Rohingyas Sadeka and Gil are separated by an ocean of troubles
cies have reviewed the com- Executives at auto makers
pany’s sales practices regard- like Volkswagen AG and Gen-
ing small-business cards. B1 eral Motors Co. were upbeat BY FELIZ SOLOMON had made to get across, her escape could be
about the industry’s recovery thwarted by rough seas or border authori-
Four pharmaceutical firms in early fall. Demand was re- In mid-March, Sadeka Bibi set off with a ties. Still, to Sadeka, a 21-year-old Rohingya
in opioid settlement talks with bounding from pandemic lows, small bundle of her belongings for an un- refugee from Myanmar, making the journey
states stand to reap about and their factories were hum- marked spot on the side of a road in south- seemed like the only way for a fresh start.
$1 billion each in tax breaks if ming again. east Bangladesh, filled at once with hope It was either that or languish behind
a combined payout of more and fear. barbed wire, potentially for the rest of her
than $26 billion is finalized. B3 By William Boston, A truck would meet her there, drive her life, in the world’s largest refugee camp, her
II-VI made a roughly Asa Fitch, Mike Colias to a place near the shore about an hour immediate family scattered across three
$6.5 billion bid for Coherent, and Ben Foldy south, and she’d get on a boat that would countries. TECH FEUD
setting up a seldom-seen, ferry her illegally to Malaysia, where a man Sadeka’s story is the Rohingya’s in micro- Facebook and Apple
three-way takeover battle Then came the warnings. she had never met was waiting to marry her. cosm. Driven to the brink of destruction by
Like the one in a Nov. 12 Skype She knew it was dangerous. The boat rampaging soldiers, human traffickers and
face off over
for the laser maker. B3
call between VW’s logistics could capsize. She could be beaten, starved hostile governments, a community that was power, privacy and
head and officials at car-parts or extorted by human traffickers. She could once believed to have numbered well over a the internet’s future. B1
supplier Continental AG. The die. Or, like the 10 previous attempts she Please turn to page A11
NOONAN supplier said it wouldn’t deliver
a range of core components VW
A Vote to Acquit needed because of a global
Is a Vote for a Lie A15 semiconductor shortage, said
people familiar with the call.
U.K. Hits 300-Year Lowlight
Britain’s economy recorded its biggest contraction in over three
South Korean E-Commerce
NOTICE TO READERS
Other car makers were get-
ting similar alerts from suppli-
centuries in 2020, highlighting the pandemic’s economic toll. A9
Titan Plans Huge U.S. IPO
WSJ.com and WSJ mobile ers. U.K. annual GDP, change from previous year
apps will publish In December, the parts flow BY MAUREEN FARRELL garner a valuation exceeding
throughout the weekend. from Continental, Robert 1706: War of 1709 1921 1931 2009 2020 $50 billion, could take place as
the Spanish Great Post-WWI Great Financial Covid-19
The print edition won’t Bosch GmbH and other suppli- Succession Frost depression Depression crisis pandemic Coupang Inc., the South Ko- soon as March, according to
appear on Monday, ers had so dried up that VW rean e-commerce giant, un- people familiar with the mat-
Washington’s Birthday (or announced it would stop pro- veiled its filing for a U.S. ini- ter. Alibaba was valued at
Presidents Day), but a daily duction of bestselling brands tial public offering that is about $168 billion when it
edition will be available in such as Audi and its namesake expected to be the largest went public.
WSJ iPad and Android apps. VW brand at plants in Europe, from a foreign company since Should Coupang debut next
China and North America. –4.6% –4.3% Alibaba Group Holding Ltd.’s month, it would enter a red-
Audi, citing a chip shortage, blockbuster 2014 debut. hot IPO market. So far in 2021,
CONTENTS Sports........................ A12
Books..................... C7-12 Style & Fashion D2-3 furloughed 10,000 factory The filing reveals a com- $68 billion of stock has been
Business News...... B3 Travel........................... D7 workers for the first time pany growing at a rapid clip sold on U.S. exchanges, far
Food......................... D8-9 U.S. News............ A2-8 since the spring lockdowns. and with shrinking losses. It eclipsing all previous year-to-
Heard on Street...B14 Weather................... A12
Obituaries............... A10 Wknd Investor....... B5
Ford Motor Co., Honda Motor generated $12 billion in reve- date totals and what has been
Opinion.............. A13-15 World News.... A9-10 Co. and others soon reduced nue in 2020, up from $6.3 bil- raised in many full years, ac-
output of vehicles from big –9.7% –9.9% lion in 2019, while its loss nar- cording to data from research
pickups to compact sedans. rowed to $475 million from firm Dealogic.
> Continental began informing $699 million. This IPO market is so hot
customers in the fourth quar- The Seoul company had al- that underwriters have strug-
ter about supply-chain issues, a ready filed for the listing pri- gled to price offerings high
company spokesman said, de- –13.4% vately, as companies tend to enough to meet the voracious
s 2021 Dow Jones & Company, Inc.
clining to comment on specific do now, and it made the pa- demand of investors looking to
All Rights Reserved customers calls. Bosch declined –15.3% perwork public Friday. buy into high-growth compa-
Please turn to page A8 Sources: Bank of England; Office for National Statistics (2020 figure) The offering, expected to Please turn to page A8
Social Media Pakistan 0345-6738217

A2 | Saturday/Sunday, February 13 - 14, 2021 * ******* THE WALL STREET JOURNAL.
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
Seeking a Valentine Online? Hide That Cat

If you’re a tractive because the cat Cat Call tos of men shown mostly DeAlto said, a conclusion
heterosexual would make him seem more from behind who have a also supported by Match’s
man looking trustworthy, gentle and car- Researchers tested whether a group of women would find a man “globalized” skin tone, which data. The “like” rate for both
for love this ing—attributes that might photographed with a cat more attractive than the same man Dr. Volsche said could appear straight and gay men who
Valentine’s signal his value as a potential shown alone. On average, they found the men more attractive to be either a darker-toned have dogs is 20% higher on
Day, here’s long-term mate and future when they were shown without a cat. white person or a lighter- average, and the “like” rate
something you probably father. toned person of color. for women is 3% higher.
don’t want to do: include a “We’re trying to narrow it A French study published
T
cat in your online dating pro- o test the idea, the re- down to being about the by Anthrozoös in 2008 pro-
file. searchers showed cat,” she said. vides further support. In an
“Chicks don’t want a guy groups of heterosexual The results from their ini- experiment, 240 women
with a cat,” said Rachel women photos of a man with tial effort surprised the re- ranging in age from approxi-
DeAlto, chief dating expert a cat and another photo of searchers because previous mately 18 to 25 were ap-
for Match, an online service the same man without a cat. studies had suggested that proached on the street by a
that promises to connect Two different men were pho- having a pet increases some- handsome 20-year-old man
compatible romantic part- tographed sitting in a chair one’s sex appeal. (sometimes with a dog) who
ners. against a white background. In a 2015 study co-written asked for their phone num-
In the U.S., straight men Each wore a blue shirt, and PICTURE WITHOUT CAT PICTURE WITH CAT bers.
who reveal on the website each was pictured alone in An attractive man was
that they own a cat have a one photo and with a cat on Would you consider a relationship with this man? used because pretests
5% lower “like” rate on aver- his lap in the second photo.
The ‘like’ rate for showed it was generally diffi-
age compared with other The same cat, a ginger tabby, Absolutely, Perhaps, or not Never, or not likely both straight and cult to obtain phone numbers
straight men, and straight was used both times. or likely interested in dating from young women in the
women who have a cat have A group of 708 women
gay men who have street, and the man who par-
a “like” rate that’s 7% lower saw photos of one of the Short-term relationship dogs is 20% higher. ticipated was identified by a
than their peers, according men, and a second group of 0% 25 50 75 100 group of women as highly at-
to a spokeswoman for the 680 women saw photos of tractive.
company. the other. The dog—a mongrel with
But cats aren’t a turnoff Whether the women saw by Dr. Volsche and published a medium-length black
for everyone. the cat photo first or second in Anthrozoös, a peer-re- coat—was chosen based on
The “like” rate for gay was randomized, but regard- viewed journal of the interac- the results of a separate pre-
Long-term relationship
men who divulge they own a less of the order, the man tions of people and animals, test that showed the pet was
cat is 5% higher. photographed with a cat was women reported being more perceived to be kind, dy-
It’s possible that other viewed as less masculine, likely to be attracted to a namic and pleasant.
traits revealed in dating pro- more neurotic and, ulti- man because he had a pet— When the man was alone,
files are responsible for the mately, less datable. and men reported being he retrieved numbers from
lagging appeal of heterosex- The study, published in more likely to use a pet to about 9% of the women he
ual cat owners. But studies the peer-reviewed journal Note: The researchers took two photos of two men. One photo showed each man alone; the other obtain a date. approached. But when he
suggest the problem is the Animals, has limitations. was accompanied by the dog,
F
with a cat. Two groups of women viewed the pairs of photos – they saw the same man with and
pet. Only women ages 18 to 24 without a cat – and rated the photos on a series of questions. ew of either sex re- he got three times as many.
Illustrations: Dylan Moriarty/THE WALL STREET JOURNAL
Shelly Volsche, an anthro- participated, a range selected Source: the journal Animals; Lori Kogan, Colorado State University; Shelly Volsche, ported that a relation- The researchers cautioned
pologist at Boise State Uni- because that’s traditionally Boise State University ship couldn’t work with that women might not find
versity, and Lori Kogan, a when women begin looking a “dog person.” But a higher every dog equally fetching.
psychologist at Colorado for a long-term mate. Both “They’re clearly preppy Jason Momoa hair.” fraction of women than men But the feline evidence is
State University, hypothe- men who posed for the pho- white kids,” Dr. Volsche said. The researchers plan a fol- said a relationship couldn’t mounting.
sized that women would find tographs were college-age “We didn’t have one in a low-up study that will, work with a “cat person.” When it comes to cats,
a man with a cat more at- and white. leather jacket. There was no among other things, use pho- “Dogs are winning,” Ms. women are finicky.
U.S. WATCH
Wage Boost to Be
In House Aid Bill
BY KRISTINA PETERSON If the wage increase is
AND ANDREW RESTUCCIA stripped out in the Senate,
discussions are already under
WA S H I N G T O N — H o u s e way about tackling it sepa-
Democrats are preparing to rately, Mr. Yarmuth said: “I
stitch together a legislative would almost guarantee there
version of President Biden’s will be a standalone bill if this
$1.9 trillion coronavirus relief doesn’t make it through.” A
proposal next week that will standalone bill would likely re-
include an increase in the min- quire 60 votes to clear proce-
PATRICK T. FALLON/AGENCE FRANCE-PRESSE/GETTY IMAGES
imum wage to $15 an hour, de- dural hurdles in the Senate,

spite a second Senate Demo- where Republicans have
crat opposing it this week. largely opposed it.
Committees spent the past Republicans say raising the
week shaping portions of the minimum wage will harm
legislation, including the pro- small businesses during the
@mag_international posal to gradually increase the

federal minimum wage to $15
over four years. Early next
pandemic and destroy jobs. A
report from the Congressional
Budget Office this week said
week, the House Budget Com- that raising the minimum
mittee is expected to assemble wage to $15 by 2025 could de-
the pieces into one bill, which liver raises for 27 million
House Speaker Nancy Pelosi workers and lift 900,000
(D., Calif.) said should pass the Americans above the poverty
House by the end of the threshold, but it could cost 1.4
FLOWER POWER: A customer shopped for flowers at a market in Los Angeles on Friday ahead of Valentine’s Day on Sunday. month. million Americans their jobs.
Democrats can’t afford to “There’s a lot of ramifica-
GUANTANAMO BAY The U.S. opened the detention sands of companies listed on its ECONOMY lose a vote from their ranks in tions from this $15 Washing-
center in January 2002 to hold stock exchange to include the evenly divided Senate. But ton mandate,” said Rep. Jason
Biden Will Seek to people suspected of ties to al women, racial minorities and Consumer Sentiment the office of Sen. Kyrsten Smith of Missouri, the top Re-
Close Prison at Base Qaeda and the Taliban. LGBT individuals on their boards. Fell in Early February Sinema (D., Ariz.) said this publican on the Budget Com-
It became a source of interna- “We commend individual firms week that she wouldn’t sup- mittee, who said it could also
President Biden will seek to tional criticism over the mis- for the proactive efforts they Consumers’ view of the econ- port including the wage in- raise expenses for seniors liv-
close the prison on the U.S. base treatment of prisoners and the have already made in recruiting, omy slipped in early February as crease in the relief package, ing on a fixed income.
at Guantanamo Bay following a prolonged imprisonment of peo- promoting, and maintaining di- Americans were more downbeat joining Sen. Joe Manchin (D., Some supporters of a
review process, resuming a proj- ple without charge. verse talent,” the senators, led by about future business conditions, W.Va.) and most Republicans in higher wage have signaled
ect begun under the Obama ad- —Associated Press Pennsylvania’s Pat Toomey, according to a University of opposing its inclusion. Politico they would like to postpone
ministration, the White House wrote. “However, it is not the role Michigan survey released Friday. earlier reported her decision. the first increase until after
said Friday. NASDAQ of Nasdaq…to act as an arbitrator The preliminary estimate of House Budget Committee the pandemic, while others
White House press secretary of social policy or force a pre- the index of consumer senti- Chairman John Yarmuth (D., want to lengthen the phase-in
Jen Psaki said it was the “inten- GOP Senators Object scriptive one-size-fits-all solution ment came in at 76.2 in Febru- Ky.) said in an interview Friday until 2030.
tion” of the Biden administration To Diversity Plan upon markets and investors.” ary, down from 79.0 in January. that the wage increase was al- The Democrats’ proposal,
to close the detention facility, Nasdaq’s proposal would re- The decline in sentiment was ways expected to be hard to which Mr. Biden supports, calls
something President Barack A group of senate Republicans quire listed companies to have at concentrated in the measure of pass. “We always knew it was for the minimum wage to in-
Obama pledged to do within a decried Nasdaq’s push for greater least one woman on their boards, future expectations and among going to be probably the crease to $9.50 an hour the
year shortly after he took office diversity on corporate boards, in addition to a director who is a households with incomes below roughest thing to both get day the law goes into effect,
in January 2009. saying it interfered with board racial minority or one who self- $75,000, said Richard Curtin, the through the floor” and proce- followed by annual increases
Ms. Psaki gave no timeline, members’ duty to govern in the identifies as lesbian, gay, bisex- survey’s chief economist. dural constraints, he said. over four years until the wage
telling reporters that the formal best interests of shareholders and ual, transgender or queer. The sentiment measure was Democrats are trying to use reaches $15 an hour. After that,
review would be “robust” and could harm financial performance. Nasdaq said Friday that its the lowest since August, and a process known as reconcilia- the minimum wage would be
would require the participation In a letter on Friday, all 12 proposal “is a market-led solu- down from the 101.0 in February tion that would allow the Sen- adjusted annually to keep pace
of officials from the Department Republicans on the Senate tion that should simplify and 2020, just before the coronavirus ate to pass the relief bill with a with median wage growth. The
of Defense, the Justice Depart- Banking Committee called on standardize disclosure require- pandemic took hold in the U.S. simple majority, rather than last increase in the federal
ment and other agencies who the Securities and Exchange ments to avoid the type of regu- The final reading for the month the usual 60 votes. It is unclear minimum wage came in 2009.
have not yet been appointed un- Commission to reject Nasdaq’s latory overreach the critics fear.” will be published on Feb. 26. whether the wage increase is —Richard Rubin
der the new administration. proposal to require the thou- —Andrew Ackerman —Xavier Fontdegloria eligible to be passed this way. contributed to this article.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 13 - 14, 2021 | A3
U.S. NEWS
U.S. Will
Grant Entry
To Migrants
Some who were demic will still be enforced.
The Trump administration
turned back under said the program, also called
‘Remain in Mexico’ Remain in Mexico, was intended
to curb a surge of Central
policy will be admitted American families seeking asy-
lum. Officials said they wanted
BY TARINI PARTI to end what they said was a le-
gal loophole for economic mi-
The Biden administration grants to falsely claim asylum
said it would begin processing as the easiest way into the U.S.
some asylum seekers who are Rep. John Katko (R., N.Y.),
waiting in Mexico because of a the ranking member on the
Trump administration policy House Committee on Home-
that barred entry to the U.S. land Security, said the Biden
while their cases were being administration’s decision
considered. would lead to a surge of mi-
Administration officials grants at the border as word
said starting Feb. 19 the mi- of the policy spread. “We have
grants would be processed and swiftly moved into the danger-
allowed to enter through three ous territory of the 2019 bor-
JOHN MOORE/GETTY IMAGES

ports, though it declined to der crisis,” he said.
disclose which ports. An estimated 25,000 asylum
President Biden has said he seekers are waiting in Mexico
would end the Migrant Protec- for U.S. courts to process their
tion Protocols, which was applications. The coronavirus
launched in 2019 under Presi- pandemic shut most U.S. courts
dent Donald Trump. Biden ad- that process asylum requests.
ministration officials described Asylum is a legal protection Central American immigrants washed clothing earlier in February at a camp for asylum seekers in Matamoros, Mexico.
Friday’s announcement as the that anyone can seek when
first stage in the Department fleeing political, religious or not to take any actions and to Mr. Biden previously signed
of Homeland Security’s move other persecution in their home await further instructions from executive orders that would set
to phase out the program. countries. Though crossing the the administration. Eligible in motion a process to reverse
“This latest action is another border without permission is il- asylum seekers will be tested policies that restrict access to
step in our commitment to re- legal, U.S. law allows foreigners for Covid-19 and held in Mexico the asylum system. But the or-
form immigration policies that to apply for asylum no matter before being transported. ders themselves made no imme-
do not align with our nation’s how they entered the country. The move is the administra- diate changes, as the White
values,” Secretary of Homeland The Biden administration tion’s latest step in unwinding House seeks to balance calls
Security Alejandro Mayorkas said it has been working with Remain in Mexico, after the from immigration advocates
said. “Especially at the border, the Mexican government and DHS on Jan. 20 suspended new hoping for swift action to undo
however, where capacity con- international organizations to enrollments and the Justice Mr. Trump’s policies and the
straints remain serious, changes identify eligible individuals who Department on Feb. 1 asked prospect that undoing many re-
will take time,” he said, adding have waited in Mexico the lon- the Supreme Court to cancel strictions suddenly could trig-
that immigration restrictions gest or are the most vulnerable. coming oral arguments in a ger a surge of migrants attempt-
imposed because of the pan- Migrants are being asked case concerning the policy. ing to enter the U.S. illegally.
Execution Blocked Over Clergy Access

BY JESS BRAVIN senting opinion. Justice 2000 federal law, the Religious satisfy the state’s legal obliga-
Clarence Thomas separately in- Land Use and Institutionalized tion, wrote in dissent that such
WASHINGTON—The Su- dicated that he would let the Persons Act, required the state an approach apparently
preme Court blocked Alabama execution proceed. to accommodate his request. wouldn’t satisfy the majority.
from executing an inmate un- That means either Justice Writing for the plurality, “Because the State’s policy is
less his pastor could stand Samuel Alito or Justice Neil Justice Elena Kagan said fed- non-discriminatory and, in my
alongside him as he dies, effec- Gorsuch—or both—took Mr. eral law had guaranteed Mr. view, serves the State’s compel-
tively resolving a long-running Smith’s side. Smith “his last wish.” Justices ling interests in ensuring the
divide over the religious rights Mr. Smith was convicted of Stephen Breyer and Sonia Soto- safety, security, and solemnity
of condemned prisoners. the 1991 murder of 22-year-old mayor, along with Justice Bar- of the execution room, I would
The court’s order, issued just Sharma Ruth Johnson, whom rett, joined her opinion. have granted the State’s appli-
after midnight in the first min- he and a teenage accomplice “Alabama has not carried its cation,” Justice Kavanaugh
utes of Friday, was neither a first kidnapped and robbed burden of showing that the ex- wrote. Now, however, “it seems
majority opinion nor a com- when she stopped at an ATM in clusion of all clergy members apparent that States that want
plete vote count, but Justice Birmingham, Ala. The jury from the execution chamber is to avoid months or years of liti-
Amy Coney Barrett joined three voted 10-2 for a death sentence necessary to ensure prison se- gation delays because of this
liberal justices in a plurality instead of life imprisonment. curity,” Justice Kagan wrote. RLUIPA issue should figure out
finding that federal law com- Alabama said Mr. Smith was “So the State cannot now exe- a way to allow spiritual advi-
pelled the prison to accommo- being treated fairly because cute Smith without his pastor sors into the execution room,”
date inmate Willie B. Smith III’s prison policy currently allows present.” he wrote.
final request. Justice Brett Ka- no inmate to have a minister Justice Kavanaugh, who pre- The court’s action puts off
vanaugh, joined by Chief Jus- alongside as they are put to viously suggested that equal Mr. Smith’s execution at least
tice John Roberts, filed a dis- death. Mr. Smith argued that a treatment of inmates would for a month.
Water Systems Have Few Defenses for Hacks

BY REBECCA SMITH effectively beyond the reach of
federal public-records law.
A Florida city whose water Industry experts said the
system was hacked last week 2018 law was a good start but
Unity
said that it completed a feder- can’t be the ending point.
CHRIS URSO/TAMPA BAY TIMES/ZUMA PRESS
ally mandated security-risk as- “We’re far short of where we

sessment three months ago but need to be, considering the on-
hadn’t yet integrated the find- slaught of attacks,” said Kelvin
ings into its emergency plans. Coleman, a former Department
The hacking incident—oc- of Homeland Security official
curring after a security re- who now heads the National UNITY BRACELETS
view—has exposed a vulnera- Cyber Security Alliance, an ed- SAPPHIRE / RUBY WITH DIAMOND
bility in the more than 50,000 ucational organization.
community water systems that The incident on Feb. 5 was
supply most Americans with instigated by an unauthorized
their drinking water: They individual who gained remote
don’t have to meet any national A water-treatment plant in Oldsmar, Fla. The city’s water system access to the control system
standard for cybersecurity. was hacked last week, but an engineer thwarted the attempt. for Oldsmar’s fresh water
That is in contrast to elec- treatment plant, which serves
tric utilities, which have had structure. Many attacks are ing about 80% of the U.S. pop- about 15,000 people.
to meet increasingly stringent never publicly revealed, but ulation to do security-risk re- Bob Gualtieri, sheriff of
rules since 2008 for the phys- The Wall Street Journal identi- views and integrate findings Pinellas County, said earlier
ical and cybersecurity of key fied targets in a Russian cam- into their emergency plans. this week that the water de-
assets and, more recently, for paign in 2017 to pierce elec- The biggest water providers partment installed a tool called
parts of their supply chains. tric-utility defenses, by first were required to complete TeamViewerÏ so employees
Rules for the electric industry penetrating trusted suppliers, that work last year, and all but could work remotely. That gave
are reinforced by monetary and another effort in 2019 by 10 of 542 organizations com- the intruder a door to enter.
penalties for violations. unidentified hackers who tar- plied, the Environmental Pro- The sheriff added that the
On Feb. 5, an engineer at a geted electric utilities in at tection Agency said. But hacker “had full access to the
water-treatment plant in Olds- least 18 states. nearly 9,000 smaller suppli- water-treatment system. They
mar, Fla., in Pinellas County, More recently, the govern- ers—including the water de- could do everything that the
detected that a hacker had ac- ment has said the sprawling partment in Oldsmar—have operator sitting in the control
cessed the facility’s control sys- SolarWinds hack, disclosed in until the end of this year to room could do.”
tem and attempted to increase December, compromised more complete their reviews and Federal officials advised
the amount of lye used to treat than half a dozen federal implement findings. water utilities this week to
the water to a potentially dan- agencies including the State, The smallest of suppliers— take a hard look at remote ac-
gerous level. The control engi- Commerce and Treasury de- the 40,000 organizations with cess tools, which have been
neer witnessed the tampering, partments, and critical infra- fewer than 3,300 customers, especially popular during the
as a ghostly hand moved a cur- structure organizations— each—are exempt. pandemic. Industry experts
sor over his screen, and he re- whose names, as yet, haven’t Even though water systems said many improvements can
versed it immediately, officials been revealed. must certify completion of be made at little or no ex-
said. But the episode high- The federal government their work to the EPA, they pense—such as enforcing
lighted how few protections are took a small step toward ad- aren’t required to share copies password protection and using PAU L MO R E L L I . C O M
mandated to defend the U.S. dressing the problem of insuf- of their work product with the encryption and firewalls—but
water supply. ficient cyber defenses in the agency. As a result, the EPA that small utilities struggle N YC : 8 95 M A D I S O N (72 N D & M A D I S O N )
The incident comes as offi- water industry in 2018 with doesn’t actually assess the with things as simple as cyber PH L : 1118 WA LN U T S T R E E T
cials warn about the growing passage of the America’s Wa- quality of their action. Be- training.
sophistication and brazenness ter Infrastructure Act. The law cause the agency doesn’t pos- —Dustin Volz 212. 5 8 5 . 42 0 0
of attacks on critical infra- requires water providers serv- sess the documents, they are contributed to this article.

A4 | Saturday/Sunday, February 13 - 14, 2021 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.
U.S. NEWS
Cassidy Keeps Options

Open Ahead of Vote
Louisiana Republican ceive information,” Mr. Cassidy times while watching videos of
said. “And, yes there’s people on the Capitol riot played during
has been a prolific both sides of it who want your the trial, positioning his chair to
note-taker during mind made up right now. But get a better view.
there’s a lot at stake here.” In what other senators said
impeachment trial Mr. Cassidy didn’t state his was the key question posed on
SAMUEL CORUM/GETTY IMAGES

position Friday. He was photo- Friday, Mr. Cassidy asked why
BY KRISTINA PETERSON graphed reviewing notes of a Mr. Trump criticized Vice Presi-
AND ELIZA COLLINS document that appeared to point dent Mike Pence on Twitter at
toward acquittal, but later said it 2:24 p.m. and didn’t call for re-
WASHINGTON—Sen. Bill was one of two news releases his inforcements at the Capitol after
Cassidy emerged this week as a staff had prepared for each posi- he was told by Sen. Tommy Tu-
wild card in the trial over tion. “If I had flipped the page, berville (R., Ala.) that Mr. Pence
whether former President Don- you would have had the one go- had been whisked out of danger.
ald Trump incited the riot at the ing the other way,” he said. “The tweet and lack of re- Sen. Bill Cassidy surprised colleagues when he voted to move ahead with the trial proceedings.
Capitol on Jan. 6, and he said The notes he held read: “the sponse suggest President Trump
Friday he still hasn’t made up House managers did not connect did not care that Vice President dent out.” Veen was asked when Mr. Trump of Utah and Pat Toomey of
his mind. the dots to show President Pence was endangered or that Rep. Jamie Raskin (D., Md.), learned of the breach of the Cap- Pennsylvania.
The Louisiana Republican Trump knew that the attack on law enforcement was over- the lead House impeachment itol and what steps he took to Some other GOP senators
surprised colleagues Tuesday the Capitol was going to be vio- whelmed. Does this show that manager, said managers had to stop it. He responded that Mr. have said they haven't yet made
when he voted with Democrats lent and result in the loss of life.” President Trump was tolerant of rely on outside reports because Trump learned of the breach up their mind, including Minor-
to assert the constitutionality of Mr. Cassidy said Friday night the intimidation of Vice Presi- Mr. Trump declined their invita- sometime before 2:38 p.m. but ity Leader Mitch McConnell of
the trial and move ahead with he was going home to write dent Pence?” Mr. Cassidy asked. tion to testify. said there had been “no investi- Kentucky and Jerry Moran of
the proceedings. Headed into down his thoughts to help him He paused his pacing in the back Mr. Cassidy told reporters gation into that” and blamed the Kansas.
the final days of the case, he has make a decision. of the chamber to listen to the that Mr. Tuberville confirmed Democratic managers. Mr. Cassidy said he has faced
walked a fine line. He said that Mr. Cassidy has been one of responses from both sides. the call to him and said the Democrats need at least 17 mixed reactions from his con-
he has found the Democrats’ ar- the most assiduous note-takers Mr. Trump’s lawyer Michael Trump legal team’s response Republican votes to convict Mr. stituents over his vote on Tues-
guments compelling and had during the impeachment trial, van der Veen said he disagreed was lacking. Trump, but are unlikely to gar- day to proceed with the trial,
questions for Mr. Trump’s law- using up three legal pads for his with the facts Mr. Cassidy was “I didn’t think it was a very ner that number. The five other and on Wednesday, the Republi-
yers. But he also has insisted notes. Mr. Cassidy used his pen- using to ask the question, accus- good answer,” he said. “The real Republicans who sided with can Party of East Baton Rouge
that his recent action didn’t in- cil so frequently he appeared to ing him of relying on hearsay issue is what was the president’s Democrats to uphold the trial’s Parish, La., unanimously moved
dicate whether he would vote to have worn it down. At one point from Mr. Tuberville. Mr. Tuber- intent, right? Only the president constitutionality are seen as the to censure Mr. Cassidy over the
convict Mr. Trump. he borrowed Sen. Ted Cruz’s ville told reporters Wednesday could answer that. And the pres- most likely votes for conviction: vote.
“The American people are (R., Texas) pencil, which had that in a phone call shortly after ident chose not to testify.” Sens. Susan Collins of Maine, “I’ve got an earful of advice
counting on us actually coming been sitting unused. 2 p.m. he told Mr. Trump that Earlier in the question-and- Lisa Murkowski of Alaska, Ben going both ways,” he said Friday
to this with a mind ready to re- He scowled and sighed at “they just took the vice presi- answer portion, Mr. van der Sasse of Nebraska, Mitt Romney night.
Defense of Georgia AG
Trump Is Asked to
Rests Case Probe Group
Continued from Page One
Once Led
including those who have indi-
cated they will vote to acquit,
By Warnock
have said Mr. Trump bore some BY ALEXA CORSE
responsibility for the riot, even
if it didn’t rise to an impeach- Georgia’s attorney general
able offense. was asked to review a case
Democrats rejected the against a voter-registration
Trump team’s argument that group previously headed by
his Jan. 6 comments consti- Democratic Sen. Raphael War-
tuted political speech and were nock, which allegedly was slow
no worse than Democrats’ calls to submit more than 1,200
to “fight” in their own voter-registration applications
speeches. in 2019.
“What they are plainly doing The State Election Board
SENATE TV/ASSOCIATED PRESS
is trying to draw a false and voted Wednesday to refer the

dangerous equivalence to dis- case concerning the New Geor-
tract from Donald Trump invit- gia Project to Georgia Attor-
ing and then inciting the mob, ney General Chris Carr, a Re-
and then failing his oath of of- publican, the secretary of
fice to protect the Capitol and state’s office said. Republican
everyone in it,” said Sen. Rich- members of the board voted
ard Blumenthal (D., Conn.). 3-0, after the sole Democratic
Democrats also said Mr. Trump lawyer Michael van der Veen, center, speaking during the former president’s second impeachment trial on Friday. member recused himself and
Trump’s one mention of march- the secretary of state didn’t
ing peacefully in his Ellipse a vote, if neither side moves to Mr. Cassidy asked both sides on Jan. 6 in an effort to pro- vote on the matter.
speech was drowned out by his
repeated invocations to fight
call witnesses.
During the question-and-an-
Keep Track during the Q&A session
whether Mr. Trump’s decision
vide context to his calls to
“fight,” which they argued
The attorney general can
recommend certain penalties,
and his weeks of unfounded as-
sertions that the election had
swer portion, two Republican
senators asked the defense
Of the Trial to tweet an attack on Mr. Pence
after learning he had been
showed he didn’t intend to in-
cite violence. “Is it possible
such as fines or a letter of rep-
rimand, or to take no action,
been stolen from him. team to answer when Mr. To follow impeachment trial evacuated from the Senate that President Trump’s disdain according to the secretary of
The trial speeded through a Trump learned the Capitol had developments through the floor showed that the president for political violence could be state’s office.
debate on constitutionality, ar- been breached and what he did weekend, go to WSJ.com. was “tolerant of the intimida- any clearer to the persons lis- Nsé Ufot, chief executive of
guments from both sides and a to end it. Sens. Susan Collins of tion of Pence.” tening as he was speaking? Is it the New Georgia Project, de-
question-and-answer period in Maine and Lisa Murkowski of Mr. van der Veen said he possible that his words could fended the group’s voter-regis-
just four days, putting it on Alaska, who sided with Demo- Trump that “they just took the disputed the “premise of your have been misunderstood?” tration efforts. “We have not
pace to be the shortest such crats in a vote this week to vice president out.” facts” but that it was impossi- asked attorney Bruce Castor. “I received any information on
trial in U.S. history. Mr. proceed with the trial, asked Contradicting Mr. Tuber- ble to know the answer. He suggest to you that is impossi- this matter from the Secretary
Trump’s first impeachment the lawyers to be “as detailed ville’s comments, Mr. van der added: “I’m sure Mr. Trump ble.” or any other Georgia official,”
trial, just over a year ago, is as possible.” Mr. van der Veen Veen said Friday that Mr. very much is concerned and But in showing the longer Ms. Ufot said.
now the shortest on record. said Mr. Trump learned of the Trump was never informed was concerned for the safety video, the team also reminded A spokesman for Mr. War-
The House impeached Mr. breach sometime before 2:38 that the vice president was “in and well-being of Mr. Pence.” the Republican senators, acting nock declined to comment. A
Trump last month on an article p.m. but declined to answer any danger” but that he knew Over two days on the Senate as the jury, that the former spokesman for Mr. Carr said
of inciting an insurrection, say- further. there was a violent riot at the floor, Democrats laid out a de- president threatened to chal- the office can’t comment on
ing he made statements that Ms. Collins and Sen. Mitt Capitol. tailed case that relied heavily lenge them in party primaries active matters.
encouraged the riot, such as “if Romney (R., Utah) asked Sen. Bill Cassidy (R., La.), on video and social media. if they didn’t try to overturn Under Georgia election rules,
you don’t fight like hell, you’re whether Mr. Trump in a 2:24 considered a possible vote for They argued that Mr. Trump the results of the election. organizations conducting voter-
not going to have a country p.m. tweet—in which he at- conviction after he sided with spent months exciting his sup- At the conclusion of Friday’s registration drives have 10 days
anymore.” All 50 Democrats tacked Vice President Mike Democrats Tuesday to assert porters with false claims of a session, senators gave a stand- to deliver the completed appli-
plus at least 17 Republicans Pence for not having the “cour- the constitutionality of the rigged election, ignited the ing ovation to Capitol Police of- cations to election officials.
will be required to convict Mr. age” to block the election from trial, was photographed Friday powder keg he had created, ficer Eugene Goodman, who In 2019, representatives of
Trump in the Senate, and only being certified—was aware at reviewing notes of a document and then not only didn’t show played a key role in keeping the New Georgia Project took
a handful of Republicans so far that point that his vice presi- that appeared to point toward remorse for his role but de- lawmakers from harm on Jan. longer than 10 days to deliver
have indicated they could vote dent had been escorted out for a vote to acquit. His spokesman fended his remarks preceding 6. He will receive the Congres- 1,268 voter-registration appli-
to convict. his safety. Sen. Tommy Tuber- said the senator was “review- the riot as “totally appropri- sional Gold Medal. cations to election officials in
Both sides were expected to ville (R., Ala.) told reporters ing memos from both points of ate.” —Eliza Collins Gwinnett County, according to
deliver closing arguments on Wednesday that in a phone call view” before making a deci- Mr. Trump’s lawyers played and Lindsay Wise the Georgia secretary of
Saturday before proceeding to shortly after 2 p.m. he told Mr. sion. a lengthy video of his remarks contributed to this article. state’s office. The secretary of
state’s office said the delay
created an obstacle for voters
White House Suspends Aide for Remarks to Reporter who might have thought they
were registered to vote, par-
ticularly because it was close
to a special election.
BY ANDREW RESTUCCIA versation about his personal Asked why the White House Mr. Ducklo didn’t respond covered President Biden’s cam- Mr. Warnock was the board
life.” But she offered no other suspended Mr. Ducklo only af- to a request to comment. Ms. paign, informed her editors chairman of the New Georgia
WASHINGTON—The White details. The White House state- ter the issue became public, Palmeri declined to comment. about the relationship in No- Project at the time. He re-
House suspended a senior West ment came hours after Vanity Ms. Psaki said, “There were “No journalist at Politico— vember and was reassigned to signed from the position in
Wing aide for one week without Fair published an article about conversations that occurred or any other publication or net- cover progressives and Vice January 2020, a spokeswoman
pay after he allegedly threat- the conversation between Mr. with the reporter as well as work—should ever be subjected President Kamala Harris. for the group said.
ened a reporter who was pursu- Ducklo and Ms. Palmeri regard- to such unfounded personal at- Ms. McCammond didn’t re- The case represents the lat-
ing a story about his relation- ing a story she was planning tacks while doing their job,” spond to a request to com- est dispute between Republi-
ship with another journalist. about Mr. Ducklo dating Axios Politico editor in chief Matt ment. “Alexi is a valued mem- can election officials and the
White House press secre- reporter Alexi McCammond.
He had ‘a heated Kaminski and editor Carrie Bu- ber of the Axios team, and we New Georgia Project, a voter-
tary Jen Psaki said the aide, Ms. Psaki said Mr. Ducklo conversation about doff Brown said in a statement. stand behind her and her cov- registration group founded by
deputy White House press sec- won’t work with Politico re- “Politico reporters and editors erage,” Axios said. former state House Demo-
retary TJ Ducklo, “is the first porters when he returns from
his personal life’ with are committed to forging a pro- Mr. Biden has said he would cratic leader Stacey Abrams.
to acknowledge this is not the his suspension, adding that he a Politico staffer. fessional and transparent rela- hold his staff to high standards, Late last year, Georgia Sec-
standard of behavior set out apologized to Ms. Palmeri. tionship with public officehold- warning in a virtual swearing- retary of State Brad Raffen-
by the President.” During a briefing with re- ers and their staff and expect in of administration officials, “I sperger, a Republican, said he
White House chief of staff porters on Friday afternoon, the same in return.” am not joking when I say this: was investigating the New
Ron Klain approved Mr. Ms. Psaki called Mr. Ducklo’s editors at Politico immediately Mr. Ducklo and Ms. McCam- If you are ever working with Georgia Project for allegedly
Ducklo’s suspension, she said. behavior “completely unaccept- after the conversation oc- mond revealed their relation- me and I hear you treat an- trying to register individuals
Ms. Psaki described the Jan- able.” She said White House of- curred. That is how we en- ship publicly in an article in other colleague with disre- living outside of Georgia to
uary exchange between Mr. ficials had conversations with gaged, in a private manner, People magazine earlier this spect, talk down to someone, I vote. The group denied the al-
Ducklo and Politico reporter Politico about the incident and and that was what we felt was week. Axios said in the article promise you I will fire you on legation and said its efforts
Tara Palmeri as “a heated con- expressed their apologies. appropriate at the time.” that Ms. McCammond, who the spot. No ifs, ands, or buts.” were legitimate.

U.S. NEWS
SEC Pick’s
Net Worth
Yellen Puts New Focus on Climate Risk
Seen Up to
BY KATE DAVIDSON
WASHINGTON—Treasury
$119 Million
Secretary Janet Yellen plans to
wield the department’s broad
powers to tackle potential
risks to the financial system
BY PAUL KIERNAN posed by climate change while
pushing tax incentives to re-
WASHINGTON—President duce carbon emissions.
Biden’s pick to lead the Secu- Ms. Yellen is looking to a vet-
rities and Exchange Commis- eran of the Obama administra-
sion, Gary Gensler, has a net tion, Sarah Bloom Raskin, as the
worth of between $41 million leading candidate for a new se-
and $119 million, according to nior position that would head a
financial disclosures filed with new Treasury climate “hub,” ac-
the Office of Government Eth- cording to people familiar with
ics. the matter. A former deputy
Mr. Gensler, a former Gold- Treasury secretary who once
man Sachs banker who worked alongside Ms. Yellen on
JACQUELYN MARTIN/ASSOCIATED PRESS

chaired the Commodity Fu- the Federal Reserve Board, Ms.
tures Trading Commission Raskin has warned in interviews
from 2009 until early 2014, and speeches that U.S. regula-
reported owning a range of tors must do more to
Vanguard mutual funds and strengthen the financial sys-
exchange-traded funds held in tem’s resilience to climate risks.
retirement and brokerage ac- The move is part of the Bi-
counts. His largest single den administration’s effort
holding was between $25 mil- across many government de-
lion and $50 million in Van- partments to address climate
guard’s Total Stock Market change and its impact on vari- Treasury Secretary Janet Yellen is aiming to tackle potential risks to the financial system posed by climate change.
ETF. ous industries. In two early
Presidential nominees dis- moves, the administration re- which have been introduced in ning bank loans. tional banks have also commit- Ms. Raskin, when she served
close their assets and incomes joined the Paris climate accord the U.K.—potentially to help For example, mortgages in ted to aim their financing in at the Treasury under President
in ranges. The Wall Street and suspended new oil-and- set bank capital requirements. coastal areas are vulnerable to ways that help the world meet Barack Obama, led an effort to
Journal on Friday received Mr. gas leases on federal land. They contend economic mod- hurricanes and sea level rise. the goals of the Paris accord. grapple with the financial sta-
Gensler’s form, which he “I think we need to seriously eling is “extremely subjective Banks’ business may also be Ms. Yellen is likely to find an bility risks of cybersecurity.
signed on Jan. 18 and was look at assessing the risk to the and highly variable,” according altered as countries reduce ally in Jerome Powell, who suc- She is currently a law professor
completed by the ethics office financial system from climate to Francisco Covas of the Bank their reliance on fossil fuels, in- ceeded her as chairman of the at Duke University and is mar-
on Feb. 4. change,” Ms. Yellen said at her Policy Institute, an industry cluding more widespread use of Fed. The central bank oversees ried to Rep. Jamie Raskin (D.,
Mr. Gensler’s income was Senate confirmation hearing lobbying group. electric vehicles and shifts to the nation’s biggest banks Md.), the top prosecutor in the
between $1.07 million and last month, calling it an “exis- “Significant further research renewable energy resources. alongside other regulators, in- second impeachment trial of
$5.14 million during the re- tential threat” to the U.S. econ- and testing should precede any Such shifts could reduce the cluding the Office of the Comp- President Donald Trump.
porting period, which encom- omy. Ms. Yellen said the new effort to make decisions about troller of the Currency, which is Ms. Raskin was a key con-
passes 2020 and the first 18 hub would review financial sta- capital adequacy or other issues a bureau of the Treasury. tributor last year to a report
days of 2021. bility risks and tax policy incen- based on the results of climate- “Climate change is an emerg- from the Ceres Accelerator for
Most of his earnings were tives related to climate change. related stress tests,” Mr. Covas,
Sarah Bloom Raskin ing risk to financial institutions, Sustainable Markets, a climate
investment income. He was Her climate push is already a former Fed economist, wrote is the lead candidate the financial system, and the advocacy group, that detailed
also paid $315,275 for his role facing resistance from some in an October research note. economy,” Mr. Powell said at a dozens of potential steps for
as a professor at the Massa- Republicans in Congress and Sen. Pat Toomey (R., Pa.)
to head a new climate December press conference. regulators.
chusetts Institute of Technol- financial-industry officials said he was concerned regula- ‘hub’ at Treasury. The Treasury’s greater con- In addition to requiring more
ogy, where he has taught wary of new regulatory bur- tors could use climate stress sideration of climate change disclosures and stress-testing,
courses on blockchain and dens on banks after the Obama tests to keep banks from lend- will also factor into tax policy the report said U.S. regulators
cryptocurrency since 2018. administration imposed wide- ing to the oil-and-gas industry. and international financial di- should work with their global
The only individual stock spread new rules following the “Financial regulators lack the value of assets owned by oil and plomacy. Congress is likely to counterparts to identify activi-
Mr. Gensler owned during the 2008 financial crisis. expertise to make environmen- power companies and increase consider climate legislation ties that could exacerbate cli-
reporting period was Tesla While climate risks are tal policy,” he said in questions the riskiness of loans to those this year that could include tax mate risks, consider encourag-
Inc. He sold an undisclosed broadly acknowledged in the submitted to Ms. Yellen after firms. incentives, something the ing banks to support
number of Tesla shares for a industry, there is no consensus her confirmation hearing. The new push comes as Treasury will help shape and sustainable investments in low-
capital gain of between on whether they can be miti- Among the climate risks that some major financial firms implement. And the depart- income communities, and re-
$50,000 and $100,000. gated through regulation. Ms. Yellen and others see for have taken steps in recent years ment will play a key role coor- quire bank supervisors to moni-
The Senate Banking Com- Bank representatives say the financial system are more to reduce their exposure to dinating on climate issues with tor the effects of climate risk on
mittee hasn’t announced a they worry U.S. policy makers frequent severe weather events what they considered the worst global counterparts through bank lending and investment.
date for Mr. Gensler’s confir- could adopt some form of non- such as flooding or wildfires climate offenders. JPMorgan the Group of Seven and G-20 —David Benoit
mation hearing. binding climate stress tests— that endanger assets underpin- Chase & Co. and other interna- groups of leading economies. contributed to this article.
TOM WILLIAMS/CONGRESSIONAL QUARTERLY/ZUMA PRESS
WASHINGTON
WIRE
Dispatches from the
Nation’s Capital
Rep. Richard Neal (D., Mass.) arriving for a Ways and Means
BY GABRIEL T. RUBIN Committee markup of Covid-19 relief measures on Wednesday.
CONGRESSIONAL Democrats’ lion in tax payments. Biden is BIDEN’S CEO OUTREACH is an

rescue package, including a major expected to call for more money attempt to build support not
expansion of the child tax credit, for tax enforcement in his sec- only for the $1.9 trillion rescue
has the potential to cut child ond economic package. package but also the recovery
poverty in half, according to Co- Over the years, Republicans package that he will push later
lumbia University researchers, have called for cutting IRS fund- this year. The Biden team held a
and begin building an economic ing for several reasons, including roundtable discussion at the be-
and social policy legacy for Presi- a controversy over inquiries into ginning of the transition period
dent Biden. But it has a side ben- conservative nonprofits and the with the CEOs of General Mo-
efit that Democrats plan to build IRS’s role in administering the tors Co., Target Corp. and a
on in subsequent legislation: It Affordable Care Act. Some Re- number of labor leaders. It aims
provides the first major funding publicans, like Sen. Mitt Romney, to hold these types of sessions
boost likely to be made perma- support an expanded child tax with business leaders consis-
nent to the Internal Revenue Ser- credit but are unlikely to support tently with a diverse group of
vice in over a decade. Democrats’ version. CEOs who are representative of
The CTC plan to provide a their industry.
BE MY VALENTINE
$250-to-$300-per-child monthly FORMER PRESIDENT Donald
benefit to families comes with a Trump’s tweets between Elec- FIRESIDE CHATS, the Franklin
nearly $400 million one-year tion Day and Jan. 8, when he D. Roosevelt signature method
bump to IRS funding, ostensibly was permanently suspended of talking directly to the public, FANCY PURPLISH-PINK DIAMOND
to ease the administrative bur- from Twitter due to the “risk of get revived by Biden. Nearly ev-
den of a major new program. It’s further incitement,” were over- ery president since Roosevelt Coveted color. Undeniable brilliance. Romantic design.
the first step by Democrats to whelmingly about challenging has tried to mimic his success in This exceptional 3.45-carat fancy light purplish-pink diamond
revive the beleaguered IRS, the election results, according to pitching his agenda through a
which has seen inflation-ad- a new analysis by Issue One, a regular broadcast; Trump mostly displays one of the rarest colors found in diamonds. The
justed funding drop by over 20% nonprofit that advocates reduc- replaced the tradition with his stone is certified by the GIA as untreated, meaning its
since 2010 and the elimination ing the role of money in politics. Twitter account. Biden restarted delicate pink hue is completely nature-made. An additional
of over 22% of its staff. Funding Trump sent more than 1,500 the tradition of a weekly ad- 2.23 carats of sparkling white diamonds frame the center
and staff for enforcement activi- tweets during that period, of dress, pioneered by President
ties has dropped by around 30% which 60% focused on challeng- Ronald Reagan in 1982, and the stone, and all are placed in a handmade, octagonal setting of
over the last decade, per the ing the election results. Trump White House said the address platinum and 18K yellow gold. #31-2657
Congressional Budget Office. said the election was “rigged” 57 would take a variety of forms
There have been previous pots times, called it a “steal” or “sto- during Biden’s time in office.
of money for handling Covid-19 len” another 57 times, and de-
stimulus payments and would clared he “won” 25 times. Twit- MINOR MEMOS: “Are you a
be again in this legislation, but ter flagged over 25% of Trump’s freshman at the university?” Bi-
those aren’t likely to be re- tweets before banning him. den asks a woman giving him a
newed, like the money for the Twitter is expanding its ef- virtual tour of a vaccination site,
CTC administration. forts to label state-affiliated ac- who says she has been a regis-
Democrats have seized on counts in other countries next tered nurse for nine years…Sen-
those figures and projections week, to all G-7 countries along ate Majority Leader Chuck
from former officials to argue with countries that Twitter has Schumer hunts for candy during
that funding the IRS, particularly linked to state-led information impeachment-trial break: “Kelly,
for enforcement, is cost-effec- operations, like Iran, Thailand Kelly, who has the M&Ms?” he
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A6 | Saturday/Sunday, February 13 - 14, 2021 * ******* THE WALL STREET JOURNAL.
U.S. NEWS
CDC Urges
Schools
To Reopen
JASON BEAN/THE RENO GAZETTE-JOURNAL/ASSOCIATED PRESS

lines as many cities and states
move to resume in-person in-
struction with Covid-19 cases
declining across the country
and pressure from many par-
ents growing.
President Biden has prom-
ised to help reopen a majority
of K-8 schools in his first 100
days in office, calling the lack
of school time a “national
emergency.”
The White House reset the
terms this week, saying that As part of his Covid-19 relief plan, President Biden has proposed an additional $130 billion in funding to help K-12 schools provide smaller class sizes and obtain supplies.
the pledge means opening more
than half of schools for in-per- strategy is science-based with takes can be adjusted based on
son instruction at least one day the goal of protecting students, No CDC Mandate recommending required point of quarantine for at least seven the level of transmission in
a week, though the goal is fully teachers, and staff and their departure testing for domestic days post-travel to reduce risk. their communities, the CDC
reopening five days a week. families while getting back to For Domestic Flights travel,” the agency said. Airlines had broadly sup- said. When transmission is low,
Under the new guidelines, the classroom safely.” The CDC announcement ported the international testing schools can provide full in-per-
teachers don’t need to be vacci- After the novel coronavirus comes after chief executives of rules imposed by the Biden ad- son instruction, if everyone
nated in order for schools to re- spread around the country The Centers for Disease Con- major U.S. carriers met on Friday ministration last month, but wears masks and follows other
open, as long as recommended early last year and lockdowns trol and Prevention said Friday with White House officials. balked at the prospect of man- precautions, Dr. Walensky said.
measures are followed, the CDC were imposed, schools were that it won’t currently recom- The CDC didn’t offer an ex- datory testing before domestic Where transmission is
said, though it stressed that forced to close their doors and mend mandatory Covid-19 test- planation for its decision and re- flights, fearing that it would high—as is the case currently in
teachers should get vaccinated shift learning online. ing before domestic air travel, a iterated existing guidance urging crush already-depressed appe- more than 90% of U.S. coun-
when supplies allow. As of December, about 55% proposal it had been weighing the public not to travel amid the tite for travel. Labor union lead- ties—schools should require
“It is critical for schools to of districts were in remote but met with strong objections pandemic. It emphasized that ers also raised concerns that physical distancing of at least
open as safely and as soon as learning at least part of the from the airline industry. people should still get tested be- the policy could lead to job cuts. six feet, and reduce sports and
possible, and remain open, to time, and the absence is affect- “At this time, CDC is not fore and after traveling and self- —Alison Sider other extracurricular activities,
achieve the benefits of in-per- ing students’ academic success she said.
son learning and key support and mental health, according to The president, as part of his proach left wiggle room on in- fines operating safely as having Schools should improve ven-
services,” the CDC said in the the Center on Reinventing Pub- $1.9 trillion Covid-19 relief plan, terpretation and application, limited to no transmission in tilation “to the extent possible,”
new guidelines. “All community lic Education, a nonpartisan re- has proposed an additional said Becky Pringle, the union’s schools. the CDC said by opening win-
members, students, families, search group at the University $130 billion in funding to help president. As a result, some White House press secretary dows and doors if they can do
teachers, and school staff of Washington. K-12 schools provide smaller schools spaced students 3 feet Jen Psaki said at a briefing Fri- that safely, or use child-safe
should take actions to protect Studies have shown in-per- class sizes, obtain supplies such apart, instead of the recom- day afternoon that the White fans. The guidelines also urge
themselves and others where son instruction is more produc- as masks and disinfectants and mended 6 feet, while others House hadn’t reviewed the schools to consider upgrading
they live, work, learn, and play.” tive and beneficial for children improve ventilation. didn’t mandate mask wearing guidelines, but the administra- ventilation systems to deliver
K-12 schools should be last than remote learning. Reopening will present many inside buildings. tion planned to follow them. more clean air and dilute con-
to close when governments im- School attendance—either in challenges, according to school The clarity will also help The CDC’s previous guide- taminants.
pose restrictions, and should be person or remote—has dropped experts. Many schools lack test- cash-strapped districts make lines left many decisions up to “It would have been more
reopened ahead of nonessential this academic year, and is con- ing capacity, proper ventilation the case for additional funding communities rather than urging helpful to have the guidelines
businesses and activities, the tinuing to decline as the pan- and supplies, and will likely to adhere to the safety guide- them directly to take specific months ago,” said Roseann Can-
CDC said. demic wears on. Students have need additional resources to re- lines, she said. actions. Schools were told they fora, spokeswoman for the
Many of the recommenda- fallen significantly behind ex- open. It can also be hard to Dr. Walensky called the may consider strategies to rein- Cleveland Metropolitan School
tions, like mask wearing and pectations in math, and mod- keep students wearing masks. guidelines a one-stop shop for force mask wearing and imple- District. “Having the checklist
physical distancing, were in estly behind in reading in some Teachers unions in some loca- operating schools safely in the ment social distancing, and the of what it takes to safely oper-
the agency’s previous guide- grades, according to a report tions have been pushing for pandemic, and said they are agency didn’t recommend regu- ate schools is critical for finaliz-
lines. This time, though, the last fall by online testing firm vaccination before members re- based on an extensive, in-depth lar testing of students or staff, ing the plans,” she said.
agency is urging schools to im- Renaissance Learning Inc. turn to the classroom. review of the latest science. or screening for symptoms. In its place, the district has
plement them, taking a more Mental health-related visits The National Education As- “CDC is not mandating that The new guidelines recom- been putting many of the safety
decisive tone. to hospital emergency depart- sociation, the country’s largest schools reopen,” Dr. Walensky mend testing, as well as vacci- precautions included in the new
“We are talking about your ments rose 24% for 5- to 11- teachers union, applauded the said. “These recommendations nations for teachers and guidelines by following recom-
children, about your family who year-olds and 31% for 12- to 17- CDC’s stronger tone on what simply provide schools a long school staff, as soon as sup- mendations from local, state
they come home to, about the year-olds between April and mitigation strategies must be needed road map for how to do plies allow. “We’ve been much and federal health officials, she
most precious things you have,” October compared with the implemented and enforced in so safely under different levels more prescriptive here,” said said. The district also vacci-
said CDC Director Rochelle same period in 2019, according order for schools to safely re- of disease in the community.” Dr. Walensky. nated about half of its 7,000
Walensky. “Our operational to a CDC study. open. The agency’s previous ap- She said that the CDC de- The precautions a school school staff members this week.
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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, February 13 - 14, 2021 | A7
U.S. NEWS
U.S. Virus Fatalities Cuomo Rebuked Over Data

Appear to Be Declining BY JIMMY VIELKIND
BY TALAL ANSARI due in part to underreporting
AND JON KAMP caused by issues like shortages ALBANY, N.Y.—Officials in
of diagnostic tests early in the both political parties on Friday
Daily U.S. Covid-19 deaths crisis, health researchers say. rebuked New York Gov. Andrew
finally appear to be declining Officials in Ohio said Wednes- Cuomo after learning his ad-
from record high levels, on the day the state may have under- ministration held off releasing
heels of improving data on reported as many as 4,000 a fuller accounting of Covid-19
cases and hospitalizations, Covid-19 deaths because of deaths in the state’s nursing
prompting cautious optimism “process issues,” while a year- homes out of its fear that for-
from public-health officials end audit in Indiana revealed mer President Donald Trump’s
and medical professionals. 1,507 additional fatalities. administration would politicize
Deaths in the country peaked The recent decrease in daily the information.
in mid-January, when the Covid-19 deaths solidifies a A top aide to the Democratic
seven-day average of reported trend of hopeful signs follow- governor told Democratic state
deaths was about 3,300 a day, ing a brutal winter surge, with lawmakers in a private meeting
up from 1,100 fatalities reported cases and hospitalizations this week that a U.S. Justice
a day just two months earlier, showing declines first. Deaths Department probe last year
according to a Wall Street Jour- are a lagging indicator, and it prompted the Cuomo adminis-
nal analysis of data compiled by can take several weeks for peo- tration to sideline a request
Johns Hopkins University. ple admitted to hospitals for from state legislators to say
JUSTIN LANE/EPA/SHUTTERSTOCK
While daily deaths remain severe illness to succumb to how many nursing-home resi-
near all-time highs, and are the disease, said William Jans- dents died from the virus after
well above the highest figures sen, a pulmonologist and head they were transferred to hospi-
during earlier surges, the av- of the critical care team at Na- tals.
erage number of deaths have tional Jewish Health in Denver. The New York Post on
broadly fallen in recent days. “Patients that die from Thursday night first reported
On Feb. 1, the seven-day aver- Covid don’t typically die on the details of the Wednesday
age of daily deaths was 3,172. the day they are admitted to meeting based on a recording.
On Wednesday, that number the hospital,” Dr. Janssen said. The Cuomo administration re- Cuomo aide Melissa DeRosa, left, with the New York governor at a media briefing in May 2020.
dropped to 2,765, according to The seven-day average of leased a partial transcript of
the Journal analysis of the newly reported U.S. coronavi- the meeting on Friday. respond to an email seeking during the pandemic. crat from the Bronx, said the
Johns Hopkins data. Thursday rus cases, which helps smooth “We froze,” Melissa DeRosa, comment. In August, the de- State Health Commissioner governor’s office did ask for
saw an uptick to 2,781, which out irregularities in data re- the governor’s secretary, said partment said its inquiry— Howard Zucker said in early more time.
appeared to be influenced by porting, fell to 101,757 on according to the transcript. which sought information in August that the state was au- Senate Majority Leader An-
Ohio adding a backlog of fatal- Thursday, the lowest point in “We were in a position where four states with Democratic diting nursing-home death re- drea Stewart-Cousins, a Demo-
ities. three months, according to we weren’t sure if what we governors—wasn’t partisan. cords, preventing their release. crat from Yonkers, said that
The number of excess Johns Hopkins data. Hospital- were going to give to the De- Legislators, journalists and Ms. DeRosa reiterated during “crucial information should
deaths linked to the pandemic izations also have fallen to partment of Justice or what we the families of nursing-home the Wednesday meeting with never be withheld from entities
has significantly exceeded re- their lowest level in about give to you guys and what we residents who died from the vi- legislators that unreliable re- that are empowered to pursue
ported deaths from Covid-19, three months. start saying was going to be rus had requested more accu- cord-keeping practices made it oversight.”
used against us and we weren’t rate tallies of fatalities since difficult to determine how State officials changed their
Daily reported Covid-19 deaths in the U.S. sure if there was going to be an the spring, saying it was many nursing-home residents reporting practice for nursing-
investigation.” needed to develop policies that died outside of their facilities. home deaths in recent weeks
4,000 deaths Ms. DeRosa said the DOJ re- would prevent the virus’s State Senate Minority after a Jan. 28 report by Attor-
quest came as Mr. Trump was spread. Leader Robert Ortt, a Republi- ney General Letitia James, a
Two-week trend attacking Democratic gover- More than 15,000 residents can from Niagara County, said Democrat, found that the state
–15.6% ↓ nors on Twitter and had turned of New York’s nursing homes, an independent investigation Health Department understated
3,000 the issue of nursing-home assisted-living and adult-care should examine whether the the number of long-term-care
deaths into a “giant political facilities have died as a result administration obstructed the facility residents who died
Seven-day football,” according to the tran- of Covid-19, according to state federal probe. from Covid-19 by roughly 50%
rolling average
script. data. That represents roughly Ms. DeRosa said in a state- by limiting its reported tally to
2,000 Republicans said Ms. De- one-third of the state residents ment Friday that she was ex- residents who died in the facili-
Rosa’s statements were an ad- who have died from the dis- plaining the need to deal with ties where they reside—not
mission that the governor was ease, according to Johns Hop- the federal request first, and people who died after they
purposefully covering up the kins University. informed Democratic leaders of were transferred out of the fa-
1,000 administration’s actions, and Following oversight hear- the state Assembly and Senate. cility to a hospital.
reiterated calls for an indepen- ings, Democratic state lawmak- “We were comprehensive and Before Ms. James’s report,
dent probe. ers on Aug. 20 requested addi- transparent in our responses to the Health Department said
“Public health took a back tional information from the the DOJ, and then had to im- roughly 9,000 nursing-home
0 seat to public relations,” state state Health Department about mediately focus our resources residents had died from
March 1, Aug. 1 Jan. 1, Feb. Assembly Minority Leader Will nursing-home deaths. On Aug. on the second wave and vac- Covid-19. When people who
2020 2021 11 Barclay, a Republican from Os- 26, the Justice Department re- cine rollout,” she said. died out of their facility are in-
Notes: For all 50 states and D.C., U.S. territories and cruises. As of Feb. 11, at 6:21 a.m. wego County, said Thursday. quested information about the A spokesman for Assembly cluded, the nursing-home death
Source: Johns Hopkins Center for Systems Science and Engineering A DOJ spokeswoman didn’t state’s nursing-home policies Speaker Carl Heastie, a Demo- toll rose to more than 13,000.
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A8 | Saturday/Sunday, February 13 - 14, 2021 * *** THE WALL STREET JOURNAL.
FROM PAGE ONE
Coupang dominated e-commerce in

most U.S. and international
markets, Coupang has created
doors and delivers many items
in reusable containers that its
workers pick up later.
Unveils a rare moat around South Ko-

rea, fending off both global gi-
ants in its home turf. In its
Like most Silicon Valley
founder-led companies,
Coupang will employ a dual-
IPO Plan regulatory filing, Coupang said

that roughly $128 billion was
spent on e-commerce in the
class structure when it sells
stock to investors.
Coupang’s chief executive
country in 2019, a figure ex- and founder, Bom Suk Kim,
Continued from Page One pected to grow to $206 billion will have a class of stock with
nies. The stocks of some of the by 2024. 29 votes per share compared
largest and highest-profile The company also offers with one for anyone buying
IPOs of 2020—Airbnb Inc., grocery-delivery and other into the IPO.
Snowflake Inc. and DoorDash services. The IPO will mark a big po-
Inc.—soared on their respec- Unlike Amazon, Coupang tential win for SoftBank’s
tive first days of trading even doesn’t use the equivalent of mammoth Vision Fund. Should
after underwriters priced the U.S. Postal Service or pri- Coupang achieve a $50 billion
them above initial expecta- vate carriers like United Parcel valuation, the Vision Fund’s
tions. On Thursday, shares of Service Inc. to deliver its 38% stake would be valued at
online-dating company Bumble wares. The company has built around $19 billion, roughly
Inc. jumped 64% in their first its own delivery system and seven times what it paid for it.
day of trading. promises customers that if This would continue a streak
KIM HONG-JI/REUTERS
Founded in 2010 and they order items before mid- of recent wins for SoftBank.
backed by Japan’s SoftBank night, they can be delivered Coupang has raised funding
Group Corp., Coupang has be- before dawn the following from a range of investors in-
come one of the three largest morning. cluding Greenoaks Capi-
private-sector employers in Coupang also allows cus- tal, Sequoia Capital, BlackRock
South Korea. While Ama- tomers to return items by sim- Inc. and hedge-fund investor
zon.com Inc. and Alibaba have ply leaving them outside their William Ackman. The company’s U.S. debut is expected to be the largest by a foreign company since Alibaba’s listing.
Car Makers U.S. company with about a

third of sales to the auto indus-
try, started notifying customers
Face Chip about lean inventories late last

summer, said CEO Hassane El-
Khoury, but buyers were reluc-
Shortage tant to place orders, citing

their lack of certainty about the
economy and the coronavirus.
The chip problem largely
Continued from Page One remained hidden, as auto-parts
to comment on exchanges with suppliers through the summer
suppliers. VW, GM, Ford and and fall strained to get pro-
Honda said they are closely duction back to normal, hit by
monitoring the situation and other parts issues and absen-
working to limit the impact. teeism. That made it more dif-
Today’s cars use chips that ficult than normal to antici-
help control elements from en- pate a potential semiconductor
gines and transmissions to air shortage that was still months
bags, brakes and entertain- out, said a senior executive at
ment systems. a Detroit auto maker.
So the chip-shortage fall- Then car-chip orders
out—swift and global—has cast started coming in at volumes
a pall on the industry, exposing that swamped chip vendors.
structural problems for car MATTHIAS RIETSCHEL/DPA/ZUMA PRESS By late summer, nearly every
makers as semiconductors be- other chip-consuming segment
come more integral. Chip mak- was seeing historically high
ers and auto manufacturers demand. Microchip Technology
largely don’t expect the situa- warned auto-industry custom-
tion to normalize until at least ers its factories were strained.
the second half of the year. Several older chip factories
Ford CEO Jim Farley said in the U.S., Japan and Europe
on an earnings call this month: put closure plans on hold be-
“We cannot afford to be in the cause their businesses suddenly
situation we are with semicon- A chip shortage forced Volkswagen to stop production of some bestselling brands; a VW line in Germany last month. became profitable, said Bruce
ductors right now.” Kim, CEO of Surplusglobal Inc.,
The White House this week dent overseeing the automotive The shortage will drive the mand from companies that Markit. TSMC in its latest a South Korean broker of used
said President Biden was business unit at contract chip global auto industry to pro- benefited from the work-from- earnings report said the car in- chip-making equipment.
working to remedy chip short- maker Globalfoundries Inc., duce nearly 700,000 fewer home era fueling sales of lap- dustry accounted for 3% of its GM, which had given a bull-
ages in the auto industry. “They don’t know how the sau- cars than planned for the first tops, servers, smartphones quarterly revenue. ish outlook to suppliers over
Auto manufacturers have sage gets made at the bottom.” three months of 2021, said re- and other electronics. TSMC said the automotive the summer, in December sent
spent decades streamlining Some car makers blame the search group IHS Markit Ltd. “It’s everywhere,” said Mi- industry is an important area a letter to its suppliers asking
their supply chains, using their shortage on parts suppliers, Auto makers, citing the short- chael Hurlston, CEO of Synap- for it and it treated its cus- them to secure a year’s supply
muscle over parts makers to which generally do most of the age, have furloughed tens of tics Inc., which makes touch- tomers fairly and equally. of semiconductors to meet its
reduce their own costs by car- chip buying—they build the thousands of workers. pads and other sensor needs, according to a copy the
rying little inventory and rely- chips into the parts they then This week, GM expanded electronics requiring special- Journal reviewed. GM declined
ing on suppliers to deliver sell car makers—including so- the downtime at plants in ized chips. “It’s hitting us in Early recovery to comment on the letter, say-
components “just in time.” But called tier-one suppliers that Kansas, Canada and Mexico to mobile, it’s hitting us in auto- VW in spring 2020 began ing it is working with suppli-
car makers are finding they sell directly to auto makers. mid-March, citing the chip motive—it’s just semiconduc- telling Bosch and other major ers to avoid production cuts.
can’t dictate terms in the same “We expected a very strong shortage, and said it expected tors in general.” suppliers to expect a strong The car industry is rethink-
way to the chip industry with recovery after the summer and lost production from the Still, the car industry post-lockdown recovery, beg- ing its supply chains. VW offi-
its far-broader customer base. we expressed that quite shortage to erode its bottom largely operated as if electron- ging them to secure compo- cials said they are talking not
Auto-industry officials say clearly to our tier-one suppli- line by $1.5 billion to $2 bil- ics suppliers were at its mercy, nent supplies, according to in- just with suppliers but now
car makers’ top echelons don’t ers,” said Audi’s procurement lion this year. GM said it is re- ternal documents reviewed by also with chip vendors—rather
have as much certainty about chief, Dirk Grosse-Loheide. allocating chips to pickup The Wall Street Journal. than relying on parts makers
whether their suppliers can Bosch CEO Volkmar Denner trucks and big SUVs and work- Signs the industry rebound to strike deals. VW officials
procure the chips they need as this month told reporters: ing with suppliers to mitigate
‘They don’t know would be swift emerged soon said the company was consid-
they do over their traditional “The shortage concerns the the impact. “The situation is how the sausage gets after car companies in May ering buying chips directly or
car-parts suppliers’ ability to entire industry and we are in very fluid,” GM Chief Financial ramped up operations after a reserving capacity with chip
procure components. Unlike very close collaboration with Officer Paul Jacobson said on
made at the bottom,’ nearly two-month factory manufacturers that it would
with some other parts, said our customers and suppliers an earnings call this week. says a chip executive. shutdowns in North America. then make available to compo-
Mike Hogan, a senior vice presi- to mitigate the topic.” Ford has slashed or stopped GM, Ford and other car compa- nent suppliers.
production of some models, nies said in June they wanted A more likely outcome, said
blaming the shortage, includ- to reach near-pre-pandemic Mr. Grosse-Loheide, the Audi
ing America’s top-selling vehi- said Michael Schallehn, a Bain production levels by July 4. purchasing chief, is that car
cle, the F-150 pickup. It said it & Co. partner specializing in U.S. auto sales rebounded makers will demand greater
expected the chip shortfall to semiconductors. “Normally, faster than expected over the transparency from their part-
dent vehicle output by up to when they are calling on their summer. In July, VW manage- ners about supply-chain risks.
20% in the 2021 first quarter. suppliers, everyone is excited ment again told suppliers that Car companies, the execu-
Honda said it was working to about the large volumes,” he production would return near tive at one Detroit auto maker
blunt the impact and has ad- said. “But compare that to the pre-pandemic levels by year’s said, will probably need to
justed production, with most billions of smartphones and end, according to the people work more directly with chip
North American plants run- PCs that are being sold.” familiar with the discussions. suppliers and stockpile inven-
SAVE ning at reduced output.
Toyota Motor Corp. has
The auto industry bought
roughly $43 billion of chips in
Some parts suppliers were
skeptical that new-car demand
tory in some cases. With chips
increasingly crucial to cars,
$170 fared better, saying this week
on an earnings call that its
2019, roughly a tenth of the
global market semiconductor
would fully rebound and were
reluctant to order chips in the
Globalfoundries’ Mr. Hogan
said, there is little choice.
parts stockpile helped it market that year, according to volumes the car companies di- “The intimacy and impor-
through the shortage. Chinese Bain’s data. Taiwan Semicon- rected, said John Trentacosta, tance of semiconductor tech-
TOP auto makers are expected to

be less affected because they
typically carry more inventory,
credit-ratings firm Fitch Rat-
ings said in a Jan. 29 report.
ductor Manufacturing Co., the
world’s largest contract semi-
conductor maker by sales, is
the largest single producer of
the microcontrollers at the
a Detroit-area attorney repre-
senting suppliers. “A lot of sup-
pliers didn’t think things were
going to ramp up that quickly
and just didn’t manufacture to
nology to autos has crossed
over a magic line,” he said.
“Now we are here in a new au-
tomotive world order.”
—Stephanie Yang and
12
heart of the car industry’s sup- full volumes,” he said. Raffaele Huang contributed
ply shortage, according to IHS ON Semiconductor Corp., a to this article.
Self-inflicted wound
The car-chip pain is partly a
self-inflicted wound that traces
to the pandemic’s early days.
When the global economy went
into stasis, preparations for fu-
Wines You ture car production halted.
Need to Try Auto-parts suppliers in Febru-
ary and March reduced orders
for electronics, according to in-
Plus dustry executives, betting that
large volumes wouldn’t be
3 BONUS Bottles needed well into the future.
Some companies halted
shipments by invoking legal
clauses in their contracts that
SEBASTIAN KAHNERT/DPA/ZUMA PRESS
let them change terms because

of circumstances beyond their
control, such as natural disas-
ters, said Ganesh Moorthy,
CEO-elect of Microchip Tech-
nology Inc., an auto-chip sup-
plier based in Arizona.
Chip makers chose not to
Go to wsjwine.com/now 2WSJW1907
stockpile parts and wait for
car makers’ orders—a decision
made easier by surging de- A semiconductor wafer at chip maker Globalfoundries in 2019.

WORLD NEWS
China Refuses to Give WHO Covid Data
Officials withhold raw ter Ben Embarek, said Tuesday
that the virus most likely
personal patient spread to a human from an an-
information that could imal, rather than from a labo-
ratory accident.
help determine origins Liang Wannian, head of the
Covid-19 expert panel for
BY JEREMY PAGE China’s National Health Com-
AND DREW HINSHAW mission, said Tuesday that Chi-
nese authorities had tested
BEIJING—Chinese authori- blood samples for antibodies
ties refused to provide World and checked medical records
Health Organization investiga- from 233 hospitals and clinics,
tors with raw, personalized but hadn’t found evidence of the
data on early Covid-19 cases virus spreading around Wuhan
that could help them determine before early December 2019.
how and when the coronavirus WHO Director-General
HECTOR RETAMAL/AGENCE FRANCE-PRESSE/GETTY IMAGES

first began to spread in China, Tedros Adhanom Ghebreyesus
according to WHO investiga- said the U.N. agency hadn’t
tors who described heated ex- ruled out any hypothesis.
changes over the lack of detail. A summary report of the
The Chinese authorities mission’s findings will be pub-
turned down requests to pro- lished hopefully next week,
vide such data on 174 cases of with a full report in the com-
Covid-19 that they have identi- ing weeks, he said Friday.
fied from the early phase of the WHO team members said
outbreak in the Chinese city of they are still seeking access to
Wuhan in December 2019. The other potential sources of in-
investigators are part of a formation in China, including
WHO team that this week com- blood banks and stored sam-
pleted a monthlong mission in ples from patients with respi-
China aimed at determining ratory diseases, which could
the origins of the pandemic. Medical workers in Wuhan transport a patient. Peter Ben Embarek, of WHO, says the virus likely spread to a human from an animal. reveal if the virus was spread-
Chinese officials and scien- ing before December 2019.
tists provided their own exten- gations, team members said. the Chinese authorities said lar respiratory disease. Dr. Dwyer and Thea
CHRISTOPHER BLACK/WORLD HEALTH ORGANIZATION/AFP/GETTY IMAGES
sive summaries and analysis of “They showed us a couple of the first patient with symp- The WHO lacks the power to Fischer, a Danish epidemiolo-
data on the cases, said the examples, but that’s not the toms was reported. Earlier de- compel member governments— gist among the WHO investi-
WHO team members. They same as doing all of them, tection of the disease could who elect the leaders and fund gators, said a Wuhan blood
also supplied aggregated data which is standard epidemiolog- have halted its spread before the budgets of the United Na- bank agreed to join a future
and analysis on retrospective ical investigation,” said Domi- it exploded into a world-wide tions agency—to furnish it with study looking for antibodies in
searches through medical re- nic Dwyer, an Australian micro- pandemic that has so far killed data. That leaves it dependent samples from a representative
cords in the months before the biologist on the WHO team. “So more than 2.3 million people. on cooperation from China. group of healthy donors.
Wuhan outbreak was identi- then, you know, the interpreta- About 90 hospital patients The refusal of the Chinese “If you really want to look at
fied, saying that they had tion of that data becomes more had Covid-19-like symptoms in authorities to provide raw, how early the virus started cir-
found no evidence of the virus. limited from our point of view, central China in the two months personalized data on the 174 culating in the population, you
But the WHO team wasn’t although the other side might before the Wuhan outbreak was early Covid-19 cases, and on have to…look at serum studies,
allowed to view the raw under- see it as being quite good.” identified, according to WHO in- potential earlier cases such as blood studies,” Dr. Fischer said.
lying data on those retrospec- China’s National Health vestigators, The Wall Street pneumonia patients in the “The virus has definitely cir-
tive studies, which could allow Commission and foreign min- Journal reported Wednesday. months before December 2019, culated in the population before
them to conduct their own istry didn’t respond to re- Chinese authorities per- led to heated discussions be- the first clinically serious cases
analysis on how early and how quests to comment. formed antibody tests on that tween the WHO team and their became known,” she said.
extensively the virus began to China’s reluctance to pro- group more than a year later, Chinese counterparts during “There’s a lot of pressure on the
spread in China, the team vide the data adds to concerns when antibodies may have the mission, Dr. Dwyer said. hypothesis that it began here in
members said. Member states among many foreign govern- week it wants to see data un- subsided to undetectable lev- No agreement had been Wuhan, with sporadic cases that
typically provide such data— ments and scientists about a derlying the WHO probe. els. All were negative. The lost reached for China to provide have been documented around
anonymized, but disaggregated lack of transparency in China’s The WHO investigation has time leaves researchers unable the raw data by the time the the world, but so far, I think the
so investigators can see all approach to the hunt for the examined whether Covid-19 to say whether those patients WHO team left Wuhan this scientific evidence I have seen
other relevant details on each pandemic’s origins. The U.S. was spreading in China before may have been Covid-19 cases week, he said. from other places…doesn’t yet
case—as part of WHO investi- State Department said this early December 2019, when or were suffering from a simi- The WHO team’s leader, Pe- compare in any way.”
U.S. Tariffs Draghi Is Named Italy’s Prime Minister

Remain on BY GIOVANNI LEGORANO cal support from key EU lead-
ers and sidelining opponents.
European Mario Draghi, the former

head of the European Central
Bank, has been named Italian
“I graded his performance
as straight A,” U.S. Treasury
Secretary Janet Yellen, who as
Wine and prime minister after persuad-

ing nearly all of the country’s
squabbling parties to support
Federal Reserve chairwoman
dealt often with Mr. Draghi,
told The Wall Street Journal in
Some Food his government, raising hopes

that he can succeed where
many others have failed: in
2019. “ ‘Whatever it takes’ will
go down in the annals of cen-
tral banking history as one of
BY YUKA HAYASHI leading Italy out of its deep the most important interven-
economic malaise. tions ever. It’s hard to imagine
WASHINGTON—The Biden Italy’s head of state, Presi- where we would be without it.”
administration says it won’t be dent Sergio Mattarella, ap- Fixing Italy’s economy means
ending tariffs on imported Eu- pointed Mr. Draghi and his overcoming a litany of problems
ALESSANDRO DI MEO/PRESS POOL
ropean wine, cheese and other proposed ministers late Friday, that hold back investment and
food imports anytime soon—to ahead of a formal swearing-in job creation, including onerous
the dismay of industry groups to be held the following day taxes, regulations and bureau-
who say the levies are hurting and a parliamentary vote of cracy, slow-moving courts, an
U.S. restaurants and consumers. confidence early next week. outdated and underfunded edu-
The Office of the U.S. Trade Mr. Draghi is set to take over cation system and crumbling in-
Representative said Friday it the European Union’s third-big- frastructure. But unlike previous
is unnecessary for now to sus- gest economy after Germany’s technocratic prime ministers
pend the levies, which were and France’s, as Italy battles such as Mario Monti, who had
imposed by the Trump admin- persistently high Covid-19 con- Mario Draghi is set to take over the European Union’s third-largest economy amid the Covid-19 crisis. to impose painful fiscal re-
istration as part of a long- tagion, an agonizingly slow trenchment at the same time as
standing dispute with the Eu- vaccine rollout and restrictions which has stagnated since the years to make a difference. crisis when he was ECB chief; enacting overhauls, Mr. Draghi
ropean Union about on daily life that are holding 1990s, has bedeviled would-be Italian parties will return to and the pot of money that the has plenty of money to spend.
commercial-aircraft subsidies. the economy in recession. reforming leaders who briefly competing for power in parlia- EU has promised Italy to sup- Italy is due to receive more
In a regulatory filing, the Reviving economic growth in carried the country’s hopes but mentary elections by 2023 at port its economic recovery. than €200 billion, equivalent
USTR said it would “continue Italy is vital for the EU and its ended as disappointments. the latest. As ECB chief in 2012, Mr. to $242 billion, in grants and
to consider the action taken in common currency because It- Mr. Draghi, a 73-year-old, He brings two main assets to Draghi defused a sovereign- cheap loans from the EU to
the investigation,” referring to aly’s deep debts and chronically U.S.-trained economist who the task: his reputation in Italy debt crisis that threatened to help its recovery and support
a 17-year dispute about how low growth are the biggest has worked at the World Bank, and the EU for both economic destroy the euro by pledging to overhauls. The last govern-
governments subsidize Boeing sources of doubt about the Goldman Sachs Group Inc. and expertise and diplomatic deft- do “whatever it takes” to stabi- ment, a left-leaning coalition
Co. and Airbus SE. The Biden euro’s long-term stability. How Italy’s treasury and central ness, based on his successful lize panicking bond markets, under Prime Minister Giuseppe
administration has said it is to reanimate Italy’s economy, bank, will have at most two handling of the eurozone debt after quietly negotiating politi- Conte, collapsed in January.
reviewing the tariffs and other
major trade-policy actions ad-
opted by the previous admin-
istration.
Under the Trump adminis-
tration, the dispute turned into
U.K. Economy Suffers Biggest Slump in 300 Years
a tariff fight that snared food BY JASON DOUGLAS 8.8%, according to provisional painful for the economy, where On a per capita basis, the coiled spring” ready to release
and beverage industries unre- AND PAUL HANNON estimates. German GDP de- a higher share of national in- death toll in the U.K. is higher pent-up spending. Mr. Johnson
lated to aircraft manufacturing. clined 5%. The U.S. shrank 3.5%. come is spent on recreation than the U.S. and other hard- is expected to set out plans for
Washington imposed tariffs on LONDON—The U.K. econ- However, the data showed and similar services that re- hit large countries. a phased reopening of the
$7.5 billion worth of European omy recorded its biggest con- the U.K. economy grew at an quire face-to-face contact than The U.K. has, however, economy later this month.
wine and food items such as traction in more than three annualized rate of 4% in the fi- in other comparable economies. raced ahead of many other ad- Progress with the vaccina-
cheese and olives in late 2019. centuries in 2020, according to nal quarter of the year, aided by The U.K. also kept restric- vanced economies in the speed tion drive means some busi-
The European Union hit official estimates, highlighting government spending and a an tions on daily life and the of its vaccine rollout, putting nesses are starting to look for-
back with levies on U.S. whis- the Covid-19 pandemic’s eco- uptick in business investment. economy in place for longer it on course for a faster recov- ward to a revival later this
key, nuts and tobacco valued nomic toll on a country that The decline in U.K. GDP in ery, according to economists. year, and a strong 2022.
about $4.5 billion. The U.S. also has suffered one of the 2020 was the largest in more British regulators were the The arts-and-entertainment
9.9
stepped up the sanctions on world’s deadliest outbreaks. than 300 years, according to first in the West to authorize a sector, for instance, was par-
Dec. 31 with additional tariffs, Though the U.K. is grappling Bank of England data, though vaccine in early December. ticularly hard hit during the
placing virtually all wine im- with a new, highly contagious the preliminary estimate is Data through Thursday shows pandemic, with output down
ports from France and Ger- variant of the coronavirus, likely to be revised. BOE data the U.K. has given at least one almost two-thirds in December
many under its 25% tariff. Prime Minister Boris Johnson shows the economy last re- Percentage gross domestic dose to about a fifth of its compared with February 2020,
The decision to maintain is hopeful that a rapid vaccina- corded a comparable drop in product shrank over 2020 population. That compares the month before the pan-
the status quo came despite tion drive will permit a grad- 1921, when it shrank 9.7% dur- with 14% in the U.S. and 4% in demic changed the direction of
intense lobbying by the U.S. ual reopening of the economy ing the depression that followed France and Germany. the U.K. economy.
restaurant and beverage in- in the coming months, paving World War I. The economy last The Bank of England said “It feels to me that we will
dustries that are reeling from the way for a consumer-driven recorded a bigger contraction in than some of its peers as it this month that it expects a be back up and running in
the impact of the pandemic. rebound later in the year. 1709, when it tumbled 13% dur- struggled to bring down sharp rebound in consumer May,” said Tim Richards, chief
“These food and wine tar- Gross domestic product ing an unusually cold winter Covid-19 case loads, limiting spending in the second half of executive of Vue International,
iffs are impacting one of the shrank 9.9% over the year as a known as the Great Frost. the extent of its post-lock- the year. Government-support which operates cinemas in
most vulnerable sections of whole, the Office for National Britain was hit especially down recovery in the summer. programs have kept a lid on nine European countries, in-
the economy at the worst Statistics said Friday, the larg- hard in the 2020 second quar- The U.K. has suffered one of job losses and supported cluding the U.K. He said he be-
point in generations,” said Ben est annual decline among the ter as a nationwide lockdown the worst Covid-19 outbreaks, household incomes. Andrew lieves his cinemas can expect a
Aneff, president of the U.S. Group of Seven advanced econ- took effect. Social distancing with more than 120,000 deaths Haldane, the U.K. central burst of activity as a backlog
Wine Trade Alliance, a group omies. France’s economy shrank and the closure of restaurants, linked to the virus and at least bank’s chief economist, has of blockbusters hits the
representing wine importers. 8.3% and Italy’s contracted bars, hotels and theaters were four million people infected. likened the economy to “a screens this year.

