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The Novel &

Identity Politics
s pring st yle
REVIEW
THE WALL STREET JOURNAL WEEKEND WSJ. MAGAZINE
* * * * * * * * SATURDAY/SUNDAY, APRIL 22 - 23, 2023 ~ VOL. CCLXXXI NO. 93 WSJ.com HHHH $6.00
Soccer Fans Protest Russia’s Detention of WSJ Reporter Supreme

What’s
News Court
Allows
Pill for
World-Wide
T he Supreme Court al-

lowed the abortion pill
mifepristone to remain on
the market indefinitely,
granting emergency requests
Abortion
from the Biden administra-
tion and the brand-name The order blocks
manufacturer of the drug. A1 earlier ruling while
 Trump has gained com- litigation continues
mand of the GOP presiden-
tial-nomination race over over FDA’s approval
DeSantis, a new WSJ poll
finds, with the former
BY LAURA KUSISTO
president building support
AND JESS BRAVIN
across most parts of the
primary electorate. A4
WASHINGTON—The Su-
 Russia said it mistakenly preme Court on Friday al-
.
bombed its own territory as lowed the widely used abor-
Ukraine’s Western backers tion pill mifepristone to
ly
met to discuss future mili- remain on the market indefi-
tary deliveries to the coun- nitely, granting emergency re-
HANNAH MCKAY/REUTERS
try to assist in Kyiv’s ex- quests from the Biden admin-

pected counteroffensive. A10
 The U.S. will send 31
Abrams tanks to Germany
next month and begin
on istration and the brand-name
manufacturer of the drug.
The high court blocked the
effect of a lower-court order
training Ukrainian forces that was poised to limit access
us ,
on how to operate them, RED CARD: Supporters at a Premier League match between Arsenal FC and Southampton FC in London on Friday display a to the pill, which is used in
l
defense officials said. A10 banner calling for the release of Wall Street Journal reporter Evan Gershkovich, who is being held by Moscow. more than half of U.S. abor-
e
al a
tions. The Supreme Court’s ac-

 The FAA faces a potential
tion was not a decision on the
leadership vacuum as its act-
merits of the case; instead,
ci on
ing chief, Billy Nolen, has de-
JPMorgan’s Epstein Ties Were

the justices were deciding
cided to leave the air-safety
whether the pill could remain
regulator, telling agency em-
available during an ongoing
ployees he plans to depart
legal challenge brought by an-
sometime in the summer. A4
tiabortion groups.
Deeper Than Bank Has Said

er s
 The NFL suspended five The court’s order was un-

players for violating the signed and provided no rea-
m er
league’s gambling policy, in soning, as is typical in emer-

the league’s biggest crack- gency actions. But it indicated
down since the widespread that FDA-approved access to
proliferation of legal sports BY KHADEEJA SAFDAR Mary Erdoes, a top lieuten- related to a charitable fund money against his accounts mifepristone would remain un-
betting across the U.S. A1 AND DAVID BENOIT ant to Chief Executive Jamie the bank was considering despite repeated warnings til litigation concludes in the
m rp
Dimon, made two trips to Ep- launching, the people said. from compliance staffers about lower courts and the Supreme
Business & Finance JPMorgan Chase & Co. had stein’s townhouse on Manhat- John Duffy, who ran JPMor- his unusual banking practices. Court itself has an opportunity
ties to Jeffrey Epstein that ran tan’s Upper East Side, in 2011 gan’s U.S. private bank for the Justin Nelson, one of Ep- to review those decisions—a
deeper than the bank has ac- and 2013, when Epstein still ultrarich, went to Epstein’s stein’s bankers at JPMorgan, timeline that likely will take
 JPMorgan had ties to knowledged and extended years was a client of the bank, said townhouse for a meeting in had about a half-dozen meet- many months.
co Fo
Epstein that ran deeper than beyond when it decided to close the people familiar with the April 2013, the people said. ings at Epstein’s townhouse be- Two justices indicated they
the bank has acknowledged the convicted sex offender’s matter. She exchanged dozens One month later, the private tween 2014 and 2017, the peo- would have left the lower court
and extended years beyond accounts, according to people of emails with him and dis- bank renewed an authorization ple said. He also traveled to order in place: Clarence
when it decided to close the familiar with the matter. cussed sharing with him fees allowing Epstein to borrow Please turn to page A14 Please turn to page A6
convicted sex offender’s ac-
counts, according to people
familiar with the matter. A1
 The Fed is actively consid-
ering closing a loophole that
Five NFL Fed Eyes Change Western Economies Get a Lift
U.S. and European business activity rose at a brisk pace in
allows some midsize banks to
effectively mask losses on se-
curities they hold, a contrib-
Players On Bank Loophole
April, in another potential complication for central banks. A2
Composite purchasing managers index

uting factor in the collapse
Banned EUROZONE U.K. U.S.
n-
JAPAN
of Silicon Valley Bank. A1
BY ANDREW ACKERMAN tential losses.
 The Biden administration
AND RACHEL LOUISE ENSIGN
is moving to make it easier
to more closely regulate non- For Sports Regulators are weighing the
change after the collapses last
April: 54.4 53.9 53.5 52.5
no
WASHINGTON—The Federal month of SVB and Signature 60

bank financial institutions
such as hedge funds and
money-market funds. B11 Gambling Reserve is actively considering
closing a loophole that allows
some midsize banks to effec-
Bank rattled the financial sys-
tem. If adopted, the change
would reverse a loosening of
 P&G posted gains in tively mask losses on securi- rules by the Fed in 2019 and 55
quarterly sales and profit BY ANDREW BEATON ties they hold, a contributing heighten oversight of midsize
after raising prices across factor in the collapse of Sili- banks by extending restrictions
its various brands by about The NFL suspended five con Valley Bank. that currently apply only to the
10% from a year earlier. A1 players, including four on the Led by vice chair for super- largest, most complex firms. 50
Detroit Lions, for violating the vision Michael Barr, the Fed is All told, regulators are con-
 The S&P 500, Dow and
league’s gambling policy, in considering ending an exemp- sidering extending toughened
Nasdaq each closed about
the league’s biggest crackdown tion that allows some banks to restrictions to about 30 com-
0.1% higher on Friday, but 45
since the widespread prolifer- boost the amount of capital panies with between $100 bil-
all three ended with mod- 2022 ’23 ’22 ’23 ’22 ’23 ’22 ’23
ation of legal sports betting they report for regulatory pur- lion and $700 billion in assets,
est weekly declines. B11
across the U.S. poses, according to people fa- Please turn to page A2 Note: Seasonally adjusted. Readings above 50 indicate an increase in activity, and below that
 Lyft plans to cut 1,200 The bans coming down at miliar with the matter. Capital threshold, a decline.
or more jobs in a new once from the NFL reflect the is the buffer banks are re-  Rule changes proposed for Sources: S&P Global; au Jibun Bank (Japan); Hamburg Commercial Bank (eurozone)
round of layoffs as the growing challenge the sports quired to hold to absorb po- designating nonbanks......... B11
ride-sharing company world faces as betting be-
aims to reduce costs. B1 comes increasingly prevalent.
 Apple is planning an
iPhone app to let users com-
Like anyone else these days,
professional athletes can now EXCHANGE New York City P&G Raises Prices,
Fills Critical
place legal wagers with a few
pile their daily activities as
part of its efforts in the
market for mental and phys-
ical health technology. B3
taps on a smartphone. Leagues
such as the NFL face the
thorny task of both preventing
Post: Rat Czar
Consumers Still Buy
their own personnel from en-
gaging in the practice while i i i BY SABELA OJEA European customers, on the
also embracing the new reve- other hand, are trading more
NOONAN nue streams it offers. Rodents number Procter & Gamble Co. tested into private labels on the back
Three players—the Lions’ shoppers’ tolerance for higher of price increases, Mr.
Artificial Intelligence in Quintez Cephus and C.J. around two million, prices, and, so far, consumers Schulten said. They repre-
The Garden of Eden A17 Moore, along with Shaka are paying up. sented a significant drag for
Toney of the Washington Com- but it’s a start The maker of Pampers dia- P&G in the quarter and will
manders—were suspended in- pers and Tide detergent continue to be a drag on the
CONTENTS Obituaries............... A13
Books..................... C7-12 Opinion........... A15-A17 definitely, through at least boosted quarterly sales and volume of products P&G sells.
Business News...... B3 Sports....................... A18 2023, for betting on NFL BY JIMMY VIELKIND profit after raising prices P&G is among the first con-
Food...................... D9-10 Style & Fashion D2-3 games this past season. De- AND JOSEPH PISANI about 10% across its various sumer-product companies to
Gear & Gadgets D12-13 Travel........................... D4
Heard on Street...B12 U.S. News............ A2-8
troit released Messrs. Cephus brands in the March quarter shed light on the consumer
Markets..................... B11 World News.. A10-13 and Moore when their suspen- Kathleen Corradi’s anti-rat from a year earlier. It was the mood at the start of the year,
sions were announced. bona fides date to grade school, second straight quarter with a with U.S. inflation moderating
Two others, Lions wide re- when she organized a petition 10% year-over-year increase as and recession concerns loom-
> ceivers Jameson Williams and drive to have her Long Island the global company passed ing. P&G’s latest quarterly re-
Stanley Berryhill, received six- NEW PEPSI town do something about an along higher costs and wid- sults were better than Wall
game bans. Although the league The PepsiCo plan infestation behind her house. ened its profit margins. Street’s expectations. Shares
didn’t specify their violations, Now, she has been crowned “The U.S. consumer is hold- of P&G gained 3.5% in Friday
the team said their suspensions to make it OK to eat New York City’s rat czar. ing up well,” Chief Financial trading.
s 2023 Dow Jones & Company, Inc.
All Rights Reserved were because of “other gam- more chips. B1 The 34-year-old beat out Officer Andre Schulten said on P&G, whose premium
Please turn to page A8 Please turn to page A14 a Friday call with analysts. Please turn to page A8
A2 | Saturday/Sunday, April 22 - 23, 2023 * ***** THE WALL STREET JOURNAL.
U.S. NEWS
THE NUMBERS | By Josh Zumbrun
Buyer Beware on Debt-Ceiling Insurance

As the U.S. issue additional debt to meet Debt Protection or lower. A $1 million invest-
government its spending obligations, in- ment might earn $20,000.
The cost of insuring U.S. debt for one year via credit-default swaps has soared to the highest
nears yet an- cluding interest on previously Since interest rates have risen,
on record as the debt-ceiling debate has heated up.
other debt- issued debt. Treasury has re- you can get that same amount
ceiling crisis, sorted to extraordinary ac- $10,000 per $1 million of debt of interest on a much smaller
an obscure counting measures to pay the bond investment. Some 30-
RECESSIONS
RECESSION Debt-ceiling crisis
Wall Street instrument is government’s bills but warns year bonds from 2020 are
gaining attention for the first it will exhaust those options 8,000 Fiscal-cliff crisis priced for as little as 57 cents
time in 10 years. by as early as this summer. on the dollar.
It’s basically an insurance Still, credit-default swaps An investor whose bond is
6,000
contract known as a credit-de- are far from a perfect gauge worth 57% of what he paid
fault swap, whose price is of how likely the U.S. is to fail might perceive a way out of
commonly interpreted as the to pay interest and principal 4,000 this. If he buys a credit-de-
probability the U.S. will de- on time. They can reflect the fault swap, and the govern-
fault on its Treasury debt. As behavior of just a handful of ment defaults, that 30-year-
of April 19, investors were participants responding to 2,000 bond that’s worth $570,000
willing to pay $9,600 a year to regulatory requirements or could be paid out at the origi-
insure $1 million in U.S. Trea- idiosyncratic trading strate- nal $1 million value. This
0
sury debt, up from $1,400 at gies. wasn’t true in 2011 and 2013.
the start of the year. That’s 2008 ’10 ’15 ’20 ’23 (Math over.)
A
even more than during major credit-default swap
T
Source: S&P Global Market Intelligence
budget fights in 2011 and 2013 works like insurance. A he point is some trad-
when, like now, Republicans in buyer pays a premium, ing contracts, a pittance rela- dall, the chief economist of effectively a default.” ers might be overpay-
Congress were refusing to currently $9,600 a year on $1 tive to the $23 trillion of Wrightson ICAP, calls a U.S. But Treasury doesn’t get to ing for swaps as a long-
raise the statutory ceiling on million of debt (typically marketable Treasury debt. In default “the financial uni- decide what causes these con- shot effort to cash out of a
how much Treasury could bor- quoted as 96 basis points, or recent years, the market has verse’s equivalent of the here- tracts to pay out—that is up bad bond bet.
row unless a Democratic pres- 0.96%). In exchange, a seller seen so little trading that after”—nobody knows what’s to an obscure group called Mr. Sparks of MSCI notes
ident agreed to cut spending. will pay the buyer the bond’s prices “are based on few, if on the other side. the Credit Derivatives Deter- this gamble only makes sense
“This is a direct way of ob- full face value if the issuer any, market transactions,” re- The U.S. defaulted briefly minations Committees. if you think there really is
serving how financial markets defaults. searchers at the Federal Re- in April and May of 1979 on The contracts include a some risk that the U.S. gov-
are trading this,” said Andy If no one thinks Treasury serve Bank of New York said $122 million of Treasury bills, three-day grace period before ernment will at least briefly
Sparks, head of portfolio- will default, this insurance in 2020. largely because of a failure in paying out “to avoid technical fail to make bond payments.
management research at New should be ultracheap. Perhaps That low liquidity means a word-processing software. triggers that could be caused So if a credit-default swap
York-based MSCI. nobody would bother buying buyer might have to pay more Despite being only temporary, by natural disasters, human is a biased measure of the
Mr. Sparks said the current it at all. But if default be- for a contract than the risk of researchers estimate the error or catastrophic events,” probability of default, does
prices correspond to a 2% comes a real possibility, the default would imply. event pushed interest rates according to the body that that mean its increase this
perceived probability of a de- price and the number of buy- Why would anyone over- on Treasury bills up 0.6 per- standardizes the agreements. year can be ignored? Mikhail
fault. That is low compared ers would climb. pay? Perhaps to satisfy regu- centage point. After that, it’s up to the com- Chernov, a professor of fi-
.
with, say, a corporate bond, In the decade since the lators. When regulators raise In theory, Treasury could mittee. nance at UCLA’s Anderson
but uncomfortably high for most recent fiscal showdown, concerns about risk, a bank continue to pay interest on Finally, the contracts have School of Management, has
ly
something that could be a fi- however, researchers have can respond by buying insur- debt by withholding noninter- value currently that they studied the market for years
nancial calamity. raised doubts about the ance against that risk, even if est payments. But Treasury lacked in 2013, a development and his conclusion is that de-
The statutory $31.4 trillion meaning of this contract. it doesn’t really think default Secretary Janet Yellen has said that will require three short spite the market’s idiosyncra-
debt limit was hit in January.
Treasury can refinance exist-
ing debt without breaching
the limit. But the U.S. must
First, the market is sur-
prisingly small: Depository
Trust & Clearing Corp. shows
$12 billion in gross outstand-
on
is realistic.
Another reason for skepti-
cism is uncertainty about how
contracts pay out. Lou Cran-
missing “any obligation,
whether it’s to debtholders, to
members of our military or to
Social Security recipients, is
paragraphs of bond math to
explain.
An example: In 2020, 30-
year bonds had coupons of 2%
sies, a rising price probably
does reflect a rising risk of
default. That can’t really be a
good thing.
us ,
l
Banking earned an exemption, too. left many banks sitting on big

e
al a
The changes under consider- unrealized losses, meaning the

ation would likely reverse that prospective rule change would
Loophole reprieve, meaning unrealized hit their capital ratios harder

ci on
losses would dent capital levels. than it would have in the low-
“Available for sale” securities rate world. A key balance-sheet
Reviewed played a role in the downfall of

