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Seafood-Tower Power
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The Face of
Traditional
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REVIEW
THE WALL STREET JOURNAL WEEKEND
* * * * * * * * SATURDAY/SUNDAY, DECEMBER 17 - 18, 2022 ~ VOL. CCLXXX NO. 143 WSJ.com U.S. Edition

Japan, Wary of China, Sets Big Boost in Military Spending Risk of

What’s Recession
News
World-Wide
Tests
ussia fired a barrage of
Global
R missiles targeting en-
ergy infrastructure in Kyiv Outlook
and other Ukrainian cities,
part of a campaign to wear
down its adversary while re- Surveys show easing
building for what Kyiv offi- price pressures in the
cials expect will be a renewed
2023 ground offensive. A6 U.S. and Europe,
 A federal appeals court companies set for cuts
declined a last-minute re-
quest by 15 Republican-led
BY AUSTEN HUFFORD
states to block the Biden
AND PAUL HANNON
administration from end-
ing Title 42, a pandemic-
TOMOHIRO OHSUMI/GETTY IMAGES

Price pressures eased at the

era policy that allows mi-
end of the year as central
grants to be immediately
banks fought high inflation,
expelled at the border. A3
businesses in the U.S. and Eu-
 Garland issued prosecu- rope say, though the global
torial guidelines that aim to economy continued to teeter
ease a disparity in sentencing with the possibility of a reces-
for crack-cocaine versus pow- sion.
der-cocaine crimes, as the ad- Household demand for
ministration seeks to reverse ON GUARD: Japan called China its biggest security challenge and said it would sharply raise military spending, including goods is weakening across the
decades of drug policy now for missiles that can hit other countries, marking one of Tokyo’s biggest post-World War II shifts away from pacifism. globe, and factories are cut-
widely viewed as unfairly pun- Above, a Japanese soldier during a recent joint exercise with troops from the British army. A8 ting production in response.
ishing Black defendants. A5 That has taken pressure off
supply chains, leading to a
 One of Beijing’s desig-
downshift in price increases
nated crematoria for Covid

Accounting Firm Halts Reports

and slowing global trade.
victims has been flooded
Services activity is also
with bodies recently as the
softening, and U.S. businesses
virus sweeps through the
in that sector are likewise see-
Chinese capital, offering an

For Binance, Other Crypto Clients

ing a modest easing of infla-
early hint at the human cost
tion.
of the country’s abrupt loos-
Two big uncertainties sur-
ening of pandemic rules. A9
round the outlook for next
 A judge imposed a five- year: how much further cen-
year prison sentence on an BY CAITLIN OSTROFF ing firm that worked for for- “Our users want to know that week, it said outflows were tral banks will raise their key
Iowa man who led a mob AND JEAN EAGLESHAM mer President Donald Trump’s their funds are secure and that around $1.1 billion. The Bi- interest rates to tame infla-
that chased a police officer company, on Friday withdrew our business is financially nance spokesman said the tion, and how China’s economy
near the Senate chamber Cryptocurrency-trading gi- from its website a report on strong,” he said. “We embrace company was able to process will perform as Covid-19 con-
during the Jan. 6, 2021, ant Binance said the account- reserves at Binance and other additional transparency and the withdrawals “without trols are relaxed. Slowing
Capitol riot. A4 ing firm it used to verify its cryptocurrency-trading com- we are looking into how best breaking stride.” global demand has emerged as
reserves has paused all work panies. The report for Binance, to provide those details in the A series of failures involving an issue in Asia, with indus-
Business & Finance for crypto clients, hampering which wasn’t an audit, was coming months.” crypto coins, exchanges and trial powerhouses reporting
efforts to reassure customers published earlier this month. This past week, Binance ex- hedge funds, have rocked the falls in exports during Novem-
that their money is safe. A spokesman for the ac- perienced a sharp increase in world of digital currencies this ber.
 Price pressures eased at Binance also said outflows counting firm said it had made customer withdrawals, with year. As the world’s largest sur- Stock prices fell again Fri-
the end of the year as cen- from its platform swelled to the move “due to concerns re- roughly $6 billion in net out- viving player, Binance is seen day as recession fears over-
tral banks fought high in- $6 billion, a reflection of tur- garding the way these reports flows between Monday and as a barometer for the ability of took investors’ optimism ear-
flation, businesses in the moil among crypto traders are understood by the public.” Wednesday. The company the broader industry to navi- lier in the week that
U.S. and Europe say, though shocked by the implosion last A Binance spokesman said didn’t specify what percentage gate through the trouble. Please turn to page A2
the global economy contin- month of rival exchange FTX. Mazars’s decision didn’t mean this represented of total cus- The role accounting firms
ued to teeter with the pos- Mazars, a midsize account- customers’ funds were at risk. tomer deposits. Earlier in the Please turn to page A4  Poll reveals pessimism on
sibility of a recession. A1 economy in 2023..................... A2
 U.S. stocks fell again
Friday, with the S&P 500,
Nasdaq and Dow industri-
als retreating 1.1%, 1% and
TikTok Goldman Plans Big Job Cuts, 0%
Index performance
Friday
Dow Jones
0.8%, respectively. All
three indexes lost at least
1.5% for the week. B1
Distances Reductions in Some Bonuses –0.25
Industrial Average
–0.85%

 Binance said the ac-

counting firm it used to
Itself From BY ANNAMARIA ANDRIOTIS employees as of September, nomic slowdown, war in Eu-
–0.50
Nasdaq Composite
–0.97%
S&P 500
AND JUSTIN BAER
verify its reserves has
paused all work for crypto
clients, hampering efforts
China— Goldman Sachs Group Inc.
up from about 38,000 at the
end of 2019.
Goldman also expects to
rope and rising interest rates
triggered a bear market for
stocks and a slump in deal
–0.75 –1.11%

to reassure customers that

their money is safe. A1
 Goldman is planning to
To a Point is planning to lay off several
thousand employees, accord-
ing to people familiar with
slash, and in some cases elim-
inate, the annual bonuses of
underperforming employees,
making. Morgan Stanley also
laid off workers this month,
and similar cutbacks have
–1.00

BY RAFFAELE HUANG the matter, another conse- people familiar with the mat- swept through American –1.25
lay off several thousand em-
quence of this year’s deal- ter said. companies.
ployees, according to people
SINGAPORE—TikTok has making slump. Like other Wall Street Some of the job cuts at
familiar with the matter, an- –1.50
accelerated efforts to move A person familiar with the banks, Goldman hired aggres- Goldman will be part of an-
other consequence of this
workers away from China in situation said the bank will be sively throughout 2020 and nual workforce reviews. In
year’s deal-making slump. A1
an attempt to distance itself leaner in 2023, but it will still 2021, bringing in new em- most years, Goldman elimi- –1.75
 Musk’s team has reached from its Chinese parent, but have more employees than it ployees to help it keep up nates underperformers during 10 a.m. noon 2 p.m. 4
out for potential fresh invest- the short-video app still did before the pandemic. with an M&A boom. This year that process, but layoffs were
ment for Twitter at the same counts on local talent to han- Goldman had some 49,000 was a different story: An eco- Please turn to page A4 Source: FactSet
price as the original $44 billion dle some key functions and
deal, according to one share- continues to recruit there.
holder who said he was con-
tacted about the proposal. B3
TikTok and its parent, Byte-
Dance Ltd., have moved execu-
tives to Singapore and the
Giant Toys EXCHANGE Chechen Chief Does
 Apple is preparing to
U.S., ramped up hiring of staff Might Break
let applications be down-
loaded onto iPhones and
iPads outside its App
and engineers outside of
China, and reorganized teams
Santa’s Back
Putin’s Dirty Work
internally from the rest of the
Store, according to people
Chinese company’s suite of i i i
familiar with the matter. B1
apps, part of efforts to sepa-
rate the companies under Parents perplexed Ramzan Kadyrov plays a key role in Ukraine
scrutiny from Washington.
NOONAN Still, some engineers work- by big trucks, At the start of the war in to Chechen residents.
ing on TikTok’s algorithms re- Ukraine, President Vladimir Now, following Russian
Disorder main based in China, people 6-foot dollhouse Putin ordered Chechen retreats, Mr. Kadyrov’s men
At the Border, familiar with the matter said. leader Ramzan Kadyrov to are disciplining dejected
And in the GOP A15 Beijing-based ByteDance con- BY KATHRYN HARDISON occupy Kyiv’s government Russian troops at the front
tinues to recruit people in the quarters and assassinate the and rooting out alleged
country to work on TikTok. Now available: luxurious liv- spies in occupied Ukrainian
CONTENTS Opinion.............. A13-15
Books..................... C7-12
Sports........................ A12 The parent is advertising ing at its finest. An enter- By Thomas Grove territories—sometimes re-
Business News...... B3 Style & Fashion D2-3 jobs in China to work on vari- tainer’s dream, this move-in in Kyiv sorting to torture, Ukrainian
Food................. D1,14-15Travel...................... D6-8 ous TikTok features, such as ready modern tri-level show- and Evan Gershkovich officials and human-rights
Gear & Gadgets D12-13 U.S. News............ A2-5
Heard on Street...B12 Weather................... A12
private messaging, live- stopper features a winding in Moscow organizations say.
Obituaries............... A10 World News A6,8-10 streaming and its market- grand staircase, a high-tech se- Since the start of the in-
place functions. It is also hir- curity system and nine play ar- Ukrainian president, Ukrai- vasion, Mr. Putin has relied
ing for roles based there eas for the little ones. The be- nian intelligence and secu- on ranks of military officers,
> focusing on international ex- spoke bathroom boasts gold rity officials allege. businessmen and rogue ac-
pansion, including searching detailing and a shower that DISNEY DRAMA When Mr. Putin needed tors to deliver what the
for senior algorithm engi- changes colors based on tem- How Bob Chapek lost more soldiers on fast-crum- Kremlin needs most to sus-
neers to develop its user perature settings. Enjoy a girls’ bling front lines, the warlord Please turn to page A11
search interface. night out on the patio, where
his showdown with rounded up thousands of
s 2022 Dow Jones & Company, Inc.
All Rights Reserved Hiring within China allows the festive ambience includes a Bob Iger. B1 men, sometimes forcibly,  Russian attacks pummel
Please turn to page A8 Please turn to page A11 and sent them in, according Ukraine infrastructure.......... A6
 A2 | Saturday/Sunday, December 17 - 18, 2022 **** THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Josh Zumbrun

Three Figures Are Key to Fusion’s Potential

The U.S. En- on net produce, rather than divided by energy used. A Q second Q value, the engineer- incredible conditions happen ballpark of break-even. Both of
ergy Depart- consume, energy. The recent below one means the reaction ing break-even. The scientists in the laboratory.” those are theoretically possi-
ment this past reaction wasn’t close. consumed more energy than it behind the recent break- This means scientists need ble.” With government sup-
week an- To deploy fusion also re- produced. A Q above one through have been careful to to improve the technology by port that could take one to
nounced a quires attaining a third mile- means more energy was pro- clarify that the specific reac- a factor of 100, said Jonathan two decades, he said. “We
breakthrough stone, known as the economic, duced than consumed. tion produced more energy Menard, chief research officer should try for one and push
in research on nuclear fusion, or commercial, break-even, In this latest experiment, than it consumed, but the en- at Princeton Plasma Physics really hard for that,” he
after a controlled reaction at when a fusion power facility is scientists put in 2.05 mega- tire reactor didn’t. Laboratory. added.
the Lawrence Livermore Na- cost-effective to operate com- joules of energy and got 3.15 Mark Herrmann, the Liver- Then comes the final chal-

T
tional Laboratory produced pared with other power megajoules out. Q was 3.15 di- more lab’s program director he thing to watch in lenge: economic, or commer-
more energy than it con- sources. vided by 2.05, or about 1.5. for weapon physics and de- coming experiments is cial, break-even. Once you
sumed. Tony Roulstone, a nuclear- sign, told reporters that to whether this engineer- have fusion reactors that pro-

S
Fusion offers the potential o where do we stand? energy engineer at the Univer- ing Q value starts to march to- duce more energy than they
for virtually limitless, clean Today’s nuclear- sity of Cambridge, called this ward 1, or remains tiny. consume, will they actually be
energy. How long before this power plants employ fis- milestone the “now we know There’s reason for hope. worth building, or would other
breakthrough can deliver on sion: splitting a large atom, it works” one, equivalent to
Fusion offers the Over time, lasers are using sources of energy be cheaper?
that promise? To get an idea, unleashing energy (and gener- when the physicist Enrico potential for less electricity to generate the That will depend on what
it’s helpful to know three sim- ating long-lived radioactive Fermi first created a nuclear same optical power. (This is happens to the prices of other
ple numbers in the science waste). Fusion occurs when chain reaction in 1942, ulti-
virtually limitless, known by the delightfully low- power sources. Even if fusion
and economics of fusion rep- two small atoms are heated mately leading to the hun- clean energy. tech term “wall-plug effi- is more expensive than some
resenting key “break-even enough to fuse, producing en- dreds of fission reactors ciency.”) alternatives, Dr. Menard said
points.” ergy. around the world that today Also, the Livermore scien- he thinks it would likely have
The first point is called the Fusion is the process that produce 10% of the world’s tists said the diamond capsule a useful role. Even with better
scientific break-even—when a powers stars, including the electricity. generate 3.15 megajoules of in their experiment had im- battery systems, for example,
fusion reaction produces more sun. Experiments such as the If a reaction produces more energy, the lab consumed perfections and that construc- solar and wind power will
energy than was used to cre- Livermore lab’s seek to re-cre- heat than it consumes, about 300 megajoules of en- tion of the National Ignition likely remain most useful
ate the reaction. The Dec. 5 ate this phenomenon on Earth. couldn’t you run the experi- ergy to fire its laser. Facility, where the experiment when the sun is shining and
experiment at the Livermore It involved firing the world’s ment on repeat and create in- You don’t need to be a took place, began over 20 the wind is blowing. Fusion
lab broke this threshold for most powerful laser system at finite energy? The practical physicist to realize that this is years ago. “The technology is plants could be powered up at
the first time. It’s a big deal, a tiny, nearly perfectly round, challenges are enormous, said far from a viable source of ’80s and ’90s,” said Tammy other times.
but it’s only the first of the supersmooth diamond capsule, Mr. Roulstone. The laser power. The Q value for the en- Ma, lead for the laboratory’s “It’s going to take a lot
three milestones. crushing the hydrogen atoms would have to be fired many tire reactor is about 0.01— inertial fusion energy institu- more technological advance-
The second is the engineer- inside. times a second, with those roughly 1% of break-even. tional initiative. ment to make it a practical en-
ing break-even, when the en- A simple ratio commonly perfect little diamond capsules “The laser wasn’t designed “If you gain a factor of 10 ergy source,” he said. But it’s
tire fusion reactor produces known as Q provides an easy accurately inserted and posi- to be efficient,” said Mr. Herr- on the fusion and 10 on the ef- still inspiring, he said: “I hope
more energy than it consumes. and intuitive way to under- tioned dozens of times a sec- mann. “The laser was de- ficiency, that gives you a fac- people will get excited to work
To be a useful source of stand if scientists are making ond, he said. signed to give us as much tor of 100 roughly,” said Dr. on this superfun challenge—
power, you need facilities that progress: It’s energy released The bigger obstacle is the juice as possible to make these Menard. “That would be in the making a star on Earth.”

Survey Reveals
Composite purchasing managers indexes
U.S. U.K. Eurozone

Pessimism About
Dec. Dec. Dec.
65
44.6 49.0 48.8
60

55
Economy in 2023
JEFF CHIU/ASSOCIATED PRESS

50 EX
EXPANDING
CO
CONTRACTING BY JOHN MCCORMICK zalone, who conducted the
45 survey with Republican poll-
A majority of voters think ster Tony Fabrizio. “If there
the economy will be in worse was a Republican president,
40 shape in 2023 than it is now we might see the reverse.”
2021 '22 2021 '22 2021 '22 and roughly two-thirds say the Younger voters are more
nation’s economic trajectory is pessimistic about the econ-
Note: Seasonally adjusted. The composite PMI measures activity in both the manufacturing
A Nathan & Co. store in Oakland, Calif., this week. U.S. retail and services sectors. headed in the wrong direction, omy’s prospects next year
spending weakened in November, a sign of a slowing economy. Source: S&P Global Market Intelligence the latest Wall Street Journal than older voters. Roughly 6 in
poll shows. 10 of those ages 18-34 expect

Economic ther declined in December,

surveys by S&P Global
showed, while European busi-
Analysts have raised eco-
nomic outlooks for Europe,
with a few even expecting Ger-
tumbled in October as the cost
of heating homes jumped with
the arrival of colder weather.
The survey, conducted
Dec. 3-7, suggests a recent
burst of positive economic
it to be worse over the next
year, while 42% of those 65
and older feel that way.

Outlook ness activity dipped less

sharply in December than the
prior month.
many—Europe’s largest econ-
omy and one of the worst hit
by the energy-price explo-
And in the U.K., retail sales fell
by 0.4% in November, to a
level that was lower than be-
news—moderating gas prices
and a slowing pace of infla-
tion—haven’t altered the way
Democratic poll participant
Kendra Lewis, a 38-year-old
business consultant and entre-

Is Tested In the S&P Global surveys,

both the U.S. and Europe re-
ported moderating price pres-
sion—to post growth next
year.
Positive factors include
fore the pandemic.
Asian economies, mean-
while, offered signs that the
many feel about the risk of a re-
cession, something many econ-
omists have forecast as likely.
preneur in Fayetteville, Ga.,
said she is already seeing
some of the small-business
sures. progress made by European chance of a steep downturn “I just think we are headed people she works with act as if
Continued from Page One “There is little doubt that governments in securing non- was receding in some parts of toward a recession and it they are in a recession.
moderating inflation would we are seeing some cooling in Russian supplies of natural the world. could be a pretty big one,” “I’ve seen a drastic contrac-
spur the Fed to step back from inflation,” said Joshua Sha- gas, new government subsidies A survey for Japan sug- said Republican poll partici- tion in what people are willing
aggressive rate tightening.The piro, chief U.S. economist at to help businesses and house- gested that economic activity pant David Rennie, a 61-year- to spend,” Ms. Lewis said.
S&P 500 index fell 1.1% to MFR Inc. “The Fed wants in- holds absorb higher prices, stopped falling in December. old retired executive with the Even if inflation slows, Ms.
3852.36 Friday after dropping flation at 2%. We are still a far and robust employment. China has relaxed its strict Boy Scouts of America who Lewis said she expects it will
2.5% the previous day. The cry from that.” Business surveys have pandemic protocols with offi- lives in Shelton, Conn. “Inter- take some time to “undo some
Dow Jones Industrial Average U.S. consumer inflation was pointed to a significant slow- cials putting renewed empha- est rates are skyrocketing and of the trauma” people have ex-
fell 281.76 points, or 0.8%, to 7.1% in November from a year down in the global economy sis on economic growth next that’s going to take us down.” perienced this past year.
32920.46. The technology-fo- earlier, down from a 9.1% peak for many months, but that is year, though it isn’t clear how The Federal Reserve on The poll shows financial
cused Nasdaq Composite slid in June. only now showing up clearly the changes could affect the Wednesday approved an inter- pressure from inflation is sta-
1%, to 10705.41. S&P Global’s composite out- in the economic data collected second largest economy in the est-rate increase of 0.5 per- bilizing, as gasoline prices and
The Stoxx Europe 600 index put index for the U.S. declined world. centage point and signaled overall inflation have eased.
fell 1.2% on Friday. to 44.6, a four-month low, Some economists say a plans to keep raising rates at After rising throughout 2022,
Abating price pressures from 46.4 in November. The surge in Covid infections could its next few meetings to com- the share who say higher
come as the Federal Reserve index, which measures activity
The Fed this week significantly weaken Chinese bat high inflation. The move prices are causing major fi-
and other global central banks in services and manufacturing, forecast U.S. growth output in the early months of reflected some moderation af- nancial strains has been flat
raise interest rates to combat remained below 50, indicating next year, followed by a strong ter four consecutive increases since the Journal’s October
inflation that threatens global a contraction.
of just 0.5% this rebound starting in the second of 0.75 point. survey, at about 35%.
growth. The Fed this week forecast year and next year. quarter. Economic pessimism is The national average price
Officials in the U.S.—the U.S. growth of just 0.5% this “Fear of quarantine has strongest among Republicans, of regular unleaded gasoline
world’s largest economy—have year and next year, sharply now given way to fear of in- with 83% expecting the econ- was $3.25 a gallon on Tuesday,
increased rates at the fastest slower than in 2021 as the fection, and the economic out- omy to worsen. Slightly more down more than 50 cents a
pace since the 1980s to cool economy rebounded from the by governments. come is even worse,” said than half of independents feel gallon from a month earlier,
the economy and bring down pandemic. U.S. retail spending and Mark Williams, chief Asia that way, while 22% of Demo- according to energy-data and
inflation, which is running Europe’s economy likely manufacturing weakened in economist at Capital Econom- crats do. analytics provider OPIS, which
near a 40-year high. contracted at the end of 2022, November, both signs of a ics. “We now expect sharp “Our economic diagnostics is part of News Corp’s Dow
High inflation, soaring en- but showed signs of resilience slowing economy. The labor falls in activity this quarter have become partisan,” said Jones, publisher of The Wall
ergy prices and rising borrow- that suggested the downturn market has also slowly cooled and next.” Democratic pollster John An- Street Journal.
ing costs have tested econo- could be milder than feared from earlier in the year, Higher interest rates are
mies across the globe during just a few months ago. though it remains historically expected to restrain any po- Thinking about you and your family, which of the following best
the rebound from the Covid-19 S&P Global’s composite out- tight due to a limited pool of tential global rebound in the describes your situation when it comes to the cost of living?
pandemic. put index for the eurozone re- workers that has caused ele- global economy as 2023 ad-
“We got the steepest down- mained below the 50 mark in vated wage gains. vances. It's rising and creating...
turn we’ve seen since the December but rose by one Meanwhile, a new Wall “Policy makers, at least in 35% ...major financial
global financial crisis, if the point to 48.8 from November, Street Journal poll showed a the U.S. and Europe, now ap- strains
initial lockdown period is ex- pointing to a smaller fall in ac- majority of voters think the pear resigned to weaker eco-
cluded,” said Chris William- tivity than expected earlier. U.S. economy will be in worse nomic growth in 2023,” said
30
son, chief economist at S&P The survey results are con- shape in 2023 than it is now Christian Nolting, chief invest-
Global. “The good news is that sistent with the latest econo- and that roughly two-thirds ment officer at Deutsche ...minor financial
this downturn in the economy mists’ expectations about how say the nation’s economic tra- Bank’s private bank. “Any re- strains
is alleviating inflationary pres- Russia’s war in Ukraine could jectory is headed in the wrong cessions are likely to be short- 25
sures.” affect Europe’s economy next direction. lived, but they will not be Nov. March Aug. Oct. Dec.*
U.S. business activity fur- year. In the eurozone, retail sales painless.” 2021 ’22

How would you rate the Do you think the U.S. economy
THE WALL STREET JOURNAL
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in the overall consumer-price cards were being offered by Mr. Nov. March Aug. Oct. Dec.*
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index was incorrectly labeled Trump’s presidential campaign.
*759 registered voters polled. †741 registered voters polled.
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 THE WALL STREET JOURNAL. ******* Saturday/Sunday, December 17 - 18, 2022 | A3

U.S. NEWS

School Boards Jolted by New Activists

Conservatives elected ect PAC spent nearly $3 mil-

THOMAS BENDER/HERALD-TRIBUNE / USA TODAY NETWORK (2)

lion on education races since
in November quickly its founding in 2021. Moms for
oust superintendents, Liberty endorsed 270 candi-
dates in school board races
prompting a backlash this fall. In 2020, the group
made no endorsements.
BY BEN CHAPMAN A newly elected conserva-
tive majority of the school
Conservatives who won board in Berkeley County, out-
school board elections with side Charleston, S.C., at its
campaigns vowing to change first meeting, on Nov. 18,
what students learn about race, voted to replace the superin-
sex and gender—or who op- tendent there, Deon Jackson,
posed Covid protocols—have and ban the teaching of criti-
acted swiftly since November, cal race theory, which argues
replacing superintendents and Brennan Asplen, who was Sarasota County superintendent, said he thought his ouster was motivated by ‘politics and nonsense.’ that white supremacy is em-
overhauling policies at their Bridget Ziegler, who won the Sarasota board’s chair in November, is a founding member of the conservative group Moms for Liberty. bedded in American society
first public meetings. through laws and institutions.
Conservative activists and ing immediate action to shake who worry the new boards are lost his support when it pushed board was right to change the In Douglas County, outside
organizations made a con- up school districts as they said more concerned with politics out the superintendent. district’s leadership because it Denver, a new, conservative
certed effort to win control of they would. than education. At its first meeting Nov. 22, was unable to communicate school board majority, which
local school boards in many “I think every superintend- “We just elected members the new board in Sarasota effectively with Dr. Asplen. was elected last year, in Feb-
parts of the U.S. during the ent has been put on notice,” from the new Republican moved to fire the superintend- “I don’t particularly love ruary voted to replace the su-
midterm elections, citing is- said Tiffany Justice, the co- Party—that Trump group—and ent, Brennan Asplen. At a the unrest,” she said. “I’m con- perintendent, prompting op-
sues such as declining aca- founder of Moms for Liberty, a that’s what they came in and board meeting the following cerned about the current rela- position from the board’s
demic performance, increased Florida-based education non- did,” said Justin Cody Willis, a week, dozens of residents tionships, the lack of trust and more liberal minority and
disciplinary problems among profit that has grown to 42 Republican father of five from spoke against his departure faith.” school walkouts by teachers.
students, masking policies and chapters since it was founded Sarasota, Fla., who voted for a during the meeting’s public The election of new school Members of the school
the teaching of critical race last year. The group advocates slate of conservative school comment period. Dr. Asplen, board members in Sarasota board said they since have
theory and other topics that for the rights of parents to de- board candidates who won who resigned this past week in was part of a movement that come to focus on operational
provoke debate. termine rules for their children seats last month but now has a separation agreement with emerged this year, as the na- matters, but navigating con-
The outcome of those ef- in matters such as Covid pre- regrets. “It’s a distraction the board, said he thought his tion saw unprecedented fund- troversy, and finding a re-
forts in the normally sleepy cautions and gender identity. from the real issues.” ouster was motivated by “poli- ing and attention lavished on placement superintendent,
local races was mixed. But in The moves to replace estab- Mr. Willis said he thought tics and nonsense.” local races to elect school offi- consumed valuable time and
Florida, South Carolina, Colo- lished school superintendents the candidates would best ad- Bridget Ziegler, a founding cials, who typically wield resources. The district is still
rado and other states where and make other immediate dress falling test scores and ris- member of Moms for Liberty, power to determine what and facing suits over the move to
conservatives won new school changes are prompting push- ing behavior problems in his won the board’s chair in No- how students learn. replace the superintendent,
board majorities, they are tak- back from some residents, district. But he said the board vember. Ms. Ziegler said the The conservative 1776 Proj- the board members said.

Appeals Court Rejects

NATIONAL INSTITUTE OF ALLERGY AND INFECTIOUS DISEASES/AP

Bid to Extend Title 42

BY MICHELLE HACKMAN of Columbia was in response to
AND ALICIA A. CALDWELL a request from 15 GOP-led
states, which asked the court to
A federal appeals court in halt the effect of a lower-court
Washington declined a last- ruling that said Title 42 violates
minute request by 15 GOP-led federal immigration law.
states to block the Biden ad- The policy has meant that
ministration from ending Title as many as half of migrants
42, a pandemic-era policy that caught crossing the border il-
allows migrants to be immedi- legally have been swiftly sent
ately expelled at the border. back to Mexico or their home
The policy is set to end on countries before they can ap-
An electron microscope image of group A streptococcus. Dec. 21 after a lower court ruled ply for asylum. That doesn’t
in November that it violates apply to migrants from coun-

U.S. on Lookout for federal immigration law by de-

nying migrants a chance to ask
for humanitarian protection.
The Biden administration
tries such as Cuba and Nicara-
gua because Mexico won’t al-
low their return to that
country and their govern-

Strep A Infections didn’t attempt to contest the

policy’s expiration, which led
the Republican-led states to at-
ments have declined to allow
the U.S. to send migrants back,
meaning those people are re-
BY BRIANNA ABBOTT ports of an increase in inva- tempt to step in. The states are leased into the U.S.
AND DANIELA HERNANDEZ sive strep A infections and an likely to make an emergency Most border experts, in-
increase in deaths in some appeal to the Supreme Court. cluding top administration im-
Health officials in the U.S. places, with children under In a four-page ruling Friday, migration officials, believe
and abroad said they are ex- the age of 10 most affected. the appeals court said the lifting the policy will lead to
ploring a possible increase in U.K. officials said reported states waited too long to in- at least a temporary bump in
serious strep A bacterial infec- cases of serious diseases tervene, despite the case hav- already elevated illegal cross-
tions among children, the lat- caused by the strep A bacteria ing been pending in federal ings. Already, large groups of
est respiratory infection to are higher than expected for court for almost two years. primarily Nicaraguan migrants
circulate broadly ahead of the this time of year. The U.K. has “Long before now, the have been crossing into the
holidays. reported some 74 deaths, in- states have known that their U.S. this week, overwhelming
An early surge in common cluding 16 among children. interests in the defense and border cities including El
respiratory viruses including Bacteria called group A perpetuation of the Title 42 Paso, Texas, and most recently
respiratory syncytial virus or streptococcus are common policy had already diverged or Yuma, Ariz. In recent days
RSV and influenza has put and can cause a range of dis- likely would diverge from Border Patrol agents in
pressure on families, schools eases. those of the federal govern- Yuma have made an average
and children’s hospitals in re- The Centers for Disease ment’s should the policy be of roughly 1,000 arrests a day,
cent weeks. Control and Prevention said it struck down,” the court wrote up from about 700 to 900 ar-
U.K. health officials and the was looking into a possible in- in the unsigned ruling. rests a day in the past few
World Health Organization crease in infections among Friday’s decision by the U.S. weeks, according to federal
said they have received re- children in the U.S. Court of Appeals for the District authorities.

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 A4 | Saturday/Sunday, December 17 - 18, 2022
Iowa Man Gets Five Years in Jan. 6 Riot
Judge cites the role hearing Friday.
Mr. Jensen, who wore a
of Douglas Jensen in shirt promoting the QAnon
the mob’s pursuit of an conspiracy theory on the day
of the riot, was one of the
officer at the Capitol first rioters to breach the
Capitol. A video shows him
BY JAN WOLFE chasing Capitol Police Officer
Eugene Goodman up flights of
WASHINGTON—A judge im- stairs near the Senate cham-
posed a five-year prison sen- ber.
tence on an Iowa man who led A federal jury convicted Mr.
a mob that chased a police of- Jensen, of Des Moines, Iowa,
ficer near the Senate chamber of seven criminal charges in
during the Jan. 6, 2021, Capi- September. The charges in-
tol riot. cluded obstruction of an offi-
“You played a leading role cial proceeding—a felony with
in egging that mob forward,” a statutory maximum sentence
U.S. District Judge Timothy of 20 years in prison.
Kelly told the defendant, The rioters assaulted the
Douglas Jensen, during a Capitol on the same day the
Washington, D.C., sentencing Congress was certifying Presi-
U.S. WATCH
KRISTOPHER RADDER/THE BRATTLEBORO REFORMER/ASSOCIATED PRESS
DIGGING OUT: A tow-truck worker helps to clear the scene after a three-vehicle crash along Route
30 in Jamaica, Vt., during a snowstorm on Friday.
LOUISIANA SPORTS
Officers Charged in Griner Says She Will Father of Accused
Black Driver’s Death Restart WNBA Career Shooter Is Charged
Five Louisiana law-enforcement Women’s basketball star
officers were charged in connec- Brittney Griner said she plans to
tion with the death of an un- restart her basketball career this
armed Black man who died after season, in her first public com-
a 2019 traffic stop where officers ments since she was released
beat him and used stun guns. from a Russian penal colony.
Trooper Kory York was Her decision to return to the
charged with one count of negli- court, announced in an Instagram
gent homicide and 10 counts of post, sets up a comeback that has
malfeasance in office. The four little or no precedent in U.S. sports.
other officers were charged with Ms. Griner returned to the U.S.
obstruction of justice or malfea- last week and was evaluated at
sance in office. Lawyers for the Brooke Army Medical Center in
men charged couldn’t immedi- San Antonio, and said in her
ately be identified. statement Friday that she was
Police officers stopped Ronald leaving to “transition home to en-
Greene, 49 years old, in rural joy the holidays with my family.”
northeast Louisiana, according to Ms. Griner wrote that the
video footage of the incident last 10 months have been a bat-
that was published by the Asso- tle for her, but she was happy to
ciated Press two years after his be home. She thanked support-
death. In the video, officers jolted ers and advocates, including her
Mr. Greene numerous times with wife, Cherelle Griner, and “my
a stun gun and dragged him entire WNBA family.”
from his car, as he screamed “I’m “I also want to make one
scared” and “I’m sorry.” thing very clear: I intend to play
Mona Hardin, Mr. Greene’s basketball for the WNBA’s Phoe-
mother, said during a news confer- nix Mercury this season, and in
ence Thursday night that she was doing so, I look forward to being
relieved the men had been charged. able to say ‘thank you’ to those
Police initially blamed Mr. of you who advocated, wrote,
Greene’s death on a car crash be- and posted for me in person
fore the video footage surfaced. soon,” Ms. Griner said.
—Joseph De Avila —Joseph De Avila
JOURNALISTS DON’T
‘JUST WRITE STORIES.’
THEY RECORD HISTORY.
Learn more about the impact your
journalism career can have on the world.
Wall Street Journal reporter Erin Ailworth
and others share career advice at
dowjonesnewsfund.org/careers.
HK JP TU ML SI
U.S. NEWS
dent Biden’s victory over for-
mer President Donald Trump
in the November 2020 elec-
tion.
Under federal sentencing
guidelines, which aren’t bind-
ing on judges, Mr. Jensen
faced a sentence of between
57 and 71 months in prison.
The Justice Department had
recommended a 64-month
sentence.
Mr. Jensen’s defense law-
yer, Christopher Davis, asked
for a 27-month sentence, say-
ing his client is an “unedu-
cated union laborer” who be-
came overwhelmed by
conspiracy theories.
“He believed the ‘storm’
had arrived and that corrupt
politicians were going to be
ILLINOIS
The father of a man accused
of opening fire on a July Fourth
parade in Highland Park, Ill., has
been charged with seven felony
counts of reckless conduct.
Prosecutors said the charges
were based on Robert Crimo Jr.
signing an application in 2019
for his son Robert Crimo III to
get a Firearm Owners Identifica-
tion, or FOID card, which allowed
the then-19-year-old to purchase
a firearm legally in the state.
“Parents and guardians are in
the best position to decide
whether their teenager should
have a weapon,” Lake County
State’s Attorney Eric Rinehart
said Friday. State police have said
Mr. Crimo III obtained his FOID
card months after two different
encounters with police in 2019 in
which he attempted suicide and
threatened to kill his family.
Mr. Crimo III has been held
without bail since being arrested
for allegedly opening fire on the
parade, where seven people
were killed and dozens injured.
Mr. Crimo Jr.’s attorney,
George Gomez, called the
charges baseless and unprece-
dented.
—Talal Ansari
Goldman
Plans Big
Job Cuts
Continued from Page One
suspended during the pan-
demic.
Taking away bonuses is an-
other lever that Goldman can
pull to trim expenses. Like
most Wall Street employees,
Goldman staff received a large
portion of their compensation
in annual payouts tied to
their performance and that of
the overall firm.
Employees who get no bo-
nus usually interpret it as an
invitation to leave. Eliminat-
ing bonuses for highly paid
partners and other executives
can also give the bank leeway
to preserve compensation for
junior bankers.
Semafor reported earlier
on cutbacks at Goldman.
Investment bankers cover-
ing tech, including some man-
aging directors, could be hit
hard by layoffs, according to
people familiar with the mat-
ter. The tech industry in par-
ticular fueled the pandemic
stock run-up, and shares of
tech companies are down
drastically this year.
But if overhiring and over-
paying staff during good
times has been a standing tra-
dition on Wall Street, then so
have steep job and bonus cuts
during lean years.
In 2020, the panic that
IN UK FR MN PR ****** THE WALL STREET JOURNAL.
arrested,” Mr. Davis wrote in a The judge said to Mr. Jen- attack. A second trial is now
court filing, referring to the sen: “What would have hap- under way for a group of four
belief by QAnon followers that pened if that group you had Oath Keepers associates also
Mr. Trump would bring about led had turned the other way, charged with seditious con-
a day of reckoning for “deep toward a chamber full of sena- spiracy. Leaders of the Proud
state” operatives. tors?” The chamber is also Boys, a far-right group, face
Mr. Jensen scaled a wall on where former Vice President trial on similar charges in
the western front of the Capi- Mike Pence was overseeing January.
tol complex and was the 10th the certification process and U.S. Capitol Police Inspec-
rioter to enter the building, some rioters outside were tor Tom Loyd testified during
according to the Justice De- chanting: “Hang Mike Pence!” the sentencing hearing that
partment. The Justice Department has Officer Goodman’s actions
Judge Kelly, a Trump ap- charged about 900 people that day may have saved lives.
pointee, said during Friday’s with crimes relating to the “If Officer Goodman had not
hearing that it was a “mira- Capitol riot, and arrests con- led the Defendant and the rest
cle” more people weren’t in- tinue to be made. of the mob away from the
jured during the Capitol riot. In the most high-profile Senate Lobby and an attempt
Four people died that day and trial yet, a jury Nov. 29 con- was made to breach those
five police officers who con- victed the founder of the Oath doors, there would have been
fronted the rioters later died, Keepers militia group, Stewart tremendous bloodshed,” Mr.
most by suicide. Hundreds of Rhodes, of seditious conspir- Loyd said in a statement sub-
people were injured. acy for his role in the Capitol mitted to the court.
to how traditional brokerage process of restoring trust.”
Audit Firm accounts operate. But in
crypto, there is limited over-
On its website, KuCoin says
that “Mazars, the leading in-
sight, regulation or auditing to ternational audit agency, inde-
Halts Work assure customers that the pendently verifies that all user
money they deposited is assets correspond [one-to-
where they think it is.
In Crypto In addition to work for Bi-
nance, Mazars has conducted
one] to real reserves on the
chain.”
Binance’s proof-of-reserves
so-called proof-of-reserves re- report consisted of a five-page
Continued from Page One ports for rival exchanges letter from a partner at the
play in the cryptocurrency in- Crypto.com and KuCoin. South African affiliate of
dustry has gained fresh atten- “We will continue to engage Mazars. It contained three num-
tion since the collapse of FTX, with reputable audit firms in bers and didn’t express an opin-
which has been accused by 2023 and beyond as we seek ion, meaning the auditor wasn’t
federal prosecutors of misap- to increase transparency vouching for the numbers.
propriating customer funds. across the entire industry,” a The FTX crash underscored
Several platforms have turned spokesman for Crypto.com the dangers to auditors of get-
to accounting firms to validate said. KuCoin didn’t respond to ting involved in what is largely
how they account for cus- a request for comment. an unregulated arena, industry
tomer deposits. watchers said. Two U.S. ac-
Among them was Tether counting firms signed off on
Holdings Ltd., which issues the financial statements of
tether, the world’s largest sta-
Binance said it is FTX units.
blecoin. On Friday, the account- looking for a firm The audits by Prager Metis
ing firm BDO, which re- CPAs LLC of FTX Trading Ltd.
cently signed off on reserves
willing to conduct a and Armanino LLP of the much
reports for Tether, said proof of reserves. smaller FTX US can’t be relied
it is reconsidering its work for on, according to John J. Ray,
crypto companies. “In common FTX’s new CEO. Prager Metis
with several other professional and Armanino didn’t respond
service firms, we are currently Crypto companies have to requests for comment.
evaluating our approach to this raced to provide proof-of-re- Larger auditing firms have
sector and the work we under- serves reports to reassure in- largely steered clear of crypto
take for our clients,” a spokes- vestors in the wake of the col- companies, though Deloitte
man for the BDO international lapse of FTX. Despite the serves as the auditor for Coin-
network said. The spokesman limitations of such reports, base Global Inc.
declined to comment on any in- they are often presented by The Binance spokesman
dividual company. the crypto companies as evi- said the exchange has
The Tether attestation was dence their customers’ funds “reached out to multiple large
undertaken by BDO Italia, the are protected. firms, including the Big Four,
Italian member firm of BDO. Crypto.com this month said who are currently unwilling to
A Tether spokesman said: “As that providing audited proof- conduct a [proof of reserves]
the pre-eminent stablecoin of-reserves from Mazars is “an for a private crypto company
and a pioneer for financial important step ... to increase and we are still looking for a
freedom, we remain confident transparency and begin the firm who will do so.”
in our relationship with BDO
Italia, and we don’t expect any
change of plans.”
Customers of crypto ex-
changes deposit traditional
government-backed money in
return for private digital cur-
rencies. They can also deposit
ZED JAMESON/BLOOMBERG NEWS
digital currencies directly with
the exchanges. Users trade or
borrow against their digital
coins on an exchange, which
match customers and arrange
transactions across multiple
cryptocurrencies.
Some of the big crypto ex-
changes promise to back cus-
tomer holdings one-to-one in Binance CEO Changpeng Zhao. The crypto trading platform had
segregated accounts, similar outflows of $6 billion this past week.
gripped the markets early in
the year as the coronavirus
pandemic circled the globe
ebb and flow of the capital
markets than many of its
peers.
own asset and wealth man-
agement businesses, where it
can clip relatively steady fees.
quickly gave way a massive
rally. The stock market rou-
tinely touched new highs that
Banks such as JPMorgan
Chase & Co. have consumer-
lending operations that dwarf
Morgan Stanley earlier this
month cut about 2% of its
global workforce, represent-
year and corporate deal mak-
ing brought in blockbuster
fees.
Goldman’s. And in the years
since the financial crisis of
ing some 1,600 jobs. The lay-
offs followed the company’s
acquisitions of discount bro-
And the Wall Street firms, ker E*Trade and fund man-
in turn, went on a hiring ager Eaton Vance that re-
spree, often offering big
Taking away bonuses sulted in an additional
bucks to lure new employees is another lever that roughly 20,000 employees
and keep current staff from joining.
jumping ship.
Goldman can pull to “We went from boom to
The party came to a halt trim expenses. bust immediately, so in hind-
this year. With uncertain mar- sight [banks] probably over-
kets and a recession poten- hired,” said Alan Johnson,
tially on the horizon, corpo- managing director at Johnson
rate clients went jittery. Wall 2008-09, Morgan Stanley’s Associates, a compensation
Street firms have been forced push into wealth and asset consulting firm specializing in
to confront a steep slowdown management has left it less the financial services indus-
in many of their businesses. dependent on deal fees than try.
What’s more, Goldman’s rival Goldman. Next year “isn’t looking
prominence in investment Goldman in October an- great either,” Mr. Johnson
banking and trading has made nounced a reshuffling of its said.
its results—and its stock businesses, part of a push to —Peter Rudegeair
price—more sensitive to the draw more attention to its contributed to this article.
Bank employee levels, quarterly
80,000 Morgan Stanley
Goldman Sachs
60,000
40,000
MICHAEL NAGLE/BLOOMBERG NEWS
20,000
0
2019 ’20 ’21 ’22
The Goldman headquarters in New York earlier this year. The
company in October announced a reshuffling of its businesses. Source: the companies
THE WALL STREET JOURNAL. **** Saturday/Sunday, December 17 - 18, 2022 | A5

U.S. NEWS

Garland Moves to
Ease Disparity in
Cocaine Penalties
BY SADIE GURMAN
WASHINGTON—Attorney
General Merrick Garland is-
sued prosecutorial guidelines
that aim to ease a disparity in
sentencing for crack-cocaine
versus powder-cocaine crimes,
as the Biden administration
seeks to reverse decades of
drug policy now widely viewed
as unfairly punishing Black de-
fendants.
Mr. Garland told federal
prosecutors in a set of memos
on Friday that they should
treat powder- and crack-co-
grams of crack cocaine would
trigger a mandatory minimum
sentence of five years.
“At sentencing, prosecutors
should advocate for a sentence
consistent with the guidelines
for powder cocaine rather
than crack cocaine,” the memo
said. “Where a court con-
cludes that the crack cocaine
guidelines apply, prosecutors
should generally support a
variance to the guidelines
range that would apply to the
comparable quantity of pow-
der cocaine.”
Civil-rights groups had

STF/AFP /GETTY IMAGES

caine crimes more similarly.
Crack offenders have histori-
cally faced steeper punishments
based on the now-debunked
theory that crack cocaine is
more addictive than powder.
Congress during the height
of the 1980s drug war passed
legislation imposing harsher
penalties on crack-cocaine of-
fenses than powder-cocaine
offenses. Possessing 5 grams
of crack cocaine, which had a
greater impact in Black com-
munities, carried the same
penalty as possessing 500
grams of often more expensive
powder cocaine.
Lawmakers have since nar-
rowed, but not completely
eliminated, the gap in how
crack-cocaine and powder-co-
caine offenses are treated.
The disparity “is still re-
sponsible for unwarranted ra-
cial disparities in sentencing,”
Mr. Garland’s memo said.
“Higher penalties for crack co-
caine offenses are not neces-
sary to achieve (and actually
undermine) our law enforce-
ment priorities.”
Mr. Garland told prosecu-
tors to charge cases in a way
that would trigger a five-year
mandatory minimum only if
they involve an amount of
crack that would trigger the
same sentence for powder co-
caine, which is 500 grams.
Currently, possession of 28
pressed Mr. Garland to make
such a move, especially after
legislation known as the Equal
Act, which would eliminate the
federal-sentencing disparity,
stalled in the Senate amid crit-
icism from Republicans de-
spite overwhelmingly passing
the House last year. The Jus-
tice Department has come out
in support of that measure.
“There is no scientific justi-
fication for prosecuting and
sentencing crack and powder
offenses differently,” NAACP
President Derrick Johnson
said Friday. “It does not make
our communities safer and has
simply been used as a tool to
lock our community up in jail
in the failed War on Drugs.”
Republicans who were op-
posed to the Equal Act raised
concerns about higher recidi-
vism rates involving crack-co-
caine offenders and proposed
ways to ease the disparity by
stiffening punishment for
powder-cocaine users.
As chairman of the Senate
Judiciary Committee in the
1980s and 1990s, President Bi-
den played a central role in a
number of measures that crit-
ics have said worsened racism
within the criminal-justice
system. As president he has
changed course, saying he
wanted to confront the legacy
of the tough-on-crime policies
he once supported.
The nonfungible tokens were unveiled on Thursday and feature cartoon depictions of Mr. Trump as a superhero, golfer and Old West sheriff.
Trump Digital Cards Mocked, but Sell Out
BY ALEX LEARY
WASH INGT ON—Donald
Trump’s digital trading cards
quickly sold out, according to
their promotional website,
generating more than $4 mil-
lion. But none of it will go to-
ward his presidential cam-
paign that had a rocky first
month, and the idea drew con-
tinued ridicule from some fel-
low Republicans on Friday.
The cards, unveiled by Mr.
Trump on Thursday and fea-
turing cartoon depictions of
the former president including
as a superhero, golfer, race car
driver and Old West sheriff,
have “nothing to do with any
political campaign,” the web-
site states—meaning proceeds
would go to Mr. Trump and
his business partners.
Forty-five thousand cards
were produced, all but 1,000
of which were offered for sale
Thursday at $99 each on the
website. That would mean at
least $4.3 million was raised.
A day before the sale, Mr.
Trump hyped a “major an-
nouncement,” spurring ram-
pant speculation that he
might make real political
news. But the revelation of
the cards—which are nonfun-
gible tokens, or NFTs—drew
considerable mocking, includ-
ing among some of Mr.
Trump’s allies.
“I can’t do this anymore,”
conservative activist and for-
mer Trump aide Steve Bannon
said on his podcast Thursday,
interrupting a video of Mr.
Trump’s promotional an-
nouncement of the cards. He
heralded Mr. Trump as one of
the greatest presidents but
said whoever was behind the
idea should be fired.
“I can’t believe i’m going to
jail for an nft salesman,”
tweeted the account of An-
thime Joseph Gionet, who
pleaded guilty to one charge
related to his participation in
the Jan. 6, 2021, Capitol riot.
“It just seems humiliating
and beneath him to be hus-
tling action figure trading
cards of himself,” said GOP
strategist Mike DuHaime. “He
was president and a billion-
aire celebrity real-estate de-
veloper, and now he’s selling
pictures of himself for 100
bucks.”
A Trump campaign spokes-
man referred questions to the
Trump Organization, Mr.
Trump’s family business,
which didn’t respond to a re-
quest to comment.
Some candidates in this
year’s midterm elections ex-
perimented with NFTs to help
raise money and spark inter-
est in their campaigns, follow-
ing the lead of artists and big
consumer brands.
Since announcing his cam-
paign on Nov. 15, Mr. Trump
has suffered legal defeats and
generated a number of contro-
versies, including dining with
rapper Kanye West and a
white supremacist, whom the
former president later said he
didn’t know. A new Wall
Street Journal poll showed
Mr. Trump losing by double
digits in a hypothetical pri-
mary contest against Florida
Gov. Ron DeSantis.
Mr. Trump plans to have
small, policy-focused cam-
paign events in coming
months. The trading-card re-
lease overshadowed a policy
video Mr. Trump also put out
on Thursday taking aim at
technology companies he says
have censored conservatives.
Mr. Trump hadn’t reacted
Friday to the criticism. In
pitching the cards, he de-
scribed them in a social-media
post as “very much like a
baseball card, but hopefully
much more exciting,” adding,
“Only $99 each! Would make a
great Christmas gift. Don’t
Wait. They will be gone, I be-
lieve, very quickly!”
A6 | Saturday/Sunday, December 17 - 18, 2022 ****** THE WALL STREET JOURNAL.

WORLD NEWS
Strikes Pummel Ukraine Infrastructure Inflation
Worries
Missiles hit energy carried out on critical infra-

facilities across the

country in fresh attack
structure facilities in the
northern Kharkiv region, ac-
cording to the head of the mil-
Bank
on power capacity
itary administration. Kharkiv
Mayor Ihor Terehov described
the damage to the grid as
Of Russia
BY ISABEL COLES “enormous,” urging residents
AND BOJAN PANCEVSKI to go to special centers where BY PAUL HANNON
there is power while repair
Russia fired a barrage of mis- crews work to fix the grid. Russia’s central bank said it
siles targeting energy infrastruc- In the Zhytomyr region, en- is worried that the redirection
ture in Kyiv and other Ukrainian ergy workers imposed a pre- of manpower and resources to
cities Friday, part of a campaign ventive shutdown because of feed President Vladimir Putin’s
to wear down its adversary the threat of a missile attack war in Ukraine will give new

EVGENIY MALOLETKA/ASSOCIATED PRESS

while rebuilding for what Kyiv
officials expect will be a re-
newed 2023 ground offensive.
The commander in chief of
Ukraine’s armed forces, Val-
eriy Zaluzhny, said the coun-
try’s air-defense systems shot
down 60 of the 76 missiles
Russia launched at critical in-
frastructure, one of Moscow’s
largest recent mass assaults.
Emergency blackouts began
nationwide because of dam-
aged energy facilities in sev-
eral regions. Ukraine’s energy
minister, Herman Halush-
chenko, said nine power-gener-
ating facilities were affected as
well as electricity substations.
In central Ukraine, two peo-
ple were killed when a missile
struck a residential building in
the city of Kryviy Rih, accord-
ing to the head of the local re-
gional military administration.
The campaign targeting
Ukrainian firefighters clear the rubble at a building destroyed by a Russian attack in Kryviy Rih.
Ukraine’s energy infrastruc-
ture began in October after
Gen. Sergei Surovikin was put
in charge of the war. Since
then, Russia has fired hun-
dreds of missiles at power-
generation facilities, heating
equipment and elements of
the power grid, also deploying
Iranian-made drones to over-
whelm Ukraine’s patchwork of
air defenses.
Kyiv’s Western partners
have bolstered Ukraine’s air-
defense systems, which have
intercepted a majority of Rus-
sia’s missiles. But the capacity
of Ukraine’s power grid has at
times been reduced by as much
as half, say Ukrainian officials.
The campaign has raised
the cost of the war for Ukraine
and its Western backers, de-
spite a string of reversals for
Russia on the battlefield.
The Kyiv School of Econom-
ics assessed the damage to
Ukraine’s infrastructure since
on energy infrastructure facili-
ties, officials said. The mayor
of the city of Korosten said
prolonged power outages were
likely the result of a strike on
an infrastructure facility there.
Meanwhile, Russian-installed
proxies in occupied parts of the
Ukrainian region of Luhansk
said shelling by Kyiv’s forces
had killed eight people and in-
jured 23 there Friday.
the start of the invasion in Ukraine has said it doesn’t
February at $135.9 billion as of target civilians, but its troops
last month. It said the damage have stepped up its attacks on
to Ukraine’s energy infrastruc- Russian targets in occupied
ture was at least $6.8 billion. parts of the country’s east and
Kyiv says the aim is to wear south, seeking to destabilize
Ukraine down over the winter Moscow’s forces. Kyiv is fight-
while Russia rebuilds its forces. ing to hold back a Russian ad-
“We have enough determi- vance on the eastern city of
nation and self-belief to return Bakhmut as it looks to retake
our own after these blows,” parts of the Luhansk region
Ukrainian President Volod- that it lost in the summer.
ymyr Zelensky said Friday. —Gordon Lubold
Three Russian strikes were contributed to this article.
life to a surge in inflation the
bank had managed to contain.
The Bank of Russia left its
key interest rate unchanged
Friday for the second straight
policy meeting, diverging
again from its Western coun-
terparts, with the Federal Re-
serve and Europe’s major cen-
tral banks this week raising
their policy rates by half a
percentage point.
The Russian central bank
said it still expects inflation to
fall in 2023 from the 12% rate
recorded in November.
But central bank Gov. Elvira
Nabiullina warned that fresh
sources of inflationary pres-
sure are emerging, driven by
the cost of sustaining the con-
flict into its second calendar
year. The central bank said the
Kremlin’s decision to call up
some 300,000 men to serve in
the military is depriving busi-
nesses of workers, and those
labor shortages could lead to a

EU Moves to Ease Concerns Over Food Prices

BY LAURENCE NORMAN
AND JARED MALSIN
The European Union imple-
mented a new sanctions pack-
age on Russia that officials
hope will significantly relieve
food-security problems facing
developing and poor countries.
The sanctions deal, which
was pushed through by EU lead-
ers when they met for a summit
Thursday, came amid intense
lobbying by United Nations Sec-
retary-General António Gu-
terres. He called several Euro-
pean leaders to persuade them
to ease the transit of Russian
fertilizers through EU ports.
At the heart of the issue is
a battle of narratives over who
is to blame for a surge in food
and fertilizer prices. Western
countries blame Russia’s inva-
sion of Ukraine and the Krem-
lin blames Western sanctions.
The EU has noted language in
its sanctions legislation stating
that food, fertilizers and other
key humanitarian goods are ex-
empt from sanctions. The real-
ity has become more complex.
In recent months, vessels
carrying fertilizers have been
held up for weeks or denied
permission to transit through
large European ports because
of concerns over sanctions.
Among the targets of EU
sanctions on Russia’s elites are
current or former owners of
some of Russia’s biggest com-
panies producing and distrib-
uting fertilizer. Customs au-
thorities in some member
states said that as a result of
the sanctions, vessels carrying
fertilizer linked to sanctioned
Russian oligarchs couldn’t
transit through their ports be-
cause the facilities couldn’t ac-
significant pickup in wages.
Her warning comes as indi-
cations grow that Western
countries might be over the
cept payments for costs or per- they are being properly applied. worst of the price surges they
mit payments to firms linked To stop sanctions circum- have seen this year, though
to oligarchs whose EU assets vention, the exemptions would their central banks vary on as-
were frozen. Some vessels only apply to people or entities sessing the amount of work
passed through but were held linked to a significant Russian they need to do to tamp down
up for weeks because they agrifood business that were inflation.
needed to get clearance from active in the field before being Russia’s central bank in Oc-
national authorities who them- sanctioned. The shipment also tober signaled its concern
selves were unsure of the rules. must be part of a U.N. program about the impact of Mr. Pu-
Under Thursday’s deal, it shipment or go to a developing tin’s mobilization order in
was agreed that national gov- nation covered by the U.N.’s September, which besides
ernments can unfreeze the as- food-security priorities. One drafting hundreds of thou-
sets if strictly necessary for fer- potential challenge: Identifying sands new soldiers also
tilizer shipments. The which countries count as being prompted many fighting age
exemptions must be reported to U.N. priority destinations and men to leave the country be-
the European Commission, the ensuring that the final destina- fore they could be called up. It
EU’s executive body, to ensure tion is what is claimed. appeared more worried Friday.

A Ukrainian School Grapples

With Russian-Occupation Legacy
BY MATTHEW LUXMOORE

KHERSON, Ukraine—When
teacher Halyna Shapiro returned
VIRGINIE NGUYEN HOANG/HUMA FOR THE WALL STREET JOURNAL

to her school four days after Rus-

sian forces abandoned this city in
southern Ukraine last month, she
found textbooks on Russian his-
tory and literature, published in
Moscow, lying on teachers’ desks.
The Russian alphabet was
pinned to blackboards in class-
rooms where Russian wasn’t
previously taught. Students’
notebooks were full of poems
extolling Russia’s virtues.
Ms. Shapiro was the school’s
deputy director for 20 years,
but refused to work under a
Russian-installed administra-
tion. When she returned follow-
ing a monthslong absence, she Halyna Shapiro, deputy director of a Kherson school in Ukraine for
found her school transformed. 20 years, refused to work under a Russian-installed administration.
“They removed all of our
books, and tried to rewire chil- books were removed and the Russian Land.” No Ukrai-
dren’s brains,” she said as she burned. Most teachers refused nian classes were listed.
surveyed hundreds of Ukrainian to collaborate, he said. Procurement documents left
titles stacked in a room where At Kherson’s school No. 27, in the school’s library show that
dance classes were held. “They where Ms. Shapiro teaches, more than 4,500 Russian text-
clearly planned to destroy these classes went online after the books were delivered. They in-
books. But they ran out of time.” war began. The school’s direc- cluded books on Russian history
AT YOUR SERVICE The war is as much a fight for
hearts and minds as it is a battle
tor, Irina Mitkovskaya, fled to
Kyiv in early May, instructing
that portray the 2014 revolution
that toppled Ukraine’s pro-Rus-
TIFFANY & CO. of arms. Moscow has sought to
remove traces of Ukrainian
staff to move equipment to a
different location so the Rus-
sian President Viktor Yanukovych
as a Western-sponsored coup.
identity in areas it has occu- sians couldn’t use them. Russian troops left Kherson in
Accomplished firm. Coveted pattern. Visual beauty. pied, replacing them with sym- Ms. Shapiro and other teach- November, after moving much of
A feast for the eyes, this exceptional 226-piece antique Tiffany & Co. bols of the Russian state. ers who stayed got summons to its population out of the city. Nei-
sterling flatware provides service for 12 in the highly desirable In Kherson, a city with a pre- meet with Kherson’s new Rus- ther the teachers who worked
Chrysanthemum pattern. Introduced in 1878 by Charles T. Grosjean and war population of 300,000 that sian-installed education minister, with the Russian-installed au-
patented in 1880, Chrysanthemum became the most highly prized and fell in the first days of the war, Tetiana Kuzmich, but they ig- thorities nor Mr. Sokolov could
luxurious of all Tiffany patterns, and a particular favorite among new occupation authorities brought nored them. He came to the be reached to comment.
brides — even though it cost 35% more than any other stock pattern. the Russian ruble into circula- school with armed soldiers to in- Ms. Mitkovskaya, who has led
Set in its custom-fitted mahogany case signed “Tiffany & Co.” Circa tion and introduced Russian spect the premises, she said. the school since 2004, said she
propaganda TV shows. They Everything changed on June doesn’t judge those who collabo-
1890. Case: 333/8”w x 273/8”d x 9”h. On removable stand: 36”h. #31-6120 erected billboards showing 19 when a group of five men de- rated but won’t work with them
beaming children dressed in manded a list of the school’s em- again. “I think these people were
traditional Ukrainian clothing ployees. One of the men, Pavel always more pro-Russian, but I’ll
Scan to read the full
under slogans such as “Kherson Sokolov, told Ms. Shapiro he was let God be their judge,” she said.
contents of this service Forever With Russia.” named the new school director. One of the first things Ms.
Schools have been key in this “He tried to convince me to Shapiro did upon returning to
offensive. Russian President work with him,” said Ms. Sha- the school last month was buy a
Vladimir Putin has portrayed piro, adding he promised there new Ukrainian flag to hang
the invasion as a defense of Rus- would be free school meals and above its entrance. But days
sian language and culture. field trips. Ms. Shapiro didn’t re- later intense Russian shelling
Ukrainian children have been turn to the school again. In her prompted a new city exodus, and
sent to summer camps in Rus- absence, Mr. Sokolov introduced authorities urged residents who
sia, where officials tell them the Russian curriculum. left not to come back. Ms. Mitk-
622 Royal Street, New Orleans, LA • 888-767-9190 • ws@rauantiques.com • msrau.com that Moscow is rescuing them According to a timetable left ovskaya delayed her return.
from the misery of war. in one classroom, mornings be- The school continues online
Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry. Andriy Vitrenko, Ukraine’s gan with reading sessions of classes. “I want this school to
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece. deputy education minister, said Russian literature and Rus- open again,” Ms. Shapiro said.
last month that 16 schools were sian-language lessons. A plan “So that the parents who sent
destroyed across the Kherson for music classes listed lesson their children to the Russian
region as a result of the war, titles such as “Our Glory Is the school come to realize that their
and many Ukrainian-language Russian Nation” and “Saints of home, in the end, is Ukraine.”
THE WALL STREET JOURNAL. **** Saturday/Sunday, December 17 - 18, 2022 | A7
A8 | Saturday/Sunday, December 17 - 18, 2022
Japan to Bolster Military to Counter Chinese
Tokyo plans to spend
2% of GDP on defense;
says its missiles will be
able to hit other nations
BY ALASTAIR GALE
AND CHIEKO TSUNEOKA
TOKYO—Japan called China
its biggest security challenge
and said it would sharply raise
military spending including
for missiles that can hit other
countries, marking one of To-
kyo’s biggest post-World War
II shifts away from pacifism.
Releasing its military strat-
egy for the next decade, Tokyo
said Friday that by fiscal 2027, it
would spend about 2% of its
gross domestic product on de-
fense, up from about 1%. Based
on current GDP, that would
bring annual spending to the
equivalent of roughly $80 bil-
lion, putting Japan third in the
world behind the U.S. and China.
About $3.7 billion is ear-
marked over the next five
years for missile systems, in-
cluding American Tomahawks,
which would give Japan the
ability to target foreign mili-
tary facilities if an attack ap-
U.S. Takes Steps to Send More Weapons to Taiwan
BY GORDON LUBOLD
AND LINDSAY WISE
WASHINGTON—The U.S. is
taking new steps to arm Tai-
wan against China, with Con-
gress passing legislation that
would finance weapons sales
and authorize the potential
transfer of arms from American
military stockpiles to Taipei, as
the U.S. has done for Ukraine.
The Taiwan provisions,
tucked into this year’s $858
billion annual defense-policy
bill that the Senate passed
Thursday, are some of the big-
gest changes in U.S. support
for Taiwan’s defense in de-
cades. It requires Washington
to accelerate the transfer of
arms to Taiwan amid the con-
tinuing war in Ukraine.
Allison was bawling, she
turned to me and said, ‘Mom,
I got a D.’ It was the first time
she called me ‘Mom.’
Lisa, adopted 16-year-old Allison
LEARN ABOUT ADOPTING A TEEN
YO U C A N ’ T I M AG I N E T H E R E WA R D
peared imminent. That is a
turnaround from Tokyo’s post-
war pacifist outlook, enshrined
in its war-renouncing constitu-
tion, which made it wary of
threatening other countries.
The new strategy “marks a
major transformation of our
postwar security policy,” said
Prime Minister Fumio Kishida at
a news conference. The strategy
said the missile plans and other
steps would warn potential ag-
gressors such as China, North
Korea and Russia that it would
be too costly to attack Japan.
Antony Blinken, the U.S.
secretary of state, welcomed
Japan’s move, and said it
would “reshape the ability of
our alliance to promote peace
and protect the rules-based
order in the Indo-Pacific re-
gion and around the world.”
Russia’s invasion of Ukraine
and China’s rapid military
buildup in recent years have
driven a change in public senti-
ment in Japan, where many
worry about a return to To-
kyo’s militarist past. A majority
of Japanese support increased
military spending, polls show.
“The public is already there
and now they are pulling the
politicians into that zone,” said
For the first time, the biparti-
san legislation budgets as much
as $10 billion in financing and
grants for weapons over five
years, providing an additional
avenue to transfer armaments
beyond direct military sales to
Taiwan. It also gives the presi-
dent the authority to draw down
existing stocks of U.S. weapons
to transfer directly to Taiwan in
the event of a Chinese attack or
other acts of aggression.
Upgrading Taiwan’s de-
fenses has become a pressing
priority for Washington. De-
fense Department officials have
said that China’s military aims
to acquire capabilities that
would allow it to launch an at-
tack or invasion of Taiwan by
2027. An attack, top command-
ers and military specialists
A D O P T U S K I D S . O R G
WORLD NEWS
The strategy ‘marks a major transformation’ in policy, Prime
Minister Kishida said. Japanese troops conduct exercises in May.
Rahm Emanuel, the U.S. am-
bassador to Japan, who praised
the new strategy. Before Rus-
sia’s invasion and China’s firing
of missiles near Japan this
year, he said, “this was going
to take 10 years to get one of
these things done.” Instead, “it
all happened in one year.”
Mr. Kishida has warned that
“today’s Ukraine could be to-
morrow’s Asia,” reflecting con-
cern about the possibility of
China attempting to capture
Taiwan by force. Those con-
cerns were heightened by Chi-
warn, would alter the region’s
security and economy, giving
China greater scope to control
sea lanes, pressure U.S. allies
and push out American forces.
The new support package
should over time give Taiwan
sufficient capabilities to deter
or forestall potential aggres-
sion from China and allow the
U.S. to position forces to de-
fend the island, said Mark
Montgomery, a retired admiral.
He said the weapons financing
and other changes go beyond
the Taiwan Relations Act of
1979, which committed the U.S.
to support Taiwan’s defense.
“This goes significantly far-
ther,” said Mr. Montgomery,
now a senior fellow at the
Foundation for Defense of De-
mocracies, a hawkish Wash-
**** THE WALL STREET JOURNAL.
whether to call China a threat,
the government settled on lan-
guage describing it as “the big-
gest strategic challenge, unlike
anything we have seen before.”
Ahead of the strategy’s re-
lease, Beijing denounced it as
a dangerous step that would
lead Asian nations to question
TOMOHIRO OHSUMI/PRESS POOL
Tokyo’s commitment to peace.
“Hyping up the ‘China threat’
to find an excuse for its military
buildup is doomed to fail,” For-
eign Ministry spokesman Wang
Wenbin said Wednesday.
Left-leaning opposition lead-
ers in Japan also criticized the
policy. Kenta Izumi of the Con-
stitutional Democratic Party,
the largest opposition group in
nese military exercises near parliament, said the new lan-
Taiwan after U.S. House guage could let Japan strike
Speaker Nancy Pelosi visited other nations first, a reversal
the self-governed island in Au- of its purely defensive strategy.
gust. China launched five mis- The strategy also reiterated
siles that landed within Japan’s concerns about North Korea’s
exclusive economic zone. nuclear-weapons program and
Shedding Tokyo’s usual ret- its recent missile launches.
icence over China, the strategy The spending plans commit
includes a long list of com- Japan to 43 trillion yen, about
plaints about Beijing’s con- $312 billion, in defense outlays
duct, including its close ties over five years starting in the
with Russia and its incursions fiscal year that begins in April.
near Japanese-held islands. That would bring Japan into
Following debate within the line with spending targets
ruling-party camp about shared by the U.S.’s European
ington think tank. “We are go- U.S. is taking to gear up for
ing to help you pay for what the Biden administration
weapons, stow weapons for sees as a decisive competition
you to access, give you presi- with China. On Friday, the State
dential drawdown authority Department formally launched
from U.S. stocks, and work to- a new office to coordinate
gether to plan and exercise.” China policy and better gear the
President Biden is expected U.S. response to Beijing’s efforts
to sign the legislation. to reshape the global order.
Whether the new measures The challenges the U.S.
would be funded in full re- faced in rapidly arming
mains an active debate on Ukraine has brought into
Capitol Hill, lawmakers said. greater focus concerns about
Aside from Taiwan funding, equipping Taiwan, and gave
the defense bill, known as the momentum to the new policy
National Defense Authorization measures, lawmakers said.
Act, also authorizes new weap- “We’ve learned a lesson
ons purchases for the U.S. mili- from Ukraine, where we need
tary, increases pay for service to make sure that we’re work-
members and ends the Penta- ing with partners and friends
gon’s Covid-vaccine mandate. around the globe to ensure that
Rising American support for they are ready to push back
Taiwan is among the steps the against these authoritarian re-
Most of TikTok’s hiring occurs abroad, but some jobs, such as in live-streaming, are posted in China.
the app could be used to help
TikTok’s China surveil Americans and
U.S. intelligence officials.
TikTok has repeatedly de-
Hiring Ties nied any connection with the
Chinese government. It also
It to China has said that it safeguards its
user data and wouldn’t share
it with Beijing.
Founded in 2017, TikTok is
Continued from Page One by far the most successful Chi-
ByteDance to leverage the ex- nese internet company world-
perience social-media engi- wide. It was the most down-
neers have accumulated work- loaded nongaming app
ing with other domestic apps, through the first half of 2022,
in addition to letting the com- according to analytics firm
pany tap the deep talent pool Sensor Tower. TikTok has
domestically, people familiar around one billion daily users
with the company said. globally, according to company
Most of TikTok’s hiring is employees.
happening in the U.S., U.K., Since coming under fire
Singapore and other markets from the Trump administra-
in Southeast Asia, a company tion for its Chinese connec-
spokesperson said. TikTok em- tions, TikTok executives three
ploys more than 20,000 peo- years ago embarked on a
ple, with about a quarter of strategy of establishing re-
that number in the U.S. gional headquarters outside
TikTok’s Chinese ties have China, including in Culver City,
stirred concerns in Washing- Calif., and localized policies
ton and across the U.S. over and operations in individual
national security risks of user overseas markets. Most re-
data as well as potential cen- cently, the app has broadcast
sorship or content manipula- plans to try to safeguard U.S.
tion on the platform. The U.S. users’ private data by storing
Senate passed a bill Wednes- the data with Oracle Corp. and
day citing national security deleting such data from its
concerns and banning TikTok own centers.
from government devices, TikTok has accelerated ef-
while a potential deal between forts to relocate some China-
the Biden administration and based engineers and product
TikTok over its U.S. operations managers to other locations,
has run into delays. Several such as Singapore and the
states, including Texas, have U.S., partly to facilitate their
made moves to ban the use of access to overseas users’ data
TikTok on government-issued for product-development pur-
devices, citing concerns that poses, people familiar with the
allies in the North Atlantic
Treaty Organization.
In addition to acquiring
U.S. Tomahawk missiles, Japan
plans to extend the range of
its own missiles so they can
hit targets as far away as
mainland China and be
launched from ground, air or
sea. The plan calls for spend-
ing nearly $60 billion on new
missiles and missile defense.
The U.S. has for years en-
couraged Japan to spend more
to defend itself. Under a secu-
rity treaty signed after World
War II, the U.S. guarantees that
it would come to Japan’s aid if
the nation were attacked.
Tighter cooperation with
the U.S. is a theme of the new
strategy and two associated
documents also released Fri-
day. They envision the U.S.
and Japan acting as one.
While the public is generally
behind the defense plan, Mr.
Kishida, the prime minister,
faces unrest in his ruling party
over how to pay for it. He said
he would impose a corporate
surtax that would effectively
raise the tax rate for big com-
panies by 1 percentage point.
Some lawmakers said it could
hurt the economy.
gimes,” said Sen. Joni Ernst (R.,
Iowa), who serves on the Sen-
ate Armed Services Committee.
Beijing, which claims self-
ruled Taiwan as its territory,
has turned to military pressure,
frequently sending jet fighters
and naval ships near the demo-
cratically governed island.
The financing of weapons
transfers is seen as crucial to
getting Taiwan the kind of ar-
maments it needs to deter
China, said Sen. Bob Menen-
dez (D., N.J.), who chairs the
Senate Foreign Relations Com-
mittee. He said lawmakers are
still negotiating over the ac-
tual funding levels as part of
talks on a massive year-end
government spending bill, but
said it is important that the
program be robustly funded.
VCG/GETTY IMAGES
matter said. TikTok has said it
is working to restrict access to
user data by China-based staff,
an effort to address security
concerns raised by the U.S.
and other governments.
ByteDance Chief Executive
Liang Rubo has relocated from
Beijing to Singapore, joining
TikTok head Shou Zi Chew and
product chief Zhu Wenjia, who
are based in the city-state.
Several senior managers who
oversee product development
and algorithms and report to
Mr. Zhu are based in Singa-
pore and the U.S.
This year, TikTok has
beefed up its attempts to hire
more engineers and product
managers in locations outside
China, according to people fa-
miliar with the hiring.
The pace of hiring has been
slower than expected because
Singapore has a smaller talent
pool than China and because
of complications in acquiring
work visas.
ByteDance considers TikTok
one of its main growth en-
gines and has allocated more
resources to expand and mon-
etize the services, especially
as ByteDance’s China busi-
nesses have slowed. It is also
developing e-commerce on the
app, duplicating some func-
tions from TikTok’s Chinese
sister app Douyin.
ByteDance has sought to
expand its existing board of
directors to nine from five to
bolster its non-Chinese repre-
sentation, people familiar with
the matter said.
 THE WALL STREET JOURNAL. **** Saturday/Sunday, December 17 - 18, 2022 | A9

WORLD NEWS

China Is Showing
More Pragmatism
To Revive Economy
BY JAMES T. AREDDY lowed it to examine the finan-
AND KEITH ZHAI cial records of some of the
country’s biggest companies,
Confronting a struggling including e-commerce giant
economy, Chinese leader Xi Jin- Alibaba Group Holding Ltd. In
ping is loosening policies that line with Mr. Xi’s stress on na-

JONATHAN CHENG/THE WALL STREET JOURNAL

have sacrificed growth at the
expense of his relentless focus
on centralized control, political
purity and national security.
The latest sign: Senior lead-
ers huddling in Beijing for the
Communist Party’s Central Eco-
nomic Work Conference on Fri-
day endorsed a more pro-busi-
ness approach, saying China
would “encourage and support
the development and growth of
the private economy and pri-
vate enterprises.”
tional security, Beijing has
long said such numbers are
state secrets. By granting ac-
cess now, China has staved off
delisting of the companies
from U.S. exchanges.
The most immediately signif-
icant of Beijing’s steps to boost
growth is its pivot away from
Mr. Xi’s zero-Covid protocols.
Suddenly, it appears Mr. Xi’s
priority as he begins a third
term as leader is to avert a Caskets at the Beijing Dongjiao Crematory. About 200 bodies arrive daily, up from 30 or 40, said a woman who answered the phone there.
sharp economic downturn. A

Beijing Crematorium’s Death

The scrapping of Mr. Xi’s slowdown could undermine sup-
strict zero-Covid measures af- port for the Communist Party.
ter nearly three years is the “The Chinese system does
most obvious of several prag- not turn on a dime like that,”

Surge Points to Rising Covid Toll

matic steps aimed at reviving
flagging growth.
The fresh messaging, includ-
ing support for China’s prop-
erty sector, echoes features of
an economy-centered philoso-
phy that waned as Mr. Xi spent
the past decade elevating the
importance of political ideology.
One significant caveat is
that China’s abrupt move to
drop many Covid testing rules
and case-tracking tools risks
leading to rapid spread of
cases. Large numbers of work-
ers out sick would weigh on
the economy. And signs that
infections are out of control
could limit follow-through on
reopening efforts.
Still, the messaging is clear.
China’s premier-in-waiting,
Li Qiang, recently told busi-
ness leaders that the govern-
ment would “create a favor-
able environment” for the
private sector. Liu He, Mr. Xi’s
top economic adviser, has said
new measures are being con-
sidered to alleviate debt prob-
lems plaguing property devel-
opers that have hurt growth.
The comments and actions in
some ways cut against what
were Mr. Xi’s signature policies.
On Thursday, a U.S. audit-
ing organization said China al-
said Andrew Polk, co-founder
of Beijing analysis firm Triv-
ium. “But one person’s view
can change on a dime,” he said,
maintaining that the shift must
have originated from Mr. Xi.
During his decade in power,
Mr. Xi has appeared less inter-
ested in promoting business
for business’s sake, and he
sought to strengthen state
control of the economy and
foster income redistribution.
Slower growth, fewer job
prospects and less enthusiasm
by foreign investors followed.
China’s tough regime of Covid
controls worsened the trends.
Amid talk from Beijing of
fresh support for the property
sector and building entrepre-
neur confidence, Politburo
member He Lifeng, who is ex-
pected to take a leading role in
economic and financial policy,
recently mapped out a plan for
China to surpass 5% growth
next year. Economists see China
missing its own target this year
of 5.5% growth, possibly by over
2 percentage points; the Fed
forecasts 2022 U.S. growth at
0.5%. Mr. Xi has been pushing
to outpace the U.S. in growth.
 Heard on the Street: China’s
shift may prove fickle..........B12
BY JONATHAN CHENG
BEIJING—One of Beijing’s
designated crematoria for
Covid-19 victims has been
flooded with bodies recently
as the virus sweeps through
the Chinese capital, offering
an early hint at the human
cost of the country’s abrupt
loosening of pandemic rules.
Beijing Dongjiao Crematory,
on the eastern edge of the
capital, has experienced an in-
crease in requests for funerary
services, according to people
who work at the compound.
The crematory is operated
by Beijing municipality and
the National Health Commis-
sion has designated it to han-
dle Covid-positive cases.
“Since the Covid reopening,
we’ve been overloaded with
work,” said a woman who an-
swered the phone at the cre-
matorium on Friday. “It’s 24
hours a day. We can’t keep up.”
She estimated there were
about 200 bodies arriving
daily, from 30 or 40 bodies on
a typical day.
The increased workload has
taxed the crematorium staff,
many of whom have become
infected with the fast-spread-
ing virus in recent days, the
woman said.
China hasn’t reported a
Covid death in Beijing since
authorities announced four
deaths between Nov. 19 and
23. The information office for
China’s cabinet, the State
Council, didn’t respond to a
request for comment.
Men who work at the cre-
matory compound—which in
addition to a funeral hall in-
cludes a small complex of
shops selling burial attire,
flowers, caskets, urns and
other funerary items—said the
number of bodies has risen
markedly.
One said that, typically, all
the day’s corpses would be cre-
mated by midday. But the re-
cent increase has meant that
cremations are taking place
long after nightfall, he said.
In a series of abrupt moves
this month, China dismantled
much of the lockdown, testing
and quarantine regimes that
underpinned its “zero-Covid”
approach for the past three
years to suppress even small
outbreaks of the virus.
Because of the lifting of
testing requirements, the scale
of China’s coronavirus surge
has been hard to measure.
Daily national case counts
have steadily fallen as fewer
people get tested at public fa-
cilities. Health officials earlier
this week stopped releasing
daily tallies of asymptomatic
cases for the first time since
the pandemic began.
Anecdotal evidence has
pointed to an explosion in new
infections, especially in Bei-
jing, which is experiencing a
cold snap.
The public-health system is
also under pressure, as large
numbers of infected nurses
and doctors reduce the ranks
of active hospital workers.
Sales of self-testing kits, fever
and cold medicines and tradi-
tional Chinese remedies have
risen, prompting officials to
warn against hoarding.
Earlier this month, the Bei-
jing Emergency Medical Cen-
ter urged only critically ill pa-
tients to call for ambulances,
saying that emergency re-
quests had increased to 30,000
a day from an average of about
5,000, straining the capacity of
paramedics to respond.
One of the men working at
the crematorium compound
said he had received a family
on Friday in which the two
parents, both in their 80s,
died of Covid within three
hours of one another.
On Friday, a Beijing resident
whose mother died that morn-
ing recalled being told initially
by Dongjiao Crematory staff
that they couldn’t handle the
corpse for two days. Later in
the day, they said that they
would be able to cremate the
body that evening.
According to National
Health Commission regula-
tions, corpses diagnosed as
Covid-positive or suspected of
being Covid-positive must be
cremated immediately in spe-
cially designated furnaces,
with no dressing of bodies or
memorial services.
—Qianwei Zhang
contributed to this article.

Protests Put Long-Term Pressure

On Iran, Security Officials Say
Western and Middle East se-
curity officials have concluded
that a three-month Iranian pro-
test movement represents a
lasting drive for change that
By Dov Lieber in
Tel Aviv, David S.
rule of Supreme Leader Aya-
tollah Ali Khamenei, and not
just for changes to the system.
They said the dissenting
voices of women, especially
those from Mr. Khamenei’s
family, including his sister,
have had an outsize impact.
“The regime has been
and Israeli officials said a lack
of unifying leadership was di-
luting the impact of the move-
ment.
Avril Haines, the U.S. direc-
tor of national intelligence,
said this month that the risk of
instability was likely to grow
because of Iran’s high inflation
KYLIAN
@FIFA, FIFA’s Official Licensed Product Logos and the Emblems, Mascots, Posters and Trophies of the FIFA World Cup™ tournaments are copyrights and / or trademarks of FIFA.