A10 | Saturday/Sunday, February 13 - 14, 2021 * ***** THE WALL STREET JOURNAL.
OBITUARIES
W I L L I A M T. D E N T Z E R J R . ROBERT CONGEL
1929 — 2021 1935 — 2021
Executive Helped Unsnarl Mall Tycoon Pursued

Towering Ambitions
Trading on Wall Street
R
obert Congel, who got his With a $175 loan from his ma-
start installing sewer lines, ternal grandfather in 1968, he co-
thought big. He aimed to founded a construction company
BY JAMES R. HAGERTY eral years. build America’s largest shopping that evolved into today’s Pyramid
I
He joined the U.S. Agency for In- mall and No. 1 tourist attraction group of companies.
n the late 1960s, long before ternational Development in 1960 on the shores of Onondaga Lake In the 1980s, he acquired land
anyone dreamed of and worked on foreign-aid pro- in his native Syracuse, N.Y., while for a mall, marina and offices
GameStop Corp. or crypto- grams for Latin America. In 1965, promoting renewable energy to about a mile north of downtown
currencies, many Americans the agency sent him to Lima, Peru, cure the U.S. of what he called its Syracuse, near a sewage-treatment
fixated on go-go stocks that as director of its mission there. “petroleum addiction.” plant. A rival retailer dubbed the
seemed to promise instant wealth. After returning to the U.S. he In 2005, he told the New York project Swamparama. Mr. Congel
When trading volume exploded, briefly served as executive director Times the mall would “produce bought a used merry-go-round for
the quaint back offices of Wall of the New York State Council of more benefit for humanity than $350,000 and restored it as a cen-
Street brokerages—reliant on pens Economic Advisers, a body which, any one thing that private enter- terpiece for the Carousel Center
and teetering stacks of paper— he said later, “really should not prise has ever done.” Though he mall, opened in 1990.
couldn’t keep pace. have existed.” In 1970, Gov. Nelson didn’t achieve his grandest ambi- In 2012, his company com-
The paperwork crisis was so se- Rockefeller named him New York tions, Mr. Congel transformed a pleted an expansion of the mall
vere that the New York Stock Ex- state’s banking superintendent. tangle of scrapyards and old oil and renamed it Destiny USA. It
change temporarily ceased Wednes- In 1972, Mr. Dentzer was named tanks in his hometown into one of includes a theme park with such
day trading, giving brokers time to chief executive of Central Certifi- the biggest malls in the U.S. attractions as laser tag and simu-
ensure stock certificates and pay- cate Service Inc., a service created Mr. Congel died Feb. 3. He was lated earthquakes.
ments ended up in the right places. by the New York Stock Exchange to 85 and had Alzheimer’s disease. —James R. Hagerty
As brokerages installed computers allow the transfer of securities
and tried to make them work effec- among brokerages via electronic
tively, fixed costs soared. High was born Aug. 29, 1929, in Roches- bookkeeping entries rather than by
costs then destroyed some of those ter, Pa., where his father sold ad- having messengers lug paper cer- W I L L I A M EAG L ES O N
firms when trading volume, and vertising for the local newspaper. tificates from one office to an- 1925 — 2021
commissions, crashed. At what is now Muskingum Univer- other. He reorganized that opera-
William T. Dentzer Jr., who died sity in New Concord, Ohio, the tion and renamed it Depository
Jan. 25 at the age of 91, was part
of the solution to that crisis. A for-
mer New York state banking su-
younger Mr. Dentzer majored in
political science and starred on the
debate team. His successful cam-
Trust Co., owned by its users.
As head of the Depository Trust
until his retirement in 1994, he
Banker’s Task Was
perintendent, he was the founding
chief executive of Depository Trust
Co., created in 1973 to help Wall
paign for student body president
featured the memorable slogan:
“Don’t be dense, vote for Dentzer.”
aimed for efficiency. “I had ob-
served that Wall Street overpaid it-
self at senior and high revenue-pro-
To Erase Bad Loans
Street manage its paperwork more ducing levels,” he wrote in a 2008
A W
efficiently. fter graduating in 1951, he book, “The Depository Trust Com- illiam Eagleson, a World bank,” Mr. Eagleson told the
The DTC was a forerunner of to- served as president of the pany.” He imposed expense controls War II Navy veteran Pittsburgh Press in 1989. “We
day’s Depository Trust & Clearing National Student Associa- and required employees, including from Philadelphia, spent don’t take deposits, and we don’t
Corp., or DTCC, a clearinghouse tion, a confederation of student himself, to fly economy class. his career expanding banks. His make loans.” It was known as a
that processes trades and ensures governments, a job that involved In 1985, clerical employees of final assignment was to shrink bad bank, a model used to rescue
that sellers receive their money traveling around the country and Depository Trust went on strike. one, as quickly as possible. other flailing lenders.
and buyers take ownership of their sleeping on dormitory sofas and Mr. Dentzer sent in managers and In 1988, three years after retir- He speeded up the selling pro-
securities, even if one of the par- floors. Mr. Dentzer later said some temporary workers to perform ing as chairman of Mellon Bank cess because he knew more junk
ties goes bust before the transac- of the money he raised for that clerical tasks. “Our view, my view, Corp., Mr. Eagleson was called loans would hit the market as
tion is completed. group was covertly funded by the was that we had to operate back. Mellon, led by Frank Ca- federal regulators acquired assets
The DTCC was in the news re- Central Intelligence Agency but he through a strike, through a snow- houet, had come up with a novel of failing savings and loan associ-
cently when it required brokers to wasn’t informed of the source im- storm, through anything,” he said plan to shunt its ill-starred real- ations and sold them through
provide more collateral to cover mediately. His law school studies, in a 2011 oral history. The union estate and energy loans into a Resolution Trust Corp.
the risks of surging volume in at Yale University and the Univer- and company settled the dispute new, separately owned bank, Grant Street National Bank fin-
shares of GameStop and other se- sity of Pennsylvania, ended when within about two weeks. Grant Street National Bank. As ished its fire sale and dissolved
curities at the center of a specula- he was drafted into the Army. Mr. Dentzer is survived by his chairman and chief executive of itself in 1995. Mellon, shorn of its
tive trading frenzy. The Army sent him to Fort Jack- wife of 68 years, Celia Dentzer, Grant Street, Mr. Eagleson’s job problem loans, survived and is
Mr. Dentzer, who in recent son in South Carolina, where his along with four children, eight was to oversee the sale of those now part of Bank of New York
years lived in Rye, N.Y., died in a duties included teaching soldiers grandchildren and a sister. loans and other assets at knock- Mellon Corp.
hospital of pneumonia, unrelated to type. In 1956, the Army sec- down prices, while recouping as Mr. Eagleson died Feb. 5. He
to Covid-19, his family said. onded him to the CIA in Washing- Read in-depth profiles at much as possible for shareholders. was 95.
William Thompson Dentzer Jr. ton, D.C., where he worked for sev- WSJ.com/news/types/obituaries “We’re a very special kind of —James R. Hagerty
WORLD NEWS
Beijing Rebukes Energy Agency Over Pollution

Move signals to some thorized by two of China’s top nered global headlines when he Coal consumption in China Global Energy Monitor. placed the energy agency’s
state authorities, the Chinese told the United Nations General Last week, China named Xie deputy director under investi-
that regulators have Communist Party’s Central Assembly that China would 5 billion short tons
Zhenhua, a chief negotiator gation for serious disciplinary
been empowered to Committee and the country’s achieve carbon neutrality—net and architect of the Paris cli- violations, a common code for
cabinet—signaled to some that zero carbon-dioxide emis- mate agreement, as China’s en- corruption charges. In Novem-
counter coal industry environmental regulators in sions—by 2060, with emissions 4 voy on climate and counter- ber, authorities found 534 offi-
one of the world’s worst pol- peaking before 2030. Within part to the U.S.’s special envoy, cials guilty of corruption-re-
BY SHA HUA luters had been empowered to weeks, neighboring Japan and John Kerry. “This is clearly a lated offenses in Inner
counter the country’s en- South Korea followed suit, say- tailored move towards the Mongolia, one of the country’s
HONG KONG—The environ- trenched coal industry. ing they would reach carbon 3 U.S., an effort to ensure the most coal-reliant provinces,
mental report was unusually “China’s top leaders are neutrality by 2050. diplomatic channels are there,” following a probe into coal-
harsh: China’s National Energy saying that in the future, it’s The pledge triggered skep- said Li Shuo, senior global pol- mine development during the
Administration had skirted air- impossible to think about the ticism, however. China has 2 icy adviser at Greenpeace. past two decades.
pollution regulations, allowed economy and energy without long been heavily dependent There have been other recent Experts are looking toward
excess construction of coal also considering climate,” says on the coal industry for jobs indications that China’s top China’s annual legislative con-
plants and failed to heed Zhou Xizhou, a managing di- and as a source of energy. Coal leaders are pushing to meet clave in March, when leaders
leader Xi Jinping’s instructions rector at IHS Markit who ad- accounted for 58% of the 1 their climate goals and increas- will release their economic
on environmental matters. vises a number of Chinese country’s energy mix in 2019, ing scrutiny of the coal industry. blueprint for the five years
“Some comrades at the Na- state-owned energy companies according to the National Sta- China is planning to ask re- through 2025, for further signs
tional Energy Administration and says Beijing’s renewed tistics Bureau. 0 gional grid companies to in- that priorities may be shifting.
believe that the energy sector’s emphasis on environmental While coal’s share of China’s crease the amount of power The coal sector still wields
’00 ’05 ’10 ’15 ’19
most important task is to en- protection caught these firms energy use has declined from purchased from non-fossil-fuel significant political influence,
sure supply and that excessive by surprise. 68% in 2012, the absolute vol- Source: U.S. Energy Information Administration sources to 40% by 2030, up presenting itself as the most
ecological requirements will The National Energy Ad- ume of China’s carbon emis- from 28% in 2020, according to abundant and secure energy
increase production costs for ministration, which has 30 sions has steadily climbed over me some hope, but then I see a draft policy from the National source and a major employer,
enterprises,” China’s Ministry days to respond, said it would that stretch to 10.2 billion tons the reality on the ground and Energy Administration viewed according to Ilaria Mazzocco,
of Ecology and Environment work quickly to address the is- a year, from 9.6 billion tons. become skeptical again,” said by The Wall Street Journal. senior research associate at
said in a report last month. sues identified in the report. “The recent slew of news Yu Aiqun, a researcher with In October, the Communist MacroPolo, a Chicago-based
The rare public rebuke—au- In September, Mr. Xi gar- has given climate activists like the U.S.-based nonprofit Party’s disciplinary watchdog think tank focused on China.
WORLD WATCH
CANADA MEXICO MYANMAR
Gun Maker Can Be Bags of Hacked-Up Rights Council Calls
Held Liable in Attack Body Parts Found For Leader’s Release
A Canadian court ruled Friday Prosecutors in the Mexico The U.N.’s top human-rights
that victims of a 2018 shooting state of Jalisco say that police body passed a consensus resolu-
in Toronto have a viable legal have found 18 plastic bags full of tion Friday urging military lead-
claim of negligence against gun hacked-up body parts on the out- ers in Myanmar to immediately
maker Smith & Wesson Corp. skirts of the city of Guadalajara. release Aung San Suu Kyi and
BART MAAT/AGENCE FRANCE-PRESSE/GETTY IMAGES
for failing provide safeguards on Police found one human limb other civilian government lead-
the gun used by the shooter. near a highway overpass, which ers detained after a military
Judge Paul Perell of the Su- led them to the heap of taped- coup, while watering down an
perior Court of Ontario said in up bags in a gully nearby, the initial draft text amid pressure
the ruling that a stolen Smith & agency said late Thursday. The led by China and Russia.
Wesson handgun used by the severed limbs are being exam- In a special session at the Hu-
shooter didn’t include available ined to determine how many man Rights Council, the original
smart-gun technology that re- corpses the parts belonged to. resolution presented by Britain
stricts use to authorized individ- In November, authorities re- and the European Union was re-
uals. covered 113 bodies and additional vised to remove calls to bolster
Such a lapse, he said, is suffi- human remains from a secret the ability of a U.N. rights expert
cient grounds for the families to grave in El Salto, just outside to scrutinize Myanmar and for re-
proceed with their class action. Guadalajara. A total of 189 straint from the country’s military
Canadian law requires judges GLIDING INTO THE WEEKEND: People ice skated on Hofvijver pond in The Hague on Friday. corpses were discovered in the officials.
to certify that class actions have town throughout 2020. The After the updated resolution
a reasonable chance of success judge finds the company failed its who were shot in a busy restau- shootout with police. state is home to the Jalisco New passed with no opposition, Chi-
before they can proceed. The legal duty to provide safeguards rant district in Toronto. In the U.S., the gun industry Generation Cartel, one of Mex- nese Ambassador Chen Xu
ruling clears the way for the on the gun, the decision said. An 18-year old woman and has been largely free of lawsuits ico’s most violent and powerful. thanked the sponsors for
case to continue. Smith & Wesson didn’t respond 10-year-old were killed, and sev- since a 2005 federal law granted More than 80,000 people are “adopting our recommendations”
Smith & Wesson argued the to a request for comment. eral others were injured. it immunity from liability claims listed as missing since Mexico’s but said China still was distanc-
case could have “industry shatter- The class action participants The shooter, Faisal Hussain, over gun violence. drug war began in 2006. ing itself from the measure.
ing consequences” if a class-action are family members and victims 29, of Toronto, died following a —Jacquie McNish —Associated Press —Associated Press

FROM PAGE ONE
Refugee
Couple Are
Separated
million in Myanmar has been
sundered, not by a single ac-
tion, but by a series of blows
that have left a people with no
place to call home.
A military coup in Myanmar
last week leaves the Roh-
ingya’s chances of returning to
their homeland more distant
than ever. Civilian leaders in-
cluding Aung San Suu Kyi
were detained in a predawn
raid, and power was trans-
ferred to the military chief
who oversaw the 2017 assault
MAHMUD HOSSAIN OPU FOR THE WALL STREET JOURNAL(3)

against the Rohingya.
Myanmar, 2013: The

Boat People
The events that led to
Sadeka’s departure go back to
2013, when her older brother
became the first in a long line
of family members to leave il-
licitly by boat. To reconstruct
their journeys, The Wall Street
Journal interviewed seven
members of her immediate
and extended family who, like
many Rohingya, don’t use a
family name. Their accounts
were corroborated by inter- hicle, stacked on top of others being erected each day and The Bangladesh camp, above, where Rohingya refugee Hazera Khatun holds identification cards
views with U.N. and govern- as they surreptitiously crossed protected forests were being belonging to her daughters Sadeka and Rajiya, who are now being held on a remote island.
ment officials; human rights into Malaysia. felled to make room for more
and legal experts; and reports “It was like hell, the way we refugees. The camps expanded
by investigators. came here,” Abdul said, from to occupy an area spanning 10
In the months before his his home in Kuantan, Malay- square miles. After the exodus,
clandestine trip, their Muslim sia. the area would host more Roh-
community, the Rohingya, had ingya than any other place in
begun facing a tightening web Myanmar, 2017: The the world, including their rav-
of restrictions in the Buddhist- Exodus aged homeland.
majority country. The mea- In 2017, the whole family
sures were introduced after was torn from its home. The Bangladesh, 2018: Exile
communal riots pitting Bud- Myanmar army had begun an Sadeka’s family withstood
dhists against Muslims in indiscriminate crackdown in about a year in the camps be-
2012, which had sowed deep response to an attack by Roh- fore it again began to fray.
suspicion and anger. ingya militants that killed a This time she saw her second-
Authorities came down dozen security personnel. In oldest brother, Roshidul Haq,
hard on the Rohingya, who the months following the of- risk death in the hope of a
were long demonized as non- fensive, more than 740,000 less-miserable life.
natives. Sadeka’s father, a Rohingya men, women and Sadeka was filled with con-
middle-school teacher, lost his children poured across the stant dread that life as she
job. The oldest son, Abdul border to Bangladesh with ac- knew it was over. By now 18,
Haq, said he felt he needed to counts of mass killings, gang she hadn’t attended school for
step up. rapes and the razing of entire several years—formal educa-
By the time the boat he villages by soldiers. Myanmar tion for Rohingya girls often
took slowed to a stop some- authorities said they were car- stops when they reach pu-
where near Thailand, Abdul rying out counterterrorism op- berty—and marriage seemed
was so feeble he needed to be erations. an unattainable dream.
lifted by his wrists and ankles. It took them three days to
Over the next few days, he reach Bangladesh, arriving on Balukhali Refugee Camp,
limped through palm-oil plan- the already-crowded bank of 2019: The Proposal spent years diligently saving the months passed. Last corted them back out into in-
tations, sugar-cane fields and the Naf River. With two brothers living his earnings with the aim of spring, she almost made it. ternational waters, to return
wooded jungles. Later, he lay Not far from there, thou- away, Sadeka wondered if she, eventually starting a family. Her boat had been at sea to Bangladesh.
on the floor of a hatchback ve- sands of makeshift tents were too, could make a run for free- His first job in Malaysia for weeks, maybe a month,
dom. was demolishing old buildings with more than 300 refugees Bangladesh, 2020: The
Thwarted Journey Then one day in mid-2019, and replacing them with mod- on board. Sadeka’s 18-year-old Island
as the monsoon season driz- ern townhouses. For the past sister had joined the trip, as Her destination, she later
Sadeka Bibi tried to flee a Rohingya refugee camp in Bangladesh
zled toward an end, a mar- three years, he has worked at had her cousin, who like found out, was Bhasan Char, a
for Malaysia where Dil Muhamad is waiting to marry her.
riage proposal arrived in the a factory fabricating slabs of Sadeka was engaged to a man small island about three hours
form of a visitor. The unan- kitchen and bathroom coun- in Malaysia.. by boat from the nearest
4 Bhasan Char nounced stranger said he had tertops for $15 a day. At first, Sadeka chatted mainland town in Bangladesh.
A a friend in Malaysia who was At age 26, Dil was slight, with the women around her It didn’t exist until 2003,
1 Teknaf MYANMAR searching for a wife. Sadeka’s soft-spoken and shy. He al- about their families and how formed by a buildup over the
(BURMA) father, he had heard, had ways imagined he’d marry a they found the men they were last two decades of loose dirt
pretty daughters. girl from his Myanmar village, going to marry. “Just chit chat, spit out from the Meghna
3 As talks progressed, the but it was destroyed during you know, girly things,” she River.
Naypyitaw man in Malaysia seemed more the 2017 military violence. said. But they were soon con- In official materials, Ban-
and more like a perfect match. “The villages are broken,” sumed by worry and fatigue gladesh refers to the island as
She learned his name, Dil Mu- he said. “Now everything is all “The Beacon of Hope.” The
hamad. Her parents told her mixed up.” government envisioned it as a
that his family, also residents Dil says he has grown to solution to overcrowding in
of the camps, seemed good love Sadeka over the year
‘I liked his picture,’ the refugee camps.
THAILAND and honest. since their marriage was ar- Sadeka said. ‘I Sadeka and the others were
“I liked his picture,” Sadeka ranged, and believes she feels its first inhabitants other than
said. “I thought he would be the same.
thought he would be construction crews. Thousands
Bangkok good for me.” good for me.’ more have joined them since
Dil agreed to pay for Bay of Bengal, 2020: 11 they arrived.
Sadeka’s illicit journey. Her Tries She described life there as
engagement gifts were spare Sadeka tried 11 times to unbearable. She shares a 12-
because she wouldn’t be able reach Malaysia, where they and lost interest in talking. foot by 14-foot room with her
to take much with her. could finally be together. Hopes peaked when the sister and cousin. They’re not
Dil’s friend, who had dis- Her family and fiancé grew boat slowed one day and the allowed to walk more than a
Andaman Sea
covered the young woman, more anxious with every fail- crew announced they would be few yards from their room.
snapped a family portrait and ure, and parting with her par- taken ashore after nightfall. The barrels of stagnant wa-
sent it to him over the mes- ents pained her no less each But it was too late. They’d ter provided to drink and
saging app Imo. It was the time. But they were all too in- been spotted. bathe from are so full of in-
first time Dil laid eyes on her, vested in the plan to abandon A small boat approached, sects and debris, she and the
and while he was overjoyed, it, with a large down payment then another. Sadeka wasn’t other refugees strain it
he deleted the photograph. It already made and mounting sure what was happening, but through cloth. Their skin
2 wasn’t proper to possess a fees for each attempt. she knew it wasn’t good. The bursts with painful lesions
picture of a woman who “Sometimes I felt like it’s crew later explained to a few Sadeka believes are caused by
wasn’t his wife, even if she just never going to happen for refugees that the boats be- dirty water.
MALAYSIA would be someday. me, like maybe it’s never going longed to Thai and Malaysian One woman attempted sui-
Kuala to work with this girl,” Dil, her authorities, telling them the cide by hanging herself with a
Lumpur Malaysia, 2020: The fiancé, said. “But I made a borders were closed due to the headscarf before others
INDONESIA Man Across the Sea commitment. I have to get her coronavirus. stopped her. “All the women
Dil, like Sadeka’s oldest here.” Refugees scrambled as a he- here think about it,” Sadeka
200 miles Pekan Nanas, where brother, was one of the boat She discussed each licopter approached to lower a said, in a two-hour telephone
200 km Dil Muhamad is people. He had migrated ille- thwarted attempt with Dil, crate of food. A little while call recently.
gally to Malaysia in 2014 and more determined to leave as later, one of the boats es- At she can talk on the
phone with her loved ones ev-
ery now and then, though it
took weeks of planning for her
to get one.
The power outlets in their
PHOTO BY SUZANNE LEE/PANOS FOR THE WALL STREET JOURNAL
rooms didn’t work, so they de-

vised a way to charge their
phone by unscrewing the light
bulb from a ceiling fixture,
stripping the wires on the end
of the charger and affixing
them to the socket. They leave
the phone dangling from the
ceiling as it recharges.
Sometimes when the coast
is clear, Sadeka dials Dil in
Malaysia, hangs up, and waits
for him to return the call. She
tells him what she ate that
morning, invariably a South
Asian lentil porridge. Then he
listens helplessly as she begs
Hazera Khatun, left, holds the hijab that belonged to Sadeka, who is engaged to marry Dil Muhamad, shown in his room in back of an industrial building in Malaysia. for a means of escape.

SPORTS
Kevin Durant Beat
The Worst Injury
In Basketball
The Brooklyn Nets star is playing like an MVP again. And he’s coming
off a torn Achilles tendon. How did he do it?
points per game with the highest his last game.
I
BY BEN COHEN shooting percentages of his career. It That delay appears to have been
would be a letdown if this Brooklyn worth it for Durant—and for the
t takes a special type of Nets team with Durant, James Nets. They gave him a four-year con-
emergency to leave a meal at Harden and Kyrie Irving finished the tract knowing they would pay him
Rao’s. season with anything less than the $38 million to not play for a year,
Martin O’Malley was eat- best offense in NBA history. and not knowing what kind of player
ing dinner at the classic Ital- But there’s another measure of they would get for the next three.
ian restaurant in New York, Durant’s return that’s plain to see There was a good reason for the un-
where it is nearly impossible to and harder to calculate. The most certainty. Basketball players would
book a table, one night in June 2019 popular topic of NBA speculation be- rather shatter their legs, rip their
when he felt his son kick him. The fore this season was how long his ACLs or break anything in their
Golden State Warriors were playing injury would linger. The Nets had bodies than rupture their
the Toronto Raptors in the NBA Fi- signed an all-time great player—and Achilles tendons.
nals—and O’Malley’s former patient the league’s greatest source of vari- “It used to be the kiss
had just ruptured his Achilles ten- ance. If he were 50% of his former of death,” said Robert
don. The surgeon would not be sa- self, they were in trouble. If he were Anderson, a sur-
voring his meatballs. closer to 90%, they were in conten- geon who
Kevin Durant was at the top of tion. What nobody expected was has
his game at the time he crumbled to that he might be 100%. treated
the court. He had nudged LeBron “I’m Kevin Durant,” he said in Durant.
James aside as the best player on 2019, before his injury. “You know “You had
the planet. He was pursuing a cham- who I am.” an Achilles
pionship three-peat with the War- The world has done a few back rupture, your
riors. He was now 30 years old and flips since then, but there is one career was Kevin Durant is
ready to hit free agency in the prime part of the basketball universe that done.” scoring nearly 30
of his career. hasn’t been turned upside down: Not anymore. points per game
Instead he would miss a full sea- He’s still Kevin Durant. Medicine changed with the Nets.
son with basketball’s most devastat- But nothing about his comeback over several decades. Science did,
ing injury. It was such a grim devel- was guaranteed. It takes basketball too. Past results would not be indic-
opment that Warriors president Bob players with Achilles ruptures about ative of Durant’s future performance team orthopedist, made a house call team’s practice facility, they could
Myers cried when he announced Du- 10 months to return, though Durant as he flew to New York to meet with on June 30 and was ringing Durant’s track exactly how he was progress-
rant’s injury. He didn’t have to say was always more likely to be excep- his surgeon. bell when his phone buzzed. His son ing. They didn’t have to ask Durant
that the overwhelming majority of tional than average. A rehab of 10 O’Malley walked out of Rao’s and broke the news to him again: Durant how he felt. They could look at his
NBA stars who come back from torn months would have normally coin- spent the rest of the night on the was signing with Brooklyn. “There data. In that way there has never
Achilles tendons are never them- cided with the 2020 playoffs, so it phone—he took a quick break for was never even a hint,” O’Malley been a better time to tear your
selves again. seemed doubtful that he would re- dessert—with a hunch that he would says. Achilles.
It would take 18 months of rehab turn last season. Waiting for this soon have the fate of the NBA in his Durant left for a summer in Los “That last step of return to play
and some unlikely pandemic luck, season would have given him 16 hands. The rest of the week was a Angeles the next day. His physio- has always been a hocus-pocus black
but what began that night was an months in a normal year. blur. Durant had to be whisked from therapist moved in with him. box,” said Neal ElAttrache, a surgeon
improbable comeback that would tilt Then came a pandemic year. Du- Toronto to the Hospital for Special Dave Hancock’s days with Durant who specializes in sports medicine.
the league’s balance of power. rant decided not to join the Nets in Surgery without anyone noticing the included 90 minutes of tedious “Now it’s much more objective.”
There is nothing about Durant the NBA’s bubble last summer. By extremely famous, extremely tall morning treatment, a gym workout, (Durant declined to comment and
that suggests he is diminished in the time he finally took the floor man with a limp. A pack of Knicks 90 minutes of exhausting afternoon the Nets declined to make their per-
any way. He is scoring nearly 30 again, it had been 18 months since fans, desperate for hope and bound treatment and evening poolwork. formance staff available for com-
for disappointment, waited outside They ordered an antigravity tread- ment.)
the doctor’s office. But after operat- mill. They strapped him with biosen- When the Nets reported to the
ing on Durant’s same foot in 2015, sors as they replicated the mechan- bubble in July, it had been 13
O’Malley already had the trust of his ics of his favorite moves. They months since Durant’s injury, but
patient. focused on his entire body, “from his they left him behind to keep rehab-
“I have this ongoing relationship neck to his toe,” Hancock said, as bing. Most players come back from a
with him,” he said. “And his feet.” O’Malley watched by FaceTime. Ev- 10-month rehab the following season
The procedure itself was easy. erything they did was meant to pre- and don’t feel comfortable again un-
O’Malley sewed the two ends of Du- vent the Achilles from stretching. A til their second season. But the tim-
FROM TOP: BOB DECHIARA/REUTERS, KYLE TERADA/REUTERS
rant’s tendon back together and set long tendon is a weak tendon. They ing of Durant’s surgery, his physical
the tension. Then came the tricky had to keep it tight. therapy and the pandemic conspired
part. The modern principles of ten- But for all the resources they to his unexpected advantage: His
don healing call for early motion poured into a few inches of tissue first season became that second
and early weight-bearing, so Durant worth a few hundred million dollars, season.
was out of his splint in 24 hours and his British housemate said the key The result is that he’s made a
began cold laser therapy and resis- to Durant’s rehab was an element ruptured Achilles look more like a
tance training within 36 hours. The that varies by patient. “A lot of this, sprained ankle—and his surgeon
recovery was under way. in my experience, is hard bloody says he can be a model for athletes
By now the NBA season was over work,” Hancock said. with this injury in the future. “At
and Durant was a free agent. O’Mal- Next came the handoff back to two years,” O’Malley said, “they
ley, who happens to be the Nets’ the Nets. They were so careful in should approach a full recovery.”
this precarious stage that Hancock Two years for Durant is the mid-
Kevin Durant tore his Achilles tendon moved back to Brooklyn with Du- dle of June. It’s also the middle of
during the 2019 NBA Finals. rant. As the process continued in the the NBA playoffs.
Weather
Vancouver
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Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton
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Tech Gadget Changes Golf’s Majors
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A g t 40s TWO YEARS AGO, pro golf-
Billings Mpls./St.
p / . Paul
pls Pau Toronto
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Ab y 50s ers were told they could
30s Boston
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Milwaukee
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ff l 60s leave the flagsticks in when
Detroit
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50s Pierre
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Cleveland
Cleve d ew York
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CLIFF HAWKINS/GETTY IMAGES
Washington
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San
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Miami
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30s 30s 70s60s
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sport—and it promises to Woods taking out a many the wrong way be-
U.S. Forecasts City Hi
Today
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Hi Lo W City Hi
Today
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Hi Lo W
bring controversy. rangefinder at a major was cause something that used to
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 4 -6 sn -1 -14 c Frankfurt 31 15 s 33 21 s Eyeballing distances in as unthinkable as him wear- be a skill can now be calcu-
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice golf is as traditional as ing a blue shirt on a Sunday. lated by pressing a button.
Orlando 81 67 t 79 66 t Geneva 31 21 pc 37 26 pc
Today Tomorrow Philadelphia 30 28 sn 37 32 i Havana 85 69 s 86 66 sh
City Hi Lo W Hi Lo W
knickers and woods that are The PGA of America’s de- Will Zalatoris, a 24-year-old
Phoenix 72 53 pc 68 46 pc Hong Kong 72 63 pc 72 64 s
Anchorage 22 18 s 24 20 s Pittsburgh 30 23 sn 30 21 c Istanbul 38 33 s 37 34 sn actually made out of wood. cision opens the floodgates American, said this week
Atlanta 48 44 r 51 45 r Portland, Maine 25 17 pc 30 18 sn Jakarta 85 75 t 85 75 r Even with the detailed mark- for a sea change across a that he’s sure some guys will
Austin 38 28 c 38 14 r Portland, Ore. 33 29 sn 37 32 sh Jerusalem 59 44 s 64 43 s ers, notes and yardage books sport looking to hold onto want “the art of getting a
Baltimore 32 29 sn 39 31 c Sacramento 64 41 c 60 48 pc Johannesburg 80 63 pc 80 63 t
Boise 36 21 sn 35 25 c St. Louis 15 1 c 7 0 sn London 32 31 c 40 39 c afforded to the pros, there viewers by speeding up the yardage” in the game.
Boston 27 24 pc 31 28 sn Salt Lake City 41 26 sh 34 28 c Madrid 58 34 pc 59 38 pc has always been an element game. “We’re always inter- These rangefinders have
Burlington 14 9 c 25 10 c San Francisco 59 48 sh 59 52 c Manila 86 77 pc 86 76 pc of guesstimation in judging ested in methods that may become increasingly popular
Charlotte 41 37 r 46 41 r Santa Fe 52 19 pc 22 1 sn Melbourne 68 56 pc 69 58 s
Chicago 14 -5 sn 5 -2 pc Seattle 35 29 sn 39 33 sh Mexico City 66 41 s 70 40 s
the distance to the pin that help improve the flow of among weekend warriors.
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Denver 13 -7 c 3 -12 sn Mumbai 89 73 pc 89 73 pc
eliminated that at most lev- president Jim Richerson. golf, an outdoor activity
Detroit
Honolulu
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Houston 42 34 c 44 26 r Today Tomorrow Riyadh 82 57 c 84 56 s whip out a device that’s they can see it helping when physical distancing, has
Indianapolis 25 10 sf 20 11 s City Hi Lo W Hi Lo W Rome 46 29 r 46 31 s
Kansas City 6 -2 sn 2 -9 sn Amsterdam 27 19 s 35 30 s San Juan 84 73 pc 84 73 s
roughly the size of a sleeve shots are way off line. Get- boomed. That produced a
Las Vegas 64 48 c 62 41 s Athens 55 47 r 49 38 r Seoul 55 32 s 53 36 c of three balls, point it at the ting an accurate distance run on pushcarts—and dis-
Little Rock 32 21 c 24 14 sn Baghdad 74 49 s 77 50 s Shanghai 61 50 pc 64 52 pc pin and get a precise dis- from the middle of the fair- tance-measuring devices.
Los Angeles 67 53 c 71 49 pc Bangkok 92 73 s 92 74 pc Singapore 88 78 pc 87 76 sh
Miami 82 75 pc 85 72 pc Beijing 48 26 c 42 16 c Sydney 74 67 sh 75 67 sh
tance. NCAA golfers can use way can be as easy as look- Precision Pro Golf saw its
Milwaukee 13 -4 sn 5 -3 c Berlin 28 14 pc 27 10 pc Taipei City 74 61 r 75 59 sh them, and pros use them in ing at the marker on the rangefinder demand from
Minneapolis -1 -16 pc -7 -20 pc Brussels 32 21 s 40 33 s Tokyo 58 49 pc 61 53 pc practice rounds. closest sprinkler head. When May through December of
Nashville 39 28 c 34 26 c Buenos Aires 77 69 c 79 68 pc Toronto 17 11 sn 25 15 pc Until this week, the rule- players are 40 yards into the 2020 jump 48% year over
New Orleans 53 44 sh 53 42 sh Dubai 77 63 s 78 61 pc Vancouver 35 29 sn 38 33 sn
New York City 28 26 sn 32 30 sn Dublin 41 39 sn 52 44 r Warsaw 31 21 sf 30 17 sf makers for golf’s most pres- rough, it can turn into men- year, according to co-founder
Oklahoma City 19 6 c 10 -6 sn Edinburgh 32 27 sn 42 39 r Zurich 28 14 s 36 19 s tigious tournaments had tal geometry. Clay Hood.

OPINION
THE WEEKEND INTERVIEW with Shelby Steele | By Tunku Varadarajan
How Equality Lost to ‘Equity’

T
he first time Shelby promising to “fix America morally, been prepared for freedom? “They
Steele used the word “eq- and aligning himself with the strat- should have been left alone, as
uity” in one of his egy of black people to gain power Frederick Douglass said,” Mr.
books—“White Guilt,” by focusing on victimization. He’s Steele responds, invoking the 19th-
published in 2006—he saying, ‘America must tackle that century abolitionist. “Left alone.”
was referring to the value his fa- problem and create programs that Then, says Mr. Steele, they would
ther had accrued in restoring help minorities achieve equity’— discover “other talents, other atti-
“three ramshackle homes to neat whatever that may be.” tudes, other ideas of responsibil-
lower-middle-class acceptability.” The idea of equality has been ity.” Instead of thinking that “one
This was in 1950s Chicago, a city eclipsed, Mr. Steele says, in part has to be blacker than thou, they
the author describes as “virulently because “it was a little too spe- will actually begin to say, ‘We’ve
segregated.” Shelby Steele Sr., a cific” and bore the baggage of the got to have the skills. We’ve got to
Southern-born black truck driver old civil-rights movement. “We make a contribution. We have to
who’d left school in third grade to fought for equality 60 years ago,” join America. We are America.’ ”
work the fields, concealed his he says. It was a struggle that But today’s America is “too cow-
homeownership from his white em- brought his black father and white ardly to do it.”
M
ployer. He was afraid he’d be fired mother together. (They married in
for “getting above himself.” 1944. All of her siblings aban- r. Steele again invokes his
BARBARA KELLEY
No bank would loan the elder doned her, “and never came father, born in 1900.
Steele money, so he used bricks, back.”) “We won the civil-rights Whites didn’t feel “guilty”
discarded lumber, and cast-off legislation in the ’60s,” Mr. Steele about blacks back then: “They
roofing shingles to render the says, “and the term ‘equality’ is didn’t give a damn about my fa-
properties rentable. “That’s what exhausted now. And it’s lost much ther.” Shelby Steele Sr. taught
we used to call equity,” says Mr. of its mystique—because you can us’ ”—even as it empowers the go to the schools he wanted be- himself to read and write, built a
Steele, the son. “The sense of the measure it.” black-community leaders who are cause all schools were segregated. business, a family, a life. “Every-
word I grew up with has no rela- Americans look at statistics and their moral notaries. He describes While pursuing a doctorate in body in the neighborhood I grew
tionship at all to the meaning it disparities and many think “there’s this compact as a “nasty little sym- English at the University of Utah up in in Chicago did that.” Blacks
has taken on today.” another explanation for inequality biotic bond between white and in the mid-1970s, he had to go to were making economic progress,
other than racism,” Mr. Steele says. black America,” with each using court to get an apartment to live Mr. Steele says, “until American
“Inequality may be the result of the other “to gain power and moral in. “Landlords didn’t want to rent liberalism came in under Lyndon
Civil-rights advocates blacks not standing up to the chal- legitimacy.” to blacks,” he says. “The first Johnson and said, in effect, to
lenges that they face, not taking Mr. Steele laments that liberal housing desegregation lawsuit in black people, ‘We don’t really have
abandon the old ideal for advantage of the equality that has America is “still not ready to talk the history of Salt Lake City—I any faith in you. We don’t believe
the new term, which ‘has been bestowed on them.” He points realistically and frankly” about filed it.” Offered a job as a litera- you can do it on your own. We
to affirmative action and diver- race. What is obvious to him, and, ture professor at the university af- hurt you, so now we’ll make it
no meaning’ and promises sity—“the whole movement de- he says, “obvious to millions of ter earning his doctorate, Mr. better.’ ” A downward spiral en-
no progress but makes it signed to compensate for the fact Americans, is the fact that America Steele preferred a position at Cali- sued in much of black America.
that blacks were behind”—and has made more moral progress in fornia’s San Jose State University. The three houses Mr. Steele’s fa-
easy to impute bigotry. says that blacks today have worse the last 60 years regarding race He and his Jewish wife, Rita ther fixed up and rented fell victim
indices relative to whites in educa- than any nation, country or civili- (whose father escaped the Holo- to blight. In the end, as he writes
tion, income levels, marriage and zation in history.” caust), wanted to get away from in “White Guilt,” “the family
H
Mr. Steele, 75, is a longstanding divorce, or “any socioeconomic the racism they faced as an inter- signed them over to their nonpay-
conservative commentator on race measure that you want to look at” e describes this progress as racial couple in Utah. ing renters for nothing, happy to
in America and a senior fellow at than they did 60 years ago. “miraculous,” and cites his “Every aspect of life assaulted be rid of the liability.”
Stanford University’s Hoover Insti- “It’s inconceivable,” says Mr. own life as proof. He was me as a black,” Mr. Steele says, and White America continues to de-
tution. We speak over Zoom a Steele, “that blacks are competitive born into a deeply segregated things didn’t start to “really, termine the lives of black Ameri-
week after President Biden signed in universities today.” In the 1950s, America where every aspect of life deeply change” until he was in his cans, Mr. Steele says: “Patronizing
an Executive Order on Advancing by contrast, they matriculated with was racially calibrated. In 1946, 30s. “Because I’m that old,” he black people is just a form of white
Racial Equity, intended to address slightly lower grade-point averages when his mother showed up at a says, “I have segregation flash- decency,” burnished by concepts
“entrenched disparities in our laws than whites and graduated with Chicago hospital in full labor, backs” when walking by the lobby like systemic racism and white
and public policies, and in our pub- GPAs slightly higher than whites. nurses ushered her into the mater- of a luxury hotel. When he was a privilege. “ ‘We’re still in charge of
lic and private institutions.” In his “Nobody gave them anything,” Mr. nity ward. When her husband ar- kid, he wouldn’t dream of crossing your life,’ ” white Americans say to
remarks at the signing, Mr. Biden Steele affirms. “They didn’t want rived after parking the car, the the threshold into such a place. blacks. “ ‘You do what we tell
seemed to suggest that his is a them in universities then. We nurses realized that the baby “The point I’m making,” he says, you.’ ” And so, Mr. Steele says,
project aimed at reshaping Ameri- would never put our race on an ap- wasn’t going to be white. They “is that I know what racism really “we’ve become slaves all over
can governance. “We need to make plication, because it would be used pushed her into the elevator, which is like, what inequality is like.” To- again. And we run around, coming
the issue of racial equity not just against us. The minute we started descended to the basement, where day, by contrast, blacks enter the up with words like ‘equity,’ trying
an issue for any one department of to get all these handouts from the “colored maternity ward” was. American mainstream as a matter to jack the white man up.”
government,” the president said. guilty America in the civil-rights This was where Mr. Steele and his of course, where “they’re far more Yet Mr. Steele also sees “more
“It has to be the business of the era, we entered this uninterrupted identical twin brother, Claude, were likely to run into racial prefer- and more blacks” pushing back
whole of government.” decline.” born. (Claude Steele is also at Stan- ences, be celebrated for their race, against “the tribalism of race” as it
I can almost hear Mr. Steele Equality, Mr. Steele suggests, no ford, a psychology professor who be promoted above their skill lev- collides with the “reality of free-
growl in his study in Monterey, Ca- longer offers an alibi for black un- has studied “stereotype threat” and els, than held back.” Mr. Steele dom.” He views the Black Lives
lif., as I read these words aloud. derperformance. Equity, by con- its effects on minority academic says that he doesn’t know “any- Matter movement as a desperate
“This equity is a term that has no trast, “is above all that.” Its ab- performance. The twins hold polar where where blacks are held back. attempt to salvage tribalism. For
meaning,” he says, “but it’s one sence is “just a generalized sort of opposite views on race.) They’re not just pushed forward, all his indignation, Mr. Steele fore-
that gives blacks power and lever- evil.” Black leaders and white liber- Mr. Steele encountered plenty of but they’re dragged forward into sees a better future. “Millions of
age in American life. We can throw als “wanted a new, cleaner, emptier discrimination in his youth. He American life.” black individuals, living their lives
it around at any time, and wher- term to organize around. And eq- couldn’t be a paperboy because That, he says, is a tragedy: Black as individuals, will take us beyond
ever it lands, it carries this stigma uity was perfect because it meant they wouldn’t let black kids ride a Americans had “the hell knocked tribes and into true American citi-
that somebody’s a bigot.” Its mes- absolutely nothing.” It allows bike through white neighborhoods out of them in the mid-’60s” by zenship. Many blacks are thriving
sage is that there’s “inequality that whites, he says, to prove them- at 6 a.m. He couldn’t be a caddy on freedom. “We had borne up under already. Their children will do even
needs to be addressed, to be paid selves to be “innocent” of racism. a golf course. He couldn’t wash every abuse, every torture. But we better.”
off. So if you hear me using the “The emptiness is what invites dishes at the local Greek restau- had no experience in freedom. We
word ‘equity,’ I’m shaking you them in, and they say, ‘Yes! Oh my rant because people would see his didn’t know what freedom re- Mr. Varadarajan, a Journal con-
down.” God! We’ve got to help blacks cre- black hands on the plates. He quired. We didn’t know how much tributor, is a fellow at the Ameri-
Equity in this “new sense,” Mr. ate and achieve equity. Because it couldn’t work at J.C. Penney be- individual responsibility you have can Enterprise Institute and at
Steele says, can be understood only will show us to be redeemed of our cause he couldn’t be seen laying to take on to thrive in freedom.” New York University Law School’s
as “a strategy.” The president is racist past and therefore empower clothes out on display. He couldn’t How could black Americans have Classical Liberal Institute.
Public Employee Unions Are Having a Fine Old Lockdown

As part of his pro- with raises this summer. states to postpone or cancel public rescue regardless of their spending are projected to get back to pre-
posed $1.9 trillion re- Automatic pay increases regard- employee raises in fiscal emergen- decisions. The 2009 stimulus signed Covid levels no earlier than 2023.
lief bill, President Bi- less of economic conditions are an cies. In 2020 an appeals court panel by President Obama lavished more What is certain is that swelling em-
den wants to send unimaginable proposition in the pri- made up of Trump, Clinton and than $48 billion on states to prevent ployee costs will make it harder for
$350 billion in unre- vate economy. Many government em- job cuts at public schools while leav- governors to balance budgets for
stricted cash to state ployees collected their full pay and ing union contracts intact. Federal many years to come.
CROSS and local govern- benefits while not working during Politicians begging Covid legislation in December sent If Congress insists on sending
COUNTRY ments to fill their the spring 2020 lockdowns. The pan-
Washington for a bailout more than $4 billion to the Metropoli- cash aid under the auspices of pre-
budget holes. But demic has laid bare a fundamental tan Transportation Authority, New serving public services, it should
By Carol
Platt Liebau
while Covid-19 has problem with public-sector collective have been doling out raises York’s beleaguered transit agency. The come with strict safeguards. That
depressed state tax bargaining: Taxpayers should never bailout came amid plunging rider- means requiring a hard freeze of
revenue, the prospect be on the hook for raises that don’t to government workers. ship—and after most employees pock- public-sector compensation to keep
of federal aid has encouraged many of reflect future economic realities—es- eted 2.25% raises in May. Under a it from being used on raises. But
these supposedly blameless states to pecially when politicians have a per- contract negotiated in January 2020, sending cash to state and local gov-
keep piling on costs. Nowhere has that sonal interest in pushing costs into Obama appointees upheld a pay before the pandemic struck, MTA ernments now would endorse contin-
been more evident than with the pay the future. freeze in New York’s Nassau County, workers are also due a 2.5% bump ued fiscal profligacy. It risks reward-
raises dished out in recent months to That’s essentially what’s happened writing that government “may not this year and 2.75% in 2022. ing some of the worst behavior by
government employees. As private in New Jersey, where Gov. Phil Mur- contract away its power to govern in Government pay raises are even officials who have pledged fealty to
businesses hold on by their finger- phy withdrew his threat to lay off the public interest.” more egregious considering the un- politically allied unions, letting them
nails, public-sector labor unions have state workers after his largest union Governors and state legislatures certainty about when tax revenues insist the consequences of their
their hands out, demanding the pay agreed to take furlough days and are avoiding these hard choices and and employment will recover. It took spending preferences are the federal
raises set forth in labor contracts ne- postpone—but not forgo—raises. Af- instead letting union contracts drag Connecticut eight years to regain the government’s problem.
gotiated before the pandemic ravaged fected employees will get three pay their states further into the red. They far smaller number of private-sector
public finances. bumps totaling 6% beginning this do it in part because Congress has jobs it lost during the 2007-09 finan- Ms. Liebau is president the of
In Connecticut, where unemploy- summer, though most won’t come conditioned them to expect a federal cial crisis; state tax and fee revenues Yankee Institute for Public Policy.
ment was 8% in December after top- due until after Mr. Murphy faces vot-
ping 10% this summer, state workers ers in November.
have pocketed two rounds of raises:
a 3.5% bump in July and another
worth about 2% earlier this month.
Nevada Gov. Steve Sisolak last
summer learned firsthand how gov-
ernment union contracts can hand-
Star Wars: The Blacklist Strikes Back
Gov. Ned Lamont had initially sug- cuff public officials when circum- By Matthew Hennessey dumped Ms. Carano as well. traitors because they had different po-
T
gested postponing the raises—“to stances change radically. He tried to The film and television industry litical views.”
lead by example”—but the labor block some raises, only to face legal he Hollywood blacklist is has come a long way on the subject In his review of “Guilty By Suspi-
union 1199 SEIU blitzed the airwaves action under the collective-bargain- back, baby. Actress Gina Car- of blacklists. During the McCarthy cion,” a 1991 film about the blacklist
with television commercials accusing ing law he’d campaigned on and ano lost her role this week as era, the director Elia Kazan gave the starring Robert De Niro, Roger Ebert
unnamed politicians of wanting to signed. Mr. Sisolak settled for a co-star of the Disney+ series “The House Un-American Activities Com- wrote: “History has vindicated those
“take away” their wages. Mr. Lamont smaller negotiated concessions. Mandalorian.” Her crime? Ill-consid- mittee the names of show-business who refused to betray their princi-
folded. Ultimately, the problem reflects a ered social-media posts, including colleagues he knew to be members of ples, but how would any of us have
In December, Maryland Gov. Larry lack of political will. California Gov. one that compared hatred of conser- the Communist Party. Others, who re- responded at the time—when to defy
Hogan let planned 2% raises con- Gavin Newsom played hardball, de- vatives to the persecution of Jews in fused to name names, were black- [HUAC] meant virtual unemployment
tinue, claiming revenues “have im- manding state workers take a 10% Nazi Germany. Online mobs had pre- listed by the studios and denied in show business?”
proved enough for us to be able to pay cut to help cover the state’s $54 viously targeted her for outré com- work. Good question. I’m not defending
fulfill our commitments to state em- billion budget deficit. While that ments on mask wearing, the “pre- For decades, the Hollywood bien- Gina Carano’s posts, although they are
ployees.” New York Gov. Andrew didn’t go over well, he managed a ferred pronoun” fad, and fraud in pensant viewed the blacklist as an un- probably defensible. I’m defending the
Cuomo used special powers to post- settlement that trims costs by re- the 2020 election. #FireGinaCarano forgivable stain on the industry. In principle. If it’s wrong for someone to
pone certain planned hikes for state quiring workers to take dozens of trended and Lucasfilm Ltd., the Dis- 1999 some of the biggest stars in the lose his job because he’s a Communist,
employees. But Mr. Cuomo has indi- unpaid furlough days over the next ney subsidiary that produces the business sat on their hands when Ka- it’s wrong for someone to lose her job
cated he’ll use federal aid to pay two years. “Star Wars” spinoff, predictably zan was awarded an honorary Oscar. because she’s a conservative.
those raises retroactively, and let Other politicians could follow Mr. obliged. In the now-standard model “Trumbo” director Jay Roach la-
others continue outright. Most New Newsom’s lead. Federal courts have of scorched-earth personal destruc- mented in 2015 that those who’d been Mr. Hennessey is the Journal’s
York school districts went ahead repeatedly upheld the rights of tion, the United Talent Agency blacklisted “were somehow seen as deputy editorial features editor.

A14 | Saturday/Sunday, February 13 - 14, 2021 * ***** THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The Pandemic Spending Hangover Catholic Social Teaching and Social Healing
D
oes unrestrained federal spending CBO’s growth estimates will survive Bidenomics, The answer to Francis X. Rocca’s knowledged and nurtured in all of our
have any economic cost? Can federal with its new taxes, new regulation, and assault “Can Catholic Social Teaching Unite a social political institutions—even
Divided America?” (Review, Feb. 6) is, when it is incongruent with a ruling
debt keep climbing to be larger than on fossil fuels. During the Obama Presidency,
unfortunately, no. Catholic social party’s agenda. We also must never
the entire U.S. economy with- CBO cut its GDP projections by teaching may have something for forget the ancient social contract be-
out consequence? Sooner or Federal debt has reached more than $2 trillion five both left and right, but the progres- tween the human community and the
later Americans are going to 100% of GDP even times, as increased spending sive wing of Roman Catholicism has Almighty: the Ten Commandments,
find out, as Congress and the failed to ignite growth that more in common with secular pro- which spell out a framework and
Biden Administration use the before Biden’s plans. was suppressed by regulation gressives than with conservative guide for all social interactions and
pandemic to justify an un- and tax increases. Catholics and other Christians. Clos- are ultimately the foundation on
precedented peacetime i i i ing the ideological and moral divide which any just society is built.
spending binge. Which brings us to the federal debt, which has within the U.S., Catholicism and MIKE ALBERS
For the magnitudes involved, the best recent leapt into uncharted territory. Debt held by the Christianity in general is not likely to Ballwin, Mo.
overview arrived this week in the annual Con- public—the kind the government has to pay be a win-win. One side considers lov-
ing and taking care of your neighbors In addition to political applications,
gressional Budget Office’s 10-year budget fore- back—broke above 100% of the economy in fiscal
to be a personal responsibility. The Catholic social teaching is highly use-
cast. It deserves more attention than it’s receiv- 2020. Even without new Biden spending, CBO other wants the state to take care of ful to business owners, and compa-
ing because Americans will be paying for it for says it will reach 102.3% in fiscal 2021. neighbors in need by taking resources nies with cultures grounded in these
decades. The last time federal debt exceeded 100% of from other neighbors. Conservative principles can improve their perfor-
i i i GDP was in 1946. Debt held by the public never Christians will render unto Caesar the mance. The four pillars of that teach-
CBO says federal spending reached $6.55 tril- exceeded 40% of GDP even during the Reagan things that are Caesar’s, as instructed, ing and how a business might respond
lion in fiscal 2020, as Congress addressed the defense buildup, and it reached 47.9% in 1993 be- but do not expect Caesar to relieve us to it include:
damage from Covid-19 and the government fore declining until the 2008 recession. It has of all obligations to neighbors, nor 1) The dignity of the human person.
shutdowns. That’s about a $2.1 trillion increase kept growing since, and exploded in the last two will we ever expect Caesar to create a Realizing that each employee is a
in a single year, and understandably so given the years, as the nearby chart shows. progressive heaven on earth. child of God requires us to recognize
uncertainty of the threat as it emerged in the How much debt is too much, and when does RYAN GRAHAM the dignity of all stakeholders.
Melbourne, Fla. 2) Solidarity. Strategies designed
spring. Notably, and in a pleasant surprise, reve- it begin to have corrosive economic conse- to increase the value of all stakehold-
nue fell a mere 1.2% to $3.42 trillion as the econ- quences? No one knows, but one economic The conservative Catholics’ point is ers will benefit a business. For in-
omy held up better than expected. The deficit benchmark for harm has been 90% of GDP. We’ve that if Joe Biden continues to support stance, taking time to explore how a
came in at a staggering $3.13 trillion, or a record never been preoccupied with debt, since the abortion, he and others like him can- company might change its policies to-
14.9% of GDP. main focus of economic policy should be growth not have a meaningful discourse on ward its suppliers to increase supplier
What about the future? CBO says not to ex- and broad prosperity. real solutions to what ails society be- profitability may make economic
pect much fiscal improvement this year, with But the U.S. has never reached these debt cause a fundamental understanding is sense.
spending still at 26.3% of GDP. The deficit will heights in peacetime. After World War II, the missing: God is love. All of God’s cre- 3) Subsidiarity. This principle re-
be $2.26 trillion or 10.3% of GDP. For compari- U.S. could more easily shrink the debt via eco- ation has value and must be loved. quires that decisions should be made
son, the deficit during Barack Obama’s entire nomic growth because it lacked an entitlement Trying to solve social issues without at the lowest level in an organization
having the conversation about the where the competence exists. Busi-
first term was $5.1 trillion, and the deficit as a state. As defense spending fell, so did debt as a
value of human life is like trying to nesses pursuing this principle can cut
share of GDP hasn’t been that high since 1945. share of GDP. Now mandatory outlays on Social grow a plant without acknowledging layers out of their organizations, and
Even at the height of Debt held by the public as a share of GDP, 1940-2021 Security, Medicare and the critical element of its root system. often find that as employees are
the 1983 recession, it the like make up 75% of So, can Catholic social teaching ad- trusted to make and implement deci-
reached only 5.9%. 120 the budget, and reform- dress society’s ills? Absolutely, but sions, innovation thrives.
CBO projects spending those programs has only if we agree to the foundation of 4) Common good. This principle
ing to average 21.9% of 110 proven to be politically all Catholic social teachings. God is stipulates that excess wealth created
2021 Estimated love and we must emulate love at ev- by a business belongs to all. What’s
GDP over the next de- 100 impossible.
cade under current At the current pace ery turn if we’re going to have peace left after running the business, invest-
90 and justice in society. ing in growth and giving the owners a
law, but that doesn’t of spending and debt
include Mr. Biden’s 80 accumulation, some- S.E. SMITH good return belongs to everyone, not
Denver just the shareholders.
$1.9 trillion Covid bill 70 thing else will have to
None of this is particularly “Catho-
and other plans. Demo- give. The fiscal space Catholic social teaching is rooted in lic.” Business leaders who implement
crats are already 60 for defense, public the understanding of the human per- these principles should see their oper-
promising another tril- 50 works and other priori- son as a free agent. In making humans ations improve.
lion-dollar “green” ties will be a casualty. in his image and likeness, God gave WILLIAM H. BOWMAN
public works bill later 40 Mr. Biden is promising them the freedom to make choices, Washington
this year. Investors 30 a huge tax increase, the most important of which is to ac- Mr. Bowman is a former dean of
must be expecting a which he will justify in cept the love of God or reject it. Thus, the Busch School of Business at the
subsidy blowout judg- 20 the name of reducing individual freedom needs to be ac- Catholic University of America.
ing by the fantastic 10 debt.
market valuations of 1940 '50 '60 '70 '80 '90 2000 '10 '20 A crucial question
electric car and renew- is how long America
able energy compa- Source: Office of Management and Budget, Congressional Budget Office can borrow as much as On Identity Politics and Changing Attitudes
nies. it wants from the world. We have the exorbi- Regarding John J. Miller’s “The especially blacks.” So much for the
And don’t forget the $1.6 trillion in student tant privilege of the dollar as the world’s re- Weekend Interview with Richard Alba: search for truth in academia.
loans that taxpayers stand behind; some $435 serve currency, but we still depend on the will- ‘Majority Minority’ America? Don’t Sociologists are free to make non-
billion is already set to be cancelled. CBO ingness of strangers to lend. Americans seem Bet on It” (Feb. 6): Prof. Alba points fact-based conclusions that identity
doesn’t account for this writedown in its fore- able to finance 4% to 5% of GDP in debt. Cur- out the erroneous belief that certain politics has resulted in “progress” be-
cast—or for potential losses on the Federal rent deficits leave a lot more to finance, which racial minority and ethnic groups are cause they cannot imagine that eco-
Housing Administration’s $1.3 trillion insurance will put pressure on the Federal Reserve to isomorphically committed to a certain nomic and personal freedom are the
portfolio once pandemic rental and mortgage keep buying Treasurys and keep interest rates political party. President Trump’s engines of everyone’s possible prog-
gains with blacks and Hispanics dem- ress, no matter what shade their skin
forbearance ends. low for years.
onstrated that their political convic- happens to be. We are now to believe
The best news in the report is how well the We’d better hope renewed inflation doesn’t tions are more malleable, which Mr. that identity politics, the first princi-
economy and revenues have held up during the force the Fed’s hand as it did in the early 1950s Alba attributes in part to “racial mix- ple of Marxism, which hasn’t worked
pandemic. Last July CBO forecast unemploy- during the Korean War—and that the world ing.” No doubt intermarriage and a for millions of people captive to com-
ment would average 8.1% this year. It was 6.3% keeps faith in the dollar. An inflation revival more complex idea of racial and eth- munism for over 100 years, is going to
in January, and CBO now expects it to average would erode the value of the debt over time, but nic identity contribute to that, but be effective for the U.S. The propo-
5.7% in 2021. CBO also had to slash its GDP de- it could also create other financial problems there is another powerful factor that nents, mostly leftists, are the same
cline for 2020 (fourth quarter to fourth quarter) such as a run on the dollar that causes interest moves people over time from left to folks who imposed the Great Society,
to 2.5% from 5.9% in July. rates to surge beyond the capacity of the Fed to right on the political spectrum, and it public housing, school busing, incen-
Corporate profit, wages and government rev- keep them low. is strangely absent in debates in our tives for unwed mothers, etc., on the
enues are expected to far exceed earlier fore- We aren’t there yet, and maybe God loves “woke” culture: social class. country. How did these work?
The left portrays racial and ethnic The only purpose for counting race
casts. The estimated net 10-year federal tax rev- fools, drunks and America, as Otto von Bis-
minorities (with the exception of and ethnicity is to support the race
enue loss from the pandemic is now a mere $49 marck famously said. But then the U.S. has Asians, Jews, and other successful and “equality” industry, which in-
billion. Thank you, tax reform and deregulation, never conducted a fiscal experiment like this groups) as hapless victims of histori- cludes a number of sociologists.
for putting the pre-pandemic economy on a one. The laws of economics haven’t been re- cal oppression, and who are now in PAUL MAHLER
sturdy foundation. pealed, no matter what the modern-monetary need of government (i.e., taxpayer) St. Petersburg, Fla.
A big question going forward is whether theorists say. largess to make up for those historical
inequities. However, people of color Identity politics has been for de-
who have worked hard over a genera- cades the be-all and end-all for the
The Cuomo Covid Coverup tion or two and have earned their
place in the middle class often resent
liberal spirit, the devoutly anticipated
coup de grâce for white domination.
T
hree months ago New York Gov. Andrew In January state Attorney General Letitia the condescension of whites diminish- Except something went wrong on the
ing their successful efforts by attrib- path to political nirvana for downtrod-
Cuomo was awarded an Emmy for “his James released a report on an investigation uting their success to liberal policies. den minorities, armored by a can-do
leadership during the Covid-19 pan- into complaints about how the nursing homes Those who earned their stake in and quintessentially American drive.
demic and his masterful use of handled Covid-19. Two find- America through hard work know the Many of them are discarding the rigid
TV to inform and calm people His adviser admits to ings stand out. First, that “a difference between equal opportunity and, yes, racist castes designated by
around the world.” Turns out
the Emmys had the right ac-
covering up New York’s larger number of nursing
home residents died from
and equal outcomes, and start to vote
accordingly.
political engineers of liberal bent and
going their own marital ways, scram-
tor—but the wrong perfor- nursing home deaths. COVID-19 than” the official TOM O’HARE, PH.D. bling the future by destroying the fal-
mance. Increasingly it looks data reflected. Second, that Boston College lacious mantra that demography is
like Mr. Cuomo’s real act was the March 25 directive “re- destiny. Cupid’s arrow has struck and,
to keep people from finding out how many peo- quiring the admission of COVID-19 patients There’s nothing new in Prof. Alba’s let’s face it, we don’t need no stinkin’
conclusions that race categories are census boxes to hold us. We may not
ple in his state’s nursing homes died from into nursing homes may have put residents at
increasingly muddled and meaning- be ethnically pure any longer but we
Covid-19. increased risk of harm in some facilities and less. What is striking is that instead of are building a far stronger national
On Thursday the New York Post reported may have obscured the data available to assess quitting this charade, he “rejects this amalgam.
that Melissa DeRosa, the Governor’s top aide, that risk.” idea, believing that flawed informa- PAUL BLOUSTEIN
admitted to Democratic leaders that the state Perhaps many decisions that look bad today tion is better than no information if Cincinnati
had deliberately kept the true numbers from were made in good faith at the time. But coming the U.S. hopes to chart its progress as
them. In a Wednesday conference call, Ms. De- as it does after the attorney general’s report, a land of opportunity for all people—
Rosa told Democrats the Cuomo administration Ms. DeRosa’s admission that the Cuomo admin- Pepper ...
rejected a legislative request for the figures last istration hid nursing home deaths smacks of a And Salt
August because Donald Trump was tweeting coverup. Meanwhile, the people of New York, Odd Investment for Such a
that “we killed everyone in nursing homes” and especially those who lost loved ones in nursing Prominent Climate Activist THE WALL STREET JOURNAL
was directing “the Department of Justice to do homes to the pandemic, still lack an honest ac-
“Bill Gates, Other Investors Spend
an investigation into us.” counting of what went wrong and why. $4.7 Billion for Private-Jet Firm”
As Ms. DeRosa put it, “Basically, we froze.” Mr. Cuomo dominates New York state poli- (Business News, Feb. 6) doesn’t men-
The administration wasn’t sure, she said, if any tics, and he dismisses critics and punishes option the irony of Mr. Gates’s making
information it released to state lawmakers or ponents without challenge. Republicans are a such an investment in light of his cli-
the Department of Justice “was going to be rump minority in the Legislature in what has mate-change activism and the fact
used against us” or “if there was going to be an become a one-party state, like California and that private jets produce many times
investigation.” Illinois. the amount of carbon per passenger
Nursing home deaths are a sensitive issue That leaves the task of accountability to oth- than do commercial aircraft.
for Mr. Cuomo because of a March 25 health ers. The questions now are whether Democrats JULIUS L. LOESER
department directive that barred these in Albany have what it takes to do their jobs and Chicago
homes from rejecting people because they hold hearings on the coverup, whether state
Letters intended for publication should
had Covid-19. The Associated Press reports and federal prosecutors will investigate and be emailed to wsj.ltrs@wsj.com. Please
that 9,056 recovering patients were sent into prosecute if called for, and whether the media include your city, state and telephone
nursing homes after the directive, more than that so cheered Mr. Cuomo through his Covid-19 number. All letters are subject to
40% higher than what the state had previ- press conferences will hold him to the same editing, and unpublished letters cannot “Wanna go outside and play
be acknowledged.
ously reported. standard they held Mr. Trump? we’re in a video game?”

OPINION
A Vote to Acquit Is a Vote for a Lie

lawyers will argue his innocence of media has made people less human,
the charge that he incited a crowd less natural, more like actors who
to move on Congress and thwart its operate at a remove from them-
certification of the 2020 election. selves, even in a passionate mo-
DECLARATIONS Everyone knows he did that. More ment of insurrection. They acted as
By Peggy Noonan likely the defense will speak of ex- if the Senate was a movie set, and
T
tenuating circumstances—Demo- they took videos because they’re
he second impeachment crats now speak violently too, and actors in a story called “Storming
trial of Donald Trump they didn’t care when cities ex- the Capitol.”
has been a rout for the ploded in violence last summer. They dressed up in costumes, as
pro-impeachment side. Beyond that I don’t understand if they’d ordered them up from
They made the case the defense being mounted infor- Wardrobe for the big scene. They
WIN MCNAMEE/GETTY IMAGES

through time-stamped videos and mally in conservative media. This is live-streamed like they were doing
close argumentation, and their that everyone knows the storming the long tracking shot from “Good-
timeline linked in an undeniable of the Capitol was being planned fellas.” There was a feeling of pro-
way the statements of the president before the president’s rally, and the found unreality about all this.
on 1/6 and the actions of the rioters government knew. This exonerates We are removing ourselves from
who stormed the Capitol. Demo- him? If the government Mr. Trump ourselves. It’s all the image before
cratic floor managers were at their headed knew trouble was coming, your eyes and what you feel. There
best when they were direct, unit’s evidence of both imminent law- is no emphasis on thought, on re-
adorned, and dealt crisply with in- less action and Mr. Trump’s intent— Rioters at senators’ desks in the chamber, Jan. 6. flection, on the meaning of things.
formation and data, as they did the legal elements of incitement. It Connected to this is the emotion-
most of the time. They were less ef- makes him more culpable, not less. for the place where fortune has understand why I haven’t heard a alism of politics now. I’m not talk-
fective when they employed emo- I do not see how Republican sen- placed them. single story of a member who sup- ing about the House managers this
tional tones to move the audience. ators could hear and fairly judge Some thoughts attendant to the ported the president in refusing week, I’m talking about what is be-
Here is a truth: Facts make people the accumulated evidence and vote proceedings. Electoral College certification, who coming our national style, or at
feel. People are so unused to being to acquit the former president. If An aspect of 1/6 that has yet to stood with him, and who, hearing least a public political style. I
given them. They’re grateful for the we want to keep it from happening be satisfyingly addressed is also what was happening in the first thought of this last week when
respect shown in an invitation to again, all involved must pay the something I’m certain was one of stages of the riot, went into the Democratic representatives who
think. stiffest possible price. That would the most upsetting for the Ameri- halls to speak with the rioters. Why wanted to share what 1/6 was like
include banning Mr. Trump from fu- can people. did they not do that? They knew for them spoke on the floor. It was
ture office. You don’t know how hollow the there was a rally and expected a full of tears, full of personal infor-
And why didn’t Trump’s Everyone has a moment that tree is until you push against it and march, presumably peaceful. Why mation, full of feelings. People wept
most upset them in the videos of it collapses. That’s what people didn’t they go into the halls where and got choked up.
supporters in Congress go the rioters milling around, un- watching on 1/6 saw, a massive the clamor was and tell the people, I don’t mean it’s insincere—it’s
out on Jan. 6 and speak to stopped and unresisted, on the public-security and police failure. “Friends, I share your beliefs and all too sincere. They think their
floors of both houses. Mine is when The Democrats played up the hero- am arguing for them on the floor, feelings are important and must be
the crowds, their people? the vandals strolled through the ism of the Capitol police through- but what you are doing is wrong voiced. But when institutions seem
abandoned Senate chamber and ri- out the trial, and there was hero- and unlawful, and you must leave.” so frail I’m not sure it helps that
fled through the desks of senators. ism, so that’s fine. But the fact is, Instead they were spirited from the leaders are frail. I watched and
Congress was riveted; journalists Those are literally, the desks of order just collapsed, and people floor by the police and hid in their thought: It’s like nothing bad has
were riveted. Was America? Did it Mike Mansfield, Robert M. La Fol- watched it, live, and it gave a sense offices and other rooms. Why didn’t ever happened to them before. And
watch? We’ll find out the ratings lette, Arthur Vandenberg, John F. of horror. they go out and speak to the I realized it’s not ideal to be gov-
and in time get a sense of what Kennedy and Barry Goldwater. They The Capitol still looks like an crowds, their own people? erned by people to whom nothing
people felt was worth absorbing. each had, in accordance with tradi- armed camp with big ugly fences Is it that they didn’t actually un- bad has ever happened.
Did the proceedings have the power tion, carved or otherwise inscribed and troops and the public unwel- derstand their own people? Or, in Friends, you are the elected rep-
to break through as anything other their names in them. It looked to come. That citizens could come in barricading themselves in, were resentatives of a great nation. The
than a partisan effort? I don’t me like history itself being violated. with relative ease was one of our they showing they understood them template is supposed to be Atticus
know, but I suspect so. In the pan- It isn’t “loving government” to feel glories. Congress should get things all too well? Finch standing up to the crowd, not
demic people are glued to their protective of that place; it is loving in hand and reopen, after the pan- Another human question. Watch- Atticus Finch endlessly sharing his
screens. Nothing they saw—noth- history and those who’ve distin- demic, as in the past. The long- ing all the videotape, seeing all the retrospective terror on YouTube.
ing—would make them admire Mr. guished themselves within it. term imposition of a stiff security posing of the rioters and holding up We can’t go forward with a na-
Trump more. History will see 1/6 for what it regime would be a mistake—cow- phones and live-streaming the tional style of such timorousness. It
As this is written a formal de- was. Those who acquit are voting ardly, and abusive of American citi- event—there was something about won’t do us any good in this rough
fense of the president’s actions is for a lie. Conviction would be an zens. it all that made you wonder if world, and don’t think they’re not
coming. It is hard to believe his act of self-respect and of reverence Here is a human question. I don’t something about this age of hyper- noticing.
The Kindness of Strangers Probably Saved a Boy’s Life

By Bob Greene right thing. She went to a phone and [The boy] stated he beat him with them to allege, according to police from their purported guardians.
S
called the owner of the restaurant, these when he does something and court documents, that the step- If any of the five people that night
omething stirring happened Rafaela Cabede. She said what had wrong . . . [He] also stated Timothy father had fastened straps to the had decided not to get involved, ac-
one evening last month at a happened. Should she call the police? Wilson would punch him in the chest child’s ankles and neck and had hung cording to Detective Erin Lawler,
family-style restaurant called Ms. Cabede didn’t hesitate. If Ms. with closed fists. him upside down from a door; that “that little boy would probably not
Mrs. Potato in Orlando, Fla. By Carvalho’s hunch turned out to be “It should be noted that [the boy] the boy had been beaten with vari- be with us much longer.” She called
night’s end five strangers would each mistaken it could have meant trouble was in pain just by simply rolling up ous objects, handcuffed to a moving what was done to the child “torture”
instinctively make crucial decisions. for her restaurant. Still, she said to his jacket sleeves to show his injury cart, ordered to do military-style ex- that “shocks your soul.” Police Chief
The result, according to police, was call 911 right away. . . . [He] complained of chest pain ercises for 30 minutes at a time and, Orlando Rolón said that were it not
that the life of an 11-year-old boy Now two people had done the and was hunched over while on if he failed, punished by further for the quick action that night, “We
likely was saved. right thing. Ms. Carvalho called 911, scene . . . It should be noted, [Timo- beatings and by not being allowed to probably would have been talking
There is a lesson in what took told the dispatcher what she had ob- thy Wilson] weighs approximately eat. about a potential homicide investiga-
place, and it starts with what a served and, according to the tape, 325 pounds” and the boy weighs “ap- Prosecutors from Florida’s 9th ju- tion.”
woman named Flaviane Carvalho said: “I don’t know what to do. Can proximately 60 pounds.” dicial circuit charged the stepfather But all five instantly knew what
saw. you give me some advice?” An ambulance was summoned, with 10 felony counts including ag- they must do. Because they did, Tim-
She was serving meals to a table The 911 dispatcher, Fahad and the boy was transported to a gravated abuse, false imprisonment othy Wilson and Kristen Swann
where a family of four was sitting. Mumtaz, did more than offer advice. hospital, where extensive bruising and neglect; his wife, Kristen Swann, await trial. And that boy is alive.
Three of the people—an adult male, He said the police were on their way. was found beneath his clothes, and was charged with five felony counts
an adult female, and a four-year-old Three people had done the right on his ears. Timothy Wilson was ar- of abuse and neglect. Both have Mr. Greene’s books include “And
girl—were sitting on one side, seem- thing. rested on the spot. Follow-up inter- pleaded not guilty. The boy and girl, You Know You Should Be Glad: A
Orlando Police Officer Brett views with the boy by detectives led police said, are now safely away True Story of Lifelong Friendship.”
Brubaker arrived. After speaking
Five people decided to with Ms. Carvalho he approached the
intervene in a family
matter when they
table. He told the man at the table—
Timothy Lee Wilson, the boy’s step-
father—he wanted to talk with the
The Times Is Changing, Badly
boy privately. Officer Brubaker thus Untenable was the be ready to throw away their liveli- or flip-flopping, but the apparent
saw a bruised child. became the fourth person to do the principle enunci- hoods over a matter of principle. need to extort a North Korea apol-
right thing. ated last week by Mr. Baquet won’t get advice from ogy from Mr. McNeil as he left. “I
The officer and the boy walked the New York me on whether his job is now im- thought the context in which I used
ingly enjoying themselves. The boy outside. At first, the boy, who was Times in a kerfuf- possible, or, for that matter, this ugly word could be defended,”
was on the other side, not being spo- markedly underweight, said his fle over a distin- whether it’s doubly important that he conceded probably on the advice
ken to and not speaking. He was the bruises were from an accident. But guished reporter he stick around for après moi of his bank manager. “I now realize
BUSINESS
only one for whom the adults had another officer with experience in who was expelled reasons. that it cannot.”
WORLD
not ordered food. Ms. Carvalho cases of battered and traumatized for uttering the N- The problem is the person who I doubt he really feels this way
By Holman W.
thought this was odd. children—Sgt. Sonja Saunders—soon word in an inno- can’t be fired, Times scion Arthur G. but the formula does nicely move
Jenkins, Jr.
Then she noticed bruising near arrived and patiently continued lis- cent discussion of Sulzberger. We later learned that a the goal posts to accommodate Mr.
the boy’s eye, and a cut above his tening to the boy, becoming the fifth the N-word. Hap- Sulzberger intervention was to en- Baquet’s wild kicking. Mr. McNeil is
nose. And more bruising on his person that night to do the right pily for the next victim but not the courage the spiking of a piece by the still fireable under the new standard
lower arm. She could have done thing. latest one, the paper has belatedly paper’s own columnist noting the that context matters after all. In ev-
nothing. From Officer Brubaker’s official seen the error of its ways. absurdity of the “intent doesn’t ery other way, though, putting
But she couldn’t just let it go. On report: Donald G. McNeil Jr. “has done matter” standard. words in its reporter’s mouth is not
a piece of paper, in big letters, she “I immediately noticed bruising to much good reporting over four de- a good look for a “paper of record.”
wrote: “ARE YOU OK?” She stood be- the right side of his face and what cades,” said management even as it The larger quandary is the dras-
hind the table and held the paper up appeared to be a healing wound on escorted him out the door. Executive Editors and managers at tic loss of newspaper ad revenues
so only the boy, alone on the other the bridge of his nose . . . Upon fur- Editor Dean Baquet had previously and a consequent temptation to
side, could see it. He made a motion ther observation, multiple bruises declined to fire Mr. McNeil over the a great newspaper gather pander to paying readers, to the
with his head. She sensed he was were seen on his right arm starting two-year-old incident, saying it was around Twitter to find point where news reporting be-
afraid. So she wrote another mes- from his shoulder all the way down clear the term hadn’t been uttered comes fantasy fulfillment. Well
sage: “DO YOU NEED HELP?” to his wrist . . . [The boy] stated in a “hateful or malicious” way. out what they think. worth your time is a lengthy piece
The child nodded yes. Timothy Wilson has recently been But that was before a tsunami of in the Manhattan Institute’s City
Ms. Carvalho thus became the beating him with a wooden broom, intolerance from the forces of toler- Journal by former CIA analyst Mar-
first person that night to do the back scratcher and his closed fists. ance inside the paper. Mr. Baquet Let us admit a generational tin Gurri tracing the evolution of
announced last week that Mr. Mc- schism at play here. If you laughed the New York Times toward “post-
Neil would be leaving after all be- out loud on hearing that the Times journalism.”
cause “we do not tolerate racist lan- complainers insisted in their mis- Not every bad habit, though, can
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY guage regardless of intent.” Oops, it sive “Our community is outraged be blamed on social media. In 1996,
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
was universally pointed out that the and in pain,” you grew up in a world the Times accused a Texaco execu-
Matt Murray Almar Latour
Times then would have to fire itself. dominated by WWII vets. tive of using the N-word based on a
Editor in Chief Chief Executive Officer and Publisher A Factiva search shows the paper When you heard that Mr. McNeil transcript drawn up by a self-inter-
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: using the word 1,271 times as far could be brusque and was ungifted ested trial lawyer from a muddy and
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; back as 1969 and as recently as a at today’s elaborate sensitivities, indecipherable tape recording.
Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; week ago, as it must in covering the you thought, that’s the definition of When Texaco did what the Times
News Strategist, Product & Technology Officer Edward Roussel, Chief Innovation Officer; world. The new standard, “a threat the adult male. could have done and hired an audio
Thorold Barker, Europe; Elena Cherney, Coverage; Christina Van Tassell, Chief Financial Officer
to our journalism,” was “a deadline Unfortunately, it’s also logarith- professional, the word turned out to
Andrew Dowell, Asia; Anthony Galloway, Video &
Audio; Brent Jones, Culture, Training & Outreach; mistake and I regret it,” Mr. Baquet mic that if the paper in its most vis- be Nicholas. The tape really showed
OPERATING EXECUTIVES:
Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel; admitted on Thursday. ible public decisions is flopping a worm’s-eye view of Texaco middle
Features & Weekend; Emma Moody, Standards; Frank Filippo, Print Products & Services; What a mess. I don’t know Mr. around like a gaffed grouper, every- managers wrestling, not insensi-
Shazna Nessa, Visuals; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations;
Kristin Heitmann, Chief Commercial Officer; Baquet. By all accounts, he’s a fine thing is worse for those making the tively, with pressure from on high to
Stephen Wisnefski, Professional News
Nancy McNeill, Corporate Sales; person and a good reporter, but you invisible daily decisions about how downsize even while advancing mi-
Thomas San Filippo, Customer Service; know what he’s behaving like here— to cover the news without losing norities and women.
Gerard Baker, Editor at Large Josh Stinchcomb, Advertising Sales;
Paul A. Gigot, Editor of the Editorial Page;
he’s behaving like somebody who their careers. Mr. Sulzberger’s im- Rich and novelistic evidence of
Suzi Watford, Chief Marketing Officer;
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International
knows he can’t trust his own boss to portant job is not to decide whether how life is really lived inside a big
back him in any decision unpopular he agrees with each decision, but to corporation, I thought at the time.
WALL STREET JOURNAL MANAGEMENT:
Joseph B. Vincent, Operations; Professional Information Business: with the woke mob. protect management’s ability to How sad that we approach it like
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head Contrary to myth, the last thing make decisions. He’s not doing his “salivating trolls playing ‘gotcha.’ ”
EDITORIAL AND CORPORATE HEADQUARTERS: John Kennedy was saying in “Pro- job. Perhaps the real solution for
1211 Avenue of the Americas, New York, N.Y., 10036 files in Courage” was that persons The element that really sings in- journalism is to stop acting this
Telephone 1-800-DOWJONES
in authority at every moment should stitutional cowardice isn’t the firing way.

S
Solidity
olidity & Solidarity
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to an ever-changing world, without compromising and supported caregivers and frontline workers.
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BUSINESS | FINANCE
DJIA 31458.40 À 27.70 0.1%
|
Charged Up
The new electric
cars hitting the road
this year B4
TECHNOLOGY | MANAGEMENT
NASDAQ 14095.47 À 0.5%
EXCHANGE
STOXX 600 414.00 À 0.6%
THE WALL STREET JOURNAL.
10-YR. TREAS. g 13/32 , yield 1.199%
* * * *
OIL $59.47 À $1.23

Rings of Fire
A high degree of
difficulty at the
Beijing games B2
Saturday/Sunday, February 13 - 14, 2021 | B1

GOLD $1,821.60 g $3.30 EURO $1.2120 YEN 104.92
Nearly Half
Of Trades
Occur Off
Exchanges
BY ALEXANDER OSIPOVICH
The stock market is going dark

thanks to a boom in activity by indi-
vidual investors and manic trading
in stocks such as GameStop Corp.
A record 47.2% of U.S. equity trad-
ing volume in January was executed
outside public stock exchanges, up
from 39.9% a year earlier, according
to data from Rosenblatt Securities,
a brokerage firm.
Before 2020, the percentage of
what is known as dark trading had
hovered just below 40% for years.
Now, on some days, more than half
the shares that change hands in the
U.S. are traded on various off-ex-
change platforms. That happened for
the first time on Dec. 23, three times
in January, and again on Tuesday,
when off-exchange volume hit 50.5%,
a record for a single day of trading,
Rosenblatt data show.
Behind the shift is the influx of
small investors, many of whom have
been empowered by zero-commis-
sion trading apps and are stuck at
home during the Covid-19 pandemic.
Online brokerages that cater to indi-
vidual investors, including Robin-
hood Markets Inc., send many of
their customers’ orders to electronic
trading firms such as Citadel Secu-
rities and Virtu Financial Inc. These
firms typically execute small inves-
tors’ orders privately instead of
routing them to public markets in-
cluding the New York Stock Ex-
Please turn to page B13
AmEx Says
CLASH OF THE DOJ, Others
TECH TITANS
Reviewing
PHOTO ILLUSTRATION BY GUILLEM CASASUS
Card Sales
BY ANNAMARIA ANDRIOTIS
American Express Co. acknowl-

edged Friday that government agen-
cies, including the Department of
Justice, have reviewed the com-
pany’s sales practices regarding
small-business cards.
The company said in a regulatory
Apple’s Tim Cook and Facebook’s Mark Zuckerberg are at odds over privacy, power filing that in May it began respond-
ing to a regulatory review led by the
and dueling visions of the internet. Their rivalry is increasingly personal—and public. Office of the Comptroller of the Cur-
rency and the DOJ’s civil division.
AmEx said the review was connected
Facebook Inc. Chief Executive Mark Zucker- BY DEEPA SEETHARAMAN, business model—without naming the com- to “historical sales practices relating
berg has groused for years that Apple Inc. and EMILY GLAZER pany. All of that grates on Facebook, which to certain small business card sales.”
its leader, Tim Cook, have too much sway over sees Apple as overreaching in a way that The Wall Street Journal reported
the social-media giant’s business. In 2018, his AND TIM HIGGINS threatens Facebook’s existence, and hypocriti- last month that federal investigators
anger boiled over. cal, including by doing extensive business is including the inspectors general of-
Facebook was embroiled in controversy Mr. Cook’s comments and actions would leave China where privacy is scarce. A 2017 attempt fices of the Treasury Department,
over its data-collection practices. Mr. Cook Mr. Zuckerberg seething and, at times, plot- to address tensions through a face-to-face Federal Deposit Insurance Corp. and
piled on in a national television interview, ting to get back at Apple. The escalation of meeting between the two CEOs resulted in a Federal Reserve were investigating
saying his own company would never have grievances erupted late last month in a rare tense standoff. AmEx card sales.
found itself in such a jam. Mr. Zuckerberg public tit-for-tat between the two tech giants The trigger last month was a new privacy The investigators were looking
shot back that Mr. Cook’s comments were that laid bare the simmering animosity be- tool the iPhone maker plans to roll out that will into whether the company used ag-
“extremely glib” and “not at all aligned with tween their leaders, who exchanged jabs further restrict Facebook’s ability to collect gressive and misleading sales tactics
the truth.” about privacy, app-tracking tools and, ulti- data. Mr. Zuckerberg accused Apple on an earn- to sell cards to business owners and
In private, Mr. Zuckerberg was even mately, their dueling visions about the future ings call of using its platform to interfere with whether customers were harmed,
harsher. “We need to inflict pain,” he told his of the internet. how Facebook apps work. Mr. Cook, without the Journal reported.
team, for treating the company so poorly, ac- Apple has positioned itself as the protector naming Facebook, delivered an online speech The Justice Department is work-
cording to people familiar with the exchange. of digital privacy, upholding a greater good, condemning “conspiracy theories juiced by al- ing with those offices, according to
It wasn’t the first time—or the last—that while often leveling criticisms at Facebook’s Please turn to page B6 Please turn to page B2
A Restaurant’s Reality:
Close, Reopen, Repeat.
Multiple stops and starts pose another challenge
for small eateries hoping to survive the pandemic
BY RUTH SIMON
In the days before the reopening time in the last year that the res-
PHILIP CHEUNG FOR THE WALL STREET JOURNAL
of St. Felix Hollywood, employees taurateur and a dozen or so of his

scrambled to yank plywood boards employees scurried to reopen the
from windows, pry congealed Hollywood location and a sister
syrup from clogged soda machines, restaurant in West Hollywood, Ca-
scour dusty cooking equipment and lif., due mostly to local pandemic
scrub the kitchen floor. restrictions. Mr. Arakaki estimated
“The last 24 hours have been in- it cost about $30,000 each time.
sane,” co-owner John Arakaki said Nearly a year into the U.S.
as he sifted through dozens of new spread of Covid-19, multiple clos-
safety rules and negotiated with ings and reopenings are now al-
his linen company, produce sup- most commonplace for owners of
plier and other vendors. restaurants, bars, gyms, beauty sa-
St. Felix welcomed customers lons and other establishments
back Feb. 5. It marked the fourth Please turn to page B8 Employees scrambled to reopen the St. Felix Hollywood restaurant for the fourth time in the last year.