SVB, which had availed itself of
the exemption. In March, SVB
metric that includes unrealized
losses on “available for sale”
securities at Pittsburgh-based
er s
said it had sold a chunk of secu- PNC was negative $9.1 billion
Continued from Page One rities at a nearly $2 billion loss at the end of the first quarter,
m er
the people said. A proposal and said it would sell stock to compared with negative $5.7
could come as soon as this raise capital. That raised fears billion a year earlier.
summer, and any changes of dilution for existing share- Tougher rules were already
would be phased in, poten- holders and highlighted for in- on the way for the biggest
tially over a couple of years. vestors the risk of unrealized banks, as the Fed, the Federal
m rp
Regional banks such as U.S. losses on SVB’s books. SVB Deposit Insurance Corp. and
Bancorp, PNC Financial Ser- shares plunged, and customers the Office of the Comptroller
vices Group Inc., Truist Finan- pulled $42 billion in deposits of the Currency moved toward
cial Corp. and Capital One Fi- the next day, prompting regula- imposing new regulations
nancial Corp. could be tors to seize the bank. crafted by regulators after the
co Fo
affected, and could be made to SVB was sitting on even 2007-09 financial crisis.
bolster capital. That could bigger unrealized losses in a The latest step in that over-
prompt steps such as trim- separate bucket of securities haul is expected to be proposed
ming buybacks, retaining more that the bank said it would in June, in conjunction with a
earnings or raising new capital hold to maturity. Those losses proposal to close or narrow the
ANDREA MEROLA/BLOOMBERG NEWS
from investors. Banks are aren’t recognized either in the “available for sale” exemption.
planning to fight rule changes. “One way of making banks
Mr. Barr has hinted at a se- safer for the whole economy is
ries of tougher rules to come to ensure a larger capital buf-
after SVB’s failure, changes he
Regulators weigh fer,” said David Kass, a finance
said would boost the resilience extending tougher professor at the University of
of the financial system. He Maryland’s Robert H. Smith
noted SVB’s capital levels
restrictions to about School of Business.
n-
didn’t have to reflect unreal- 30 companies. Even without any rule

Tourists visiting a shopping area in Venice this month. Europe’s economy kept growing in April, ized losses on certain securi- change, U.S. Bank—as U.S. Ban-
with little sign that March’s banking turmoil had an impact in either the U.S. or Europe. ties. corp is known—has said it ex-
“We are evaluating whether pects to be subject to more
no
Services Demand Boosts

application of more stringent bank’s financial statements or stringent rules soon. The Min-
standards would have in regulatory capital. neapolis-based firm is growing
prompted the bank to better The changes under consid- and is likely to cross an existing
manage the risks that led to its eration by the Fed wouldn’t threshold for lenders with more
Business in U.S., Europe

failure,” he told lawmakers. apply to the treatment of than $700 billion in assets. Ex-
The potential change he losses for those securities, but ecutives on Wednesday said on
mentioned relates to how may be addressed later. an earnings call with analysts
banks in regulatory capital Supporters of a change to that change would happen “no
BY PAUL HANNON increased risk of a recession. hike,” said Franziska Palmas, measures reflect unrealized capital rules for unrealized earlier than the end of 2024.”
AND HARRIET TORRY The U.S. surveys of pur- an economist at Capital Eco- gains and losses for securities losses on banks’ “available for Chief Executive Andy
chasing managers indicated nomics. labeled “available for sale.” sale” securities say this would Cecere said he didn’t think the
U.S. and European business both manufacturing and ser- With energy prices falling Banks have the option of sell- have forced SVB to address bank would have to raise capi-
activity rose in April at the vices output accelerated in after a milder-than-usual win- ing such securities or holding the issue far earlier as interest tal to boost its ratios but
fastest pace in about a year, a April. Job growth picked up, ter, the eurozone economy ap- them to maturity. rates began rising. could instead rely on higher
boost for the global economy and average prices charged pears to have rebounded in Under post-financial crisis Banks, however, say the earnings and other measures.
but a potentially complicating for goods and services rose at 2023, boosted by a rise in rules, banks with more than change could lead to higher He called increasing the capi-
factor for central banks work- the fastest pace since Septem- household spending and fac- $250 billion in assets were di- government borrowing costs tal ratios “priority one.”
ing to reduce high inflation. ber. tory output. The JPMorgan rected to include unrealized and mortgage rates. They say HoldCo Asset Management,
Demand for services drove JPMorgan economists esti- economists estimate the euro- gains and losses on such securi- having to hold more capital, an investment firm with a short
the growth, according to sur- mate the U.S. economy grew zone economy grew at a 1% ties in their capital ratios. coupled potentially with limita- position in U.S. Bank stock, on
veys by data firm S&P Global at a 3.3% annual rate in the annual rate in the first three Smaller regional banks, how- tions around securities they Monday released a presentation
covering U.S., eurozone and first quarter. The Commerce months of the year. ever, were allowed to skip this plan to hold to maturity, could raising concerns about the
U.K. businesses. That kept Department releases its esti- Some economists worry requirement based on the argu- instead prompt lenders to pull lender’s capital levels. The firm
pressure on price increases in mate of U.S. gross domestic that further rate rises would ment that it would introduce back from buying long-term estimated a key capital ratio
regions where inflation last product on Thursday. While threaten to deepen strains in too much volatility into their Treasury debt and mortgage- would fall to 6.1% from 8.4% if
year reached its highest level the U.S. economy has proven Europe’s banking system, cre- capital metrics. In 2019, the backed securities. U.S. Bank had to account for its
in decades. more resilient this year, most ating a vicious circle detri- largest U.S. regional banks Rising interest rates have securities losses.
Central banks on both sides economists in a recent Wall mental to the region’s econ-
of the Atlantic have indicated Street Journal survey expect omy.
they intend to continue rais-
ing interest rates until infla-
stubborn inflation and high
interest rates will lead to a re-
“With any further rate in-
crease, the risk that some-
CORRECTIONS  THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
tion moves lower.
“Real activity in advanced
cession in the next 12 months.
Europe’s economy also kept
thing breaks increases,” said
Carsten Brzeski, an economist
AMPLIFICATIONS (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
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economies continues to shrug growing in April, the S&P at ING Bank. Periodicals postage paid at New York, N.Y., and other mailing offices.
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U.S. inflation eased to 5% in Bank of England is also ex- turmoil, which could crimp number of wayside detectors Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com
March, its lowest annual rate pected to raise its key rate for lending conditions. in its network. In some edi- Need assistance with your subscription?
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 22 - 23, 2023 | A3
U.S. NEWS
Families Haggle for More College Aid

New tools give parents line, when most schools expect called MeritMore.com after
students to commit. muscling through her daughter’s
some leverage with Colleges have long held financial-aid process in 2019.
schools as the May 1 most of the information, and “It’s like playing poker with the
therefore the leverage, but devil,” she said. “Parents are al-
deadline approaches that may be changing. Pan- ways at a disadvantage.”
demic-era declines in enroll- Mark Salisbury, the former
BY DOUGLAS BELKIN ment mean many middle-mar- dean of academic affairs and
ket colleges have weaker director of institutional re-
Last April, John Strubulis hands to play. Entrepreneurs search and assessment at Au-
played a game of chicken with and savvy parents are creating gustana College in Rock Island,
the college his daughter wanted websites that post information Ill., created a crowdsourced
to attend, Butler University. If to help other prospective stu- website called TuitionFit that
ALEX SCOTT FOR THE WALL STREET JOURNAL
he won, his family would save dents understand the opaque allows students to enter their
$20,000 in tuition. If he lost, world of a college’s finances. grade-point average, ACT or
she would head to her second The best-case scenario for SAT score and family’s finan-
choice, Marquette University. families is to leverage that in- cial status to see merit-aid of-
Mr. Strubulis, a product man- formation to start a bidding fers given to comparable stu-
ager for a packaging company war between schools for their dents in real-time. To date the
with decades of experience ne- tuition dollars. site has collected about 30,000
gotiating contracts, had written Mr. Strubulis used a rela- prices in its data set from
Butler a letter asking for more tively new website to find out about 10,000 students, he said.
financial aid. The school politely how much money Butler was “It’s like a Kelley Blue Book
declined, he said. giving to students whose aca- of college prices,” says Mr.
So as the deadline for pick- demic and financial profile was Mark Salisbury co-founded TuitionFit to create college-price transparency using crowdsourced data. Salisbury.
ing a school drew near, Mr. comparable with his daughter’s. Mr. Strubulis heard about
Strubulis sat at his kitchen ta- Schools often say they try to agement, echoed that senti- As tuition and debt have sky- survey taken by Sallie Mae, a TuitionFit from a friend and
ble and wrote a second letter limit confusion and negotiation ment in an email: “Our best aid rocketed, pressure has grown major student-loan purveyor, posted his daughter’s informa-
to Butler indicating that while by making their best offer offer is provided upfront.” for more transparency in col- reported 40% of students ap- tion. The site showed him that
his daughter loved the school, first. For decades, schools made lege pricing. Mr. Peck is part of pealed their aid package. similar students had received
she had a better deal to study “At Marquette, we try to be an offer, and families either a growing class of consultants Schools are required to post better offers from Butler,
somewhere else. clear and upfront and not cre- accepted or rejected it, said who offer advice on how best to net-price calculators to help which prompted him to write
His daughter was nervous. ate a game,” said Brian Troyer, Joel Peck, a certified public negotiate for more merit aid. He families estimate costs, but the second letter.
“She said, ‘Dad, don’t mess this dean of undergraduate admis- accountant and expert in fi- charges $1,800 per student and they are not always accurate. Butler came back with an
up!’ ” Mr. Strubulis said. sions. Marquette’s website says nancial-aid negotiations. says he averages discounts of This asymmetry of informa- added $5,000 a year in scholar-
More families are taking the less than 2% of financial-aid “Most people think you ne- more than $10,000 a year. tion gives schools the edge in ships, reducing his daughter’s
once-unheard-of step of negoti- appeals are accepted. gotiate over the cost of a house Starting about a decade ago, negotiations, said Neeta Vallab, total cost to $148,000 over four
ating financial aid with col- Lori Greene, Butler’s vice or a car but not college, college more families began to appeal who founded a free website for years, he said. “It’s a big chunk
leges before the May 1 dead- president for enrollment man- is somehow different,” he said. the financial-aid award. A 2022 managing admissions processes of change,” Mr. Strubulis said.
.
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TAYLOR GLASCOCK FOR THE WALL STREET JOURNAL (2)
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Hunger Hits Troops, Veterans Hard

BY BEN KESLING Nicole Schwegman, including a
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congressionally mandated 4.6%

HINES, Ill.—Every Thursday, pay raise for service members
Bob McMahon—often in his and an 11% increase in food al-
trademark Marine Corps sweat- lowance this year.
shirt and ball cap—volunteers The VA created a food secu-
co Fo
in a food pantry at the Hines rity office in 2022 to address

VA Hospital in suburban Chi- hunger among veterans, ac-
cago that helps veterans, according to Anne Utech, director
tive-duty troops and hospital of nutrition and food services
employees. at the VA. But the VA lacks
Mr. McMahon, a 63-year-old comprehensive information Bubble 2. Sofa, designed by Sacha Lakic.
who served in the Marines just about the scope of the problem.
after the Vietnam War and left According to VA data, 2% of
the service as a Private First veterans face food insecurity, a
Class, was homeless when he statistic Dr. Utech said is hard
first came to the Edward Hines At top, volunteers distributed provisions at the weekly food to believe. USDA data indicate
Jr. VA Hospital program in pantry at the Edward Hines Jr. VA Hospital in Hines, Ill., where about 11% of working-age veter-
2013, which he credits with former Marine Bob McMahon, above, volunteers. ans experience food insecurity.
n-
saving his life. The pantry Some of Mr. McMahon’s is-

serves more than 100 veterans culty maintaining careers be- In March, Democratic Sens. sues began when he was on ac-
a week, said Kerry Thomas, a cause service members move Kirsten Gillibrand and Elizabeth tive duty stationed in Twenty-
licensed clinical social worker. frequently, and spouses can be Warren called on the Defense nine Palms, Calif., where he
no
Hunger, a pervasive problem unemployed for stretches at a Department to accelerate the worked with tanks. Today he
in the U.S., is worse in the mili- time. Some 40% of military program to bring eligible fami- struggles with chronic obstruc-
tary than it is among the popu- families with unemployed lies’ income to 150% of federal tive pulmonary disease and
lation at large. Nearly a quarter spouses faced food insecurity poverty guidelines. other ailments he said comes
of active-duty troops report of some kind, according to the Defense Secretary Lloyd from exposure to concentrated
some level of food insecurity, Defense Department. Austin said during an exchange diesel fumes.
according to a 2022 Defense Military members also often with Sen. Gillibrand during a He lost his home to foreclo-
Department report, compared have to pay out-of-pocket for Senate committee hearing that sure more than a decade ago
with about 10% of the general expensive cross-country moves the increase would be made in and was homeless for 3½ years,
population, according to the and rent and utility deposits, July, earlier than originally living in a tent on the Chicago
Agriculture Department. The then wait months for reim- scheduled. River, bathing and shaving ev- P A U L M O R E L L I . COM
USDA defines food insecurity bursement, Dr. Asch said. “DoD is pleased with its suc- ery day at the city’s Union Sta-

as a lack of consistent access to The Defense Department cessful implementation of the tion.

enough food to live an active, started the Basic Needs Allow- Basic Needs Allowance pro- He said that when he left
healthy life. ance in January, a safety net gram,” said spokeswoman Jade the service, he didn’t get robust

Food insecurity among ac- for military families designed Fulce. “Upon transition to the transition services. The VA had
tive military has complicated to bring their income up to 150% of the federal poverty few outreach services at that
causes. It isn’t solely a matter 130% of federal poverty guide- guideline threshold, the depart- time, he said, but now provides
of income; troops’ earnings lines, or about $29,940 a year ment expects to see an increase much more. He got housing
outpace that of peers in the ci- for a three-person family. in the number of service mem- through a joint VA/HUD pro-
vilian sector, according to Beth The rollout has been slow. bers who are eligible for the Ba- gram and food and other ser-
Asch, a senior economist at Each service is required to de- sic Needs Allowance.” vices at the Hines VA program,
think tank Rand Corp. termine which members are el- The Defense Department has where he started volunteering.
In many civilian households, igible and tell them how to ap- other initiatives to boost finan- “Now, there’s no excuse why
both spouses work. But mili- ply for the extra money, but cial stability for military fami- you can’t get taken care of,”
tary spouses often have diffi- few have been signed up. lies, said spokeswoman Cmdr. Mr. McMahon said.
States Urge Kia, Hyundai Recall Due to Thefts