Cloud in Dubai, Benoit
Faucon in London
and Dion Nissenbaum
in Washington
will challenge the foundations
of the Islamic Republic but
isn’t an immediate threat to
the government in Tehran.
The security officials said
the protest movement’s dura-
bility was surprising, given
how quickly the Iranian gov-
ernment put down demonstra-
tions in 2009, 2017 and 2019.
Protests erupted in September
after the death of a young
woman detained for allegedly
violating Iran’s female dress
code and quickly transformed
into demands for the end of
the Islamic system that has
ruled the country for 43 years.
In Israel, which is engaged
in a long-running conflict with
Iran, security officials have
closely watched their archen-
emy struggle with the demon-
strations. Israeli officials said
they believe the unrest is likely
to continue because protesters
are focused fully on human
rights and freedoms, rather
than on economic anxieties.
It is notable, the Israeli offi-
cials said, that the protesters
have called for the end of the
AGENCE FRANCE-PRESSE/GETTY IMAGES
shaken to its core,” one of the
Israeli officials said. “Voices
inside the regime understand
things need to be done.”
The durability of the protest
movement, and Iranian author-
ities’ violent response, has al-
tered Washington and Europe’s
policies toward Iran, quieting
calls for diplomatic engage-
ment with Tehran. Hopes have
dimmed that the U.S. and Iran
can revive the 2015 nuclear
deal, while the European Union
has imposed more sanctions on
Iran over the protests.
While the U.S., Israel and
the oil-rich Arab monarchies
in the Persian Gulf have long
opposed Iran’s rulers, the pro-
tests temporarily sparked con-
cerns in those countries that
Tehran’s government would
fall violently, some of the offi-
cials said.
It would be a precedent
that authoritarian govern-
ments, including those
friendly with the U.S., don’t
want to see, the officials said.
Still, the security officials
said they concluded that any
risk to the Iranian government
was no longer imminent.
The Biden administration
has publicly hailed the Iranian
protesters as heroes, but U.S.
and other economic problems.
“I think we are seeing what MBAPPÉ
is going to be the cause of the
end of the Islamic Republic,”
said Heather Williams, a se-
nior policy researcher at Rand
Corp. and the former deputy
national intelligence officer
for Iran during the Obama ad-
ministration. “They have been
diagnosed with cancer. So
then the question becomes do
you have six months or six
years. It’s not clear.”
Mr. Khamenei has blamed
the protests on enemies includ-
ing the U.S. and Israel and re-
gional rivals such as Saudi Ara-
bia, all of which deny any role in
organizing the demonstrations.
The Iranian government has
embarked on a more discern-
ible strategy for containing
the protests in recent weeks,
after struggling in the first
two months.
The government has exe-
cuted two protesters who had
been rounded up along with
thousands of others, including
one man who was hanged pub-
licly from a crane in the east-
ern city of Mashhad.
Human-rights groups say at
least 400 protesters have been
killed. The government puts
the figure at around 200.

OFFICIAL TIMEKEEPER

BIG BANG e
FIFA WORLD CUP
QATAR 2022™

Iran’s rulers have been beset by protests for months, including a Nov. 25 one in Sistan-Baluchistan.
A10 | Saturday/Sunday, December 17 - 18, 2022 ****** THE WALL STREET JOURNAL.

OBITUARIES
FRANCES HESSELBEIN N O R M A N PAT T I Z
1915 — 2022 1943 — 2022

Girl Scouts of USA CEO Salesman Created

Radio Network
Became Leadership Guru
N
orman Pattiz was sulking
after losing his job as sales
manager at a Los Angeles
BY JAMES R. HAGERTY college in Johnstown. She aspired television station in the
to write for the theater. Though mid-1970s. While listening to the
In the 1980s, Westwood One
acquired Mutual Broadcasting
and the NBC radio networks. Af-
ter buying radio stations and
straying from its core business,

S
ome people go to business
school to learn leadership
skills. Frances Hesselbein
discovered her talents while lead-
ing a Girl Scout troop.
In the late 1940s, Ms. Hessel-
bein was helping her husband run
a photography business in Johns-
town, Pa. A local Girl Scout troop,
which met in the basement of a
Presbyterian church, suddenly
needed a new leader. She didn’t
want the job but agreed to do it
until someone better qualified
could be found.
That never happened. Ms. Hes-
selbein nurtured her troop, ran the
Blue Knob scouting camp in west-
ern Pennsylvania, began moving
up in the Girl Scouts of the USA
managerial ranks, and became
chief executive officer in 1976. In
that role, she boosted member-
ship, added such merit badges as
Computer Fun and Math Whiz, and
found ways to attract far more
girls from minority groups.
Her management skills caught
the eye of one of her heroes, Peter
Drucker, who declared that Ms.
Hesselbein “could manage any
ers “who are healers and unifiers.”
Instead of the usual pyramid of
corporate hierarchy, she favored a
circle, facilitating cooperation
rather than commands.
“We can preach mission and val-
ues, put them on a plaque on the
wall and print them in the annual
report,” she wrote in “My Life in
Leadership,” a memoir, “yet unless
we live them every day of our
lives, we fail.”
she stood only about 5 foot 2, she
became a member of the women’s
basketball team. (“They were hard
up that year.”)
Six weeks after she started col-
lege, her father died. She gave up
full-time studies to help support
the family by working at a depart-
ment store. A few years later, she
married John Hesselbein, a newspa-
per editor who later owned a photo
studio and made documentaries.
When she became the top exec-
utive of the Girl Scouts in 1976,
membership had fallen for eight
consecutive years. Only about 5%
of members were from a racial or
ethnic minority, she wrote later,
and “the Girl Scouts were in dan-
ger of losing relevance as social
changes remade America.”
She sought ideas from all levels
rather than simply imposing a new
plan. One change was to put more
stress on preparing girls for careers
rather than housework. The Girl
Scouts brought in younger girls by
establishing the Daisies for those in
kindergarten and first grade.
For years, she had been reading
books by Mr. Drucker. She finally
radio, he dreamed up a new plan.
Mr. Pattiz assembled a mara-
thon of Motown songs and found
national advertisers to sponsor it.
From his bedroom, he sold the
package by telephone to radio
stations across the U.S. Thus was
born Westwood One Inc., which
at various times distributed rock
concerts, news and sports pro-
grams, Casey Kasem’s Top 40
countdowns, and talk shows fea-
turing Dr. Ruth, Don Imus and
Larry King. An aspiring star, later
famous as Weird Al Yankovic,
worked in the mailroom and
fetched coffee.
J AY H . L E V E
1956 — 2022
Pollster Pioneered
Automated Surveys
Westwood One suffered losses in
the early 1990s. In 1994, Mr. Pat-
tiz gave up his chief executive
job. His successor, Mel Karmazin,
turned around the business.
Mr. Pattiz later moved into pod-
casts by founding the PodcastOne
service. He lived in Beverly Hills
and had courtside seats at Lakers
basketball games.
Mr. Pattiz, who died Dec. 4 of
throat cancer at the age of 79, de-
scribed his career as a miracle
and told the Los Angeles Times:
“If I can do it, lots and lots of
other people can.”
—James R. Hagerty

J
company in America.” After step- met him at a New York University ay H. Leve pioneered a novel could do in hours what they were

ping down from the top Girl
Scouts job in 1990, Ms. Hesselbein
was the founding chief of the Peter
F. Drucker Foundation for Non-
profit Management, now known as
the Frances Hesselbein Leadership
Forum.
Ms. Hesselbein died Dec. 11 at
her home in Easton, Pa. She was
107.
A prolific author, she advised
nonprofit leaders, corporate execu-
tives and U.S. military officers for
decades. She was awarded the
Presidential Medal of Freedom at
the White House in 1998.
“To serve is to live,” she often
said.
“Leadership,” she said, “is a
matter of how to be, not how to
do.” Ms. Hesselbein called for lead-
F
rances Willard Richards was
born Nov. 1, 1915, and grew up
in Johnstown. At age 6, she
changed her middle name to Ann.
Her father worked for the state po-
lice and had served in the U.S. Army
in Panama and the Philippines.
She recalled the strong influ-
ence of a grandmother who kept
two Chinese vases on a shelf.
Young Frances wanted to play with
them. The grandmother said no
and explained that the vases were
a gift from a Chinese laundry oper-
ator surnamed Yee. People in
Johnstown tended to call him by
racial epithets. “You are the only
one who ever called me Mr. Yee,”
he told the grandmother.
At age 17, she was a freshman at
a University of Pittsburgh junior
event. “Do you know how impor-
tant you are to the Girl Scouts?”
she asked him. “No,” he said, “tell
me.” Mr. Drucker began volunteer-
ing two or three days a year to ad-
vise the organization.
She resisted offers of money
from companies wanting Girl
Scouts to deliver their promotional
material when they sold cookies.
“Although the money would have
been helpful,” she wrote, “having
Girl Scouts deliver promotional
material for a private company had
nothing to do with our mission.”
Her husband and a son died ear-
lier. Her survivors include a grand-
son and three great-grandchildren.
 Read in-depth profiles at
WSJ.com/news/types/obituaries
type of polling technology in
the early 1990s by combining
automated phone calls with the
recorded voices of local television
anchors.
Mr. Leve, the founder of Sur-
veyUSA, discovered that people
were less likely to hang up if they
heard a familiar, trusted voice
and were promised they could
hear the poll results that night on
the TV news. The recorded voice
would urge respondents to “press
one” to start the polling process,
leading to an automated collec-
tion of responses to questions.
The method gave SurveyUSA
advantages over rivals using live
operators. “We could do for pen-
nies what they were doing for
dollars,” Mr. Leve said, “and we
doing in days.” Some rivals at-
tacked his methods by saying a
child might be answering the au-
tomated questions. Mr. Leve said
his poll questions were designed
to weed out nonvoters.
The rise of cellphone usage
gradually made SurveyUSA’s tech-
nique less effective as fewer peo-
ple owned or answered landlines,
and those who did became far
less representative of younger
voters. SurveyUSA adapted by do-
ing much of its work through in-
ternet research panels and focus-
ing more on market research.
Mr. Leve died Dec. 5 at his
home in Sun City West, Ariz. He
was 66 and had been under treat-
ment for various ailments.
—James R. Hagerty

WORLD NEWS

Giant Berlin Aquarium Bursts, Spilling 1,500 Exotic Fish

BY WILLIAM BOSTON
BERLIN—A giant cylindrical
aquarium that had become a
landmark in the years since
the fall of the Berlin Wall
burst on Friday, sending one
million liters of water and
1,500 exotic fish onto a busy
crossing opposite the city’s re-
cently rebuilt royal palace.
Witnesses described hearing
what sounded like a loud explo-
sion at about 5:45 a.m., when
police said the glass tank burst.
The wave wreaked havoc as it
crashed through doors and win-
dows and flooded the street.
Two people were injured by
flying glass shards, police said.
Officers armed with auto-
matic weapons, and about 100
rescue workers were on the
scene. Police said they were
confident that the incident
wasn’t the result of an inten-
tional act, and weren’t investi-
gating it. However, they said it
is too early to tell why and
how the transparent casing of
the cylindrical tank ruptured.
The tank stood inside the
glass-roofed atrium of the
Radisson hotel, overlooking its
cafe and reception counters.
Visitors to the adjacent Aqua-
Dom & Sea Life Center could
visit the aquarium by taking an
elevator rising through its center.
Sandra Weeser, a lawmaker
staying at the hotel, told Ger-
man TV that she was sleeping
in her room when she heard a
loud bang. “I thought it was
an earthquake,” she said.
“Then I went back to sleep.”
When she awoke and
learned what happened, she left
the hotel, passing the rubble.
“Everything inside was de-
stroyed, dead fish are lying ev-
erywhere,” she said.
Other posts shared on so-
cial media showed the inside
of the hotel lobby with an
empty concrete aquarium hull
looming over overturned fur-
niture and broken glass.
Berlin Mayor Franziska
Giffey described the wave from
the exploding tank as “a tsu-
nami that engulfed the hotel
and neighboring restaurants.”
While the damage was con-
siderable and might lead to
some structures having to be
demolished, she said lives could
have been lost had the incident
occurred a few hours later
when the hotel lobby and adja-
cent streets would have been
full of visitors and commuters.
The complex housing the
aquarium also is home to an
East Germany historical mu-
seum. It stands in the former
historic center of Berlin, oppo-
site the cathedral, the Hohen-
zollern palace, and Museum Is-
land—all popular attractions.
Both the German Democratic
Republic museum, which is lo-
cated under the aquarium, and
the AquaDom said they would
remain closed indefinitely.
Union Investment, the
owner of the building, said its
representatives were working
with emergency services to es-
timate the extent of the dam-
age. It said most of the fish in
the tank died but rescuers
were trying to relocate speci-
mens that were in other tanks.
Watch a Video
Scan this code
to see a video
of damage from
the shattered
aquarium.

WORLD WATCH
For more information:
In Memoriam wsj.com/inmemoriam
NORTH KOREA

Donald Schilling Engine to Boost

November 30, 2022 Missiles Is Tested
IN North Korea tested a solid-
fuel rocket engine that is central
MEMORIAM to quicker deployment of its
long-range missiles, delivering on
a key weapons goal for leader
Kim Jong Un.
Missiles typically use either
liquid or solid fuels. With liquid
KCNA/AGENCE FRANCE-PRESSE/GETTY IMAGES

fuels, the process to launch a

PALM BEACH GARDENS, FLA. - Donald
Lawrence Schilling, born and raised in
Brooklyn, passed away peacefully at age
87. He is survived by his beautiful bride of
63+ years, Annette Schilling, three adoring
children, Stacey (Bill) Romanello, Laura
Schilling and Michael (Melissa) Schilling,
as well as four incredible grandchildren,
Sami Rae Schilling, Lexi Schilling, Eli
Schilling and Adi Schilling: Brother, Ronald
Barry (Marilyn) Schilling, Donald was a
man of many talents - he raised a warm
and caring family, created more than 150
patents and authored 12 textbooks in the
electrical engineering telecommunications
field, as well as a novel, “The Enterprise
Book 1”, available on Amazon. He was
also the former CEO of his own consulting
firm, SCS Telecom, which he and his wife,
Annette, started, President of Interdigital
Communications Corp (NASDAQ: IDCC),
former president of the IEEE Communica-
tions Society and Professor Emeritus of
Electrical Engineering at the City College
of NY. Donald loved fishing, playing golf,
tennis, being Jewish, being part of the
Chabad community, and traveling. He did
it his way - and fully loved life, his family
and his friends!
Honor your loved one’s life
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© 2022 Dow Jones & Company, Inc.
All Rights Reserved.
long-range missile can take
hours, making any potential
strike more easily detectable.
But with solid fuel, the propel-
lants can be stored inside a mis-
sile, allowing the weapon to be
stashed in a more covert place
and launched with more surprise.
On Thursday, Mr. Kim over-
saw the test of a “high-thrust
solid-propellant motor” that
state media championed as part
of a new strategic-weapons sys-
tem. Developing a solid-fuel
ICBM that can be launched from
both land and sea is one of Mr.
Kim’s prominent goals for a five-
year weapons strategy that he
announced in January 2021.
—Dasl Yoon
NETHERLANDS
Ex-Commander Guilty
In Kosovo War Case
A former commander in the
Kosovo Liberation Army was
found guilty Friday of arbitrarily
detaining and torturing prisoners
North Korea’s leader Kim Jong Un, seen in a photo released by the country’s official Korean Central
News Agency. oversaw the test conducted Thursday at the Sohae rocket-launch site.
perceived as supporters of Serbia Mr. Mustafa has 30 days to More than 90 people were
and murdering one of them dur- file notice that he plans to appeal. sleeping on an organic farm when
ing a late 1990s war for Kosovo’s —Associated Press the dirt tumbled from a road
independence. It was the first about 100 feet above the site
war crimes conviction by a spe- MALAYSIA and covered about 3 acres. Two
cial court that was established in of the dead were found locked in
the Netherlands to investigate Landslide Kills an embrace, according to the
crimes from the conflict. At Least 21 People state fire department chief.
The commander, Salih Mus- Authorities told local media
tafa, was sentenced to 26 years’ A thunderous crush of soil that the landowners didn’t have
imprisonment for the crimes and debris killed 21 people at a a license to run a campground.
committed at a KLA compound campground in Malaysia on Fri- At least seven people were hos-
in Zllash, Kosovo, in April 1999. day, and rescuers dug through pitalized and dozens more were
He was acquitted of one charge the mud in the night for an ad- rescued unharmed, said district
of mistreating detainees. He had ditional 12 who were feared bur- police chief Suffian Abdullah.
pleaded not guilty to all charges. ied in the landslide. —Associated Press
THE WALL STREET JOURNAL.
Chechen
Chief Does
Dirty Work
Continued from Page One
tain its prolonged offensive:
money, training and man-
power.
One of the most loyal fig-
ures in the president’s war ef-
fort has been Mr. Kadyrov,
who has publicly called him-
self Mr. Putin’s foot soldier.
Kremlin spokesman Dmitry
Peskov denied the Russian
leader ordered the Chechen to
assassinate Ukrainian Presi-
dent Volodymyr Zelensky, call-
ing the assertion “absolutely
absurd, baseless and false.”
Mr. Kadyrov didn’t respond to
requests for comment.
Mr. Putin has tapped Rus-
sia’s vast budget over decades
to prop up Mr. Kadyrov, ac-
cording to documents and in-
terviews with Ukrainian offi-
cials and people close to the
Kremlin. Now, the 46-year-old
Chechen warlord is straining
to deliver on the Russian
leader’s critical wartime de-
mands.
The relationship—one of
the most important in Rus-
sia—demonstrates the risks
and rewards that come with
helping prop up Mr. Putin’s
system.
Mr. Kadyrov serves as a
Kremlin enforcer in Chechnya,
a restive republic in Russia’s
North Caucasus. For nearly 20
years, Moscow has sent him
billions of dollars, which he
has used to rule his native re-
gion as a personal fief with his
own private army.
Continued government
funding buttresses Mr. Kady-
rov’s grip on power in the pre-
dominantly Muslim region,
where residents and analysts
say he is hated by many.
‘Zero to hero’
“Putin’s support and money
turned Kadyrov from a zero to
a hero, so to speak, but also
made him vulnerable and fully
dependent,” said Yekaterina
Sokirianskaya, a longtime ex-
pert on Chechnya formerly
with the International Crisis
Group, a Brussels think tank.
“That’s at the center of every-
thing he’s doing right now.”
The Chechen leader has a
rare direct line to Mr. Putin,
with the president contacting
Mr. Kadyrov personally rather
than through aides as with
Russia’s other governors, ac-
cording to a former Kremlin
official and another person
close to the Kremlin.
For continuing his role in
the war—which he makes sure
to document extensively on
social media—Mr. Kadyrov has
said that Chechnya deserves
hundreds of billions of rubles
in new investments.
The Russian president “ap-
preciates Kadyrov’s managerial
qualities,” said Kremlin spokes-
man Mr. Peskov, but said that
their “relationship does not go
beyond that of head of state
and head of a subject.”
Political analysts say Mr.
Kadyrov is trying to under-
mine others with whom he is
now competing for Kremlin
cash. He has become a leading
critic of the Russian Defense
Ministry, blaming at least one
general publicly for battlefield
failures—something that could
Santa May
Throw Out
His Back
Continued from Page One
hot tub, with three modes of
cool lights, plus a swiveling
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movies. Built for versatility!
Peek inside today. You’ll
need to peek, because humans
can’t fit in this house.
The posh estate is the
American Girl x KidKraft Lux-
ury Dollhouse, which stands
4½ feet tall, nearly
6 feet wide and
costs about $600—
before additions
that can bring the
price to more than
$1,000.
The mansion is Pool
one of many super-
size toys threatening to throw
out Santa’s back these days.
Try the 3-foot-tall Play-Doh
ice cream truck, the play
camper that stretches more
than 9 feet wide, or the Hot
Wheels playset that is as tall
****
Chechen leader Ramzan Kadyrov, shown meeting with Vladimir Putin in 2019, has a rare direct line to the Russian president. He
commands a personal army that shown up in critical roles in Ukraine. Below, A destroyed tank left behind after a Russian retreat.
Key locations of Ramzan Kadyrov’s forces
BELARUS
Chernihiv
Feb. 26
Hostomel Airport
Feb. 26
Kyiv
Zdvyzhivka
Feb. 25: Stopped before
attempting to assault
Kyiv from Belarus
Kairy
Oct. 25: Ukrainian strike
on a Chechen grouping
Kherson
Early November:
Focused on holding territory
M O L D OVA
100 miles
100 km
subject the average Russian
citizen to years in prison.
Before Mr. Putin came to
power, Mr. Kadyrov and the
Kremlin were on opposite
sides. The Chechen and his fa-
ther fought with separatist
rebels against the Russians in
the 1990s before joining Mos-
cow to take control in 2000.
After Mr. Kadyrov’s father
was assassinated in a bomb
blast in 2004, Mr. Putin sum-
moned the track-suit-wearing
Mr. Kadyrov, then 27, to the
Kremlin to show his support.
When Mr. Kadyrov turned 30,
he took his father’s place as
head of Chechnya.
The U.S. sanctioned Mr.
Kadyrov in 2017 and 2020 for
his troops’ alleged human-
rights violations at home,
where he has cracked down on
remaining separatists and
those who speak out against
him. The U.S. said his forces
as a kitchen counter and stores
more than 100 cars—giving it
more available parking than
downtown Boston some days.
Some parents, strapped for
cash, are also hunting for
lower-priced versions of huge
toys.
“The kids are coming for
your square footage,” warns
the website of toy retailer
Camp NYC Inc., which says
toys are swelling because more
families moved to roomier
suburban homes in the pan-
demic.
The two-level American Girl
store in Manhattan, where
small customers can have tea
or get their ears pierced along-
side their dolls, displays two of
the play mansions.
One is in the big
window off 51st
Street, where little
girls press their
noses against the
glass. Inside the
party store, the complete
dollhouse set spans
the length of a set of escala-
tors.
The dollhouse itself sells for
$598. The staircase and two-
story custom closet—yes, two
stories, with a rotating cloth-
ing rack and light-up two-way
FROM PAGE ONE
RUSSIA
UKRAINE
Melitopol
Mid-December: New focus on
Ukraine’s Southern offensive
CRIMEA
Black Sea
were implicated in the 2015
murder of prominent Russian
opposition leader Boris
Nemtsov, who was shot to
death only steps away from
the Kremlin. In September the
U.S. sanctioned him again for
facilitating Mr. Putin’s inva-
sion of Ukraine.
The U.S. Treasury Depart-
ment said, in announcing its
latest round of sanctions, that
“Kadyrov has amassed ex-
treme wealth as a result of his
close relationship to Vladimir
Putin,” noting that he owns “a
home in the United Arab Emir-
ates, a private zoo, expensive
private vehicles, and a lavish
slush fund.”
The Chechen leader has
zealously pushed Mr. Putin’s
agenda of antiliberal values in
the region, detaining and tor-
turing local gay and transgen-
der people, according to ac-
counts by local residents and
A big dollhouse at the American Girl store in Manhattan.
mirror—sell together for $298.
Then comes the furniture, ac-
cessories and the dolls, Sa-
mantha, Julie, Molly and the
rest. (The amenity-laden Ulti-
mate Dollhouse Bundle goes
for $1,076)
Jamie Cygielman, the presi-
dent of the American Girl
brand, said the dollhouse was
designed to accommodate 18-
inch dolls, and scaled to fit the
American Girl furniture and
accessories that many custom-
ers already have. She said
many fans have written asking
for a dollhouse, and the com-
pany wanted to create a long-
Saturday/Sunday, December 17 - 18, 2022 | A11
with debts, criminal records or
suspected of being gay, ac-
cording to local residents and
human-rights advocates.
FROM TOP: ALEXEI NIKOLSKY/SPUTNIK/REUTERS; VALENTYN OGIRENKO/REUTERS
One 37-year-old Chechen,
who had been detained after
forwarding anti-Kadyrov mes-
sages to a WhatsApp group,
said he was asked by his pa-
role officer if he wanted to
fight in Ukraine. When he re-
fused, the officer said he
would go back to prison if he
didn’t report to a nearby mili-
tary base. Instead, the man,
who had already seen two
neighbors return from the war
in body bags, went into hiding.
“I didn’t live through two
wars against Moscow to go
and die for Putin in Ukraine,”
he said.
The need for manpower
only grew. By mid-June, tens
of thousands of Russian troops
had been killed, according to
Western intelligence esti-
mates, although Moscow has
nian president, they said. disputed those figures.
In the following days, Mr. Later that month, Mr. Kady-
Kadyrov appeared confident. rov stepped up his efforts
“Mr. Zelensky, the hour has again, announcing the forma-
come when the clown show tion of four new battalions. He
comes to an end,” he wrote on cracked down on his own pop-
his Telegram channel on Feb. ulation, according to local res-
14, as his troops were training idents and human-rights advo-
for the mission in neighboring cates, forcing thousands of
Belarus. men to the front. He recruited
The alleged hit job on the broadly from other Russian ar-
president, a high-profile and eas, flying in thousands.
coveted task, was “a kind of Mr. Putin launched in Sep-
bonus they set forward for tember what he called a par-
Kadyrov,” said Oleksiy Danilov, tial mobilization of Russian
the secretary of Ukraine’s Na- fighting-age men to firm up
tional Security and Defense defensive lines that had col-
Council. lapsed in the northeast.
Mr. Kadyrov’s troops en- Mr. Kadyrov’s troops have
tered Ukraine on Feb. 25, the taken on a new role of disci-
day after the invasion, in three
columns of heavily armed per-
sonnel carriers. In a video in-
tercepted by Ukrainian intelli-
The Chechen leader
Donbas region gence and viewed by The Wall ‘has amassed
Street Journal, a top official
June–August:
Marched forward in loyal to Mr. Kadyrov relayed
extreme wealth,’
Donetsk and Luhansk the start of the mission back according to the U.S.
regions, including to their boss.
“The time is exactly 00:00.
Focused on holding
We’re starting to move,” he
territory in the Donbas’ told Mr. Kadyrov. “More than plining soldiers and stopping
locations of Rubizhne, 1,500 personnel, the best spe- them from deserting—under
Toshkivka, and Metelkino cial units, best fighters,” the the fear of violence—videos
officer added. and documents show.
As Russia drew down forces
Mariupol in Kherson, pulling its more
No later than March 14: Video clips experienced troops and equip-
Joined the assault on the For days, Mr. Kadyrov ment across the Dnipro River,
Azovstal Steel Plant broadcast videos of the at- mobilized soldiers were left
tacks on his personal Tele- behind, residents said—along
gram channel, where he has with Chechen units who made
more than three million fol- sure those mobilized soldiers
RUSSIA lowers, in camouflage and didn’t flee.
night vision goggles. Throughout the conflict,
Chechnya But like other Russian units Mr. Kadyrov’s soldiers have
UKRAINE
across the front line, the been sent to towns and cities
Area of detail Chechens were met with harsh occupied by Russia, including
resistance. The first of their Bucha outside Kyiv and the
three groups was almost to- Donbas cities of Mariupol and
tally destroyed on the out- Severodonetsk. There they
human-rights activists, and he skirts of Kyiv. The other two hunted for Ukrainian spies or
has made threats against Rus- groups halted their advance to partisans, in some cases going
sia’s urban elites who protest regroup, never making it to from apartment to apartment,
the war. Mr. Kadyrov has de- the capital. interrogating, detaining and
nied that Chechnya has LGBT The unsuccessful effort torturing residents and
people at all. turned out to be a harbinger searching homes, said Ukrai-
With the Kremlin’s blessing, of a much larger challenge for nian officials and human-
he built his own army—known Mr. Putin—and Mr. Kadyrov. rights advocates.
informally as the Kadyro- Mr. Zelensky not only survived Ukrainians sometimes use a
vites—to ward off his enemies but thrived. verb “to kadyrov” to describe
at home and contribute to Mr. With the military operation the beatings of inmates with
Putin’s military efforts abroad. flailing, Mr. Kadyrov turned to large wooden poles.
Russian security elites criti- his people for a shadow mobi- In a gruesome video posted
cize Mr. Kadyrov for playing lization. Authorities and reli- widely on social media earlier
by his own rules but under- gious leaders visited public this summer, a member of Mr.
stand they are powerless to places like videogame clubs Kadyrov’s troops in Severodo-
challenge him, said analysts and gyms, offering up to netsk was filmed castrating a
including Mark Galleotti, who 300,000 rubles, or about Ukrainian prisoner before he
has written extensively on $4,600, a month to go to war, was shot, causing an outcry
Chechnya and its leader. said a 35-year-old former resi- among rights groups.
Three weeks before the Feb. dent of Chechnya who fled in “Kadyrov’s men do the
24 invasion of Ukraine, Mr. Pu- August, several of whose cleanup operations once the
tin called him to Moscow to neighbors and friends signed fighting is done,” said Maria
strategize, according to Ukrai- up to fight. Davidsson, director of a Swed-
nian intelligence officials. He Mr. Kadyrov’s security ish rights group for Chechen
charged the Chechen with tak- forces pressed the most vul- émigrés. “They do the dirtiest
ing Kyiv and killing the Ukrai- nerable into service—men work, the torture.”
When Olivia spotted the and a classic pink convertible
dollhouse on Instagram, she
stuck it at the top of her
Barbie can park outside. It
stands roughly 3½ feet tall.
Christmas list. The feature she Released this year, Hasbro
can’t stop talking about is the Inc.’s Play-Doh ice cream truck
ALEXANDER COHN/THE WALL STREET JOURNAL
security system, said Ms. Vaz- churns out Play-Doh ice cream
Huerta. sundaes and sprinkles.
“I showed my husband, and
he said, ‘We might have to
Eric Nyman, Hasbro’s presi-
dent and chief operating offi-
move out for that,’ ” she cer, said it is the largest Play-
added, referencing the size. Doh item ever. It’s just under
Gerry Huerta, 43, who also $100. “We’re certainly con-
works at the family business scious to meet consumers
as vice president of construc- where they are on the eco-
tion, was measuring the play- nomic spectrum,” he said.
room on a recent night—trying In Buffalo, N.Y., MJ Cimato,
to find enough space for the who is 40 and works as a
dollhouse. “It’s pretty mas- learning-and-development
sive,” he said. manager for a restaurant
lasting piece that could be They told Olivia Santa chain, looked at the American
passed down, as many Ameri- might not be able to cart Girl luxury home for her
can Girl dolls are. She added something so hulking from the daughter Aurora, who is al-
that sales have built as the North Pole, to which she ex- most 6. She hesitated since
holidays approach. claimed, “I’ll donate every- Aurora’s tastes change so
In Los Angeles, Olivia thing in my playroom for it to quickly. She opted for Kid-
Huerta, 8 years old, looks after fit,” Ms. Vaz-Huerta recalled. Kraft’s four-floor Celeste Man-
two American Girl dolls, Court- That swayed dad. “I was re- sion Dollhouse, which is 4.7
ney and Maryellen. She talks sisting,” he said. (They will feet tall and roughly 4 feet
to them like they are pals, need to hide it at Grandma’s wide, for Barbie-sized dolls.
camps with them in the middle house until Christmas Eve and Costing $219.99, it has a work-
of her room, and has brought fetch it with Mr. Huerta’s ing elevator, a greenhouse with
them onto Zoom calls with truck—if the boxes fit.) a hot tub and a subdued deco-
friends and their dolls, said Mattel Inc., the company rating style that appeals to Ms.
her mother, Nicole Vaz-Huerta, behind American Girl, also re- Cimato herself.
a 41-year-old director of proj- leased a 60th anniversary $259 To make space for it, she
ect accounting for their family Barbie Dreamhouse with high- bought a smaller dresser for
real-estate business. lights including an elevator her daughter’s room.
 A12 | Saturday/Sunday, December 17 - 18, 2022 **** THE WALL STREET JOURNAL.

SPORTS
this suffering is worth the colors

Who Wins a Final Between of our shirt,” Argentina’s Nicolas

Tagliafico said here.
French players are doing it too.
They emerged sore and exhausted
from their semifinal victory over

France and Argentina? Qatar Morocco, a match they found

about as enjoyable as a trip to the
dentist.
“We were on the back foot at
times, but we had to work hard for
each other,” defender Jules
Messi and Mbappé headline the World Cup final, and are also teammates on Qatar-owned PSG Kounde said. “This is a team that
knows how to suffer.”
This World Cup has been more
demanding than most.
The timing, shifted away from
the traditional summer slot and
into November due to the Qatari
heat, crunched the entire tourna-
ment into a historically narrow
window. Banged up players had
less time to recover between leav-
ing their club sides and joining
their national teams—it was barely
a week for most of them. The
teams that reached the final will
have played seven matches in just
27 days.
So it’s no coincidence that
France and Argentina also happen
to be two of the deepest squads

The buzzword for

France and Argentina
at this World Cup has
been suffering.

here. Argentina was able to switch

out five starters to get back on
track after being upset in the
opening game by Saudi Arabia and
19 of its 23 outfield players in Qa-
LUIS ACOSTA/AGENCE FRANCE-PRESSE/GETTY IMAGES

tar have contributed at least 45

minutes over six matches. None
has made a bigger, more surpris-
ing impact than Julián Álvarez,
who didn’t crack the starting
lineup until Argentina’s third
game. Two weeks later, he scored
two goals in his team’s 3-0 semifi-
Argentina’s Lionel Messi, left, nal win over Croatia.
chats with France’s Kylian France, meanwhile, had to ring
Mbappé after a match in the the changes before the tournament
2018 World Cup in Russia. even kicked off. Manager Didier
France won 4-3. Deschamps lost two of his most
productive strikers, Karim Ben-
zema and Christopher Nkunku, to
injury after initially naming them
BY JOSHUA ROBINSON wildest dreams: a World Cup final, forever be associated with Qatar. do it twice with perhaps three to the squad. By the time he called
AND JONATHAN CLEGG in the desert, headlined by two of But millions of soccer fans more chances still in his future. up Randal Kolo Muani to replace
Qatar’s most famous employees, around the world have picked a Pelé remains the only player to Nkunku, Les Bleus were already
Doha, Qatar PSG teammates Lionel Messi and side. The prospect of Messi finally have won it three times. checked into their Doha hotel. On

S
hortly after winning the Kylian Mbappé. capturing the sport’s grandest “He’s one of the best, if not the Wednesday night, the last guy on
hosting rights for the With this final, a country that prize in what he says is his final best, in the world at the moment,” the roster did his part to put
2022 World Cup, the had never even appeared at a appearance at the tournament, said England defender Kyle France in the World Cup final. He
project that would bring World Cup before this year has co- might be the only thing capable of Walker, who faced Mbappé in the scored the second goal against
the soccer world to Qatar, opted decades of soccer heritage. uniting the soccer-watching quarterfinals. “You know you have Morocco just 44 seconds after
the tiny petrostate decided that Argentina and defending champion globe—with the possible exception to stop him, but that’s something coming off the bench.
Qatar also needed to go out into France have played eight finals be- of France, Brazil and one 37-year- that’s easier said than done.” “I don’t realize what I’ve done,”
the soccer world. tween them. They each have two old citizen of Portugal. The irony is that the people ac- he said afterward. “I’m still on a
It landed in a ritzy corner of titles. “Any team he’s in is completely tually participating in the final little cloud.”
Paris, not far from the Champs- And on Sunday, one of their su- different,” said France playmaker don’t believe it will be defined by If the surprises on the roster
Élysées where the country’s sover- perstars is already guaranteed to Antoine Griezmann, who played individual artistry. The buzzword put France and Argentina in the fi-
eign-wealth fund was looking to claim an indelible piece of soccer for France four years ago when for France and Argentina at this nal, there is no question who the
buy property, and picked a soccer history. For Messi, lifting the Les Bleus eliminated Argentina in World Cup has been suffering. Ar- world expects to decide it: Messi
team to become its flagship sports World Cup would be the crowning a 4-3 thriller in the round of 16. gentina manager Lionel Scaloni or Mbappé, Mbappé or Messi.
investment. The club was Paris achievement of a sparkling, era-de- “They’ve got Leo, but also a good has used the word no fewer than a Whichever way it breaks, one of
Saint-Germain, and Qatar planned fining career. For Mbappé, it group behind him….And they’ll dozen times in his news confer- them will make history and, a few
to turn it into the New York Yan- would mark a second world title have the crowd on their side.” ences in Qatar. His players, who weeks from now, both of them will
kees of soccer. before the age of 24, vaulting him Even Messi and Cristiano Ron- pride themselves on how much feel a little awkward.
Eleven years later, those twin into the rarefied air reserved only aldo, who have nine Champions they have endured at this tourna- Once they get home to Paris,
projects—PSG and Qatar 2022— for Pelé. League titles and 12 Ballon d’Or ment, reach for it like a welcome still working for Qatar, Messi and
are converging for a spectacle that The hosts don’t have a prefer- awards between them, have never cup of yerba mate. Mbappé will go back to sharing a
goes far beyond even the country’s ence—either way, that history will won the World Cup. Mbappé might “We have to understand that all locker room.

Weather

30s
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
10s
Vancouver
0s Edmonton

Calgaryy
-0s
0s
-0s
10s
20s
20s <0
0s
The NFL’s Most Lovable Team
30s
20s Winnipeg
10s BY ANDREW BEATON
40s Seattle 30s 20s
10s
Portland
Helena Ottawa
Montreal 30s WITH A GAME on the line
Bismarck
Billings Augusta 40s against the Minnesota Vikings
Eugene 0s
Boise Mpls./St. Paul Toronto Albany Boston 50s on Dec. 11, the Detroit Lions
30s 10s Pierre
Sioux Falls Milwaukee 30s Hartford 60s called a play that was as bril-
20s 20s 10s Detroit Buffalo
Chicago Cleveland w York
New
70s
liant as it was unusual. Quar-
50s Reno Salt Lake Cityy Cheyenne Des Moines 20s
40s Philadelphia terback Jared Goff faked a
Sacramento 30s Omaha Indianapolis Pittsburgh 80s
Denver
Springfield Washington D.C. handoff, dropped back and
San Francisco
MIKE MULHOLLAND/GETTY IMAGES

Topeka 30s Charleston 90s

Las
Colorado
Springs
Richmond threw the ball…to the team’s
Wichita Kansas St. Louis Louisville 100+
40s Vegas 30s City
Nashville
Raleigh 50s star offensive lineman.
Los Angeles 40s Santa Fe
40s Charlotte Tackle Penei Sewell, who
Memphis 40s
60s 50s Phoenix Albuquerque Oklahoma City Columbia lined up as an eligible re-
San Diego Little Rock Atlanta
Tucson Birmingham Warm Rain ceiver on the play, hauled in
Dallas Jackson
El Paso
Ft. Worth 50s the pass to convert the first
Jacksonville Cold T-storms
50s Austin
Houston
Mobile 60s down and seal a victory over
0s -0s 60s
New Orleans Tampa
Orlando
Stationary Snow
one of the NFC’s top teams.
80s 60s San Antonio 70s
10s Anchorage Honolulu
The win cemented the Lions’
Miami
20s 70s 80s Showers Flurries status as not only one of the Penei Sewell caught a pass on a trick play against the Vikings.
20s
30s NFL’s hottest teams—but also
Ice the most fun. Goff. It’s led by coach Dan 0-10-1 and finished with the
Forecasts and graphics provided by AccuWeather, Inc. ©2022
Since beginning the season Campbell, who became a bom- second-worst record in the
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
1-6, the type of wretched start bastic sensation before he league.
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 23 7 c 29 19 s Frankfurt 28 18 s 31 24 pc that’s also known as perfectly ever coached a game. And it’s Then, when the Lions be-
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice normal for perhaps the NFL’s playing an entertaining brand gan the season losing six of
Orlando 72 52 pc 65 43 pc Geneva 34 26 pc 37 31 pc
Today Tomorrow
City Hi Lo W Hi Lo W
Philadelphia 43 30 s 39 29 pc Havana 86 62 s 82 67 r saddest franchise, the Lions of football that reflects Camp- their first seven games, it was
Phoenix 61 46 pc 60 39 pc Hong Kong 56 46 pc 58 49 s
Anchorage 0 -6 s 0 -14 s Pittsburgh 32 24 c 29 21 sf Istanbul 66 55 c 58 45 r
have won five of their last six bell’s brashness. easy to write off as the type
Atlanta 50 30 c 49 29 s Portland, Maine 36 26 sn 38 25 c Jakarta 91 75 r 91 76 t games and improbably “I knew this could be a spe- of start the team has grown
Austin 57 32 pc 55 43 c Portland, Ore. 41 36 c 42 33 c Jerusalem 68 52 s 68 51 s emerged on the periphery of cial place,” Campbell said after accustomed to. But there
Baltimore 45 29 s 39 28 pc Sacramento 52 32 s 51 35 s Johannesburg 75 57 t 79 60 t
Boise 24 9 pc 22 9 pc St. Louis 33 22 pc 39 26 s London 41 28 pc 48 45 r
the NFL’s playoff picture. Sunday’s win. “This is one of were indications that, even
Boston 44 31 r 41 31 pc Salt Lake City 29 16 pc 30 19 s Madrid 53 41 pc 54 38 pc With apologies to Barry those areas where [if] you get though the team was playing
Burlington 36 25 sf 34 29 c San Francisco 56 40 s 54 42 s Manila 89 77 t 82 75 pc Sanders, the words “fun,” a winner here in Detroit, and poorly, it might actually be
Charlotte 52 29 pc 48 27 s Santa Fe 35 13 s 35 16 pc Melbourne 72 50 pc 76 51 s
Chicago 27 19 sf 27 16 pc Seattle 41 35 c 41 26 c Mexico City 73 51 pc 71 50 pc
“winning” and “lovable” ha- it’ll be something special.” enjoyable to watch.
Cleveland 31 25 sf 30 24 sf Sioux Falls 8 -6 c 11 -5 c Milan 45 37 pc 46 30 pc ven’t often described profes- The first sign that the Lions When they were 1-6, their
Dallas 53 32 pc 54 42 pc Wash., D.C. 47 30 s 42 29 s Moscow 26 18 sn 19 8 sn sional football in Detroit. The had a different type of energy chances for a playoff berth
Denver 41 16 pc 39 12 pc Mumbai 93 78 pc 93 76 pc
Lions haven’t won a single was at Campbell’s introduc- were just 2.7%, according to
Detroit
Honolulu
32 27 sf 32 24 c
82 67 sh 81 70 sh
International Paris
Rio de Janeiro
31 23 s
80 73 pc
39 38 c
79 72 r playoff game in three de- tory news conference in 2021, footballoutsiders.com. Now,
Houston 54 37 c 57 48 pc Today Tomorrow Riyadh 72 51 s 72 48 s cades. When they have picked when a normally rote proceed- with a 6-7 record, those
Indianapolis 29 19 c 30 21 s City Hi Lo W Hi Lo W Rome 63 46 s 62 41 s
Kansas City 32 16 pc 39 28 s Amsterdam 35 22 s 37 34 pc San Juan 85 75 pc 86 74 pc
near the top of the draft, they ing became slightly unhinged chances are up to 20.7%. That
Las Vegas 49 33 pc 52 32 s Athens 70 58 pc 71 58 sh Seoul 26 7 s 21 9 s have selected enormous busts as he described his plan to probability will rise again if
Little Rock 47 25 s 48 31 pc Baghdad 72 50 s 73 47 s Shanghai 41 23 s 42 27 s or failed to capitalize on the turn the team around. “We’re the Lions can move to .500
Los Angeles 64 45 c 65 43 s Bangkok 88 66 c 81 65 pc Singapore 87 76 t 86 76 sh ones who turned into stars. going to kick you in the teeth” with a win against the New
Miami 78 67 t 76 63 pc Beijing 26 9 s 30 12 s Sydney 68 59 r 68 57 sh
Milwaukee 31 20 sf 23 14 pc Berlin 28 20 s 26 22 pc Taipei City 59 46 r 56 51 c This team seems blissfully and “we’re going to bite a York Jets on Sunday.
Minneapolis 20 3 sf 11 1 c Brussels 31 21 s 38 36 pc Tokyo 47 41 r 51 35 pc unaware of any of that. It has knee cap off” were among the “We are on fire right now,”
Nashville 44 26 pc 43 27 s Buenos Aires 76 65 pc 81 67 s Toronto 33 24 sf 33 27 sf one of the NFL’s best offenses ways he described the team’s Campbell told his players in
New Orleans 51 41 r 53 43 s Dubai 82 68 s 82 62 s Vancouver 39 29 sn 32 20 sn
New York City 43 31 s 39 31 pc Dublin 40 34 pc 54 52 r Warsaw 22 14 pc 25 13 c led by an unlikely reclamation mentality going forward. the locker room after the win
Oklahoma City 46 26 s 50 36 c Edinburgh 40 32 c 40 38 r Zurich 29 15 pc 26 21 pc project in quarterback Jared The Lions began last season last week. “We gotta keep it.”
THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Pat Toomey | By Allysia Finley
A Free-Market Champ Exits the Senate
V
oters opted for more of
the same in 34 of this
year’s 35 U.S. Senate
races. They re-elected
29 incumbents and re-
placed five retiring members with
candidates from the same party.
Then there’s Pennsylvania, where
the contrast between incumbent
and victor could hardly be
starker.
Sen. Pat Toomey, a strong con-
servative with a low-key demeanor,
will retire Jan. 3 as John Fetter-
man, a punkish progressive who’s
served four years as the Keystone
State’s lieutenant governor, takes
the oath of office. For free-market
conservatives, it’s no overstate-
ment to call Mr. Toomey, 61, the
Senate’s most valuable player. He
has quarterbacked pro-growth re-
forms in taxes, financial regula-
tions and healthcare. He served as
a top defensive lineman during the
Biden presidency and took down
two left-wing banking nominees.
He’s worth listening to about
Pennsylvania politics, and the fu-
ture of his party and free-market
policies in the next Congress.
Elected as an insurgent
in 2010, the Pennsylvania
Republican later found
himself in the midst of a
populist tide that often
favored bigger government.
Elected as an insurgent in 2010,
Mr. Toomey later found himself
watching a populist tide that often
favored bigger government. A
Journal editor asked him in Febru-
ary 2016 if Donald Trump could
win Pennsylvania. With a look of
alarm, Mr. Toomey replied that Mr.
Trump would lose and take the Re-
publican ticket down with him.
Messrs. Trump and Toomey both
won that year, but the prediction
came true in 2020 and 2022, when
independent and suburban voters
swung toward Joe Biden and Mr.
Fetterman.
Pennsylvania wasn’t unusual in
that regard. Democrats also held
Senate seats this year in Arizona
and Georgia, which had gone Re-
publican in 2016 but flipped to Mr.
Biden in 2020. Nationwide, inde-
pendent voters in key House races
favored Democrats, resulting in a
thin Republican majority instead
of the red wave many observers
expected. The losers were often
unconventional candidates backed
by the former president.
“I couldn’t imagine a clearer
data set of ultra-pro-Trump candi-
dates and conventional Republi-
cans running at the same time in
the same places,” Mr. Toomey says
during a recent visit to the Journal
editorial board. “Everywhere, the
conventional Republican outper-
formed the pro-Trump, often by
huge margins.”
Doug Mastriano, who won the
Republican primary for Pennsylva-
nia governor with Mr. Trump’s en-
dorsement, was trounced by Demo-
cratic Attorney General Josh
Shapiro. By Mr. Toomey’s lights, Mr.
Mastriano dragged down the Re-
publican Senate nominee, celebrity
‘Inconvenient Anti-Semites’ in New York’s War on Hate
After a long month
of attacks on Jews in
New York City, the
big guns held a sym-
posium at a Manhat-
tan synagogue Mon-
day. One by one,
CROSS
COUNTRY Mayor Eric Adams,
Gov. Kathy Hochul,
By Elliot
Sen. Chuck Schumer
Kaufman
and Homeland Secu-
rity Secretary Ale-
jandro Mayorkas pledged to fight
anti-Semitism. After blaming Donald
Trump, Ms. Hochul announced a new
hate-prevention initiative and
vowed, “When you attack one of us,
anyone, that is picking a fight with
20 million other New Yorkers, start-
ing with your governor.”
Liberals love to fight hate, but I’d
rather they punish crime. Americans
Against Antisemitism has studied 194
anti-Jewish assaults and 135 property
incidents in New York City since 2018
but can identify only two offenders
who have been sentenced to prison.
Others receive probation or counsel-
ing or their charges aren’t followed
up. “There are practically no serious
consequences to be had,” the group
concludes in a July report.
Examples abound: In May 2021, a
Brooklyn man with an attempted-
murder charge pending yelled “F—
ing Jews! I’m going to f— you up”
and punched a 67-year-old man in
the head. He was arrested but hate-
crime charges were dropped and he
****
physician Mehmet Oz
(who also had Mr.
Trump’s endorsement in
the primary). “I thought,
actually, that Dr. Oz was a
pretty good candidate
and ran a pretty good
campaign,” Mr. Toomey
says. “He got just
pounded in the primary,
and I don’t know that he
had a chance to win when
the top of the ticket’s los-
ing by 15 points.”
When Mr. Toomey was
elected to the House in
1998, he joined a sizable
contingent of like-
minded conservatives
who supported free mar-
kets and trade, including
Ohio’s John Kasich and
Rob Portman, Okla-
homa’s Tom Coburn,
Wisconsin’s Paul Ryan
and Texas’ Kevin Brady—
BARBARA KELLEY
all of whom will have re-
tired by next month. Al-
though longstanding
divisions within the GOP
over trade and immigra-
tion persisted, Republicans largely
backed pro-growth economic poli-
cies. During Mr. Toomey’s six years
in the House, Republicans cut per-
sonal-income taxes across the
board, including for capital gains
and dividends. They gave George
W. Bush trade-promotion author-
ity, which resulted in trade agree-
ments with 16 countries.
In 2004 Mr. Toomey took on the
GOP establishment by challenging
liberal Sen. Arlen Specter and
came within two points of winning
the Republican primary. After leav-
ing Congress in 2005, Mr. Toomey
became president of the free-mar-
ket Club for Growth. Specter
avoided another challenge from
Mr. Toomey by switching parties
in 2009—then lost the Democratic
primary the next year. Mr. Toomey
won election in 2010 as tea-party
Republicans flipped control of the
House and picked up six Senate
seats by campaigning against the
Democrats’ 2009 stimulus, Obama-
Care and Dodd-Frank Act.
Twelve years later, the tea party
is over. Many Republican lawmak-
ers elected in 2010 now support a
bigger welfare state and more gov-
ernment intervention in the pri-
vate economy and are increasingly
hostile to free trade. What hap-
pened? In two words, Donald
Trump.
“He contributed a lot to that—
his hostility to trade, his popu-
lism,” Mr. Toomey says. “I’m afraid
that there are colleagues of mine
who have clearly decided their
path forward is not the historical,
conventional limited-government,
free-market, economic libertarian
lane, but rather this populist lane.”
As an example, he cites Sen.
Bernie Sanders’s amendment to
the railroad union contract that
would have provided employees
with seven days of sick leave—six
more than the deal the Biden ad-
ministration helped arbitrate. Al-
though the amendment failed to
win the 60 votes necessary for
passage, six Republicans supported
it: Mike Braun (Ind.), Ted Cruz
(Texas), Lindsey Graham (S.C.),
Josh Hawley (Mo.), John Kennedy
(La.) and Marco Rubio (Fla.).
pleaded down to a misdemeanor.
The New York Police Department
reported 45 hate crimes against
Jews in November, more than double
the monthly figure from a year ago.
It records 278 such crimes this year,
up 53%, and 100 arrests, up 61%. Why
don’t prosecutions and prison sen-
tences follow? “I’ve asked the ques-
tion for years with the DAs of the
world, with legislators,” Rabbi David
Niederman, a top Satmar Hasidic
leader in Brooklyn, says in an inter-
view. He gets no answer.
This is the first blind spot in the
war on hate. Determined to “end
mass incarceration,” liberals have
pulled back police, narrowed prose-
cutions, restricted cash bail, and gut-
ted mandatory minimums. At the
same time, liberals want to crack
down on certain “bad” crimes, such
as those motivated by hate. But the
scholar James Q. Wilson showed
long ago that criminals don’t really
specialize. Just as substantial pro-
portions of drug and property of-
fenders go on to commit violent
crimes, the majority of hate-crime
offenders have prior, non-hate-re-
lated arrests.
Someone who punches a Jew on
the street is also likely to punch and
menace others, commit robberies
and deface property. By fixating on
special hate instead of shared crimi-
nality, liberals miss how bringing in-
carceration rates to multidecade
lows has left on the streets antisocial
OPINION
“I knew you were a socialist,”
Mr. Sanders quipped as he gave
Mr. Cruz a fist bump on the Sen-
ate floor. Mr. Cruz answered him
on Twitter: “Nope. I’m not. I just
don’t agree with Biden & the Dem-
ocrats voting to screw the union
workers.” The vote underlined
how many Republicans who say
they support free markets are
making common cause with orga-
nized labor.
“It’s unbelievable to me that Re-
publicans voted for that, but they
did,” Mr. Toomey sighs, adding
that the policy fractures between
populist and free-market conserva-
tives are growing.
Many Republicans favor increas-
ing the child tax credit, which is
now partly refundable and thus
amounts to a welfare program, and
don’t mind higher taxes on corpo-
rations—a divide he had to breach
while negotiating the 2017 tax re-
form. He worries that Republicans
in the next Congress will trade a
big increase in the child tax credit
for an extension of some of the
2017 tax cuts, many of which ex-
pire in 2025.
H
e also worries about a pop-
ulist turn toward isolation-
ism. “We’ve got some voices
that have been increasingly skepti-
cal about aid to Ukraine,” he says.
“The traditional coalition is going
through some tense moments.”
As for the economic populist
groundswell on the left, Mr.
Toomey doesn’t see it receding
anytime soon. He doubts Mr. Biden
will run for re-election and expects
a primary challenge if he does: “I
just find it hard to believe that the
party’s all going to fall in lockstep
behind him.”
Despite the GOP’s ideological
fissures, Mr. Toomey hopes that
the new Republican House major-
ity can use its appropriations
power to rein in Biden regulators
such as Gary Gensler at the Securi-
ties and Exchange Commission and
Lina Khan at the Federal Trade
Commission.
“One of the things that just
keeps gnawing at me is Democrats
insist that they are the party that’s
criminals predisposed to attack
Jews.
When they do attack, the system
breaks down. Youths are unlikely to be
prosecuted, so there’s little reason for
police to book them. Harassment is
barely worth a prosecutor’s time. An
assault isn’t a hate crime unless the
attacker states his motive—and even
then, it’s burdensome to prove, so the
hate-crime charge is often dropped
and the attack treated as a regular as-
sault. Then, many defendants plead
down or have their charges dropped.
Three blind spots render
incoherent the promises
of liberal politicians to
protect Jews from attack.
“They get a slap on the wrist, at best,”
Rabbi Niederman says. Since New
York’s bail reform prohibits judges
from considering the danger defen-
dants pose to others, most criminals
are released immediately. At last,
when incarceration rates fall, activists
call it justice.
The second blind spot is the vic-
tims. Israel Bitton, head of Ameri-
cans Against Antisemitism, observes,
“A lot of the secular Jews aren’t re-
sponding with the same alacrity they
would if people started hitting heads
of the United Jewish Appeal walking
Saturday/Sunday, December 17 - 18, 2022 | A13
defending our democracy,” he
says. “Obviously, they mean that
Donald Trump is a threat to the
democracy. But what I think is a
much more profound undermining
of our democracy is they want ev-
erybody else to do the work of
Congress, whether it’s the courts
or regulators.”
Mr. Toomey led the fight to de-
feat Sarah Bloom Raskin, Mr. Bi-
den’s nominee for Federal Re-
serve vice chairman for
supervision. He says Ms. Raskin
supported using banking regula-
tion “to accelerate a transition to
a low-carbon economy because
that’s the outcome they want,”
even though “it’s a completely un-
democratic and unaccountable
process to get there.”
As another example, he cites Mr.
Gensler’s cryptocurrency power
grab. The SEC chairman has taken
the position that cryptocurrencies,
save for Bitcoin, are securities. “He
won’t even explain what is differ-
ent about Bitcoin,” Mr. Toomey
notes; nor will Mr. Gensler say
“how an exchange, for instance,
would comply with the regulatory
regime that he claims to have au-
thority over.”
In his final weeks in office, the
senator is introducing legislation
for regulating stablecoins, which
are cryptocurrencies with a fixed
peg to the dollar or another cur-
rency. This month he unveiled a
bill with Massachusetts Sen. Eliza-
beth Warren that would subject
Fed regional banks to the Freedom
of Information Act.
“I’ve been in a two-year-long
battle with the Fed over several
things,” he says. “One is their ten-
dency to wander and stray from
their mandate into uncharted wa-
ters. The other is just their refusal
to provide basic information about
what they’re doing, such as their
process on master accounts,”
which provide direct access to the
central bank’s payment and settle-
ment systems.
Many of Mr. Toomey’s legisla-
tive proposals have bipartisan sup-
port, but they get stymied because
the chamber’s rules let one mem-
ber block a vote on amendments.
down Fifth Avenue.” Of the 194 anti-
Jewish assaults his group has
tracked, three-quarters were in four
Brooklyn neighborhoods, and 184 of
the victims were Orthodox Jews,
identifiable by their dress. These are
the Jews who can’t hide.
Less-religious Jews were stunned
by Kanye West’s anti-Semitic rav-
ings in a way that Orthodox Jews
could never be. For many of the lat-
ter, Louis Farrakhan-inspired Hitler
talk and conspiracies are humdrum,
the stuff of street abuse. “This is an
experience of anti-Semitism,” says
Rabbi Motti Seligson of Chabad-
Lubavitch, a Brooklyn-based Hasidic
movement, “that the rest of the
Jewish community not only doesn’t
experience but is completely oblivi-
ous to.”
The third blind spot is the perpe-
trators. Bill de Blasio, New York’s
mayor from 2014-21, was hardly
unique in speaking of the threat to
Jews only from white supremacists.
Yet the majority of anti-Jewish hate
crimes in New York are committed
by other minorities—blacks espe-
cially, but also Hispanics and Mus-
lims. “These are inconvenient anti-
Semites,” Mr. Bitton says. Liberals
would rather stick to their story: Mi-
norities are always victims of racism,
never racists themselves.
Meanwhile, surveys since the
1960s have shown that Jew-hatred in
America is most prevalent among
blacks. As traditional prejudices fused
“If I want to litigate
something, I need all 99
other senators to give
me permission to litigate
it,” he says. That rarely
happens nowadays, “so
very little gets done.”
His idea to break the
gridlock: “What if we
raise the threshold from
one to some number
greater than one in order
to block an amendment?
Maybe it’s 20. Maybe it’s
30,” he says. “This
doesn’t have a partisan
angle. There’s a lot of
Democrats that feel very
strongly about having
the opportunity to offer
amendments.” Even they
may end up missing Mr.
Toomey, who demon-
strates that a Republican
without a pugilistic atti-
tude can be an effective
fighter.
As for his fellow Re-
publicans, Mr. Toomey is
hopeful that Mr. Trump’s
hold on them is weaken-
ing. He thinks the former presi-
dent hurt himself by nicknaming
Florida’s governor, a potential
2024 rival, “Ron DeSanctimo-
nious.” “Nobody had a reason to
dislike DeSantis,” Mr. Toomey
says. “Everybody liked the fact
that he was a fighter. He’s seen as
aggressive, effective, and he wins
big. It’s a reminder of Trump’s
petty vindictiveness that isn’t re-
ally terribly appealing.”
T
he senator takes heart from
some of the speeches he
heard at the Republican Jew-
ish Coalition’s postelection annual
leadership meeting last month: “I
would say that 18 months ago, I
don’t think you would have had
the parade of folks we had at the
event in Las Vegas saying the
things they were saying, but they
felt comfortable saying it.” Many
Republicans “were making it
pretty clear they’re going to run
against Trump, and that it’s time
to move on from Trump.”
Nikki Haley, Mr. Trump’s ambas-
sador to the United Nations, said
last year that she wouldn’t seek
the presidency in 2024 if he did.
But at the Las Vegas event she
said she was considering a run in a
“serious way.” Gov. Chris Sununu—
who easily won re-election while
Trump-backed Don Bolduc lost
New Hampshire’s Senate race—
said the state’s voters were “open
to alternatives” to Mr. Trump.
“I think that tells you their per-
ception of how the party has
shifted,” Mr. Toomey says. “If
they’re willing to openly challenge
the guy that they would not have
challenged 18 months ago, I think
it’s also possible that we’ll have a
gradual re-embrace of tradition”—
meaning free markets, free trade
and small government.
Asked who might lead such an
effort, he names Tennessee’s Bill
Hagerty, Wyoming’s Cynthia Lum-
mis and Oklahoma’s James Lank-
ford. But come January, they’ll
have to do without the help of the
junior senator from Pennsylvania.
Ms. Finley is a member of the
Journal’s editorial board.
with radical separatist ideologies,
anti-Semitism became part of the
rhetoric of black politics and protest,
the language not only of the street
but of preachers and politicians, art-
ists and intellectuals, imbuing crimi-
nal violence against Jews with spuri-
ous political significance.
When, after a tragic car accident,
black rioters in Crown Heights beat
up any Jew they could find for three
straight nights in 1991, and the Rev.
Al Sharpton denounced the victims
as “diamond merchants” who reaped
what they had sown, liberals looked
the other way. Mayor David Dinkins
feigned ignorance. The New York
Times fudged the story. They
couldn’t face up to black violence
and Jew-hatred or the costs of ham-
stringing law enforcement.
Three decades later, the liberals
who run New York are still looking
away. That’s what makes them liber-
als.
Nothing did so much to improve
black-Jewish relations in Brooklyn as
the general reduction in crime since
the 1990s. But as shootings in New
York more than doubled between
2019 and 2021, alongside a deteriora-
tion in public order, attacks on Jews
surged. Until there are consequences
for criminals, including the Jew-hat-
ers among them, why should anyone
expect the attacks to subside?
Mr. Kaufman is the Journal’s let-
ters editor.
A14 | Saturday/Sunday, December 17 - 18, 2022 **** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Republican Party Masochists America’s Politics of Education and Ignorance

I
f a Martian arrived in Washington this publicans are doing Mr. McCarthy no favors by The party of the college-educated I had to be intentional about educat-
week not knowing who had won the No- joining Democrats to pass a giant omnibus seems to have lost track of one of the ing myself. It wasn’t just going to
main reasons to go to college in the happen on its own. The world is full
vember election, he’d be forgiven for spending bill for fiscal 2023. Most House Re-
first place (“Why the ‘Smart’ Party of schooled people who lack an edu-
thinking it was the Demo- publicans prefer a continuing Never Learns” by Barton Swaim, op- cation. Educated people don’t claim
crats. Usually the losers are in GOP division and disarray resolution to fund the govern- ed, Dec. 10). Sadly, the same can be to be the personification of science
disarray, but not this time. on Capitol Hill bode ill ment only into early next year, said for most of the colleges they itself. Education is humbling.
Democrats in the House when Republicans will have once attended. An advanced education Ronald Reagan said it best: “The
minority have completed a for the next Congress. more leverage as the House is an opportunity to expose oneself to trouble with our liberal friends is not
seamless change of House majority. new ideas and ways of thinking about that they’re ignorant; it’s just that
leadership to a younger gen- But Mitch McConnell and all that was previously taken for they know so much that isn’t so.” The
eration with little internal dissent. But Republi- the Senate GOP don’t trust that Mr. McCarthy granted. Democrats are the party of the
cans, who ostensibly won the majority, can’t can deliver in January, or so they say. They The “smart party” seems to have no schooled but not educated, which is
even find the votes to elect a GOP Speaker, won’t even give him the chance. The more interest in listening to anyone or con- why they moved the front lines to the
sidering any view that differs in any university. They want to assure that
much less agree on budget strategy or much of likely explanation is that Senate Republicans
way from what they “know to be true.” no one can sneak out of school with
anything else. also want one more spending blowout this ELIZABETH SHULTS an actual education, because edu-
After the election, Kevin McCarthy won the Congress as much as Senate Democrats do. Al- Hilton Head, S.C. cated people don’t simply comply.
GOP caucus vote to become House GOP leader abama Sen. Richard Shelby is the ranking Re- CHUCK OSBORNE
against Arizona Rep. Andy Biggs, 188-31. But publican on the Appropriations Committee, Mr. Swaim, with a doctoral degree Atlanta
Mr. Biggs won’t take resounding defeat for an and he seems intent on going out with big in English from the University of Ed-
answer, and he is now planning to run against spending bang. inburgh, falls victim to the very Mr. Swaim criticizes Democrats for
Mr. McCarthy for Speaker on the House floor The result could be a spending bill nearly as charges he levels against educated, living in their own cultural bubble,
on Jan. 3. A handful of other backbenchers say large as the $1.9 trillion March 2021 Covid re- elite Democrats. I know plenty of unlike Republicans, leading Demo-
they’ll also oppose Mr. McCarthy, which could lief bill that triggered inflation. The omnibus smart Democrats who think critically crats not to take their opponents seri-
about the issues facing the country. ously. Meanwhile, large chunks of the
lead to multiple ballots and perhaps even a bill would lock in baseline domestic non-de-
And I know plenty of Republicans Republican Party believe that Mr.
Democratic Speaker. fense spending far above levels that would have who believe the most extreme, un- Trump won in 2020, that storming
What’s bizarre is that the dissenters don’t been expected in 2023 given normal increases proven ideas spouted by Mr. Trump, the Capitol was legitimate protest and
have major policy differences with Mr. McCar- pre-Covid. Defense would also get a spending Kari Lake or Mike Lindell. I doubt even that Democratic Party elites run
thy or a plausible alternative candidate for boost, but the omnibus would set the budget that any amount of effort by a Demo- pedophilia rings. I guess lack of edu-
Speaker. Mr. Biggs has no chance. He and his through next September. crat to convince these three Republi- cation isn’t all it’s cracked up to be.
rump group also don’t seem to have any con- The new House GOP majority wouldn’t be can characters would prove fruitful. JORDAN ETH
structive reason to oppose Mr. McCarthy be- able to use their power of the purse to influ- What the highly educated Mr. Tiburon, Calif.
yond a desire to grab the media spotlight or ence priorities until fiscal 2024. The higher Swaim fails to realize is that there is
blow everything up. spending, and thus larger budget deficits, genius and ignorance evenly distrib- A relative of mine is the head of
Their main demand is so self-defeating it would also make pro-growth tax cuts that much uted throughout America. No party is payroll for a company that requires a
smarter than the other, and the faults college degree as a condition of em-
could have come from Democratic Rep. Alexan- more difficult to sell politically. If there’s a re-
Mr. Swaim finds in the educated Dem- ployment. She received an irate email
dria Ocasio-Cortez. The dissenters want Mr. cession, Democrats will propose even more ocrats are also present in Republicans, from a recent hire demanding that
McCarthy to concede that any Member could call spending, and Republicans will propose what? with or without a degree. she stop deducting that “FICA thing”
the chair vacant and insist on a vote to replace i i i RICARDO RAMIREZ from her paycheck. A college degree
the sitting Speaker. In order to get the votes to Democrats run the House until January, so Roseville, Calif. is no guarantee that you still can’t be
become Speaker, Mr. McCarthy is supposed to Mr. McCarthy can’t stop an omnibus bill. But ignorant of the world you live in.
weaken himself so much that he wouldn’t be able the lack of coordination between the House and When my father sent me off to col- CAROLANN NORMAN
to govern as Speaker. Senate GOP bodes ill for any coherent agenda lege in the late 1980s, he told me that Mt. Pleasant, S.C.
Yet a narrow GOP majority of only 222-213 over the next two years. Senate Democrats and
requires a leader who can enforce party disci- the White House will have a united front and
pline. That’s how Nancy Pelosi has been able to could roll over a divided GOP.
govern with the mirror-image majority in the The GOP dysfunction since Election Day The Defense of Ukraine Is Money Well Spent
last two years. Too many House Republicans are won’t matter if it teaches Republicans that In “The West Must Help Ukraine buck: the demolition of the conven-
too dimwitted to understand the uses of power their only chance of influencing policy is to stay Outlast Russia” (Politics & Ideas, Dec. tional forces of one of the most viru-
and how to wield it. They’d rather rage against united. On the evidence so far, however, Repub- 14), William Galston correctly warns lently anti-Western and anti-Ameri-
the machine to no useful effect. licans are the gang that couldn’t shoot of the disastrous effect cutbacks in can state in the world today, Russia.
Meanwhile, across the Capitol, Senate Re- straight—except at one another. aid to Ukraine from the incoming Re- Considering that the U.S. defense
publican House majority would have budget for 2022 was $782 billion, of
on our national interests. which a major proportion was appro-
Weaponizing Tax Returns Questioning the cost of U.S. aid
packages to Ukraine is legitimate, and
priated to deter and, if necessary, de-
feat Russia, our aid package to

M
any norms have been broken in agency, and perhaps his suit will turn up infor- the amount—$68 billion so far, with Ukraine is the best bargain our de-
an additional $37.7 billion requested— fense dollars could purchase.
American politics in recent years, mation that the Biden Administration hasn’t is certainly substantial. But skeptics EDWARD GRIMES
and one of them is the use of private on the tax disclosures. should consider the bang for our Lexington, Va.
tax returns as a political Meanwhile, the House Ways
weapon. The trend is destruc- Releasing Trump’s and Means Committee may re-
tive, as a pair of events this
week illustrate.
records would set lease some or all of Donald
Trump’s tax returns that it ob-
What Trump Can Learn From the Bee Gees
The first is a useful law- an awful precedent. tained after a long court fight. Peggy Noonan’s assessment of Streisand, Dolly Parton, Kenny Rog-
suit by hedge-fund manager The committee is meeting next Donald Trump’s future political pros- ers, Dionne Warwick and Diana Ross.
Ken Griffin against the Inter- week to discuss the matter and pects (“Only the Voters Can Crush Mr. Trump’s recent posture has
nal Revenue Service seeking damages for the could vote to release the private returns as part Donald Trump,” Declarations, Dec. 10) been more along the lines of arguing
reminds me of the situation the Bee that it is unfair to end the disco era,
leak of his tax records to ProPublica. In June of a report to the House.
Gees faced in 1980. After the group’s he will keep putting out disco re-
2021 and in articles since, the left-wing web- This would be a mistake and set a prece- period of disco superstardom, the cords, and if you don’t buy his re-
site has published the confidential tax data of dent likely to torment more than the former disco era was over, almost overnight. cords, he will pitch a fit. I wish Mr.
Mr. Griffin, who runs Citadel Securities, and President. We thought Mr. Trump should have As performers, the group would Trump could learn from the Bee Gees
other wealthy Americans. done what other recent presidential candi- never again approach its level of and focus on contributing in ways
ProPublica used the tax data to argue that dates have done and release his returns when 1970s success. The Bee Gees contin- other than seeking office. Do I think
the rich don’t pay enough taxes, and the first he ran in 2016. But he didn’t, and voters ued, however, to make major contri- this will happen? Not a chance.
article came out when Democrats were making elected him anyway. butions to the music industry. Group DANA R. HERMANSON
the case for a wealth tax. ProPublica has never Releasing the tax records now, when Mr. members wrote songs for Barbra Marietta, Ga.
disclosed how it obtained the tax records, and Trump has left office and there are less than
the IRS claims to be investigating the leak but three weeks left in the current Congress, Ms. Noonan misses a key element
has produced nothing. would serve no legislative purpose. The only The Free Market Is the Real of the 2024 presidential primary: If
Mr. Trump is defeated, he could go
Leaking tax data is a crime, and Mr. Griffin’s point would be to embarrass the former Presi- Threat to Apple’s App Store independent. That would take us
suit alleges that “the IRS made these unlawful dent, perhaps to show he paid little tax. Demo- In “The Tech Censors Return” (In- down a scorched-earth road that
disclosures knowingly, or at the very least crats would set a new standard that means side View, Dec. 12), Andy Kessler ends would destroy the Republicans and
negligently or with gross negligence.” Con- many more Americans will have their tax re- by joking that the Biden administra- nothing else.
grats to Mr. Griffin for taking on the tax cords targeted for politicized disclosure. tion “can ask Apple nicely to allow STEVEN TRAVERS
competing app stores,” as opposed to San Anselmo, Calif.
watching Apple endure FTC lawsuits
The Sleeping Japanese Giant Awakes or be subject to legislation that
forces the company’s hand. Fed Grades Like a Teacher

H
Although Mr. Kessler advocates
istory is on speed-dial these days, cially its peripheral islands. Mickey Levy and Charles Plosser
“more freedom online,” his article—
and the latest seismic shift is Japan’s The documents promise to procure more and even his joke—doesn’t offer mar-
posit that “The Federal Reserve Needs
announcement Friday of a new de- naval vessels and fighter aircraft, as well as a Hard Look in the Mirror” (op-ed,
ket solutions. Consumers and entre-
fense strategy and the spend- more investment in cyber. All Dec. 12), reflecting on how it helped
preneurs should ultimately be the
ing to implement it. This is Tokyo rolls out the most of this will complement ones driving Big Tech’s conduct. If
push us toward high inflation. Besides
an historic change, and Prime American efforts to rearm, other Fed missteps, the authors write,
important shift in Apple crosses a line, consumers will
“It is essential to replace the unneces-
Minister Fumio Kishida de- assuming the U.S. can follow switch to alternatives, and if it is
sarily complex framework of flexible
serves credit for taking the defense since WWII. through on priorities such as profitable, entrepreneurs will mobi-
average inflation targeting, which
political risk to educate his expanding the Navy’s attack lize capital to create even more op-
lacks any numeric guideposts.” This
country about the growing submarine inventory, build- tions. If calls for alternative app
reminds me of our schools today, with
threats from China and North Korea and how ing more long-range munitions, and putting stores become strong enough, Apple
their flexible average grade targeting.
will have to acquiesce or risk losing
to deter them. these assets in the Pacific. One start would be The problem is that in both cases the
market share. We ought to resist the
Tokyo said it will increase defense spending restoring permanent U.S. fighters at Kadena urge to employ or threaten govern-
Fed and the teachers always give
to 2% of the economy by 2027, double the Air Base in Okinawa. themselves high grades while those
ment coercion, which comes with risk.
roughly 1% now. The accompanying strategy Beijing predictably railed against Japan’s under their purview struggle.
BENJAMIN AYANIAN
documents are right to call the current moment new strategy, but it has itself to blame. It hasn’t LOUIS GARGUILO
McLean, Va.
Slingerlands, N.Y.
“the most severe and complex security environ- controlled its proxy North Korea’s missile
ment” since the end of World War II. launches and nuclear program. Neighbors are
The strategy explicitly mentions the “chal- alarmed by its aggressive moves in the East and How to End the Ukraine War
lenge” from Beijing. Recall that five Chinese South China seas, border skirmishes with India, The U.S. can end Russia’s war
Pepper ...
ballistic missiles landed in Japan’s nearby wa- bullying of Australia and others, and especially against Ukraine tomorrow, much And Salt
ters in August. North Korea routinely lobs mis- threats against Taiwan. As the world’s third- faster than suggested by Boris John-
THE WALL STREET JOURNAL
siles over the islands. Tokyo says it will prepare largest economy, Japan has the wealth to do son (“For a Quicker End to the Russia
“for the worst-case scenario.” something to counter China. War, Step Up Aid to Ukraine,” op-ed,
Notably, the strategy calls for acquiring lon- The new strategy amounts to a revolution in Dec. 10): Let the Russian front lines
ger-range missiles that can strike enemy Japanese domestic politics, essentially tran- know that any Russian soldier who
launch-sites and ships, perhaps including the scending its postwar pacifist constitution. It deserts to the West will be issued a
U.S. green card immediately. This will
purchase of some 500 U.S.-made Tomahawk builds on the late Prime Minister Shinzo Abe’s
decimate the Russian military and
cruise missiles. This is the kind of capability vision of a Japan that sheds its postwar reluc- end the war, and also solve the labor
that forces other countries to think twice before tance to build a strong military. Rahm Emanuel, shortage here in the U.S.
attacking a sovereign neighbor. the U.S. ambassador to Japan, says a political ULRICH GERLACH
Also welcome is the focus on the vulnerabil- shift of this magnitude might normally take a de- Columbus, Ohio
ity of East Asia’s first island chain, from south- cade to accomplish. But the public mood changed
ern Japan to Taiwan. China is intensifying rapidly amid Russia’s invasion of Ukraine and
Letters intended for publication should
“military activities around Taiwan,” the strat- China’s increasing aggression. be emailed to wsj.ltrs@wsj.com. Please
egy says, and “the overall military balance be- The new strategy anchors Japan firmly in the include your city, state and telephone
tween China and Taiwan” is moving rapidly in U.S. alliance. Tokyo is America’s most important number. All letters are subject to
China’s favor. The fate of Taiwan matters enor- ally, and a militarily stronger Japan will en- editing, and unpublished letters cannot “I can’t take responsibility
be acknowledged.
mously to Japan’s ability to defend itself, espe- hance deterrence in the Pacific. for a baby doll right now.”
THE WALL STREET JOURNAL.
Disorder at the Border, and in the GOP
DECLARATIONS
By Peggy Noonan
I
want to talk about three sep-
arate things that to me aren’t
separate.
We are in a crisis on the
southern border. It is a disas-
ter. El Paso, Texas, is the latest city
to be overwhelmed. This Monday,
from the New York Times: “After
nightfall on Sunday, hundreds of mi-
grants stepped across the Rio
Grande . . . a caravan of people
mainly from Nicaragua whose cross-
ing was among the largest in recent
years along the West Texas border.”
More than 50,000 illegal immigrants
from Central and South America
came in October alone. Some are
sent to detention centers or shelters
for a short time; most are released
to disappear into America. In Del
Rio, Texas, last year, 9,000 illegal im-
migrants, mostly from Haiti, camped
under a bridge. Rural counties are
declaring a “local state of disaster.”
The party celebrates idiocy
in a New York ballroom
when a national crisis
demands seriousness.
It’s all so dangerous. The fentanyl
the drug cartels are bringing over
the border is killing more Americans
each year than we lost in Vietnam.
Anyone can cross. In the year ending
Sept. 30, Border Patrol has stopped
98 people on the southern border
who were on the U.S. terrorist watch
list. How many were missed?
We’re on a holiday from history
again.
The Democratic Party is commit-
ted to doing nothing. The party
made its position clear in the 2020
presidential primaries, when candi-
The Little Red Schoolhouse Could Do With a Little Competition
By Corey DeAngelis
N
ext year is shaping up to be
another success for school
choice nationwide. Already
there is significant appetite for ex-
panding education freedom in
states with unified Republican con-
trol, from Arkansas, Idaho, Iowa,
Nebraska and Ohio to Oklahoma,
South Carolina, Texas and Utah.
But opponents won’t go away qui-
etly. Teachers unions and their al-
lies are arguing that giving families
choices in education would devas-
tate their state’s rural public
schools.
This claim is neither new nor
persuasive. Democrat Joy Hofmeis-
ter called school choice a “rural
school killer” in her unsuccessful
bid for Oklahoma governor this No-
vember. Texas Democrat Beto
O’Rourke likewise failed in his at-
tempt to campaign against Republi-
can Gov. Greg Abbott’s support for
school choice. This week Iowa Sen-
ate Minority Leader Zach Wahls re-
sorted to the same tactic, calling
school choice “an existential
threat” to rural public schools.
These same politicians also
claim that rural constituents
wouldn’t benefit from school choice
because the local public school is
their only option. These arguments
can’t both be true. If rural families
didn’t have any other options, pub-
lic schools wouldn’t suffer. And if
rural public schools are as great as
the teachers unions say they are,
they would have no need to worry
about a little competition.
The truth is that rural families
benefit from school choice as much
as any others do. More options are
better than none, and supply isn’t
fixed. If you put taxpayer-funded
education dollars in the hands of
parents, new private education
providers will sprout up to meet
demand.
As Florida has increased its
scholarship programs over the past
two decades, the number of private
schools in the state’s rural areas
has increased from 69 in 2002 to
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
Karen Miller Pensiero, Managing Editor
Jason Anders, Deputy Editor in Chief
Neal Lipschutz, Deputy Editor in Chief
Thorold Barker, Europe; Elena Cherney, News;
Andrew Dowell, Asia; Brent Jones, Culture,
Training & Outreach; Alex Martin, Print &
Writing; Michael W. Miller, Features & Weekend;
Emma Moody, Standards; Shazna Nessa, Visuals;
Matthew Rose, Enterprise; Michael Siconolfi,
Investigations; Amanda Wills, Video
Paul A. Gigot
Editor of the Editorial Page
Gerard Baker, Editor at Large
**** Saturday/Sunday, December 17 - 18, 2022 | A15
OPINION
dates ignored border security old ladies in hats—in their time
and debated only who would they had shown some guts,
guarantee broader social ser- swimming against the tide, not
vices for migrants. The Biden becoming Democrats in a Dem-
administration has shown en- ocratic city, an increasingly
ergy in only one area, changing left-wing city, but staying true
the subject. to their basic principles. And
The Republican Party is at you have to be human, even in
least rhetorically committed to politics, and show respect. The
stopping what’s happening at Trump forces took over by
the border, but do they mean about 2017 and they were bru-
it? Are they serious? If they tal in their triumph—graceless,
were they’d be trying to win rubbing their foes’ faces in it.
support in America for broad, Some of the old ladies joined
JOSE LUIS GONZALEZ/REUTERS
coherent action, right? them. Some just disappeared
Here we jump to Manhattan, into the city. It was all very
to the already famous Saturday French Revolution, a thousand
night dinner of the New York Marats and Dantons over-
Young Republican Club. Gowns, whelming 10,000 weak and ri-
tuxedos, important national diculous aristos. It was also
speakers, a special night. Don- Manhattan losing to the forces
ald Trump Jr. said Republicans of the outer boroughs and the
must finally investigate Hunter The Rio Grande at El Paso, Texas, and Ciudad Juarez, Mexico. suburbs—a whole rising wave
Biden. Rep. Marjorie Taylor of scrappy, comparatively less
Greene, in the prime speaking spot, If the speakers at that dinner ligence and good faith. A vote for sophisticated voters who felt they’d
received the club’s Richard M. Nixon were even a little sincere about con- you is a vote to address the issues been ignored (they had) and ex-
Award, “given to a citizen who ex- trolling the border, they wouldn’t be that bedevil us, in a truthful and cluded (they had) and would now
emplifies the fundamental ideals of swanning about or beating their constructive way. A vote for you is a take over (they did).
Americanism.” She spoke of the Jan. chests like chimps but reaching out reassertion of a preference for nor- But unlike those old ladies in
6 attack on the Capitol: “I want to to those who share their alarm but mality. hats, they have no idea what is im-
tell you something, if Steven Bannon aren’t Trumpist. Instead, they stick The Trump wing of the party portant to independents, moderates,
and I had organized that, we would with their own club, one that, at can’t seem to do that. Maybe be- centrists and non-Republicans, and
have won. Not to mention we least in this instance, involves com- cause they don’t want to win, really; no idea how to talk to them. So they
would’ve been armed.” She took parative wealth, a certain conception they just want to feel good and have can’t win a thing statewide.
other strange turns—“defund the of glamour, and an insider feel. They parties and say outrageous things And they don’t seem to care. Be-
FBI,” Kamala Harris dresses in bor- seem to proceed as if they are all on and feel like truer Americans. cause they have great parties and
ing colors. Not a “single penny” the winning side, the side of what And my third item, which the they’re right and they’re the real
should go to “a country called they all call the base. But they ha- New York dinner left me thinking people, not big phonies in hats.
Ukraine whose borders are far away ven’t won a big election since 2016. about. It has to do with the old Re- The old ladies in hats were practi-
and most of you couldn’t find it on a There is one way in which they publican Party of New York. I saw cal. Their entire project was driven
map.” She charged, “You can pick up very much are winners—they that party up close in the early by the simple insight that politics is
a butt plug or a dildo at Target now- changed the policies and attitudes of 1990s. I would go to events at its a game of addition. You have to
adays.” I’ve never noticed that at a great party, making it more popu- clubs, sign books, sometimes speak. reach out and persuade. They didn’t
Target. I guess it depends on what list in domestic and foreign affairs. I did this because I felt sympathy always know how to reach out; they
you’re looking for. This was a huge win! for them and a tug of old loyalty. In were awkward in 10 different ways;
My point isn’t that she’s an idiot, But they couldn’t absorb it intel- one club the demographic skewed but they knew reaching out was nec-
though that appears to be true—she lectually or consolidate it politically. older and female. The women wore essary. They weren’t dizzy and glam-
once called Hitler’s secret police “the If you are a Trump candidate, you hats and they knew Rocky and orous, they had dignity and were se-
gazpacho”—or that the audience, would do this by showing voters— Happy and they’d been friends with rious. And when they lost their
which laughed and applauded, were not only Republicans but Democrats, Jack Javits, and time had passed fights within the party, they didn’t
idiots. It is that you don’t talk like independents, centrists, moder- them by. They were 1960s moderate bolt, they stayed and joined the
this and applaud if you are trying to ates—that a vote for you isn’t a con- liberals who had been replaced and younger conservatives.
win anyone over to your side. And if cession that they have grown radical supplanted by people like me—Rea- They didn’t seem it, but they were
you are serious about making Amer- or extreme or drawn to peripheral ganites, Kempites. tough, and they knew how to win.
ica better, you try to win people over issues. No, a vote for you is a vote Someone’s always being replaced Those who’ve replaced them, much
to your side. for a regular normal person of intel- and supplanted in politics, but those less so.
120 in 2022. Although more than the programs can help revitalize from Iowans in rural communities,” difference is that public school dis-
70% of Florida students are eligible struggling rural communities by who were 21.8 percentage points tricts have relatively more political
for private-school scholarships, the creating incentives for much-needed likelier to support than oppose the power there because they’re often
share of students in Florida’s rural career and technical training and program. The latest nationwide one of the community’s largest em-
private schools has grown by only keeping residents from leaving for polling from RealClear Opinion Re- ployers. But giving families more
2.4 percentage points since 2012. opportunity elsewhere. search found that 82% of Republi- options doesn’t result in a net loss
Despite a growth in private op- School choice is popular among cans support school choice. of jobs; school choice simply allows
tions, the mass exodus from rural Republican voters in rural areas. “Harm” inflicted on rural schools families to determine where those
public schools that many have Eighty-eight percent of Texas Re- is no longer a legitimate excuse to jobs are concentrated.
warned about hasn’t happened. In publican primary voters supported oppose school choice. The claim According to OpenSecrets, over
fact, 25 of the 28 studies on the certainly hasn’t prevented others 90% of campaign contributions
topic find that private-school from enacting innovative education from public-school employees in
choice leads to better outcomes in Choice hurts rural schools: initiatives. The nine most rural deep-red rural Texas went to Dem-
public schools, from increased test states, according to Census Bureau ocrats during the last election cy-
scores to reduced absenteeism and The teachers unions data, all have some form of private cle. As education researchers Jay P.
suspensions. Competition is a rising promote another easily school choice. West Virginia has Greene and Ian Kingsbury noted,
tide that lifts all boats. the second-most-expansive educa- school choice merely shifts “some
The primary vehicle for enabling debunked myth. tion-savings-account program in of the jobs from public schools
choice has been education savings the nation, behind Arizona. Maine dominated by Democrats to other
accounts, which give parents a por- and Vermont are home to the old- schools whose values would be
tion of their children’s state educa- it on the 2022 ballot, up 9 points est private-school voucher pro- more likely to align with the those
tion funds. This money can be used since 2018. Among the 200 Texas grams in the country—both passed of the parents in those areas.”
for tuition at brick-and-mortar pri- counties with fewer than 100,000 in the 19th century—which were Why shouldn’t parents have that
vate schools but also for other edu- residents, support remained at 88%. specifically designed for students in choice?
cational expenses, such as tutoring, The same applies in other states. A rural areas without public schools.
microschooling, online learning, in- 2022 poll from Iowa found that The arguments against school Mr. DeAngelis is a senior fellow
structional materials and home “the strongest net favorability” for choice are no more compelling in at the American Federation for
schooling. Thanks to their flexibility, education savings accounts “was rural areas than others. The only Children.
Elon Musk, Dr. Fauci and the Next Pandemic
About the last Here a typically idiotic Twitter He and others were terse at best about when to mislead.
thing America spat this week between Elon Musk in letting Americans know the ludi- Consistently misunderstood, es-
needs is a 9/11- and John Brennan, the former CIA crously emphasized “confirmed pecially by the relentless Trump
style commission chief, can get us started. Mr. Musk case” count made Covid seem both critic Bob Woodward of the Wash-
on Covid, as some offered a silly and irresponsible re- rarer and more deadly than it was. ington Post, officials were under a
in Congress are mark, which is Twitter’s stock in More generally, he and other offi- de facto mandate to avoid panic.
pushing. No giant trade, tweeting, “My pronouns are cials seemed eager to abet the cen- The mayor of New York, the gov-
BUSINESS
amount of classi- Prosecute/Fauci.” sorious segment of the public to be- ernor of California, Dr. Fauci and
WORLD
fied information Mr. Brennan, a veteran of the rate others about masks, CDC’s Dr. Nancy Messonnier all de-
By Holman W.
needs to be exam- Obama administration, took excep- vaccinations and lockdowns beyond clared that Covid was nothing to
Jenkins, Jr.
ined by an ap- tion and, grandpa-style, declared their merits. worry about, by which they really
pointed few to help Dr. Anthony Fauci a “national hero” meant don’t worry yet. Their quotes
us prepare for next outbreak. On while pronouncing Mr. Musk an up- now seem indefensibly glib. But un-
the contrary, unending research and start whippersnapper grown too big A silly Twitter spat der the textbook plan of “flatten the
lesson-drawing is already under for his britches. curve” the goal was to slow the
way world-wide. The next pandemic I paraphrase, of course. ought to help us rethink spread only as needed to ease the
will bring both similarities and dif- In fact, Dr. Fauci may face legal the value of trying to burden on hospitals. Virtually any
ferences from the last one, and it trouble if he’s found to have sup- politician who paid attention to
will behoove us to have lots of pressed information about unsafe manipulate the public. briefings understood job one to be
global research to pick and choose research the U.S. government was playing down the new virus until it
the relevant lessons from. funding at the Wuhan lab. But oth- was time to institute specific mea-
An exception? Domestic soul- erwise he could best serve now by At times he also seemed to wave sures.
searching might pay off on the speaking frankly about why certain off responsibility for the downside Now this seems a mistake, at
question of political communication. public statements during the pan- of his advice aimed at reducing ab- least a tad too manipulative. Two
demic were less concerned with solutely the number of cases, saying female leaders—Germany’s Angela
truth than with influencing public it was somebody else’s job to con- Merkel and New Jersey’s state
behavior. sider the trade-offs in lost employ- health commissioner, Judith Persi-
Dr. Fauci himself misled more ment, depression, missed schooling, chilli—were comparatively frank
Robert Thomson than once on masks, first to pre- suicide. from the earliest days about how
Chief Executive Officer, News Corp serve mask supply for hospital And not for Dr. Fauci or any the pandemic would develop: The
Almar Latour staff, then to encourage public other official was the advice adver- virus would become endemic. All
Chief Executive Officer and Publisher
takeup of masks by exaggerating tised from day one on the CDC web- would be exposed.
DOW JONES MANAGEMENT: their ability to spare you from site (until it mysteriously disap- Ms. Persichilli in particular said
Daniel Bernard, Chief Experience Officer; catching Covid (they work best to peared): “In the coming months, she expected to get Covid and so
Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
stop you from spreading it). most of the U.S. population will be should you. Here may be the one
For longer than was appropriate, exposed to this virus.” lesson yet to be learned. A wider
Counsel, Chief Compliance Officer; Dianne DeSevo,
Chief People Officer; Frank Filippo, EVP, Business he encouraged Americans to believe At worst, he and others thought dose of such realism would have
Information & Services, Operations; Robert Hayes, vaccination wouldn’t just protect it wouldn’t be good for their per- helped Americans make better,
Chief Business Officer, New Ventures; them from severe illness, but stop sonal brands to be seen delivering more rational choices about pro-
Elizabeth O’Melia, Chief Financial Officer;
Josh Stinchcomb, EVP & Chief Revenue Officer,
them from getting and spreading this unwelcome but realistic news tecting the most vulnerable, worry-
WSJ | Barron’s Group; Jennifer Thurman, Chief the virus. to the American people. ing less about the young and
Communications Officer; Sherry Weiss, Chief He never went out of his way to In Mr. Brennan’s suggestion Dr. healthy, while having confidence
Marketing Officer let young people know that, because Fauci did his best, a fair conclu- that most of us would survive and
EDITORIAL AND CORPORATE HEADQUARTERS:
they were at least risk from severe sion from a grown-up perspective society would adapt just fine to a
1211 Avenue of the Americas, New York, N.Y., 10036 illness, they had the least to gain if we understand doing his best to new respiratory virus, as it had in
Telephone 1-800-DOWJONES from vaccination. mean making judicious decisions the past.
A16 | Saturday/Sunday, December 17 - 18, 2022 **** THE WALL STREET JOURNAL.