B2 | Saturday/Sunday, February 13 - 14, 2021 * *** THE WALL STREET JOURNAL.
THE SCORE
THE BUSINESS WEEK IN 7 STOCKS
ORACLE CORP. ZILLOW GROUP INC. WALT DISNEY CO.

PERFORMANCE OF RIDE-HAILING STOCKS
TikTok’s U.S. fate is in limbo
again. The Biden administra-
Source: FactSet
One of Zillow’s hottest prop-
erties is the company itself. Disney still managed to de-
liver some magic last quar-
ORCL tion shelved a plan to force a
sale of the popular video-
10%
ZG The online real-estate com-
pany reported a sharp rise in
DIS ter. Despite the blows
Covid-19 dealt to its film dis-
0.6% sharing app’s American oper- 17% traffic in the latest quarter 1.7% tribution and theme park
ations to a group including 8 LYFT and better-than-expected businesses, Disney posted a
Oracle and Walmart Inc. The deal was earnings. In recent years, Zillow has quarterly profit of $17 million thanks in
driven by former President Donald moved into iBuying, or automated part to a shift toward a streaming-first
Trump, who last year ordered a ban on 6 home flipping. It also recently acquired model. Its flagship streaming service,
TikTok aimed at forcing a sale of the virtual home-touring company Show- Disney+, added more than 21 million
app to a majority-U.S.-ownership group. ingTime. Demand for homes has new subscribers in its latest quarter,
The TikTok deal has languished since 4 jumped in the past year as buyers took the entertainment giant said Thursday.
last fall in the midst of successful legal UBER
advantage of record-low interest rates Disney+ is now a crucial arm of the
challenges to the U.S. government’s ef- TECHNOLOGIES and the pandemic prompted many company’s franchise planning, as shows
fort by the app’s owner, Chinese tech 2 households to seek more space to bet- and movies that play at home slot into
company ByteDance Ltd. Oracle shares ter accommodate remote work. Zillow the narratives of the feature films. Dis-
slipped 0.6% Wednesday. shares jumped 17% Thursday. ney shares lost 1.7% Friday.
0
BUMBLE INC. TESLA INC. KRAFT HEINZ CO.

–2
Bumble is buzzing from its

public market debut. Shares
Mon. Tues. Wed. Thurs. Fri.
Elon Musk is backing up his
tweeting about bitcoin. Tesla Mr. Peanut has a new owner.
Kraft Heinz said Thursday
BMBL ofjumped the online-dating company
64% in their first
TSLA said Monday that it bought
$1.5 billion of the digital cur-
KHC that it reached an agreement
to sell its Planters nuts busi-
64% day of trading and closed at LYFT INC. 1.3% rency, following Mr. Musk’s 4.9% ness to Skippy peanut butter
$70.31 Thursday. Its initial
public offering was priced at $43 a Lyft took another turn toward profitability. The ride-
hailing company posted a narrower annual loss on
promotion of the cryptocur-
rency on social media. The electric-vehi-
owner Hormel Foods Corp.
The all-cash deal values the century-old
share, raising $2.2 billion for Bumble.
Its namesake app, on which women
LYFT Tuesday, even as the pandemic decimated demand cle company also said it expects to start
accepting bitcoin as payment for its
business at $3.35 billion. Kraft Heinz
has been divesting itself of brands after
make the first move, was founded by 4.8% in the industry. Lyft President John Zimmer aims to products soon. Tesla joins a handful of struggling to keep up with shifting con-
Whitney Wolfe Herd in 2014 to disrupt other companies that have disclosed bit- sumer tastes, and in September agreed
traditional dating dynamics. The app become profitable on an adjusted basis by the end of this coin holdings, such as software devel- to sell a chunk of its cheese business to
also has an option for users seeking year. Rival Uber Technologies Inc. also reported a smaller an- oper MicroStrategy Inc. The purchase, France’s Groupe Lactalis SA for $3.2 bil-
same-sex interactions. Ms. Wolfe Herd nual loss, on the back of its food-delivery business and ag- likely among the largest by a public lion. The food company also reported
had earlier co-founded Match Group company, comes after a rally in 2020 better-than-expected quarterly earnings.
Inc.’s Tinder, and Bumble now joins ri- gressive cost cuts. Lyft shares gained 4.8% Wednesday. when the price more than quadrupled. Kraft shares added 4.9% Thursday.
val Match on the public market. Tesla shares rose 1.3% Monday. —Francesca Fontana
AmEx Says
Card Sales
Examined
Continued from page B1
people familiar with the matter.
The Journal also reported last
month that the OCC was investi-
gating the company’s business-
card sales practices.
More than a dozen current and
former AmEx employees previ-
ously told the Journal that some
salespeople strong-armed or mis-
led small-business owners into
signing up for cards to boost sales
numbers. Some salespeople mis-
represented card rewards and
fees, or issued cards that custom-
ers hadn’t sought, they said.
AmEx has previously said that
it found only a very small number
ALEX NABAUM
of problems that were resolved

“promptly and appropriately,” in-
cluding through disciplinary ac-
tion.
On Friday, AmEx said that it
had “conducted an internal re-
ON BUSINESS | ERICH SCHWARTZEL were public-safety reasons—and view of certain sales from 2015
faced criticism it was helping the and 2016” and had “taken appro-
Chinese authorities. priate disciplinary and remedial
The Risky Business of Sponsoring What if similar protests are

timed to the 2022 Games? Or if
China, in the 12 months before the
actions, including voluntarily
providing remediation to certain
current and former customers.”
The Beijing Olympic Games

Games are to begin, makes an ag- AmEx also said in its Friday
gressive move toward Taiwan, a de- regulatory filing that it received
velopment some believe would ne- a grand-jury subpoena last month
cessitate a U.S. response? from the U.S. attorney’s office for
Businesses, meanwhile, are des- the Eastern District of New York
perate for a ratings bonanza. Stay- regarding small-business card
Companies need to tread carefully to avoid angering consumers or their host at-home orders have driven more sales. It also said it had received
consumers to platforms like Netflix, a civil investigative demand from
which don’t carry advertising, mak- the Consumer Financial Protec-
ing the prospect of a live broadcast tion Bureau “seeking information
On the evening of Airbnb Inc., another Olympic Part- sports, a comment by one person event all the more tantalizing. on sales practices related to con-
Feb. 4, 2022, an ner, why its lodging is available in a made an entire organization radio- There’s an appropriate precedent sumers.”
opening ceremony in country where Uighurs in the prov- active, and that could put Olympic- to consider: The case of Mesut Özil, The company said in the filing:
Beijing is scheduled ince of Xinjiang are housed in con- affiliated companies in a bind. Rev- a former midfielder with England’s “We are cooperating with all of
to kick off the Winter centration camps, subjected to enues for Nike Inc., for instance, Arsenal soccer club. In late 2019, he these inquiries and have contin-
Olympics, the second forced labor and other abuses. grew 24% in China last quarter, posted a comment to his social me- ued to enhance our controls re-
time in 14 years the Airbnb is one of many companies compared with 1% in North Amer- dia accounts decrying the Uighur lated to our sales practices. We
Games will be held in China. But that tout themselves as corporate ica. Behind those sales lies a China- internment camps. do not believe this matter will
more than medals will be on the models of social responsibility, based supply chain essential to Arsenal’s next game went off the have a material adverse impact
line. The 2022 Games highlight a highlighting volunteer programs making its global operation work. air in China—and when matches re- on our business or results of op-
dilemma facing potential sponsors: and nonprofit outreach in ways that What, then, might happen to an sumed, Chinese commentators pre- erations.”
Risk association with an authori- are increasingly a consideration for Olympian’s corporate sponsor if she tended Özil wasn’t on the field.
tarian regime, or forgo a much- consumers deciding how to spend lands in Beijing and speaks out in Özil’s avatar disappeared from Chi-
needed chance at a star turn on support of the Uighurs?
the global stage?
Major companies are eager to get
their money. When it comes to
China, such activists say, the com-
pany appears to be less concerned.
Given China’s modus operandi in
such matters, shutting up is likely
nese versions of soccer videogames.
It was professional soccer’s
China 101 moment. In Hollywood,
Aldrich Backs
in on the action. Visa Inc., Coca-
Cola Co. and a host of other busi-
“Airbnb is very big on social is-
sues, but they are selective on
to be encouraged. Chinese officials
reject allegations of human-rights
several movies that have drawn the
ire of Chinese officials taught every-
Software Firm
nesses will be in Beijing as “Olym-
pic Partners,” the highest level of
sponsorship available, covering sev-
which social issues,” said Zumretay
Arkin, program and advocacy man-
ager at the World Uyghur Congress,
abuses, and have characterized the
camps as vocational schools. And
it’s not just the Uighurs to whom
one to avoid the “three T’s”: Tibet,
Taiwan and Tiananmen Square.
When choosing Beijing, the In-
ProcessMaker
eral Games cycles and is reserved an organization that seeks to raise advocates will be drawing atten- ternational Olympic Committee BY PREETI SINGH
for those writing the biggest checks awareness of the minority’s plight. tion—support groups for Tibet and had only controversial options. In
and launching the most aggressive Such criticism presents a Hong Kong have also parlayed the 2015, when the location of the Aldrich Capital Partners has
tie-in marketing campaigns. Mars- Catch-22: It demands an answer Games into an opportunity to raise 2022 Games was being decided, invested $45 million to take a
Wrigley will be there, too, handing from firms like Airbnb—but an an- awareness of their causes. The Oslo, Krakow, and Stockholm had majority stake in ProcessMaker
out Snickers, “the official chocolate swer that even alludes to the exis- Olympic Charter prohibits “demon- dropped out, leaving just one com- Inc., an intelligent business pro-
of the 2022 Winter Olympics and tence of Uighur concentration stration or political, religious or ra- petitor for Beijing: Almaty, Kazakh- cess management software pro-
Paralympic Games.” camps could be enough to threaten cial propaganda” at Olympic sites, stan. vider, part of the growth-equity
What might have seemed like a its business in China. An Airbnb but in December the U.S. Olympic & The IOC opted for “the devil they firm’s broader effort to back
no-brainer—backing a popular spokesman declined to comment. Paralympic Committee said it knew,” said Mandie McKeown, the companies that can capitalize on
sporting event in a country with 1.4 Sports and politics in China have wouldn’t punish American athletes executive director of the Interna- the growth of digital automation.
billion consumers—may turn out to proven a combustible mix in the who protest at the Games. tional Tibet Network, who orga- Vienna, Va.-based Aldrich is
be a high-risk gamble. The Olympics past. Just ask the National Basket- Some sponsors are hoping the nized a letter from more than 180 the first institutional investor to
could mark the crescendo of a ball Association, still struggling to globalized romanticism of the human-rights organizations calling back ProcessMaker, according to
yearslong trend of some consumers, regain full access to the market af- Games will supersede messy politi- on governments to boycott the Mirza Baig, a managing partner
advocates and Western lawmakers ter the Houston Rockets’ general cal realities. “We strongly support Games. at the firm. Aldrich, which raised
pointing out what they consider the manager tweeted support for pro- the Olympics’ vision of building a President Biden has indicated he more than $256 million for its
true costs of working with a coun- independence activists in Hong better world through sport,” a would not support a boycott that debut fund in 2018, typically
try where horrifying human-rights Kong in 2019. Mars-Wrigley spokeswoman said. would stop American athletes from backs companies with at least
abuses have been cataloged by jour- In the wake of China’s response, But there are significant un- attending. Relocation isn’t in the $10 million in annual revenue, ac-
nalists and U.S. officials. At a time prominent players and coaches knowns to consider. China’s crack- cards, either. cording to its website.
when global companies rely more withheld criticism and in some down on protests in Hong Kong in “We have exhausted that route, Bobby Vernon and Brian Reale
heavily than ever on the Chinese cases supported China. Chinese 2019 caught popular U.S. businesses so we are going to focus on corpo- founded ProcessMaker and began
market, its government has proven broadcasts of NBA games were can- in the middle. Protesters targeted rate sponsors,” said Ms. Arkin. developing open-source workflow
easily triggered by the slightest celed, and sponsorship deals ended. Starbucks Corp. storefronts in Hong The market forces dependent on software in 2008, Mr. Reale said.
criticism—and unafraid to exact A state-run network resumed Kong, believing the company’s local the 2022 Games and its host coun- Over time, the Durham, N.C.-
economic punishment on those who broadcasting NBA games a year af- franchisee supported Beijing. Apple try at large may prove resilient. based company added cloud-
cross it politically. ter the offending tweet. Inc. removed an app used by pro- Money talks. Or in this case, based technology to its product
Already advocates are asking In the case of the NBA and other testers—for what the company said keeps silent. portfolio.

THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, February 13 - 14, 2021 | B3
BUSINESS NEWS
Laser Firm
Coherent
Opioid Settlements to Yield Tax Perks
BY JOSEPH WALKER setting profits from prior tax Texas, said this month that it lion for its part of the settle- The overall value of the
AND SARA RANDAZZO
Receives Four pharmaceutical com-
years when there was a
higher corporate income-tax
rate, taking advantage of a
had recorded a charge of $8.1
billion to cover its settlement
payments, but that the amount
ment at an effective tax rate of
21.4%, which would result in a
$1 billion deduction. A spokes-
deal rose last year to more
than $26 billion, with the dis-
tributors’ contributions to be
Rival Bid panies in settlement talks with

states to resolve claims re-
lated to their involvement in
provision created by Congress
as part of its Covid-19 eco-
nomic-relief package in March
would be reduced by $1.4 bil-
lion after tax deductions.
AmerisourceBergen, based
man declined to comment be-
yond what was stated in the
company’s filings.
paid over 18 years. No final
agreement has been reached
and the delay of court trials in
BY CARA LOMBARDO the national opioid crisis 2020. in Chesterbrook, Pa., said in a The Washington Post ear- New York, Ohio and West Vir-
stand to reap about $1 billion “We recorded a net operat- November financial filing that lier reported the potential tax ginia because of the pandemic
Electronic-components each in tax breaks if a coming loss for tax purposes in its planned $6.6 billion settle- deductions related to the opi- has removed some sense of
maker II-VI Inc. made a bined payout of more than $26 our second quarter, which, as ment payment would be offset oid settlement. deadline pressure.
roughly $6.5 billion bid for Co- billion is finalized, according permissible under current fed- by about $1.1 billion in tax Drugmakers, distributors So far, the only nationwide
herent Inc., setting up a sel- to company filings. eral law, will be carried back and pharmacies have been un- opioid deal has been reached
dom-seen, three-way takeover The drug distributors to recover previously paid fed- der pressure for years to take with the consulting firm
battle for the laser maker.
II-VI said Friday it offered
McKesson Corp., Amerisource-
Bergen Corp. and Cardinal
eral taxes,” a Cardinal spokes-
woman said in an email.
Some lawmakers are accountability for the nation’s
opioid crisis. More than 3,000
McKinsey & Co., which agreed
last week to pay nearly $600
$260 a share for Coherent, Health Inc., along with John- Cardinal’s use of the tax criticizing the use of lawsuits have been filed by million for its work advising
comprising $130 in cash and
1.3055 II-VI shares for each
son & Johnson, plan to deduct
the payouts from their taxes,
break was criticized by some
lawmakers who have pushed—
the payments to states, local municipalities,
Native American tribes and
drugmakers, including Purdue
Pharma LP and Johnson &
Coherent share. filings show. unsuccessfully so far—to offset profit. others against industry play- Johnson, on ways to boost
The Wall Street Journal re- Cardinal Health, which exchange the law. ers, alleging they contributed sales.
ported II-VI’s plans on Friday. pects to pay $6.6 billion as “Many of the same Ameri- to the crisis through aggres- While announcing the
Coherent already agreed to part of the settlement, said in cans who were victimized by sive marketing of prescription McKinsey deal, several state
sell itself to Lumentum Hold- a regulatory filing this month opioid hucksters are now be- benefits. painkillers and lax distribution attorneys general said they
ings Inc. for about $226 a that it anticipates receiving a ing asked, as taxpayers, to fi- McKesson didn’t respond to practices. hoped the firm’s cooperation
share before MKS Instru- $943 million tax benefit as a nance almost $1 billion of the a request to comment. An The companies have pushed would serve as a model for
ments Inc. last week made a result of losses it incurred be- belated settlement for Cardi- AmerisourceBergen spokes- back on the allegations while others in negotiations.
roughly $240-a-share offer of cause of the payout charge. nal Health through a special woman declined to comment engaging in talks to resolve “We want to get fair settle-
its own. The company said it has interest tax provision buried beyond what was in the com- the lawsuits. Cardinal, ments now,” Colorado Attor-
Based in Santa Clara, Calif., filed for an income-tax refund in pandemic relief legislation,” pany’s financial statements. AmerisourceBergen, McKesson ney General Phil Weiser said
Coherent makes lasers and re- it expects to receive in the said Rep. Lloyd Doggett (D., Johnson & Johnson, which and Johnson & Johnson have last week. “Others need to fol-
lated products used in medical next 12 months. Texas) and Sen. Sheldon at one time sold the prescrip- been working to broker a deal low suit.”
and scientific equipment, in- Cardinal, based in Dublin, Whitehouse (D., R.I.) in a joint tion fentanyl patch Duragesic, with state attorneys general —Richard Rubin
dustrial applications and semi- Ohio, said $420 million of the statement. said in a regulatory filing that and local municipalities since and Jared S. Hopkins
conductor manufacturing. Lu- benefit would come from off- McKesson, based in Irving, it expects to pay about $5 bil- late 2019. contributed to this article.
mentum, MKS and II-VI make
similar products.
Fox News Hosts Seek Dismissal of Lawsuit

II-VI, with a market value
of about $10.4 billion as of
Thursday’s close, is the largest
of the three suitors. It is based
in Saxonburg, Pa., and makes BY BENJAMIN MULLIN “The line between pro- don, has produced voting tech-
photonic and electronic mate- tected speech and actionable nologies that have been used
rials and components. “Two- Fox News Media former and defamation cannot turn on in multiple countries. But
Six,” as it is known, refers to current hosts Lou Dobbs, Ma- whether a commentator ex- Smartmatic has a limited foot-
groups of elements on the pe- ria Bartiromo and Jeanine presses doubt versus hope print in the U.S. Only one
riodic table central to opto- Pirro asked a court to dismiss that a guest can prove…news- county, Los Angeles County,
electronics. a defamation lawsuit by vot- worthy claims,” the filing for Calif., used its technology in
II-VI and Coherent have an ing-machine company Smart- Mr. Dobbs said. the 2020 general election,
existing tie: In December, Co- matic USA Corp., arguing The filing said “a reason- Smartmatic has said.
herent entered into a supply their coverage of President able viewer would understand A group of federal and state
JOHN LAMPARSKI/GETTY IMAGES
agreement with II-VI for auto- Trump’s claims the 2020 elec- that Dobbs was not stating ac- officials have said there isn’t
motive and electrification tion was rigged was protected tual facts about Smartmatic, evidence that any voting sys-
welding. II-VI sees the poten- by the First Amendment. but at most offering his opin- tem changed or deleted votes
tial for $200 million in cost The motions to dismiss the ion that the partisan and in the 2020 general election.
savings within three years fol- $2.7 billion lawsuit follow a heavily disputed allegations” Fox News parent Fox Corp.
lowing close of a deal for Co- similar move by Fox Corp.’s from Mr. Trump’s team might and Wall Street Journal parent
herent, the company said. II-VI Fox News, which is also a de- have merit. Mr. Dobbs also News Corp share common
purchased Finisar Corp. for fendant. The suit, filed last covered Smartmatic’s denials, ownership.
$3.2 billion two years ago and week in a New York court, al- Voting-technology company Smartmatic alleges it was defamed the filing said. MSNBC made a similar le-
said in an earnings report this leges that Fox and its hosts by Fox News, Lou Dobbs, Maria Bartiromo and Jeanine Pirro. Ms. Bartiromo and Ms. gal argument when anchor Ra-
week that it expects to hit knowingly allowed false state- Pirro made similar arguments. chel Maddow was sued for
cost-savings targets stemming ments on the network’s pro- Smartmatic’s attorney. bers of the president’s team. Ms. Bartiromo’s filing said defamation by One America
from that combination a year grams about the reliability of The company said in its suit His filing acknowledges that Smartmatic “ignored” an invi- News Network over her com-
early. Smartmatic technology. Each that the comments on Fox Mr. Dobbs sometimes offered tation to appear on her show ment that the right-wing news
Coherent on Feb. 8 said it of the hosts argued that News damaged its reputation encouraging opinions on the as part of her invitation to channel was “paid Russian
was reviewing MKS’s unsolic- claims by Mr. Trump and his with clients irreparably. claims—noting that in one “other guests to comment on propaganda.” The judge threw
ited bid. Should the board lawyers were newsworthy. Mr. Dobbs, whose show on segment he said “[t]his is a and criticize the President’s out the suit last year, saying
deem it superior, Lumentum “Smartmatic is confident in Fox Business was canceled af- nation that has just been claims.” Ms. Bartiromo’s filing Ms. Maddow was expressing
would have a window to re- its case and looks forward to ter the suit was filed, argued wronged mightily”—and ex- alleged that Smartmatic’s law- an opinion that was legally
spond with a higher bid. briefing these issues for the he was fulfilling the public in- pressed hope they would be suit was financially motivated. protected. One America ap-
Lumentum on Jan. 19 Court,” said J. Erik Connolly, terest by interviewing mem- proven true. Smartmatic, based in Lon- pealed the ruling.
agreed to pay $100 and 1.1851
of its shares for each Coherent
share, which at the time was
worth around $226 a share, or
about $5.7 billion. MKS offered
$115 in cash and 0.7473 of a
CFOs Are Planning for Higher Minimum Wage
share, then worth around BY MARK MAURER Americans their jobs. phia-based discount retailer, menu options to offset a states have set a minimum
$240, or $6 billion. Various companies have plans to respond to potentially higher minimum wage, Ryan wage higher than $7.25 an
Based on Thursday’s closing Finance chiefs are evaluating said they support a federal higher labor costs in part by Zink, the company’s chief ex- hour, including a $13.69-an-
prices, Lumentum’s bid is val- their options to offset potential minimum wage increase—al- continuing to increase the ecutive and principal financial hour rate in Washington state.
ued at about $210 a share while higher costs as some lawmakers beit not as high as $15—and a number of employee-assisted officer, said Feb. 9. 1-800-Flowers.com Inc., a
MKS’s is valued at about $237. pursue legislation asking for an phased-in approach that gives self-check-out stations, allow- The company is also consid- Carle Place, N.Y., floral-gift re-
Coherent shares had closed at increase in the federal minimum them time to prepare. Many ing more transactions to be ering investing in technology tailer, plans to automate more
$151.95 before the Lumentum wage to $15 an hour as part of a businesses are paying a mini- completed, Chief Financial Of- such as hand-held devices that tasks in its manufacturing and
deal was announced. They Covid-19 relief package. mum wage of $7.25 or more in ficer Ken Bull has said. The would allow customers of Bad distribution operations to be-
closed Thursday at $226.80. President Biden has said he some states in which they op- company employs more than Daddy’s Burger Bar to place come less reliant on its sea-
Lumentum has argued that supports a plan to more than erate, but a nationwide in- 15,000 people. their own orders and pay their sonal labor force, CFO William
its deal is superior to MKS’s double the federal minimum crease would require more ex- An increase in the minimum own checks without any staff in- Shea said on a Jan. 28 earn-
despite the lower price because wage from $7.25 to $15 over tensive preparations. wage could at the same time volved, Mr. Zink said. “It will re- ings call. The company, which
it has a clearer path to regula- the course of four years. The Walmart Inc. and Starbucks benefit the business because quire change and for us to adapt owns 15 e-commerce brands,
tory approval and completion. federal minimum wage last Corp. in recent months an- consumers might have more our business model,” he said. has more than 3,300 year-
Coherent would owe Lumen- changed in 2009, when it rose nounced plans to increase purchasing power, Mr. Bull If the wage increase doesn’t round employees in seven U.S.
tum a $217.6 million breakup from $6.55. hourly wages to at least $15 said. “Maybe we get dinged make it into the Covid-19 pack- states and employs temporary
fee should it walk away from Raising the federal mini- for certain workers. Starbucks from an expense perspective, age, Mr. Biden is expected to workers on top of that.
their deal for a better one. mum wage to $15 an hour by in December vowed to pay all but we see our sales go up be- push for additional legislation. The retailer already pays
Last month, a deal by pri- 2025 could deliver pay raises of its roughly 230,000 U.S. em- cause there’s more dollars in Meanwhile, the 2022 elections minimum wages close to the
vate-equity firm Apollo Global for 27 million workers and lift ployees at least $15 per hour the economy,” he said. could offer an opportunity for proposed rate in several states,
Management Inc. and a part- 900,000 Americans above the over the next two to three Good Times Restaurants more states to put minimum- so it doesn’t foresee a signifi-
ner to take ATM maker poverty threshold, the nonpar- years, up from more than 30% Inc., a Lakewood, Colo., opera- wage increases on the ballot. cant impact from a federal in-
Cardtronics PLC private was tisan Congressional Budget Of- of workers who currently re- tor of more than 60 burger- Eight states, most recently crease alone, Mr. Shea said.
scuttled by NCR Corp., which fice estimated. It also said the ceive that amount. bar or fast-food locations, Florida, have approved an “Increased labor costs…are kind
subsequently offered more. policy could cost 1.4 million Five Below Inc., a Philadel- plans to raise prices of some eventual increase to $15. Most of here to stay,” he said.
CORPORATE WATCH
AMAZON.COM MADISON SQUARE GARDEN
Suit Aims to Prevent Revenue Sinks 94%
Action by New York On Covid-19 Closures
Amazon.com Inc. is suing Madison Square Garden En-
New York’s attorney general to tertainment Corp.’s revenue fell
prevent the state from poten- 94% as Covid-19 restrictions con-
tially taking legal action against tinued to hurt its operations.
the company over its handling of The live-entertainment com-
worker safety during the pan- pany on Friday posted a net loss
demic and firing of one of its attributable to stockholders of
warehouse workers last year. $124.9 million, compared with a
In a complaint filed Friday in profit of $81.31 million in the
federal court in Brooklyn, Ama- year-ago period. Revenue fell to
zon said that New York Attorney $23.1 million from $394.1 million
General Letitia James has in the quarter ended Dec. 31.
BRUCE BENNETT/POOL
threatened to sue the company The operator of MSG, Radio

if it doesn’t agree to a list of de- City Music Hall and other ven-
mands, including reducing its ues said its places remained
production speeds and perfor- closed during the quarter aside
mance requirements and paying from New York Knicks home
“large sums” to Christian Smalls, games and other exceptions.
the fired worker. The New York Rangers played the Boston Bruins in an NHL hockey game Wednesday at an empty Madison Square Garden. New York arenas can reopen
Amazon is asking a judge to starting Feb. 23 with limited ca-
rule that Ms. James lacks the health and safety of working NEWELL BRANDS on higher expenses and a $794 million, or $1.87 a share, in pacity.
authority to regulate workplace people,” Ms. James said in a smaller tax benefit, though reve- the prior year period. Sales for “We are excited by the start
safety. statement Friday. “We remain Profit Falls, Costs Up nue rose. The consumer-goods the parent of Yankee Candle, of live entertainment returning
“We will not be intimidated undeterred in our efforts to pro- conglomerate on Friday posted Sharpie pens and Elmer’s glue to New York,” Executive Chair-
by anyone, especially corporate tect workers from exploitation.” Newell Brands Inc. said its net income of $127 million, or 30 rose 2.5% to $2.96 billion. man and CEO James Dolan said.
bullies that put profits over the —Sebastian Herrera profit fell for the fourth quarter cents a share, compared with —Dave Sebastian —Dave Sebastian

EXCHANGE
The New Electric Vehicles F

or car companies with big electric ambitions,
2021 will be a make-or-break year.
More than a dozen new electric-vehicle
models are set to arrive in U.S. showrooms
this year as startups and established auto
makers like General Motors Co. and Volks-
Hitting the Road wagen AG show drivers the results of billions in spend-
ing on the technology.
For consumers, that’s going to mean more plug-in
options than ever before. But whether car makers can
persuade buyers to ditch fossil fuels is still uncertain.
Many challenges remain for electric vehicles: not
Auto giants and startups alike hope to spark a battery-powered boom enough places to charge, limited travel range and rela-
tively high sticker prices, despite a $7,500 federal tax
credit that could expand through future legislation.
BY BEN FOLDY An influx of new models helped boost sales of bat-
tery-powered vehicles in Europe and China last year.
But in the U.S., where buyers had fewer choices and
HYUNDAI IONIQ 5 NISSAN ARIYA

less in the way of government incentives, electric-car
sales fell around 10% in 2020, industry analysts say.
Tesla Inc. dominates the U.S. plug-in market today,
selling four out of five all-electric vehicles purchased in
2020, according to industry consultant EV-Volumes.
Tesla doesn’t break out its U.S. sales separately.
Other auto makers’ commitment to electric vehicles
has only intensified in the past year, despite the global
pandemic’s depressing effect on vehicle sales.
Wall Street, too, continues to up its bet on the tech-
nology, rewarding new startups that have yet to pro-
duce a single electric car but are commanding eye-pop-
ping valuations. The Biden administration is also
throwing its backing behind electric vehicles, pledging
to build a half-million public chargers by 2030.
Chief executives like GM’s Mary Barra and VW’s Her-
bert Diess have staked their legacies on successfully
shifting their businesses to electric vehicles. Lucid Mo-
ON SALE: ON SALE: tors Inc., Rivian Automotive LLC and other well-capital-
BUILT IN: SOUTH KOREA EXPECTED FALL BUILT IN: JAPAN END OF 2021 ized startups are also joining the race, aiming to roll
their first models off U.S. assembly lines this year.
Hyundai Motor Group is aiming to sell one million electric ve- Nissan Motor Co. was an early pioneer of the mass-market The stakes are high, with legacy car makers strug-
hicles annually by 2025. It has promised to debut 23 new electric car when it debuted the Leaf in 2010. But since then, gling to prove they can build electric cars that compete
plug-in models by that year and plans to sell electric vehicles it’s slipped behind faster-moving competitors. The Japanese with Tesla and upstarts eager to show they too can
under a new subbrand called Ioniq. The Ioniq 5, a midsize SUV auto maker is hoping to reverse that trend with the new all- carve out a place in the market.
that will compete with similar mass-market models from VW, electric Ariya, a compact crossover that like the VW ID.4 aims Here is a look at what hits the market this year and
Tesla and others, will launch the new subbrand. to tap buyers’ growing appetite for battery-powered SUVs. why it is significant.
GMC HUMMER VOLKSWAGEN ID.4 FORD MUSTANG MACH-E
ON SALE: ON SALE: ON SALE:

BUILT IN: MICHIGAN FALL BUILT IN: GERMANY MARCH BUILT IN: MEXICO AVAILABLE NOW
GM is plowing billions into electric-vehicle development, having Volkswagen, battered by the Dieselgate scandal, is trying to Ford Motor Co. took a risk in tying its all-new electric SUV to
set a target of phasing out gas and diesel-powered vehicles transform itself into a car company that not only can take on the famed Mustang sports-car line. The company is hoping
from its showrooms by 2035. The all-electric GMC Hummer, a Tesla but can bring electric vehicles into the mainstream with the rapid off-the-line acceleration delivered by the model’s
revival of a nameplate once associated with environmentally more affordable and appealing models. It is placing one of the electric motors will give it the feel of a muscle car—without
disinterested excess, is among the first in a wave of 30 new industry’s biggest investments on the technology: about $42 bil- the emissions-spewing guilt. The vehicle starts around
battery-powered models the Detroit auto giant plans to release lion over the next five years. The ID.4, starting around $40,000 $43,000 before tax incentives and is loaded with technology
globally in the next four years. The 2022 model-year truck ar- before incentives, is the VW brand’s first all-electric SUV to be that Ford hopes will appeal to millennials who might other-
YONHAP NEWS/ZUMA PRESS (HYUNDAI), NISSAN, GMC/STANLEY, VOLKSWAGEN, FORD MOTOR CO./AP, LUCID LLC, RIVIAN LLC, CNBC/ZUMA PRESS (TESLA), MATTHEW HATCHER/BLOOMBERG NEWS (LORDSTOWN), DANIEL WOLLSTEIN/AUDI/AP (AUDI), DAIMLER (MERCEDES-BENZ)
riving later this year will be priced around $112,000. A $100,000 sold in the U.S. Company executives are hoping it will resonate wise buy Tesla’s Model Y SUV. The company will also bring
version is expected to arrive the following year. GM is also set with American buyers much like the Volkswagen Beetle did in out an electric version of its Transit van, a popular model
to introduce a new SUV version of the Chevrolet Bolt this year. the 1960s. (It will be built in Tennessee starting in 2022) with contractors and commercial fleets.
LUCID AIR RIVIAN R1T & R1S TESLA CYBERTRUCK
ON SALE: ON SALE:
ON SALE: R1T IN JUNE; TARGETING LATE
BUILT IN: ARIZONA SPRING BUILT IN: ILLINOIS R1S IN AUGUST BUILT IN: TEXAS 2021 OR 2022
Lucid Motors Inc. is one of several electric-car startups get- Rivian Automotive, another electric-vehicle startup based in Tesla plans to further expand its lineup with the much-
ting attention from investors these days. The Lucid Air is its California, plans to release its first electric pickup truck, the anticipated Cybertruck, a triangle-shaped electric pickup
first model, a high-end sedan that its executives say will out- R1T, this summer, taking direct aim at Detroit’s long-held that is to hit the market not long after the Rivian R1T and
perform Tesla on top speed and acceleration and take aim at dominance in the U.S.’s highly lucrative truck market with Lordstown Endurance. Tesla has said the truck will start at
BMW and Mercedes-Benz with premium interiors meant to models starting at $67,500 before tax incentives, with the about $40,000, with a higher-end model capable of traveling
compete with their top-end models. The Air will start around first models selling for $75,000. The 12-year-old firm, whose more than 500 miles on a single charge costing around
$77,000 before tax incentives, with the first top-end versions backers include Amazon.com Inc., Ford and asset manager $70,000. The model’s design, which CEO Elon Musk said was
selling for about $169,000. The company claims some Airs T. Rowe Price Group Inc., also plans to debut a fully electric influenced by sci-fi films like “Blade Runner,” has so far
will be able to drive over 500 miles on a single charge, a fig- SUV this year, called the R1S. Both are aimed at shoppers received mixed reviews. But in the electric-car market,
ure that if certified by the Environmental Protection Agency with a love of the outdoors, who will buy their vehicles Tesla’s brand equity continues to trump that of better-
would lead the industry, beating the 402-mile range of Tesla’s from the auto maker directly, rather than from dealerships, established car companies, and Mr. Musk’s bold bets have
Model S Long Range Plus, the current range champion. similar to Tesla’s sales model. paid off in the past.
LORDSTOWN ENDURANCE AUDI E-TRON GT MERCEDES-BENZ EQS
ON SALE: ON SALE: ON SALE:

BUILT IN: OHIO SEPTEMBER BUILT IN: GERMANY SUMMER BUILT IN: GERMANY SUMMER
Like Rivian, Lordstown Motors Corp. is trying to break into Audi’s e-tron line of electric vehicles has so far only offered Mercedes-Benz first planned to bring its EQC SUV to the
the pickup-truck market with its first model, the Endurance, SUVs. No longer. With the GT, Audi offers a four-door luxury U.S. early last year, but those plans were derailed because
a fully electric work truck that it plans to sell directly to sports car that shares underlying engineering with the Taycan the company said it needed to meet rising electric-car
commercial customers (not individuals in showrooms) start- made by Porsche. The new model, which will start at about demand first in Europe. Now, it is giving the U.S. another
ing at $52,500 before tax incentives. The startup, which pur- $100,000 before tax incentives and is being built at the same go with the EQS, a large luxury sedan that will likely be
chased GM’s shuttered Lordstown, Ohio, factory in 2019, is factory where Audi makes its race cars and R8 supercar, is priced at the top end—similar to the brand’s S-Class that
hoping its battery-electric truck will appeal to businesses targeting a rising part of the market: high-performance luxury starts at more than $100,000. The car will feature a
that operate large vehicle fleets because electric vehicles cars powered by electric motors. The brand will also debut the 56-inch curved display in the dashboard the company is
typically have lower maintenance costs. Q4, Audi’s luxury take on the VW ID.4, by the end of the year. calling a “Hyperscreen.”

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 13 - 14, 2021 | B5
WEEKEND INVESTOR
drupled, with nearly 10,200 lots of DeMille. And a fund’s return is
100 or fewer shares changing called “performance” because it is
hands, according to a Wall Street often a show: Managers dramatize
Journal analysis of market data positive results by crediting their
from DTN. own skill, while playing down bad
At 4:08 p.m. Eastern time the returns by wagging a finger at the
same day, Mr. Musk tweeted, Federal Reserve or the irrationality
“Gamestonk!!” More than a quarter- of “the market.”
million shares traded immediately Thus, today’s outsiders are sig-
and, by the time 10 more minutes naling to everyday investors what
had elapsed, GameStop had shot up should have been obvious for a long
31%. The shares, at roughly $144 time. “The internet has democra-
before Mr. Musk’s tweet, surged to tized information,” Mr. Palihapitiya
nearly $348 the next day, then fell told me this week. “So the edge has
to about $50 by this week. shifted to analysis. Everyone has ac-
On Feb. 3, Mr. Cuban tweeted, “If cess to the same information, finan-
I had to choose between buying a cial disclosures and general data.”
lottery ticket and #Dogecoin .....I That erases Wall Street’s illusion
would buy #Dogecoin.” Over the of superior knowledge. “The stagna-
next 12 hours, the digital currency tion of traditional wages has shifted
shot up roughly 50%. people’s resourcefulness to the equity
Dogecoin has also been popular- markets,” said Mr. Palihapitiya. Those
ized by Mr. Musk, several rappers who can use technology “to process
and Mr. Simmons. It has gained this information faster or differ-
more than 1,300% in 2021, even ently,” he said, have “the new edge.”
though it was conceived as a joke The epic rush into GameStop
and has no practical use. shares, the rise of the WallStreet-
Is there an element of mockery Bets trading forum and the boom in
in all this? Of course—for good cryptocurrencies, Mr. Cuban told
GLUEKIT
reason. me this week, “shows small inves-

Decades ago, an iconic series of tors that if they group together, ag-
television ads made stockbrokers gregated capital and targeted ac-
seem omniscient, with crowds drop- tions can be very powerful.” He
THE INTELLIGENT INVESTOR | JASON ZWEIG ping everything just to hear what added, “That is a vacuum that
brokers thought: “When E.F. Hutton should be filled.”
Meet the Market’s

talks, people listen.” Historically, most traders have
Wall Street analysts and fund lost money, conceded Mr. Cuban.
managers have always claimed to But “this may be the one set of cir-
base their predictions on original re- cumstances that could change all
Messiahs of Momentum
search and fundamental analysis. Yet that.” Could more people profit if
those have seldom been better than “first-time or newer traders [and]
educated guesses. The result, over veteran traders chose to work to-
the decades, has been billions of dol- gether instead of individually?” he
lars in overcompensation for tril- asked. “Why can’t that knowledge
lions of dollars in underperformance. come from the wisdom of the
The late screenwriter William crowd?”
Twitter celebrities from Mark Cuban to Snoop Dogg fire up an army of Goldman said in his book “Adven- As for dogecoin, “the price is less
investors and traders, fueling the myth of an outsider information edge tures in the Screen Trade” that than a dime,” Mr. Cuban said. “If
“the single most important fact” in you are going to make a mistake,
Hollywood is “NOBODY KNOWS that’s the place to do it.”
ANYTHING.” My own take is straightforward.
Welcome to the traders and investors. They have Chamath Palihapitiya, who has Wall Street has always resembled The new messiahs of momentum,
outsiders’ market. blown away the old myth that Wall more than 1.3 million Twitter fol- Hollywood far more than most fi- with their charisma and huge fol-
It used to be Wall Street is the exclusive keeper of the lowers, into GameStop Corp. stock nancial types care to admit. Not lowings, can unite the buying power
Street insiders—ana- keys to wealth, which it will share or options. long ago, analysts such as Mary of scattered investors better than
lysts, economists, in- only with those who are willing to My colleague Colin Barr has Meeker and Jack Grubman, and anyone who came before them. For
vestment strategists pay a fee. aptly nicknamed such celebrities strategists such as Abby Joseph Co- a crowd of followers to be wise
and portfolio manag- Unfortunately, a new myth is in “the messiahs of momentum” for hen and Barton Biggs, were super- rather than foolish, though, those
ers—who fueled bull markets by the making: that the outsiders know their ability to lure countless trad- stars. Analysts, economists, strate- who lead it must have an unusual
enticing the masses to hand over for real what the insiders only pre- ers into following them. gists and portfolio managers still information edge.
their money. tended to know. At 10:32 a.m. Eastern time on play the roles of clairvoyants, even And I’m not sure why the predic-
Now, it’s outsiders—entrepre- If your timing was right, you Jan. 26, Mr. Palihapitiya tweeted though they are just guessing like tions of today’s powerful outsiders
neurs like Elon Musk and Mark Cu- might have made a lot of money that he had bought call options on the rest of us. should be any more accurate than
ban, rappers and rock stars like Ja over the past few weeks by follow- GameStop, adding: “Let’s No wonder financial advisers those of the insiders who came be-
Rule and Snoop Dogg and Gene ing Mr. Musk into bitcoin, Mr. Cu- gooooooo!!!!!!!!” By the end of the who generate a lot of business are fore them. Fame and fortune in
Simmons of Kiss—who are firing up ban into dogecoin (another digital next minute, GameStop’s price had called “big producers,” as if they other fields are no assurance of suc-
thousands, perhaps millions, of currency), or the venture capitalist jumped 9.6% as trading volume qua- were Kathleen Kennedy or Cecil B. cess in the financial markets.
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EXCHANGE
A Clash
Of the
Tech Titans
gorithms”—a jab that came just
days after the Capitol riot.
At stake is how the internet
will evolve and which companies
will dominate it. Facebook and Ap-
ple’s visions are diverging and in-
creasingly incompatible. Facebook
wants to capture and monetize
eyeballs on every possible device
and platform. Apple wants to
draw users to its own hardware-
centric universe, partly by market-
ing itself as a privacy-focused
company. The outcome of the bat-
tle could affect what kinds of in-
formation users see when they
browse the internet.
The war of words and ideas will
ultimately play out in court, regu-
latory agencies and user decisions
as both companies defend them-
selves against antitrust investiga-
tions. The potential regulatory set-
tlements and legal decisions are
likely to affect hundreds of mil-
lions of consumers’ phones in
coming years.
A Facebook spokeswoman, Dani
Lever, said the choice between
personalized services and privacy
was a “false trade-off,” and that
Facebook provides both. “This is
not about two companies. This is
about the future of the free inter- Apple CEO Tim Cook at Apple’s Worldwide Developer Conference in San Jose, Calif., in June 2018.
net,” she said, asserting that small
businesses, app developers and
consumers lose out under Apple’s what easier by the fact that much Cook seemed more focused on the urging users to “follow the Onavo violated its data-collection
new rules. “Apple claims this is of Apple’s business comes from business threat posed by Google’s money” to see whether companies policies, Facebook pulled the app.
about privacy, but it’s about profit, the sale of iPhones, iPads and Android operating system, he are profiting from gathering per- In early 2019, after discovering
and we’re joining others to point computers, not ads. called Facebook a “partner.” sonal data. another Facebook app skirting Ap-
out their self-preferencing, anti- As Apple and Facebook have The rise of the smartphone, Such comments rankled Mr. ple’s rules, Apple banned a Face-
competitive behavior.” evolved, they increasingly compete driven in large part to Apple’s Zuckerberg and other Facebook ex- book research app and a number
She denied that the dispute be- head-to-head in some areas. With iPhone, led Facebook in 2012 into ecutives, who bristled at the no- of internal developer apps used by
tween the two companies is per- iPhone sales possibly peaking, Mr. the world of mobile apps. As app tion that advertising was out of Facebook employees. The ban of
sonal, and said that Facebook is Cook has pushed Apple to bolster use increased, new questions step with customers and publicly internal Facebook apps severely
“deliberately standing up to Ap- and develop digital services. Its arose about user privacy. Already, questioned what they deemed the disrupted the company’s opera-
ple” on behalf of businesses and iMessage chat system competes Apple was working on the matter high prices of Apple’s products, tions for a short period.
developers hurt by the new policy. for user attention with Facebook internally. people who worked with them Apple began working on even
An Apple spokesman declined to offerings such as WhatsApp. Face- Before his death in 2011, Mr. said. Some Facebook employees more aggressive privacy tools. Last
respond to Ms. Lever’s comments. book is developing more hardware Jobs had spoken publicly about considered it hypocritical of Apple summer, it announced the App
Sen. Mike Lee of Utah, the devices. Both companies are in- the matter at an event held by to embrace a public image of pri- Tracking Transparency tool, which
leading Republican on the Senate vesting in payments systems. The Wall Street Journal. “I be- vacy consciousness when it did ex- hasn’t yet been rolled out. As part
antitrust subcommittee, said: Apple also receives billions of lieve people are smart, and some tensive business in China, some of of its latest operating software,
“This feud sits at the nexus of pri- dollars a year from Alphabet Inc.’s people want to share more data the people said. Apple said, it would allow ad
vacy and antitrust. We don’t want Google, for making the search gi- than other people do,” he said. Facebook executives were un- tracking only if consumers opt in
to impose regulation that just ant the default search engine on “Ask them. Ask them every time. happy with the pace at which Ap- when they receive a prompt on an
ends up protecting incumbents Apple’s Safari browser. Google’s Make them tell you to stop asking ple approved its app updates. Mr. iPhone or iPad.
and entrenching monopolies. profits are largely derived from them if they get tired of asking Zuckerberg grumbled that Mr. The change means that Face-
Facebook keeps voicing its sup- the kind of data-gathering on us- them. Let them know precisely Cook might be personally inter- book or other companies would no
port for ‘internet regulation,’ and ers that Mr. Cook and other Apple what you’re going to do with vening to slow things down, ac- longer be able to collect a person’s
it’s not because it wants to help leaders have sharply criticized their data.” cording to people familiar with the advertising identifier without per-
competition.” Facebook for doing. Apple subsequently rolled out discussions. mission. The ad identifier, a string
Advisers to the two companies, Publicly, Mr. Zuckerberg has features and software aimed at At various times, Mr. Zucker- of numbers, is widely used by digi-
including law firms and lobbyists, identified Apple as one of Face- making privacy features easier to berg proposed to his deputies, tal ad and data brokers to track
are growing concerned that they book’s most formidable competi- use and more secure. It introduced sometimes by email, that Facebook where users go online.
won’t be able to work for both tors. Privately, he and other Face- should delay launching new prod- In the face of pushback from
tech giants, people who work for book employees have been waging ucts on Apple devices and instead Facebook and others, Apple de-
the firms said. a campaign against Apple, assert- ‘I wouldn’t be in this give the rival Android operating layed the rollout of the new tool
In personality terms, the two ing in meetings and communica- system an exclusive window, ac- for a few months, but said late
men differ greatly. Mr. Zuckerberg, tions with government officials, situation,’ said Mr. Cook, cording to people familiar with the last month it will arrive early this
36 years old, is a hacker-turned- antitrust regulators and advertis- asked what he would do if matter. Facebook didn’t do so. spring.
Harvard-dropout who once touted ers that the company is abusing its In 2017, during the annual gath- Facebook said the new tool
the end of privacy as a social power and deserves more regula- he were Facebook CEO. ering of technology and media exposes a threat to its business.
norm. Mr. Cook, 60, who hails tory scrutiny, according to people ecutives in Sun Valley, Idaho, Mr. “Apple’s changes will benefit
from Alabama, has been a deeply familiar with the matter. Zuckerberg had a face-to-face them, while hurting the industry
private man who rose through the On an earnings call in late Janu- the Touch ID fingerprint scanner meeting to confront Mr. Cook and the ability for businesses of all
company as a specialist in supply- ary, Mr. Zuckerberg said: “Apple in 2013 and new software in 2014 about the mounting tensions. sizes to market themselves effi-
chain logistics. has every incentive to use their that encrypted users’ photos, mes- The meeting didn’t go well. Mr. ciently and grow through person-
Mr. Zuckerberg built Facebook dominant platform position to in- sages and other data in a way that Zuckerberg upbraided Mr. Cook alized advertising,” Facebook
on the concept of radical open- terfere with how our apps and meant the company could no lon- about the app-review delays and wrote in an email to political ad-
ness, and he is determined to keep other apps work.” ger extract the information from a other problems between the two vertisers in mid-December that
the company at the heart of global Apple has ratcheted up its pri- locked phone. companies. Mr. Cook appeared un- was reviewed by the Journal. “We
connectivity, with free services vacy controls, preparing to roll out The issue drew public attention willing to give ground, and Mr. disagree with Apple’s approach
supported by targeted advertising. a new feature this spring that will after Edward Snowden leaked se- Zuckerberg felt he was abrasive, and solution, yet we have no
Some people familiar with Mr. allow users to limit the ability of crets that exposed U.S. govern- according to people debriefed on choice but to show the prompt….If
Zuckerberg’s thinking said he has apps to track what they are doing ment data-collection programs and the conversation. we don’t, we believe they will
taken Apple’s broadsides person- on their phones. Apple battled with federal investi- In early 2018, Facebook re- block Facebook and other apps
ally, running the risk of distracting Late last month, in his online gators who sought data from the vealed that Cambridge Analytica, from the App Store which may fur-
him at a time when Facebook is speech on International Privacy iPhone of a gunman who killed 14 a firm that helped Donald ther harm the businesses and us-
fighting many other battles in the Day, Mr. Cook made clear where in a San Bernardino, Calif., massa- Trump’s presidential campaign, ers that rely on our services.”
U.S. and abroad over antitrust and he stood, without naming Face- cre. Apple declined to allow the had improperly used the social- Late last year, Facebook execu-
content moderation. book. “If a business is built on government a method to bypass media platform’s data, amplifying tives, including Mr. Zuckerberg,
Mr. Cook, former deputy to Ap- misleading users, on data exploi- the phone’s passcode, although the long standing fears about the deliberated joining the high-profile
ple co-founder Steve Jobs, plans to tation, on choices that are no issue cooled when the Federal Bu- enormous amount of information legal battle against Apple by Epic
carve out an experience for users choices at all, then it does not de- reau of Investigation found a it gathers from users. Games Inc., the company behind
free of what he portrays as inva- serve our praise—it deserves re- third-party tool to hack the phone. Asked on MSNBC what he the popular videogame “Fortnite,”
sive tracking. His position on pri- form,” he said. In public, Mr. Cook emphasized would do if he were Facebook’s which accused Apple of exerting
vacy, which harks back to the days Relations weren’t always so that Apple’s business wasn’t based CEO, Mr. Cook said: “I wouldn’t be too much control over pricing, a
of the late Mr. Jobs, is made some- strained. Back in 2014, when Mr. on collecting user information, in this situation.” person familiar with the matter
Current and former Facebook said. Apple has said its commis-
employees said Mr. Cook’s com- sion is in line with other app mar-
ments left many inside the com- ketplaces.
pany feeling that Apple was un- In December, Facebook said it
fairly picking on them, with would assist Epic by providing
executives grumbling that Mr. supporting materials and docu-
Cook wasn’t singling out their so- ments, though it didn’t join the
cial-media rivals in the same way. lawsuit. That same week, Facebook
Facebook lawyers and communi- placed full-page ads on the matter
cations executives discussed how in several newspapers, including
to drum up antitrust concerns the Journal. “We’re standing up to
COOK: JUSTIN SULLIVAN/GETTY IMAGES; ZUCKERBERG: ERIK S LESSER/EPA/SHUTTERSTOCK
about Apple through lobbying Apple for small businesses every-

groups, directly appealing to regu- where,” the ads said.
lators or filing an antitrust law- Faced with litigation from the
suit, according to people familiar Federal Trade Commission and
with the matter. Mr. Zuckerberg state attorneys general over alleg-
decided it was best not to get pub- edly anticompetitive practices,
licly aggressive at the time, one of Facebook has argued that competi-
the people said. tion from Apple and other tech
As Facebook stewed, Apple in- companies show Facebook isn’t a
troduced during its 2018 software monopoly.
conference new features for iMes- Meanwhile, the war of words
sage that resembled social-media continues.
tools, such as group video chat, Apple’s planned privacy
while also introducing a privacy changes, Mr. Zuckerberg said late
tool for its web browser that last month, affect “the growth of
aimed to limit personal data that millions of businesses around the
apps like Facebook could collect. world.”
During the presentation, Apple After decrying business models
featured Facebook in its examples built on algorithms, without nam-
of how it worked. ing Facebook, Mr. Cook said: “A
Facebook’s own actions were social dilemma cannot be allowed
drawing scrutiny by Apple. In to become a social catastrophe.”
2018, after Apple found that a —Jeff Horwitz
Facebook CEO Mark Zuckerberg appeared before the House Financial Services Committee in October 2019. Facebook data-security app called contributed to this article.

EXCHANGE
KEYWORDS | CHRISTOPHER MIMS
How Do You Solve a Problem Like Online Speech?

Legislators are targeting Section 230, the law that treats tech companies as neutral platforms. But few can agree on how to fix it.
Change is likely
coming for Section
230, the law that pro-
tects online platforms
from being held liable
for things users say
on them. As one of
his last acts as president, Donald
Trump attempted to strike down
the law. President Biden has also
said it should be revoked.
More than 20 proposals to up-
date Section 230 have surfaced on
the Hill, originating from both sides
of the aisle. Sens. Brian Schatz (D.,
Hawaii) and John Thune (R., S.D.),
plan to reintroduce one of them, the
PACT Act, in coming weeks. A com-
peting bill was recently proposed
by a trio of Democratic senators on
Feb. 5. Its intention, as its backers
wrote, is to make social-media com-
panies “accountable for enabling cy-
berstalking, targeted harassment
and discrimination.”
There is broad agreement
among experts and politicians that
Section 230 won’t be eliminated,
but that’s where accord ends.
While many believe an update of
the law is necessary and imminent,
many others think most attempts
to alter it are dangerous.
The heads of some Big Tech
DOUG CHAYKA
companies, notably Facebook’s
Mark Zuckerberg (in October) and
Microsoft’s Satya Nadella (on
Wednesday) have said they wel-
come more clarity on what sort of
speech should be allowed under exist. And it enables countless other apps that act to moderate content they run and harassment they en- ternet, and cause massive collateral
Section 230. Meanwhile, Twitter businesses, such as Airbnb. in any way would be responsible able, and would allow (for exam- damage to online speech.”
Chief Executive Jack Dorsey on Much has changed since 1996. for everything they host. Services ple) Rohingya survivors to sue A Pew survey published in Au-
Tuesday proposed a more “market- Then, there were 36 million people like Facebook and YouTube would Facebook in U.S. court for what the gust says that 90% of Republicans
driven” approach to addressing the on the internet, most of them in either have to stop moderating and United Nations has alleged is the believe social-media sites censor
desire to update Section 230. Even the U.S. Now there are 4.8 billion, open the floodgates to hate speech company’s role in the Myanmar political viewpoints. Some research-
if legislation is passed, it’s not clear including 90% of Americans. and other harmful content, or genocide. ers have found the opposite is true.
exactly what sort of cases will be According to a survey by Pew moderate and be potentially In addition, the bill would change A just-published report from re-
brought to test the updated law, or published in July, 72% of U.S. crushed by lawsuits for harms aris- what Section 230 protects from “in- searchers at New York University
what precedents those decisions adults say social-media companies ing from what their users post. formation” to “speech.” This change found that in general, social media
will establish. have too much power and influ- Most likely, they’d have to drasti- would put all sorts of conduct out- privileges and amplifies the views
“Section 230 touches on every- ence in politics. cally narrow the scope of what’s side the law’s protection, from gun of right-wing users.
thing from election integrity to on- Many Democrats are worried permitted on their platforms. sales to fraudulent transactions, The PACT Act, originally pro-
line social-media bias,” says Klon that platforms have used the pro- For users on Twitter or Insta- and force platforms to do some- posed in June 2020, would require
Kitchen, who was until recently di- tections of Section 230 as an ex- gram, this could mean hitting thing about them. online platforms to explain their
rector of the Center for Technology cuse to let some kinds of speech “share” and then hoping your post Some scholars warn that the content-moderation practices
Policy at the politically conserva- run rampant; many Republicans makes it past an army of automated SAFE TECH Act could be nearly as clearly, require quarterly reports on
tive Heritage Foundation. If we try believe they’ve used it to police filters and human reviewers that threatening to the internet economy what content has been removed,
to solve all the problems of the in- speech too much. Some want to would put existing hurdles to as eliminating Section 230 entirely. and impose less stringent require-
ternet by making changes to this add clarifying language to Section shame. Meanwhile, someone would One provision enables claims ments on small online platforms, to
one law, he adds, we’ll be over- 230, while others want “carve- have to vet and vouch for every against sites that receive or make avoid placing undue burdens on
whelmed by their unintended con- outs,” which make it explicit that Google search result and Airbnb payments for content. Daphne Kel- startups without the same re-
sequences. companies receive liability protec- listing ahead of time. If this poses a ler, director of the Program on Plat- sources as Big Tech.
Passed in 1996, Section 230 of tions only if they play by certain crushing burden for America’s tril- form Regulation at Stanford Univer- Whatever happens to Section
the Communications Decency Act rules. A few, including Sens. Josh lion-dollar tech behemoths, it would sity and former associate general 230, any changes to it can’t possibly
was intended to protect and pro- Hawley (R., Mo.) and Ted Cruz (R., be infinitely worse for startups. counsel at Google, says this could solve all of the problems of the in-
mote America’s then-nascent inter- Texas), want Section 230 gutted. Given that, most proposals bring more lawsuits against entities ternet that it has enabled.
net industry. It goes, roughly, like The potential negative ramifica- focus on upgrading and expanding such as Amazon Web Services, “We’ve basically moved aspects
this: As long as sites aren’t know- tions of wiping out Section 230 Section 230, not blowing it out which could be liable for content of every kind of good and bad hu-
ingly helping their users commit without having an adequate rean airlock. shared by its customers’ users. man behavior online, with conse-
crimes, what users share on these placement, however, would be Sens. Mark R. Warner (D., Va.), “This legislation has some admi- quences that are sometimes awful
sites is the users’ own responsibil- considerable, and could seriously Mazie Hirono (D., Hawaii) and Amy rable goals,” said Sen. Ron Wyden and very often complicated,” says
ity. Section 230 makes the business damage the U.S. economy, says Klobuchar (D., Minn.) proposed the (D., Ore.), one of the original au- Ms. Keller. “Now pundits and some
models of giants including Facebook Mr. Kitchen. SAFE TECH Act this month. A grab thors and sponsors of Section 230. people in D.C. have become con-
and Google possible. It’s the reason Reverting to their pre-1996 legal bag of a half-dozen proposals, it “Unfortunately, as written, it would vinced that we can tackle all of that
upstarts from TikTok to Parler can status would mean websites and makes platforms liable for both ads devastate every part of the open in- by amending this one little law.”
PERSONAL BOARD OF DIRECTORS Sumaiya Balbale stepped into The women attended Harvard Business
School together. They grew closer during
The trusted advisers of top business leaders Sequoia’s top marketing spot
in June 2020, 16 months af- summer internships in Manhattan.
Ms. Zhu later pressed Ms. Balbale to join her at
ter she quit a vice presidency
Sumaiya Balbale
Quidsi. “She was one of the key people who said,
at the U.S. arm of retail giant ‘This [company] is the real deal,’’’ Ms. Balbale re-
Walmart Inc. Close advisers members. At the same time, Ms. Zhu assured the
encouraged the e-commerce would-be entrepreneur that she would “learn what
Chief Marketing Officer, Sequoia Capital Judy Zhu it takes to start a company on someone else’s
veteran to make the industry
switch. Founder and CEO of dime.’’ Ms. Zhu learned the same lesson. She
She believes risky career MoneyGirls Inc. started MoneyGirls Inc., a personal-finance plat-
form for young women, in 2019.
moves can dispel stereotypes
about Muslim women such
as herself. “The only mean- Hired by Mr. Lore as Jet’s chief customer of-
ingful way to break out of ficer in 2015, Ms. Landsman supervised Ms.
[them] is to push the enve- Balbale until 2017. She played a pivotal part
lope,’’ says Ms. Balbale, 40. in persuading her protégé to pursue a public-com-
pany directorship despite Ms. Balbale’s relative
She was a brand strategist
youth. “She was very specific about how expansive
for two ad agencies before that experience can be.” In 2019, Ms. Balbale joined
obtaining a Harvard M.B.A. the board of burger chain Shake Shack Inc. Getting
Following her 2009 gradua- Liza Landsman to observe Shake Shack directors with insights
tion, Ms. Balbale become a A general partner at from a variety of industries “broadened my think-
marketing manager at Quidsi New Enterprise ing immensely,’’ Ms. Balbale says. “I’ve been able to
Inc., an online retailer of Associates observe different approaches to decision making.”
household staples that was
acquired by Amazon.com Inc. Walmart’s acquisition of Jet resulted in Ms.
in 2011. She eventually ran Balbale gaining a much bigger job at a much
two Quidsi units. bigger business. She served as vice president
Ms. Balbale left in 2014 to of e-commerce, mobile and digital marketing for its
become chief marketing offi- U.S. unit. Mr. Lore says he pushed his longtime
cer of Jet.com Inc., an e-com- lieutenant to recruit stars that would share her
passionate vision. Ms. Balbale feared she might
merce startup founded and have nothing to offer highly accomplished individu-
led by Quidsi co-founder Marc Lore als. “I had to move beyond my self-doubt,’’ she ad-
Marc Lore. Walmart bought Serial entrepreneur and mits, but ”having the [right] people made a signifi-
Jet for $3.3 billion in 2016 former CEO of Walmart’s cant difference.” In 2018, Walmart overtook Apple
and retained key players, such U.S. e-commerce unit Inc. as the third-biggest U.S. e-commerce retailer.
as Mr. Lore and Ms. Balbale.
MARIA DEL RIO FOR THE WALL STREET JOURNAL
In her career, Ms. Balbale

Ms. Balbale brought Ms. Doshi, an entrepre-
has heeded her mentors’ rec- neur and attorney, to Walmart. They bonded
ommendation that she pick quickly because both came from Southeast
hard paths. “I learned what I Asian families. Upon leaving Walmart in early
am capable of,’’ she says. “If 2019, Ms. Balbale began a lengthy job search. Ms.
you jump into something and Doshi urged her to avoid familiar industries. When
don’t have a lifeline, you fig- weighing Sequoia’s offer, Ms. Balbale discussed
ure out how to swim.” with Ms. Doshi whether becoming a CMO again
Sarika Doshi would be seen as a lateral move because she had
Here are four of her valued A former vice president long held operational posts. Ms. Doshi disagreed.
advisers. at Walmart in the U.S. “Make the choices you want,’’ she insisted. “Not
—Joann S. Lublin the choices that other people want you to make.’’

EXCHANGE
Restaurants
Close, Open
And Repeat
grappling with shifting govern-
ment directives as well as em-
ployee illnesses tied to the
Covid-19 pandemic.
The uncertainty adds to the
challenges facing small businesses,
which often have limited cash
cushions and big drops in sales
due to the coronavirus. Eighty-
eight percent of small firms said
sales had not returned to normal,
according to a survey fielded in
September and October and re-
leased this month by the 12 re-
gional Federal Reserve Banks.
Nearly 39,000 businesses
tracked by Yelp closed and then
reopened more than once between
March 1 and the end of last year,
and more than 17,700 reopened
three times or more. The Los An-
geles metro area had the highest
number of multiple closings,
nearly 7,000 in all. The New York
metro area, by comparison, had
nearly 4,000 businesses reopen
more than once.
Repeated closings and reopen-
ings make it tough for small busi-
nesses to retain customers and
employees. They are particularly
painful for restaurants and brew- A customer has her temperature taken at St. Felix. The Los Angeles area has had the highest number of multiple business closings, according to Yelp.
pubs that must give away or toss
out unused inventory and then re-
stock. The latest U.S. government space between tables to 8 feet Agency said. Gov. Gavin Newsom go to forget your troubles, to have people about 20 feet from his Hol-
tally, released Feb. 5, showed that from 6 feet and instructed restau- and the State Legislature in late a celebration,” he said. “If we can, lywood restaurant while dining
restaurants and bars have lost rants to tell customers that every- November announced that $500 I would like to open when our with his wife and children on a
nearly 2.4 million jobs since the one sharing a table must be from million would be made available to guests feel more comfortable summer Saturday.
pandemic hit. the same household. It also pro- small businesses and nonprofits coming.” “We’re not opening again until
“Businesses are not getting used hibited televisions and other affected by the pandemic. Takeout and delivery doesn’t there is indoor dining,” said Mr.
to it,” said Genevieve Morrill, chief broadcast equipment, normally a make financial sense for the de- Lenzo, who found some employees
executive of the West Hollywood big draw on Super Bowl Sunday. In survival mode cade-old restaurant, said Mr. Mo- jobs at three other breweries
Chamber of Commerce. “Opening Restaurant owners say the rules Some restaurants remained shut ran, who now expects to reopen where he is a partner.
and closing. Opening and closing. simply drive more people to in the face of uncertainty, while sometime in the next two months. Karim Megji, owner of the Gal-
This is a killer.” gather at home, at underground others pivoted to avoid closing He still drops by Wood & Vine two lery Restaurant and Wood & Wa-
parties or other places that don’t down or become more cautious or three times most weeks to ter, both in Los Angeles, gave away
Always on standby follow the safety regulations. They with each new directive. In Holly- check the premises, read the mail thousands of dollars of food to
Few areas of the country are being worry Covid-19 cases will climb wood, 27% of restaurants and and recertify himself and his staff employees and friends in March
tested like Southern California, again following last weekend’s Su- bars were closed in each of the for unemployment benefits. and tossed out hundreds of oysters
where intensive-care unit capacity per Bowl gatherings, which could past two quarters, according to Roughly half of Wood & Vine’s that couldn’t keep. Determined not
hit 0% in December. Since last trigger yet another round of rule the Hollywood Partnership. The 31-person staff left Los Angeles, to have a repeat, he began promot-
March, Los Angeles and state offi- tightening or shutdowns. group isn’t sure how many of said Mr. Moran, with many returning a Thanksgiving dine-at-home
cials have issued two orders pro- “You are almost on standby all them will reopen. ing home to live with their parents menu after hearing rumblings that
hibiting in-person dining and 16 the time,” said Mr. Arakaki, who to save money. Others found new another ban on in-person dining
other directives tied to Covid-19, shut down his two restaurants jobs or continue to collect unem- might be issued in late November.
according to the Hollywood Part- three times in response to ‘I don’t trust or have ployment benefits. When that ban came through just
nership, which manages the local Covid-19 directives and once, last Kristian Proano worked at before the holiday, the restaurants
business improvement district. summer, because of civil unrest. faith that there is not Wood & Vine as an expediter be- quickly offered customers with
Some restaurants also had to close “During the periods you are al- going to be another fore the shutdown, overseeing the reservations the option of a take-
because of Covid-19 cases among lowed to open, you jump at the flow of orders from kitchen to ta- out turkey or prime rib dinner.
their workers. The seven-day test- chance. You serve for three weeks shutdown.’ ble. Mr. Proano nearly took a posi- “The 50 turkeys we bought
ing positivity rate in Los Angeles and then shut down.” tion at another restaurant several don’t go into the freezer,” Mr.
County was 7.1% as of Feb. 10, Local officials defended their times, but decided not to because Megli said.
down from a peak of more than actions. Restaurant guidelines “are Wood & Vine, a New American he fears that another restaurant
20% in early January. designed to lower the risk of restaurant and cocktail bar, did a closure would force him to reapply A ‘Rubik’s Cube’
Restaurant and small-business Covid-19 exposure to restaurant bustling pre-theater business be- for unemployment benefits. The options can vary with the type
owners in the area say officials im- workers and patrons” and must fore the pandemic. The Hollywood “It feels like you are gambling of restaurant and its location. Cary
posed restrictions with little warn- shift with varying levels of restaurant has remained closed with your money,” he said. Mosier shut all seven of his res-
ing and set rules that aren’t based Covid-19 transmission, cases and since Mr. Newsom issued a stay-at- At some restaurants, workers taurants in April and reopened
on science. The California Restau- hospitalizations, a spokeswoman home order in mid-March. toggle between roles as tasks shift them in June. When Los Angeles
rant Association sued Los Angeles for the Los Angeles County De- General manager Wally Moran in response to changing directives. County halted outdoor dining in
County over a ban on outdoor din- partment of Public health said. came close to reopening three Mr. Proano’s wife, Tory LeClair, November, he refocused his five
ing imposed just before Thanksgiv- A California official said case times, emailing staff their sched- worked as a server for most of the casual Cafe Gratitude locations on
ing. A judge said county officials rates, ICU admissions and other ules. In June, he even put himself past decade. In the last year, she takeout and delivery and added
failed “to weigh the benefits of an indicators are trending downward and four other furloughed workers bagged groceries and delivered cookie kits and other products he
outdoor dining restriction against as a result of state actions and the back on payroll. them to cars, trained other em- could ship.
its costs.” commitment of residents. “When “Each time, the situation on ployees, answered phones, helped Mr. Mosier tried unsuccessfully
In late January, Los Angeles transmission rates rise, we have to the ground changed and we saw customers order online and served to keep open his more upscale
County health officials allowed reduce opportunities for transmis- surges” in Covid-19 cases, said Mr. patrons at indoor and outdoor ta- Gracias Madre location in West
restaurants to resume outdoor din- sion by closing down activities,” Moran, adding that his top prior- bles. Some weeks she worked five Hollywood, offering a happy hour
ing with new restrictions. The lat- the spokesman for the California ity is the safety of his staff and days; others, not at all. special with discounted food and
est order increased minimum Health and Human Services guests. “We are a place where you “Whatever they threw at me, I beverage delivery, but shut it
was willing to learn it as quickly down after a few weeks. A second
as possible,” she said. “I was truly Gracias Madre location in Orange
in a survival mode.” County remained open because
that county had fewer restrictions.
The cost of closing Running restaurants is now “a
Some restaurant owners found bit of a Rubik’s Cube,” said Mr.
creative ways to remain open. In Mosier, who reopened his casual
March, Francesco Zimone, owner cafes in late January. The cur-
of L’antica Pizzeria da Michele in rently closed Gracias Madre loca-
Los Angeles, turned his restaurant tion, on the other hand, won’t re-
into a grocery, cooked meals for open until March 1. Its chef is in
local hospitals and offered to-go the Midwest; the general manager
pizza kits and pizza-making les- is in Florida.
sons on Zoom with his chef. The “Right now, my kitchens are
restaurant closed for one day, in turned off,” said Mr. Mosier. “I
June, in response to civil unrest. have to find the bartender, take in-
After the second Covid-related ventory and negotiate with suppli-
ban on in-person dining was an- ers about putting us on C.O.D.”
nounced in late November, Mr. Zi- Mr. Mosier said he is in less of a
mone spent $4,000 on a projector, hurry to reopen this time and is
lights and big screen and turned bracing for additional changes in
his parking lot into a drive-in Covid policies. “The rug has been
showing independent films at no pulled out from under us in terms
charge to customers picking up of shifting laws,” he said. “I don’t
pizza or groceries. He continues to know if it will get better or worse,
operate the drive-in even after re- but they are going to change.”
opening for outdoor dining on two At the reopened St. Felix, menu
patios that currently seat 80. offerings are more limited and
Adding movies didn’t bring the lean heavily to comfort food. Mac-
restaurant “even close to break aroni and cheese, blackened
even,” said Mr. Zimone, 47, who chicken fettuccine and American
cashed in his 401(k) retirement ac- Wagyu beef sliders made the cut.
count to open the pizzeria in 2019. Wild-caught salmon, another pop-
“It just saves the day a little bit,” he ular item, remains off the menu
said. “The cost of closing is higher because it is too costly to toss if
than the cost of staying open.” there is another sudden shut-
Restaurant owners complain they down.
get little advance warning of clo- St. Felix sold out the Friday and
PHILIP CHEUNG FOR THE WALL STREET JOURNAL (2)
sures, making it difficult to prepare. Saturday it reopened, but served

When Blue Palms Brewhouse closed just a handful of diners on Super
in March and again in November, Bowl Sunday, as local residents
owner Brian Lenzo gave away gathered in their homes rather
roughly $8,000 of perishable food than at restaurants without televi-
and invited employees to stop by sion screens.
once a week to fill up growlers, milk Mr. Arakaki, the co-owner, re-
jugs or other containers with craft mains nervous and cautious about
beer that would otherwise go bad. the pace of reopening. “We will
Mr. Lenzo experimented with keep it tight and then expand as
carryout, but said it wasn’t profit- we get more confidence closer to
able. He pulled the plug on out- the summer,” he said. “I don’t trust
door dining after witnessing a or have faith that there is not go-
Wally Moran, general manager of Hollywood restaurant Wood & Vine, came close to reopening three times. knife fight between two homeless ing to be another shutdown.”