BY GARETH VIPERS Hyundai Motor Co. and Kia be forced to shoulder the cost “Because there is no defect
Corp. vehicles manufactured of Kia’s and Hyundai’s fail- in the security features in any
The attorneys general of 17 between 2011 and 2022 lack ures.” of these vehicles and because
states urged the federal gov- engine immobilizers, making The South Korean auto mak- these specific models comply
ernment to issue a recall for them particularly vulnerable to ers are facing pressure over fully with all applicable federal
millions of Hyundai and Kia thefts that have become a viral the issue, which affects about standards, a recall is neither
vehicles, claiming the compa- trend on social media, Califor- 4.5 million Kias built since 2011 appropriate nor necessary un-
nies have failed to take ade- nia Attorney General Rob and about 3.8 million Hyundais der federal law,” a Kia spokes-
quate steps to address a surge Bonta said. built since 2016, according to person said. The company said
in car thefts. “Instead of taking responsi- the companies and NHTSA. it is working to address con-
In a letter sent to the Na- bility with appropriate correc- A spokesman for Hyundai cerns of the attorneys gen-
tional Highway Traffic Safety tive action, these car makers said the company’s vehicles eral.
Administration on Thursday, have chosen instead to pass were compliant with federal Several U.S. cities have
the group said the auto mak- this risk onto consumers and antitheft requirements. Among sued Kia and Hyundai, blaming W I LD C H I LD N EC K L AC E
ers’ failure to install standard our communities,” Mr. Bonta steps the car maker has taken them for the surge of joy rid- W I T H M U LT I - C O L O R S A P P H I R E S &
safety features on many of said. to help customers was a soft- ers stealing their cars, damag- BRILLIANT DIAMONDS
their vehicles has put owners “It is unacceptable that fam- ware upgrade to prevent the ing property and draining po-
and the public at risk. ilies and communities should thefts, he said. lice resources.
A4 | Saturday/Sunday, April 22 - 23, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.
U.S. NEWS
FAA’s
Acting
FROM LEFT: SHAWN THEW/EPA/SHUTTERSTOCK; EVELYN HOCKSTEIN/REUTERS
Chief
To Depart
BY ANDREW TANGEL
AND ALISON SIDER
The Federal Aviation Ad-

ministration faces a potential
leadership vacuum as its act-
ing chief has decided to leave
the U.S. air-safety regulator.
Billy Nolen announced his
departure plans Friday in a
letter to agency employees. He
Ron DeSantis, left, now trails Donald Trump by 13 points in a survey of GOP voters about a potential head-to-head matchup for the 2024 Republican nomination. plans to leave the agency
Trump Tops DeSantis in Poll of GOP

sometime this summer, ac-
cording to his letter.
A pilot and former airline
executive who has served as
acting administrator of the
agency for about a year, Mr.
BY ALEX LEARY If the Republican presidential primary or caucus were held today, for whom would you vote?* approval rating remains un- Nolen has taken himself out of
derwater, with 42% of voters consideration by the White
Donald Trump has gained Donald Trump approving of his performance House to fill the job perma-
command of the GOP presi- 48% in office and 56% disapprov- nently, people familiar with the
dential-nomination race over Ron DeSantis 24 ing. Yet, Mr. Biden draws more matter said.
Ron DeSantis, a new Wall support than his 42% job ap- Federal officials haven’t
Street Journal poll finds, with
Nikki Haley 5 proval rating in test matches disclosed who will take over
the former president building Tim Scott 3 against both Messrs. Trump as acting administrator in the
support across most parts of and DeSantis. One reason is interim until a permanent
the primary electorate as the
Vivek Ramaswamy 2 that voters who only “some- leader is confirmed by the U.S.
Florida governor has struggled Undecided 13 what disapprove” of Mr. Bi- Senate. Under federal law, Mr.
on the national stage. den’s job performance, rather Nolen can serve as acting ad-
Mr. DeSantis’s 14-point ad- than strongly disapprove, say ministrator for several more
Share of GOP primary voters who say each trait better describes Trump or DeSantis
vantage in December has they would pick him over both months, people familiar with
fallen to a 13-point deficit, and Strong leader Stands up for what Has an impressive Shares my values
potential GOP nominees. the matter said. He was named
he now trails Mr. Trump 51% he believes record And Mr. Fabrizio, who the agency’s safety chief in
to 38% among likely Republi- BOTH works for a pro-Trump super January 2022.
53%
.
can primary voters in a hypo- EQUALLY PAC, said that Mr. Biden tops “Now it is time for a new
thetical head-to-head 46 42 Mr. Trump by 54% to 15% captain to guide the FAA,” Mr.
ly
matchup.
39 among voters who disapprove Nolen wrote, adding he had
33
The GOP candidate field is 23 22 of how both men have handled told Transportation Secretary
still developing, and the first 21 14 23 24 the office of the presidency. Pete Buttigieg and notified the
11
primary balloting is more than
eight months away. But as of
now, Mr. Trump also trounces
all competitors in a test of a
Trump DeSantis
on Mr. Trump has focused his
attacks in recent weeks on Mr.
DeSantis’s support while a
member of Congress for bud-
White House of his plans to
depart “as a new nominee is
named this summer.” Mr. No-
len said in the letter that he
Cares about people Is most conservative Has best chance of Has the right
fuller, potential field of 12 Re- get resolutions calling for wanted to focus on his family.
us ,
like me beating Biden temperament

publicans, winning 48% sup- changes to Social Security and Mr. Buttigieg said that Mr.
l
port to 24% for Mr. DeSantis. 48 Medicare. The Journal poll

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al a
Nikki Haley, the former 39% 41 found that Republican primary

35 37
South Carolina governor, 31 voters by an 18-point margin
draws 5% support, and South 25 17
28 want Social Security and
Federal officials
ci on
Carolina Sen. Tim Scott draws 14 13 13 Medicare to be preserved in haven’t disclosed

3% in the survey, which in- their current form, rather than
cluded 600 likely GOP primary Trump DeSantis subject to changes that could
who will take on the
voters. All other candidates
*Mike Pence, Glenn Youngkin, Chris Sununu, Kristi Noem, Chris Christie and Asa Hutchinson had 1% or less.
entail benefit cuts intended to role in the interim.
had 2% support or less. extend the solvency of the
er s
Source: Wall Street Journal poll of 600 likely Republican primary voters,
Mr. DeSantis’s strength in conducted April 11–17; margin of error +/– 4 pct. pts. Rosie Ettenheim/THE WALL STREET JOURNAL programs. Voters who back
the Journal’s December poll Mr. DeSantis favor a candidate
m er
came on the heels of his 19- Mr. DeSantis losing ground to the field; you can take all of feated Mr. Trump by 4.5 per- who will push for changes. Nolen had helped the FAA keep
point re-election victory in Mr. Trump among voters who the candidates out.” centage points. Mr. DeSantis has waded safety at the forefront during a
Florida. The governor, who call themselves “very conser- Still, the poll finds a num- The poll also shows poten- heavily into fights over gen- complex period. “Billy is a tre-
has been slow to engage with vative”—a group that makes ber of advantages for Mr. De- tial general-election vulnera- der, race and climate. This mendous leader, a true expert,
Mr. Trump for fear of alienat- up about half of the GOP pri- Santis. He carries a more posi- bilities for Mr. DeSantis as he week he renewed a battle with and a dedicated public ser-
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ing his supporters, has since mary electorate. Mr. DeSantis tive image than Mr. Trump, seeks to rack up conservative Walt Disney Co., which op- vant,” Mr. Buttigieg said.
hit a rough patch as he ap- has also ceded substantial with 84% viewing him favor- policy victories during the posed legislation signed by The Biden administration’s
proaches a formal entrance in support to the former presi- ably, versus 78% who say so of Florida legislative session. Mr. DeSantis that bars teach- pick to lead the FAA on a per-
the race. dent among women and voters Mr. Trump. Some 41% of GOP A six-week abortion ban, ing about sexual orientation or manent basis, Denver airport
This week, a series of U.S. with four-year college degrees. primary voters say Mr. DeSan- which he signed into law last gender identity in early ele- chief Phil Washington, with-
co Fo
House members from Florida Molly Murphy, a Demo- tis would have the better week, is overwhelmingly pop- mentary-school grades. On drew earlier this year after his
rebuffed him by endorsing Mr. cratic pollster who helped chance of beating Mr. Biden, ular with Republicans but op- Wednesday, the DeSantis ad- nomination ran into trouble in
Trump, and he recently drew conduct the survey with Dem- while 31% say Mr. Trump posed by 53% of voters over- ministration expanded that the U.S. Senate.
GOP criticism for comments ocrat John Anzalone and Re- would be stronger. all, including 64% of white restriction through 12th grade. Mr. Nolen’s planned depar-
describing the war in Ukraine publican Tony Fabrizio, said Among the 1,500 registered suburban women, a coveted The Journal poll of 1,500 ture comes as the agency faces
as a territorial dispute. that Mr. Trump showed dura- voters in the survey, Mr. De- swing group. By 2 to 1, voters registered voters, with a mar- challenges including a spate of
At the same time, Mr. bility with his dominating Santis leads Mr. Biden 48% to oppose allowing people to gin of error of plus or minus near-collisions at U.S. airports
Trump has stepped up cam- leads both against Mr. DeSan- 45% in a hypothetical contest, carry a concealed handgun 2.5 percentage points for the and failing technology that
paign activity—and attacks on tis and in the multicandidate while Mr. Trump lags behind without a permit, another full sample, was conducted earlier this year ground U.S.
his rival—since the Journal’s field. the Democratic president by 3 measure Mr. DeSantis signed April 11-17 by Impact Research air traffic to a halt. The
December poll, and he has en- “If you are with Trump, you points. Both leads are within into law. and Fabrizio, Lee & Associates. agency is revamping how its
joyed GOP solidarity in the are with him,” said Ms. Mur- the poll’s margin of error of Mr. Biden, who is expected The margin of error was plus safety regulators approve new
face of criminal charges filed phy, whose firm has worked plus or minus 2.5 percentage to announce his re-election bid or minus 4 percentage points airplane designs in the wake
n-
against him in New York. for President Biden. “You can points for the full sample of as soon as next week, shows among a sample of 600 likely of two deadly Boeing 737 MAX
The new Journal poll finds throw 10 other candidates in voters. Mr. Biden in 2020 de- weaknesses as well. His job Republican primary voters. crashes in 2018 and 2019.
no
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U.S. NEWS
Hunter Biden’s Lawyers, DOJ to Meet

President’s son is criminal investigations. to business expenses, along tion, Hunter Biden said he was ate Judiciary Committee, on
The request for the meeting with a false-statement charge “confident that a professional March 1, Attorney General
seeking an update on predated a letter sent to Con- connected to an October 2018 and objective review of these Merrick Garland said Mr.
status of long-running gress on Wednesday, in which gun purchase. matters will demonstrate that Weiss has broad independence
a lawyer for an Internal Reve- At the time of the gun pur- I handled my affairs legally to pursue charges against the
investigation nue Service criminal supervi- chase, Mr. Biden completed a and appropriately.” younger Mr. Biden.
sory special agent said his cli- federal form in which he alleg- Scrutiny of the president’s In the House, Republican
BY C. RYAN BARBER
GRIPAS YURI/ABACA/ZUMA PRESS

ent has information about edly answered no to the ques- son appears to be heating up. lawmakers have ratcheted up
alleged political interference tion of whether he was ad- In the letter to Congress on investigations into the Biden
WASHINGTON—Defense in the criminal investigation, dicted to or using drugs. Mr. Wednesday, the IRS supervi- family since retaking the major-
lawyers for Hunter Biden are which is focused on Mr. Bi- Biden has acknowledged that sor’s lawyer said his client has ity. Meanwhile, the younger Mr.
set to meet next week with den’s taxes and whether he he had a serious drug problem information suggesting that Biden has adopted a more ag-
the U.S. attorney in Delaware made a false statement in con- during that time period. the Justice Department is mis- gressive legal strategy that has
and at least one senior Justice nection with a gun purchase. Investigators have believed handling the investigation into rankled some of the president’s
Department official to discuss A Department of Justice for months that they have President Biden’s son. The su- advisers, according to people
the continuing criminal inves- spokesperson didn’t immedi- enough evidence to bring pervisor also has information, familiar with the response.
tigation into President Biden’s ately respond to a request for Hunter Biden charges against the younger the letter said, about a “failure As part of that strategy, he
son, according to people fa- comment. Spokespersons for Mr. Biden, The Wall Street to mitigate clear conflicts of hired the Washington defense
miliar with the scheduled the U.S. attorney’s office in Biden administration to over- Journal and other news out- interest in the ultimate dispo- lawyer Abbe Lowell, who ear-
gathering. Delaware and for Hunter Bi- see the inquiry into the presi- lets have reported. Prosecu- sition of the case,” along with lier this year sent letters to
In recent months, the youn- den’s legal team declined to dent’s son. tors have weighed whether information that would con- the Justice Department and
ger Mr. Biden’s legal team ap- comment. The planned meet- Federal prosecutors in Mr. Hunter Biden’s well-docu- tradict sworn testimony by a other federal and state law-en-
proached the Justice Depart- ing was earlier reported by Weiss’s office are considering mented drug addiction would “senior political appointee.” forcement agencies urging
ment about having a meeting CNN. four possible charges against present a defense against a The IRS supervisor is seek- them to investigate a Delaware
to present its view of the evi- Among those expected to Hunter Biden, according to potential criminal tax case, the ing whistleblower protections. computer repair shop owner
dence and receive an update attend the meeting is U.S. At- people familiar with the inves- Journal previously reported. A White House spokesman and allies of Mr. Trump, alleg-
on the status of the long-run- torney David Weiss, who was tigation. Those include two Mr. Biden hasn’t been said the president has made ing that they broke the law to
ning investigation, the people named as the top federal pros- potential misdemeanor charged and has denied any clear that the Justice Depart- “weaponize” the personal data
said. The Justice Department ecutor in Delaware by Presi- charges alleging that he failed wrongdoing. When he said in ment would independently of Hunter Biden when his fa-
routinely agrees to such meet- dent Donald Trump and has to file taxes and a felony December 2020 that his tax handle the investigation. Dur- ther was running in the 2020
ings with defense lawyers in remained in that role in the charge of tax evasion related matters were under investiga- ing a hearing before the Sen- election.
Gun-Control Measure Gains

No Traction in Tennessee
.
BY CAMERON MCWHIRTER A Republican operative at 28-year-old shooter from
ly
AND MARIAH TIMMS the state Capitol who was famil- Nashville who once attended
GEORGE WALKER IV/ASSOCIATED PRESS

iar with the recent discussions the school shot through a door
NASHVILLE, Tenn.—The on the proposal said Thursday and entered the school firing
GOP-dominated Tennessee leg-
islature wound down its session
Friday evening without taking
up a measure to tighten gun-
“it landed with a thud” in both
chambers. The Tennessee Fire-
arms Association, a gun-rights
group, had lobbied against the
on
at students and staff. Police
killed the shooter at the scene.
The shooting sparked large
and sustained protests in and
control laws following a mass effort. around the state Capitol and
us ,
shooting here, despite a late “It’s dead for the time be- calls for stricter gun-control
l
plea by Republican Gov. Bill Lee. ing,” said Richard Archie, a laws.
e
al a
Mr. Lee backed a proposal member of the group’s board, The demonstrations, some
that would have allowed police on Thursday. of the most boisterous Nash- Demonstrators took part in a protest for gun-control legislation on Tuesday in Nashville, Tenn.
to ask a civil-court judge to re- A representative for Mr. Lee ville has seen in recent mem-
ci on
move firearms from people didn’t respond to a request to ory, involved three Demo- see and across the country. governor proposed. Mr. Lee, whose wife knew peo-
who were at risk of hurting comment. cratic legislators, two of Pro-gun-rights groups dis- The weeks since the shoot- ple killed in the shooting, ini-
themselves or others. Republi- The lack of progress on gun whom were expelled by Re- missed the protests as theater ing have been marked by an tially urged caution in respond-
can leadership blocked it in legislation followed tumultu- publicans before being rein- and mobilized their supporters outpouring of grief across Ten- ing to the incident. In recent
both chambers, leaving it with- ous weeks in Nashville, after a stated days later by their lo- to push elected officials for nessee and anger from many in weeks, he has tried to secure
er s
out a sponsor or a bill number shooting at a private school cal governing authorities. more security around schools Nashville, a predominantly passage of legislation that he
by the time the General Assem- that left six dead, including The expulsions unleashed and to block passage of any Democratic city in a state con- said could reduce the chances
m er
bly adjourned Friday evening. three children. On March 27, a fury from supporters in Tennes- measures such as the one the trolled by the Republican Party. of mass shootings.
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ended federal constitutional
*Medication abortion values available for 2000, 2001, 2005 and every third year after that. Values
protections for the procedure. for missing years interpolated by WSJ.
Since then, more than a dozen Sources: Guttmacher Institute (abortion rate); Centers for Disease Control and Prevention (method)
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A8 | Saturday/Sunday, April 22 - 23, 2023 * ******* THE WALL STREET JOURNAL.
U.S. WATCH
NEW YORK CITY the Biden administration as part marijuana, 12 grams of concen-
of its infrastructure initiatives. trated marijuana, or marijuana
District Attorney, The 6G planning initiative products containing up to 750
Jordan Reach Deal also aims to reassert the lead- milligrams of the psychoactive
ership of the U.S. and its allies compound THC.
Manhattan District Attorney in telecommunications, where Possession of more than an
Alvin Bragg and U.S. Rep. Jim Jor- China has made gains thanks in ounce of marijuana and public
dan (R., Ohio) on Friday agreed to part to careful nurturing of consumption would remain mis-
an arrangement in which a for- homegrown equipment manu- demeanors. The bill also prohib-
mer Trump prosecutor will testify facturing and increased partici- its people from growing their
before a House committee, end- pation in international standard- own marijuana for personal
ing litigation over the matter. setting. consumption.
Under the settlement, the de- —John D. McKinnon The separate industry-cre-
position of former prosecutor ation bill calls for state officials
ANGELIQUE FELICIANO/ASSOCIATED PRESS