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 BUSINESS | FINANCE |

DJIA 32920.46 g 281.76 0.8%

Small Batteries
Here’s a plan to
make accessible
electric vehicles. B2

TECHNOLOGY |
EXCHANGE
MANAGEMENT
NASDAQ 10705.41 g 1.0% STOXX 600 424.74 g 1.2%
THE WALL STREET JOURNAL.
10-YR. TREAS. g 9/32 , yield 3.481%
******

OIL $74.29 g $1.82

Upon Reflection
Looking back, who
knew stocks would
fall? B6

Saturday/Sunday, December 17 - 18, 2022 | B1

GOLD $1,790.00 À $12.80 EURO $1.0587 YEN 136.70

Stocks
Retreat,
Driven by
Recession
Worries
BY JOE WALLACE
AND ERIC WALLERSTEIN

Stocks fell again Friday, with in-

vestors forced to wrestle anew with
the prospect of higher-for-longer in-
terest rates and the risk of recession.
The S&P 500 dropped 43.39
points, or 1.1%, to 3852.36 a day af-
ter falling 2.5%. Each of the index’s
11 sectors finished in the red.
The Dow Jones Industrial Average
fell 281.76 points, or 0.85%, to
32920.46. The technology-focused
Nasdaq Composite slid 105.11 points,
or 1%, to 10705.41. All three major
indexes fell at least 1.5% this past
week, with technology stocks and
other growth-sensitive segments
suffering the most.
Investors who had been growing
optimistic because of moderating in-
flation now find themselves worried
Please turn to page B11

Apple Mulls
Plan to Let
Users Skirt
App Store
BY AARON TILLEY
AND SAM SCHECHNER

Apple Inc. is preparing to let ap-

plications be downloaded onto
iPhones and iPads outside its App
Store, while trying to limit the im-
pact on the devices’ security and the
JAN FEINDT

company’s business, according to

people familiar with the matter.
The tech giant’s software and
app-store engineering group is
spearheading work on the technical

Disney: Endgame
Bob Iger undermined, then succeeded, Bob Chapek, the man he had picked to replace him;
a fed-up CFO dialed Mr. Iger, knowing he was the one who could dislodge Mr. Chapek
Los Angeles
ob Iger had been out of Walt
Disney Co. for nearly a year,
but as most people around
him knew, he had never really
let go. Acting almost as a
shadow CEO, he had undermined
his successor and provided an ear for un-
happy Disney executives, some of whom
he had mentored.
When the call to return as chief execu-
tive came, it was from someone on his
old team. Mr. Iger later told people he
had an inkling of how the script would
go.
For nearly three years, Mr. Iger’s cho-
sen successor at Disney, Bob Chapek, had
BY JOE FLINT, ROBBIE WHELAN,
ERICH SCHWARTZEL, EMILY GLAZER
AND JESSICA TOONKEL
faced one crisis after another: a pan-
demic that closed theme parks and movie
theaters, a bitter fight with Florida’s gov-
ernor and a previously unreported board-
room clash with his chief financial offi-
cer.
One by one, Mr. Chapek had lost sup-
port of Disney fans, studio talent, execu-
tives, employees, Wall Street and, finally,
the company’s board.
The troubles boiled over in a Nov. 8
earnings call. During the 56-minute pre-
sentation, Mr. Chapek glossed over a
$1.47 billion loss in Disney’s streaming
division and focused instead on such suc-
cesses as Mickey’s Not-So-Scary Hallow-
een Party, one of Walt Disney World’s
live attractions.
In a text exchange with Disney Chief
Financial Officer Christine McCarthy,
CNBC’s Jim Cramer called the results
“devastating.”
The next day, Disney shares plum-
meted 13.2%, one of the largest one-day
drops in company history. Nelson Peltz,
the second activist investor to challenge
Disney this year, started buying shares.
Mr. Cramer on his show called for Mr.
Please turn to page B4
changes to enable alternate app
stores and other software makers
access to the iPhone in response to a
new European Union law aimed at
creating more competition for the
most powerful tech companies, the
people said.
The changes would give compa-
nies other than Apple access they
have long coveted to load apps out-
side of the rules and payment sys-
tem of Apple’s cash-cow App Store,
something often called sideloading.
At the same time, Apple is likely
to make use of a provision in the
new law that would allow it to im-
pose restrictions on sideloaded apps,
to protect the security of its devices,
the people said. Those restrictions
could include requiring security
checks and malware scans for side-
loaded apps, one of the people said.
An Apple spokeswoman declined
to comment.
Apple is trying to have the side-
loading feature ready to announce
by next summer for its annual devel-
oper conference, but it is also possi-
Please turn to page B2

SCIENCE OF SUCCESS | BEN COHEN

The New CEO of FTX on

How to Clean Up a Mess
There was one
question that nobody
in this past week’s
congressional hearing
asked the new chief
executive officer of
FTX: Why would any-
body want that job?
“I am drawn to crisis,” John J.
Ray III told me in an email. “There
is something about the sheer chaos
and human panic that creates an
unbridled energy.”
His work depends on colossal
failure in which unfathomable
amounts of money have gone miss-
ing. His success will be measured
by how much he can find and how
quickly he can find it.
Anyone drawn to crisis would
have felt the gravitational pull of
FTX’s catastrophic implosion from
another galaxy. The cryptocurrency
exchange is bankrupt and owes bil-
lions of dollars to what could be
millions of creditors. Only someone
NATHAN HOWARD/GETTY IMAGES

The same person who became
CEO of Enron under similar circum-
stances of chaos and panic is now a
central figure in another genera-
tional business scandal because of
the market for his talents: Mr. Ray
is in high demand when something,
somewhere has gone horribly
wrong.
like Mr. Ray could have been so ea-
ger for the job. “I love jumping into
the breach,” he said.
Others start companies. He sal-
vages whatever is left of them. That
is the difference between Mr. Ray
and the people he tends to replace.
They promise disruption. He re-
Please turn to page B6 FTX’s new CEO, John J. Ray III, testified before Congress earlier this week. ‘I am drawn to crisis,’ he says.
 B2 | Saturday/Sunday, December 17 - 18, 2022
MODERNA INC.
 A new Moderna trial gave its
stock a shot in the arm. In
MRNA the 150-volunteer study, the
combination of Moderna’s
20% personalized cancer vaccine
and Merck & Co.’s Keytruda
cancer immunotherapy reduced mela-
noma patients’ risk of relapse or death
by about 44%, versus Keytruda alone,
the companies said Tuesday. Moderna
has been eyeing new uses for its mRNA
technology since it was validated with
the company’s widely used Covid-19 vac-
cine, and if the combination proves suc-
cessful in further testing, the results
could broaden its applications. Moderna
shares surged 20% Tuesday.
DELTA AIR LINES INC.
 Delta sees clear skies ahead.
The U.S. carrier on Wednes-
DAL day lifted its outlook for the
fourth quarter on strong de-
2.8% mand for air travel, easing
concerns about a travel slow-
down. Delta’s outlook came a day after
JetBlue Airways Corp. warned that de-
mand this month appears to be pacing
below expectations. JetBlue’s update
raised worries that the travel boom
from earlier this year was beginning to
fade ahead of a possible recession. After
losing billions of dollars during the pan-
demic, airlines are turning a profit as
travelers pack planes despite higher
fares. Delta shares gained 2.8%.
The Incredible Shrinking EV Battery
Faster-charging electric vehicles could eventually become more affordable than gas cars
What if electric
cars could cost signif-
icantly less than they
do now, charge in the
same amount of time
it takes to fill up a
tank of gas and use
far less of the scarce materials that
currently constrain their produc-
tion?
That’s a future some electric-ve-
hicle experts say we should be fo-
cusing on. For years, electric-car
buyers have been trained to look at
one number above all others when
considering a new vehicle: How far
does it go on a charge? The more
miles, the better, goes the logic, or
else consumers will feel “range
anxiety”—that fear that you could
end up stuck on the side of the
road, all out of electrons and with
no place to recharge.
Now, some researchers argue
that it’s time to consider selling
cars with smaller battery packs and
less range, but the ability to charge
faster.
Accomplishing this will require
overcoming significant obstacles—
including the development of still-
fledgling battery technology and
the creation of a pervasive network
of fast-charging stations. But the
advantages could be huge.
The logic is that an EV that can
charge quickly enough would, for
uses such as city driving, be better
than today’s slower-charging EVs
with bigger battery packs. Such
faster-charging vehicles could also
be significantly cheaper than to-
day’s EVs. Eventually, it could even
mean EVs that are significantly
cheaper than their gasoline-drink-
ing equivalents.
Batteries today are the biggest
single factor keeping electric vehi-
cles unaffordable for many. Their
cost, which for decades has fallen
rapidly, has finally leveled off. In
2022, the cost actually crept up
compared with 2021. Carrying
more batteries to extend range not
only adds cost to cars, it adds
weight, making them less efficient.
And building batteries requires raw
materials that are in perennial
short supply, meaning capacity
could be constrained for a long
time.
Promise and peril
Advanced Research Projects
Agency-Energy, known as ARPA-E,
is the U.S. government’s agency for
doling out grants to researchers
working on breakthrough energy
technologies at too early a stage
for private investment.
Halle Cheeseman is a 40-year
veteran of the commercial battery
industry, and for the past two years
has been head of an ARPA-E pro-
gram intended to make electric ve-
CHRIS MORGAN/IDAHO NATIONAL LABORATORY
hicles more affordable and accessi-
ble. To explain the potential of
electric vehicles that charge much
faster than today’s do, Dr. Cheese-
man has created a simple model.
Imagine two vehicles on a road
trip between Orlando and Washing-
ton, D.C., a distance of about 860
miles. One vehicle has 300 miles of
range and can fully recharge in
about an hour, which is typical of
how long it takes many of today’s
PERFORMANCE OF CRYPTO STOCKS THIS WEEK
Source: FactSet
15%
10
5
0 Verizon and Netflix is the latest alliance
–5
–10
–15
–20
Mon. Tues.
COINBASE GLOBAL INC.
 FTX’s collapse is unraveling crypto stocks. The
founder of the crypto exchange was arrested,
COIN charged with eight counts of fraud, and sued by
9.2% regulators for allegedly stealing billions of dollars
from FTX customers while misleading investors and lend-
ers. Shares of a rival crypto exchange, Coinbase, dropped
9.2% Tuesday, while shares of Silvergate Capital—a bank
tied to crypto—tumbled 12%.
KEYWORDS | CHRISTOPHER MIMS
Lithium-ion battery pack price
$800 a kilowatt hour
600
400
200
0 will prioritize building fast char-
2013 ’15 ’17 ’19
Note: Inflation adjusted to 2022 dollars
Source: BloombergNEF
faster-charging EVs to refill at a
charging station. Another vehicle
has a battery only half as big, with
150 miles of range, but can re-
charge fully in 15 minutes. The ve-
hicle with half as much range but
four times the charging speed beats
its much heavier and more expen-
sive cousin by about 20 minutes.
Fast chargers—with a catch
If you listen to the marketing
spiels for some of today’s fastest-
charging electric vehicles, including
the Porsche Taycan and the Tesla
Model Y, you might come away
thinking that we have already
achieved fast-charging technology
of the kind that ARPA-E and others
are funding.
For example, the 2023 Kia EV6
electric crossover SUV has a range
of 310 miles, and can go from 10%
to 80% charge in just 18 minutes, if
it’s connected to an ultrafast “DC
fast charger.”
The problem with those figures
is that they assume that a DC fast
charger is available, and that it can
deliver power at its maximum rated
capacity. But DC fast chargers that
can put as much power into an EV6
as it can accept are rare in most
parts of the U.S. Even if you find
one, for a number of reasons, from
THE SCORE
THE BUSINESS WEEK IN 7 STOCKS
Robinhood
Coinbase
Silvergate
Wed. Thurs. Fri.
A scientist at Idaho National Laboratory working on charging software.
the outdoor temperature and the
state of a vehicle’s battery to
whether other vehicles are plug-
2022
ging in at the same charging sta-
$151 tion, it’s unlikely your vehicle will
+6.9% charge at its maximum speed.
The infrastructure bill signed
into law in November 2021 sets
aside $7.5 billion toward an even-
tual goal of building 500,000 charg-
ing stations in the U.S. through
partnerships involving public and
private investment. This program
gers, but states have struggled to
’21
do so in the past.
The fastest chargers can be ex-
pensive to build and strain local
grids, necessitating upgrades.
Currently, the U.S. has nearly
50,000 public chargers, but only
about 6,600 fast chargers, of which
about 1,600 belong to Tesla, ac-
cording to the U.S. Department of
Energy. For perspective, the U.S.
has around 145,000 gas stations.
Also, while non-Tesla vehicles
can now charge at Tesla’s fast-
charging stations, many drivers are
finding it difficult or impossible to
do so, for reasons ranging from
plug incompatibility to cables that
are too short.
Breakthroughs needed
Assuming the U.S. eventually
rolls out enough fast-charging sta-
tions, consistently getting vehicle
charge times down to 15 minutes
isn’t realistic with today’s battery
technology, says Dr. Cheeseman.
A number of promising technolo-
gies could allow batteries to charge
much more quickly than they do to-
day. Currently, what limits charge
speed in most batteries is the
chemistry of its anode—the nega-
tively charged terminal—says Dr.
Cheeseman. Most anodes in EV bat-
teries are made of graphite, which
is increasingly scarce and expen-
sive.
Replacing graphite with silicon is
one promising way to make batter-
ies charge faster. Like sponges,
****
VERIZON COMMUNICATIONS INC.
 Verizon and Netflix are team-
ing up to woo customers. Ve-
VZ rizon said it would give some
of its customers free Netflix
1.1% for a year if they subscribed
to another service through its
new streaming marketplace, joining a
growing field of companies looking to
serve as middlemen between streamers
and customers. The partnership between
forged by streaming companies and con-
nectivity providers as they try to attract
and retain customers. Netflix is working
to stoke subscriber growth, which has
flatlined over the past year. Verizon
shares lost 1.1% Wednesday.
TESLA INC.
 Tesla shares are veering to-
ward new lows. The electric-
TSLA vehicle maker’s chief execu-
tive, Elon Musk, sold more
2.6% than $3.5 billion worth of
shares over a three-day pe-
riod ended Dec. 14, per a regulatory dis-
closure made public Wednesday. Mr.
Musk has sold more than $39 billion in
Tesla shares since the stock peaked in
November 2021. Since then, Tesla’s mar-
ket capitalization has lost more than
$700 billion. Mr. Musk’s focus on his
purchase of Twitter Inc. has irritated
some Tesla investors. Tesla shares
closed down 2.6% Wednesday, the low-
est level in more than two years.
both materials absorb lithium ions
when a battery is charging, but sili-
con can absorb 10 times as many,
which also means it can soak up
those ions faster.
Another potential approach
would be switching to “lithium
metal” batteries, which can be part
of solid-state batteries that don’t
contain the liquid most other kinds
of batteries do, says Eric Wachs-
man, director of the Maryland En-
ergy Innovation Institute at the
University of Maryland. Solid-state
batteries can charge fast without
encountering certain problems that
conventional batteries do, says Dr.
Wachsman.
It’s also possible that engineers
and car makers will get us closer to
the dream of universal fast charg-
ing without breakthroughs in bat-
tery design. At Idaho National Lab-
oratory, a federal research lab,
scientists have discovered that they
can safely charge existing vehicles
much faster by using sophisticated
software to ramp up and down the
amount of current being fed into a
vehicle’s battery.
A number of companies are al-
ready working on lighter vehicles
with smaller batteries. Examples
include the ultralight, three-
wheeled EV from startup Aptera,
and Mercedes’s prototype EQXX ve-
hicle. The innovations that go into
these vehicles, which include ul-
tralow air resistance and rolling re-
sistance, could, in combination with
smaller batteries, someday lead to
the affordable EVs that ARPA-E
wants its grant recipients to help
create, says Dr. Cheeseman.
Those who work on batteries are
convinced that better ones are
coming to an EV near you, and
fairly soon. For decades, most bat-
teries had roughly the same chem-
istry as the first commercial lith-
ium-ion batteries, which made its
debut in 1991. Now, says Eric Dufek,
a scientist at Idaho National Lab,
“battery technology in general is
moving a lot faster than it used to.”
THE WALL STREET JOURNAL.
WARNER BROS. DISCOVERY INC.
 The overhaul of Warner Bros.
Discovery is getting pricier.
WBD The entertainment giant said
it expects to face as much as
8.9% $1 billion more in restructur-
ing charges than it had fore-
cast less than two months ago. The an-
nouncement comes as the company
continues to cut costs and cancel pro-
gramming commitments following the
combination of Discovery Inc. and AT&T
Inc.’s WarnerMedia unit. Since the com-
pletion of the merger earlier this year,
there have been significant layoffs, and
high-profile projects and shows have
been killed or canceled. Warner Bros.
Discovery shares fell 8.9% Thursday.
DARDEN RESTAURANTS INC.
 Higher costs took a bite out
of Darden. The operator of
DRI Olive Garden and other res-
taurants said sales rose 9.4%
2.1% in its latest quarter as people
continued to go out to eat,
but its profit slipped 3%. The reason: To-
tal operating expenses rose amid large
increases in food and beverage costs as
well as restaurant labor expenses.
Darden and other restaurant operators
have been raising menu prices this year
to offset ballooning costs. The price of
dining out is up 8.5%, according to the
latest data from the Labor Department.
Darden shares declined 2.1% Friday.
—Francesca Fontana
Apple Mulls
App-Store
Alternatives
Continued from page B1
ble that the company will decide
not to move ahead with the plan,
one of the people said.
Bloomberg earlier reported
Apple’s plan to allow sideloading
in response to the European law.
Apple’s effort comes as tech
companies are starting discus-
sions with the European Commis-
sion, the EU’s executive arm,
about which of the company’s
services will be subject to which
provisions of the law, called the
Digital Markets Act.
The law, passed earlier this
year over the objections to some
provisions from Apple and many
of its rivals, aims to create more
competition for the biggest tech
companies operating in Europe,
as defined in part by revenue,
number of users and market capi-
talization. Those companies are
expected to include Apple, Alpha-
bet Inc. and Amazon.com Inc. and
others. Its provisions will be en-
forced beginning in 2024.
Apple is debating internally
whether it should launch the
changes only in Europe in re-
sponse to the EU law, or expand
the opening of its system more
broadly, the person familiar with
the matter said. Other govern-
ments, including the U.S. and
South Korea, are scrutinizing the
dominance of Apple’s and
Google’s mobile-app platforms.
Exploring sideloading is a ma-
jor turnaround for Apple. The
company has for years battled
lawmakers, regulators and rivals
around the world to defend its
control of how developers can ac-
The EU’s Digital
Markets Act aims to
create more tech-firm
competition .
cess the more than one billion us-
ers of its devices. It has argued
that sideloading could allow ma-
licious actors to access users’
phones. Earlier this year, it said
the EU law would “cripple the
privacy and security protections
that users have come to expect.”
Critics accuse Apple of restrain-
ing competition by requiring app
developers to use its store and
payment systems and then charg-
ing them commissions of up to
30% for certain transactions.
Apple has long described its
iPhone as being more secure be-
cause of how it controls its own
software ecosystem, approving
each app and serving as the sole
gateway to download them.
Tech executives say they are
cooperating with European regu-
lators over the new law, hoping
dialogue will lead the EU to
adopt interpretations of certain
provisions that the companies
find workable. The law says that
some of its provisions, including
the one about sideloading, could
be complemented by company-
specific interpretations—some-
thing that will be the subject of
negotiations with companies over
the next year.
THE WALL STREET JOURNAL. * ******* Saturday/Sunday, December 17 - 18, 2022 | B3

BUSINESS NEWS

GM’s Self-Driving Cars Examined Musk

Seeks
Regulator responds
to reports of crashes
where they aren’t able to
safely proceed, they pull over
and turn their hazard lights
Additional
involving Cruise autos
after hard braking
on. A team is typically on site
in 10 minutes, he said.
In September, Cruise said it
Funds for
BY RYAN FELTON
recalled the software used in
its driverless Bolts after a
crash that resulted in minor
Twitter
U.S. auto-safety regulators injuries. Cruise said it updated
launched an investigation into the software, and the action BY ALEXA CORSE
the autonomous-driving sys- didn’t affect or change its on-
tem used by General Motors road operations. Elon Musk‘s team has
Co.’s driverless-car unit. Despite the setbacks, reached out for potential fresh
The National Highway Traf- Cruise, which is majority investment for Twitter Inc. at

fic Safety Administration said
in a filing made public Friday
that it had received notices of
incidents in which vehicles
from GM’s Cruise LLC division
might engage in inappropri-
ately hard braking or stall
while operating on public
roads.
The agency said it received
three reports of crashes in-
volving Cruise vehicles brak-
ing hard in response to an-
other road user approaching
from behind. NHTSA learned
about the incidents in which
cars became immobilized
through a variety of sources, it
said, but the specific number
of instances that occurred is
unknown.
“Although the two types of
incidents appear to be dis-
tinct, they each result in the
Cruise vehicles becoming un-
expected roadway obstacles,”
NHTSA said in the filing. The
investigation covers 242 vehi-
cles from Cruise’s fleet.
Cruise said it is cooperating
with NHTSA. The company
said its cars have logged nearly
The company said its cars have logged nearly 700,000 fully autonomous miles.
700,000 fully autonomous
miles in what it described as a
complex, urban environment,
with no life-threatening inju-
ries or fatalities.
“There’s always a balance
between healthy regulatory
scrutiny and the innovation we
desperately need to save lives,”
a Cruise spokesman said.
Cruise began offering driv-
erless rides in June to paying
customers in parts of San
Francisco, after receiving its
final approval from state regu-
lators. The company on Thurs-
day said it got clearance from
the California Department of
Motor Vehicles to expand the
service citywide, although it
still needs approval from utili-
ties regulators.
The examination of Cruise’s
operations represents the
third formal probe NHTSA has
opened into a developer of au-
tomated driving systems,
NHTSA said. The agency has
previously investigated a
startup backed by the Toyota
Motor Corp., Pony.ai, over its
handling of an earlier safety
issue, a spokeswoman said.
The agency has stepped up
its oversight of advanced
driver-assistance features over
the past year, in particular by
requiring companies to submit
reports of crashes. Those re-
ports in part led NHTSA to be-
gin its probe, the regulator
said in its filing.
In recent years, Cruise and
other driverless-car developers
pushed back their timelines to
commercialize robotaxi ser-
ELIJAH NOUVELAGE/REUTERS
owned by GM, has said it is
expanding to Phoenix and Aus-
tin, Texas, by the end of this
year and plans to launch in
more U.S. cities next year. The
company has targeted $1 bil-
lion in annual revenue by 2025
and as much as $50 billion by
the end of the decade.
vices, citing technical complex- Cruise, meanwhile, has
ity and regulatory hurdles. sought approval from California
Cruise is among a handful of regulators to begin public test-
companies working to expand ing of a shuttle called the Ori-
service in U.S. cities. Alphabet gin that has no steering wheel
Inc.’s Waymo division is offer- or manual controls, The Wall
ing fully autonomous rides in Street Journal has reported.
the Phoenix area. Federal regulations allow
Cruise’s commercial opera- GM to deploy the Origin for
tions experienced setbacks testing purposes. But Cruise
within weeks of launching in needs an exemption to federal
San Francisco. The company motor-vehicle-standards to
had trouble with cars cluster- launch the Origin for commer-
ing at intersections and block- cial services.
ing traffic, incidents that were GM asked NHTSA in Febru-
captured on video and posted ary to grant it a temporary ex-
on social media. Employees emption to allow it to operate
had to then manually retrieve a limited number of vehicles
some of the vehicles, a Cruise without steering wheels or
spokesman said. manual controls on public
A Cruise spokesman said roadways, according to a peti-
safety is Cruise’s priority. If its tion submitted to regulators.
cars encounter situations The request remains pending.
the same price as the original
$44 billion deal, according to
one shareholder who said he
was contacted about the pro-
posal.
Ross Gerber, president and
CEO at Gerber Kawasaki
Wealth & Investment Manage-
ment, said a representative for
Mr. Musk contacted him about
offering more shares Thursday.
Mr. Gerber said his firm had
previously put up less than $1
million to back Mr. Musk’s
takeover of Twitter, which was
completed in late October at a
price of $54.20 per share.
Semafor earlier reported the
new outreach to investors.
Twitter didn’t immediately
respond to a request for com-
ment.
Additional equity invest-
ments would likely dilute exist-
ing Twitter shareholders. The
potential extent of the dilution
from the latest fundraising ef-
fort couldn’t immediately be
determined.
Mr. Musk this week sold
more than $3.5 billion worth
of Tesla Inc. stock. It was his
second round of sales since
buying Twitter Inc. Mr. Musk

TuSimple Satellite Owner Maxar Gets Buyout Offer sold nearly 22 million Tesla
shares over a three-day period
ended Dec. 14, according to a
Layoffs BY MIRIAM GOTTFRIED
regulatory disclosure made
public Wednesday.

Could Cut Advent International

agreed to buy Maxar Technol-
Mr. Musk’s ownership of
Twitter has gotten off to a tu-
multuous start. Last month,
Staff by Half ogies Inc. in a deal that values
the satellite owner and opera-
Mr. Musk said Twitter had suf-
fered “a massive drop in reve-

Next Week tor at about $4 billion.

BY HEATHER SOMERVILLE
Self-driving trucking com-
pany TuSimple Holdings Inc.
plans to cut potentially half its
workforce next week, people
familiar with the matter said,
as it scales back efforts to
build and test autonomous
Advent is paying $53 a
share for Maxar, the compa-
nue” and was losing $4 million
a day. He later invoked the
specter of bankruptcy.
nies said, confirming an ear- As part of the acquisition,
lier Wall Street Journal report. Twitter took on around $13
Shares of Maxar, which had billion in debt. That could
fallen 23.5% since the begin- leave the social-media com-
ning of the year, closed at pany owing annual interest
$23.10 on Thursday. They payments of more than $1 bil-
soared 125% Friday on the lion, analysts have estimated,
news to close at $51.93. compared with around $51
Including debt, the transac- million in 2021.
JEFF ZEHNDER/ALAMY

truck-driving systems.
A staff reduction of that size
would likely affect at least 700
employees, the people said. As
of June, TuSimple had 1,430
full-time employees globally. It
Company CEO
Cheng Lu says that
he intends ‘to right
the ship.’
has operations in San Diego,
Arizona, Texas and China.
The retrenchment follows a
dramatic series of events, in-
cluding the removal of the
chief executive in October af-
ter a board investigation con-
cluded that TuSimple had
shared confidential informa-
tion with a Chinese startup.
TuSimple faces multiple fed-
eral investigations into its re-
lationship with the Chinese
startup, Hydron Inc.
TuSimple President and
Chief Executive Cheng Lu, who
previously held the CEO job
and returned to the position in
November, said on Friday that
he intended “to right the ship,
and this includes ensuring the
company is capital efficient.”
The company plans to scale
back significantly its work on
building self-driving systems
and testing self-driving trucks
on public roads in Arizona and
Texas, the people familiar with
the matter said. As part of the
downsizing, much of TuSim-
ple’s operation in Tucson,
Ariz., where it does a lot of its
test driving, will be elimi-
nated, and the team that
works on the algorithms for
the self-driving software also
will be pared back signifi-
cantly, the people said.
TuSimple will focus on
building out a software prod-
uct that matches self-driving
trucks with shippers that have
freight to haul, with the aim of
offering freight transport at a
lower cost than human-driven
trucks, the people said.
TuSimple’s stock closed at
about $1.54 on Friday, a 75%
decline in the past two months
and down 96% from its 2021
initial public offering price.
tion is worth $6.4 billion, mak- Mr. Musk’s focus on Twitter
ing it one of the bigger buyouts has irritated some Tesla inves-
to be announced during the past tors as the company tracks for
few months, when market tur- its worst annual stock-price
moil and a challenging financ- performance on record.
ing environment have made it Mr. Gerber said he was re-
harder to do deals. The debt for Maxar operates a constellation of satellites that allows it to collect detailed images from space. viewing the proposal, but had
the transaction will be supplied some questions about how
by a group of nonbank lenders. countries among its customers lion in defense, security and cy- the defense sector. “For us, Twitter was being run. Those
Based in Westminster, and employs 4,400 people, ac- bersecurity over the last three this is a growth story,” Mr. include how long Mr. Musk in-
Colo., Maxar owns and oper- cording to its website. It years. Among its portfolio com- Malani said of Maxar. “This is tended to act as chief execu-
ates a constellation of satel- trades on both the New York panies are Cobham Advanced a business that has been rela- tive and any transition plan,
lites that allows it to collect Stock Exchange and the To- Electronics Solutions and Ultra tively underappreciated by the he added.
detailed images from space. ronto Stock Exchange. Electronics Group, both of public markets.” Mr. Gerber, who also is an
Its technology is used for geo- Boston-based Advent has which work closely with the He said Advent plans to investor in Musk-run electric
spatial intelligence and de- completed over 400 private-eq- U.S. Defense Department. help accelerate the company’s car maker Tesla, said he wasn’t
fense and also powers Google uity investments across 41 Those relationships helped planned launch of a new con- concerned about how Twitter
Maps. Images in the news of countries. Founded in 1984, the Advent identify satellite-based stellation of satellites. is doing so far, but said he
the battlefield in Ukraine are firm had $89 billion in assets intelligence as another prior- Advent’s deal with Maxar is wanted more communication.
often provided by Maxar. under management as of Sept. ity for the U.S. government, subject to a 60-day “go-shop” “I think they just need to be
The company, whose ori- 30. It finished raising a $25 bil- according to Shonnel Malani, a period during which the com- clear with everybody about
gins date back to 1957, has 90 lion fund earlier this year. managing director at the firm pany can seek out competing what’s going on. Not just with
satellites in orbit, counts 70 Advent has invested $28 bil- who oversees investments in offers. Twitter, but Tesla,” he said.
New Christmas Movies Struggle to Push Aside Go-To Favorites
BY SARAH KROUSE on Nov. 24. Most-watched holiday movies between Nov. 8 and Dec. 11 of the most-watched English-
Nic Nielsen, a father of by U.S. households language films on its service
Studios, streaming services three in Lancaster, S.C., said by hours viewed in the week
and cable channels are pump- his family samples a range of Christmas Vacation (1989) 8.6 million ended Dec. 11, its third consec-
ing out evermore new holiday new and older holiday films utive week on that list. “Fall-
movies every year, at times on streaming services includ- Home Alone (1990) 8.4 ing for Christmas” made those
featuring big-name Holly- ing Netflix and Walt Disney Elf (2003) 7.9 rankings for four consecutive
wood actors in an effort to Co.’s Disney+ every year. weeks, through Dec. 4, and
draw audiences. Watching “Elf” and “Home Four Christmases (2008) 3.6 rose to the No. 1 spot in its
Yet most U.S. households Alone” has become a family second week of release.
still prefer decades-old Christ- tradition, he said. He and his A Christmas Story (1983) 3.4 Samba TV said some 3.2
mas movies, new data show. wife are divided on “National million U.S. households
3.2 Falling for Christmas (2022)
Of the 10 most-watched hol- Lampoon’s Christmas Vaca- watched “Falling for Christ-
iday movies over the past tion”: She isn’t a fan, and he 2.8 The Noel Diary (2022) mas,” while 2.8 million
month, only two were released loves it. watched “The Noel Diary.” By
this season, according to data More U.S. households 2.6 Die Hard (1988) comparison, some 1.4 million
provider and measurement watched holiday movies dur- households watched Apple‘s
company Samba TV: Netflix ing that four-and-a-half-week 2 How the Grinch Stole Christmas (2000) “Spirited,” not enough to land
Inc.’s “Falling for Christmas” stretch than they did in the 1.7 The Holiday (2006) it in the top 10 list.
starring Lindsay Lohan and same period last year, Samba Mike Ernst, a 33-year-old
“The Noel Diary” starring Jus- TV found. Note: 'Falling for Christmas' was released on Nov. 10, and 'The Noel Diary' came out on Nov. 24. Cincinnati resident, said new
tin Hartley. “It seems each year like Source: Samba TV holiday films on streaming
Neither attracted even half Americans are ready to get services are “fighting an uphill
the households that tuned into into the Christmas spirit ear- original holiday movies this tion. AppleTV+ released “Spir- battle, because when we were
the top movies on that list lier and earlier,” said Ashwin year, up from 38 in 2021, a ited” starring Will Ferrell and coming up there were just
during the period—1989’s “Na- Navin, co-founder and CEO of spokeswoman said. A&E Net- Ryan Reynolds on its platform fewer options, and you
tional Lampoon’s Christmas Samba TV. works-owned Lifetime, an- on Nov. 18, while HBO Max de- watched the same movies ev-
Vacation,” 1990’s “Home Many consumers now watch other major producer of holi- buted new titles including ery year.” That built nostalgic
Alone,” and 2003’s “Elf.” holiday classics on streaming day films, made 26 movies this “Holiday Harmony” on Nov. 24 habits that persist, said Mr.
Samba TV, which collects services such as Netflix, War- year, compared with 35 last and “A Christmas Story Ernst. He recently ran an in-
data on what people are ner Bros. Discovery Inc.’s HBO year, and the films cost an av- Christmas” on Nov. 17. teroffice bracket in which col-
watching on their smart TVs, Max and Disney+. erage of $2 million per title to Beyond “Falling for Christ- leagues voted on holiday mov-
looked at how many house- Over the past decade, Hol- make, a spokeswoman said. mas” and “The Noel Diary,” ies and declared “Christmas
holds viewed holiday fare be- lywood studios and cable GAC Family, a cable channel Netflix also released “Christ- Vacation” the best holiday
tween Nov. 8 and Dec. 11. channels have cranked out ev- run by Hallmark’s former boss, mas With You,” starring Fred- movie ever made.
“Falling for Christmas” was ermore holiday content each is releasing 18 movies this die Prinze Jr. and Aimee Gar- A spokesman for HBO Max
released on Netflix on Nov. 10, year, from comedies to more year, up 50% from 2021. cia, on Nov. 17. declined to comment, and Ap-
while “The Noel Diary” came saccharine dramas. Streaming services are in- “The Noel Diary” landed in ple didn’t respond to a request
out on the streaming platform Hallmark Media made 40 creasingly getting into the ac- Netflix’s own top 10 rankings to comment.
B4 | Saturday/Sunday, December 17 - 18, 2022 * * * * THE WALL STREET JOURNAL.

EXCHANGE

How the Endgame ers in its first quarter of 2021.

With people stuck at home, Dis-
ney+ became Mr. Chapek’s top
strategic priority. It was a point of

Played Out at Disney rare harmony between Messrs.

Continued from page B1
Chapek’s head.
Other chief executives might
have weathered the setbacks. But
none had Mr. Iger breathing down
their neck.
The former Disney chairman
and CEO, who ran the company for
15 years, stuck around long after
Mr. Chapek assumed the top job in
February 2020. That Mr. Iger was
unhappy with Mr. Chapek is well
established. Less well known is the
depth of his antipathy and the
lengths he went to deflate Mr.
Chapek behind the scenes.
Mr. Iger, then still under con-
tract as executive chairman, didn’t
move out of the office he kept at
Disney’s headquarters in Burbank,
Calif. He called strategy meetings
with Mr. Chapek’s underlings with-
out inviting the new CEO.
Mr. Chapek told friends that Mr.
Iger’s attitude seemed to be: “They
work for me, not for you.”
Mr. Iger, 71 years old, felt
slighted that Mr. Chapek didn’t
lean on him for advice. He told
confidants that Mr. Chapek, 63,
was doing a terrible job and that
he was incompetent. As Mr. Cha-
pek struggled to find his footing,
Mr. Iger hovered in the wings. In a
podcast interview, he said the Dis-
ney character he would most like
to be was Thor, the Norse god who
is coaxed out of retirement to help
the superheroes conquer the vil-
lain Thanos in “Avengers: End-
‘What I have always
admired most about
him,’ Mr. Iger said of Mr.
Chapek, ‘is his humanity.’
game.”
At the end of 2021, Mr. Iger fi-
nally departed Disney after post-
poning his retirement four times
over the years. His return began
with a phone call 11 months later,
on Nov. 16.
Ms. McCarthy, the Disney CFO,
was fed up with Mr. Chapek’s per-
formance and leadership, and she
turned to the one person she be-
lieved could dislodge him. She and
Mr. Iger had worked together for
more than 15 years and had stayed
in touch, including meeting for
lunch last summer at the annual
gathering of media executives in
Sun Valley, Idaho.
Ms. McCarthy called to ask Mr.
Iger if he would consider return-
ing. He said he would. Two days
later, Board Chair Susan Arnold of-
fered him the job, knowing he
Disney’s weekly market capitalization, by CEO
$350 billion
Iger
325
300
275
250
225
200
175
150
125
2015 ’16 ’17
Source: FactSet
would likely accept.
The move completed a bruising,
yearslong power struggle worthy
of a company known as the enter-
tainment industry’s foremost sto-
ryteller.
Disney’s challenges are now Mr.
Iger’s to tackle. The stock hovers
at a nearly three-year low. The
company’s market capitalization
has fallen by more than half since
last year, erasing hundreds of mil-
lions of dollars from shareholders’
portfolios.
In discussions with investors
following Mr. Iger’s return, Disney
investor-relations executives have
described the company’s status as
weak, a remarkable low point for
creators of the happiest place on
Earth.
This account of how Mr. Iger
succeeded his successor is based
on firsthand accounts of current
and former Disney executives, as
well as people close to the com-
pany who are familiar with the
events, actions and conversations
leading to Mr. Chapek’s ouster.
Hawkish helper
From the beginning of Mr. Cha-
pek’s tenure, there was tension
with his predecessor. When the
Covid-19 pandemic forced theme
parks to close early in 2020, the
two men fought over a plan to fur-
lough more than 100,000 Disney
parks employees.
Mr. Iger wanted to delay staff
cuts until Congress approved legis-
lation to blunt the economic im-
pact of the pandemic. Mr. Chapek
sought to move quickly to cut
costs and preserve cash. Mr. Iger
won, persuading the board that it
was better to wait.
Mr. Chapek complained pri-
vately to his deputies that he
wasn’t fully in control. Soon, ev-
erybody heard why.
Mr. Iger told the New York
Times in April 2020 that his plan
to take a back seat was undone by
Covid-19. “A crisis of this magni-
tude, and its impact on Disney,
would necessarily result in my ac-
tively helping Bob [Chapek] and
the company contend with it, par-
ticularly since I ran the company
for 15 years!” he said.
Mr. Chapek was livid. Any hope
Mr. Chapek would seek out Mr.
Iger for counsel went from un-
likely to out of the question.
In August, Disney reported its
first full quarter in the pandemic
and delivered its first quarterly
loss since 2001, nearly $5 billion.
The Covid-19 lockdowns had one
silver lining. Disney+, the com-
pany’s newly launched streaming
service, gained 21 million subscrib-
Chapek
’18 ’19 ’20 ’21 ’22
Chapek and Iger.
In April 2019, seven months be-
fore Disney+ launched, Mr. Iger
had told investors the company
projected that the new streaming
service would sign up 60 million
to 90 million users in its first five
years.
In December 2020, Mr. Chapek
announced he was raising the Dis-
ney+ targets that Mr. Iger set. By
2024, Mr. Chapek said, Disney+
could reach 260 million subscrib-
ers. Privately, Mr. Iger questioned
the eye-popping prediction, saying
it wasn’t smart to offer such an
ambitious goal. Mr. Iger’s leader-
ship style leaned to underpromis-
ing and overdelivering.
By early 2021, Mr. Chapek’s
push started to bear fruit. In Feb-
ruary that year, Disney reported a
quarterly profit of $17 million—
paltry compared with $2.1 billion a
year earlier but moving in a posi-
tive direction.
The next month, the company
announced that Disney+ had
reached 100 million subscribers in
its first 16 months. Disney stock
hit an all-time high closing price
of $201.91 a share on March 8. The
milestone was especially signifi-
cant given that two core elements
of Disney’s business, movie the-
aters and theme parks, remained
hobbled by Covid-19.
Separate paths
Disney+ offered a solution for
the conundrum of how to release
movies when many movie theaters
were closed. Several would-be the-
atrical releases premiered on the
platform, helping goose subscrip-
tions and the stock.
The company decided its 2021
Marvel Studios movie “Black
Widow” would premiere simulta-
neously in theaters and on Dis-
ney+. The film’s star, Scarlett Jo-
hansson, asked to renegotiate her
contract to compensate for the po-
tential loss of box-office bonuses.
After weeks of back-and-forth,
the actress sued Disney, setting off
one of the highest-profile talent
fights in many years. Mr. Iger had previously an- the company’s support of gay, les-
Disney’s communications staff nounced but failed to leave Disney. bian, bisexual and transgender
issued a statement, reviewed and After saying in 2011 he would re- causes.
approved by Mr. Chapek, saying tire in 2015, Mr. Iger extended his Disney films had featured
that Ms. Johansson had already contract several times, most re- LGBT characters and story lines
been paid $20 million and that her cently after Disney’s $71.3 billion in such productions as “Star
lawsuit was “especially sad and acquisition of the entertainment Wars: The Rise of Skywalker,” and
distressing in its callous disregard assets of 21st Century Fox. Poten- Marvel Studios’ “The Eternals.”
for the horrific and prolonged tial successors didn’t stick around, Theme parks held “Gay Days.”
global effects of the Covid-19 pan- and the company’s bench of CEO Mr. Iger, who had embraced
demic.” candidates dwindled. Disney’s progressive politics,
It drew a harsh public response Mr. Chapek, who lives in West- tweeted what many in the com-
from Hollywood insiders and Ms. lake Village, an upscale San Fer- pany had wanted to hear from
Johansson’s fans. Critics of Mr. nando Valley suburb at the far Mr. Chapek. “If passed, this bill
Chapek cast it as an example of western edge of Los Angeles will put vulnerable, young LGBTQ
the pitfalls of having a Hollywood County, had worked under Mr. Iger people in jeopardy,” he wrote.
outsider as chief executive of an for more than a decade. The two Mr. Chapek quickly reversed
entertainment company. men appeared collegial. course. “You needed me to be a
Mr. Chapek, a self-described Months before Mr. Chapek was stronger ally in the fight for
latchkey kid from Hammond, Ind., named CEO, Mr. Iger wrote him a equal rights and I let you down. I
was the son of a machinist who letter of recommendation in sup- am sorry,” he said in a company-
traveled to Walt Disney World dur- port of an honorary degree from wide letter. Angry employees
ing summer vacations with his Indiana University, Mr. Chapek’s staged walkouts.
family. He joined Disney in 1993 in alma mater. Ron DeSantis, Florida’s Repub-
its home-entertainment division, “Bob is celebrated for his busi- lican governor, was displeased.
making direct-to-video movies. He ness acumen and his proven ability “You’re a corporation based in
moved up to lead the consumer to repeatedly deliver historic per- Burbank, California, and you’re
products division, overseeing retail formance,” Mr. Iger wrote, praising going to marshal your economic
and licensing deals and, later, ran Mr. Chapek’s work in developing might to attack the parents of my
the parks division. Earlier, he Shanghai Disneyland, one of Mr. state?” he said at a public event.
worked at H.J. Heinz Co., in the Iger’s signature projects. The governor later pushed
seafood and pet food divisions. “But, what I have always ad- Florida’s legislature to pass a bill
Mr. Iger, who grew up in a mid- mired most about him—and what eliminating a special tax district
dle-class Long Island suburb, spent truly defines him as a leader and that allowed Disney to essentially
his working life around show busi- drives his success—is his human- self-govern the land where the
ness. He climbed the ranks at the ity,” Mr. Iger wrote, “the funda- theme parks are located.
ABC broadcast network for nearly mental decency at the core of his The conflict alienated progres-
two decades before Disney bought character.” sives, who had wanted Disney to
it in 1995. take a strong stand against the
As Disney CEO, Mr. Iger was bill, but also conservative fans,
known for his deft touch with Lean left who complained that Mr. Cha-
movie stars, agents and creative At the start of 2022, Mr. Cha-
executives. He lives in Brentwood, pek’s lieutenants were describing
a tony Los Angeles neighborhood him as a big-idea executive whose
bisected by Sunset Boulevard. imprint on the company would Mr. Iger called strategy
soon be clear. Mr. Chapek ordered meetings with Mr.
division chiefs from Disney’s
movie studios, parks and other Chapek’s reports,
segments to brainstorm about without the new CEO.
how metaverse technology could
boost business.
In February, Disney hired a
theme-park executive to head a pek’s response indicated the com-
new metaverse-focused division, pany’s capitulation to left-wing
and the company hinted at new activists. Ironically, while Mr. Iger
projects involving fantasy sports embraced liberal causes, Mr. Cha-
and theme-park innovations. pek has a more conservative
Then the real world inter- view. He hired former members
vened. Many Disney employees, of President George W. Bush’s ad-
fans and activists called on the ministration to staff his govern-
company to oppose a Florida ment-relations office.
state bill that would prohibit In late March, while the con-
classroom instruction about gen- troversy was still raging, Mr. Iger
der identity and sexual orienta- told TV interviewer Chris Wallace
tion for children through grade that “one of the things that CEOs
three and sets limits for older accept as a responsibility is that
students. they’re going to have to weigh in
Mr. Chapek declined to take a on issues, even if voicing an opin-
position on what opponents had ion on those issues potentially
labeled the “Don’t Say Gay” bill. puts some of your business in
“As we have seen time and again, danger.”
corporate statements do very lit- Some company directors began
tle to change outcomes or talking informally among them-
minds,” he said in a company selves about whether Mr. Chapek
KYLE GRILLOT/BLOOMBERG NEWS

message. His lieutenants rushed was still capable of steering the

to calm workers in emails, noting
Chief Financial Officer Christine
McCarthy kept in touch with Mr.
Iger and phoned him to ask if he
would return as CEO.
ship.
One option they considered
was replacing Mr. Chapek with
board member Mark Parker, a for-
mer longtime head of Nike Inc.,
as an interim CEO while the
board hunted for a successor.
 THE WALL STREET JOURNAL.
Fan fatigue
In June, Disney’s board in-
stead renewed Mr. Chapek’s
contract through 2024 in a
unanimous vote. Two direc-
tors, Mr. Parker and Mary
Barra, General Motors Co.
CEO, had been reluctant to go
along. Others persuaded them
that support of the full board
would boost his confidence
and shore up his perfor-
mance.
The sniping continued.
Soon after the contract an-
nouncement, Mr. Iger told a
friend he believed Mr. Chapek
was a failure in the most im-
portant measures of success
for a CEO: internal satisfac-
tion, investor relations and
consumer support.
An internal survey of Dis-
ney employees had found low
morale. And, according to a
survey of consumer confi-
dence by the Harris Poll,
which Mr. Iger followed
closely, fans were falling out
of love with the Disney brand.
Despite the troubles, the
contract renewal seemed to
embolden Mr. Chapek. He
held court at Disney’s D23
convention in September,
showing off a new beard. He
visited backstage with stars
who were there to entertain some
of Disney’s biggest fans.
Mr. Chapek drew a few boos, a
sign of how some of the Disney
faithful had turned on the CEO.
Some customers were upset by a
theme-park reservation system
that Mr. Chapek had championed.
Park visitors could pay a surcharge
to skip long lines at popular at-
tractions—on top of rising admis-
sion prices—which seemed to turn
the quintessential American mid-
dle-class vacation into a pastime
for the affluent.
Even casual Disney theme-park
fans blamed Mr. Chapek for
changes they disliked. Park visitors
posted videos on TikTok and Insta-
gram, saying rides closed for re-
pair were “Chapek’d.” “Bob Chea-
pek” became a meme on fan sites
and message boards, referring to
the CEO’s reputation for cost-cut-
ting and higher prices.
Inside Disney, creative leaders
stewed over what they saw as di-
OCTAVIO JONES/REUTERS; KEVORK DJANSEZIAN/ASSOCIATED PRESS
lution of their authority. Tension
with Disney’s TV and film execu-
tives had started in his first year,
when Mr. Chapek reorganized the
company to empower business-
side executives to decide content
budgets and determine whether a
movie or TV show premiered on a
network, streaming platform or in
theaters. Kareem Daniel, who had
served as Mr. Chapek’s deputy in
Disney’s parks division, took
charge of the new group making
distribution decisions.
Mr. Chapek defended the
changes in a Wall Street Journal
interview this year, saying that
* * * *
leadership required “the courage
to do the right things, given all the
forces that want legacy.”
Between the end of 2021 and
the summer, funds managed by Fi-
delity Investments had cut their
Disney holdings by 30%, and the
Sequoia Fund Inc., a $5 billion mu-
tual fund with about 46% of its as-
sets in tech and media stocks, had
sold its entire 2.8 million-share
position in Disney.
Sequoia said in a letter to inves-
tors that proceeds from the Disney
stock sale went to boost its posi-
tion in Netflix Inc., Disney’s big-
gest streaming rival.
By the numbers
Disney shares were down about
40% for the year when the com-
pany’s board met at the end of
September. The meeting quickly
became a referendum on Mr. Cha-
pek’s leadership.
Ms. McCarthy told directors
Disney would likely miss analyst
expectations for revenue and
profit in the coming quarter by a
wide margin, catching Mr. Chapek
off guard. Streaming losses were
growing, she reported, and theme-
park margins were shrinking.
Board members Safra Catz, Amy
Chang, Calvin McDonald and Der-
ica Rice grilled Mr. Chapek over
the company’s poor performance.
Ms. McCarthy addressed most of
the questions, later telling associ-
ates that her boss had fumbled his
answers.
Mr. Chapek complained to col-
leagues that Ms. McCarthy gave
EXCHANGE
numbers that they hadn’t previ-
ously discussed, making him look
bad. The board and executives had
been given briefing materials, in-
cluding the results Ms. McCarthy
presented, before the meeting.
Ms. McCarthy, 67, is known as a
Disney devotee who during a bat-
tle with cancer often returned to
the office straight from chemo-
therapy sessions.
In an interview with the alumni
magazine of Smith College, Ms.
McCarthy described overcoming
life’s obstacles, including anorexia
in her youth and sexism in the
workplace. “What I learned at
Smith was I had the confidence to
speak up,” she said.
Some of Mr. Chapek’s recent
moves weighed on her, including a
programming strategy that also
served as a way to shield losses in
Disney’s streaming division.
“Cute,” she said disparagingly of
the move during a conference call
with colleagues.
By October, relations between
Ms. McCarthy and Mr. Chapek
were so frayed that he didn’t in-
clude her in a board meeting. He
also told executives that she had
lost focus, distracted by her hus-
band’s ailing health, and had be-
come unstable, comments repeated
to some Disney directors. Ms.
McCarthy learned about it from
colleagues.
People who know Mr. Chapek
said such language would be out of
character for him.
As the environment inside Dis-
ney’s C-suite worsened, more exec-
utives voiced concerns in phone
Saturday/Sunday, December 17 - 18, 2022 | B5
calls to Mr. Iger. Some worried Disney’s Harris Poll
Alan Bergman, the studio chief, Reputation Quotient
and Josh D’Amaro, head of the
82
parks division, might quit. In June,
Mr. Chapek had abruptly fired Pe-
ter Rice, Disney’s highest-ranking 80 EXCELLENT
TV content executive, a move that
remained on the minds of many 78
creative leaders at the company.
Cracks showed in the parks 76
business, which for the past year
VERY GOOD
had been Disney’s most reliable
moneymaker. Profit margins 74
shrank in the fourth quarter. Blog-
gers and social-media influencers 72
amplified visitor complaints about
rising ticket prices. Market re- 70 GOOD
search by Disney found white visi-
tors 55 and older souring on the
68 FAIR
parks because they viewed the
company as “too woke.” 2012 ’15 ’20 ’22
At the end of October, Mr. Cha- Source: Axios/Harris polls; most recent of 33,096
pek traveled to New York for U.S. adults, conducted March 11–April 2, 2022
meetings with investors. He gave
the bankers a rosy report. With his
top deputies, Mr. Chapek was also pany cut costs.
optimistic about the coming quar- In a matter of days, Mr. Chapek
terly report. Some of his execu- found himself standing between a
tives described Mr. Chapek’s de- panicked workforce and an inves-
meanor as out of touch—as though tor community sensing blood in
Disney was killing it, one said. the water. On Nov. 11, he issued a
On Nov. 8, Mr. Chapek gave a memo to senior executives ban-
presentation in a fourth-quarter ning all but essential work travel
earnings call. and freezing new hires. Layoffs
Disney+ had added 12.1 million were likely, he added.
net new accounts, beating ana-
lysts’ predictions and bringing its
global total to 164.2 million sub- Curtain falls
scribers. Yet its losses were 38% On Nov. 16, Ms. McCarthy took
more than what Wall Street ex- matters into her own hands. With-
pected, approaching $1.5 billion. out having confronted her boss or
Analysts from MoffettNa- seeking board approval, she called
thanson zeroed in on Disney’s pro- Mr. Iger to gauge his interest in
jections for future profits. They returning as CEO. She caught Mr.
had expected the company to fore- Iger at a low point—he had been
cast 34% growth in one significant telling friends he was more con-
income measure. Instead, Disney cerned over the direction of the
projected it would be in the high company than ever.
single digits. “Rarely have we ever He also told them he was frus-
been so incorrect in our forecast- trated with the idleness of his
post-Disney life. In early October,
Mr. Iger had taken a trip aboard
Under Mr. Chapek, the theme- the Aquarius, his 150-foot yacht,
parks business was the company’s around the Fijian islands and com-
most reliable revenue generator. plained to friends that his wife,
But profit margins shrank in the Willow Bay—too busy with her job
fourth quarter. Mr. Iger, below as dean of the communications
right, as CEO-elect with his and journalism school at the Uni-
predecessor, Michael Eisner, below versity of Southern California—
left, at a Hollywood Walk of Fame couldn’t join him.
ceremony in July 2005. Mr. Iger had an offer to be an
adviser at private-equity firm
Redbird Capital. On Friday,
Nov. 18, Ms. Arnold called
with her offer.
That day, Mr. Cramer, who
is a close contact of Ms.
McCarthy’s, said on CNBC
that he had heard Mr. Peltz
had taken a position in Dis-
ney: “Disney needs his help.
This current crew just isn’t
cutting it.”
On Sunday, Nov. 20, Ms.
Arnold called to tell Mr. Cha-
pek his services were no lon-
ger needed.
The news broke as a group
of Disney executives gathered
at Dodger Stadium in Los An-
geles for Elton John’s final
U.S. concert, which was being
streamed live on Disney+. Mr.
Chapek, a big fan of the
singer-songwriter, had
planned to attend. He never
made it.
A week later, Mr. Iger held
a town-hall meeting in the
Burbank headquarters that
was live-streamed to far-
flung employees. He pledged
that storytelling and creativ-
ity would be at the heart of
Disney’s mission.
The returning CEO inherits
a set of big problems: Empty
rooms at theme-park hotels,
the long closure of Shanghai
Disney and movie theaters in
China, and Wall Street de-
ing of Disney profits,” the analysts mands to see profits in the
said. streaming division. On top of that,
Before the call, Ms. McCarthy Mr. Iger has told the board he has
suggested Mr. Chapek address the another focus—finding a succes-
grim news head-on. He instead sor, again.
wrote a script that spent more Winning back disgruntled fans
time praising the return of in-per- might be his easiest chore.
son events, such as live attractions On a Saturday afternoon in De-
at theme parks. cember, Mr. Iger walked Main
The next day, Disney stock had Street in Southern California’s Dis-
one of its largest drops ever. Over neyland, flanked by executives, his
the course of 20 months, prices wife and security guards wearing
had fallen from $201.91 a share to earpieces.
$86.75. “I love you!” passing fans
Activists pounced. Trian Fund yelled. Some stopped for selfies
Management LP bought more than and autographs.
$800 million worth of Disney Mr. Iger looked ecstatic, leaving
stock in the days following the associates to wonder if he ever
earnings report. Mr. Peltz, the plans to leave.
fund’s co-founder, called Mr. Cha- —Sarah Krouse,
pek to say he was acquiring a Suzanne Vranica
stake. He wanted a seat on Dis- and Lauren Thomas
ney’s board, and to see the com- contributed to this article.
10 largest one-day declines in Disney’s stock price, by percentage change
–29.1% 10/19/1987
–19.6% 11/10/1983
–18.4% 9/17/2001
–16.7% 6/11/1984
–15.6% 11/9/2000
–13.2% 11/9/2022
–13.0% 3/12/2020
–12.9% 7/9/1974
–11.6% 11/5/1999
Note: Based on available data back to 1972 –10.8% 10/22/1987
Source: FactSet
B6 | Saturday/Sunday, December 17 - 18, 2022
The Investor in the Mirror Has Trouble Looking Back
Journal readers recently tried to recall what they expected markets to do a year ago. They were fooling themselves—and you may be too.
Two of the most
painful words in in-
vesting are “if only.”
If only you’d lis-
tened to that voice in
your head that told
you inflation would
shatter all modern records and en-
ergy stocks would surge. If only,
when you just knew the Federal
Reserve would jack up interest
rates, you’d bailed out of your
bond funds and dumped that cryp-
tocurrency bet. If only you’d acted
on your hunch that technology
stocks were overpriced and
ditched them before they tanked.
If only you’d listened to your
gut then, you wouldn’t have stom-
ach-churning losses now. If only
you’d had the courage to act on
your foresight and insight.
If only.
Countless hunches and gut feel-
ings flicker through our conscious-
ness over the course of a year. We
naturally remember the ones that
turn out to be right. The multitude
of other hunches that turn out to
be wrong go into our mental gar-
bage can.
Looking back at yourself a year
ago, what you know now has indel-
ibly altered your perception of
what you knew then.
This pattern, which psycholo-
gists call hindsight bias, makes us
feel that we foresaw the future all
along, what happened was inevita-
ble and anybody who didn’t see it
coming is a dope. It’s close to irre-
sistible—and it’s an illusion.
That’s why I recommend an an-
nual exercise I call the Hindsight
Bias Buster.
Almost exactly a year ago, in
the email newsletter I write for
The Wall Street Journal, I asked
subscribers to forecast, as of Dec.
31, 2022:
• the closing value of the Dow
Jones Industrial Average;
• the total return of the S&P 500;
• the yield on the 10-year U.S.
Treasury note;
• the annual rate of inflation;
• the price of bitcoin;
• the price of gold;
• the price of crude oil;
• and the best-performing major
financial asset.
Earlier this month, I asked sub-
scribers to recall their predictions
from one year ago—or what they
Cleaning
Up the Mess
At FTX
Continued from page B1
stores order. It’s a role that goes
overlooked even in situations when
people can’t look away.
That was especially true during
the latest drama in the FTX saga.
Sam Bankman-Fried, the company’s
disgraced former CEO, was arrested
in the Bahamas this past week and
charged by U.S. criminal prosecu-
tors for stealing customer money in
what they called “one of the biggest
financial frauds in American his-
tory.” He was also sued by the Secu-
rities and Exchange Commission,
denied bail and remanded to jail on
the same day.
But as Mr. Bankman-Fried was in
Bahamian custody, Mr. Ray was tes-
tifying before Congress in Washing-
ton. The previously inconspicuous
CEO presented himself as the oppo-
site of his ubiquitous predecessor.
In his first public appearance, he
was brief, direct and under oath.
He also wore pants. He seemed
to believe in haircuts. He looked like
the adult in the room.
He’s not in the habit of blabbing
about FTX, but it turned out Mr.
Ray had a lot to say when legally re-
quired. His first-day bankruptcy
declaration weeks earlier made the
Declaration of Independence sound
ambivalent.
“I have over 40 years of legal and
restructuring experience,” he said.
“Never in my career have I seen
such a complete failure of corporate
controls and such a complete ab-
sence of trustworthy financial in-
formation.”
Mr. Ray says that “the art of
making complex things simple” is a
key part of his work. This scathing
portrayal of a dysfunctional com-
pany that duped the world hap-
pened to be a perfect example.
It framed the calamity in terms
anyone could understand: The guy
who took over Enron was saying the
FTX disaster was worse than En-
ron.
Hindsight Is Not 20/20
This month, Wall Street Journal readers attempted to recall their predictions
from one year ago of what markets would do in 2022. They remembered
being much less bullish than they had been in real time.
Percentage of respondents who thought the S&P 500 return for 2022 would
fall into the following ranges
50%
PREDICTED MARKET LOSS PREDICTED MARKET GAIN
Original prediction
40
What readers thought
they predicted
30
20
10
0 dicted that energy, which is up al-
20% or more 10% to 19.9%
Source: WSJ's 'The Intelligent Investor' newsletter
would have forecast.
Readers attempting to recon-
struct their past projections said,
on average, that they would have
“This situation,” he said, “is un-
precedented.”
He would know. Mr. Ray has
overseen the unwinding of the knot-
tiest bankruptcies in business his-
tory, most notably the five years he
spent picking through the wreckage
of Enron and finding more than $20
billion. The original expectation was
that he might recover around 17
cents on the dollar for creditors. Mr.
Ray has said the final number was
roughly 52 cents. That accomplish-
ment is both encouraging and de-
moralizing for people who lost
money to FTX.
“He’ll at least minimize the pain,”
said Nancy Rapoport, a University
of Nevada, Las Vegas law professor
who has studied the Enron case.
“But there will still be pain.”
When I asked people around Mr.
Ray why he is good at his job, they
offered two reasons that explain a
lot of professional success: He’s
been doing it for a long time, and
he actually likes doing it.
The son of a plumber, Mr. Ray
was once a lawyer at Waste Man-
agement, and he built a career on
cleaning up spectacular messes.
He found his niche almost by ac-
cident. After growing up in Pitts-
field, Mass., and going to Drake Uni-
versity in Iowa for law school, he
worked for a Chicago firm and be-
came general counsel at Fruit of the
Loom in the 1990s, unexpectedly
steering the company through his
first major bankruptcy. It was excel-
lent preparation for a career plumb-
ing the depths of management rot.
He started his own specialized
bankruptcy firm in 2002, which he
called Avidity Partners, and the
back of his business cards included
a definition for “avidity,” according
to the Chicago Tribune. Mr. Ray
wanted clients to know that it
meant “characterized by enthusiasm
and vigorous pursuit.”
Few people were as qualified to
handle the FTX debacle. The 63-
year-old bankruptcy guru was not a
crypto guy, and yet Mr. Ray wasn’t
an underwear guy at Fruit of the
Loom, just as he wasn’t an energy
guy before Enron or a telecom guy
before Nortel Networks. He didn’t
have to be. His experience with doz-
ens of large bankruptcy cases bred
his expertise.
“Once you’ve gone through a few
of these, you really begin to under-
stand how they work,” said Jim
EXCHANGE
THE INTELLIGENT INVESTOR | JASON ZWEIG
Less than 10% Less than 10% 10% to 19.9% 20% or more
called for the Dow to close out
2022 at 34269 and that the S&P
500 would fall 1%. (The day before
I sent out this year’s survey, the
FTX founder Sam Bankman-Fried was
arrested this past week, above. Enron
employees, right.
Bromley, a Sullivan & Cromwell
partner on the legal team represent-
ing FTX.
Anyone who has been around
corporate bankruptcy knows it’s odd
for someone to be genuinely ab-
sorbed by corporate bankruptcy. But
obsession is an edge in every busi-
ness. The less others care about the
job, the more it’s a competitive ad-
vantage.
Mr. Ray fishes, golfs, hunts birds
and smokes a tasty brisket. But his
work maximizing value and mitigat-
ing damage “is why he gets up in
the morning,” said Jared Ellias, a
Harvard Law School professor.
Mr. Ray, who is billing $1,300 an
hour, was hired by FTX’s legal ad-
visers soon after the collapse for
the greatest challenge of his career.
A crypto bankruptcy case was al-
ways going to be difficult because of
the global nature of the unregulated
business. But appalled by the com-
pany’s lack of records and documen-
tation, Mr. Ray said this was a “pa-
perless bankruptcy,” neatly
summarizing the fiasco as “plain old
embezzlement.” He has also de-
scribed his predecessor not as a vi-
sionary, savior or the modern John
Pierpont Morgan but “inexperi-
** **
Dow had closed at 33947, and the
S&P 500 was down 14.8% for the
year to date.)
Readers estimated, on average,
that they would have predicted
bond yields to hit 3% and bitcoin
to hit about $30,850. (The 10-year
Treasury yielded 3.6% the day be-
fore, up from 1.4% at the time of
my original survey. Bitcoin was at
$16,970—down from just under
$46,900 a year earlier.)
In real time, at the end of 2021,
readers predicted that the Dow
would finish 2022 at 36853, on av-
erage, and that the S&P 500 would
gain 6%—much higher than they
now recall. They forecast that in-
terest rates would hit 2% and ex-
pected the price of bitcoin to top
$53,900. Only a single reader pre-
most 60% so far in 2022, would be
the top performer.
Tom Raycroft, 65, is a retired
chimney sweep in Alexandria, Va.
In last year’s survey, he predicted
the Dow would hit 42000. When I
asked him this past week to recall
his forecast, Mr. Raycroft guessed
enced, unsophisticated and poten-
tially compromised.”
Mr. Bankman-Fried was equally
critical of his successor in his pre-
pared congressional testimony. “I
am not optimistic,” he wrote. “I
have not myself witnessed any
progress by Mr. Ray’s team towards
raising substantial funds or restart-
ing the exchange.” He was arrested
before he could appear at the hear-
ing.
The new CEO of FTX has been
traveling around Texas, Delaware
and Washington, not the Bahamas,
and Mr. Ray’s team consists of law-
yers, accountants, consultants, in-
vestigators and crypto analysts.
They meet at 9:30 a.m. and 6 p.m.,
THE WALL STREET JOURNAL.
“something like 37000.”
That was one day after the Dow
had closed above 34100. “You have
more of that input in your brain
after you’ve seen it happen,” said
Mr. Raycroft. “You’ve seen what
the answer is, so you get the cheat
sheet.”
Adam Jones, 46, is an engineer
in the oil-and-gas industry in
Houston. This past week he said
he’d have called a year ago for the
Dow to finish 2022 at 34000, the
S&P 500 to go up 5% at best, and
interest rates to rise to between
3% and 5%.
In fact, he’d said last year that
the Dow would hit 40000, the S&P
500 would go up 33% and that
bond yields would inch up only to
2.1%.
“Wow, wow,” said Mr. Jones
when I read him his original re-
sponses.
“Obviously my assessment of
the stock market at the time was
largely influenced by what it had
been doing up to that point,” he
said. “And now I’m fitting my past
projections to the current set of
data! It’s so interesting to see how
my thinking is influenced by what
has happened since then.”
The meaning of the present is
almost always hidden until it be-
comes the past—at which point
you can’t reconstruct your earlier
state of ignorance.
That makes it all too easy to
fool yourself into thinking you
knew what would happen all
along—which, in turn, can delude
you into thinking now that you
know what will happen next.
So take a moment now to fill in
my quiz above, this time with what
you think markets will do in 2023.
You can email your answers to me
at intelligentinvestor@wsj.com, to
yourself or to someone you trust.
Or print them out or just write
them down in a safe place. If you
work with financial advisers, ask
them to fill it out, too.
A year from now, look back at
your answers. Suddenly what felt
obvious may seem obscure; blame
that appeared clear may turn am-
biguous; certainty may seem silly.
And you will have taken a big
ALEX NABAUM
step forward as an investor.
Subscribe to Jason Zweig’s
newsletter at wsj.com/zweig.
MARIO DUNCANSON/AGENCE FRANCE-PRESSE/GETTY IMAGES; JAMES NIELSEN/GETTY IMAGES
initially seven days a week and now
five with a weekend update, as they
track down assets and try to figure
out what happened. Mr. Ray’s staff
is implementing the governance
structures and basic oversight sys-
tems that were foreign concepts un-
der Mr. Bankman-Fried. The un-
glamorous process will almost
certainly take years.
The only part he appreciates
more than the uncertain beginning
of a bankruptcy is the end.
“Nothing feels more satisfying
than coming out the other side of
the storm united with those who
fought by your side,” Mr. Ray said.
“It is the ultimate human bonding
experience.”
THE WALL STREET JOURNAL. ***** Saturday/Sunday, December 17 - 18, 2022 | B7