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
31458.40 Trailing P/E ratio 31.74 22.89 3934.83 Trailing P/E ratio * 44.94 25.74 14095.47 Trailing P/E ratio *† 40.12 29.15 commodities performed around the world for the week.
s 27.70 P/E estimate * 20.75 18.64 s 18.45 P/E estimate * 22.84 19.37 s 69.70 P/E estimate *† 30.67 24.25
Stock Currency, Commodity, Exchange-
Dividend yield 1.99 2.23 Dividend yield * 1.49 1.79 or 0.50% Dividend yield *† 0.72 0.90
or 0.09% or 0.47% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high Nymex crude 4.61%
14095.47, 02/12/21
31458.40, 02/12/21 0.15198707565833 3934.83, 02/12/21 Shanghai Composite 4.54
Session high Comex copper 4.48
DOWN UP 33000 3900 14100 S&P 500 Energy 4.33
t
Session open Close

Lean hogs 4.26
Close Open 13550 S&P SmallCap 600 3.60
t
32000 3800
Session low
Nymex ULSD 3.37
13000 Dow Jones Transportation Average 3.02
31000 3700
Hang Seng 3.02
S&P MidCap 400 2.74
30000 3600 12450
Nymex RBOB gasoline 2.62
65-day moving average Nikkei 225 2.57
29000 3500 65-day moving average 11900
Russell 2000 2.51
65-day moving average
S&P 500 Information Tech 2.30
28000 3400 11350 S&P 500 Financials 2.00
Bars measure the point change from session's open South African rand 1.97
27000 3300 10800 Bloomberg Commodity Index 1.93
Dec. Jan. Feb. Dec. Jan. Feb. Dec. Jan. Feb. S&P/TSX Comp 1.79
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index Nasdaq Composite 1.73
Nymex natural gas 1.71
S&P BSE Sensex 1.60
Major U.S. Stock-Market Indexes Trading Diary FTSE 100 1.55
Latest 52-Week % chg Volume, Advancers, Decliners Nasdaq-100 1.50
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. S&P 500 Industrials 1.42
Dow Jones Total volume* 830,405,505 49,564,453 FTSE MIB 1.42
Industrial Average 31475.31 31347.80 31458.40 27.70 0.09 31458.40 18591.93 7.0 2.8 8.5 Adv. volume* 533,843,499 29,210,062 S&P 500 Health Care 1.36
Transportation Avg 13182.48 12913.42 13175.09 221.36 1.71 13175.09 6703.63 21.3 5.3 8.5 Decl. volume* 273,539,454 19,666,734 Russian ruble 1.35
Utility Average 866.43 852.39 857.10 -7.69 -0.89 960.89 610.89 -10.3 -0.9 8.7 Issues traded 3,320 287 S&P 500 Telecom Svcs 1.33
Total Stock Market 41754.68 41409.85 41733.23 197.16 0.47 41733.23 22462.76 20.8 6.4 15.0 Advances 1,782 148 S&P 500 1.23
Barron's 400 941.34 933.46 941.02 4.52 941.02 455.11 27.6 10.4 10.4 Declines 1,449 123 South Korean won 1.21
0.48
Unchanged 89 16 Comex silver 1.14
Nasdaq Stock Market New highs 244 20 S&P 500 Real Estate 1.13
Nasdaq Composite 14102.04 13937.71 14095.47 69.70 0.50 14095.47 6860.67 44.8 9.4 26.4 New lows 5 0 Stoxx Europe 600 1.09
Nasdaq-100 13816.25 13656.78 13807.70 73.35 0.53 13807.70 6994.29 43.5 7.1 28.4 Closing Arms† 0.64 0.81 S&P 500 Materials 1.08
Block trades* 4,889 322 Australian dollar 1.07
S&P
Nasdaq NYSE Arca
Dow Jones Industrial Average 1.00
500 Index 3937.23 3905.78 3934.83 18.45 0.47 3934.83 2237.40 16.4 4.8 14.0
UK pound 0.88
MidCap 400 2545.97 2526.99 2544.55 9.30 0.37 2544.55 1218.55 21.4 10.3 11.4 Total volume*7,292,666,889 158,478,687
Euro Stoxx 0.82
SmallCap 600 1299.16 1286.79 1297.90 2.09 0.16 1297.90 595.67 27.5 16.0 12.5 Adv. volume*3,469,963,508 109,950,768
Swiss franc 0.80
Decl. volume*3,735,812,010 46,544,026
Other Indexes CAC-40 0.78
Issues traded 4,059 1,464
Russell 2000 2293.73 2264.38 2289.36 4.04 0.18 2299.00 991.16 35.7 15.9 15.4 Norwegian krone 0.77
Advances 2,189 1,069
NYSE Composite 15373.77 15254.87 15369.60 72.52 0.47 15369.60 8777.38 9.0 5.8 7.0 Mexico peso 0.71
Declines 1,772 369
Value Line 629.78 624.30 2.89 0.46 629.77 305.71 10.7
Comex gold 0.59
629.77 14.8 5.0 Unchanged 98 26
Euro area euro 0.58
NYSE Arca Biotech 6259.55 6157.70 6232.70 7.45 0.12 6319.77 3855.67 18.6 8.6 11.4 New highs 411 444
Canada dollar 0.48
NYSE Arca Pharma 709.68 700.69 709.23 5.96 0.85 725.03 494.36 7.6 2.9 10.0 New lows 13 34
Japanese yen 0.44
KBW Bank 108.98 107.24 108.59 1.22 1.14 110.43 56.19 -0.6 10.9 -0.3 Closing Arms† 1.33 1.43
Indonesian rupiah 0.41
PHLX§ Gold/Silver 143.11 138.71 141.72 0.43 0.31 161.14 70.12 38.9 -1.7 20.5 Block trades* 56,267 853
Soybeans 0.38
PHLX§ Oil Service 52.22 50.30 52.09 0.96 1.88 64.55 21.47 -19.1 17.5 -27.7 * Primary market NYSE, NYSE American NYSE Arca only. iShiBoxx$HYCp 0.30
PHLX§ Semiconductor 3226.08 3155.59 3219.87 39.03 1.23 3219.87 1286.84 64.6 15.2 36.0 †(TRIN) A comparison of the number of advancing and declining
Indian rupee 0.27
issues with the volume of shares rising and falling. An
Cboe Volatility 22.45 19.95 19.97 -1.28 -6.02 82.69 13.68 46.0 -12.2 -8.0 iShNatlMuniBd 0.23
Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. Chinese yuan 0.13
IPC All-Share 0.13
-0.01 iSh 1-3 Treasury
International Stock Indexes Latest YTD
Percentage Gainers... -0.03 iSh 7-10 Treasury
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg -0.05 iSh TIPS Bond
World MSCI ACWI 682.24 2.50 0.37 5.6 -0.05 DAX
Wunong Net Technology WNW 32.19 16.28 102.33 160.68 7.31 ...
MSCI ACWI ex-USA 346.11 0.73 0.21 6.0 -0.08 iShiBoxx$InvGrdCp
Talis Biomedical TLIS 27.80 11.80 73.75 33.90 16.00 ...
MSCI World 2818.85 11.69 0.42 4.8 -0.10 S&P 500 Consumer Staples
China Liberal Educ Hldgs CLEU 6.33 2.28 56.30 10.46 3.40 ...
MSCI Emerging Markets 1428.87 0.98 0.07 10.7 NexImmune NEXI 25.33 8.33 49.00 28.00 17.00 ... -0.14 VangdTotalBd
Americas MSCI AC Americas 1543.30 7.30 0.47 5.1 Prothena PRTA 22.85 7.15 45.54 23.87 7.10 75.1 -0.28 VangdTotIntlBd
Canada S&P/TSX Comp 18460.21 67.22 0.37 5.9 TOP Ships TOPS 3.67 1.12 43.92 16.58 0.95 -77.1 -0.49 S&P/ASX 200
Latin Amer. MSCI EM Latin America 2416.92 10.17 0.42 –1.4 ION Geophysical IO 4.43 1.34 43.37 5.35 1.13 3.0 -0.58 WSJ Dollar Index
Brazil Sao Paulo Bovespa 119428.72 128.89 0.11 0.3 loanDepot LDI 31.48 9.48 43.09 39.85 14.00 ... -0.62 iSh 20+ Treasury
Chile Santiago IPSA 3143.54 34.78 1.12 10.0 Alset EHome International AEI 17.56 4.76 37.19 17.90 4.60 ... -0.64 Kospi Composite
Mexico S&P/BMV IPC 44202.52 142.43 0.32 0.3 Code Chain New Continent CCNC 6.75 1.78 35.81 8.35 0.70 353.0 -0.65 iShJPMUSEmgBd
EMEA Stoxx Europe 600 414.00 2.653 0.65 3.8 FAT Brands FAT 9.99 2.46 32.67 10.90 0.79 375.0 -0.67 Sao Paulo Bovespa
Eurozone Euro Stoxx 413.28 2.06 0.50 4.0 Future FinTech Group FTFT 8.50 2.09 32.61 11.29 0.65 863.3 -0.70 Wheat
Belgium Bel-20 3819.93 21.76 0.57 5.5 Lion Group Holding ADR LGHL 4.45 1.05 30.88 8.93 1.75 ... -1.26 S&P 500 Consumer Discr
Denmark OMX Copenhagen 20 1500.99 24.15 1.64 2.4 Immunogen IMGN 10.53 2.45 30.32 10.88 1.95 54.9 -1.78 Corn
France CAC 40 5703.67 33.85 0.60 2.7 Superior Industries SUP 7.05 1.60 29.36 7.10 0.90 131.1 -1.79 S&P 500 Utilities
Germany DAX 14049.89 8.98 0.06 2.4 Percentage Losers -1.94
*Continuous front-month contracts
IBEX 35
Israel Tel Aviv 1605.92 … Closed 7.1 Latest Session 52-Week
Italy FTSE MIB 23410.60 0.44 5.3 Company Symbol Close Net chg % chg High Low % chg
103.36 Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Netherlands AEX 676.83 12.49 1.88 8.4 urban-gro UGRO 12.30 -34.70 -73.83 162.00 0.37 70.8 THE WALL STREET JOURNAL
Russia RTS Index 1461.99 0.66 0.05 5.4 Amicus Therapeutics FOLD 12.57 -6.16 -32.89 25.39 6.25 14.5
South Africa FTSE/JSE All-Share 66132.24 249.52 0.38 11.3 Collplant Biotech ADR CLGN 16.45 -7.80 -32.16 24.26 6.00 53.0 Methodology
Spain IBEX 35 8055.00 17.40 0.22 –0.2 Sanara MedTech SMTI 30.00 -11.00 -26.83 53.85 7.04 77.0 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
Longeveron 7.41 -2.59 -25.90 10.00 7.25 ... reflect total returns). Commodities are represented by the continuous front-month
Sweden OMX Stockholm 820.33 4.85 0.59 6.8 LGVN
futures contract. Bond exchange-traded fund performance may diverge from that of
Switzerland Swiss Market 10880.37 27.46 0.25 1.7 iFresh IFMK 2.47 -0.83 -25.15 4.25 0.35 486.0 their underlying index. Bond categories are represented by the following ETFs: U.S.
Turkey BIST 100 1538.44 –7.15 –0.46 4.2 Tufin Software Techs TUFN 15.09 -3.42 -18.48 20.11 5.79 3.5 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
0.94 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
U.K. FTSE 100 6589.79 61.07 2.0 Arcadia Biosciences RKDA 3.79 -0.80 -17.43 6.40 2.30 -21.0 Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
U.K. FTSE 250 21037.47 19.62 0.09 2.7 Bridgeline Digital BLIN 3.33 -0.69 -17.16 4.40 0.53 108.1 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Oncorus ONCR 17.40 -3.57 -17.02 37.86 14.60 ... Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Asia-Pacific MSCI AC Asia Pacific 218.07 –0.17 –0.08 9.1 Bonds: iShares National Muni; International Bonds: Vanguard Total International;
Australia S&P/ASX 200 6806.70 –43.41 –0.63 3.3 Air T AIRT 25.65 -4.85 -15.90 42.93 8.95 32.4 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
China Shanghai Composite 3655.09 … Closed 5.2 SQZ Biotechnologies SQZ 18.56 -3.45 -15.67 36.49 12.98 ...
Hong Kong Hang Seng 30173.57 … Closed 10.8 Protalix BioTherapeutics PLX 4.90 -0.89 -15.37 7.02 2.04 48.9
0.02 4D Molecular Therapeutics FDMT 44.91 -7.76 -14.73 55.11 35.01 ...
See an expanded year-to-date and current quarter
India S&P BSE Sensex 51544.30 12.78 7.9
Japan Nikkei Stock Avg 29520.07 –42.86 –0.14 7.6 Inpixon INPX 1.98 -0.34 -14.66 3.23 0.92 -18.5 list of selected global stock indexes, bond ETFs, currencies
Singapore Straits Times 2925.48 … Closed 2.9 Most Active Stocks and commodities at
South Korea Kospi 3100.58 … Closed 7.9
Company Symbol
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High Low wsj.com/graphics/track-the-markets
Taiwan TAIEX 15802.40 … Closed 7.3
Thailand SET 1508.35 … Closed 4.1 Sundial Growers SNDL 1,158,758 112.1 2.08 -12.61 3.96 0.14
Sources: FactSet; Dow Jones Market Data Artelo Biosciences ARTL 251,931 5326.2 2.66 63.19 3.67 0.45
Castor Maritime CTRM 196,818 32.7 1.47 -15.03 2.60 0.11 Currencies
Get real-time U.S. stock quotes and
WSJ
Naked Brand Group NAKD 160,531 -31.9 1.44 -7.69 3.40 0.07
track most-active stocks, new highs/lows DenisonMines DNN 152,381 2324.0 1.11 4.72 1.34 0.19 U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
and mutual funds. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
.COM 5,000 shares =Has traded fewer than 65 days
Fri YTDchg Fri YTDchg
Available free at WSJMarkets.com Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004345 23015 –0.3
Argentina peso .0113 88.4642 5.2 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1862 5.3700 3.4 Czech Rep. koruna .04710 21.233 –1.1
Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7879 1.2693 –0.3 Denmark krone .1630 6.1360 0.7
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001385 721.80 1.6 Euro area euro 1.2120 .8251 0.8
Colombiapeso .000286 3496.50 2.2 Hungary forint .003380 295.85 –0.4
A consumer rate against its New car loan Ecuador US dollar Iceland krona
1 1 unch .007789 128.39 0.5
benchmark over the past year 2.50% Mexico peso .0501 19.9487 0.3 Norway krone .1182 8.4620 –1.4
Bankrate.com avg†: 4.02% 10%
Uruguay peso .02344 42.6650 0.7 Poland zloty .2695 3.7108 –0.6
2.00 Euro
s
First Command Bank 2.75% One year ago Russia ruble .01358 73.655
Asia-Pacific –0.5
New car loan 4.60% Fort Worth, TX t 5
t 888-763-7600 1.50 Sweden krona .1204 8.3047 0.9
s Australian dollar .7760 1.2887 –0.9
First Savings Bank of Hegewisch 2.75% Switzerland franc 1.1213 .8918 0.8
0 Yen China yuan .1548 6.4582 –1.1
4.20 1.00 Turkey lira .1421 7.0369 –5.4
Chicago, IL 773-646-4200 Hong Kong dollar .1290 7.7531 ...
Tradeweb ICE India rupee
Ukraine hryvnia .0358 27.9500 –1.4
Cambridge Savings Bank 3.24% .01378 72.593 –0.6
3.80 Friday Close 0.50 –5 s UK pound 1.3856 .7217 –1.4
Indonesia rupiah .0000716 13973 –0.5
Cambridge, MA 888-418-5626 t WSJ Dollar Index Middle East/Africa
Prime rate Japan yen .009532 104.92 1.6
3.40 0.00 –10
t PNC Bank 3.34% Kazakhstan tenge .002386 419.09 –0.5 Bahrain dinar 2.6524 .3770 –0.01
Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2020 2021 Macau pataca .1251 7.9915 0.01 Egypt pound .0640 15.6183 –0.8
3.00 month(s) years Malaysia ringgit .2474 4.0425 0.5 Israel shekel .3075 3.2522 1.2
MAM J J A S ON D J F Frost Bank 3.74%
maturity New Zealand dollar .7219 1.3852 –0.5 Kuwait dinar 3.3059 .3025 –0.5
2020 2021 Houston, TX 800-513-7678 Pakistan rupee .00629 158.883 –0.9 Oman sul rial 2.5976 .3850 –0.01
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0208 48.061 0.1 Qatar rial .2746 3.641 ...
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7549 1.3247 0.3 Saudi Arabia riyal .2666 3.7509 –0.02
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0009055 1104.37 1.7 South Africa rand .0687 14.5514 –1.0
Sri Lanka rupee .0051472 194.28 4.9
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Yield (%) 52-Week Total Return (%) Taiwan dollar .03568 28.030 –0.2 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03343 29.910 –0.4 WSJ Dollar Index 85.25 0.02 0.02 0.30
Libor, 3-month 0.19 0.19 0.19 l 1.70 -1.64
U.S. Treasury, Barclays 2415.170 0.720 0.700 1.560 0.400 4.181 5.292 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.10 0.10 0.10 l 0.50 -0.19
0.47 l -1.08 U.S. Treasury Long, Barclays 4409.910 1.870 1.840 2.000 0.980 4.318 9.803
Five-year CD, annual yield
30-year mortgage, fixed† 2.84
0.47
2.85
0.47
2.83 l
1.38
4.22 -1.53 Aggregate, Barclays 2262.570 1.240 1.210 2.310 1.020 4.441 5.624
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 2.36 2.34 2.32 l 3.43 -1.44
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Barclays 2229.140 1.320 1.230 2.690 0.930 2.931 4.347
Jumbo mortgages, $548,250-plus† 2.87 2.89 2.85 l 4.36 -1.77 DJ Commodity 799.26 6.14 0.77 799.26 433.70 32.78 9.25
High Yield 100, ICE BofA 3360.842 3.279 3.442 10.740 3.279 4.150 5.916
Five-year adj mortgage (ARM)† 3.16 3.21 2.85 l 3.69 -1.04 Refinitiv/CC CRB Index 185.29 1.64 0.89 185.29 106.29 7.13 10.42
New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.43 Muni Master, ICE BofA 600.292 0.730 0.767 3.441 0.725 4.377 5.185 Crude oil, $ per barrel 59.47 1.23 2.11 59.47 -37.63 14.26 22.57
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 925.248 4.466 4.429 7.480 4.295 2.469 5.556 Natural gas, $/MMBtu 2.912 0.044 1.53 3.354 1.482 58.52 14.69
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. 1821.60 -3.30 -0.18 2051.50 1477.30 15.09 -3.78

MARKET DATA
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures March 350.50 351.00 349.00 350.75 .25 2,018 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March 1.3816 1.3864 1.3776 1.3850 .0044 167,711
May 355.00 356.75 353.00 355.50 … 1,813 March 112.30 112.95 111.70 112.90 .75 6,390 Swiss Franc (CME)-CHF 125,000; $ per CHF
Contract Open 114.00 114.45 113.25 114.40 .60 4,987 1.1244 1.1246 1.1194 1.1217 –.0028 47,200
Open High hi lo Low Settle Chg interest Soybeans (CBT)-5,000 bu.; cents per bu. May March
March 1368.50 1377.25 1362.00 1372.00 4.50 205,732 June 1.1270 1.1273 1.1223 1.1245 –.0028 695
Copper-High (CMX)-25,000 lbs.; $ per lb. May 1367.75 1376.25 1361.50 1371.25 4.50 269,773 Interest Rate Futures Australian Dollar (CME)-AUD 100,000; $ per AUD
Feb 3.7860 3.8155 s 3.7685 3.8020 0.0145 1,732 Soybean Meal (CBT)-100 tons; $ per ton. Feb .7754 .7755 .7719 .7736 –.0013 77
March 3.7805 3.8050 s 3.7210 3.7880 0.0165 108,009 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% March .7756 .7766 .7719 .7757 .0006 139,684
March 429.20 430.10 423.40 427.20 –1.70 77,945
Gold (CMX)-100 troy oz.; $ per troy oz. March 201-010 201-230 199-000 199-040 –2-07.0 1,098,768
May 428.60 429.90 423.60 427.00 –1.40 152,810
June 197-140 –2-07.0 14,031
Mexican Peso (CME)-MXN 500,000; $ per MXN
Feb 1825.00 1827.50 1809.20 1821.60 –3.30 5,254 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Feb .05021 .05008 .04982 .04991 –.00017 26
March 1824.50 1830.00 1810.00 1822.00 –3.60 2,273 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March .04990 .05009 .04963 .04996 .00003 155,821
March 45.63 46.24 45.58 46.04 .41 84,101
April 1825.40 1831.50 1810.10 1823.20 –3.60 394,704 March 167-010 167-140 166-020 166-050 –1-03.0 1,185,543
May 44.99 45.59 44.94 45.40 .41 167,885 June 165-190 165-270 164-170 164-190 –1-03.0 13,239
Euro (CME)-€125,000; $ per €
June 1829.30 1833.00 1813.30 1826.00 –3.80 63,178 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Feb 1.2131 1.2133 1.2083 1.2093 –.0038 774
Aug 1825.90 1835.00 1817.90 1828.10 –3.90 18,532
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 12.89 12.91 12.81 12.81 –.08 5,745 March 1.2140 1.2141 1.2088 1.2123 –.0015 664,207
March 136-260 136-300 136-170 136-175 –10.0 3,469,299
Oct 1833.10 1834.20 1818.60 1829.60 –4.00 7,638 May 13.17 13.18 13.10 13.10 –.08 4,012 June 135-250 135-280 135-150 135-155 –10.5 109,931
Palladium (NYM) - 50 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Index Futures
Feb … … … 2381.30 35.60
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 632.50 643.00 632.00 636.75 3.25 91,400 125-265 125-280 125-232 125-237 –3.2 3,459,245
March 2352.00 2387.50 2338.50 2382.60 35.60 5,732 May 638.50 647.50 636.75 641.25 2.25 141,966
March Mini DJ Industrial Average (CBT)-$5 x index
June 125-177 125-182 125-132 125-137 –4.0 58,210 March 31350 31420 31216 31397 38 96,500
Platinum (NYM)-50 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 31225 31301 31104 31283 38 337
Feb 1256.40 12.00 3 March 612.00 624.25 612.00 616.75 5.75 46,220 March 110-158 110-161 110-157 110-160 2,250,705 S&P 500 Index (CME)-$250 x index
April 1246.90 1265.30 1220.60 1259.00 12.00 67,109 May 618.00 630.00 617.75 622.50 5.50 95,358 June 110-150 110-152 110-150 110-151 –.1 26,836 March 3882.60 3934.90 s 3891.30 3931.10 19.20 23,761
Silver (CMX)-5,000 troy oz.; $ per troy oz. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June … … … 3920.80 19.20 22
Feb 27.323 0.281 531 March 139.775 141.825 139.175 140.850 1.700 13,865 Feb 99.9300 99.9300 99.9275 99.9275 .0025 203,092 Mini S&P 500 (CME)-$50 x index
March 27.020 27.500 26.910 27.328 0.281 90,283 April 143.700 145.750 143.175 144.725 1.350 11,313 April 99.9300 99.9300 99.9250 99.9250 145,950 March 3905.25 3936.25 s 3890.25 3931.00 19.00 2,570,429
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Live (CME)-40,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 3897.00 3925.50 s 3880.75 3920.75 19.25 45,347
March 57.94 59.82 s 57.41 59.47 1.23 211,344 Feb 116.500 118.000 116.250 117.200 1.875 9,587 94-230 –12.5 141,698
March Mini S&P Midcap 400 (CME)-$100 x index
April 57.82 59.72 s 57.31 59.38 1.24 355,107 April 123.725 125.825 s 123.250 125.175 2.050 148,064 Eurodollar (CME)-$1,000,000; pts of 100% March 2529.00 2547.20 s 2517.90 2541.70 7.20 51,856
May 57.57 59.38 s 57.06 59.06 1.18 256,902 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Feb 99.8100 99.8100 99.8075 99.8100 .0025 203,637 June 2434.40 2542.80 s 2533.90 2551.40 8.40 1
June 57.18 58.91 s 56.69 58.60 1.11 248,589 Feb 74.200 74.250 s 73.975 74.000 –.025 8,086 99.8300 99.8400 99.8300 99.8350 .0050 1,208,348
March Mini Nasdaq 100 (CME)-$20 x index
July 56.71 58.36 s 56.25 58.05 1.04 151,249 April 83.900 87.250 s 83.600 85.200 .950 101,718 June 99.8400 99.8450 99.8400 99.8400 … 1,084,682 March 13711.25 13820.75 s 13646.00 13804.75 75.75 236,673
Dec 54.25 55.63 s 53.91 55.29 0.80 304,707 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March'23 99.6900 99.7000 99.6750 99.6800 –.0150 1,033,862 June 13705.00 13806.00 s 13635.75 13792.75 75.75 4,530
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March 979.00 991.90 s 970.70 982.10 3.10 1,453
Mini Russell 2000 (CME)-$50 x index
March 1.7415 1.7778 s 1.7237 1.7714 .0268 95,062 May 819.80 835.00 s 813.10 830.90 12.90 1,037
Currency Futures March 2273.50 2294.40 2259.50 2286.40 5.20 566,257
April 1.7330 1.7709 s 1.7181 1.7648 .0264 81,699 Milk (CME)-200,000 lbs., cents per lb. June 2268.50 2287.20 2255.30 2281.20 5.30 623
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Feb 15.65 15.66 15.63 15.63 –.03 3,170 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Feb .9545 .9547 .9508 .9518 –.0028 553
Mini Russell 1000 (CME)-$50 x index
March 1.6446 1.7006 s 1.6310 1.6925 .0423 68,369 March 17.09 17.10 16.52 16.56 –.47 3,596
March .9547 .9551 .9509 .9528 –.0020 179,278 March 2218.60 2235.90 s 2218.60 2235.80 11.30 10,423
April 1.7718 1.8204 s 1.7576 1.8139 .0353 99,819 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 2,478 2,529 2,471 2,503 54 2,239 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Feb .7868 .7888 .7836 .7872 –.0003 501 March 90.41 90.74 90.36 90.47 .06 34,491
March 2.870 2.987 2.834 2.912 .044 111,496 May 2,433 2,472 2,422 2,433 –4 111,373
March .7875 .7889 .7835 .7872 –.0003 149,783 June 90.42 90.68 90.34 90.44 .06 1,046
April 2.839 2.919 2.806 2.876 .040 147,473 Coffee (ICE-US)-37,500 lbs.; cents per lb.
March 120.90 122.35 120.25 121.15 –.05 21,473 British Pound (CME)-£62,500; $ per £
May 2.867 2.939 2.837 2.900 .036 187,404 Feb 1.3813 1.3829 1.3777 1.3823 .0018 716 Source: FactSet
June 2.910 2.981 2.881 2.945 .035 64,809 May 122.55 124.30 122.10 123.05 … 100,483
Sept 2.964 3.024 2.938 2.994 .030 80,177 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Oct 2.980 3.036 2.954 3.006 .027 136,463 March 16.51 16.59 16.30 16.38 –.17 186,258
May 15.75 15.81 15.59 15.64
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
–.15 391,137
Bonds | wsj.com/market-data/bonds/benchmarks
Agriculture Futures May 29.70 29.70 29.70 29.70 –.05 2,332
Corn (CBT)-5,000 bu.; cents per bu. July 29.55 29.55 29.55 29.55 –.05 2,472 Global Government Bonds: Mapping Yields
March 541.00 546.25 536.75 538.75 –2.25 387,476 Cotton (ICE-US)-50,000 lbs.; cents per lb.
May 539.50 544.50 534.75 536.50 –3.25 629,781 March 86.16 87.33 s 85.35 87.27 .86 23,749 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Oats (CBT)-5,000 bu.; cents per bu. May 88.10 88.72 s 86.87 88.66 .79 109,578 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Exchange-Traded Portfolios | WSJ.com/ETFresearch Coupon (%) Maturity, in years
0.125 U.S. 2 0.109
Latest(l)-2 -1 0
l
1 2 3 4 Previous
0.109
Month ago
0.145
Year ago
1.440
Latest Prev Year ago
Closing Chg YTD 1.125 10 1.199 s l 1.157 1.136 1.629

Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
5.500 Australia 2 0.111 s l 0.109 0.110 0.782 0.6 -0.8 -66.2
iShRussell1000Val IWD 144.67 0.58 5.8
Friday, February 12, 2021 Closing Chg YTD
ETF Symbol Price (%) (%) iShRussell2000Gwth IWO 333.85 0.11 16.4 1.500 10 1.230 s l 1.200 1.121 1.072 3.0 3.3 -56.5
Closing Chg YTD iShRussell2000 IWM 227.26 0.28 15.9
ETF Symbol Price (%) (%) iShSelectDividend DVY 103.26 0.61 7.4 iShRussell2000Val IWN 151.96 0.43 15.3 0.000 France 2 -0.638 s l -0.640 -0.618 -0.592 -74.3 -75.7 -203.6
iShESGAwareUSA ESGU 90.97 0.49 5.7 iShRussellMid-Cap IWR 74.30 0.79 8.4
ARKInnovationETF ARKK 156.58 1.30 25.8
iShEdgeMSCIMinUSA USMV 68.03 0.13 0.2 iShS&P500Growth IVW 67.25 0.49 5.4 0.000 10 -0.195 s l -0.232 -0.258 -0.133 -139.5 -139.8 -177.0
CnsmrDiscSelSector XLY 170.32 0.14 5.9
iShEdgeMSCIUSAMom MTUM 178.04 0.74 10.4 iShS&P500Value IVE 133.77 0.47 4.5
CnsStapleSelSector XLP 65.69 0.15 –2.6
iShEdgeMSCIUSAQual QUAL 119.80 0.26 3.1 iShShortTreaBd SHV 110.52 ... –0.0
0.000 Germany 2 -0.701 s l -0.717 -0.687 -0.632 -80.6 -83.4 -207.5
EnSelectSectorSPDR XLE 44.67 1.48 17.9
FinSelSectorSPDR XLF 31.52 1.03 6.9
iShGoldTr IAU 17.36 –0.29 –4.2 iShSilver SLV 25.31 0.88 3.0 0.000 10 -0.425 s l -0.456 -0.465 -0.377 -162.5 -162.2 -201.4
iShiBoxx$InvGrCpBd LQD 134.68 –0.33 –2.5 iShTIPSBondETF TIP 127.65 –0.16 ...
HealthCareSelSect XLV 117.28 0.75 3.4
IndSelSectorSPDR XLI 90.30 0.73 2.0
iShiBoxx$HYCpBd HYG 87.78 0.16 0.5 iSh1-3YTreasuryBd SHY 86.37 0.01 –0.0 0.050 Italy 2 -0.423 s l -0.426 -0.310 -0.232 -52.8 -54.3 -167.5
iShJPMUSDEmgBd EMB 113.48 –0.55 –2.1 iSh7-10YTreasuryBd IEF 117.79 –0.33 –1.8
InvscQQQI QQQ 336.45 0.56 7.2 110.00 –0.14 –0.1 0.900 10 0.487 s l 0.458 0.671 0.919 -71.2 -70.8 -71.8
iShMBSETF MBB iSh20+YTreasuryBd TLT 147.11 –1.24 –6.7
InvscS&P500EW RSP 135.31 0.60 6.1 iShMSCI ACWI ACWI 96.34 0.48 6.2 iShRussellMCGrowth IWP 112.05 0.96 9.2
iShCoreDivGrowth DGRO 46.19 0.35 3.1 iShMSCI EAFE EFA 76.31 0.55 4.6 iShUSTreasuryBdETF GOVT 26.88 –0.35 –1.3 0.100 Japan 2 -0.133 t l -0.121 -0.123 -0.149 -23.8 -23.8 -159.3
iShCoreMSCIEAFE IEFA 72.45 0.57 4.9 iShMSCI EAFE SC SCZ 72.40 0.53 5.9 JPM UltShtIncm JPST 50.81 0.02 0.0
iShCoreMSCIEM IEMG 69.27 0.14 11.7 iShMSCIEmgMarkets EEM 57.80 0.09 11.9 PIMCOEnhShMaturity MINT 102.14 0.02 0.1 0.100 10 0.064 t l 0.080 0.037 -0.040 -113.6 -108.7 -167.7
iShCoreMSCITotInt IXUS 71.96 0.40 7.1 iShMSCIJapan EWJ 71.55 0.62 5.9 SPDR BlmBarcHYBd JNK 109.64 0.18 0.6
iShCoreS&P500 IVV 394.18 0.50 5.0 iShNatlMuniBd MUB 117.82 –0.04 0.5 SPDRBloomBar1-3MTB BIL 91.51 –0.01 –0.0
0.000 Spain 2 -0.527 s l -0.529 -0.535 -0.441 -63.2 -64.6 -188.5
iShCoreS&P MC IJH 253.85 0.30 10.5 iSh1-5YIGCorpBd IGSB 55.08 –0.04 –0.2 SPDR Gold GLD 170.69 –0.30 –4.3 1.250 10 0.157 s l 0.120 0.114 0.261 -104.3 -104.7 -137.6
iShCoreS&P SC IJR 106.63 0.20 16.0 iShPfd&Incm PFF 37.95 –0.29 –1.5 SchwabIntEquity SCHF 37.82 0.56 5.0
iShS&PTotlUSStkMkt ITOT 91.89 0.42 6.6 iShRussell1000Gwth IWF 254.69 0.52 5.6 SchwabUS BrdMkt SCHB 96.95 0.49 6.6 0.125 U.K. 2 -0.040 t l -0.038 -0.070 0.550 -14.5 -15.5 -89.4
iShCoreUSAggBd AGG 116.58 –0.23 –1.4 iShRussell1000 IWB 224.02 0.49 5.7 SchwabUS Div SCHD 67.02 0.48 4.5
SchwabUS LC SCHX 96.23 0.54 5.8 4.750 10 0.521 s l 0.472 0.355 0.634 -67.9 -69.4 -100.3
SchwabUS LC Grw SCHG 136.69 0.51 6.4
SchwabUS SC SCHA 102.01 0.35 14.6 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Borrowing Benchmarks | WSJ.com/bonds Schwab US TIPs
SPDR DJIA Tr
SCHP
DIA
62.12
315.04
–0.14
0.11
0.1
3.0
SPDR S&PMdCpTr MDY 463.58
392.64
0.30
0.49
10.4
5.0
Corporate Debt
Money Rates February 12, 2021 SPDR S&P 500
SPDR S&P Div
SPY
SDY 111.18 0.27 5.0 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
TechSelectSector XLK 138.59 0.51 6.6 expectations
Key annual interest rates paid to borrow or lend money in U.S. and UtilitiesSelSector XLU 62.62 –0.73 –0.1
international markets. Rates below are a guide to general levels but

VanEckGoldMiner
VangdInfoTech
GDX
VGT
34.78
380.61
–0.09
0.56
–3.4
7.6
Investment-grade spreads that tightened the most…
Spread*, in basis points
VangdSC Val VBR 157.97 0.38 11.1
don’t always represent actual transactions. VangdSC Grwth VBK 302.04 0.71 12.8
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Week —52-WEEK— VangdExtMkt VXF 187.63 0.50 13.9 Athene Global Funding … 2.550 2.33 Nov. 19, ’30 115 –13 133
Inflation Latest ago High Low VangdDivApp VIG 143.36 0.11 1.6
Delta Airlines, Inc. Retirement Plan … 4.750 2.94 Oct. 20, ’28 175 –8 181
VangdFTSEDevMk VEA 49.60 0.47 5.1
Jan. Index Chg From (%) Siemens Financieringsmaatschappij SIEGR 3.125 0.47 March 16, ’24 30 –6 n.a.
Switzerland 0.00 0.00 0.50 0.00 VangdFTSE EM VWO 56.19 0.18 12.1
level Dec. '20 Jan. '20 –5 n.a.
Britain 0.10 0.10 0.75 0.10
VangdFTSE Europe VGK 62.75 0.61 4.2 National Australia Bank NAB 3.625 0.27 June 20, ’23 16
VangdFTSEAWxUS VEU 62.45 0.47 7.0
U.S. consumer price index Australia 0.10 0.10 0.75 0.10 VangdGrowth VUG 268.90 0.53 6.1 Toyota Motor Credit TOYOTA 3.000 0.70 April 1, ’25 22 –5 n.a.
All items 261.582 0.43 1.4 VangdHlthCr VHT 236.79 0.67 5.8 John Deere Capital … 0.700 0.71 Jan. 15, ’26 22 –4 26
Core 269.755 0.20 1.4 Secondary market VangdHiDiv VYM 95.75 0.55 4.6
General Electric Capital … 6.875 3.45 Jan. 10, ’39 145 –4 n.a.
VangdIntermBd BIV 91.75 –0.25 –1.2
Fannie Mae VangdIntrCorpBd VCIT 96.17 –0.17 –1.0 Mitsubishi UFJ Financial MUFG 2.559 1.87 Feb. 25, ’30 69 –4 71
International rates VangdLC VV 185.40 0.56 5.5
30-year mortgage yields
Week 52-Week 30 days 1.994 2.016 3.017 1.751
VangdMC
VangdMBS
VO
VMBS
223.57
53.99
0.66
–0.04
8.1
–0.1
…And spreads that widened the most
Latest ago High Low 60 days 2.027 2.052 3.081 1.804 VangdRealEst VNQ 89.59 0.02 5.5
VangdS&P500ETF VOO 361.05 0.51 5.1 Bank of America BAC 3.950 1.05 April 21, ’25 57 9 58
Notes on data: 9 229
Prime rates VangdST Bond BSV 82.75 –0.04 –0.2 Delta Airlines, Inc. Retirement Plan … 4.500 2.67 Oct. 20, ’25 218
U.S. prime rate is the base rate on corporate VangdSTCpBd VCSH 83.13 –0.02 –0.1 John Deere Capital … 0.700 0.26 July 5, ’23 15 7 16
U.S. 3.25 3.25 4.75 3.25 loans posted by at least 70% of the 10 largest VangdSC VB 217.90 0.52 11.9
Canada 2.45 2.45 3.95 2.45 U.S. banks, and is effective March 16, 2020. VangdTotalBd BND 86.84 –0.26 –1.5 Cooperatieve Rabobank RABOBK 4.625 0.61 Dec. 1, ’23 50 7 41
Other prime rates aren’t directly comparable;
Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location.
VangdTotIntlBd BNDX 57.85 –0.29 –1.2 American Honda Finance HNDA 1.200 0.76 July 8, ’25 28 5 28
VangdTotIntlStk VXUS 64.39 0.48 7.0
Complete Money Rates table appears Monday VangdTotalStk VTI 207.49 0.52 6.6 Daimler North America DAIGR 8.500 2.25 Jan. 18, ’31 108 4 105
Policy Rates through Friday. VangdTotlWrld VT 98.58 0.48 6.5 Enel Finance International ENELIM 3.625 1.47 May 25, ’27 99 4 98
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 124.47 0.48 4.6 Banco Santander SANTAN 2.746 1.08 May 28, ’25 60 4 65
High-yield issues with the biggest price increases…

Dividend Changes Issuer Symbol Coupon (%) Yield (%) Maturity
Bond Price as % of face value
Current One-day change Last week
Dividend announcements from February 12. Ford Motor F 7.500 3.54 Aug. 1, ’26 119.500 0.98 n.a.
Amount Payable / Amount Payable / WeWork WEWORK 7.875 12.48 May 1, ’25 85.250 0.88 84.750
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Genworth Holdings … 4.800 6.00 Feb. 15, ’24 96.750 0.50 95.000
AstraZeneca ADR AZN 2.7 .95 SA Mar29 /Feb26 Teva Pharmaceutical Finance IV … 3.650 1.66 Nov. 10, ’21 101.438 0.47 n.a.
Increased
Athene Holding Pfd. B ATHpB 5.3 .35156 Q Mar30 /Mar15 Ball BLL 4.000 1.27 Nov. 15, ’23 107.353 0.44 106.970
AllianceBernstein AB 7.4 .97 /.69 Q Mar04 /Feb22
Athene Holding Pfd. D ATHpD 4.9 .3453 Mar30 /Mar15
Alpine Income Property Tr PINE 4.6 .24 /.22 Q Mar31 /Mar22 Nokia Oyj NOKIA 4.375 2.55 June 12, ’27 110.606 0.41 110.370
Athene Pfd. A ATHpA 5.6 .39687 Q Mar30 /Mar15
Ametek AME 0.7 .20 /.18 Q Mar31 /Mar15
Athene Pfd. C ATHpC ... .39844 Q Mar30 /Mar15 HCA HCA 5.875 1.15 May 1, ’23 110.250 0.39 110.125
Ares Management ARES 3.7 .47 /.40 Q Mar31 /Mar17
Bank of Butterfield NTB 5.3 .44 Q Mar10 /Feb24 American Airlines AAL 11.750 6.88 July 15, ’25 118.250 0.38 117.500
CSX CSX 1.2 .28 /.26 Q Mar15 /Feb26
Brookfield Asset Mgmt BAM 1.2 .13 Q Mar31 /Feb26
Equinix
First Ind Realty Trust
EQIX
FR
1.6
2.5
2.87 /2.66
.27 /.25
Q
Q
Mar17 /Feb24
Apr19 /Mar31
CI Financial CIXX 3.8 .1417 Q Jul15 /Jun30 …And with the biggest price decreases
Fortis FTS 3.9 .3962 Q Mar01 /Feb16
Healthcare Realty Trust HR 3.9 .3025 /.30 Q Mar09 /Feb22 Fortis FTS 3.9 .3962 Q Jun01 /May17 American Airlines AAL 5.000 10.29 June 1, ’22 93.750 –10.50 94.000
Moelis MC 4.0 .55 /.3825 Q Mar26 /Feb22 Franco-Nevada FNV 0.9 .26 Q Mar25 /Mar11 Bombardier BBDBCN 7.450 8.75 May 1, ’34 89.938 –3.13 n.a.
Nu Skin Enterprises Cl A NUS 3.1 .38 /.375 Q Mar10 /Feb26 –1.30 41.000
ICL Group ICL 1.7 .0265 Q Mar16 /Mar03 Transocean RIG 6.800 17.55 March 15, ’38 42.200
Rexford Industrial Realty REXR 1.9 .24 /.215 Q Apr15 /Mar31 Kinross Gold KGC 1.6 .03 Q Mar18 /Mar03 Lumen Technologies LUMN 6.875 4.22 Jan. 15, ’28 115.750 –1.17 116.289
Rush Enterprises A RUSHA 1.7 .18 /.14 Q Mar16 /Feb25 Manulife Financial MFC 4.5 .2205 Q Mar19 /Feb23
Rush Enterprises B RUSHB 1.9 .18 /.14 Q Mar16 /Feb25 Teva Pharmaceutical Finance … 4.100 4.71 Oct. 1, ’46 91.000 –0.50 89.449
Micro Focus Intl ADR MFGP 8.5 .155 A Apr22 /Mar12
United Parcel Service B UPS 2.5 1.02 /1.01 Q Mar10 /Feb22 Prudentl 6.5% Perp Sub Cp PUKpA 6.1 .40625 Q Mar23 /Mar08 Occidental Petroleum OXY 6.950 3.54 July 1, ’24 110.750 –0.50 111.142
Victory Capital Cl A VCTR 1.1 .09 /.07 Q Mar25 /Mar10 Prudentl 6.75% Perp. SKIS PUKp 6.3 .42188 Q Mar23 /Mar22 Springleaf Finance … 6.875 2.57 March 15, ’25 116.550 –0.43 115.750
Western Union WU 3.9 .235 /.225 Q Mar31 /Mar17 Restaurant Brands Intl QSR 3.6 .53 Q Apr06 /Mar23 L Brands LB 6.875 4.77 Nov. 1, ’35 122.020 –0.36 121.125
Foreign Sun Life Financial SLF 3.5 .433 Q Mar31 /Mar01
TELUS Corp. TU 4.7 .245 Q Apr01 /Mar11 *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.
Aegon ADR AEG 2.7 .07274 SA Jul07 /Jun08 Note: Data are for the most active issue of bonds with maturities of two years or more
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. Source: MarketAxess
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
Donaldson DCI 62.50 0.8 GrahamHoldings GHC 617.91 -0.6 KraftHeinz KHC 36.44 -0.4 NetSolTech NTWK 5.30 14.1 QEP Resources QEP 3.48 2.1 SleepNumber SNBR 133.61 -0.9 VandaPharm VNDA 20.21 -2.4
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE DonnelleyFin DFIN 23.19 -2.5 GrandCanyonEduc LOPE 106.69 4.3 Kraton KRA 37.73 5.2 NewBeginnings NBA 11.00 1.0 Quanterix QTRX 89.25 7.2 Smartsheet SMAR 85.43 4.9 VectorGroup VGR 14.43 4.1
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low DouYuIntl DOYU 18.94 8.8 GreatAjaxNts24 AJXA 25.23 0.4 Kulicke&Soffa KLIC 48.96 0.8 NewOrientalEduc EDU 197.56 1.8 Qudian QD 3.72 15.6 SocialLvgI SLAC.U 10.83 7.5 Vedanta VEDL 10.38 -0.1
in the latest session. % CHG-Daily percentage change from the previous trading session. DrivenBrands DRVN 35.56 5.0 GreenPlains GPRE 26.56 5.1 LG Display LPL 10.89 1.0 NewsCorp A NWSA 24.06 3.0 QuickLogic QUIK 8.17 28.7 SproutSocial SPT 81.41 2.3 VeecoInstr VECO 22.40 2.6
DuosTechs DUOT 7.05 8.1 Greenbrier GBX 46.75 5.7 LPL Financial LPLA 131.01 1.2 NewsCorp B NWS 23.90 2.3 RE/MAX RMAX 40.89 -2.0 Square SQ 273.84 2.6 Vericel VCEL 53.98 2.9
EPAM Systems EPAM 400.98 1.9 GrindrodShipping GRIN 6.74 21.5 LabCpAm LH 242.31 0.4 NexImmune NEXI 28.00 49.0 RENN Fund RCG 2.31 3.6 StarBulkCarriers SBLK 14.58 14.0 Vertex VERX 38.61 4.3
Friday, February 12, 2021 EagleBulkShip EGLE 29.36 7.9 GuardantHealth GH 181.07 6.4 LamResearch LRCX 597.74 2.4 NicoletBankshares NCBS 73.77 0.7 R1RCM RCM 30.58 1.8 StealthGas GASS 3.29 ... ViacomCBS A VIACA 58.84 1.8
52-Wk % 52-Wk % 52-Wk % EagleMaterials EXP 123.17 3.4 HDFC Bank HDB 83.26 2.5 LaredoPetrol LPI 34.53 6.3 nLIGHT LASR 41.39 8.3 RackspaceTech RXT 24.92 3.9 Stereotaxis STXS 5.99 0.5 ViantTech DSP 68.31 14.9
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EHang EH 129.80 14.4 HUYA HUYA 34.87 2.2 LatticeSemi LSCC 48.51 3.4 NomuraHoldings NMR 6.31 2.0 Rambus RMBS 21.88 3.3 StewartInfo STC 53.88 1.6 VirTra VTSI 5.07 8.1
Emcore EMKR 7.30 9.2 HamiltonLane HLNE 89.68 1.9 LazardGrowthI LGACU 10.60 -0.7 Noodles NDLS 9.90 0.5 RaymondJames RJF 115.82 0.6 StifelFinancial SF 58.81 1.5 VistaOutdoor VSTO 37.00 1.6
BauschHealth BHC 32.25 3.7 CatchaInvt CHAA.U 10.64 6.4 EmpowerWt EMPW.WS 1.69 7.8 HealthAssurance HAACU 15.70 5.1 LightInTheBox LITB 4.62 12.0 NorthernStarII NSTB.U 11.97 3.0 RayonierAdvMatls RYAM 9.85 1.8 STMicroelec STM 42.86 0.5 VistasMediaAcqnUn VMACU 12.55 -2.6
Highs BerkHathwy A BRK.A 365724
BerkHathwy B BRK.B 242.76
0.9
1.1
CentennialRsc CDEV
Cerence CRNC
3.74
133.92
9.1
3.3
EnovaIntl ENVA 29.57
6.03
-1.0
1.0
HealthAssuranceA HAAC 14.50
4.80
5.1
6.3
Lindsay
LiveNationEnt LYV
LNN 163.88
84.21
-0.2
3.9
NorthernStrII A NSTB 11.58
3.35
2.4
1.5
Rayonier
RealNetworks RNWK
RYN 35.46
4.23
2.3
14.0
StoneCo STNE 92.75
2.30
2.0
...
VoceraComm VCRA
Vonage VG
55.60
15.42
25.5
3.0
Entercom ETM HealthAssurWt HAACW NorthernStrII Wt NSTB.WS StrataSkinSci SSKN
ACM Research ACMR 140.30 13.2 BigCypress BCYP 10.45 0.7 CharlesRiverLabs CRL 294.25 1.2 Lizhi LIZI 16.75 25.1 Realogy RLGY 18.40 0.5 Vuzix VUZI 16.96 27.0
ePlus PLUS 96.22 0.2 HlthcrSvcs HCARU 11.10 0.5 NovaMeasuring NVMI 84.74 2.7 Stryker SYK 248.69 1.1
AECOM ACM 56.80 2.6 BigCypress BCYPU 10.95 0.6 Chegg CHGG 113.96 6.7 loanDepot LDI 39.85 43.1 ReinventTechA RTP 15.49 6.2 WD-40 WDFC 333.42 ...
EstablishLabs ESTA 70.28 3.6 HercHoldings HRI 75.29 1.9 Novan NOVN 2.59 18.6 SunlinkHealth SSY 2.78 10.9
ALJ Regional ALJJ 1.45 -6.3 Bio-Techne TECH 405.53 1.0 Chewy CHWY 119.63 8.9 LogitechIntl LOGI 118.71 ... ReinventTechWt RTP.WS 4.98 ... Weibo WB 62.77 5.3
EsteeLauder EL 291.00 0.2 HighlandTransI HTPA 10.97 0.6 Novanta NOVT 144.42 1.0 SuperiorIndsIntl SUP 7.10 29.4
Ansys ANSS 404.16 1.9 BioanalyticalSys BASI 16.48 9.7 ChickenSoupA CSSE 32.95 2.0 LongviewAcqnA LGVW 24.19 0.6 ReinventTechPtrs RTP.U 16.60 5.7 WestFraserTimber WFG 74.48 3.7
EucratesBio EUCRU 10.97 ... HiltonGrandVac HGV 35.85 2.7 NovoNordisk NVO 75.86 2.6 Suzano SUZ 13.23 ...
ASETech ASX 8.80 0.5 BioAtla BCAB 55.68 -5.0 ChinaRecycling CREG 12.22 6.9 LoralSpace LORL 42.08 3.3 ReinventTechZ RTPZ.U 14.68 3.1 WestAllianceBcp WAL 79.89 1.3
Euroseas ESEA 11.27 11.5 HinghamSvg HIFS 255.05 1.8 Nutrien NTR 56.34 1.9 Synaptics SYNA 130.50 3.3
ASML ASML 601.46 1.1 BionanoGenom BNGO 14.44 17.1 ChurchillCapIVWt CCIV.WS 19.48 32.3 LouisianaPacific LPX 43.59 2.7 ReinventTechZ A RTPZ 13.98 10.8 WesternMidstrm WES 17.15 -2.1
ExperienceInvt EXPCU 20.89 5.8 HomePtCap HMPT 13.15 5.0 NVIDIA NVDA 611.65 -1.9 SyneosHealth SYNH 81.14 0.7
AXT AXTI 12.93 2.5 Bio-RadLab A BIO 689.00 2.9 ChurchillCapIV CCIV 41.37 26.9 Luby's LUB 3.43 -0.9 ReinventTechZ Wt RTPZ.WS 4.39 1.1 Wiley A JW.A 53.11 1.5
ExperienceInvtWt EXPCW 6.07 17.5 HorizonGlobal HZN 11.08 11.6 OFSCapNts2026 OFSSI 25.29 0.4 Synopsys SNPS 293.31 1.9
Azek AZEK 47.21 5.2 Bio-RadLab B BIO.B 668.56 4.7 ChurchillCapIV CCIV.U 45.14 27.2 LuokungTech LKCO 1.73 32.5 RekorSystems REKR 20.67 3.8 Wingstop WING 172.32 -0.3
ExperienceInvtA EXPC 19.12 5.7 HovnanianPfdA HOVNP 13.65 1.6 OFSCapNts2023 OFSSG 25.85 0.4 TAL Education TAL 89.88 1.7
AbbottLabs ABT 128.54 1.1 BiteAcqn BITE.U 10.33 2.2 ChurchillCapVI CCVI.U 11.45 12.9 LuxHlthTech LUXAU 14.18 5.9 Repligen RGEN 228.84 1.3 Wipro WIT 6.74 1.7
AclarisTherap ACRS 25.48 4.0 FAT Brands FAT 10.90 32.7 Huami HMI 18.25 8.7 OakStreetHealth OSH 66.31 1.2 TPIComposites TPIC 78.91 3.7
BlueknightEner BKEP 2.34 4.2 ChurchillCapVII CVII.U 10.78 6.6 LuxHlthTechAcqn LUXA 12.93 5.8 ResoluteForest RFP 10.52 5.3 Workday WDAY 282.11 1.9
AffiliatedMgrs AMG 148.37 1.9 FalconCapA FCAC 12.81 -3.9 Huazhu HTHT 62.49 1.1 OaktreeSpec OCSL 6.25 1.5 TaiwanSemi TSM 139.81 -0.8
BlueLinx BXC 44.80 4.1 CimarexEnergy XEC 51.98 3.9 MGP Ingredients MGPI 69.47 3.7 ReWalkRobotics RWLK 6.00 17.4 WyndhamDest WYND 52.45 0.2
Agilysys AGYS 57.26 1.2 FalconCapAcqn FCACU 13.74 -5.9 HubSpot HUBS 527.69 16.4 Okta OKTA 294.00 1.8 TalisBiomed TLIS 33.90 73.8
BoiseCascade BCC 53.40 -0.3 CincinnatiBncp CNNB 12.27 2.1 MI Homes MHO 57.66 -1.3 RingCentral RNG 446.18 2.6 Yandex YNDX 74.11 1.2
Alpha&OmegaSem AOSL 40.82 4.7 Farmmi FAMI 2.08 11.0 Hydrofarm HYFM 93.48 14.6 Olin OLN 29.47 -0.8 TasekoMines TGB 1.71 7.8
BostonPrivFin BPFH 13.89 3.4 Civeo CVEO 20.55 7.4 MSA Safety MSA 172.19 0.8 RiotBlockchain RIOT 52.73 14.4 YirenDigital YRD 5.65 12.2
Alphatec ATEC 16.62 1.3 Fathom FTHM 56.27 6.1 IAC/InterActive IAC 264.28 -0.2 ON Semi ON 41.95 2.0 10xGenomics TXG 198.00 3.5
BrightHorizons BFAM 178.34 3.2 ClearPtNeuro CLPT 29.81 14.0 MagnaIntl MGA 77.94 0.4 RobertHalf RHI 74.10 1.0 YumChina YUMC 62.79 1.4
AlsetEHome AEI 17.90 37.2 FedAgriMtg C AGM 84.69 0.6 ICICI Bank IBN 18.31 3.1 OncternalTherap ONCT 7.84 7.0 Teradyne TER 143.78 5.5
Broadcom AVGO 487.02 1.7 CleverLeavesWt CLVRW 8.26 14.3 MaidenHoldings MHLD 3.15 4.9 RosecliffAcqnI RCLFU 10.88 4.0 ZimIntShipping ZIM 20.57 7.7
AltairEngg ALTR 67.38 1.5 FedAgriMtg A AGM.A 79.24 -0.6 ICL Group ICL 5.78 1.6 180LifeSciencesWt ATNFW 1.08 14.6 TexasInstruments TXN 179.90 0.2
BroadcomPfdA AVGOP1553.04 1.3 CleverLeaves CLVR 19.46 13.5 MartinMarietta MLM 332.31 3.9 RothCHAcqnIWt ROCHW 14.25 2.0 ZK Intl ZKIN 5.40 23.5
Ambarella AMBA 124.69 0.6 FederalSignal FSS 36.05 1.2 IdexxLab IDXX 545.85 3.0 1LifeHealthcare ONEM 59.57 0.2 TexasPacLand TPL 1120.51 4.2
BroadscaleAcqn SCLEU 10.72 5.4 Cloudera CLDR 19.17 2.0 Matson MATX 72.17 7.7 RothCHAcqnI ROCH 29.90 8.6 ZebraTech ZBRA 479.18 1.6
AmHomes4Rent AMH 32.54 0.3 FibroGen FGEN 57.21 1.8 IONGeophysical IO 5.35 43.4 Opera OPRA 12.99 3.0 Textainer TGH 23.58 15.3
Brooks Auto BRKS 91.78 3.0 CodeChainNew CCNC 8.35 35.8 Medallia MDLA 48.28 2.8 SCVX Wt SCVX.WS 2.30 9.2 Zillow A ZG 208.58 1.2
AmRvrBksh AMRB 15.79 11.7 FinServAcqnUn FSRVU 22.86 8.5 Ichor ICHR 44.70 3.0 OptimizeRx OPRX 57.55 6.2 Textron TXT 51.13 0.5
Bruker BRKR 69.92 2.3 Cognex CGNX 101.82 4.6 Medtronic MDT 119.88 0.9 SMART Global SGH 47.37 3.7 Zillow C Z 202.65 2.0
AmerCarMart CRMT 135.46 -0.5 BuildersFirstSrc BLDR 44.13 ... 264.64 13.8 FinVolution FINV 6.50 11.2 Identiv INVE 13.80 7.2 OrionGroup ORN 6.23 0.8 ThimblePoint THMAU 10.73 -0.6
Coherent COHR MercerIntl MERC 13.98 ... SM Energy SM 12.82 7.1 Zovio ZVO 7.34 9.7
Ameriprise AMP 218.35 1.6 BMBL 84.80 7.3 COHU 51.86 0.1 FirstCitizBcshA FCNCA 735.17 1.4 IgnyteAcqn IGNYU 10.88 1.7 Ovintiv OVV 21.85 5.5 360DigiTech QFIN 28.00 5.4
Bumble Cohu MercurityFintech MFH 6.45 29.2 SOS SOS 7.76 17.7 Zscaler ZS 228.38 1.6
AmkorTech AMKR 25.90 5.5 BG 78.05 3.0 CMCSA 53.60 ... FiskerWt FSR.WS 8.55 36.2 Illumina ILMN 555.77 11.9 OxfordIndustries OXM 75.81 0.8 TidewaterWt TDW.WS 0.65 13.6
Bunge Comcast A MeridianBiosci VIVO 30.65 -0.2 SafeBulkers SB 2.88 13.3
FiverrIntl FVRR 324.46 6.7 Immunogen IMGN 10.88 30.3 PDC Energy PDCE 28.61 2.8 TishSpeyInnII TSIBU 11.29 8.8
AmtechSystems ASYS
AnaptysBio ANAB
11.00
35.85
22.0
6.7
BurgundyTechWt BTAQW 2.50
BylineBancorp BY 19.99
-2.8
3.6
CommVaultSys CVLT
CompassDiversif CODI
72.33
23.41
0.3
1.8 Flanigans BDL 26.64 0.7 Immunome IMNM 25.20 6.0
MeritMedical MMSI
MetLife MET
61.23
56.41
-1.2
0.7 PPD PPD 38.04 2.1
Saia SAIA
SailPointTechs SAIL
207.21
63.54
2.6
0.4 Toll Bros TOL 56.96 -0.5 Lows
AngioDynamics ANGO 22.19 -1.8 CAI Intl CAI 39.40 6.8 Conmed CNMD 124.31 -0.3 FootLocker FL 52.92 0.2 InariMedical NARI 118.47 4.1 MicrochipTech MCHP 159.90 1.2 PaciraBioSci PCRX 79.98 -2.3 SalemMedia SALM 3.32 19.8 Toro TTC 102.01 1.3 AckrellSpacI Wt ACKIW 1.05 -5.6
AngionBiomed ANGN 19.54 6.5 CBRE Acqn A CBAH 11.00 0.1 ConstBrands A STZ 242.12 2.1 Fortinet FTNT 164.87 1.1 InspireMedical INSP 238.29 2.2 MicronTech MU 88.32 1.8 PapaJohn's PZZA 110.33 ... Sanfilippo JBSS 93.46 -2.6 TowerSemi TSEM 33.17 0.8 AmerElecPwrUn AEPPZ 47.35 -0.4
AnteroMidstream AM 9.10 3.8 CBRE Acqn CBAH.U 11.32 -0.6 ConstBrands B STZ.B 240.90 ... ForwardAir FWRD 88.20 0.5 InspireMDWtB NSPR.WS.B 0.15 -8.2 Mind CTI MNDO 2.82 1.4 ParTechnology PAR 85.22 -0.3 SarissaCap SRSAU 12.70 -0.6 Trex TREX 106.68 2.2 ApolloStratGrII APGB.U 10.59 0.4
AnteroResources AR 9.01 11.0 CBRE Group CBRE 71.44 1.4 ContangoO&G MCF 4.77 14.1 FourSeasonsEduc FEDU 2.40 15.9 InstalledBldg IBP 130.11 -0.5 MissionProduce AVO 22.01 2.1 ParkCity PCYG 7.71 7.4 ScrippsEW SSP 17.70 3.2 TrilogyMetals TMQ 2.45 4.9 Apria APR 20.78 -10.1
ApplMaterials AMAT 117.82 3.3 CIIG MergerWt CIICW 12.40 7.1 Volaris VLRS 13.61 2.9 FrazierLifesci FLACU 11.50 3.1 inTEST INTT 8.14 2.7 MiXTelematics MIXT 15.00 1.6 PatriaInvts PAX 23.28 2.8 SeanergyMarWt SHIPW 0.20 33.6 TriNet TNET 85.36 0.4 AvidityBio RNA 21.83 0.2
AppliedMolecular AMTI 52.23 2.9 CMC Materials CCMP 175.98 1.2 CoupaSoftware COUP 370.46 -0.1 Freshpet FRPT 172.62 2.8 Intra-Cellular ITCI 39.59 0.1 MohawkInds MHK 178.19 6.0 PAVmed PAVM 3.73 9.0 Senseonics SENS 4.35 9.2 Trinseo TSE 59.66 0.4 BaoshengMedia BAOS 7.00 -0.7
Aptargroup ATR 144.76 1.2 CMLifeSciWt CMLFW 11.99 49.4 Cowen COWN 34.36 17.5 FriedmanInds FRD 7.52 1.2 IntrepidPotash IPI 32.84 9.0 Morningstar MORN 249.61 0.9 PAVmedWtZ PAVMZ 2.08 21.8 SensientTech SXT 79.46 1.5 Trip.com TCOM 37.76 -1.5 BlueWaterWt BLUWW 0.90 -5.3
AptivPfdA APTVpA 178.92 0.6 CMLifeSciA CMLF 27.18 15.5 Crawford B CRD.B 9.00 -0.6 frontdoor FTDR 58.94 2.0 Intricon IIN 21.89 1.7 Mosaic MOS 29.37 5.1 PermianBasin PBT 4.08 2.3 ServiceSource SREV 2.18 ... TriStateCapital TSC 23.29 1.0 CarneyTechII A CTAQ 10.14 -1.0
Aptiv APTV 156.52 1.5 CM Life CMLFU 30.80 19.3 Crocs CROX 81.84 2.8 FullerHB FUL 59.23 -1.5 Intuit INTU 414.47 1.3 MudrickCapII MUDSU 10.93 -0.1 PinnacleFinPtrs PNFP 76.89 1.6 7GC VIIAU 10.90 1.6 TritonIntl TRTN 54.72 7.5 ChesapeakeEner CHK 41.55 -0.7
ArcherDaniels ADM 55.77 1.5 CNB Fin PfdA CCNEP 26.70 -1.5 CrowdStrike CRWD 245.42 3.1 FusionAcqnA FUSE 12.90 -5.0 j2Global JCOM 111.46 0.2 Myomo MYO 14.76 11.2 PiperSandler PIPR 108.29 2.5 SharpsCompliance SMED 14.94 -0.5 Tronox TROX 18.91 -0.6 DecarbonizationII DCRNU 11.06 -2.0
Arcosa ACA 64.59 1.6 CNH Indl CNHI 14.82 1.2 Cullen/Frost CFR 100.87 1.1 FutureFuel FF 17.86 -0.8 JefferiesFin JEF 29.01 1.2 Napco Security NSSC 31.98 2.5 PLxPharma PLXP 10.00 4.0 SharpSpring SHSP 26.68 8.0 TuataraCap TCACU 10.62 4.3 Galapagos GLPG 84.93 0.6
ArteloBiosci ARTL 3.67 63.2 CONSOL Energy CEIX 10.67 -1.0 Danaos DAC 38.00 8.1 G1Therapeutics GTHX 33.32 -5.2 JohnsonControls JCI 53.66 1.3 NLS Pharm NLSP 4.00 -2.3 PotlatchDelt PCH 54.30 0.6 Shutterstock SSTK 92.46 0.8 TurningPoint TPB 61.08 2.8 GenerationsBncp GBNY 9.35 -1.0
ArteloBioWt ARTLW 0.92 39.0 CadenceDesign CDNS 145.92 1.2 DecibelTherap DBTX 24.39 0.2 Garmin GRMN 131.40 1.0 Joint JYNT 39.00 2.1 NOW DNOW 10.51 1.7 PowerREIT PW 46.21 22.0 SifyTech SIFY 4.78 16.9 Twitter TWTR 73.18 4.9 ION Acqn 2 IACB.U 10.85 -2.1
Asana ASAN 42.13 7.1 Canaan CAN 13.48 22.4 DeltaApparel DLA 27.96 0.7 GencoShipping GNK 10.34 11.9 JupiterWellness JUPW 8.88 -1.9 NXP Semi NXPI 195.89 0.2 PPlus GSC-2 PYT 25.63 0.3 Sigmatron SGMA 6.21 4.7 2U TWOU 56.47 13.0 LazardGrowthI LGACU 10.40 -0.7
AslanPharm ASLN 3.80 1.7 CapitalOne COF 118.73 0.5 Denbury DEN 38.32 4.2 Generac GNRC 330.31 3.4 KBR KBR 32.44 -1.2 NanoStringTech NSTG 83.94 6.2 PriorityIncmPfdB PRIFpB 26.02 3.7 SignifyHealth SGFY 36.40 15.3 TylerTech TYL 475.43 1.9 LegendBiotech LEGN 24.60 -1.6
Atlas ATCO 13.17 2.7 CapitalSouthwest CSWC 20.85 -0.5 DenisonMines DNN 1.34 4.7 GeneralFin GFN 12.00 9.5 KLA KLAC 334.77 2.3 NantKwest NK 32.25 18.7 PriorityIncmPfdC PRIFpC 25.55 0.2 Silicom SILC 50.00 0.6 UMB Fin UMBF 79.26 0.5 LimelightNetworks LLNW 3.25 -13.3
AtlasCrestII ACII.U 11.25 -0.5 CapitolInvV A CAP 10.50 1.2 DermTech DMTK 77.84 14.2 GeoVaxLabsWt GOVXW 3.53 21.9 Kernel KRNLU 10.58 -0.9 NatlEnerSvs NESR 12.36 2.3 PropTechInvII PTICU 11.14 0.5 SiliconLab SLAB 154.66 2.1 USA Truck USAK 14.14 5.3 Longeveron LGVN 7.25 -25.9
AtriCure ATRC 67.01 3.6 Cardlytics CDLX 160.18 1.1 DianaShipping DSX 3.78 21.2 Gevo GEVO 15.57 3.3 KeysightTechs KEYS 153.69 2.1 NatlEnerSvsWt NESRW 2.34 2.0 ProspectCapital PSEC 7.29 2.8 SilverSpikeUn SSPKU 34.08 2.3 UltraClean UCTT 49.19 1.7 Navistar pfD NAVpD 13.98 -0.4
AveryDennison AVY 177.35 2.2 Carvana CVNA 304.48 0.6 Diodes DIOD 82.72 2.2 GladstoneLand LAND 18.61 3.7 KingswoodAcqn KWAC.U 10.75 0.5 NaviosMaritimPf NMpG 10.00 32.5 ProtagonistTherap PTGX 26.53 4.2 SilverSpikeAcqnWt SSPKW 12.97 -4.3 UnitedRentals URI 287.23 2.3 RevolutionAccelA RAAC 10.81 -1.5
B RileyFin RILY 56.98 0.6 CasaSystems CASA 9.54 3.8 DiscoveryC DISCK 40.77 4.5 GluMobile GLUU 12.95 1.9 KiteRealty KRG 18.14 3.1 NaviosMaritime NM 7.30 14.1 Prothena PRTA 23.87 45.5 SilverBowRscs SBOW 7.10 3.8 USComdtyIndxFd USCI 35.45 0.9 ScionTechI Wt SCOAW 1.77 -1.3
Babcock&Wilcox BW 8.24 -5.4 CascadeAcqn CAS.U 11.25 -0.3 Disney DIS 193.85 -1.7 GoldenOcean GOGL 5.93 3.1 KoninklijkePhil PHG 58.41 1.7 NaviosMariPfdH NMpH 9.92 24.1 PureStorage PSTG 29.37 0.3 SilvergateCapital SI 162.86 8.9 USCopperIndex CPER 24.27 0.3 SignifyHealth SGFY 30.00 15.3
BcoSantChile BSAC 22.68 0.6 CaseysGenStores CASY 212.61 -0.9 DixieGroup DXYN 5.50 7.7 GooseheadIns GSHD 168.97 3.0 Kopin KOPN 10.86 15.8 NeoGenomics NEO 60.82 2.3 PyxisTankers PXS 1.60 16.8 SimmonsFirstNat SFNC 27.23 0.7 UplandSoftware UPLD 51.53 0.6 SpartanAcqnIII SPAQ.U 10.70 -0.6
Barnes&NobleEduc BNED 8.26 -2.7 Catalent CTLT 125.63 1.8 Domtar UFS 36.11 0.9 GoresVI Wt GHVIW 5.50 6.0 KornFerry KFY 56.84 0.9 NeoPhotonics NPTN 14.07 3.9 QAD B QADB 53.00 1.3 Skyworks SWKS 190.34 0.7 ValmontInds VMI 225.47 0.8 ThayerVenturesWt TVACW 1.65 -7.3

THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, February 13 - 14, 2021 | B11
BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 22.49 16.67 6.27 FirstHorizon FHN 3.8 10 15.63 0.18 32.68 146.50 35.20 ManhattanAssoc MANH ...103 139.55 -4.59 22.63 34.87 11.87 Schlumberger SLB 1.9 dd 26.77 0.40
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 5.76 166.82 70.06 FirstRepBank FRC 0.5 27 155.39 0.39 9.82 20.07 8.62 ManulifeFin MFC 4.5 9 19.57 -0.03 9.71 62.04 28.00 SchwabC SCHW 1.2 28 58.19 2.26
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 1.85 112.50 28.47 FirstSolar FSLR ... 48 100.75 1.16 22.00 60.35 15.26 MarathonPetrol MPC 4.6 dd 50.46 0.70 23.23 250.00 76.50 ScottsMiracleGro SMG 1.0 29 245.41 4.53
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 2.06 52.52 22.85 FirstEnergy FE 5.0 28 31.24 0.12 23.03 37.26 23.62 MaravaiLifeSci MRVI ... ... 34.51 0.28 38.72 281.77 35.61 Sea SE ... dd 276.12 1.49
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations -3.40 123.78 73.50 Fiserv FISV ... 79 109.99 1.51 7.13 1347.64 710.52 Markel MKL ... 20 1106.96 -30.35 16.17 77.06 39.02 Seagate STX 3.7 19 72.21 -0.25
9.91 197.45 47.53 FiveBelow FIVE ... 98 192.32 3.92 -3.16 606.45 275.50 MarketAxess MKTX 0.5 70 552.55 6.83 -5.31 213.94 90.57 Seagen SGEN ... 50 165.84 -6.18
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 4.31 187.99 52.51 Five9 FIVN ... dd 181.92 6.94 -1.85 148.91 46.56 Marriott MAR 0.0246 129.48 2.83 -2.28 161.76 88.00 SempraEnergy SRE 3.4 10 124.50 -1.30
s 65.61 324.46 20.42 FiverrIntl FVRR ... dd 323.10 20.19 -3.59 120.97 74.33 Marsh&McLen MMC 1.6 29 112.80 ... 10.73 61.64 18.25 SensataTechs ST ... 56 58.40 2.13
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -3.13 325.52 168.51 FleetCorTech FLT ... 33 264.30 -1.26 s 16.50 332.31 135.08 MartinMarietta MLM 0.7 29 330.83 12.27 10.22 54.67 33.93 ServiceCorp SCI 1.6 21 54.12 ...
s-New 52-week high. standards vj-In bankruptcy or receivership or 8.73 20.04 5.36 Flex FLEX ... 23 19.55 0.34 13.21 55.70 16.45 MarvellTech MRVL 0.4 25 53.82 1.71 7.42 598.37 238.93 ServiceNow NOW ...1007 591.29 -3.18
t-New 52-week low. lf-Late filing being reorganized under the 11.89 108.54 24.36 Floor&Decor FND ... 63 103.89 1.23 0.04 60.16 27.04 Masco MAS 1.0 23 54.95 -0.06 1.25 19.69 12.20 ShawComm B SJR 5.1 18 17.78 0.11
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -7.97 96.73 52.91 FomentoEconMex FMX 2.0 89 69.73 0.78 2.73 284.86 143.90 Masimo MASI ... 72 275.72 4.93 -1.89 758.00 325.43 SherwinWilliams SHW 0.7 33 721.05 1.76
four quarters. requirements. assumed by such companies. 30.26 12.15 3.96 FordMotor F 0.0 dd 11.45 ... -4.47 367.25 199.99 Mastercard MA 0.5 54 341.00 -1.87 -0.03 32.10 17.09 ShinhanFin SHG 3.9 5 29.75 0.19
FD-First day of trading. t-NYSE bankruptcy s 10.91 164.87 70.20 Fortinet FTNT ... 57 164.73 1.72 12.13 174.68 87.56 MatchGroup MTCH ... ... 169.53 -2.60 28.58 1499.75 305.30 Shopify SHOP ...933 1455.49 -7.82
-0.66 44.72 28.59 Fortis FTS 3.9 20 40.55 0.21 8.54 98.44 41.93 MaximIntProducts MXIM 0.0 36 96.22 1.28 12.52 18.66 3.50 Sibanye-Stillwater SBSW 0.5 22 17.88 0.05
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. 0.99 74.25 31.20 Fortive FTV 0.4 16 71.52 0.99 23.31 22.14 14.80 McAfee MCFE 1.7 dd 20.58 -0.54 58.21 217.44 68.98 SignatureBank SBNY 1.0 21 214.04 1.28
4.81 93.40 33.90 FortBrandsHome FBHS 1.2 23 89.84 -0.58 -6.83 105.50 56.56 McCormickVtg MKC.V 1.5 19 89.04 -2.80 28.12 142.77 42.25 SimonProperty SPG 4.8 28 109.26 -0.01
11.92 40.73 19.81 FoxA FOXA 1.4 13 32.59 0.59 -6.22 105.53 56.11 McCormick MKC 1.5 19 89.65 -0.23 -4.40 8.14 4.11 SiriusXM SIRI 1.0283 6.09 -0.02
Friday, February 12, 2021 YTD 52-Week Yld Net 8.90 37.72 19.13 FoxB FOX 1.5 12 31.45 0.70 -0.32 231.91 124.23 McDonalds MCD 2.4 34 213.90 -0.37 s 23.95 190.34 67.90 Skyworks SWKS 1.1 30 189.50 1.24
% Chg Hi Lo Stock Sym % PE Last Chg -3.33 166.11 77.18 Franco-Nevada FNV 0.9 88 121.16 -1.73 4.78 187.67 112.60 McKesson MCK 0.9 dd 182.24 0.47 3.43 44.15 15.10 SlackTech WORK ... dd 43.69 0.12
YTD 52-Week Yld Net 10.52 28.59 14.91 FranklinRscs BEN 4.1 18 27.62 0.40 3.26 24.29 12.35 MedicalProp MPW 4.8 28 22.50 -0.18 s 21.82 85.43 30.91 Smartsheet SMAR ... dd 84.41 3.94
% Chg Hi Lo Stock Sym % PE Last Chg 8.04 83.97 6.02 CaesarsEnt CZR ... dd 80.24 1.77
6.63 120.73 62.48 CamdenProperty CPT 3.1 86 106.54 0.54 20.02 33.97 4.82 FreeportMcM FCX 0.0 78 31.23 0.24 s 2.22 119.88 72.13 Medtronic MDT 1.9 46 119.74 1.02 10.12 61.96 33.80 SmithAO AOS 1.7 28 60.37 -0.72
ABC -3.31 57.54 40.70 CampbellSoup CPB 3.2 19 46.75
4.50 90.42 46.45 CIBC CM 5.1 15 89.32
-0.22
0.36
-10.95 46.55 29.17 FreseniusMed FMS
134.56 29.44 1.00 FuelCell FCEL
1.3 15 37.01
... dd 26.20
0.29
0.44
-4.04 22.50 10.81 MelcoResorts MLCO
15.98 2020.00 422.22 MercadoLibre MELI
0.0 dd 17.80
... dd 1943.00
0.14
0.75
4.43 52.26 26.07 Smith&Nephew SNN
-0.43 131.69 91.88 Smucker SJM
1.7 49 44.04
3.1 15 115.10
0.62
1.13
5.58 30.89 14.71 ABB ABB 2.3 12 29.52 0.26 0.70 116.16 65.13 CanNtlRlwy CNI 1.7 30 110.62 2.44 222.56 204.25 8.16 Futu FUTU ...177 147.57 -9.77 -8.31 87.80 65.25 Merck MRK 3.5 27 75.00 0.26 23.77 65.42 7.89 Snap SNAP ... dd 61.97 -0.26
-6.23 58.72 30.02 AcadiaPharm ACAD ... dd 50.13 -1.11 11.81 30.68 6.71 CanNaturalRes CNQ 4.8 dd 26.89 0.64 s 18.57 56.41 22.85 MetLife MET 3.3 10 55.67 0.36 10.99 193.54 90.72 SnapOn SNA 2.6 17 189.95 0.06
21.40 28.68 8.11 AES AES 2.1 dd 28.53 0.53 5.43 379.00 173.26 CanPacRlwy CP 0.8 27 365.51 10.34 GHI 7.11 1271.67 579.40 MettlerToledo MTD
s 15.52 159.90 53.15 MicrochipTech MCHP
... 49 1220.66 18.59 6.42 429.00 208.55 Snowflake SNOW ... dd 299.47 0.74
5.51 52.82 23.07 Aflac AFL 2.8 7 46.92 0.03 18.19 25.86 15.46 Canon CAJ 2.8 42 22.94 0.14 1.0125 159.55 1.92 15.44 60.74 15.20 SOQUIMICH SQM 0.8 92 56.67 2.39
22.67 115.64 43.27 GDS Holdings GDS ... dd 114.87 2.52 s 17.07 88.31 31.13 MicronTech MU ... 33 88.01 1.53 3.69 377.00 67.02 SolarEdgeTech SEDG ... 99 330.89 0.11
15.05 124.84 35.33 AGCO AGCO 0.5 21 118.60 -2.15 63.60 56.50 9.00 CanopyGrowth CGC ... dd 40.31 -0.34 -1.27 32.25 11.92 GFLEnvironmental GFL 0.1 dd 28.81 -0.01
4.81 19.65 6.25 AGNC Invt AGNC 8.8 dd 16.35 -0.02 s 19.12 118.73 38.00 CapitalOne COF 1.4 23 117.75 0.59 10.15 245.92 132.52 Microsoft MSFT 0.9 36 244.99 0.50 12.29 118.50 50.94 Sony SNE 0.3 14 113.53 -0.44
100.87 149.05 27.06 GSXTechedu GSX ... dd 103.87 7.83 166.20 1315.00 90.00 MicroStrategy MSTR ... dd 1034.31 24.37 -2.17 70.37 41.96 Southern SO 4.3 20 60.10 -0.55
s 10.94 404.16 200.07 Ansys ANSS ... 91 403.60 7.47 -3.17 60.53 39.05 CardinalHealth CAH 3.7 11 51.86 -0.55 -5.68 129.12 65.09 Gallagher AJG 1.6 28 116.68 0.35
s 48.63 8.80 3.17 ASETech ASX 1.0 20 8.68 0.04 18.19 37.81 15.21 Carlyle CG 2.7 40 37.16 0.22 9.04 148.88 82.00 MidAmApt MAA 3.0 63 138.14 0.17 11.27 73.19 23.43 SoCopper SCCO 3.3 36 72.46 1.81
3.87 50.99 13.04 Gaming&Leisure GLPI 5.4 21 44.04 0.62 -4.50 249.42 66.01 MiratiTherap MRTX ... dd 209.75 -1.48 10.15 58.83 22.46 SouthwestAir LUV 0.0 dd 51.34 -0.08
s 22.61 601.46 191.25 ASML ASML 0.5 61 597.99 6.48 32.44 128.58 37.59 CarMax KMX ... 28 125.10 -1.74 14.36 26.99 5.26 Gap GPS 4.2 dd 23.09 -0.18
0.14 38.68 26.08 AT&T T 7.2 dd 28.80 0.11 -4.89 43.44 7.80 Carnival CCL 0.0 dd 20.60 -0.12 15.80 5.18 3.32 MitsubishiUFJ MUFG 3.8 13 5.13 0.12 2.02 225.89 93.92 Splunk SPLK ... dd 173.33 3.37
s 9.23 131.40 61.04 Garmin GRMN 1.9 25 130.70 1.27 16.86 3.08 1.96 MizuhoFin MFG 3.6 2 2.98 0.06 7.96 370.95 109.18 Spotify SPOT ... dd 339.70 7.80
s 17.12 128.54 61.61 AbbottLabs ABT 1.4 51 128.23 1.39 -5.76 40.87 7.08 Carnival CUK 11.3 dd 17.66 -0.33 14.20 191.66 76.91 Gartner IT ... 62 182.93 1.40
-2.53 113.41 62.55 AbbVie ABBV 5.0 36 104.44 0.69 -1.17 41.94 11.50 CarrierGlobal CARR 1.3 17 37.28 0.08 -0.45 11.00 6.20 MobileTeleSys MBT 7.3 10 8.91 -0.06 s 25.32 273.84 32.33 Square SQ ...447 272.75 6.82
s 43.72 330.31 75.50 Generac GNRC ... 60 326.84 10.73 75.88 189.26 17.91 Moderna MRNA ... dd 183.74 0.30 -1.67 195.00 70.00 StanleyBlackDck SWK 1.6 23 175.57 0.82
6.78 71.91 36.27 AbCelleraBio ABCL ... ... 42.97 -3.03 s 23.59 304.48 22.16 Carvana CVNA ... dd 296.05 1.71 10.76 189.40 100.55 GeneralDynamics GD 2.7 15 164.83 1.38
1.28 387.40 119.01 Abiomed ABMD ... 75 328.36 5.43 s 20.37 125.63 31.04 Catalent CTLT ... 70 125.27 2.27 s 20.10 178.19 56.62 MohawkInds MHK ... 23 169.28 9.57 -1.57 107.75 50.02 Starbucks SBUX 1.7189 105.30 -0.56
8.61 13.06 5.48 GeneralElec GE 0.3 20 11.73 0.27 1.69 246.72 102.85 MolinaHealthcare MOH ... 19 216.28 0.02 0.99 81.08 42.10 StateStreet STT 2.8 12 73.50 0.58
-1.43 271.18 137.15 Accenture ACN 1.4 32 257.47 -1.50 8.77 200.17 87.50 Caterpillar CAT 2.1 36 197.99 -0.36 -2.86 66.14 46.59 GeneralMills GIS 3.6 15 57.12 0.21
11.80 104.23 50.51 ActivisionBliz ATVI 0.5 37 103.81 0.57 2.15 140.09 52.70 Celanese CE 2.0 8 132.73 2.26 -12.28 79.99 42.00 MolsonCoorsA TAP.A 0.0 dd 55.00 ... 6.67 42.10 14.98 SteelDynamics STLD 2.5 15 39.33 0.55
28.72 57.05 14.32 GeneralMotors GM 0.0 12 53.60 0.10 -2.61 56.10 32.11 MolsonCoorsB TAP 0.0 dd 44.01 -0.49 -10.45 19.50 6.00 Stellantis STLA 0.0 dd 16.20 0.15
12.46 71.25 15.19 AdaptiveBiotech ADPT ... dd 66.50 2.13 29.21 6.81 1.55 Cemex CX 0.0 dd 6.68 0.01 -0.07 44.83 16.24 Genmab GMAB ... 32 40.63 -0.39
-0.26 536.88 255.13 Adobe ADBE ... 46 498.84 2.22 11.75 9.27 1.41 CenovusEnergy CVE 0.8 dd 6.75 0.19 -5.61 60.00 41.19 Mondelez MDLZ 2.3 22 55.19 -0.49 -3.45 203.91 105.69 Steris STE 0.9 36 183.00 0.66
5.16 37.75 19.48 Gentex GNTX 1.3 25 35.68 0.07 17.77 428.96 93.81 MongoDB MDB ... dd 422.85 4.69 44.86 113.76 10.90 StitchFix SFIX ... dd 85.06 -0.80
-2.98 177.92 71.33 AdvanceAuto AAP 0.7 22 152.81 -1.65 -1.38 74.70 43.96 Centene CNC ... 19 59.20 -0.77 -1.11 108.55 49.68 GenuineParts GPC 3.2789 99.32 -1.21
2.25 99.23 36.75 AdvMicroDevices AMD ... 46 93.77 1.11 -1.20 27.53 11.58 CenterPointEner CNP 3.0 dd 21.38 0.13 5.38 406.75 130.12 MonolithicPower MPWR 0.6110 385.92 1.25 s 15.27 42.86 14.67 STMicroelec STM 0.4 35 42.79 0.22
14.81 85.97 56.56 GileadSciences GILD 4.2878 66.89 -0.03 -0.81 95.11 50.06 MonsterBev MNST ... 41 91.73 1.79 s 9.80 92.75 17.72 StoneCo STNE ...155 92.14 1.78
13.67 4.62 1.80 Aegon AEG 2.7 10 4.49 -0.07 -21.17 9.00 2.96 CentraisElBras EBR ... 6 5.51 0.04 -2.80 43.82 31.43 GSK GSK 5.6 12 35.77 0.45
... 146.90 90.01 AffirmHldgs AFRM ... ... 125.89 -14.10 -8.31 111.93 38.40 CeridianHCM CDAY ... dd 97.71 1.94 -3.99 305.95 164.19 Moody's MCO 0.8 29 278.67 0.01 s 1.27 248.69 124.54 Stryker SYK 1.0 59 248.15 2.81
-8.47 215.70 105.54 GlobalPayments GPN 0.4101 197.18 -2.46 8.87 77.76 27.20 MorganStanley MS 1.9 12 74.61 0.89 12.97 7.05 4.49 SumitomoMits SMFG 4.4 10 6.97 0.16
8.01 129.34 61.13 AgilentTechs A 0.6 56 127.98 1.02 -4.50 84.20 53.08 Cerner CERN 1.2 30 74.95 -0.95 2.98 230.47 70.83 Globant GLOB ...178 224.10 1.40
-5.43 89.23 31.00 AgnicoEagle s 17.19 294.25 95.58 CharlesRiverLabs CRL ... 49 292.80 3.55 s 7.05 249.61 102.59 Morningstar MORN 0.5 61 247.90 2.27 -2.08 173.98 95.34 SunComms SUI 2.1 94 148.79 1.60
AEM 2.1 25 66.68 -4.33 -0.99 111.43 56.74 GlobeLife GL 0.8 14 94.02 1.31 s 27.21 29.37 6.50 Mosaic MOS 0.7 dd 29.27 1.42 9.78 50.43 24.37 SunLifeFinancial SLF 3.5 16 48.81 -0.35
168.30 108.98 33.60 Agora API ... dd 106.14 8.28 -7.27 681.71 345.67 CharterComms CHTR ... 40 613.45 -5.23 3.38 93.75 40.25 GoDaddy GDDY ... dd 85.75 -7.10
-4.64 327.89 167.43 AirProducts APD 2.3 31 260.55 2.86 -9.17 139.26 80.06 CheckPoint CHKP ... 20 120.72 0.56 6.47 187.49 120.77 MotorolaSol MSI 1.6 33 181.07 -0.72 7.45 30.84 9.61 SuncorEnergy SU 3.6 dd 18.03 0.20
2.27 14.90 3.79 GoldFields GFI 1.3 33 9.48 0.09 -2.08 288.73 110.59 NICE NICE ... 89 277.63 3.48 94.27 57.52 2.64 SunPower SPWR ...138 49.81 -0.15
44.88 219.94 121.50 Airbnb ABNB ... dd 212.68 -4.16 s 25.66 113.96 25.89 Chegg CHGG ... dd 113.51 7.14 16.16 309.41 130.85 GoldmanSachs GS 1.6 12 306.32 4.00
-3.24 124.91 75.18 AkamaiTech AKAM ... 30 101.59 0.13 12.64 69.35 27.06 CheniereEnergy LNG ... 20 67.62 -0.50 22.79 66.99 2.11 NIO NIO ... dd 59.85 -0.42 20.61 100.93 7.83 SunRun RUN ...2665 83.68 1.48
38.47 64.22 33.51 GoodRx GDRX ...1056 55.86 1.78 14.62 43.54 19.54 NRG Energy NRG 3.0 3 43.04 0.16 s 17.89 13.23 4.43 Suzano SUZ 0.0 dd 13.18 ...
11.61 188.35 48.89 Albemarle ALB 0.9 46 164.64 4.79 13.48 41.74 17.75 CheniereEnerPtrs CQP 6.5 17 40.00 0.25 -0.66 76.98 38.43 Graco GGG 1.0 38 71.87 -0.05
12.31 76.26 39.37 Alcon ALC ... dd 74.10 -0.55 9.59 111.10 51.60 Chevron CVX 5.6 dd 92.55 0.53 15.20 4806.54 2043.01 NVR NVR ... 20 4700.02 -8.31 7.03 40.69 12.15 SynchronyFin SYF 2.4 16 37.15 -0.13
-8.88 427.90 200.61 Grainger GWW 1.6 29 372.08 -2.07 s 22.25 195.89 58.41 NXP Semi NXPI 0.81218 194.39 0.39 s 18.54 81.14 30.02 SyneosHealth SYNH ... 44 80.76 0.55
-2.90 179.79 109.22 AlexandriaRlEst ARE 2.5 30 173.06 1.08 s 32.04 119.63 20.62 Chewy CHWY ... dd 118.69 9.75 -9.44 25.73 13.40 Grifols GRFS 1.8 15 16.70 -0.02
1.38 162.60 72.67 AlexionPharm ALXN ... 59 158.39 3.80 3.44 26.99 15.80 ChinaEastrnAir CEA ... dd 22.25 0.09 6.97 145.40 71.66 Nasdaq NDAQ 1.4 25 141.99 -0.38 s 12.67 293.31 104.90 Synopsys SNPS ... 68 292.09 5.39
s 38.97 181.07 55.90 GuardantHealth GH ... dd 179.10 10.79 24.96 127.19 16.87 Natera NTRA ... dd 124.36 6.62 2.67 79.96 26.00 Sysco SYY 2.4 dd 76.24 0.02
15.09 319.32 169.95 Alibaba BABA ... 32 267.85 -1.08 -3.53 13.63 8.27 ChinaLifeIns LFC 4.2 9 10.67 -0.05 -0.03 134.22 71.64 Guidewire GWRE ... dd 128.69 1.48
14.07 634.46 127.88 AlignTech ALGN ... 27 609.58 10.58 10.09 54.74 38.18 ChinaPetrol SNP 6.7 11 49.10 0.39 0.34 69.08 44.29 NationalGrid NGG 5.3 22 59.23 0.10
0.89 847.95 426.87 Alleghany Y 0.0 dd 609.08 -0.92 6.75 34.12 18.45 ChinaSoAirlines ZNH 0.0 dd 31.65 0.16
5.50 181.01 58.38 HCA Healthcare HCA 1.1 16 173.51
s 14.92 83.26 29.50 HDFC Bank HDB 0.0 37 83.04
-2.04
2.03
-1.50 23.66 7.93 Natura&Co NTCO 0.0 dd 19.70 -0.21 TUV
1.62 139.24 77.37 Allegion ALLE 1.1 36 118.26 -0.85 10.17 1564.91 415.00 Chipotle CMG ...122 1527.70 -15.41 4.65 5.62 2.34 NatWest NWG 0.0 28 4.73 -0.02
11.79 27.55 12.54 HP HPQ 2.8 14 27.49 0.11 5.46 70.64 34.66 NetApp NTAP 2.7 23 69.86 0.70 s 24.60 89.88 45.15 TAL Education TAL ... dd 89.10 1.46
-6.29 60.28 37.66 AlliantEnergy LNT 3.3 18 48.29 -0.42 6.65 166.52 87.35 Chubb CB 1.9 21 164.16 -1.69 7.29 38.40 17.95 HSBC HSBC 0.0 dd 27.80 0.47 9.36 57.92 32.37 TC Energy TRP 5.7 13 44.53 1.13
-5.00 125.92 64.13 Allstate ALL 2.1 6 104.43 -0.05 1.94 40.25 34.46 ChunghwaTel CHT 2.8 28 39.37 0.03 37.96 134.33 53.17 NetEase NTES 0.7 45 132.12 -0.35
6.72 22.58 4.25 Halliburton HAL 0.9 dd 20.17 0.74 2.92 593.29 290.25 Netflix NFLX ... 92 556.52 -1.07 7.19 131.97 48.62 TE Connectivity TEL 1.5374 129.77 2.16
17.81 42.35 10.22 AllyFinancial ALLY 1.8 15 42.01 0.95 -4.92 98.96 47.98 Church&Dwight CHD 1.2 27 82.94 0.47 1.29 59.43 19.04 HartfordFinl HIG 2.8 10 49.61 -0.75 5.86 21.61 13.54 Telus TU 4.7 30 20.96 -0.19
21.50 178.41 84.97 AlnylamPharm ALNY ... dd 157.92 -7.46 11.63 221.80 52.90 ChurchillDowns CHDN 0.3 dd 217.44 7.63 19.04 136.26 72.14 Neurocrine NBIX ... 27 114.10 -1.31
-2.20 101.24 41.33 Hasbro HAS 3.0 57 91.48 0.83 1.87 65.90 7.01 NewFortressEner NFE 0.7 dd 54.59 2.69 -0.42 70.95 32.72 TJX TJX 1.5113 68.00 -1.02
20.11 2123.55 1013.54 Alphabet C GOOG ... 37 2104.11 8.22 6.38 61.52 30.58 Ciena CIEN ... 24 56.22 0.57 5.27 34.22 20.61 HealthcareAmer HTA 4.4190 28.99 -0.06 -8.28 135.54 63.50 T-MobileUS TMUS ... 44 123.68 -0.72
19.54 2115.00 1008.87 Alphabet A GOOGL ... 37 2095.03 6.28 -0.60 230.90 118.50 Cigna CI 1.9 9 206.93 -1.53 s 5.41 197.56 102.01 NewOrientalEduc EDU ... 83 195.87 3.40
2.35 37.64 18.63 HealthpeakProp PEAK 3.9 39 30.94 -0.26 -5.52 58.73 26.13 NYTimes A NYT 0.6 82 48.91 -0.55 7.79 169.00 82.51 TRowePrice TROW 2.6 16 163.19 -0.01
-8.63 38.30 15.96 AlticeUSA ATUS ... 44 34.60 -0.05 5.78 115.53 46.07 CincinnatiFin CINF 2.6 12 92.42 1.05 -2.92 141.31 52.01 Heico HEI 0.1 56 128.54 -1.91 s 26.61 139.81 42.70 TaiwanSemi TSM 1.0 41 138.06 -1.10
5.85 46.22 30.95 Altria MO 7.9 18 43.40 0.09 -3.12 369.20 154.33 Cintas CTAS 0.9 38 342.44 1.38 13.94 26.89 10.44 NewellBrands NWL 3.8 dd 24.19 -1.86
-0.79 124.90 51.78 Heico A HEI.A 0.1 51 116.13 -0.95 -1.59 72.22 33.00 Newmont NEM 2.7 19 58.94 0.56 -3.82 214.91 100.00 TakeTwoSoftware TTWO ... 47 199.86 2.74
1.38 9.95 4.60 AlumofChina ACH ... 84 8.80 0.07 5.68 49.34 32.40 CiscoSystems CSCO 3.1 20 47.29 -0.29 3.89 74.89 41.85 HenrySchein HSIC ... 25 69.46 -0.16 -3.63 20.00 12.43 TakedaPharm TAK 4.0 32 17.54 0.01
0.64 3552.25 1626.03 Amazon.com AMZN ... 79 3277.71 15.58 3.19 79.09 32.00 Citigroup C 3.2 13 63.63 0.43 s 32.25 23.90 7.88 NewsCorp B NWS 0.9 dd 23.50 0.53
-0.62 161.83 109.88 Hershey HSY 2.1 25 151.38 0.96 s 32.00 24.06 7.90 NewsCorp A NWSA 0.8 dd 23.72 0.68 23.26 40.18 10.18 Tapestry TPR 0.0 dd 38.31 -0.81
-8.82 3.82 1.90 Ambev ABEV ... 23 2.79 -0.04 13.31 41.67 14.12 CitizensFin CFG 3.8 18 40.52 0.55 13.66 64.98 26.06 Hess HES 1.7 dd 60.00 2.08 8.44 199.96 90.17 Target TGT 1.4 25 191.43 1.02
-2.29 12.40 5.80 Amcor AMCR 4.0 23 11.50 0.20 5.83 173.56 100.31 CitrixSystems CTXS 1.1 34 137.68 -0.11 7.75 87.69 43.70 NextEraEnergy NEE 1.7 56 83.13 -0.82
21.35 14.82 7.43 HewlettPackard HPE 3.3 dd 14.38 0.19 13.94 23.99 11.62 NielsenHoldings NLSN 1.0 dd 23.78 0.65 79.21 23.38 3.92 TataMotors TTM ... dd 22.58 0.33
9.39 78.03 44.05 Amdocs DOX 1.9 15 77.59 0.26 1.88 33.55 15.00 Clarivate CLVT ... dd 30.27 0.32 1.09 52.55 25.10 HighwoodsProp HIW 4.8 12 40.06 -0.51 8.60 21.34 5.60 TeckRscsB TECK 0.8 dd 19.71 -0.06
5.28 325.12 132.95 Amedisys AMED ... 62 308.82 -1.42 14.01 18.77 2.63 Cleveland-Cliffs CLF 0.0 dd 16.60 -0.12 0.46 147.95 60.00 Nike NKE 0.8 81 142.12 -1.42
0.79 116.73 44.30 Hilton HLT 0.0 dd 112.14 2.64 43.05 93.99 10.34 Nikola NKLA ... dd 21.83 -0.79 46.86 299.42 102.01 TeladocHealth TDOC ... dd 293.66 9.97
10.19 519.98 222.34 Amerco UHAL 0.0 15 500.24 -0.24 -7.90 239.87 155.83 Clorox CLX 2.4 19 185.97 1.83 13.94 85.00 26.49 Hologic HOLX ... 16 82.98 2.96 -1.04 398.68 195.34 TeledyneTech TDY ... 37 387.91 -1.05
-6.12 87.66 58.74 Ameren AEE 2.8 21 73.28 0.72 13.11 95.77 15.05 Cloudflare NET ... dd 85.95 -5.33 -1.79 30.46 19.56 NiSource NI 3.9 dd 22.53 -0.22
4.48 292.95 140.63 HomeDepot HD 2.2 24 277.51 0.45 6.65 9.79 2.34 Nokia NOK 0.0 dd 4.17 0.07 -1.31 414.72 221.27 Teleflex TFX 0.3 52 406.19 -0.36
-5.44 17.94 10.41 AmericaMovil A AMOV 2.6 34 13.82 0.14 -7.57 60.13 36.27 Coca-Cola KO 3.2 28 50.69 0.39 3.22 30.21 19.38 HondaMotor HMC 2.3 13 29.16 -0.42 14.23 15.31 6.15 Ericsson ERIC 0.7 23 13.65 0.06
-4.95 18.04 10.12 AmericaMovil AMX 2.5 34 13.82 0.29 3.19 57.11 28.35 Coca-Cola Euro CCEP 3.9 41 51.42 0.06 s 17.26 6.31 3.55 NomuraHoldings NMR 3.3 8 6.25 0.12
-4.29 216.70 101.08 Honeywell HON 1.8 30 203.57 1.39 -6.31 216.87 96.45 Nordson NDSN 0.8 44 188.27 -0.87 1.81 13.78 7.08 TelefonicaBras VIV 8.4 15 9.01 -0.09
9.51 30.27 8.25 AmerAirlines AAL 0.0 dd 17.27 0.28 s 17.07 101.82 35.20 Cognex CGNX 0.3 95 93.99 4.15 23.76 91.38 23.81 HorizonTherap HZNP ... 25 90.53 -0.62 13.61 7.07 3.22 Telefonica TEF 7.0 82 4.59 -0.04
-5.60 104.63 65.14 AEP AEP 3.8 20 78.61 -0.34 -6.09 82.73 40.01 CognizantTech CTSH 1.2 30 76.96 -0.01 7.25 258.17 112.62 NorfolkSouthern NSC 1.5 32 254.84 5.93
3.50 52.97 39.01 HormelFoods HRL 2.0 29 48.24 0.06 5.37 104.25 60.67 NorthernTrust NTRS 2.9 18 98.14 1.15 -1.70 26.88 16.06 TelekmIndonesia TLK 2.6 18 23.12 0.10
7.20 138.04 67.00 AmerExpress AXP 1.3 34 129.62 1.31 -8.28 86.41 58.49 ColgatePalm CL 2.2 25 78.43 0.02 19.24 84.41 25.51 DR Horton DHI 1.0 11 82.18 -1.27 s 39.03 198.00 48.78 10xGenomics TXG ... dd 196.86 6.74
23.31 113.80 44.01 AmericanFin AFG 1.9 13 108.04 0.01 s 1.58 53.60 31.70 Comcast A CMCSA 1.9 23 53.23 ... -2.42 374.39 263.31 NorthropGrum NOC 2.0 16 297.36 -2.27
1.85 17.40 7.86 HostHotels HST 0.0 dd 14.90 0.30 3.32 24.40 15.12 NortonLifeLock NLOK 2.3 dd 21.47 0.18 9.03 21.25 8.86 Tenaris TS 0.0 dd 17.39 0.43
s 8.27 32.54 17.50 AmHomes4Rent AMH 0.6121 32.48 0.10 11.55 66.08 24.28 Comerica CMA 4.4 19 62.31 0.82 -0.91 29.10 8.72 HowmetAerospace HWM 0.0 48 28.28 -0.47 37.01 28.84 9.22 TencentMusic TME ... 77 26.36 -0.47
9.35 50.66 16.07 AIG AIG 3.1 dd 41.40 -0.20 11.72 74.50 43.34 CommerceBcshrs CBSH 1.5 25 73.40 0.34 -2.54 98.52 69.18 Novartis NVS 2.4 26 92.03 -0.16
s 37.51 62.49 25.01 Huazhu HTHT ... dd 61.92 0.67 159.85 331.68 6.77 Novavax NVAX ... dd 289.76 -8.50 s 18.78 143.78 42.87 Teradyne TER 0.3 33 142.41 7.37
1.22 272.20 174.32 AmerTowerREIT AMT 2.0 54 227.19 -0.63 2.52 7.24 1.02 CiaSiderurgica SID ... 39 6.10 ... 5.37 172.17 85.62 Hubbell HUBB 2.4 26 165.21 0.85 15.65 900.40 70.10 Tesla TSLA ...1298 816.12 4.46
5.36 172.56 92.00 AmerWaterWorks AWK 1.4 44 161.69 -3.14 -4.72 39.34 22.83 ConagraBrands CAG 3.2 15 34.55 0.12 s 8.55 75.86 49.24 NovoNordisk NVO 1.2 28 75.82 1.89
s 26.73 527.69 90.83 HubSpot HUBS ... dd 502.40 70.64 9.60 194.75 53.40 Novocure NVCR ...1072 189.65 6.57 15.23 13.56 6.25 TevaPharm TEVA ... dd 11.12 -0.18
-4.53 41.29 23.30 AmericoldRealty COLD 2.4 81 35.64 -0.80 17.93 59.55 20.84 ConocoPhillips COP 3.6 dd 47.16 0.72 -7.22 474.70 208.25 Humana HUM 0.7 15 380.64 -0.55 s 9.45 179.90 93.09 TexasInstruments TXN 2.3 30 179.64 0.42
s 12.22 218.35 80.01 Ameriprise AMP 1.9 18 218.08 3.38 -1.67 94.65 62.03 ConEd ED 4.4 18 71.06 -0.76 12.59 51.62 13.51 NuanceComms NUAN ... dd 49.64 0.37
8.54 156.74 75.29 JBHunt JBHT 0.8 31 148.32 1.00 5.92 58.52 27.52 Nucor NUE 2.9 24 56.34 1.49 s 54.03 1120.51 295.05 TexasPacLand TPL 0.9 43 1119.78 44.80
7.59 112.88 72.06 AmerisourceBrgn ABC 1.7 dd 105.18 0.65 s 10.14 242.12 104.28 ConstBrands A STZ 1.2 26 241.27 4.88 14.41 15.12 6.82 HuntingtonBcshs HBAN 4.2 21 14.45 0.14 s 5.30 51.13 20.26 Textron TXT 0.2 38 50.89 0.25
0.67 125.81 54.82 Ametek AME 0.7 32 121.75 0.10 s 9.68 240.90 107.51 ConstBrands B STZ.B 1.1 29 240.57 -0.04 s 16.30 56.34 23.85 Nutrien NTR 3.2334 56.01 1.07
-4.03 66.85 21.79 IAA IAA ... 48 62.36 0.01 s 14.60 611.65 180.68 NVIDIA NVDA 0.1 98 598.45 -11.58 9.03 532.57 250.21 ThermoFisherSci TMO 0.2 32 507.83 13.78
3.17 276.69 177.05 Amgen AMGN 3.0 19 237.21 2.17 50.49 32.85 17.41 ContextLogic WISH ... ... 27.45 -0.63 s 38.55 264.28 100.22 IAC/InterActive IAC ... ... 262.35 -0.45 1.09 89.55 52.23 ThomsonReuters TRI 1.8 22 82.78 0.02
3.92 137.18 63.05 Amphenol APH 0.9 35 135.90 3.31 41.23 27.21 6.90 ContinentalRscs CLR 0.0 dd 23.02
8.83 162.98 79.08 AnalogDevices ADI 1.5 49 160.78 1.98 6.08 391.96 236.68 Cooper COO 0.0 80 385.40
0.75
0.40
s 21.80 18.31 6.86 ICICI Bank
s 8.84 545.85 168.65 IdexxLab
IBN 0.0 31 18.10
IDXX ... 81 544.08
0.55
15.61
OPQ 2.24 187.27 114.04 3M
s 7.40 102.01 52.07 Toro
MMM
TTC
3.3 19 178.70
1.0 34 101.86
1.49
1.33
14.49 83.11 26.04 Anaplan PLAN ... dd 82.26 1.62 -6.15 130.96 55.69 Copart CPRT ... 42 119.42 3.46 4.19 101.45 44.81 IHS Markit INFO 0.9 43 93.59 0.41 17.54 78.48 12.16 ONEOK OKE 8.3 31 45.11 0.83 5.26 59.97 33.74 TorontoDomBk TD 4.2 12 59.39 0.19
6.06 38.50 12.66 AngloGoldAsh AU 0.4 35 23.99 0.05 2.44 38.84 17.44 Corning GLW 2.6 77 36.88 0.12 18.38 100.44 19.00 II-VI IIVI -4.31 496.61 251.51 OReillyAuto ORLY ... 18 433.05 -0.11 2.05 49.43 22.13 Total TOT ... dd 42.77 0.63
... 54 89.92 -9.66
-9.08 73.91 32.58 AB InBev BUD 1.7 dd 63.56 -0.18 14.59 44.96 20.38 Corteva CTVA 1.2 49 44.37 0.83 6.78 11.68 4.52 ING Groep ING 0.0 ... 10.08 0.59 s 6.26 66.31 34.98 OakStreetHealth OSH ... dd 64.99 0.79 3.83 163.37 108.01 ToyotaMotor TM 2.3 16 160.49 1.55
0.36 10.50 3.51 AnnalyCap NLY 10.7 dd 8.48 0.02 1.67 952.76 500.24 CoStar CSGP ...126 939.76 14.87 30.06 23.25 6.38 Invesco IVZ 2.7 20 22.67 0.24 46.68 43.60 8.52 OccidentalPetrol OXY 0.2 dd 25.39 0.41 13.76 160.95 63.89 TractorSupply TSCO 1.3 25 159.93 2.60
-9.47 340.98 171.03 Anthem ANTM 1.6 16 290.68 -2.16 -6.38 393.15 271.28 Costco COST 0.8 36 352.75 0.55 13.00 262.55 98.04 IPG Photonics IPGP ...128 252.89 3.16 s 14.76 294.00 88.66 Okta OKTA ... dd 291.78 5.14 7.87 972.80 136.00 TradeDesk TTD ...297 864.00 -2.84
7.94 238.19 143.93 Aon AON 0.8 27 228.04 -1.27 s 8.14 370.46 99.01 CoupaSoftware COUP ... dd 366.51 -0.28 7.53 199.99 81.79 IQVIA IQV ...135 192.66 -0.19 8.73 217.15 105.80 OldDomFreight ODFL 0.4 37 212.21 4.17 9.35 69.06 33.23 Tradeweb TW 0.5 77 68.29 0.43
5.06 55.38 19.46 ApolloGlbMgmt APO 3.9 dd 51.46 0.97 1.04 207.12 110.47 Credicorp BAP 5.2 66 165.73 3.06 21.47 69.10 34.00 IcahnEnterprises IEP 13.0 dd 61.55 0.56 3.11 45.22 13.33 OmegaHealthcare OHI 7.2 56 37.45 -0.43 3.97 156.27 70.00 TraneTech TT 1.6 43 150.93 0.06
38.19 260.00 29.07 Appian APPN ... dd 223.99 6.58 8.67 14.17 6.47 CreditSuisse CS 0.8 9 13.91 0.10 7.97 223.62 104.28 Icon ICLR ... 34 210.52 -1.05 6.22 79.75 44.50 Omnicom OMC 3.9 15 66.25 0.23 -6.84 657.82 200.06 TransDigm TDG 0.0 84 576.49 1.47
2.02 145.09 53.15 Apple AAPL 0.6 37 135.37 0.24 16.22 129.90 27.77 Cree CREE ... dd 123.08 -5.20 0.34 211.71 104.56 IDEX IEX 1.0 40 199.87 1.87 s 26.09 41.95 8.17 ON Semi ON ... 74 41.27 0.82 -4.19 102.80 52.50 TransUnion TRU 0.3 56 95.06 2.93
s 35.23 117.82 36.64 ApplMaterials AMAT 0.8 30 116.70 3.70 s 14.30 245.42 31.95 CrowdStrike CRWD ... dd 242.10 7.30 -1.42 224.69 115.94 IllinoisToolWks ITW 2.3 30 200.98 0.04 5.46 49.99 29.11 OpenText OTEX 1.7145 47.94 -0.32 3.98 152.29 76.99 Travelers TRV 2.3 14 145.96 -0.38
s 5.65 144.76 79.84 Aptargroup ATR 1.0 46 144.63 1.66 3.31 180.00 114.18 CrownCastle CCI 3.2 70 164.46 2.46 s 36.42 555.77 196.78 Illumina 52.18 39.24 10.55 OpendoorTech OPEN ... dd 34.59 -1.29 s 26.95 106.67 28.11 Trex TREX ... 74 106.28 2.28
s 19.96 156.52 29.22 Aptiv APTV 0.0 23 156.29 2.34 ILMN ...114 504.76 53.54
-1.24 101.95 42.97 CrownHoldings CCK ... 23 98.96 2.26 6.62 24.46 7.04 ImperialOil IMO 3.4 dd 20.29 0.19 -2.49 66.20 39.71 Oracle ORCL 1.5 19 63.08 0.38 10.78 75.70 20.01 Trimble TRMB ... 48 73.97 0.93
-6.44 43.17 9.65 Aramark ARMK 1.2 dd 36.00 0.31 7.43 254.13 101.03 Cummins CMI 2.2 20 243.97 0.76 -3.05 110.36 62.48 Incyte INCY ... dd 84.33 -0.66 0.17 14.61 9.93 Orange ORAN 4.4 10 11.88 0.02 s 9.72 37.76 20.10 Trip.com TCOM ... dd 37.01 -0.57
-0.35 25.75 6.64 ArcelorMittal MT 0.0 dd 22.82 0.20 44.27 151.80 36.15 CureVac CVAC ... ... 116.96 2.38 6.61 19.07 6.76 Infosys INFY 1.3 31 18.07 0.24 9.56 89.01 52.65 Orix IX 3.6 11 84.72 0.25 12.69 55.44 24.01 TruistFinl TFC 3.3 18 54.01 1.23
-2.55 48.32 20.93 ArchCapital ACGL ... 11 35.15 -0.41 -0.87 86.77 43.72 CyrusOne CONE 2.8 dd 72.51 -1.12 -3.60 47.78 17.01 IngersollRand IR ... dd 43.92 -0.11 -5.36 68.21 38.00 OtisWorldwide OTIS 1.3 31 63.93 0.50 28.59 441.19 68.06 Twilio TWLO ... dd 435.29 2.10
s 10.53 55.77 28.92 ArcherDaniels ADM 2.7 18 55.72 0.80 8.97 182.22 55.72 Inphi IPHI ... dd 174.87 4.57 13.19 87.89 28.56 OwensCorning OC 1.2 dd 85.75 -0.06 s 32.78 73.18 20.00 Twitter TWTR ... dd 71.90 3.34
9.33 53.14 20.20 AresMgmt ARES 3.7 96 51.44 0.85 DEF 13.36 298.43 121.00 Insulet PODD ...662 289.77 2.66 55.74 68.77 38.09 OzonHoldings OZON ... ... 64.49 0.49 s 8.77 475.43 247.22 TylerTech TYL ...101 474.79 8.74
25.74 382.15 103.75 arGEN-X ARGX ... dd 369.78 -10.53 24.07 67.86 43.61 Intel INTC 2.2 13 61.81 1.15 -5.30 17.95 6.25 PG&E PCG ... dd 11.80 -0.20 1.74 81.70 42.57 TysonFoods TSN 2.7 12 65.56 0.22
11.27 324.67 156.63 AristaNetworks ANET ... 36 323.31 5.26 -3.03 42.62 17.09 DISH Network DISH ... 13 31.36 -0.33
-0.39 135.67 71.21 DTE Energy DTE 3.6 17 120.94 -1.05 19.29 73.87 33.70 InteractiveBrkrs IBKR 0.6 30 72.67 1.22 8.91 162.74 79.41 PNC Fin PNC 2.8 10 162.27 2.96 8.99 15.61 7.48 UBS Group UBS 2.4 9 15.40 0.10
14.95 92.60 19.51 ArrowheadPharm ARWR ... dd 88.20 -0.14 -3.66 119.02 63.51 ICE ICE 1.1 30 111.07 -0.23 -0.51 67.39 26.27 POSCO PKX 2.0 25 61.99 0.76 11.14 51.25 29.20 UDR UDR 3.4 96 42.71 -0.61
21.80 160.80 73.07 AspenTech AZPN ... 36 158.65 1.83 22.08 61.27 14.60 DadaNexus DADA ... dd 44.56 -0.37
4.55 70.04 25.39 InterContinentl IHG 0.0 dd 68.08 -0.03 s 11.05 38.04 10.61 PPD PPD ...249 38.00 0.78 -31.30 14.38 8.81 UWM UWMC 4.4 dd 9.02 -0.18
3.40 64.94 36.15 AstraZeneca AZN 2.7 54 51.69 1.60 10.70 248.32 119.60 Danaher DHR 0.3 50 245.90 5.24
115.88 130.33 8.32 DaqoNewEnergy DQ ...119 123.83 4.92 -4.04 154.56 90.56 IBM IBM 5.4 19 120.80 -0.11 -3.93 153.81 69.77 PPG Ind PPG 1.6 31 138.55 0.49 18.88 64.05 13.71 Uber UBER ... dd 60.63 -0.08
4.71 50.43 13.37 Athene ATH ... 11 45.17 0.44 23.17 143.09 92.14 IntlFlavors IFF 2.3 42 134.06 -2.71 -0.67 36.41 18.12 PPL PPL 5.9 14 28.01 0.07 27.09 362.89 110.01 Ubiquiti UI 0.5 44 353.95 -2.21
8.17 257.01 110.01 Atlassian TEAM ... dd 252.97 0.17 7.83 133.33 26.15 Darden DRI 1.0 dd 128.45 -0.47
19.75 72.85 10.25 DarlingIngred DAR ... 23 69.07 -1.22 -1.09 53.39 26.38 IntlPaper IP 4.2 40 49.18 1.01 19.32 146.63 43.90 PTC PTC ...140 142.72 -0.93 11.39 322.11 124.05 UltaBeauty ULTA ... 81 319.88 -0.97
-4.59 121.08 77.92 AtmosEnergy ATO 2.7 18 91.05 0.01 4.72 26.65 11.63 Interpublic IPG 4.4 28 24.63 0.15 13.58 103.19 49.11 Paccar PCAR 1.3 26 98.00 -0.60 8.55 179.65 31.99 UltragenyxPharm RARE ... dd 150.26 -12.52
-0.07 321.13 125.38 Autodesk ADSK ...158 305.14 4.93 14.65 119.43 28.88 Datadog DDOG ... dd 112.86 -4.74
s 8.99 414.47 187.68 Intuit INTU 0.6 56 413.99 5.17 93.99 53.69 2.20 PacBiosciCA PACB ...583 50.32 -0.83 26.61 19.62 6.37 UnderArmour C UA ... dd 18.84 -0.37
36.67 147.67 59.54 Autohome ATHM 1.2 33 136.15 6.58 -10.57 125.28 62.20 DaVita DVA ... 17 104.99 -8.34
-1.26 826.81 360.50 IntuitiveSurgical ISRG ... 92 807.81 8.98 -3.43 148.14 71.05 PackagingCpAm PKG 3.0 27 133.18 2.01 30.29 23.50 7.15 UnderArmour A UAA ... dd 22.37 -0.62
2.36 95.93 38.16 Autoliv ALV 0.0 44 94.27 -0.17 12.74 336.32 78.70 DeckersOutdoor DECK ... 25 323.32 3.88
24.04 61.59 7.42 Invitae NVTA ... dd 51.86 0.77 8.68 62.83 13.58 PagSeguroDig PAGS ... 73 61.82 -0.10 -8.80 63.89 44.06 Unilever UL 3.3 23 55.05 0.70
-5.20 182.32 103.11 ADP ADP 2.2 29 167.03 0.23 16.34 318.27 106.14 Deere DE 1.0 36 313.00 -1.46
4.38 32.70 15.64 InvitatHomes INVH 2.2164 31.00 0.17 35.50 45.00 8.90 PalantirTech PLTR ... dd 31.91 -1.20 2.37 221.28 105.08 UnionPacific UNP 1.8 27 213.16 5.93
-3.27 1297.82 684.91 AutoZone AZO ... 15 1146.65 -3.77 9.22 80.71 25.51 DellTechC DELL ... 25 80.05 0.55
51.37 28.03 14.51 iQIYI IQ ... dd 26.46 0.14 11.18 397.63 125.47 PaloAltoNtwks PANW ... dd 395.12 4.01 1.58 81.67 17.80 UnitedAirlines UAL ... dd 43.94 0.50
5.39 185.37 55.50 Avalara AVLR ... dd 173.78 -0.87 7.66 59.47 17.51 DeltaAir DAL 0.0 dd 43.29 0.57
12.52 41.32 21.00 IronMountain IRM 7.5 72 33.17 -0.07 1.41 293.80 93.00 ParkerHannifin PH 1.3 25 276.24 3.22 27.88 10.85 2.10 UnitedMicro UMC 0.9 36 10.78 0.18
11.89 229.40 118.17 Avalonbay AVB 3.5 30 179.51 0.58 -19.40 93.94 12.39 DenaliTherap DNLI ... dd 67.51 -2.04
-15.11 7.92 3.48 ItauUnibanco ITUB 2.6 14 5.17 ... -4.06 99.95 47.87 Paychex PAYX 2.8 30 89.40 -0.89 -2.98 178.01 82.00 UPS B UPS 2.5 99 163.39 1.02
3.65 57.24 35.62 Avangrid AGR 3.7 23 47.11 -0.20 5.71 60.47 31.57 DentsplySirona XRAY 0.7 dd 55.35 -0.93 s 23.42 287.23 58.85 UnitedRentals URI
-8.68 471.08 163.42 PaycomSoftware PAYC ...168 412.98 5.66 ... 23 286.22 6.40
-0.09 12.15 4.99 DeutscheBank DB 0.0 dd 10.89 0.21
8.95 30.99 6.66 Avantor AVTR ...349 30.67 0.43
s 14.26 177.35 76.96 AveryDennison AVY 1.4 27 177.23 3.87 26.38 23.59 4.70 DevonEnergy DVN 2.2 dd 19.98 0.68 JKL -0.01 218.34 66.98 Paylocity
27.40 302.10 82.07 PayPal
PCTY
PYPL
...172 205.88
... 84 298.37
2.26
13.34
2.25 55.33 28.36 US Bancorp
-6.40 367.95 187.72 UnitedHealth
USB
UNH
3.5 16 47.64
1.5 20 328.24
0.39
-4.83
59.59 212.37 50.05 AxonEnterprise AXON ... dd 195.54 -7.97 11.59 456.23 182.07 DexCom DXCM ... 86 412.56 2.36 12.98 101.68 32.70 JD.com JD ... 38 99.31 0.31 -17.85 174.94 65.11 UnitySoftware U
10.09 147.91 38.01 Pegasystems PEGA 0.1 dd 146.71 0.70 ... ... 126.07 0.68
2.03 49.26 31.66 BCE BCE 6.2 23 43.67 0.09 5.21 168.26 100.52 Diageo DEO 2.1 66 167.08 -0.04 69.12 138.55 41.33 Joyy YY 0.6 8 135.26 -0.21 3.64 262.77 105.11 UnivDisplay OLED
1.94 171.09 17.70 Peloton PTON ...339 154.67 8.19 0.3107 238.16 -4.04
7.71 74.41 29.78 BHP Group BHP 3.4 22 70.38 0.66 42.81 81.59 14.55 DiamondbkEner FANG 2.2 dd 69.12 1.35 11.16 142.75 76.91 JPMorganChase JPM 2.5 16 141.25 1.98 -5.98 143.84 65.20 UniversalHealthB UHS
17.29 40.65 10.58 PembinaPipeline PBA 6.9 23 27.75 0.04 0.0 13 129.28 -0.76
11.39 60.97 23.64 BHP Group BBL 4.1 19 59.07 0.72 0.39 165.49 105.00 DigitalRealty DLR 3.2108 140.06 -4.76 -10.09 200.98 123.64 JackHenry JKHY 1.2 37 145.64 -3.00 0.03 50.90 17.77 VEREIT VER
37.57 129.00 3.75 PennNational PENN ... dd 118.82 6.23 4.1 32 37.80 0.18
6.77 36.40 14.74 BP BP 7.1 dd 21.91 0.54 3.52 100.96 23.25 DiscoverFinSvcs DFS 1.9 26 93.72 0.95 5.45 116.73 59.29 JacobsEngg J 0.7 34 114.90 -0.10 1.02 59.30 22.01 Pentair PNR 1.5 25 53.63 -0.58 -6.91 89.68 45.07 VF VFC 2.5 dd 79.51 -0.98
44.75 322.89 82.00 Baidu BIDU ... 32 313.00 3.41 48.46 103.00 24.80 DiscoveryB DISCB ... 23 48.10 -0.88 8.16 32.24 8.98 JamesHardie JHX 0.0 83 32.08 0.27 59.04 314.22 121.80 Penumbra PEN ... dd 278.32 4.68 6.90 28.75 9.85 VICI Prop VICI 4.8 20 27.26 0.22
8.87 24.04 9.12 BakerHughes BKR 3.2 dd 22.70 0.17 58.86 49.94 17.12 DiscoveryA DISCA ... 23 47.80 2.25 1.50 172.67 86.88 JazzPharma JAZZ ... 53 167.52 0.67 -9.73 148.77 101.42 PepsiCo PEP 3.1 26 133.87 -1.10 3.01 300.00 125.00 VailResorts MTN 0.0251 287.37 0.65
-3.76 102.76 51.26 Ball BLL 0.7 51 89.68 1.15 s 55.59 40.77 15.43 DiscoveryC DISCK ... 20 40.75 1.75 5.85 173.65 109.16 J&J JNJ 2.4 30 166.58 0.52 4.93 162.70 62.91 PerkinElmer PKI 0.2 23 150.57 1.87 4.42 19.00 6.49 Vale VALE ... 35 17.50 0.13
53.80 42.28 6.95 BallardPower BLDP ... dd 35.99 -0.69 s 3.58 193.85 79.07 Disney DIS 0.0 dd 187.67 -3.24 s 15.00 53.66 22.77 JohnsonControls JCI 1.9 43 53.58 0.69 4.39 44.79 27.68 PetroChina PTR 5.1 dd 32.07 0.60 14.44 84.77 31.00 ValeroEnergy VLO 6.1 dd 64.74 0.19
7.69 5.69 2.49 BancoBilbaoViz BBVA 4.3 dd 5.32 0.01 18.44 290.23 64.88 DocuSign DOCU ... dd 263.30 7.03 12.17 27.83 15.20 JuniperNetworks JNPR 3.2 33 25.25 -0.51 -6.06 14.94 4.01 PetroleoBrasil PBR 0.9 dd 10.55 0.02 0.63 176.44 89.62 VarianMed VAR ... 58 176.12 0.03
-9.76 6.62 2.58 BancoBradesco BBDO 2.1 11 4.16 -0.09 -2.77 97.78 44.68 DolbyLab DLB 0.9 31 94.44 1.09 3.33 43.95 20.93 KB Fin KB 3.6 6 40.92 0.42 -4.52 13.98 4.16 PetroleoBrasilA PBR.A 1.6 dd 10.56 0.13 s 17.43 10.38 3.24 Vedanta VEDL 6.1 dd 10.31 -0.01
8.59 22.33 12.50 BancodeChile BCH 2.8 ... 22.13 0.02 -5.56 225.25 125.00 DollarGeneral DG 0.7 20 198.60 -1.44 9.39 79.40 31.79 KE Holdings BEKE ... dd 67.32 -3.48 -5.68 43.08 26.41 Pfizer PFE 4.5 20 34.72 0.29 16.82 319.68 118.11 VeevaSystems VEEV ...149 318.03 8.63
-12.50 9.65 3.69 BancSanBrasil BSBR 2.2 16 7.56 0.01 0.31 115.45 60.20 DollarTree DLTR ... 27 108.38 -0.72 19.07 49.29 15.55 KKR KKR 1.1 15 48.21 ... 4.02 89.70 56.01 PhilipMorris PM 5.6 17 86.12 0.76 3.43 63.38 13.35 Ventas VTR 3.5 56 50.72 -0.03
s 18.22 22.68 11.43 BcoSantChile BSAC 2.9 17 22.45 0.13 -4.43 90.89 57.79 DominionEner D 3.5 dd 71.87 -1.19 s 28.16 334.76 110.19 KLA KLAC 1.1 38 331.81 7.33 10.42 90.29 40.04 Phillips66 PSX 4.7 dd 77.23 -0.01 -6.47 221.30 148.77 VeriSign
0.45 435.58 275.22 Domino's DPZ 0.8 33 385.17 -0.03 VRSN ... 29 202.39 -2.16
11.80 4.05 1.71 BancoSantander SAN 0.0 dd 3.41 -0.02 2.54 223.59 92.86 KSCitySouthern KSU 1.0 32 209.31 -0.05 10.65 208.10 30.20 Pinduoduo PDD ... dd 196.59 -3.21 -8.71 210.66 116.61 VeriskAnalytics VRSK 0.6 47 189.50 0.20
-9.28 55.38 16.27 BanColombia CIB 3.0 34 36.45 0.40 42.19 256.09 135.38 DoorDash DASH ... dd 202.97 -10.29 -7.79 72.88 52.66 Kellogg K 4.0 16 57.38 0.38 -4.70 105.51 60.05 PinnacleWest PNW 4.4 14 76.19 -0.47 -7.74 61.95 48.84 Verizon VZ 4.6 13 54.20 -0.40
10.10 35.08 17.95 BankofAmerica BAC 2.2 18 33.37 0.49 -2.79 130.41 62.95 Dover DOV 1.6 26 122.73 0.63 -0.72 33.69 18.98 KeurigDrPepper KDP 1.9 35 31.77 -0.14 27.53 87.37 10.10 Pinterest PINS ... dd 84.04 -2.99 -9.46 306.08 197.47 VertxPharm VRTX ... 21 213.98 3.48
1.09 80.40 38.31 BankofMontreal BMO 4.3 14 76.86 0.61 4.77 61.31 21.95 Dow DOW 4.8 36 58.15 0.48 16.21 20.12 7.45 KeyCorp KEY 3.9 15 19.07 0.24 16.16 147.24 48.62 PioneerNatRscs PXD 1.7131 132.29 2.42 s 54.05 58.84 13.12 ViacomCBS A VIACA 1.6 27 58.26 1.02
-1.20 46.84 26.40 BankNY Mellon BK 3.0 11 41.93 -0.20 -7.56 73.50 33.33 DrReddy'sLab RDY 0.4 38 65.90 -0.28 s 16.19 153.69 77.93 KeysightTechs KEYS ... 46 153.48 3.13 2.31 16.52 3.00 PlainsAllAmPipe PAA 8.5 dd 8.43 0.18 56.49 60.73 10.10 ViacomCBS B VIAC 1.6 27 58.31 1.11
3.48 56.59 31.94 BkNovaScotia BNS 5.1 14 55.92 0.23 31.16 64.78 10.60 DraftKings DKNG ... dd 61.07 1.88 -2.00 160.16 110.66 KimberlyClark KMB 3.5 19 132.13 0.04 ... 36.06 28.51 Playtika PLTK ...301 33.81 0.11 -2.67 22.09 12.75 Viatris VTRS ... 35 18.24 ...
1.00 9.43 3.41 Barclays BCS 1.8 ... 8.07 0.05 10.46 25.70 14.55 Dropbox DBX ...141 24.51 0.81 8.56 22.58 9.42 KinderMorgan KMI 7.1319 14.84 0.15 86.35 75.49 2.53 PlugPower PLUG ... dd 63.19 -0.80 17.72 34.55 11.53 Vipshop VIPS ... 32 33.09 -0.55
-2.77 31.22 12.65 BarrickGold GOLD 1.4 13 22.15 -0.04 -1.90 103.79 62.13 DukeEnergy DUK 4.3 52 89.82 -0.60 61.54 74.67 17.01 KingsoftCloud KC ... dd 70.35 -1.71 -9.30 401.29 160.35 Pool 160.31 141.01 16.09 VirBiotech VIR ... dd 69.71 -2.26
4.03 43.45 25.19 DukeRealty DRE 2.5 52 41.58 -0.12 POOL 0.7 38 337.84 7.95
s 50.14 32.25 11.15 BauschHealth BHC ... dd 31.23 1.12 0.54 10.31 2.72 KinrossGold KGC 1.6 7 7.38 0.10 9.11 56.65 23.31 PrincipalFin PFG 4.1 12 54.13 0.08 129.79 62.80 9.06 VirginGalactic SPCE ... dd 54.53 -4.88
-1.88 95.19 69.10 BaxterIntl BAX 1.2 37 78.73 0.87 -5.66 29.55 22.62 Dun&Bradstreet DNB ... dd 23.49 0.69 -7.32 57.69 18.02 KirklandLakeGold KL 2.0 13 38.25 -0.12 -8.28 146.92 94.34 Procter&Gamble PG 2.5 24 127.62 -0.71 -4.01 220.39 133.93 Visa V 0.6 45 209.96 -0.70
2.44 284.97 197.75 BectonDicknsn BDX 1.3 49 256.32 2.93 0.51 87.27 28.33 DuPont DD 1.7 dd 71.47 0.51 6.89 171.21 35.49 KodiakSciences KOD ... dd 157.03 -3.54 -12.75 102.05 62.18 Progressive PGR 0.5 9 86.27 -0.10 8.49 23.60 11.30 Vistra VST 2.5 12 21.33 -0.19
47.37 386.12 118.55 BeiGene BGNE ... dd 380.78 3.74 23.71 56.77 17.10 Dynatrace DT ...160 53.53 -0.47 s 7.68 58.41 29.89 KoninklijkePhil PHG 1.8 39 58.33 0.96 8.04 112.37 59.82 Prologis PLD 2.2 55 107.67 -0.09 3.47 163.17 86.00 VMware VMW ... 39 145.13 2.13
19.21 54.62 27.00 BentleySystems BSY 0.2 ... 48.29 0.60 5.34 28.30 12.10 ENI E 3.9 dd 21.70 0.28 -10.92 12.98 6.28 KoreaElcPwr KEP ...223 10.93 -0.05 3.57 94.94 38.62 PrudentialFin PRU 5.7 dd 80.86 0.68 13.47 20.25 11.46 Vodafone VOD 5.6 19 18.70 0.01
2.20 79.92 43.05 Berkley WRB 0.7 24 67.88 -0.68 22.36 77.67 27.00 EOG Rscs EOG 2.5 dd 61.02 1.38 s 2.11 36.44 19.99 KraftHeinz KHC 4.5124 35.39 -0.15 -0.22 39.75 15.68 Prudential PUK 1.7 dd 36.85 1.13 10.92 168.24 65.56 VulcanMatls VMC 0.8 36 164.50 4.44
s 4.94 365724 239440 BerkHathwy A BRK.A ... 16 365000 3350.00 s 11.70 400.98 151.97 EPAM Systems EPAM ... 74 400.27 7.38 6.90 42.99 27.06 Kroger KR 2.1 9 33.95 0.55 -0.05 62.15 34.75 PublicServiceEnt PEG 3.4 15 58.27 -0.30
s 4.57 242.76 159.50 BerkHathwy B BRK.B ... 16 242.46 2.70
20.76 124.89 48.10 BestBuy BBY 1.8 18 120.51 0.92
32.48 67.96 22.55 EastWestBncp EWBC
8.93 110.27 34.44 EastmanChem EMN
2.0 17 67.18
2.5 31 109.23
1.03
2.75
26.97 51.04 8.00 L Brands
4.77 40.04 13.31 LKQ
LB
LKQ
0.0 dd 47.22
... 19 36.92
-1.03
-0.43
0.40 240.75 155.37 PublicStorage PSA 3.5 36 231.86 -1.21 WXYZ
12.43 50.23 17.12 PulteGroup PHM 1.2 9 48.48 -1.03
40.36 221.00 48.18 BeyondMeat BYND ... dd 175.45 -0.21 3.20 130.00 56.41 Eaton ETN 2.4 36 123.98 0.45 s 24.97 131.00 32.01 LPL Financial LPLA 0.8 22 130.24 1.56 6.00 59.00 34.77 Qiagen QGEN ... 36 56.02 1.13 -9.76 109.53 68.01 WEC Energy WEC 3.3 22 83.05 -0.90
78.63 157.66 19.25 Bilibili BILI ... dd 153.12 4.60 5.23 73.31 23.59 EatonVance EV 2.1 59 71.48 0.44 -1.64 229.86 142.01 L3HarrisTech LHX 1.8 36 185.92 -1.58 5.85 191.82 67.54 Qorvo QRVO ... 42 176.00 1.35 8.78 236.51 71.12 WEX WEX ...214 221.40 2.04
39.19 195.95 23.61 Bill.com BILL ... dd 190.00 3.82 25.39 64.85 26.02 eBay EBAY 1.1 8 63.01 0.70 s 17.05 242.31 98.02 LabCpAm LH ... 15 238.26 1.05 -2.86 167.94 58.00 Qualcomm QCOM 1.8 25 147.98 2.42 -0.27 88.99 38.62 W.P.Carey WPC 5.9 27 70.39 1.34
s 25.61 405.52 155.17 Bio-Techne TECH 0.3 91 398.86 3.84 1.63 231.36 124.60 Ecolab ECL 0.9 dd 219.88 3.48 s 24.12 597.74 181.38 LamResearch LRCX 0.9 29 586.16 13.95 8.12 79.86 23.77 QuantaServices PWR 0.3 29 77.87 0.86 5.70 64.11 27.18 WPP WPP 1.1 dd 57.16 0.24
s 15.81 668.56 324.07 Bio-RadLab B BIO.B ... 5 664.95 29.95 -4.80 20.54 6.28 Ecopetrol EC 6.5 17 12.29 0.08 3.60 96.82 30.89 LamarAdv LAMR 2.3 37 86.22 -0.76 5.75 134.71 73.02 QuestDiag DGX 2.0 12 126.02 0.96 10.01 84.32 35.07 Wabtec WAB 0.6 33 80.53 -0.51
s 13.62 689.00 309.38 Bio-RadLab A BIO ... 5 662.35 18.54 -7.82 78.53 43.63 EdisonInt EIX 4.6 59 57.91 -0.43 -2.01 96.32 39.06 LambWeston LW 1.2 38 77.16 -0.10 26.90 306.72 72.98 Quidel QDEL ... 27 227.97 -1.47 26.33 55.49 33.36 WalgreensBoots WBA 3.7 dd 50.38 0.26
13.55 363.92 223.25 Biogen BIIB ... 11 278.03 -0.78 -3.92 92.08 51.51 EdwardsLife EW ... 68 87.65 -0.42 -6.01 69.93 33.30 LasVegasSands LVS 0.0 dd 56.02 1.02 0.22 153.66 102.00 Walmart WMT 1.5 21 144.47 0.45
-0.74 131.94 68.25 BioMarinPharm BMRN ... 20 87.04 0.18
44.21 131.00 28.00 BioNTech BNTX ... ... 117.56 -0.47
-3.00 34.09 15.17 ElancoAnimal ELAN
14.21 176.49 39.01 Elastic ESTC
... dd 29.75
... dd 166.90
0.68
1.81
0.40 170.68 63.20 Lear
2.55 125.84 68.00 Leidos
LEA
LDOS
0.6 62 159.67
1.3 25 107.80
-0.51
-1.98
RS -1.66 39.61 25.61 WarnerMusic WMG
-3.13 111.04 70.87 WasteConnections WCN
1.3 dd 37.36
0.8127 99.36
-0.03
1.03
-1.08 97.19 50.01 BlackKnight BKI ... 62 87.40 0.42 2.88 150.30 85.69 ElectronicArts EA 0.5 37 147.74 0.41 33.82 188.30 44.11 Lemonade LMND ... dd 163.93 3.76 4.83 27.25 16.81 RELX RELX 2.2 32 25.85 0.55 -3.97 126.79 85.34 WasteMgt WM 1.9 32 113.25 0.03
0.07 154.61 38.32 BlackLine BL ... dd 133.47 -16.90 6.17 87.07 37.75 EmersonElec EMR 2.4 25 85.33 0.17 21.45 95.72 25.42 Lennar A LEN 1.1 12 92.58 -1.98 9.92 524.22 73.14 RH RH ... 63 491.90 -14.18 14.76 299.06 154.39 Waters WAT ... 34 283.95 1.12
0.20 788.00 323.98 BlackRock BLK 2.3 23 722.98 1.55 8.07 42.25 22.57 Enbridge ENB 7.5 49 34.57 -0.51 22.16 76.70 18.87 Lennar B LEN.B 1.3 10 74.76 -1.56 ... 35.00 22.00 RLX Tech RLX ... ... 24.48 -0.47 9.54 265.18 132.97 Watsco WSO 2.9 36 248.16 -1.06
8.33 72.10 33.00 Blackstone BX 3.2 65 70.21 -0.45 -0.40 88.42 48.01 EncompassHealth EHC 1.4 29 82.36 -0.49 6.89 319.77 163.40 LennoxIntl LII 1.1 32 292.86 0.90 -4.38 98.35 42.85 RPM RPM 1.8 26 86.80 -0.05 29.74 369.00 21.70 Wayfair W ... dd 292.97 1.36
-1.44 344.50 89.00 Boeing BA 0.0 dd 210.98 0.32 -4.50 9.47 5.21 EnelAmericas ENIA 5.8 9 7.85 -0.06 4.13 22.64 9.09 LeviStrauss LEVI 0.6 dd 20.91 -0.01 6.71 122.73 59.82 RalphLauren RL 0.0 dd 110.70 -2.74 s 50.82 62.77 28.93 Weibo WB ... 38 61.82 3.12
-3.44 2290.03 1107.29 BookingHldgs BKNG ... 65 2150.58 -8.68 10.36 12.97 3.75 EnergyTransfer ET 8.9 dd 6.82 0.04 10.48 47.70 14.31 LiAuto LI ... dd 31.85 -0.14 s 19.30 115.82 54.21 RaymondJames RJF 1.4 19 114.13 0.68 11.10 48.31 20.76 WellsFargo WFC 1.2 82 33.53 0.81
-5.26 100.26 54.37 BoozAllen BAH 1.8 21 82.59 -2.00 17.69 229.04 21.49 EnphaseEnergy ENPH ...229 206.51 7.43 -6.92 162.25 80.14 LibertyBroadbandA LBRDA 0.0119 146.67 -1.39 1.54 90.86 40.71 RaytheonTech RTX 2.6 dd 72.61 0.28 4.47 89.99 24.27 Welltower WELL 3.6 dd 67.51 1.08
8.67 46.48 17.00 BorgWarner BWA 1.6 19 41.99 -0.85 7.47 114.00 38.12 Entegris ENTG 0.3 48 103.28 4.17 -5.53 165.23 86.20 LibertyBroadbandC LBRDK ...122 149.61 -0.82 -0.44 89.20 36.91 RealPage RP ...193 86.86 -0.13 3.78 312.12 124.53 WestPharmSvcs WST 0.2 71 294.01 2.92
17.38 1180.00 290.02 BostonBeer SAM ... 83 1167.13 42.17 -4.96 135.55 75.19 Entergy ETR 4.0 14 94.89 0.25 3.55 26.62 15.23 LibertyGlobal A LBTYA ... dd 25.08 -0.15 0.47 84.92 38.00 RealtyIncome O 4.5 52 62.46 -0.47 18.38 70.28 27.40 WesternDigital WDC 0.0119 65.57 1.61
-0.45 147.83 69.69 BostonProps BXP 4.2 17 94.10 -0.83 11.23 26.33 10.27 EnterpriseProd EPD 8.3 13 21.79 0.35 4.78 25.99 14.36 LibertyGlobal C LBTYK ... dd 24.78 -0.19 31.24 97.15 9.63 Redfin RDFN ... dd 90.07 -2.38 9.34 26.51 17.39 WesternUnion WU 3.9 13 23.99 0.43
6.79 43.44 24.10 BostonSci BSX ... dd 38.39 -0.48 -8.12 196.47 103.01 Equifax EFX 0.9 43 177.19 0.24 8.13 44.95 16.87 LibertyFormOne A FWONA ... dd 41.08 -0.01 15.42 64.65 31.80 RegencyCtrs REG 4.5190 52.62 1.37 6.72 91.83 28.99 WestlakeChem WLK 1.2 39 87.08 0.60
-5.27 73.50 14.23 BridgeBioPharma BBIO ... dd 67.36 0.09 -0.61 839.77 477.87 Equinix EQIX 1.6169 709.81 -7.89 6.74 47.53 18.31 LibertyFormOne C FWONK ... dd 45.47 -0.05 0.52 664.64 386.83 RegenPharm REGN ... 16 485.62 -4.92 15.77 17.27 7.98 WestpacBanking WBK 1.3 40 17.25 0.02
s 3.00 178.34 64.23 BrightHorizons BFAM ...146 178.18 5.45 9.44 19.97 8.41 Equinor EQNR 2.4 dd 17.97 0.10 17.93 30.34 13.59 LibertyBraves A BATRA ... dd 29.33 0.38 21.34 19.80 6.94 RegionsFin RF 3.2 19 19.56 0.22 1.63 47.77 21.50 WestRock WRK 1.8 dd 44.24 1.15
-3.29 67.16 45.76 BristolMyers BMY 3.3 dd 59.99 ... 6.88 28.12 9.89 Equitable EQH 2.5 dd 27.35 -0.18 14.55 29.45 13.20 LibertyBraves C BATRK ... dd 28.50 0.27 -3.98 201.29 113.27 RenaissanceRe RNR 0.9 10 159.22 -3.33 4.50 35.23 13.10 Weyerhaeuser WY 2.9 33 35.04 0.79
1.44 44.03 27.32 BritishAmTob BTI 7.1 11 38.03 0.39 -0.92 77.55 41.97 EquityLife ELS 2.2 50 62.78 0.22 -1.26 50.52 22.63 LibertySirius C LSXMK ... 52 42.96 0.15 s 18.07 228.84 78.41 Repligen RGEN ...275 226.26 2.87 -3.67 57.89 18.66 WheatonPrecMet WPM 1.2 42 40.21 0.34
s 11.07 487.02 155.67 Broadcom AVGO 3.0 77 486.32 7.93 13.83 87.19 45.42 EquityResdntl EQR 3.6 29 67.48 -0.28 0.88 51.11 22.54 LibertySirius A LSXMA ... 52 43.57 -0.10 -5.23 103.79 65.37 RepublicSvcs RSG 1.9 29 91.26 -0.03 10.77 214.68 64.00 Whirlpool WHR 2.5 12 199.93 3.33
-3.35 158.36 81.90 BroadridgeFinl BR 1.6 33 148.07 2.72 5.97 266.77 130.20 ErieIndemnity A ERIE 1.6 47 260.27 0.27 3.74 81.97 8.17 LightspeedPos LSPD ... dd 73.02 -0.38 -5.65 224.43 108.85 ResMed RMD 0.8 42 200.55 0.02 13.92 22.93 8.41 Williams WMB 7.2129 22.84 0.56
4.07 45.61 21.57 BrookfieldMgt BAM 1.2 dd 42.95 0.38 -1.33 54.52 30.40 EssentialUtil WTRG 2.1 47 46.66 -1.24 22.77 218.00 117.06 EliLilly LLY 1.6 31 207.29 4.71 -3.37 67.33 25.08 RestaurantBrands QSR 3.6 37 59.05 -0.09 24.32 151.16 26.01 Williams-Sonoma WSM 1.7 19 126.61 -1.03
2.43 54.74 23.22 BrookfieldInfr BIP 4.0158 50.60 -0.48 13.45 329.74 175.81 EssexProp ESS 3.1 30 269.35 -2.25 4.05 61.96 16.11 LincolnNational LNC 3.2 21 52.35 0.55 s 16.97 446.18 134.85 RingCentral RNG ... dd 443.29 11.25 7.95 232.34 143.34 WillisTowers WLTW 1.2 30 227.42 -1.06
23.49 18.79 7.15 BrookfieldPropREIT BPYU 7.2 dd 18.45 -0.20 s 9.04 291.00 137.01 EsteeLauder EL 0.7116 290.25 0.49 -4.11 274.57 146.71 Linde LIN 1.7 54 252.68 -0.43 11.22 86.90 35.35 RioTinto RIO 4.6 19 83.66 1.38 s 19.12 6.74 2.52 Wipro WIT 0.2 28 6.73 0.11
-13.28 63.31 26.89 BrookfieldRenew BEPC 2.3 ... 50.53 0.28 31.45 239.47 29.95 Etsy ETSY ...130 233.86 7.81 30.72 392.60 55.74 LithiaMotors LAD 0.3 20 382.58 8.79 s 18.09 74.10 32.38 RobertHalf RHI 1.8 27 73.78 0.72 17.14 319.34 76.81 Wix.com WIX ... dd 292.81 -3.00
-5.51 48.76 30.70 Brown&Brown BRO 0.8 27 44.80 -0.50 4.04 293.90 157.32 EverestRe RE 2.5 19 243.54 -1.41 s 14.55 84.21 21.70 LiveNationEnt LYV ... dd 84.17 3.13 2.27 34.42 17.50 RocketCos. RKT ... 1 20.68 0.01 s 17.42 282.11 107.75 Workday WDAY ... dd 281.36 5.37
-3.24 83.01 41.03 Brown-Forman A BF.A 1.0 37 71.09 0.25 -1.95 76.57 42.01 Evergy EVRG 3.9 20 54.43 -0.29 3.06 2.97 1.17 LloydsBanking LYG 2.8 99 2.02 0.02 -0.65 268.91 115.38 Rockwell ROK 1.7 22 249.18 3.39 4.45 137.58 35.84 WynnResorts WYNN 0.0 dd 117.85 3.27
-3.25 83.40 44.68 Brown-Forman B BF.B 0.9 40 76.85 0.40 -1.55 99.42 60.69 EversourceEner ES 2.8 24 85.17 -1.06 -4.86 438.95 266.11 LockheedMartin LMT 3.1 14 337.73 -1.41 -2.83 50.40 32.20 RogersComm B RCI 3.4 19 45.27 -0.21 22.06 52.94 15.50 XP XP ... 70 48.42 -0.09
s 12.23 69.92 30.78 Bruker BRKR 0.3 60 60.75 1.37 17.00 159.54 35.25 ExactSciences EXAS ... dd 155.01 8.33 8.00 54.23 27.32 Loews L 0.5 dd 48.62 0.40 41.16 484.85 58.22 Roku ROKU ... dd 468.67 2.98 1.77 128.57 38.47 XPO Logistics XPO ...249 121.31 3.71
s 6.40 44.13 9.00 BuildersFirstSrc BLDR ... 24 43.42 ... -0.02 50.54 29.28 Exelon EXC 3.6 17 42.21 -0.53 s 22.02 118.71 31.37 LogitechIntl LOGI 0.7 22 118.59 -0.04 -3.79 43.00 20.48 Rollins ROL 0.9 71 37.59 -0.06 -7.69 76.44 46.58 XcelEnergy XEL 2.8 22 61.54 -0.03
s 18.94 78.05 29.00 Bunge BG 2.6 10 78.00 2.29 146.78 166.47 6.51 eXpWorld EXPI ...477 155.77 9.94 10.37 180.67 60.00 Lowe's LOW 1.4 25 177.16 1.43 -8.14 455.72 240.00 RoperTech ROP 0.6 44 396.02 -3.99 2.81 154.93 67.68 Xilinx XLNX 0.0 58 145.75 1.55
0.42 271.75 105.67 BurlingtonStrs BURL ... dd 262.66 -2.69 10.66 153.26 40.76 Expedia EXPE 0.0 dd 146.51 -3.40 19.51 20.17 11.56 LufaxHolding LU ... 22 16.97 -0.36 -3.03 124.16 56.30 RossStores ROST 0.0141 119.09 -2.79 9.48 74.49 10.00 XPeng XPEV ... dd 46.89 -0.24
s 13.73 71.44 29.17 CBRE Group CBRE ... 23 71.33 0.98 1.55 98.37 52.55 ExpeditorsIntl EXPD 1.1 26 96.58 0.73 -1.49 399.90 128.84 lululemon LULU ... 81 342.86 -3.03 1.89 86.14 49.55 RoyalBkCanada RY 4.1 14 83.61 0.32 -2.62 108.84 54.62 Xylem XYL 1.1 71 99.12 0.18
17.91 157.94 73.39 CDW CDW 1.0 28 155.40 -1.51 0.88 121.07 72.70 ExtraSpaceSt EXR 3.1 35 116.88 -0.85 20.82 16.60 8.16 LumenTech LUMN 8.5 dd 11.78 0.28 -9.45 113.62 19.25 RoyalCaribbean RCL 0.0 dd 67.63 -0.36 s 6.11 74.11 27.93 Yandex YNDX ... 74 73.83 0.91
14.60 47.00 19.73 CF Industries CF 2.7 34 44.36 1.50 22.56 61.16 30.11 ExxonMobil XOM 6.9 dd 50.52 0.68 10.97 47.80 9.45 LuminarTech LAZR ...1012 37.73 1.79 9.59 50.99 21.25 RoyalDutchA RDS.A 2.9 dd 38.51 1.19 36.71 25.47 15.17 YatsenHolding YSG ... dd 23.24 -0.30
-0.15 81.51 46.32 CGI GIB ... 24 79.19 0.18 19.71 211.01 79.78 F5Networks FFIV ... 44 210.62 4.35 17.34 59.40 14.56 Lyft LYFT ... dd 57.65 0.58 8.84 51.51 19.19 RoyalDutchB RDS.B 3.6 dd 36.58 1.17 -2.85 110.66 54.95 YumBrands YUM 1.9 36 105.47 -0.01
-2.74 106.75 56.94 CH Robinson CHRW 2.2 25 91.30 1.02 -6.31 123.66 56.77 FMC FMC 1.8 26 107.68 -2.58 4.89 99.86 33.71 LyondellBasell LYB 4.4 23 96.14 1.32 -4.14 56.50 34.80 RoyaltyPharma RPRX 1.4 15 47.98 0.67 s 9.63 62.79 38.33 YumChina YUMC 0.8 32 62.59 0.84
1.27 225.36 131.80 CME Group CME 2.0 31 184.37 1.66 -0.97 304.67 137.10 Facebook FB ... 27 270.50 0.11 -4.66 118.17 44.44 Ryanair RYAAY ... dd 104.86 1.47 31.96 38.99 22.51 ZTO Express ZTO 0.0 41 38.48 0.55
-7.59 69.17 46.03 CMS Energy
10.93 50.45 25.18 CNA Fin
CMS 3.1 21 56.38 -0.20
CNA 3.5 17 43.22 -0.60
-4.96 363.64 195.22 FactSet
-7.29 530.95 177.65 FairIsaac
FDS
FICO
1.0 32 316.00
... 53 473.78
-1.14
3.45
MN 1.18 169.30 90.89 SAP
3.26 379.87 186.06 S&P Global
SAP
SPGI
0.9 29 131.93
0.9 35 339.45
-0.59
0.06 s
34.90 193.54 43.06 ZaiLab
24.30 479.18 150.06 ZebraTech
ZLAB
ZBRA
... ... 182.57
... 51 477.74
0.24
7.66
s 15.19 14.82 5.06 CNH Indl CNHI 0.0 dd 14.79 0.17 8.93 70.01 5.99 Farfetch FTCH ... dd 69.51 0.47 11.73 170.49 85.09 M&T Bank MTB 3.1 14 142.23 0.02 -6.45 328.37 205.20 SBA Comm SBAC 0.7 dd 263.94 -1.08 9.84 166.60 50.23 Zendesk ZEN ... dd 157.20 2.05
25.78 160.58 81.11 CNOOC CEO 6.5 9 115.28 2.50 -2.95 51.89 26.71 Fastenal FAST 2.4 32 47.39 0.32 6.17 34.37 11.43 MGMGrowthProp MGP 5.9 68 33.23 0.22 -0.05 69.61 35.41 SEI Investments SEIC 1.3 19 57.44 0.03 s 52.40 202.65 20.04 Zillow C Z ... dd 197.81 3.81
5.99 47.93 17.73 CRH CRH 2.0 21 45.13 0.69 16.81 136.50 10.63 Fastly FSLY ... dd 102.06 -6.20 14.03 36.70 5.90 MGM Resorts MGM 0.0 dd 35.93 0.63 2.41 27.30 14.07 SK Telecom SKM 2.9 18 25.07 0.02 s 49.29 208.58 18.65 Zillow A ZG ... dd 202.94 2.34
5.19 220.20 32.30 CRISPR Therap CRSP ... dd 161.05 2.00 12.67 121.16 16.75 FateTherap FATE ... dd 102.45 -0.05 27.47 35.21 17.98 MinisoGroup MNSO ... dd 33.64 1.39 -9.25 74.00 29.51 SS&C Tech SSNC 0.8 28 66.02 -0.70 4.73 170.05 74.37 ZimmerBiomet ZBH 0.6 dd 161.38 -0.83
-0.67 97.54 46.81 CSX CSX 1.2 25 90.14 1.39 1.30 305.66 88.69 FedEx FDX 1.0 17 263.00 8.64 11.29 192.30 66.87 MKS Instrum MKSI 0.5 26 167.43 4.58 -3.09 39.50 13.00 StoreCapital STOR 4.4 37 32.93 -0.19 0.73 176.64 90.14 Zoetis ZTS 0.6 48 166.71 2.27
10.80 183.90 90.03 C3.ai AI ... ... 153.73 -2.83 -10.53 233.66 127.73 Ferrari RACE 0.6 54 205.35 0.42 13.67 25.29 6.87 MPLX MPLX 11.2 dd 24.61 1.02 30.60 509.70 127.39 SVB Fin SIVB ... 22 506.50 6.11 28.40 588.84 89.81 ZoomVideo ZM ...302 433.11 0.34
8.65 77.23 52.04 CVS Health CVS 2.7 12 74.21 0.61 1.38 45.79 19.00 FidNatlFin FNF 3.6 12 39.63 -0.33 -2.63 455.81 218.65 MSCI MSCI 0.7 61 434.77 7.91 8.02 284.50 115.29 Salesforce.com CRM ... 63 240.37 -0.87 19.93 64.40 30.83 ZoomInfoTech ZI ... dd 57.84 0.84
-7.67 2326.80 1031.39 CableOne CABO 0.5 48 2056.79 2.24 -4.14 158.21 91.68 FidNatlInfo FIS 1.2551 135.60 0.45 -1.77 60.98 22.02 MagellanMid MMP 9.9 12 41.69 0.93 -2.10 55.00 37.62 Sanofi SNY 2.5 10 47.57 -0.13 s 13.40 228.38 35.00 Zscaler ZS ... dd 226.48 3.59
s 6.78 145.92 51.39 CadenceDesign CDNS ... 38 145.68 1.71 17.92 33.19 11.10 FifthThirdBncp FITB 3.3 18 32.51 0.26 s 10.03 77.94 22.75 MagnaIntl MGA 2.1 53 77.90 0.33 55.19 16.00 1.25 Sasol SSL 0.0 dd 13.75 0.53 17.53 12.27 5.65 Zynga ZNGA ... dd 11.60 -0.38
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 56.06 +0.58 8.3 GroCo 36.59 +0.08 11.3 IntlEq NA ... NA PIMCO Funds I2 ExplrAdml 133.87 +1.02 11.8 WndsrAdml 75.91 +0.27 6.3 IdxIntl 20.63 +0.09 6.3
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Fidelity GrowCoK 36.69 +0.08 11.3 Invesco Funds Y Income NA ... NA ExtndAdml 142.42 +0.71 14.2 VANGUARD FDS MdCpGrAdml 99.13 +0.80 8.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e 500IdxInstPrem136.60 +0.64 4.9 InvGrBd 11.80 -0.03 -0.7 DevMktY 58.83 +0.21 10.0 PIMCO Funds Instl GNMAAdml 10.71 -0.01 -0.2 DivdGro 33.23 +0.07 ... SmValAdml 67.87 +0.23 11.1
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Contrafund K6 19.87 +0.06 5.2 LowP r 52.17 +0.10 7.3 JPMorgan I Class IncomeFd NA ... NA GrwthAdml 138.37 +0.69 6.1 INSTTRF2020 26.94 +0.02 2.6 TotBd2 11.28 -0.04-1.4
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r ExtMktIdxInstPre 95.25 +0.46 14.1 Magin 13.48 +0.05 3.3 CoreBond NA ... NA Price Funds HlthCareAdml r 93.98 +0.26 3.3 INSTTRF2025 28.35 +0.04 3.3 TotIntlInstIdx r138.00 +0.58 6.3
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not FidSerToMarket 13.75 +0.06 6.5 NASDAQ r 176.98 +0.88 9.4 EqInc NA ... NA BlChip 176.17 +0.64 6.4 HYCorAdml r 6.00 ... 0.8 INSTTRF2030 29.22 +0.07 3.9 TotItlInstPlId r138.03 +0.57 6.3
available due to incomplete price, performance or cost data. NE-Not released by Lipper; IntlIdxInstPrem 47.50 +0.26 4.1 OTC 19.19 +0.10 9.5 JPMorgan R Class DivGro 61.40 +0.30 2.3 InfProAd 28.37 -0.05 0.2 INSTTRF2035 30.01 +0.08 4.5 TotSt 100.90 +0.49 6.5
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. MidCpInxInstPrem 29.26 +0.21 8.3 Puritn 27.35 +0.10 5.1 CoreBond NA ... NA EqInc 33.14 +0.23 6.1 IntlGrAdml 181.07 +1.60 13.0 INSTTRF2040 30.83 +0.10 5.0 VANGUARD INSTL FDS
SAIUSLgCpIndxFd 20.60 +0.10 4.9 SrsEmrgMkt 28.14 +0.10 12.7 Lord Abbett A Growth 104.42 +0.23 7.7 ITBondAdml 12.43 -0.03 -1.1 INSTTRF2045 31.57 +0.13 5.6 BalInst 45.85 +0.08 3.4
SeriesBondFd 10.62 -0.03 -1.3 SrsGlobal 15.28 +0.07 6.6 ShtDurIncmA p 4.22 ... 0.5 HelSci 106.58 +0.54 7.8 ITIGradeAdml 10.38 -0.02 -0.6 INSTTRF2050 31.67 +0.13 5.7 DevMktsIndInst 15.93 +0.08 4.5
Friday, February 12, 2021 Lord Abbett F LgCapGow I 66.49 +0.16
SeriesOverseas 12.80 +0.08 3.2 SrsGroCoRetail 25.38 +0.06 11.5 8.6 LTGradeAdml 11.21 -0.10 -4.6 INSTTRF2055 31.75 +0.12 5.7 DevMktsInxInst 24.90 +0.12 4.5
Net YTD Net YTD Net YTD SmCpIdxInstPrem 28.98 +0.05 16.0 SrsIntlGrw 18.50 +0.09 4.0 ShtDurIncm 4.22 ... 0.5 MidCap 120.89 +0.93 6.9 MidCpAdml 276.91 +1.92 ExtndInst 142.41 +0.70 14.2
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret 8.0 IntlVal 42.16 +0.20 4.7
TMktIdxInstPrem114.79 +0.55 6.6 SrsIntlVal 10.55 +0.05 4.6 Metropolitan West NHoriz 88.19 +0.82 7.2 MuHYAdml 12.13 ... 1.8 LifeCon 23.08 ... 1.8 GrwthInst 138.37 +0.68 6.1
American Century Inv Baird Funds EmMktCorEq 26.49 +0.06 9.1 USBdIdxInstPrem 12.26 -0.04 -1.3 TotalBond 11.22 -0.02 -0.6 TotRetBdI 11.07 -0.03 -0.8 R2020 23.61 +0.07 3.8 MuIntAdml 14.95 ... 0.9 LifeGro 42.23 +0.14 4.9 InPrSeIn 11.56 -0.02 0.2
Ultra 80.64 +0.33 6.2 AggBdInst 11.63 -0.03 -1.1 IntlCoreEq 15.29 +0.07 4.9 Fidelity Advisor I Fidelity SAI TRBdPlan 10.38 -0.03 -0.9 R2025 20.21 +0.06 4.3 MuLTAdml 12.34 +0.01 1.2 LifeMod 32.71 +0.05 3.3 InstIdx 347.87 +1.65 4.9
American Funds Cl A CorBdInst 12.01 -0.03 -0.9 IntSmCo 21.39 +0.07 5.5 NwInsghtI 39.22 -0.74 4.1 TotalBd 10.67 -0.02 -0.5 MFS Funds Class I R2030 29.88 +0.11 5.0 MuLtdAdml 11.29 ... 0.4 PrmcpCor 31.86 +0.31 9.9 InstPlus 347.89 +1.65 5.0
AmcpA p 41.60 +0.25 6.4 BlackRock Funds IntSmVa 20.12 +0.06 5.2 Fidelity Freedom Fidelity Selects Growth I 171.42 +0.92 6.0 R2035 22.44 +0.09 5.6 MuShtAdml 15.96 ... 0.2 STAR 32.60 +0.10 4.9 InstTStPlus 78.80 +0.38 6.5
AMutlA p 46.03 +0.16 3.2 HiYBlk 7.86 ... 1.3 LgCo 29.54 +0.14 4.9 FF2020 17.82 +0.02 3.8 Softwr r 28.86 +0.14 6.4 ValueI 46.59 +0.20 3.3 R2040 32.33 +0.14 6.2 PrmcpAdml r169.33 +1.54 10.1 TgtRe2015 15.99 ... 1.7 MidCpInst 61.17 +0.42 8.0
BalA p 31.04 +0.07 2.8 HiYldBd Inst 7.86 ... 1.5 TAUSCoreEq2 24.69 +0.13 7.4 FF2025 16.12 +0.03 4.3 Tech r 29.75 +0.13 10.7 MFS Funds Instl PRIMECAP Odyssey Fds RealEstatAdml126.99 +0.05 5.5 TgtRe2020 35.19 +0.03 2.6 MidCpIstPl 301.69 +2.09 8.0
BondA p 13.64 -0.03 -0.9 BlackRock Funds A US CoreEq1 31.76 +0.16 7.0 FF2030 20.24 +0.05 5.0 First Eagle Funds IntlEq 31.56 +0.17 3.0 AggGrowth r 61.75 +0.41 15.1 SmCapAdml 104.39 +0.47 12.0 TgtRe2025 22.25 +0.03 3.3 SmCapInst 104.39 +0.47 12.0
CapIBA p 64.84 +0.30 2.9 GlblAlloc p 22.41 +0.03 4.1 US CoreEq2 29.09 +0.15 7.9 FF2035 17.60 +0.05 6.2 GlbA 63.10 +0.18 3.0 Northern Funds Schwab Funds SmGthAdml 106.18 +0.60 12.9 TgtRe2030 42.12 +0.09 3.9 STIGradeInst 11.02 ... 0.1
CapWGrA 62.75 +0.42 5.7 BlackRock Funds Inst US Small 44.08 +0.17 14.7 FF2040 12.58 +0.05 7.1 Franklin A1 StkIdx 44.06 +0.21 4.9 1000 Inv r 88.33 +0.42 5.7 STBondAdml 10.85 ... ... TgtRe2035 26.35 +0.07 4.5 STIPSIxins 25.83 +0.01 0.8
EupacA p 74.17 +0.55 7.0 StratIncOpptyIns 10.44 ... 1.0 US SmCpVal 40.36 +0.24 17.2 Freedom2020 K 17.81 +0.03 3.9 CA TF A1 p 7.90 ... 1.3 Old Westbury Fds S&P Sel 60.26 +0.29 4.9 STIGradeAdml 11.02 ... 0.1 TgtRe2040 46.51 +0.16 5.1 TotBdInst 11.44 -0.04 -1.3
FdInvA p 73.02 +0.51 5.6 Bridge Builder Trust US TgdVal 27.34 +0.16 15.9 Freedom2025 K 16.10 +0.03 4.4 IncomeA1 p 2.36 +0.01 3.5 LrgCpStr NA ... NA TSM Sel r 70.83 +0.34 6.6 TotBdAdml 11.44 -0.04 -1.3 TgtRe2045 29.78 +0.12 5.6 TotBdInst2 11.28 -0.04 -1.4
GwthA p 72.27 +0.47 7.0 CoreBond NA ... NA USLgVa 40.29 +0.28 7.4 Freedom2030 K 20.22 +0.05 5.0 FrankTemp/Frank Adv Parnassus Fds TIAA/CREF Funds TotIntBdIdxAdm 23.14 -0.04 -1.0 TgtRe2050 48.03 +0.19 5.7 TotBdInstPl 11.44 -0.04 -1.3
HI TrA p 10.34 -0.01 2.6 CorePlusBond NA ... NA Dodge & Cox Freedom2035 K 17.58 +0.06 6.2 IncomeAdv 2.34 +0.01 3.5 ParnEqFd 55.83 +0.26 4.1 EqIdxInst 29.56 +0.14 6.4 TotIntlAdmIdx r 34.51 +0.15 6.3 TgtRet2055 52.14 +0.20 5.7 TotIntBdIdxInst 34.72 -0.07 -1.0
ICAA p 46.50 +0.24 4.7 Intl Eq 14.24 +0.07 6.6 Balanced 107.12 +0.52 5.2 Freedom2040 K 12.57 +0.04 7.0 FrankTemp/Franklin A PGIM Funds Cl Z VANGUARD ADMIRAL TotStInst 100.96 +0.49 6.6
TotStAdml 100.94 +0.49 6.5 TgtRetInc 15.14 -0.01 1.4
IncoA p 24.38 +0.11 3.5 LargeCapGrowth 21.82 +0.13 6.1 Income 14.58 -0.03 -0.5 Fidelity Invest Growth A p 143.81 +1.04 6.2 TotalReturnBond NA ... NA 500Adml 363.71 +1.72 4.9 TxMCapAdml208.86 +1.08 5.7 TotIntBdIxInv 11.57 -0.03 -1.0 ValueInst 48.54 +0.23 4.6
N PerA p 64.56 +0.47 6.7 LargeCapValue 15.39 +0.08 4.6 Intl Stk 46.51 +0.34 6.4 Balanc 29.61 +0.09 4.7 RisDv A p 81.82 +0.28 2.0 PIMCO Fds Instl BalAdml 45.84 +0.08 3.4 TxMIn r WCM Focus Funds
15.91 +0.08 4.5 USGro 72.43 +0.43 10.4
NEcoA p 64.02 +0.56 7.6 Columbia Class I Stock 208.25 +1.69 8.1 BluCh 181.65 +0.86 11.4 Guggenheim Funds Tru AllAsset NA ... NA CAITAdml 12.42 +0.01 0.7 USGroAdml 187.62 +1.14 WCMFocIntlGrwIns 26.66 +0.18 7.7
10.4 WellsI 28.41 ... 0.3
NwWrldA 96.12 +0.51 9.3 DivIncom I 26.81 +0.12 3.9 DoubleLine Funds Contra 17.34 -0.34 3.4 TotRtnBdFdClInst 29.38 -0.08 -0.8 InvGrdCrBd NA ... NA CapOpAdml r197.40 +1.75 11.2 ValAdml Western Asset
48.54 +0.23 4.6 Welltn 45.43 +0.06 2.4
SmCpA p 88.17 +0.59 10.8 Dimensional Fds CoreFxdIncmI 11.28 -0.02 -0.1 ContraK 17.38 -0.34 3.4 Harbor Funds TotRt NA ... NA DivAppIdxAdm 38.90 +0.03 1.5 WdsrllAdml 73.66 +0.48 CoreBondI NA ... NA
7.2 WndsrII 41.52 +0.27 7.2
TxExA p 5GlbFxdInc 10.90 PIMCO Funds A EMAdmr 46.50 +0.08 11.6 WellsIAdml 68.81 -0.02
13.75 ... 1.2 ... 0.1 TotRetBdI 10.68 -0.02 ... CpInc r 11.09 +0.01 3.8 CapApInst 113.27 +0.47 8.7 0.3 VANGUARD INDEX FDS CorePlusBdI NA ... NA
WshA p 52.31 +0.26 4.3 EmgMktVa 30.75 +0.10 7.3 DivIntl 49.89 +0.29 4.6 Harding Loevner
IncomeFd NA ... NA EqIncAdml 82.46 +0.41 3.9 WelltnAdml 78.44 +0.09
Edgewood Growth Instituti 2.4 ExtndIstPl 351.45 +1.74 14.2 CorePlusBdIS NA ... NA

BUSINESS & FINANCE
Credit Suisse Settles MBIA Case U.S.

Shifts on
$600 million payment appeal of a November court Thomas Gottsein tries to clean quality of the loans, and had Street Journal reported the
ruling against Credit Suisse. the slate on misconduct and to pay out hundreds of mil- bank knew for years about
deals with claims that
bank misrepresented
A New York state judge in
January said Credit Suisse
should pay $604 million dam-
other problems at the bank.
He told investors in December
that the bank was tackling its
lions of dollars in claims on
the securities.
By October 2009, about
misconduct by a banker who
went to jail in 2018 for steal-
ing from clients.
California
quality of insured loans
BY MARGOT PATRICK
ages in the case. The bank had
said it would appeal. Credit
Suisse provisioned around
legacy litigation and would try
to avoid new lawsuits by be-
ing more disciplined. Mr.
half of the 15,615 loans in the
pool had defaulted, MBIA said
in its 2009 complaint. It al-
“This management team
has no appetite for creating
new problems either for our-
Savings
Credit Suisse Group AG
said it would pay $600 million
to settle a long-running case
$680 million for the case,
around the amount MBIA
sought in court.
MBIA announced the settle-
Gottstein has been in the job
for a year and a new chair-
man, current Lloyds Banking
Group PLC CEO António
leged Credit Suisse was aware
of problems in its underwrit-
ing and due-diligence pro-
cesses.
selves or future management
teams,” Mr. Gottstein said at
an investor day. Credit Suisse
denies the allegations in the
Plan
with credit insurer MBIA Inc. ment late Thursday and Credit Horta-Osório, is set to be Later that month, Switzer- federal criminal charges and BY ANNE TERGESEN
over toxic securities, as its ex- Suisse on Friday said it was voted in by shareholders in land’s federal prosecutor said it was cooperating with
ecutives seek to clear a roster pleased to have resolved the April. charged the bank with failing the Swiss regulator in the spy- Signaling a shift in retire-
of legal and regulatory cases case. MBIA sued Credit Suisse in to prevent money laundering ing enforcement proceedings. ment policy, the U.S. Labor De-
that have dragged on the In January, Credit Suisse New York state court in 2009, through the bank by a Bulgar- It was previously rebuked by partment has dropped its sup-
bank’s profits for a decade. said it would take an $850 alleging the bank misrepre- ian criminal organization and the regulator over the port for a lawsuit that seeks to
The payment is to settle an million legal charge for old sented the quality of loans in an employee more than a de- banker’s misconduct and said invalidate a California state
MBIA lawsuit claiming the RMBS cases, including the securities MBIA had insured cade ago. It is also under en- it has improved its systems. retirement-savings program
Swiss bank misrepresented MBIA one, adding to an ear- in 2007. MBIA sued for breach forcement proceedings with In all, legal penalties and for people who lack access to
the quality of loans in resi- lier, $300 million provision of contract and the state the Swiss regulator over the settlements have cost the 401(k) plans at work.
dential mortgage-backed secu- specific to the MBIA case. court ruled in its favor last handling of employee surveil- bank more than $9 billion In a notice filed in a federal
rities that MBIA insured in The agreement comes as year. MBIA said it had relied lance following a spying scan- since 2009, according to appeals court on Feb. 5, the
2007, closing the door to any Credit Suisse Chief Executive on Credit Suisse to vet the dal. Last week, The Wall Credit Suisse disclosures. agency said because of the
change in administration, it
“no longer wishes to partici-
RETIREMENT REPORT | Anne Tergesen pate” in the case and “does
not support either side.”
Concern Grows Over Theft From 401(k)s

The reversal “isn’t surpris-
ing,” said John Scott, director of
the Pew Charitable Trusts’s re-
tirement-savings project. Presi-
dent Biden, during his cam-
Seeing an that’s a red flag,” Mr. Taylor paign, expressed support for
unknown said. government-sponsored savings
charge on Record-keepers typically programs for the estimated one-
your credit have policies that promise third of private-sector workers
card is so reimbursement as a result of who lack access to a workplace
common these unauthorized activity in retirement-savings plan.
days that many people shrug 401(k) accounts. But such Currently, three states—
it off. When money is stolen coverage might be contin- California, Oregon and Illi-
from your 401(k) account, gent on account owners hav- nois—are enrolling workers in
there is less recourse and ing taken certain steps. such plans. Other states, in-
more cause for concern. Vanguard Group Inc., for cluding New Jersey, Maryland,
Federal law limits con- example, says “if there’s evi- Colorado and Connecticut, are
sumer liability for fraudulent dence you neglected to rea- developing similar programs.
credit- and debit-card sonably safeguard your ac- Mr. Scott said the Biden ad-
charges. But there is no simi- count, further investigation ministration might ultimately
lar protection for retirement may be necessary to deter- decide to back a nationwide
accounts, where many people mine whether we can issue a retirement-savings program
have saved a lot more money reimbursement.” for those without such plans
than in bank accounts. Here are steps 401(k) re- at work. “It just depends on
When it comes to theft cord-keepers and others rec- their priorities,” he said.
from retirement accounts, ommend taking to safeguard In a brief the Labor Depart-
401(k) record-keepers say your retirement accounts: ment filed last June, the
family members are often Have an online account. agency argued against Califor-
the perpetrators. But about Mr. Taylor recommends set- nia’s program, called CalSavers,
three years ago, the industry ting up online access to your on the grounds that it violates
noticed a rise in online theft account even if you prefer the federal Employee Retire-
from such accounts by paper statements since “un- ment Income Security Act of
strangers, said Tim Rouse, claimed online accounts are 1974, which governs 401(k)-
executive director of Spark easier for impersonators to style plans. The department ar-
Institute Inc., which repre- take control of.” gued that state-sponsored
sents the retirement indus- Check in regularly. Check plans including CalSavers
try. “That set off huge your 401(k) account, includ- would create “a patchwork of
alarms,” he said. ing your email and street ad- different state laws regulating
Recent court cases, in dresses, at least monthly. retirement plan administra-
YANN BASTARD
which hundreds of thousands Sign up for text alerts that tion.”

of dollars were allegedly sto- notify you of changes or The Labor Department de-
len from three people in sep- transactions and use multi- clined to comment.
arate 401(k) plans, highlight factor authentication, which California estimates that 7.5
the risks to workers and re- verifies your identity by
tirees. While record-keepers lions of dollars annually on theft of personal information (D., Va.) and Sen. Patty Mur- sending codes to multiple
generally promise to reim- technology to prevent hack- from 401(k) plans are more ray (D., Wash.) to the Govern- devices.
burse consumers for such ers from stealing account prevalent than those involv- ment Accountability Office Practice good internet
An estimated 7.5
losses, there are no guaran- owners’ personal informa- ing stolen money, according requesting an examination of hygiene. Avoid public wifi million Californians
tees. tion and savings. to people who work in the the cybersecurity of the na- and never click on emails or
“Cyber theft from retire- Little data on 401(k) industry. The latter are “a tion’s private retirement in- texts seeking personal infor-
are eligible for the
ment accounts is a growing breaches is available. small but growing problem,” dustry. (The GAO is expected mation, including passwords. CalSavers program.
concern,” said Steven Silber- In 2012, the federal gov- said Ben Taylor, a consultant to issue a report soon.) Promptly install software up-
stein, chief executive of the ernment’s Thrift Savings at investment-consulting Record-keepers say they dates.
Financial Services Informa- Plan reported the theft of in- firm Callan LLC. are constantly upgrading Create good passwords.
tion Sharing and Analysis formation, including Social The federal Employee Re- their cybersecurity systems. Choose a unique password million state residents who
Center, which combats cyber Security numbers, from tirement Income Security Act Some now use facial-, finger- you keep confidential. Provid- lack a retirement-savings plan
fraud in the finance industry. 123,000 of the 401(k)-type of 1974, or Erisa, which gov- print- and voice-recognition ing passwords to third party at work are eligible for the
With more than $20 trillion plan’s six million partici- erns 401(k) plans, was en- technologies to verify partic- services that aggregate pass- CalSavers program. It requires
in individual retirement ac- pants. A spokeswoman said acted before the internet. ipants’ identities. Many also words or financial account employers with five or more
counts and 401(k)-type there have been other “iso- Questions including who track the locations of callers data could be grounds for de- workers that don’t offer a re-
plans, they “are relatively lated” incidents in which bears the risk for losses asso- and internet users. nying reimbursement if “our tirement plan to participate.
high-value targets,” he said. savings were stolen from ac- ciated with cyber theft “re- “If you live in Ohio and a investigation determines that CalSavers is separate from
Companies that adminis- count owners. main ill-defined,” says a 2019 call comes from Macedonia a fraud event is traceable” to the California Public Employ-
ter 401(k) plans spend mil- Hacks resulting in the letter from Rep. Bobby Scott requesting a distribution, that service, said Alight. ees’ Retirement System, which
provides pensions for Califor-
ADVERTISEMENT nia public-sector employees.
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
Citigroup CEO’s Pay Cut 21% Launched in 2019, CalSavers
has $39 million in assets from
111,000 workers, with 166,000
more enrolled whose employ-
ANNOUNCEMENTS BUSINESS OPPORTUNITIES

Following Risk Consent Order ers have yet to begin facilitat-
ing contributions, said Katie
Selenski, executive director.
Of the estimated 250,000

BY DAVID BENOIT will be succeeded by Jane Fra- got smaller paydays for 2020. companies in California with-
AND BEN EISEN ser, the bank’s president and Goldman Sachs Group Inc.’s out a retirement-savings plan,

the first woman to lead a ma- David Solomon took a $10 mil- about 8,700 have registered

Citigroup Inc. and Bank of jor Wall Street bank. lion cut, down to $17.5 million, for CalSavers, and about one-

America Corp. said Friday Bank of America cut the after his bank reached a set- third of that group have begun
they had slashed their CEOs’ pay of CEO Brian Moynihan by tlement with prosecutors over taking money out of workers’
2020 pay. 7.5% to $24.5 million, citing its role in a global corruption paychecks and remitting it to

At Citigroup, the bank cut the pandemic’s impact on the ring. Wells Fargo & Co.’s CalSavers for their employees’

Chief Executive Michael Cor- company’s financial perfor- Charles Scharf made $20.3 individual retirement ac-

bat’s pay 21% to $19.04 mil- mance. million, a 12% cut, after his counts, she said. The program

lion, citing a consent order The bank’s net income bank’s performance dropped. imposes staggered deadlines

!
that regulators slapped on the dropped by 35% in 2020 as it JPMorgan Chase & Co.’s Ja- for employers that don’t offer
BUSINESS OPPORTUNITIES

"# bank in October. The bank re- socked away money to prepare mie Dimon made $31.5 million plans to join by June 30, 2022.

duced other executives’ pay for soured loans. for 2020, unchanged in a year Workers can opt out, and
for the same reason, saying Mr. Moynihan’s pay in- when his bank had record rev- employers are barred from

! "
they shared responsibility for cludes $1.5 million of base sal- enue. making contributions.