Mark Pomerantz, who worked DELAWARE to issue up to 30 initial retail
on the probe of Donald Trump marijuana licenses, 30 manufac-
for Mr. Bragg’s predecessor, Governor Won’t Stop turing licenses, 60 cultivation li-
Cyrus Vance Jr., will go forward Marijuana Law censes and five testing licenses.
on May 12, according to a It includes special license pools
spokesman for Mr. Jordan. “We Delaware Gov. John Carney for “social equity” and “micro-
look forward to his appearance,” said Friday that he would allow business” applicants.
the spokesman said. bills legalizing recreational mar- —Associated Press
The agreement “ensures any ijuana use by adults in the
questioning of our former em- state and authorizing the es- CRIME
ployee will take place in the pres- tablishment of a state-licensed
ence of our General Counsel on a FATAL CRASH: The driver of a fuel delivery truck died in a crash with a car Friday that caused an and regulated cannabis industry Mass Shootings
reasonable, agreed upon time explosion on the Gold Star Bridge on Interstate 95 between New London and Groton, Conn. to become law without his sig- Are on Record Pace
frame,” said a spokeswoman for nature.
Mr. Bragg, a Democrat. was indicted earlier this month WHITE HOUSE for the new 6G communications The Democratic governor’s The U.S. is setting a record
A lawyer for Mr. Pomerantz for his role in paying hush technology, which would have move marks a turnaround from pace for mass killings in 2023,
declined to comment. money to a porn star. Mr. Trump U.S. Plans for 6G the ability to take cloud com- last year, when he vetoed a le- replaying the horror on a loop
Mr. Bragg earlier this month has pleaded not guilty and said Wireless Telecom puting and the mobile internet galization bill championed by roughly once a week so far this
filed a lawsuit against the U.S. the case is motivated by politics. to true global ubiquity, among fellow Democrats. year. The carnage has taken 88
House Judiciary Committee and A federal judge in New York The Biden administration is other improvements. Just last month, Mr. Carney’s lives in 17 mass killings over
Mr. Jordan, seeking to block a earlier this week declined to beginning to plan for 6G wire- The next generation of tele- office said he continued to have 111 days. Each time, the killers
subpoena the lawmaker issued block the subpoena, allowing the less telecommunications, seek- com is still years away from de- strong concerns about the unin- wielded firearms. Only 2009
to Mr. Pomerantz. Mr. Jordan testimony of Mr. Pomerantz to ing to expand internet access ployment, but it could pave the tended consequences of legaliz- was marked by as many such
has said he is investigating polit- go forward. Shortly before he while reasserting U.S. leadership way for global internet access ing marijuana for recreational tragedies in the same period of
ically motivated prosecutions of was set to be deposed, a federal in a sector where China has still unavailable with the current use, including the effects on time.
former presidents. appeals court temporarily put the notched gains. 5G standard, which makes young people and highway Mass killings are happening
The district attorney argued subpoena on hold. The parties on The White House on Friday smartphone downloads and safety. an average of once every 6.53
that Republican lawmakers were Friday evening jointly asked the met with corporate, government wireless hot-spot connections The legalization allows peo- days, according to an analysis
illegitimately interfering with his court to dismiss the appeal. and academic experts to begin faster. Expanding access to the ple 21 and older to possess up of the AP/USA Today data.
prosecution of Mr. Trump, who —Corinne Ramey developing goals and strategies internet has been a priority for to 1 ounce (28 grams) of leaf —Associated Press
U.S. NEWS
.
ly
Higher such as diapers, toothpaste and
toilet tissue, that people must
replenish. Consumers have
to combat inflation.
The maker of Gillette razors
and SK-II skin creams on Fri-
Prices shifted more of their discretion-

ary spending to services, such
as restaurants, travel and
onday said it now expects overall
revenue for the fiscal year
ending in June to rise 1%, after
Boost P&G streaming video, and away from

goods, especially higher-priced
previously issuing guidance
for a slight decline. The com-
us ,
items such as cars and appli- pany kept its profit outlook in-
l
ances that are affected by tact as the stronger dollar off-

e
al a
Continued from Page One higher interest rates. set the benefits from
brands are often the costliest The U.S. consumer-price in- moderating commodity and
on store shelves, has been dex, a closely watched infla- freight costs.
ci on
raising prices and largely out- tion gauge that measures what “Volume trends in the U.S.
paced competitors during the consumers pay for goods and and China are improving,
RICHARD B. LEVINE/ZUMA PRESS

pandemic. It is encountering services, rose 5% in March while inflation pressures in
some pushback to its pre- from a year earlier, the small- Europe are weighing more
mium-product strategy. est gain since May 2021, the heavily on consumption,” Mr.
er s
Consumers are being more Schulten said.

careful with the usage they Overall for the period ended
m er
make of the products they buy March 31, P&G reported net in-
on the back of inflation, Mr.
The company raised come of $3.42 billion, or $1.37 a
Schulten said. prices by about 10% share, compared with $3.37 bil-
Sales volume fell 3% in the lion, or $1.33 a share, a year The maker of Tide detergent said it expects overall revenue for the year ending in June to rise 1%.
March quarter, after slipping 6%
across its brands in earlier. Analysts recently polled
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in the December quarter. The the March quarter. by FactSet expected earnings of Procter & Gamble’s prices and sales volume, change from a year earlier
decline was less than expected, $1.32 a share.
Mr. Schulten said, adding that Sales came in at $20.1 bil- TOTAL COMPANY, QUARTERLY BY MAJOR BUSINESS UNIT, LATEST QUARTER
P&G is seeing global volume lion, topping Wall Street esti- 10%
consumption stabilizing. Labor Department said. In the mates for $19.3 billion. Fabric & Sales volume Prices
co Fo
“Volume levels will slowly U.K., however, March con- Organic sales, which strip 8 home care
improve over time, but it sumer prices were 10.1% out the effects of foreign-ex-
6
won’t happen overnight,” higher than a year earlier, change conversion, acquisitions Grooming
Chief Executive Jon Moeller driven by energy prices. and divestitures, rose 7%, in- 4
said. U.S. consumers are paying creasing in six out of seven re-
“Developments like these lower prices for gasoline and gions. The metric increased 2 Beauty
highlight that there’s a lot go- groceries, but higher prices across all units, led by 9% gains 0
ing on beneath the headline for shelter and airline fares, in the units that produce tooth- Baby, feminine
inflation data. It also high- according to government data. paste and laundry products. –2 & family care
lights that the path to a lower U.S. inflation remains ele- P&G reported lower sales
–4
inflation environment won’t vated—well above the 2.1% av- volume in three of its five di- Health care
necessarily be smooth,” said erage in the three years before visions for the March period, –6
Oren Klachkin, lead U.S. econ- the pandemic and the Fed’s 2% an improvement from the De- 2022 ’23 –5% 0 5% 10%
n-
omist at Oxford Economics. target. The Federal Reserve cember quarter, when all units
P&G sells household staples, has been raising interest rates sold less product. Note: Latest quarter ended March 31. Source: the company
no
outside of the club’s facility,” as laws across America prop bets that were once ta-
Five NFL Alliance Sports said.
Mr. Toney’s agent declined
changed, so did the attitude of
the country’s most popular
boo during television broad-
casts have now become com-
to comment. A spokesperson sport as the league increas- monplace.
Historic American Paintings Players for the Commanders said the
team cooperated with the in-
ingly viewed the shift as a way
to not just make more money
None of that has changed
the strict rules keeping play-
are undervalued. Suspended vestigation and supports the

league’s findings.
These aren’t the first sus-
but also further engage fans.
When a 2018 Supreme
Court ruling struck down the
ers from participating, though,
given the obvious implications
that could have for the legiti-
pensions for breaking the 1992 Professional and Amateur macy of games. The NFL didn’t
Continued from Page One league’s sports-betting rules Sports Protection Act, com- say whether any of the players
Art that appeals to the times bling policy violations, includ- since wagering became monly known as Paspa, which who were suspended indefi-
ing betting from an NFL facility broadly legal, but this marks said states couldn’t sponsor, nitely bet on their own
is currently valued well above art on non-NFL games.” the biggest collection of sus- operate or authorize sports games.
NFL players are prohibited pensions yet. gambling, it opened up new “A league review uncovered
that is timeless. from betting on anything re- Over the past couple of de- frontiers across the country. no evidence indicating any in-
lated to the NFL, and while cades, only two players had Along the way, the league piv- side information was used or
they are allowed to bet on been suspended for such viola- oted to what has become a that any game was compro-
non-NFL games, they can’t do tions. But the modern gam- rather open embrace of gam- mised in any way,” the NFL
Take advantage of this anomaly. so while in any club facility.
“These players exhibited
bling landscape looks dramati-
cally different as states across
bling—while still aiming to en-
sure its players don’t partici-
said.
Recent months have also
decision making that is not the country have legalized the pate. shown that the banned players
consistent with our organiza- practice. Michigan is one of These days, the landscape likely have a pathway back if
tional values and violates the many states where legally has shifted so dramatically there is a team willing to take
league rules,” Lions General betting on an NFL game sim- that there is an NFL team, the them. A year ago, the league
Manager Brad Holmes said. ply requires downloading an Raiders, in Las Vegas—an idea suspended then-Atlanta Fal-
REQUEST OUR CATALOGUE Mr. Williams is the highest- app. that would have seemed radi- cons star receiver Calvin Rid-
profile player of the bunch. He For decades, the NFL had cal just a decade ago. Mean- ley indefinitely for betting on
of important American 19th and was a star wide receiver at Al- been staunchly against the while, the league and teams games. Mr. Ridley, who was
abama in college before tear- proliferation of sports gam- have official partnerships with later traded to the Jackson-
early 20th century paintings. ing his ACL during the na- bling, fearing it could endan- sportsbooks. Along the way, ville Jaguars, was reinstated in
tional-championship game in ger the integrity of games. But discussions of game lines and March.
2022, and the Lions took him
in the first round of the draft
even though he would have to
spend most of his rookie sea-
Q UESTROYAL F INE A RT, LLC son recovering.
Mr. Williams’s agency said
Important American Paintings he takes responsibility for his
DANNY KARNIK/ASSOCIATED PRESS
ADAM HUNGER/ASSOCIATED PRESS
actions and emphasized that he

903 Park Avenue, New York City wasn’t betting on NFL games.
“It is important to note that
(212) 744-3586 Jameson’s violation was not
ASSOCIATED PRESS
for betting on football but

gallery @ questroyalfineart.com rather due to a technical rule
www.questroyalfineart.com regarding the actual location
in which the online bet was
placed—and which would oth-
erwise be allowed by the NFL From left, Detroit’s C.J. Moore and Quintez Cephus, and Washington’s Shaka Toney, drew indefinite bans.
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A10 | Saturday/Sunday, April 22 - 23, 2023 * ***** THE WALL STREET JOURNAL.
WORLD NEWS
Russia Mistakenly Bombs Its Own City
Several are wounded Russian state newswire TASS. crease the use of warplanes. Ukraine. The hub will be set up day after NATO Secretary-Gen- security of our country.”
The blast left a roughly 66-foot A recent leak of classified in Poland near the border with eral Jens Stoltenberg visited “It is obvious that NATO
in Belgorod, in border crater on a central street, and U.S. documents revealed con- Ukraine by the end of May. Kyiv for the first time since continues its line of absorbing
region repeatedly hit damaged cars and apartments. cerns in the U.S. about Ukraine A similar hub will be set up Russia’s invasion. Mr. Stolten- and dragging Ukraine into the
Russia’s Defense Ministry said running low on ammunition in Romania for the German- berg said Ukraine eventually alliance,” he told reporters.
during Ukraine war that during a flight of a Su-34 for its air-defense systems. made Marder infantry fighting would become a member of Meanwhile, the battle for the
aircraft, “an emergency release On Friday, U.S. Defense Sec- vehicles, Mr. Pistorius said. NATO, though he didn’t offer a eastern Ukrainian city of
BY GEORGI KANTCHEV of an air ordnance occurred.” retary Lloyd Austin hosted a He added that those in the timeline. Any decision on ac- Bakhmut continued this week.
AND IAN LOVETT The Belgorod region has meeting of about 50 allies at meeting also agreed to buy cepting new members would Russia has been pressing an as-
been regularly hit by explosions Ramstein Air Base in Germany ammunition for Ukraine from require unanimous agreement sault with limited gains for
Russia said it mistakenly and shelling since the start of to discuss the war and seek across the globe until Western by existing members. months at the cost of tens of
bombed its own territory as Russia’s war on Ukraine in 2022. fresh pledges of military industry manages to signifi- Ukrainian Defense Minister thousands of soldiers injured or
Ukraine’s Western backers met While Russia has rained mis- equipment and nonlethal aid. cantly boost production and Oleksii Reznikov said he met killed. On Friday, TASS, citing a
to discuss future military de- siles on Ukraine for months, The U.S. announced plans begin deliveries to Ukraine. with Mr. Austin. “We are effi- local official, claimed that Rus-
liveries to the country to as- seeking to destroy its critical to send 31 Abrams tanks to Ukrainian President Volod- ciently and transparently lever- sian forces took control of part
sist in Kyiv’s expected coun- infrastructure and deplete its Germany next month and be- ymyr Zelensky said on Thurs- aging the assistance that has of a supply route used by Ukrai-
teroffensive. air defenses, it has used its air gin training Ukrainian forces day that Ukraine was hoping been provided by the American nian forces, cutting off access.
Moscow said one of its jet force sparingly on the front on how to operate them. to be invited to join the North people,” Mr. Reznikov wrote
fighters accidentally dropped a line because of what experts Germany’s defense minister, Atlantic Treaty Organization Friday on Twitter. “The enemy
weapon over the Russian city said were concerns about Boris Pistorius, also announced this year. “It is difficult to will feel the consequences of Watch a Video
of Belgorod near the Ukrainian Ukrainian air defenses. But as ministers’ agreement to fi- even say whose contribution our agreements.” Scan this code
border late Thursday. Vyache- Kyiv prepares for a spring of- nance a repair and mainte- to European and Euro-Atlantic Kremlin spokesman Dmitry for a video on
slav Gladkov, governor of the fensive aimed at recovering nance hub for the fleet of Ger- security is greater than that of Peskov said on Friday that the errant
region, said Friday that three some of its territory, defense man-made Leopard main battle our warriors,” he said. NATO viewed Russia “as an bombing by a
people were hurt, reported experts expect Russia to in- tanks that allies are sending to Mr. Zelensky was speaking a enemy and encroaches on the Russian aircraft.
U.S. Plans
To Send
Tanks
JOSEPH SYWENKYJ FOR THE WALL STREET JOURNAL (4)
In May
BY NANCY A. YOUSSEF
.
The U.S. will send 31
Abrams tanks to Germany next
ly
month and begin training
Ukrainian forces on how to op-
erate them, defense officials
on said Friday, in a step that adds
a small number of the formi-
dable weapons to Ukraine’s ar-
senal as it prepares for a
The funeral procession for Vasyl Pelysh, who died while driving supplies to the front lines in eastern Ukraine, makes its way through the cemetery in Stariy Sambir. spring offensive.
us ,
The U.S. began expediting