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net D W N
How o Read he S o k Tab es % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % H m %
w N N A N Am N M -1.59 48.85 35.32 FirstEnergy FE 3.8 19 40.93 -1.07 -29.44 90.15 45.58 MagnaIntl MGA 3.2 18 57.11 -0.98 -38.18 84.85 45.25 SS&C Tech SSNC 1.6 19 50.68 -0.18
m m m w N -5.02 110.99 87.03 Fiserv FISV ... 31 98.58 0.11 -23.44 160.23 106.02 ManhattanAssoc MANH ... 68 119.04 -0.60 -6.83 34.99 24.48 StoreCapital STOR 5.1 28 32.05 0.05
m N N N -15.21 214.50 109.49 FiveBelow FIVE ... 43 175.42 -0.12 -8.29 22.19 14.92 ManulifeFin MFC 5.1 6 17.49 -0.02 -68.54 752.68 198.10 SVB Fin SIVB ... 8 213.40 -7.20
m m m U -19.03 265.30 161.69 FleetCorTech FLT ... 15 181.25 -1.32 66.44 33.42 14.29 MarathonOil MRO 1.2 5 27.33 -0.53 t -49.53 260.78 126.89 Salesforce CRM ...462 128.27 -2.17
w m m w m 20.57 23.42 13.63 Flex FLEX ... 13 22.10 -0.21 71.51 127.62 59.96 MarathonPetrol MPC 2.7 5 109.75 -1.12 -54.57 31.41 8.42 Samsara IOT ... dd 12.77 -0.05
w % m w -42.21 132.99 59.91 Floor&Decor FND ... 29 75.13 -2.26 1.58 1519.24 1064.09 Markel MKL ... dd 1253.44 -26.56 -6.23 58.10 36.91 Sanofi SNY 2.7 16 46.98 -0.18
-2.05 84.33 58.73 FomentoEconMex FMX 1.8 29 76.12 -0.48 -32.26 420.19 217.44 MarketAxess MKTX 1.0 43 278.59 0.05 37.21 127.76 61.28 SareptaTherap SRPT ... dd 123.56 -1.09
-41.65 25.87 10.61 FordMotor F 5.0 5 12.12 -0.91 -6.93 195.90 131.01 Marriott MAR 1.0 23 153.79 -1.62 t -9.70 28.36 14.70 Sasol SSL 4.6 4 14.81 -0.22
D m m m -27.77 74.35 42.61 Fortinet -4.96 183.14 142.80 Marsh&McLen MMC 1.4 25 165.19 -2.91 64.87 56.04 27.65 Schlumberger SLB 1.4 24 49.38 -0.73
FTNT ... 57 51.92 -0.25
N w w -16.70 51.66 34.76 Fortis FTS 4.2 19 40.21 -0.56 -20.95 446.46 284.99 MartinMarietta MLM 0.8 26 348.22 -3.83 -7.03 96.24 59.35 SchwabC SCHW 1.1 24 78.19 1.13
N w w w -16.32 76.62 52.47 Fortive FTV 0.4 33 63.84 -0.53 -55.43 91.78 35.30 MarvellTech MRVL 0.6 dd 38.99 -1.03 -76.00 231.21 40.66 Sea SE ... dd 53.69 -7.36
m m m mN -37.47 92.65 45.25 FortuneBrandsInnov FBIN 1.6 10 57.13 -0.49 -32.47 71.06 42.33 Masco MAS 2.4 13 47.42 -1.12 -53.86 117.67 47.47 Seagate STX 5.4 10 52.13 -0.24
m m m -16.69 44.95 28.02 FoxA FOXA 1.6 15 30.74 0.04 -51.30 299.78 108.89 Masimo MASI ... 47 142.59 -1.72 -16.16 183.00 105.43 Seagen SGEN ... dd 129.61 1.20
D N -16.31 40.91 26.35 FoxB FOX 1.7 14 28.68 -0.06 -7.35 99.00 62.36 MasTec MTZ ... 60 85.50 -1.03 -25.34 70.72 41.24 SealedAir SEE 1.6 13 50.37 -0.84
-4.19 169.32 109.70 Franco-Nevada FNV 1.0 34 132.50 -5.28 -3.75 399.92 276.87 Mastercard MA 0.7 35 345.84 -0.41 18.93 176.47 124.44 Sempra SRE 2.9 22 157.32 -4.59
m m m m -23.14 36.45 20.24 FranklinRscs BEN 4.7 10 25.74 -0.34 49.19 73.78 33.49 MatadorRscs MTDR 0.7 6 55.08 -1.70 -33.62 65.58 36.64 SensataTechs ST 1.1 21 40.95 -0.75
-8.08 51.99 24.80 FreeportMcM FCX 1.6 15 38.36 0.21 -68.29 136.99 40.23 MatchGroup MTCH ...131 41.94 -0.01 -4.07 75.11 56.85 ServiceCorp SCI 1.6 16 68.10 -1.12
m YTD 52-Week Yld Net -52.03 35.04 12.79 FreseniusMed FMS 3.2 11 15.57 -0.23 -13.66 107.35 71.19 McCormick MKC 1.9 32 83.41 -1.05 -39.24 667.64 337.00 ServiceNow NOW ...399 394.37 -6.27
% Chg Hi Lo Stock Sym % PE Last Chg 3.35 10.25 4.12 FullTruck YMM ... dd 8.65 0.06 -0.73 281.67 217.68 McDonald's MCD 2.3 34 266.12 -5.61 -12.49 31.60 23.64 ShawComm B SJR 3.4 22 26.55 -0.20
YTD 52-Week Yld Net 53.51 72.20 21.23 Futu FUTU ... 31 66.47 -0.62 49.91 401.78 229.04 McKesson MCK 0.6 26 372.64 4.36 26.64 61.67 41.23 Shell SHEL 3.6 5 54.96 -1.19
-30.51 66.24 39.72 CIBC CM 6.4 8 40.50 -0.23 -51.80 24.13 9.90 MedicalProp MPW 10.2 5 11.39 -0.23 -31.72 354.15 195.24 SherwinWilliams SHW 1.0 32 240.47 -3.72
% Chg Hi Lo Stock Sym % PE Last Chg -1.03 137.19 103.79 CanNtlRlwy CNI 1.8 22 121.60 -1.57 GHI -5.35 235.72 126.94 Medpace MEDP ... 32 206.00 0.19 -8.35 34.92 22.98 ShinhanFin SHG 5.7 4 28.33 0.16
ABC 24.12 70.60 37.40 CanNaturalRes CNQ 4.8 7 52.44 -1.97 t -25.84 114.31 75.77 Medtronic MDT 3.5 24 76.72 -1.00 14.61 320.54 113.36 ShockwaveMed SWAV ... 88 204.38 -1.34
4.74 84.22 65.17 CanPacRlwy CP 0.8 31 75.35 -1.03 -25.20 38.68 23.10 GFLEnvironmental GFL 0.2 dd 28.31 -0.43 -37.41 1365.97 600.68 MercadoLibre MELI ...159 843.98 8.89 -73.80 145.70 23.63 Shopify SHOP ... dd 36.09 -0.30
-16.75 37.20 23.97 ABB ABB 2.3 15 30.23 -0.26 -9.21 25.79 20.84 Canon CAJ 3.4 13 22.18 -0.18 -22.15 47.82 28.46 GSK GSK 5.7 4 34.95 -0.68 42.48 112.17 72.88 Merck MRK 2.7 18 109.20 -0.43 -19.78 20.64 8.00 Sibanye-Stillwater SBSW 6.5 5 10.06 -0.10
8.56 10.10 6.00 ADT ADT 1.5 dd 9.13 -0.17 t -37.90 162.40 89.22 CapitalOne COF 2.7 4 90.10 -3.75 9.83 201.51 147.32 Gallagher AJG 1.1 37 186.35 -1.75 -64.49 352.71 88.09 MetaPlatforms META ... 11 119.43 3.28 t -64.80 374.76 113.25 SignatureBank SBNY 2.0 6 113.87 -1.54
7.01 86.94 60.74 AECOM -11.62 72.37 36.90 Capri CPRI ... 10 57.37 -0.86 -43.93 49.85 19.39 GameStop GME 0.0 dd 20.80 0.22 14.37 77.36 57.41 MetLife MET 2.8 27 71.47 -0.23 100.70 29.88 10.70 SignifyHealth SGFY ... dd 28.54 0.19
ACM 0.9 38 82.77 -0.90 7.52 53.43 41.81 Gaming&Leisure GLPI 5.4 21 52.32 -0.70
16.63 29.89 18.62 AES AES 2.3 dd 28.34 -0.37 53.97 81.57 48.41 CardinalHealth CAH 2.5 dd 79.28 0.71 -15.85 1714.75 1065.55 MettlerToledo MTD ... 39 1428.19 10.12 -27.20 165.83 86.02 SimonProperty SPG 6.2 19 116.32 -1.89
18.21 72.70 52.07 Aflac -3.68 318.71 211.06 Carlisle CSL 1.3 15 238.99 -5.71 -33.03 138.25 76.37 Garmin GRMN 3.2 18 91.19 -1.53 -16.53 90.00 54.33 MicrochipTech MCHP 1.8 22 72.67 -0.04 -6.14 6.88 5.69 SiriusXM SIRI 1.6 20 5.96 -0.01
AFL 2.4 9 69.02 -0.31 1.15 358.25 221.39 Gartner
12.09 150.28 88.55 AGCO AGCO 0.7 11 130.05 1.90 -46.28 56.64 24.59 Carlyle CG 4.4 6 29.49 -0.39 IT ... 36 338.17 -2.66 -44.10 98.45 48.45 MicronTech MU 0.8 7 52.07 0.03 -5.35 49.89 31.28 SkechersUSA SKX ... 9 41.08 -0.82
-39.47 413.22 194.23 Ansys -52.82 139.80 54.85 CarMax KMX ... 12 61.44 -3.95 -16.82 30.91 20.12 GenDigital GEN 2.3 22 21.61 -0.32 -27.24 344.30 213.43 Microsoft MSFT 1.1 26 244.69 -4.32 -40.05 163.47 76.16 Skyworks SWKS 2.7 12 93.01 -0.73
ANSS ... 45 242.79 -5.24 18.07 256.86 197.03 GeneralDynamics GD 2.0 20 246.14
62.85 51.95 22.94 APA APA 2.3 4 43.79 -1.26 -58.00 23.86 6.11 Carnival CCL 0.0 dd 8.45 -0.18 1.00 -31.31 231.63 141.13 MidAmApt MAA 3.6 29 157.60 -3.57 -34.71 86.74 46.58 SmithAO AOS 2.1 18 56.05 -0.75
-18.18 8.15 4.45 ASETech ASX 8.9 5 6.39 -0.07 -59.44 22.12 5.43 Carnival CUK 0.0 dd 7.50 -0.26 -17.80 103.73 59.93 GeneralElec GE 0.4 dd 77.65 -1.16 -33.51 201.34 120.30 Middleby MIDD ... 18 130.83 -3.76 -23.34 36.68 21.77 Smith&Nephew SNN 2.8 23 26.54 -0.55
-27.86 817.30 363.15 ASML ASML 1.0 38 574.32 -12.02 -23.03 54.64 33.10 CarrierGlobal CARR 1.8 10 41.75 -0.71 29.01 88.34 61.67 GeneralMills GIS 2.5 18 86.93 -0.02 0.37 6.78 4.31 MitsubishiUFJ MUFG 3.3 15 5.48 0.08 14.36 156.78 119.82 Smucker SJM 2.6 29 155.33 1.47
-0.42 21.53 14.46 AT&T T 6.0 7 18.49 0.02 21.66 249.90 170.82 CaseysGenStores CASY 0.6 22 240.10 -1.75 -38.34 67.21 30.33 GeneralMotors GM 1.0 6 36.15 -1.47 -3.53 2.94 2.10 MizuhoFin MFG 3.8 8 2.46 0.02 -81.99 49.25 7.33 Snap SNAP ... dd 8.47 -0.29
-24.04 142.60 93.25 AbbottLabs ABT 1.9 24 106.91 -1.61 -65.43 130.77 40.69 Catalent CTLT ... 19 44.26 -1.09 11.91 47.50 26.19 Genmab GMAB ... 37 44.27 -0.49 ... 37.31 24.85 Mobileye MBLY ... dd 33.81 -0.69 4.80 245.56 190.08 SnapOn SNA 2.9 14 225.72 -4.61
18.52 175.91 128.23 AbbVie 12.57 239.85 160.60 Caterpillar CAT 2.1 17 232.72 2.06 -15.22 54.03 37.68 Genpact G 1.1 25 45.00 0.62 -23.90 321.31 115.03 Moderna MRNA ... 7 193.29 -13.96 -57.95 362.52 110.27 Snowflake SNOW ... dd 142.45 -0.20
ABBV 3.7 21 160.48 -2.62 -23.47 36.65 23.28 Gentex
6.08 381.99 219.84 Abiomed ABMD ... 65 381.00 0.84 -39.59 176.50 86.70 Celanese CE 2.8 7 101.53 -0.87 GNTX 1.8 20 26.67 -0.25 -46.48 192.00 87.02 MohawkInds MHK ... 38 97.50 -2.93 69.05 115.76 46.13 SOQUIMICH SQM 6.5 8 85.25 0.40
39.54 89.85 50.07 AcadiaHealthcare ACHC ... 27 84.70 -0.16 45.90 122.24 38.31 CelsiusHldg CELH ... dd 108.80 1.66 26.11 187.72 115.63 GenuineParts GPC 2.0 21 176.81 -1.95 5.28 374.00 249.78 MolinaHealthcare MOH ... 23 334.89 -4.05 14.24 375.90 190.15 SolarEdgeTech SEDG ...158 320.53 -6.78
-36.20 417.37 242.95 Accenture 44.14 24.91 10.72 CenovusEnergy CVE 1.8 9 17.70 -0.51 15.45 6.62 3.94 Gerdau GGB 0.4 4 5.68 -0.02 10.42 60.12 42.60 MolsonCoorsB TAP 3.0 22 51.18 -0.56 -38.00 133.75 61.72 Sony SONY 0.5 13 78.37 -0.30
ACN 1.7 25 264.48 -16.64 19.49 89.74 57.16 GileadSciences GILD 3.4 33 86.76
14.35 86.90 60.60 ActivisionBliz ATVI 0.6 36 76.08 -0.29 -1.21 98.53 73.19 Centene CNC ... 24 81.40 1.09 0.18 44.76 85.99 52.30 MolsonCoorsA TAP.A 1.8 37 83.96 3.68 1.24 80.57 60.71 Southern SO 3.9 22 69.43 -0.94
-40.30 582.88 274.73 Adobe 7.52 33.50 25.03 CenterPointEner CNP 2.4 12 30.01 -0.62 -42.79 97.82 30.74 GitLab GTLB ... dd 49.77 0.94 -0.23 69.47 54.72 Mondelez MDLZ 2.3 29 66.16 -0.23 -3.16 79.31 42.42 SoCopper SCCO 5.9 18 59.76 -0.13
ADBE ... 34 338.54 9.83 t -29.89 153.76 92.75 GlobalPayments GPN 1.1423 94.78
t -41.57 244.55 138.79 AdvanceAuto AAP 4.3 18 140.16 -3.07 25.29 10.38 5.17 CentraisElBras EBR 3.9 13 7.63 -0.10 -0.15 -61.63 570.58 135.15 MongoDB MDB ... dd 203.10 -0.61 -12.98 50.10 30.20 SouthwestAir LUV 1.9 29 37.28 -0.01
-37.09 153.36 80.76 AdvDrainageSys WMS 0.6 16 85.64 -2.36 -38.84 106.76 43.23 CeridianHCM CDAY ... dd 63.89 -1.73 -7.60 79.49 36.81 GlobalFoundries GFS ... 40 60.03 -1.83 -25.60 541.39 301.69 MonolithicPower MPWR 0.8 45 367.03 -6.27 32.62 9.87 3.81 SouthwesternEner SWN ... 5 6.18 -0.17
-54.54 156.73 54.57 AdvMicroDevices AMD ... 39 65.41 -1.12 -42.83 379.65 181.36 CharlesRiverLabs CRL ... 25 215.42 -3.08 -46.68 324.29 155.01 Globant GLOB ... 52 167.48 -1.65 4.94 104.65 71.78 MonsterBev MNST ... 45 100.78 1.13 -24.47 150.79 65.00 Splunk SPLK ... dd 87.40 -0.12
-3.24 6.22 3.75 Aegon AEG 3.7 24 4.78 -0.06 -53.22 669.87 297.66 CharterComms CHTR ... 10 304.96 -8.47 24.31 122.12 85.44 GlobeLife GL 0.7 16 116.50 0.25 -27.86 403.73 230.16 Moody's MCO 1.0 34 281.76 -5.10 -68.06 247.20 69.28 Spotify SPOT ... dd 74.74 2.38
-12.49 69.36 37.20 AerCap AER ... dd 57.25 -0.62 10.72 149.62 107.54 CheckPoint CHKP ... 21 129.05 -0.87 -0.79 81.78 52.60 GlobusMedical GMED ... 47 71.63 -0.72 -11.51 109.73 72.05 MorganStanley MS 3.6 13 86.86 -0.93 -59.54 196.52 70.24 StanleyBlackDck SWK 4.2 8 76.31 -1.76
-6.48 162.62 112.52 AgilentTechs A 0.6 36 149.30 -1.56 -4.94 539.87 430.16 Chemed CHE 0.3 29 502.89 -0.90 -12.60 88.32 64.65 GoDaddy GDDY ... 35 74.17 0.33 -37.26 350.21 207.11 Morningstar MORN 0.7 75 214.57 -5.66 -15.51 117.80 68.39 Starbucks SBUX 2.1 35 98.83 -1.16
-36.19 28.36 14.36 agilon health AGL ... dd 17.23 0.03 55.40 182.35 97.85 CheniereEnergy LNG 1.0 dd 157.61 -2.99 -7.28 17.20 7.03 GoldFields GFI 2.7 10 10.19 -0.11 15.45 79.28 34.58 Mosaic MOS 1.3 4 45.36 0.06 -16.45 104.87 58.62 StateStreet STT 3.2 11 77.70 -0.56
-3.91 67.14 36.69 AgnicoEagle AEM 3.1 35 51.06 0.59 38.97 62.08 38.98 CheniereEnerPtrs CQP 5.2 -9.46 412.66 277.84 GoldmanSachs GS 2.9 9 346.35 -3.48 -7.09 275.16 195.18 MotorolaSol MSI 1.4 37 252.44 -4.70 62.75 113.12 50.54 SteelDynamics STLD 1.3 4 101.02 -0.90
dd 58.70 0.45
-0.98 80.44 61.62 AgreeRealty 51.35 107.31 58.83 ChesapeakeEner CHK 2.1 5 97.65 -1.27 -55.26 7.64 2.19 Grab GRAB ... dd 3.19 -0.01 61.59 51.28 23.50 MurphyOil MUR 2.4 7 42.19 -0.38 -24.63 21.92 11.37 Stellantis STLA 8.0 3 14.14 -0.30
ADC 4.1 38 70.66 -0.51 -18.07 81.09 56.48 Graco GGG 1.4 25 66.05 -0.29
4.00 328.56 216.24 AirProducts APD 2.0 31 316.42 0.18 43.78 189.68 110.73 Chevron CVX 3.4 10 168.72 -2.32 43.53 323.00 164.30 MurphyUSA MUSA 0.5 11 285.97 6.86 -24.81 255.93 159.21 Steris STE 1.0 dd 183.03 -4.83
-46.20 191.73 86.71 Airbnb ABNB ... 37 89.57 -1.04 -28.08 61.47 22.22 ChewyA CHWY ... dd 42.41 1.48 7.80 612.06 440.48 Grainger GWW 1.2 20 558.65 -2.88 -34.48 312.00 164.65 NICE NICE ... 54 198.91 -2.41 -24.08 51.52 28.35 STMicroelec STM 0.5 9 37.11 -0.27
-27.39 123.25 76.28 AkamaiTech AKAM ... 27 84.98 -0.61 14.59 22.92 15.54 ChinaEastrnAir CEA ... dd 21.20 -0.36 9.38 24.07 17.63 GraphicPkg GPK 1.9 16 21.33 -0.42 -63.38 33.80 8.38 NIO NIO ... dd 11.60 -0.28 -10.31 280.43 188.84 Stryker SYK 1.3 37 239.84 -5.16
3.89 334.55 169.93 Albemarle ALB 0.7 18 242.86 2.36 13.42 35.15 23.50 ChinaSoAirlines ZNH 0.0 dd 33.64 0.50 -30.72 13.34 5.71 Grifols GRFS 0.0 89 7.78 -0.33 46.49 24.25 12.46 NOV NOV 1.0814 19.85 -0.45 -0.15 7.74 5.38 SumitomoMits SMFG 4.0 8 6.78 0.05
-31.57 37.99 20.05 Albertsons ACI 2.3 7 20.66 ... -16.37 1776.67 1196.28 Chipotle CMG ... 51 1462.11 -25.42 7.91 176.00 119.31 GpoAeroportuar PAC 4.4 ... 148.35 -1.96 t -27.92 47.82 30.64 NRG Energy NRG 4.5 4 31.05 -0.80 -32.20 211.79 117.63 SunComms SUI 2.5 69 142.36 -0.79
-28.30 98.09 33.55 Alcoa AA 0.9 dd 42.72 -0.55 9.50 222.00 173.78 Chubb 14.45 254.15 179.01 GpoAeroportSur ASR 3.3 15 235.96 -2.60 -18.50 5978.15 3576.01 NVR NVR ... 11 4815.88 -26.44 -18.03 58.49 37.96 SunLifeFinancial SLF 4.7 11 45.65 -0.07
CB 1.6 15 211.68 -1.09
-6.96 279.02 164.47 HCA Healthcare HCA 0.9 14 239.05 -0.65
-22.58 88.78 55.21 Alcon ALC 0.3 58 67.45 -1.43 -15.02 45.87 32.90 ChunghwaTel CHT 6.7 22 35.87 -0.25 -28.12 234.90 132.08 NXP Semi NXPI 2.1 16 163.72 -1.44 19.54 42.72 22.22 SuncorEnergy SU 5.2 7 29.92 -0.63
-35.01 224.95 126.74 AlexandriaRlEst ARE 3.3 44 144.90 -5.49 -21.84 105.28 70.16 Church&Dwight CHD 1.3 27 80.11 -1.48 5.89 72.20 50.61 HDFC Bank HDB 0.7 24 68.90 0.61 -13.40 70.55 46.77 Nasdaq NDAQ 1.3 27 60.62 -1.12 -14.99 39.13 16.80 SunRun RUN ...100 29.16 -2.17
-26.94 138.70 58.01 Alibaba BABA ...233 86.79 0.58 -10.40 249.33 172.75 ChurchillDowns CHDN 0.3 54.85 66.19 29.14 HF Sinclair DINO 3.2 5 50.76 -0.37 -16.03 80.20 47.22 NationalGrid NGG 5.1 11 60.73 -1.46 -10.83 12.82 7.71 Suzano SUZ 4.6 4 9.63 -0.03
17 215.84 -5.10
-69.84 674.89 172.05 AlignTech ALGN ... 31 198.21 -3.76 -37.09 78.28 38.33 Ciena -29.07 41.47 24.07 HP HPQ 3.9 9 26.72 -0.12 -5.62 48.90 38.05 NatlRetailProp NNN 4.8 26 45.37 -0.84 -28.41 50.20 27.21 SynchronyFin SYF 2.8 5 33.21 -0.38
CIEN ... 48 48.42 -0.11
-0.90 38.61 24.77 HSBC HSBC 4.5 10 29.88 -0.09
-21.58 133.52 87.33 Allegion ALLE 1.6 21 103.86 -1.85 42.53 340.11 213.03 Cigna CI 1.4 16 327.29 -4.16 -3.80 7.53 4.71 NatWest NWG 4.6 10 6.33 0.02 -10.69 391.17 255.02 Synopsys SNPS ... 52 329.12 5.30
-11.16 65.37 47.19 AlliantEnergy LNT 3.1 21 54.61 -0.78 -10.28 143.22 88.66 CincinnatiFin 14.19 45.98 21.98 H World HTHT 0.0 dd 42.64 0.14 t -34.43 96.82 59.70 NetApp NTAP 3.3 9 60.32 -1.06 0.17 91.53 69.83 Sysco SYY 2.5 28 78.68 0.39
CINF 2.7 dd 102.22 -1.44
... 8.50 5.59 Haleon HLN ... ... 7.58 -0.16
11.51 144.46 111.45 Allstate ALL 2.6 dd 131.19 -1.10 0.48 470.23 343.86 Cintas CTAS 1.0 37 445.28 0.77 -29.95 108.77 53.09 NetEase NTES 2.1 14 71.30 ...
t -48.44 53.83 24.06 AllyFinancial ALLY 4.9 4 24.55 -0.38 -24.55 64.28 38.60 CiscoSystems CSCO 3.2 56.76 43.99 21.07 Halliburton HAL 1.3 19 35.85 -0.84 -51.74 620.61 162.71 Netflix NFLX ... 26 290.71 0.30 TUV
17 47.81 -0.34
39.71 242.31 117.58 AlnylamPharm ALNY ... dd 236.92 7.55 -26.56 69.11 40.01 Citigroup C 4.6 6 44.35 -0.27 41.41 59.46 31.36 HalozymeTherap HALO ... 38 56.86 -0.17 37.60 129.29 71.88 Neurocrine NBIX ...202 117.19 0.50
17.96 48.72 29.80 HarleyDavidson HOG 1.4 9 44.46 -0.55 82.89 63.06 19.17 NewFortressEner NFE 27.2 33 44.15 -0.79 -13.41 59.38 39.11 TC Energy TRP 6.7 16 40.30 -1.08
-37.20 152.10 83.45 Alphabet C GOOG ... 18 90.86 -0.34 -18.88 57.00 32.66 CitizensFin CFG 4.4 10 38.33 0.01 -16.80 119.30 78.86 TD Synnex SNX 1.3 17 95.15 -1.40
-37.69 151.55 83.34 Alphabet A GOOGL ... 18 90.26 -0.60 15.27 125.41 81.56 CleanHarbors 7.49 76.96 60.16 HartfordFinl HIG 2.3 13 74.21 0.26 -25.60 86.37 37.45 Newmont NEM 4.8 37 46.14 0.57
CLH ... 17 115.00 -1.50
-43.15 105.73 55.15 Hasbro -27.83 165.81 104.76 TE Connectivity TEL 1.9 16 116.44 -2.68
-1.75 57.05 40.35 Altria MO 8.1 18 46.56 -0.39 -9.50 38.65 27.59 ClearwayEnergyA CWEN.A 4.2 6 30.30 -0.44 HAS 4.8 19 57.86 -1.36 -19.69 24.16 15.15 NewsCorp B NWS 1.1 23 18.07 0.03
-43.28 34.26 18.40 HealthcareRealty HR 7.5 70 18.94 -0.58 -20.08 23.73 14.87 NewsCorp A NWSA 1.1 23 17.83 0.05 -16.29 27.50 18.85 Telus TU 5.2 17 19.73 -0.30
-47.30 172.94 85.87 Amazon.com AMZN ... 81 87.86 -0.59 -9.77 41.79 29.61 ClearwayEnergyC CWEN 4.3 7 32.51 -0.36 -5.87 113.64 71.63 TFI Intl TFII 1.3 12 105.53 -0.25
-1.43 3.31 2.42 Ambev ABEV 3.9 18 2.76 -0.04 -30.50 34.04 11.82 Cleveland-Cliffs CLF 0.0 -30.31 36.85 21.41 HealthpeakProp PEAK 4.8 27 25.15 -0.35 17.75 204.62 139.69 NexstarMedia NXST 2.0 7 177.78 3.19
3 15.13 0.11 5.29 165.79 126.95 Heico HEI 0.1 62 151.85 -1.19 2.28 81.17 53.69 TJX TJX 1.5 27 77.65 -1.01
0.58 13.61 10.42 Amcor AMCR 4.1 22 12.08 -0.18 -17.07 186.86 120.50 Clorox CLX 3.3 44 144.60 -1.77 -9.88 93.73 67.22 NextEraEnergy NEE 2.0 43 84.14 -1.67
-7.99 134.68 102.33 Heico A HEI.A 0.2 48 118.25 -1.12 -36.43 171.19 82.22 Nike NKE 1.3 30 105.95 -2.56 22.75 154.38 101.51 T-MobileUS TMUS ...117 142.36 2.16
16.88 91.23 71.17 Amdocs DOX 1.8 20 87.47 -0.46 -63.85 145.26 37.37 Cloudflare NET ... dd 47.54 -1.52 ... 44.43 23.09 TPG TPG 4.8 7 30.36 -0.43
-91.77 731.57 50.00 Amerco 5.98 67.20 54.02 Coca-Cola 4.04 92.68 64.75 HenrySchein HSIC ... 18 80.66 -1.45 -1.52 32.59 23.78 NiSource NI 3.5 18 27.19 -0.25
UHAL 0.0 1 59.78 -2.61 KO 2.8 28 62.75 -0.36 21.47 242.63 185.72 Hershey HSY 1.8 31 235.00 0.86 -43.80 200.90 93.53 TRowePrice TROW 4.3 13 110.52 -1.44
... 68.29 51.12 AmercoN UHALB 0.3 ... 53.06 -1.46 -3.31 59.86 41.80 Coca-ColaEuro CCEP 3.1 16 54.08 0.30 -25.56 6.40 4.08 Nokia NOK 0.9 14 4.63 -0.16
79.67 149.83 68.32 Hess HES 1.1 22 133.01 -1.28 -18.01 4.87 3.00 NomuraHoldings NMR 3.6 12 3.55 0.01 -36.58 145.00 59.43 TaiwanSemi TSM 1.8 13 76.30 -1.31
-1.44 99.20 73.28 Ameren AEE 2.7 22 87.73 -0.46 -38.43 80.30 40.20 Cognex CGNX 0.6 40 47.88 -1.49 -43.30 182.25 90.00 TakeTwoSoftware TTWO ... dd 100.76 -0.90
-12.25 21.53 15.83 AmericaMovil A AMOV 3.6 13 17.62 -0.12 -37.38 93.47 51.33 CognizantTech CTSH 1.9 3.29 35.71 24.33 HessMidstream HESM 7.9 14 28.54 -0.54 -7.23 258.76 194.89 Nordson NDSN 1.1 27 236.82 -5.02
12 55.56 -0.79 -0.82 17.76 11.90 HewlettPackard HPE 3.1 24 15.64 10.42 15.50 12.28 TakedaPharm TAK 3.8 28 15.05 -0.09
-11.06 21.62 15.67 AmericaMovil AMX 1.9 13 17.92 -0.04 t -85.50 281.99 34.71 CoinbaseGlbl COIN ... dd 36.60 -1.38 -0.12 -15.82 299.19 203.65 NorfolkSouthern NSC 2.0 18 250.60 -1.69
-16.03 167.99 108.41 Hilton HLT 0.5 34 130.99 -2.26 -27.31 135.15 76.15 NorthernTrust NTRS 3.5 12 86.95 0.28 -9.85 42.36 26.39 Tapestry TPR 3.3 12 36.60 -0.70
-28.67 21.42 11.65 AmerAirlines AAL 0.0 dd 12.81 -0.12 -8.88 85.61 67.84 ColgatePalm CL 2.4 34 77.76 -0.12 34.19 81.50 47.57 TargaResources TRGP 2.0 68 70.10 -1.01
6.29 105.60 80.30 AEP AEP 3.5 20 94.57 -1.00 -31.47 52.10 28.39 Comcast A -3.70 80.49 59.78 Hologic HOLX ... 14 73.73 -1.28 36.89 556.27 364.62 NorthropGrum NOC 1.3 15 529.87 1.38
CMCSA 3.1 30 34.49 -0.12 -22.09 417.84 264.51 HomeDepot -36.72 254.87 137.16 Target TGT 2.9 20 146.45 -1.15
-10.57 199.55 130.65 AmerExpress AXP 1.4 15 146.30 -3.92 t -26.71 102.09 62.83 Comerica CMA 4.3 8 63.76 0.06 HD 2.4 19 323.34 -4.26 3.44 94.26 74.09 Novartis NVS 2.4 9 90.48 -0.41
-17.15 32.15 21.43 HondaMotor HMC 3.3 8 23.57 -0.21 18.91 135.19 91.51 NovoNordisk NVO 0.9 40 133.18 -0.50 -22.84 35.08 22.92 TataMotors TTM ... dd 24.76 0.30
-3.66 152.29 119.01 AmericanFin AFG 1.9 12 132.29 -0.32 -1.17 72.60 59.81 CommerceBcshrs CBSH 1.6 17 64.70 -0.53 29.60 45.90 24.72 TeckRscsB TECK 1.0 6 37.35 0.23
-29.31 44.07 29.31 AmHomes4Rent AMH 2.3 51 30.83 -0.67 37.47 12.04 6.08 SABESP SBS 1.4 12 10.09 -0.32 0.59 221.89 166.63 Honeywell HON 2.0 27 209.74 0.77 -0.40 90.98 56.39 Novocure NVCR ... dd 74.78 0.19
4.75 117.49 57.84 HorizonTherap HZNP ... 46 112.88 -0.12 -58.42 11.83 3.26 NuHoldings NU ... dd 3.90 0.16 -9.25 493.97 325.00 TeledyneTech TDY ... 26 396.46 -8.75
10.04 65.73 47.05 AIG AIG 2.0 4 62.57 0.36 11.30 38.71 30.06 ConagraBrands CAG 3.5 32 38.01 -0.30 -24.80 356.72 182.65 Teleflex TFX 0.6 28 247.01 -3.06
-27.03 294.40 178.17 AmerTowerREIT AMT 2.7 34 213.45 -4.77 -30.31 208.48 108.57 Concentrix CNXC 0.8 14 124.48 -0.61 -6.45 55.11 44.21 HormelFoods HRL 2.4 25 45.66 -0.03 17.04 187.90 88.50 Nucor NUE 1.5 4 133.60 -0.50
-17.58 108.99 59.25 DR Horton DHI 1.1 5 89.38 -1.07 -2.17 33.73 13.44 Nutanix NTNX ... dd 31.17 -0.57 -47.47 12.78 5.16 Ericsson ERIC 2.9 8 5.71 -0.39
-19.31 189.65 122.77 AmerWaterWorks AWK 1.7 21 152.40 -4.02 -69.82 81.11 16.48 Confluent CFLT ... dd 23.01 0.06 -20.00 11.78 6.79 TelefonicaBras VIV 7.6 11 6.92 -0.02
-13.97 33.08 21.49 AmericoldRealty COLD 3.1 dd 28.21 -0.53 53.01 138.49 66.06 ConocoPhillips COP 1.8 -2.24 21.63 15.10 HostHotels HST 2.8 15 17.00 -0.12 -1.99 117.25 67.23 Nutrien NTR 2.6 5 73.70 -1.10
8 110.44 -2.11 -11.06 122.62 74.18 HoulihanLokey HLI 2.3 17 92.07 -19.58 5.39 3.10 Telefonica TEF 3.3240 3.41 -0.03
3.49 339.41 219.99 Ameriprise AMP 1.6 13 312.18 -2.33 11.54 102.21 78.10 ConEd ED 3.3 20 95.17 -1.81 0.71 -2.50 40.52 29.19 nVentElectric NVT 1.9 20 37.05 -0.53
19.79 39.78 28.51 HowmetAerospace HWM 0.4 37 38.13 0.20 -43.66 313.30 108.13 NVIDIA NVDA 0.1 70 165.71 -3.81 t -20.08 33.20 23.02 TelekmIndonesia TLK 3.3 15 23.17 -0.02
25.51 174.63 123.20 AmerisourceBrgn ABC 1.2 21 166.79 1.19 -7.81 261.52 207.59 ConstBrands A STZ 1.4 dd 231.36 -4.04 57.19 35.05 19.70 Tenaris TS 0.0 9 32.79 -0.35
-6.98 148.07 106.17 Ametek ... 97.89 38.00 ConstellationEner CEG 0.6 dd 88.20 -1.50 11.72 263.30 170.21 Hubbell HUBB 1.9 22 232.68 -8.46
AME 0.6 28 136.77 -1.48 -55.17 690.95 245.03 HubSpot HUBS ... dd 295.48 15.18 8.27 2.95 TencentMusic TME ... 28 7.89 0.22
18.86 296.67 214.39 Amgen AMGN 3.2 21 267.41 1.27 -24.13 430.67 244.22 Cooper COO 0.0 41 317.86 -6.24
8.55 571.30 351.20 Humana HUM 0.6 23 503.53
-3.98
-4.91
OPQ -45.56 168.91 67.81 Teradyne TER 0.5 20 89.02 0.50
1.65 29.10 14.89 AmkorTech AMKR 1.2 8 25.20 -0.45 -20.34 76.28 51.10 Copart CPRT ... 27 60.39 -0.18 2.92 42.91 33.28 OGE Energy t -57.35 402.67 150.04 Tesla TSLA ... 46 150.23 -7.44
-12.60 218.18 153.92 JBHunt JBHT 0.9 19 178.65 -2.72 OGE 4.2 8 39.50 -0.48
-11.21 88.45 61.67 Amphenol APH 1.1 26 77.66 -0.49 t ... 23.50 18.81 CorebridgeFin CRBG 4.9 1 18.87 -0.81 9.75 75.07 50.50 ONEOK OKE 5.8 18 64.49 -0.19 -11.91 176.46 118.55 TetraTech TTEK 0.6 31 149.57 -1.36
-5.09 180.01 133.48 AnalogDevices ADI 1.8 32 166.82 0.73 -13.24 43.47 28.98 Corning -11.48 17.79 11.67 HuntingtonBcshs HBAN 4.5 11 13.65 0.07
GLW 3.3 15 32.30 -0.49 23.85 260.02 176.87 HuntingIngalls HII 2.1 16 231.27 14.94 870.92 562.90 OReillyAuto ORLY ... 25 811.77 4.57 8.49 11.34 6.78 TevaPharm TEVA ... dd 8.69 -0.27
-10.77 26.96 11.94 AngloGoldAsh AU 2.2 14 18.72 0.01 26.44 68.43 43.74 Corteva CTVA 1.0 32 59.78 -0.45 2.76
0.01 108.10 70.12 HyattHotels H 0.0 82 95.91 -1.05 115.70 77.13 26.05 OccidentalPetrol OXY 0.8 5 62.53 -0.63 -10.04 193.28 144.46 TexasInstruments TXN 2.9 18 169.55 -0.46
-1.52 67.91 44.51 AB InBev BUD 0.7 31 59.63 -0.11 -1.33 85.37 49.00 CoStar CSGP ... 91 77.98 0.10 -69.70 234.79 44.12 Okta OKTA ... dd 67.92 -0.06 101.54 2739.00 946.29 TexasPacLand TPL
10.61 23.75 16.36 ICICI Bank IBN 0.5 20 21.89 0.08 0.5 46 2516.99 -130.39
-31.62 33.32 15.11 AnnalyCap NLY 16.5 3 21.39 -0.47 -18.72 612.27 406.51 Costco COST 0.8 35 461.45 -2.46 -17.72 362.92 231.31 OldDomFreight ODFL 0.4 25 294.88 8.30 101.75 68.58 TexasRoadhouse TXRH 1.9 25 96.69 -2.33
94.00 48.80 15.98 AnteroResources AR ... 6 33.95 -0.49 t -24.41 12.96 7.24 ICL Group ICL 2.1 4 7.31 -0.06 -4.26
30.21 36.55 18.39 CoterraEnergy CTRA 10.1 5 24.74 -0.59 -4.15 27.19 20.27 OldRepublic ORI 3.9 9 23.56 -0.11 -9.33 79.45 57.11 Textron TXT 0.1 18 70.00 0.27
-0.60 341.98 246.21 Aon -24.38 10.82 5.90 Coty COTY 0.0 -38.08 664.70 317.06 IdexxLab IDXX ... 52 407.71 -7.67
AON 0.7 23 298.76 -4.90 94 7.94 0.02
-14.51 15.97 8.14 ING Groep ING 8.3 ... 11.90 0.19 -10.64 67.25 41.33 Olin OLN 1.6 6 51.40 -0.11 -19.60 672.34 475.77 ThermoFisher TMO 0.2 30 536.44 -17.35
-13.70 75.39 45.62 ApolloGlbMgmt APO 2.6 dd 62.51 -1.55 -44.96 30.65 8.98 Coupang CPNG ... dd 16.17 -0.12 -3.21 33.71 24.81 OmegaHealthcare OHI 9.4 17 28.64 -5.00 119.93 91.55 ThomsonReuters TRI 1.6 59 113.64 -0.31
-20.11 25.33 13.20 Invesco IVZ 4.1 9 18.39 -0.61 -0.63
-24.25 182.94 129.04 Apple AAPL 0.7 22 134.51 -1.99 9.58 182.11 113.20 Credicorp BAP 2.9 9 133.77 -0.14 5.27 91.61 61.31 Omnicom -31.49 181.78 107.07 3M
-33.45 167.06 71.12 ApplMaterials AMAT 1.0 14 104.73 0.17 -27.77 285.61 165.75 IQVIA IQV ... 33 203.78 -4.63 OMC 3.6 12 77.13 -1.27 MMM 4.9 11 121.69 -0.69
-68.05 10.56 2.99 CreditSuisse CS 1.3 dd 3.08 0.01 -3.74 77.28 44.76 ON Semi ON ... 17 65.38 1.12 -45.95 40.26 11.91 Toast TOST ... dd 18.76 0.02
-12.28 124.14 90.23 Aptargroup -24.62 105.01 63.77 ITT ITT 1.4 18 77.03 -1.40
ATR 1.4 30 107.44 -0.21 -45.54 242.00 108.89 CrowdStrike CRWD ... dd 111.50 -3.49 -39.47 48.46 24.91 OpenText OTEX 3.4 53 28.74 -0.07 12.11 115.57 71.86 Toro TTC 1.2 31 112.01 0.27
-43.33 175.91 77.96 Aptiv 2.26 55.73 47.17 IcahnEnterprises IEP 15.8 dd 50.71 -0.04
APTV 0.0 81 93.48 -2.49 -35.44 209.87 121.71 CrownCastle CCI 4.6 36 134.77 -3.23 -8.75 99.95 60.78 Oracle ORCL 1.6 25 79.58 -0.49 -17.51 86.02 57.27 TorontoDomBk TD 4.4 9 63.25 -0.36
12.65 43.33 28.74 Aramark ARMK 1.1 55 41.51 -0.22 -39.65 313.00 171.43 Icon ICLR ... 33 186.91 -3.93
-27.23 130.42 66.00 CrownHoldings CCK 1.1 dd 80.50 1.08 -7.49 12.71 8.81 Orange ORAN 5.8 5 9.76 -0.03 20.50 62.72 44.61 TotalEnergies TTE ... 7 59.60 -0.76
-20.01 37.87 19.25 ArcelorMittal MT 1.3 2 25.46 -0.47 -3.52 246.23 172.19 IDEX IEX 1.1 30 227.99 -1.59
-28.94 57.34 36.82 CubeSmart CUBE 4.8 35 40.44 -1.17 -9.89 39.48 22.88 Organon OGN 4.1 7 27.44 -0.84 -24.21 213.74 130.07 ToyotaMotor TM 2.5 10 140.43 -1.23
s 37.30 61.45 41.05 ArchCapital ACGL ... 20 61.03 0.28 -12.16 249.81 173.52 IllinoisToolWks ITW 2.4 25 216.79 -1.21
-0.26 160.60 112.67 Cullen/Frost CFR 2.8 17 125.74 -2.48 -22.63 112.91 68.78 Orix IX 3.6 8 78.75 -1.08 -11.77 241.54 166.49 TractorSupply TSCO 1.7 23 210.51 -3.51
36.57 98.88 63.04 ArcherDaniels ADM 1.7 13 92.31 -0.11 -47.55 428.00 173.45 Illumina ILMN ... dd 199.54 -7.92
8.00 254.09 184.28 Cummins CMI 2.7 18 235.60 -0.32 -9.73 88.22 62.49 OtisWorldwide OTIS 1.5 27 78.60 -0.22 -49.64 98.60 39.00 TradeDesk TTD ... dd 46.15 -0.63
-16.16 86.06 53.15 AresMgmt ARES 3.6 77 68.14 -0.85 29.50 58.98 31.71 ImperialOil IMO 2.8 6 46.75 -0.64
19.24 182.55 124.37 Curtiss-Wright CW 0.5 25 165.35 -0.32 48.87 63.30 29.52 Ovintiv OVV 2.0 4 50.17 -1.07 -37.20 102.33 51.47 Tradeweb TW 0.5 49 62.89 -1.26
10.17 407.93 249.50 arGEN-X ARGX ... dd 385.81 -3.87 11.76 84.86 65.07 Incyte INCY ... 21 82.03 -0.20
-29.95 26.39 16.39 Infosys INFY 1.3 25 17.73 -0.44 0.70 101.12 72.97 OwensCorning OC 2.3 7 91.13 -0.73 -15.68 203.34 120.64 TraneTech TT 1.6 25 170.36 -0.50
-13.98 148.57 89.11 AristaNetworks ANET ... 34 123.66 -1.92
-21.71 137.95 89.38 ArrowElec
DEF -16.28 62.64 39.28 IngersollRand IR 0.2 34 51.80 -0.80 32.45 16.43 9.64 PG&E PCG ... 19 16.08 -0.11 -4.80 684.72 499.63 TransDigm TDG 0.0 45 605.73 -6.42
ARW ... 5 105.12 -1.07 1.38 101.89 78.81 Ingredion INGR 2.9 15 97.97 -0.44 -25.00 228.14 143.52 PNC Fin PNC 4.0 11 150.39 0.21 -51.70 120.36 50.32 TransUnion TRU 0.7 43 57.28 -1.39
-11.84 143.09 61.58 AscendisPharma ASND ... dd 118.60 -0.41 40.98 40.23 23.57 DCP Midstream DCP 4.4 8 38.74 0.62
-55.58 37.28 12.55 DISH Network DISH ... 5 14.41 -0.45 10.26 272.04 142.74 InspireMedical INSP ... dd 253.66 -2.01 -9.18 65.11 36.53 POSCO PKX 4.6 3 52.94 -0.09 16.86 191.16 149.65 Travelers TRV 2.0 13 182.80 -0.77
... 263.59 173.81 AspenTech AZPN ... ... 201.11 -5.16 -26.83 177.32 107.06 PPG Ind PPG 2.0 28 126.17 -2.60 t -42.85 88.90 49.33 Trimble TRMB ... 26 49.83 -2.04
-20.69 194.12 119.01 Assurant AIZ 2.3 21 123.62 -1.41 -3.11 140.23 100.64 DTE Energy DTE 3.3 20 115.82 -2.34 12.37 320.00 181.00 Insulet PODD ...1263 298.99 -0.14
-20.36 331.23 233.71 Danaher DHR 0.4 29 262.03 -8.05 -47.73 56.28 24.59 Intel INTC 5.4 8 26.92 -0.23 -3.09 30.99 23.46 PPL PPL 3.1 31 29.13 -0.23 41.43 35.99 14.29 Trip.com TCOM ... dd 34.82 0.19
16.64 71.70 52.65 AstraZeneca AZN 2.1104 67.94 -1.80 1.95 133.14 96.55 PTC PTC ... 47 123.51 -0.07 -29.46 68.95 40.01 TruistFinl TFC 5.0 9 41.30 -0.19
-61.38 399.10 113.86 Atlassian TEAM ... dd 147.26 1.03 -7.13 155.25 110.96 Darden DRI 3.3 19 139.90 -2.96 -12.50 82.83 52.18 InteractiveBrkrs IBKR 0.6 22 69.49 -0.30
-12.22 87.59 55.71 DarlingIngred DAR ... 14 60.82 -0.76 -26.33 138.46 88.60 ICE ICE 1.5 22 100.76 -1.46 11.30 107.18 77.00 Paccar PCAR 1.5 13 98.23 0.30 -81.80 279.80 41.00 Twilio TWLO ... dd 47.92 -0.13
9.54 122.95 97.41 AtmosEnergy ATO 2.6 20 114.77 -2.09 -4.09 168.50 110.56 PackagingCpAm PKG 3.8 12 130.58 -1.05 -40.46 544.04 281.11 TylerTech TYL ... 72 320.30 -2.52
-31.58 285.38 163.20 Autodesk ADSK ... 68 192.40 -1.71 -56.30 186.28 66.45 Datadog DDOG ... dd 77.83 -0.48 -9.00 71.71 47.06 InterContinentl IHG 2.2 25 59.34 -0.88
-36.35 124.81 65.28 DaVita DVA ... 11 72.41 -0.58 4.86 153.21 115.55 IBM IBM 4.7102 140.16 -2.20 -62.11 19.45 6.44 PalantirTech PLTR ... dd 6.90 -0.11 t -29.05 100.72 61.05 TysonFoods TSN 3.1 7 61.84 -0.73
-26.40 108.62 65.74 Autoliv ALV 3.5 17 76.11 -2.44 -18.64 213.63 140.07 PaloAltoNtwks PANW ... dd 151.00 -1.59 -0.67 21.48 13.80 UBS Group UBS 2.8 8 17.75 -0.17
0.19 274.92 192.26 ADP ADP 2.0 34 247.05 -1.74 0.87 402.32 212.93 DeckersOutdoor DECK ... 23 369.51 -8.10 -31.56 151.86 83.14 IntlFlavors IFF 3.1 dd 103.11 -0.38
25.72 448.40 283.81 Deere DE 1.1 18 431.09 1.30 -24.20 50.23 30.69 IntlPaper IP 5.2 7 35.61 -0.93 -40.04 41.87 17.75 ParamountA PARAA 4.8 4 20.01 -0.08 -34.79 61.06 37.18 UDR UDR 3.9 80 39.12 -1.25
-4.42 135.57 94.92 AutoNation AN ... 5 111.69 -2.72 -42.64 39.21 15.29 ParamountB PARA 5.5 4 17.31 -0.35 -20.08 47.04 31.19 UGI UGI 3.9 7 36.69 -1.36
13.55 2610.05 1703.32 AutoZone AZO ... 20 2380.45 21.95 -30.12 61.54 32.90 DellTechC DELL ... 16 39.25 -0.13 -13.32 39.98 25.14 Interpublic IPG 3.6 13 32.46 -0.16
-15.28 46.27 27.20 DeltaAir DAL 0.0289 33.11 -0.14 -40.15 658.84 339.36 Intuit INTU 0.8 59 384.98 -11.55 -10.18 340.00 230.44 ParkerHannifin PH 1.9 30 285.75 -3.88 1.81 39.73 25.49 US Foods USFD ... 41 35.46 0.17
-34.68 259.05 158.35 Avalonbay AVB 3.9 19 165.00 -3.79 -15.05 141.92 105.66 Paychex PAYX 2.7 29 115.96 -1.12 -27.87 6.60 2.84 UWM UWMC 9.4 8 4.27 0.01
-15.62 51.71 37.64 Avangrid AGR 4.2 18 42.09 -0.68 -45.29 58.70 26.48 DentsplySirona XRAY 1.6 dd 30.52 -0.74 -26.33 369.21 180.07 IntuitiveSurgical ISRG ... 70 264.68 -2.62
-16.08 16.70 7.25 DeutscheBank DB 2.0 6 10.49 0.22 -33.00 45.80 29.56 InvitatHomes INVH 2.9 68 30.38 -0.84 -25.00 429.93 255.82 PaycomSoftware PAYC ... 72 311.40 -3.53 -38.06 45.90 19.89 Uber UBER ... dd 25.97 -0.27
-50.88 42.48 17.91 Avantor AVTR ... 23 20.70 -0.64 -15.55 276.88 152.01 Paylocity PCTY ...125 199.44 -1.08 -10.39 350.63 218.15 Ubiquiti UI 0.9 50 274.84 -2.15
-17.21 219.41 151.62 AveryDennison AVY 1.7 18 179.29 -2.03 36.39 79.40 35.55 DevonEnergy DVN 8.6 6 60.08 -1.50 21.89 53.61 31.73 IridiumComm IRDM 1.01772 50.33 -0.17
-14.61 144.96 66.89 DexCom DXCM ...208 114.63 -1.61 -1.38 58.61 41.67 IronMountain IRM 4.8 30 51.61 -2.71 -63.27 196.10 67.58 PayPal PYPL ... 35 69.26 -0.51 -70.48 45.25 10.40 UiPath PATH ... dd 12.73 0.06
-14.63 327.80 131.83 AvisBudget CAR ... 3 177.04 -8.18 31.90 12.03 7.95 Pearson PSO 2.3 23 11.08 -0.04 9.40 483.80 330.80 UltaBeauty ULTA ... 20 451.12 -3.90
7.86 193.85 82.49 AxonEnterprise AXON ...118 169.34 -1.72 -18.75 223.14 160.09 Diageo DEO 2.0 24 178.86 -3.67 18.13 6.07 3.60 ItauUnibanco ITUB 3.0 8 4.43 0.07
24.54 168.95 95.02 DiamondbkEner FANG 2.1 5 134.32 -3.06 7.91 42.74 28.90 PembinaPipeline PBA 5.9 9 32.73 -0.58 -6.54 54.35 42.44 Unilever UL 3.6 20 50.27 -0.27
-15.20 59.34 39.88 BCE BCE 6.2 18 44.13 -0.30 10.80 131.55 88.58 PenskeAuto PAG 1.7 6 118.80 -16.56 278.94 183.70 UnionPacific UNP
13.68 71.04 46.92 BHP Group BHP 10.6 7 61.18 -0.49 -2.76 125.15 63.45 Dick's DKS 1.7 10 111.82 -1.74 JKL -40.52 73.62 38.55 Pentair PNR 2.0 13 43.44
-2.99
-1.07 -12.22 53.12 30.54 UnitedAirlines UAL
2.5 19 210.21 -0.80
... dd 38.43 -0.12
2.11 80.41 51.45 BJ'sWholesale BJ ... 19 68.38 -0.28 -42.59 178.22 85.76 DigitalRealty DLR 4.8 21 101.54 -2.74 -19.24 81.24 33.17 JD.com JD 0.0399 56.59 -0.06
-16.16 130.81 87.64 DiscoverFinSvcs DFS 2.5 6 96.89 -1.99 -22.37 290.36 114.86 Penumbra PEN ... dd 223.06 -0.75 -40.51 11.95 5.36 UnitedMicro UMC 7.0 6 6.96 -0.04
-5.74 120.20 70.21 BOK Fin BOKF 2.2 14 99.44 0.43 -18.35 169.81 101.28 JPMorganChase JPM 3.1 11 129.29 -0.81 3.82 186.84 153.37 PepsiCo PEP 2.6 26 180.34 0.09 -16.86 233.72 154.87 UPS B UPS 3.4 14 178.20 -3.01
26.47 36.11 25.33 BP BP 4.0 dd 33.68 -0.60 -41.84 160.32 86.28 Disney DIS 0.0 52 90.08 -0.41 -1.82 73.79 48.80 Jabil
-63.06 159.73 39.57 DocuSign JBL 0.5 10 69.07 0.72 31.97 62.00 38.23 PerformanceFood PFGC ... 46 60.56 -0.19 6.39 373.91 230.54 UnitedRentals URI ... 13 353.51 -3.92
-24.33 171.87 73.58 Baidu BIDU ... 60 112.59 -1.11 DOCU ... dd 56.27 -0.04 6.32 212.62 155.44 JackHenry JKHY 1.1 35 177.55 -0.38 -31.53 203.16 113.46 PerkinElmer -24.96 63.57 38.39 US Bancorp USB 4.6 10 42.15 -0.69
-25.65 96.85 61.55 DolbyLab DLB 1.5 39 70.80 -0.27 PKI 0.2 29 137.66 -3.38
17.91 39.78 20.41 BakerHughes BKR 2.7 dd 28.37 -0.67 -14.48 150.32 106.78 JacobsSolns J 0.8 24 119.07 -0.52 -14.66 16.32 8.88 PetroleoBrasil PBR 79.3 2 9.37 -0.02 29.10 283.09 158.38 UnitedTherap UTHR ... 19 278.96 3.11
-46.69 97.99 46.00 Ball BALL 1.6 17 51.32 -0.33 5.27 262.20 183.25 DollarGeneral DG 0.9 24 248.25 1.37 -51.88 41.64 17.86 JamesHardie JHX 1.1 17 19.58 0.08
1.52 177.19 123.62 DollarTree DLTR ... 20 142.65 -2.46 -18.00 15.04 7.86 PetroleoBrasilA PBR.A 89.6 2 8.29 ... 4.29 558.10 445.74 UnitedHealth UNH 1.3 26 523.70 -3.98
-2.90 6.97 3.93 BancoBilbaoViz BBVA 5.2 6 5.70 0.08 23.80 169.98 121.66 JazzPharm JAZZ ... dd 157.72 4.76 -12.96 61.71 41.45 Pfizer PFE 3.2 10 51.40 -2.21 -79.73 150.64 21.22 UnitySoftware U ... dd 28.99 -0.50
-10.48 3.55 2.29 BancoBradesco BBDO 3.5 6 2.36 -0.01 t -25.38 88.78 57.18 DominionEner D 4.6 21 58.62 -0.22 -9.90 41.49 25.88 JefferiesFin JEF 3.4 10 34.96 0.07 5.56 112.48 82.85 PhilipMorris PM 5.1 18 100.28 -0.99 4.71 158.28 82.50 UniversalHealthB UHS 0.6 14 135.77 3.24
21.20 22.74 15.60 BancodeChile BCH 5.4 6 19.04 -0.01 -36.70 567.57 299.41 Domino's DPZ 1.2 29 357.23 0.24 2.69 186.69 155.72 J&J
-0.88 61.94 46.00 Donaldson JNJ 2.6 24 175.67 -1.82 38.89 113.53 68.57 Phillips66 PSX 3.9 5 100.64 -0.83 58.93 46.64 22.25 UnumGroup UNM 3.4 7 39.05 -0.35
-8.75 7.97 4.79 BancSanBrasil BSBR 7.0 ... 4.90 0.07 DCI 1.6 21 58.74 -0.30 -22.09 81.77 45.52 JohnsonControls JCI 2.2 29 63.35 -1.12 49.28 93.16 23.21 Pinduoduo PDD ... 29 87.03 -0.12 t -63.99 76.61 26.06 VF VFC 7.7 24 26.37 -1.16
-7.00 22.95 13.37 BcoSantChile BSAC 5.6 7 15.15 ... -64.73 157.46 41.37 DoorDash DASH ... dd 52.52 -2.73 -41.19 275.76 135.35 JonesLang JLL 0.0 9 158.39 -3.79
-26.50 184.04 114.49 Dover 10.36 80.60 59.03 PinnacleWest PNW 4.4 17 77.90 -0.72 10.73 35.69 26.23 VICI Prop VICI 4.7 31 33.34 -0.61
-12.77 4.01 2.26 BancoSantander SAN 2.6 5 2.87 0.04 DOV 1.5 17 133.48 -1.20 -11.01 38.14 25.18 JuniperNetworks JNPR 2.6 25 31.78 -0.51 -31.77 38.62 16.14 Pinterest PINS ...300 24.80 -0.36 -23.39 335.32 201.91 VailResorts MTN 3.0 29 251.21 -5.24
-17.16 45.98 23.86 BanColombia CIB 4.2 7 26.17 0.28 -12.20 71.86 42.91 Dow DOW 5.6 6 49.80 0.27 -15.25 55.31 30.14 KB Financial KB 6.1 4 39.12 0.43
-30.00 64.95 22.91 Doximity DOCS ... 49 35.09 0.30 20.37 288.46 166.97 PioneerNatRscs PXD 11.9 8 218.92 -5.69 14.62 21.29 11.72 Vale VALE 8.8 4 16.07 -0.33
-28.75 50.11 29.31 BankofAmerica BAC 2.8 10 31.70 -0.07 7.41 56.94 41.77 KBR KBR 0.9 48 51.15 0.47 23.66 12.75 8.64 PlainsAllAmPipe PAA 7.5 8 11.55 -0.14 58.93 146.81 65.13 ValeroEnergy VLO 3.3 5 119.37 -0.55
-18.27 122.77 81.57 BankofMontreal BMO 3.8 6 88.04 -0.31 -19.45 65.86 47.88 DrReddy'sLab RDY 0.6 22 52.69 -0.83 -28.13 24.85 7.31 KE Holdings BEKE ... dd 14.46 0.17
-55.88 30.71 9.77 DraftKings DKNG ... dd 12.12 -0.51 19.82 13.41 9.24 PlainsGP PAGP 7.2 11 12.15 -0.18 29.47 353.36 203.31 ValmontInds VMI 0.7 29 324.33 -0.04
-24.09 64.63 36.22 BankNY Mellon BK 3.4 13 44.09 -0.15 -37.48 78.40 41.77 KKR KKR 1.3 dd 46.58 -0.89 -16.59 97.33 54.15 PlanetFitness PLNT ... 90 75.55 -1.04 -34.14 266.72 151.02 VeevaSystems VEEV ... 69 168.26 -1.63
-33.55 74.86 45.26 BankNovaScotia BNS 6.4 8 47.64 -0.32 -5.46 25.80 19.07 Dropbox DBX ... 25 23.20 0.05 -10.36 457.12 250.20 KLA KLAC 1.3 17 385.54 0.79
-4.35 116.33 83.76 DukeEnergy -50.34 32.05 12.70 PlugPower PLUG ... dd 14.02 -0.40 -12.66 64.02 35.33 Ventas VTR 4.0 dd 44.65 -1.63
-26.47 12.20 5.88 Barclays BCS 4.0 ... 7.61 -0.05 DUK 4.0 20 100.34 -2.17 9.71 15.30 11.56 KT KT 4.6 6 13.79 -0.11 -57.35 13.36 4.00 PolestarAuto PSNY ... dd 4.99 -0.05 -20.95 257.03 155.25 VeriSign
-15.93 85.16 49.52 DuPont DD 1.9 19 67.91 0.10 VRSN ... 27 200.65 0.98
-11.05 26.07 13.01 BarrickGold GOLD 3.8 16 16.90 0.25 -45.10 37.50 9.74 Kanzhun BZ ...108 19.15 -0.20 -44.70 569.46 278.10 Pool POOL 1.3 16 313.02 -7.02 -23.48 230.31 156.05 VeriskAnalytics VRSK 0.7 27 175.02 -1.58
-42.24 71.51 25.75 Bath&BodyWks BBWI 2.0 11 40.31 -1.44 -35.87 62.28 29.41 Dynatrace DT ...400 38.70 -0.64 52.18 278.25 92.26 KarunaTherap KRTX ... dd 199.35 -0.65
16.31 156.67 95.64 EMCOR 17.41 96.17 61.05 PrincipalFin PFG 3.0 4 84.92 -1.18 -28.56 55.51 34.55 Verizon VZ 7.0 8 37.12 -0.65
t -42.09 89.70 49.47 BaxterIntl BAX 2.3 dd 49.71 -1.05 EME 0.4 20 148.17 2.44 10.66 77.17 59.54 Kellogg K 3.3 16 71.29 -1.22 -37.68 83.70 40.00 ProcoreTech PCOR ... dd 49.84 -1.79 38.80 324.75 210.35 VertexPharm VRTX ... 24 304.80 -3.60
1.77 277.29 215.90 BectonDicknsn BDX 1.5 42 249.51 -1.00 ... 32.56 20.38 ENI E 4.6 3 27.65 -0.51 -2.14 41.31 33.35 KeurigDrPepper KDP 2.2 28 36.07 -0.56 -8.03 165.35 122.18 Procter&Gamble PG 2.4 26 150.44 -0.67 -18.99 15.60 8.42 Viatris VTRS 4.4 17 10.96 -0.18
-24.33 286.00 118.18 BeiGene BGNE ... dd 205.00 -2.92 41.59 150.88 80.67 EOG Rscs EOG 2.6 10 125.77 -0.86 -28.15 27.17 15.26 KeyCorp KEY 4.9 8 16.62 -0.19 23.19 134.50 99.28 Progressive PGR 0.3 89 126.45 -1.21 s 58.93 13.57 5.75 Vipshop VIPS ... 11 13.35 0.19
-22.76 50.44 26.32 BentleySystems BSY 0.3 64 37.33 -0.38 -50.14 699.12 168.59 EPAM Systems EPAM ... 49 333.30 -2.81 -15.82 209.08 127.93 KeysightTechs KEYS ... 28 173.85 -2.33
70.75 51.97 19.20 EQT -33.33 174.54 98.03 Prologis PLD 2.8 21 112.24 -5.56 -4.53 235.85 174.60 Visa V 0.9 30 206.89 -1.02
31.17 76.99 51.90 Berkley WRB 0.6 16 72.05 0.10 EQT 1.6 8 37.24 -0.99 -40.88 79.06 38.02 KilroyRealty KRC 5.5 20 39.29 -0.75 -9.58 124.22 85.46 PrudentialFin 5.71 27.39 20.26 Vistra VST 3.2 dd 24.07 -0.26
-19.95 93.51 61.65 EastWestBncp EWBC 2.5 9 62.98 -0.30 PRU 4.9136 97.87 -1.88
0.33 362.10 259.85 BerkHathwy B BRK.B ... dd 300.00 -1.91 -5.32 145.79 108.74 KimberlyClark KMB 3.4 26 135.32 -1.10 -25.18 36.84 18.20 Prudential PUK 1.4 17 25.76 -0.19 5.07 136.85 91.53 VMware VMW ... 37 121.76 -1.23
0.88 544389 393012 BerkHathwy A BRK.A ... dd 454620 -2840.00 -35.31 229.84 137.47 EastGroup EGP 3.4 28 147.40 -4.35 -13.87 26.57 17.71 KimcoRealty KIM 4.3 57 21.23 -0.30 -11.22 75.61 52.51 PublicServiceEnt PEG 3.6 43 59.24 -1.10 t -31.82 19.05 10.13 Vodafone VOD 8.7 13 10.18 -0.29
-19.02 74.73 44.52 BerryGlobal BERY 1.7 10 59.75 -0.29 -31.91 129.47 69.91 EastmanChem EMN 3.8 9 82.33 -0.01 11.54 20.20 15.01 KinderMorgan KMI 6.3 16 17.69 -0.27 -23.52 421.76 270.73 PublicStorage PSA 2.8 12 286.47 -12.34 -14.65 213.65 137.54 VulcanMatls VMC 0.9 40 177.17 -2.11
-21.77 112.96 60.78 BestBuy BBY 4.4 12 79.48 -1.30 -10.60 173.68 122.50 Eaton ETN 2.1 27 154.50 -0.88 16.21 334.99 180.05 KinsaleCapital KNSL 0.2 46 276.46 6.15 -19.00 58.09 35.03 PulteGroup PHM 1.4 5 46.30 -0.75
-50.41 50.52 8.23 Bilibili BILI ... dd 23.01 0.51 -38.35 67.64 35.92 eBay EBAY 2.1 dd 41.00 -1.29
-55.36 262.65 89.87 Bill.com BILL ... dd 111.21 -1.55 -38.59 237.38 131.04 Ecolab ECL 1.5 37 144.05 -1.29
-10.83 62.29 42.50 Knight-Swift KNX 0.9 10 54.34 -0.29 -12.07 36.71 21.89 PureStorage PSTG ...708 28.62 -0.46 WXYZ
-63.07 38.77 11.75 Philips PHG 5.7 4 13.61 -0.27 -10.80 56.18 40.38 Qiagen QGEN ... 25 49.58 -0.28
-36.30 130.74 68.00 Bio-Techne TECH 0.4 46 82.38 -1.81 -30.64 19.81 8.59 Ecopetrol EC 16.3 2 8.94 -0.11 -10.50 10.18 5.76 KoreaElcPwr KEP 0.0 dd 8.18 0.37 -2.00 108.39 80.82 WEC Energy WEC 3.3 22 95.13 -1.41
-39.52 163.12 75.38 Qorvo QRVO ... 15 94.59 -2.26
-46.00 765.40 344.63 Bio-RadLab A BIO ... dd 407.98 -12.50 -4.62 73.32 54.45 EdisonInt EIX 4.5 35 65.10 -1.63 11.20 44.87 32.73 KraftHeinz KHC 4.0 41 39.92 0.09 14.89 183.38 123.54 WEX WEX ... 73 161.29 -2.09
-37.37 193.58 101.93 Qualcomm QCOM 2.6 10 114.53 -2.11
18.78 311.88 187.16 Biogen BIIB ... 15 284.98 1.54 -43.64 131.73 67.13 EdwardsLife EW ... 31 73.01 -0.54 -2.08 62.78 41.81 Kroger -2.77 89.63 67.77 W.P.Carey WPC 5.3 32 79.78 -0.90
-3.32 244.80 159.00 ElbitSystems
KR 2.3 14 44.32 0.83 24.95 155.00 93.91 QuantaServices PWR 0.2 49 143.27 -1.55
22.95 109.56 70.73 BioMarinPharm BMRN ...261 108.63 0.02 ESLT 1.2 38 168.35 1.32 -12.33 60.43 42.36 LKQ LKQ 2.1 13 52.63 -0.64 -13.74 174.16 120.40 QuestDiag DGX 1.8 15 149.24 0.02 -35.62 83.69 39.67 WPP WPP 4.1 13 48.64 -0.87
-32.02 302.34 117.08 BioNTech BNTX 0.0 4 175.25 -6.79 -7.70 142.79 109.24 ElectronicArts EA 0.6 38 121.74 0.01 29.26 271.56 140.65 LPL Financial LPLA 0.5 27 206.94 -2.38 7.75 105.51 78.26 Wabtec WAB 0.6 28 99.25 -0.94
-29.27 84.27 52.00 BlackKnight BKI ... 18 58.63 -1.04 8.31 549.52 420.73 ElevanceHealth ELV 1.0 20 502.05 -6.93 -25.13 55.00 30.39 WalgreensBoots WBA 4.9 8 39.05 -0.48
-23.52 929.05 503.12 BlackRock BLK 2.8 19 700.22 2.04 2.14 100.00 72.41 EmersonElec EMR 2.2 18 94.96 -0.29
0.01 279.71 200.71 L3HarrisTech LHX 2.1 37 213.27 -3.21 RS -1.34 160.77 117.27 Walmart WMT 1.6 44 142.75 -2.61
-27.76 317.17 200.32 LabCorp.ofAmerica LH 1.3 12 226.99 -2.30
t -41.73 138.95 73.75 Blackstone BX 6.6 21 75.39 -2.01 -1.82 47.67 35.02 Enbridge ENB 6.8 18 38.37 -0.56 -38.27 731.85 299.59 LamResearch LRCX 1.6 13 443.92 -2.14 -14.01 32.71 23.39 RELX RELX 2.2 26 28.04 -0.27 -57.90 31.55 9.52 WarnerBrosA WBD ... dd 9.91 -0.09
71.18 48.76 21.08 BlockHR HRB 2.9 12 40.33 -0.13 -42.88 35.28 17.42 Endeavor EDR ... 18 19.93 -0.81 -22.69 124.32 81.10 LamarAdv LAMR 5.1 19 93.78 -1.70 -1.54 106.50 74.56 RPM RPM 1.7 24 99.44 -1.07 -22.09 44.64 21.57 WarnerMusic WMG 1.9 32 33.64 0.22
-61.30 171.89 51.34 Block SQ ... dd 62.51 -3.38 41.68 12.95 8.00 EnergyTransfer ET 9.1 9 11.66 ... 37.25 88.63 49.71 LambWeston LW 1.3 31 86.99 0.84 -11.51 135.99 82.23 RalphLauren RL 2.9 15 105.18 -1.39 -1.30 148.20 113.50 WasteConnections WCN 0.8 43 134.50 -2.83
-29.38 15.18 8.05 BlueOwlCapital OWL 4.6 dd 10.53 -0.60 65.84 339.92 113.40 EnphaseEnergy ENPH ...147 303.39 -10.67 26.17 49.73 28.88 LasVegasSands LVS 0.0 dd 47.49 -1.16 48.91 37.44 16.71 RangeResources RRC 1.2 5 26.55 -0.29 -3.06 175.98 138.58 WasteMgt WM 1.6 30 161.79 -1.58
-8.26 229.67 113.02 Boeing BA 0.0 dd 184.70 0.98 -52.14 142.22 61.75 Entegris ENTG 0.6 33 66.32 -1.52 -9.54 79.99 43.41 LatticeSemi LSCC ... 63 69.71 -0.52 6.32 126.00 84.86 RaymondJames RJF 1.6 15 106.75 -1.11 -9.16 375.24 265.61 Waters WAT ... 30 338.48 -3.95
-19.20 2715.66 1616.85 BookingHldgs BKNG ... 32 1938.55 -27.14 1.60 126.81 94.94 Entergy ETR 3.7 19 114.45 -2.34 -31.84 195.43 114.67 Lear LEA 2.5 32 124.70 -3.10 14.27 106.02 79.69 RaytheonTech RTX 2.2 33 98.34 -0.15 -18.39 316.05 220.68 Watsco WSO 3.4 19 255.35 -2.84
22.56 112.55 69.68 BoozAllen BAH 1.7 26 103.92 -0.31 8.38 28.65 20.42 EnterpriseProd EPD 8.0 10 23.80 -0.36 9.31 57.67 30.75 LegendBiotech LEGN ... dd 50.95 -0.89 -11.33 75.40 55.50 RealtyIncome O 4.7 59 63.48 -1.16 -20.31 65.00 40.72 WebsterFin WBS 3.6 13 44.50 0.10
-10.05 50.09 31.14 BorgWarner BWA 1.7 12 40.54 -0.25 -34.46 295.94 145.98 Equifax EFX 0.8 33 191.90 -5.91 17.87 111.12 81.07 Leidos LDOS 1.4 21 104.79 -0.49 -32.52 176.91 108.28 RegalRexnord RRX 1.2 20 114.84 -3.79 -14.15 60.30 36.54 WellsFargo WFC 2.9 11 41.19 -0.18
-41.59 133.11 64.43 BostonProps BXP 5.8 12 67.28 -1.84 -21.04 853.42 494.89 Equinix EQIX 1.9 87 667.84 -23.52 -20.28 96.42 52.67 Lennar B LEN.B 2.0 5 76.23 -1.51 -16.75 78.78 51.97 RegencyCtrs REG 4.1 24 62.73 -0.72 -25.01 99.43 56.50 Welltower WELL 3.8169 64.32 -2.80
7.84 47.95 34.98 BostonSci BSX ...110 45.81 -0.51 37.07 42.53 25.67 Equinor EQNR 2.2 5 36.09 -0.88 -20.63 116.72 62.54 Lennar A LEN 1.6 6 92.20 -2.09 14.51 779.00 538.01 RegenPharm REGN ... 15 723.17 -8.10 -51.79 475.00 206.19 WestPharmSvcs WST 0.3 27 226.10 -10.98
17.87 81.44 60.86 BristolMyers BMY 3.1 24 73.49 -1.51 -12.14 37.13 24.61 Equitable EQH 2.8 4 28.81 -0.40 -24.00 327.32 182.85 LennoxIntl LII 1.7 18 246.50 -2.14 -5.60 25.57 18.01 RegionsFin RF 3.9 10 20.58 -0.24 -51.02 69.36 31.56 WesternDigital WDC 0.0 11 31.94 -0.27
8.85 47.23 35.47 BritishAmTob BTI 6.6 13 40.72 -0.17 -25.54 88.70 56.91 EquityLife ELS 2.5 44 65.27 0.01 -36.56 25.37 13.57 LeviStrauss LEVI 2.8 11 15.88 -0.14 25.34 148.75 96.83 ReinsGrp RGA 2.3 16 137.24 0.64 17.92 29.50 19.40 WesternMidstrm WES 7.6 10 26.26 0.28
-12.87 27.19 17.62 BrixmorProp BRX 4.7 20 22.14 -0.37 -32.78 94.32 59.32 EquityResdntl EQR 4.1 20 60.83 -1.93 -36.29 41.49 12.52 LiAuto LI ... dd 20.45 0.02 24.01 216.76 145.78 RelianceSteel RS 1.7 7 201.17 1.01 6.40 141.19 81.28 Westlake WLK 1.4 5 103.35 -1.69
-16.46 677.76 415.07 Broadcom AVGO 3.3 21 555.91 -2.09 39.86 286.50 158.46 ErieIndemnity A ERIE 1.8 49 269.45 -2.39 t -56.94 164.00 68.90 LibertyBroadbandA LBRDA 0.0 8 69.29 -3.81 7.62 189.77 124.18 RenaissanceRe RNR 0.8 dd 182.24 2.45 -20.94 54.78 30.08 WestRock WRK 3.1 10 35.07 -0.72
-27.06 185.40 131.35 BroadridgeFinl BR 2.2 30 133.35 -1.61 -13.39 53.93 38.50 EssentialUtil WTRG 2.5 26 46.50 -1.01 t -56.78 164.82 69.34 LibertyBroadbandC LBRDK ... 8 69.62 -3.29 -20.23 39.55 25.35 RentokilInit RTO 1.2 33 31.55 -0.91 -23.99 43.04 27.36 Weyerhaeuser WY 2.3 10 31.30 -0.46
-33.61 50.48 29.85 Brookfield BN 1.7 16 32.40 -0.71 -39.78 363.36 205.76 EssexProp ESS 4.1 38 212.12 -6.14 -32.32 29.17 16.16 LibertyGlobal C LBTYK ... 2 19.01 -0.11 -37.76 274.09 137.21 Repligen RGEN ... 57 164.84 -3.41 -9.22 51.91 28.62 WheatonPrecMet WPM 1.5 22 38.97 0.54
t -21.04 46.01 31.81 BrookfieldInfr BIP 4.5 46 32.01 -1.01 -34.92 374.20 186.47 EsteeLauder EL 1.1 40 240.94 0.34 -32.59 29.08 15.22 LibertyGlobal A LBTYA ... 2 18.70 0.03 -5.67 149.17 113.57 RepublicSvcs RSG 1.5 29 131.55 -1.85 -39.70 245.44 124.43 Whirlpool WHR 4.9 23 141.49 -2.57
-17.32 44.41 28.40 BrookfieldRenew BEPC 4.2 16 30.45 -0.56 -42.30 232.98 67.01 Etsy ETSY ... dd 126.32 0.35 -12.54 64.70 45.01 LibertyFormOne A FWONA ... dd 51.90 -0.23 -19.46 264.31 189.40 ResMed RMD 0.8 39 209.80 -5.24 24.23 37.97 24.86 Williams WMB 5.3 20 32.35 -1.15
-21.03 74.00 52.91 Brown&Brown BRO 0.8 25 55.50 -1.08 17.96 340.66 244.57 EverestRe RE 2.0 24 323.11 0.62 -8.18 71.17 50.00 LibertyFormOne C FWONK ... dd 58.07 0.03 8.75 68.54 46.68 RestaurantBrands QSR 3.3 21 65.99 -1.51 -33.95 176.89 101.58 Williams-Sonoma WSM 2.8 7 111.71 -4.81
-9.61 78.15 60.23 Brown-Forman B BF.B 1.2 36 65.86 -1.00 -9.77 73.12 54.12 Evergy EVRG 4.0 18 61.91 -0.89 14.43 34.54 24.50 LibertyBraves A BATRA ... 29 32.90 -0.26 -33.72 84.68 48.74 RexfordIndlRealty REXR 2.3 58 53.76 -1.70 1.29 252.99 187.89 WillisTowers WTW 1.4 10 240.56 -3.86
-2.73 76.60 56.97 Brown-Forman A BF.A 1.2 36 65.94 -0.96 -9.01 94.63 70.54 EversourceEner ES 3.1 21 82.78 -1.35 14.73 34.15 23.34 LibertyBraves C BATRK ... 29 32.24 -0.26 -4.04 32.50 24.54 ReynoldsCnsmr REYN 3.1 25 30.13 -0.68 11.66 49.02 30.52 WillScotMobile WSC ... 31 45.60 -0.45
-23.24 85.42 48.42 Bruker BRKR 0.3 35 64.41 -0.45 -33.29 84.46 29.27 ExactSciences EXAS ... dd 51.92 7.31 -23.24 52.62 34.40 LibertySirius A LSXMA ... 14 39.03 -0.33 3.72 84.69 50.91 RioTinto RIO 9.8 6 69.43 -1.02 -53.07 9.86 4.38 Wipro WIT 1.5 17 4.58 -0.06
-21.20 86.48 48.91 BuildersFirst BLDR ... 4 67.54 -0.73 1.80 50.71 35.19 Exelon EXC 3.2 19 41.93 -0.45 -23.54 52.43 34.34 LibertySirius C LSXMK ... 14 38.88 -0.31 -78.32 107.49 19.25 Rivian RIVN ... dd 22.48 -1.49 -31.05 125.58 58.07 Wolfspeed WOLF ... dd 77.06 -1.58
2.91 128.40 80.41 Bunge BG 2.6 10 96.08 -0.67 -51.21 217.72 85.02 Expedia EXPE 0.0 32 88.17 -2.03 -33.98 154.45 97.50 LifeStorage LSI 4.3 25 101.13 -3.73 -34.46 125.77 65.40 RobertHalf RHI 2.4 12 73.09 -0.25 50.53 26.79 15.12 WoodsideEnergy WDS 8.8 8 24.00 0.28
-36.26 295.30 106.47 BurlingtonStrs BURL ... 75 185.80 -5.64 -19.17 136.36 86.08 ExpeditorsIntl EXPD 1.2 11 108.54 -0.78 30.28 375.25 231.87 EliLilly LLY 1.3 54 359.87 -0.14 -51.52 19.37 6.81 Robinhood HOOD ... dd 8.61 -0.06 -9.59 39.71 22.18 WooriFin WF 6.2 3 29.05 0.89
12.17 319.33 238.29 CACI Intl CACI ... 19 301.98 1.53 t -34.15 228.84 147.05 ExtraSpaceSt EXR 4.0 22 149.30 -6.32 1.88 150.68 118.17 LincolnElectric LECO 1.8 19 142.09 -0.97 -73.23 108.78 21.65 Roblox RBLX ... dd 27.62 -0.29 -35.86 280.91 128.72 Workday WDAY ... dd 175.22 -0.20
-30.14 111.00 66.31 CBRE Group CBRE ... 13 75.80 -1.64 71.11 114.66 57.96 ExxonMobil XOM 3.5 9 104.70 -0.74 -4.85 352.18 262.47 Linde LIN 1.4 44 329.63 -1.17 -43.14 15.71 5.97 RocketCos. RKT 0.0 10 7.96 -0.04 -21.48 93.86 58.81 WyndhamHtls WH 1.8 19 70.39 -0.99
-11.48 208.71 147.91 CDW CDW 1.3 24 181.28 -2.92 -41.09 249.00 133.68 F5 FFIV ... 27 144.17 -2.14 -42.04 126.79 65.05 LiveNationEnt LYV ... 96 69.37 -0.86 -27.46 350.98 190.08 Rockwell ROK 1.9 32 253.07 -4.08 1.14 96.50 50.20 WynnResorts WYNN 0.0 dd 86.01 1.06
34.32 119.60 62.19 CF Industries CF 1.7 6 95.07 0.52 13.11 140.99 98.24 FMC FMC 1.9 24 124.30 -0.87 -14.51 3.00 1.70 LloydsBanking LYG 4.6 ... 2.18 -0.01 -6.55 64.55 36.23 RogersComm B RCI 3.3 18 44.51 -0.27 t -51.32 36.36 13.90 XP XP ... 11 13.99 -0.20
-3.46 89.11 72.23 CGI GIB ... 18 85.44 -0.24 -11.86 495.39 345.92 FactSet FDS 0.8 42 428.38 -2.68 35.56 498.95 333.42 LockheedMartin LMT 2.5 22 481.79 3.00 -79.91 241.46 44.50 Roku ROKU ... dd 45.85 -0.73 3.28 77.66 56.89 XcelEnergy XEL 2.8 23 69.92 -0.70
-12.59 121.23 86.57 CH Robinson CHRW 2.6 11 94.08 -0.68 36.19 638.87 340.48 FairIsaac FICO ... 42 590.63 -7.58 -3.39 68.20 49.36 Loews L 0.4 14 55.80 -0.11 7.45 43.06 28.50 Rollins ROL 1.4 52 36.76 -0.43 -79.54 51.50 6.18 XPeng XPEV ... dd 10.30 0.17
-25.10 256.94 166.58 CME Group CME 2.3 23 171.12 -1.35 -25.27 64.75 43.73 Fastenal FAST 2.6 26 47.87 -0.10 -29.06 87.57 41.81 LogitechIntl LOGI 1.7 20 58.51 -2.34 -13.72 494.31 356.21 RoperTech ROP 0.6 40 424.36 -5.24 -8.35 121.05 72.08 Xylem XYL 1.1 62 109.91 -0.73
-4.83 73.76 52.41 CMS Energy CMS 3.0 14 61.91 -1.25 -24.79 140.51 86.43 FederalRealty FRT 4.2 22 102.53 -1.96 -20.25 260.83 170.12 Lowe's LOW 2.0 20 206.14 -1.88 -0.29 120.39 69.24 RossStores ROST 1.1 28 113.95 0.26 -6.83 139.85 103.97 YumBrands YUM 1.8 34 129.37 -1.08
-7.78 50.33 35.90 CNA Fin CNA 3.9 12 40.65 -0.23 -33.61 266.79 141.92 FedEx FDX 2.7 11 171.72 -1.45 t -80.63 47.59 7.18 Lucid LCID ... dd 7.37 -0.08 -11.96 119.41 83.63 RoyalBkCanada RY 4.2 11 93.45 -0.34 12.36 58.20 33.55 YumChina YUMC 0.9 28 56.00 0.22
-6.32 17.13 10.60 CNH Indl CNHI 1.8 12 15.82 -0.10 -30.69 183.67 99.16 Ferguson FERG 2.8 12 124.33 -2.31 -17.94 410.70 251.51 lululemon LULU ... 35 321.24 -3.97 -30.55 90.55 31.09 RoyalCaribbean RCL 0.0 dd 53.41 -1.25 -4.75 32.
-26.10 54.54 31.22 CRH CRH 3.0 8 39.02 -0.15 -15.73 271.95 167.45 Ferrari RACE 0.7 40 218.11 -4.29 -12.63 117.22 71.46 LyondellBasell LYB 5.9 6 80.58 -0.10 2.08 147.70 84.54 RoyalGold RGLD 1.4 26 107.39 0.45
-15.82 38.63 25.80 CSX CSX 1.3 17 31.65 -0.12 -26.45 54.25 33.17 FidNatlFin FNF 4.9 6 36.89 0.05 0.90 44.75 36.15 RoyaltyPharma RPRX 1.9 35 40.21 -0.58 w
-7.47 111.25 86.28 CVS Health CVS 2.5 40 95.45 -2.15 -36.58 122.06 56.53 FidNatlInfo FIS 2.7 45 69.22 -0.57 MN -0.45 46.40 32.13 RyanSpecialty RYAN ... 87 40.17 0.33 w
-12.42 194.97 132.31 CadenceDesign CDNS ... 57 163.20 0.97 -27.44 50.64 30.92 FifthThirdBncp FITB 4.2 10 31.60 -0.33 -24.38 125.75 55.90 Ryanair RYAAY ... 17 77.38 -0.98 mm m
-23.10 27.97 15.23 CAE CAE 0.0 62 19.41 -0.98 -12.07 947.71 598.01 FirstCitizBcshA FCNCA 0.4 12 729.68 -4.94 t -8.81 193.42 138.43 M&T Bank MTB 3.4 13 140.05 -0.96 -24.80 141.69 78.22 SAP SAP 1.4 35 105.36 -0.22
-49.47 97.39 31.31 CaesarsEnt CZR ... dd 47.26 -1.02 49.48 24.92 15.00 FirstHorizon FHN 2.5 16 24.41 -0.01 -20.54 49.00 26.41 MGM Resorts MGM 0.0 12 35.66 -0.56 -28.04 481.44 279.32 S&P Global SPGI 1.0 28 339.60 -4.98
-37.21 180.37 107.90 CamdenProperty CPT 3.4 15 112.20 -2.53 -26.83 66.73 42.91 FirstIndRlty FR 2.4 16 48.44 -0.68 8.75 35.49 27.46 MPLX MPLX 9.6 9 32.18 0.06 -27.95 391.15 236.20 SBA Comm SBAC 1.0 75 280.29 -8.36 m M
-0.46 32.49 18.03 Cameco CCJ 0.4 95 21.71 0.01 -41.38 209.33 106.86 FirstRepBank FRC 0.9 14 121.05 0.89 -23.03 623.16 376.41 MSCI MSCI 1.1 46 471.59 -5.09 -4.40 64.29 46.30 SEI Investments SEIC 1.4 16 58.26 -0.25 m
31.29 57.41 41.73 CampbellSoup CPB 2.6 22 57.06 0.14 77.93 173.68 59.60 FirstSolar FSLR ...176 155.08 -4.33 8.68 54.40 43.58 MagellanMid MMP 8.3 10 50.47 -0.08 -23.13 48.47 18.32 SK Telecom SKM 7.2 10 20.50 -0.06