"#$ %
! & ' "
()
% ** $(" " # (# !("!
(" #"##" ( %
! !
the problems. In the order, is-
sued in October, regulators
told Citigroup to fix its risk-
ary and $23 million of re-
stricted stock.
The bank’s board members,
The only big-bank chieftain
to get a raise was Morgan
Stanley’s James Gorman, who
The legal case against Cal-
Savers began in 2018, when
the nonprofit Howard Jarvis

(# ((

! ))
( !# ( ) management systems and who approved the pay pack- took the crown as the highest Taxpayers Association filed

$(" (
# (" $(" +(
#) flagged “significant ongoing age, said Mr. Moynihan’s com- paid banker, at $33 million, a suit in U.S. District Court for

deficiencies.” pensation also reflected how 22% increase from the year the Eastern District of Califor-

Mr. Corbat’s pay included a he steered the company before. Mr. Gorman inked two nia, seeking to invalidate the

$1.5 million salary, a $5.26 through the pandemic. They big acquisitions meant to con- program.

million cash bonus and $12.27 said he strengthened capital tinue to reshape his bank. In 2020, U.S. District Judge
million in stock-based com- and liquidity levels while also Citigroup’s profit, like Bank Morrison England Jr. dis-

pensation. returning money to sharehold- of America’s, fell sharply as missed the lawsuit, and the
+, !&-
%. &# /+/ 0 -$ #1$. 2,/
$

!"#$%&' '#(!)"$* The board said the bank’s ers. The board also cited the the bank prepared for a wave Taxpayers Association filed an

financial results in the pan- company’s efforts to help em- of bad loans. Citigroup’s profit appeal with the Ninth U.S. Cir-
demic were strong. However, ployees work from home and was down 41% in 2020 and cuit Court of Appeals.

the bank’s risks and controls to defer loan payments for shares fell 23%, worse than ri- Jon Coupal, president of
!
"
! " #

are one of the four “perfor- struggling borrowers. vals and the 14% drop in the the taxpayers association, said
mance pillars” that determine Both Mr. Corbat and Mr. KBW Nasdaq Bank Index. The the losing side is likely to
$ % &

Mr. Corbat’s compensation. Moynihan have to hit certain bank scrapped profitability eventually appeal to the Su-
! &

Mr. Corbat will retire at the performance targets to get targets that executive pay had preme Court. Mr. Coupal ques-
'''( # (

end of the month from the na- their full stock awards. been tied to, citing the pan- tioned the Labor Department’s
!%)$)!*%

tion’s third-biggest bank. He Other big-bank CEOs also demic. ability to back out of the case.

MARKETS
Stocks Close With Weekly Gains, Highs

BY KAREN LANGLEY ket,” said John Augustine, Index performance this week stretched valuations,” said Ja- to look ahead and should be
AND ANNA HIRTENSTEIN chief investment officer at son Pride, chief investment of- supported by the prospect of
1.75%
Huntington Private Bank. Nasdaq ficer for private wealth at the global reopening,” he said.
Major U.S. indexes closed at The S&P 500 rose 1.2% for Composite Glenmede. “I think if we didn’t As the corporate earnings
record highs Friday as stocks the week, while the Dow Jones 1.50 have those sort of valuations, season slowly winds down, in-
notched modest weekly gains. Industrial Average added 1%. the market probably would be vestors have been cheered by
Stocks hovered in record The tech-heavy Nasdaq Com- up more on these sort of news stronger-than-expected re-
territory this week, buoyed by posite advanced 1.7%. 1.25 items.” ports. With results in from
S&P 500
expectations for a fresh round In Friday’s trading, the S&P Investors also are grappling about three-quarters of S&P
of stimulus spending, strong 500 gained 18.45 points, or 1.00 with the evolving circum- 500 companies, more than
corporate earnings and prog- 0.5%, to 3934.83, its 10th re- Dow Jones stances of the pandemic, as 80% have surpassed estimates,
ress in the rollout of Covid-19 cord close of 2021. The Dow Industrial new variants of the virus and according to FactSet.
0.75 Average
vaccines. Jones Industrial Average hurdles faced by vaccination Profits from companies in
The week also brought re- edged up 27.70 points, or 0.1%, programs cloud expectations the stock index are expected
assurance that monetary pol- to 31458.40, its seventh record 0.50 for the timing of economic re- to have grown 2.8% in the
icy is likely to continue sup- close of the year. The Nasdaq covery. fourth quarter from a year
porting markets Composite rallied 69.70 points, “In the short term, it re- earlier, a sharp improvement
FRIDAY’S and the economy, or 0.5%, to 14095.47, its 12th 0.25 mains unclear when lock- from the decline of more than
MARKETS with Chairman record close this year. downs will end, and whether 9% projected at the end of De-
Jerome Powell The S&P 500 has risen 4.8% 0 consumers will rush out to cember.
saying Wednesday that the in 2021, while the Nasdaq spend on travel and entertain- Among individual stocks,
Mon. Tues. Wed. Thurs. Fri.
Federal Reserve is unlikely to Composite has gained 9.4%. ment when they are free to do dating app Bumble rose $5.15,
consider raising rates or re- The Russell 2000 index of Source: FactSet so,” said Willem Sels, chief in- or 7.3%, to $75.46 Friday after
ducing bond purchases for the small-cap stocks, which tend vestment officer of HSBC Pri- surging 64% in its trading de-
foreseeable future. to do well when the economy that stocks are looking pricey, times its projected earnings vate Banking and Wealth Man- but Thursday. PayPal added
“Will stocks move upward is strengthening, has advanced potentially muting future re- over the next 12 months, agement. $13.34, or 4.7%, to $298.37 af-
forever? No. But for the mo- 16% in the new year. turns even if positive news above a five-year average of Still, Mr. Sels remains opti- ter it said it expects to nearly
ment, the ingredients are After the recent march continues to arrive. The S&P 17.95. mistic about the prospects for double its active accounts by
there for a rising stock mar- higher, some investors caution 500 traded Thursday at 22.42 “We are at some reasonably growth. “Stock markets tend 2025.
ARK Investment Inflation Worries Drive Platinum Up

Irked by New Ark BY JOE WALLACE
Platinum prices have neared

BY JASON ZWEIG of the ‘Ark’ name and ‘ARKI’ their highest level in six years,
ticker is causing confusion driven by concerns about infla-
On Feb. 5, a new blank- among investors who are mis- tion and a sweeping rally in fi-
check or special-purpose ac- takenly thinking that either nancial markets that has pow-
quisition company began trad- our company…or Cathie Wood ered assets from stocks to oil
ing. The SPAC’s name, Ark organized it or are connected and bitcoin higher.
Global Acquisition Corp., is with it.” Most actively traded plati-
similar to that of superstar Five of ARK’s existing ex- num futures have risen about
fund manager Cathie Wood’s change-traded funds all have 17% in 2021 to $1,259 a troy
firm, ARK Investment Man- ticker symbols that begin with ounce, outpacing most other
agement LLC. the letters ARK, including one precious metals. Since their
But Ark Global Acquisition with the ticker ARKW. On Jan. nadir in March 2020, platinum
ANDREY RUDAKOV/BLOOMBERG NEWS

Corp., based in Nashville, 13, ARK filed to launch an- prices have more than dou-
Tenn., has no connection to other fund, ARK Space Explo- bled.
Ms. Wood or her New York- ration ETF, that would have Money managers have
based firm. the ticker ARKX. started pouring funds into
The SPAC’s prospectus says Mr. Staudt added, “This platinum, in part because the
it will “focus on US-based dis- new entity has the same metal is seen as a store of
ruptive technology companies stated focus as ARK Invest— value at a time when investors
that we believe have signifi- investment in disruptive tech- expect government spending
cant growth prospects and the nology. We believe that it is to lift inflation. Precious met-
potential to generate attrac- infringing ARK Invest’s trade- als are often viewed as a
tive returns.” mark, and have asked Ark hedge against rising consumer Platinum remains cheaper than gold. Above, the foundry at a metals plant in Krasnoyarsk, Russia.
The SPAC, trading under Global Acquisition to immedi- prices. After a run-up in the
the ticker symbol ARKIU, has ately change its name.” price of gold last year, some Change in precious-metal Supply and demand* mand for both metals could
also requested the tickers The SPAC is headed by Rich investors have turned to plati- futures prices, year to date of platinum suffer if the adoption of electric
ARKI and ARKIW. It gained Williams and Stephen Kren- num as a cheaper alternative. vehicles, which harness differ-
20% 8 million troy ounces
nearly 10% in its first three zer, the former chief executive “It’s a well-kicked dog ent materials including cobalt
trading days. and chief operating officer, re- that’s getting up,” said R. Mi- Platinum and lithium, gathers speed.
Silver Supply Demand
“We are not connected in spectively, of Groupon Inc. Its chael Jones, chief executive of 15 Investors are also betting
Palladium
any way with Ark Global Ac- chairman is Sultan Al- Platinum Group Metals Ltd., 6 that platinum will be in high
Gold
quisition,” said ARK Invest- maadeed, a former executive which is developing a palla- 10 demand if hydrogen-fuel tech-
ment Management’s Chief Op- at the Qatar Investment Au- dium, rhodium and platinum nology becomes widespread,
erating Officer Tom Staudt, thority. mine in South Africa. even if that is some years away.
“but are extremely concerned Mr. Williams didn’t respond Platinum’s comeback ini- 5 4 “It looks like it’s the start
that this company’s adoption to requests to comment. tially kicked off with a re- of a supercycle for metals in
bound in industrial consump- 0 general, and especially for
tion of precious metals. It has 2 green metals,” said Harry
Insight Partners Preps now been caught up in a

broader surge across asset
classes, powered by investors
–5
–10 0
Barr, chairman and chief exec-
utive of New Age Metals Inc.,
which is developing a plati-
For $12 Billion Fund who are piling into rising mar-
kets in the expectation of fur-
ther gains.
Jan. Feb. 2018
*Supply is of mined metal. Demand is net of recycled platinum.
’19 ’20†
num-group metals project in
Ontario, Canada.
Giving prices an extra boost,
This upswing, which has †Estimates based on information available at the end of October. sales of platinum to car makers
BY PREETI SINGH outs of public companies. come to be known as the “ev- Sources: FactSet (futures); Johnson Matthey (supply and demand) and sectors such as the glass
AND LAURA COOPER The firm focuses on subsec- erything rally,” has been industry have picked up in re-
tors that include software-en- fueled by low interest rates a $1.9 trillion stimulus plan. owned 3.9 million troy ounces cent months. That has lifted
Insight Partners, one of abled services and internet and forecasts for a global eco- The price of gold, which is of the metal at the end of Jan- demand at a time when disrup-
the oldest private investment companies, as well as soft- nomic rebound, and prompted also widely seen as a hedge uary, up from 3.4 million a tion at South African mines
firms focused on technology ware-as-a-service companies, concerns that there may be a against inflation, has fallen year earlier, according to the and processing facilities, in-
deals, soon plans to pitch its which have subscription-based jarring decline at some point. about 4% this year. It surged World Platinum Investment cluding outages at an Anglo
next flagship fund with a goal business models that often There are concerns that assets 24% in 2020, its biggest ad- Council, an industry group. American Platinum Ltd. plant,
of at least $12 billion, accord- generate strong recurring rev- such as platinum and bitcoin vance in a decade. The metal, “We have seen investors who has curtailed production.
ing to people familiar with the enue, according to documents are vulnerable to sudden which attracts investor atten- have owned gold for years re- Unlike palladium and rho-
matter. from Pennsylvania Public drops when sentiment shifts, tion when interest rates fall, cently moving into platinum for dium, there is no shortage of
The New York firm—which School Employees’ Retirement but no one knows when a pull- has lost momentum due to a the first time,” said Trevor Ray- platinum. Without demand
could start the fundraising pro- System. The pension system back might occur. rise in government bond mond, research director at the from investors, the market
cess as early as next month— committed $150 million to In- Platinum remains cheaper yields and a decline in politi- group. Some moved into the would have been in a surplus
will come to market less than a sight Partners XI. than gold—which fetches cal uncertainty following the market when gold prices rose to last year, according to Emma
year after it corralled $9.5 bil- Insight Partners’ latest $1,823 a troy ounce—as well presidential election. records last summer, he added. Townshend, an executive for
lion for Insight Partners XI in fundraise will benefit from the as palladium and rhodium. There are some telling For platinum, the rally corporate affairs at Impala
April, the people said. Insight increased investor demand for That has increased its allure signs that the demand from marks a turnaround. The mar- Platinum Holdings Ltd., a
is also currently seeking $875 technology-focused private-eq- for investors looking to pre- money managers for futures ket has languished due to a South African miner. Although
million for its first fund fo- uity funds, one of the people cious metals as a form of in- and exchange-traded funds slowdown in sales of diesel- there is some tightness in the
cused exclusively on preferred said. During the pandemic, insurance against rising prices tied to platinum has been powered cars following the market for platinum ingots
equity investments. creased need for new software in the broader economy. strong. Among speculative in- 2015 Volkswagen AG emissions sought by investors and jewel-
Insight provides between collaboration tools drove the Inflation is well below the vestors, bullish positions in scandal. ers, platinum sponge that is
$10 million and $350 million growth of software cloud ser- 2% pace the Federal Reserve is platinum futures outnumber One of platinum’s main uses used for industrial purposes is
of equity for technology com- vices. The market for such ser- aiming for. But a measure of bearish positions by the big- is in catalytic converters that abundant, she said.
panies, particularly software vices is poised to hit $312.25 how fast bond investors ex- gest margin since last Febru- help strip pollutants from autos Some investors say prices
companies, across a range of billion in 2021, a 19% increase pect prices to rise, known as ary, Commodity Futures Trad- that run on diesel. Another pre- are likely to run out of steam
capital structures that span from $262.45 billion in 2020, the 10-year break-even rate, ing Commission data show. cious metal, palladium, is fa- if money managers stop plow-
venture rounds to larger buy- according to Gartner Inc. has climbed on the prospect of ETFs backed by platinum vored for gasoline engines. De- ing money into the market.
Trading Share of U.S. equity trading

volume executed outside
exchanges, monthly
“We’re definitely in an area
where the level of off-ex-
change trading raises con-
practice that has drawn fresh
scrutiny since the GameStop
frenzy. Both internalizers and
the U.S. isn’t a problem. For
one thing, since many of the
most actively traded stocks
that the growing heft of inter-
nalizers might be hurting the
rest of the market by depriv-
Moves Off 50%

cerns,” said Justin Schack, a
partner at Rosenblatt. “Once
you start to see half or more
dark pools must release data
on each trade after execution.
But unlike exchanges, neither
have share prices of just a few
dollars, the percentage of off-
exchange volume is lower
ing institutional investors of
access to liquidity. When insti-
tutional investors buy or sell
Exchanges 40
30
of activity taking place away
from public markets, you have
to ask: What is this doing to
dark pools nor internalizers
are in the business of display-
ing price quotes, a key ingre-
when measured in dollars than
when measured in the number
of shares traded. In dollar
stocks such as Apple Inc. or
American Airlines Group Inc.
with a high degree of individ-
price discovery and market dient in allowing the broader terms, around 40% of trading ual activity, their transaction
Continued from page B1 quality? Are we getting to lev- market to see what a stock is volume is executed outside ex- costs are more than three
20
change and the Nasdaq Stock els that hurt the market?” worth and how its price is changes. times that of stocks for which
Market. The investors often Off-exchange trading isn’t moving. Executives at electronic less than 10% of trading vol-
get slightly better price terms 10 new. For years, institutional in- Other countries take a trading firms, as well as ana- ume comes from individual in-
from Citadel Securities and vestors have bought and sold stricter approach. In Canada, lysts and academics, stress vestors, the trading-analytics
Virtu than they would if their 0 shares on private venues for instance, all trades must that individual investors bene- firm GTA Babelfish said in a
orders were sent to exchanges. known as dark pools, while be executed on exchanges. In fit from having their orders recent report.
Some analysts worry that 2008 ’10 ’15 ’20 brokerages have sent small in- the European Union, a 2018 sent to internalizers because “These transaction costs
the shift away from on-ex- Source: Rosenblatt Securities vestors’ orders to internaliz- regulatory overhaul sought to of the better prices. “In terms are very insidious,” said GTA
change trading could erode ers, as the retail-trading plat- push more stock trading onto of the ecosystem and who’s ul- Babelfish partner Linda Gior-
transparency. When fewer willing to pay for shares. That forms run by Citadel Securities exchanges, though its results timately benefiting, it really is dano. “It’s something that eats
trades take place on ex- raises the risk that traders will and Virtu are known. have been mixed. the retail investor,” Virtu Chief into your overall return. And
changes, there is less informa- pay more when buying and get Such firms pay brokerages Firms that run off-exchange Executive Douglas Cifu said on you’re doing this over and
tion publicly available about less when selling than they for the right to trade against trading platforms say the cur- an earnings call Thursday. over and over again, every
the prices that investors are should. their customers’ orders, a rent level of dark trading in Still, some data suggest time you’re trading.”

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY
Women Investors
Are Bucking Stocks
Their cautious view of equities is a problem for female
investors and the rest of the finance world
“I think we’re a bit outnumbered, Some trading platforms did a

but we’re here.” So said one com- good job of signing up women dur-
menter on a Reddit thread about ing the pandemic. Just over a
whether women joined in the re- third of Robinhood users were fe-
cent WallStreetBets trading frenzy. male at the beginning of this year,
Female investors largely sat out up from 20.5% a year before, ac-
the riskiest bets taken on stocks cording to Cardify. For the finance
like GameStop. That may be no industry as a whole, though, at-
bad thing considering the video- tracting more female customers
game retailer’s stock is down over remains a frustratingly slow work
80% from its late-January peak. in progress.
But low female participation in Women tend to be more conser-
stock-market investing more gen- vative investors than men, prefer-
erally is a problem, for women and ring to put their wealth into real
the finance industry alike. estate, cash or bonds while steer-
Less than one-quarter of depos- ing clear of equities. Credit Suisse
its into U.S. brokerage accounts surveyed a sample of existing cli-
were made by women in January, ents and found that almost half of
according to consumer-spending its female customers have 90% of
data analytics firm Cardify. Glob- their wealth tied up in low-yield-
ally, the situation may be even ing cash and fixed income—well
worse: Israel-based brokerage over double the exposure the
eToro said that female investors Swiss bank recommends.
HANNA BARCZYK
make up just 14% of its registered That kind of caution has down-
users, most of whom are in the sides, particularly when interest
U.S. and Europe. rates are as low as they are today.
Since the global financial crisis,
cash has returned a paltry 0.6%
Wealth Gap annually, while 10-year Treasury
bills have returned 4.8%, based on for the future. Many women priori- higher-yielding assets. Robinhood in greater numbers and accept
Share of financial assets by gender
Portfolio Visualizer calculations. tize keeping what they have safe needs female customers to main- higher-paying jobs. That may auto-
Women Men By comparison, the U.S. stock mar- instead of investing in better-retain its blistering user growth as matically improve the situation, as
ket has averaged 12% a year. turning assets that could help off- the startup prepares for a poten- they have more money to invest and
North Governments and companies are set these pay gaps. The wider issue tial initial public offering. can afford to take greater risks with
America
increasingly shifting the responsi- here is that risk tolerance typically When they do enter the stock it. Catering to women’s financial
bility for a secure retirement onto rises with wealth, for both sexes. market, women’s investment be- needs is likely to become a more
Europe
individuals, raising the stakes for The finance industry also has a haviors often lead to good returns. competitive business in future.
individuals’ investment decisions. longstanding image problem with They tend to think long-term, Yet the finance sector also has a
China Getting women to increase their women. For some, investment jar- spread their risk by buying diversi- role to play. Robinhood makes
exposure to equities is all the gon is the turnoff; for others it is fied funds and rack up lower fees much of its mission to “democra-
Latin more important because they out- the sometimes patronizing finan- by trading less frequently than tize” the industry, and has indeed
America live men, so need their pension cial products targeted at them. men. That kind of steady capital turned more women’s heads in a
Asia pots to last longer. Warren Buffett once quipped might help to offset some of the ex- matter of months than some tradi-
Pacific The underlying reasons for that part of his investing success cesses seen in the market this year. tional brokerages managed in years.
women’s caution as investors are came from “only competing with Currently, women’s share of fi- With women still heavily outnum-
India complex. They are still paid less half the population.” In reality, few nancial assets globally is estimated bered on even the most accessible
than men. Earnings and pension people are benefiting from the sta- at 30% by Credit Suisse, or 40% in- apps, though, there is much further
Africa contributions can be disrupted tus quo. Women are missing out cluding real assets such as property, to go. Democratizing finance needs
when mothers take time out of the on a share of stock-market spoils. which tend to be more evenly dis- to include a better pitch to the
0% 25 50 75 100
workforce to rear children, hamper- Asset managers are losing out on tributed. Those numbers should other 50% of the population.
Source: Credit Suisse ing their ability to put money aside the higher fees that come from grow as women join the workforce —Carol Ryan
The Dash for Gas

ComesWith Risks
The LNG market could get very crowded, very fast
There are early signs of a new spot market at persistently low

wave of investment in liquefied prices, but a recent spike in Asia
ELAINE THOMPSON/ASSOCIATED PRESS
natural gas, oil’s cleaner cousin. reminded buyers of the risks of

The industry is trumpeting a new that approach. Customers increas-
capital discipline, but it might not ingly want long-term supply con-
be enough to stop another glut. tracts, creating an opportunity to
This week, Qatar signed off on a fund new projects.
40% expansion of its LNG produc- The risk is that everyone
tion capacity. The petrostate’s moves at once. Capital spending
North Field East project, due to be cuts following last year’s plunge
completed in 2026, ranks as the in commodity prices put many
single largest investment in the LNG plans on hold. Reviving them
Zillow has long been at the forefront of real estate’s transformation. The pandemic has raised its profile. fuel ever approved. all would result in about a billion
Even after a traumatic 2020, the extra metric tons of the fuel a
Waking Up to Zillow’s Costs

wider industry may find it hard to year, according to consulting firm
resist competitive responses. Rystad Energy. That’s nearly 10
LNG—the liquefied, shippable ver- times the amount it expects to be
sion of the gas that heats homes required by 2030.
and generates power across the Even now, global gas supply ex-
world—plays a key role in the ceeds demand. The Asian bench-
Buying Zillow Group’s stock holder letters. On Wednesday, Zil- same basis. Yet the majority of strategies of all five oil-and-gas mark jumped nearly 10-fold in the
today is like buying a home at the low posted quarterly unit eco- the improvement appears to be “supermajors.” It has better second half of last year, but mainly
height of the market. Literally. nomics for its Homes segment, driven by factors beyond Zillow’s growth prospects and emits fewer due to four temporary factors: a
The online real-estate company which houses iBuying. That data control. Zillow said operational greenhouse gases than oil, yet of- cold winter, traffic jams in the
posted stellar fourth-quarter re- showed Zillow making nearly improvements such as renova- fers a more familiar business Panama Canal, an LNG ship short-
sults Wednesday, showcasing 63% $22,000 on average per home it tions, holding and selling costs model than renewable energy. age and Beijing’s ban on Australian
revenue growth in its automated bought and subsequently sold be- accounted for roughly a third of LNG projects often take four to coal imports. Prices have already
home-flipping business. Mean- fore interest expense. the improvement in returns from five years to build and need buyer fallen back. New LNG ships and
while, revenue for its mortgages Mike DelPrete, a scholar in res- the third to the fourth quarter. commitments covering 80% to Chinese plans to build more local
segment nearly tripled year-over- idence on real-estate technology The majority was from rising 90% of production to get funding. gas-storage capacity will ease the
year, while its legacy Premier at the University of Colorado at prices and quicker turnover. Until recently, gas customers had pressure longer term.
Agent business is still going Boulder, on Thursday published a Zillow’s home business increas- moved away from contracts, in- All told, by 2030 the world will
strong, up 35%. blog post noting iBuyers were ingly matters to its overall bot- stead preferring to buy on the need an additional 104 million
Zillow surfing, hardly new, is “turning obfuscation of profit tom line as the unit expands. As metric tons of new LNG supply, ac-
having a moment thanks to the into an art form.” In it, he likens of the fourth quarter, revenue cording to Sindre Knutsson, an an-
pandemic. It even became the Zillow’s unit economics chart to was nearly equal to that of its Natural gas prices* alyst at Rystad Energy. Qatar’s new
punchline of a “Saturday Night “an immaculate conception ver- Premier Agent business, which project will provide nearly a third
U.S. Asia Europe
Live” skit this month, likening it sion of iBuying, where transac- currently makes up the bulk of its of that amount. In addition to the
to a 30-year-old’s adult fantasy. tions magically occur without em- high margin internet, media and $20 per million British thermal units supermajors, other LNG producers
Zillow is predicting home sales ployees, customers materialize technology segment. in Russia, Australia and the U.S.
this year will jump 21% with out of thin air, and technology is What, then, will happen if Zil- are all eager to supply more. The
home prices rising double digits. freely available for all.” low’s economists are overly opti- space could get very crowded.
But with Zillow’s shares up There are further expenses to mistic about the future state of the 15 Requiring sufficient supply con-
about 290% over the past year, account for, in other words. Mr. U.S. market? Fannie Mae’s January tracts is a good hurdle for any new
including an 18% gain Thursday DelPrete’s math shows that, after forecast shows new and existing LNG investment, but even that is
following its latest results, a cold all expenses, Zillow in fact lost home prices growing by an average no guarantee of good returns.
10
shower may be in order. $72,000 per home. That would ex- of less than 8% in 2021 with total The supermajors wrote off
Now 15 years old, Zillow has plain why Zillow also said its home sales rising by less than 4%— about $70 billion in oil-and-gas
long been at the forefront of real Homes business lost money, even well below Zillow’s estimates. assets last year. That serves as a
estate’s digital transformation. Its on the basis of adjusted earnings Encouragingly, Zillow reported 5 reminder of the big risk in fossil-
recent moves, including its shift before interest, taxes, depreciation total visits to its site were up 19% fuel investing: The returns on
into iBuying and its acquisition of and amortization, in the fourth year-over-year in 2020, suggest- these multiyear LNG projects
virtual home-touring company quarter, while it showed positive ing there is still a lot of pent-up won’t become apparent for years.
ShowingTime, are sure to solidify returns on a per home basis. desire in the real-estate market. 0 Gas might seem a safer bet than
its position. But consumer demand The company is making prog- The question for investors is just March 2020 ’21 oil for a decarbonizing world, but
doesn’t automatically mean profit. ress. Mr. DelPrete estimates Zil- how much consumers’ fantasies it comes with many of the same
*U.S. is Henry Hub; Europe is Dutch Title Transfer
You wouldn’t necessarily know low lost nearly $129,000 in the will play out in real life. Facility; Asia is Japan/Korea Marker (Platts) challenges.
that from reading Zillow’s share- third quarter per home on the —Laura Forman Source: FactSet —Rochelle Toplensky

CULTURE | SCIENCE |
Taming Big Tech
New software could limit
the major platforms’ power
by giving users control C3
POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. * * * *
Fredericksburg
A Civil War battle’s impact
on the lives of five famous
participants Books C7
Saturday/Sunday, February 13 - 14, 2021 | C1
The Next
Fast forward to 2023.
The Covid-19 pandemic is largely behind
us. Most of the world has been vacci-
Pandemic Is emergence, start to investigate the
event within one day and report it then,
and mount an effective response—de-
nated, though we have to tamp down
occasional flare-ups and people some-
times still wear masks. While we mourn
the millions who died, we have entered
Coming. fined by clear, specific benchmarks for
different pathogens—within seven days.
These goals will help governments
focus attention and re-
WILL WE
a post-pandemic world in which most sources. Part of the re-
things are more or less as they were be- luctance to fund health Every
fore Covid-19. Travel and trade are unre- preparedness has been country
stricted; everything from dinner parties a lack of simple mea-
should be
BE READY?
and big weddings to stadium concerts surements of progress.
and megachurch services are being held One reason for the able to
again; and economies are booming to broad bipartisan sup- identify any
keep pace with pent-up demand. port for the global bat-
Then, just as suddenly as Covid-19 tles against HIV and
new
emerged, disease detectives discover a malaria has been the suspected
fresh cluster of a new, pneumonia-like appeal, to American outbreak
illness. Testing quickly confirms that it The world must move urgently politicians and voters
isn’t a variant of Covid-19 but a new in 2021 to develop strategies and systems alike, of clear metrics: within seven
influenza virus that jumped—somehow, the numbers of people days of
somewhere—from birds to humans.
for fighting diseases that treated, bed-nets dis- emergence.
The new virus is as infectious as the could be even deadlier than Covid-19. tributed, lives saved.
one that caused Covid-19 but four For HIV, the goal has
times as deadly. And By Tom Frieden been what the U.N. calls “90-90-90”—
unlike Covid-19, but ensuring that 90% of people infected
The costs of like the devastating with HIV know their status, getting sus-
1918 influenza pan- tained treatment to 90% of those diag-
preparedness demic, the new virus nosed and suppressing the viral load of
will be is particularly deadly lead to a disease with the terrifying le- how to fight the last war better. Now is 90% of the people on treatment. This
dwarfed to young adults—and, thality of Ebola. Or a highly drug-resis- the time to get ready and to realize that strategy has turned concrete, lifesaving
in this case, also to tant bacterium could spread rapidly. Or the costs of preparedness will be outcomes into targets for global action.
by the price children. a laboratory could develop an untreat- dwarfed by the price of disaster. Here Meeting the 7-1-7 goal, or something like
of disaster. A horrifying influ- able, vaccine-defying strain of a virus or are six urgent steps the world must take Please turn to the next page
enza pandemic isn’t bacterium and—intentionally or by acci- to become far more pandemic-proof.
the only nightmare dent—release it into the world. Dr. Frieden was the director of the
scenario that could be worse than The world wasn’t ready for Covid-19. 1. Set a new goal for early warning Centers for Disease Control and
Covid-19. Think of the hundreds of thou- Will we be ready for the next, inevitable and response: 7-1-7. Prevention from 2009 to 2017. He is
sands of cases of tick-borne Lyme dis- pandemic? We will have to respond rapidly to any the president and CEO of Resolve to
ease in the U.S. each year. In other parts To prepare, we must start by under- potentially major new health threat. I Save Lives, an initiative of the
of the world, some ticks spread Ebola- standing that the lessons from battling suggest a goal of “7-1-7”: Every country public-health organization Vital
like illnesses, and if these infections Covid-19 aren’t just about Covid-19. We should be able to identify any new sus- Strategies, and a senior fellow at the
spread to the U.S., tick-bites could also will fail if we learn nothing more than pected outbreak within seven days of Council on Foreign Relations.
ILLUSTRATION BY DOUG CHAYKA
Inside
WEEKEND CONFIDENTIAL
Fellow HISTORICALLY
SPEAKING
JASON GAY
After decades in an
industry obsessed with Feeling Red roses have
The unexpected
online joys of
youth, fashion legend Shakespeare’s plays been a symbol of a band banging
Norma Kamali has offer a lesson for our romantic passion salad bowls and
divided times: how
written a ‘handbook on to empathize across since long before a lawyer who’s
aging with power.’ C6 boundaries. C4 St. Valentine. C5 a cat. C6

C2 | Saturday/Sunday, February 13 - 14, 2021 * *** THE WALL STREET JOURNAL.
REVIEW
Preparing
The World to Face
New Pandemics
Continued from the prior page reason for the rocky U.S. rollout
it, is essential to a safer planet, but it of Covid-19 vaccinations.
won’t be easy. It will require several But even with more money
other steps. and better technical assistance,
the world won’t be able to meet
2. Bolster the capacity of coun- the 7-1-7 goal unless it is orga-
tries to prepare and respond. nized for success.
The Centers for Disease Control
and Prevention (CDC) have learned 3. Let global institutions fo-
a crucial lesson over the past two cus on what they do best.
decades: The best emergency re- As the lead U.N. agency for
sponses use everyday systems that global public health, the WHO
are robust enough to scale up in an remains the indispensable an-
emergency. Yet efforts to strengthen chor of such efforts. The organ-
such systems are often unfocused. ization has obvious limitations:
Enhancing countries’ capacities will It has often been underfunded,
require substantial resources, ro- underpowered and reluctant to
bust technical assistance and an in- criticize governments. But it
sistence on accountability. performs several indispensable
As noted in a recent study by the roles: providing evidence-based
Institute for Health Metrics and public-health guidance, facili-
Evaluation, a global-health research tating international collabora-
group at the University of Washing- tion, openly tracking data and
ton School of Medicine, annual fund- helping countries to strengthen their ernments, which have steadily in- tant, the Global Fund could both A nurse midwife prepares a
ing for global health in 2019 was an public-health efforts. creased their investments in the generate and disburse funds for na- vaccine shot in an immunization
estimated $41 billion (less than 20% The WHO needs real reforms to Global Fund and Gavi because of tional preparedness. It could offer program supported by Gavi, the
of which came from the U.S.). Of meet its mission. It must be much their efficiency, accountability and not just money but specific bench- Vaccine Alliance, in the village of
that total, the group estimated that better insulated from political and impressive results. But both entities marks toward the 7-1-7 goal and a Purani Panapur, India, 2013.
less than 1% was for pandemic pre- geographic considerations in the were created without strong techni- new, pandemic-specific structure for
paredness—some $374 million. hiring and promotion of staff, as cal components (in large part to ownership and oversight in recipi- face resistance by researchers, de-
Credible estimates of the amount well as in its assessments of coun- avoid alienating the WHO), and the ent countries, involving ministries mand inspections and still fail to
needed to boost preparedness (be- tries and recommendations to WHO hasn’t been able to provide suf- of finance, health, agriculture and eliminate the risk of bad actors. But
yond current investments) in low- them. A stronger WHO could pro- ficient specialized expertise to ensure more, as well as the private sector we urgently need it nonetheless.
vide robust technical support to that Global Fund and Gavi programs and civil-society groups. We must also reduce the risk of
governments world-wide, especially reach their potential. diseases spreading from animal
Countries through its proposed Global Strate- These new entities have brought 5. Persuade the world to respond populations to humanity. Most dan-
large and small gic Preparedness Network. far more resources, energy and ac- globally and address dangerous gerous new pathogens emerge from
As the world faces 21st-century countability into global health, but gaps. human contact with animals, often
need to step up. pandemics, its international public- they haven’t substantially strength- “An eye for an eye leaves the because of our encroachment into
Covid-19 health structures still come largely ened laboratory capacity, disease whole world blind,” as the old say- traditional habitats. A global, en-
has cost from post-World War II agreements, monitoring, primary care and other ing goes. Today, failures of global forceable compact, as proposed by
with newer entities often grafted capacities essential to beating cooperation worsen the spread of Vanda Felbab-Brown of the Brook-
the world some awkwardly onto them. The WHO Covid-19 and future pandemics. infectious diseases by leaving the ings Institution and others, would
$20 trillion. was central to global health during world blind to emerging threats. But help to end the commercial sale of
The next the Cold War era, with a prominent 4. Get buy-in from wealthier coun- by working together—by sharing wild animals for food. In parts of
role for the U.S. CDC too, but new tries and major philanthropies. data, knowledge and resources—we Africa and Asia where bush meat is
pandemic could entities—including new national By working together to strengthen can increase our shared safety and important to nutrition, we will also
be even deadlier— and regional CDCs based on the U.S. early-warning systems, share data, security. need economic measures that make
and costlier. model—have reshaped the land- improve rapid-response capacities One neglected issue is improving it easier to substitute other locally
scape of global health. and strengthen health-protection sys- laboratory safety. Some lab errors available sources of protein, and
The two largest new public- tems world-wide, we can save mil- are inevitable, but we have insuffi- much stronger programs are needed
and middle-income countries start health groups—the Global Fund to lions of lives and trillions of dollars. cient global standards—and no to reduce the risk of influenza
at $5 to $10 billion a year for the Fight AIDS, Tuberculosis and Ma- This will cost billions a year, spent by spreading from birds and swine to
next two or three years, continuing laria and Gavi, the Vaccine Alli- countries large and small, but that people.
for at least a decade. This would ance—have a combined budget that pales in comparison to the Interna- We must Finally, the world must increase
come in addition to funding for bet- is about twice that of the WHO. tional Monetary Fund’s October 2020 its manufacturing capacity for diag-
ter research, primary healthcare Some new philanthropies, particu- estimate that Covid-19 has cost the act now: nostics, treatments and vaccines.
and other steps essential for prog- larly the Bill & Melinda Gates Foun- world some $20 trillion. The next 2021 is the Pathogens spread, so we cannot
ress. This is serious money, but it is dation and the Wellcome Trust, are pandemic could be even deadlier— now-or-never leave millions without access to the
dwarfed by the costs of an out-of- also large and influential. and costlier. top-quality diagnosis, treatment and
control pandemic, as we have all The Global Fund is a major finan- The world needs new financial moment vaccines we want for ourselves. The
painfully learned. cier of programs to combat the three mechanisms for readiness that can to improve Rand Corp. has warned of the dan-
Many countries will need technical diseases in its title, while Gavi helps administer funds efficiently, offer- gers of “vaccine nationalism,” in
assistance, which can be provided in to negotiate and finance vaccines for ing accountability and boosting con-
global which “countries push to get first
part by the World Health Organiza- lower-income countries. Both are in- fidence for government invest- resilience. access to a supply of vaccines, po-
tion and its networks, as well as by ternational organizations that aren’t ments. The World Bank, the African tentially hoarding key components
the U.S. CDC. Such efforts could be part of the U.N. and aren’t under Development Bank, the Asian Devel- for vaccine production.”
complemented by additional regional WHO control. They receive their sub- opment Bank and other entities can global oversight—to reduce the risk Such short-sighted behavior is
public-health organizations. For in- stantial resources from country gov- play important roles. Most impor- of unintentional release of deadly both ethically indefensible and po-
stance, during the Covid-19 pathogens, as may have occurred litically inevitable. One solution
crisis, the newly created Af- with influenza from an accidental would be to increase manufacturing
rica Centres for Disease Con- laboratory release in the former So- by countries with relatively small
trol and Prevention (a public- viet Union in the late 1970s and is populations, which would be able to
health agency of the African documented to have occurred with vaccinate their own populations
Union officially launched in smallpox in the U.K. in 1978 and without having much impact on the
2017) has supported stronger with SARS in China in 2004. overall supply. The world could also
disease-tracking and response Release of a biological agent work to boost manufacturing capac-
systems, as well as a rapid ex- could be as deadly as a nuclear war, ity through companies that accept
pansion of sorely needed lab- and we need similarly vigorous sys- global financing in exchange for
oratory services on the con- tems of standards and inspections their agreement to produce reason-
tinent. The European Union to reduce that horrifying risk. Ad- ably priced products that meet
announced late last year a vances in biological science have stringent standards and to distrib-
20-fold increase in funding made it increasingly easy to create ute them in underserved regions.
for the European Centre for dangerous pathogens. A global com- Exciting new technologies such as
Disease Prevention and Con- pact to limit the number of labora- mRNA—which made possible the
trol (founded in 2004), and tories, personnel and experiments first two Covid-19 vaccines licensed
discussions are under way and to more safely manage them in the U.S.—raise the promise of
about creating similar re- could substantially reduce the risk. platforms that can be rapidly repur-
gional disease-control cen- Even reaching this modest goal posed to tackle new threats. Globally
ters in Southeast Asia and would be difficult: It would be ex- supported mRNA production facili-
the Middle East. pensive, require global agreement, ties could help end the current pan-
Stronger bilateral pro- demic and, potentially, pro-
grams from the U.S., the U.K. duce lifesaving vaccines and
FROM TOP: GAVI/2013/MANPREET ROMANA; FABRICE COFFRINI/AFP/GETTY IMAGES; AMREF HEALTH AFRICA/KENNEDY MUSYOKA
and other wealthy countries can also medicines that would create a
help. China would be likely to follow sustainable business model,
suit and increase its own global pub- with sales to public and pri-
lic-health engagement. Structured vate purchasers between pan-
well, this could be an area for U.S.- demics.
Chinese collaboration. But more than all this, we
As recent studies in the Lancet need a new global attitude.
and other medical journals have
noted, the Covid-19 pandemic has 6. Don’t wait.
underscored the central importance We must act now: 2021 is
of primary care. New infectious dis- the now-or-never moment to
eases will be able to spread widely improve global resilience in
until patients can afford to go to facing future pandemics. We
health centers as soon as they feel ill, can’t know the character or
clinicians are trained to diagnose and the timing of the threats
report patients with unusual condi- ahead, but they are inevitable.
tions, and health centers can provide There is no time to lose in
accessible treatments and vaccina- making preparations.
tions. Most countries haven’t in- Public-health decisions are
vested remotely enough in primary unavoidably political. Failing
care—including the U.S., which per- to act, in the face of Covid-19’s
forms abysmally on core measures of proof that the world is danger-
primary-care quality. This is a major ously vulnerable, would also
be a decision. This year, when
Above right, the World Health the urgency of such work is so
Organization’s Geneva headquar- clear, we must make signifi-
ters. Right, health workers sup- cant investments to protect
ported by the Global Fund outside and expand global health—or
a local health facility, Homa Bay we and our children will face
County, Kenya, May 2020. the dire consequences.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 13 - 14, 2021 | C3
REVIEW
BY BARAK RICHMAN
AND FRANCIS FUKUYAMA
T
witter’s decision to kick
Donald Trump off its plat-
form was welcomed by
many liberals as a neces-
sary response to a presi-
dent who had incited the January 6
storming of Congress. But many of
those not particularly friendly to Mr.
Trump were nonetheless troubled that
Twitter had grown so powerful that it
could silence a U.S. president. The
Russian anticorruption activist Alexei
Navalny, in a series of tweets a few
days before his recent arrest, ex-
pressed similar worries about Twitter
using its power against champions of
democracy.
The prevailing approach to protect-
ing political speech on the major digi-
tal platforms has been to pressure the
companies to self-regulate by creating,
for instance, oversight boards of out-
side experts. But leaving these mo-
mentous decisions in the hands of pri-
vate companies is not a long-term
solution; they have neither the legiti-
macy nor the capacity to make such
decisions in the public interest.
The core issue is the oversize
power of Twitter, Facebook and
BRIAN STAUFFER
Google in controlling political dis-
course. One measure with some con-
gressional support is to repeal or
change Section 230 of the Communi-
cations Decency Act, which limits the
How to Quiet
liability of platforms for the content
they carry. But reform could hurt party companies would create and op- ing the decentralized place it was de-
small companies more than the estab- erate software to curate and order the signed to be, rather than a sphere
lished giants, who can more easily de- content that users see on their digital dominated by a few large companies.
The Megaphone
velop algorithms and hire personnel to platforms, according to This solution would require the co-
filter out problematic content. the users’ preferences. operation of the major platforms and
The question is how to reduce the Users could insert their new powers for federal regulators, but
power of today’s digital monopolists preferred middleware as it is less intrusive than other remedies
without losing the substantial social plug-ins to the plat- currently receiving bipartisan support.
Of Big Tech
value they offer. We believe that a forms and thus choose In an earnings call this week, Twitter
structural solution is possible: requir- their own trusted intermediary to sort CEO Jack Dorsey endorsed “giving
ing the dominant platforms to allow their news, rank their searches and or- more people choice around what rele-
users to select their own output from der their feed of tweets. vance algorithms they’re using. You
the algorithms. This would depend on Were Donald Trump allowed back can imagine a more market-driven and
the creation of a new kind of “middle- onto Twitter, middleware would allow marketplace approach to algorithms.”
ware.” The term normally refers to users to choose how much to hear Regulators would have to ensure that
software that connects operating sys- Today’s often toxic social-media from him—potentially dampening his the platforms allow middleware to
tems with applications, but we envi- environment calls for a fix that puts choices virality through their choices and, function smoothly and may need to
sion software that puts a filtering most significantly, reducing the im- establish revenue-sharing models to
layer between big platforms and their
back in the hands of consumers. A new layer pact of any decision made by Twitter make the middle-layer firms viable.
users. It would give consumers a sim- of ‘middleware’ can do that. executives. Surveys suggest that many But such a shift would allow the plat-
ple, powerful tool to manage the con- users would prefer a calmer, less divi- forms to maintain their scope and pre-
tent that reaches them. sive internet; this plan would put that serve their business models. Moreover,
The problem with today’s digital The power of the digital platforms Others have suggested using the to the test. middleware would allow Twitter, Face-
monopolists is not that they carry fake extends far beyond their public deci- antitrust laws to curtail the power of Middleware would outsource con- book, and Google to continue deliver-
news or conspiracy theories; this con- sions to suspend certain accounts. The the major platforms. But these laws tent curation from the major plat- ing their core services to users while
tent is unfortunately widespread, and voices people hear on these platforms were designed to correct economic forms to a new, competitive layer of shedding the duty of policing political
the First Amendment protects Ameri- are the product of hidden algorithms harms and cure monopolistic abuses. smaller companies. Once platforms speech.
cans’ right to express what they want. that the platforms can tweak at any The major platforms may be guilty of Could middleware further fragment
The real harm comes from those few time without public notice. Twitter al- such abuses, which is why Facebook the internet and reinforce the filter
companies’ ability to amplify certain gorithms determine which tweets us- and Google are being taken to court by The real harm bubbles that have fed the polarization
voices while excluding others. This ers see, Facebook algorithms dissemi- the Federal Trade Commission, Justice of American politics? Perhaps, but the
power is a product of scale economies, nate certain news feeds, and Google Department and many state attorneys comes from a aim of public policy should not be to
in which one large platform generates algorithms sequence news, advertise- general, to say nothing of their legal few companies’ stamp out political extremism and
more attention, participation and ments and other search results. These problems in the European Union. conspiracy theories. Rather, it should
value than multiple smaller ones, and algorithms are utterly nontransparent; (Twitter has not faced the same scru- ability to reduce the outsize power of the large
a business model that relies on captur- they invisibly take away from users tiny.) amplify certain platforms and return to users the
ing user attention for advertisers. much of their ability to control what But none of the remedies currently power to determine what they see and
These platforms squeeze out alterna- appears in their feeds. being sought would address the po-
voices and hear on them.
tive platforms while fueling virality, Some have argued that banning Mr. tential political harms of the plat- exclude others. Middleware offers a structural fix
thereby advancing the loudest, most Trump from Twitter violates the First forms’ control over political speech, and avoids collateral damage. It will
provocative voices. Amendment and amounts to censor- except perhaps a full AT&T-style not solve the problems of polarization
Their ability to amplify or silence ship. This is wrong in a technical breakup. That outcome is not only po- open themselves to middleware, little and disinformation, but it will remove
speech has reached a scale large sense, since the First Amendment con- litically and legally unlikely, but it technical expertise is required to craft an essential megaphone that has
enough to potentially sway elections strains only government action; it ac- would take years and likely prove inef- a new algorithm, and even nonprofit fueled their spread. And it will en-
and shape policy outcomes. It consti- tually protects the right of the plat- fective because other dominant digital entities or local civic organizations hance individual autonomy, leveling
tutes a form of concentrated political forms to carry what they want. companies would rise to take the place could sponsor their own. Middleware the playing field in what should be a
power similar to leaving a loaded gun Nonetheless, there is some truth to of today’s giants. need not alter the platforms’ general democratic marketplace of ideas.
on the table. We may believe that the the censorship charge. These plat- The great advantage of the “mid- appearance or workings. Instead, by
person sitting opposite us today will forms are so central to political speech dleware” solution that we propose is filtering the platforms’ algorithms ac- Dr. Richman is a professor of law
not pick up the gun and shoot us with that they have become, in effect, the that it does not rely on an unlikely cording to consumers’ choices, it and business at Duke University.
it, but trusting the good intentions of new American public square, compa- revolution in today’s digital landscape would give users greater control over Dr. Fukuyama is a senior fellow at
individual actors is not a sustainable rable to the three dominant television and could be done relatively quickly. the information they see. The internet Stanford University’s Freeman
approach for any democracy. networks in the 1950s and ’60s. How would it work? A spate of third- would return in some respects to be- Spogli Institute.
From Boar ferred to “Buckaneers or Hunt-

ing French-men, that follow
tional Football League, “Tampa
Bay Buccaneers” was chosen as
their Game.” the name. In 1974, a local radio
Hunters to The Spanish authorities in the
West Indies did not take kindly
station held a competition to
name the coming team and
Pirates to to the “boucaniers” in their
midst and sought to stamp them
“Buccaneers” won out. A year
later, the name was made offi-
WORD ON
THE STREET Football out. The game hunters found
common cause with local pirates
cial. Team owner Hugh Culver-
house said the name captured
BEN
ZIMMER Champs known in Spanish as “filibuste-
ros” (the source of the English
word “filibuster”), and the “buc-
the spirit of the Florida coast’s
piratical past, and he hoped the
team would be “as aggressive,
caneer” name was transferred to high-spirited and colorful as
these piratical rovers more gen- were the old buccaneers.”
WHEN THE TAMPA BAY Bucca- endary pirate José Gaspar, word “barbecue.” erally. The word caught on in The team was immediately
neers celebrated their Super known as “the Last of the Bucca- In the Brazilian language of English in 1684, when Alexandre nicknamed “the Bucs,” with a
Bowl victory over the Kansas neers.” Tupi, meanwhile, the wooden Exquemelin’s book “The Bucca- mascot of an Errol Flynn-style
City Chiefs, they did so in a style The team’s name brings to grill was called “mokaém” or neers of America” was published pirate known as “Bucco Bruce.”
befitting their name: with a mind romantic images of swash- “bokaém.” In French, the latter in translation. (Baseball’s Pittsburgh Pirates
rowdy boat parade. bucklers on the high seas. But word got transformed into “bou- In the 18th and 19th centu- also got nicknamed “the Bucca-
In Wednesday’s nautical cele- the origins of the term go back can,” first appearing in print in ries, as actual pirates became neers,” shortened to “Bucs” or
bration, a flotilla of boats car- to hunters grilling the meat of the explorer Jean de Léry’s “His- less common, the figure of the “Buccos,” starting around 1900
wild animals in the Ca- tory of a Voyage to the Land of outlaw buccaneer began taking in local sports pages.)
[Buccaneer]
ribbean. Brazil,” published in 1578. on more heroic imagery through While the Buccaneers have
When Europeans be- French colonists in the Carib- literary retellings. Stories circu- gone all in on the piratical
gan colonizing Latin bean continued using the word lated about the apocryphal José theme, firing cannons from a pi-
America, they incorpo- “boucan,” especially among Gaspar plundering the Spanish rate ship after touchdowns in
rated many indigenous landless hunters on the island of Main from his base in southern home games, the name also has
practices. One was slow- Hispaniola (present-day Haiti Florida. His legend was en- earned criticism. The historian
ried Tom Brady and his carous- roasting meat over a fire using a and the Dominican Republic), shrined in 1904 when Tampa be- Jamie L.H. Goodall recently
ing teammates along the wooden framework. In Taíno, known as “boucaniers.” The gan holding its Gasparilla festi- wrote in the Washington Post
Hillsborough River near down- spoken on several Caribbean is- “boucaniers” hunted wild boars val, modeled after Mardi Gras warning of the “danger in ro-
town Tampa to the city’s port. lands, this cooking method was for their meat and cattle for celebrations in New Orleans. manticizing ruthless cutthroats.”
JAMES YANG
The procession resembled called “barbacoa,” which was their hides. The earliest known It wasn’t too surprising, then, In the case of these football cut-
Tampa’s annual Gasparilla Pirate borrowed into Spanish and even- appearance of the word in Eng- that when Tampa was awarded throats, Chiefs fans may have
Festival commemorating the leg- tually gave rise to the English lish, in a 1661 travelogue, rean expansion team in the Na- felt particularly plundered.

REVIEW
What Shakespeare Can

MIND & MATTER
SUSAN PINKER
A Live Feed
Of the Teach Us About Empathy
Arguing Brain
MOST PEOPLE WOULD
agree that verbal spar-
ring feels more taxing
than simply nodding
and agreeing. Defending
a position while attacking your oppo-
nent’s is stressful. So how does the
human brain register that tension?
Until recently, no one knew. Captur-
ing in-the-moment psychological
states has long been the role of func-
tional magnetic resonance imaging, or
fMRI. As miraculous as this brain im-
aging technology can be, the machines
can accommodate just one person. As
such, they are not ideal for assessing
the social brain.
Joy Hirsch, a professor of neurosci-
ence at the Yale School of Medicine,
and a team of colleagues and students
came up with a workaround that al-
lowed them to peer under the meta-
phorical hoods of two people while
they were interacting. The team used
an alternative neuroimaging method
called functional near-infrared spec-
troscopy, or fNIRS, which deploys light
to capture the changing energy re-
quirements of the brain. Instead of ly-
ing alone and immobile inside a mas-
sive electronic doughnut, as happens
with fMRI, fNIRS simply requires the
conversation partners to don wired-up
bathing caps. They are out in the
open, free to gesticulate and move
naturally.
In a study published last month in BY PAULA MARANTZ COHEN In an age of political division, Laurence Fishburne as Othello
T
the journal Frontiers in Human Neuro- plays like ‘Othello’ and (left) and Kenneth Branagh as
science, Dr. Hirsch and colleagues used he anger and un- Iago in a 1995 film adaptation
this technique to assess the neural willingness of many
‘The Merchant of Venice’ offer lessons of Shakespeare’s play.
function of two people discussing con- Americans to listen in understanding difference.
troversial topics such as same-sex to those with differ- described as a monster, Shake-
marriage and the death penalty. They ent opinions is a se- speare shows that he appreciates
discovered that “there’s a profound rious societal problem. But the by a deep sense of grievance. Iago, have sense like them: they see, beauty and has a capacity for lyri-
difference between our brains when solution to this toxic state of a coarse, lower-class soldier, never and smell,/And have their palates cal expression. Like Shylock, if he
we’re arguing versus when we’re things must begin on the level of has a speech like Shylock’s “Hath both for sweet and sour/As hus- is a villain, it’s because he has
agreeing,” Dr. Hirsch told me. It’s not the individual, with the way we not a Jew eyes,” but he explains bands have.” In the end, Emilia is been driven to it by persecution,
just that arguing takes more effort; the listen and speak to relatives, bitterly in the play’s first scene another of Iago’s victims, stabbed as he tells Prospero: “You taught
difference is also qualitative, recruiting neighbors and colleagues whose that he is deeply resentful at hav- to death after she reveals her me language; and my profit on’t /
different swaths of neural real estate. views may be diametrically op- ing been unfairly passed over for husband’s trickery. Is, I know how to curse.”
When the two participants agreed, posed to our own. Lessons for promotion: “’Tis the curse of ser- A different kind of marginality What may be the most pro-
an unexpected brain synchrony modeling this kind of empathy vice,/ Preferment goes by letter is represented in “King Lear,” the found of all of Shakespeare’s reve-
emerged. “There’s more looking at can be found in literature—above and affection, /And not by old gra- monumental tragedy written lations is that Caliban is not just
each other’s faces, there’s more social, all, in Shakespeare, whose plays dation.” The man promoted in his around 1605, at the height of a slave to Prospero but part of his
sensory and motor cortex involve- are a great antidote to extremism place is the inexperienced but Shakespeare’s powers. Lear be- essential nature. For all his
ment,” Dr. Hirsch said. But when they and mean-spiritedness. more refined Cassio, whom Iago gins the play faced with the di- knowledge and seeming benefi-
argued, “there’s more engagement of The renowned literary critic convinces Othello is having an af- minishment that comes with age, cence, Prospero can be capricious,
the language and cognitive areas of Harold Bloom asserted that Shake- fair with Desdemona. announcing that he will step aside controlling and subject to fits of
the brain. A massive amount of think- speare “invented the human,” re- Othello becomes a murderer be- and divide his kingdom among his anger, giving resonance to his de-
flected in the rich interior lives of cause he believes that, as a Black three daughters. But he is unwill- scription of Caliban in the last
his characters. But it’s not just man, his wife cannot love him the ing to accept the loss of power, act: “this thing of darkness/I ac-
that Shakespeare’s characters are way she would someone of her and this fuels his tyrannical rage knowledge mine.”
recognizably human; it is that the own background. Iago becomes a at his daughter Cordelia, who— The idea that otherness exists
plays are constructed to make us villain because, as a man without unlike her treacherous sisters— within us as well as outside of us
more human. They elicit empathy polish or pedigree, he believes he will not flatter her father by tell- gains power and complexity as we
for people whose backgrounds, sit- ing him what he wants to hear. In move through Shakespeare’s
uations and bodies are different the end, Lear and Cordelia both plays. His ability to probe the
from our own—characters we The plays pay with their lives for his lack of wellsprings of his characters’ ac-
might otherwise dismiss, dislike or self-knowledge. tions, to see beyond the flat moral
even abhor. teach that Lear’s case applies to us all: lessons of his sources, should be a
“The Merchant of Venice,” writ- otherness We are destined to lose power guide for us as citizens. It is easy
TOMASZ WALENTA
ten in the late 1590s, was Shake- and become marginal figures, if to react thoughtlessly to people
speare’s breakthrough play in this exists we live long enough. Shakespeare who seem alien; it is much harder
regard. The plot is principally within us as encapsulates this insight in the to see things from their point of
taken from a 14th-century Italian famous “Seven Ages of Man” view, to recognize what influ-
tale, “Il Pecorone” (“The Simple-
well as speech in “As You Like It,” which ences, in which we may be com-
ing and strategizing goes on during ton”), about a young merchant outside us. proceeds through comic represen- plicit, have formed or deformed
disagreement.” who borrows money from a Jew- tations of each stage of human their characters. That is the les-
The study involved 38 people under ish moneylender and offers a life but turns to tragic pathos at son that Shakespeare’s plays
age 30 who were recruited through fli- pound of his own flesh as security. has been disrespected and over- the end: “Last scene of all/That teach and that needs to be
ers distributed around the Yale cam- But in that story the moneylender looked: “I know my price, I am ends this strange eventful history/ grasped today more than ever.
pus. Though the participants were all is an uninflected villain, while worth no worse a place,” he de- Is second childishness, and mere When we address one another
Yale students, their backgrounds were Shylock, the equivalent character clares. Today, we understand the oblivion,/Sans teeth, sans eyes, with empathy, disagreements
diverse and many had opposing opin- in Shakespeare’s play, is given racial injustice that lies behind sans taste, sans everything.” don’t go away, but compromise
ions on controversial topics. psychological depth and pathos. Othello’s fate but are likelier to re- But Shakespeare’s empathetic and unity are easier to reach.
The researchers divided the sub- “Hath not a Jew eyes? Hath not a main blind to the class prejudice imagination is perhaps most fully
jects up into pairs and asked them to Jew hands, organs, dimensions, that instigates Iago’s behavior. realized in the character of Cali- Ms. Cohen is a dean and
discuss an issue where they concurred senses, affections, passions?” Shy- It’s also worth noting that ban in “The Tempest,” the last professor of English at Drexel
and another on which they held op- lock demands with poignant insis- “Othello” pays attention to the play he wrote without a co-au- University. This essay is
posing views. Each participant argued tence. He explains that he has way women can be marginalized, thor, in 1610-11. Caliban is the na- adapted from her new book
for their point of view while wearing a been made a villain by the Chris- their humanity overlooked. Iago’s tive of the island occupied by the “Of Human Kindness: What
cap studded with fNIRS sensors for tian society that mistreats him: wife Emilia has a speech that magician Prospero and his daugh- Shakespeare Teaches Us About
detecting shifts in blood flow in the “The villainy you teach me, I will echoes Shylock’s poignant one: ter Miranda, and he seeks to do Empathy,” published this
brain, as well as a head-mounted cam- execute, and it shall go hard but I “Let husbands know/Their wives them harm. But though Caliban is month by Yale University Press.
era and a microphone. will better the instruction.”
The study’s most striking finding In “Othello,” Shakespeare ex-
was that when people agreed with tends the same idea into a new
each other, “their gestures, their facial context. Othello is a Moorish gen-
expressions and their neural signals eral in the Venetian army who
matched,” said Dr. Hirsch. The activity wins the love of a Venetian noble-
in their respective social and atten- woman, Desdemona, with his mar-
tional neural networks and visual tial exploits. But Iago, a junior of-
fields, as well as the engagement of ficer, preys on Othello’s insecurity
the bits of the cortex that control as a Black man in a white society,
touch, posture and empathy, began to insinuating that Desdemona’s de-
mirror each other. Researchers call it cision to marry him is “unnatural”
FROM TOP: COLUMBIA PICTURES/EVERETT COLLECTION; GETTY IMAGES
neural coupling. in light of her “clime, complexion,

It should come as no surprise that and degree.”
there were fewer neural look-alikes What is often missed in this
during disagreements. When two play is how much the scheming,
brains are in conflict, Dr. Hirsch said, villainous Iago is also a target of
they engage many emotional and cog- prejudice. The English poet Sam-
nitive resources, like a symphony or- uel Taylor Coleridge famously re-
chestra playing two different scores, ferred to Iago as being driven by
whereas in agreement, the social in- “motiveless malignity,” but Shake-
teraction between them is more like a speare offers clues that the char-
musical duet. “If synchrony is the hall- acter’s malevolence is generated
mark of agreement, then through eye
contact, gestures and the sensory sys- A 19th-century illustration
tem, perhaps certain topics might be- of Shylock’s ‘Hath not a
come less charged,” she ventured. One Jew eyes?’ speech in
can only hope. ‘The Merchant of Venice.’

REVIEW
W
hen my mood HISTORICALLY SPEAKING
turns anxious
AMANDA FOREMAN
or just weary
of these pan-
demic times, I
lift my heavy granite mortar and
How Roses
pestle down from its shelf and
grind up a new spice mix. It’s
Came to Mean
more exhilarating than a new bot-
tle of perfume and far cheaper. It
True Love
never ceases to amaze me how the
whole atmosphere in the kitchen “MY LUVE IS LIKE A
changes depending on subtle red red rose,/That’s
tweaks to the spice mix. Grind to- newly sprung in June,”
gether some cinnamon sticks and wrote the Scottish poet
cardamom pods and your kitchen Robert Burns in 1794,
will instantly smell of Swedish creating an inexhaustible revenue
sticky buns; add a spoonful of stream for florists everywhere, es-
cumin to the mix and you are eat- pecially around Valentine’s Day. But
ing pilaf in the Middle East. Spice why a red rose, you might well ask.
mixes allow you to travel the Longevity is one reason. The rose
world in an aromatic haze, which is an ancient and well-traveled
is all the more welcome now that flower: A 55 million-year-old rose
real travel is mostly off the table. fossil found in Colorado suggests
One of my current favorite that roses were already blooming
spice mixes is a Somali one from when our earliest primate ancestors
“In Bibi’s Kitchen: The Recipes began populating the earth. If you
and Stories of Grandmothers want to see where it all began, at
From the Eight African Countries least in the New World, then a trip
that Touch the Indian Ocean” by to the Florissant Fossil Beds Na-
Hawa Hassan with Julia Turshen, tional Monument, roughly two
published last year. Hawa Hassan hours’ drive from Denver, should be
was born in Somalia, and she in- on your list of things to do once the
cludes a recipe for something pandemic is over.
called Xawaash spice mix (pro- In Greek mythology the rose was
SONIA PULIDO
nounced HA-wash), which can be associated with Aphrodite, goddess
used for anything from pilaf to of love, who was said to have
stew to roasted vegetables. emerged from the sea in a shower
Ms. Hassan says that every So- of foam that transformed into white
mali cook will have their own fam- roses. Her son Cupid bribed Harpo-
Traveling the World

ily recipe for it. The version in the crates, the god of silence, with a
book has a sharp bite from bold single rose in return for not reveal-
quantities of black peppercorns ing his mother’s love affairs, giving
and a warm citrusy fragrance rise to the Latin phrase sub rosa,
from coriander seeds, cumin, car- “under the rose,” as a term for se-
damom, cinnamon stick and whole
cloves. I used the spice mix to
make Ms. Hassan’s recipe for
chicken stew with yogurt and co-
Through the crecy. As for the red rose, it was
said to be born of tragedy: Aphro-
dite became tangled in a rose bush
when she ran to comfort her lover
conut. As we ate it, our mouths
tingled to taste a dinner seasoned
with a fresh perfume—fresh to us,
at least, if not to millions of So-
mali cooks and eaters.
Power of Spices Adonis as he lay dying from a wild
boar attack. Scratched and torn by
its thorns, her feet bled onto the
roses and turned them crimson.
For the ancient Romans, the
One of the untold stories of rose’s symbolic connection to love
modern food is that we tend to From Somali Xawaash to Indian chaat masala, American cooks and death made it useful for cele-
eat so many more spices than in are embracing new combinations of aromas and flavors. brations and funerals alike. A Ro-
the past. The value of U.S. spice man banquet without a suffocating
imports rose from $426 cascade of petals was no banquet at
million in 1998 to $597 Vietnamese cuisine. With tion has risen not just in the West making their own spice mixes, but
million in 2007, accord- the expansion of options but also in countries such as India assuming you have a small frying
ing to the USDA. The for eating out—now cur- and Malaysia, where there was al- pan and a mortar and pestle,
spice aisle of the Ameri- tailed in many places by ready a much stronger tradition of there is nothing to it. It’s a far
can supermarket, with the pandemic—Western spice in the kitchen. India is both easier cooking project than mak-
its jars of Middle East- consumers became famil- the biggest producer and the big- ing sourdough bread or kimchi,
ern za’atar and Japanese iar with spice mixes that gest consumer of spices in the especially now that spices can be
shichimi, is unrecogniz- TABLE their grandparents never world, and the country’s appetite bought mail order. You simply
able next to its equiva- TALK dreamed of, from Ethio- only seems to grow. By 2012, the toast the whole spices for a min-
lent a few decades ago. pian berbere to the ras el average person in India was con- ute or so in a dry pan until fra-
Garam masala from In- BEE hanout of Morocco. grant, then grind to a powder and
dia and Chinese five- WILSON Part of what I find ex- store in a clean jam jar.
spice are now almost as citing about trying out If you’re unsure how to start
easy to source as salt and pepper. different spice mixes is that they Spices can be making your own spice mix, there
The rise of spice can partly be seem new and old at the same a route home is an excellent six-page primer
GETTY IMAGES
explained by changing patterns of time. (I don’t mean literally old, I with recipes in a recent cookbook
immigration. The most dramatic hasten to add; stale spices lose or a way to called “India: The World Vegetar-
rise in spice consumption in the their charm.) All of the spices in broaden your ian” by Roopa Gulati. Ms. Gulati’s
U.S. happened in the 1980s and Ms. Hassan’s Xawaash spice mix version of a spice mix called chaat
1990s, coinciding with a surge of have been eaten for millennia.
global horizons. masala is one of the most deli- According to Greek myth, the blood
immigration from Asia and Latin Black pepper, still the most popu- cious seasonings that I have ever of Aphrodite turned roses red.
America. U.S. imports of cumin, lar spice in the world, was enjoyed tasted, let alone made: an extraor-
one of the key spices in Mexican by the ancient Greeks, and tur- suming more than 7 pounds of dinary sour greenish powder that all, and roses were regularly woven
and Indian cooking, rose from 8.8 meric is mentioned in ancient In- spice a year, up from 6.3 pounds seems to wake up every taste bud. into garlands or crushed for their
million pounds a year in 1984 to dian texts going back 3,000 years. in 1993-4. According to industry The key ingredients are dried perfume. The first time Mark Ant-
24 million pounds in 2017. Cinnamon, coriander and cumin analysts, most of this growth has mint and amchur (sour mango ony saw Cleopatra he had to wade
But new spices are also being all feature in the Bible. been fueled by ready-made spice powder) plus various other aro- through a carpet of rose petals to
enjoyed by people whose ances- The difference is that never be- mixes, which now make up 39% of matics such as ginger and chili. reach her, by which point he had
tors never ate them in the past, fore has it been so easy or so af- the average household’s spice pur- Shaken over a salad, fried egg completely lost his head.
thanks to a growing enthusiasm fordable for us to assemble these chases. Indian cooks appreciate or bowl of yogurt, this chaat Rose cultivation in Asia became
for global flavors. Spices can be a perfumed spices in a home ready-made spice mixes for the masala is sensational. If it were a increasingly sophisticated during
route home for the homesick, but kitchen anywhere in the world. In same reason that any other cook perfume, it would be something the Middle Ages, but in Europe the
they can also be a way to broaden medieval times, black pepper and does: They taste good, and they green and angular like Chanel No. early church looked askance at the
your horizons. When I visited cinnamon were rare luxuries that are very convenient. 19. The day I made it, I had been flower, regarding it as yet another
Denmark a couple of years ago, I traveled along circuitous routes to Having said this, no spice mix feeling trapped and bored, wish- example of pagan decadence. Fortu-
met a Danish farmer who said he gild the tables of the rich. Now, that you buy is as thrilling as one ing I could be somewhere—any- nately, the Frankish emperor Char-
had never tasted cumin or garlic the exciting aromas of spice are that you toast and grind fresh in where—else. And then I smelled lemagne, an avid horticulturalist,
in his childhood, but who now rel- part of the flavor of everyday life. your own kitchen. Many people the chaat masala, and suddenly I refused to be cowed by old pieties,
ished the star anise and ginger of Interestingly, spice consump- are intimidated by the idea of was. and in 794 he decreed that all royal
gardens should contain roses and
lilies.
The imperial seal of approval
hastened the rose’s acceptance into
the ecclesiastical fold. The Virgin
EXHIBIT Mary was likened to a thornless
white rose because she was free of
Wild original sin. In fact, a climbing rose

planted in her honor in 815 by the
monks of Germany’s Hildesheim Ca-
Close-Ups thedral is the oldest surviving rose

bush today. Red roses, by contrast,
symbolized the Crucifixion and
Christian martyrs like St. Valentine,
a priest killed by the Romans in the
LONDON’S NATURAL HISTORY MUSEUM 3rd century, whose feast day is cele-
has run its annual Wildlife Photographer of brated on Feb. 14. In the 14th cen-
the Year competition since the 1980s. Last tury, his emergence as the patron
year the contest drew more than 40,000 saint of romantic love tipped the
entries, and the 100 photos chosen to scales in favor of the red over the
receive honors have now been published by white rose.
SERGEY GORSHKOV/WILDLIFE PHOTOGRAPHER OF THE YEAR
the museum in a new book. Some of the The symbolism attached to the
animals display the cool self-confidence of rose has long made it irresistible to
a Marvel superhero. In photographer poets. Shakespeare’s audience
Sambath Subbaiah’s “Snake vs. Eagle,” an would have known that when Juliet
eagle faces off tensely, wings half-raised, compares Romeo to the flower—
against its supersize meal, a 5-foot rat “that which we call a rose,/By any
snake. In the accompanying text, Mr. other name would smell as sweet”—
Subbaiah says that “‘the snake coiled all over the eagle” other tigers. Having found tiger fur and scent on the ‘The Embrace,’ the it meant tragedy awaited the lovers.
before the bird grabbed it in its beak and cut it in two. tree, Mr. Gorshkov set up a camera triggered by a prizewinning photo Yet they would have felt comforted,
In contrast, the Amur tigress in “The Embrace,” the motion sensor and trained it on the tree. Every three of an Amur tigress too, since each red rose bears wit-
competition-winning picture by Russia’s Sergey Gorshkov, months he would check on it: “I could think of nothing by Sergey Gorshkov. ness, as Burns wrote, to the promise
just wants to hug a fir tree, with eyes closed and an else,” he says in the book. But these very rare tigers are of love unbound and eternal: “Till a’
ecstatic look on her face. She’s actually rubbing scent shy, and it took almost a full year before the tigress was the seas gang dry, my dear,/And the
from her cheek glands into the bark as a message for ready for her close-up. —Peter Saenger rocks melt wi’ the sun.”

REVIEW
N
orma Kamali was Orient Airlines in New York—
29 in 1975 when and, she says, took advantage
she left her hus- of $29 round-trip tickets to
band of 10 years London nearly every weekend
and the fashion for years.
company they had built to- There she bore witness to a
gether. On her own, she had countercultural shift that
$98, a small Manhattan apart- changed her life’s trajectory. “I
ment with a mattress, and her fell in love with the creativity
self-esteem, which was fragile of the 1960s revolution,” Ms.
but intact. She loved designing Kamali says. Back in New York,
clothing but had no idea how to she met and married Moham-
run a business. med “Eddie” Kamali, opened a
“I was in a really bad situa- basement shop in Midtown
tion,” Ms. Kamali says. She Manhattan filled with mini-
usually kept her problems to skirts and floppy hats from
herself, but her story tumbled London, and began designing
out in a meeting with a Los clothing herself.
Angeles Times fashion editor, Her sexy, playful creations
who swiftly arranged a loan of mixed a retro Hollywood glam-
some sewing machines. “I our with a dance-floor funki-
started to realize that commu- ness, and appealed to perform-
nication is everything,” Ms. ers (Diana Ross, Bette Midler,
Kamali, 75, says over Zoom Cher) and regulars at the
from her company’s headquar- nearby Studio 54. Because pat-
ters in Midtown Manhattan. “If
people believe in you, they can
actually help.”
Ms. Kamali borrowed money
‘Walking away
from friends and family to is one
launch a new business in 1976
called OMO (“On My Own”)
of the most
Norma Kamali. That same year, important things
Farrah Fawcett wore a red I’ve learned
swimsuit designed by Ms. Ka-
mali in an iconic photograph. in my life.’
(The suit is now part of the
Smithsonian collection.) Chris-
tie Brinkley made famous an- ternmakers often insisted that
other Kamali swimsuit—a her outlandish ideas “couldn’t
high-cut, lavender bikini—on be done,” she figured out how
the cover of Cosmopolitan to engineer her clothes for her-
magazine the following year. self.
By 1980, when her pioneering When Ms. Kamali launched
designs for chic clothes made her own business, she didn’t
from sweatshirt material had know one other female entre-
department-store shoppers lin- preneur. But she learned to
ing up around the block, Ms. brush off the condescension
Kamali had little trouble pay- and occasional tush-patting of
ing back her creditors. some male colleagues and de-
Looking back, Ms. Kamali sign the kind of clothes that
admits to learning some les- she wanted for herself. An avid
sons the hard way. Among the swimmer, she was among the
most valuable, she says, was first to experiment with
the decision to set off on her stretchy fabrics in bathing
own. “Walking away is one of suits that were both flattering
the most important things I’ve and functional. When she
learned in my life,” she writes swam, she often used a gray
in her new book, “I Am Invinci- Army-Navy sweatshirt as a
ble,” which she calls “a hand- makeshift coverup, which in-
book on aging with power.” Leaving WEEKEND CONFIDENTIAL | EMILY BOBROW spired her to create a whole line of
Norma Kamali
a relationship or a business deal is similarly cozy, forgiving clothes in
never easy, she notes. But in situa- the same fabric.
tions that threaten your soul or your She conceived her cocoon-like
integrity, walking away “signifies be- sleeping bag coat on a camping trip
ing in control and aware of your in the early 1970s when she used a
worth.” sleeping bag to brave the cold in the
As the sole owner and designer of middle of the night and thought,
her eponymous company for 45 After decades in an industry obsessed with youth, a renowned fashion “This needs sleeves.” She halved the
years, Ms. Kamali has earned an ar- price of her jackets this winter to
dent following for her ingenuity and designer has a new book that she calls ‘a handbook on aging with power.’ help persuade more people to “sup-
longevity. Designs that she con- port their local restaurants” by eat-
ceived decades ago, such as her ing outside.
early swimsuits and her stylishly advice and pronouncements in bold ter and be better with age,” Ms. Ka- in Manhattan’s Yorkville neighbor- Her latest collection includes
warm sleeping bag coat, remain type (including “DON’T EAT SUGAR mali writes. That view, she concedes, hood, Ms. Kamali aspired to be a scarves and turbans that cleverly
MARK C O’FLAHERTY/CAMERA PRESS/REDUX PICTURES
bestsellers, even as editors praise EVER” and “STAY INSPIRED”). Ms. runs counter to the relentless anti- painter. But her Lebanese mother, hide neglected, undyed roots and
her latest collections as among her Kamali devotes much of the book to aging messaging so prevalent in the who raised Ms. Kamali mostly on double as pandemic-era masks.
best to date. In an industry known the “three pillars” of a healthy life- fashion and beauty industries. her own, persuaded her to accept a Fashionable without being trendy,
for ephemerality, Ms. Kamali has a style—sleep, diet and exercise—with (“Who wouldn’t want to hide your scholarship to New York’s Fashion her clothes are often machine-wash-
rare knack for staying relevant. Her tips on what to eat (a plant-based age when everyone’s telling you that Institute of Technology, where she able and built to last.
modish, user-friendly designs have diet, ideally between intermittent getting older is bad?” she says.) Yet might translate her creativity into Ms. Kamali takes pride in the du-
kept her factories humming through fasts), when to exercise (every day; she says that her growth as a person employability. Ms. Kamali earned her rability of her designs. But with her
the pandemic, which lends further resistance bands make it easy to allowed her to meet her “soul mate,” degree in illustration in 1965 but new book, she hopes to drive home
credence to a book filled with her sweat at home) and how to meditate lawyer Marty Edelman, when she was turned off by the “Mad Men” the limits of fashion. “A dress can
advice. “anytime, anywhere.” was 65. “I would not have been fashion of the era—“restrictive gir- only do so much,” she says. “When
“I Am Invincible” is a very Ameri- Time, she says, has made her ready for him earlier,” she says. He dles, garter belts, cone bras, a night- you feel good in your body and your
can mix of memoir and manifesto, kinder and more confident. “I am proposed last year. mare.” She found work instead on mind, you’ll probably spend less on
filled with personal stories, practical here to testify that you can feel bet- Growing up in a “tiny apartment” the reservations desk at Northwest clothes.”
Salad Bowl Drummers Adam Ezegelian (upper

left) and the Metal
Idol.” I spoke to Mr. Ezegelian
earlier this week, as he and his
band continued to lay down
And Cat Lawyers: The Hawks on TikTok.
until the lead singer be-

bottle/bowl anthems.
“Right now, we’ve been fo-
JASON Case for Internet Joy gan to sing that it really

turned into a marvel: OK
cusing hard on pumping out the
content,” he said. He and the
GAY these guys are really Metal Hawks were assembling
good. They weren’t the two videos a day at drummer
HOPEFULLY YOU’VE SEEN it by other disasters. first musicians to take Alex Hertler’s house. Their
now, because it’s exquisite: the The effect was almost water bottles to bowls— “Sweet Child O’ Mine” cover
Zoom call between a Texas therapeutic. I did not this was a TikTok meme, was up to 8 million views.
judge and a handful of lawyers, wake up that morning like the skateboarding, Who’s filming, I asked.
in which one of the counselors thinking: Wow, what I cranberry-juice drinking “Oh, we just have it on a tri-
Amid a accidentally deploys a screen fil- could really use is a viral Fleetwood Mac lip-syn- pod. We film it ourselves.”
ter which turns his lawyer face video of a Texas lawyer cher Nathan Apodaca I told Mr. Ezegelian it had
deluge of into the face of a…cat. talking as a cat. Turns months before—but their been a long time since I’d felt so
serious “Can you hear me, Judge?” out, I really could. covers were so gleeful joyful about something on the
headlines the attorney mewls, as he real- I know I am not alone. and well-done they liter- internet. I wasn’t the first to
izes he’s being shown on screen Let me be the zillionth ally made me yell at the suggest this.
and toxic as a wide-eyed, tabby kitten. person to point out that screen. “I definitely feel that,” he
provo- “I don’t know how to remove the internet, once a won- After a grinding week, said. “Especially with what
cation, it…I’ve got my assistant here, der, feels overrun by toxicity, this, before the Cat Lawyer, af- it was exactly what I needed. I we’ve been through the past
and she’s trying to…” thick with confrontation and di- ter watching a series of TikTok did not wake up in the morning year. It’s something that the
happiness The other people on the call vision. On social media, provoca- videos by a quartet covering thinking, Wow, what I could re- world really needs. It’s good
still can seem mystified, then amused. teurs lean into villainy, because heavy metal classics by acts ally use is a viral video of four vibes—just throw them out into
Then, plaintively, the cat lawyer it propels the business of clicks. like Ozzy Osbourne, AC/DC and guys singing “Sweet Child O’ the air. We’re just four regular
reign. offers the Best Quote of 2021 Algorithms blindly reward the Guns N’ Roses. Mine” with Poland Spring bot- guys from Long Island, just hav-
thus far: “I…I’m not a cat.” dubious; hatred and fury seem The setup was simple: Two tles and potato salad bowls. ing fun. I think that helps peo-
Cat Lawyer was a magical bit to move more swiftly than joy. men playing guitars, two men Turns out, I really could. ple come out of their little quar-
of viral theater, comic relief Some days, it’s enough to playing drums…except they were They’re sort of ringers, actu- antine hole, and realize people
from serious headlines, but also make you want to throw your not hitting drums, but kitchen ally. They’re a band from Long are still having fun.
a fairly perfect rendering of phone, your laptop, your tab- bowls atop the guitarists’ Island, N.Y. called Adam and the “We can get through this.
modern life: increasingly virtual, let—all of it—into the ocean. heads…and instead of drum- Metal Hawks, and if lead singer Then we can smile a little bit.”
often at home, forever in danger Which is why the joyful stuff sticks, they were thumping the Adam Ezegelian seems vaguely He said it perfectly. I don’t
of complication from technology, feels more essential than ever. bowls with plastic water bottles. familiar, it’s because he was have any more to add. Against
noisy children, real-life cats or I’d already been thinking of Absurdist? Yes. But it wasn’t once a contestant on “American toxicity, I endorse joy.