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Cemetery Bears Witness to Decades of Strife

its plans for the tanks earlier
e
al a
this spring when the Pentagon

said it would send refurbished
M1A1 Abrams tanks already in
ci on
BY JAMES MARSON and a keen sportsman like his U.S. inventory instead of
father, a sports teacher, and newer M1A2 Abrams tanks,
STARIY SAMBIR, Ukraine— grandfather. moving up their expected de-
Russia’s attempts to stamp its The 28-year-old with livery to the fall. Now, the
control on this nation have shaggy dark hair and a beard tanks designed for training are
er s
killed millions of Ukrainians was lecturing in Lviv, the larg- expected to begin arriving in
over centuries. Dozens of them est city in western Ukraine, in the next few weeks.
m er
are buried in a cemetery cling- 2013 when protests erupted in The M1 Abrams tank is
ing to a hillside in this west- Kyiv against then-President among the most powerful
ern village. Viktor Yanukovych, who was ground weapons in the U.S. ar-
Here, under a monument, trying to turn the country senal, able to close in on en-
lie the remains of some 80 sharply toward Russia. emy tanks, troop positions and
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partisans who died in battles After police and pro-gov- other targets, blast them with
with Soviet security forces. ernment assailants killed sev- its cannon and machine guns,
In the shade of a red-berry eral protesters, Bohdan’s and then speed away. The 31
bush lies Bohdan Solchanyk, a mother, Oksana, asked him U.S.-provided tanks are enough
university lecturer killed by how such things could happen to make one Ukrainian tank
co Fo
police during protests in Kyiv in the 21st century. battalion. There are diesel fuel
against a Russian-backed pres- “Mom, for the Yanukovych variants of M1 tanks, which
ident in 2014. Near the gate regime to fall, there will have to could be among those sent to
stands a more recent grave, be a sea of blood,” he replied. Ukraine, defense officials said.
that of Vasyl Pelysh, who suf- As the violence surged in The announcement comes
fered a fatal wound in Septem- February 2014, Bohdan Solch- ahead of Ukraine’s expected
ber while driving supplies to anyk headed to Kyiv. offensive to drive Russia out
the front lines in the east. “You could die there,” a of some occupied territories in
For many in the West, the friend warned him. the coming weeks.
war in Ukraine is a breaking “It wouldn’t be the worst The immediate aim of
conflict that started in 2022. Vasyl Pelysh’s family, above, death,” he replied. Ukraine’s planned offensive,
For Ukrainians, it is the latest mourned his death in using several new reserve bri-
chapter in a historic struggle September 2022. At right, Buried Beneath a Berry gades trained and equipped by
n-
against a larger neighbor that Zinoviy Solchanyk visits his Bush His Dad Planted the U.S. and NATO partners, is
has never accepted its exis- son’s grave in Stariy Sambir. Mr. Solchanyk arrived in to break through defensive
tence and repeatedly sought to Kyiv on Feb. 20 at about 8:30 lines that Russia has been re-
wipe it out. was exhuming the remains of a.m. Riot police suddenly inforcing for months.
no
“Why will Ukraine disap- Ukrainian partisans from a pulled back from Kyiv’s main Russia has been pressing an
pear?” Dmitry Medvedev, dep- mass grave to rebury them square, the center of the dem- assault in the eastern Ukrai-
uty head of Russia’s Security with dignity, when the head of onstrations. Protesters surged nian city of Bakhmut with lim-
Council, wrote on Twitter. the local KGB office ap- up a cobbled street called In- ited gains at the cost of tens
“Because nobody needs it.” proached. stytutska. Mr. Solchanyk called of thousands of soldiers in-
“Are you sure there will be a his brother, Stepan, and told jured or killed. Ukrainian
‘Are You Sure There Ukraine?” the KGB officer said. him: “I’m on Instytutska. troops are holding on, despite
Will Be a Ukraine?’ Gesturing to the mass grave, We’re advancing.” their own heavy losses.
Russia, which traces the he asked, “Are you not afraid Wearing a ski helmet and Speaking to reporters at
roots of its national history to you will end up there too?” clutching a metal shield and Ramstein Air Base in Germany,
Kyiv, has long used force to Zinoviy Solchanyk didn’t improvised baton, he can be where Ukrainian allies met
obliterate any hint of indepen- answer, but kept digging. seen on news footage moving Friday to discuss how to coor-
dence for the people who in- The spirit of resistance runs forward cautiously in a group dinate their support, Army
habited the lands that now in the Solchanyks’ blood. After of a few dozen protesters sim- Gen. Mark Milley, the chair-
form Ukraine. serving in the Red Army, ilarly dressed and equipped. man of the Joint Chiefs of
As attempts to establish a which defeated the Nazis in Black-clad riot police took Staff, said that there are no
Ukrainian state accelerated at World War II, Zinoviy Solch- up positions on higher ground “silver bullets” in terms of
the start of the 20th century, anyk’s father in 1946 donated and began firing smoke bombs types of equipment that could
so did the repression, includ- clothes, food and money to and live rounds. As the pro- help Ukraine prevail. But M1
ing the deaths of millions in a Ukrainian partisans fighting testers retreated, Mr. Solch- Abrams tanks, combined with
Soviet-imposed forced famine for their own country. ingly lopsided one after turned to Stariy Sambir in the anyk collapsed to the ground, other U.S.-provided battlefield
in the early 1930s. World War II ended, as the 1950s and raised a family, but shot in the neck. He died as vehicles, could reshape how
Just more than three de- ‘There Will Have to Be partisans battled powerful never told Zinoviy of his con- the people around him tried to Ukraine fights, he said.
cades ago, Moscow’s represen- A Sea of Blood’ Soviet security forces sent to viction, lest it become a bur- carry him to safety. “In this case, you would
tatives here in the western The Ukrainian Insurgent snuff out support for Ukrai- den to him. His parents buried him in have to make sure that your
Lviv region, long at the heart Army was a nationalist para- nian independence. A neighbor who also spent Stariy Sambir next to the insur- tanks are combined arms with
of Ukraine’s national move- military that sought to estab- The NKVD, a predecessor of time in Magadan told Zinoviy gents whose remains Zinoviy mechanized infantry artillery,
ment, cast doubt on whether lish an independent Ukrainian the KGB, came for Mr. Solch- Solchanyk what happened only Solchanyk had reburied. all of that is synchronized
Ukraine would make it. state amid the chaos of war, anyk at halftime during a soc- when Ukraine declared inde- Bohdan Solchanyk’s grave with dismounted forces,” Gen.
It was the summer of 1991, fighting the Soviet Red Army cer game. Betrayed by a neigh- pendence in 1991, a decade af- lies under a red viburnum, a Milley said. “I do think the M1
and the Soviet Union was still as well as the Nazi Germans bor, he was sent to a prison ter his father died. berry bush that features in a tank, when it’s delivered and it
whole, albeit fissuring. Mr. and Polish forces. camp in Magadan in Russia’s Mr. Solchanyk’s own son, popular patriotic song and was reaches its operational capa-
Solchanyk’s father, Zinoviy, The fight was an increas- far east for eight years. He re- Bohdan, grew up a historian planted by his father in 1991. bility, will be very effective on
the battlefield.”
The M1 tank is America’s
‘Our Children Are headed east to fight. Stariy Sambir, Ukraine, where he on Sept. 17 on a supply run in the main battle tank and has been
Then 19 years old, he told his collected supplies for the army city of Kostyantynivka, and buried used as a part of every major
Dying,’ a Mom Says mother, “Mom, we have to go and worked as a land surveyor. four days later at the cemetery in military operation since the
there, otherwise there will be When Russia invaded in Stariy Sambir. Persian Gulf War in 1991.
tanks in the Lviv region.” 2022, Mr. Pelysh went to Kyiv, Climbing the slope to the The tanks will arrive at the
In 2014, Vasyl Pelysh was Mr. Pelysh was captured in then the east to help the Ukrai- cemetery one day in November, U.S. Army’s Grafenwoehr
among those protesting in Kyiv September 2014 by Russian nian army, telling his mother he his mother, Tetyana, compared Training Area in Germany by
against then-President Viktor proxy fighters who cut off his had to do what he could. “I can’t his life and death to that of the the end of May, defense offi-
Yanukovych, who was trying to arm after seeing his tattoo of a be calm here,” said. longer-deceased partisans who cials said. Between 200 and
turn Ukraine sharply toward trident, Ukraine’s national sym- Mr. Pelysh would load up his also lie there. “It’s the same 300 Ukrainian troops will
Moscow. When Russia invaded bol, and the phrase, “Glory to car with water, food and medicine young people as then,” she said. complete 10 weeks of training
Crimea that year, Mr. Pelysh Ukraine.” He was freed in a pris- and take it to troops on the front “Our children are dying. Who will on the tanks, the officials said.
joined a volunteer militia and oner swap and returned to lines. He was mortally wounded protect us then?” —Bojan Pancevski
contributed to this article.
WORLD NEWS
Hack Fails Global Stakes in Sudan War Are High

To Halt BY GABRIELE STEINHAUSER
Planes AND NICHOLAS BARIYO
The fate of some of Africa’s
In Europe most important strategic re-

sources is hanging in the bal-
ance as Sudan’s top two gener-
BY BOJAN PANCEVSKI als vie for supremacy, from
AND BENJAMIN KATZ the waters of the Nile and ac-
cess to crucial shipping lanes
A cyberattack blamed on to some of the continent’s
pro-Russia hackers continued largest gold mines.
to disrupt operations at Eu- These riches have long
rope’s top air-traffic agency, caught the eye of outside pow-
but officials said some systems ers, including Russia, Egypt
had stabilized and air-traffic and the petrostates of the
ASHRAF SHAZLY/AGENCE FRANCE-PRESSE/GETTY IMAGES

safety remained unaffected. Gulf. Now, some are trying to
The limited operational influence the outcome of the
damage of the hack has high- conflict, by offering military
lighted the relative robustness support to the rival factions,
of the continent’s air-traffic moves that could drag out a
system. Built-in redundancies lethal confrontation between
and backup systems designed Sudan’s military and a state-
decades ago, and not reliant sponsored militia in which
on the internet, can protect it hundreds of people have been
from the sort of technical hic- killed.
cups that have become part of Thousands have been
everyday life, such as internet wounded and many more have
and communication apps out- either fled or remain trapped
ages, hacks and cyberattacks. in their homes amid airstrikes
This week’s attack also has and street-level exchanges of Sudan’s Army chief Lt. Gen. Abdel Fattah al-Burhan, center, and paramilitary commander Lt. Gen. Mohamed Hamdan Dagalo, second
helped underscore the some- gun and artillery fire. from left, attended the signing of an initial deal in December to end a crisis caused by last year’s military coup in Khartoum.
times-limited impact of such Russian paramilitary group
cyber offensives. That has es- Wagner has offered heavy a country can obtain a lot of could choke off the freshwater a hand in ordering the rein- on the conflict and Moscow’s
pecially been the case for the weapons to the Rapid Support clout in Sudan, this offers for millions of Egyptians and forcements sent by Khalifa Haf- ability to use Sudan to exert
increasingly frequent, yet not Forces, the militia run by Lt. many opportunities for local cripple its agriculture. tar, the commander of a faction power in the region and help
overly sophisticated, cyberat- Gen. Mohamed Hamdan Da- supply chains, trade routes Egyptian President Abdel that controls eastern Libya. fund its campaign in Ukraine.
tacks blamed on, or claimed galo, The Wall Street Journal and networking links to other Fattah Al Sisi has thrown his The U.A.E., like Saudi Ara- Gen. Dagalo has close ties
by, Russia supporters amid has reported. A person close African countries.” weight behind Gen. Burhan, bia, has spent billions of dol- with Russia, and the Kremlin
Moscow’s war in Ukraine. to the general said he has de- For Sudan’s more than 45 who, like the Egyptian leader, lars buying farmlands irri- is awaiting final signoff from
Eurocontrol, the agency that clined the offer for now. million people, the conflict ex- seized power through a coup. gated by Sudan’s section of Sudan’s leadership on a 25-
coordinates commercial traffic Gen. Dagalo’s rival, Lt. Gen. acerbates a devastating hu- He has sent jet fighters and pi- the Nile to secure food for its year lease for a naval base in
.
between national air-traffic Abdel Fattah al-Burhan, the manitarian and economic cri- lots to support Sudan’s air force, own desert-dwelling popula- Port Sudan, about 1,000 miles
control entities, has suffered commander of Sudan’s mili- sis that, even before the tion. It hired the RSF to fight north of the biggest U.S. mili-
ly
through days of technology tary and the country’s de facto fighting started, had one in in Yemen, supplying the military base in Africa. The Rus-
disruption. Some smaller air- head of state, meanwhile, has three Sudanese suffering hun- tia with extra resources to sian base would give Moscow’s
lines were forced to use older received support from neigh- ger. The promise of a more
‘If a country can take on Gen. Burhan and the warships access to the Suez
technology, including a telefax-
era backup system, to manage
flight schedules. But officials
said flight operations weren’t
boring Egypt, the Journal has
also reported.
Experts and Western offi-
cials worry the warring gener-
on peaceful future that came with
the fall of dictator Omar al-
Bashir in 2019 is in tatters.
But for the two generals’ ex-
obtain a lot of clout
in Sudan, this offers
many opportunities.’
military.
In December, a U.A.E.-based
consortium signed a $6 billion
deal to build a new port facil-
Canal and the Indian Ocean.
U.S. military officials be-
lieve Russia sees the base as a
way to facilitate the extraction
disrupted, and the safety of als’ geopolitical entangle- ternal allies, their battle for po- ity on Sudan’s Red Sea coast. of gold, rare-earth minerals
us ,
European commercial airspace ments could plunge the litical and military dominance Sudan’s ports are the only and other resources from Su-
l
was never threatened. country—which is larger than could decide what happens to point of export for about dan and Central Africa.
e
al a
It couldn’t be determined France, Germany, Spain and billions of dollars in invest- bolstering Gen. Burhan’s control 135,000 barrels of oil a day In response to questions
whether the hackers were seek- Italy combined—deeper into a ments, and their ability to proj- over the country’s skies. produced inside the country from the Journal, Yevgeny
ing to directly disrupt European messy conflict and further de- ect power across the region. In addition to Wagner’s offer and neighboring South Sudan. Prigozhin, a key ally of Russian
ci on
flight traffic, which might have stabilize a strategic but fragile Egypt has a more immedi- of weapons Gen. Dagalo has re- They are also the main gate- President Vladimir Putin and
required a more dedicated as- region. ate interest than most in how ceived at least one shipment of way for goods to and from the owner of Wagner, said the
sault on the targeted systems. “Sudan really sits at the in- the drama unfolds. ammunition from a Libyan mili- landlocked, mineral-rich Cen- paramilitary group “is in no
The Wall Street Journal tersection of the Arab and the Sudan’s northern neighbor tia leader backed by Russia and tral African nations such as way involved in the Sudanese
first reported Thursday that African worlds,” said Giorgio wants Khartoum’s help to op- the United Arab Emirates, the Chad and the Central African conflict.”
er s
the agency was under attack Cafiero, chief executive of Gulf pose a massive dam and reser- Journal has reported. Republic. An adviser to Gen. Dagalo
from what it said were pro- State Analytics, a Washington- voir farther south on the Nile by There were no indications For the U.S., the bigger con- said the general denies work-
m er
Russian hackers. based risk-consulting firm. “If Ethiopia. Cairo fears the project that Moscow or the U.A.E. had cern is Russia’s potential impact ing with Wagner.
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WORLD NEWS
China’s Clout Grows in Mideast Conservatives Break