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
GblStock 13.41 -0.09 -7.1 Fidelity Invest TotRtnBdFdClInst 23.82 -0.06-13.5 LrgCpStr 14.57 -0.14 NA EqIdxInst 27.22 -0.30-19.0 TotIntBdIdxAdm 19.47 -0.08-10.9 IdxIntl 16.55 -0.30-16.6
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Income 12.54 -0.04 -9.1 Balanc 23.27 -0.17-17.3 Harbor Funds Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r 27.68 -0.50-16.6 MdCpGrAdml 78.19 -0.94-28.3
Intl Stk 43.49 -0.30 -8.0 BluCh 115.30 -1.41-36.9 CapApInst 64.01 -0.68-36.5 ParnEqFd 47.11 -0.32-18.4 500Adml 356.80 -3.99-17.9 TotStAdml 93.82 -1.02-19.3 MdCpVlAdml 70.29 -0.84 -8.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Stock 221.05 -1.78 -8.4 Contra 12.11 -0.07-28.1 Harding Loevner PGIM Funds Cl Z BalAdml 40.47 -0.30-16.0 TxMCapAdml199.30 -2.15-18.8 SmValAdml 68.19 -0.65-10.0
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, IntlEq
DoubleLine Funds ContraK 12.15 -0.07-28.1 23.38 -0.12 NA HighYield 4.65 -0.02 NA CAITAdml 11.22 +0.01 -6.0 TxMIn r 13.42 -0.26-15.9 TotBd2 9.59 -0.03-11.3
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotRetBdI 9.01 -0.02-10.5 CpInc 9.18 -0.04 -9.4 Invesco Funds A CapOpAdml r161.43 -1.32-16.6 TotIntlInstIdx r110.70 -2.00-16.5
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not TotalReturnBond 12.17 -0.03 NA USGroAdml 103.44 -1.17-38.3
Edgewood Growth Instituti GroCo 24.73 -0.24-32.2 EqIncA 9.80 -0.06 -7.9 PIMCO Fds Instl DivAppIdxAdm 41.28 -0.38-10.2 ValAdml 54.50 -0.52 -3.3 TotItlInstPlId r110.73 -2.00-16.5
available due to incomplete price, performance or cost data. NE-Not released by Lipper; EdgewoodGrInst 36.26 -0.49-40.1 InvGrBd 10.09 -0.03-10.7 Invesco Funds Y EMAdmr 32.29 -0.55-18.1 TotSt 93.78 -1.03-19.4
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. AllAsset NA ... NA WdsrllAdml 70.14 -0.69-13.6
Fidelity LowP 45.57 -0.20 -7.1 DevMktY 34.96 -0.06-25.0 TotRt 8.76 -0.02 NA EqIncAdml 83.87 -6.59 -0.9 WellsIAdml 63.17 -0.37 -7.9 VANGUARD INSTL FDS
500IdxInstPrem133.50 -2.13-17.9 Magin 10.81 -0.15-26.3 JHF III DispVal PIMCO Funds A ExplrAdml 91.69 -0.92-23.0 WelltnAdml 71.06 -0.56-13.9 BalInst 40.48 -0.30-16.0
Friday, December 16, 2022 Contrafund K6 16.85 -0.11-27.0 NASDAQ 136.05 -1.34-30.9 DispValMCI 25.50 -0.17 NA IncomeFd 10.56 -0.04 -7.5 ExtndAdml 101.70 -0.98-26.2 WndsrAdml 77.42 -0.84 -4.3 DevMktsIndInst 13.44 -0.26-15.9
Net YTD Net YTD Net YTD ExtMktIdxInstPre 63.24 -1.46-26.2 OTC 13.03 -0.12-31.1 John Hancock PIMCO Funds I2 GNMAAdml 9.41 -0.01 -8.7 VANGUARD FDS DevMktsInxInst 21.00 -0.41-15.9
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret FidSerToMarket 12.67 -0.14-19.3 Puritn 20.66 -0.20-16.6 BondR6 13.66 -0.04-12.4 Income 10.56 -0.04 -7.2 GrwthAdml 112.18 -1.47-31.8 DivdGro 35.86 -0.39 -5.7 ExtndInst 101.70 -0.97-26.2
GrowthCompanyK6 15.74 -0.17-31.2 SAIUSQtyIdx 15.40 -0.14-17.6 JPMorgan I Class PIMCO Funds Instl HlthCareAdml r 91.52 -0.87 -1.0 IntlVal 36.47 -0.26-12.3 GrwthInst 112.19 -1.47-31.8
American Century Inv WshA 51.78 -1.73 -8.8 MunicipalBond 9.78 ... -7.1 InflPrBdIndInsPr 9.92 -0.05-11.1 SrsEmrgMkt 15.52 +0.01-24.4 CoreBond 10.34 -0.03 NA HYCorAdml r 5.23 -0.02 -7.8 InPrSeIn 9.79 -0.05-10.8
Ultra 60.47 -0.73-31.0 Artisan Funds Calamos Funds IncomeFd 10.56 -0.04 -7.1 LifeCon 19.61 -0.11-13.9
IntlIdxInstPrem 40.94 -0.36-14.8 SrsGlobal 12.27 -0.07-16.3 EqInc 22.39 -0.22 NA Price Funds InfProAd 24.03 -0.12-10.8 InstIdx 327.43 -3.67-17.9
American Funds Cl A IntlVal Inst 38.15 -0.16 -7.9 MktNeutI 13.84 -0.02 -4.4 LifeGro 36.64 -0.29-16.8
LgCpGwId InstPre 21.18 -0.38-27.9 SrsGroCoRetail 14.05 -0.13-30.8 LgCpGwth 45.34 -0.36 NA IntlGrAdml 91.38 -1.19-30.0 InstPlus 327.43 -3.67-17.9
AmcpA 30.26 -0.31-28.4 Baird Funds Columbia Class I BlChip 105.30 -1.26-37.5 LifeMod 28.16 -0.20-15.3
MidCpInxInstPrem 25.91 -0.64-17.3 SrsIntlGrw 14.42 -0.18-22.0 JPMorgan R Class
DivGro 63.81 -0.75-10.6
ITBondAdml 10.32 -0.02-11.3 InstTStPlus 68.27 -0.75-19.3
AMutlA 48.18 -0.49 -5.0 AggBdInst 9.83 -0.03-11.6 DivIncom I 28.65 -0.25 -5.9 SAIUSLgCpIndxFd 16.85 -0.19-17.9 CoreBond 10.36 -0.02 NA PrmcpCor 29.61 -0.23-12.0
SrsIntlVal 9.88 -0.05 -8.6 ITIGradeAdml 8.51 -0.02-12.0 MidCpInst 56.14 -0.67-18.6
BalA 28.89 -0.24-11.7 CorBdInst 10.10 -0.02-11.2 Dimensional Fds CorePlusBd 7.31 -0.02 NA
Growth 62.90 -0.86-38.9 STAR 26.32 -0.20-17.1
SeriesBondFd 9.09 -0.02-10.9 TotalBond 9.57 -0.03-11.0 LarCapAd 88.70 -0.99-19.4 MidCpIstPl 276.89 -3.30-18.6
BondA 11.63 -0.03-10.9 BlackRock Funds 5GlbFxdInc 9.86 ... -6.3 HelSci 89.83 -1.01-12.2 TgtRe2020 26.90 -0.15-13.3
SeriesOverseas 10.89 -0.13-23.0 Fidelity SAI Lord Abbett A LTGradeAdml 8.23 -0.08-21.6 RealEstaInstl 18.44 -0.49-25.8
CapIBA 62.76 -1.36 -7.5 HiYldBd Inst 6.75 -0.03 -9.2 EmgMktVa 26.39 +0.06-10.9 SerLTTreBdIdx 6.27 -0.06-24.6 ShtDurIncmA p 3.85 ... -4.7 LgCapGow I 46.70 -0.53-34.1 TgtRe2025 17.32 -0.11-14.8
TotalBd 9.06 -0.03-10.7 MidCpAdml 254.14 -3.03-18.6 SmCapInst 88.35 -0.84-17.7
CapWGrA 51.37 -0.52-17.6 BlackRock Funds A EmMktCorEq 20.11 ...-16.5 SmCpIdxInstPrem 21.70 -0.42-20.3 U.S.TreBdIdx 8.85 -0.02-10.7 Lord Abbett I MidCap 89.15 -0.88-22.1
MuHYAdml 10.42 ...-10.4 TgtRe2030 32.41 -0.22-15.6 SmCapIstPl 255.02 -2.43-17.7
EupacA 49.01 -0.46-23.1 GlblAlloc 16.50 -0.10-15.6 IntlCoreEq 13.34 -0.10-14.6 TMktIdxInstPrem106.29 -2.73-19.3 First Eagle Funds ShtDurInc p 3.85 ... -4.3 NHoriz 47.05 -0.50-36.0 MuIntAdml 13.47 ... -6.2 TgtRe2035 19.99 -0.15-16.1 STIGradeInst 10.01 ... -5.3
FdInvA 60.12 -1.90-16.9 BlackRock Funds III IntSmCo 17.10 -0.10-18.6 TotalMarketIndex 13.39 -0.36-19.0 GlbA 57.14 -0.26 -7.8 Metropolitan West R2020 19.08 -0.12-14.1 MuLTAdml 10.71 ... -9.2 TgtRe2040 35.03 -0.27-16.7 STIPSIxins 24.02 -0.03 -2.7
GwthA 50.01 -2.61-30.0 iShS&P500IdxK451.23 -5.05-17.9 IntSmVa 18.27 -0.09-12.4 USBdIdxInstPrem 10.43 -0.02-11.0 FPA Funds TotRetBdI 9.29 -0.02-12.6 R2025 16.56 -0.11-15.2 MuLtdAdml 10.71 +0.01 -2.6 TgtRe2045 23.50 -0.20-17.2 TotBdInst 9.71 -0.02-11.2
HI TrA 9.17 -0.04 -8.3 BlackRock Funds Inst LgCo 26.22 -0.30-18.0 Fidelity Freedom NwInc 9.50 ... -3.0 TRBdPlan 8.71 -0.02-12.6 R2030 24.59 -0.18-16.6 MuShtAdml 15.59 ... -0.7 TgtRe2050 38.76 -0.33-17.4 TotBdInst2 9.59 -0.03-11.2
ICAA 41.07 -0.37-15.9 EqtyDivd 18.11 -0.18 -4.9 US CoreEq1 29.76 -0.28-15.1 FF2020 13.37 -0.08-15.1 Franklin A1 MFS Funds R2040 26.61 -0.23-18.8 PrmcpAdml r144.77 -0.97-14.6 TgtRe2060 39.71 -0.33-17.3 TotBdInstPl 9.71 -0.02-11.2
IncoA 22.58 -0.20 -6.6 StratIncOpptyIns 9.36 -0.01 -5.1 US CoreEq2 27.08 -0.26-14.5 FF2025 12.27 -0.07-15.7 IncomeA1 2.29 -0.01 -4.2 IIE 28.08 -0.27 NA Putnam Funds Class A RealEstatAdml119.14 -3.17-25.8 TgtRet2055 43.16 -0.36-17.3 TotIntBdIdxInst 29.21 -0.13-10.9
IntBdA 12.57 ... -6.6 Bridge Builder Trust US Small 38.45 -0.25-14.1 FF2030 15.31 -0.10-16.2 FrankTemp/Frank Adv MFS Funds Class I PutLargCap p 27.92 -0.25 -4.1 SmCapAdml 88.35 -0.84-17.7 TgtRetInc 12.60 -0.06-11.7 TotStInst 93.83 -1.03-19.3
N PerA 47.59 -0.52-25.4 CoreBond 9.03 -0.02-11.1 US SmCpVal 38.86 -0.28 -4.6 FF2035 13.14 -0.09-17.1 IncomeAdv 2.26 -0.02 -4.5 GrowthI 133.82 -1.50 NA Schwab Funds SmGthAdml 71.36 -0.68-27.7 WellsI 26.08 -0.15 -8.0 ValueInst 54.50 -0.51 -3.2
NEcoA 43.72 -0.34-29.3 CorePlusBond 8.95 -0.03-11.4 US TgdVal 27.11 -0.19 -5.6 FF2040 9.26 -0.07-18.0 FrankTemp/Franklin A ValueI 47.23 -0.56 NA 1000 Inv r 82.34 -0.93 NA STBondAdml 9.94 +0.01 -4.9 Welltn 41.15 -0.32-14.0 WCM Focus Funds
NwWrldA 66.21 -0.48-22.4 Intl Eq 10.92 -0.09-18.4 USLgVa 40.97 -0.45 -7.0 Freedom2030 K 15.31 -0.10-16.1 Growth A 102.91 -1.01-24.6 Northern Funds S&P Sel 58.93 -0.65 NA STIGradeAdml 10.01 ... -5.3 WndsrII 39.53 -0.39-13.7 WCMFocIntlGrwIns 19.80 -0.29-28.4
SmCpA 56.54 -0.45-29.4 LargeCapGrowth 17.30 -0.19-26.4 Dodge & Cox Idx2030InsPre 17.34 -0.13-15.9 RisDv A 82.48 -0.93-10.9 StkIdx 40.94 -0.46 NA TSM Sel r 65.37 -0.72 NA STIPSIxAdm 24.00 -0.03 -2.7 VANGUARD INDEX FDS Western Asset
TxExA 12.18 ... -8.2 LargeCapValue 16.02 -0.14 -6.0 Balanced 98.91 -0.48 -7.6 Idx2040InsPre 19.42 -0.16-17.8 Guggenheim Funds Tru Old Westbury Fds TIAA/CREF Funds TotBdAdml 9.71 -0.02-11.2 ExtndIstPl 250.97 -2.41-26.2 CorePlusBdI 9.66 -0.05 NA
B8 | Saturday/Sunday, December 17 - 18, 2022 ** ** THE WALL STREET JOURNAL.

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

Metal & Petroleum Futures Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March'23 .04981 .04990 .04954 .04964 –.00027 218,953 Mini S&P Midcap 400 (CME)-$100 x index
Jan 390.00 391.90 t 379.70 388.40 –6.60 1,873 Euro (CME)-€125,000; $ per € March 2455.90 2463.00 2412.80 2432.20 –27.00 43,697
Contract Open 1.0602 –.0030 169,478 Mini Nasdaq 100 (CME)-$20 x index
March 391.00 391.00 t 377.90 386.40 –7.20 1,001 Dec 1.0628 1.0664 1.0587
Open High hi lo Low Settle Chg interest March 11275.50 11344.75 –112.25 233,830
Milk (CME)-200,000 lbs., cents per lb. March'23 1.0696 1.0732 1.0652 1.0669 –.0031 679,655 11446.50 11491.50
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 20.56 20.58 20.49 20.50 –.04 4,500 June 11581.25 11610.75 11402.25 11465.25 –114.75 334
Dec 3.7790 3.7960 3.7400 3.7615 –0.0015 1,855 Mini Russell 2000 (CME)-$50 x index
March'23 3.7760 3.8050 3.7330 3.7615 –0.0015 102,160
Jan'23 19.62 19.64 19.14 19.24 –.40 3,879 Index Futures
Cocoa (ICE-US)-10 metric tons; $ per ton. March 1784.90 1792.10 1756.40 1774.20 –14.10 425,749
Gold (CMX)-100 troy oz.; $ per troy oz. March 2,510 2,517 2,468 2,475 –42 126,047 Mini DJ Industrial Average (CBT)-$5 x index Mini Russell 1000 (CME)-$50 x index
Dec 1777.90 1791.40 1777.90 1790.00 12.80 735 March 2142.70 2154.10 2118.20 2132.00 –22.30 6,970
May 2,515 2,521 2,474 2,480 –42 58,042 March 33415 33495 32869 33128 –308 75,004
Jan'23 1779.90 1797.20 1777.40 1793.50 12.90 1,222 U.S. Dollar Index (ICE-US)-$1,000 x index
Coffee (ICE-US)-37,500 lbs.; cents per lb. June 33690 33744 33136 33388 –305 70
Feb 1786.90 1804.20 1783.90 1800.20 12.40 362,509 Dec 104.46 104.82 104.23 104.66 .13 19,211
April 1802.40 1819.20 1799.20 1815.60 12.50 33,184 Dec 164.15 –7.35 126 Mini S&P 500 (CME)-$50 x index
3879.00 –48.25 1,937,463 March'23 104.16 104.48 103.82 104.33 .13 35,505
June 1817.10 1834.30 1815.20 1831.10 12.60 14,776 March'23 171.65 173.80 163.80 164.40 –7.35 99,291 March 3920.00 3934.50 3855.25
Aug 1834.90 1848.80 1831.10 1846.80 12.70 5,272 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June 3960.50 3968.50 3889.50 3912.75 –49.00 5,112 Source: FactSet
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 19.88 20.29 19.80 20.09 .11 394,338
Dec 1795.00 1796.00 t 1721.00 1684.20 –107.00 15 May 18.67 18.99 18.63 18.82 .04 200,564
March'23 1790.00 1825.00 1703.50 1706.60 –107.00 7,236 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Platinum (NYM)-50 troy oz.; $ per troy oz. March 36.16 … 2,109 Bonds | wsj.com/market-data/bonds/benchmarks
Dec 1013.00 –13.20 1 May 36.26 … 2,749
Jan'23 1015.20 1021.20 996.80 1000.00 –13.20 37,286 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Dec 23.100 23.215 23.055 23.151 0.023 1,110
March 81.03 82.30 79.80 81.92 .89 104,711 Global Government Bonds: Mapping Yields
May 81.29 82.35 79.95 82.08 .84 35,832
March'23 23.270 23.445 22.735 23.328 0.023 108,447 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Jan 207.20 213.95 206.35 210.25 3.05 3,828
Jan 76.37 76.57 73.33 74.29 –1.82 63,199 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
March 199.20 207.05 198.80 204.15 5.00 6,547
Feb 76.33 76.58 73.40 74.46 –1.69 224,325
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
March 76.36 76.56 73.49 74.54 –1.58 163,222
Interest Rate Futures Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
June 75.84 76.08 73.40 74.27 –1.34 127,428
Dec 73.74 73.98 71.79 72.46 –1.08 173,279 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 4.500 U.S. 2 4.180 t l 4.245 4.363 0.619
Dec'24 69.69 69.88 68.44 68.94 –0.62 69,663 Dec 143-200 144-260 142-130 143-240 –1-02.0 2,052 4.125 10 3.481 s l 3.449 3.693 1.422
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'23 144-250 144-270 142-100 143-270 –1-02.0 1,426,679
Jan 3.2844 3.2963 3.1116 3.1199 –.1635 42,360 0.250 Australia 2 3.149 t l 3.156 3.179 0.682 -105.1 -110.3 7.3
Feb 3.2140 3.2242 3.0683 3.0746 –.1400 60,057
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec 132-030 132-040 130-210 131-070 –29.0 2,241 1.750 10 3.466 t l 3.468 3.738 1.578 -1.6 2.0 16.0
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
March'23 132-000 132-010 130-080 131-050 –29.0 1,184,784
Jan 2.1793 2.1900 2.1013 2.1323 –.0345 52,441
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.000 France 2 2.444 s l 2.392 2.092 -0.647 -175.6 -186.8 -125.6
Feb 2.1923 2.2004 2.1157 2.1459 –.0341 61,112
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 114-170 114-265 114-035 114-215 –1.0 809 2.000 10 2.690 s l 2.593 2.487 0.010 -79.1 -85.6 -140.7
Jan 6.888 6.888 6.219 6.600 –.370 57,152 March'23 114-300 114-305 114-060 114-260 –3.5 3,809,590
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2.200 Germany 2 2.430 s l 2.372 2.094 -0.691 -176.9 -188.7 -129.9
Feb 6.539 6.546 5.960 6.303 –.286 78,750
March 5.792 5.819 5.354 5.602 –.218 168,577 Dec 109-065 109-125 108-285 109-107 3.2 1,947 1.700 10 2.153 s l 2.080 1.997 -0.348 -132.9 -136.8 -176.5
April 5.242 5.278 4.950 5.153 –.126 105,936 March'23 109-152 109-197 109-010 109-165 2.5 4,145,087
May 5.163 5.218 4.919 5.120 –.124 102,079 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 0.000 Italy 2 3.081 s l 2.981 2.654 -0.209 -111.8 -127.9 -81.8
Oct 5.303 5.381 5.092 5.284 –.105 49,795 Dec 102-236 102-305 102-234 102-288 3.1 1,935 2.500 10 4.306 s l 4.153 3.936 0.973 70.4 -44.5
82.4
March'23 102-314 103-042 102-276 103-027 3.9 2,192,136
Agriculture Futures 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 0.005 Japan 2 -0.022 t l -0.009 -0.039 -0.112 -422.1 -426.8 -72.1
Dec 95.8925 95.8950 95.8925 95.8950 .0025 262,860 0.200 10 0.256 t l 0.258 0.245 0.045 -319.0 -137.3
Corn (CBT)-5,000 bu.; cents per bu. Jan'23 95.6700 95.6700 95.6650 95.6700 .0050 407,482
-322.5
March 653.50 655.75 650.00 653.00 –.50 551,733
July 648.50 650.75 646.00 648.25 –.75 211,621
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 0.000 Spain 2 2.680 s l 2.575 2.321 -0.572 -152.0 -168.4 -118.0
Dec 93-235 94-040 93-075 93-305 –7.0 5,618
Oats (CBT)-5,000 bu.; cents per bu. 2.550 10 3.263 s l 3.151 3.010 0.391 -21.9 -29.8 -102.7
March 341.00 342.00 334.25 338.50 –2.50 3,701 March'23 105-010 105-010 104-035 104-270 –8.0 11,498
May 338.00 338.50 334.00 338.25 –1.75 347 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. 0.125 U.K. 2 3.453 s l 3.369 2.970 0.503 -74.7 -89.0 -10.6
Soybeans (CBT)-5,000 bu.; cents per bu. Sept 96.5300 96.5300 96.5250 96.5275 612,107
June'23 95.1350 95.2300 95.1150 95.2050 .0800 1,169,433 4.250 10 3.330 s l 3.241 3.147 0.758 -15.1 -20.7 -66.0
Jan 1473.50 1486.00 1465.50 1480.00 6.50 151,801
March 1476.75 1489.25 1469.25 1483.75 7.00 235,781 Eurodollar (CME)-$1,000,000; pts of 100% Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Soybean Meal (CBT)-100 tons; $ per ton. Dec 95.2600 95.2625 95.2500 95.2575 –.0025 1,252,511
Jan
March
455.80
453.50
469.00
466.40
454.80
452.20
463.00
460.20
7.70 68,771
7.60 180,021
March'23 94.9300 94.9700
Sept 95.0700 95.1750
94.9100 94.9550 .0300 828,751
95.0150 95.1450 .0850 682,662
Corporate Debt
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 95.4300 95.5200 95.3400 95.4900 .0650 759,951 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Jan 63.93 64.15 62.35 63.36 –.46 66,373 expectations
March 63.08 63.28 61.47 62.46 –.52 145,134 Currency Futures
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Investment-grade spreads that tightened the most…
Jan 16.66 16.74 16.65 16.69 .05 3,082 Spread*, in basis points
March 17.09 17.09 17.00 17.03 .05 4,168 Dec .7261 .7338 .7258 .7325 .0064 60,749 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Wheat (CBT)-5,000 bu.; cents per bu. March'23 .7343 .7422 .7340 .7408 .0065 171,395
March 758.25 764.25 750.75 753.50 –3.75 172,415 Canadian Dollar (CME)-CAD 100,000; $ per CAD UnitedHealth UNH 3.750 4.25 July 15, ’25 33 –14 35
July 770.00 776.00 764.00 765.50 –5.00 67,625 Dec .7322 .7343 .7297 .7304 –.0018 51,267 –11
General Motors Financial … 6.050 5.34 Oct. 10, ’25 129 148
Wheat (KC)-5,000 bu.; cents per bu. March'23 .7326 .7351 .7304 .7311 –.0019 125,064
March 858.50 864.25 843.00 844.00 –16.50 87,865 British Pound (CME)-£62,500; $ per £ International Business Machines IBM 5.875 4.56 Nov. 29, ’32 107 –10 113
May 850.25 856.00 837.50 838.00 –14.75 26,534 Dec 1.2182 1.2224 1.2121 1.2169 –.0022 47,745 HSBC Holdings HSBC 6.500 6.50 Sept. 15, ’37 300 –8 320
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'23 1.2214 1.2252 1.2150 1.2197 –.0023 176,992
Jan 183.125 184.450 183.125 183.775 .725 13,127 Swiss Franc (CME)-CHF 125,000; $ per CHF AstraZeneca AZN 3.375 4.41 Nov. 16, ’25 46 –6 45
March 184.650 185.525 184.425 184.700 .025 17,716 Dec 1.0774 1.0807 1.0707 1.0719 –.0055 25,994 Commonwealth Bank of Australia CBAAU 3.784 5.94 March 14, ’32 245 –6 258
Cattle-Live (CME)-40,000 lbs.; cents per lb. March'23 1.0879 1.0912 1.0808 1.0822 –.0056 26,274
–6
Dec 154.225 155.125 154.150 155.050 1.000 4,902 Australian Dollar (CME)-AUD 100,000; $ per AUD Philip Morris International PM 4.375 5.53 Nov. 15, ’41 180 187
Feb'23 155.025 155.850 154.750 155.775 .925 130,167 Dec .6705 .6736 .6676 .6694 –.0010 44,767 John Deere Capital … 4.150 4.30 Sept. 15, ’27 70 –5 81
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'23 .6727 .6759 .6698 .6716 –.0011 120,162
Feb 81.650 86.275 81.650 85.775 4.125 72,498 Mexican Peso (CME)-MXN 500,000; $ per MXN …And spreads that widened the most
April 89.425 93.175 89.250 92.725 3.550 42,693 Dec .05057 .05064 .05028 .05039 –.00026 117,679
Delta Air Lines DAL 7.000 6.03 May 1, ’25 206 19 196
Lloyds Banking LLOYDS 4.650 5.84 March 24, ’26 222 17 218
Exchange-Traded Portfolios | WSJ.com/ETFresearch PG&E PCG 3.150 5.44 Jan. 1, ’26 179 15
14
189
Sumitomo Mitsui Financial SUMIBK 3.784 4.71 March 9, ’26 109 n.a.
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Volkswagen Group of America Finance VW 3.950 5.07 June 6, ’25 116 9 n.a.
iShRussell1000Gwth IWF 217.89 –1.21 –28.7 Credit Suisse CS 5.000 6.97 July 9, ’27 334 8 350
Friday, December 16, 2022 Closing Chg YTD iShRussell1000Val IWD 150.14 –1.13 –10.6
ETF Symbol Price (%) (%) iShRussell2000 IWM 174.37 –0.75 –21.6 United Airlines UAL 5.875 6.27 Oct. 15, ’27 234 8 226
Closing Chg YTD
ETF Symbol Price (%) (%) iShCoreTotalUSDBd IUSB 45.92 –0.22 –13.2 iShRussellMid-Cap IWR 67.45 –1.19 –18.7 Nomura Holdings NOMURA 1.851 5.48 July 16, ’25 149 7 n.a.
iShCoreUSAggBd AGG 99.35 –0.26 –12.9 iShRussellMCValue IWS 104.84 –1.24 –14.3
CnsmrDiscSelSector XLY 133.91 –1.87 –34.5 iShRussell1000 IWB 210.89 –1.18 –20.2
CnsStapleSelSector
DimenUSCoreEq2
XLP
DFAC
74.86
24.33
–0.49
–1.14
–2.9
–16.0
iShSelectDividend
iShESGAwareUSA
DVY
ESGU
119.14
85.07
–1.03
–1.32
–2.8
–21.2 iShS&P500Growth IVW 59.20 –1.32 –29.2 High-yield issues with the biggest price increases…
iShEdgeMSCIMinUSA iShS&P500Value IVE 144.00 –0.98 –8.1
EnSelSectorSPDR XLE 84.36 –1.23 52.0 USMV 72.03 –0.99 –11.0
iShShortTreaBd SHV 109.76 0.02 –0.6
Bond Price as % of face value
FinSelSectorSPDR XLF 33.70 –0.77 –13.7 iShEdgeMSCIUSAQual QUAL 114.57 –1.16 –21.3 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShTIPSBondETF TIP 107.58 –0.54 –16.7
HealthCareSelSect XLV 135.53 –1.45 –3.8 iShGoldTr IAU 34.00 0.83 –2.3
iSh1-3YTreasuryBd SHY 81.43 –4.8
0.10
IndSelSectorSPDR XLI 98.10 –0.43 –7.3 iShiBoxx$HYCpBd HYG 74.60 –0.53 –14.3 iSh7-10YTreaBd IEF 98.61 –0.25 –14.3 Occidental Petroleum OXY 7.875 6.10 Sept. 15, ’31 111.875 1.01 n.a.
InvscQQQI QQQ 274.25 –0.95 –31.1 iShiBoxx$InvGrCpBd LQD 109.06 –0.43 –17.7 iSh20+YTreaBd TLT 107.11 –1.12 –27.7
InvscS&P500EW RSP 141.36 –1.21 –13.1 iShJPMUSDEmgBd EMB 85.87 –0.52 –21.3 iShUSTreasuryBd GOVT 23.21 –0.21 –13.0
Lumen Technologies LUMN 7.650 12.01 March 15, ’42 67.500 0.50 66.400
iShCoreDivGrowth DGRO 49.62 –1.02 –10.7 iShMBSETF MBB 95.06 –0.26 –11.5
iShMSCIACWI ACWI 84.92 –0.97 –19.7
JPMEquityPrem JEPI 54.82 –0.89 –13.2 Dish DBS … 5.000 6.00 March 15, ’23 99.748 0.27 99.375
iShCoreMSCIEAFE IEFA 61.42 –0.79 –17.7 JPM UltShIncm JPST 50.16 0.04 –0.6
iShCoreMSCIEM IEMG 46.60 0.15 –22.2 iShMSCI EAFE EFA 65.42 –0.88 –16.9 SPDRBlm1-3MTB BIL 91.59 ... 0.2 Sprint Capital … 6.875 5.64 Nov. 15, ’28 106.134 0.14 106.661
iShCoreMSCITotInt IXUS 57.64 –0.57 –18.7 iSh MSCI EM EEM 37.83 0.29 –22.6 SPDR Gold GLD 166.79 0.87 –2.4
iShCoreS&P500 IVV 384.94 –1.22 –19.3 iShMSCIEAFEValue EFV 45.05 –0.73 –10.6 SPDRS&P500Value SPYV 38.86 –0.99 –7.5 Barclays BACR 5.200 5.63 May 12, ’26 98.677 0.14 97.738
iShCoreS&P MC IJH 240.17 –1.12 –15.2 iShNatlMuniBd MUB 106.26 –0.11 –8.6 SPDRPtfS&P500 SPLG 45.29 –1.14 –18.9
iShCoreS&P SC IJR 94.33 –0.91 –17.6 iSh1-5YIGCorpBd IGSB 50.09 0.02 –7.0 SPDRS&P500Growth SPYG 51.39 –1.40 –29.1 Telecom Italia Capital TITIM 7.200 9.53 July 18, ’36 82.480 0.04 81.998
iShCoreS&PTotUS ITOT 85.00 –1.14 –20.5 iShPfd&Incm PFF 31.23 –0.03 –20.8 SchwabIntEquity SCHF 32.12 –0.74 –17.4
SchwabUS BrdMkt
SchwabUS Div
SCHB
SCHD
44.93
74.83
–1.06
–0.86
–20.5
–7.4
…And with the biggest price decreases
SchwabUS LC SCHX 45.26 –1.20 –20.5
Borrowing Benchmarks | WSJ.com/bonds SchwabUS LC Grw
SchwabUS SC
SCHG
SCHA
56.57
40.50
–1.27
–0.86
–30.9
–20.9
Mattel
Liberty Interactive
MAT
LINTA
6.200
8.250
7.15
24.15
Oct. 1, ’40
Feb. 1, ’30
90.500
47.125
–1.91
–1.38
88.000
52.500
Schwab US TIPs SCHP 52.30 –0.51 –16.8
SPDR DJIA Tr DIA 328.97 –0.93 –9.5 Ford Motor F 4.750 6.75 Jan. 15, ’43 78.197 –1.21 75.773
Money Rates December 16, 2022 SPDR S&PMdCpTr
SPDR S&P 500
MDY
SPY
440.03
383.27
–1.01
–1.18
–15.0
–19.3 Bausch Health BHCCN 11.000 16.37 Sept. 30, ’28 80.375 –1.13 78.250
SPDR S&P Div SDY 124.22 –1.13 –3.8
Key annual interest rates paid to borrow or lend money in U.S. and TechSelectSector XLK 127.48 –1.32 –26.7 Dish DBS … 7.750 14.31 July 1, ’26 82.300 –0.95 83.000
UtilitiesSelSector XLU 70.48 –1.70 –1.5
international markets. Rates below are a guide to general levels but VangdInfoTech VGT 326.07 –1.31 –28.8 CSC Holdings CSCHLD 5.250 10.19 June 1, ’24 93.500 –0.75 93.625
don’t always represent actual transactions. VangdSC Val
VangdExtMkt
VBR
VXF
158.60
134.03
–1.04
–1.03
–11.3
–26.7
OneMain Finance OMF 6.875 7.80 March 15, ’25 98.125 –0.61 97.688
Week —52-WEEK— VangdDivApp VIG 152.05 –1.02 –11.5
Inflation VangdFTSEDevMk VEA 42.24 –0.78 –17.3 *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.
Latest ago High Low VangdFTSE EM VWO 39.51 –0.13 –20.1
Nov. index Chg From (%) Note: Data are for the most active issue of bonds with maturities of two years or more
VangdFTSE Europe VGK 55.54 –1.26 –18.6 Source: MarketAxess
level Oct. '22 Nov. '21 Switzerland 1.50 1.00 1.50 0.00 VangdFTSEAWxUS VEU 50.52 –0.57 –17.6
Britain 3.50 3.00 3.50 0.25 VangdGrowth VUG 217.85 –1.36 –32.1
Australia 3.10 3.10 3.10 0.10 VangdHlthCr VHT 246.62 –1.30 –7.4
U.S. consumer price index VangdHiDiv VYM 107.99 –0.94 –3.7
All items 297.711 –0.10 7.1 Secondary market
VangdIntrCorpBd
VangdIntermTrea
VCIT
VGIT
79.50
59.61
–0.31
–0.10
–14.3
–10.3
Dividend Changes Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Core 299.600 0.10 6.0 VangdLC VV 175.54 –1.16 –20.6
Fannie Mae VangdMC VO 205.11 –1.26 –19.5 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; MFA Financial MFA 12.9 .35 /.44 Q Jan31 /Dec30
International rates 30-year mortgage yields
VangdMC Val
VangdMBS
VOE
VMBS
135.67
46.80
–1.19
–0.09
–9.8
–11.4
S2:1: stock split and ratio; SO: spin-off.
Stocks
30 days 5.568 5.710 6.812 2.518 VangdRealEst VNQ 84.09 –2.58 –27.5 Cosmos Health COSM 1:25 /Dec16
Week 52-Week VangdS&P500ETF VOO 353.86 –1.19 –18.9 Amount Payable /
Latest ago High Low 60 days 5.578 5.720 6.988 2.556 VangdST Bond BSV 75.87 0.04 –6.1 Company Symbol Yld % New/Old Frq Record HEXO HEXO 1:14 /Dec19
Notes on data: VangdSTCpBd VCSH 75.80 0.03 –6.7 NantHealth NH 1:15 /Dec16
Prime rates VangdShtTmInfltn VTIP 47.86 –0.17 –6.9 Increased
U.S. prime rate is the base rate on corporate VangdShortTrea VGSH 58.13 0.10 –4.4 Foreign
loans posted by at least 70% of the 10 largest CVS Health CVS 2.5 .605 /.55 Q Feb01 /Jan20
U.S. 7.50 7.00 7.50 3.25 VangdSC VB 184.36 –1.01 –18.4
U.S. banks, and is effective December 15, 2022. VangdTaxExemptBd VTEB 49.98 –0.06 –9.0 FMC FMC 1.9 .58 /.53 Q Jan19 /Dec30 City Office REIT CIO 8.8 .20 Q Jan24 /Jan10
Canada 6.45 5.95 6.45 2.45 Other prime rates aren’t directly comparable; VangdTotalBd BND 73.69 –0.26 –13.1 Lamb Weston Holdings LW 1.3 .28 /.245 Q Mar03 /Feb03 City Office REIT Pfd A CIOpA 8.9 .41406 Q Jan24 /Jan10
Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location. VangdTotIntlBd BNDX 48.70 –0.12 –11.7 Washington Trust Bancorp WASH 4.8 .56 /.54 Q Jan06 /Jan03
Complete Money Rates table appears Monday VangdTotIntlStk VXUS 52.06 –0.55 –18.1 Special
Policy Rates through Friday. VangdTotalStk VTI 192.69 –1.14 –20.2 Reduced Host Hotels & Resorts HST 2.8 .20 Jan17 /Dec30
VangdTotWrldStk VT 86.80 –0.94 –19.2
Euro zone 2.00 2.00 2.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 139.66 –1.02 –5.1 Alico ALCO 0.8 .05 /.50 Q Jan13 /Dec30 Sources: FactSet; Dow Jones Market Data

New Highs and Lows 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
BigBear.ai BBAI 0.80 -4.5 Core&Main CNM 19.37 1.4 GSI Tech GSIT 1.70 1.2 KnotOffshore KNOP 9.11 -2.8 NexalinTechnology NXL 0.70 -38.3 Radcom RDCM 9.59 -0.8 SuperGroup SGHC 2.84 -2.7
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Biofrontera BFRI 0.78 -11.2 CorebridgeFin CRBG 18.81 -4.1 GauchoGroup VINO 1.44 -7.1 KnowLabs KNW 1.03 -18.9 NexImmune NEXI 0.30 0.6 RadiantLogistics RLGT 4.96 -2.3 SuperLeagueGam SLGG 0.38 -11.1
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Biolase BIOL 0.61 -6.8 Crexendo CXDO 1.71 -9.1 GeospaceTech GEOS 3.76 4.6 LairdSuperfood LSF 0.95 -5.0 NextPlat NXPL 1.29 -0.7 RapidMicro RPID 1.56 -5.3 SurfaceOncol SURF 0.69 -12.2
BiondVaxPharm BVXV 3.52 -58.6 CrossFirstBkshs CFB 12.22 1.5 GeoVaxLabs GOVX 0.53 2.3 LandmarkBncp LARK 21.76 -3.6 NextPlayTech NXTP 0.11 -14.8 Reading A RDI 2.76 -1.1 Surgalign SRGA 1.50 -7.4
in the latest session. % CHG-Daily percentage change from the previous trading session. Biotricity BTCY 0.65 -2.1 CrownCrafts CRWS 5.45 -1.8 GinkgoBioworksWt DNA.WS 0.18 -12.5 Lands'End LE 7.31 -0.1 NightHawkBio NHWK 0.98 -3.9 RedCat RCAT 0.97 -8.1 Surrozen SRZN 0.34 -7.5
BirdGlobal BRDS 0.15 -23.5 Cryo-Cell CCEL 4.16 0.2 GinkgoBioworks DNA 1.57 6.1 LaredoPetrol LPI 49.45 -1.9 9F JFU 0.17 -13.5 RedHillBio RDHL 0.17 -11.0 Sweetgreen SG 9.53 -3.0
Friday, December 16, 2022 BitDigital BTBT 0.65 -1.4 CureVac CVAC 6.52 0.6 GlobalPayments GPN 92.75 -0.2 Latch LTCH 0.59 -13.5 9MetersBiopharma NMTR 1.09 -12.8 Reed's REED 0.07 -1.7 Swvl SWVL 0.16 -20.9
Bitfarms BITF 0.43 9.2 CustomersBancorp CUBI 26.43 -1.8 GorillaTech GRRR 3.34 -31.3 LatchWt LTCHW 0.06 -26.1 Nkarta NKTX 6.85 -0.8 RekorSystems REKR 0.61 -11.5 Synaptogenix SNPX 1.08 -74.6
52-Wk % 52-Wk % 52-Wk % BitNile NILE 0.10 -8.5 Cybin CYBN 0.26 -11.1 GorillaTechWt GRRRW 0.21 -0.5 LaureateEduc LAUR 9.47 -4.5 NorthernDynasty NAK 0.21 3.0 Remark MARK 0.15 -9.2 Synchronoss SNCR 0.61 1.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Blackstone BX 73.76 -2.6 Cyngn CYN 0.66 5.9 GranitePointPfdA GPMTpA 17.82 -0.4 Leafly LFLY 0.57 -18.1 Novavax NVAX 9.36 -2.6 RepublicFirstBncp FRBK 2.30 -0.9 TCBioPharm TCBP 3.69 -5.0
BlueHatInt BHAT 0.55 -0.1 CyteirTherap CYT 1.21 -7.5 GraybugVision GRAY 0.48 -7.3 LeeEnterprises LEE 15.70 1.6 NuvationBio NUVB 1.70 0.6 ReShapeLife RSLS 0.13 -13.3 TCR2 Therap TCRR 0.91 -5.1
MercuryEcomA MEAC 10.21 1.9 AlimeraSciences ALIM 2.11 4.4
BlueRidgeBkshs BRBS 11.71 -1.6 D-WaveQuantumWt QBTS.WS 0.12 3.6 GreenDot GDOT 16.47 -4.0 Lemonade LMND 15.70 3.2 Nuwellis NUWE 7.45 23.9 ReWalkRobotics RWLK 0.75 -0.4 ADS-TEC Wt ADSEW 0.19 -19.5
Highs ModelN MODN
ModelPerformA MPAC
42.45 -0.5
11.05 5.4
Alithya
AllegoWt
ALYA
ALLG.WS
1.52 -0.6
0.10 13.9
BlueWhaleAcqnIWt BWCAW 0.01 -52.3 D-WaveQuantum QBTS 1.86 6.5 GreenidgeGen GREE 0.25 -39.0 LendingClub LC 8.82 -1.0 OPKO Health OPK 1.20 ... Rezolute RZLT 1.42 -2.0 TMCthemetals TMC 0.68 -8.3
AxiosSustGrwA AXAC 10.31 0.2 BlueRiverWt BLUA.WS 0.01 -61.7 DallasNews DALN 3.92 -4.1 Greenlane GNLN 0.39 -8.0 LendingTree TREE 19.55 -4.0 OceanPal OP 0.16 2.7 RhinebeckBncp RBKB 8.46 -0.7 TMCtheMtlsWt TMCWW 0.08 -3.2
MonumentCircleA MON 10.60 0.2 Allot ALLT 2.75 3.2 Braskem 8.63 -4.9 DanimerScientific DNMR 1.68 -8.1 GroveCollab 0.33 -8.7 Li-Cycle 5.01 -1.7 OfferpadWt 0.02 -20.0 RiceBranTech RIBT 0.65 -11.5 T Stamp 0.61 -9.0
AceGlblBus ACBA 10.67 0.6 BAK GROV LICY OPAD.WS IDAI
MyovantSciences MYOV 26.97 0.3 AllyFinancial ALLY 24.06 -1.5
AdaraAcqnA ADRA 10.14 0.2 NewOrientalEduc EDU 37.40 3.2
BridgeInvt BRDG 12.05 -2.7 DatChat DATS 0.39 0.8 GrupoTelevisa TV 4.69 -1.4 LibertyBroadbandA LBRDA 68.90 -5.2 Offerpad OPAD 0.52 -8.0 RigettiCompWt RGTIW 0.04 -42.5 T2Biosystems TTOO 1.21 -10.4
AltamiraTherap CYTO 4.58 -8.6 BrightView BV 5.78 -0.3 DesignerBrands DBI 9.55 -1.2 Gyrodyne GYRO 8.55 -2.3 LibertyBroadbandC LBRDK 69.34 -4.5 Omeros OMER 1.78 -8.7 RigettiComp RGTI 0.89 -10.1 TalarisTherap TALS 1.12 -8.8
AetheriumAcqnA GMFI 10.15 0.4 NewVistaAcqnA NVSA 10.09 0.2 AlterityTherap ATHE 0.31 -1.4
Agilysys AGYS 82.17 8.7 NorthViewAcqn NVAC 10.10 -0.2
BroadmarkRealty BRMK 3.68 -2.6 DiversifiedHlthcr DHC 0.70 -3.5 HEXO HEXO 0.11 -6.7 LifecoreBiomed LFCR 6.23 -2.5 Oncocyte OCX 0.31 -22.0 RiminiStreet RMNI 3.50 1.9 TelekmIndonesia TLK 23.03 -0.1
AltoIngred ALTO 2.63 0.7 BrookdaleSrLiving BKD 2.63 2.9 DolphinEnt DLPN 1.94 -7.1 HMN Fin HMNF 21.30 -3.7 LiliumWt LILMW 0.09 -9.1 OncologyInst TOI 0.86 -4.5 RiotBlockchain RIOT 3.67 -5.5 Tele&DataPfdUU TDSpU 16.40 0.2
AkeroTherap AKRO 48.38 6.5 OPYAcqnIA OHAA 10.10 2.5 Amedisys AMED 82.40 0.9
AltimarAcqnIIIA ATAQ 10.05 0.2 OmegaAlpha OMEG 10.09 0.1
BrookdaleSrUn BKDT 43.75 -2.6 Doma DOMA 0.35 -1.4 Hanesbrands HBI 5.77 -1.2 LincolnNational LNC 29.02 -5.4 OncologyInstWt TOIIW 0.06 -4.1 RocketInternet RKTA.U 9.74 -3.0 Tele&DataPfdVV TDSpV 14.18 -2.0
AmericanRebelWt AREBW 0.03 -50.8 BrookfieldAsset BAM 26.76 -4.8 DominionEner D 57.18 -0.4 HarborCustomPfdA HCDIP 6.40 -1.8 LionElectricWt LEV.WS 0.20 -8.0 Oncorus ONCR 0.27 -26.5 Root ROOT 4.90 4.2 Telesat TSAT 6.26 -2.5
AltimeterGrw2 AGCB 10.10 -0.1 PathfinderA PFDR 10.03 0.2 AmericanRscs AREC 1.16 -0.8
AngelPondA POND 14.45 11.2 PatriaLatAm PLAOU 10.34 0.5 BrookfieldBus BBUC 18.42 -1.3 EFHuttonAcqnIRt EFHTR 0.07 -46.2 HawaiianHoldings HA 11.63 -4.9 LisataTherap LSTA 2.67 -6.6 Ondas ONDS 1.70 -3.1 RubiconTech RBCN 1.30 3.7 TempestTherap TPST 1.35 -5.6
Ampco-Pitt AP 2.49 -3.1 BrookfieldBusPtr BBU 16.36 -2.7 E-HomeHousehold EJH 0.37 -14.9 HeartTestLabs HSCS 0.93 -1.5 LiveOakBcshs LOB 27.50 -2.3 180LifeSciWt ATNFW 0.02 9.7 RumbleON RMBL 6.25 -10.3 TempoAutomation TMPO 1.05 -30.3
AngelPond POND.U 13.75 12.2 PioneerMergerA PACX 10.13 0.1 AngelOakMtg AOMR 4.85 -1.8
ArchCapital ACGL 61.45 0.5 PriveterraAcqnA PMGM 10.02 -0.2 BrookfieldInfr BIP 31.81 -3.1 ESSTechWt GWH.WS 0.30 -4.9 Heliogen HLGN 0.59 -16.2 LiveOne LVO 0.53 -3.2 180LifeSci ATNF 0.16 -11.7 SHF SHFS 1.63 -2.2 TerranOrbital LLAP 1.33 -2.1
Anghami ANGH 1.75 ... BPP 5.75%Pfd3A BPYPN 13.73 0.4 ESSTech GWH 2.44 2.0 Hempacco HPCO 1.01 -3.6 LocalBounti LOCL 1.92 -3.5 OneStopSystems OSS 2.88 -1.4 SLGreenRealty SLG 33.62 -4.4 Tesla TSLA 150.04 -4.7
AuraFatProjectsA AFAR 10.25 -0.4 QuantumFin QFTA 9.97 0.3 AptIncmREIT AIRC 34.85 -2.3
AuthenticEquity AEACU 10.08 0.4 RMGAcqnIII A RMGC 10.05 0.1 ButterflyNtwkWt BFLY.WS 0.25 2.5 EagleBncpMT EBMT 16.02 2.6 HiveBlockchain HIVE 1.77 1.6 Longeveron LGVN 3.03 -3.1 OntrakPfd OTRKP 0.39 -4.4 SOS SOS 3.80 -3.8 TherivaBio TOVX 0.54 -3.1
Apexigen APGN 0.97 -5.7 BuzzFeed BZFD 0.89 -8.2 EasterlyGovtProp DEA 13.86 -4.9 Holley HLLY 2.14 -0.9 Lucid LCID 7.19 -1.1 OpendoorTech OPEN 1.23 -10.0 SPI Energy SPI 1.05 -16.2 ThirdHarmonic THRD 3.99 2.3
AuthenticEquityA AEAC 10.09 ... RosecliffAcqnIA RCLF 10.05 -0.2 AppHarvest APPH 0.47 -39.2
BarHarborBkshs BHB 33.11 6.7 SKGrowthOppsWt SKGRW 0.76 113.4 CFSB Bancorp CFSB 8.21 -1.1 EasternBankshares EBC 17.08 -1.3 HomePtCap HMPT 0.99 -13.9 LutherBurbank LBC 10.99 -0.3 OscarHealth OSCR 2.19 0.4 SQZ Biotech SQZ 0.80 -13.2 TonixPharm TNXP 0.30 -1.2
AppliedUVPfdA AUVIP 7.24 -50.1 CI&T CINT 5.22 -20.4 EastmanKodak KODK 3.02 1.3 HorizonBancorp HBNC 14.50 -1.3 Luxfer LXFR 13.32 -2.7 Overstock OSTK 20.25 -2.1 SalemMedia SALM 1.00 -2.9 Tricida TCDA 0.15 10.9
BioVie BIVI 14.38 5.0 ST Ener I STET.U 10.19 0.1 Applovin APP 9.59 0.6
BlackMountainA BMAC 10.21 -0.6 SpreeAcqn1Un SHAP.U 10.32 1.1 CKX Lands CKX 10.11 -0.4 EbangIntl EBON 3.10 -27.0 HuadiIntl HUDI 4.75 -3.2 LyellImmuno LYEL 3.08 -1.5 OysterEnts OSTRU 9.58 -4.7 Salesforce CRM 126.89 -1.7 TriconRes TCN 7.38 -3.9
Appreciate SFR 1.44 -16.4 CNB FinPA CCNE 22.98 -0.4 EdibleGarden EDBL 0.20 -14.8 HudsonPacProp HPP 9.56 -3.3 LyraTherap LYRA 2.45 -10.3 PCB Bancorp PCB 17.75 3.5 SanaBiotech SANA 3.56 -5.9 Trimble TRMB 49.33 -3.9
BlueRiverA BLUA 10.08 ... TAL Education TAL 7.67 14.4 AppreciateWt SFRWW 0.04 -26.7
CPI Card PMTS 30.71 8.5 TargetGlbl I TGAAU 10.26 -0.3 Caesarstone CSTE 5.68 -2.0 ElectraBatteryMtls ELBM 1.74 -6.4 Humacyte HUMA 2.47 -4.2 M&T Bank MTB 138.43 -0.7 PFSweb PFSW 5.47 5.9 SarcosTech&Robotic STRC 0.52 -6.4 TriumphFinancial TFIN 45.98 -5.3
ApreaTherap APRE 0.32 -15.8 CamberEnergy CEI 0.06 -20.9 EliemTherap ELYM 2.36 6.7 Hut8Mining HUT 0.92 -4.1 MVB Financial MVBF 21.60 0.7 P3HealthPartnersWt PIIIW 0.30 5.5 Sasol SSL 14.70 -1.5 TroikaMedia TRKA 0.10 -5.7
CabalettaBio CABA 7.39 0.6 TargetHosp TH 16.70 1.7 AptevoTherap APVO 2.10 -4.0
CassInfoSys CASS 45.34 2.5 TargetHospWt THWWW 6.50 3.4 CamdenNational CAC 40.35 -0.2 EllomayCapital ELLO 12.52 -6.4 HyreCar HYRE 0.42 -6.7 Mytheresa MYTE 8.80 0.6 P3HealthPartners PIII 2.90 -7.0 Satellogic SATL 2.95 -30.6 TuSimple TSP 1.48 -3.8
AquaMetals AQMS 0.51 -9.8 Canaan CAN 2.22 -4.7 EloxxPharm ELOX 2.43 -7.8 ICL Group ICL 7.24 -0.8 MagentaTherap MGTA 0.84 -5.9 PacificoAcqn PAFOU 5.11 -36.1 Science37 SNCE 0.38 -22.1 TwistBiosci TWST 23.82 -0.5
ChinookTherap KDNY 25.60 2.5 TastemakerAcqn TMKRU 10.30 -0.3 ArbeRoboticsWt ARBEW 0.21 -5.6
CleanEarthA CLIN 10.51 0.2 Torm TRMD 31.04 -0.3 CanoHealth CANO 1.05 5.2 EmergentBiosol EBS 10.80 1.4 IDW Media IDW 0.85 -2.0 Magnachip MX 8.79 0.7 PacificoAcqn PAFO 4.16 -46.8 Scilex SCLX 3.25 -5.8 TysonFoods TSN 61.05 -1.2
ArcadiaBiosci RKDA 0.29 -9.3 CapitalOne COF 89.22 -4.0 EMHorizonWt HORIW 0.02 -60.0 IMAC BACK 0.21 -4.1 Manitex MNTX 3.96 -5.0 PaciraBioSci PCRX 37.87 -3.7 SecureWorks SCWX 5.62 -0.3 UMB Fin UMBF 76.97 -0.2
CompassDigitalAcqn CDAQ 9.97 -0.2 TortoiseEcoIII A TRTL 9.98 0.3 ArcherAviationWt ACHR.WS 0.25 -0.1
CreativeMedPfdL CMCTP 29.36 2.1 TristarAcqnI TRIS 10.13 ... CardioDiag CDIO 1.03 -20.8 EnerTransferPfdE ETpE 22.00 -1.7 IM Cannabis IMCC 1.22 -4.4 MarathonDigital MARA 3.75 -10.6 PagayaTech PGY 0.57 -7.5 SelinaHosp SLNA 2.61 -0.7 USCellularNts2070 UZF 14.44 0.3
ArcherAviation ACHR 2.03 1.4 CareDx CDNA 11.92 -1.0 EnvericBiosci ENVB 2.01 -4.2 IMPAC Mortgage IMH 0.19 -8.0 Maris-Tech MTEK 0.68 -4.8 PagSeguroDig PAGS 7.57 -2.5 Sema4 SMFR 0.26 -6.5 US Energy USEG 2.21 -5.5
CVRx CVRX 15.50 3.6 twoA TWOA 10.06 0.1 ArmataPharm ARMP 1.58 -6.0
CymaBayTherap CBAY 4.68 7.7 VelocityAcqnA VELO 10.18 -0.6 Cato CATO 8.40 -3.8 enVVenoMedWt NVNOW 0.07 -6.2 Identiv INVE 7.04 -2.7 Markforged MKFG 0.81 -4.1 ParkeBancorp PKBK 20.09 6.0 SemiLEDS LEDS 1.80 -4.7 US Xpress USX 1.82 -3.7
ArmstrongWorld AWI 67.52 -1.1 Cazoo CZOO 0.13 -36.6 EQRx EQRX 1.87 6.3 iMediaBrandsNts IMBIL 6.33 -10.0 MarlinTechWt FINMW 0.00 380.0 PasitheaTherap KTTA 0.75 -4.0 SenstarTech SNT 1.24 -0.8 Upexi UPXI 3.56 1.9
D&ZMediaA DNZ 10.88 0.2 Vipshop VIPS 13.57 1.4
dMYSquaredTechA DMYY 10.10 1.7
Arrival ARVL 0.22 -11.9 CazooWt CZOO.WS 0.01 -53.4 EQRxWt EQRXW 0.12 14.9 Imunon IMNN 1.30 ... MedAvail MDVL 0.31 -2.9 PAVmed PAVM 0.50 1.3 SeqLL SQL 0.32 10.6 UpHealth UPH 1.98 4.3
ViridianTherap VRDN 28.86 1.4 Arvinas ARVN 34.60 -3.0
dMYSquaredWt DMYY.WS 0.97 25.0 WeatherfordIntl WFRD 45.72 2.5 Cel-Sci CVM 2.08 -11.1 Equillium EQ 1.04 -3.8 IndependentBank IBTX 57.25 -0.6 Medtronic MDT 75.77 -1.3 Paymentus PAY 8.02 -2.7 SeraPrognostics SERA 1.12 -3.3 UpHealthWt UPH.WS 0.02 23.5
EmpresaDisCom EDN 7.67 -2.1
AspenGroup ASPU 0.23 -17.9 CellectarBiosci CLRB 1.35 -1.5 ErayakPwr RAYA 2.10 -15.1 InfoSvcsGrp III 4.40 -2.4 MetalSkyStar MSSAU 9.91 -2.9 Paysafe PSFE 11.29 1.7 ServisFirst SFBS 63.54 0.7 VF VFC 26.06 -4.2
WestrockCoffeeWt WESTW 2.51 -3.3
Assure IONM 0.29 -15.0
FastAcqnII A FZT 9.99 0.2 WorldwideWebbA WWAC 10.16 0.2 Cemtrex CETX 0.12 -26.5 Eventbrite EB 5.60 2.1 InMedPharm INM 1.65 -4.3 MetropolitanBk MCB 53.67 1.5 PaysafeWt PSFE.WS 0.04 1.9 Shapeways SHPW 0.50 -0.2 VyneTherap VYNE 0.16 -0.4
FtacHeraA HERA 10.09 0.1 Aterian ATER 0.89 -4.0 CenntroElec CENN 0.32 1.4 Everi EVRI 14.28 1.9 InnatePharma IPHA 1.90 -13.6 MicroAlgo MLGO 1.70 -5.4 PediatrixMedical MD 14.46 -2.4 ShiftTech SFT 0.19 -9.2 VandaPharm VNDA 6.73 1.0
AtheneHldgPfd ATHpE 24.93 -0.5
ForumEnergyTech FET
GX Acqn II A GXII
31.48 0.4
9.94 -0.1
Lows Athenex ATNX 0.12 -24.3
CentralPacFin CPF
CenturyTherap IPSC
18.59 -0.7
7.28 -9.7
Evertec
EVgo
EVTC
EVGO
30.17 0.1
4.99 -4.1
InnovativeEyewr LUCY
InnovativeEyeWt LUCYW
0.86 -4.4
0.06 8.1
MidatechPharma MTP
MilestonePharm MIST
0.70 ...
3.55 -3.9
Peraso
Perma-Fix
PRSO
PESI
0.98 -2.9
3.20 1.9
SifyTech
SignatureBank SBNY
SIFY 1.19 -0.8
113.25 -1.3
Velo3DWt
VerbTech
VLD.WS
VERB
0.15 -14.0
0.11 -8.3
GaotuTechedu GOTU 3.15 20.9 AC Immune ACIU 1.89 -4.9 Atlanticus ATLC 23.15 -11.8 CharahNts2026 CHRB 9.00 2.6 ExelaTechPfdB XELAP 2.80 1.6 Inseego INSG 0.90 -5.3 MilestoneSci MLSS 0.49 2.7 Perrigo PRGO 30.83 -0.4 SiloPharma SILO 2.61 -19.2 VersusSystems VS 0.40 -2.4
GenieEnergyPfd GNEpA 10.84 -0.8 ADS-TEC ADSE 3.24 -6.9 AtlisMotor AMV 5.56 -16.3 Charles&Colvard CTHR 0.81 -0.7 Exicure XCUR 0.63 -9.0 Inspirato ISPO 1.38 -7.2 Mobilicom MOB 0.94 -9.1 Personalis PSNL 2.15 -6.5 SilvergateCapital SI 17.48 -2.0 ViantTech DSP 3.15 -0.9
GettyRealty GTY 34.47 -0.2 AIM Immuno AIM 0.32 -1.9 AtossaTherap ATOS 0.57 -0.4 Check-Cap CHEK 2.52 0.8 Expion360 XPON 1.04 -5.2 IntelliaTherap NTLA 35.20 0.9 ModelPerform MPACU 9.86 -10.0 PetrosPharm PTPI 1.92 4.2 SilvergatePfdA SIpA 11.65 -0.7 VicariousSurgicWt RBOT.WS 0.15 -6.2
GlassHousesA GLHA 10.55 0.3 AMC Ent Pfd A APE 0.72 -10.0 Atrion ATRI 534.99 -6.2 CipherMiningWt CIFRW 0.06 -33.4 Exscientia EXAI 4.48 -3.2 IntelligentLiving ILAG 1.21 -6.1 Mogo MOGO 0.49 -8.9 PhoenixBiotechWt PBAXW 0.01 -72.3 SilverspacWt SLVRW 0.05 -15.4 VicariousSurgical RBOT 1.83 -14.5
GlblConsumerA GACQ 11.40 ... AMC Networks AMCX 16.45 -1.5 Audacy AUD 0.23 0.8 CipherMining CIFR 0.60 -13.4 ExtraSpaceSt EXR 147.05 -4.1 IntlTowerHill THM 0.38 -4.4 MolecularTemp MTEM 0.37 -18.5 PiedmontOfficeA PDM 8.72 -4.3 SimmonsFirstNat SFNC 19.34 1.3 VillageFarms VFF 1.47 3.3
GlobalinkInvt GLLI 10.13 0.3 ASP Isotopes ASPI 1.30 -7.9 AudioCodes AUDC 16.94 -1.2 CtznCmntyBcp CZWI 11.50 -1.8 EyePointPharm EYPT 2.19 -7.8 IntrepidPotash IPI 29.14 -4.4 MomentusWt MNTSW 0.05 -14.5 PioneerMergerWt PACXW 0.00 -94.2 Skillsoft SKIL 1.09 -4.3 ViraxBiolabs VRAX 0.58 -18.5
GoalAcqns PUCK 9.99 0.4 AbeonaTherap ABEO 2.65 -6.7 AuriniaPharm AUPH 4.42 1.8 CitizensHolding CIZN 13.25 -0.6 FatBrandsB FATBB 5.27 -14.6 Inuvo INUV 0.26 3.6 Momentus MNTS 0.81 -5.0 PitneyBowesNt43 PBIpB 14.90 -5.6 SkillsoftWt SKIL.WS 0.08 ... VirginGalactic SPCE 4.02 -3.7
GoldenArrow GAMCU 10.49 0.4 AccelEnt ACEL 7.53 -1.7 Avaya AVYA 0.17 -54.1 CityOfficeREIT CIO 8.86 -1.0 FOXOTechnologies FOXO 0.41 -7.7 Invivyd IVVD 1.53 0.6 MoneyLion ML 0.48 0.1 PlumAcqnIWt PLMIW 0.02 -49.7 Skillz SKLZ 0.72 -7.8 VirginOrbitWt VORBW 0.18 -10.1
HudsonExecIII A HIII 10.10 ... AchillesTherap ACHL 0.85 -22.7 AvenueTherap ATXI 1.22 ... ClarivatePfdA CLVTpA 37.61 -4.9 Farfetch FTCH 3.98 -1.9 IonQ IONQ 3.78 -1.3 MoneyLionWt ML.WS 0.07 -4.1 PlusTherap PSTV 0.30 -3.5 SkyHarbour SKYH 2.80 -1.4 VirtuFinancial VIRT 19.59 0.8
HudsonExecIII HIIIU 10.08 0.1 Addentax ATXG 1.20 -3.8 AxcellaHealth AXLA 0.16 -63.1 CleanSpark CLSK 1.75 -0.5 FateTherap FATE 12.94 -8.0 iRhythmTechs IRTC 91.43 -1.0 MorphoSys MOR 3.35 -8.0 PLxPharma PLXP 0.19 -2.2 SmartforLife SMFL 0.25 -9.3 VivaniMedical VANI 1.03 -22.6
IXAcqnA IXAQ 10.11 0.3 AdicetBio ACET 9.28 -5.5 Azul AZUL 5.29 -3.1 CleverLeaves CLVR 0.37 -0.9 FathomDigitalWt FATH.WS 0.07 -17.8 IrisEnergy IREN 1.28 4.5 MotorsportGames MSGM 2.70 -26.8 Popular BPOP 62.59 ... SmileDirectClub SDC 0.35 -7.2 ViveonHealth VHAQ 7.92 -10.8
Immunovant IMVT 16.44 4.6 Aditxt ADTX 1.53 -3.7 B&G Foods BGS 11.94 -0.4 CloverHealth CLOV 1.00 1.9 Ferroglobe GSM 3.64 -0.3 IsoPlexis ISO 0.69 -5.8 MotusGI MOTS 1.12 -0.9 PowerREIT PfdA PWpA 14.75 0.4 Smith&Wesson SWBI 8.54 -2.3 VividSeats SEAT 6.95 1.4
InsightAcqnA INAQ 10.10 0.3 AdvanceAuto AAP 138.79 -2.1 BM Tech BMTX 4.71 1.7 ClovisOncology CLVS 0.08 -18.5 FigureAcqnI Wt FACA.WS 0.00 -95.9 IterumTherap ITRM 1.01 -9.9 MountainCrestIII MCAEU 9.63 -6.2 PowerbridgeTech PBTS 0.08 -14.0 SnailA SNAL 1.44 -17.2 Vodafone VOD 10.13 -2.8
InterPrivateII A IPVF 10.10 ... AdvEmissions ADES 2.22 1.3 BRF BRFS 1.30 -3.0 Co-Diagnostics CODX 2.44 1.2 FinchTherap FNCH 0.65 -14.8 Joann JOAN 3.32 -8.3 MustangBio MBIO 0.35 -7.2 PresidioProperty SQFT 1.00 -0.9 SolidPower SLDP 2.27 -2.1 VyantBio VYNT 0.82 -7.0
InterPrivateIV A IPVI 10.55 -0.3 AdvantageSolns ADV 1.86 -2.6 BTCS BTCS 0.86 ... CodeChainNew CCNC 2.30 -7.3 FirstFinBkshs FFIN 32.70 -3.8 JasperTherap JSPR 0.53 -11.9 MyMD Pharm MYMD 1.28 -4.4 PrimisFinl FRST 11.68 -0.2 Soluna SLNH 0.38 -5.0 WearableDevices WLDS 0.48 -5.2
Intevac IVAC 6.30 1.6 AdverumBiotech ADVM 0.60 -2.0 BabcockWilcoxPfdA BWpA 12.70 -0.6 CodiakBioSci CDAK 0.46 -16.0 FirstMidBcshs FMBH 31.57 2.5 JianzhiEduc JZ 0.97 -3.0 Mynaric MYNA 3.46 6.5 ProAssurance PRA 16.90 -4.1 SomaLogic SLGC 2.26 -5.8 WestwaterRscs WWR 0.79 -3.7
IvanhoeElectric IE 15.53 20.6 AEternaZentaris AEZS 3.24 -1.6 Bakkt BKKT 1.39 -3.9 CoeptisTherap COEP 1.03 -36.0 FirstSavingsFin FSFG 20.79 -2.4 JobyAviation JOBY 3.41 -1.1 NN NNBR 1.58 -2.4 ProfDiversity IPDN 0.46 31.5 SonicFoundry SOFO 0.86 -4.4 WeTrade WETG 0.61 -6.6
JacksonAcqn RJAC.U 10.20 1.7 AethlonMedical AEMD 0.27 -12.0 BancCalifornia BANC 14.86 -2.1 CognyteSoftware CGNT 2.34 -4.4 FirstWaveBio FWBI 0.51 -10.0 JumiaTech JMIA 3.33 -4.8 NRG Energy NRG 30.64 -2.5 Psychemedics PMD 4.85 1.0 SonomaPharm SNOA 1.10 -20.9 WeWorkWt WE.WS 0.15 -11.1
JacksonAcqnA RJAC 10.37 1.1 AffirmHldgs AFRM 9.77 -2.4 BankFinancial BFIN 9.06 -4.1 CoinbaseGlbl COIN 34.71 -3.6 FirsthandTechVal SVVC 1.02 -2.0 KKR RealEstFin KREF 14.46 -4.8 NanoLabs NA 0.92 -9.5 QCR Holdings QCRH 46.83 0.7 SorrentoTherap SRNE 1.01 -2.8 WeWork WE 1.53 -7.1
JupiterWellnessA JWAC 10.19 0.4 Agrify AGFY 0.25 -69.9 BankUnited BKU 31.44 -0.3 ColonyBankcorp CBAN 12.64 -0.3 5EAdvMatls FEAM 7.84 -3.8 KalaPharm KALA 4.22 -3.7 NantHealth NH 1.57 99.0 QVC Nts2067 QVCD 13.78 -3.6 SoundHoundAI SOUN 1.06 -4.1 WideOpenWest WOW 8.93 1.5
KademSustA KSI 9.99 0.1 AirIndustries AIRI 4.65 2.7 BaudaxBio BXRX 1.65 -24.5 ColorStarTech ADD 0.65 -7.1 FloraGrowth FLGC 0.25 -3.5 Kamada KMDA 3.85 -4.2 NatlCineMedia NCMI 0.35 -4.5 QVC Nts 2068 QVCC 13.28 -5.9 SoundHoundAI Wt SOUNW 0.10 -0.1 WidePoint WYY 1.84 1.0
Kernel KRNLU 10.09 0.3 Airgain AIRG 6.38 -2.7 BaxterIntl BAX 49.47 -2.1 Comerica CMA 62.83 0.1 FoghornTherap FHTX 6.02 2.2 KaratPkg KRT 12.50 -0.1 NatlStorage NSA 35.76 -3.7 QilianIntl QLI 0.86 1.7 SouthwestGas SWX 61.73 -2.0 WorksportWt WKSPW 0.12 1.1
KismetTwoA KAII 10.06 0.1 AirNetTech ANTE 1.21 -13.7 BeachbodyWt BODY.WS 0.05 -6.5 CommBkSys CBU 58.28 1.7 FortressBiotech FBIO 0.56 -3.5 KaryopharmTherap KPTI 3.09 -4.0 Natura&Co NTCO 3.68 -4.1 QualigenTherap QLGN 1.31 1.4 SpringBig SBIG 0.52 0.5 WorldAcceptance WRLD 60.46 -2.9
LazardGrowthI LGACU 10.10 0.1 AirspanNetworks MIMO 1.18 5.8 BellicumPharm BLCM 0.77 -10.0 CompassDiversif CODI 16.64 -1.9 ForzaX1 FRZA 1.24 -6.8 KatapultWt KPLTW 0.07 1.1 NaturalGrocers NGVC 8.94 -0.4 Quantum-Si QSI 1.87 -9.3 Steelcase SCS 6.52 -0.6 X4 Pharm XFOR 0.76 -2.9
LogisticsInnovA LITT 9.95 -0.2 Akanda AKAN 0.16 -0.4 BelongAcqn BLNGU 9.80 -2.6 Comstock LODE 0.29 -4.3 fuboTV FUBO 2.13 1.4 KaziaTherap KZIA 0.53 -2.5 NautilusBiotech NAUT 1.51 -1.3 QuantumScape QS 6.10 -3.9 Stratasys SSYS 11.48 3.4 XP XP 13.91 -1.4
MannKind MNKD 5.31 6.9 Akili AKLI 1.00 -35.5 BensonHill BHIL 2.26 -2.5 Conn's CONN 5.78 -4.1 FulgentGenetics FLGT 30.48 -3.8 KenonHoldings KEN 32.60 -3.0 NektarTherap NKTR 2.58 -1.5 Qumu QUMU 0.44 -6.9 Strattec STRT 19.48 -2.4 XcelBrands XELB 0.71 13.9
MasonIndlTech MIT.U 10.39 0.7 AlgomaSteel ASTL 5.70 1.4 BerkshireGreyWt BGRYW 0.05 -28.7 ConsldComm CNSL 3.82 -3.5 GEHealthCareTechWi GEHCV 55.00 -5.4 KimballIntl B KBAL 6.14 1.7 NeptuneWellness NEPT 0.34 -9.8 QurateRetailA QRTEA 1.48 -16.7 StratusProp STRS 19.55 -2.8 XeneticBiosci XBIO 0.29 -19.1
MaxarTech MAXR 51.93 124.8 AlgonquinPwr AQN 6.81 -5.2 Big5SportingGds BGFV 9.98 -3.6 ConstellationI Wt CSTA.WS 0.01 -7.2 GOL Linhas GOL 2.32 -5.2 KioraPharm KPRX 3.05 -10.0 NetApp NTAP 59.70 -1.7 REE Automotive REE 0.41 0.3 StrongholdDig SDIG 0.46 -0.5 Xperi XPER 9.01 0.1
MelcoResorts MLCO 12.35 1.8 Alico ALCO 23.64 -3.5 BigBear.aiWt BBAI.WS 0.03 -3.2 ContextLogic WISH 0.57 -6.8 GRAVITY GRVY 36.10 0.4 Knightscope KSCP 1.45 1.3 Newegg NEGG 1.40 0.7 RackspaceTech RXT 2.78 -6.1 SunlinkHealth SSY 0.73 -0.8 ZyVersaTherap ZVSA 2.45 -8.0
THE WALL STREET JOURNAL. **** Saturday/Sunday, December 17 - 18, 2022 | B9

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
32920.46 Trailing P/E ratio 20.49 22.01 3852.36 Trailing P/E ratio * 18.91 28.69 10705.41 Trailing P/E ratio *† 23.52 34.71 commodities performed around the world for the week.
t 281.76 P/E estimate * 18.20 18.24 t 43.39 P/E estimate * 17.83 22.06 t 105.11 P/E estimate *† 21.78 29.78
Index Currency, Commodity, Exchange-
Dividend yield 2.09 1.95 Dividend yield * 1.72 1.32 or 0.97% Dividend yield *† 0.99 0.65 vs. U.S. dollar traded in U.S.* traded fund
or 0.85% or 1.11%
All-time high: Nymex ULSD 11.68%
All-time high Current divisor All-time high
16057.44, 11/19/21
36799.65, 01/04/22 0.15172752595384 4796.56, 01/03/22 Wheat 5.72
65-day moving average Nymex natural gas 5.68
34400 4050 11700 Lean hogs 5.15
Nymex crude 4.60
11450 Nymex RBOB gasoline 3.71
33500 3975
Corn 2.88
S&P 500 Energy 1.72
32600 3900 11200
Norwegian krone 0.98
65-day
Bloomberg Commodity Index 0.87
moving average 10950
31700 3825 iSh 7-10 Treasury 0.78
Session high
65-day iSh 20+ Treasury 0.73
DOWN UP
30800 moving average 3750 10700 VangdTotalBd 0.72
t

Session open Close

Close Open Euro area euro 0.50

t

29900 3675 10450 WSJ Dollar Index 0.18

Session low
Bars measure the point change from session's open iShiBoxx$InvGrdCp 0.18
10200 iSh 1-3 Treasury 0.14
29000 3600
Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. Swiss franc 0.03
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
iShNatlMuniBd 0.03
-0.07 Mexico peso
-0.09 Japanese yen
Major U.S. Stock-Market Indexes Trading Diary -0.10 Indonesian rupiah
Latest 52-Week % chg Volume, Advancers, Decliners -0.18 Dow Jones Transportation Average
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. -0.22 Chinese yuan
Dow Jones Total volume*3,232,478,068 90,481,974 -0.25 Soybeans
Industrial Average 33166.46 32654.59 32920.46 -281.76 -0.85 36799.65 28725.51 -6.9 -9.4 5.2 Adv. volume* 685,773,639 41,673,555 -0.27 iShJPMUSEmgBd
Transportation Avg 13849.33 13643.95 13738.04 -151.73 -1.09 Decl. volume*2,502,892,296 48,623,945 -0.29 Indian rupee
16718.54 11999.40 -13.2 -16.6 8.1
Issues traded 3,235 301 -0.42 Canada dollar
Utility Average 980.11 952.76 963.24 -18.63 -1.90 1071.75 838.99 1.4 -1.8 3.6
Advances 961 130 -0.43 South Korean won
Total Stock Market 38938.59 38396.03 38654.79 -426.01 -1.09 48929.18 36056.21 -18.1 -20.5 5.8
Declines 2,140 156 -0.45 Comex gold
Barron's 400 928.21 911.72 918.93 -9.29 -1.00 1111.54 825.73 -13.3 -16.9 8.2
Unchanged 134 15 -0.55 S&P 500 Utilities
Nasdaq Stock Market New highs 31 5 -0.59 iShiBoxx$HYCp
Nasdaq Composite 10833.24 10642.10 10705.41 -105.11 -0.97 15871.26 10321.39 -29.4 -31.6 6.7 New lows 178 32 -0.75 VangdTotIntlBd
Nasdaq-100 11383.39 11175.54 11243.72 -101.50 -0.89 16567.50 10690.60 -28.8 -31.1 9.5 Closing Arms† 1.47 1.42 -0.78 iSh TIPS Bond
Block trades* 6,810 270 -0.89 S&P/ASX 200
S&P
-0.99 UK pound
Nasdaq NYSE Arca
500 Index 3890.91 3827.91 3852.36 -43.39 -1.11 4796.56 3577.03 -16.6 -19.2 6.5 -1.10 S&P 500 Industrials
MidCap 400 2432.99 2397.84 2416.51 -24.76 -1.01 2865.54 2200.75 -11.4 -15.0 5.8 Total volume*7,968,178,089 308,353,035 -1.21 KOSPI Composite
SmallCap 600 1160.80 1145.36 1154.54 -10.50 -0.90 1426.13 1064.45 -14.2 -17.6 4.6 Adv. volume*2,386,956,275 106,024,236 -1.22 Shanghai Composite
Decl. volume*5,484,675,702 201,109,169 -1.34 NIKKEI 225
Other Indexes
Issues traded 4,817 1,745 -1.36 S&P BSE Sensex
Russell 2000 1765.64 1746.25 1763.42 -11.19 -0.63 2272.56 1649.84 -18.9 -21.5 2.2 Advances 1,722 341 -1.40 S&P 500 Consumer Staples
NYSE Composite 15182.28 14920.18 15018.17 -164.11 -1.08 17353.76 13472.18 -9.9 -12.5 2.9 Declines 2,851 1,389 -1.57 South African rand
Value Line 542.00 532.78 536.79 -5.21 -0.96 680.36 491.56 -17.3 -20.1 -0.5 Unchanged 244 15 -1.63 Comex silver
NYSE Arca Biotech 5360.74 5285.74 5326.41 0.89 0.02 5649.54 4208.43 -4.5 -3.5 1.0 New highs 66 3 -1.63 Australian dollar
NYSE Arca Pharma 871.94 857.67 860.26 -11.68 -1.34 887.27 737.84 6.4 4.0 10.1 New lows 458 49 -1.66 S&P/BMV IPC
KBW Bank 98.43 96.82 97.68 -0.75 -0.77 147.56 94.66 -24.6 -26.1 -4.8 Closing Arms† 1.39 0.45 -1.66 Dow Jones Industrial Average
PHLX§ Gold/Silver 118.62 115.61 117.58 0.69 0.59 167.76 91.40 -7.1 -11.2 5.8 Block trades* 39,566 1,236 -1.83 S&P 500 Health Care
PHLX§ Oil Service 78.73 77.00 78.46 -1.26 -1.58 88.37 50.23 52.9 48.8 1.6 * Primary market NYSE, NYSE American NYSE Arca only. -1.85 Russell 2000
PHLX§ Semiconductor 2670.11 2612.44 2636.10 -25.30 -0.95 4039.51 2162.32 -29.9 -33.2 13.3 †(TRIN) A comparison of the number of advancing and declining -1.93 FTSE 100
issues with the volume of shares rising and falling. An
Cboe Volatility 23.83 22.09 22.62 -0.21 -0.92 36.45 16.60 4.9 31.4 23.1 -2.08 S&P 500
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -2.13 IBEX 35
-2.15 S&P MidCap 400
International Stock Indexes Percentage Gainers... -2.26 Hang Seng
Latest Session 52-Week
-2.34 S&P 500 Materials
Latest YTD
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -2.38 S&P 500 Real Estate
Cosmos Health COSM 23.01 14.76 178.91 111.25 1.69 -74.4 -2.43 FTSE MIB
World MSCI ACWI 606.13 –6.59 –1.08 –19.7
Maxar Technologies MAXR 51.93 28.83 124.81 51.93 17.51 83.3 -2.47 S&P 500 Communication Svcs
MSCI ACWI ex-USA 280.51 –2.86 –1.01 –18.5
NantHealth NH 5.70 2.84 98.95 17.25 1.57 -63.1 -2.50 S&P 500 Financials
MSCI World 2606.01 –30.90 –1.17 –19.4 Trean Insurance TIG 5.98 2.86 91.51 9.47 2.12 -27.0 -2.53 S&P/TSX Comp
MSCI Emerging Markets 957.30 –2.92 –0.30 –22.3 Meihua Intl Medical Techs MHUA 11.30 3.09 37.64 14.94 2.60 ... -2.67 S&P 500 Information Tech
Americas MSCI AC Americas 1461.20 –16.42 –1.11 –20.0 Lanvin Group Holdings LANV 10.00 2.37 31.06 22.81 4.63 2.4 -2.70 S&P SmallCap 600
Canada S&P/TSX Comp 19443.28 –0.80 –8.4 Gossamer Bio GOSS 2.73 0.63 30.00 15.20 1.73 -74.6 -2.72 Nasdaq Composite
–157.35
Dragonfly Energy DFLI 16.31 3.18 24.22 27.95 6.75 63.4 -2.76 Nasdaq-100
Latin Amer. MSCI EM Latin America 2049.41 5.84 0.29 –3.8
Nuwellis NUWE 9.94 1.92 23.94 185.00 7.45 -92.0 -2.95 Comex copper
Brazil BOVESPA 102855.70 –881.99 –0.85 –1.9
Bit Brother Cl A BTB 7.80 1.47 23.22 10.10 1.62 -12.6 -3.18 Euro STOXX
Chile S&P IPSA 3114.65 16.28 0.53 11.0
Happiness Development HAPP 5.21 0.93 21.70 12.20 2.08 -55.2 -3.28 STOXX Europe 600
Mexico S&P/BMV IPC 49630.15 287.81 0.58 –6.8
Gaotu Techedu ADR GOTU 3.12 0.54 20.93 3.15 0.64 54.5 -3.32 DAX
EMEA STOXX Europe 600 424.74 –5.17 –1.20 –12.9 MasterBrand MBC 9.30 1.60 20.78 15.00 7.46 ... -3.37 CAC-40
Ivanhoe Electric IE 14.99 2.56 20.60 15.53 7.01 ...
Eurozone Euro STOXX 410.10 –3.86 –0.93 –14.4 -3.63 S&P 500 Consumer Discr
Arteris AIP 4.14 0.69 20.00 22.28 3.27 -78.4
Belgium Bel-20 3658.15 –55.91 –1.51 –15.1 -3.64 Russian ruble
Denmark OMX Copenhagen 20 1812.38 –23.90 –1.30 –2.8 Percentage Losers -4.34 BOVESPA Index
Latest Session 52-Week *Continuous front-month contracts
France CAC 40 6452.63 –70.14 –1.08 –9.8
Company Symbol Close Net chg % chg High Low % chg
Germany DAX 13893.07 –93.16 –0.67 –12.5 Sources: FactSet (indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Synaptogenix SNPX 1.20 -3.53 -74.63 10.65 1.08 -85.9 THE WALL STREET JOURNAL
Israel Tel Aviv 1820.54 … Closed –8.0
BiondVax Pharma ADR BVXV 3.60 -5.10 -58.62 34.90 3.52 -76.5
Italy FTSE MIB 23688.16 –37.89 –0.16 –13.4
Pacifico Acquisition PAFO 4.20 -3.70 -46.84 10.43 4.16 -57.7 Methodology
Netherlands AEX 700.00 –7.60 –1.07 –12.3 Presto Automation PRST 2.35 -1.31 -35.79 10.70 1.61 -76.5 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
Norway Oslo Bors All-Share 1353.49 –17.13 –1.25 3.5 Meiwu Technology WNW 1.45 -0.79 -35.27 3.27 0.53 -42.0 reflect total returns). Commodities are represented by the continuous front-month
South Africa FTSE/JSE All-Share 72989.34 Closed –1.0 futures contract. Bond exchange-traded fund performance may diverge from that of
… Gorilla Technology Group GRRR 3.37 -1.54 -31.34 51.00 3.34 ... their underlying index. Bond categories are represented by the following ETFs: U.S.
Spain IBEX 35 8112.50 –106.30 –1.29 –6.9 Satellogic SATL 2.95 -1.30 -30.59 12.33 2.95 -68.2 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
Sweden OMX Stockholm 783.11 –15.97 –2.00 –24.5 IMV IMV 2.58 -1.06 -29.12 15.30 2.03 -79.8 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
Switzerland Swiss Market 10770.38 –109.76 –1.01 –16.4 Guardant Health GH 30.06 -11.20 -27.14 103.92 27.65 -70.8 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Turkey BIST 100 5214.29 25.47 0.49 180.7 Ebang International EBON 3.10 -1.15 -26.97 56.40 3.10 -91.0 Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Bonds: iShares National Muni; International Bonds: Vanguard Total International;
U.K. FTSE 100 7332.12 –94.05 –1.27 –0.7 Motorsport Games MSGM 2.70 -0.99 -26.83 51.80 2.70 -94.0
Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
U.K. FTSE 250 18588.48 –305.31 –1.62 –20.8 Baudax Bio BXRX 1.94 -0.63 -24.51 504.00 1.65 -99.6
CI&T CINT 5.22 -1.34 -20.43 19.08 5.22 -58.9 Scan this code
Asia-Pacific MSCI AC Asia Pacific 156.36 –0.96 –0.61 –19.0 Silo Pharma SILO 2.61 -0.62 -19.20 12.45 2.61 -67.3
Australia S&P/ASX 200 7148.70 –56.08 –0.78 –4.0 China Jo-Jo Drugstores CJJD 4.41 -1.04 -19.08 7.91 1.43 -11.2 Get real-time U.S. stock quotes and
track most-active stocks, new highs/lows
China Shanghai Composite 3167.86 –0.79 –0.02 –13.0
Hong Kong Hang Seng 19450.67 82.08 0.42 –16.9
Most Active Stocks and mutual funds.
Volume % chg from Latest Session 52-Week
India S&P BSE Sensex 61337.81 –461.23 –0.75 5.3 Company Symbol (000) 65-day avg Close % chg High Low Available free at WSJMarkets.com
Japan NIKKEI 225 27527.12 –524.58 –1.87 –4.4 Mullen Automotive MULN 338,041 88.0 0.30 -3.82 6.05 0.18
Singapore Straits Times 3240.81 –32.94 –1.01 3.7 ProShares UltraPro QQQ TQQQ 174,149 -25.7 19.06 -2.95 87.49 16.32
South Korea KOSPI 2360.02 –0.95 –0.04 –20.7
Apple AAPL 159,736 81.5 134.51 -1.46 182.94 129.04 Currencies
Warner Bros. Discovery A WBD 157,494 524.8 9.91 -0.90 31.55 9.52
Taiwan TAIEX 14528.55 –205.58 –1.40 –20.3 U.S.-dollar foreign-exchange rates in late New York trading
Camber Energy CEI 153,329 347.8 0.06 -20.92 1.98 0.06
Thailand SET 1619.01 –1.27 –0.08 –2.3 * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
US$vs, US$vs,
Fri YTDchg Fri YTDchg
Sources: FactSet; Dow Jones Market Data 5,000 shares =Has traded fewer than 65 days Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004236 23605 3.3
Argentina peso .0058172.7069 68.2 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Brazil real .1882 5.3145 –4.6 Czech Rep. koruna .04370 22.885 4.6