BOOKS
Burning the Books Venus & Aphrodite
A history of the The many faces
deliberate destruction of the goddess
of knowledge C11 of desire C12
READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 13 - 14, 2021 | C7
In Search of
The Not-So-
Eternal City
Four Lost Cities
PETER NEWARK MILITARY PICTURES/BRIDGEMAN IMAGES; THE STAPLETON COLLECTION/BRIDGEMAN IMAGES
By Annalee Newitz
Norton, 320 pages, $26.95
BY FELIPE FERNÁNDEZ-ARMESTO
D
O AMERICANS like
cities?
Small towns? Em-
phatically. Suburbs?
Even more so, to judge
from how many people live in them.
A “li’l ol’ country place” is where
Mr. Blandings builds if he can.
There are U.S. places where the val-
ues of old Europe abide: In New York,
San Francisco, New Orleans, or Boston
you get a sense that the citizens love
the center and would live there if
there were enough room for them all.
In Italy, Spain and France, civic pride
springs from ancient notions of the
polis and aristocratic traditions of
what makes an environment noble.
But the U.S. owes a lot to England,
where the
UNTO THE BREACH ‘The Union Attack on Marye’s Heights During the Battle of Fredericksburg, 13th December 1862’ by Frederick Carada. cult of coun-
try life out- The forces
scores urban
that give a city
Baptism by Bloodbath
priorities.
The All- its lifeblood—
American or doom it to
protagonist
of the old TV dissolution—
The Battle of Fredericksburg, for all its carnage, proved to be a defining event for series “Green are more than
Acres”
Oliver Wendell Holmes Jr., Walt Whitman and others whose lives were transformed. longed for
economic.
Hooterville,
A Worse Place Than Hell were profoundly changed by the war, protected by its very proximity to Union while his
By John Matteson he tells us; all of them “confronted war troops: Their return volleys mainly went Hungarian wife pined for Park Avenue.
and struggled to redeem themselves over the heads of the rebels. Pelham’s To EU eyes, most U.S. urban neighbor-
Norton, 528 pages, $35
within it.” Oliver Wendell Holmes Jr., the death at the Battle of Kelly’s Ford, three hoods look extemporized, undignified,
BY DAVID S. REYNOLDS son of a famous Boston physician and months after Fredericksburg, becomes hastily weatherboarded and easy to
author, entered the war as an idealistic in Mr. Matteson’s handling a dramatic, vacate. Families don’t cling to home:
‘T
HE REAL WAR will man and emerged from it hard-bitten hopeless flourish of Confederate chiv- The pursuit of happiness scatters them.
never get in the and skeptical, leading him to seek direc- alry. Pelham charged forward on a horse When the going gets tough, Ameri-
books.” Walt Whit- tion in a legal career. The Rev. Arthur like a blond god of war before being cans abandon cities with astonishing
man’s well-known Fuller, the brother of the women’s rights felled by an enemy shell fragment. The alacrity. Hence the widely scattered
prediction has not champion Margaret Fuller, served as a loss of Pelham was a blow for Confeder- ghost towns: the ill-tilled gardens of
prevented thousands of writers, includ- chaplain in a Massachusetts regiment ate morale. Mr. Matteson writes: “No in- Detroit; the echoing sidewalks of Gary,
ing Whitman himself, from trying to put but at Fredericksburg traded his minis- dividual in the Confederate Army had Ind.; the half-vanished populations of
the Civil War between covers. Many terial role for a military one, taking up a seemed more invincible than Pelham. Cleveland and Youngstown, Ohio; and,
kinds of chronicles have been written— gun in a burst of patriotism and losing His risks had never been punished, and in Scranton, Penn., President Biden’s
military histories, political studies, over- his life to Confederate bullets. The bud- his audacity had been continually re- haggard hometown. When factories
views of society or culture, portraits of ding author Louisa May Alcott, hoping warded. If he could fall, so, too, might fall, rivers shrivel or mineral veins
leading figures. One especially striking to contribute to the Northern cause, be- the army he left behind.” bleed out, people move on.
way of bringing the war alive is to con- came a volunteer nurse in a Washington Choosing five figures from the Civil In “Four Lost Cities: A Secret
vey it from the standpoint of the un- war hospital, an experience that fed into War—of different backgrounds, tem- History of the Urban Age,” science
exalted individual. That is the choice her popular book “Hospital Sketches” peraments and political views—gives journalist and fiction writer Annalee
John Matteson makes in “A Worse Place and later provided the emotional back- Mr. Matteson the opportunity to range Newitz, who is reluctant to let capital
Than Hell,” a moving group portrait ground for “Little Women,” a fictional- widely over varied perspectives, and his determine fate, wants people to
that uses the Battle of Fredericksburg, ized portrayal of the Civil War’s toll on firm grasp of detail, visible as well in his choose where to live and how to work
in late 1862, as the focal point for the her Concord, Mass., family. fine biographies of the Alcott family and in the land of the free. The book
story of five participants in the Civil As for Walt Whitman, he was writing Margaret Fuller, makes each of his char- wavers between rival explanations for
War, four Northerners and a Southerner. poems and newspaper stories in Brook- acters vivid and distinctive. His focus is writing about why people “lose” cities.
The battle that Mr. Matteson high- lyn and hobnobbing with bohemians not so much on their ideological motiva- Sometimes more reasons appear for
lights has attracted a lot of scrutiny when he heard that his brother George tions—antislavery or proslavery, Union choosing city life in the first place, or
or Confederate—as on the psychological for why people put so much work into
needs that war answers for them. doomed structures. Much attention
Holmes gained a pragmatic view of focuses laudably on retrieving resi-
things that eventually shaped his judg- dents’ lives from middens, graffiti,
ment as a lawyer and prepared him for and the layout of sewers, or ruts in
his long tenure as a justice on the Su- the roads; elsewhere, the author
preme Court. Walt Whitman and Louisa concentrates on the misdeeds of elites
May Alcott were guided by their hospital that make those lives intolerable.
work toward compassion and empathy, Early on, readers learn that the book
which nurtured their landmark writings. was written in refuge from—perhaps
Arthur Fuller died dedicated as ardently expiation for—the suicide of the
to his country as to his God, and John writer’s estranged father. The reaction
Pelham was killed at a peak of exuber- seems unusual: Most people, according
ant, war-inspired action. to their means, might erect a monu-
Interweaving the five stories requires ment, endow a charity, or leave flowers.
Mr. Matteson to circle frequently back But the author is a journalist, and it
in time so that, for example, we can be is no sin to labor in one’s vocation.
reading about one individual in 1862 The book is excellent of its kind—
and then, in the next chapter, move back in a familiar mold, which has yielded
to the 1850s to catch up with another. many recent bestsellers: a work of
This structure creates a somewhat me- reportage, in which the writer under-
andering reading experience, but it also takes a journey through an unfamiliar
deepens the layered, palimpsest quality academic world, unlocking ivory
UNION over the years, most notably in Francis had been wounded at Fredericksburg. He of Mr. Matteson account. towers, interviewing the denizens,
MAN Augustín O’Reilly’s “The Fredericksburg traveled first to Washington and then The book’s subtitle, “How the Civil and making their squabbles and sto-
Gen. A.E. Campaign” (2003) and George C. Rable’s south to the environs of the battlefield in War Battle of Fredericksburg Changed a ries interesting and relevant to the
Burnside “Fredericksburg! Fredericksburg!” search of his brother, whose wound, as it Nation,” is perhaps overly ambitious; the rest of us. We join professors—vari-
during the (2002). These books give details of the turned out, was not serious. Walt stayed phrase could be equally applied to Antie- ously wary, combative, and innocently
Civil War, fateful encounter near the Rappahan- on for several years in Washington, tam, the battle that stopped Lee’s north- garrulous—as they guide the writer
as photo- nock River on Dec. 13, 1862, in which taking on minor government jobs while ward advance through Maryland and through trenches or exchange chal-
graphed by Army of the Potomac under Ambrose E. serving as a volunteer nurse in war hos- prompted Lincoln’s preliminary Eman- lenges over “Portuguese pastries and
Mathew Burnside met resounding defeat at the pitals, setting the stage for his later role cipation Proclamation (three months Please turn to page C8
Brady. hands of Robert E. Lee’s Army of North- as the major poet and memoirist of the ahead of its sweeping, final version); or
ern Virginia. The futile assaults by war. Two of Whitman’s poems about Lin- the Battle of Gettysburg, which had also
waves of Union soldiers on Confederate coln, “When Lilacs Last in the Dooryard stopped Lee and inspired the Gettysburg
troops, who were protected by a stone Bloom’d” and “O Captain! My Captain!,” Address, in which Lincoln redefined
wall on Marye’s Heights, have become a are timeless eulogies of America’s great- America on the basis of equality.
fixture of Civil War lore. On that grim est president, and his writings about the Nonetheless Mr. Matteson is justified
winter day, the Union suffered more war, in poetry and prose, are at once in emphasizing Fredericksburg, espe-
MARCO CANTILE/LIGHTROCKET/GETTY IMAGES
than 12,000 casualties, compared with crisply realistic and emotionally reso- cially because some of those who were
some 5,300 on the Confederate side. nant. George Whitman, Walt’s brother, directly or indirectly involved in the
President Lincoln put a positive spin on ended up serving in many Civil War bat- battle had such an outsize role in the
the battle by praising the surviving tles and thus provides, in Mr. Matteson’s postwar years. The ill-considered strat-
Union soldiers for their bravery. Pri- narrative, a kind of moving lens on the egy of Gen. Burnside at Fredericksburg
vately, however, he confessed that the war as it unfolded on the battlefield. produced a tragic bloodbath. “A Worse
battle had left him in “a worse place In addition to these Northerners, Place Than Hell” reminds us of the wider
than hell.” Mr. Matteson describes the dashing effects of war, beyond the carnage.
Although Mr. Matteson uses Lincoln’s John Pelham, a Confederate artillery
phrase for his title, he doesn’t dwell on officer who exhibited unusual courage. Mr. Reynolds, a professor at the
the hellish aspects of the war. Instead At Fredericksburg, partly hidden by a CUNY Graduate Center, is the author,
he concentrates on personal and cultural dip in the land, Pelham coolly super- most recently, of “Abe: Abraham WITNESS TO THE END A statue
transformation. The people he follows vised the firing of a cannon that was Lincoln in His Times.” in the excavations of Pompeii.

BOOKS
‘The world is little, people are little, human life is little. There is only one big thing—desire. And before it . . . all is little.’ —WILLA C ATH ER
FIVE BEST ON DESIRE
Daphne Merkin
The author of the novel ‘22 Minutes of Unconditional Love.’
Endless Love
By Scott Spencer (1979)
1
Before Scott Spencer’s novel
was made into not one but
two cheesy movies, it began
life as a remarkable, sexually
explicit novel about youthful desire.
David Axelrod, the book’s narrator,
recounts the story of his wild if
doomed passion for 16-year-old
Jade Butterfield and his love for
her unconventional family. Disaster
follows when Jade’s father dictates
that the young couple take a 30-day
vacation from the affair—an order
to which David responds by setting
the Butterfields’ house on fire,
driven by the belief that by
putting out the fire and saving
the Butterfields, he’ll be viewed
as a hero. He is, to the contrary,
committed to a mental institution.
Years later, he’ll have a vision—
a scene set in an empty theater in
the middle of the night: “And now
for this last time, Jade, I don’t
VICTOR DYOMIN/GETTY IMAGES
mind, or even ask if it’s madness:

I see your face, I see you, you;
I see you in every seat.”
The Lover
By Marguerite Duras (1984)
2
An autobiographical tale Nothing Natural Bed/Time/Story institution produces chaos: Jill’s was banned when it was first
that begins in 1929, “The By Jenny Diski (1986) By Jill Robinson (1974) fierce insecurity has her imagining published under a pseudonym in
3 4
Lover” tells the story of that he covets other women. 1966. In 2003 it was republished
a brief affair between an Set in London in the early Here’s a memoir disarming Lawrence has also now developed under the author’s real name.
impoverished 15-year-old French 1980s, “Nothing Natural” in its hopefulness that love a habit of bouncing checks. She The novel is set in 1946, in a
girl living in colonial Saigon and concerns a divorced mother can endure in the face tries escaping to the East Coast postwar London filled with newly
a much older Chinese-Vietnamese in her 30s caught up in a of impossible obstacles. but he follows her. Their lives independent women who hold jobs
financier. The girl is spellbound by sustained erotic entanglement Its author, the daughter of the seem bent on behavior inimical and whose lives are no longer
her lover’s car and by the elegance with a man who subjects her to filmmaker Dore Schary, grew up to all hope of a life together, until limited to sitting home and
of his clothes as well as his sadistic sexual treatment. Though in Los Angeles—which may have there comes a moment of recog- changing diapers. Twenty-eight-
“English cigarettes.” Although she she’s excited by the relationship, nurtured the sophisticated, slightly nition: that their wish to hold on year-old Louisa, separated from
looks barely older than a child with she’s also confused by the un- world-weary perspective on to each other supersedes all their her husband, meets Gordon, a
her thin, undersize body, the man expectedness of her taste for romance in evidence here. Jill, doubts and destructive psycho- psychiatrist, a man she’s strangely
is clearly infatuated with her. degradation and pain. After decades a twice-divorced mother of two dramas. A complex love story and, drawn to thanks to his icy manner.
She quickly recognizes her power: of the women’s movement, she young children, is a freelance even for the jaded, an affecting She soon finds herself submitting
“From the first moment she knows muses, “a woman in her thirties . . . magazine writer and hosts a one in its hopefulness. to his violent sexuality, with a
more or less, knows he’s at her was not supposed to admit to call-in radio show; she is also sensual pleasure she has never
mercy.” She knows, as well, the rape fantasies and submit herself addicted to speed. Lawrence is known before. Nor has she ever
intense pleasure she derives from to the power play of perverted a brilliant mathematician and a Gordon experienced the insistent
this sexual union. It is an affair male sexuality, let alone like it.” thrice-married alcoholic. The By Edith Templeton (1966) psychological probing to which
5
carried on in the face of social To read “Nothing Natural,” an early couple’s sex life is tender and she’s forced to submit. Templeton
pressures—there are the matters and mostly forgotten Jenny Diski attentive: “He touched me every- Desire comes in all flavors; writes with great intelligence—her
of race and class to consider. All novel, is to contend with the where at first as if he were making some variations of it are, as dialogue sparkles—about enduring
this is reflected in spare and elo- unavoidable sense that this is a preliminary sketch to be filled W.H. Auden put it, “crooked questions, among them the one
quent prose, as Marguerite Duras autobiography—a fact, surprisingly, in later in bolder strokes.” Their as corkscrews.” Edith this novel asks, namely, what
looks back at her younger self that renders the book all the more decision to get married despite Templeton’s novel was deemed accounts for the willingness of
and a wholly different world. compelling. their joint cynicism about the sufficiently transgressive that it women to be bent to a man’s will?
Exploring turies. Most classic “lost cities” are

unmentioned: not Troy or Jericho or
Karakoram or the grand designs
for subcultures.” Detroit and other
victims of decay may re-emerge, per-
haps as “megacities,” though maybe
‘Four Lost whose ruins ripple the landscape in

parts of Mesoamerica or the Andean
not for 200 years. On the other hand,
“the costs of city life,” we are assured,
Cities’
world or Crete or the lower Indus “will far outweigh the benefits.”
valley. The selected examples are Indeed, the Covid crisis underlines
classified on the basis of the kinds how postindustrial economics, virtual
WADE DAVIS/GETTY IMAGES
of space in which public events hap- work and remote socializing have
Continued from page C7 pened: rooftops in Çatalhöyük, com- displaced traditional functions of the
excellent coffee” in San Francisco, or mercially defined streets in Pompeii, city. People have fled, as from earlier
“hamburgers and delicious fries” in ritual plazas in Cahokia and sacred plagues. There is no guarantee that
southern Illinois, with help from precincts in Angkor. But the typology they will return. The “magic” and
“steaming plates of enchiladas and is strained, the categories porous and economic “miracles” that once made
pitchers of frozen margaritas.” From the range uncomprehensive. life glamorous in what is now the
my ivory tower in northern Indiana, A small sample can yield only SACRED PRECINCTS The temple complex of Angkor Wat, Cambodia. Rust Belt are, like all spells, evanes-
I worry about making journalists the tentative conclusions: Uncertainties cent and easily undone. In recent
arbiters of academic disputes, even poleax those offered in “Four Lost unserviceable aesthetics that make The strength of the book arises years gimcrack, unplanned slums
over such uncontentious menus, but it Cities.” The author, who abjures envi- cities “look awe-inspiring”; the four from distrust of elites and preference came to surround São Paulo, Mumbai
is good to read fair, judicious, open- ronmental determinism, knows that cities studied, however, were not for common people. Early chapters, and Lagos. They may vanish as read-
minded and self-deprecating work “political instability” and “environ- necessarily conceived with practical especially, do a wonderful job of evok- ily as they arose.
from a self-professed “weird jour- mental crisis” are often linked, and considerations in mind. The main role ing the lives of matrons and business- In a vividly imagined moment of
nalist” whom student diggers tolerate that no case exceeds Pompeii’s of a of a city, we learn, can be “spiritual,” women, such as Julia Felix, keeper “Four Lost Cities,” underwater ar-
as they work together, scraping at and ritual can be as important to citi- of “elegant baths for respectable peo- chaeologists of the future pick over
stratigraphy, with heat and dust pene- zens as the means of life; yet the ple” in Pompeii, and the “anonymous the ruins of San Francisco, as Gibbon
trating their skins. Just as we map ruined author cannot resist banging “heads bakers” who, according to the author, once imagined a future New Zea-
The book is written in fluent jour- against the wall” with baffled engi- were “probably the main audience lander philosophizing among the
nalese, well-paced but sometimes
Pompeii, archaeologists neers who despise symbolic priori- . . . for bars and restaurants” there. relics of a tumbledown London. An in-
glib or flip. Cities boast residents. may one day chart the ties. We read that spiritual centers Due interest attends sex—an impor- sight the author might have devel-
Boats dot shores. Animals loom wonders of a submerged trade “in ideas” and pilgrim sou- tant subject that usually suffers from oped further is that the spaces and
large; volcanoes spew ash. Thirst is venirs, but no recognition that such squeamish neglect—especially among communities we call “cities” are un-
slaked; genetic mutations spread like San Francisco. behavior is “built around commerce.” brothels and “penis-shaped wind alike. At different times in different
wildfire. “Like” is treated as a con- The blame for urban disasters is chimes” in Pompeii. An obsession places their residents have under-
junction, and “graffiti” as singular. here squarely laid on political fail- with the phallic objects and sexually stood them differently. The durability
Readers who recoil will find the suf- city immolated by unaided nature. ures. “Abandonment,” we hear, is provocative aspects of the city is of cities is not just a matter of eco-
fering worthwhile. The author con- Coverage of more instances might “a political process.” “Fates depend intense but not prurient: to “someone nomics or adjustment to environ-
sults the right people, taking pains to have shown how devastating a role on political will.” Khmer king Jaya- who grew up with internet porn,” the mental conditions, or the political will
understand the science and technol- ecological fragility commonly plays. varman VII appears in the same class author explains, the faded décor of to which Annalee Newitz attaches
ogy that make archaeology so muta- Few cities are as beloved as Venice or as the Khmer Rouge for unreflective Pompeii’s lupanar seemed “relatively supreme importance. Cities have pe-
ble and therefore so contested. Athens, but the former may succumb destruction in Cambodia; but the tame.” Like Gibbon, perhaps con- culiar cultures. The emotional invest-
The choice of case studies seems to flood, the latter to earthquake. writer has to acknowledge that lead- sciously echoing him, the writer rumi- ment their residents make is deeper
random. Çatalhöyük—which has some Norilsk, in Russia, is a startling urban ership is usually collaborative and nates amid ruins; like Gibbon’s, the in some places than others. The grass
claim to be the world’s earliest city— achievement, but may be unsustain- that “a king who gave them nothing imaginings shared are always vivid, may grow on Ludgate Hill, and Ameri-
was astonishingly successful, lasting able in the ice above the Arctic Circle. would . . . get nothing in return.” At- well-informed and disciplined. cans may continue unsentimentally to
as a dense concentration of people for Repudiating talk of “collapse,” the tention to Jayavarman’s inscriptions, But is the book as good a guide to turn once-booming, self-boosting set-
over a thousand years in Neolithic author prefers to speak of continuity say, or to populism in Roman politics the future as to the past? tlements into ghost towns. It is hard
times. Pompeii survived for perhaps a and “soft apocalypse” but seems un- might have drawn attention to the There is as much tension among to see nomads of the future folding
little over half that time—about the willing to acknowledge that what is vast extent of common ground be- the predictions of “Four Lost Cities” up Milan or Munich, Paris or Seville.
same span that Angkor enjoyed as transition for new elites is often tween rulers and subjects. The author as among the conclusions. On the one
the greatest city in southeast Asia. collapse for old ones, or that episodes asserts but does not cite “evidence hand, we see the strengths of cities: Mr. Fernández-Armesto is the
Cahokia had a relatively brief life as of climacteric can change city-sites from history” that “authoritarian promises of “cultural enrichment,” of author of “Out of Our Minds:
the indigenous metropolis of the Mis- unrecognizably without driving all nationalism . . . can be a death knell economic specialization, of opportuni- What We Think and How We
sissippi from the 11th to the 14th cen- settlers away. The book condemns for cities.” ties for shared interests and “affinity Came to Think It.”

BOOKS
‘We mute the realization of malevolence—which is too threatening to bear—by turning offenders into victims themselves.’ —AN N A C . SALTER
HowTruth Becomes a No-Go Zone

Prey: Immigration, Islam, and
the Erosion of Women’s Rights
By Ayaan Hirsi Ali
Harper, 322 pages, $28.99
BY TUNKU VARADARAJAN
‘T
HIS BOOK IS about mass
migration, sexual violence,
and the rights of women in
Europe,” declares Ayaan
Hirsi Ali in the introduction
to “Prey.” A refugee from Somalia and a
migrant herself, Ms. Hirsi Ali has given her
book a title that is unsparing and indignant—
intended, no doubt, to make us sit up and pay
attention. She believes, and seeks to persuade
us, that women in Europe are now the sexual
quarry of young, unmoored men from Muslim
countries over whom the police and the courts
appear incapable of exercising control. “We in
the West are used to seeing women every-
where around us,” she writes, before telling us
FRISO GENTSCH/PICTURE ALLIANCE/GETTY IMAGES
that in certain quarters of Brussels, London,

Paris and Stockholm “you suddenly notice that
only men are visible.” These are no-go zones
for women, who “erase themselves” from
public places in such neighborhoods. “We are
witnessing a challenge,” Ms. Hirsi Ali says,
“to the rights that European women once
took for granted.”
Almost three million people have arrived
illegally in Europe since 2009, close to two
million in 2015 alone. Two-thirds are male, and
80% of asylum applicants are under the age of
35. “The intensification of the Syrian civil war,”
Ms. Hirsi Ali writes, “was the largest proximate The worst single incident of sexual assault against women because they believe the perpe- making no compromise in its enforcement of
cause for the migrant influx.” There is no by migrants occurred in Cologne on Dec. 31, trators to be “victims of racism and colonialism.” the strictures against sexual misbehavior. She
shortage of data on Europe’s sexual violence 2015—New Year’s Eve—when hundreds of men Ms. Hirsi Ali acknowledges that her focus notes that the vice chair of Germany’s police
in her book. Some examples: There was a 17% (mostly newly arrived asylum-seekers of Arab on Muslims risks the wrath of sensitivity union complained in 2018 that migrants have
increase in rapes in France from 2017 to 2018; and North African origin) “mobbed together to monitors, but she presses on, arguing that it is no respect for the German police, because—in
in Germany, the number of victims of rape and entrap women” in the area between the city’s best to rob xenophobic parties of a monopoly effect—the cops are too polite.
“sexual coercion” rose by 41% in 2017; and in central railway station and its storied cathe- on the debate by bringing “this issue out of the Some of Ms. Hirsi Ali’s solutions, however
Sweden, there was a 12% increase in reported dral. In the following months, 661 women came taboo zone.” Frank discussion also challenges worthy, are impracticable, being projects that
sex offenses in 2016—astonishing ratios that forward to report themselves as victims of the Islamists, who hold that women’s free- require vast transnational cooperation. “Ad-
may have abated recently, she explains, only sexual attacks that night. The official response dom—to work outside the home, to dress in dress the push factors,” she says, calling on
due to restrictions resulting from Covid-19. was one of paralysis, as police and prosecutors Europe to stabilize the Muslim world (which
Ms. Hirsi Ali, a research fellow at Stanford’s struggled with the fear of being seen as racist. would then, one presumes, become a place that
Hoover Institution, is a longstanding critic of By the spring of 2019, a mere 52 of the alleged The surge of migrants into migrants don’t leave). She also pleads for a
extremist Islam. In “Prey,” she offers us page assailants had been indicted, of whom only repeal of “the existing asylum framework,”
after page of grim statistics and asserts, three were convicted of sex offenses.
Europe has led to an alarming which is based on multilateral treaties now
credibly, that we can see “a prima facie case The kid-gloved German response to violent rise in violence against women. beyond reconstitution. Her anguish stems, in
for the view that the surge of immigration into migrants is mirrored in France and Sweden. Courts are lenient. Excuses are part, from the fact that it is virtually impos-
Europe” in 2015 led to “a significant increase “It is politically inconvenient for most European sible to deport an asylum-seeker if he claims to
in sexual violence in the countries that accom- governments,” Ms. Hirsi Ali says, “to acknowl- offered. The topic is avoided. face a threat to his life in his country of origin.
modated the largest numbers of migrants.” edge the existence of this particular crisis.” Rarely, if ever, is anyone sent back to Syria,
The migrants are from societies marked by Officials are loath to tabulate—let alone Iraq or Afghanistan, however heinous his
patriarchy and polygamy, where women are disclose—data on asylum-seekers who attack the way they choose, to lead lives in public—is transgressions in Europe.
“commodities.” These men, she explains, “see women, so as not to inflame public opinion and at the root of the problem. In any case, the Yet “Prey” is far from an exercise in futile
no reason to alter their views simply because bolster far-right parties. The only “acceptable” continuing migration to Europe from Muslim- consternation. It is, instead, a courageous and
they now live in western Europe.” purpose for collecting data on ethnicity is “to majority countries means that Europeans can’t bracing book, even as it makes a reader’s heart
Angela Merkel, the German chancellor, log incidents of discrimination against minori- live in “denial” forever. sink. Ms. Hirsi Ali will win no friends among
draws Ms. Hirsi Ali’s ire for her decision in ties.” Courts seek out “cultural defenses” that She proposes a raft of solutions, all entirely the virtuous elites, for whom her entire discus-
2015 to do away with an upper limit on the would enable lenient sentences, including a case sensible. Europe must work harder to integrate sion is forbidden. But she is playing her part in
number of asylum-seekers who could come to in which a Turkish migrant, who had raped a migrants and must find ways to tie welfare a rebellion that could shape the fate of Europe.
Germany. “It is one of the rich ironies of early- German woman for four hours, was judged not benefits to proof of assimilation. Successful
twenty-first-century history,” she writes, to have understood Western notions of consent Muslim migrants—of whom there are tens of Mr. Varadarajan, a Journal contributor, is a
“that the single decision that has done the and was acquitted. European feminists, Ms. Hirsi thousands—must be put forward as role fellow at the American Enterprise Institute
most harm to European women in my lifetime Ali says, are obsessed with attacking “the white models and exemplars. And Europe, Ms. Hirsi and at NYU Law School’s Classical Liberal
was made by a woman.” man” and excuse immigrant men of crimes Ali insists, must “reinstate the rule of law,” Institute.
Scapegoat Marie’s parents—her mother running

from their home to the schoolhouse,
her father searching by lantern, in
trees as a warning to others, to give
action to spasms of hate and destroy
the rights and progress made by black
crack under pressure, the police bring
Williams to see Marie, whom he had
known in passing. “Unprompted, he
New York. Schindler believed criminals
had a deep desire to unburden them-
selves of sin, whether through con-
On the vain, under every tree and bush. There

is no sign to be found of the “sunny
Americans after the Civil War.
It is during the Civil War in Missis-
placed his hand gently on Marie’s face,
as if blessing her,” writes Mr. Tresni-
fessing to God or to the police. “The
challenge to outsmart, to analyze the
Shore
child” who left for school wearing sippi in 1862 that Ida Wells is born. owski. “Slowly, he said, ‘I thank God workings of a guilty mind and cause
a blue satin ribbon in her hair. Her parents, former slaves, are now I can say I didn’t do it. I am sorry for that person to assist you in obtaining
While no evidence points to Wil- free. After yellow fever kills them both her and for her family, but I didn’t evidence against him,” he wrote, “is
liams, the public nevertheless demands within hours of each other, it is up to do it, so help me God.’ ” fascinating.”
The Rope a villain. Williams is arrested and Schindler is dispatched to Asbury
By Alex Tresniowski jailed. A local newspaper fans the Park, where he immediately suspects
37 Ink, 322 pages, $28 flames of civic outrage with large-type a young German immigrant named
headlines such as “NEGRO IS PLACED Frank Heidemann, the last person to
BY NANCY ROMMELMANN AT SCENE AT THE TIME OF BRUTAL see Marie alive. So begins a months-
A
MURDER.” Asbury Park is susceptible long game to get Heidemann to con-
LEX TRESNIOWSKI, the to such outrage, having been founded fess: Schindler plants fake news stories
author of “The Rope: several decades earlier as a resort and both portrays and hires others to
A True Story of Murder, portray characters who variously in-
Heroism, and the Dawn timidate and chum it up with Heide-
of the NAACP,” tells us When a 10-year-old mann, all against the backdrop of a
at the book’s outset that “the story of turn-of-the-century milieu replete with
Tom Williams is also the story of two
white girl is brutally boardinghouses and loose women. Of
individuals, a man and a woman, one murdered, the resort Heidemann, one of Schindler’s under-
white, one black, born at different town needs to find a cover operatives writes, “he is a moral
LIBRARY OF CONGRESS
times in different parts of the country, degenerate of the lowest type.”

fated never to meet but linked by a black man to blame. Wells meanwhile continues to fight
passion for justice, and by a single le- a larger moral degeneracy. In hundreds
gal case in a town called Asbury Park.” of articles and lectures and as some-
Mr. Tresniowski then sets us in that for white people. The black hotel and one whose work is integral to (if not
New Jersey township, in November service workers who walk its board- BOARDWALK Asbury Park, N.J., between 1890 and 1910. always welcomed by) the fledgling
1910. He introduces us to Williams, walks are considered, as reported by NAACP, Wells uses her voice, Mr.
who lives there, “but only in the shad- the New York Times, to be “intruding Wells, at 16, to be the sole support for I admit that, at this point, I won- Tresniowski writes, “to fight the most
ows of other people’s lives, a periph- themselves in places where common her six younger siblings. She becomes dered how Mr. Tresniowski would con- extreme and violent injustice of all
eral figure, a black man for hire, no sense should tell them not to go.” a teacher. Riding the train to work, join the stories of Williams and Wells, . . . the extrajudicial lynching of black
one of note. This was how both he The white people who march to the she is pulled from the first-class com- which occurred several decades apart. Americans by the thousands.”
and the city wanted it.” jail where Williams is held yell “Dia- partment—for which she has a paid Was it a bit of a literary feint? A mar- That the “link” between Wells and
Williams, a onetime amateur boxer mond will never leave this town alive!” ticket—by white conductors. She takes keting nod to the issues of race and Schindler is slight—a small donation
who went by the name Black Diamond, and “Lynch him!” Mr. Tresniowski tells the railroad company to court and policing currently wracking our coun- from the NAACP to Williams’s defense
knows to keep his head down; knows us that en route they broke into a wins, only to have the victory over- try? And yet the stories are so vividly fund—turns out not to matter. Each
that it would never be a fair fight stonemason’s store, emerging “with an turned. “I have firmly believed all told, so filled with velocity, I thought: makes the other’s dedication shine
should he get on the wrong side of arsenal—a twenty-pound sledgeham- along that the law was on our side and Who cares? We’re watching heroes more brightly. And while Mr. Tres-
the law; knows that “black codes, Jim mer, a long pinch bar, a steel crowbar, would, when we appealed to it, give and villains change history; let’s see niowski notes that up to now Wells
Crow, disenfranchisement, segregation, an ax, an iron roller.” These instru- us justice. I feel shorn of that belief,” how they do it. and Schindler “are not linked in any
lynching” are “insidious, suppressive, ments of torture, wielded by white she writes in 1887. “If it were possible, The link, however tenuous, is pri- textbooks, or in any telling of the
and terrorizing.” That terror could mobs, appear again and again in “The I would gather my race in my arms vate detective Raymond Schindler, crime and its aftermath,” with the
ignite immediately, as it does after a Rope” as the author recounts stories of and fly far away with them.” new to the East Coast and consulting publication of “The Rope,” they are.
10-year-old white girl named Marie other lynchings in other cities, scenes Nearly 25 years later, Williams on his first murder case. Schindler had I think they would have appreciated
Smith goes missing while walking of such savagery it is terrible to know would likely have wanted to fly with honed various undercover skills in each other.
home from school. Mr. Tresniowski, that humans harbor this capacity. And Wells, his fate all but sealed after San Francisco working for a former
a journalist and prolific author of yet they are more than capable: They Marie is found, the blue satin ribbon Secret Service agent whose “decep- Ms. Rommelmann is the author,
human-interest and true-crime books, are eager to see the entrails of entirely knotted around her throat, her skull tions and setups were elaborate and most recently, of “To the Bridge:
shows us through brisk and cinematic innocent men smeared in the streets, caved in, her tiny body showing signs complex, and . . . risky.” Three years A True Story of Motherhood
writing the horror confronted by to set men on fire, to hang them from of sexual assault. Thinking he will later he followed his employer to and Murder.”

BOOKS
‘. . . I’ll seek what is wanting, to make everything clear, I’m always seeking something, it’s tiring in the end, and it’s only the beginning.’ —SAMUEL BECKETT
SCIENCE FICTION
Sickof the Facts of Her Life Dooming

TOM SHIPPEY
W-3
By Bette Howland
A Public Space, 204 pages, $26
The Gods
BY ABIGAIL DEUTSCH At Ragnarok
W
HEN SHE re-
gained con- OLD NORSE mythology is familiar
sciousness in enough today that most everyone
a Chicago hos- has heard of Thor and Odin,
pital in 1968, Ragnarok and Valhalla. Two
Bette Howland, then 31, couldn’t lesser-known Norse figures form
ALFRED EISENSTAEDT/LIFE PICTURE COLLECTION/GETTY IMAGES
move, see or speak. “You will be the core of “The Witch’s Heart”
reborn,” a mysterious voice told (Ace, 259 pages, $26), a debut
her. Appropriately enough, the novel from Genevieve Gornichec.
voice turned out to belong to her One is Angrboda, “proclaimer
mother. This scene of renewal of sorrows,” the mother of three monstrous chil-
marks the beginning of “W-3,” dren: the great wolf Fenrir; the world-encircling
Howland’s account of her intern- Midgard Serpent, known as Jormungand; and the
ment in the hospital’s psychiatric goddess Hel, ruler of the gloomy underworld of
ward—and the reissuing of “W-3” the same name. All of them were fathered, as we
signals the ongoing renewal of might have guessed, by the trickster god Loki.
Howland’s career. Ms. Gornichec begins by identifying Angrboda
Between 1974 and 1983, How- with the even more mysterious Gullveig, the
land published three books: “W-3” witch who helped spark the Aesir-Vanir War
and the story collections “Blue in between two rival groups of gods. The Aesir
Chicago” and “Things to Come and stabbed and burned her three times, but thrice
Go.” After winning a MacArthur she came back. The Elder Edda, a poetic com-
fellowship in 1984, she stopped essential strangeness of each per- then vote on them, though they personality, my particular history. pendium of Norse myth, says disapprovingly:
writing and disappeared from son she describes: the librarian know their votes have no effect: Not so private, particular, and “She was always a delight to wicked women.”
public view. Decades later, in 2015, who irritates patrons by bellow- “This is a mock tribunal.” Encour- personal after all. Now I was That’s the official version,
Brigid Hughes, the editor of the ing; the uncle who goes out of his aged to seek healing through art ready to reclaim it—though it THIS WEEK ripe for contradiction, and
literary journal A Public Space, way to break the law, driving projects, Howland notices that could never be of as much interest Ms. Gornichec folds Gullveig’s
discovered “W-3” in the dollar bin “around the block looking for a nurses, not patients, are the ones to me again.” The Witch’s backstory into Angrboda’s,
at a used bookstore. This rev- No Parking sign or a nice little fire industriously crafting hooked rugs; Perhaps this idiosyncratic con- Heart creating a composite figure
elation led to the appearance of hydrant.” At the library, Howland “they spent more time in Occu- ception of healing sheds light on By Genevieve of resistance to the gods’
“Calm Sea and Prosperous Voy- writes in her dazzling story “Pub- pational Therapy than we did.” Howland’s literary method more Gornichec patriarchy. She lives in hiding
age,” Ms. Hughes’s selection of lic Facilities,” “the level of toler- broadly: She tends to lavish atten- in Ironwood Forest at the
Howland’s writing, and to a revival ance for individual extremes was tion on her wonderful weirdos edge of the world, befriended
of interest in the author’s bril- very high. It had to be—the facts A memoir of mental while devoting significantly less by Gerd (the wife of Frey) and Skadi (the hunt-
liantly observant work. were too peculiar.” But the library space to herself. Then again, ress goddess). Both of her friends have a grudge
Like her career, Howland’s psy- has nothing on W-3, the ward
illness by a woman authors reveal themselves in what against the patriarchs as well, Gerd because of
chological health suffered a pre- where this memoir takes place. relieved to be free of they choose to reveal about oth- her forced marriage, Skadi because of her
cipitous dip. During the events of Howland’s fellow patients in- her own personality, ers. And in “W-3,” Howland occa- father’s murder and the trick played on her
“W-3,” she was a young divorcée clude Zelma, who shows up in sionally finds herself in her fellow when she claimed compensation. The wronged
with two children, making do with evening dress and opera gloves, her particular history. patients. Observing one, Cootie, women have their own cards to play—including
a “dingy flat, crummy job, con- marching in “as if she owned the she realizes that she, like the other the monstrous births which will doom the gods
stant money worries. Everything place,” with “seven pieces of woman, wants “not to move, not at the end times of Ragnarok.
you earn goes to doctors and matched luggage, smooth pale Amid all this peculiarity, where to answer, not to listen”; another, There are more domestic issues facing
baby-sitters. . . . A life full of re- leather; two wigs with stands; a does Howland fit in? Naturally, she Yvette, is “a picture of my soul.” Gullveig/Angrboda as well. Is Loki’s aim to
proaches, self-hatred.” Ultimately, portable TV.” Whenever the phone doesn’t—or so she thinks. Yet no Toward the end of her stay, a seduce her only to desert her? And how
these difficulties contributed to a rings in the ward, it’s for Zelma. patients think they belong in W-3: pair of graduate students—named will she get on with Sigyn, Loki’s official wife,
suicide attempt—the reason she Then there’s Trudy, who “peram- “That was the ordinary, the aver- (why not?) Ted and Fred—pro- who in the end sits by her chained husband
landed in the hospital. bulated down the corridors lashed age, you might say the normal, poses a “mock meeting.” Patients holding a bowl to catch the snake venom that
Yet even as she describes her to her intravenous stand—ban- reaction.” In the topsy-turvy world would “draw one another’s names would otherwise drip eternally on his face?
fantasy of ending it all, she can’t dages, pajama strings loosened of the ward, rejecting W-3 is just out of a hat and exchange our Ms. Gornichec writes a series of almost-comic
resist pointing out an absurd facet and streaming—looking like a sort another qualification for inclusion. identities.” As participants join the scenes, as mother and father bicker over child
of her plan: It inevitably involves of injured parade float.” “A “This was the place where you game, easily slipping into each care and choice of names. Mother insists: “We
the medicine cabinet. “Now here’s poacher by nature, like a cuckoo,” expected God knows what,” How- other’s skins, we get the feeling are not calling our son ‘awesomely powerful
a curiosity: Why the medicine she shows up uninvited in other land writes. “The trouble was, that they are, indeed, alike, that magical stick,’ ” i.e., Jormungand. (That, of
cabinet? The pills were actually people’s bathrooms, shower stalls from everyone else, not from your- they do indeed belong together. course, was Loki’s idea.)
right beside my bed. But never and beds. self. We could not understand the And we can’t help but wonder: Even Odin the sorcerer-god can’t resist the
mind, it seems there has to be a The local traditions are equally God knows what in ourselves, we who is playing Howland, and witch’s power, which will send his son Baldur
medicine cabinet . . .” Howland surprising. The ward requires its could not make touch with it.” what will that portrayal teach us down to Hel, never to be released. Or perhaps
loves a good curiosity; her busi- residents to run for office in the True to form, “W-3” exposes about our understated narrator? he can? For if there is one thing we know about
ness, in “W-3” and throughout her “patients’ council,” no matter their relatively little of Howland’s “God Tellingly, the patient who drew Odin, it is that he is always playing a long game.
oeuvre, is with the odd detail and level of reluctance (typically high). knows what.” Some of her most her name has begged off. “Do At Ragnarok, the whole world will burn. But
the odd person out. Drawn to the As a result, “we were ever in the personal moments depict her re- her? No thank you!” he replies. Gullveig/Angrboda has been burned three times
eccentrics who populate Chicago— midst of our weird election cam- luctance to get personal: “I was “I wouldn’t even attempt it.” already, and she’s still standing.
and her family in particular—she paigns, half the candidates begging sick to death of the facts of my Ms. Gornichec subverts the mythology
vividly renders the social worlds for defeat, weeping and imploring life,” she writes at the beginning Ms. Deutsch’s work has from inside, knowledgeably and provokingly.
within the movie theater, the everyone else not to vote for of her treatment. And by its com- appeared in Harper’s, the Times Whatever the Elder Edda may say, the heroines
public library, the courtroom and them.” At meetings, patients duly pletion, she notes with relief that Literary Supplement, Poetry and of “The Witch’s Heart” will not be a delight to
the living room, attending to the discuss one another’s requests, she is now “free—free of my own other publications. “wicked women” alone.
The Monkey-Sage Equal to Heaven

THE BOOKS THAT Sinologists Monkey King (who is given were also banished from Heaven original. This feels sacrilegious, That wary blend of intimacy
commonly refer to as the Four the name Sun Wukong) gains for insubordination. The novel but it’s in keeping with Ms. and otherness defines the
Great Classics of Chinese litera- his otherworldly powers at the settles into an episodic struc- Lovell’s aim of presenting a fun, friendships that Byrd begins
ture are the court romance feet of great Buddhist masters, ture, with each chapter center- accessible book that will attract to develop, as well. The novel
“Dream of the Red Chamber,” who teach him the Way of ing on the many monsters and readers to a text that may takes in new characters, in
the sprawling military chronicle Immortality and the 72 Trans- hostile kingdoms they encounter otherwise seem obscure and particular Priscilla, a disabled
“Romance of the Three King- formations. Thus equipped, during their travels. There are imposing. Hers is a work of young Indian woman living
doms,” the outlaw adventure he claims the audacious title instances of heroism and moral popularization, following under the care of the priest
“The Water Margin” and the “The Great Sage Equal to instruction—Monkey King’s arc after the legendary translator (who is obsessed with finding
supernatural quest fantasy Heaven” and bullies his way is redemptive—but the form is Arthur Waley, whose 1942 her a husband), and Jamshed,
FICTION “Journey to the West,” the last into Heaven itself, where he essentially, as Ms. Lovell writes, version, “Monkey,” is similarly an elderly auto rickshaw driver
SAM SACKS of which now appears in an makes no end of mischief for that of “an action-packed situ- shortened. And readers whose who becomes Byrd’s chauffeur
abridged edition from Penguin the Jade Emperor and his ation comedy,” with recurring appetites have been sufficiently and tentative confidant. Ironi-
Classics in a new translation celestial consorts. Only Gau- gags, ridiculous challenges to whetted can turn to Anthony C. cally, the nearest the two men
and with a fittingly playful tama Buddha is able to subdue Yu’s complete four-volume come to really bonding is in
new title, “Monkey King” (339 the interloper (during their THIS WEEK translation from 1983, where discussing their respective
pages, $30). Published during confrontation, Monkey King they will find many more solitudes. After Byrd discloses
the Ming dynasty in 1592, pees on the Enlightened One) Monkey King demons to defeat and deities his nagging sense of failure,
A 16th- “Monkey King” is the comic and finally pins him beneath By Wu Cheng’en to antagonize. Jamshed reflects that “he and
century relief of the quartet, a rollicking a mountain for 500 years. The passage to India has a Hilary Byrd were perhaps alike
Chinese work of high buffoonery whose This is classic fish-out-of- The Mission House far different meaning to today’s in certain ways—he didn’t say
stature in East Asian culture, water comedy, and the Jade By Carys Davies readers in the West, and in so. He was quiet.”
fantasy according to translator Julia Emperor is disturbed less by “The Mission House” (Scrib- A plot gradually coalesces
about a Lovell, “may be compared with Monkey King’s rampages than ner, 258 pages, $24), Welsh around Priscilla’s marriage
Buddhist that of The Canterbury Tales or by the fact that his presence overcome and a lot of cheeky writer Carys Davies hearkens prospects with a Canadian
Don Quixote in European letters.” in such distinguished settings crosstalk. The literary analog for back to E.M. Forster’s famous missionary and the retributive
monk Authorship of “Monkey King” threatens to “erode hierarchy the gonzo humor is Rabelais and novel of loneliness and missed schemes of a group of violent
and his has been ascribed to a knock- and order.” The jokes hit every the fight scenes are the stuff connections. The story finds an Hindu nationalists. Byrd is
one-of- about writer-for-hire named register, from slapstick and of superhero comics. But the aging man named Hilary Byrd woven into the conflict, but in
Wu Cheng’en (ca. 1506-1582), toilet humor to dryly delivered comparison that kept coming to in southern India on a kind a complicated way, since Ms.
a-kind though Ms. Lovell notes that drolleries: “Now we must re- my mind is with the irreverent, of improvised retreat from Davies is eager not to fit him
body- the attribution is at best an mind you that the Great Sage twinkling humor of Looney his pinched, empty existence into the colonial-era role of
guard, educated guess. The outline Equal to Heaven was, when all Tunes cartoons, with Monkey in England. The vacation be- the white savior. “The Mission
of the story is based on the was said and done,” the author King a cross between Bugs wilders him until Byrd meets a House” is a careful, quiet, skill-
a shape- journeys of a real figure, the adds, “still a monkey demon.” Bunny and the Tasmanian Devil. priest who offers to rent out a ful drama of well-meant mis-
shifting, seventh-century monk Xuan- The condition of Monkey Ms. Lovell’s idiomatic trans- spare room beside the British- understandings and cultural
smart- zang, who traveled from China King’s release is that he provide lation encourages such connec- built presbytery in a mountain divisions. The interactions
talking to India in search of sacred protection to Xuanzang on tions. It has stripped away all village away from the heat of are polite and repressed, but
Buddhist scriptures. But “Mon- his long trip to India to bring traces of classical ornamenta- the plains. The old man comes the story is galvanized by the
pugilistic key King” travesties the typical back Buddhist texts “that can tion, including almost all of to love his refuge, which mixes “passion simmering under the
primate. pilgrimage narrative by laying release mortals from vexations, the poetry that the characters familiar English customs with surface of things. Always, every
its focus on Xuanzang’s chief calamities, and transgressions.” regularly recite. “Monkey King” the thrill of the exotic. “Was it once in a while, the lid blowing
disciple and bodyguard, a They’re joined by a pig-fiend is a drastic abridgement, as because it had an aura of home, off, and nothing, it seemed,
shape-shifting, smart-talking, called Pigsy and a river monster well, coming in at around a or because it felt completely that anyone could do to stop
excessively pugilistic primate. called Sandy, who, Lucifer-like, quarter of the length of the strange and new?” he wonders. it happening.”

BOOKS
‘Wherever they burn books, they will also, in the end, burn human beings.’ —H EIN RIC H H EIN E
The Ash Heaps of History

Burning the Books archives—arranged to have
By Richard Ovenden 30 volumes of his diaries
shredded by his secretary,
Belknap/Harvard,
who glimpsed “bits and
308 pages, $29.95 pieces,” remembering them
BY ERNEST HILBERT as “very unhappy. Desperate
W
really.” More notorious is
HY Ted Hughes’s destruction of
would an a volume of his estranged
army wife Sylvia Plath’s last jour-
target a nals, written shortly before
univer- her suicide (another volume
sity library with incendiary may have survived, though
shells, leaving buildings it has not been discovered).
around it intact? Why would As Mr. Ovenden puts it,
an author choose to consign “what is omitted from an
years of impassioned writing archive can be just as mean-
to the flames? The answer ingful as what is included.”
ANDIA/UNIVERSAL IMAGES GROUP/GETTY IMAGES; ON C7: ALAMY
is simple. As an official in Decay and inattention

the British Empire once ob- also exact a toll on shared
served, while overseeing the memory. While papyrus and
purge of a colonial archive, paper may fall prey to mold
“What’s burned won’t be and flame, digital files are
missed.” Richard Ovenden, no less at risk due to tech-
director of the Bodleian nological obsolescence
Library at Oxford University, (whether the floppy disk
is acutely aware of the or the dreaded broken web
many ways in which books link). In truth, technological
and paper archives cease to migration is nothing new.
exist: not only through de- Over the centuries, scribes
liberate destruction—acts of copied texts from papyrus
moral outrage, retribution, scrolls onto more durable
even efforts to literally erase parchment and later to
history—but also simple RUBBLE STACKS The National and University Library of Bosnia and Herzegovina after it was bombarded by Serbian artillery in 1994. paper, which is sturdier still.
neglect, perhaps a more sin- Nonetheless, Mr. Ovenden
ister threat because it so often goes unnoticed. ended. As Mr. Ovenden points out, “the survival originally in his library were seized and wrecked warns, “storage is not the same thing as
Fortunately, he has devoted a great deal of time of the collections themselves is accidental.” by “Reformers”). The United States Library of preservation.” Among the greatest risks
to thinking about these disasters and how to The most famous library to have disappeared Congress burned twice, once at the hands of a libraries now face is the overwhelming amount
prevent them. His compelling thoughts are now is that of Alexandria, a towering structure, “said ruthless British army in 1814 and again, by of information generated in the digital age.
gathered in the eminently readable (and pro- to contain a vast ocean of knowledge, razed to accident, on Christmas Eve 1851. It is estimated Much of the world’s population has outsourced
vocatively titled) “Burning the Books: A History the ground in a fiery blaze.” Mr. Ovenden sug- that 100 million Jewish books were lost in the the storage of its private information to
of the Deliberate Destruction of Knowledge.” gests that “in some ways the destruction of the Holocaust. Half a century after V-E Day, Serbian companies described by some as “private
Mr. Ovenden views himself as one in a line library has become as important, if not more, militia shelled the National and University superpowers,” whose owners are increasingly
of librarians going back to the Bronze Age and to its legacy as its existence.” The fabled immo- viewed by the public “with a sense of dystopian
to Apollonius of Rhodes at the library of lation is variously attributed to Caesar, a Chris- fear and suspicion” and who are driven by
Alexandria. He urges us to remember that tian patriarch, or a Muslim caliph who was said Libraries, documents and “very different motives from the institutions
“although the technologies of creating knowl- to have used the scrolls to heat his baths. It was that have traditionally made knowledge avail-
edge, and the techniques for preservation Edward Gibbon, in his “Decline and Fall of the knowledge cease to exist able for society.” Mr. Ovenden assures us that
have altered radically, their core functions Roman Empire,” who transformed the loss into due to acts of moral outrage, libraries and archives “are now trying hard to
have changed surprisingly little.” Mr. Ovenden such a potent symbol of barbarity, the violent efforts to literally erase history take back control.”
believes that what is handed down over time, disregard or even hatred of knowledge (Gibbon Despite its title, “Burning the Books” is
from Alexandria to the Bodleian, is the “ethos dismisses the tale of the caliph’s depredations). —but also simple neglect. concerned as much with the building and
that knowledge holds great power,” and that It is a peculiar paradox that the library of Alex- maintaining of libraries as with their annihi-
“its loss can be an early warning sign of a andria symbolizes at once the urge to accumulate lation. It is essential reading for anyone con-
decaying civilisation.” knowledge and the barbarous impulse to destroy Library of Bosnia and Herzegovina in Sarajevo, cerned with libraries and what Mr. Ovenden
Mr. Ovenden begins at the beginning, with it. The mundane truth is that the library likely instructing their snipers to pick off librarians outlines as their role in “the support of democ-
the library of Ashurbanipal, beneath the ruins dissolved slowly, “both through organisational attempting to save books from the blaze. racy, the rule of law and open society.” He takes
of Nineveh, in modern-day Iraq, a city so an- neglect and through the gradual obsolescence of Several intriguing chapters tell of authors, care to emphasize the remarkable resiliency
cient it was already long desolate when Greek the papyrus scrolls themselves” rather than in a or those close to them, who deem their writ- with which libraries can be revived after their
warrior-historian Xenophon passed through single great conflagration. “Alexandria is a cau- ings worthy of obliteration, what Mr. Ovenden looting and destruction in times of war or
over 2,000 years ago. In the 19th century, tionary tale of the danger of creeping decline.” alternately (and amusingly) terms “extreme revolution, often with added safeguards and
tens of thousands of tablets were unearthed at Nevertheless, “Burning the Books” is black self-editing,” “literary damage limitation” and renewed sense of purpose. “The repeated
the site by British and French archaeologists with the ashes of libraries: Islamic “storehouses even the “act of supreme self-curation.” Virgil attacks on [libraries] over the centuries need
(energetically pursuing their hereditary rivalry). of knowledge” leveled by Mongol raiders in the insisted his Aeneid be incinerated unread. to be examined as a worrying trend in human
The tablets recorded administrative and 13th century; medieval scriptoria put to the Kafka wanted his stories destroyed upon his history, and the astonishing efforts made by
bureaucratic activity, as well as oracular queries torch by Vikings; monasteries dissolved under death. In both cases, the works were saved by people to protect the knowledge they hold
and divination. The most celebrated ones hold Henry VIII, when “tens of thousands of books farsighted friends. Byron’s infamous memoirs should be celebrated.” After all, as Mr. Ovenden
the epic of Gilgamesh, among the world’s were burned or broken up and sold as scrap.” were burned in his publisher’s grate, ostensibly declares, the preservation of knowledge is
earliest works of literature. Although some of Such despoliation led Sir Thomas Bodley to to protect the reputation of the poet’s family. “not about the past but the future.”
King Ashurbanipal’s library survived, much was found his library at Oxford, hailed by Francis Nearly two centuries later, another English
burned and smashed by vengeful Medes and Bacon as “an ark to save learning from the poet, Philip Larkin—a career librarian, who Mr. Hilbert is a poet and an antiquarian
Babylonians generations after his reign had deluge” (however, all but a handful of the books championed the preservation of author book dealer.
Vivid Ventures Into the Past

APART FROM dipping into our stressful atmosphere for a girl second set of siblings comes depicts people as being marked (Dial, 30 pages, $17.99),
own memories, the closest that who, we see, is not naturally along. Children of gentle and by their memories, patterned illustrated with bright, blocky
most of us will ever get to time drawn to conflict. Early on, artistic temperament will with their own inner aware- pictures by Maya Ish-Shalom
travel is the recollections and Sylvie finds quiet joy in putting find a kindred spirit in Sylvie ness. For example, when little (see below), tells of a talented
stories of people who lived marks on paper; in a lovely Kantorovitz and perhaps take Vera arrives at a cavernous youth in Bessarabia whose
before us. For children of the sequence, she pores over encouragement for their own London train station after trav- singing delights the people of
present moment, four notable encyclopedia entries and draws moments of travail and inde- eling for three days and nights, his shtetl. “You must study in
new books offer remembrances from them in a little storage pendence. Italy,” Nathan’s father says.
of things past. room behind her father’s office. Peter Sís, who chronicled “The best teachers are there.”
The first is a delightful Her father is something of a Cold War life on the far side of Having scraped the boy’s fare
CHILDREN’S graphic-novel memoir of girl- dreamer himself. Unlike his the Iron Curtain in his 2007 together, Nathan’s family sends
BOOKS hood and artistic coming-of-age exacting and exasperated wife, picture book “The Wall,” him off. But at the Black Sea
MEGHAN for children ages 8-14. Written who wants to see Sylvie score goes a bit further back the young man gets on the
COX GURDON and illustrated by Casablanca- impressive grades in the hard- in time with a true story wrong ship. Soon he’s in
born artist Sylvie Kantorovitz, science subjects that other of wartime heroism in lower Manhattan, singing
who now lives in the United people esteem, he supports “Nicky & Vera” (Norton in the streets to survive.
States, “Sylvie” (Walker, their daughter’s artistic Young Readers, 62 Nathan’s voice soon
346 pages, $24.99) begins impulses. pages, $19.95). In this attracts the interest of a
in France. It is the mid-1960s, luminous picture book teacher—an Italian, as it
and, having left Morocco with THIS WEEK for children ages 5 to 10, happens—and wins him
Four their parents, little Sylvie and “Nicky” is Nicholas Winton, such success that he’s able
picture- her even littler brother, Alibert, Sylvie a British stockbroker who to bring his family to America.
have the run of the small By Sylvie Kantorovitz skipped a planned skiing Larissa Fan had long heard
book educational college where holiday in 1938 to meet a friend DIAL stories about her father
biog- their father is principal. Nicky & Vera in Prague. The city was flooded growing up in Taiwan with
raphies It’s an idyll for the children, By Peter Sís with refugees fleeing Nazi her silhouette is painted with nine brothers. “To have one
and with balustrades for balancing, Germany’s invasion of the images of her parents and home. son was considered lucky, /
tadpoles for catching and the Nathan’s Song Sudetenland. In short order, Later, in an intense and moving To have ten was great luck
family thick roots of chestnut trees By Leda Schubert Nicky threw himself into the scene captured by the BBC (and indeed!” she writes in “Ten
histories for clambering upon: “The Illustrated by Maya Ish-Shalom work of finding temporary watchable on YouTube), middle- Little Dumplings” (Tundra,
that challenge was to go around foster homes for Czech aged men and women who owed 38 pages, $18.99). Only when
and around without ever Ten Little Dumplings children in Britain. The “Vera” their survival years before to the author was older did she
explore touching the ground.” By Larissa Fan of the book’s title, meanwhile, Nicky’s intervention stand up to realize that the boys had a
the joys Ms. Kantorovitz’s drawings Illustrated by Cindy Wume is Veruska Diamantova, whose applaud him. All of them seem sister. In this picture book,
and exude benignity. Everyone in happy childhood in a small to carry a tiny bright image of Ms. Fan rescues her aunt from
them has a sweet, sturdy town outside Prague ended in themselves as children. “Nicky obscurity in a way that charms:
terrors appearance, with big round The portrait that the mod- separation from her parents & Vera” is a deep book, and it The text refers to “ten little
of being eyes and a total absence of ern child encounters in this and safe passage (thanks to will amply reward the concen- dumplings,” as the boys were
very neck; people may wear ties illustrated autobiography is Nicky) on a train bound for tration it requires. known, but alert children ages
young. or necklaces or collared shirts, enviable, really, even if in the the U.K. Leda Schubert’s memories 3-6 will notice that there are 11
but there is no slender bit to author’s life, as in every life, a There’s an ethereal quality of her grandfather, a Russian children in Cindy Wume’s lively
be found. This makes us feel little rain does fall. In addition to Mr. Sís’s pictures here, a with a wonderful voice, give illustrations. Infused not with
curiously fond of the characters, to having quarreling parents, delicacy of line and tint that warmth to a picture book that grievance but with redemptive
even when, as in the case of she’s marked out by her peers softens even harsh scenes; recapitulates the story of joy, this is a book to cheer the
Sylvie’s parents, they are for her North African birth and he also does something that Jewish immigration to New heart of any child who’s ever
shouting at each other. Sylvie Jewish heritage; then there’s I believe is original yet feels York at the turn of the 20th felt overshadowed by a dazzling
and Alibert fight, too; it is a the extra housework when a like a polished technique: He century. “Nathan’s Song” sibling—or by 10 of them.

BOOKS
‘Flesh, Marble, Flower, Venus—in thee I believe!’ —ARTHUR RIMBAUD, ‘CREDO IN UNAM’
A Mighty Mixer-Upper posed domain (she calms storms at

Venus and Aphrodite
By Bettany Hughes sea, but never storms on land). Finally,
it misleadingly smooths out what
Basic, 188 pages, $26
are in fact genuine contradictions
BY PETER THONEMANN and inconsistencies in Greco-Roman
C
religious thought and practice: In
LOSE YOUR EYES and Homer’s Iliad, Zeus quite clearly tells
think of Venus. What Aphrodite that warfare is none of her
image comes to mind? business. I do worry that Ms. Hughes
Perhaps Botticelli’s might be trying to make Venus-
bored teenager in her Aphrodite a more coherent figure than
scallop shell; maybe the Venus de Milo, she actually was.
serene, lovely and just a touch bovine; Over the past 20 years, no one has
perhaps Titian’s meretricious “Venus done more than Ms. Hughes to bring
of Urbino,” lying on her back caressing first-rate ancient history programming
her genitals. At any rate, a ravishingly to British and American television
beautiful young woman, probably screens, and this book is a spin-off
blond and almost certainly not wear- from her outstanding 2017 documen-
ing many clothes. tary “Venus Uncovered.” To be honest,
Bettany Hughes is out to convince
you that the face of Venus familiar
to us today—simultaneously salacious Aphrodite was not
and saccharine—conceals a much
darker and more complex character.
interested in ‘love.’ She
The Roman goddess Venus, like her was a goddess of violent
Greek counterpart Aphrodite, was “far sexuality, of passionate
more than just a gorgeous goddess
of love”; in fact, Ms. Hughes argues, human entanglement.
she wasn’t really interested in “love”
at all, let alone beauty or romance.
Aphrodite was a goddess of fierce and if you can track down the documen-
violent sexuality, the forceful tamer of tary online, you’re probably better off
men and beasts, the mother (by her watching that instead: “Venus and
lover Ares) of the lesser gods Dread Aphrodite” is all too obviously the
MUSEO NAZIONALE ROMANO/LUISA RICCIARINI/BRIDGEMAN IMAGES; ON C7: GETTY IMAGES
and Fear. Divine patron of Valentine’s book-of-the-TV-program. Ms. Hughes

Day she was not. does her best to talk you through the
Any children’s book about the luscious wide-angle camera footage—
Greeks or Romans will tell you that “Walking the Alexandrian corniche
each god had his or her own special today, under the drama of a winter
domain: Ares was “the god of war,” electric storm or in the brilliance of
Hera was the “goddess of marriage,” summer heat, it is easy to imagine
and so on. There can be no doubt that how Aphrodite-Venus was cherished
sexual desire was central to the an- as a patron of this cross-border, cross-
cient “meaning” of Venus-Aphrodite. boundary, headily ambitious and cos-
The Greeks called sex ta aphrodisia, mopolitan city”—but you really need
“the works of Aphrodite” (whence the the sweeping background music and
modern English “aphrodisiac”). The Mediterranean backdrops to get the
problem, as Ms. Hughes fully recog- full effect. The book’s grainy black-
nizes, is that Aphrodite was also the and-white photos are no substitute.
goddess of all sorts of other things. Nonetheless, once one gets past the
She presided over Greek civic dotty New Age twaddle about Cypriot
magistrates, the unity of the citizen fertility goddesses in the early chap-
body, safe travel by sea, military lead- ters, Ms. Hughes’s book packs real
ership and the battle-rage of Greek punch, particularly when she turns to
warriors; on the eve of the Battle of the ways in which this ferocious
Salamis in 480 B.C., Plutarch tells us, MORE THAN A PINUP A fourth-century fresco of Venus, personifying Rome, from the baptistery of St. John Lateran. goddess has been domesticated and
the women of Corinth prayed to (bluntly) pornographized in modern
Aphrodite to inspire their husbands never seen as a mother-goddess. But civic magistracies and maritime believed to mix things up,” she writes. European culture. Look again, if you
with “passion for battle against the in the first century B.C., as Ms. Hughes weather have in common, then we will “Venus is in fact the summation . . . of can stomach it, at Titian’s “Venus of
barbarians.” vividly describes, the Romans devel- have got back to the “real” Aphrodite. our burning drive to engage with one Urbino” and Velázquez’s so-called
There are two different ways of oped a major new cult of Venus Gen- This structuralist approach to the another, both for good and for bad.” “Rokeby Venus”—passive, winsome,
accounting for the breadth and messi- etrix, “Venus the mother.” In this new Greek gods (particularly popular in All well and good. The trouble is sexually available young women,
ness of Venus’s divine portfolio. One is incarnation, Venus was worshiped as France) has led to some spectacularly that we have not a scrap of evidence showing off their enticing curves to
to suppose that an “original” goddess the ancestor of Julius Caesar via the acrobatic feats of abstraction: Artemis that any ancient Greek or Roman saw elite male viewers. By some distance
of sexual desire picked up a set of ran- mythical hero Aeneas and his son as the goddess who patrols the bound- their gods in these broad and abstract the most thrilling moment in Ms.
dom additional functions over time— Julius, and thus served as the mother- ary between nature and culture, Hera terms. Aphrodite as goddess of mixis is Hughes’s book is her description of the
what Robert Parker has neatly called patron of the Julio-Claudian dynasty as presiding over the interplay be- inescapably a modern rationalization, suffragist Mary Richardson’s visit to
the snowball theory of the Greek gods, and the people of Rome more gener- tween the home and things outside, not how the Greeks really saw her. London’s National Gallery in March
“the idea that as a god rolls down ally. This new aspect of Venus as an and so forth. In 2007, the French What’s more, not all of Aphrodite’s 1914, which left the “Rokeby Venus”
through history it picks up new func- ancestor-mother is a classic example scholar Gabriella Pironti ingeniously actual functions can be made to fit in tatters after Richardson repeatedly
tions and powers that need not cohere of the snowball in motion, a com- argued that Aphrodite should be seen with this idea of “violent mingling”: slashed it with a meat-cleaver. “I
with its original nature or with one pletely new set of associations bolted as a goddess of what the Greeks called It doesn’t explain her patronage of couldn’t stand the way men gawped
another: rather like a multinational on to her “central” character as a god- “mixis,” the violent mixing and min- Greek civic magistrates, nor does it at it all day long,” said Richardson.
company that starts out selling rec- dess of violent sexuality. gling of human bodies in all contexts, really square with her role as the god- Passion, rage, divine violence: There
ords and ends up running an airline.” The other possible scholarly particularly lovemaking and warfare. dess who calms the seas (she makes speaks the true follower of Aphrodite.
In some ways, this theory works approach is to try to find a master key This idea is enthusiastically taken over warriors more violent, but the sea less
quite well for Venus-Aphrodite. The that links together all the different by Ms. Hughes in “Venus and Aphro- violent?). Nor does it explain why Mr. Thonemann teaches Greek and
Greek Aphrodite, for all her associa- spheres of life in the god’s portfolio. dite”: “Aphrodite is . . . the incarnation certain spheres of violent mingling Roman history at Wadham College,
tions with fertility and virility, was If we can just find what sex, warfare, of MIXIS, a pervasive catalyst that was were never brought within her sup- Oxford.
Bestselling Books | Week Ended February 6

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.
Unmasked 1 New Just as I Am 6 1 The Four Winds 1 New The Boy, the Mole, the Fox and... 6 3 Print-book dataproviders includeallmajorbooksellers,
Andy Ngo/Center Street Cicely Tyson/Harper Kristin Hannah/St. Martin’s Charlie Mackesy/HarperOne webretailersandfoodstores. E-bookdataproviders
includeallmajore-bookretailers.Freee-booksand
Four Hundred Souls 2 New Greenlights 7 5 Little Blue Truck’s Valentine 2 2 Love From the Very Hungry Caterpillar 7 — thosesellingforlessthan99centsareexcluded.
Ibram X. Kendi & Keisha N. Blain/One World Matthew McConaughey/Crown Alice Schertle/Houghton Mifflin Harcourt Eric Carle/World of Eric Carle Thefiction andnonfiction combinedlistsinclude
aggregated salesforallbookformats (exceptaudio
Keep Sharp 3 4 Caste 8 7 The Russian 3 1 The Deep End 8 5 books,bundles, boxedsetsandforeign
Sanjay Gupta/Simon & Schuster Isabel Wilkerson/Random House James Patterson & James O. Born/Little, Brown Jeff Kinney/Amulet language editions) andfeaturea
combination ofadult,youngadultand
A Promised Land 4 3 That Sounds Fun 9 New Cat Kid Comic Club 4 4 The Sanatorium 9 New juvenile titles. Thehardcover fiction
Barack Obama/Crown Annie F. Downs/Fleming H. Revell Dav Pilkey/Graphix Sarah Pearse/Pamela Dorman andnonfiction listsalsoencompass a
mixofadult, youngadultandjuveniletitleswhilethe
Atomic Habits 5 2 Untamed 10 9 Star Wars the High Republic: Into... 5 New In Love & Pajamas 10 New businesslistfeatures onlyadulthardcover titles.
James Clear/Avery Glennon Doyle/Dial Claudia Gray/Disney Lucasfilm Catana Chetwynd/Andrews McMeel Referquestions toTeresa.Vozzo@wsj.com.
Nonfiction E-Books Nonfiction Combined Fiction E-Books Fiction Combined Hardcover Business
TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK
Clanlands 1 — Unmasked 1 New The Four Winds 1 New The Four Winds 1 New Atomic Habits 1 1
Sam Heughan & Graham McTavish /Hodder&Stoughton Andy Ngo/Center Street Kristin Hannah/St. Martin’s Kristin Hannah/St. Martin’s James Clear/Avery
Unmasked 2 New Burn After Writing 2 — Serpentine 2 New The Duke and I 2 2 StrengthsFinder 2.0 2 3
Andy Ngo/Center Street Sharon Jones/TarcherPerigee Jonathan Kellerman/Ballantine Julia Quinn/Avon Tom Rath/Gallup
Think Again 3 New Four Hundred Souls 3 New Still Standing 3 New Serpentine 3 New Dare to Lead 3 4
Adam Grant/Viking Ibram X. Kendi & Keisha N. Blain/One World Kristen Ashley/Kristen Ashley Jonathan Kellerman/Ballantine Brené Brown/Random House
Ten Commandments of Investing 4 — Keep Sharp 4 4 The Duke and I 4 2 Llama Llama I Love You 4 — AI for Lawyers 4 New
San Eng, Tim Eng & Oia Eng/Morgan James Sanjay Gupta/Simon & Schuster Julia Quinn/Avon Anna Dewdney/Viking Young Readers Noah Waisberg & Alexander Hudek/Wiley
On Wings of Eagles 5 — A Promised Land 5 2 Romancing Mister Bridgerton 5 4 The Russian 5 1 Extreme Ownership 5 5
Ken Follett/Signet Barack Obama/Crown Julia Quinn/Avon James Patterson & James O. Born/Little, Brown Jocko Willink & Leif Babin/St. Martin’s
Just as I Am 6 1 Just as I Am 6 1 The Viscount Who Loved Me 6 3 Claudia and the New Girl 6 — Total Money Makeover 6 7
Cicely Tyson/Harper Cicely Tyson/Harper Julia Quinn/Avon Ann M. Martin/Graphix Dave Ramsey/Thomas Nelson
My Anecdotal Life 7 — Atomic Habits 7 3 To Sir Phillip, With Love 7 5 Little Blue Truck’s Valentine 7 — The Daily Stoic 7 8
Carl Reiner/St. Martin’s James Clear/Avery Julia Quinn/Avon Alice Schertle/Houghton Mifflin Harcourt Ryan Holiday & Stephen Hanselman/Portfolio
Four Hundred Souls 8 New The Four Agreements 8 7 The Russian 8 1 Still Standing 8 New Who Moved My Cheese? 8 —
Ibram X. Kendi & Keisha N. Blain/One World Don Miguel Ruiz/Amber-Allen James Patterson & James O. Born/Little, Brown Kristen Ashley/Kristen Ashley Spencer Johnson/Putnam Young Readers
Caste 9 6 Caste 9 6 An Offer From a Gentleman 9 8 Happy Valentine’s Day, Mouse! 9 — Emotional Intelligence 2.0 9 —
Isabel Wilkerson/Random House Isabel Wilkerson/Random House Julia Quinn/Avon Laura Joffe Numeroff/Balzer + Bray Travis Bradberry/TalentSmart
A Beautiful, Terrible Thing 10 — Greenlights 10 8 City of Girls 10 — Firefly Lane 10 — Rituals Roadmap 10 2
Jen Waite/Plume Matthew McConaughey/Crown Elizabeth Gilbert/Riverhead Kristin Hannah/St. Martin’s Erica Keswin/McGraw-Hill Education

PLAY
NEWS QUIZ DANIEL AKST From this week’s NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
Wall Street Journal
1. The Tampa Bay Buc- B. Gateway National Cell Blocks Cell Blocks
caneers won the Su- Recreation Area in New Divide the grid
per Bowl. What did Jersey into square or
Bucs quarterback C. Thunder Road in rectangular blocks,
For previous
Tom Brady say when Asbury Park, N.J. each containing
weeks’ puzzles,
asked if he’d play D. Rural Nebraska one digit only.
and to discuss
past age 45? Every block must
strategies with
contain the number
6. What did a nonpartisan of cells indicated by
other solvers, go
A. “What’s that, to WSJ.com/
study find to be the likely the digit inside it.
sonny?” puzzles.
impact of raising the federal
B. “You betcha.”
minimum wage to $15 an hour? Killer Sudoku
C. “I would definitely consider
that.” Level 3 Suko
A. Raises for 27 million work-
D. “Gisele says no.”
ers
B. Lifting 900,000 Americans
2. Archer said it would go public above the poverty threshold
via a special purpose acquisition C. The loss of 1.4 million jobs
company. What does Archer do? D. All of the above
Killer Sudoku Level 4
A. It’s a special purpose acqui- As with standard
7. Attorney Spencer Sheehan is
sition company. Sudoku, ill the
suing food companies over
B. It sells high-tech crossbows. grid so that every
claims that their products con-
C. It makes electric air taxis. column, every row
tain which substance he says is Post Office Boxes
D. It’s the grain-trading arm and every 3x3 box
missing? contains the digits F E I N T E D S T P A T S S T R E P
of Archer Daniels Midland.
1 to 9. Each set of U N D E R G O C U R T A I N H U E V O
A. Flavor S P E C I A L D E L I V E R Y A N T E S
cells joined by S L A A N T O N I N T O P G U N S
3. Saudi Arabia released B. Vanilla dotted lines must P A T H S S H I P T O S H O R E R T E
women’s rights activist Loujain C. Cane sugar add up to the O N E I S H A C S M E A L P AL N
al-Hathloul—after more than D. Live probiotics target number in T E D D I E S G A R B H M Y A N
how many days in detention? C I R C U L A R F I L E O D O M
its top-left corner. C C C S A L O O N T O U T D N A
8. Major League Baseball is tin- Within each set A R A R A T E M A G S U S H E R E D
A. 1 of cells joined by T O P O L F O O D S T AM P O F E V E
kering with baseballs for this S A I D I D O S I E N A S U S S E D
B. 10 dotted lines, a digit
season—how? I T T I AM B G A N N E T S R O
C. 100 cannot be repeated. T I A S N O R M A N MA I L E R
D. 1,000 A L L O T O O P S L E EW A R D
A. Making them less lively L O N E S OM E I D S R A P P E R
B. Making them livelier D E E P A C K A G E D E A L S A P P Y
Suko A L T O O N A N A S T I E S C A B
4. Which bank—the nation’s old- C. Making them vegan
Place the numbers M A T R I P U S H T H E E N V E L O P E
est—said it will handle bitcoin D. Switching from pigskin to U T E N N E M P E R O R D E R I D E D
and other cryptocurrencies? cowhide 1 to 9 in the spaces
P E R O T S A F E S T A N T L E R S
so that the number
A. First Pennsylvania Bank in each circle is equal
to the sum of the Rows Garden
B. State Street Bank E G S
four surrounding B M Y U E T
FROM TOP: BEN LIEBENBERG/ASSOCIATED PRESS; GETTY IMAGES
C. Bank of New York Mellon

ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM
spaces, and A E O L A N N C R E
D. Citigroup C P C D E R I G U V S
each color total T M S U Y H L P P E S
is correct. I E T D C I I E P R
I T E I C R N D I E
5. Jeep pulled its Bruce Spring- D R D V L A A D R V R
steen commercial after learning M D T E O N S A A A P
A E H R U D L V L M
he was arrested last year for H E E E D E R E L O
C E S H A G O G E I T
driving while intoxicated— S A E P T E V R M L T
where? T Y D U D N E O E E
O A S P O T L S U R
M R L U P R A L Q A E
A. A pretty little place in N
O
T
E
T
O
S
E
L
F
F
O
S
T
E
R
C
H
I
L
D
Southern California down San A R R G E C O O I E
Diego way H I T I G R R C D L S
M R U W L Y D E A I E
A C S E B A R N L N
Answers are listed below the S D E R I S
I T P
crossword solutions at right.
Answers to News Quiz: 1.C, 2.C, 3.D, 4.C, 5.B, 6.D, 7.B, 8.A
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 52 Shoe locale 1 C2 B 3 G4 M5 H6 I7 S8 N9 O 10 U 11 Q 12 A 13 F 14 L 15 R 16 D 17 E 18 I 19 J 20 B 21 K
19 20 21 55 Promote for gain 22 C 23 H 24 G 25 V 26 A 27 T 28 N 29 I 30 L 31 E 32 P 33 Q 34 H 35 K 36 J 37 O 38 R 39 F 40 S 41 I
22 23 24
57 Sponge cake
ingredients 42 A 43 P 44 V 45 N 46 D 47 B 48 T 49 R 50 U 51 I 52 G 53 L 54 Q 55 P 56 S 57 H 58 F 59 A
25 26 27 59 Pasteur discovery 60 V 61 O 62 J 63 B 64 I 65 N 66 K 67 M 68 Q 69 E 70 C 71 L 72 R 73 S 74 K 75 G 76 N 77 V 78 M 79 U
28 29 30 31 32 33 34 35 36 61 Wily
80 A 81 Q 82 B 83 I 84 J 85 P 86 F 87 H 88 D 89 G 90 E 91 T 92 R 93 L 94 M 95 U 96 O 97 K 98 J 99 S
37 38 39 40 41 63 Be decisive
100 P 101 N 102 T 103 I 104 E 105 G 106 C 107 K 108 A 109 M 110 Q 111 S 112 U 113 R 114 V 115 J 116 B 117 N 118 O
42 43 44 45 46 47 48 64 Tickled pink
66 Feathery wrap 119 L 120 C 121 T 122 S 123 H 124 Q 125 K 126 M 127 P 128 D 129 I 130 E 131 G 132 N 133 L 134 O 135 C 136 A 137 P 138 S
49 50 51 52 53
68 Maker of many 139 F 140 D 141 K 142 G 143 R 144 B 145 V 146 I 147 Q 148 U 149 H 150 M 151 E 152 S 153 F 154 R 155 N 156 A 157 C
54 55 56 57 58 59 bricks
158 D 159 T 160 J 161 Q 162 O 163 G 164 L 165 V 166 H 167 C 168 A 169 T 170 N 171 M 172 J 173 K 174 I 175 R 176 S
60 61 62 63 64 65 66 69 With 105-Across,
“Soul Man”
67 68 69 70 71 72 177 G 178 F 179 D 180 L 181 V 182 A 183 H 184 P 185 B 186 Q 187 T 188 E 189 O 190 N 191 L 192 M 193 U 194 R 195 D 196 G
co-writer
73 74 75 76 77 70 Something in the 197 T 198 L 199 J 200 I 201 Q 202 S 203 O 204 U 205 N 206 R 207 K 208 H 209 D 210 F 211 E 212 B 213 I 214 G 215 V
78 79 80 81 82 83 84 85 86 87
air
88 89 90 91 92 93 94
71 Traveler’s stop Acrostic | by Mike Shenk
72 Purple
95 96 97 98 99 competitor To solve, write the answers to the clues on the L. Unlikely early ____ ____ ____ ____ ____ ____ ____ ____
53 133 164 191 180 198 14 93
numbered dashes. Then transfer each letter to the adopter
100 101 102 103 76 Nephew of Patty correspondingly numbered square in the grid to spell ____ ____ ____
and Selma 71 119 30
104 105 106 107 108 109 110 111 a quotation reading from left to right. Black squares
77 Wows separate words in the quotation. Work back and
112 113 114 115 116 117
78 Soft on a piano, forth between the word list and the grid to complete M. Infamous Raiders- ____ ____ ____ ____ ____ ____ ____ ____ ____
126 94 150 171 192 67 109 78 4
118 119 120 121 122 123 e.g. the puzzle. When you’re finished, the initial letters of Jets contest of
79 Emulate Romeo the answers in the word list will spell the author’s November 1968
124 125 126
and Juliet name and the source of the quotation. (2 wds.)
127 128 129
80 Brownish-gray A. Sugar or honey ____ ____ ____ ____ ____ ____ ____ ____
substitute 59 42 26 108 80 12 156 136 N. Subtitle of the 1964 ____ ____ ____ ____ ____ ____ ____ ____
81 Foaming-at-the- 8 28 190 205 170 101 65 76
Shoe Last | by Gary Larson mouth feeling ____ ____ hit “The Shoop
182 168 Shoop Song” ____ ____ ____ ____
155 117 132 45
Across 56 Indistinguishable 112 Ogled 12 Upright 83 Walks through (4 wds.)
1 Land west of 114 Monopoly card puddles
58 Eastern way 13 Vocal group in B. With stronger ____ ____ ____ ____ ____ ____ ____ ____ ____
Lake Mich. the Rock and Roll 85 Yoga class sights 185 20 47 116 63 82 2 144 212
59 Capital of East 117 Attempt to pass reason (2 wds.) O. Clams, bucks, ____ ____ ____ ____ ____ ____ ____ ____ ____
Hall of Fame, 118 162 61 96 37 203 9 189 134
5 Foursome for Flanders the bar? 86 Biz biggie smackers
director John with “The” C. Like Valentines, ____ ____ ____ ____ ____ ____ ____ ____
60 Sacred scrolls 118 Footwear for 89 Whirling motion 167 106 135 157 1 70 120 22
Ford spa workers? 14 Imagine long-stemmed
62 In suspense 90 Trojan War epic roses and candlelit P. Majority (2 wds.) ____ ____ ____ ____ ____ ____ ____ ____
11 Queequeg, to 137 100 55 127 184 43 85 32
122 Footwear for 15 Brooks with an dinners
Ishmael 65 Spa cover EGOT 91 Whirling motion
coin makers?
19 Face-to-face test 67 Footwear for 16 Fuss 93 Bank offerings
124 Ingredient used D. Former empire of ____ ____ ____ ____ ____ ____ ____ ____ ____ Q. Satisfactory, good ____ ____ ____ ____ ____ ____ ____ ____
20 Impaired dentists? by bakers of 96 Troubles the Horn of Africa 88 158 46 209 16 140 128 179 195
enough (3 wds.) 68 161 186 54 11 110 124 33
17 Barge mover
21 Paid 73 Corrosive pizzelle cookies 98 Less tended, as a ____ ____ ____
solutions 18 Short albums, 201 147 81
125 Took five for short garden E. Carolina Reaper, ____ ____ ____ ____ ____ ____ ____ ____ ____
22 Footwear for Naga Viper or 130 188 151 17 90 69 211 104 31
housekeepers? 74 Wish receiver 126 Instead 99 Unnecessary
23 Scheming Heep Dragon’s Breath,
75 Simple creature embellishment R. Person of little ____ ____ ____ ____ ____ ____ ____ ____
24 Footwear for 127 Rejects, in 24 Underlying e.g. (2 wds.) influence or 175 15 206 49 113 38 143 154
plumbers? 78 Potpourri bit Congress theme 101 Sports facilities
importance ____ ____ ____
106 Lamebrain’s lack F. Worker who cleans 72 194 92
25 Old anesthetic 82 You might get 128 Tire features 27 Short-legged ____ ____ ____ ____ ____ ____ ____ ____
139 58 210 39 13 153 178 86
it to go pooch 108 Scrabble pieces cars so they look
26 Official mark 129 Takes in
good as new
27 Most adorable 84 Capitol cap Down 29 “Layla” singer 109 Cheese S. 1997 neo-noir film ____ ____ ____ ____ ____ ____ ____ ____
138 176 152 7 202 56 122 111
87 Scarecrow Clapton accompaniment? directed by David
28 Elusive Highlands 1 Like linen G. Enthusiastically ____ ____ ____ ____ ____ ____ ____ ____
stuffing 31 Chums 110 Having a lot to 131 142 105 24 3 177 52 196 Lynch (2 wds.) ____ ____ ____
resident 2 Foaming at the vivacious 99 73 40
88 Confident style 33 Needle point? lose ____ ____ ____ ____
30 Gazillionaire mouth 214 163 75 89
89 Flyer in a mask, 3 Goldman’s 34 When expected 111 Smoke detectors,
32 Had a Nascar of a sort T. Instrument not ____ ____ ____ ____ ____ ____ ____ ____ ____
mishap e.g. partner 169 159 27 121 48 187 197 102 91
35 Home of the Vols H. Singer with three ____ ____ ____ ____ ____ ____ ____ ____ seen in any
92 Long dress 4 This puzzle’s 140, 113 Depend 149 23 87 57 123 183 166 34 performance
37 Specialty 36 Sign in an Grammys for Best
94 To be, in Paris e.g. 115 Jazz diva Jones Contemporary Folk ____ ____ (2 wds.)
40 Brusque apartment 5 208
5 Unit of resistance window 116 Worked at a Album (2 wds.)
41 Home of the 95 Pale and flabby
6 Weakens wedding U. Tall, skinny person ____ ____ ____ ____ ____ ____ ____ ____
CFL’s Argonauts 97 Footwear for 38 Son of Seth I. Blissful state
reception ____ ____ ____ ____ ____ ____ ____ ____ 204 148 50 10 193 112 95 79
Alaska 7 Heavy metal’s 41 200 51 213 146 129 64 29
42 Footwear for ad 39 Turkish title (2 wds.)
fishermen? Mötley ___ 118 Dallas hoopster
agency workers? 42 Split ____ ____ ____ ____ ____
119 Popular card 18 6 103 174 83
48 Toyota model 100 Pops up 8 Capital once V. Sailors’ repetitive ____ ____ ____ ____ ____ ____ ____ ____ ____
43 Golfer Aoki game 44 60 114 145 181 25 215 165 77
called chant while hoisting
49 Arthur of tennis 102 Faction J. Helicopter, cargo (Hyph.)
Philadelphia 44 Last stop before 120 Morse tap ____ ____ ____ ____ ____ ____ ____ ____ ____
98 84 160 199 115 36 172 62 19
50 Pacific salmon 103 Traumatize home informally
9 Succeed, say 121 Dir. of LAX from Get the solutions to this week’s Journal Weekend
s
51 Musical intervals 104 Ogles 45 Moth repellent SFO Puzzles in next Saturday’s Wall Street Journal.
10 Radical 1960s K. Bee Gees hit that ____ ____ ____ ____ ____ ____ ____ ____
53 Whistler’s 105 See 69-Down org. 46 1980 John 122 “The A-Team” spent eight weeks 66 74 207 173 125 141 35 97 Solve crosswords and acrostics online, get pointers
whistle 107 Keeps under 11 Stick at a pig Lennon song actor at #1 in 1978 ____ ____ on solving cryptic puzzles and discuss all of the
21 107
54 Busts wraps roast 47 Turn on 123 Mag. staffers (2 wds.) puzzles online at WSJ.com/Puzzles.