BY SHA HUA With Anglican Chief
SINGAPORE—For years,
China has bought oil and gas
from the Middle East. Now,
Over LGBT Decision
Chinese companies are making BY FRANCIS X. ROCCA paigner for LGBT rights in the
big investments in parts of the Church of England who has
energy infrastructure. Conservative Anglican lead- been in a same-sex marriage
The deals are allowing Bei- ers said that their church, under civil law since 2014.
jing to diversify its energy sup- riven by disagreements over A Church of England
plies and gain strategic lever- homosexuality, could no lon- spokesman referred to a state-
age as it becomes a bigger ger recognize England’s arch- ment from last month, an-
power broker in the region, bishop of Canterbury as first nouncing that the church’s
while giving its companies ac- among equals and called for bishops had set up working
cess to technical expertise in an overhaul of how the global groups to implement the deci-
areas of the industry long dom- denomination is led. sion on same-sex blessings.
inated by Western companies. Friday’s statement reflects “Resetting the Communion
Last week, China bought its a growing consensus among is an urgent matter,” Friday’s
CHINA DAILY/REUTERS
first stake in a Qatari gas field, conservative Anglicans, most Gafcon statement said, but it
when state-owned China Petro- of them in Africa and else- didn’t offer specifics about
leum & Chemical Corp., known where in the global South, what would replace the cur-
as Sinopec, acquired a 1.25% that Archbishop Justin Welby rent structures.
share in the first phase of a $30 should forfeit his world lead- The calls reflect a larger
billion liquefied natural-gas ership role because of his sup- pattern of friction between
project. The stake followed an- A vessel carrying liquefied natural gas from Qatar in 2018 approached a terminal in Shenzhen, China. port for the Church of Eng- conservative and progressive
other deal with QatarEnergy in land’s decision in February to Christians over teaching on
November to supply 4 million to hedge their bets by broad- billion cubic meters of natural dustrial chain cooperation” allow the blessings of same- homosexuality. Last year, con-
tons of LNG each year to China, ening their customer base be- gas each year, roughly nine with the member states of the sex relationships. servative members of the
an amount that would equate to yond a few big patrons. Beijing times as much gas as in Sino- Gulf Cooperation Council, in- “This renders his leadership United Methodist Church, with
a little more than 6% of China’s has sought to use its policy of pec’s November pact in Qatar. cluding oil and gas exploration role in the Anglican Commu- strong support from leaders in
imports for that product last noninterference in the domes- But China made no mention of and production, refining, stor- nion entirely indefensible,” Africa and the Philippines,
year. The 27-year deal is the tic affairs of other countries to the project in the statements age, transportation and sales. said the statement by the split off to form the Global
longest ever for Qatar, one of win over governments that it released after the meetings Equity stakes such as Sino- Global Anglican Future Confer- Methodist Church.
the world’s top gas exporters. have sometimes bristled at between the two leaders. pec’s in QatarEnergy don’t ence, known as Gafcon, which The Anglican Communion is
China’s presence in the U.S. stances on human rights. The deals allow China to merely secure energy supplies, met this week in Rwanda. a loose federation that traces
Middle East isn’t new. The China’s hunger for gas im- but they offer Chinese state- Archbishop Welby’s office its origins to the spread of the
country imports roughly half ports as the country attempts owned companies a deeper un- said that the leader has said British Empire in the 18th and
of its crude from the region. to shift away from its reliance derstanding of the industrial the structures of the Anglican 19th centuries. By contrast with
But major Western oil compa- on coal gives it another tool to
Firms ‘are becoming process, said Anne-Sophie Communion “are always able the Catholic Church, which has
nies have long been dominant buttress its influence in the global players and Corbeau, a research scholar at to change with the times—and a universal governing structure
because of their advanced region. China became the Columbia University’s Center have done so in the past,” and headed by the pope, national
technical expertise in parts of world’s largest LNG importer
they are in the region on Global Energy Policy. that he supported a recent de- Anglican churches are indepen-
.
the supply chain and their in 2021, although it dropped for the long haul.’ China has more than 20 do- cision by the Church of Eng- dent and the archbishop of
longstanding ties to govern- behind Japan again last year mestic sites where liquefied land to give other national Canterbury doesn’t exercise
ly
ments there. The recent deals amid its economic slump. gas is converted back into a churches a bigger role in power over them.
signal that is starting to shift. Nonetheless, Qatari LNG ship- gaseous state for power gener- choosing the archbishop of
“Chinese oil-and-gas comments to China surged 70% in advance other priorities as ation, but China lacks the op- Canterbury.
panies are becoming global
players and they are in the re-
gion for the long haul,” said
Michal Meidan, an energy
2022 from a year earlier.
Striking new energy deals
helps Beijing lessen its reli-
ance on the U.S. and Australia,
onwell, such as challenging the
primacy of the U.S. dollar.
During a visit to Saudi Arabia
in December, Mr. Xi called for
erational know-how to con-
dense it from a gas to a
supercooled liquid, which is
necessary for exporting the
Gafcon’s statement, sup-
ported by the leaders of na-
tional churches representing a
majority of the world’s esti-
scholar at Oxford University. two of China’s biggest LNG the settlement of more oil and fuel by boat, analysts said. mated 100 million Anglicans,
us ,
The energy deals come as suppliers, and it gives Beijing gas trade in China’s currency, More technical knowledge calls for ending a tradition of
l
GARETH FULLER/PA WIRE/ZUMA PRESS

Beijing shows increasing diplo- leverage to negotiate terms on the yuan. The dollar is used in could help Beijing lead other more than a century and a half
e
al a
matic dexterity in the Middle a new gas pipeline from Rus- most oil contracts worldwide projects in far-flung parts of of spiritual leadership by the
East. China surprised the West sia, which has lost most of the and underpins most Gulf cur- the world where exporting it senior bishop of the Church of
by brokering a detente between European market because of rencies. China settled its first to China and elsewhere via a England, the historical progen-
ci on
regional rivals Saudi Arabia and its invasion of Ukraine. LNG purchase in yuan in pipeline isn’t feasible. itor of the global Anglican
Iran in March. This week, China During Chinese leader Xi Jin- March in a deal with the The recent energy deals Communion.
offered to mediate between the ping’s visit to Moscow in United Arab Emirates. “show the scale and multidi- “I hope that the pressure
Israelis and Palestinians in March, Russian President In the same December mensionality of China’s strat- from Gafcon doesn’t lead to
their long-running conflict. Vladimir Putin said a deal was speech, Mr. Xi said Beijing egy in the region,” said John the English bishops backslid-
er s
Rising tensions between the “practically finalized” for the wouldn’t only buy more en- Calabrese, senior fellow at the ing” on same-sex blessings,
U.S. and China have pushed pipeline that could supply ergy from Arab countries, but Middle East Institute, a think said the Rev. Andrew Fore- Conservatives oppose Archbishop
m er
many countries in the region China with an additional 50 also would move to “full in- tank in Washington. shew-Cain, a prominent cam- of Canterbury Justin Welby.
WORLD WATCH
Millions
m rp
In Gold
Is Stolen
co Fo
At Toronto
Airport
BY JENNIFER CALFAS
Canadian police are investi-

gating the disappearance of
nearly $15 million in gold and
n-
other valuable items from an

air cargo container at Toronto
Pearson International Airport.
ABDULAZIZ KETAZ/AGENCE FRANCE-PRESSE/GETTY IMAGES
Peel Regional Police Inspec-

no
tor Stephen Duivesteyn said

the high-value container was
removed “by illegal means”
from a holding cargo facility
at the Toronto-area airport
Monday. He said the gold and
other items inside the stan-
dard aircraft container, which
he estimated was about 5 to 6
square feet, were valued at
nearly $15 million.
This type of crime is “very
rare,” he said.
Police provided few details
END OF RAMADAN: Children rode a swing Friday on the first day of the holiday of Eid al-Fitr, which marks the end of the Muslim holy fasting month of Ramadan, in about the items or the potential
the rebel-held town of Maaret Misrin in Syria’s northwestern Idlib province. thieves involved. They declined
to detail the origin of the air-
FRANCE Diab of planting the bomb on a had been abusive toward staff a shootout with police hours af- country’s north. craft carrying the cargo, or
motorbike outside the syna- members during a previous stint ter and two men were arrested. “The conclusions of the said whether the valuables traveled
Professor Convicted gogue on Rue Copernic in Paris, in that office and while serving A fourth suspect escaped but investigations will lead, if the on a commercial or cargo flight.
In 1980 Bombing where 320 worshipers had gath- as Britain’s foreign secretary and his identity is known and he is facts are established, to legal “We are unable to provide
ered to mark the end of a Jew- Brexit secretary. being sought, Police Minister proceedings against the persons specifics to this investigation
A Paris court convicted a ish holiday on the evening of Attorney Adam Tolley, who Bheki Cele said. responsible for these acts,” gov- because we’re three days in,”
Lebanese-Canadian professor in Oct. 3, 1980. Several were chil- conducted the inquiry and noted According to initial reports, ernment spokesperson Jean-Em- Mr. Duivesteyn said Thursday.
absentia on terrorism charges dren celebrating their bar mitz- that “bullying” wasn’t a legal the family was ambushed by manuel Ouedraogo said. “There “Our goal right now is to solve
Friday and sentenced him to life vahs. term, found Mr. Raab “acted in a gunmen at the home in the city will be no impunity for the this theft.”
in prison over a deadly Paris The head of France’s leading way which was intimidating,” of Pietermaritzburg in the east- proven perpetrators of human- Mr. Duivesteyn said the
synagogue bombing in 1980 that Jewish group, CRIF, welcomed was “unreasonably and persis- ern KwaZulu-Natal province, po- rights violations in Burkina theft was an isolated incident
was for decades one of France’s the conviction, and urged Can- tently aggressive” and “intro- lice said. The shooting happened Faso.” and didn’t pose a threat to the
biggest unsolved crimes. ada to arrest Mr. Diab. duced an unwarranted punitive in the predawn hours of Friday. The announcement was in public or airport operations.
The court issued an arrest —Associated Press element” to his leadership style. The suspect who was killed response to calls from the “Our investigators have got
warrant for Hassan Diab, who Mr. Raab, 49 years old, denied by police was “notorious” and United Nations High Commis- their eyes open to all ave-
lives and teaches in Ottawa, UNITED KINGDOM claims he belittled and de- linked to other crimes in the sioner for Human Rights to in- nues,” he said. “We’re looking
Canada, and denies wrongdoing. meaned staff and said he “be- area, said police, who didn’t offer vestigate the video, which circu- at all angles on how this item
He was convicted of terrorist Deputy Prime Minister haved professionally at all times.” a motive for the mass shooting. lated on chat groups starting in was stolen.”
murder for an attack that killed Quits in Bullying Probe —Associated Press —Associated Press mid-February. The Greater Toronto Air-
four and wounded 46. For vic- The Associated Press this ports Authority said Thursday
tims, the ruling means justice af- U.K. Deputy Prime Minister SOUTH AFRICA BURKINA FASO month published its own find- the thieves didn’t access the
ter a bombing described as the Dominic Raab grudgingly resigned ings about the video. The inves- airport but a warehouse
first antisemitic terrorist attack Friday after an independent in- Teenage Boy Among Security Forces Tied tigation determined that Burkina leased to a third party outside
in France since World War II. vestigation found he bullied civil 10 Slain in Family To Children’s Killings Faso’s security forces killed the its primary security line.
For Mr. Diab and his support- servants, though he criticized the children in a military base out- A spokesperson for the Peel
ers, the decision is a shock and findings as “flawed.” Ten members of the same Burkina Faso’s government side the town of Ouahigouya. Regional Police, which serves
a judicial error. His lawyers say Mr. Raab’s announcement family, seven of them female has opened investigations into Relatives of one of the boys, 16- the area west of Toronto that
he was in Lebanon studying for came the day after Prime Minis- and one a 13-year-old boy, were allegations of human-rights year-old Adama, said he had includes the airport, declined
university exams at the time, a ter Rishi Sunak received the in- killed in a mass shooting at a abuses by its security forces af- come from feeding cows when to provide further information
scapegoat for a justice system vestigation report into eight for- house in South Africa, police ter a video surfaced that ap- security forces detained and Friday.
determined to find a culprit. mal complaints that Mr. Raab, said Friday. peared to show the extrajudicial later killed him. —Paul Vieira
French authorities accuse Mr. who was also justice secretary, A male suspect was killed in killing of seven children in the —Associated Press contributed to this article.
OBITUARIES
ROBERT E. WEISSMAN NANCY LIEBERMAN
1940 — 2023 1956 — 2023
College Dropout Rose M&A Lawyer Came Back

To Top Job at D&B
BY JAMES R. HAGERTY “nominally Jewish” and grew up
From Devastating Injury
in New Haven, Conn. Young Bob
F
ew would have seen Robert got an early introduction to tech-
E. Weissman as CEO mate- nology as a ham-radio enthusiast. BY JAMES R. HAGERTY pany Russell Corp. and the phar-
rial in 1960. He was 20 In 1958, he enrolled at the Uni- macy chain Rite Aid Corp. Within
W
years old, already married with a versity of Connecticut, where he hile skiing on Christmas six years, she was a partner.
son on the way, living in a base- planned to major in electrical en- Eve in 2007 in Telluride, Peter A. Atkins, a Skadden law-
ment apartment, and working as gineering. Unimpressed by imper- Colo., Nancy Lieberman yer since the late 1960s, recalled
a technician and news reader at a sonal teaching in large lecture lost control and hit a tree. She her as a 27-year-old associate
radio station. He had dropped out halls, he dropped out. He re- heard her neck snap. working on a Skadden team repre-
of college twice. turned a year later, aiming to Before undergoing an operation senting the Japanese steelmaker
Within four years, Mr. Weiss- study physics, but found himself at a hospital, she gave instructions Nippon Kokan K.K., when it bought
man was a graduate of Babson distracted by the radio station he to her husband: “If I don’t come a 50% stake in U.S.-based National
College. He had taught himself was operating from his dorm out of this with my brain intact, Steel Corp. During the negotia-
stock-market analysis and a bit of room and dropped out again. pull the plug.” tions, she had to bridge cultural
computer programming. He was He worked briefly at a chemi- Ms. Lieberman had always been differences and a vast time-zone
embarking on a fast-track career cal company and then joined a ra- strong-willed. She earned her Uni- gap between Tokyo and Pittsburgh.
with stops at a maker of liquid dio station in Putnam, Conn. He versity of Chicago law degree in “She adapted like she’d been doing
detergent, a manufacturer of ca- and his roommates there were so 1979 and eight years later became, this for 20 years,” Mr. Atkins said.
ble-TV equipment and a provider poor that they occasionally stole at age 30, the youngest-ever part- When getting a deal done re-
of computer timesharing services. milk and eggs that had been de- ner at the law firm of Skadden, quired it, she was willing to work
Mr. Weissman joined Dun & livered to a neighbor’s doorstep, Arps, Slate, Meagher & Flom, overnight and subsist on Chinese
Bradstreet Corp. in 1979 and rose he confessed in a madcap mem- where she was a specialist in takeout. “I have a lot of stamina,”
oir, “The Book of Bob,” written mergers and acquisitions. Ms. Lieberman said. “I don’t need
for family members and friends. She emerged from surgeries un- had scored 98 on a test, he would much sleep.”
On a snowy day when he able to walk and reliant on a mo- tease her: What happened to the After her skiing accident, she
‘If you keep everything couldn’t get to work, he met torized wheelchair. At what is now other two points? made trips to Africa, South Amer-
in balance and Janet Johl and, after spilling cof- Burke Neurological Institute in ica, India and China. In Morocco,
A
fee on himself, had a long chat White Plains, N.Y., with the aid of fter graduating from high she rode a camel.
everything working, you with her while waiting for his robots, she relearned how to use school at age 16, she en- Her sister, Jane Warren, recalled
are not driving change.’ trousers to dry. He asked her for her arms. By early 2009, she was rolled at the University of Ms. Lieberman “barking orders” at
a date. Within a few months, they back at work at Skadden. Sitting Rochester, where she graduated as Thanksgiving dinners to make sure
were married. at an adapted desk, she used a valedictorian. Her next stop, at everything was done to her stan-
“I had $50—the net from my voice-recognition software. To 19, was the University of Chicago’s dards, including placing the plates
to chief executive there in 1994. paycheck for one week,” he re- type emails, she had plastic tools law school. one inch from the edge of the ta-
.
D&B, founded in 1841 to compile called. “Jan took the money taped to her hands. Younger than most law students, ble, not two.
credit reports on businesses, by and…came back with a set of She retired from Skadden a de- she felt lost at first. One professor Ms. Lieberman’s survivors in-
ly
then also supplied data on such cookware, which cost something cade later and taught at Columbia put her on the spot in a classroom clude her husband, Mark Ellman,
things as TV-viewing habits, sales like $45. So we had five bucks for Law School. She was a co-founder by asking her to define a tort. and a son, Eric Ellman, along with
of consumer products, bond rat- the week for food and everything of New Yorkers to Cure Paralysis “Honestly, I had no idea,” she told her sister, Ms. Warren, and a
ings and pharmaceutical prescrip-
tions. Mr. Weissman fretted that
the stock market undervalued the
company. In 1996, he split D&B
else…. We subsisted on Kraft
macaroni and cheese.”
College started to look better.
He enrolled at Babson. Easily dis-
on and advocated for greater funding
for medical research.
Ms. Lieberman died April 12 of
complications from pneumonia.
a New York University publication
later. “So I blurted out, ‘It depends,
strawberry or apple?’ ”
After completing her law de-
brother, Gary Lieberman. She was
grateful to a team of caregivers,
led by Coral Jeffrey.
People often told Ms. Lieberman
into three more-focused busi- tracted by his whimsical curiosity, She was 66. gree, she went on for a master’s in she was courageous and inspira-
us ,
nesses, which proved a winning he managed to graduate in 1964 af- Nancy Ann Lieberman, the tax law at New York University. tional, she said in the NYU inter-
l
strategy on Wall Street. ter “cutting more classes than any- youngest of three children, was During her college years, she view. “What they’re really saying
e
al a
Mr. Weissman died April 4 at one in the history of the school.” born Dec. 30, 1956, and grew up in had internships at the White to me is they would give up, and
his home in Estero, Fla. He was Early in his career, Mr. Weiss- the Little Neck section of Queens, House and at Skadden and was a they could never cope with what I
82 years old and had cancer. man thought a manager’s job was N.Y. Her father, Eli Lieberman, clerk for a federal judge in New deal with on a daily basis,” she
ci on
One challenge he had was per- “to keep everything in balance, to worked as a traveling salesman of Orleans. said. “After hearing this over and
suading colleagues that D&B keep everything running dresses and later as a home “When I walked in the door at over I thought, life is fantastic, and
needed to change in response to smoothly,” he wrote. Later, he builder on Long Island. Skadden, there were sparks,” she I’m sure glad I’m not missing it. I
new market conditions even concluded, “if you keep everything Nancy’s early dream was to told the New York Times. She could either whine or drink wine.
though it was highly profitable. in balance and everything work- teach history. When she was 12, quickly mastered the jargon of I’d rather the latter.”
er s
Robert Evan Weissman, known ing, you are not driving change. she heard a cousin talking about takeover bids and defenses. Her cli-
as Bob, was born May 22, 1940, You are not driving innovation. his job as a lawyer and changed ents included the chemical maker  Read in-depth profiles at
m er
into a family he described as You are not driving improvement.” her plan. If her father learned she Huntsman Corp., the apparel com- WSJ.com/news/types/obituaries
WORLD NEWS
m rp
Europe’s Glaciers Saw Record and a small gain in glacial