Selected rates
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7286 1.3726 8.6 Denmark krone .1423 7.0253 7.4
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001128 886.50 4.0 Euro area euro 1.0587 .9446 7.4
Colombiapeso .000209 4794.13 17.9 Hungary forint .002610 383.12 18.0
A consumer rate against its Five-year ARM, Rate Ecuador US dollar Iceland krona
1 1 unch .006996 142.93 10.1
benchmark over the past year 5.00% Mexico peso .0505 19.7835 –3.5 Norway krone .1010 9.8982 12.4
Bankrate.com avg†: 5.46% 28%
t Uruguay peso .02577 38.8050 –13.2 Poland zloty .2259 4.4264 9.9
5-year Raymond James Bank, NA 3.00% 4.00 WSJ Dollar Index
Tradeweb ICE s Asia-Pacific Russia ruble .01541 64.875 –13.3
adjustable-rate 14
t

5.00% St. Petersburg, FL 800-718-2265 Sweden krona .0960 10.4144 15.0

mortgage (ARM) Friday Close 3.00 Australian dollar .6685 1.4959 8.7
RTN Federal Credit Union 4.63% Switzerland franc 1.0704 .9342 2.4
0 China yuan .1434 6.9733 9.7
4.00 2.00 Turkey lira .0537 18.6393 39.9
Waltham, MA 781-736-9900 Euro Hong Kong dollar .1285 7.7839 –0.2
s Ukraine hryvnia .0271 36.8500 34.7
One year ago India rupee .01209 82.682 11.0
t

3.00 The Torrington Savings Bank 4.75% 1.00 –14 UK pound 1.2141 .8237 11.4
t Indonesia rupiah .0000641 15598 9.4
Torrington, CT 860-496-2152 s Middle East/Africa
Yen Japan yen .007316 136.70 18.8
5-year Treasury 2.00 0.00 –28
Chemung Canal Trust Company 4.88% Kazakhstan tenge .002141 467.03 7.3 Bahrain dinar 2.6522 .3771 0.03
note yield 1 3 6 1 2 3 5 7 10 20 30
Elmira, NY 607-737-3711 2022 Macau pataca .1247 8.0210 –0.2 Egypt pound .0405 24.6832 57.1
1.00 month(s) years Malaysia ringgit .2260 4.4245 6.2 Israel shekel .2888 3.4621 11.4
J FMAM J J A S ON D Clinton Savings Bank 4.88%
maturity New Zealand dollar .6377 1.5681 7.2 Kuwait dinar 3.2594 .3068 1.4
2022 Clinton, MA 888-744-4272 Pakistan rupee .00444 225.025 27.7 Oman sul rial 2.5974 .3850 unch
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0180 55.565 9.0 Qatar rial .2746 3.641 –0.03
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7359 1.3589 0.8 Saudi Arabia riyal .2659 3.7613 0.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0007634 1309.95 10.2 South Africa rand .0567 17.6328 10.6
Sri Lanka rupee .0027211 367.50 81.1
Federal-funds rate target 4.25-4.50 3.75-4.00 0.00 l 4.50 2.75 Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg
Taiwan dollar .03248 30.786 11.1
Prime rate* 7.50 7.00 3.25 l 7.50 2.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .02870 34.840 4.8 WSJ Dollar Index 97.95 0.05 0.05 9.38
Libor, 3-month 4.75 4.73 0.21 l 4.78 2.85
U.S. Treasury, Bloomberg 2132.110 3.860 3.990 4.560 1.170 –10.885 –1.982 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.33 0.32 0.07 l 0.33 -0.24
l U.S. Treasury Long, Bloomberg 3355.930 3.700 3.770 4.570 1.820 –25.010 –5.858
Five-year CD, annual yield
30-year mortgage, fixed†
2.73
6.74
2.67
6.69
0.42
3.23 l
2.73
7.41
1.32
2.90 Aggregate, Bloomberg 1993.190 4.340 4.490 5.210 1.720 –11.179 –1.970
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 6.04 6.07 2.53 l 6.53 2.70
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 1983.790 4.290 4.500 5.380 1.960 –9.726 –2.363
Jumbo mortgages, $647,200-plus† 6.80 6.70 3.25 l 7.44 2.59 DJ Commodity 1028.43 -10.28 -0.99 1264.48 906.22 12.31 8.69
High Yield 100, ICE BofA 3159.550 7.829 7.798 8.753 3.669 –8.285 –0.182
Five-year adj mortgage (ARM)† 5.46 5.45 2.82 l 5.60 1.14 Refinitiv/CC CRB Index 271.38 -3.34 -1.22 329.59 221.84 20.54 16.79
New-car loan, 48-month 6.49 6.46 3.41 l 6.69 2.05 Muni Master, ICE BofA 561.636 3.117 3.111 3.936 0.895 –6.700 –0.235 Crude oil, $ per barrel 74.29 -1.82 -2.39 123.70 68.23 4.84 -1.22
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 779.138 7.523 7.531 9.159 4.928 –15.168 –3.827 Natural gas, $/MMBtu 6.600 -0.370 -5.31 9.680 3.561 78.86 76.94
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Gold, $ per troy oz. 1790.00 12.80 0.72 2040.10 1623.30 -0.77 -2.05
Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
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MARKETS

Chinese Property Bonds Bounce Back

Beijing’s policy
changes on Covid-19
and housing spark
a big junk-debt rally
BY SERENA NG
After being mired in distress
and defaults for more than a
year, Asia’s U.S. dollar junk-
bond market has staged one of
its biggest-ever rallies following
an about-face by authorities in
China on Covid-19 and housing
policies.
The jury is out on when—
and whether—the market can
recover to a
CREDIT point where
MARKETS most junk-
rated compa-
nies can raise money again.
Asian high-yield bonds
gained 18% in November on a
total-return basis, which in-
cludes price appreciation and
coupon payments. That was the
market’s best month in more
than a decade, according to ICE
Data Services. The big catalyst
was the Chinese government’s
recent decision to support its
slumping housing market by di-
aling back borrowing restric-
tions on real-estate developers
and shift away from a zero-
Covid strategy that was weigh-
ing on its economy.
“We have seen the sharpest
of pivots in policy towards the
China property sector,” said
Owen Gallimore, head of credit
analysis for Deutsche Bank‘s
Asia Pacific flow-trading desk.
In late October, a $1 billion
dollar bond from developer
Country Garden Holdings
Ltd. that matures in January
2024 was bid at just 14 cents
on the dollar—a level typically
seen on defaulted securities.
That bond was recently bid
at about 74 cents, according to
FactSet, indicating investors
are now much more optimistic
that they will get repaid when
the debt comes due.
Country Garden, one of
China’s biggest sellers of
apartments, had struggled for
much of this year to convince
investors that it could survive
the property downturn, and its
Hong Kong-listed shares ear-
lier slumped to record lows.
Since Oct. 31, the shares
have tripled in value, with
most of the gains occurring af-
ter Chinese authorities moved
to ease developers’ liquidity
pressures and domestic banks
said they would support the
company. The company has
raised about $1.1 billion from
share sales in the past month
to help repay its debt.
Before last month, many in-
vestors in emerging-market
debt had avoided Asia credit
because of its poor perfor-
mance, but the strength of the
latest rebound “is forcing a
recalibration,” Mr. Gallimore
said. The extreme investor
pessimism over China that fol-
lowed defaults by China Ever-
grande Group and many of its
peers has been replaced by
cautious optimism that the
junk-bond market has finally
troughed.
Dollar bonds of a smaller
Chinese developer, Seazen
Group, had similarly traded at
deeply distressed levels less
than two months ago. One that
comes due next year recently
surged to around 92 cents on
the dollar.
The bonds of Macau casino
operators, which had tumbled
earlier, jumped in price on ex-
pectations that the Chinese
gambling hub will see its for-
tunes revived from China’s re-
opening plan.
The average price of bonds
in ICE BofA’s Asian Dollar
High Yield index has climbed
to 74 cents on the dollar from
a low of around 57 cents in
late October. Defaulted bonds
are removed from the index,
so its price levels reflect those
of performing securities.
The benchmark’s risk pre-
mium—the additional yield in-
vestors demand above compa-
rable U.S. Treasury yields—
this week touched its lowest
level in more than a year.
Monthly returns* from
Asia high-yield bonds
20%
15
10
5
0
–5
–10
–15
2020 ’21
*Shows the total return of the ICE BofA Asian Dollar High Yield Index †Shows a Country Garden
bond due in Jan. 2024, and a Seazen unit’s bond due in Aug. 2023. Data through Dec. 15
Sources: ICE Data Services (returns); FactSet (bid prices)
The recovery still has a way
to go. At 10.2 percentage
points, the spread on Asian
high-yield bonds is roughly 6
percentage points greater than
that of U.S. high-yield bonds.
Before the coronavirus pan-
demic, junk bonds in Asia
yielded less than 2 percentage
points more than their Ameri-
can counterparts.
The recent rebound vindi-
cated some investors who bet
early on that Chinese authori-
ties wouldn’t stand by and let
the country’s housing market
crash given its importance to
the economy.
Bid prices, cents on the dollar†
Property measures released
100
75
50
25
Seazen
Country Garden
0
’22 Jan. 2022
Amy Kam, a senior portfolio
manager focusing on emerg-
ing-markets credit at Aviva In-
vestors in London, said her
firm has been holding on to
the bonds of some stronger
developers since before the
property downturn. She said
her faith that they wouldn’t
default was severely tested in
October, when their prices
slumped to deeply distressed
levels after China’s Communist
Party wrapped up a weeklong
congress. “Many international
investors had given up on the
sector,” she added.
At a meeting with col-
leagues at the end of October,
Ms. Kam said she reiterated
her view that bonds of Chinese
real-estate companies that she
expected to survive the down-
turn “were money good.”
“There’s a balance between
being stubborn and being ra-
tional,” she said, adding that
she was glad to see her pre-
diction proven right. On Nov.
11, financial regulators in
China issued a set of 16 mea-
sures designed to support the
property market and help both
private and state-owned real-
estate developers obtain suffi-
cient credit from banks to stay
Dec. in business.
Chinese banks have since
showered developers with
loans and other credit, and the
companies have been given
ample quotas to issue yuan-de-
nominated bonds in mainland
China. Prices of their Hong
Kong-listed stocks have soared,
enabling private developers to
raise money from share sales
in the city to help repay their
international bonds.
Average Asian high-yield
bond prices are still well be-
low their face value—mean-
ing investors who bought ear-
lier are sitting on losses. The
cumulative total return on
the asset class since the start
of 2021 is minus 28%, accord-
ing to data compiled by Bar-
clays PLC.

Carbon-Credit Investors Start to Pay Up for Quality

BY SHANE SHIFFLETT
Buyers snapped up carbon
credits this year at the same re-
cord pace as 2021, but they put
higher prices on projects that
were seen as more effective in
reducing greenhouse-gas emis-
sions, a sign of growing matu-
rity in the nascent market.
Increased scrutiny by regula-
tors, analysts and governments
slowed years of growth in the
market, according to Melissa
Lindsay, founder of Emstream
and Emsurge, a wholesale mar-
ketplace for commodities and
carbon credits.
Nearly 172 million credits
were purchased and retired by
final buyers this year through
Dec. 9, roughly equal to the
amount sold to them in the
year-earlier period, according
to a Wall Street Journal analy-
sis of carbon-market data. Ex-
change-traded volumes held
steady at 108 million credits
through November, compared
with 112 million during the pe-
riod last year, according to
data from Xpansiv, an ex-
change for carbon offsets.
The price for credits rose to
$7.50 on a weighted-average
basis this year, up from $6.10
last year, according to the car-
bon-market data analyst Trove
Research, though they never
fully recovered after slipping
from highs earlier this year.
Carbon-credit prices fell
alongside markets after trad-
ers dumped credits in March
as rising inflation and energy
prices squeezed profits.
“Last year, it was very easy
to say I’ll buy credits today
because by next week they’ll
go up in price,” Miss Lindsay
said. “The market this year
has been very, very flat. A lot
of people don’t want to sell for
less than they paid, and they
Quarterly carbon credit Exchange-traded volumes of because the projects they fund Other initiatives defined how
purchased and retired by offsets by project type are ineffective. Buyers of the buyers of credits could de-
companies and others* credits were criticized as mak- scribe their impact. An upstart
Nature-based projects ing sweeping claims of being group of ratings firms are be-
80 million
2021 31.8M carbon-neutral despite emit- ginning to assess the accuracy
ting large amounts of green- of claims made by projects
60
2022† 34.8M
house gases. producing credits.
Concerns about standards Governments of countries
40 have dogged the unregulated hosting some of the largest
Tech-based projects market, prompting U.S. regula- projects halted credit produc-
63.7M tors and lawmakers to take a tion earlier this year, jolting
20
closer look. The Securities and markets as traders and inves-
Exchange Commission pro- tors weighed how inventories
0 37.3M
posed new disclosures in could be affected. “There’s a
2021 ’22 March aimed at making the perfect storm of activities,” said
*Fourth quarter 2022 as of Dec. 9 †Through November market more transparent, and Saskia Feast, managing director
Sources: Wall Street Journal analysis of five carbon-market registries (carbon credits); Xpansiv in October a group of seven of global climate solutions at
U.S. senators urged the Com- Climate Impact Partners, a car-
are happy sitting on them.” atmosphere. Credits can modity Futures Trading Com- bon consulting and finance
The market was valued at change hands several times be- mission to “develop qualifying firm. “Ultimately, if these initia-
$2 billion last year, up from fore being retired, which standards for carbon offsets tives are successful, it will help
about $520 million in 2020, ac- means they are removed from that effectively reduce green- deliver scale and confidence in
cording to the carbon market circulation and counted against house gas emissions.” the market. But the risk is de-
data provider Ecosystem Mar- companies’ emissions. Private climate credit initia- laying action and delaying fi-
ketplace. Each credit is equiva- There was growing criti- tives issued provisional guide- nance because all these things
lent to a ton of carbon dioxide cism this year of credits that lines that defined the require- are coming into the market and
prevented from release into the don’t reduce carbon emissions ments for high-quality credits. creating paralysis.”

Recession continue to raise rates in half-

percentage-point increments
next year. The Bank of England
abroad for the first three
quarters of the year.
Global markets broadly re-
The Marketplace
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bank this past week to signal
caution about raising rates
treated. Real estate and tele-
com stocks weighed on the
Stoxx Europe 600, which fell
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Hit Stocks much higher, saying it be-

lieved the U.K. economy was
already in a recession.
1.2%. Data from S&P Global
showed the eurozone economy
is contracting again in Decem-
NOTICE OF SALE BOATING

Some investors are less ber, but proving more resilient

Continued from page B1
about a slowdown in economic
growth. Fresh services and
manufacturing data on Friday
added to those concerns.
Bottom lines are suffering
from weak consumer demand.
Though inflation is cooling,
higher input and borrowing
costs are weighing on both
businesses and
FRIDAY’S households,
concerned about the equity
selloff, seeing a buying oppor-
tunity. “I think that finally,
there’s an opportunity for in-
vestors to start putting money
to work,” said Nancy Tengler,
chief executive and chief in-
vestment officer of Laffer Ten-
gler Investments.
Many investors pared back
from the stock market during
the early stages of Fed tight-
than economists had expected.
In Asia, Japan’s Nikkei 225
lost 1.9% and China’s Shanghai
Composite Index ended the
day roughly flat.
In a sign of concern about
the world economy, Brent-
crude prices fell 2.7% to
$79.04 a barrel. The drop un-
wound some gains the oil
benchmark had made this past
week on the back of easing
NOTICE OF SALE OF COOPERATIVE APARTMENT
SECURITY BY VIRTUE OF A DEFAULT
Experience
BY VIRTUE OF A DEFAULT, under the terms of certain
Security Agreements executed by Cruger Associates,
LLC and Pamish Holdings, LLC (“Debtors”) to AM
Feurman, LLC (“Secured Party”) in accordance with its
Utopia.
rights under the provisions of the Uniform Commercial
Code and its rights as a holder of the Security, AM
Feurman, LLC, by Mannion Auctions, LLC, Matthew
D. Mannion, Licensed Auctioneer, NYC DCA #1434494
(“Auctioneer”), will conduct a public auction sale of the
security consisting of certain shares of Capital Stock of
3230 Cruger Owners Corp., all rights, title, and interest
in and to certain Proprietary Leases to Apartments (the
“Collateral”) as set forth below in the building known
and located at 3230 Cruger Avenue, Bronx, New York
10467.
The sale will be held on January 31, 2023 at 2:30

MARKETS said S&P Global
Market Intelli-
gence. Excluding the Covid-19
downturn, this is the quickest
softening in business activity
since 2009, the data provider
said.
The market rallied early in
the week when slowing infla-
tion data stirred hopes that
the Federal Reserve could back
away from aggressive interest-
rate increases. The Fed’s re-
vised rate forecasts on
Wednesday and slowing retail
sales data on Thursday raised
fears of a recession and re-
versed those gains.
The central bank said
Wednesday it planned to lift
rates through the spring and
ening, and the specter of re-
cession has kept money on the
sidelines. Ms. Tengler said
that once investors’ focus
shifts to corporate earnings
and margins—which she be-
lieves will prove more resilient
than Wall Street expects—sen-
timent will improve.
Earnings will also receive a
boost from the weakening dol-
lar, she said, which has
plunged in recent months. The
greenback’s record rise put
pressure on profits earned
ADVERTISEMENT
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
Covid-19 restrictions in China,
pm in conference room A at the office of Smith, Buss
& Jacobs, LLP, 60 East 42nd Street, 40th Floor, New
THE ULTIMATE LUXURY CHARTER EXPERIENCE
which traders expect to boost York, New York 10165. The Secured Party may bid at 206’ UTOPIA IV combines family friendly amenities,
auction and credit bid, without a deposit, up to what the
demand for raw materials. Secured Party is owed, including interest, taxes, late effortless cruising speed and European styling.
fees, administrative fees, legal fees, advertising fees,
Treasury prices fell, push- and auctioneer fees. Plan your family holiday escape today!
NOTE: In order to gain access to the location of the
ing yields on 10-year notes up
to 3.481% from 3.449% on
auction, due to building security, any prospective
attendees MUST contact Auctioneer, at (212) 267-6698 Call: (954) 519-3980
Thursday.
or at mdmannion@jpandr.com, prior to the auction and
provide their name in order to be added to the access moranyachts.com
roster.
The Apartments are sold “AS IS”, these units are not
owner occupied, the debt is not “Home Loans”, the sale
Listen to a Podcast is subject to existing tenancies, and the sale is subject
to the Terms of Sale, terms of the Proprietary Lease,
Scan this code the by-laws, offering plan and any amendments thereto CAREERS BUSINESS OPPORTUNITIES
and to any other rules and regulations of 3230 Cruger
for a podcast on Owners Corp. A ten (10%) percent deposit by bank or
certified check payable to Veneruso, Curto, Schwartz
financial planning & Curto, LLP, as attorneys is required at the auction; NYS BOARD OF alliance mortgage fund
amid rising balance due upon closing within thirty (30) days. The
REGENTS VACANCY
interest rates.
Terms of Sale may be requested from the Attorneys for
the Secured Party.
Collateral of Cruger Associates LLC to be auctioned:
The Shares of Capital Stock, as further provided below,
Board of Regents of the University of the State
of New York, effective April 1, 2023, for one
7%-8% Return
and the Proprietary Lease allocated to Apartments: 1B representative from Bronx County and one
representative from Queens County. Five-year
REAL ESTATE SECURED
(160 Shares), 1C (160 Shares), 1D (236 Shares), 1E (166
Shares), 1G (60 Shares), 1H (60 Shares), 1I (166 Shares), term. Positions are non-paid. A public interview FIXED INCOME FUND
1J (166 Shares), 1K (164 Shares), 1L (156 Shares), 1M process is required. The applicant must be a
SEEKING RIA’S &
(116 Shares), 1N (50 Shares), 2A (120 Shares), 2B
(166 Shares), 2D (228 Shares), 2E (172 Shares), 2G
(172 Shares), 2H (120 Shares), 2I (166 Shares), 2J(172
Shares), 2L (162 Shares), 2M (120 Shares), 3A (172
resident of New York State and one of the above-
listed counties. Resumes must be submitted by
January 23. Applicant must submit a resume to
BOTH:
ACCREDITED INVESTORS
CALL:
Shares), 3C (169 Shares), 3D (232 Shares), 3E (175

866-700-0600
to a higher level than previ- Shares), 3G (175 Shares), 3H (126 Shares), 3I (175 NYS Assembly
ously forecast. Fed forecasts Shares), 3J (175 Shares), 3L (165 Shares), 4A (124
Shares), 4B (172 Shares), 4D (236 Shares), 4F (132
Room 513, Capitol
Albany, NY 12248
also suggested the central PORSCHE Shares), 4G (178 Shares), 4H (128 Shares), 4J (178 ALLIANCE PORTFOLIO
Shares), 4L (126 Shares), 4M (124 Shares), 5A (126 boardofregents@nyassembly.gov 120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656
bank would hold rates at their
SHOWROOM
Shares), 5B (175 Shares), 5C (175 Shares), 5D (240 www.AlliancePortfolio.com
&
peak until 2024, rattling some Shares), 5E (181 Shares), 5F (134 Shares), 5G (181
Shares), 5I (181 Shares), 5J (181 Shares), 5K (179
RE Broker • CA DRE • 02066955 Broker License ID

investors who had expected
officials to begin cutting rates
next year.
“They’ve effectively raised
the bar on the magnitude and
pace by which inflation would
have to fall to warrant … a
true pivot where they would
actually be cutting rates,” said
Hani Redha, portfolio manager
at PineBridge Investments.
“That’s really bearish.”
The European Central Bank
said this past week it would
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Shares), 5L (171 Shares), 5M (126 Shares), 6A (128 NYS Senate
Shares), 6C (178 Shares), 6D (244 Shares), 6E (184 Room 433, Capitol
Shares), 6H (132 Shares), 6J(184 Shares), 6K (182 Albany, NY 12248
Shares), 6L (174 Shares), 6M (128 Shares) of 3230 boardofregents@nysenate.gov
Cruger Owners Corp. Collateral of Pamish Holdings LLC
to be auctioned: The Shares of Capital Stock, as further
provided below, and the Proprietary Lease allocated to
Apartments: 3B (169 Shares), 4I (178 Shares) of 3230
NAPA VALLEY’S TOP
Cruger Owners Corp.
The approximate amount on the aforementioned liens
BUSINESS OPPORTUNITIES HOT AIR BALLOON CO.
SCX1 – THE FIRST ROLLS ROYCE as of October 24, 2022, is $4,980,249.31, plus interest,
SILVER CLOUD III late fees, attorneys’ fees, maintenance in arrears and all
other advanced charges. OIL & GAS Investment INCLUDES REAL ESTATE
Perfect Holiday Dated: Yonkers, New York, December 8, 2022 Veneruso, 3 PARCELS
Curto, Schwartz & Curto, LLP, Attorneys for the Secured
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 B12 | Saturday/Sunday, December 17 - 18, 2022
The internet never forgets.
Well, at least it has a very long
memory, so that silly selfie from
five years ago, your old bank
statements and the flight reserva-
tions for next summer’s big vaca-
tion all have to live somewhere.
Odds are they live in northern Vir-
ginia.
Handling the explosion of data
and cloud computing are hundreds
of nondescript buildings filled
with servers, kept at a constant
temperature and humidity and
hooked up to massive power lines.
For reasons including utility con-
nections and zoning rules, the re-
gion south of Washington, D.C., is
now bigger than Silicon Valley as a
host for our digital lives. It is ap-
proaching 2 gigawatts of capacity,
according to Cushman & Wakefield
PLC—enough to power 1.5 million
homes.
The biggest creators and pro-
cessors of all that data are known
in the business as hyperscalers—
Alphabet Inc.’s Google, Ama-
zon.com Inc.’s Amazon Web Ser-
vices, Microsoft Corp.’s Azure,
Oracle Corp., Facebook owner
Meta Platforms Inc. and Apple Inc.
They spend heavily on their own
data centers, but their needs are
so massive that they have also
outsourced tens of billions of dol-
lars in investment in digital real
estate to specialized investors.
“It’s difficult for those compa-
nies, as sophisticated as they are,
to procure the land, sit on it, get
the power and permits,” explains
Kristina Metzger, who leads data
center capital markets for real-es-
tate firm CBRE Group Inc.
Mom and pop have gotten in on
the action through real-estate in-
vestment trusts which, in addition
to dividend checks in a yield-
starved world, held out the prom-
ise of tech-like growth. Private-eq-
uity investors pounced just as
valuations peaked. KKR & Co. and
Global Infrastructure Management
LLC paid $15 billion including
debt—a 25% premium—for pub-
licly traded REIT CyrusOne Inc., in
a deal signed in 2021 and com-
pleted this spring. That deal was
made just weeks after Blackstone
Inc. closed its $10 billion deal for
data center REIT QTS Realty Trust
Inc., at a 21% premium.
Now, though, with interest rates
DANIEL ROLAND/AGENCE FRANCE-PRESSE/GETTY IMAGES
Economists expect Europe’s economy to contract by 0.4% this quarter.
Surviving Europe’s
Economic Chill—So Far
Investors have opposing signals
to ponder when it comes to Euro-
pean stocks: On the one hand, the
economy isn’t doing nearly as
badly as feared. On the other, the
European Central Bank is also
aware of this.
On Friday, the December flash
release of the purchasing managers
index for the eurozone came in at a
four-month high, exceeding ana-
lysts’ expectations. Though it still
signaled a sixth consecutive month
of contraction in business activity,
the pace of decline has been mod-
erating since November. Crucially,
the improvement was led by Ger-
many, which has been in a particu-
larly precarious position due to its
factories’ previous dependence on
Russian natural gas.
According to the median projec-
tion of economists polled by Fact-
Set, the eurozone economy will
contract by 0.4% this quarter, and
a further 0.3% in the next one,
which means that the 19-nation
bloc is probably already in a shal-
low recession. Still, the latest fig-
ures seem to suggest that the
downturn could be even milder
than the consensus thinks. Since
developed economies are very in-
terlinked, there is even a chance
that the U.K., where a long reces-
sion is expected, could surprise to
the upside.
After years of severely under-
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
The Cloud Over Data Centers
Sprawling buildings that power the world of cloud computing promise a heady
combination of growth and income, but investors need to crunch the numbers
An overhead view of a Google data center in Council Bluffs, Iowa. Such centers house reams of digital data.
rising, data-hungry tech startups
folding and even stalwarts like
Meta, Twitter Inc. and Amazon’s
AWS tapping the brakes on cloud
investments, remaining data cen-
ter REITs like Digital Realty Trust
Inc. and Equinix Inc. don’t look as
attractive. The real story might be
that they never really were.
Their return on invested capital
is meager, yet they also have had
to raise mountains of cash to keep
up with growth while paying divi-
dends. Both of those weaknesses
are normally a feature of REITs,
though, not a bug. Unlike a normal
operating company that might buy
machinery or sink cash into de-
signing a new product, both of
which depreciate, real estate tends
to go up in value if maintained.
performing the S&P 500, the Euro
Stoxx 50 has raced ahead since
September, rising 10% compared
with a 1% fall for U.S. stocks. Dur-
ing this period, the U.S. dollar has
also come off from its peak, losing
6% of its value against the euro.
To be fair, the risks remain
higher in Europe than in the U.S.,
where households accumulated far
more excess savings during the
pandemic and energy indepen-
dence is greater. Overall, however,
it does look like the aid provided
by European governments to offset
higher energy bills is cushioning
the macroeconomic pain caused by
their loss of Russian pipeline gas.
Meanwhile, the region’s race to
replenish its gas reserves, which
pushed up wholesale prices in the
summer, has resulted in European
gas storage being 85% full. Though
much depends on whether a cur-
rent cold snap persists, the
chances of Europe running out of
energy this winter now seem small,
in part because efforts to curtail
gas demand have yielded results.
According to Brussels-based think
tank Bruegel, European Union con-
sumption was down 23% in Novem-
ber from a year ago, which is in
line with officials’ targets. Firms
have embraced efficiency: In Ger-
many, where manufacturing output
has fallen about 1%, industry has
slashed gas demand by 32%.
ON
THE
REITs are also pass-through enti-
ties that, in exchange for owing no
corporate taxes, must distribute
90% of their profits. Seizing the
growth digital landlords have ex-
perienced therefore requires lots
of fresh debt and equity. Digital
Realty has, since the start of 2012,
gone from 103 million shares out-
standing to 287 million, and its
net debt has grown from less than
$3 billion to almost $16 billion,
not including operating leases.
But that cash was raised during
the very best of times, with tech
booming and investors starved for
yield. Even while many other
REITs struggled when Covid-19 ar-
rived, an explosion in online activ-
ity boosted data centers’ shares
and creative financing like securi-
Eurozone equities could have
further upside. Because analysts
have cut their 2023 earnings ex-
pectations by more in the U.S., the
recent rally in the Euro Stoxx 50
hasn’t made valuations richer rela-
tive to the S&P 500. Analysts at
Bespoke Investment Group high-
light that the Sentix eurozone in-
vestor-sentiment indicator in Octo-
ber hit its lowest level since the
global financial crisis, and has
since enjoyed one of the largest
two-month rebounds on record. In
the past, these sudden shifts in po-
sitioning have often heralded a
rally.
Yet all of this comes with a big
asterisk: The validation of ECB
forecasts for a mild recession gives
the central bank justification to be
even more hawkish. On Thursday,
after raising interest rates by half
a percentage point, ECB President
Christine Lagarde said tightening
would exceed what is currently
priced in by the market, hitting Eu-
ropean stocks.
Investors see rates peaking at
3.8%. This makes sense: Clues
about a stronger economy have
come in tandem with signs that in-
flation is moderating. Friday’s
PMIs suggested that firms’ costs
rose at the slowest rate since May
2021, and data now shows a decel-
eration in eurozone wages. Never-
theless, officials’ actions this year
suggest that, barring disaster, they
will make good on their threats.
Good news is still good news for
European stocks. With central
bankers narrowly focused on head-
line inflation, though, it is less so
than it could have been.
—Jon Sindreu
Index performance, past six months
Euro Stoxx 50 S&P 500
15%
10
5 unfettered access the PCAOB’s in-
0
–5
July 2022 Aug. Sept. Oct. Nov.
Source: FactSet
** **
tizing leases helped some raise
money for new facilities. Data cen-
ter REITs have lagged their peers
since the end of 2020, though, de-
spite all the deal activity. Anyone
fueling their growth with new
shares or bonds today requires a
lot more return.
They still aren’t asking for
enough, according to short seller
Jim Chanos, who has made a large
bet against them. One criticism is
that they overstate returns by
classifying some maintenance
spending as being for growth—a
point the data centers rebut. A
more clear-cut one is that rents
have been slipping. They went
from an average of $145 per kilo-
watt a month in primary markets
to about $120 last year, according
China’s Pro-Business
Shift May Prove Fickle
Beijing suddenly seems eager to change the
narrative of worsening relations with business
U.S.-listed Chinese companies are
finally getting some light shown on
their books by U.S. audit officials.
This week’s announcement from the
Public Company Accounting Over-
sight Board, a nonprofit established
by Congress to oversee corporate
audits, is the latest sign that China’s
leadership is determined to change
the narrative of worsening relations
with business—both foreign and do-
mestic.
A letter from Terry Gou, the
founder of Apple supplier Foxconn,
was a key factor behind Beijing’s
sudden shift away from its draco-
nian set of zero-Covid policies. The
Politburo last week explicitly named
buttressing foreign investors’ senti-
ment as a key priority. And Chinese
ride-hailing company Didi, under a
more-or-less unrelenting regulatory
assault since mid-2021, may soon
be permitted back into domestic
app stores.
The change in tone—and news
on audits in particular—is obviously
very positive for U.S.-listed Chinese
tech companies such as Alibaba.
But the fact that the shift in ori-
entation has been so abrupt and
wide-ranging, and so obviously exe-
cuted under steep economic and so-
cial pressure, raises obvious ques-
tions. Most important: Does all this
represent a real sea change in the
leadership’s thinking, or more of a
tactical adjustment? If the latter,
then it could be vulnerable to a re-
versal once the economy and pub-
lic-health situation stabilize.
The announcement by the PCAOB
itself is significant, but not neces-
sarily the end of the long-running
game of chicken between Chinese
and U.S. regulators. The apparently
spectors were given to the records
of eight U.S. listed Chinese compa-
nies—including Alibaba—at two
Chinese auditors sets a strong prec-
edent. It also resets the three-year
delisting clock mandated by Con-
gress for Chinese companies such
Dec. as Alibaba using previously unin-
spected Chinese auditors.
Still, three years can be a very
THE WALL STREET JOURNAL.
Inventory growth of primary
data center markets since 2015
301%
227
133
29
Northern Dallas/ Silicon New York/
Virginia Ft. Worth Valley Tri-State
Source: CBRE
to CBRE. That slide has reversed
recently in some hot markets as
power companies and construction
crews struggle to keep up and in-
flation hits building costs. The
scarcity could give data center val-
ues a reprieve but, in a worrying
sign, Digital Realty Chief Executive
A. William Stein was dismissed
from his management and board
roles this past week without expla-
nation.
Mr. Chanos’s other critique is
that data centers’ big customers,
the hyperscalers, are their compet-
itors too. Their ability to “self-
build” makes them different from,
say, a bank leasing office space.
Thomas Dakich, managing director
and general counsel of data center
company Digital Crossroad, was
asked at a panel last month about
his hyperscale clients.
“Negotiating with these guys is
tough. They are literally: ‘What’s
mine is mine, what’s yours is mine,
but I don’t want the liability of
yours, so you take the liability and
I’ll take the asset.’ ”
Normally in a gold rush, the
people selling picks and shovels
are investors’ best bet. Digital
landlords are just renting them
out, though. If cloud computing
demand keeps slowing or pros-
pects like the metaverse fail to
BRIAN SNYDER/REUTERS
pan out then it will be bad for
companies like Meta and Amazon,
but it is the people who own those
giant boxes in Virginia who could
really get buried.
—Spencer Jakab
MSCI China price return
over the past decade
100%
75
50
25
0
–25
2013 ’15 ’20 ’22
Source: Factset
long time in the Sino-U.S. relation-
ship.
More broadly, it is worth remem-
bering that China’s current leader
Xi Jinping was once regarded as a
possible reformer who had vowed
to allow a decisive role for markets
in the economy. In the long-ago
days of late 2014 and early 2015,
state media routinely talked up the
stock market, leading to a huge em-
barrassment for Mr. Xi when the
margin-fueled stock bubble col-
lapsed in mid 2015. It was only af-
ter the disastrous stock, bond and
foreign-exchange ructions of 2015
that more heavy-handed state-cen-
tric policies like so-called mixed
ownership reform and supply-side
structural reform—code for forced
mergers led by the state and forced
closures of small private industrial
companies—became much more
prominent.
In other words, Mr. Xi has
changed tack before—either oppor-
tunistically or because he perceived
the real challenges facing the coun-
try and the economy to be chang-
ing. As investors evaluate this latest
sudden effusion of warmth, they
should keep that in mind.
—Nathaniel Taplin
 CULTURE | SCIENCE |
Gingerbread World
A spiced confection has
warmed winters since
the Middle Ages C5

POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. ****
Great Scot!
Adam Smith, patron
saint of American
capitalism Books C7

Saturday/Sunday, December 17 - 18, 2022 | C1

CLOCKWISE FROM TOP: ALEXEI DRUZHININ/SPUTNIK/REUTERS; ANTONIO MASIELLO/GETTY IMAGES; ANTON VAGANOV/REUTERS

VIKTOR BOUT, a Russian arms dealer

popularly known as “the merchant of Putin’s New Strategy tion as it tries to garner some international
sympathy for its war against Ukraine. The

Vladimir Putin

LAYING
death,” warned about the mortal peril fac- invasion that Mr. Putin launched in Febru- attends an
ing humanity in his first TV appearance after re- ary is going badly, with Kyiv regaining more than Orthodox
turning home from an American prison. half of the territories that Russia seized in the Christmas
“What is happening in the West is a suicide first weeks of the campaign, even as Moscow service in St.

CLAIM TO
of civilization,” said Mr. Bout, who was traded keeps pounding civilian infrastructure and wreck- Petersburg,
this month for detained American basketball ing residential neighborhoods. Jan. 7, 2019.
star Brittney Griner. “Can you imagine, in Amer- Ukraine retook the city of Kherson, the only
ican schools they teach first-graders Ukrainian regional capital captured

TRADITIONAL
that there are 72 genders! Not just by Russia this year, just a day after
gays and normal people, but 72!” Mr. Putin issued his traditional-val-
The message coming from Mr. ues decree. On the world stage,
Bout, who is now a hero in Moscow, Moscow faces international isola-

VALUES
and from the Kremlin itself is that
only Russia can rescue the world
from moral degeneration and decay.
That idea, long a key element of the
Kremlin’s propaganda, has now been legislated
as the Russian state’s official ideology, with the tar-
geting of gay people as one of its most sharply de-
fined features.
A decree issued by President Vladimir Putin in No-
vember proclaimed Russia’s mission as the bastion
of “traditional values” and a savior of mankind.
These values, it said, must be defended as a national-
security imperative by Russia’s security services.
Among other measures, that means cracking down
on “nontraditional sexual relations” and promoting
patriotic, religious families with multiple children,
the leader of a global
 under the guidance of the Orthodox Church.
Police detain a This new role for Russia, Mr. Putin’s decree added,
participant at has been made necessary by “the global crisis of civi-
an LGBT rally lization and values that leads to humankind losing
in Saint traditional spiritual and ethical waypoints and moral
Petersburg, principles.”
May 17, 2019. The Kremlin is searching for an ideological justifica-
tion, with only Belarus and Iran pro-
viding it with material help, while
the U.S. and NATO allies spend tens
of billions of dollars on arms and
economic assistance to Kyiv.
By inserting Russia into the ideological cleavages
of the U.S. and other Western societies, Mr. Putin
seeks to weaken this Western resolve and undermine
Western unity, said Fiona Hill, a Russia expert at the
Searching for allies Brookings Institution who served as White House se-
against Ukraine, nior director for European and Russian affairs in
2017-2019. “What he wants to do is to stoke culture
Russia now wars as much as possible,” she said.
presents itself as The Soviet Union, whose demise Mr. Putin has re-
peatedly lamented as the greatest catastrophe of the 
20th century, invoked the Marxist-Leninist language Italian Prime
culture war against of class struggle and social equality to justify its im- Minister
moral depravity. perial designs. Even in the 1970s and 1980s, when Giorgia Meloni
Kremlin elites no longer believed communist ideol- meets with
It’s not working. ogy, those ideas were still taken at face value by mil- NATO
lions around the world, in the West and even more Secretary Jens
By Yaroslav so in the West’s former colonies. Mr. Putin’s chal- Stoltenberg in
Trofimov Please turn to the next page Rome, Nov. 10.

Inside
HANUKKAH
Hunting WEEKEND
CONFIDENTIAL
JASON GAY

Presidents from Harry

Truman to George W. UFOs Internet pioneer
If geckos from
school are going
Bush have helped make A new U.S. report will Vint Cerf says we to spend the
the Jewish festival of likely disappoint need more critical winter break
those who believe thinking about its
lights part of the that space aliens with us, we need
American story. C4 have landed here. C3 future. C6 a few rules. C6
C2 | Saturday/Sunday, December 17 - 18, 2022
A New Ideological
Banner for Putin
Continued from the prior page
lenge is to find a new ideology for
Russia’s imperial aims.
“Putin and his entourage have So-
viet brains, and so they try to rule
Russia as if it were the Soviet
Union,” said Igor Kochetkov, a Rus-
sian historian and human-rights ac-
tivist who formerly headed the Rus-
sian LGBT Network group. “If before
the dividing line was between social-
ism and capitalism, now it’s between
the traditional values and what they
call ‘destructive’ values.” The differ-
ence between the eras isn’t as wide
as it may appear. While the Western
left has been socially progressive
since at least the 1960s, the Soviet
Union of Mr. Putin’s youth was a
deeply conservative place that
locked up gay men in prison camps
or psychiatric hospitals.
At times, Mr. Putin has been re-
markably frank about his imperial
ambitions. Earlier this year, for ex-
ample, he compared himself to the
18th-century czar Peter the Great,
saying that his mission, too, is to
accumulate territory.
Yet, when the Russian president
announced the annexation of four
Ukrainian regions in a September
speech, he framed that land grab as
a move forced on Russia by the need
to defend its society against dangers
posed by Western immorality.
“Do we want that here, in our
country, in Russia, there would be
parent number one and parent num-
ber two and maybe parent number
three instead of mama and papa?
Do we want that our children be
forced since elementary school to
embrace perversions that will lead
to degradation and dying out? That
they be taught that there are gen-
ders other than man and woman,
and be proposed to change their
gender?” he thundered.
Only the fight against such West-
ern depravity, Mr. Putin added,
could allow Russia to rekindle rela-
tions with the “genuine, traditional
West” as well as the rest of the
world that, he said, already shares
these traditional values with Russia.
That message, while much more
vocal today, isn’t entirely new. For
more than a decade before the war
in Ukraine, the Kremlin sought to
build bridges to far-right move-
ments in Europe and to parts of the
Republican Party in the U.S., while
maintaining the sympathies of the
global far left, which still sees Mr.
Putin’s regime as the successor of
the Soviet struggle against Ameri-
can world domination.
“Putin has long been trying to
become the leader of the conserva-
tive world, aware that the majority
of the world’s population doesn’t
approve of the LGBT agenda and ac-
tually lives in traditional societies,”
said Nikolay Mitrokhin, a specialist
on Russian nationalism at the Uni-
versity of Bremen in Germany. “He
tried to replace the old communist
sympathies with these conservative
sympathies, and he was quite suc-
cessful with this, at least until the
war with Ukraine began.”
While the Kremlin has been
openly courting European and
American neo-Nazis, it has also
painted the Ukrainian government,
which is headed by a freely elected
Jewish president, as a Nazi cabal—a
view parroted by many on the Euro-
pean and American far left. “The
Russians have been very canny. It
doesn’t matter that they are putting
out completely contradictory mes-
sages to different people,” said Ian
Garner, a historian specializing in
Russian propaganda at Queen’s Uni-
versity in Canada. “Russia taps into
both angles because they’re shame-
less and because nothing about
their ideology really makes any
sense or stands up to any philo-
sophical scrutiny.”
Mr. Putin’s new stress on social
conservatism has already paid divi-
dends in the U.S., where a small but
outspoken minority of the Republi-
can Party bases its opposition to
aiding Ukraine, in part, on cultural
objections. One of these critics, Rep.
Paul Gosar (R-Az.), has explained
his votes by saying that Kyiv “pro-
motes far-left ideology,” even
though Ukraine is a relatively con-
servative country where same-sex
marriage doesn’t exist and church
attendance remains one of the high-
est in Europe.
Russia’s record of brutality and
weakness during the war in Ukraine,
however, has considerably dimin-
ished Mr. Putin’s appeal to many
parts of the conservative and popu-
list right. Following the 2016 elec-
tion of Donald Trump, Republicans
were consistently more likely than
Democrats to describe Mr. Putin as
a friend or ally, with 37 percent
holding that view in December that
year, according to polling by You-
Gov. But that gap disappeared amid
widespread outrage following Rus-
sia’s invasion last February. The
same shift occurred in Europe,
where the invasion has had a more
direct impact than in the U.S., trig-
gering the influx of millions of refu-
gees and an energy crisis.
“If you looked at statements from
far-right leaders across Europe,
they always said that we need a
strong leader like Putin who de-
fends our values, our civilization
against the decadence of the West.
Italian conservative Matteo Salvini is part of a government that is increasing aid to Ukraine. Rome, June 15.
REVIEW
It did work before the war,” said
Benjamin Haddad, a French parlia-
ment member from President Em-
manuel Macron’s centrist party.
“But now, it’s more complicated to
publicly make a case for Russia.”
Italy provides the most signifi-
cant example of the break between
European populists and the Kremlin.
‘We must do
everything to defend
those who want to
live a normal life.
Everything else
is sin, sodomy and
darkness.’
VYACHESLAV VOLODIN
Speaker of Parliament
Newly elected Prime Minister Gior-
gia Meloni, whose Brothers of Italy
party traces its origins to the neo-
fascist movement, successfully cam-
paigned on an appeal to traditional
values in September’s elections.
However, instead of aligning with
Russia, her government—which in-
cludes politicians like Matteo Sal-
vini, the deputy prime minister who
once walked on Moscow’s Red
** **
Square in a T-shirt emblazoned with
Mr. Putin’s portrait—has moved to
increase support for Ukraine.
“We have to distinguish Putin
from the Russian people. The war
on Ukraine shows that the tradi-
tional values belong to the Russian
people, but not to Putin,” said
Ylenja Lucaselli, a parliament mem-
ber from Ms. Meloni’s party. “Those
who try to limit the freedom of oth-
ers and other peoples, especially
through an invasion, certainly don’t
have any connection to traditional
values, which include the respect
for others and the respect for the
liberty of others.”
The Italian experience highlights
Mr. Putin’s challenge in positioning
Russia as the leader of the global
traditional-values camp: Many po-
litical forces espousing similar
views are also deeply nationalist,
and they put their own countries’
interests first.
For Ms. Meloni, maintaining It-
aly’s alliance with the U.S. and a
constructive relationship with Euro-
pean Union partners is much more
important than signaling any ideo-
logical affinity with the Kremlin,
said Daniele Albertazzi, professor of
politics at the University of Surrey
in England. “I have always been
very skeptical of taking these cul-
ture wars too seriously. They are
the icing on the cake,” he said.
THE WALL STREET JOURNAL.
Left: Russian arms dealer
Viktor Bout has become a
political spokesman for
traditional values, Moscow,
Dec. 12. Below: Vladimir Putin
presents the Order of Parental
Glory to the parents of a large
family, Moscow, June 2016.
In Poland, the socially conserva-
tive government has also champi-
oned what it calls “traditional val-
ues” and tightened abortion
restrictions. Yet it has emerged as
one of Mr. Putin’s most determined
foes, breaking its previous alliance
with Hungary, whose populist
leader Viktor Orban has opposed
sanctions on Russia and refused to
provide weapons to Ukraine.
Outside the West, Mr. Putin’s
self-anointed role as the leader of
the traditional-values camp isn’t an
easy sell either, particularly for na-
tions that pride themselves on their
own, much older cultures, like India
or China.
“We have our own great civiliza-
tion, we have our own great value
system, which is univer-
sal,” said Vijay Chau-
thaiwale, head of for-
eign affairs at India’s
ruling party, the Hindu
nationalist Bharatiya Ja-
nata Party. “Why should
we look at everything in
the context of Russia?
They are doing some-
thing on their own. Why
should we say some-
thing about it?”
Within Russia itself,
the government’s ideol-
ogy has shifted in a
more restrictive direc-
tion with every setback
in the war. The Russian
parliament last month
passed legislation ex-
tending a ban on pro-
moting homosexual be-
havior to minors,
instituted in 2013, to
apply to all age groups.
This move means that any work of
literature or art with LGBT charac-
ters can be considered illegal. Rus-
sian bookstores have been forced to
remove from shelves dozens of
books, including one of the bestsell-
ers of contemporary Russian litera-
ture, “Summer in a Pioneer Tie,” a
novel about love between two young
men in a Soviet summer camp.
“We must do everything to de-
fend our children and those who
want to live a normal life. Every-
thing else is sin, sodomy and dark-
ness,” said the Russian parliament’s
speaker, Vyacheslav Volodin, in ex-
plaining the new law.
In a country with a population in
historic decline due to low birthrates
and emigration, particularly by hun-
dreds of thousands of men afraid of
being mobilized to fight in Ukraine,
same-sex couples serve as a conve-
nient scapegoat for Russia’s demo-
graphic crisis, said Mr. Kochetkov.
“Their simple explanation for
why the Russians don’t proliferate
is that there is a Western-imposed
idea of nontraditional relations, and
that if we don’t stop it, this will be
the end for us,” he said. “It will be
the end because who’s going to
fight wars for us? After all, they
keep saying, the West hates us and
dreams day and night about how to
conquer our tundras with all their
natural resources.”
In this campaign, Russian officials
have adopted decidedly eschatologi-
cal tones. Ramzan Kadyrov, the
leader of the Chechen Republic, has
long been accused by human-rights
groups of waging a campaign to kid-
nap and assassinate gay men in his
fiefdom. Now Mr. Kadyrov, a three-
star general in Russia’s security ser-
vices, has called for a “jihad” against
FROM TOP: SERGEI KARPUKHIN/TASS/ZUMA PRESS; ALEXEI DRUZHININ/SPUTNIK/ASSOCIATED PRESS; ZUMA PRESS
Ukraine and the “Satanist democ-
racy” of the West, which, he
claimed, seizes children from tradi-
tional families and gives them away
to be perverted by same-sex couples.
Former president Dmitry Medve-
dev, who heads Russia’s ruling party
and serves as deputy head of Mr.
Putin’s national-security council, is
using a similar language of holy
war. “Our sacred goal is to stop the
supreme commander of Hell, no
matter what name he is using—Sa-
tan, Lucifer or Iblis,” Mr. Medvedev
wrote in a recent treatise explaining
Russia’s war aims in Ukraine. Iblis is
a Muslim name for the devil.
“All of this discourse is delirious
for a normal person,” said Andrei
Kolesnikov, a Moscow-based senior
fellow at the Carnegie Endowment.
“They lack arguments for imposing
their ideology, for justifying war,
which is part of that ideology, and
so now they have been forced to re-
sort to mysticism. That’s really the
final stage.”
THE WALL STREET JOURNAL. **** Saturday/Sunday, December 17 - 18, 2022 | C3

REVIEW

Union, there are about

one million amateur as-
tronomers worldwide. If
our skies host even a few
alien craft, you’d expect
frequent sightings by
these amateurs, who are
well practiced in recog-
nizing things on high. But
amateurs aren’t seeing
any alien spacecraft.
If our planet is actually
hosting spaceships, that
would qualify as the big-
gest news story of all
time. It would prove that
the Earth is not the only
home for intelligent life,
as many scientists have
long speculated. But it
would also imply that an-
other society somehow
knows about us and is
willing to spend the con-
siderable time and ex-
pense of paying a visit—
all the while managing to
keep themselves largely
out of sight.
It’s interesting to con-
sider the possible conse-
quences of an alien pres-
ence on Earth. If they
were sufficiently altruis-
tic, maybe they would
help humanity out by
telling us something use-
ful. For example, they
could give us a more
complete understanding

Could the Government

BY SETH SHOSTAK of physics—knowledge that would
permit our species to leap ahead

O
nce again, the UFO crowd
is hoping for a big reveal.
U.S. military intelligence
agencies were supposed
to deliver a long-anticipated report
at the end of October, and it could
drop any day now. It’s a sequel to a
document published in June 2021.
The reports were requested by the
Senate to make clear what the Navy
knows about 144 puzzling incidents
that occurred during training exer-
cises off the California coast from
2004 to 2021. In all these incidents,
unrecognized objects were appar-
ently seen or detected.
The intelligence agencies say that
their motivation is to identify these
objects, now christened UAPs, or Un-
identified Aerial Phenomena. That’s
clearly in the interest of national se-
curity. The UAPs could be Chinese
drones or other craft that the De-
partment of Defense
should know about.
But for the mil- While aliens
lions of Americans
who think that Earth
might be
is being visited by out there, it
Really Cover Up UFOs?
A long-awaited U.S. intelligence report is likely to disappoint Americans
who believe that aliens have visited Earth.
ment is hiding evidence of aliens pendent of the technology of the
simply because the public couldn’t rocket. A ticket wouldn’t be cheap.
handle the news. A large fraction Maybe some aliens are suffi-
believes in their existence but con- ciently keen to meet their neigh-
tinue to lead their lives. They’re al- bors that they’re willing to pay the
ready handling the news. price and endure the trip. But is
The idea of alien visitors to our there good evidence that they
planet is not ruled out by science. have? Aside from the Navy reports,
The Milky Way galaxy houses ap- what proof can we offer? It’s hard
proximately a trillion planets, of to believe that these cosmic visi-
which tens of mil- tors would have made the long
lions are likely to en- journey just for the chance to tease
joy environmental our military aviators.
conditions roughly There are approximately 8,000
similar to those on UFO sightings reported each year
Earth. Few scientists by the American public. These are
Image from a video taken by a
Navy pilot shows an ‘unexplained
into a more expansive technological
future and deal with problems like
climate change.
On the other hand, if they were
malevolent (as is so often the case
in the movies), they could do what-
ever they have a mind to do. After
all, the mere fact of their presence
would indicate that they are capa-
ble of actions far in advance of
what we can manage. If they
wanted to flatten a big city (an-
other common cinematic turn), it’s
certainly possible they could.
But such scenarios are relevant
only if extraterrestrial hardware is
truly hanging out above our heads.
And despite the fervent hopes of
many, I doubt that the impending
Pentagon report will endorse that
idea. The unclassified version of the
2021 report never mentioned the
possibility that any of the incidents
it investigated could be attributed
to alien visitors. The new report will
surely make the same conclusion.
For decades the UFO community
has tried to support its beliefs by
emphasizing seemingly strange
FROM TOP: PETER ARKLE; US DEPARTMENT OF DEFENSE/HANDOUT/GETTY IMAGES

aliens, the strange would be
objects are important
for a different reason. difficult for
They could be the them to
best evidence yet for
something people come here.
have been claiming
for more than 70
years: that the government is aware
of extraterrestrial craft in our air-
space and is keeping the news hid-
den to forestall massive civil unrest.
A September poll by YouGov
found that roughly half of the
American public believes that space
aliens exist, and approximately a
quarter say that they have seen a
UFO. Of course, this makes it hard
to credit the claim that the govern-
would dispute the hy-
pothesis that we have
a lot of cosmic com-
pany.
But while the
aliens might be out
there, it would be dif-
ficult for them to
come here. Consider what would be
required for them to pay a house
call, even if the nearest extraterres-
trials were a mere 10 light years
away, a trivial distance by astro-
nomical standards. To reach Earth
in 50 years, a spacecraft the size of
a small house would need an energy
source able to pump out as many
kilowatt-hours as the entire U.S.
burns in a year, a requirement inde-
instances when someone has seen
something puzzling in the sky and
taken the time to report it. Many
of the sightings are accompanied
by cellphone videos, but these are
invariably ambiguous, usually
showing only unsteady, small
sources of light in the night sky.
Frankly, for scientists, such sight-
ings don’t carry much weight; eye-
witness testimony is the weakest
form of evidence.
For other types of evidence, the
pickings are equally slim. There are
approximately 8,000 active satellites
in orbit around the Earth, many of
them continuously imaging our
planet. This nonstop reconnaissance
has failed to find any alien craft.
aerial phenomenon,’ April 28, 2020.
Some suggest that satellite sur-
veillance actually does turn up
strange-looking airborne objects—
but the government keeps such
sightings under wraps. But this, too,
is hard to believe, given that more
than 80 countries have launched sat-
ellites. Is there a secret worldwide
agreement to hide the amazing news
that aliens are close at hand? Un-
likely. Someone would say some-
thing.
Also consider the efforts of an-
other large body of people who
monitor the heavens. According to
the International Astronomical
events, such as the celebrated Ros-
well incident of 1947. Because those
stories are now long in the tooth,
many have now switched tactics,
counting on some major “disclosure”
from the federal government. But if
there was any reliable evidence,
something as consequential as an
alien presence on Earth couldn’t be
covered up by the U.S. government
and all the other governments of the
world too.
It’s reasonable to think that aliens
are out there among the stars of the
Milky Way. They just don’t seem to
have paid us a visit.
Dr. Shostak is the senior astrono-
mer at the SETI Institute.

An the name Peter Jensen Brown,

has traced this notion back to
symbolically representing an in-
convenient burden came the

Exchange 18th-century travelogues regard-

Of Gifts or
WORD ON
THE STREET Comical
BEN
ZIMMER Burdens
IF YOU’VE ATTENDED an office
holiday party, you may have
joined in a kind of gift-giving
game that goes by various
names: “Yankee swap,” “dirty
Santa” or most commonly, a
“white elephant” party.
People bring wrapped gifts—
So how did this holiday pas-
time get the name of a pallid
pachyderm? The expression
“white elephant” often refers to
something that is too much
trouble to keep. One oft-re-
peated origin story holds that
the King of Siam— which king is
elephants hold an exalted status
in Southeast Asia and that the
Thai monarchy has been histori-
cally linked to the animal. In
Hindu and Buddhist traditions,
the sacred figure of the white
elephant is prominent in various
myths. The deity Indra is de-
picted as riding a white ele-
ing wealthy men of India known
as nabobs. As one account has
it, “It is no uncommon thing
with a Nabob, if he has a mind
to ruin a private gentleman, to
make him a present of an ele-
phant, which he is afterwards
obliged to maintain at a greater
expense than he can afford.”
The Indian nabob stories evi-
dently melded with reports of
white elephants as royal status
symbols in Siam in the Euro-
pean imagination. Mr. Reitan
notes that a saying about “win-
ning an elephant in a raffle”
may have also played a role in
the development of the modern
“white elephant” idiom.
By the mid-19th century, a
idea that people might want to
unload their “white elephants”
onto others. An 1893 “swap col-
umn” in the Omaha World-Her-
ald encouraged readers to “get
rid of your old junk and white
elephants!”
The earliest known examples
of “white elephant parties” ap-
pear in Midwestern newspapers
after the turn of the 20th cen-
tury. A 1906 article in the Chi-
cago Inter Ocean gives instruc-
tions for holding such a party,
including a rhyming invitation:
“Twenty white elephants going
for a song. Have you an ele-
phant? Bring it along. Box it and
tie it, a mark if you please.
You’ll be rid of your burden with
laughter and ease.”

[White Elephant]
often ones that are silly or im-
practical—to a “white elephant”
party. Typically, participants can
either choose a mystery package
never quite specified— would
give someone the gift of a rare
and valuable white elephant, but
only to burden or ruin them, be-
phant, and Gautama Buddha is
believed to have been one in a
past life. Because of these asso-
ciations, Thai law has mandated
that real-life albino elephants
should be made the property of
the king.
Despite the cultural prestige
bestowed on white elephants,
there is no evidence of a king in
“white elephant” had come to
refer not to an actual elephant
but something unwieldy and un-
necessary. In an 1851 letter, the
English novelist Geraldine Jews-
bury wrote of an annoying ac-
quaintance, “His services are
like so many white elephants, of
which nobody can make use,
and yet that drain one’s grati-
The gift-swapping ritual de-
veloped regional variants, such
as the “Yankee swap,” attested
in New England since the late
1930s. These days, office parties
are often where such gift ex-
changes take place (as memora-
bly depicted in a 2005 episode
of “The Office”). While the gifts
may be fanciful, modern “white
JAMES YANG

to unwrap or “steal” someone cause the animal was so difficult Siam or elsewhere giving one as tude, if indeed one does not feel elephants” are far from burden-
else’s unwrapped gift over a se- to maintain. a ruinous gift. Word researcher bankrupt.” some, so don’t fear receiving
ries of turns. It is indeed true that white Peter Reitan, who blogs under From the “white elephant” one this holiday season.
 C4 | Saturday/Sunday, December 17 - 18, 2022
MIND & MATTER
ALISON GOPNIK
How Urban
Wandering
Lifts Us Up
ONE OF MY GREATEST
pleasures is to be what
the French call a
“flâneur”—someone who
wanders randomly
through a big city, stumbling on new
scenes. The flâneur has a long and hon-
ored literary history. The surrealists
used to choose a Paris streetcar at ran-
dom, ride to the end of the line and
then walk around. And think of Mrs.
Dalloway in London, Leopold Bloom in
Dublin or Holden Caulfield in New York.
But is there any scientific evidence for
the benefit of “street-haunting,” as Vir-
ginia Woolf called it?
Two new studies led by Catherine
Hartley of New York University and col-
leagues suggest that being a flâneur is
good for you. In both, they cleverly
combined GPS data with happiness rat-
ings. The first study appeared in the
journal Nature Neuroscience in 2020.
Over 100 people in New York and Mi-
ami agreed to share their phone’s GPS
data for three months, and they regu-
larly rated their mood on an app. The
researchers analyzed the GPS data with
a measure called “roaming entropy,”
which captures how new, varied and
unexpected your locations are, and
compared it with the mood ratings.
More roaming entropy predicted more
well-being. What’s more, how much you
wandered on a given day predicted how
happy you were later on, but not vice
versa. So it looks as if wandering makes
you happy, not just that when you’re
happy you wander more.
The researchers also analyzed census
data and confirmed what the surrealists
knew: that wandering led people into
different kinds of neighborhoods, rich
or poor, white or black or Hispanic—
what the researchers dryly called “so-
ciodemographic experiential variabil-
ity.” This experience is one of the
glories of urban life, and further analy-
ses showed that this social wandering
was what really predicted happiness,
beyond just physical wandering.
In a second experiment, just pub-
lished in the journal Psychological Sci-
ence, Dr. Hartley and colleagues looked
at how wandering changed with age. It
seems intuitive that young people are
especially driven to explore—Holden
Caulfield is only 16 after all. My own
TOMASZ WALENTA
passion for street-haunting began when
I was a teenager, wandering the snowy
streets of Montreal and excitedly mur-
muring, “What will happen next?”
The researchers got GPS results and
mood ratings for 63 people from 13 to
27 years old over three months. They
also analyzed how many people the
participants called or texted. Wandering
was associated with happiness and so-
cial connection for everybody. But
roaming entropy increased from age 13
until it peaked for 18- to 20-year-olds
and then declined as the participants
got older. (At 67, I find myself murmur-
ing “What will happen next?” with
more dread than anticipation.)
The results suggest that late adoles-
cence is peak wander time, but 18 to 20
is older than I expected, compared with
Holden Caulfield and me. Another result
may help explain why. It turns out that
among the younger teenagers, roaming
entropy correlated with risk-taking in
other forms, good and bad, from bun-
gee-jumping and rock climbing to trying
drugs and getting into fights. In con-
temporary life we are notoriously un-
willing to let adolescents take risks, so
parents may be curtailing exploration
for younger teenagers or just making
sure they’re too busy doing homework
and after-school activities to wander. By
contrast, the 18- to 20-year-olds were
freer to follow their roaming instincts.
But the second Hartley paper is one
of many studies suggesting that for
young people, exploration, social con-
nection and risk-taking all go together
and link to exuberance and joy. Explor-
ing lets you learn more about the physi-
cal and social world, even if that can be
risky when you’re young. More street-
haunting might be good for us all, but
especially for our teenagers.
President George W.
Bush and Laura Bush
(left) at the White
House Hanukkah party
in 2006.
The Presidential
Traditions of Hanukkah
Theodore Roosevelt, Harry Truman and George W. Bush are among the leaders who helped make a
Jewish holiday part of the American story.
BY STUART HALPERN
AND TEVI TROY
O
n the evening of Sun-
day, Dec. 18, Jews
across the globe will
mark Hanukkah by
lighting candles. The tradition
originates in the 2nd-century
B.C. triumph of a ragtag group of
Judean rebels known as the Mac-
cabees over the Syrian-Greek
army of Antiochus IV Epiphanes.
To mark the restoration of their
nation’s independence, the Mac-
cabees rededicated the Temple in
Jerusalem, using a small jug of
sacred oil to light the seven-
branched candelabrum known as
the menorah. Miraculously, the
oil kept burning for eight days.
For American Jews, the holi-
day and the candle-lighting ritual
also serve to illuminate their role
in the nation’s history. Louisa
Hart, a 19th-century woman from
Easton, Penn., recorded in her di-
ary that George Washington once
spent a winter evening in the
home of her father Michael Hart,
whom she described as “a Jew
reverencing and strictly obser-
vant of the Sabbath and Festi-
vals.” Writer Stephen Krensky
used this meeting as the basis
for his 2006 children’s book “Ha-
nukkah at Valley Forge,” which
imagines Washington drawing in-
spiration, during the harsh win-
ter of 1777-78, from a Jewish sol-
dier lighting his menorah.
There’s no evidence that
Washington ever really saw Ha-
nukkah being celebrated, but he
certainly knew his Scripture and
often evoked the Israelite proph-
ets’ image of a tree as a symbol
of liberty. In a 1790 letter to the
Hebrew Congregation of New-
port, R.I., Washington wrote,
“May the Children of the Stock of
Abraham, who dwell in this land,
continue to merit and enjoy the
good will of the other Inhabit-
ants; while every one shall sit in
safety under his own vine and fig
tree, and there shall be none to
make him afraid.”
In 1862, however, the first
night of Hanukkah brought the
worst act of anti-Jewish discrimi-
nation by the government in
American history. Aiming to sup-
press cotton speculation during
the Civil War, General Ulysses S.
Grant ordered “Jews as a class” to
Above right: President Harry
Truman (left) receives a
menorah as a birthday gift
from Israeli Prime Minister
David Ben-Gurion, 1951. Right:
Theodore Roosevelt in his
office as police commissioner
of New York City, ca. 1895.
REVIEW
leave the area under his jurisdic-
tion, including parts of Kentucky,
Mississippi and Tennessee, within
24 hours. A holiday meant to com-
memorate a fight for religious
freedom now saw Jews experienc-
ing expulsion and discrimination.
As the historian Jonathan
Sarna has written, a man named
Cesar Kaskel swiftly traveled from
Paducah, Ky., to Washington, D.C.,
and met with President Abraham
Lincoln to protest the decree. Ac-
cording to Kaskel’s later account,
Lincoln referred to the biblical Is-
raelites, asking: “And so the chil-
dren of Israel were driven from
the happy land of Canaan?” “Yes,
and that is why we have come
unto Father Abraham’s bosom,
asking protection,” Kaskel replied.
Lincoln swiftly revoked the order,
and Grant himself
later regretted his
hasty action.
President Teddy
Roosevelt alluded to
his familiarity with
the story of Hanukkah
in a 1903 speech, not-
ing that “When I was
police commissioner
of New York I had ex-
perience after experi-
ence of the excellent
work done—excellent
work needing nerve
and hardihood, excel-
lent work of what I
** **
might call the Maccabee type…by
police officers of Jewish extrac-
tion.” In 1895, Roosevelt cheekily
used 40 Jewish officers as body-
guards for an antisemitic German
preacher making a controversial
visit to New York, calling this
“the very most effective answer
that could possibly be made to
him, and probably the best object
lesson we could give of the spirit
in which we Americans manage
such matters.”
In advance of Hanukkah in
1906, Roosevelt wrote to the
prominent Jewish leader Rabbi
Stephen S. Wise wishing “hearty
good will” to the Jewish immi-
grant children of the Riis Settle-
ment. The president urged that
“Jewish boys and girls should
keep their pride in and admira-
THE WALL STREET JOURNAL.
tion for their own heroes of
early days,” which “instead of
hindering them, will help them
to the friendliest and most
brotherly relations with all their
fellow-Americans.”
When modern Israel’s first
prime minister, David Ben-Gu-
rion, visited the White House in
1951, he gave President Harry
Truman a menorah that had been
brought to the U.S. by German
Jewish refugees from Nazism.
The gift, delivered on Truman’s
birthday, May 8, served to ex-
press Israel’s gratitude for Amer-
ican support. Decades later, in
his 1987 Hanukkah message to
the nation, President Ronald Rea-
gan cited the Maccabean revolt
as inspiring not only Israel’s re-
birth but the struggle to free So-
viet Jewry. Hanuk-
kah’s message is
“timeless,” Reagan
said, and “its lessons
inspire the struggles
of today and the vic-
tories of tomorrow.”
In 2001, President
George W. Bush in-
stituted what has
now become an an-
nual tradition, the
White House Hanuk-
kah Party. Speaking
just months after
the terrorist attacks
of Sept. 11, Mr. Bush
noted that “America
and Israel have been
through much to-
gether…We can see
the heroic spirit of
the Maccabees lives
on in Israel today, and we trust
that a better day is coming,
when this Festival of Freedom
will be celebrated in a world free
from terror.”
FROM TOP: EVAN F. SISLEY/GETTY IMAGES; HENRY GRIFFIN/ASSOCIATED PRESS; THE NEW YORK PUBLIC LIBRARY
Last year, President Biden’s
Hanukkah statement also noted
the relationship between the
Maccabees’ victory and the na-
tional character of the U.S., re-
marking that “At its core, Hanuk-
kah recounts a story at the heart
of the human spirit—one that is
inherently Jewish and undeniably
American.” The continuing com-
memoration of Hanukkah by
American presidents reflects the
enduring inspiration of the Mac-
cabean story for all those who
seek the light of liberty.
Rabbi Halpern is the senior ad-
viser to the provost and deputy
director of the Straus Center at
Yeshiva University. Dr. Troy is
director of the Presidential
Leadership Initiative at the Bi-
partisan Policy Center and the
author of “Fight House: Rival-
ries in the White House from
Truman to Trump.”
 THE WALL STREET JOURNAL.
The World of Gingerbread
There is a festive magic in the stuff of miniature holiday houses, warming cakes and spicy cookies.
Since the Middle Ages, the scent alone has been enough to make it feel like a cozy Christmas.
W
hen you think
about it, ginger-
bread is an odd
word. It isn’t a
bread, and it often contains
no ginger. Cinnamon rather
than ginger is now the domi-
nant spice in many modern
versions of gingerbread cook-
ies, as well as in the ginger-
bread flavored lattes sold by
chain coffee shops. The in-
gredients list for a Pret a
Manger gingerbread latte in-
cludes “ground sweet cinna-
mon” and “natural cinna-
mon” but makes no mention
of ginger.
And yet there is still a fes-
tive magic in the word “gin-
gerbread” that can make you
feel cozy and Christmassy
even on the hottest summer
day. Of all the sweet treats of
winter, gingerbread in all its
forms is the most enduring
and the one I love the most.
Whether soft or crisp,
frosted or plain, cakelike or
cookie-like, shaped like a
man or a house or a heart,
gingerbread never fails to
make me feel like a child on
Christmas morning. The food
writer Elisabeth Luard has
written (in her book “Euro-
pean Festival Food”) that
honeybreads and spice cakes
are among “our most ancient
festival treats” for winter
celebrations.
Gingerbread actually cov-
ers a whole family of highly
spiced sweet baked goods,
from the honeycakes of
France (known as pain
d’épices) to the Susumelle of
Calabria (a kind of spiced
Christmas cookie dipped in
chocolate). The word origi-
nally comes from the
old French word
“gingembras,” which
meant preserved
ginger, usually in the
form of a paste. In
their earliest forms
in the Middle Ages,
gingerbreads were TABLE
essentially honey TALK
and spice cakes. A
BEE
British recipe for
WILSON
“gingerbrede” from
the 15th century fea-
tured a quart of honey, saf-
fron, powdered pepper and
breadcrumbs but no ginger.
In 1574, a writer called J. Ba-
ret referred to gingerbread as
“a kind of cake or paste made
to comfort the stomach.”
A taste for these spicy and
honeyed treats spread across
Northern Europe. For a while,
Nuremberg in Germany was
the gingerbread capital of the
world. Spicy doughs were
packed into carved wooden
molds, then removed and
baked in a hot oven. In an era
when spices were still very
expensive, gingerbread was a
status symbol, something
that was so valuable it could
even be used in lieu of paying
city taxes. “The Oxford Com-
panion to Sugar and Sweets”
reports that some of the Nu-
remberg gingerbread molds
were 3 feet tall and might de-
pict coats of arms or mem-
bers of the nobility.
In modern Germany, gin-
FROM TOP: SONIA PULIDO; MARIT HOMMEDAL/GETTY IMAGES
An employee helps set up the traditional gingerbread city in Bergen, Norway, Dec. 8, 2020
****
gerbread is still beloved, al-
though it has become a cheap
treat and can no longer—
sadly—be used to pay your
taxes. The most popular Ger-
man gingerbread is Leb-
kuchen, a cakelike confection
whose spice-scented dough is
mixed with ground almonds
and studded with
crystallized citrus
peel. Traditionally,
Lebkuchen in various
shapes are given as
gifts for the festival
of St. Nicholas on
December 6. Leb-
kuchen hearts are
still a staple of Ger-
man Christmas mar-
kets. Anja Dunk, a
German-Welsh food
writer, notes that in
Germany you can buy a
ready-made spice mix spe-
cially for making Lebkuchen.
This spice blend contains cin-
namon, cardamom, ginger,
mace, cloves, anise and all-
spice, and it is called leb-
kuchengewürz. Say that twice
after drinking a glass or two
of mulled wine!
From an early stage, the
charm of gingerbread was in
its shape as well as its flavor.
Gingerbread pigs were popu-
lar at British winter markets.
In the north of England,
there was a custom for un-
married women to eat a gin-
gerbread husband in the
hope of finding a real one.
Queen Elizabeth I is said to
have enjoyed gingerbread en-
crusted in gold leaf and
baked in the shapes of her
courtiers and suitors.
The standard (I nearly
wrote “cookie cutter”) shape
for gingerbread cookies in
most of the world has be-
Saturday/Sunday, December 17 - 18, 2022 | C5
REVIEW
tend that I make it to please
my children, but really, I do it
to satisfy a craving for the
scent of gingerbread: the
scent of warm spice and
sweet molasses. No kitchen
ever smells as good as it does
when you have a batch of
gingerbread cooling on a
wire rack. For a crisp ginger-
bread, my current favorite is
the recipe for speculaas—
Dutch spice cookies—in
“Sweet” by Helen Goh and
Yotam Ottolenghi. These are
plain-looking cookies sweet-
ened with brown sugar and
topped with a few flaked al-
monds, but what makes them
special is the spice mix,
which is heavy on cinnamon
but also includes anise and
white pepper as well as nut-
The name
originally comes
from the old
French word
‘gingembras,’
which meant
preserved ginger.
meg, cardamom and ginger.
If you prefer a softer, more
cakelike gingerbread, there is
a recipe for “Ginger and
Honey Keks” in a new book
called “Home Food” by the
Ukrainian food writer Olia
Hercules, based on a cake her
mother always makes around
Christmas time. The keks
contain four eggs and a lot of
sour cream, which makes the
texture very light. It is
strongly flavored with honey
and freshly grated ginger
come the gingerbread man, up and arranged on streets houses, the kind of ginger- root, plus a little allspice, and
perhaps because of childhood lined with fake snow. There bread that excites me most is it is glazed with a simple
memories of the fairy tale. are gingerbread soccer stadi- the kind you actually want to lemon drizzle icing after it
Trader Joe’s, in politically ums, gingerbread airships eat, which isn’t quite so comes out of the oven. It is
correct fashion, sells mini and gingerbread churches. heavily smothered in marsh- almost startling to eat a gin-
“gingerbread people” instead, Judging from the video on mallows and hard white gerbread that actually tastes
coated in white fudge icing. the Visit Norway website, it frosting. so clearly of ginger. “It re-
But the range of traditional is the most Christmassy sight Over the holiday period, I minds me of something,” said
gingerbread shapes in Europe imaginable. always make at least two my son’s friend when he
used to be so much richer Then again, much as I en- kinds of gingerbread: one tasted it. “Could it be gin-
and stranger than just a plain joy looking at gingerbread soft and one snappy. I pre- ger?” I asked.
man. In Sweden, spiced cook-
ies are made in the shape of
reindeer and angels, bells
and stars and even horned
goats.
In Transylvania in Roma-
nia, gingerbread is made
from local honey and rye
flour, which is formed into
fantastical shapes and dyed
in bright colors. Irina
Georgescu describes this
Transylvanian gingerbread in
her delightful new book of
Romanian baking, “Tava.”
Traditional shapes appar-
ently included ladybirds and
tulips, dolls and fruit baskets,
religious scenes and hussars
in full military garb. In Tran-
sylvania today, Georgescu ob-
serves, the gingerbread mak-
ers have bowed to market
forces and often make their
cookies in the shape of “fa-
vorite Disney characters.”
One gingerbread Christ-
mas tradition that shows no
sign of dying out is that of
the gingerbread house. Every
year in Bergen in Norway,
from November to December,
a whole miniature city is con-
structed from pepperkaker—
a kind of Norwegian hard
gingerbread. This is actually
a modern tradition that only
started in 1991. At the Bergen
gingerbread city, several
thousand gingerbread houses
made by local children are lit
C6 | Saturday/Sunday, December 17 - 18, 2022 ** ** THE WALL STREET JOURNAL.