REVIEW
ICONS
A Pioneering
Museum
Turns 100
The Phillips Collection in Washington, D.C.,
was founded in 1921 as the first American
institution dedicated to modern art.
BY BRENDA CRONIN a heart condition not long before. In
T
1921, Duncan Phillips honored their
he Phillips Collection in memory by turning his home into a
Washington, D.C., museum, originally named the Phil- tures about 250 works chosen from tion show “how art can open a win- The first panel of Jacob Lawrence’s
America’s first museum lips Memorial Art Gallery. the museum’s collection of more than dow into our understanding of self ‘Migration Series’ (1941) is among
dedicated to modern A century later, in the midst of an- 6,000 objects. Senior curator Elsa and how we also see the other,” Ms. the works in ‘Seeing Differently.’
art, was the product of other pandemic, the Phillips is cele- Smithgall said that the exhibition or- Smithgall said. Among them are
a pandemic. In 1918, the art collector brating its anniversary with a new ganizers worked with a 13-member “Melancholy,” Degas’s evocative por-
Duncan Phillips lost his only brother, exhibition, “Seeing Differently: The community advisory board, which trait from the 1860s of a wistful lutionary events in France, in which a
James, to the flu that was ravaging Phillips Collects for a New Century.” hewed to Duncan Phillips’s collecting woman curled into an armchair, and woman wearing a white shirt and cap
the globe; their father, a Civil War Scheduled to open March 6, Covid re- philosophy of embracing “a multiplic- “Untitled (Hood 2),” a 2016 photo- surges forward amid the faces and
veteran and businessman, had died of strictions permitting, the show fea- ity of types of works and types of graph by John Edmonds of an indi- top hats. Duncan Phillips acquired the
perspectives.” The results in- vidual whose identity is hidden by a painting in 1925 and considered it
clude paintings, quilts, sculp- sweatshirt. “Maman Calcule,” a 2013 one of the finest in the collection. It
ture, photographs, works on work by the Belgium-based Congo- is joined by 30 panels from Jacob
paper and videos by an inter- lese artist Aimé Mpane, is a mosaic Lawrence’s “Migration Series,” which
national array of artists. portrait of a woman in Kinshasa com- chronicles the experiences of African-
The centennial show is or- posed of hundreds of carved plywood Americans heading to northern states
ganized around “the way that in search of better lives.
artists explore the complexi- The exhibit’s final theme, place,
ties of our ever-changing celebrates domestic interiors and the
world through four lenses,”
Born from pull of nature. Visitors “basically
Ms. Smithgall said: the senses, the 1918 travel vicariously through many
identity, history and place. The flu pandemic, types of places that are vividly cap-
first section, on the senses, is tured” in the art, Ms. Smithgall said:
meant “to hit people with a re- the Phillips the railroad tracks and high rises of
ally powerful sensory experi- Collection Edward Hopper’s “Approaching a
ence around color,” she ex- City” (1946) or the cliffs of New Mex-
plained, with works such as will mark ico in Georgia O’Keeffe’s “From the
Alexander Calder’s 1939 wire its anniversary White Place” (1940), as well as color-
sculpture “Hollow Egg” and soaked paintings by Matisse and Bon-
Alma Thomas’s “Breeze Rus-
in the nard.
tling Through Fall Flowers,” a era of Covid-19. “Night Baseball,” a 1951 painting
1968 acrylic on canvas with of an evening game under the lights,
bands of rich color on a pale is by Marjorie Phillips, an artist who
background. The 2011 work tiles. There are also portraits by El married Duncan Phillips in 1921 and
“Scramble” by Leo Villareal, a Greco and Goya, along with self-por- helped build the collection and mu-
commanding five-foot-square traits by Paul Cézanne, in full beard seum. A couple of years later, the
grid of light-emitting diodes, and high-collared jacket, and Milton couple acquired the lush Renoir mas-
hangs near quilts made in Avery, in red beret and scarf, a ciga- terpiece “Luncheon of the Boating
Gee’s Bend, Ala., that echo its rette drooping from his lips. Party.” The collector Albert Barnes,
bright squares. The history section of the show who founded his own museum in Me-
THE PHILLIPS COLLECTION
Works in the identity sec- homes in on three topics: Revolution rion, Pa., in 1922 and owned many
and War, Migration and Displace- paintings by the artist, once goaded
ment, and Slavery and the Legacy of Phillips by asking him if the “Boating
Leo Villareal’s ‘Scramble’ the Civil War. Among the works on Party” was his sole Renoir. He de-
(2011) is five-foot-square display is Honoré Daumier’s “The clined the bait serenely: “It is the
LED grid. Uprising,” a scene from 1848’s revo- only one I need.”
MASTERPIECE | ‘TAKE THE “A” TRAIN’ (1941), BY DUKE ELLINGTON AND BILLY STRAYHORN
A Standard Still on various versions. One of them begins,

“You must take the A train / To get
to Sugar Hill way up in Harlem.”
The Tracks at 80 So emblematic of American music

was “‘A’ Train” that for decades it
served as the theme of the celebrated
global radio program “Voice of
America Jazz Hour,” especially im-
BY JOHN EDWARD HASSE uscript away. Mercer, however, re- pactful behind the Iron Curtain.
trieved it and persuaded Strayhorn Ellington and Strayhorn strove to
QUICK. WHAT BRILLIANT musician to polish it. keep the piece new. Strayhorn’s or-
do you associate with “Take the ‘A’ On Jan. 15, 1941, Ellington’s band chestration for the album “Ellington
Train”? If you said Duke Ellington, first recorded the number, but it was Uptown,” recorded in 1951 and ’52,
you’d be half right. His band made it solely for distribution to radio sta- evolved into an eight-minute perfor-
famous. But, unlike the bulk of his tions. Exactly one month later, they mance featuring Betty Roché’s bebop
band’s repertory, Ellington didn’t recorded the piece for Victor, the scat vocal and Paul Gonsalves’s tenor
compose it—that honor belongs to era’s leading label. This is the version sax solo in overdrive. On some occa-
Billy Strayhorn, his longtime writing that jumped onto Billboard’s record sions, Ellington, as pianist, would
and arranging partner. charts and found an enduring place play the entire first chorus as a
This stirring dance number, as rein the American soundscape. waltz. Other times, he would tease
corded on Feb. 15, 1941, marked Strayhorn deftly deploys elements the audience by playfully and pur-
Strayhorn’s breakthrough as a com- that had been perfected by Ellington posefully stopping the melody three
poser. Opening or closing countless and other swing-era composers: roll- notes before the end, as if playing a
concerts with it, Ellington made it ing figures in the sax section, con- dissonant clinker.
his band’s signature tune. Noted mu- trasting tone colors, call-and-re- In addition to Ellington’s many
sicians have told me that, even after sponse patterns, modulation to a new renditions, my very favorite is from
hearing it hundreds of times, they key, and brass rendering do-wahs 1969 by Nance, this time on violin in-
never tire of its masterly construc- with hat mutes. His striking inspira- stead of trumpet. You might not rec-
tion and swinging exuberance—it al- tion: incorporating what musicians ognize it at first: He plays it once
ways seems familiar yet fresh. call a “flatted fifth,” thus creating a through, out of tempo and ever so
The back story dates from 1939. colorful whole-tone harmony. You can slowly, with such lyrical feeling that
That’s when Strayhorn, a shy, classi- hear it at the sixth note of the mel- he transforms it into a sensitive,
cally trained musician, joined the ody: It becomes the transcendent wistful, exquisite ballad.
pre-eminent Ellington organization tone of “‘A’ Train.” The piece looks As of 2021, “‘A’ Train” ranks as
at age 23 and began contributing ar- both backward to the swing era— the seventh most-recorded jazz stan-
rangements and songs. Because of a summarizing conventions of big-band dard, and its numbers keep growing.
business dispute, at the beginning of scoring—and forward, with its chro- At 80, as it echoes through the de-
1941 U.S. radio stations banned music matic hints of bebop to come. “Floorshow.” optimism. The flowing saxophone cades, fans and musicians keep
written by composers affiliated with This rendition showcases 27-year- Five elements converged in this figures suggest wheels gliding down climbing aboard and enjoying a time-
ASCAP—the American Society of old trumpeter Ray Nance, making remarkable recording: the precocious the tracks. A dense, dissonant chord less ride. The “‘A’ Train” shows no
Composers, Authors, and Publish- one of his first recordings with El- composing voice of Strayhorn, the in- sounds like the train is briefly brak- signs of stopping.
ers—who included Ellington. With lington after having recently joined spiring leadership of Ellington, the ing. And in the last half-minute, as
characteristic ingenuity, Ellington the band. Nance’s sparkling solo— melodic magic of trumpeter Nance, the band gets softer and softer, you Mr. Hasse is curator emeritus of
turned to his son, Mercer, and to first with mute, then without—is so the seasoned tightness of the band, can imagine the A train all but disap- American music at the
Strayhorn, neither of whom had yet well conceived that it became an ex- and the talents of the Victor engi- pearing in the dark and reaching a Smithsonian’s National Museum
joined ASCAP, to produce material pected part of the band’s perfor- neers, who captured the band’s station far down the tunnel. of American History. His books
for the band. Strayhorn brought out mances. Nance was nonpareil: not sound with fidelity and richness. With his lyrics, Strayhorn said he include “Beyond Category: The
RYAN INZANA
“Take the ‘A’ Train,” which he had only a brilliant trumpeter, but also an The piece summons the energy of was writing subway directions to Life and Genius of Duke Ellington”
composed earlier; but dissatisfied accomplished violinist, singer and urban life, the forward movement of Harlem, where Ellington made his (Da Capo) and “Discover Jazz”
with it, he reportedly threw the man- dancer—no wonder he was dubbed a city filled with hustle, bustle and home on posh Sugar Hill. There are (Pearson).

OFF DUTY
Mad for Brad Fast
Pitt’s Plaid Satisfaction
The frenzy to A quick recipe for
emulate a flannel chow fun with
shirt that went an invigorating
viral D3 twist D8
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 13 - 14, 2021 | D1
1 2 3
TV Screens That Vanish Better Beanbags Portable Lamps
4 5
How
Lockdown
Upended
Décor
As we’ve quarantined at home, our
needs for privacy, security, flexibility,
See-Through Switch Plates floppability and beauty have changed Do-Not-Disturb Screens
the way we want to live. Here,

13 design trends, courtesy of 2020
6 7
BY KATHRYN O’SHEA-EVANS
L
AST AUGUST, interior-design blogger Lydia
Elder found herself buying something that
never would have darkened her door before
the pandemic hit: a blush pink beanbag chair.
“Schools were closed, and with our family of
four at home all the time, we needed some extra, flexible
seating,” she said. Now everyone in her 1,610-square-foot
household in Kent, England—including her 6-foot-6-inch
husband—is besotted with the smushy seat and, what's
more, her young children have found it obligingly stands
in for a volcano, mountain or quicksand. “It’s given us an
extra place to relax that can be transferred across rooms
depending on where the rest of the family is, and how
much peace and quiet you want,” Ms. Elder said.
The trials of lockdown have led us to crave decorat-
ing solutions from easily hauled seats to lush wallpaper
murals that transport us to inaccessible locales. As
homeowners and interior designers have come up with
Fresh Air Purifiers intrepid fixes for current conundrums, the ingenuity Personal Spas
has given rise to micro-trends. These 13 struck us as
the most clever and doable.
8 Tucked-away TVs 9
The big, dark rectangle has always been a décor crasher,
but with all the ever-present computers we need to
work and learn remotely, the television is one more
black hole. “We just don’t want to see [the TV] all the
time anymore,” said Toronto designer Colette van den
Thillart. She has concealed five of them since the pan-
demic started, hiding one behind a 1940s chinoiserie
screen. In a London home library (1) local designer Rose
Uniacke camouflaged the telly behind fabric in the 1882
William Morris pattern of the wallpaper—to serenely
seamless effect.
Ploppable Perches
A seat with an undeniable nostalgia factor, the beanbag
chair was introduced in 1969, when Italian designers
SIMON UPTON (ROSE UNIACKE)
Piero Gatti, Cesare Paolini and Franco Teodoro unveiled

the Zanotta “Sacco” chair at the Paris Furniture Fair.
Today the beanbag’s flexibility as a movable seat has
brought it back as Americans struggle to improvise
quiet spots in a crowded home. On Instagram, #bean-
Swaddling Beds bag counts 438,000 posts, and FatSak, a South African Textured Glass
beanbag brand, reports a 200% spike in year-over-year
1. London designer Rose Uniacke hid a telly with matching textile sales this January. A rakish pompom denotes the top of World Weavers, $399, theinside.com 6. Air Pro, $1,199, molekule.com
and wall treatments 2. Corduroy Beanbag—Caramel, $165, one of our favorite blobs (2), a Hershey’s Kiss-shaped 7. Luna Outdoor Sauna, $9,544 divinesaunas.com 8. Somerset
burkedecor.com 3. Arca Portable lamp, $275, mattermade.us corduroy version. Corduroy Beanbag—Caramel. $165, Canopy Bed, from $3,295, with S/8 Bridget Panels, from $2,595,
4. Brass Toggle Invisible Lightswitch, from $102, forbesand- burkedecor.com onekingslane.com 9. Glas Italia Nesting Clear and Green Coffee
lomax.com 5. Modern Screen in Limoges Bois De Chene by Old Please turn to page D4 Table by Ronan & Erwan Bouroullec, $3,880 artemest.com
Inside
A NINE IRON IN WINTER HIGH-TECH PROTECTION RODENT GLAM CUCKOO FOR COCOA?
How golf courses are adapting to handle If you’re seeking a geekier way to cover Why author Torrey Peters loves her coat Presenting 16 tempting ways to make that
an offseason spike in teeing off D7 your face, look no further D10 lined with…swamp-rat fur D2 pandemic obsession—hot chocolate D9

D2 | Saturday/Sunday, February 13 - 14, 2021 NY * *** THE WALL STREET JOURNAL.
STYLE & FASHION

LOVE STORY Chilean government attempted to conserve
the last few chinchillas by trapping them
alive to sell to breeders. In all, 132 of the an-
My Fabulously Ratty Coat

imals made their way to the U.S. A colony of
chinchillas was not found in the wild again
until the 1970s.
After World War II, breeders in the U.S.
began to market the animals not as pelts,
but as a get-rich-quick scheme. They tar-
geted young couples with claims that chin-
chillas could be raised with minimal effort in
spare spaces around the home. At the time,
my grandparents told me, a chinchilla pelt,
still a rare luxury, could sell for over $100.
My grandparents fell for it. They drove to
Colorado and paid $3,000 for three mating
pairs—more than they’d paid for their car.
Other couples did the same, and the price
plummeted in a chinchilla fur glut. My
grandparents spent the next 16 years, my
mother’s entire childhood, attempting to re-
coup their investment. My grandmother
never earned enough money to own a chin-
chilla-fur coat herself.
My mom promised herself that when she
could afford a fur coat, she’d buy one, to
take pleasure in what had been only labor in
her childhood. But by the 1990s, when she
could afford it, fur coats had become sus-
pect. One did not waltz around in fur in the
’90s without the risk of being shamed or
even spray-painted.
It is turning into my signature

item. ‘Well,’ my friends say, ‘here
comes Torrey in her rat fur.’
At the same time, nutria, the large invasive

South American rodents, were posing a serious
environmental threat to the fragile wetlands of
Louisiana. Traders brought nutria to the U.S. in
the 1930s and some of the pests escaped into
Louisiana’s swamps. The non-native animals
eat the plants that hold the bottom soil to-
gether, leading to dangerous erosion. Louisiana
began paying a $5 bounty for each nutria slain,
and hunters often neglected to properly dis-
Torrey Peters, author of ‘Detransition, Baby: A Novel,’ on how a vintage trench coat pose of the bodies, leaving them in the
lined with nutria—or giant swamp rats—became her style trademark swamps. Fashion furriers, noting this, began to
buy the pelts to market as a “guilt-free” fur.
Why not wear what would otherwise decay?
My mom, who had grown up skinning
pelts but never wearing them, decided this
was her moment. She went to Marshall
Field’s, in Chicago, and bought herself a nu-
tria-fur coat by Gus Goodman. Being a prac-
BOBBY DOHERTY FOR THE WALL STREET JOURNAL
tical woman, she chose one with nutria on

the inside and a rain-shedding nylon on the
outside. She wore it for a few years but
found that once the generational envy of fur
had been sated, she preferred a good fleece.
The jacket hung in the closet until years
later, when her oldest child—me—had the
audacity to change gender. The fur was too
ostentatious for my mom, but a transsexual?
It might be not ostentatious enough!
It took me a while to understand the luxury
and history I had been bequeathed. The coat
RODENTS OF UNUSUAL STYLE Ms. Peters wearing her mother’s luxurious but unflashy 1990s nutria-fur coat in New York City’s Central Park. isn’t flashy. It’s not a mink. It’s certainly not a
A
chinchilla. And while Greta Garbo reportedly
UTHORS OFTEN become identi- City. You can put it on over a little outfit to terprise a “ranch”—in actual fact, it was 300 wore nutria, she wore it with diamonds—not
fied with an item of clothing— stay warm and modest for the train ride; the of the fuzzy South American creatures nuz- my motorcycle boots. Still, as I’ve begun to
Zadie Smith, for instance, is boring raincoat exterior hides the fur so you zling around in the basement of their two- live in the coat, it is turning into my signature
known for her head wraps, and don’t offend the vegans. And the coat doubles story farmhouse. Chinchillas have more hair item: “Well,” my friends say, “here comes Tor-
Fran Lebowitz is never without a as bedding if you crash on someone’s couch. I per square inch than almost any other mam- rey in her rat fur.”
blazer—so I have taken the pre-emptive step own this perfect coat as a result of a long mal. Humans grow one to three hairs per Smugly, I recall to myself another modest
of wearing, everywhere I go, a long black vin- family saga and two failed fashion fur fads, follicle, chinchillas grow up to 75. The abun- fur coat (cat skin!) worn by Akaky Akaki-
tage trench coat lined with the fur of nutria. one in the 1950s and one in the 1990s. dance of hair on a chinchilla made its fur a evich, the protagonist of the famous Nikolai
For those of you who have never encountered My mom grew up in the 1950s on a chin- status item at the turn of the 20th century. Gogol story “The Overcoat.” Few Americans
them, nutria are giant swamp rats. It is the chilla farm just beyond the Minneapolis sub- Trappers hunted the chinchilla to near ex- remember the name Akakievich offhand—but
perfect coat for queer nightlife in New York urbs. My grandparents called their little en- tinction in its native Andes. In the 1910s, the students of literature know him by his coat.
Fashion for Now—and Decades From Now

HAPPY Forward-looking women are skipping seasonal trends to invest instead in clothes they
RETURNS
can bequeath to their kids. Three notables on their recently acquired heirlooms-to-be.
A warm winter welcome

Now more than ever, we’re committed to making your next stay
even better with exceptional experiences, gracious service and the
unparalleled amenities you’ve come to expect from our iconic
oceanfront resort. Relax in one of four beachfront pools, enjoy
championship golf, our luxurious spa, award-winning dining,
shopping and more. Once you stay, you’ll understand® Suzanne McFayden Melissa Ventosa Martin Frances Merrill
55, Writer and philanthropist, Austin 41, Fashion director, New York City 42, Interior designer, Los Angeles
Visit thebreakers.com, call 855-318-0628
The Investment A blooming Christo- The Investment A Line Sander The Investment A vividly expressive
or contact your travel advisor. pher John Rogers dress, approx. $2,675 Johansen jacket crafted from vintage Heidi Merrick coat, approx. $500
Take comfort in knowing that the highest standards of The Long-Term Plan I’m originally from fabrics, from $1,225 The Long-Term Plan The most timeless
comprehensive health and safety precautions are in place Kingston, Jamaica, so I’m used to lots of The Long-Term Plan This bespoke quilted pieces have a strong point of view. This
to protect our team, guests and community. color. I love that when I put this dress on jacket is really the only piece of clothing coat’s combination of an interesting color
For information, visit thebreakers.com/bsafe. I feel like a flower. I also like to shop I’ve purchased during quarantine. I usually with a classic cut is something that can
from emerging designers and Black de- shop when I’m traveling, and this piece continue on. My daughter just turned 11
signers when I can. This has a silhouette has that unique aspect, like something and I think she’d look so good in this coat.
that I feel I could wear 10 or 20 years you would find on your travels and can’t She loves yellow—it’s her favorite color. I
from now. And I have two daughters, 23 just purchase online. There’s something want her to see style as a fun form of ex-
AIMEE BEE BROOKS
and 19; they’re always raiding my closet quaint about it, but it’s also classic, time- pression. I enjoy knowing that passing
and it’s nice that we can share a love of less and ageless. I think the handcrafted something like this down to her is just
fashion. I think everyone wants to see element and the workmanship that goes passing down that enjoyment and self-
the next generation doing something into it makes it irreplaceable. It’s more like expression. —Edited from interviews by
with what was there before. an heirloom than a piece of clothing. Sara Bosworth

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 13 - 14, 2021 | D3
STYLE & FASHION

2 4
F. MARTIN RAMIN/THE WALL STREET JOURNAL

1
3
ORTHOPEDIC-CHIC Four comfy and appealingly untrendy pairs of shoes that might entice both great-uncles and millennials. 1. Mephisto Shoes, $235, endclothing.com 2. Shoes, $225,
keenfootwear.com 3. Shoes, $85, merrell.com 4. Shoes, $185, sasshoes.com
ON TREND / JACOB GALLAGHER unprecious. These are not Jordans The sneaker market is also tre-
you have to polish with a tooth- mendously overloaded and over-
brush, or Air Force Ones you’d hyped these days, which has some
baby so as to not crease the shoppers falling back on these reli-
How Granddad’s leather. These are practical shoes

you can put through the wringer.
Not everyone understands why
geriatric walking shoes are catch-
able, restrained shoes. David Men-
doza, 21, a bank teller in San Fran-
cisco, explained that with sneaker
companies like Nike and Adidas re-
Shoes Got Cool ing on with a more limber genera-

tion, though. Recently, Ryan
Chang, 32, a writing professor in
Los Angeles, went to his local SAS
leasing so many new and heavily
designed models, his eyes often
just glaze over. “I see a sneaker,
and [I think] ‘Oh that’s nice.’ But I
store to buy Journey sneakers, don’t need it anymore.” Instead, he
ALEX WRIGHT FIRST laid eyes on Jungle Moc with its tractioned 75,000 followers that pays homage which look a little like New Bal- depends on time-tested Clarks
Mephisto’s stocky leather lace-ups rubber sole; Keen’s springy, elasti- to little-known shoes. ance shoes minus the logo. After Wallabees and New Balance mod-
when he was a teenager working in cized Uneek sandal; and the ex- Early on, his account featured Mr. Chang asked to try them on, els like the 990, which have the
the back of a clothing store in Man- tremely gray Journey Mesh Avia high-top basketball shoes the salesperson shot him what he added benefit of keeping his feet
chester, England. Someone had or- sneaker made by 45-year-old from the 1980s and long-forgotten called a “puzzled look.” Appar- from aching after a long shift of
dered a pair of the ample, minimal- American brand San Antonio Shoe- Adidas tennis shoes, but lately he’s ently, men with as few grays as he manning the bank counter.
ist walking shoes online and as he makers, which boasts a “Tripad has rarely request Journeys for Buying fewer, enduring shoes,
packed the order, Mr. Wright, now Technology” shock-absorbing sole. themselves. Regardless, Mr. Chang rather than frequently snatching up
24, thought, “Who on earth under Men have long sought comfort cherishes his new pair. new models, is certainly a more fi-
the age of 50 would buy these from their shoes, but the pandemic Practical walking For millennials and Gen Z, that nancially prudent way to stock one’s
shoes?” He couldn’t have predicted has led them to prioritize comfort shoes like Merrells these sensible shoes are an atypical closet. Savione Wright, 23, a pro-
that just a few years later he would over presentability or panache. choice is central to their appeal. The gram manager at a technology com-
own not just one pair of Mephistos, When your date calendar has been
are being curiously trend is a descendant of normcore, pany in Redmond, Wash., purchased
but three. From his teen years to wiped clean, you’re going to rely co-opted by spry 20- the 2010s phenomenon of dressing his first pair of Merrells a few years
young adulthood, his taste in shoes more on your mushy, errand-run and 30-somethings. in banal clothes that bucked prevail- ago, after seeking out a more mini-
has evolved from hyped-up sneakers Merrells than your polished Allen ing styles. Mr. Wright of Manches- mal, sensible shoe. Their high com-
to sensible, comfortable, even or- Edmonds loafers. “People just want ter noted that if he laced up his Me- fort quotient and diminutive price
thopedic-style shoes. to be a little bit more cozy. I think phistos and took a walk through (about $85) were both huge pluses
In 2021, practical walking shoes that practicality is what people are been mixing in images of plush town he might see one other person for Mr. Wright, who was used to
are being curiously co-opted by gravitating toward right now,” said Subu slip-ons, curvaceous Teva wearing the doughy leather lace- shelling out around $160 for fashion-
spry 20- and 30-somethings. What Stefano Gugliotta, 29, a Florida- sandals and hard-to-find Oakley ups. Aside from their easy-on-the- able, but not necessarily comfort-
footwear falls into this category? based social media manager for a mules. By featuring these func- knees comfort (vital for Mr. Wright, able, Jordans. He recalled wondering
Anything that you could pilfer national chain of car dealerships tional, gorpcore-ish shoes, Mr. a runner training for his first mara- why he spent so much money on Ni-
from a retirement-home denizen: who also runs @obscuresneakers, Gugliotta is capturing a shift to- thon) this humble shoe’s relative kes. With Merrells he not only saves
for example, the outdoorsy Merrell an Instagram account with nearly ward footwear that is decidedly scarcity is a “big bonus,” he said. but gets a shoe that feels good.
FAST FIVE
CHECKED OUT
Mr. Pitt ignited a
Plaid Like Brad’s fervor for graphic
plaid flannel after
wearing this hardy,
Actor and perennial hair icon Brad Pitt was snapped vintage-style shirt
in a cashmere flannel with mega-checks that cost last November to
hand out groceries
around $2,000. Equally arresting—and at far less in Los Angeles.
paralyzing prices: these five cotton options.
The Pittiest Blocky Blues Substantial Style Classily Classic A Trippy Take
Plaid Despite its cool An extra-thick This brushed- In a print the
JEFF RAYNER/COLEMAN-RAYNER
This robust twill palette, this flannel weave cotton style in an brand calls “Acid
version’s hyper- Japan-made makes this take emphatic red- Plaid,” this
graphic checks button-down will especially rugged. and-white check ultrasoft umber
most closely still keep you Warehouse Shirt, boasts lux horn shirt emits a
mimic Mr. Pitt’s warm. Sugar $225, buttons. Shirt, laid-back, 1970s
print. Shirt, $170, Cane Shirt, $190, standardandstra $325, vibe. Shirt, $148,
waxlondon.com selfedge.com nge.com freenotecloth.com corridornyc.com

D4 | Saturday/Sunday, February 13 - 14, 2021 * *** THE WALL STREET JOURNAL.
DESIGN & DECORATING

10 11
Quarantine Chic
Continued from page D1
Lights That Travel

Ms. van den Thillart admits she initially
viewed rechargeable lamps with skepticism,
fretting the light would be “crappy—too blue.”
Still, seeking maximum flexibility from limited
space, she decided to try them in her crowded
home. After toting one from bedside to bath-
tub, she found it “completely life-changing.
Every time I take one to a client, I lose it be-
cause they won’t give it back.” Philippe Mal-
ouin’s gracefully arched Arca Portable lamp
(3) has four settings, from ambient to task,
and lasts up to 30 hours before needing a
boost. $275, mattermade.us
ERIC PIASECKI/OTTO (KATE RIDDER DINING ROOM); F. MARTIN RAMIN/THE WALL STREET JOURNAL (PAINT)
Barely-There Hardware
“People are so, so sick of being in their house,
they’re looking to refresh almost anything,”
said Brooklyn designer Laurie Blumenfeld-
Russo. Six months ago in a client’s dining
room, she installed 1930s-inspired brass light
switches with transparent acrylic plates (4) so
they wouldn’t block a hand-painted wallcover-
ing by Porter Teleo. Their dimmer function
“allows you to change your environment even
though you’re in the same room all day,” she
said. Brass Toggle Invisible Lightswitch, from
$102, forbesandlomax.com
Peacekeeping Screens
“We had Covid, and when we had it, I
thought for sure we were going to kill each
other,” said designer Rush Jenkins, who,
with life and work partner Klaus Baer,
founded WRJ Design in Jackson, Wyo. The
couple, who were still conducting business in
their “little house,” created separate office
spaces in their great room with a 19th cen-
tury papier-mâché folding screen. The idea
has clearly occurred to other quarantiners:
In the past 11 months, folding screen sales at
the Inside, a custom furniture retailer, grew GREAT
150% over the same period the previous year. 12 ADAPTATIONS
The company’s Modern Screen in Limoges 10. Peg-it-All
Bois De Chene by Old World Weavers (5) Little Pegboard, $135,
provides privacy quickly and charismatically. kreisdesign.com.
$399, theinside.com 11. In a Franklin Lakes,
N.J., dining room
Air Scrubbers designed by Katie
The latest air purifiers are mercifully hand- Ridder, a hand-painted
some. In the central hallway of a client’s mural from de
home, designer KD Reid of Newark, N.J., Gournay immortalized
placed the sleek and simple Molekule Air Pro the clients’ dog.
(6), which sucks up viruses, VOCs, mold and 12. Froute Pod, $4,800,
more in spaces up to 1,000 square feet. “It’s giantgrassdesign.com.
been helping a lot with anxiety and stress 13. Swiss Utility Table,
and refreshing the environment.” Mr. Reid’s $3,200, 1stdibs.com. 13
concealment trick: buffering it with a fig tree
and monstera plant. $1,199 molekule.com The Somerset canopy bed, with S/8 Bridget IKEA option helps regiment school sundries. from outdoor space by installing tents, includ-
Panels (8), has curtains you can tug shut to Another spans an entire wall to become a ing a brown Moroccan-inspired number in
Sanity-Saving Saunas block out an en-suite office or a bustling catchall for masks, keys and mail. “We even which she hung swaths of paisley fabric punc-
Designer Allison Babcock, based in Sag Har- spouse. Bed, from $3,295; Panels from $2,595, hung a miniature laundry basket for dirty tuated by rechargeable votives. In the corners,
bor, N.Y., transformed a basement bedroom onekingslane.com masks,” she said. This fetching birch-plywood she propped birch branches and up-lit them
into a DIY wellness zone last October, add- Peg-it-All Little Pegboard in a Cross Pattern for a romantic, “warm shed in the woods” feel,
ing a gym, yoga space and cedar sauna com- Unclear Glass (10) adds shelves to its organizing arsenal. You don’t have to settle for the purely func-
plete with teak bench and sheepskin rug. Andrew Kline believes rippled, etched and oth- $135, kreisdesign.com tional tenting that sidewalk restaurants have
“You feel like you’re going into a little Euro- erwise tactically variegated glass finishes are thrown up. The bulbous Froute Pod (12) can be
pean spa,” she said of the 6-foot-by-4-foot bubbling up for a reason: our constant interac- Stolen Scenes assembled in 45 minutes and would lure Tin-
cube. Painter and sculptor Darius Yektai pre- tion with screens. “That has become work to You might not be able to trek to a Ming Village ker Bell herself. $4,800, giantgrassdesign.com
sciently installed a plug-in infrared sauna of your body and soul, staring at this glossy glass or Nantucket harbor, but you can unfurl their
poplar in his Bridgehampton, N.Y., mudroom all the time,” said the design director at New panoramas on your walls. “A scenic wallcover- Tables With Reach
in 2019. He toggles between sauna and win- York’s Workshop/APD. “So I found that we’re ing can be transporting and make us feel as if Over the years, Dallas designer Joshua Rice
ter-surfing days: “It helps regulate, you craving texture in things that are not work.” we’re surrounded by nature,” said Richmond, has tried unsuccessfully to interest 15 clients
know?” The Luna Outdoor Sauna (7) could His firm recently installed reeded-glass Va., designer Janie Molster, who has recently in one of his obsessions: The Swiss Utility
rejig a garden into a destination worthy of étagères and ribbed-glass sliding doors in a wrapped rooms in grisaille-toned riverside Table—a two-tiered, cantilevered, articulat-
Goop. $9,544 divinesaunas.com client’s Greenwich, Conn., bathroom. Poured landscapes. New York designer Katie Ridder, ing contraption designed in the 1940s by
glass yields a more organic, imperfect glass, who hung a hand-painted mural in a New Jer- Georg Albert Ulysse Caruelle (13), useful as a
Wombs Within Rooms like the top of Glas Italia’s Nesting Clear and sey project (11), particularly favors them in flexible workstation that can abut a sofa or
Promising a crib’s cosseting comforts, canopy Green Coffee Table by Ronan & Erwan Bour- lieu of art in dining rooms. “By candlelight, bed. Until recently, he said, “I could have
beds are trending. “They’ve come back in the oullec (9). $3,880, artemest.com you feel like you are living in the painting,” found those all day long for about a thou-
biggest, most feverish way that I’ve ever she said. Added Lee Cavanaugh, partner at sand bucks. Now they’re all $2,500 on a good
seen,” said Dennese Guadeloupe Rojas, princi- Pretty Pegboards New York design firm Cullman & Kravis: day.” Of course, less rarefied “C” tables func-
pal of Interiors by Design in Silver Spring, The garage/workshop essential has been rein- They’re an unbeatable Zoom background. tion similarly, but Mr. Rice currently flanks
Md. She understands the allure. “They’re a terpreted for inside use. In the last six months, his boomerang-shaped linen couch with two
space in a space that gives you that snugly Brooklyn designer Jenny Dina Kirschner has Tricked-out Tents authentic Caruelle tables. He uses one of the
feeling,” she said, adding that ceilings should hung two different types of pegboards, Since the pandemic began, landscape architect telescoping trays, he said, in lieu of an office.
be 9 feet or taller to handle the visual bulk. equipped with hooks, in clients’ homes. An Janice Parker has helped 10 clients get more $3,200, 1stdibs.com
FLYING COLORS / 5 PAINT COLORS THAT HAVE SURGED IN POPULARITY DURING THE PANDEMIC, ACCORDING TO LEADING BRANDS
“Black can—if used judiciously—cre- “While warmer colors were trending “When we’re stressed, our minds In 2020, people needed something “Neutrals continue to be popular
ate surprisingly calming atmo- up in 2020, we saw the biggest in- subconsciously seek blue tones to beautiful and comforting yet upbeat, options as they blend with many
spheres,” said Patrick O’Donnell, increase year-over-year for Behr subdue our feelings,” said Sue Wad- said Andrea Magno, director of color different décor styles,” said Melissa
ternational brand ambassador at Etched Glass MQ3-27, a lighter den, director of color marketing for marketing and development at Ben- Handy, Lowe’s vice president of
Farrow & Ball, which saw black blue-gray,” said Erika Woelfel, vice Sherwin-Williams, who pointed to jamin Moore, explaining the success paint merchandising. “We are begin-
paints, such as Farrow & Ball Off- president of color and creative ser- Sherwin-Williams Sea Salt SW of its color of the year, Benjamin ning to see consumers favor a
Black No. 57, spike in sales. Mr. vices at Behr, who characterizes the 6204 as a sprinter this year. “[It] Moore First Light 2102-70. She saw warmer color palette. As they’re
O’Donnell noted the colors’ poten- color as calming and versatile. “It isn’t too bold or vibrant,” she said. the soft pink used from home of- spending more time in their home,
tial for turning a light-starved room serves as a relaxing neutral for a “People have gravitated toward fices to powder rooms, “demonstrat- beiges like HGTV Home by Sher-
into a cocoon, and for helping work- bedroom, a soothing color in the softer, nature-inspired hues [to] feel ing its ability to create a mood that win-Williams Swiss Coffee
ers focus in a home office, “where home office or a tranquil color for a grounded in a time filled with un- spoke to our emotions in a challeng- 7002-16, which gained popularity in
they are non-distracting.” From $110 spa-like bathroom.” From $25 a gal- knowns.” From $38 a gallon, sherwin- ing time.” From $45 a gallon, benja- 2020, can invoke comfort.” From
a gallon, farrow-ball.com lon, homedepot.com williams.com minmoore.com $37 a gallon, lowes.com

DESIGN & DECORATING
THAT’S DEBATABLE
YES NO
A SINGLE Downton Abbey-

sized dining table is so last
A Duo of Tables, Please? IT FELT LIKE a lobby of a
hotel,” recalled Viktor
century, argue advocates for Udzenija of a residential
multiple tables in a dining Some designers opt for two dining-room tables to shake things up and diversify the London dining room in
room. “Clients tell us that the which he and other guests
dining room is often one of function of an underused room. Others find the look cold, or worse. Here, both sides. were seated at multiple ta-
the best rooms in the house bles. Mr. Udzenija, an archi-
but hardly gets used,” said Joe tect and interior designer
Nahem, a designer in New with offices in Prague and
York. Modern families—espe- Dubai, found the seating ar-
cially during a pandemic—ex- rangement not only imper-
pect this space to tick a lot of sonal but embittering: Every
boxes. A second table can time laughter broke out at a
function as a desk, kids’ craft nearby table, he endured a
area or a forum for jigsaw- case of FOMO (Fear of Miss-
puzzling. “Put bookshelves in ing Out, a condition more
the room and it becomes more commonly induced by social
than just a dining room,” said media). His credo? “One ta-
Benjamin Noriega-Ortiz, an- ble, no matter how big, is
other New York designer. more inclusive, grand and
When only two or four people [better] represents the idea
sit for dinner, a “four top” suf- of coming together.” In cases
fices, without leaving you with where a two-person house-
a disconcerting airfield of un- hold has a 10-foot table,
used surface. When full-on Christopher Coleman, of Mi-
dinner parties return, you can ami’s Sanchez + Coleman
push the tables together. Or, Studio, sees an opportunity
other designers note, a host- to put blessedly beautiful
ing couple can divide and con- possessions on exhibit. “One
quer, with each presiding over client had a collection of in-
a more intimate group. “At teresting candlesticks—all
one long table, conversations different sizes and materi-
happen in smaller groups any- als—that took up a third of
way,” said New York designer the table, another had stacks
Kristen McGinnis. Mr. of books and we have a col-
Noriega-Ortiz likes to mix lection of 30 glass vases on
styles and shapes so the re- ours,” he said. “You can still
sulting arrangement is seat four to six people with-
“homey and doesn’t feel like out moving [the objets].”
you’re in a conference room.” Those who don’t want to
In one project, he surrounded dedicate a lot of square foot-
two pedestal tables with built- age to a large table should
in seating, woven rush chairs invest in a smaller one with
and a modern Windsor chair. removable leaves. Designer
Mr. Nahem dispels confer- Michelle Gerson of New York
ence-room connotations with looks for “intentional”
a rug, big enough to embrace leaves that come together in
both seating arrangements. Of a purposeful metal strip ver-
course, one needs a large, if sus “ugly seams.”
not mansion-esque, room, he Ms. Gerson feels diplo-
said, “maybe 12 by 18 feet.” macy always dictates one ta-
Sacrifice grand, center-of- ble over two. That way, she
the-room chandeliers. Over- PARTY OF TWO In said, “no one is hurt think-
head lighting, mounted flush Bridgehampton, N.Y., ing they are at the good ta-
ERIC PIASECKI
or close to the ceiling, should designer Steven Gambrel ble or the bad table or the A
illuminate both tables whether doubled down on tables. table or the B table.”
they are united or split apart. —Rima Suqi
THE
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READING & RETREATING

SHORE SHOT
The Bosphorus this
February is a little more The Drink
subdued than usual. THE MARDINI
BURAK AYAZ, the owner

of Fahri Konsolos bar in
the trendy Moda neigh-
borhood on the Asian side
of Istanbul, named this
cocktail for the South-
eastern city of Mardin. He
combines regional sta-
ples—pomegranate mo-
lasses, sumac and pars-
ley—with gin in the spirit
of Mardin’s multicultural
heritage. To re-create the
drink, look for the pome-
WISH YOU WERE THERE / ISTANBUL granate molasses (nar
ekşisi or its Persian name,
Turkish Takeaways
narsharab) in Middle
Eastern groceries. At the
bar, the Mardini is served
in a hand-pounded copper
mule cup evocative of the
region. For an optional
garnish, Mr. Ayaz bakes a
bunch of parsley at 350
Istanbul isn’t as inaccessible as you think. You can teleport yourself there anytime with the right ingredients degrees for 23 minutes
(until crisp) to make
chips. He then sprinkles
BY PETER HONG lete. The city’s innumerable attractions—the Otto- silent every weekday at 9 p.m. under a strictly en- the leaves of one sprig
F
man-era palaces, the sumptuous art museums, the forced curfew. On weekends, residents can leave onto the cocktail.
OR MOST AMERICAN VISITORS, Turkey’s sensational food and shopping—all make it a mag- their homes only for grocery shopping. Restaurants Total Time: 20 Minutes
biggest city is familiar and surprising at netic destination. For intrepid travelers, Istanbul is are open just for takeout or delivery during the Serves: 1
the same time. Stroll the streets of Istan- still a top temptation given that Turkey is one of week, and only delivery on weekends. Tourists are
bul and you’ll find Apple Stores, Shake the few countries that currently allows U.S. tour- exempt from curfews, and hotel restaurants can For the sumac syrup:
Shacks and chic, hijab-covered women Rollerblad- ists. Americans are welcome as long as they show serve meals to guests, but the streets empty of lo- 1/2 cup sugar
ing along the seaside, all against an age-old sound- proof of a negative Covid-19 test (though the CDC cals can feel ghostly. Until those streets fill up 1 1/4 ounces water
track—the call to prayer streaming through the still deems Turkey, as well as most of Europe, again, you may prefer to explore the city another 2 teaspoons ground
speakers of the city’s countless mosques. It’s not so highly risky in terms of the virus). But like a lot of way—by sampling some of the music, movies, sumac
much about East meeting West; Istanbul’s cultural places right now, Istanbul lacks its usual swagger. books and tastes that will surely make you want to Pro tip: The leftover su-
abundance makes those very categories feel obso- For the last two months, this city of 16 million falls visit in the flesh just as soon as the time is right. mac syrup can be sub-
stituted for simple syrup
in a whiskey sour, giving
it what Mr. Ayaz calls
The Reads “a Mesopotamian twist.”
The Tastes FROM CHEF AND RESTAURATEUR MUSA DAGDEVIREN, A CULINARY HISTORY LESSON
RENA EFFENDI FOR THE WALL STREET JOURNAL; VINTAGE BOOKS (ISTANBUL: MEMORIES OF THE CITY); FARRAR|, STRAUS AND GIROUX (NOTES ON A FOREIGN COUNTRY); THE SERENITY MURDERS (PENGUIN BOOKS); GETTY (BABA ZULA); EVERETT (KEDI); EKIM MEDYA (THE EYE OF ISTANBUL)
THREE VOLUMES
THAT REACH WELL For the cocktail:
BELOW THE SURFACE 2 ounces gin
1/
2 ounce pomegranate
Istanbul: molasses
2/
Memories 3 ounce lemon juice
and the City Five sprigs parsley

by Orhan Pa-
muk | In this 1. Make the syrup. In a
lyrical mem- saucepan, combine sugar,
oir, Nobel lau- sumac and water. Bring
reate Orhan to a boil, stirring to
Pamuk recounts his child- dissolve sugar. Remove
hood growing up in a well- from heat and strain
to-do household. He inter- through a fine mesh
sperses his personal THE ANCIENT ENERGY DRINK THE SEASONAL STAPLE THE MEZE STAR strainer. Refrigerate until
experiences with historical BOZA USKUMRU DOLMASI LAKERDA cold. Syrup keeps in re-
accounts of Istanbul by Popular since at least the 11th century, Taverns, or meyhanes, traditionally Buttery salt-cured bonito, one of the frigerator up to 10 days.
noted visitors, including this sweet, tangy beverage is made of delivered this stuffed mackerel to pa- essential dishes served on a meze 2. In a shaker, press
Gustave Flaubert, using his fermented millet and rich in vitamin B trons during Ramadan to be eaten af- platter, dates back to the Byzantine parsley with a pestle
reflections on various sites and probiotics. Even during the pan- ter the fast. It’s also called Unutma Empire, when the preserved fish was or wooden spoon to re-
and neighborhoods to ex- demic, Vefa Bozacizi, a shop in the Beni or “don’t forget me,” as a re- one of its biggest exports. Nearly ev- lease its oils.
amine not only his own Fatih district, draws lines of locals minder that the meyhanes will wait ery meyhane serves it. Locals pair it 3. Make the cocktail: Mix
identity as a writer but who take their drinks to go. for their return after Ramadan. with a glass of anise-flavored raki. all ingredients in a shaker
how Istanbulites see them- with ice and strain.
selves and their place in
the world.
Notes on a On Screen WORKS THAT PULL YOU DEEPLY INTO ISTANBUL’S

Foreign Coun- SOUL—AND LOOK GOOD DOING IT
try: An Ameri-
can Abroad in early colleague of pioneering candid
a Post-Ameri- photographer Henri Cartier-Bresson,
can World Guler captured the progress, joys and
by Suzy Han- tribulations of the city and its people,
sen | A 2018 creating a visual history of modern Is-
Pulitzer Prize finalist for tanbul which he describes in the film
nonfiction, Hansen’s book is with wisdom and warmth. Streaming
primarily a study of the im- on multiple platforms.
pact of American policies Öykü Karayel as Meryem in the
and actions in the Middle limited-series ‘Ethos.’
East. But the chapters set
in Istanbul also vividly cap- ‘Ethos’ (‘Bir Baskadir’) (2020)
ture the intelligence, color This eight-episode Netflix series ex-
and humor of the people plores the sociocultural tensions be-
she encounters. For an Baba Zula tween individuals and families in to-
armchair traveler, it’s the day’s Istanbul, via a web of characters
next best thing to meeting connected through a pious Muslim
locals in person. The Music THREE ARTISTS WHO CAPTURE THE CITY’S housekeeper, Meryem, and her secular
ELECTRIC ECLECTICISM, AND THE SONGS TO DOWNLOAD psychotherapist, Peri. There are gor-
The Serenity geous scenes of the many worlds com- Two of the main characters in the
Murders by Baba Zula Bir Sana Büşra Kayıkçı Kuled- rapper Ezhel was prising Istanbul, from the hardscrabble feline-focused film Kedi.
Mehmet Murat Bir De Bana (2005) | ibi No. 1 (2020) | Turkey’s most down- neighborhoods at the city’s outskirts to
Somer | The Baba Zula, founded in Pianist Büşra Kayıkçı loaded artist on Spo- the yoga classes and seaside mansions ‘Kedi’ (2017)
main sleuth the 1990s, calls its composes in a mini- tify in 2020. Dubbed of the city’s elite. Streaming on Netflix. More than 100,000 cats live freely on
in this breezy style psychedelic Is- malist style influenced the Turkish “free- the streets of the city, fully integrated
Istanbul-based tanbul rock ’n’ roll, by John Cage. This style king,” his songs ‘Ara Güler: into the routines of the humans who
mystery—the fourth and fusing 1960s Anato- piece takes its name also incorporate ele- The Eye of live among them. Some neighborhoods
most recent of Mehmet lian rock with elec- from a historic neigh- ments from several Istanbul’ (2015) have dedicated volunteer networks to
Murat Somer’s popular tronica, reggae and borhood near Galata genres including reg- Ara Guler began provide food, outdoor shelters and vet-
Turkish Delight series—is dub. Most songs, in- Tower, evoking the in- gae and trap. “Al- his career as a erinary care for their area cats, while
Burçak Veral, a transvestite cluding the band’s fa- terplay between past lah’ından Bul— photojournalist in many shopkeepers allow them to
who dresses like Audrey vorite, ”Bir Sana De and present through roughly translated as 1950 and died in come in and go as they please. Kedi
Hepburn. She also serves Bana,” a poetic love overlapping deep and “God Will Judge”—is 2018 at 90, follows seven felines of the city, along
as a highly entertaining song—feature the bright notes. his current hit. In it amassing along with the people who care for them,
and food-obsessed tour electric saz—a he declares, “My mu- the way an ar- showing one of the most distinctive
guide to the city. stringed Turkish Ezhel Allah’ından Bul sic is my weapon, Ara Güler’s visual chive of 800,000 facets of Istanbul life. Streaming on
folk instrument. (2020) | Dissident I’m no terrorist.” history of the city. photographs. An multiple platforms.

ADVENTURE & TRAVEL
Brrrr for
The Course
As golfers tee up in record numbers
this winter, a number of clubs are
heating up their offerings
BY KELSEY OGLETREE again and not about to let able golfers to work on their
T
weather stop her. “They swings. “We wanted to keep
HIS TIME of won’t let us on the course in the momentum of the great
year, many golf- the snow; otherwise we’d get 2020 golf season going,” said
ers swap rounds colored balls and give it a Mr. Doppler. “Our avid golfers
on the course for try,” she said. love to see the golf ball fly
rounds on the Other courses don’t mind a into the snow.”
couch, unless they’re heading little frost. Elsewhere in Ore- Big Cedar Lodge in Mis-
to Florida or Arizona. But gon, Silvies Valley Ranch, a souri’s Ozarks recorded the WINTER GAMES Clockwise
2021 looks different: Thanks golf and spa resort in Seneca same number of rounds the from top: A blustery swing
to milder temperatures in opted to stay open through first week of January this at Silvies Valley Ranch in
January and Americans’ per- winter for only the second year as it did the entire Seneca, Ore.; Georgia’s
sistent desire to get outside time and is offering a “cool month in 2020. While its Buf- McLemore golf club has
amid the continuing pan- golf” option ($45 per person). falo Ridge and Top of the put propane heaters in the
demic, golf courses around Guests use high-loft clubs, Rock courses typically remain carts; part of McLemore’s
the country have been experi- whose higher launch angle open each winter, frost delays newly expanded bourbon
encing an unexpected boon. makes them easier to hit, and bump the first tee time back and whiskey menu.
They’re also adapting to this neon-green tennis balls, more to around 10 a.m. Walking on
hardier breed of duffers, of- readily spotted in the snow, the grass when it’s frozen can
fering a warmer-than-usual so players can move briskly damage the blade and roots,
welcome via heated golf carts, said Matt McQueary, assistant Last Chance!
shorter courses and expanded director of golf sales and mar-
whiskey menus.
“What we’re seeing this Guests use neon-
keting at Big Cedar Lodge. At
Payne’s Valley—which opened
Winter Sale
winter, particularly in colder green tennis balls, last September as the first
markets, is an extension of
what we’ve experienced
easy to spot in snow, public course designed by Ti-
ger Woods—both the pan-
As Temperatures Dip,
throughout 2020...more new
people enjoying the game
to zip around a demic and early spring fever
are also driving winter play,
Our Shearlings Drop.
five-hole course.
than we’ve seen in a long said Mr. McQueary. (You can $699
time,” said PGA Tour commis- peek at parts of Payne’s from
sioner Jay Monahan, a Boston Buffalo Ridge.) This is your last chance for huge
native who’s always consid- around a five-hole course. Northwest Georgia’s Mc-
savings during our Winter Sale.
ered golf a year-round sport. Each green is equipped with Lemore is also enticing cold-
Golf’s inherently socially extra-large cups, introducing weather golfers. Among the Crafted for us of the finest
distanced nature is fueling a new kind of putting chal- lures: a six-hole short course quality English Merino lamb.
its surge in popularity. Total lenge. Winter bookings at the (for those who want to make these soft to the touch, durable
rounds played in the U.S. in Ranch are up more than 200% their cold-weather game coats will offer real warmth in
2020 were up 37% in De- from last year. short and sweet), propane the coldest winter weather.
cember year over year, ac- Riverwood Golf Course in heaters in golf carts and a cu-
cording to the research firm Bismarck, N.D., initially closed rated menu of bourbons and Three-quarter length coats
Golf Datatech. entirely for winter as usual, single-malt whiskeys for in choice of black or brown.
Lena Land, 50, and Grace but in early December, rewarming up chilled palates. Reg. $1,995, Sale $999
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but they still finished 18 temperatures and high de- jectory is only expected to Cashmere comfort
holes. Mrs. Land, who battled mand, Riverwood decided to continue. “Like they say,” said
breast cancer last year, said place mats on the cart path Mrs. Land, “you don’t get bet- from Italy.
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EATING & DRINKING

“He wrote the stories of farmers so from well-known, well-established
beautifully, and story is such an im- growers because I knew these would
portant part of grower Champagne,” be easier for readers to find. Some
said Jason Jacobeit, wine director of are wines Ms. Dalzell said she’d
Bâtard restaurant in Manhattan choose for customers unfamiliar
(currently closed), as well as owner with grower Champagnes; others
and managing partner of Somm Cel- are wines I happen to particularly
lars Wine & Spirits, where he stocks enjoy. They were all dry Cham-
a wide selection of grower Cham- pagnes; those that listed their dos-
pagnes. He discovered many of them ages ranged from 4 to 8 grams of
as a sommelier, thanks to Mr. Theise. sugar, putting them in the Brut or
Clara Dalzell, general manager Extra Brut categories. The disgorge-
and a buyer at Flatiron Wines & ment dates on these bottles ranged
Spirits in New York, is another fan of from December 2017 to May 2020.
grower Champagnes and stocks a Three blanc de blancs Cham-
stellar selection. “They’re wines that pagnes (made entirely from white
are an expression of a person and a grapes) particularly impressed me.
place,” she said. Flatiron Wines & The crisp, lively and rather light-
Spirits recently offered an online bodied Pierre Moncuit Hugues de
three-part class on the villages of Coulmet Brut Blanc de Blancs ($36)
Champagne; the price included bot- comes from a brother-sister team
tles of grower Champagne. who always deliver great value. The
Michael Teer, proprietor of Pike elegant Pierre Péters Cuvée de
and Western Wine Shop in Seattle, Réserve Brut Blanc de Blancs ($50)
estimated that 98% of his Cham-
pagnes are made by growers. Mr.
Teer can find good grower Cham-
pagnes and sell them at competitive Bubbly from a farmer
prices. Big brands, by contrast, are sounds friendly and fun,
less affordable to small merchants
like him. “[Big brands] often heavily
quite unlike an elitist
discount for the big chains, at quan- bottle from a big
tities we cannot buy,” he wrote in an Champagne house.
email. He also finds it more reward-
ing to sell wines made by people he
CAROLE HÉNAFF
believes in. “We are more excited

about them, their quality, their story is a textbook example of a great
and their authenticity,” he said. blanc de blancs. And the sapid, min-
Whereas big Champagne houses eral Doyard Cuvée Vendémiaire Brut
turn out wines with consistent pro- Blanc de Blancs ($48) was sourced
files year to year, grower Cham- primarily from vineyards in the
ON WINE / LETTIE TEAGUE
pagnes can vary considerably, re- famed village of Vertus.
flecting the specific conditions of a Other favorites included a won-
particular vineyard, site or vintage. derfully fresh Pinot Noir-dominant
Why Farmer Fizz Many small growers try to help

drinkers better understand a bottle
by including a range of information
on its back label. That might include
Brocard Pierre Tradition Brut ($50)
made by fifth-generation winemaker
Thibaud Brocard at his family’s Côte
des Bar estate. The Marc Hébrart
Is Worth Finding the varietal composition—whether

Chardonnay, Pinot Noir, Pinot Meu-
nier or some combination of the
three classic Champagne grapes.
Brut Premier Cru Mes Favorites Vie-
illes Vignes ($68) is admittedly
pricey, but such a beautifully tex-
tured, opulent, Pinot Noir-dominant
The label might also note the dos- Champagne is worth the splurge.
OF ALL THE CLEVER wine terms the wines stateside, farmer fizz, aka ers saw an uptick in sales thanks to age, a measure of how many grams Ditto the wonderfully lush, Pinot
coined over the years, “farmer fizz” grower Champagne, has gained a de- wine merchants who purchased of sugar have been added to the Meunier-dominant Laherte Frères
may be my favorite. Credited to voted following in the past 20 years. large quantities. Champagnes from wine. Another key piece of informa- Ultradition Brut ($50). It was rich
Champagne importer Terry Theise, Last year, world-wide sales of less-established growers haven’t tion concerns disgorgement, the enough to pair with a meal, as was
it’s a term that retailers and somme- Champagne were down by 18% com- fared as well, he noted. process by which the lees are re- the Vilmart & Cie Grand Cellier Pre-
liers have happily adopted. And why pared with the previous year ac- The Skurnik Champagne portfolio moved and the bottle is closed with mier Cru ($60) from the famed
not? Fizz from a farmer sounds like cording to the trade organization includes the selection of grower a permanent cork. The disgorge- Montagne de Reims estate.
something friendly and fun, a down- Comité Champagne. The closure of Champagnes once curated by Mr. ment date is the moment at which I realize these Champagnes can
to-earth drink quite unlike an elitist many restaurants was doubtless a Theise, whose 20-plus-year partner- the aging of the wine is deemed to be harder to find than big brands.
bottle from a big Champagne house. factor: Sommeliers have always ship with Skurnik ended early last truly begin. A wine disgorged six But any merchant who carries a
Farmer fizz is Champagne made played a key role in guiding drinkers year. Mr. Theise credits sommeliers months ago will taste brighter, with good selection of grower Cham-
by grape growers who choose not to to the wines. Still, some growers ac- with playing a key role in the success a more lively acidity than a wine dis- pagnes does so because he or she
sell all their fruit to the big houses. tually did very well in 2020—even of the wines, and one of his most gorged three years ago; the latter is loves them. And what better wine to
Though some growers have always reporting record sales. successful sales tools was his annual likely to be richer, more nuanced drink on Valentine’s Day than one
made their own wines, only in the According to Gabriel Clary, Cham- Champagne catalog, an education on and marked by yeasty, nutty notes. that has not only been made but
past few decades has it become com- pagne portfolio manager of Skurnik the region, its growers and their I selected nine bottles of non-vin- also sold with a great deal of love?
monplace. Thanks to the importers Wines & Spirits in Manhattan, wines. His frequently flamboyant tage grower Champagnes to taste
and sommeliers who championed Champagnes from established grow- prose inspired many in the business. for this column. They hail mostly Email Lettie at wine@wsj.com
OENOFILE / GREAT GROWER CHAMPAGNES
Pierre Moncuit Pierre Péters Cuvée de Doyard Cuvée Marc Hébrart Brut Laherte Frères Ultradi-
Hugues de Coulmet Réserve Brut Blanc de Vendémiaire Brut Premier Cru Mes tion Brut $50 This lively,
Brut Blanc de Blancs Blancs $50 The Pierre Premier Cru Blanc de Favorites Vieilles Pinot Meunier-dominant
$36 Siblings Nicole and Péters name is synony- Blancs $48 The Doyard Vignes $68 This won- Champagne is the entry-
Yves Moncuit have mous with a supremely family has grown derfully rich and gener- level offering from La-
been producing precise elegant style of blanc grapes in the Côte des ously proportioned Pi- herte, under the direc-
all-Chardonnay Cham- de blancs. Even this, Blancs since the 17th not Noir-dominant tion of dynamic young
pagnes on their family their entry-level bot- century. This decidedly Champagne is pro- Aurélian Laherte. The
estate for over 40 tling, is produced from mineral wine with a duced from 40-plus- family sells grapes to
years, including this grand-cru villages in- lively acidity was aged year-old vines in the one another, so they are
bright and lively, af- cluding Oger, Cramant on its lees for an im- premier-cru village of technically négociants—
fordably priced wine. and Le Mesnil-sur-Oger. pressive 56 months. Mareuil-sur-Aÿ. but growers in spirit.
SLOW FOOD FAST / SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
Beef and Broccolini Chow Fun With Fresh Horseradish

CHELSIE CRAIG FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY BETH PAKRADOONI; MICHAEL HOEWELER (PORTRAIT)
AS A CHILD, Brandon Jew looked forward to first Slow Food Fast recipe.
dinners out, which almost always featured A key step: cooking the noodles over
an order of beef chow fun. It’s the sort of high heat just long enough to brown them
Chinese-American classic Mr. Jew celebrates in spots. “It adds so much texture and fla-
today at his restaurant Mister Jiu’s, in San vor,” Mr. Jew said. Then they get a vigorous
Francisco. After a brief hiatus, Mister Jiu’s tossing with seared beef, chopped brocco-
The Chef will reopen next month, and the revamped lini, bean sprouts and scallions until every-
Brandon Jew menu will include the beloved beef-noodle thing is coated in a sweet-savory brown
stir-fry, which the chef has perfected during sauce. It’s worth seeking out fresh horse-
His Restaurants lockdown. “It’s my comfort food,” he said. radish root to grate over the dish before
Mr. Jiu’s, Moongate At the restaurant, the staff will make the serving—a small gesture that really makes
Lounge and rice noodles from scratch and marinate this chow fun pop. Mr. Jew’s hankering for
Mamahuhu in San thinly sliced sirloin for two days in Shaoxing it remains as strong as ever. “I just made
Francisco wine, sesame oil and oyster sauce. At home this for dinner over the weekend,” he said.
Mr. Jew makes this far speedier version, his “I had a craving.” —Kitty Greenwald
What He’s
Known For Total Time 25 minutes 4 scallions cut into 1-inch high heat. Once very hot, add
Combining the best Serves 4 batons oil, steak, remaining cracked
1/
that Bay Area farms 4 cup bean sprouts pepper and onions. Stir-fry
have to offer with Kosher salt 11/2 teaspoons light soy sauce until steak is medium-rare,
the culinary legacy 31/2 tablespoons oyster sauce 1 teaspoon dark soy sauce 2-3 minutes. Transfer meat
of San Francisco’s 1 tablespoon sesame oil Freshly grated horseradish, and onions to a bowl.
1/
Chinatown. 4 cup Shaoxing wine to garnish 3. Keep pan over high heat
1/
2 tablespoon sugar and do not wipe clean. Add
1 tablespoon coarsely 1. Bring a pot of salted water cooked noodles and stir-fry,
cracked black peppercorns to a rolling boil. Meanwhile, in tossing vigorously, until
11/4 pounds top sirloin steak, a small bowl, combine 11/2 ta- browned in spots, about 1
sliced 1/6-inch thick blespoons oyster sauce, ses- minute. Return meat to pan
8 ounces flat rice noodles ame oil, Shaoxing wine, sugar along with broccolini, scal-
1/
4 cup grapeseed or and 1/2 tablespoon cracked lions, bean sprouts, remaining
canola oil pepper. Add steak and toss to oyster sauce and soy sauces.
2 small yellow onions, thinly combine. Let meat marinate Toss to coat everything in
sliced at least 20 minutes. sauce, about 1 minute, and re-
1 bunch broccolini, florets 2. Boil noodles until just ten- move pan from heat. Garnish
roughly chopped and der, 3-5 minutes. Strain. Set a with grated horseradish and ZING ALONG Freshly grated horseradish bestows a nice peppery
stems cut in 1/2-inch pieces wok or large, heavy pan over serve immediately. heat. In an airtight container, the root keeps for months in the fridge.

EATING & DRINKING

BY GABRIELLA GERSHENSON late. Pastry chef Michelle Pa-
T
lazzo makes this one with
HIS TIME OF semisweet Valrhona choco-
year, no one
needs to be re-
minded that
they like hot
Cocoa-Dependent late, milk and cream. She
tops it with a toasted-to-or-
der marshmallow flavored
with Chartreuse, the herba-
chocolate—that it’s good, ceous French liqueur, a flavor
that it’s the antidote to the combination inspired by the
cold and the general dreari-
Let the weather and the world do their worst. Made from scratch classic après-ski pairing of
ness that can permeate life or from a packet, hot chocolate is always there for us. hot chocolate and Char-
come deep winter. But as we treuse. In Brooklyn, pastry
drag ourselves into pan- chef Fany Gerson, co-owner
demic year two, small com- of the recently opened Fan-
forts have assumed outsize Fan Doughnuts, sells a thick
importance. What else ex- and creamy Belgian-style hot
plains the insane viral sen- chocolate made with both
sation of hot chocolate milk and dark chocolates.
bombs from a few months She adds a toasted marsh-
ago? This winter, not only mallow and a garnish of
do we like hot chocolate; crunchy doughnut croutons
we need it. that turn into something like
It’s an instant pick me bread-pudding once they
up. It’s a chocolate bar soak in the hot chocolate—a
that does not need to be reasonable reward after
chewed, just poured down waiting in line in freezing
your throat, warming your temperatures to order
esophagus, your belly and, doughnuts.
ultimately, your soul. This
soothing drink is exactly
the kind of harmless seda-
tive America needs right
This winter, not
now, the ultimate expression only do we like hot
of self-love—or, at least, chocolate; we need it.
self-mercy.
Hot chocolate bombs
aside, this winter, even regu-
lar old drinking chocolate But you don’t have to
has been a hot commodity. brave the cold to experience
Matthew Caputo, co-owner excellent hot chocolate.
of A Priori Chocolate, a There is an astounding vari-
Utah-based importer and ety of splurge-worthy mixes
distributor of dozens of available to whip up at
craft chocolate brands, said home in moments. (See
that sales of drinking choco- “Manageable Mugfuls,” be-
lates have gone up at least low.) Or, make a top-notch
five times from past winters, rendition from scratch using
and manufacturers are hav- just two ingredients—your
ing difficulty keeping up favorite dark chocolate and
with demand. Mr. Caputo at- milk. In his book “Drinking
tributed it in part to all the French,” Paris-based pastry
outdoor gatherings and ac- WHAT A MUG In just 15 chef David Lebovitz offers a
tivities that have extended minutes you can make recipe as easy as it is lus-
well beyond their usual sea- this silky and soothing cious. “Any good chocolate
son. When we’re chilly, hot hot chocolate at home. that you like to eat would be
chocolate is what we crave. good for hot chocolate,” said
It’s practically programmed Mr. Lebovitz, who was fixing
in our DNA. Long before hu- Sugar and Sweets.” “Cacao chocolate is going strong. In see it all day long,” said An- New York location had to himself a cup as we chatted
mans were eating chocolate, and chocolate beverages New York City, frigid tem- thony Battaglia, Angelina’s send for reinforcements of on the phone, using Taza
we were drinking it. “If the would account for the vast peratures and closed indoor chief operations officer. “We branded disposable cups stone-ground Mexican choc-
history of chocolate were a majority of a long saga that dining did not deter custom- are selling up to 80 liters of from the Paris mothership. olate and milk from the Brit-
24-hour cycle, glossy choco- began in South America 56 ers from lining up outside hot chocolate a day. Our hot Nearby, at Rockefeller ish emporium Marks &
late bars and confections centuries ago, at least 1,670 the first U.S. location of An- chocolate machine is work- Center, a vintage Citroën van Spencer. “Drinking chocolate
would represent a few sec- years before the Egyptians gelina, which opened last ing from 5 a.m. to 9 at night operated by the acclaimed is from the tropics,” he
onds,” writes chocolate and built their first step pyramid.” November, for a taste of the non-stop producing, produc- restaurant Frenchette sprung pointed out, “and we can all
cacao scholar Maricel Presilla After all this time, the Parisian café’s famously ing, producing.” Due to un- up this winter to sell crêpes use a trip to somewhere else
in “The Oxford Companion to love affair with drinking thick chocolat chaud. “We expectedly high sales, the and steamy drinking choco- right now.”
BUY IT MAKE IT
Manageable Mugfuls Chocolat Chaud (Hot Chocolate)

Whether you’re a fan of single-origin sipping chocolate or
Swiss Miss-style cocoa, there’s a stir-and-go option to suit your taste. Total time 15 minutes 2 cups whole milk or
Makes 4 small servings neutral plant-based milk,
such as Oatly Barista
The secret to David Lebo- Edition
vitz’s Parisian-style hot 5 ounces bittersweet
chocolate is whole milk or semisweet chocolate,
and plenty of high-quality chopped
CHELSIE CRAIG FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY BETH PAKRADOONI (DRINK); F. MARTIN RAMIN /THE WALL STREET JOURNAL (PRODUCTS); GETTY IMAGES (MARSHMALLOWS)
dark chocolate. The op- 1-2 tablespoons raw

tional addition of raw or or light brown sugar
brown sugar lends a won- (optional)
derful toasty toffee flavor. Whipped cream or
Mr. Lebovitz recommends marshmallows, for
making the drink a day or garnish (optional)
For the Dark-Chocolate Averse For Those Seeking Balance Try Ritual For Nutella Nuts Gianduja Roasted two in advance and stor-
Burdick Blend White Drinking Choco- Mid Mountain Blend Drinking Choco- Hazelnut Drinking Chocolate ($11, ing it in the refrigerator, 1. In a medium saucepan over
late ($24, burdickchocolate.com) deliv- late ($16, ritualchocolate.com) from chefshop.com) from the Toronto then rewarming it: The medium heat, warm milk and
ers cocoa-butter smoothness. Burdick Utah. The mixture of chocolates from chocolatier SOMA chocolatemaker drink gets thicker the lon- chocolate, whisking occasion-
Blend Milk Drinking Chocolate ($24 at Madagascar, Peru, Ecuador and Belize is basically Nutella in hot chocolate ger it sits. Serve it in ally until chocolate is melted.
burdickchocolate.com) is a quality sip- is supremely well-rounded, with a tex- form. And, like Nutella, it is thick small tea cups, the way 2. Bring mixture almost to a
ping chocolate with mellow character. ture that mixes up velvety and smooth. enough to eat with a spoon. the French do, as this in- boil, paying close attention.
tense hot chocolate packs (If it comes to a full boil, it
a punch. To give the hot will quickly boil over.) Re-
chocolate a nice frothy duce heat to lowest setting
texture, zap it with an im- and gently simmer
mersion blender for a few hot chocolate,
seconds before pouring it whisking con-
into your cup—a tech- stantly, 3 min-
nique recommended by utes.Remove
both chocolate/cacao pan from heat.
scholar Maricel Presilla 3. When choco-
and Wonderbon late is cool
Chocolate Co. co- enough to sip, add
For Lovers of Spice Rózsavölgyi If You Wish to Dip Churros or For Aficionados of Mexican Chocolate owner Maury sugar to taste, if us-
Csokoládé Paprika Hot Chocolate Doughnuts Cacao beans roasted over and Cuisine Masienda Champurrado Rubin. It’s a ing. To serve, pour hot
($17, caputos.com) is a Hungarian oak wood, stone-ground and hand- ($14, masienda.com), a nutty corn por- worthwhile ex- chocolate into cups and
chocolate flavored with Hungarian hot shaped, Xocolata Jolonch ($10, ridge flavored with cinnamon and Mex- tra step that top with whipped cream or
paprika, cinnamon and cloves from shop.littlespain.com) makes Spanish- ican chocolate sourced by Denver’s Cul- gives the drink a marshmallows, if using.
husband-and-wife chocolatiers Zsolt style chocolate a la taza as dark as tura Craft Chocolate, makes a light, airy —Adapted from
Szabad and Katalin Csiszár. midnight and silky as pudding. marvelously warming breakfast drink. mouthfeel, and “Drinking French”
it works well by David
with packaged Lebovitz (Ten
cocoas, too. Speed Press)
SWITCH IT UP
Using this recipe in ¼ cup Char- der and whisk un-
as base, make it: treuse or rum. til smooth.
Spicy Nutty Extra-Caffeinated

Along with the At the end of step At the end of step
milk and chocolate 2, add ⅓ cup choc- 2, whisk in 4
in step 1, add olate-hazelnut ounces of hot
1/
For Swiss Miss Fans, Momo Cocoa If Marshmallows Are Non-Negotiable For a Winning Cup An earthy, well- 2 teaspoon carda- spread and whisk espresso.
Instant Cocoa ($4, momococoa.com) The Ginger Elizabeth Hot Chocolate rounded hot chocolate that froths up mom and 1 tea- until smooth.
is a nostalgia-inducing, much better Tin With Marshmallow Baton ($22, beautifully, Goodnow Farms Almendra spoon cinnamon. Dessert-y
version of the just-add water hot gingerelizabeth.com) comes with a 14- Blanca Hot Cocoa ($17, goodnow- Malted Pour ⅓ cup hot
chocolate we remember, made with inch-long, fluffy, vanilla-flecked marsh- farms.com) won the very first drinking Boozy At the end of step chocolate over a
organic ingredients (mini marshmal- mallow—the perfect foil for the molten chocolate competition in the Interna- Off heat at the 2, add ½ cup scoop of vanilla
lows not included). semi-sweet drinking chocolate. tional Chocolate Awards last October. end of step 2, stir malted milk pow- ice cream

GEAR & GADGETS

PUT UP A GOOD FRONT The nose
of the GLB 35 wears the distinctive
‘Panamericana’ grille, which is now
specific to Mercedes-AMG models.
all-wheel-drive 4Matic upgrade,

built around a multi-plate clutch
capable of directing up to 50% of
torque to the rear wheels. If you
leave it to the launch control func-
tion—“Race Start,” they call it—
the GLB 35 will storm to 60 mph
in 5.1 seconds, with three perfectly
timed, pneumatic-sounding up-
shifts that I will now approximate
phonetically: pfmumpf.
Our black-on-black test

car looked like a London
taxi if Germany had won
the war, a la ‘The Man in
the High Castle.’
Like other AMG models, the GLB

35 has a selectable vehicle dynam-
ics system, which loops in speed-
adaptive steering, brakes, three-
MERCEDES-BENZ
stage stability intervention, and an

adaptive suspension that ranges
from hard/harder/hardest (Com-
fort/Sport/Sport+). Even in Com-
fort mode, the ride compliance is
RUMBLE SEAT / DAN NEIL wooden, concussive, and head-
tossing. Jeez! Part of the choppi-
ness owes to the overall damping
An Appealingly Unsleek stiffness, part to the roll-resistant

upgrades to the front suspension,
part to the minimum-aspect
tires, part to the short wheelbase,
Mercedes-AMG Crossover and part to the damnest cast alu-

minum wheels I’ve seen lately—
these open-spoke 20-inchers fea-
ture an inner ring, like a guncart
wheel. That’s different.
AMONG MY DAYDREAMS, I have The editors and I recently de-
always wished I could take Shake- 2021 MERCEDES-AMG GLB 35 4MATIC bated the term “French seam.” Mer-
speare to a showing of Baz cedes offers the alternative “double
Luhrmann’s film “Romeo + Juliet.” Base price $49,500 topstitching” to describe the cut-
Or else give Democritus, inventor Price, as tested $64,110 and-sewn faux-leather upholstery
of atomic theory, a tour of the Powertrain 2.0-liter DOHC turbo- on the interior’s dash and doors.
Large Hadron Collider. charged inline four with variable Our tester’s upgraded red-and-black
And I would love to get Alfred valve control; eight-speed automatic leather upholstery package was as
Neubauer’s hot take on our test car, transmission with sport manual-shift racy as frilly knickers. Much of the
the 2021 Mercedes-AMG GLB 35— mode; front-biased all-wheel drive metal and metal-like cabin trim fea-
particularly its distinctive grille de- Power/torque 302 hp at tures a chamfered profile, of the
sign, known familiarly as the “Pana- 5,800-6,100 rpm/295 lb-ft at sort one would make with a CNC
mericana” grille. As Daimler-Benz’s 3,000-4,000 rpm milling machine. I loved shop class.
director of motorsports, Neubauer Length/width/height/wheelbase The cockpit of any fully equipped
(1891-1980) presided over two gen- 183.1/72.8/65.4/111.4 inches AMG model is one of the busiest
erations of all-conquering racers: Curb weight 3,871 pounds ergonomic spaces you could occupy.
the Silver Arrows of 1934-1939 and 0-60 mph 5.1 seconds Mercedes-Benz’s new MBUX (user
the 300 SLs, circa 1952-1955. The EPA fuel economy 21/26/23 mpg, experience) centers on a wide-
last time Neubauer saw such a city/highway/combined screen display (two 12.3-inch
grille, it was attached to the winner Cargo capacity 62.0/27.0 cubic feet screens together) seemingly set on
of the 1952 Carrera Panamericana (behind 1st/2nd row) an upholstered shelf on the dash
Mexico, a sleek, masculine endur- console. Users can access scads of
ance machine. Here it is not. So not. functions—navigation and display
What say you, Herr Neubauer? hatch-ier hatch, compared to most selves and declare it adorable. Who The Panamericana grille—verti- preferences, driver-assistance sys-
Can design history be misquoted, of the GLB’s siblings. This more am I to argue? Nobody, that’s who. cal strakes, floating three-pointed tems, cabin lighting—through a car-
or at least taken out of context? forthright squareness is empha- The GLB does share one trait star—is now reserved for Mer- ousel of app-like icons, interfacing
And would you please not drink all sized by brightwork window trim. with the gullwing coupes of Pana- cedes-AMG models. Behind it, the either with the crazy capacitive
my liquor? Speaking of alternative time- mericana fame: lots of tumblehome. GLB 35 harbors a blueprinted 2.0- controls on the steering wheel; or
Introduced last year, the GLB lines, our black-on-black test car A term derived from shipbuilding, liter inline four-cylinder dressed the six degrees of madness, click-
compact SUV is a new body style looked like a London taxi if Ger- tumblehome refers to the amount with a twin-scroll turbocharger, able and steerable touchpad; and/or
for Mercedes-Benz and it is rather many had won the war, a la “The that side windows slant inward to- putting out 302 hp at 5,800-6,100 dozens of metallic-finished
determinedly unsleek. The largest Man in the High Castle.” ward the roof. From the side, the rpm. Pretty snorty too. Stomp on switches, knobs, rollers, etc., in the
crossover among the vehicles built These conformations allow the GLB’s greenhouse seems expansive. the pedal from a standstill and the console and center-stack. Example:
on Mercedes’s CLA architecture, GLB to claim the highest maximum But seen from the front or back it’s torque blooms quickly. If you are In the lower quadrants of the steer-
the GLB casts about the same size cargo and seating capacity in the damn near pyramidal. Yes, there is manually shifting you will want to ing wheel are combo switches that
shadow as an Audi Q5 or Land compact SUV class—up to seven, a third-row option; but those two stay ahead of the computer or else deactivate stop/start and traction
Rover Discovery Sport, but its vol- with the third-row option. But the seats are squashed between inclin- you will hit the rev limiter, with an control (left), and dynamics mode
umes and proportions are more like GLB’s styling is also a bit of coun- ing walls of precious styling. abruptness that can easily unsettle (right). If I’m counting correctly
a Mini Countryman scaled at 105%. terprogramming. It trades in a kind That’s OK. In this class, the the car. Herr Neubauer, please con- these switches are triply redundant.
Please note the more upright wind- of winning and self-aware clunki- third-row seating is meant for vey to the team my wish for a Imagine all this technology in a
screen angle, lower sill line, level ness, a doofus-y je ne sais quoi emergency use, like a spare tire. more progressive fuel cutoff point. car that looked as cool as the win-
roof line, taller sections of glass, that makes otherwise sensible peo- Bad example: The three-row GLB While standard GLBs are front- ner of the 1952 Panamericana.
more prominent lower cladding and ple like my wife fall over them- does not carry a spare. wheel drive, the GLB 35 gets the Now keep imagining.
Needed: A Robomask? posable N95s which he wears until

they become stretched out or
smelly. And, no, he doesn’t need a
We tested a few ‘smart,’ app-enabled masks to see if slickly designed app to tell him
they’re too much trouble—or a breath of tech air when that’s the case. “I don’t want
to have to think about it too much.”
Pairing my AirPop mask to my
FOR THE PAST few weeks, I’ve been less earbuds to prevent dreaded phone certainly did not liberate me
strapping on “smart” masks, a new mask-muffle on calls, or mechani- from thinking. At one
breed of face-covering you have to cal ventilation systems that re- point in my trial, I
plug in to charge each night or pair lease heat you generate by exhal- was forced
with a phone app. Their promise: suing. All are designed, according to to puzzle
F. MARTIN RAMIN/THE WALL STREET JOURNAL (MASK, PHONE), SERGE BLOCH (ILLUSTRATION)
perior, or at least geekier, pandemic their manufacturers, for a world out why
protection. The brands behind them where even getting vaccinated passersby
back up the claim with a dazzling doesn’t obviate the need to wear a were sud-
range of snazzy features. face-covering. denly staring
The AirPop Active+ Halo Sensor But, as buzzy as this wizardry at me, their eyes
mask (at right, $150, airpo- might be, are high-tech masks re- merry. Then I re-
phealth.com), for instance, measures ally worth the fuss compared to alized I’d somehow
my breathing rate and alerts me their no-brainer counterparts? triggered a “party
when it’s time to change the dispos- Dale Pfriem, principal of Protec- mode” feature that
able N99-equivalent filter. With a tive Equipment Consulting Services makes the AirPop
washable shell and rubber seal that and part of a standards-develop- flash rainbow colors.
molds to my face to minimize air ment working group addressing fed- After an attempt to
leaks, the mask doesn’t feel scratchy eral mask guidelines, says he’s in fa- care exactly how many
like other medical-grade models I’ve vor of any feature that makes people particles the mask had
tried. People even nerdier than me more likely to wear their masks. As caught, I admitted I was
will like that it tracks your location long as the products meet fit and fil- bored. Ultimately, I ig-
to let you know the quality of the air tration standards, that is. (The Air- nored the app and used the
and the approximate number of par- Pop is compliant with EU Committee AirPop merely as a particu-
ticles it’s protected you against. for Standardization and ASTM Inter- larly protective face mask.
Others I tested, like the N95- national barrier-mask guidelines.) The headphones in the MaskFone,
equipped MaskFone ($50, mask- “For me,” Mr. Pfriem said, “the though? Those are pretty cool.
fone.com), have integrated wire- simpler the better.” He opts for dis- —Rachel Wolfe
The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets.

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