mass, according to the report.
In 2022, Switzerland’s gla-
ciers lost 6% of their volume.
lack of snow.
For other businesses, the
warming Alps mean a busier
summer season. Euan Wilson
are now accessible in July.
“You can definitely see the
difference,” said Mr. Wilson,
co-owner of H&I Adventures,
Melts After Heat, Little Snow

co Fo
Since 2001, those glaciers runs mountain bike tours in based in Inverness, Scotland.
have shrunk by one-third, the some of the region’s mountain “You can keep your guides
report said. passes. busier and generate more in-
Trickle Down In July 2022, a weather bal- Snow-covered trails that come, but it comes with a
loon launched from Payerne, used to require waiting until massive downside, which is
European glaciers have experienced record melting. Switzerland, detected air tem- August or September to be clear climate change.”
Difference each year between melting ice and accumulation Swiss glaciers' ice volume, perature of 32 degrees Fahren-
of snow/precipitation from 2018 to 2022 for select glaciers change from previous year heit at 17,007 feet, the highest
altitude in the 69-year records
0% have been kept and only the
Bern For more information:
Glaciers
0 in.
2018 ’22 Aletsch
–1
second time that the height of
the 32-degree freezing line ex-
ceeded 5,000 meters (16,404
In Memoriam wsj.com/inmemoriam
n-
50 feet), the report said. Andre Horn

The WMO report found that
100 S –2 concentrations of atmospheric
LP greenhouse gas reached record
IN
A Rhône
150 E
no
levels and contributed to

H
warming of the land and

T
–3
SWITZERLAND ocean, melting ice sheets and
glaciers, rising sea levels and
acidifying oceans.
MEMORIAM
–4 The WMO’s data set of 40
FRANCE
reference glaciers throughout
Corbassière Findel Allalin the globe for which there are
–5 long-term observations lost an
ITALY average of 4.3 feet from 2021
25 miles
to 2022. Since 1970, this group
–6 of reference glaciers have lost
25 km
nearly 100 feet of thickness,
2001 ’05 ’10 ’15 ’20
according to the report.
Source: Glacier Monitoring Switzerland Carl Churchill/THE WALL STREET JOURNAL Glaciers collect snowfall LAS VEGAS, NEV. - It is with a great deal
during the winter and release of sadness that his friends and partners
BY ERIC NIILER meant that you didn’t have as measurement sites. As a result, water during the spring and at Needham & Company share the news
much snow accumulating at those glaciers lost their source summer. Once the glacier is of the passing of Andre R. Horn, who died
peacefully in January at age 94 after a
European glaciers lost a re- high elevations as you nor- of ice. Record temperatures gone, residents lose a resource brief Illness.
cord amount of mass over the mally would. But then they had were reported from the summit vital for drinking water, irriga- Andre led an amazing life. He was
past two years from a one-two a very hot summer as well.” of Mont Blanc, which straddles tion and the production of hy- born in Paris in 1928. Andre served in
French Army after World War II. Upon
punch of below-normal snowfall For the first time since re- France and Italy. droelectricity, Dr. Trewin said. completion of his military service, he
and warmer temperatures, said cord-keeping began, no snow In Iceland and northern This past winter, many Eu- earned his BA in Mathematics at the
international climate scientists. survived the summer melt sea- Norway, however, a cool sum- ropean ski resorts faced a University of Paris and completed his
graduate studies at L’École des Hautes
The retreating snowpack son at some of the highest mer led to more precipitation tough season because of the
threatens supplies of freshwa-
Honor your loved Études Commerciales.
Andre began his business career in
ter to cities and farms through- one’s life in The Wall public accounting. He later joined Joy
Manufacturing in France, where Andre
out the Alps watershed, but it Street Journal started a long, successful climb up the cor-
is also lengthening the region’s porate ladder before moving to Pittsburgh
summer tourism season. in the 1960s. By the early 1970s, he had
The World Meteorological Share your loved become Joy’s CFO and later served as EVP.
Andre was elected Chairman of the Board
Organization, a scientific arm one’s story with an of Joy in the late 1970s, a position that he
of the United Nations, said Fri- announcement in the held until his “retirement” in 1985.
FABRICE COFFRINI/AGENCE FRANCE-PRESSE/GETTY IMAGES
day that glaciers across Eu- From his base in San Diego, Andre
pages of The Wall Street embarked on a second career as a mentor
rope shrank from a combina-
tion of little winter snow and Journal, either in our and board audit specialist. As an expert
on both Jay Forrester’s work with indus-
heat waves between May and national or regional trial business cycles and the importance
September. In addition, dust editions. Our In Memoriam of financial oversight by corporate boards,
Andre was much in demand. In short or-
blown from the Sahara in notices provide a dignified der, he became the Founding Chairman of
March 2022 landed on the way for friends, family and Needham & Company and the audit chairs
snow, absorbing the sun’s rays of Western Digital Corporation and Varco
and increasing the amount of colleagues to pay tribute. International. When he became Chairman
Emeritus of Needham, he joined Remec,
melting, the report said. Inc. as its audit chair and later Chairman.
“Europe actually got hit To learn more, visit He later served as Chairman of Southwall
Technologies.
hard both ways last year,” said
Blair Trewin, a climate scien-
WSJ.com/InMemoriam Many years ago, Andre was blessed
to meet his soulmate, Teri Foretay-Horn.
tist at the WMO and an author © 2023 Dow Jones & Company, Inc.
Teri and golf were Andre’s true loves. We
of the new report. “They had extend our condolences to Teri and her
All Rights Reserved.
family. He will be greatly missed by all.
an unusually dry winter, which Swiss glaciers smashed records for melting in 2022 because of a dry winter and intense summer heat.
A14 | Saturday/Sunday, April 22 - 23, 2023 * ****** THE WALL STREET JOURNAL.
FROM PAGE ONE
MARCO BELLO/REUTERS
Little St. James, above, Epstein’s private island in the U.S. Virgin Islands. Epstein, below, in court in West Palm Beach, Fla., in 2008. Epstein was close to former JPMorgan executive Jes Staley, bottom.
Bank’s Ties time, we’re here together. I owe

you much. And I deeply appre-
ciate our friendship. I have few
iar with the matter. The 2011
meeting was about settling a
lawsuit Epstein had filed
To Epstein so profound.” against Bear Stearns, which JP-

Morgan had acquired, over
losses from the investment
Were Deep
Internal warnings bank’s collapse, the JPMorgan
JPMorgan’s compliance de- spokesman said.
partment was pressuring the Ms. Erdoes played a role in
bank to drop Epstein. “See be- negotiating that settlement
UMA SANGHVI/THE PALM BEACH POST/ASSOCIATED PRESS

Continued from Page One low new allegations of an in- with Epstein for JPMorgan, ac-
Epstein’s ranch in New Mexico vestigation related to child traf- cording to the emails reviewed
in 2016, the people said. ficking—are you still by the Journal. The bank of-
JPMorgan has said it closed comfortable with this client fered Epstein $9.2 million to re-
Epstein’s accounts in 2013. Ms. who is now a registered sex of- solve the lawsuit, the emails
Erdoes has previously said fender,” one compliance officer show.
through a JPMorgan spokes- wrote in a 2010 email, accord- Mr. Nelson, who is currently
man that the only time she re- ing to a recent filing in the Vir- a managing director at JPMor-
membered meeting Epstein was gin Islands suit. gan working with hedge-fund
.
the day she fired him as a cli- JPMorgan stuck with Ep- founders and big investors, vis-
ent of JPMorgan’s private bank. stein and granted him the abil- ited Epstein at his New York
ly
Ms. Erdoes declined to com- ity that year to borrow against townhouse several times, ac-
ment for this article. his $50 million account. companied by other JPMorgan
Epstein was convicted of so- In January 2011, the bank’s executives and bankers, the
liciting a minor for prostitution
in 2008 and forced to register
as a sex offender. He was ar-
rested in 2019, accused of or-
accuser said the public filings
in the lawsuits speak for them-
on anti-money-laundering compli-
ance director contacted general
counsel Stephen Cutler to get
him to re-approve the relation-
people said.
None of those visits have
previously been reported.
Mr. Staley left the bank in
chestrating a scheme to traffic selves. ship, according to the recent early 2013, and JPMorgan de-
us ,
and sexually abuse girls. In response to the two law- filing. Mr. Cutler didn’t respond cided to close Epstein’s ac-
l
The bank has denied know- suits, JPMorgan has handed to a request for comment. counts a few months later. Mr.
e
al a
ing about Epstein’s crimes and over documents detailing inter- A review of the relationship Staley later became the CEO of
has sued one of its former ex- actions between Epstein and fell to Mr. Staley. Epstein told Barclays PLC, but left the Brit-
ecutives, Jes Staley, accusing more than 20 employees and him “there was no truth to the ish bank in late 2021 after U.K.
ci on
him of misleading the bank executives, past and pres- allegations, no evidence,” com- regulators said he provided an
about Epstein’s character and ent. Many of them have given pliance officials reported in incomplete accounting of his
conduct. Mr. Staley’s lawyers sworn testimony in depositions, 2011, the Virgin Islands lawsuit relationship with Epstein.
have said the allegations and Mr. Dimon, the CEO, is ex- said. “We will continue to mon- JPMorgan employees contin-
against him are baseless. pected to do the same next itor the accounts and cash us- ued meeting with Epstein after
er s
The new details show that month. age closely going forward.” his accounts were closed about
JPMorgan was treating Epstein Epstein became a JPMorgan Mr. Staley traveled to Little other clients and to discuss in-
DIMITRIOS KAMBOURIS/GETTY IMAGES
m er
like a star client after his first client in about 1998, according St. James again in January
conviction and despite repeated to documents filed in connec- 2011, the people said.
warnings from its own employ-
ees. And after JPMorgan closed
tion with the lawsuits. Over the
years, the bank would come to
In March of that year, Mr.
Cutler asked a member of his
Bankers keep
Epstein’s accounts, bankers kept manage some 55 Epstein-re- team to seek information about meeting with
m rp
meeting with him for years.

A JPMorgan spokesman said
lated accounts containing hun-
dreds of millions of dollars, the
Epstein from prosecutors, but
the U.S. attorney in Miami
Epstein after his
the level of interaction with Ep- documents show. didn’t disclose whether it was accounts were shut.
stein wasn’t atypical for a cli- conducting a criminal investi-
ent of a private bank. Any gation, according to the people
Close bond
co Fo
meeting held with Epstein after familiar with the matter. The
2013, the spokesman said, was Epstein formed a close bond lawsuit. The Virgin Islands lawsuit bank’s anti-money-laundering troductions he could make to
regarding other JPMorgan bank with Mr. Staley, who ran the JPMorgan executives were said communication between division recommended closing potential clients, according to
clients whom Epstein repre- private bank that caters to the aware that Epstein had been the two men “suggest that Sta- Epstein’s accounts, the Virgin people familiar with the meet-
sented. firm’s wealthiest clients. Ep- accused of using cash to pay ley may have been involved in Islands lawsuit said. ings.
Mr. Nelson declined to com- stein connected JPMorgan to for girls to come to his house, Epstein’s sex-trafficking opera- Top bank executives contin- Epstein had ties to ultrarich
ment, the spokesman said. Mr. Glenn Dubin, co-founder of Ms. Erdoes said in a previ- tion.” The suit alleges Epstein ued meeting with Epstein. Ep- JPMorgan clients such as Leon
Duffy, who no longer works at Highbridge Capital Manage- ously reported deposition for wired money to a woman stein had pitched to JPMorgan Black, the co-founder of pri-
the bank, didn’t respond to re- ment, one of the fastest-grow- the lawsuits. A compliance around the time that Mr. Staley a multibillion-dollar donor-ad- vate-equity firm Apollo Global
quests for comment. ing hedge-fund firms of the team pointed out that Epstein stayed at Epstein’s Palm Beach, vised philanthropy fund, where Management. Over the years,
A pair of lawsuits filed 2000s. JPMorgan bought a con- routinely made large cash Fla., mansion and then again to he would help bring in wealthy Mr. Black paid Epstein a total
against JPMorgan late last year trolling stake in Highbridge in withdrawals, up to $80,000 at the same woman when Mr. Sta- clients that could put in a mini- of $148 million for trust- and
in federal court in Manhattan 2004 for more than $1 billion. a time and more than ley told Epstein he would be in mum $100 million, according to estate-tax advice, an indepen-
n-
have drawn fresh attention to Epstein earned a finder’s fee of $750,000 a year, according to London. the people familiar with the dent review found.
the bank’s ties to Epstein, who about $15 million, The Wall the lawsuit. Mr. Staley has said he was in matter. Mr. Nelson went to Epstein’s
died in 2019 in New York jail of Street Journal has reported. Epstein pleaded guilty in the dark about Epstein’s alleged For months, Ms. Erdoes, Mr. townhouse seven times be-
what the city’s medical exam- The next year, the Palm 2008 in Florida state court to crimes and regrets their long- Staley and Epstein discussed tween 2014 to 2017, and visited
no
iner said was a suicide. At the Beach, Fla., police department procuring and soliciting a mi- running friendship. working together on the fund. Epstein’s ranch south of Santa
time, he was awaiting trial on launched an investigation after nor for prostitution. He was In September 2009, Mr. Sta- Epstein’s potential compensa- Fe in January 2016, according
sex-trafficking charges. The several teenage girls said Ep- sentenced to 18 months and re- ley was promoted to a new job tion was a sticking point, ac- to the people familiar with the
lawsuits, brought by a woman stein paid them for massages quired to register as a sex of- running JPMorgan’s sprawling cording to emails reviewed by matter.
who has accused Epstein of and sexually assaulted them. He fender. He ultimately served corporate and investment bank. the Journal. Managing director Paul Bar-
sexual abuse and by the U.S. was indicted in 2006 for sex about 13 months in a work-re- Ms. Erdoes took over running “Everyone is marching to- rett scheduled at least five
Virgin Islands—home to Ep- crimes. lease program. its asset and wealth-manage- gether to create something meetings with Epstein from
stein’s private island getaway— That year, JPMorgan execu- Epstein advised JPMorgan’s ment unit. very powerful and we will solve 2014 to 2017 before he left JP-
alleged that the bank moved tives and compliance staffers Mr. Staley in 2008 as he negoti- Mr. Staley visited Little St. the comp issues,” Ms. Erdoes Morgan, according to docu-
the money that was used to pay began writing emails and ated his compensation at the James that November. “Pres- wrote to Epstein in October ments reviewed by the Journal.
off his purported victims. memos sharing press reports bank, according to the lawsuit. ently, I’m in the hot tub with a 2011. The fund never got off the Epstein’s 2019 death ended
JPMorgan said it isn’t liable about Epstein and discussing In 2009, Mr. Staley visited Ep- glass of white wine,” Mr. Staley ground. the criminal trial against him.
for Epstein’s crimes. Through a what to do with his accounts, stein’s Palm Beach mansion and emailed Epstein, according to Ms. Erdoes visited Epstein’s The lawsuits against JPMor-
spokeswoman, lawyers for the classifying them as “high risk,” Little St. James, his private is- the lawsuit. “This is an amaz- Manhattan townhouse in 2011 gan are scheduled to go to trial
Virgin Islands and the Epstein according to the Virgin Islands land, the K lawsuit said. ing place. Truly amazing. Next and 2013, said the people famil- in October.
A Rat Czar told that it’s time to change