REVIEW

M
uch has changed (later renamed the Defense
in the world of Advanced Research Projects
cyberspace since Agency, or DARPA), sought
Jan. 1, 1983, the a way to reduce costs and
date often called “the birth- speed progress in computer
day of the internet.” Yet the science and artificial intelli-
internet’s fundamental ar- gence by linking various
chitecture—the communica- university computers to-
tions protocol that allows gether. With a team led by
computer networks all over his high-school friend Dr.
the world to talk to each Crocker, Dr. Cerf helped to
other—remains essentially develop a protocol that al-
the same. This is largely lowed diverse computers to
thanks to a design that Vint exchange data and elec-
Cerf sketched on the back tronic mail through a net-
of an envelope while holed
up with fellow computer
scientist Robert Kahn in a ‘The magic of
Palo Alto cabana nearly 50
years ago.
computers is
“Bob and I were like two you create a
hands on one pencil,” Dr. world and you’re
Cerf, 79, says over video
from his home in McLean, in charge of it.’
Va., dressed in his usual
three-piece suit. “We had a
Stanford secretary type it work called ARPANET. “We
up, and what did we do were blasting open a whole
with the handwritten origi- new field,” he says of the
nal? We threw it away! His- early days. “Of course I got
torians have never forgiven drawn into this and never
me,” he adds with a laugh. escaped.”
The invention has earned In 1973, Dr. Cerf was a
Dr. Cerf a mantel’s worth of professor at Stanford and
awards, including the Presi- Dr. Kahn was at DARPA
dential Medal of Freedom, when they began working
which he received with Dr. on a protocol flexible
Kahn in 2005 for creating enough for ARPANET to
software code that has connect with military units
“transformed global com- all over the world, including
merce, communication and at the front line. They de-
entertainment.” As vice veloped a design for the
president and Chief Internet new Transmission Control
Evangelist for Google, a po- Protocol/Internet Protocol
sition he’s held since 2005, (TCP/IP) within six months,
Dr. Cerf is still looking for spent the next few years re-
ways to get more people fining it, and demonstrated
online and to improve it in late 1977. Dr. Cerf re-
safety and security. “The in- calls jumping up and down
ternet can be abused,” he and saying, “It works! It
allows, nodding to the way works!” “Anytime software
it helps spread misinforma- works it’s a miracle,” he ex-
tion and disinformation. To plains.
solve this “propagation At the start of 1983, a
problem,” he says, compa- few select operating sys-
nies like Google need to tems around the world
better “understand how switched over to the TCP/IP,
these mechanisms influence marking the beginning of
the way people behave.” what is now called the in-
Growing up in the sub- ternet. To hasten its spread,
urbs of Los Angeles, Dr. Dr. Cerf and Dr. Kahn de-
Cerf was 10 years old when he de- WEEKEND CONFIDENTIAL | EMILY BOBROW cided not to patent it or have the
cided that he wanted to be a scien- government declare it classified.
tist. He enjoyed reading about in- “We wanted it to become an inter-
ventors and tinkering
chemicals to get them to explode:
with

“I’ll tell you, chemistry sets in 1953

had stuff in it you’d never get to-
day.” In 1957, the Soviet Union’s sur-
prise launch of Sputnik, the Earth’s
first artificial satellite, led to a big
federal push to teach more science
and technology in U.S. public
schools. “I got the benefit of that,”
he says. At Van Nuys High School,
he took accelerated programs in
math, chemistry and physics and
graduated as class valedictorian in
1961.
Computers bewitched Dr. Cerf at
a young age. He was 15 when his fa-
ther, a hardware salesman who
Vint Cerf national standard,” he explains.
Efforts to monetize the internet,
which soon included national labs
and over 3,000 universities, began
cropping up in 1989. Dr. Cerf recalls
learning that a two-story display of
A creator of the internet calls for more critical thinking about how we use it. networking equipment from Cisco
Systems cost around a quarter of a
million dollars. “I thought, holy cow,
Cerf would play with computers at graduated in 1965 and returned to ability with nudging him to work at somebody must think they’re going
nearby UCLA. “We’d use a paper- Los Angeles to work at IBM. “The companies that invested in the de- to make money out of the internet!”
tape Bendix G-15 computer to calcu- magic of computers is you create a velopment of email and also for in- Commercializing the internet has
late transcendental functions before world and you’re in charge of it, but troducing him to his wife, Sigrid, widened its reach, but Dr. Cerf ac-
anybody else in high school had ac- then you discover it does what you whom he met in 1965 because they knowledges the downsides, noting
cess to computers,” he recalls wist- tell it to do, not always what you shared a hearing-aid dealer. On their that feedback algorithms seem to be
fully. “That was one big deal.” want it to do,” he explains. “I dis- first date he told her that one of her steering people to “more divisive
Before heading off to Stanford to covered early on that creating bugs favorite paintings, a wall-size Kand- and extreme stuff.”
study math on a scholarship, Dr. is easy and finding them was hard.” insky at the Los Angeles County Mu- He says that users need more
STEPHEN VOSS FOR THE WALL STREET JOURNAL

served in the Navy during World
War II, took him to see an early
computer called SAGE, for semi-au-
tomatic ground environment. He
was impressed by the way it used
radar and a distributed network of
computing systems to distinguish
Russian bombers from Canada geese
coming over the North Pole. With
Steve Crocker, a fellow Van Nuys
student and future colleague, Dr.
Cerf spent six months at Rocket-
dyne, a rocket engine design and
production company, where he
wrote software to analyze tests on
the F-1 engines needed to propel
rockets into space. “I worked on the
Apollo program in this tiny little
way, but for me it was very excit-
ing,” he says.
Having taken “every computing
class” he could at Stanford, Dr. Cerf
To learn more about fundamentals,
he went to UCLA for a master’s de-
gree in computer science in 1970
and a doctorate in 1972.
Dr. Cerf has worn hearing aids
since he was 13. “I was just discov-
ering girls,” he recalls, “and it turns
out when you’re making out your
hearing aids squeak, but when you
take them off you can’t talk, which
was awkward.” He credits his dis-
seum of Art, looked like a floating
green hamburger. “To my good for-
tune, she decided I was reparable,”
he says; they got married in 1966
and have two sons.
While at UCLA, Dr. Cerf got
swept up in what would become a
precursor to the internet. The Ad-
vanced Research Projects Agency,
another post-Sputnik federal effort
to drive technological innovation
tools “to defend our safety and se-
curity and privacy” and that busi-
nesses should do more to rein in
trolling, bullying, lying and spying
on the internet. But Dr. Cerf insists
that there is no easy technological
fix. “This is a sociological and psy-
chological problem as well,” he ar-
gues. “We need more critical think-
ing.” The bugs, in essence, are
human, too.

Letter to the School Pets Alone,” or do you skew more to-

ward the classics, like watching

Staying in Our Home the Knicks lose an early after-

JASON MY SON JESSE, a fourth-grader,
GAY has agreed to house and feed
two leopard geckos from the sci-
ence room over the holiday
break. I was not consulted in ad-
vance about this reptile inva-
sion—it was a pact between my
son and his reptile-friendly
Here mother. But there’s no getting
out of it now. They arrive within
come the hours. I have my concerns,
science- which I publish here:
room
Dear Phantom and Squeaky
geckos. Ninja,
Our job: 1. First of all, welcome. You’re
Keep the first leopard geckos to stay
in our home, at least to my
them knowledge, and if there’s any-
alive thing we can do to assist or im-
prove your stay while you’re
over the here, please let us know. Jeez, I
holiday sound like I’m at the front desk
break. of a Marriott. You’re lizards.
class pet alive. So do me a favor,
fellas, and stay alive. No cliff
diving. No bull riding. I don’t
want to be driving around shop-
ping for matching replacement
geckos the night before school
resumes.
3. We like to keep an orderly
house around here. I expect you
both to make your beds, pick up
your Pokémon cards and not to
leave popcorn kernels in the
couch cushions. Most of all: no
gambling!
4. Lights out at 8:15 p.m.
sharp. That’s not for the kids,
that’s for Dad. I have no idea
what time the kids go to bed.
Dad drove to basketball practice,
and Dad’s tired.
5. I guess you fellas are noc-
turnal, so a regular human-being
bedtime doesn’t really apply. I
expect you to keep the volume
even the good stuff, like AC/DC.
6. Jesse just busted into the
room to yell at me. Dad! Leop-
ard geckos aren’t always noctur-
nal. They can be crepuscular.
And yes, he said it in just exactly
that know-it-all way that made
me feel like an idiot.
7. I have no idea what crepus-
cular means. I’m a sportswriter.
Do you want to hear how NFL
overtime works? I have no idea
about that, either.
8. Who do you like in the
World Cup? Argentina or
France? We’re Mbappé fans
here, but we wouldn’t mind see-
pets in this home. There are
three fish; I guess you don’t have
to worry about them. There’s an-
other lizard, a fat-tailed gecko
who is utterly uninterested in the
both of you. There’s one cat.
There used to be six cats, but five
adorable kittens all went to nice
homes. There’s also a hamster
who’s a bit of a Houdini and likes
to escape his cage. If you can do
me a favor and not tell the cat
about the escaping hamster,
you’d really be doing me a solid.
Not to mention the hamster.
10. What’s your favorite show
to watch during the holidays?
noon game by 30?
11. I have no idea what you
want for a present, but rest as-
sured: You’re getting socks.
12. We’re having some family
over for Christmas dinner, and
I’m making a roast. Jesse says
you both eat mealworms and
crickets, but you really ought to
try this roast. I don’t want to
brag, but it’s solid.
13. I guess you’re going to be
awake on New Year’s Eve. I will
be asleep of course, but a word
to the wise: I would avoid driv-
ing into town to see the fire-
works. The parking situation is a
nightmare.
14. It has come to my atten-
tion that your names aren’t
Phantom and Squeaky Ninja, but
Panther and Squirmy Ninja.
Apologies. Please accept this
coupon for a complimentary
breakfast, Panther and Squirmy
Ninja. We don’t have meal-
worms, but we do have coffee
ZOHAR LAZAR

2. There really is only one down while you’re prowling ing Messi win. We try to catch a few things as a and Cinnamon Chex.
rule when taking a class pet around your tank. No big parties 9. I should give you some ad- family between now and New 15. Enjoy your stay. Check-
home for the holidays: keep the and definitely no loud music, not vance warning about the other Year’s. Do you like “Home out’s at noon.

The Element of
Compassion
How Chekhov
became Chekhov C10
READ ONLINE AT WSJ.COM/BOOKSHELF
LARRY TOWELL/MAGNUM PHOTOS
WAR TORN In Lviv, Ukraine, 30 refugees head for the Polish border on free buses in March. Below, monastery ruins in Donbas.
When Peace Departed
The Russian invasion of Ukraine was in part meant to prove that Ukrainians were never
meant to be a separate people. Instead the war has bolstered the unity of a nation.
Invasion
By Luke Harding
Vintage, 312 pages, $18
BY ANDREW STUTTAFORD
W
ALKING HOME after
dinner in Kyiv on
Feb. 23, British jour-
nalist Luke Harding
answers his phone:
The Russian attack, he is told, is expected
within hours. “Invasion” is his account
of the war that ensued. Gripping and
often moving, the book is primarily jour-
nalistic but goes beyond mere reportage
as Mr. Harding draws on his knowledge
of the region and a background that in-
cludes serving as head of the Guardian’s
Moscow bureau.
Thus he provides a useful introduc-
tion to Vladimir Putin’s motives, even
if he takes too seriously the claims by
Russia’s cynical and kleptocratic leader-
ship of “a civilizational struggle”
against “decadent liberalism.” This is
largely propaganda, designed to appeal
to Russia’s “silent majority” and some
sections of the Western right.
CELESTINO ARCE/GETTY IMAGES
But that’s a rare slip. Mr. Harding is
on firmer ground when citing “the threat
of example” posed to Mr. Putin by the
establishment of a successful democracy
in a neighboring country with so much
shared history and a large Russian-speak-
ing minority. Then there is the idea “that
without Ukraine, Russia could never be
. . . a great power”—plausible enough
given Ukraine’s resources, Ukraine’s loca-
tion and (considering Russia’s deteriorat-
ing demographics) the size of Ukraine’s
population.
Mr. Harding regards the invasion as
part of a broader Kremlin attempt to
recast the global order in a way that
reduces America’s pre-eminence. This
seems right. Mr. Putin’s notion of a
“multipolar” world would resemble the
system built by the great powers in the
19th century, one in which Russia could
extend its reach westward while consoli-
dating its sphere of influence within
the boundaries of the former Soviet im-
perium. This plan would include recon-
stituting, either de jure or de facto,
BOOKS
THE WALL STREET JOURNAL.
the U.S.S.R.’s Slavic core: today’s Russia,
Belarus and Ukraine.
Whether inspired by nostalgic fantasy
or by the recognition that unapologetic
imperialism is a tough sell nowadays,
Mr. Putin insists that Russians, Ukrainians
and Belarusians are one (to deploy his
adjective) “triune” people, an argument
stretching back to the czars. Mr. Harding
dwells on a 2021 essay by Mr. Putin,
in which he sets out a supposedly histori-
cal basis for this thesis. This “manifesto
for upheaval and revisionism” has, as
Mr. Harding puts it, “myriad flaws.” So it
has, but the logical outcome of denying
an authentic, distinctively Ukrainian iden-
tity was—once the war was under way
—for Mr. Putin to set about destroying
any evidence to the contrary. The predict-
able consequence of that was slaughter.
“They want to kill us and our history,”
one student tells Mr. Harding, and that
goal has been made easier for the invad-
ers by Russian media labeling Ukrainians
“Nazis,” “ne liudi—unpeople—as well as
vermin, rats, and diseased.” There are
many other examples of such language to
choose from. When proof was discovered
of mass killings in Bucha, a city briefly
occupied by the Russians
last March, Ukraine’s
president, Volodymyr Zel-
ensky, talked of genocide.
It was, Mr. Harding notes,
“hard to think of a better
description.” Countless
atrocities since then have
only confirmed this view.
Mr. Harding has written a
book that clearly takes
Ukraine’s side, and it is
difficult to quarrel with
his reasons for doing so.
Much of “Invasion” is,
naturally, dedicated to de-
scribing the course of the
conflict. It benefits both
from Mr. Harding’s first-
hand reporting (including
on the immediate pre-
war period) and from his discussion of
the years after 2014, during which the
Donbas existed, to borrow Trotsky’s
phrase, in a state of neither war nor
peace: “For long stretches, not much hap-
pened,” Mr. Harding writes. “All was
quiet until it wasn’t.” Almost any account
of a war, with all its misery and its loss,
is bound to be disturbing. But many
events Mr. Harding chronicles—system-
atic torture, deportations, abductions
and, significantly, the Russification of
school curricula in occupied territory—
are reminders that Moscow wants more
than a military victory.
Ironically, the invasion has bolstered
the unity of a nation that, according to
Mr. Putin, is based on a divisive illusion.
In no small part, that’s due to Mr. Zel-
ensky’s leadership. He had not been a
particularly effective president before the
invasion, but cometh the hour, cometh
the (transformed) man. Mr. Harding
stresses the courage Mr. Zelensky showed
in early 2022, turning down offers of safe
passage out, instead deciding to stay in
Hollywood Goddess
The grit & glamour of
Elizabeth Taylor C12
****
Kyiv. Public reassurance flowed from his
message, from an iPhone: “I’m here.”
Mr. Harding analyzes the prowess with
which Mr. Zelensky, a popular comedian
whose television role as a fictional Ukrai-
nian president had swept him into the
top job, engages with his beleaguered
people. A warm, natural and sympathetic
performer, Mr. Zelensky is, explains
Mr. Harding, “at ease in front of a cam-
era; he took everything he knew from TV
and applied it to the conversational idiom
of social media.” That Mr. Zelensky mani-
festly believes what he says, and that he
shares bad news as well as good, adds to
the strength of his message, “delivered
not from above, but . . . citizen to citizen
. . . The contrast with Mr. Putin could
hardly be greater.” This was reinforced
by Mr. Zelensky’s abandonment of suit
and tie in favor of “a dark green T-shirt
and zip-up fleece jacket,” the costume
of an everyman commander-in-chief.
Mr. Zelensky’s communication skills,
supplemented by the extraordinary work
of a gifted speech writer (whom Mr. Hard-
ing meets) also played a vital part in
securing essential Western support. Fierce
Ukrainian resistance and Russian blunders
crushed the Kremlin’s hopes of a lightning
knockout blow, hopes that had been
bolstered by Mr. Putin’s conviction that
there was no “real” Ukraine to defend.
(As Mr. Harding points out, who in Russia
would dare contradict him?) But Kyiv
did not have the materiel and the money
it needed to hold off Russia alone.
The nature of a book written during
a war is that some of it will be quickly
overtaken by events. When Mr. Harding
visited the city of Bakhmut, the fighting
was still a few miles off, and its buildings
still stood. Now it has been torn apart,
the site of a ferocious battle. When “Inva-
sion” went to print, Kherson was still in
Russian hands; those forces were driven
out in early November.
Meanwhile, Russia slides deeper into
dictatorship, with scant prospect that
this descent will reverse soon—and some
prospect that, if faced with a perceived
existential threat, it will resort to nuclear
weapons. Mr. Harding believes such con-
cerns are exaggerated, but Moscow
shows little sign of wanting peace, and
none whatsoever of accepting the terms
that Ukraine would demand: the return of
all territory occupied by Russia, whether
in 2022 or 2014, a settlement that would
restore Crimea to Ukraine.
For their part, Ukraine’s backers in the
West have remained broadly united.
But this will be challenged in Europe by
the mounting energy crisis that has ac-
companied the cutoff of Russian natural
gas and, in America, by worries over
making commitments to a country fight-
ing a war with no obvious end, and the
risk of triggering a nuclear escalation.
Mr. Harding concludes, on a cautiously
optimistic note, with Ukraine resurgent,
but what will happen next is highly,
and unnervingly, unpredictable.
Mr. Stuttaford is the editor of
National Review’s Capital Matters.
The Last
Saturday/Sunday, December 17 - 18, 2022 | C7
Myths,
Markets and
Intellectuals
Adam Smith’s America
By Glory M. Liu
Princeton, 346 pages, $35
BY BARTON SWAIM
A
DMIRERS OF Adam
Smith may be surprised
to learn that there is an
entire academic industry
dedicated to the propo-
sition that the great Scottish economist
was not a proponent of free-market
capitalism. Scholarly articles on Smith
and the economic ideas of the Scottish
Enlightenment frequently contain
lengthy explanations of how he really
didn’t promote amoral capitalism and
unfettered markets but believed rather
in a virtuous society that placed moral
concerns above the market.
Academic debates aside, the basic
point about Smith’s economic views
isn’t in doubt. His magnum opus, “An
Inquiry Into
the Nature
and Causes
of the Wealth Was Adam
of Nations”
(1776), made
Smith a moral
the case that philosopher,
economic a proponent
growth is not
of free-market
the result of
governmental capitalism,
planning but or both?
the natural
outcome of
many people
pursuing their own self-interest in
the confines of an ordered polity.
The problem, for academic historians
and economists over the last 60 years,
is that from the 1950s to the 1980s a
few well-known free-market economists
overtly applied the chief contentions
of “Wealth of Nations” to the major
political and economic questions of the
postwar liberal order. They recruited
Smith, in other words, to make the
case against central planning and high
taxation. His metaphor of an invisible
hand, in their view—the self-interested
merchant going about his business is
“led by an invisible hand to promote
an end which was no part of his
intention”—exploded the fantasy that
faraway planners were best equipped
to create widespread prosperity.
That put Smith, one of the great
thinkers of the 18th century, on the side
of Ronald Reagan, William F. Buckley Jr.
and this newspaper’s editorial page.
There was, if I could say it plainly,
no possibility that modern academics
would let that association stand.
Now to be fair, “Wealth of Nations”
was far more than a paean to open
markets. The ideas associated with
20th-century classical liberalism
were fashioned in opposition to the
collectivist ideologies of fascism and
communism; Smith had no notion
of such things. And although Smith
attacked most forms of governmental
intervention in economic matters, he
advanced some views that free-market
economists anathematize—most
notably the labor theory of value
(the notion that a thing’s worth arises
from the labor put into its creation).
Odd, too, is the fact that Smith, the
first great proponent of free trade
and the scourge of protectionism,
took a position in 1778 as commis-
sioner of customs in Edinburgh—
a tariff inspector.
The scholarly argument that Smith
was no proponent of free-market cap-
italism, however, can get pretty ab-
struse. It generally incorporates his
only other major work, “The Theory of
Moral Sentiments” (1759). In that book,
he argued that man’s sense of right
and wrong derives from a capacity
for “sympathy”: Seeing good or bad
behavior, or seeing a person experience
fortune or misfortune, enables one to
put oneself in the place of another
and thus think and act morally.
That “The Theory of Moral
Sentiments” and “Wealth of Nations”
appear to be in conflict—one an
exploration of sympathy, the other,
seemingly, a defense of selfishness
—is commonly referred to as the
“Adam Smith problem.” But academic
discourse has settled on a solution.
It goes something like this: “The
Theory of Moral Sentiments” sets the
moral premises for “Wealth of Nations”
and shows us that the latter, more
famous book doesn’t promote atomistic
capitalism and unregulated markets
at all. In this view, Smith in “Wealth
of Nations” defended capitalism, yes,
but with a lot of purportedly “moral”
regulation. The academic consensus
Please turn to page C8
C8 | Saturday/Sunday, December 17 - 18, 2022 ** ** THE WALL STREET JOURNAL.

BOOKS
‘To Gerald and Sara—Many Fêtes.’ — F. SCOT T F I TZG E RA L D, I N H I S D E D I C ATI O N OF ‘ T E N D E R I S T H E N I G H T ’

FIVE BEST ON ARTISTS’ COLLECTIVES

Nino Strachey
Author, most recently, of ‘Young Bloomsbury:
The Generation That Redefined Love, Freedom, and Self-Expression in 1920s England’

Women Artists and

the Surrealist Movement
By Whitney Chadwick (1985)

1
Whitney Chadwick’s pioneering
book celebrates the women
at the heart of the Surrealist
revolution: “Young, beautiful
and rebellious, they became an
embodiment of their age and a
herald of the future as they explored
more fully than any group of women
before them the interior sources
of woman’s creative imagination.”
ESTATE OF HONORIA MURPHY DONNELLY/VAGA, ARS, N.Y./YALE UNIVERSITY

Ms. Chadwick analyzes their work

in intimate detail, looking for con-
necting themes: dreams and reality,
sexuality and nature, fertility and
death. Female artists featured in
each of the International Surrealist
Exhibitions from 1935 to 1947, but
their names gradually faded from
view. Today Eileen Agar, Leonora
Carrington, Leonor Fini, Frida Kahlo,
Lee Miller, Meret Oppenheim and
Dorothea Tanning have reputations
that stretch across the globe, but
time was when they were more
likely to be seen as passive sources
of inspiration for male creativity,
the embodiments of Surrealist
fascination with the erotic muse.
Carrington’s response was emphatic: DRESS-UP PARTY Sara Murphy, in a tall white hat, with her friends in the 1920s in Antibes, France—including, second from right, Pablo Picasso.
“I didn’t have time to be anyone’s
muse . . . I was too busy rebelling describes the “intense pleasure” in Europe at the perfect moment, The tiny fishing village of Lamorna the 1920s—the ‘Lote-Os’—who
against my family and learning to Hepworth felt in 1931 when she when “all the arts seemed poised has been overrun by strange new- formed a cult dedicated to the
be an artist.” pierced a circular hole in a small on the verge of a new Golden Age, comers dressed in outlandish clothes: worship of beauty. The novel’s pro-
abstract carving. By “opening up the product of postwar energies “Some new artist or other, or artist’s tagonist, Mathilda, gradually un-
sculptural form to involve interior and a sense of personal freedom model, had appeared every month covers the story of Hermia Druitt,
Circles & Squares space Hepworth transformed twen- that encouraged limitless experi- in one cottage or studio or outhouse. “The Black Princess,” who played
By Caroline Maclean (2020) tieth-century sculpture.” When mentation.” At the Murphys’ homes Newlyn, of course, had been packed a central role in the group. Tanta-

2
Nicholson made his first relief in Paris and their villa on the Cap tight with them for many years, but lizing glimpses of Hermia emerge:
For a few brief years in the painting in 1933—accidentally d’Antibes, American writers mingled now it was Lamorna’s turn.” Drawn dressed as a peacock-winged angel
1930s, the Hampstead area cutting through a layer of plaster with European artists. Caught up by the naturalist painter Stanhope with Stephen Tennant and Rex
of London became the epi- preparation on a board—Hepworth in the exciting world of Serge Forbes, artists are seduced by the Whistler; dancing in Harlem ball-
center of British Modernism. was delighted; it seemed as if Diaghilev’s Ballets Russes, Gerald dramatic coastal scenery and the rooms with Richard Bruce Nugent;
Caroline Maclean reveals an inner “their two art forms were merging.” and Sara threw themselves head- opportunity to paint in the open air. publishing androgynous poetry
group of artists living within five first into the artistic life. Both began Mr. Smith explores the challenges through Nancy Cunard’s Hours
minutes of each other—men and training with one of Diaghilev’s de- faced by the female artist, the Press. Mathilda slips between
women drawn together by “a pre- Living Well signers, Natalia Goncharova. But it narrow pathway between model identities and groups as Hermia
vailing good temper that allowed Is the Best Revenge was Gerald who took to painting as and muse. Laura Knight rises had done a hundred years before
art to grow.” Ms. Maclean builds By Calvin Tomkins (1971) a craft, earning a reputation as an triumphantly to the test, seizing —transported by ecstatic “trans-

3
a sensory impression of Modernist American artist in Paris. Adopting a the chance to paint a female nude, fixions”—“I was rubicund and
life: architects, sculptors and So many myths have emerged style “midway between realism and reflecting on the beauty of the faceted. I emitted a pink sunburst.
painters moving from relationship around the lives of Gerald abstraction,” Gerald created classic naked female body: “Was one more I was a living bronze five-pointed
to relationship, studio to studio, and Sara Murphy on the evocations of the Jazz Age. real or less real when unclothed?” star.” Accepted into a residency of
united by their commitment to Riviera that it can be hard “Thought Artists” in the mysterious
clarity of design, to simplicity in to separate fact from fantasy. Calvin European city of Dun, Mathilda
form. Major European figures like Tomkins’s life of the Murphys tells Summer in February Lote solves the enigma of Hermia’s later
Walter Gropius and Piet Mondrian the story of two American expatri- By Jonathan Smith (1995) By Shola von Reinhold (2020) years, and finds herself caught up

4 5
passed through Hampstead like ates who gathered an extraordinary in a movement designed to negate
comets. British artists such as group of friends in France in the Set in Cornwall, England, Shola von Reinhold’s the artistic self. But “the holy act
Barbara Hepworth and her partner 1920s—F. Scott Fitzgerald, Ernest in the early 20th century, deliciously ornate fantasia of adornment, . . . the essential
Ben Nicholson made equally ground- Hemingway, Fernand Léger and Jonathan Smith’s novel conjures up a lost group and irreducible aspect of orna-
breaking contributions. Ms. Maclean Pablo Picasso. The Murphys arrived is based on a true story. of artists and writers from mentation,” cannot be suppressed.

the only valid premise for the analysis
Adam of human behavior, and that only the
invisible hand of the market, not the
mists falsely turned Adam Smith into
a free-market hero: Knight and Viner
were pointing out that Smith didn’t
Hayek, Stigler and Friedman. These
scholars, concerned as they were
about the advance of collectivism
pects of Smith’s ideas were amplified
and glorified, while others deemed
irrelevant or unsatisfactory.” Oh, no!

Smith heavy hand of government, could guar-

antee personal and political freedom.”
A “distillation” turned into a
In America “myth”—those are strong words. In
the same paragraph Ms. Liu, a lecturer
in social studies at Harvard, calls the
Continued from page C7 myth a “deliberate construction.” That
somehow perfectly matches the center- sounds close to a fabrication, or lie.
left consensus—amazing! But she quickly backs away from that
There is one small glitch: “The suggestion by saying she is “less inter-
Theory of Moral Sentiments” isn’t ested in providing a definitive account
very good. It is not a great work of of what Smith originally intended or
philosophy. It’s mostly unreadable, meant than . . . in elucidating the de-
to my mind. What’s more important, mands that his readers have brought
its thesis lacks cogency. Sympathy as to his works and how that colored the
Smith defines it is far too weak a foun- lessons they have extracted from
dation on which to build an elaborate them.” I am not sure what that means,
theory of morality. If he had died after but I gather from it that Ms. Liu knows
writing “Moral Sentiments,” Smith she doesn’t have the goods to claim
would be forgotten outside philosophy that the Chicago School got any part
departments, and likely inside them. of Adam Smith wrong.
The allegedly vital connection be- The book bears the subtitle “How a
tween “The Theory of Moral Senti- Scottish Philosopher Became an Icon
EVERETT/SHUTTERSTOCK
grasp an essential reality of markets.
Yet somehow, according to Ms. Liu’s
analysis, they were wrong to do so.
“By framing Smith’s contribution and
legacy in the pure, objective language
of economics,” she writes, “his Chicago
exponents constructed the social-
scientific bases of their political out-
look which privileged free enterprise
over much of the globe, emphasized
Smith’s perception that the self-inter-
est of merchants tends to promote the
interests of society as a whole. Alas,
says Ms. Liu, this “often entailed a flat-
tening of Smith’s ideas in ways that
smoothed over, or altogether obscured,
the complexities, tensions, and other
problematic aspects characteristic of
Ms. Liu’s complaint seems to be
that Hayek, Stigler and especially
Friedman were, for lack of a less pre-
tentious term, intellectuals. Friedman
“mastered the art of distilling and
repackaging abstract and complex
academic theories into more palatable,
usable language for a wider audience.”
That phrase “mastered the art” sounds
vaguely sinister, but this is a descrip-
tion of what intellectuals do.
We reach the point of comedy
when Ms. Liu quotes the socialist agi-
tator Michael Harrington’s criticism
of Friedman’s use of the invisible-hand
metaphor. “The problem with Fried-
man’s version of the invisible hand as
a right-wing political agenda,” she con-
cludes, “was not that it was a complete
misinterpretation of Smith’s text.”
(That word “complete” is sly.) “The
problem, as Michael Harrington put it,
was that it was ‘essentially a mythic,

ments” and “Wealth of Nations” has of American Capitalism,” but you don’t non-historical presentation of an
become a kind of orthodoxy, even so. get to the bit where Smith becomes abstract solution taken out of time
Even politicians know the formula. the capitalistic icon until the penulti- which does not look to the tremendous
“I have come to understand that his mate chapter. What lies in the middle evolution of capitalist society.’” This
‘Wealth of Nations’ was underpinned is basically a history of Adam Smith’s is preposterous. If we were to take
by his ‘Theory of Moral Sentiments,’ reception in Europe and America. As a Harrington’s complaint seriously, we
his invisible hand dependent upon the work of history the book has its vir- A SHOW OF HANDS Milton Friedman in 1980, wearing his Adam Smith tie. would never again draw on an old
existence of a helping hand,” remarked tues. I had not appreciated how influ- book to illuminate a modern problem.
Gordon Brown, then U.K. chancellor, ential “Wealth of Nations” was on the over central planning, and market earlier readings of Smith.” Thus did Free marketeers haven’t won many
in a 2005 lecture. American Founders—Thomas Jeffer- rationality over moral reasoning.” the Chicagoans give us “an invented arguments lately, but they have won
And yet the idea of Adam Smith as son read it with care; Alexander Ham- Forgive me, but Smith, for all his Smithian tradition” bereft of complex- the argument over Adam Smith. No
a proto-capitalist won’t go away. It is, ilton did likewise but forcefully dis- greatness as an economist, was wrong ities and tensions. number of academic monographs and
Glory Liu contends in “Adam Smith’s agreed with parts of it; John Adams about value and pricing. To say so For all the talk of obscuring com- journal articles will persuade the ordi-
America,” a false understanding of owned two copies, one in French isn’t to “privilege” free enterprise over plexities and inventing traditions, one nary reader that he doesn’t understand
Smith propounded by figures associ- translation. central planning but to state what is looks in vain in Ms. Liu’s treatment for the defense of free enterprise and
ated with the University of Chicago But a curious thing happens when the case. You get the feeling that no any instance of Hayek, Stigler or Fried- free trade in “Wealth of Nations” until
Department of Economics, particularly Ms. Liu gets to the Chicago School. We one, according to Ms. Liu, can write man misunderstanding or distorting he has first made his way through
Friedrich Hayek, George Stigler and learn that a pair of earlier Chicago accurately about any one thing in a passage or idea in Smith’s writing. “The Theory of Moral Sentiments.”
Milton Friedman. The “complexity and School economists—Frank Knight and Adam Smith’s oeuvre without also, “Though Hayek’s readings of Smith If Ms. Liu and her likeminded aca-
pluralism” of older interpretations of Jacob Viner, who taught and wrote at the same time, considering every may have been opportunistic,” Ms. Liu demic peers think I’m wrong about
Smith, Ms. Liu writes, have been “over- mainly from the 1920s to the ’40s— other thing he ever wrote and so writes after quoting a passage from that, they’ll need to master the dark
shadowed by the influence of the so- faulted Smith for failing to grasp the smothering any potential insight the Austrian economist’s lecture on art of intellectual debate.
called Chicago School’s distillation of function of prices in a free economy. with a thousand qualifications. Smith, “they were not inaccurate.”
Smith’s ideas into a popular and pow- This would seem to contradict Ms. This high-minded disapproval be- As for Stigler, the consequence of his Mr. Swaim is an editorial-page
erful myth: that rational self-interest is Liu’s thesis that the Chicago econo- comes absurd when Ms. Liu gets to work on Smith “was that certain as- writer for the Journal.
THE WALL STREET JOURNAL. **** Saturday/Sunday, December 17 - 18, 2022 | C9

BOOKS
‘The eye you see is not an eye because you see it; it is an eye because it sees you.’ —A NTONIO MACHADO

Eyewitness to History
The Diary of Lt. Melvin J. Lasky
Edited by Charlotte A. Lerg
Berghahn, 331 pages, $145
BY BENJAMIN BALINT

I
N EARLY 1945, a well-read, news-
devouring 25-year-old American soldier
—the Bronx-born son of Polish-Jewish
immigrants, a graduate of New York’s
City College—shipped overseas. Lt.
Melvin J. Lasky was issued a Smith-Corona
portable typewriter and tasked with preparing
reports on the Seventh Army’s operations in
France and Germany. Each report, written
in dry bureaucratic prose for the Army’s
Historical Branch, struck the young lieutenant
as an “unwitting exercise in the tragic ironies
and paradoxes of the War.” Indeed, the whole
conflict was beginning to unfold “as an
ingenious adaptation of Franz Kafka.”
Chafing against the “official straitjacket,”
Lasky gave himself the freedom to write as
he wished only in his diary. It was discovered
after his death in 2004 and published in an
abridged German translation a decade later.
Judiciously edited by Charlotte A. Lerg,
a German historian, it now appears in
PHOTOQUEST/GETTY IMAGES

the original English for the first time.

As the book’s prefatory essays make clear,
Lasky’s experiences in Europe toward the
end of the war amounted to a rite of passage:
“the first complete independent exercise of
my self,” as he put it. In its vigorous prose
and vigilant observations, “The Diary of
Lt. Melvin J. Lasky” hints at Lasky’s future
career as a journalist, magazine editor and
impresario (notably at Encounter magazine),
and, not least, consummate Cold Warrior.
Lasky’s job afforded him an unusual range
of movement. At a time when the “dramatis
personae” of the military campaign are still
“on the stage,” when flags of surrender flutter
from window sills and belfries, Lasky takes
road trips by jeep past convoys jammed with
Wehrmacht prisoners and visits the “bloody
battlefields of only last week.”
After V-E Day in May, Lasky joins a team
preparing the Army’s “History of the Occu-
pation.” On crossing the Rhine, he is overcome
by the ruins of Augsburg, Mannheim, Heilbronn
(“almost hideous in its desolation”) and Berlin
(“a blinded mortally wounded cyclops . . .
its eyes poked and burned out”). In Frankfurt,
he asks for directions to 23 Hirschgraben
Street, where Goethe was born. Other than
a fragmented cornerstone, the house lay in
debris. “Yes,” says Lasky’s German guide,
“it is to this that our Fuhrer has led us.”
The sight of these bomb-blasted places
stirs up fears of becoming “callous or adjusted
to this terrible wasteland,” but there are
consolations. As a combat historian, he notes,
“one really becomes a kind of spy in the
interests of civilian civilization.” In a battered
schoolhouse in Darmstadt, amid Hitlerist
literature and “swastika-stamped texts,”
he finds volumes of Goethe, Kant, Hegel
and Schiller. “On every shelf,” he writes,
“something remained which stood in tacit
defiance of the totalitarian state of mind.”
In one internment camp, he meets former
inmates of Buchenwald. Lasky asks them
about survivors from Lodz, his parents’ home-
town in Poland. “You’ll find them all in the
A RAMBLE THROUGH THE RUINS Darmstadt, Germany, in 1945.
crematorium,” comes the reply. In Heidelberg,
he notices a young man wearing a raincoat,
underneath which “you could see the zebra-
striped jacket of the concentration camp,
now neat and laundered.”
Disregarding non-fraternization rules, Lasky
strikes up conversations with ordinary Germans.
Talking with two young women who had been
ardent Nazi supporters, “the inner style of
National Socialism” becomes clear to him.
“It established a community, a unity of be-
lievers, a comradeship of struggle. But the
faith and fanaticism which was its greatest
strength . . . taught its young nothing of
real dignity.” In Heidelberg, he considers the
question of collective guilt and responsibility
with the philosopher Karl Jaspers, who tells
him that when his friends and colleagues had
been taken to be tortured and killed, “I didn’t
go out into the streets, and I didn’t scream.
I preferred to live, and there lies a guilt too!”
In the fall of 1945, Lasky interviews former
members of the German general staff and
assists in the investigation of war crimes.
Lamenting that too many Americans back
home lack “the intellectual equipment” to
fathom those crimes, he mocks the tendency
to see the European war theater as mere
melodrama: “Strings draw our puppet heroes
and villains across the stage—Patton the
Terrible and Eisenhower the Cool, Fat Stuff
Goering and Loud Mouth Goebbels and the
rest of the Murderous Beasts—and we sit
conveniently as an audience trained in our
cues for hisses, applause, anger, sentiment,
and knightly noble hauteur.”
Throughout the diary, Lasky tries on a
variety of roles. Though skeptical of “the
journalistic fetish of the ‘inside observer,’”
he seems at times to be an early practitioner
of what is today called embedded journalism.
At other times he is a war-weary GI doing his
job, a chronicler of chaos who refuses to be
made cynical by the military brass’s “asininity
crowned with authority.” Eventually, he sees
himself as a historian whose fact-gathering
and analysis lead him to wonder what kind
of future is possible. “How could there be a
new Germany,” he asks, “when the tragedy
of the old was not fully deeply understood?”
A future writer, editor and
cultural impresario records his
impressions of Germany as the
war ends—and finds his voice.
After his demobilization in July 1946,
Lasky stayed on in Berlin as a correspondent
for Partisan Review and the New Leader.
In 1948, he founded Der Monat, a German-
language review that published, among
much else, translated essays by Lasky’s friends
in New York, including Dwight Macdonald,
Meyer Schapiro, Sidney Hook and Daniel Bell.
The result, Lasky boasted, “was considered in
a half-dozen Western capitals to be in the
great tradition of European journals.”
A decade later, Lasky moved to London to
join the poet Stephen Spender at the helm of
Encounter, a bastion of liberal anticommunism
co-founded by Lasky’s former City College
classmate Irving Kristol and published by
the Congress for Cultural Freedom. By that
time, the “Marshall Plan in the field of ideas”
(in Sen. William Benton’s phrase) had shifted
into a “war of ideas” against Moscow’s anti-
democratic propaganda. In the more than
three decades of his editorship, Lasky made
Encounter the most lively literary and political
monthly of its day—and, with the disclosure
in the late 1960s that it had been subsidized by
the CIA, also the most maligned. Throughout
his tenure he aimed to bridge the freedom-
seeking traditions of the U.S. and Europe
and defend their shared cultural values.
“The Diary of Lt. Melvin J. Lasky” offers
not only a panoramic view of a country poised
between devastation and an uncertain future
but a gripping self-portrait of a man poised
between unresolved youthful bewilderment
and a mature clarity of conviction. The year’s
“unbelievable unreal adventure”—as he
remarks to Hannah Arendt—would surely
alter “the tone of one’s ambition, the range
of one’s confidence and sensitivity.”
One day, in search of a literary compass
to help him navigate such pivotal perplexities,
he turns to the chapter on Germany in “The
Education of Henry Adams.” With a raw
introspection as arresting as that of his
Bostonian predecessor, Lasky reflects in his
diary on an American’s education in Europe
and charts a course for “the magnificent
recovery of the Old World, aided by the
New World, out of the rubble of the most
fratricidal war in the annals of mankind.”
Mr. Balint is the author of “Kafka’s Last
Trial.” His book on the Polish-Jewish writer
Bruno Schulz will be published next spring.

for the lands that lay east of their There were too many Asian cultures
A Continent “Mediterranean-based world.” These
lands, for centuries, had “cultivated
that shared too little with others for an
overarching idea of continental unity

Invented. An their own conceptions of geography,”

but many adopted the European idea
of Asia with the arrival in their midst
ever to merge. And some Asians didn’t
take kindly to being preached to by
others, even if they were from their
Identity Too. of European maps and geographical own continent.
HERITAGE IMAGES /GETTY IMAGES

works in the early 17th century. They When Tagore—a global sage with
proceeded to incorporate the desig- a Nobel Prize—visited China in 1924,
How Asia Found Herself nation into their own languages, which he was booed by audiences who re-
By Nile Green had had no word for Asia before. sented his exhortation that China re-
Yale, 453 pages, $35 Mr. Green’s book tells the story of turn to the virtues of its Confucian
how writers in various Asian countries traditions. Mr. Green informs us that
BY TUNKU VARADARAJAN attempted to make sense of a continent Tagore’s remarks came a mere two
that was bestowed upon them—or decades after Chinese reformers had

W
HEN HE WAS in
second grade, my
son observed to
me that Asia was
a “fake continent.”
Having considered myself an Asian all
my adult life, I was taken aback that
day as we studied an atlas together.
After reading “How Asia Found Her-
self,” by Nile Green—a professor of his-
tory at UCLA—I can confirm that the
boy was onto something all those years
ago. Africa, the Americas and Australia
all make geographical sense as stand-
alone spaces with their own proper
nouns. Europe is also a place apart.
While physically conjoined with Asia,
it’s a clear unit of shared Christian
culture, with “intertwined intellectual
centers” and only two major “alpha-
betical zones” (in Mr. Green’s words).
But Asia? Just look at the current
World Cup. The teams that have taken
part from Asia are Saudi Arabia, Iran
and Qatar, as well as Japan and South
Korea, two unrelated sets of nations
separated by a vast distance and united
by little other than soccer and the
fossil-fuel trade.
Asia, writes Mr. Green, is a conceit of
ancient Greek invention, a “convenient
moniker” used by Hellenic geographers
foisted, if you prefer—by European MISSION ACCOMPLISHED St. Francis Xavier presenting four converts—a
cartographers, explorers, merchants Japanese couple and an Indian couple—in a painting by Romain Cazes, ca. 1876.
and colonizers. He focuses in particular
depth on writing done in the 19th Buddhist, Hindu and Islamic evangel-
and early 20th centuries, a period in icals followed this playbook, translating
which India was “a great informational their own scriptures into other Asian
entrepôt,” especially the ports of Cal- languages. Calcutta, writes Mr. Green,
cutta and Bombay. These teemed not became “the epicenter of an Asian com-
munications revolution” in the 19th cen-
tury. Arabic, Persian, Malay and even
The term ‘Asia’ was Chinese texts were shipped out of the
city. All of this was aided by a network
adopted with the arrival of Indian merchants and soldiers who
of European maps. Wildly acted as middlemen of empire, espe-
diverse cultures were thus cially at the treaty ports of Hong Kong
and Shanghai, where Sikh policemen
yoked into a single idea. were deployed to keep the peace. Many
of these merchants and soldiers wrote
their own accounts of the societies to
only with goods and people from all which they had ventured, though none
over the British Empire but also with was as coarse as the Indian maharajah
ideas that came ashore from other whose China travelog described the
lands. Much of this early ferment in local cuisine as “positively revolting.”
ideas was driven by Christian mission- Mr. Green has written a book
aries, whose doctrine of “sincere con- of rigorous—and refreshing—honesty.
version” led them to learn about Asian Followers of today’s fads may give
religions, the better to argue against Europe’s history a failing grade, but it
them. Their methods could be inven- was the “infrastructures of empire” and
tive: Such was the unfamiliarity of the a communications revolution “triggered
Bible in India and lands eastward that by Christian missionaries” that enabled
it was referred to “in Indic terms” as Asian self-discovery. What’s more, writ-
the Book of Dharma. ers or travelers from one part of Asia
had to rely on an imperial language—
sometimes French but mostly English—
to understand people from other parts.
Calcutta and Bombay became intellec-
tual hotbeds not just because India was
already multicultural but because the
British had fewer restrictions of publi-
cation—in effect, less censorship—than,
say, the Ottomans. Mr. Green’s research
shows us that Asia’s self-discoverers
“deployed the resources of empire
toward their own divergent ends.”
Inevitably, some of these ends were
anti-imperial, driven by a desire to
show that Asia had a “common des-
tiny.” An example was the visit to India
in 1901 by Okakura Kakuzo, a Japanese
historian and art critic. Okakura sought
the support of the poet Rabindranath
Tagore in his drive to popularize the
novel idea that “Asia is one.” Yet for all
his efforts, and for the efforts of those
who shared his pan-Asianist ideology,
few people across the continent, writes
Mr. Green, regarded being Asian as a
“primary category” of their identity.
To put it in modish terms, “Asian-
ness” came low down among Asians
in the pecking order of intersectionality.
abolished “more-than-a-millennium-
old Confucianist civil service exams.”
In short, the Chinese were trying to
join modernity, not retreat from it. Ta-
gore was clearly clueless about China
when he told his audiences to “avoid
the spiritually blind alleys of material-
ism” that Japan had chosen to follow.
Japan, Mr. Green writes, was the
country in Asia that other Asians
sought to emulate. Its defeat of Russia
in war in 1905 electrified a continent
that had grown used to subservience to
European powers. And its “rapid re-
invention from bullied Asian archipel-
ago to industrialized imperial power”
inspired an outburst of books about
Japan in every Asian language. There
was a keen communion, for a while, be-
tween Indian and Japanese intellectu-
als. Indians looked to emulate Japan’s
challenge to the West, and the Japanese
sought in India the lost keys to a Bud-
dhist past. The fact that each side was
Asian was, ultimately, of little conse-
quence. World War II made sure of that.
Mr. Varadarajan, a Journal
contributor, is a fellow at the
American Enterprise Institute
and at Columbia University’s
Center on Capitalism and Society.
C10 | Saturday/Sunday, December 17 - 18, 2022 ** ** THE WALL STREET JOURNAL.

BOOKS
‘Don’t invent sufferings you have not experienced, and don’t paint pictures you have not seen.’ —A NTON CH EK HOV

The Great Listener

Chekhov Becomes Chekhov
By Bob Blaisdell
Pegasus, 444 pages, $29.95
BY CHRISTOPH IRMSCHER

B
OB BLAISDELL’S “Chekhov
Becomes Chekhov” does
exactly what its title promises:
It tracks—story by story, month
by month, sometimes day by day
—how Anton Pavlovich Chekhov (1860-1904),
the Moscow doctor whose caustic stories
changed the face of modern fiction, found
his literary voice. Mr. Blaisdell’s focus is on
two important years, 1886 and 1887, when
Chekhov, weary from seeing patients and
battling epidemics during the day, completed
more stories than during the rest of his
brief life. His greatest triumph during that
period came in September 1887 with the
publication of “In the Twilight,” the first
collection to appear under Chekhov’s own
name. It would win him the Pushkin Prize.
Mr. Blaisdell teaches English at the
City University of New York’s Kingsborough
Community College, but, in his own assess-
ment, he has approached his topic the way
an accountant would. Proceeding chrono-
BRIDGEMAN IMAGES

logically, vetting his subject’s publication

record and letters, he charts the wax and
wane—and it’s more wax, he’s pleased to
report, than wane—of Chekhov’s productivity,
with excitement and, during the rare slump,
anxiety: “I notice that in busy May there are
not very many letters and only a couple that
now seem of significance.”
Yet as Mr. Blaisdell moves along, offering
generous quotations from Chekhov’s works,
his bookkeeping gradually morphs into a
celebration of the enduring power of literary
creativity. The accountant drops his mask,
revealing himself to be a lover of Chekhov—
an amateur, in the original sense of the word
—and sympathetic fellow writer. The pages
of “Chekhov Becomes Chekhov” begin to
thrum with the joy of fresh discovery.
Spurred by the eager enthusiasm of the
convert (Mr. Blaisdell learned Russian only in
middle age), the biographer parlays even his
deficiencies into assets: “I read more freshly
in Russian, because it’s hard. I continually
have to dig out words and phrases, and the
images develop slowly but deeply.”
Admittedly, Mr. Blaisdell’s impromptu
method has its risks. Even in his often-rushed
private letters, Chekhov remains in control of
his words, dashing off sentences that have the
chiseled quality of finished prose. Mr. Blaisdell,
by contrast, is loquacious and often loose, not
shying away from phrases like “high-faluting”
or observations such as “this man . . . was
writing like gangbusters.” Sometimes Mr.
Blaisdell seems less a biographer than a friend
and contemporary, ours as well as Chekhov’s:
“I blinked and blanked at the prospects of the
year ahead,” he admits as he is about to begin
his review of 1887, cheerfully abandoning the
biographer’s privilege of hindsight. As a result,
the mystery of Chekhov’s genius is thrown
into even sharper relief, a rare accomplish-
ment in a genre that’s often the playground
of know-it-alls.
HUMANIST Portrait of Anton Chekhov (1902) by Peter Alexandrovich Nilus.
At its best, Mr. Blaisdell’s slow reading
reaps handsome rewards. A stellar example is
his virtuoso explication of the story “Enemies”
(January 1887), which opens with a tragedy so
shattering that, to those affected, everything
after would seem only a postscript. On a dark
September night, the doctor Kirilov and his
wife mourn the death, from diphtheria, of
their 6-year-old son. No longer young, they
know, in Mr. Blaisdell’s terse summary, that
there is “no possible new baby to be had.”
With the child’s body still warm on the bed,
his dead eyes open in astonishment (how
often Chekhov must have seen that look
when he was called to someone’s deathbed!),
the smell of carbolic lingering in the house,
an unwelcome visitor presents himself at the
door—the wealthy landowner Abogin, who
demands that Kirilov tend to his wife. The call
turns out to have been unnecessary. Abogin’s
wife isn’t ill but has absconded with her lover.
Kirilov’s anger knows no bounds: “What
have I to do with your love affairs?”
Our sympathies are, and should be, with
Kirilov. But Chekhov doesn’t allow us to pick
sides. The final, epic standoff between Kirilov
and Abogin, in which both hurl insults at
each other, reminds Mr. Blaisdell of Achilles
and Agamemnon arguing at the beginning of
Homer’s Iliad. In his hatred of Abogin, Kirilov,
“unjust and inhumanly cruel,” has entirely
forgotten his grieving wife or dead son.
His fury will survive even his sorrow.
A Chekhov story, short only in terms of the
number of pages it occupies, is more than the
sum of its parts. And the emotions it portrays
invariably exceed whatever paraphrase of it
we might attempt. Like Chekhov, Mr. Blaisdell
is aware of the crucial role of details. Writing
about “A Misfortune” (August 1886), for ex-
ample, he draws our attention to the story’s
underlying irony, the lawyer Ilyin’s aggressive
courtship of the married Sofya Petrovna:
“How can someone in love say angry, accusa-
tory things to the person they’re in love with
—and yet be persuasive?” The answer, as so
often in Chekhov’s fiction, lies in an expertly
rendered sensation: Feeling her knees
Tracking an innovator of
the short story through his
breakthrough years reveals
a writer transforming from
humorist to virtuoso.
being squeezed, as if she were being given
“a warm bath,” Sofya relents.
In Chekhov’s multihued fictional world,
the narrator remains attentive even to the
concerns of the animals. It takes a patient
reader like Mr. Blaisdell to notice that, in
“An Encounter” (March 1886), Chekhov pays
attention not just to the suffering protagonist,
the near-saintly Yefrem Denisov, but also to
his horse, “miserable with the heat.” As we
learn from his letters, Chekhov had a soft
spot even for the mice that got caught in
the traps on his family’s farm; he personally
carried them back to the woods. When
humans don’t listen, the animals will:
In “Misery” (January 1886), the ancient
cabby Iona, ridiculed by his drunken pas-
sengers, turns to his little mare to share his
grief for his dead son: “It’s sad, isn’t it?”
Not that Chekhov himself ever stopped
listening. One of the great assets of “Chekhov
Becomes Chekhov” is that it gives us a
renewed sense of the man’s fundamental
decency. Chekhov’s fame came with obli-
gations to a growing number of admirers
who flooded him their own manuscripts
for review, hoping that he might help get
them published (which he often did). One
of these fans—after the period discussed in
Mr. Blaisdell’s book—was the writer Maxim
Gorky, then at the beginning of a career that
would propel him into the upper echelons
of Stalin’s Russia. On Dec. 3, 1898, Chekhov
gently rebuked Gorky for what he thought
was a “lack of restraint” in his writing:
“You are like someone in a theatre audience
expressing his delight in so exuberant a
fashion that neither he nor anyone else can
hear the play.” I was thinking of that analogy
while reading “Chekhov Becomes Chekhov.”
There is, to be sure, plenty of exuberance
in Mr. Blaisdell’s writing as well, but here
the author’s overflowing enthusiasm never
distracts from the main performance—Anton
Chekhov’s miraculous transformation from
paid humorist to profound commentator on
the human condition. As we turn the pages
of “Chekhov Becomes Chekhov,” the author’s
delight is ours, too.
Mr. Irmscher is the author of “Max Eastman:
A Life.”

No Escape but Inward

LITERATURE, wrote Carlos the fantastic from the magical, the mysteries of physics or surrealism, which seeks to Humans wake each morning
Fuentes, “is the messenger the scientific from the paranoid.” mathematics. The observation represent the autonomy of the to “unbearable suffering,”
of freedom at the price of in- “Delirium,” he writes, “is not that students like to occupy unconscious. But a dominant knowing their lifespan is no
security.” It’s in the negotiation the detritus of reality but a part themselves with Rubik’s cubes quality of this book is its bril- longer than that of a worm.
of those inverse properties that of reality itself, sometimes the expands into a remarkable liant and verbose self-referenti- Yet with a simple dose of that
it approaches the endlessly most precious part,” and the peroration on the history ality. From start to finish the vivifying drug, “a splendid,
resetting task of making itself vivid phantasmagoria he brings of Charles Howard Hinton’s narrator is at pains to explain enduring pleasure . . . rocks
new. How much strangeness to life is meant to both lament four-dimensional hypercube, and justify his manuscript, so them to eternity.” However
is it willing to risk to break and agitate against the physi- or tesseract. In one gripping that the artistic manifesto is momentarily, time has been
the restraints of convention? cal and metaphysical prisons chapter, the narrator searches always interfering with what it conquered. Hence, declares
FICTION How much transgression? How in which he feels trapped. In for kids playing hooky in a claims to be doing. This some- Csáth, “in one single day I
SAM SACKS much incoherence? However ascending order these cages derelict city factory and finds what academic quality is espe- live five thousand years.”
the proportions are determined, include the sterile environment instead a perplexing, laby- cially apparent in the excess The frank amorality of
the final purpose of what we of late-totalitarian Romania, the rinthine underworld mapped of literary allusions—to the “Opium” is characteristic of
think of as iconoclasty will feeble mortality of the human like the cerebral cortex of narrator’s most beloved writers, these extravagantly decadent
always be towards some kind body and the meager sensory some unfathomable intelligence. such as Kafka, Lewis Carroll tales, and also of their author.
of escape from the known and capacity of three-dimensional and the unknown author of the Csáth was a writer, avant-garde
the inevitable, the holding pen beings in an infinitely dimen- THIS WEEK Voynich manuscript, and more music critic, neurologist and
of collective reality—and as sional universe. The narrator tacitly to Jorge Luis Borges. disciple of Freud, as well as
Mircea Cărtărescu stipulates in soapboxes about the nightmare Solenoid This is, then, an analytical a dandyish womanizer and
A vast, his vast, hallucinatory fiction of a pointless, insect-like exis- By Mircea Cărtărescu kind of unconsciousness, and hardened morphine addict who
halluci- “Solenoid” (Deep Vellum, tence spent under the iron the contradiction creates a eventually went insane, mur-
natory 639 pages, $24.95), “you can fetters of weakening flesh (“I Opium and Other Stories sense of irony that is often dered his wife and committed
escape nowhere but inward.” live inside a compartmentalized By Géza Csáth amusing but dampens the full suicide. The stories are de-
dream- That, at least, is the belief animal, slippery, mucinous, force of its intended madness. ranged little fables in the vein
novel of the nameless narrator of constantly struggling for a Mr. Cărtărescu speaks of books of Oscar Wilde but involving
from this work of epic mystification. breath of air”). But his oneiric The unstructured, repetitive that forge clairvoyant com- incest, animal torture and
In the day he is a failed poet excursions reveal a transformed nature of “Solenoid” is another munions: “The author was the murder. “Little Emma” and
modern who became a “humble, cityscape in which giant elec- attempt at escape, here from reader, the reader was the “Matricide” are about children
Romania, anonymous, interchangeable tromagnetic solenoids buried the formulas of literature (the author, like two ends of a bridge who are so coolly evil that
and a Romanian teacher” at a dreary throughout Bucharest—includ- narrator insists ad nauseam where hallucinations circulate.” they make Michael Haneke
Bucharest high school some ing under his house—create that he is not writing a novel). But though I loved the per- movies look sentimental.
narcotic time during the sickly latter portals to alternate worlds This makes Sean Cotter’s trans- formance of this heady, wildly “Festal Slaughter” is just as
set of years of Communism. Yet the and modes of perception. lation from the Romanian all ambitious work, I don’t expect smilingly cruel, as the butcher-
tales dreams of this obsessively The great fun of this teem- the more awe-inspiring. On it to infiltrate my dreams. ing of a pig sets off an inevit-
solitary man overflow with ing hodge-podge is the way every page of this overlong One noteworthy absence in able domino effect of brutalities.
from spectacles and horrors and that Mr. Cărtărescu tweaks book, the sharp, defamiliarizing “Solenoid” is the use of nar- This is a reprint of the
turn-of- occult visions. Privately he has the material of daily life, writing shares the traits of the cotics to escape from reality. Jascha Kessler and Charlotte
the- begun writing a manuscript— transmuting the banal into narrator’s dreams, “transparent That may be because no one Rogers translation from 1980,
20th- what we are voyeuristically the fantastical. The narrator’s and yet obscure.” could write about them as and it includes languid Art
reading—to document these colleagues begin as a non- Yet it is in the matter of sensuously as the Hungarian Nouveau illustrations by
century “anomalies” from his inner life, descript coterie trading gossip obscurity that Mr. Cărtărescu’s Géza Csáth (1887-1919) did in Csáth’s contemporary Attila
Hungary. a chronicle of bizarre episodes in the teacher’s lounge but book meets a paradox. With its the title piece of the collection Sassy. An elegantly grotesque
and feverish exhortations that emerge as distinctive co- emphasis on the coequal reality “Opium and Other Stories” cult classic is once again ob-
refuses to “separate dreams from conspirators in his nocturnal of dreamscapes, “Solenoid” (162 pages, $17), newly re- tainable, for those with the
ancient memories from reality, quests, able to discourse on springs from the tradition of issued by Europa Editions. stomach for it.
 THE WALL STREET JOURNAL. **** Saturday/Sunday, December 17 - 18, 2022 | C11

BOOKS
‘What we catch and kill we leave behind, but what escapes us we bring with us.’ —HERACLITUS

In Every Stitch a Story wright Yasmina Reza, the author of “‘Art,’”

A Left-Handed Woman
By Judith Thurman she writes: “Reza is an adversarial writer even
in her tender moments, which are infrequent,
Farrar, Straus & Giroux, 415 pages, $32
and she has a gift for derision that Flaubert
BY HELLER MCALPIN might have admired.” Ms. Thurman’s post-
humous portrait of Karl Lagerfeld (erro-

E
SSAYIST AND biographer neously dated 2016, three years before his
Judith Thurman can get me to death) is even less flattering: “A supreme
read pretty much anything she technician and workhorse, he didn’t change
writes, including forays into the way we dress. His sketches, like his
subjects in which I don’t share speech, were rapid-fire, but their dazzle
her keen interest—such as the world of high concealed a lack of originality,” she writes.
fashion. Her beat at the New Yorker, where She adds that in Lagerfeld’s later years,
most of the 39 essays in “A Left-Handed “Having virtually given up bodily nourish-
Woman” originally appeared between 2006 ment, he took comfort in the bulimic acqui-
and 2021, encompasses the lavish exhibits at sition of fabulous dwellings, objects, and
the Metropolitan Museum’s Costume Institute, people, nearly all of them disposable.”
including “Savage Beauty,” the “shamelessly What her many subjects share is a fierce
theatrical” 2011 Alexander McQueen independence, even at the cost of antagon-
retrospective.
Ms. Thurman’s savvy profiles of couturiers
help us understand that high fashion is about Judith Thurman’s essays
more than what the rich and famous wear
to galas. Her interest runs deeper than just
delight in the lives of outliers
the clothes; she likes to delve under the skin and trailblazers—many of
of particularly innovative designers to try to them female—for whom the
understand how they have come to change and
even define an era’s look. Particularly affecting only option was self-invention.
are her tributes to Isabel Toledo, the Cuban-
born designer of the lemongrass-yellow
dress and coat Michelle Obama wore to her izing others. Particularly entertaining is her
husband’s first inauguration in 2009, and profile of Bergdorf Goodman’s notoriously
Ann Lowe, the underappreciated black cou- blunt personal shopper, Betty Halbreich,
turier who was slighted as “a colored woman a woman whom Ms. Thurman characterizes
dressmaker” in media coverage of the lavish as having bad manners but a great eye.
gown she designed for Jacqueline Bouvier’s She shares a typical “Betty story” reported
1953 wedding to John F. Kennedy. In all of by designer Isaac Mizrahi, who “heard her
these pieces Ms. Thurman makes it clear that, talking a client out of a dress, then abruptly
if “read” properly, fashion, like literature and changing her mind. ‘Buy it,’ she told the woman.
fine art, offers rich insights into our culture. ‘It’s not as terrible as what you came in with.’”
Organized thematically rather than chrono- Ms. Thurman loves to share her passions
logically, these essays are a lot to digest one and reshape the reader’s focus. Reviewing the
after the other; for maximum enjoyment, Metropolitan Museum’s “Threads of Splendor”
MICHEL DUFOUR/GETTY IMAGES

I recommend cherry-picking. Fortunately, exhibit, she helps Baroque tapestries speak to

you can rest assured that there’s a point
to whatever Ms. Thurman weighs in on—
be it Emily Dickinson, Helen Gurley Brown,
Charles James, Rachel Cusk, Simone de
Beauvoir or Dante.
She sets up her book with a superb intro-
ductory essay, “Collecting Myself.” It begins:
“I write with my left hand.” (So do I, along
with a steady 10% of the population.) Where is
Ms. Thurman going with this? Left-handedness,
she writes, “used to be considered a malign
aberration” that resulted in schoolchildren
like her father being forcibly switched. It was,
alas, one of the few things that grabbed her
father’s attention in their “mostly silent”
relationship. When she learned to write,
he was determined to prevent her left wrist
from curling unattractively. “He wanted to
endow me with a ‘beautiful hand’—the
signature of a lady,” Ms. Thurman writes.
And then she strikes out at him with a
left hook: “I don’t think he realized how
illegible his love was.”
Left-handedness serves as an apt under-
lying metaphor for this book. Lefties perforce
approach things from a different angle—as
Ms. Thurman has throughout her long career.
Her overarching subject, she tells us, is “the
mystery of how we become who we are”—
OTHERWORLDLY A model wearing a design by Alexander McQueen in Paris, 2006.
which explains why she is drawn to her
subjects’ beginnings. She likens herself to a
spelunker seeking the “hidden cavity in every
story, a recess of meaning . . . often blocked
by the rubble of your false starts, or by
an accretion of received ideas left behind
by others.” New angles leading to fresh
aperçus are her holy grail.
One after another, these essays feature
trailblazers, outliers, iconoclasts, disrupters
and self-inventers—mostly female—who
“wanted freedom on [their] own terms.”
She is especially fascinated by artists and
designers who push beyond the confines of
accepted taste, like Elsa Schiaparelli, whose
avant-garde collaborations with Salvador Dalí
created “the first true hybrids of clothing
and art”; Miuccia Prada’s radical “Ugly Chic”;
and Marina Abramović’s “ordealism”—“self-
martyrdom as a public spectacle.” Concerning
Alexander McQueen, whose “gothic reveries
about bondage and fetishism” aroused
complaints about perversely “eroticized
violation,” she comments with significant
understatement: “There is a lot of sympathy
for the devil in McQueen’s work.”
Although prone to some overloaded sen-
tences that could be easily divisible by two,
Ms. Thurman is a sharp critic whose obser-
vations cut through to the essence of her
subjects. Graphic memoirist Alison Bechdel,
she writes, shies from pretension “partly
because she worries that she is on the gods’
hubris watch list, and partly because the
tragicomedy of narcissism is her big subject.”
Bingo. She introduces Sara Berman, the mother
of artist Maira Kalman, with this assessment:
“Born in Belarus, in 1920, she lived the sort
of family-oriented life that is celebrated in
a paid obituary.” Ouch.
Quoting these essays is irresistible. In a
somewhat overly long profile of French play-
our digital age: “A stitch, in essence, is a pixel.”
Her reassessment of Dante’s “Purgatory”—
“a good companion for the pandemic, a dark
wood from which the escape route remains
uncertain”—she sees the poet’s “didactic self-
commentary” as “the advent of mansplaining.”
It is not surprising that a consummate
stylist like Ms. Thurman—who is also the
author of celebrated biographies of Colette
and Isak Dinesen—would be intrigued by how
other powerful writers work. Among several
she considers is the classically trained British
poet Alice Oswald—the first woman to serve
as Oxford Professor of Poetry since the chair
was established in 1708. Ms. Thurman admires
Ms. Oswald’s “startling, almost fugitive leaps
of syntax and perception.” Discussing the
poet’s 2016 collection, “Falling Awake,” she
is arrested by an image about fastening the
known to the unknown. Ms. Thurman writes:
“Anyone who has tried to write an artful sen-
tence knows that it involves fastening the known
to the unknown by some mysterious process
that takes place ‘at the roots of thinking.’”
That’s what’s going on in these artful essays.
Ms. McAlpin is a frequent contributor to the
Journal. She also reviews books regularly for
the Christian Science Monitor and NPR.org.

A Dalí Donut and Other Wonders of Illustration

IT WOULDN’T be fair to call feeling of menace that may not
Shaun Tan the Hieronymus make us wish to repent of our
Bosch of children’s literature. sins, as we might with Bosch,
There’s nothing quite so bleak but that does imply the idea
or appalling in the work of that ordinary things and places
this contemporary Australian may conceal deep weirdness.
illustrator to rival the hideous Some 25 years of Shaun
surreality of the late-medieval Tan’s drawings and paintings
Netherlandish master in his are collected in a large and
allegorical paintings. But the lavish volume, “Creature”
two men do have certain (Levine Querido, 220 pages,
CHILDREN’S things in common, not least $35), which showcases the
BOOKS the stupendous originality macabre-adjacent sensibility
MEGHAN of their imagined creatures. of his work while also vouch-
COX GURDON In Bosch we see horned fish, safing the playfulness that
humans as bivalves, and egg- leavens such books as “The
shaped rodents playing their Arrival” (2006) and “Rules of
noses like flutes, along with Summer” (2013). The works in
torture scenes of relentless this retrospective (see below)
invention. In Mr. Tan there’s are interspersed with essays
A no torture, thank heavens, by the artist, who writes about
gallery but there are clockwork sea his methods and explains why
creatures, teacups with ten- he is so drawn, as it were, to
tour tacles, glowering falcons in imaginary beings: “Creatures
for the dinner jackets and hen’s eggs are the abiding protagonists
young getting themselves around and antagonists of mythology,
at art. inside ambulatory diving bells. prehistoric cave drawings,
There’s also in Mr. Tan’s work a chapel ceilings, and contem-
porary cinema,” Mr. Tan ob-
serves. They are “the unre-
solved cast of our dreams,
forever waiting offstage to
emerge when we close our eyes
and the curtain of night falls.”
There is much to absorb in this
handsome volume by and about
one of the most interesting
illustrators working today.
In the buoyancy and clarity
of her line, the Finnish artist
Tove Jansson is probably as
un-Boschian as it gets. Her
work and life story are the
SHAUN TAN
$29.95), the latest installment
in a series that has thus far
featured such children’s book
illustrators as Ludwig Bemel-
mans, Raymond Briggs and
Judith Kerr. The prolific
Jansson (1914-2001) was a
painter, muralist, cartoonist
and stage designer, as well as
a playwright and memoirist,
but she’s best known for her
illustrated stories about the
Moomins, a family of pale,
THIS WEEK
Creature
By Shaun Tan
The Illustrators:
Tove Jansson
By Paul Gravett
The Snail
By Emily Hughes
Cultured Donuts:
Take a Bite
Out of Art History
By Chloe Tyler
hippo-like trolls residing in a
place called Moominvalley.
As is so often the case in
a legacy-defining work—think
of Robert Louis Stevenson’s
“Treasure Island,” invented
on the spur of the moment to
amuse a sick child, or Mary
Shelley’s “Frankenstein,”
written over a weekend for
an informal competition—the
her brother at a rented summer
cottage in the 1930s, Jansson
used a pencil to sketch an
armless, long-nosed creature
on the wall of the outhouse.
Underneath she wrote:
“Freedom is the best thing.”
Astonishingly, her graffiti
survive (they’re reproduced in
the book), and thus it was, as
Mr. Gravett writes, that “the
Moomins began to evolve.”
Jansson would go on to write
and illustrate nine novels about
the Moomins, all still in print.
In “The Snail” (Chronicle,
88 pages, $18.99), Emily
Hughes tells the bittersweet
story of Isamu Noguchi (1904-
88), a Japanese-American
artist, sculptor and landscape
architect who throughout
his life felt alienated by both
Japan and the U.S. Ms. Hughes
uses an earthy palette for her
exquisite illustrations in a
picture book that’s intended
for children ages 5-8 but that
may be better appreciated by
older readers.
Feeling accepted neither
by the country of his American
mother nor by that of his
Japanese father, “Isamu felt
like a snail and called himself
one,” we read. “In the shell,
Isamu was safe with his
memories and dreams and
worked with complete focus.
His hands worked so fiercely
that those who watched called
him a ‘typhoon,’ an ‘ant,’ a
‘demon.’” Ms. Hughes illus-
his arms pinwheeling as
they deliver mallet and chisel.
Perhaps the most resonant
picture in the book, for children
especially, is a central image
of Isamu Noguchi as a small
boy being forced to choose
between his parents when they
separated. The portrait we see
is one of profound loneliness
relieved only by the consolation
of creating art.
Chloe Tyler, an American
artist and graphic designer,
uses a sweet treat as a medium
for teaching children ages 7-14
about the styles of 16 visual
artists. In the ebullient and
colorful pages of “Cultured
Donuts: Take a Bite Out of Art
History” (Flowerpot, 24 pages,
$19.95), Ms. Tyler uses the style
and signature palette of each
artist to create a big glazed
donut with pink frosting and
sprinkles to show how the
same object may be imagined
in different ways. Thus we see
a Rembrandt Donut rendered
in cross-hatchings of dark ink,
a Dalí Donut that arches and
melts in a surreal landscape,
and a Pollock Donut evoked
with wild spatterings of pink
on a background of splashed
black. Alongside these specu-
lative baked goods, Ms. Tyler
explains a bit about each
artist’s life, technique and
aesthetic. (She includes herself
as artist No. 17; we see her
amid album covers and donut
pictures.) It’s a fun idea and

subject of Paul Gravett’s “The Moomins arose in an accidental trates this singleness of effort a fun book with lots of tips,
Illustrators: Tove Jansson” way. While embroiled in a with an image of the artist at information and encourage-
(Thames & Hudson, 112 pages, philosophical argument with the center of a stone whirlwind, ment for young aspirants.
C12 | Saturday/Sunday, December 17 - 18, 2022
Bigger Than the Big Screen
Elizabeth Taylor
By Kate Andersen Brower
Harper, 495 pages, $32.50
BY TY BURR
O
F THE GREAT movie
gods and goddesses
of the 20th century—a
species largely extinct,
leaving only dinosaur-
sized footprints in the culture—Eliza-
beth Taylor may have understood the
rules the best. Live as large as you
seem on that giant screen, because
that’s what the audience wants to see.
Grow up in public. Marry profligately.
Spurn conventional morality and
drape yourself in jewels. Be adored
and censured and adored again.
And—perhaps the greatest sin of all—
have talent.
In postwar America, Taylor consti-
tuted a pop-culture force field that
may have done more to transform
norms about female behavior than
any other figure of her time. If Mari-
lyn Monroe was the naive bottle-
blond sexpot who didn’t understand
what she had, Taylor was her dark-
haired negative, the woman who
knew damn well what she had and
intended to enjoy it to the fullest.
Her long, outrageous life outshone
the melodrama of her movies until
the movies seemed secondary and
dropped away: Taylor was a teen
bride, then a divorcee, then a mother,
then a widow, then a husband-stealer
condemned by the Vatican. But wait—
there was more! An Oscar-winner
back from death’s door, an actress
who bankrupted a movie studio (Fox,
following the tumultuous production
of “Cleopatra”); an adulteress whose
on-set affair with Richard Burton
burned across the culture like a Cali-
fornia wildfire.
And that’s not counting Taylor’s
later years: Marriages to a U.S. sena-
tor and a construction worker, best-
selling lines of perfume, and decades
of work on the front lines of the AIDS
crisis, comforting the sick and dying
and using her stardom to raise mil-
lions while changing society’s percep-
tions about the disease. And that’s
still not counting her movies, some
of them terrible, some of them ordi-
nary, and a handful as indelible as
any in the canon. The life of Taylor
(1932-2011) defeats hyperbole.
How do you contain such a person
in the pages of a book? It may not be
possible; in any event, Kate Andersen
Brower hasn’t done it. The effort
is there: Scrupulously researched,
“Elizabeth Taylor: The Grit and Glam-
our of an Icon” weighs in at nearly
500 pages. Ms. Brower has inter-
viewed more than 250 people; as the
author of the first authorized book
about the star, she has had the sup-
port of Taylor’s family, friends and
estate. More important, she had ac-
cess to Taylor’s private papers, in-
cluding diaries, letters and at least
one “tear-stained” note written on
TWA stationery to fifth (and sixth)
Bestselling Books | Week Ended December 10
With data from NPD BookScan
Hardcover Nonfiction
TITLE
AUTHOR / PUBLISHER
The Light We Carry
Michelle Obama/Crown
Go-To Dinners
Ina Garten/Clarkson Potter
Faith Still Moves Mountains
Harris Faulkner/Broadside
Atomic Habits
James Clear/Avery
Guinness World Records 2023 5 8
Guinness World Records/Guinness World Records
Nonfiction Ebooks
TITLE
AUTHOR / PUBLISHER
Complete Guide to Wiring 8th Edition
Editors of Cool Springs Press/Cool Springs
Secret to Knowing It’s Already Done!
Alex Morton/Cranberry Press
Never Finished
David Goggins/Lioncrest
Joy of Cooking: 2019 Edition
Irma S. Rombauer et al./Scribner
Prove Them Wrong
Dre Evans/Lioncrest
Change Short & Simple
Christopher James Masiello/Mindstir Media
Sapiens
Yuval Noah Harari/Harper
The Subtle Art of Not Giving a F*ck
Mark Manson/Harper
The Code Breaker
Walter Isaacson/Simon & Schuster
I’m Glad My Mom Died 10
Jennette McCurdy/Simon & Schuster
‘Celebrity is the chastisement of merit and the punishment of talent.’
BETTMANN/GETTY IMAGES
HIGH IMPACT Elizabeth Taylor in a publicity image for ‘Boom!’ (1968).
husband Richard Burton. Raised from
early childhood within the structures
and strictures of Hollywood narrative,
Taylor documented her real-life melo-
drama as if she were writing her own
screenplay, one that she controlled,
not MGM nor her fame-obsessed
mother. She kept the receipts. Really,
she’s a biographer’s dream.
Then why does “Elizabeth Taylor:
The Grit and Glamour of an Icon” dis-
appoint so sorely? The book is a be-
dazzled march through a life of excess
that becomes a slog of wide-eyed data
points and insights that aren’t espe-
cially insightful. (A sample at random,
discussing her first marriage: “Eliza-
beth was in love with being in love,
and she saw [Conrad “Nicky”] Hilton
as a means of escape. She thought
that replacing ‘Miss’ with ‘Mrs.’ would
automatically make her more ma-
ture.”) The text has been researched
THIS LAST TITLE
WEEK WEEK AUTHOR / PUBLISHER
1 1 From Crook to Cook
Snoop Dogg/Chronicle
2 4 I’m Glad My Mom Died
Jennette McCurdy/Simon & Schuster
3 2 Friends, Lovers, and the Big...
Matthew Perry/Flatiron
4 5 Radio’s Greatest of All Time 9 —
Rush, Kathryn Adams & David Limbaugh/Threshold
Complete Cookbook for Young Chefs 10
America’s Test Kitchen Kids/Sourcebooks Explore
Nonfiction Combined
THIS LAST TITLE
WEEK WEEK AUTHOR / PUBLISHER
1 — The Light We Carry
Michelle Obama/Crown
2 New Interesting Facts for Curious Minds
Jordan Moore/Red Panda
3 New Go-To Dinners
Ina Garten/Clarkson Potter
4 3 How to Meet Your Self
Nicole Lepera/Harper Wave
5 New Faith Still Moves Mountains
Harris Faulkner/Broadside
6 New Atomic Habits
James Clear/Avery
7 — Never Finished
David Goggins/Lioncrest
8 — I’m Glad My Mom Died
Jennette McCurdy/Simon & Schuster
9 — Guinness World Records 2023 9 9
Guinness World Records/Guinness World Records
— Friends, Lovers, and the Big...
Matthew Perry/Flatiron
** ** THE WALL STREET JOURNAL.
BOOKS
—EMI LY DI CKI NSON
and in part because there are more
people still alive to talk to. The full
extent of the actress’s AIDS activism
is laid out in detail, beginning in the
early 1980s, when Taylor was the lone
celebrity to publicly push for funding,
research and government acknowl-
edgment of a disease no one else
wanted to touch, literally. That the
star affected so many lives while sink-
ing into addiction and loneliness is
even more remarkable.
Still, one senses that what really
interests this author is Elizabeth Tay-
lor’s jewelry, which has been the sub-
ject of its own book. (“Elizabeth Tay-
lor: My Love Affair With Jewelry,”
Simon & Schuster, 2002.) We learn
about the Krupp diamond, the Taylor-
Burton diamond, the pearl called
La Peregrina, the Taj Mahal and the
Ping Pong diamonds; we learn that
Taylor paid $565,000 for a pin that
Taylor was a star at 12,
then a teen bride, a
divorcee, an infamous
husband-stealer. Then
she met Richard Burton.
once belonged to Wallis Simpson,
Duchess of Windsor. (Upon hearing of
the cost, several of her children threw
themselves into the swimming pool.)
Even after the biography proper
closes with Taylor’s death in 2011
from congestive heart failure, Ms.
Brower presents a play-by-play of
Christie’s auction of her jewels. The
sale of her estate, which took in $183
million, leads the author to conclude:
“Elizabeth lived the life of a princess
or a duchess from another country
and everyone wanted a taste of it.”
That breathlessly banal style of
writing—the biographer as special
correspondent from People magazine
—runs throughout “Elizabeth Taylor:
The Grit and Glamour of an Icon” and
quickly turns numbing. The fawning
tone does a disservice to any reader
who truly wants to comprehend this
and written but not shaped. Perhaps lack of interest in the medium. (Here’s larger-than-life figure or understand
most problematically, Ms. Brower, all she has to say about Taylor’s Mag- what she signified to her era. This is
a CNN contributor with extensive gie the Cat in “Cat on a Hot Tin Roof”: a problem with celebrity culture in
experience covering the White House “Her performance was electrifying. general and attempts to write about it
and several nonfiction books about . . . The film was released in 1958 and in particular. Is an author stuck in the
the presidency to her credit, writes was a huge success.”) bubble of adoration, working to con-
from the point of view of a fan. The book is more successful vince us of the subject’s worthiness?
“Elizabeth Taylor” does ably cata- at conveying the often-frightening Or is the author outside the bubble,
log the stations of a richly lived life, strangeness that comes with being an assaying the ups and downs, ins and
from the child stardom that arrived object of mass idolatry (or contempt, outs, of a famous person with clarity
with 1944’s “National Velvet” through which is the same thing) and with and context?
the slow-blooming rebelliousness the humiliations visited on a woman Ms. Brower’s book, though volu-
of Taylor’s early adulthood, into the desired by famous men. We hear of a minous and packed with information,
litany of marriages disastrous (Hil- tryst with Frank Sinatra that ended never escapes the bubble, and that
ton), placid (Michael Wilding), tragi- with his manager putting Taylor in a results in a curious paradox. Here is
cally cut short (Mike Todd), scandal- limousine to Mexico for an abortion; the story of one of the most absurdly
ous (Eddie Fisher) and into the affair we hear of Howard Hughes’s years of dramatic, over-the-top lives of the
with Burton on the set of “Cleopatra” stalking the young star, presenting 20th century. And it is dull.
that, upon the film’s release in 1963, bizarre marriage proposals and offers
seemed to shift the planet on its axis. of millions on the barrelhead. Mr. Burr is the author of the
Ms. Brower enumerates Taylor’s movie Ms. Brower is especially illuminat- movie-recommendation newsletter
roles with a sense of dutiful obligation ing on Taylor’s later years, in part be- Ty Burr’s Watch List (tyburrs-
that fails to disguise a fundamental cause they’ve been less written about watchlist.substack.com).
Hardcover Fiction Methodology
THIS LAST TITLE THIS LAST TITLE THIS LAST NPD BookScangathers point-of-sale bookdata
WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK from morethan 16,000 locationsacross the U.S.,
representingabout85%ofthenation’s book sales.
6 — Diper Överlöde 1 2 Lessons in Chemistry 6 10 Print-book dataproviders includeall majorbooksellers,
Jeff Kinney/Amulet Bonnie Garmus/Doubleday webretailersandfoodstores. Ebookdata providers
includeall major ebookretailers.Free ebooks and
7 7 Cat Kid Comic Club: Collaborations 2 1 Harry Potter...Phoenix...Illustrated 7 4 thosesellingforless than99centsareexcluded.
Dav Pilkey/Graphix J.K. Rowling/Scholastic Thefiction andnonfictioncombined lists include
aggregatedsalesforall book formats(except audio
8 6 The Boys From Biloxi 3 5 Fairy Tale 8 6 books,bundles,boxed sets andforeign
John Grisham/Doubleday Stephen King/Scribner languageeditions) andfeature a
combination of adult,youngadultand
How the Grinch Stole Christmas! 4 8 How to Catch an Elf 9 — juvenile titles. The hardcover fiction
Dr. Seuss/Random House Young Readers Adam Wallace/Sourcebooks Wonderland andnonfiction listsalso encompass a
mix of adult,youngadultandjuvenile titleswhilethe
9 Polar Express 30th Anniversary 5 9 A World of Curiosities 10 3 business listfeaturesonly adulthardcovertitles.
Chris Van Allsburg/Clarion Louise Penny/Minotaur Refer questions toTeresa.Vozzo@wsj.com.
Fiction Ebooks Fiction Combined Hardcover Business
THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK
1 1 Tom Clancy Red Winter 1 New It Starts With Us 1 3 Atomic Habits 1 1
Marc Cameron/Putnam Colleen Hoover/Atria James Clear/Avery
2 5 It Starts With Us 2 2 Diper Överlöde 2 5 Leveling Up 2 New
Colleen Hoover/Atria Jeff Kinney/Amulet Ryan Leak/Thomas Nelson
3 4 The Institute 3 — Cat Kid Comic Club: Collaborations 3 2 StrengthsFinder 2.0 3 4
Stephen King/Scribner Dav Pilkey/Graphix Tom Rath/Gallup
4 New Smoke and Steel 4 New It Ends With Us 4 — High-Velocity Digital Marketing 4 New
Kristen Ashley/Rock Chick Colleen Hoover/Atria Steven Mark Kahan/Matt Holt
5 2 A World of Curiosities 5 1 The Night Before Christmas 5 9 Total Money Makeover 5 2
Louise Penny/Minotaur Clement Clarke Moore/Running Press Dave Ramsey/Thomas Nelson
6 7 Lessons in Chemistry 6 — The Boys From Biloxi 6 7 The Daily Stoic 6 5
Bonnie Garmus/Doubleday John Grisham/Doubleday Ryan Holiday & Stephen Hanselman/Portfolio
7 New We Lie Here 7 3 Verity 7 8 Extreme Ownership 7 7
Rachel Howzell Hall/Amazon Colleen Hoover/Grand Central Jocko Willink & Leif Babin/St. Martin’s
8 8 The Man Who Died Twice 8 — How the Grinch Stole Christmas! 8 — Think Again 8 8
Richard Osman/Pamela Dorman Dr. Seuss/Random House Young Readers Adam Grant/Viking
The Boys From Biloxi 9 — Tom Clancy Red Winter 9 New Dare to Lead 9 9
John Grisham/Doubleday Marc Cameron/Putnam Brené Brown/Random House
10 6 The Wicked Truth 10 New Lessons in Chemistry 10 — Unreasonable Hospitality 10 6
Melissa Foster/World Literary Bonnie Garmus/Doubleday Will Guidara/Optimism
 THE WALL STREET JOURNAL. **** Saturday/Sunday, December 17 - 18, 2022 | C13

PLAY
NEWS QUIZ DANIEL AKST From this week’s
Wall Street Journal
NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
Cell Blocks Cell Blocks
1. FTX founder Sam 6. New Zealand ad-
Bankman-Fried opted the world’s Divide the grid
into square or
faces fraud most stringent anti-
rectangular blocks,
charges. What tobacco law. What For previous
each containing
did the SEC does it do? weeks’ puzzles,
one digit only.
chairman call his and to discuss
Every block must
empire?
A. Raises the price contain the number strategies with
of cigarettes to $54 a of cells indicated by other solvers, go

A. “A house of pack the digit inside it. to WSJ.com/
cards”
B. Bars sales to anyone puzzles.

B. “A dream turned born after 2008
nightmare”
C. Bans smoking outright Killer Sudoku

C. “A mountain of fool’s gold” after 2024 Level 3 Suko

D. “A snake-oil distillery”
D. Requires one in a million
cigarettes to explode when lit
2. A nuclear fusion experiment
at long last produced more en- 7. Who was chosen to complete
ergy than it used. How big was an unfinished manuscript by Mi-
the gain? chael Crichton? Killer Sudoku Level 4
As with standard

A. 1.1 megajoules
A. Anne Carson Sudoku, fill the

B. 0.296 kwh
B. Michael Chabon grid so that every

C. 2.3 amps
C. Mark Winegardner column, every row
and every 3x3 box Changing Borders

D. 115 volts
D. James Patterson
contains the digits I T A L I C J A F F E L A S H S T
1 to 9. Each set of C A L I C O A T U R N O N T Y E A H
B R A Z I L G R A Z I E S K I P A R K A
3. Why do coronary problems 8. An exhibit at the Getty Cen- cells joined by M O N A L A G Z AM B I A G A M B I T
increase during the holidays? ter in Los Angeles features “the dotted lines must A U T O S R Y A N M I A
oldest book of the Americas.” add up to the B E N I N D E N I M C H I N A R H I N O

A. Viruses Who created the 12th-century target number in E B O N I E S R E G A T T A A B A R
A B R AM S R OM K I S S I N G

B. Cold weather text? its top-left corner. R E D Y E WA I T U P T E C H S O Y

C. Heavy meals Within each set D I E P O L P O T R O D E O S

D. All of the above
A. The Aztecs of cells joined by C AM E R O O N G A M E R O OM
dotted lines, a digit R A N K E D C O N E Y S D O S

B. The Inca W A D C A V S G O L D I E P A R E S

C. The Maya cannot be repeated. I S R A E L I E MO C L A I R E
4. The European Central Bank S E E M S M E T A N A E L A S T I C

D. The Spaniards
followed the Fed in raising in- H A I T I F A I T H G H A N A C H A N T
terest rates—by how much? U S A S T U N S L O P E
Suko B R U N E I P R U N E S B L T P A V E
9. A celebrity mountain lion was L A K E E R I E G U I N E A R U I N E R
FROM TOP: DANTE CARRER/REUTERS; U.S. NATIONAL PARK SERVICE/ASSOCIATED PRESS

Place the numbers

A. 0.25% hauled in from the Hollywood 1 to 9 in the spaces O V E R E P A U R G E R A G E N T S

B. 0.5% Hills for health care. Name that so that the number
W E S R E D P O N D S P H R A S E

C. 0.75% feline. in each circle is equal

D. 1% to the sum of the Loop-the-Loop

A. Glamourpuss four surrounding

B. Maggie
E A C H B A L L O O N S
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

spaces, and
5. Who agreed to buy Horizon

C. P-22 B I G G U N C A R P E T
Therapeutics for $27.8 billion? each color total

D. F6F is correct. S E L F I E S V I E W S
T R I A N G L E A L P O

A. Amgen

B. Anthem
S AWN R E L A T I V E

C. Aetna N AM E S F E D E R E R

D. Anacin S W I N T O N O I N K S
D R AW E R M A R I A N
C H E E R F U L A V E R
E NMA S S E S L E D S
T E N D O N S S E R V E
D R AM A S B U T T I N
Answers are listed below the H I B A C H I R O P E D
crossword solutions at right. C A I R N A L E R T E D

Answers to News Quiz: 1.A, 2.A, 3.D, 4.B, 5.A, 6.B, 7.D, 8.C, 9.C
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 38 Modern
collectible, in brief
19 20 21 22
39 Bit of hair or
23 24 25 smoke
42 Fingers
26 27 28 29 30
43 Common coffee
31 32 33 34 35 break hr.
44 “I’m melting!”
36 37 38 39 40
46 Possesses
41 42 43 44 45 46 47 47 Powerful people
48 49 50 51 52 53 50 Window ledge
51 Uniform trim
54 55 56 57 58 59
52 Agree with
60 61 62 63 64 emphasis
53 Slay
65 66 67 68 69
55 Separate the
70 71 72 73 74 75 76 wheat from the
chaff
77 78 79 80 81 82 83 56 Tentative taste
84 85 86 87 88 58 Humble
62 Fancy
89 90 91 92 93
65 Free of additives
94 95 96 97 98 99 66 Sweeping story
100 101 102 103 104 105
67 Hint of color
68 Strongly
106 107 108 109 110 111 112 encourage
113 114 115 116 117
69 Server’s take
70 Wearer of the
118 119 120 Great Imperial
Crown Boxing Day | a cryptic puzzle by Emily Cox & Henry Rathvon
121 122 123 124
71 Colorful collectible Across answers go right and left in 9 Casino work aligned with 5 Did floor work even around
74 Magazine with the rows of the grid, starting in the
Court Disaster | by Rich Proulx models on its some renovation front of lobby
covers upper left corner. Clued in order,
Across 41 Cause for 89 Prime vineyard Down they change direction when they 10 Taking run, observed a star 6 Cut some new outfit for a
evacuation during 90 Semicircular 75 Disarms near Venus? Halloween party
1 Dwarves’ city 1 Sleeper spy reach the grid’s border, finishing in
initial remarks? character 76 Miller’s matter
under a 2 Talking in class the lower right corner. Down 11 Same cast in dialect 7 Rookies shower while
mountain, in 43 “___ the wind 91 Stain on an 77 Kind, thoughtful
3 Mob scene attention, for answers similarly go down and up wearing shirts
Tolkien’s stories and nothing attorney’s participants? in the columns, starting in the 12 Where some say they do
more!” (“The record? short
6 Swear word? 4 Tats upper left corner. Clued in order, transform when speaking 8 Country seen in “Mirage”
Raven” line) 94 Bear mascot of 79 Helps when one
10 2022 World Cup they change direction when they or “Giant”
setting 45 ___-disant the 1980 5 Place to buy shouldn’t 13 Band’s leader cut back long
(self-styled) Moscow amphorae 80 Back reach the grid’s border, also notes 9 Ones deceiving Long Island
15 Its in-flight finishing in the lower right corner.
48 Without Olympics 6 You don’t need 82 Lee with Oscars RR?
announcements 14 Painter making an odd
interruption 98 What master an Rx for it 83 Negation symbol, Answer lengths are not shown, but
are in Hebrew
and English 49 General on a criminals leave 7 MLB player with in logic boxed letters from top to bottom appearance in mailroom 10 “Skinny” about GM gofer
Chinese menu 99 “Shoot!” the most grand 85 Purple berry will helpfully spell an appropriate 15 Right propeller noise at
19 Arboreal
slams 11 Stop to get rid of grass?
primate 50 Finish litigation 100 Interminable 87 Memorable time Boxing Day gift. takeoff
20 Might in debt? legal proceeding? 8 Honor for playing 91 “Nighthawks” 12 Doctor a single bee that
increase 54 Collars 103 FedEx
well with others? painter 16 Present deer last in line can’t sting
57 Bison’s home 9 Carpool lane
22 Cooked up alternative
letters
92 Neat Across 17 State a Letterman 13 Different guy named Ernie
23 Lousy result 59 They’re nuts 104 Civil rights 93 Site of the first proposition, ultimately in
for the 10 Measure of a 1 Shift opening of trust fund with Ernie’s face
60 Saucer crew, for martyr Till labor of Hercules reverse
prosecution? short celeb’s familiarity 14 Motion picture
106 Like some and allure 95 “You can’t stop 2 The German look-alike gun
25 Green section 61 Camouflaged exhibition pieces me!” 18 Pleasant town of the incorporating old school
of a Risk board 11 Jam ingredient?
96 Govt. ID issuer
3 Dig in the ground on both French Riviera
63 Uninspiring 107 Tombstone function
26 Bull in the 64 Debt vouchers surname 12 Country singer
97 100%, slangily sides of small site for
woods Travis settling 19 Again examine alien, among 15 Follow race’s leader in
65 Counsel’s 109 Fifth-cent. 98 Didn’t guzzle
27 “I Am Woman” canonized pope 13 Before today others caboose
incessant 100 Brain sections 4 One atypical tire Lou
singer Helen proposal? 111 Mens ___ 14 “Dance at Le 20 Antacid blue stuff returned
28 Having no Moulin de la 101 “I’m not ___ changed 16 Brush up on Republican
70 Neutral color (criminal intent) judge”
practical Galette” painter
5 Mini-lake engulfing 21 Those beaten less or stirred before a Democrat
72 Round Table 113 Red root 102 Present, say
relevance 15 Contacts, in a Down
addresses 114 Overlook a 105 Sullen sort Louisiana country 17 Ale never involved yeast or
29 ___ dictum way
(passing 73 Roofing material chance to revive
16 When-all-else- 108 Start for girl or 6 Scratch application that is 1 Save load fastener the like
74 Figure missing a dismissed boy
remark) has-failed option filled by high-up boss 2 Proposal of a glass-bearer 18 Dislike a different account
from EV ads case?
31 Set right 17 Parting word 109 Player number
77 Aggravation 118 Coup target not found on a 7 Dessert article fed to cat— to a saint 19 Pulverizing beam with
33 Camp 18 Get smart
counselor 78 Ready to roll 119 Eateries with jersey both Spanish 3 Class adopting stray pooch dent
shuckers 21 Oil reserve?
training subj. 81 Event with a 110 Via, informally
series of courses 120 Young’s partner
24 Pretend 112 Choir singer
8 Somewhat schizophrenic 4 Talking permitted during 20 Nails down in some
34 Stocking
calamity 84 Accusation that’s 121 Remote 30 Call from a cote 115 Olive in the Italian painter audition underwear
during cross- way overdue? location? 32 Edible tubes comics
Get the solutions to this week’s Journal Weekend Puzzles in next
s

examination? 86 Sacramento 122 Present one’ s 33 Winter air 116 Wane

36 Portion (out) newspaper case 35 Take a breather 117 Rarely free Saturday’s Wall Street Journal. Solve crosswords and acrostics
37 Ship lip 88 Capone 123 A/C measures 36 Janelle of version of online, get pointers on solving cryptic puzzles and discuss all of the
40 Clear writing? henchman 124 Western contest “Moonlight” freeware puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, December 17 - 18, 2022 ** ** THE WALL STREET JOURNAL.

NO ONE BUILDS A LEGACY

B Y S TA N D I N G S T I L L .

INGENIEURSKUNST
SEIT 1898
 OFF DUTY
Feeling Sure, It’s a
Mulish? Hybrid...
When trendy ...but this new
Birkenstocks are Mitsubishi PHEV
out-of-stock, try has a real SUV
these D2 personality D12
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. **** Saturday/Sunday, December 17 - 18, 2022 | D1

LET’S SEA The over-the-top extravagance of a seafood

tower belies the relative ease of constructing one. Read
on for pro tips from the chefs around the country
putting creative spins on the classic.

CHELSIE CRAIG FOR THE WALL STREET JOURNAL, FOOD STYLING BY ANNA BILLINGSKOG, PROP STYLING BY SOPHIE STRANGIO; GETTY IMAGES (SHRIMP)

Quite
BY KATHLEEN SQUIRES taurants around the country where the
classic seafood tower is this season’s GO FISH / BEST SOURCES FOR
BUYING SEAFOOD ONLINE

I
MMEDIATELY UPON entry to towering success.
Deux Chats, the Art Nouveau- Though this sort of swanky display Browne Trad- including tuna,

the
style bar/restaurant in Brook- might not be what you’d expect to see ing Company kanpachi, deep-
lyn, N.Y., you’re greeted with more of as inflation soars, Deux Chats Caviar, smoked ocean snapper.
an extravagant bar-top dis- executive chef Nicole Gajadhar said she and fresh fish,
play of crab legs, lobster designed her tower to be “indulgent and shellfish. Island Creek
claws, shrimp, oysters, clams celebratory,” with the extra flourishes of Oysters East
and sunny lemons, all perched on crudo and tartare, plus brioche buttons

Catch
Caviar Russe Coast Oysters,
mounds of crushed ice. In the dining and seaweed butter, to bring it “beyond Fine caviar and clams, tinned
room, heads turn as two-tiered seafood what people would normally expect.” accoutrements, fish, caviar, lob-
towers parade by. At the base of the And in Manhattan, chef Edgar Panch- smoked salmon. ster, scallops.
one that landed on my table, mussels, ernikov created an exceptionally opulent
oysters and clams nestled among sea- tower for the launch of the Bar at Cav- Cavi-art Vegan Taylor Shellfish
weed tendrils, pickled vegetables and iar Russe, a raw-bar extension of a 25- seaweed caviar. Farms Pacific
radishes. The top tier featured a kick- year-old restaurant. Instead of the stan- clams, mussels,
Nothing says celebration like line of those crab legs, bright- dard tiered tower, the generous E-fish Uni, East oysters, tinned
a seafood tower, that classic red lobster tails and offering of oysters, shrimp, lobster, and West Coast seafood.
shrimp, plus pink cubes king crab, Hamachi, bluefin, sea oysters, razor
extravagance, trending of salmon crudo gar- trout, fluke and caviar sits upon clams, lobsters, Wild Alaska
again just in time for the nished with wasabi a pyramid of shaved ice. goose barna- Salmon &
caviar, and a dainty In Mr. Panchernikov’s view, cles. Seafood Wild-
holidays. Here’s your guide to dice of tuna tartare served this style of service seems per- caught salmon,
all the gear, garnishes and on scallop shells. fectly in tune with the times. Honolulu Fish crab, scallops,
A display like this invariably in- “Since the pandemic, I think peo- Wild-caught shrimp, lobster
gorgeous shellfish you’ll need to spires a chain reaction of copycat ple not only want to treat themselves Hawaiian fish, tails.
construct a proper show-stopper. orders, at Deux Chats and at res- Please turn to page D14

Inside

THE NOW KNIT TAKE A PITCHER. IT WILL HURRY OFF TO GREENLAND WHAT’S PAST IS PROLOGUE
Hate turtlenecks? 5 reasons to reassess LAST LONGER. Tourists are no longer rare there, but it can How a designer revived the spirit of a
this winter’s most prevalent sweater D2 Our favorite batchable cocktails D15 still be your (almost) private island D6 once-intact ’30s Tudor Revival home D10
D2 | Saturday/Sunday, December 17 - 18, 2022 ** ** THE WALL STREET JOURNAL.

STYLE & FASHION

Befriend
A Turtle
Iffy about turtlenecks? Five reasons to
embrace 2023’s most noteworthy knit.
BY TODD PLUMMER

T
URTLENECKS have a PR problem among men.
Too many guys put them firmly in the “not for
me” category, thinking them overly constrict-
ing, pretentious or artsy. If you’re a hip galler-
ist? Perhaps. But the only thing hugging the
necks of buttoned-up corporate types is a silk tie. The chin-
grazing knit’s reputation suffered a further blow this fall,
when French finance minister Bruno Le Maire seemingly de- THE TURTLENECK
clared a plan to reduce winter heating bills by wearing tur- SERVED THREE WAYS
tlenecks—and was widely mocked. “Don’t have enough heat- Clockwise from left: A
ing?” one opponent tweeted. “Let them wear cashmere!” design with room around
Putting French politics aside, we’ve decided to assume the the neck is good for
role of the turtleneck’s publicist. Because the thing is, this newbies, Sweater, $90,
sweater makes sense right now. In the more-relaxed, post- JCrew.com, Jeans, $158,
lockdown office—and countless other settings—a casual but ToddSnyder.com; Dressed
tidy turtleneck solves style problems, said Nick Paget, senior down with denim, Denim
menswear strategist at trend-forecasting agency WGSN. And Jacket, $395, Filson.com,
turtlenecks have poked their heads into every fashion cate- Turtleneck, $325,
gory this winter, from luxe (the Row) to sporty (Uniqlo Heat- Theory.com, Pants, $35,
tech). Here, five compelling reasons to raise your neckline. Dickies.com; Suave with
a suit, à la Mr. Macron,
1 | Turtlenecks are actually Variations such as funnel necks Suit, $8,645, Brunello

F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY LIZZY WHOLLEY, MODEL LIAM LITTLE/WILHELMINA, GROOMER MONICA ALVAREZ/SEE MANAGEMENT; GETTY IMAGES (TURTLE)
flattering No, you don’t need or mock necks give your Cucinelli Soho, 212-334-
an elegant, giraffe-like neck to Adam’s apple more room to 1010, Turtleneck, $348,
pull one off. In fact, shrouding bob. If you’re wary of textbook, BrooksBrothers.com.
the throat region in fabric can Steve Jobs-like turtlenecks,
go a long way toward hiding build up your tolerance for
sagging skin or pesky jowls. No neck-huggers before you try I’d shell out
for the
matter your age, a high-neck snugger fits in softer fibers like
one below.
fine-gauge merino wool.

3 | They’re a fail-safe choice

Turtlenecks are a for the new office With many
‘set it and forget it’ workplaces ditching official
kind of thing. dress codes post-lockdown, in-
correctly gauging how formal
or casual to go can risk embar-
rassment. Unsure how many
style neatly frames the face, shirt buttons to undo or
said John Wattiker, 36, a New whether to ditch that tie? In
York advertising executive and most professional settings, a
turtleneck fan. If you have a de- turtleneck offers an easy out.
cent jawline, “covering up the “Turtlenecks are a ‘set it and
neck gives…[it a] prominent forget it’ kind of thing,” said
chisel,” he said. “It’s slimming Pavit Randhawa, 42, president
and really makes your face pop of Dallas startup Phone-
the way no other garment can.” Daddy.com, who cycles through
several muted versions from
2 | They needn’t be constrict- Zara. “You can wear them for
ing All turtlenecks are not cre- Zoom calls and look profes-
ated clingy. You’ll find a sliding sional,” he said, or “toss a
scale of snugness; it’s up to you blazer over to dress it up for
to decide how much room your in-person meetings or work
neck needs. “Nobody wants it dinners.”
to feel like they’re getting an
MRI or are trapped in some- 4 | They’re flexible enough
thing,” said Ariel Foxman, 48, a to work outside the office,
turtleneck enthusiast and the too High-neck sweaters were
general manager of WS Devel- created in the Middle Ages to
opment’s Boston Seaport proj- protect knights’ necks from
ect. A good tip: Start with a chain-mail chafing. Now
looser style before tightening sporty versions are more
up. Mr. Foxman suggests new- likely to save napes from icy
bies opt for a heavyweight wind. When he ran cross-
sweater with a neck that “can country in high school, Matt
fall open and lay off your skin.” Taylor relied on turtlenecks
for chilly morning sessions.
Today the founder of Boston
running brand Tracksmith, 45,
wears his brand’s waffle-knit
style for cold-weather runs.
And Mr. Wattiker, a commit-
ted equestrian, swears by tur-
tlenecks for winter trots.
“They keep you just the right
amount of warm.”
Yet necky knits possess
enough savoir faire for formal
occasions, too. When Dan
Mazzarini, a New York interior
designer, attended a recent
black-tie ’do, he slipped a
black, larynx-grazing merino
design under his tux. “A tur-
tleneck…is not strict ‘black
tie,’” said Mr. Mazzarini, 42,
but if you’re in a creative
crowd, nobody will complain.
“People appreciate that you
[put] your own spin on it.”
5 | Just think of the gravi-
tas—and Emmanuel Macron
Los Angeles stylist Taylor
Orear, who dresses a number
of on-air personalities, argues
that turtlenecks telegraph a
confidence “that makes some-
one look important,” without
appearing pompous. A high
neck, he believes, makes you
look like you know what you’re
talking about. When Mr. Orear,
35, is styling folks who need to
look powerful but also appear
trustworthy, he doesn’t want
to overdress or underdress
them, he said, noting that tur-
tlenecks achieve the right
amount of formality.
For further ammunition
consider French President Mr.
Macron, who likes to slip dark
versions under trim suits. A
famously natty dresser, Mr.
Macron seems well aware of
the panache a high-neck knit
can bring to a look. Notwith-
standing his finance minis-
ter’s Twitter-provoking re-
marks on the virtues of the
style, France’s leading man
might well be the turtleneck’s
best modern ambassador.

Birkenstock spokesperson cited “incredible

No Hard-and-Fast Mules demand” over the fall season. Not bad for
a shoe launched in the late 1970s.
Can’t find Birkenstock’s hot slip-ons? Consider these. Cue disappointment: Bostons are of-
ten sold out in many sizes. Fortunately
for shoppers frustrated by the clogs’

Sound IT’S NOT A GAGA exaggeration to say

that the Birkenstock Boston is enjoying a
winning streak. The unisex mule, most
classic in earthy shades of suede, is the
scarcity, or unwilling to follow in every-
one else’s footsteps, many suitable alter-
natives exist. Indeed, you can’t “visit a
brand now without seeing a pair [of

Thinking shoe of the year according to Lyst, an on-

line shopping platform that gathers data
from more than 160 million users and over
17,000 brands and retailers. Lyst noted
that searches for the Boston increased by
THE BOSTON Boston
Soft Footbed, $155,
mules],” said Noah Thomas, an associate
fashion director at Macy’s and co-
founder of Muleboyz, an Instagram ac-
count celebrating the style. Here, four
that our choosy fashion editors particu-
Audio storytelling on news you care about,
593% in the first half of 2022, while a Birkenstock.com larly like. —Ashley Ogawa Clarke
at home or on the go.

Browse our podcasts: WSJ.COM/LISTEN FOR WOMEN FOR MEN

PERFECTLY PATINA’D These boast an agreeably ‘worn’ HANDMADE TALE A suede style with charmingly rugged
look and a padded insole. Shoes, $428, RalphLauren.com jute midsole. Shoes, $407, Yuketen.com
© 2022 Dow Jones & Company, Inc. All rights reserved. 2DJ8703

STRAP YOURSELF IN Handmade from felt, with heel FLEECY FEET A shearling-lined pair resembling Clarks’
tab. Lauren Manoogian Shoes, $425, SSense.com desert boots chopped in half. Shoes, $190, ClarksUSA.com
 THE WALL STREET JOURNAL.
These days, labels like ‘menswear’ and ‘womenswear’ suggest an intended audience, but hardly define
who’s buying what. Here, a stylish-woman’s guide to getting the best from the men’s section.
BY GRACE COOK
T
HE FIRST time
Racil Chalhoub,
39, a womens-
wear designer
from Beirut,
decided to buy men’s cloth-
ing, she was standing in a
sea of denim at Abercrom-
bie & Fitch in Los Angeles.
This was the early aughts—
when many women’s jeans
were so snug and low-cut
that visible thongs were
considered a viable ac-
cessory. But Ms. Chal- to the men’s floor
houb craved loose,
roomy hip-huggers. “Ev-
erything for women was
fitted or flared,” she said.
“So I just bought them in
the smallest men’s size.”
Blessedly, silhouettes
have since caught up. Unlike
the 1920s, when Marlene
Dietrich and Coco Chanel
pulled on men’s pants out of
necessity, their modern
Why should
women accept
faux menswear
when they can get
the real thing?
counterparts can walk into
just about any womenswear
store and peruse racks of
trousers and slouchy sweat-
ers that borrow from the
boys. Ms. Chalhoub even
launched her own women’s
tuxedo brand, Racil, in 2015.
Yet, for reasons grounded in
both fit and styling, she and
other savvy female shoppers
say they still prefer to pluck
many pieces straight from
the men’s section.
“Women’s oversized
shapes are often too exag-
gerated,” said Ms. Chalhoub,
who has turned instead to
designs aimed at guys:
Uniqlo’s knitwear, the Elder
Statesman’s cashmere and
Moncler’s outerwear. Why
accept faux menswear when
you can get the real thing?
Molly Collett, a 28-year-
old law student in New York
City, swears by Margaret
Howell men’s jeans and
cargo pants, and for sleep-
wear, defaults to boxer
shorts from Hanes. When in
the market for something
new, she pops into the NoHo
men's boutique C’H’C’M’ or
VICTORIA TENTLER-KRYLOF
Explosive Hair News!
The big ’90s blowout is back. Here’s how to
nail the pumped-up ’do without overdoing it
CINDY CRAWFORD. Topanga
from “Boy Meets World.” Cher
from “Clueless.” These are
among the retro references
name-checked in the blowout
hair tutorials blowing up all
over TikTok. (At last count,
videos tagged #90sblowout
had more than 84 million
views on the social media
app.) Jessica Gillin, a stylist at
New York’s Jenna Perry Hair,
sees her clients’ zeal for fluffy
****
Shop the Patriarchy
Had it
with belly-baring
crop tops? Head
for more classic,
casual fits.
BEYOND THE BINARY Left: Topcoat, $450, AimeLeonDore.com; Crewneck, $345, us.Drakes.com; Shirt, $280,
us.OfficineGenerale.com; Bracelet; $1,200, AliWeissJewelry.com; Jeans, $225, Filson.com; Shoes, Similar styles for $100,
Adidas.com; Socks, $25, Falke.com; Center: Jacket, $1,290, MargaretHowell.co.uk; Sweatshirt, $135, Barbour.com; Shirt, $260,
EtonShirts.com; Pants, $750, Loewe.com; Boots, $1,590, Church-Footwear.com; Earrings, $100, TheMJewelersNY.com; Right:
Polo Shirt, $180, AlexMill.com; Pants, $485, AmiParis.com; Belt, $68, JCrew.com; Shoes, $1,200, Church-Footwear.com; Socks,
$50, WolfordShop.com; Earrings, $8,000, ProunisJewelry.com; Bracelet, Similar styles for $190, PamelaLove.com
Brooklyn’s Pilgrim Surf &
Supply. “Staff used to direct
me to the women’s section,”
said Ms. Collett. “But people
don’t ask me if I’m shopping
for a boyfriend anymore,”
she said.
For many women, men’s
basics are a particular draw.
Logan Polish, a 21-year-old
actor in New York City, loy-
ally buys T-shirts from
James Perse, knitwear from
manes as just the latest ex-
pression of ’90s and Y2K nos-
talgia. Rachel Baker, the 38-
year-old co-founder of the
Spread newsletter, cites more
distant role models. “My icons
are ’60s Jane Fonda and Ann-
Margret circa ‘Carnal Knowl-
edge.’” For Nadine Jolie
Courtney, 42, a screenwriter
in Santa Monica, Calif., part of
the appeal is what the look
broadcasts. “Big hair is femi-
STYLE & FASHION
Embrace
some slouch—
but forgo clothes
with sleeves
longer than your
hands.
J.Crew and sweaters from
the United Colors of Benet-
ton. All brands have
women’s offerings as well,
but “the lengths are better
in men’s,” said Ms. Polish,
who prefers roomy sweaters
that hit her hips and T-
shirts whose sleeves reach
down to her elbow. “They
look better, and they’re
more comfortable,” she said.
“Women’s versions are al-
ninity...it’s also power.”
The hallmarks of the billow-
ing ’do, according to Ms. Gillin,
include copious volume at the
root, body without defined curl
(or a strict part), and an air of
effortless glamour—though
achieving the look does require
work. Carlyn Griscti, a stylist
at New York’s White Rose Col-
lective, suggests prepping hair
with a leave-in conditioner like
that from Crown Affair (right)
for smoothing and heat pro-
tection. For maximum volume,
layer on a thickening spray or
a mousse like the one by Liv-
ing Proof. Use fingers to
rough-dry hair, focusing on
roots. Then divide into sec-
tions and, with a brush-dryer
like the Dyson Airwrap (right)
or Revlon One-Step Volumizer,
or a large round brush (right)
and conventional hair dryer,
pull hair upward while drying
to create volume, said Fekkai
founder and CEO, Frédéric
Fekkai. A flexible hair spray
seals the deal.
When beachy waves have
been prized for years, polished
blowouts might seem a sharp
pivot. “People are just tired of
minimal hairstyles,” said Mr.
Fekkai—and TikTok has made
DIY glamour more accessible.
Tanya Bernardson, 44, a well-
ness director in Nashville, said
she can’t imagine leaving the
house with any other coif: “If
I’m going out, I’m blowing out.”
—Fiorella Valdesolo
Saturday/Sunday, December 17 - 18, 2022 | D3
curve when searching for a
fit that’s chic, not schlumpy.
When testing the menswear
waters, women need to let
go of preconceived notions
of sizing, suggests designer
Emily Adams Bode Aujla,
whose menswear brand
Bode is known for hand-
crafted, heirloom pieces.
“Women get confused if
they’re a 27 in regular Levi’s
but a 30 in Bode,” she said.
In other words, avoid buying
without trying. The in-store
experience is key.
Another changing-room
rule of thumb, courtesy
of Ms. Polish: Say no to
garments whose sleeves
are longer than your hands,
and shelve any sweater
that fits like a dress. “If
it looks like you could
wear it with tights, it’s
an immediate no.”
For a just-right fit, Reina
Ogawa Clarke, a petite 30-
year-old stylist based in To-
To avoid kyo, often takes menswear
looking like a pieces in for altering—
doll, skip the head- though she says, on her
small frame blazers with
to-toe baggy look.
And get to know “Frankenstein-style shoul-
ders” are unredeemable,
your tailor.
even with extra help. “Don’t
wear head-to-toe baggy,”
she warned. “You don’t want
F. MARTIN RAMIN/ THE WALL STREET JOURNAL STYLING BY LIZZY WHOLLEY, MODEL ALEXINA GRAHAM/ELITE, HAIR AND MAKEUP BY LB CHARLES/B&A REPS
to look like a doll.” Instead,
Ms. Ogawa Clarke favors
brands like Yohji Yamamoto
and Kapital, which offer
“smaller fits” that won’t
leave you drowning in fab-
ric. Her favorite jacket, a
size small from Comme des
Garçons, was borrowed from
her husband.
It’s not all about under-
stated blazers and basics,
though: The men’s floor of-
fers women scope for ex-
pression, too. Ms. Chalhoub
cites Saint Laurent’s
graphic-emblazoned shirts
among her favorite fun
buys, which she pairs with
Repossi jewelry for a femi-
nine touch. Ms. Bode Aujla
says women are also scoop-
ing up her embroidered
shirts and trousers, espe-
ways cropped.” crewneck tee can be surpris- cially the tab-sided styles
Another plus for anyone ingly hard to find in the that sit higher up on the
plagued by indecision or women’s department: Neck- waist and better fit the fe-
who prefers to stick to a lines tend to be scooped, male frame.
personal uniform: Menswear and sleeves are capped to Ms. Bode Aujla’s tailoring
brands are generally more sit high on the biceps. shop, next door to her Chi-
consistent and rarely alter Women’s tees are also usu- natown storefront, also does
shapes or fabrication each ally more fitted and crafted a brisk business with female
season just for newness’s from a slinky, rather than clients. “We can re-hem
sake. “For every one white sturdy, cloth. your pants while you wait,”
T-shirt for men, there’s five Since guys’ garments gen- she explained—an efficiency
versions for women,” said erally run roomier, the un- that Marlene Dietrich would
Ms. Polish. A simple, boxy initiated can face a learning have no doubt appreciated.
Volume Is Kind
Of a Big Deal
Power tools to help
you achieve it
Airwrap
Multi-
Styler,
$600,
Dyson.com
G-Series
Brush,
from $35,
YS-
ParkUSA.com
Leave-In
Condi-
tioner,
$48,
Crown
Affair.com
D4 | Saturday/Sunday, December 17 - 18, 2022 * * * * THE WALL STREET JOURNAL.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 17 - 18, 2022 | D5
 D6 | Saturday/Sunday, December 17 - 18, 2022 **** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

Greenland, putting the island
on some “last chance tour-
ism” itineraries. But the big-
gest obstacle to visitor
growth remains Greenland’s
limited infrastructure. Few
airports exist; even fewer
handle international flights,
and none of those fly direct
from the U.S. But Greenland is
building new airports and
renovating existing ones to
expand access over the next
few years.
My husband and I were
undaunted—even at-
tracted—by the current lo-
gistical challenges of explor-
ing Greenland. We booked
our trip through Natural
World Safaris, a British tour
operator. Our group assem-
bled in Reykjavik and took a
charter flight to Constable
BILL PATTERSON
Other hikes traversed
smooth, ancient gneiss slopes
or fragile wetlands.
Some days we explored in
Zodiac inflatable boats, buzz-
ing around sparkling ice-
bergs that were like a float-
ing sculpture garden. The
Zodiac also afforded prime
wildlife viewing. With a good
You don’t hike in
the forest. You hike
on top of it.
pair of binoculars, we spot-
ted bearded seals, with their
long drooping whiskers,
lounging on floating ice.
Grazing on a steep hillside

Point, a tiny airport near were musk oxen—shaggy,

Scoresby Sound. There we lumbering creatures seem-
boarded the Polarfront, a ingly conjured by Dr. Seuss.
former weather vessel that’s Eventually, we encountered
the top of the Arctic food

Arctic Circuits chain—seven polar bears, in-

cluding a mother and cubs.
But we observed them from
the safety of the Polarfront’s
front deck. On clear nights,
the northern lights were daz-
Tourism to Greenland is growing, but, for now, the island zlingly on display.
When we returned to
remains wondrously wild and best explored by foot Constable Point for our
flight back to Reykjavik, I
was struck by how much my
BY JANET HOOK that unfolds on extraordi- land, where I could hike on perspective had changed.

W
E WERE
on our
first hike
across
Green-
land’s spare tundra, when
our guide knelt down to
identify the low, yellow-
leafed plants we’d been
trampling. Just a couple of
inches high, they were tiny
willow trees. That, we
learned, is how trees survive
in the Arctic’s harsh, blus-
tery climate: They stick re-
ally close to the ground. So
began a week-long master
class in nature’s survival
strategies on a landscape
nary scales, both large and
small. Lesson #1: When you
hike in Greenland, you don’t
hike in the forest. You hike
on top of it.
As I planned this journey
to the land of plunging gla-
ciers, perpendicular cliffs and
northern lights, I mordantly
joked to friends that I
wanted to see Greenland be-
fore climate change trans-
formed it for good. But hon-
estly, my goals were less
apocalyptic: I wanted to be
challenged and immersed in
untamed nature, and to avoid
over-touristed wilderness
destinations like Iceland.
I found it all in Green-
the edge of the habitable
world—and still sleep in a
comfortable bed at night.
My husband and I booked
passage on a small French
ship, the MS Polarfront, for
a trip through Scoresby
Sound, the world’s longest
fjord system, on the less-
traveled east coast of the
world’s largest island. With
just 11 other passengers on
board, our 9-day tour cost
more than a voyage on a
bigger boat, but it let us
avoid buzz-killing crowds
when ashore for daily hikes.
We were part of a grow-
ing flow of visitors to an un-
likely tourist destination.
When we’d first arrived the
landscape had seemed cold,
intimidating. A week later,
TRAIL MIX From top: The author‘s tour group on Greenland’s I’d experienced a transfor-
east coast, where the terrain varies widely; Scoresby Sound. mation of a sort best de-
scribed by Barry Lopez, the
Greenland is 836,300 square found a new incarnation as masterful chronicler of the
miles—more than three a comfortable expedition Arctic. “Like other land-
times the size of Texas— ship. We’d spend nights and scapes that initially appear
with a population of 56,500. eat meals on the ship; by barren, arctic tundra can
Ice covers 80% of the land- day, we’d go hiking ashore. open suddenly, like the co-
mass. All towns are on the I’d imagined the Arctic to rolla of a flower, when any
coast, unconnected by roads, be barren and potentially mo- intimacy with it is sought,”
so visitors travel mostly by notonous, but every day we he writes in his 1986 book
boat or plane. tackled dramatically different “Arctic Dreams.” It will soon
Climate-change scientists terrain. The first hike took us be easier and perhaps
who have found that the Arc- across classic tundra. Another cheaper to visit Greenland.
tic has warmed four times day we climbed steep red- But maybe now is the time
faster than the rest of the rock canyons reminiscent of to go, before that intimacy
planet have spotlighted the American Southwest. gets harder to achieve.

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THE WALL STREET JOURNAL. **** Saturday/Sunday, December 17 - 18, 2022 | D7

ADVENTURE & TRAVEL

BY BARBARA PETERSON

Unidentified Flying Objects

T
OYING WITH THE
idea of a European
vacation next year
but haven’t booked
your trip? Experts,
forecasting a travel boom across Small, little-known airlines offer tantalizing airfares to Europe aboard brand new planes. What’s the hitch?
the pond in 2023, say affordable
fares could become increasingly
scarce. The latest crop of niche
carriers, however, are luring bud-
get-minded travelers with mark-
edly lower fares. Mike Arnot, a
spokesman for aviation analytics
firm Cirium, said shoppers could
reap savings of around 25% by
booking on these under-the-radar
carriers. Unsurprisingly, some of
these upstarts follow the discount-
ers’ code of no-frills service and
high fees for extras like a meal or

Shoppers could reap

savings of around 25%
on these new carriers.

checked bag. They may also oper-

ate less-than-daily service, which
might lead to infuriatingly long
delays if there’s a cancellation. A
word to the wise for prospective
fliers: Book early and buy trip in-
surance to protect against airline
snafus. Here, a closer look at some
of the less familiar names jetting
across the Atlantic:

Play

This Icelandic airline began trans-
Atlantic flights to Reykjavik this
year with a fleet of narrowbody
Airbus jets from a trio of East
Coast gateways: Baltimore/Wash-
ington International, Boston Logan
and New York’s Stewart Airport, in
Newburgh. Next up: Washington
Dulles, launching next spring with
Play’s trademark low fares begin-
ning at $199 one-way. From Ice-
land, Play offers connecting flights
to Paris, Berlin, Prague, Barcelona
and other European cities.
Norse Atlantic Airways
The latest airline upstart from Nor-
way, Norse Atlantic launched last
summer with cheap flights from
New York to Oslo, London and Ber-
lin aboard Boeing 787 Dreamliners.
The airline offers a range of fare
classes, from “Light” (similar to ba-
sic economy) at fares starting at
$135 one-way to “Plus” with free
checked bags, meals and more flexi-
bility on ticket changes, and a room-
ier premium class with recliner
seats. The other U.S. cities on the
airline’s route map include Fort Lau-
derdale, Los Angeles and Orlando.
Flights from New York to Paris are
expected to start in March.
Condor Airlines
The Condor brand started out as a
German charter line decades ago,
but it’s still relatively unknown
among U.S. travelers. After a reor-
ganization following the collapse of
its parent company, Thomas Cook
airlines, Condor offers scheduled
service year-round between Ger-
many and New York, Los Angeles
and Seattle. It also operates sea-
sonal flights to other U.S. cities in-
cluding Boston, San Francisco and
Minneapolis. Prices start at $250
one-way economy; there’s also a
premium section. Starting next
month, the airline plans to roll out
a fleet of new widebody Airbus
A330neos, painted in distinctive
striped livery.
French Bee
This Gallic upstart, which launched
six years ago as “French Blue,”
raised its trans-Atlantic profile last
year. It now flies from Newark,
L.A. and San Francisco to Paris
Orly, with Miami flights slated to
begin Dec. 15. French Bee also flies
from San Francisco to Tahiti.
Flights are via Airbus A350 wide-
body jets. Economy fares range
from as low as $227 one-way from
New York to Paris in March, to
ELIOT WYATT
$453 one-way in June and July. In
line with other low-cost airlines,
amenities like a checked bag and a
meal cost extra.
Neos Air
Another budget contender, Neos
has been around for a while, oper-
ating a network of flights to tour-
ist destinations around the world
from its base in Italy. It recently
expanded to the U.S. with three
flights a week between New York’s
JFK Airport and Milan, via 787
Dreamliner aircraft. Fares start at
$218 one-way.
D8 | Saturday/Sunday, December 17 - 18, 2022 * * * * THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

WALKING & GAWKING

My Kind of
Midtown
The middle of Manhattan is back to its
raucous old self, with a host of glitzy new
spots mixed in with the stalwarts

JONAH ROSENBERG (PHOTOS); CHARLOTTE FARMER (MAP)

BY CHRISTIAN L. WRIGHT

M
IDTOWN, THE WIDE BELT of Manhattan that
spans from 34th Street to 57th Street, is of-
ten called the heart of the city. But New
Yorkers view it as more of a spleen—a part
you can definitely live without. Though the
district was largely abandoned during the Covid pandemic—
even the blinding throb that is Times Square—it’s had time to
reimagine itself. Good timing, too: At the most wonderful time
of the year, bells, boughs, lights and holly fill this patch, with a
giant Christmas tree shimmering in the middle of it all. Upon
a bedrock of classic attractions (the discreet charm of Belgian
Shoes on 55th Street, the luster of the King Cole Bar at the St. Rockefeller Center, the Art-Deco anchor of Midtown Manhattan, has seen the arrival of several buzzy new restaurants this year.
Regis Hotel, the restaurant Le Bernardin, which just turned
50), a renaissance is under way. Now gleaming white, the SEE
spires of St. Patrick’s cathedral have lost their grime. Chefs Christies The art-and-an-
and restaurateurs from other zip codes—and time zones—are tique auction house’s Rocke-
planting their flags (see Urban Hawker, a Singapore-style food feller Center flagship is open
market, on 50th Street). The new Museum of Broadway to the public, with previews
opened last month, and the independent bookseller McNally displayed in exhibit rooms
Jackson is due soon. Here, a few other places worth a stop: and a calendar of live auc-
tions—spectacles worthy of
Broadway—throughout the
STAY signed rooms. Book one on an year. The triple-height en-
Aman New York In August, upper floor with a greenery- tranceway on 49th Street
the recherché hotel brand festooned terrace for a cine- with a mural by Sol LeWitt
opened its second “vertical re- matographer’s view of Man- is just the beginning. 20
sort” (the first is in Tokyo), hattan. Opened in the spring Rockefeller Plaza
transforming Fifth Avenue’s of 2021, the place is already
landmarked, gilded Crown showing a bit of wear, but at- RiseNY The highlight of this
Building into an 83-suite hotel, tentive staff and a relaxed The New York outpost of Times Square attraction is a
with residences and an exclu- vibe forgive the odd ding. Mallorcan shoe-brand Carmina. flight simulation that gives a
sive Aman Club. Jean-Michel From about $300 a night bird’s-eye view over New York
Gathy designed the inte- ings, a cast-iron bar, jewel City. In under 10 minutes, you
riors with soaring ceil- EAT & DRINK tones and chic banquettes. As “fly” by the Statue of Liberty,
ings and lighting to L’Ami Pierre There’s for the food, it’s caught the over marathon runners, down
flatter the most a new baguette in attention of critics and might into the subway, alongside
seasoned among town, outstanding break the bank, but the leeks the Brooklyn Bridge and
us. The spa is and a relative bar- vinaigrette alone are worth it. among Fourth of July fire-
equipped with a 65- gain. Chef Eric Rip- 45 Rockefeller Plaza works, and feel ever so
foot swimming pool, ert and his friend slightly dizzy as you come in
two restaurants and Pierre-Antoine Raberin Pebble Bar Formerly an Irish for a landing. 160 W. 45th St.
topped with a garden terrace. have opened a new French place to which Midtowners
For now, the spa and eateries fast-casual that serves pas- defaulted for after-work Grand Central Terminal Im-
are open only to guests, resi- tries, soups, salads and sand- drinks, it’s now a fashionable mortalized in literature and
dence owners and club mem- wiches in a bright airy space townhouse boîte where saved from destruction in
bers. Annoyed New Yorkers with a window bar overlook- bankers celebrate with $190 the 1970s by Jackie Kennedy
can console themselves with a ing the street it shares with seafood platters and rye- Onassis (among others), the
night at the subterranean jazz Le Bernardin and Aldo Sohm based Night Trains ($21). 67 Beaux-Arts behemoth is bus-
club; reservation required. Wine Bar. 149 W. 51 St. W. 49th St. rare glimpse of metropolitan Carmina This Mallorcan fam- tling again with commuters,
From about $3,200 a night beauty in the concrete jungle. ily-owned shoemaker has tourists, shoppers and archi-
Le Rock Like classic brasse- Pavé At this pristine little One Vanderbilt Ave. traded in cordovan oxfords tecture buffs. The Municipal
Arlo Midtown A good jump- ries, the room—on the ground storefront cafe, which bakes and boots since 1866. Its first Arts Society of New York of-
ing-off point on a gritty floor of the Art Deco Interna- its own bread, sandwiches— SHOP retail space in the U.S. opened fers periodic guided tours,
stretch of West 38th Street, tional Building—is simultane- like a $12 croque monsieur Paul Stuart Swells and dames in a chic little atelier around but, really, it’s a marvel to
this informal hotel is loaded ously casual and glamorous, and a $9 country paté with have flocked to this shop for the corner from the Yale Club just wander around in. 89 E.
with small but efficiently de- with huge windows, high ceil- cornichon on baguette—are many years, for cashmere in 2017. 45 E. 45th St. 42nd St.
served to eat in (at a clus- overcoats, tweed jackets, gar-
ter of tables in back) or to den party dresses and velvet
take away. Open Tues. to slip-ons. A storefront sample-
Fri., 8 a.m. to 3 p.m. 20 sale store just across the ave-
West 46th St. nue offers a revolving inven-
tory of drastically reduced
Le Pavillon Daniel Boulud’s odds, overflow and one-offs.
latest restaurant, on the sec- 365 Madison Ave.
ond floor of the new One
Vanderbilt tower, is a hand- Nepenthe This industrial bas-
some place with moody re- tion of avant fashion hides
cessed lighting, a living tropi- among the wholesale-only
cal grove and a French- storefronts in the Garment
leaning menu focused on District. Nepenthe carries
seafood. Pop in for a Martini men’s and women’s collections,
and caviar at the east-facing like Engineered Garments and
bar and gaze out over 42nd Needles (two Japanese-de-
Street where it meets Grand signed cult labels), and unusual
Central Terminal and its cast- finds including the Swiss brand
Christie’s art-and-antique auction house in Rockefeller Center. iron bridge to Park Avenue, a On Running. 307 W. 38th St. Aman New York has two eateries, including the Japanese Nama.

GUEST HOW YOU GUEST

 THE WALL STREET JOURNAL.
A MATTER OF LIFE AND DÉCOR / MICHELLE SLATALLA
Why Isn’t Beige Ever the
Color of the Year?
ALANNA HALE (LIVING ROOM); LANCE GERBER (KITCHEN); GUY SHIELD (ILLUSTRATION)
NEUTRAL TERRITORY In her Mill Valley, Calif., living room, Ms. Slatalla, who advocates for beige, walks the walk.
R
ASPBERRY BLUSH.
Terra Rosa. Viva Ma-
genta. If you want
your home to be on
trend in 2023, these
are the hues that forecasters—at
paint companies Benjamin Moore
and Dunn-Edwards, and at the Pan-
tone Color Institute respectively—
predict will be the year’s “it” colors.
Which means that yet again—
despite all the evidence that it’s
the best color in the known uni-
verse—the reassuring, warmly
soothing color to which I have
dedicated my own living room has
been passed over.
Why doesn’t beige get the re-
spect it deserves?
“Beige is sort of a forgotten
color because it doesn’t call atten-
tion to itself,” said Michael Mur-
doch, an associate professor in the
color science program at the Roch-
ester Institute of Technology.
Research shows that people tend
to prefer showier colors that they
associate with things they like—for
instance, blue is popular because it
evokes the sky, Prof. Murdoch said.
But beige is a neutral color that peo-
ple don’t think about much at all.
Beach sand, a positive association, is
beige, but so are dust and dirt, he
said. “They cancel each other out.”
As a result, beige gets so little
respect that nobody wants to
say its name.
“It’s because people associate
‘beige’ with boring. But if you use
the word ‘linen’ to describe beige,
people will look at the color and
say, ‘That’s beautiful,’ ” said Joshua
Smith, an interior designer in
Manchester, Vt.
* * * *
DESIGN & DECORATING
All this whitewashing strikes me
as somewhat ridiculous. After all,
beige is one of the bestselling colors
for paint, furniture and fabrics.
“Neutral furnishings are more
likely to sell faster,” said Alpay Ko-
ralturk, chief executive of used-
furniture seller Kaiyo in New York.
“Not only are they easier to re-use
if your taste changes, they also are
a sound financial decision because
you can resell them easily.”
In fact, he said, beige’s biggest
competition in home décor may ac-
tually come from gray, another neu-
tral color that sneaked up and stole
people’s hearts in recent years.
But for some reason it’s OK to
call a gray a gray.
“Beige got tossed aside when
cool grays became a movement in
interior design, around 2008,” said
Mr. Smith. “When I was selling
real estate in Texas back then, I
saw this happen in houses that
started being staged with grays in-
stead of beiges, and people came
and were going ‘Wow.’ ”
Hopeful signs suggest, however,
that beige may be gaining ground
against gray, said Mr. Smith, a self-
professed beige lover. He recently
painted a client’s dining room in
what he described as a “strong
beige” shade from Benjamin Moore
called Desert Sand.
“In the past couple of years,
we’ve been edging our way back
from cool grays toward warmer
neutrals,” he said “Also, traver-
tine—a stone which has warm,
beige-y undertones—is having a
resurgence. We’re already seeing
that trend trickle down to stores
like CB2, which means you are
Saturday/Sunday, December 17 - 18, 2022 | D9
Interior designer Joshua Smith
embraced the café-au-lait color in
this Palm Springs, Calif., kitchen.
year, Raspberry Blush, is an unapol-
ogetic red-orange that people might
not immediately think of when
they’re considering a paint change.
“But how would I incorporate
Raspberry Blush in my décor?”
I asked.
“We get that question all the
time: ‘I love this color but how do
I use it?’ Maybe in the dining
room, where it’s sectioned off
from the rest of the home and you
can make it a special color,” Ms.
Magno said. “Or on a front door,
or in an entry where you want to
give it a punch of personality.”
Personally, I think the best way to
inject a punch of personality is to
layer varying shades of beige—from
barely-not-white beige to almost-tan
The reassuring, warmly
soothing color has once
again been passed over.
soon going to see it in every house “So why not make beige the beige—to create a backdrop for
in America. You can’t put traver- color of the year?” I suggested to more colorful things like art on the
tine up against a cool gray wall— Andrea Magno, director of color walls and books on shelves.
the eye does not like to see that.” marketing and development at Someday I might break out of
All the colors of the year that Benjamin Moore. my comfort zone (currently my liv-
forecasters picked for 2023 are in “With the color of the year, we ing room walls are painted “Ash,” a
fact warm hues that have more in are trying to encourage people to discontinued Restoration Hardware
common with beige than with cool look beyond their comfort zones,” beige trying to masquerade as a
grays, which typically have blue as Ms. Magno said. She explained that gray). But when I do, I will likely be
a base color. Benjamin Moore’s 2023 color of the using one of the world’s other best-
selling beiges that dare not speak
their real name. I’m referring to
The Hue That Dare Not Speak Its Name Benjamin Moore’s White Dove or
Linen White, or Dunn-Edwards’
Swiss Coffee or Cottage White.
In fact, I like Swiss Coffee so
much (it’s a real beige-lover’s
beige, a creamy color that looks
exactly like a very milky morning
drink) that I phoned Sara McLean,
editor and color stylist at Dunn-
Edwards, to put in a word for it.
“Could you please make beige
the color of the year?” I asked.
“Everyone likes it.”
“I’m open to anything,” said Ms.
McLean. But she said a lot more
goes into picking a color of the year
than thinking about which neutral
hue of paint is going to look best in
the average living room.
Paint company Backdrop calls one of its beiges ‘Brooklyn Cowboy.’ Terra Rosa beat out beige for the
2023 color of the year.
YOU WOULD THINK ‘beige’ is a four-letter word, given the pains “After the last two years of chaos,
that paint companies take to avoid calling it ‘beige.’ Here, some a rosy pink represents a glimmer of
shades with questionable workaround names. optimism we’re feeling,” she said.
Beige makes me feel optimistic,
Fossil Synchronicity PPG On Point Clare I said.
Benjamin Moore “I love beige, and I love Swiss
Dumpling Country Grey Coffee, it’s a workhorse color and I
Old Map Behr Sherwin-Williams Annie Sloan promise I’ll never take it away,”
said Ms. McLean with a tinge of
Barking Prairie Dog Ammonite Dust Bunny sympathy.
Kelly Moore Farrow & Ball Valspar I can see this is going to be a
long fight.
 D10 | Saturday/Sunday, December 17 - 18, 2022 ** ** THE WALL STREET JOURNAL.

DESIGN & DECORATING

HUG THE CURVES
In the living room
of a 1936 Seattle
home reimagined
by interior de-
signer Lisa Sta-
ton, the flattened
arch of the fire-
place establishes
a contemporary
take on a Tudor
motif. It also in-
troduces the
curve shape that
Ms. Staton relied
on to help mis-
matched pieces of
different materi-
als and prove-
nance cohere.
“Consider the sil-
houette,” was her
principle. The
mostly midcen-
tury furnishings—
the Italian-styled
lounge chairs in
velvet, the Brazil-
ian leather sofa,
the American
floor lamp—coex-
ist peacefully
thanks to a
shared roundness.
As for the paint-
ing leaning
against, instead of
hanging on, the
wall above the
mantle, the de-
MICHAEL P. H. CLIFFORD

signer says it sug-

gests a casual at-
titude “and lends
the room a sense
of warmth and
approachability.”

HOUSE TOUR
INSTALL A CONVINCING FAUX CHIMNEY
A decommissioned chimney on the second floor had
to be demolished to make way for the primary bed-
room’s open-plan suite. The homeowners admired
the old exposed brick, so for the bathroom, Ms. Sta-
ton created a wall of thin brick veneer and ran
Tudor Lite
plumbing through it. The hammered-copper bathtub
adds personality and patina that suggests the period
without slavishly copying it. Evoking the Tudor style’s In this Seattle home, subtle
leaded-glass windows, a textured-glass and steel
shower door lends privacy without blocking light.
allusions to the historic style
blend fluidly with modern décor

BY BARBARA SGROI

L
ONG before Akash Niranjan and his
wife, Marissa, bought their 1936
house, it had been remodeled to
within an inch of its original char-
acter. Theirs was one of the many
Tudor Revival homes built in downtown Seat-
tle in the 1930s, but unlike many of those, it
was “missing the sense of charm that tradi-
tional Tudor style homes have,” said Mr. Niran-
jan. Period details such as leaded glass win-
dows, wood paneling, exposed ceiling beams, DON’T SHY AWAY FROM DRAMA
crown moldings and fireplaces had disap- It might seem counterintuitive to use dark colors in a primary bedroom hemmed
peared from the 2,500 square-foot house. What in by steeply pitched walls. However, the dramatic contrast between the white
survived: the classically curved doorway of the ceilings and two-sided teal cabinetry (which is shown here from the vantage
foyer and one working fireplace. The challenge, point of the bathroom, but also faces into the bedroom) grounds the room and
according to Mr. Niranjan, whose family had gives the space crisp definition. Even when closed, the glass-paneled doors let
grown to five, was how to restore some histor- natural light flow between the bathroom and bedroom.
ical spirit while “making this a home that felt
like us.” For guidance, he and his wife turned
to local designer Lisa Staton, who set out to
reinvent rather than re-create the style. Key to
the transformation was an unexpectedly play-
ful palette (see the kitchen’s rosy pink cabi-
nets), which satisfied her clients’ desire for
color and calm. Scratching the itch for historic
architecture: modern riffs on the old English
vernacular, such as the fireplace’s low, wide
curve minus the central point of the classic Tu-
dor arch. Here, a room-by-room scan of the
stealable strategies Ms. Staton employed to al-
lude to the home’s past, make it cozy but not
claustrophobic—and keep it modern.

GIVE A LIGHT-CHALLENGED ROOM A ROSY COMPLEXION

The east side of the home, which houses the kitchen, faces a large, light-blocking condo. To compensate,
Ms. Staton had the cabinets painted an unexpected pink with a sunny disposition (Benjamin Moore’s
Salmon Mousse). “We sought colors that were rich and enveloping but not loud,” she said. Still, she con-
strained the color to the cabinets. “It’s a small room, so painting it entirely, including the ceiling and rounded
doorways, would have made the 9-foot ceiling feel lower—we wanted to give the kitchen more generosity of
scale.” An antique, delicately legged marble-topped baker’s table rather than a space-sucking island makes
the kitchen look warmer, more like an extension of the living space. A mix of sconces and flush mounts light
the room as ably as predictable pendants and pot lights would but look more period appropriate.

THINK BIG
Immune to the common bush-league urge to place itty bitty furniture in small
rooms, Ms. Staton chose an enormous 19th-century French cabinet for the dining
area that “reads like an integral architectural element rather than a piece of fur-
niture.” Its pine wood and glass doors, which bounce light around the space, com-
pensate for its massiveness. The adjacent kitchen has limited storage “so having
something of scale and generous proportions that would work as a pantry but
not feel heavy was important.” Visual weight comes instead from chunky oak
brutalist-style chairs, made in the Netherlands in the 1970s.
THE WALL STREET JOURNAL. **** Saturday/Sunday, December 17 - 18, 2022 | D11

New York, Decoration & Design Building, 979 Third Avenue, Suite 1424
Los Angeles, Pacific Design Center, 8687 Melrose Avenue, Suite G196
Miami, 3820 NE 2nd Avenue
 D12 | Saturday/Sunday, December 17 - 18, 2022
MITSUBISHI
RUMBLE SEAT / DAN NEIL
Mitsubishi Outlander PHEV
Claims Authentic SUV Status
ANOTHER FUN notion from
Japanese aesthetics to go
with wabi-sabi and iki, the
phrase ifudōdō denotes au-
thenticity and majesty.
These qualities were top-of-
mind for designers of the
Mitsubishi Outlander, said
Kentaro Honda, Segment
Chief Vehicle Engineer, dur-
ing a presentation for the
plug-in hybrid version, last
week near Nashville.
Bringing Communities
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called on to reimagine public education and find new pathways to
equitable learning conditions.
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and beyond at CommunitiesInSchools.org
First off, stay in your
lane, Mitsubishi Motors. Au-
thentic majesty is my thing.
Second, that language seems
a bit highfalutin, consider-
ing the new Outlander PHEV
has a face like an illumi-
nated USB port. If I may of-
fer a more rustic transla-
tion: Real. Big. SUV.
The realness and bigness
of the fourth-generation Out-
lander are advanced by the
© 2022 Communities In Schools, Inc.
GEAR & GADGETS
chamfered corners, raised
hood line, funhouse-mirror
brightwork and the boxy,
Fresnel-like running lights. If
the previous generation had
a weak chin, the latest is pos-
itively lantern-jawed. The re-
vised Outlander is 2+ inches
wider outside and more ca-
pacious inside, enclosing an-
other 12 cubic feet of space
behind the front seats.
The push for authentic
SUV-Ness also required of-
fering 20-inch aluminum
wheels. Larger wheelsets
made the vehicle engineer-
ing more difficult, said
Honda-san, but help sell the
impression of versatility,
while also fractionally rais-
ing vehicle ground clearance
and seat height.
The question no one dared
ask: What’s it like being an
engineer at Mitsubishi
named Honda?
Redesigned for the 2022
model year, the Outlander
now shares its global plat-
form hard points and 181-hp
petrol engine with the Nis-
san Rogue. (In 2016, Mitsub-
ishi Motors became one-
third of the Renault-Nissan-
Mitsubishi Alliance—a
Carlos Ghosn joint.)
The PHEV version remains
estate-grown. It carries over
the lean-burning Atkinson-
cycle 2.4-liter four from the
previous model, married to a
larger battery (20 kWh) and
more powerful front and rear
traction motors. A third mo-
tor-generator up front han-
dles regenerative braking.
Maximum combined output
is now rated at 248 hp and
332 lb-ft, with the indepen-
dent front and rear e-drives
providing cooperative AWD.
Zero-to-60 mph acceleration
feels like it is in the low 8s,
by the seat of these pants.
The PHEV now posts a
nominal all-electric range
of 38 miles, up from the
previous 24 miles. Sort of.
Like other PHEVs, the Out-
lander doesn’t lock out the
gas engine in those miles,
even in EV mode. Rather,
the petrol engine is on
standby, ready to assist
when demand or loads go
over the EV-only line.
The consequences of
2023 MITSUBISHI OUTLANDER PHEV
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.
** **
slacking off on charging are
severe. Once the battery
charge is spent, the average
efficiency swan dives, from
64 mpg-e (gas and electric-
ity) to 26 mpg. Also, the
dinky 3.3-kW onboard char-
ger means a full charge will
require at least 6 hours, so
effectively overnight.
And, given that the PHEV
version commands a price
premium over the non-hybrid
The more rashly I
drove the PHEV, the
happier it behaved.
of, let’s see…oh Lord, oh
no!—$8,000, good luck re-
couping the difference in gas
savings—toiling on a karmic
wheel of charging and re-
charging, days and nights,
dawns and dusks, an endless
misery of amortization.
Curiously, the PHEV has
two connectors under the
charge-port flap: a Level 2
unit and a Chademo fast-
charge connector. Really,
Mitsubishi? Statistically
speaking, you might as well
ask Americans to find a tele-
graph office.
On the outward leg of our
test drive, in mixed city and
rural driving, the battery
hung in there for about 35
miles of electrified opera-
tion. The soft-surging accel-
eration, the quiet operation,
the tug of regenerative brak-
ing all were notably EV-for-
ward. Once the battery
reached its minimum-charge
state, the powertrain de-
volved to mild-hybrid opera-
tion—petrol-powered but
with some low-speed hy-
brid-electric assist and re-
THE WALL STREET JOURNAL.
HEAVYWEIGHT CHAMP
Mitsubishi’s PHEV Outlander
is successor to the world’s
best-selling PHEV SUV.
gen braking. There wasn’t
much change in the vehicle’s
overall disposition, which I
believe was the whole point.
There must have been a
sale on algorithms. This
thing has three drive modes,
four traction/surface options
and four PHEV-related pow-
ertrain maps, including Save
(as in, the battery) and
Charge. That’s when you use
engine power to charge the
battery for later, like…birth-
days? I predict a 0% utiliza-
tion rate.
The Outlander interior
was given a premium-leaning
makeover with the fourth-
gen redesign. The layered
front console looks competi-
tively swank. Our SEL Pre-
mium model featured the di-
amond-stitched semi-aniline
leather upholstery and
sported a lot of must-have
comforts (heated seats and
wheel) and connectivity, in-
cluding CarPlay and Android
Auto. Siri is my co-pilot.
The Outlander is an out-
lier—sorry!—in that it offers
optional third-row seating.
This two-seat foldaway unit
is small—more like an uphol-
stered bear trap—but it is a
vital differentiator in the seg-
ment. Honda-san and his
team found space for the
PHEV’s bigger rear motor
without intruding on the
foldaway’s underfloor bucket.
The electromechanical
mishegas under the floor-
boards is relayed in dizzy de-
tail by the many slewing
graphics and digital anima-
tions of the 12.3-inch LED
driver’s display. Man, that’s
cluttered. Need-to-know
readouts like the speedom-
eter, tachometer and power/
charge whir up and down
with the manic energy of a
Japanese game show. Drivers
have many personalization
options for the display, none
of them particularly lean.
What are buyers getting
for their extra $8,000? The
PHEV version represents a
big, fat powertrain upgrade
over the 181-hp four/CVT
combo: more power and
torque, more driving refine-
ment, an extremely clever
AWD and a roster of hybrid-
only features. The efficiency
is more aspirational.
Worth it? It depends on
the weather. In Nashville,
days of unrelenting rain
drowned out plans for an off-
road drive. Instead, our
group was given extra time
to hot-lap these grocery-get-
ters around a little racetrack
hidden in the mountains, in
the midst of a proper down-
pour. Rainwater streamed
across the narrow track and
gathered in long, hydroplane-
able puddles in the corners.
If it were Spa-Francorchamps
they would have red-flagged
us. Not Tennessee.
In these demanding condi-
tions, the PHEV came
through like a champ. In fact,
the more rashly I drove it,
the happier it behaved. With
the larger of its two electric
motors in the back, the ma-
chine is imbued with an
agreeable rear-biased power
delivery, to the benefit of
drivability and cornering. It
helps it turn, in other words.
Authentically. Majestically.
Base price $39,845
Price, as tested $49,190
Power and drivetrain Plug-in
hybrid electric, with Atkinson-
cycle 2.4-liter direct-injection
inline four cylinder; integrated
front motor-generator and
AC-synchronous traction mo-
tor (75 kW); rear-mounted
AC synchronous motor (100
kW) with cooperative AWD
Power/torque 248 hp/332 lb-ft
Power/Torque 248 hp/332 lb-
ft of torque
Length/wheelbase/width/
height 185.4/106.5/73.2/68.7
inches
Weight 4,865 pounds
0-60 mph 8 seconds
EPA fuel economy 25/27/26
mpg, city/highway/combined
THE WALL STREET JOURNAL. ****
Great Tech Expectations
With near-constant new product releases and updates, it’s been a wild year for gear and gadget
enthusiasts. The torrent promises to continue into 2023, but what, if anything, will make an impact?
Here, what four experts are looking forward to (and dreading).
Reasons for Hope
I’m excited about: more light elec-
tric vehicles coming to market, in-
cluding cargo bikes and electric
mini-trucks. Urban Arrow cargo
bikes and Goupil G4 electric trucks
appear all over Europe, and vehi-
cles like these solve a lot of prob-
lems for busy city centers. They
have the potential to really im-
prove our cities, with respect to
traffic, pollution and noise.
I’m excited about: the arms race
in home espresso. Serious pro-
sumer machines like the La Mar-
zocco Linea Micra and the Synesso
ES1 are coming in 2023. For the
hobbyist with a big enough bud-
get, there’s suddenly a lot to
choose from. Even at the entry-
level, Breville in particular has de-
mocratized home espresso with
very capable machines.
I’m excited about: where fitness
tech goes in the next year. Smart-
watches and connected fitness
tech have finally penetrated the
greater consumer market, and I
feel like we’re going to see more
interesting and specialized con-
nected fitness stuff in 2023. I ex-
pect to see Tonal, which makes a
smart home gym, grow its product
line in some way.
I’m excited about: the growth of
the Fediverse, a network of social
media platforms that includes
Mastodon. These networks are
open-source and built collabora-
tively, and they’re seeing a real
spike in use as an alternative to
Twitter. There is still a lot of work
to do around inclusivity and con-
tent moderation, but I am excited
to have those conversations.
ASK WSJ
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GEAR & GADGETS
Gear Heads
Jason Slaughter
Creator, Not Just Bikes, a YouTube
channel about urban planning
Tony ‘Tonx’ Konecny
Co-founder, Yes Plz Coffee,
a coffee subscription service
Ed Zitron
Founder, EZPR,
a media relations firm
Eva Galperin
Director of Cybersecurity, Electronic
Frontier Foundation, a privacy nonprofit
Saturday/Sunday, December 17 - 18, 2022 | D13
Challenges to Anticipate
I dread: the release of self-driving
cars. The technology is nowhere
near ready, but there is a huge fi-
nancial motivation for companies
that have been developing them to
get these cars onto our streets as
soon as possible. Releasing half-
baked, self-driving car tech will
have huge negative implications for
our cities, especially for people
walking and cycling.
I dread: a lot of the new “innova-
tions” in coffee equipment. There’s a
mind-set that the perfect cup of cof-
fee is more of an engineering task
than simply starting with good
beans. Every new gizmo that prom-
ises a breakthrough in spilling hot
water onto ground coffee further
confuses this essential truth. There’s
a bit of snake oil in the sales pitch
for a lot of these appliances.
I dread: what Amazon will do to
make Alexa profitable, now that
some outlets have reported it isn’t.
The company could become more
pushy with how it uses consumer
data or upcharge for features that
are currently free. I’m also no fan
of the concept for Amazon’s Astro
robot, which should get a wide re-
lease next year. I do not want a lit-
tle Amazon robot in my house.
I dread: another set of bills from
Congress that will force compa-
nies to backdoor end-to-end en-
cryption, probably in the name of
fighting the distribution of child
sexual abuse material. Any back-
door to encryption will weaken ev-
CRISTINA SPANÒ
eryone’s security without helping
prevent abuse.
—Edited from interviews by
Justin Pot and Daniel Varghese
D14 | Saturday/Sunday, December 17 - 18, 2022
Seafood
Tower
Power
Continued from page D1
with something special, but
they are in search of sharing
and community,” Mr. Panch-
ernikov said. “The seafood
tower is perfect for sharing.”
Chef Thomas Keller, too,
detects a desire for social in-
teraction in the tower’s cur-
rent popularity: “This idea
of sharing and nurturing
each other is especially im-
portant today.” At Bouchon
in Yountville and Las Vegas
and the Surf Club in Miami,
Mr. Keller favors a classic
presentation that “stretches
back generations and gener-
ations, evoking the oyster
bars at Les Halles,” the late,
legendary market at the
heart of Paris.
A seafood tower is
an attainable
luxury: low prep,
high impact, ideal
for entertaining.
Chef Ken Oringer’s “full-on
love affair” with seafood tow-
ers stems back to his time
training as a cook in France.
“In Paris, I loved that there’s
no holding back on them,” he
said. He said he has included
an iteration at every restau-
rant he’s opened, but he ac-
knowledged that the seafood
tower is having a moment.
“The seafood available right
now has never been better,”
he said. The tower at his
newest restaurant, Faccia a
Faccia in Boston, changes
daily in order to respond to
what’s best and freshest. It
currently includes live sea ur-
chin, live scallops, ruby red
shrimp and black bass crudo
in addition to the usual sus-
pects. “From a restaurant
perspective, seafood towers
are good business. They sell
themselves,” said Mr. Oringer.
 Find recipes for three
delicious seafood
sauces at WSJ.com/
Food.
THE ACCOUTREMENTS /
WHERE TO FIND
TOWERS, TOOLS AND
DISHWARE ONLINE
1 | Mikasa Specialty serve-
ware galore. Don’t miss:
Hammered 4-Tiered Server,
$92
2 | Caviar Russe Caviar
service tools, mother-of-
pearl tableware. Don’t
miss: Spoon Pack-Set of
Six, $125
3 | Aerin Elegant table-
ware and home décor.
Don’t miss: Shell Appetizer
Plates, $75
4 | Crate & Barrel Bowls
of all sizes, utensils, sea-
food tools. Don’t miss:
Cuisinart 8-Piece
Stainless Steel Seafood
Tool Set, $15
5 | Jono Pandolfi Hand-
crafted ceramic bowls and
dishware of all sizes. Don’t
miss: 3.75-inch Coupe
Gelée Bowl in Toasted/
White, $19
6 | Mark & Graham Platter
central. Don’t miss: Silver
Shell Serving Platter, $170
7 | Korin Great value for
small plates, ramekins,
sauce dispensers and more.
Don’t miss: Shusetsu Gold
3 Divided Sauce Dish, $15
EATING & DRINKING
Add kosher or rock
salt to keep ice fresh.
Save yourself some fuss
and buy pre-cooked
lobster, crab and shrimp.
He also noted the relatively
low labor involved.
At the Ordinary in
Charleston, S.C., chef Mike
Lata uses the tower to show-
case the local catch and sup-
port the fishing trade. “Post-
pandemic, we realized that
our purchasing dollars could
really make a difference lo-
cally,” he said. “Now 90% of
our food comes from local
waters.” Chef Dean Neff of
Seabird in Wilmington, N.C.,
sources his towers close to
home, too. “It’s an opportu-
nity for us to get people to
appreciate things that are lo-
cal and a little outside of the
box,” he said. “We have a va-
riety of 8-10 super-seasonal
things on there.” That might
include more-familiar items
like local crab claws but also
rarities such as ribbed wild
mussels, whelks and pinshell
1 2
4
6
clams. From the abundance
of locally caught bluefish,
mackerel and mullet, he
makes smoked dips.
Perhaps the classic tiered
tower will forever be associ-
ated with Belle Époque-style
indulgence, but that doesn’t
mean it can’t evolve with
the times, too. At Crossroads
Kitchen in Los Angeles, chef
Tal Ronnen offers a vegan
version, initially inspired by
lobster mushrooms from the
Pacific Northwest. “They are
grown on the coast so they
are kissed with that ocean
mist,” Mr. Ronnen said.
“They also have a beautiful
orange color and a flavor
that resembles the ocean.”
His tower features oyster
mushrooms “Rockefeller,”
smoked carrot “lox” and
kelp caviar. A choice of te-
quila or vodka shooters
5
Serve vodka shots on
the side or plant them
in the tower itself.
makes it extra celebratory.
Shots of Goldwasser fea-
ture among the innovations
on chef Ann Redding’s tower
at Thai Diner in New York
City. Thai nam phrik (spicy
chile sauce) and tom yum
(lemongrass, galangal, lime,
chile) complement oysters,
shrimp, crab, mussels, scal-
lops, octopus, squid and cav-
iar, served on ornate prayer
offering platters made in
Thailand.
Maybe that sounds like a
tall order to pull off your-
self. But a seafood tower is
actually an attainable luxury
to enjoy at home—low-prep,
high-impact, ideal for enter-
taining. With the following
tips, you can fashion a fabu-
lous tower for your next
party. Go ahead and invite
the A-list. If you build it,
they will come.
3 Ken Oringer thinks about
7
** ** THE WALL STREET JOURNAL.
Rimmed platters help
contain drips once the
ice begins to melt.
If you like, ask your
fishmonger to shuck
the shellfish for you.
How to Build the will serve seafood on, Mr. Neff
Ultimate Seafood Tower advised. An hour in the fridge
1 Choose your tower. Nicole
Gajadhar of Deux Chats ad-
vised choosing a material that
does the trick. Ms. Gajadhar
suggested crushing ice in a
food processor. Or, use Mr.
is a good conductor of cold, Panchernikov’s method “Wrap
such as metal, ceramic or a bag of ice in a towel and
glass. The platters should be smash it with a rolling pin.”
deep enough to hold ice, with Wait until the last minute to
a lip to prevent dribbling once place the ice on the tower. Pro
the ice melts. No tower? Cre- tip from Ms. Gajadhar: A little
ate tiers by filling a large bowl kosher salt in the ice helps it
with crushed ice. Place a me- stay together as it melts.
dium bowl in the center of the
ice in the larger bowl, and fill
that bowl with ice. Continue
stacking with ever smaller
5 Place the seafood and
sauces. Arrange the shell-
fish according to your plan.
bowls until you have as many Place raw items such as tar-
tiers as you need. Or, stack tars and ceviche, as well as
round, lipped trays with small dips and spreads, on plates
bowls between to create tiers. and in ramekins. Hang the
Cake stands can work as long shrimp, embed the crab legs
CHELSIE CRAIG FOR THE WALL STREET JOURNAL, FOOD STYLING BY ANNA BILLINGSKOG, PROP STYLING BY SOPHIE STRANGIO; F. MARTIN RAMIN/ THE WALL STREET JOURNAL (GEAR); ALEX STANILOFF (CAVIAR RUSSE)
as the platters are lipped. and make sure everything is
easily grabbable. Shuck the
2 Make a plan. Seabird’s
Dean Neff recommended
drawing a map outlining what
oysters and clams if your fish-
monger hasn’t done that, and
you want, thinking beyond the
main elements. “Include
something with crunch, such
as crackers, a slaw or even
raw vegetables, which can act
as a palate cleanser,” Mr. Neff
said. “Include something pick-
led and something spicy, such
as horseradish or hot sauce,
for brightness and balance.”
Caviar Russe’s Edgar Panch-
ernikov recommended think-  Find a round-up of
ing of the tower as sculpture. spectacular seafood
“Place the most luxurious towers around the U.S.
items at the top and the cen- at WSJ.com/Seafood.
ter so that they don’t get hid-
den,” he said. Faccia a Faccia’s
add those last. “Place sauces
what can be made ahead. in bowls or ramekins and set
“Keep it somewhat simple,” near ingredients they are
he said. “Save yourself extra meant to pair with,” said Mr.
work where you can.” Panchernikov.
3 Secure ingredients. At
your fishmonger, buy as
many precooked and prepped
6 Garnish. Fill in gaps and
get creative. Use seaweed,
lemon wedges, herbs, decora-
items as possible: shrimp tive shells, edible flowers,
cocktail, peeled and deveined; even lobster heads. Stick in al-
lobster and crab, already coholic shooters if you wish.
cracked. You can even have Place accompaniments like
them shuck oysters and clams. blini, crackers and potato
“Just ask to leave the bottom chips on the side, off the ice,
muscle attached,” said Mr. so they won’t become soggy,
Oringer. “That way they won’t Mr. Lata instructed. And don’t
start decaying. Cover them forget tools and serving uten-
with plastic wrap to keep sils such as seafood picks, lob-
them from drying out. Keep ster and crab crackers, small
chilled until you serve, ideally forks, small sauce spoons and
the same day.” Pick up a nice caviar spoons.
gravlax or sashimi to add vari-
ety, said Mike Lata of the Or-
dinary. Ask for seaweed, too,
to use as a decorative touch.
7 Pair it up and enjoy. Pop
the bubbly, crack an ice-
cold beer, uncork a crisp white
wine or pull the vodka out of
4 Be cool. Chill all ingredi-
ents and surfaces you
the freezer. Then raise a toast
to your towering creation.
THE WALL STREET JOURNAL.
HALF FULL
Refine Your
Pitcher
The holiday-party pro move? Have drinks batched
and ready to pour before the revelers descend
BY ALEKSANDRA CRAPANZANO
O
NE OF THE GREAT
pleasures of going to
a good bar is watch-
ing a cocktail get tai-
lor-made to your lik-
ing—the pour, the shake, the
bewitching glamour of it all. But
with holiday parties approaching, I
wanted to tackle the question of
how to make this magic practical
for a crowd.
J.M. Hirsch, author of “Pour Me
Another” (Voracious), came to the
rescue. Mr. Hirsch has been posting
a popular series of Instagram video
tutorials on “freezer-door” cocktails:
pre-batched drinks ready to serve to
a thirsty group. It’s a brilliant solu-
tion. As Mr. Hirsch explained to me,
many of us keep vodka in the
freezer. Due to its high alcohol con-
tent, it doesn’t turn to ice but in-
Find the recipe for this
Cosmopolitan and 3 other batchable
cocktails at WSJ.com/Food.
**** Saturday/Sunday, December 17 - 18, 2022 | D15
EATING & DRINKING
stead chills to an ideal temperature.
This is true of all high-proof spirits.
For his freezer-door Martinis, Mr.
Hirsch opens a new bottle of vodka
AUBRIE PICK FOR THE WALL STREET JOURNAL, FOOD STYLING BY AMANDA ANSELMINO, PROP STYLING BY ANNA RABEN
and pours some out to make a little
room. (It’s never hard to find a use
for the little bit poured out.) Then,
add vermouth, olive brine and a
touch of water to approximate the
slight dilution that occurs when
When guests arrive or it’s
time to top off glasses,
all you have to do is pour.
shaking a Martini with ice. Give the
bottle a shake and pop it back in
the freezer. When guests arrive or
it’s time to top off empty glasses,
all you have to do is pour.
For a party, Mr. Hirsch recom-
mends having a few different
freezer-door cocktails on hand. The
espresso Martini, icon of the late
’90s, has returned with a vengeance,
and why not give in? The coffee
brings a nice edge to this otherwise
smooth drink, and Mr. Hirsch
rounds it all out with a dash of
Kahlúa. In a Cosmopolitan, orange
bitters and lime juice keep the flavor Freezer-Door Dirty shaken or stirred. 1. Pour off 6 ounces vodka from
this side of saccharine. Martini Active Time10 minutes Total the bottle and reserve for another
If your freezer’s full, Mr. Hirsch Choose high-quality green olives, Time 41/4 hours (includes chilling) use. To the bottle, add dry ver-
suggests two batchable drinks mixed such as Castelvetrano, preferably Serves 8 mouth, water and olive brine. Ad-
up in a pitcher. La Rosita, the Ne- pitted. The brine of lesser variet- just brine amount to taste. Cap
groni’s agave-based cousin, brings ies or brands can taste tannic and 1 (750-ml) bottle vodka bottle, shake and store in freezer
smoky well-aged reposado tequila to harsh. The water called for in this 4 ounces dry vermouth until well-chilled, at least 4 hours.
a mix of sweet and dry vermouths, recipe may seem unusual, but it’s 21/2 ounces water 2. To serve, set the bottle in an
Campari and bitters. And the spar- a key element here, to approxi- 11/2 -21/2 ounces green olive brine ice bucket and offer cocktail
kling Mr. 404 is festive enough for mate the dilution that occurs Green olives, such as glasses and green olives.
New Year’s Eve yet refreshing when a traditional Martini is Castelvetrano, to serve —Adapted from J.M. Hirsch
enough to be a year-round go-to.
D16 | Saturday/Sunday, December 17 - 18, 2022 ** ** THE WALL STREET JOURNAL.

VICTORY IS A STATE OF MIND*