subjects,” he said.
Orkin last year ranked New
borough president, showed a
contraption that drowned rats
in an alcoholic solution.
ies. An inductee in the Pest
Management Professional Hall
of Fame, he has a Ph.D. in ur-
was cited by inspectors twice
last year for unabated rat in-
festations. The mayor con-
Ms. Corradi studied biology
in college and worked as an el-
ementary-school teacher be-
Will Patrol York the country’s second-rat-

tiest city, after Chicago, based
on the number of rodent treat-
Michael Parsons, an ecolo-
gist who has researched ro-
dents for nearly a decade, got
ban rodentology from Purdue
University. The school is a
center connecting academic
tested the summonses and
said he has paid around $7,000
to an exterminator.
fore taking a position working
on rat mitigation in the city’s
schools. Despite the job post-
New York ments. Los Angeles, Washing-

ton, D.C., and San Francisco
squeaked into the top five.
into the field after moving to
New York from Australia,
where he studied kangaroos.
study and pest-control ex-
perts, said Heather Gooch, edi-
tor in chief of Pest Manage-
Mr. Sliwa applied for the
rat czar job by visiting Mr. Ad-
ams’s house with two feral
ing’s call for someone display-
ing “badassery,” she said she
wouldn’t describe herself as
Brown rats, the species fre- He said rat experts refer to ment Professional magazine. cats, Batman and Robin, who bloodthirsty.
Continued from Page One quently seen on subway tracks themselves as rodentologists. Mr. Corrigan didn’t seek to he said could help control the Ms. Corradi said “dispatch-
900 other applicants for a po- and sidewalks, arrived some He didn’t seek become New York’s rodents. ing innovative extermination
sition that, the job posting 300 years ago and adapted the job of New rat czar, either, “If you’re going to be a rat techniques” was part of her
said, requires a “swashbuck- well. They burrow into the soil York rat czar. “I saying the job re- czar,” said Mr. Sliwa, “you’ve prior job. “Rats are incredibly
ling attitude, crafty humor, around sidewalk trees and couldn’t apply quires someone got to do it from 10 p.m. to 6 intelligent and adaptable. They
and general aura of bad-as- rip into trash bags for scraps knowing that who can monitor in the morning. That’s when are survivors,” she noted.
sery.” Mayor Eric Adams, who of chicken or cold pizza. you’re meant to and manage other the rats rule the city.” Mr. She will coordinate anti-rat
announced it last week, has City inspectors found over be this blood- agencies, which “is Sliwa said he wasn’t a finalist initiatives by sanitation, parks,
been clear that he hates a ro- 60,000 instances of rat activ- thirsty person with a swash- not in my wheelhouse.” for the job. public-housing and other city
dent believed to number about ity in 2022, which was more buckling attitude,” said Mr. The finalists did include The city was looking for “a agencies, and will try to curb
two million in New York City. than double the prior year. Parsons, a visiting scholar at people with such experience, maestro” to “coordinate this rats’ food supply, building on
The people most adept at It’s a problem with a long Fordham University. and at least one exterminator, entire symphony of fighters” recent trash-pickup changes
fighting rats can be inducted tail. Joseph Lhota, named New Mr. Parsons cringes when a City Hall official said. A few against rats, Mr. Adams said at designed to reduce the time
into the Pest Management York’s first rat czar in 2000, he hears people say they want people pitched new technolo- last week’s announcement. garbage bags sit on sidewalks.
Professional Hall of Fame. likened fighting its rat popula- to kill rats. He said it doesn’t gies to fight rats, including an The mayor—who said that The job also entails public
Getting respect from those tion to the challenge Sisyphus help: “Another rat is going to audio detection system. as a child he once made a pet cheerleading, often alongside
outside the field is tougher. had in forever trying to get a take the place of the fallen rat The applicants included of a rat in the family apart- a mayor with a clear sense of
Colin Zeigler, chief rat chaser boulder up a hill. within seconds.” Curtis Sliwa, a longtime New ment—picked Ms. Corradi for flair, to build attention and
in Somerville, Mass., loves Former Mayor Bill de Blasio Another rat expert, Bobby York City anticrime activist the $155,000-a-year post be- awareness.
talking rats at dinner parties, tried to keep rats at bay with Corrigan, once worked for who ran against Mr. Adams in cause he was impressed in a “You’ll be seeing a lot of
but he notices that others are mint-scented trash bags. Mr. New York’s health department the 2021 mayoral election. job interview by her emotional me,” Ms. Corradi promised,
not all ears. “I do often get Adams, when he was Brooklyn and now consults for other cit- Mr. Adams’s Brooklyn house intelligence, he said. “and a lot less rats.”
OPINION
THE WEEKEND INTERVIEW with Harlan Crow | By Barton Swaim
‘Collateral Damage’ of a Smear Campaign

A
Dallas worry about the Supreme Court’s out a long period of time.”
merican politics lately legitimacy. Nearby Mr. Crow shows me a
feels like an endless Last year a series of press ac- handwritten manuscript of Abra-
game of—pardon the in- counts portrayed Justice Thomas’s ham Lincoln, a syllogistic note on
felicitous word—delegiti- wife as a right-wing activist. the wrongness of slavery, and an
mation. The aim isn’t to That’s a fair assessment, but the early edition of Jonathan Ed-
convince voters that a political suggestion that Mrs. Thomas’s ac- wards’s pamphlet “The Injustice
adversary is wrong or misguided, tivism affected the integrity of and Impolicy of the Slave Trade.”
or even that he’s stupid or lying. her husband’s judicial decisions “We have a lot of material on
It’s to assure the like-minded that wasn’t borne out. The latest story the abolitionists,” Mr. Crow goes
he has no legitimate place in the alleging Justice Thomas’s wrong- on. “It’s all here. The only thing
public square and to drive him doing, and thus the Supreme we don’t do is Hollywood and
out if possible. Court’s “illegitimacy,” concerns sports. That would be too much.”
The habits of delegitimation the justice’s friend Harlan Crow. After lunch—ham and turkey
have become so familiar that it’s Mr. Crow, a Dallas-based devel- sandwiches and fruit—we return
easy to forget how antidemocratic oper, is wealthy. He has hosted to his friendship with Justice
they are: political correctness and, Justice and Mrs. Thomas on sev- Thomas. He points out that they
more recently, cancel culture; the eral trips of the sort ordinary va- don’t always agree on policy.
invention of “phobias”—homopho- cationers—including the Thom- “Look, I’m a moderate Republi-
bia, Islamophobia, transphobia— ases—wouldn’t be able to afford. can,” he says. “Some of my other
BARBARA KELLEY
to characterize dissent as mental Earlier this month ProPublica, a Republican friends think I’m too
illness; the wanton attribution of left-leaning news site, published squishy, but I am what I am. I’m
racism, misogyny, fascism and an account of these acts of hospi- kind of a traditional George Bush
white supremacy; and of course tality with the suggestion that the type Republican. That’s my belief
the easy insinuation that any po- justice’s failure to report them on system. So I do what I believe. I
litical figure of whom one disap- federal disclosure forms amounts kind of Nazi enthusiast. Again, we descend to what looks like a support a number of moderate
proves is guilty of crimes. to a violation of the law. some headlines: “Clarence small parliament: three terraced Democrats, too.”
The politics of delegitimation The account didn’t bother to Thomas’s Billionaire Benefactor rows of wooden desks and He pauses briefly, then says:
arose on the political left, an in- note that under the law then in Collects Hitler Artifacts” (Wash- leather-upholstered chairs on each “This is not terribly important,
heritance of 20th-century collec- effect Justice Thomas wasn’t re- ingtonian), “Clarence Thomas’ Pal side, a speaker’s dais in the mid- but I’m moderately pro-choice—a
tivist ideologies that saw no legit- quired to report the trips. Also Harlan Crow Collects Nazi Arti- dle. More quotations of the an- first-trimester guy. That would be
imacy in the liberal capitalist making the ProPublica story’s facts” (Inside Edition), “Clarence cients adorn the walls—Livy, Mar- my point of view on the issue. So
regimes they aimed to overthrow. broad hints of impropriety rather Thomas’ Family Got $133K from cus Aurelius. “This is the debating when people say I want to influ-
But sizable segments of the Amer- puzzling, Mr. Crow has never been Nazi-Obsessed Billionaire” (Roll- chamber,” Mr. Crow says. “That’s ence people on the court, I would
ican right now indulge in it, too. party to any case before the Su- ing Stone). Several similarly un- what we call it, anyway. We host say that if I were trying to do
Donald Trump rose to power by preme Court. The reporters note scrupulous commentators—Ian all kinds of debates here. Anyone that, which I’m not, I’m not doing
treating his adversaries exactly as that “the court periodically hears Millhiser and Elie Mystal are who’s reasonable, really.” a very good job.”
.
they treated him, and indeed as major cases that directly impact two—jumped on Twitter to libel Reasonable? Such as? “We’ve As we talk, he becomes more
they had treated George W. Bush: the real estate industry,” but this Mr. Crow as a Nazi sympathizer. had Cornel West—he’s a good animated on the subject of his
ly
as de facto illegitimate. Mr. tenuous inference tellingly avoids At Old Parkland, a kind of friend—Cornel and Robbie George lack of influence on the justice.
Trump’s claims that Mexican- mentioning how Justice Thomas Americana-themed office park and of Princeton. They’ve been here “Do we talk about politics? Sure
American judges have no right to came down in those “periodic” research campus owned by Mr. three or four times. That kind of we do. We talk about sports. We
rule against him, or that President
Biden’s election was fraudulent,
may be false. But they aren’t
unique.
ests.
on
cases, never mind how they might
indirectly affect Mr. Crow’s inter-
A later story noted that Mr.

Crow, he tells me about the de-
bates regularly hosted at the site.
We sit down first in the campus
café.
thing.”
Mr. Crow says he doesn’t like
talking about himself, especially
to the press, and I begin to be-
talk about the game or whatever.
But do I influence him? Hell no. I
respect his judgment about those
things way more than mine. I’m
Crow purchased the Savannah, “We’ve had a lot of speakers lieve him. He possesses a disarm- actually probably a little bit more
us ,
Ga., house where Justice Thomas’s here,” he says, “President [George ing humility one seldom encoun- moderate, but we don’t talk about
l
In an effort to delegitimate mother lives, together with two W.] Bush has spoken here many ters in the very wealthy. And that s—. I mean, why would I do
e
al a
the Supreme Court, left- empty lots, for around $133,000. times, but Bill Clinton has spoken despite all the ornate bookishness that?”
In a statement Mr. Crow explained here. Beto O’Rourke was here. of the Old Parkland campus, Mr. Mr. Crow reaches for an anal-
leaning journalists libel a that he bought the properties [House Minority Leader] Hakeem Crow makes no claim to be an in- ogy. “Let’s say you’re a profes-
ci on
friend of Justice Thomas with the aim of creating a mu- Jeffries was here.” The Dallas tellectual or a scholar. “I’m in real sional golfer,” he says, pointing to
seum “dedicated to telling the business community leans Repub- estate,” he says. “I know a lot me. “For me to sit down and tell
as a Nazi sympathizer. story of our nation’s second black lican, he says almost apologeti- about building codes.” All the Tac- you about golf, that’d be stupid. I
Supreme Court Justice.” Which, if cally, so Old Parkland “probably itus, Madison and Tocqueville can’t tell you about the golf.”
B
you’ve read the justice’s 2007 au- hosts more speakers on the cen- quotations engraved on the walls?
er s
The impulse to delegitimate is tobiography, “My Grandfather’s ter-right than otherwise. But we “We bring in scholars to help us. ehind Mr. Crow’s house is
at its ugliest any time a Republi- Son,” seems entirely reasonable. A have a lot.” I’m not smart enough to do this perhaps the strangest gar-
m er
can president nominates a judge self-styled “ethics watchdog” de- Mr. Crow is clearly uncomfort- s—.” den in America. Here and
to the Supreme Court. During manded an investigation and ac- able talking to the press. He says What he wants as a philanthro- there along a walking path are
their confirmation hearings all of cused Justice Thomas of decep- he agreed to speak because a few pist, he explains, is to encourage statues—some small, some enor-
the current court’s conservative tively disclosing the sale. influential people are saying terri- the civil exchange of ideas. “I mous—of 20th-century communist
justices, with the partial exception But as my colleague James ble things about him in an at- mean it’s obvious to everybody, I leaders: Vladimir Lenin, Joseph
m rp
of John Roberts, were accused of Taranto has shown, the ProPublica tempt to hurt Justice Thomas. think, that civil discourse has bro- Stalin, Béla Kun, Ho Chi Minh,
engaging in disreputable behavior report badly misread the evi- “I’m collateral damage, I realize ken down,” he says. “Americans Mao Zedong, Nicolae Ceaușescu,
or of holding opinions so bizarre dence. Justice Thomas should that,” he says. love to talk about America and de- Fidel Castro, Felix Dzerzhinsky
and regressive as to disqualify have reported the sale and didn’t, Mr. Crow takes me for a walk bate what it means to be Ameri- and others. All of them once stood
them from service. In the stated but the filing instructions were around the campus. He shows me can. We used to be able to do that in public places in communist
co Fo
views of their critics, these judges unclear and it was an honest mis- innumerable paintings, statues, vigorously, and now it’s breaking countries, but after the fall of the
weren’t just wrong; they were take. The purportedly deceptive artifacts and stone-engraved quo- down. And so anything I can do, Soviet Union they were torn down
bad. disclosure not only was nothing of tations: a statue of Harriet Tub- any thoughtful citizen can do, to or quietly removed. Several are
Now that the court’s conserva- the kind; it involved a different man, a framed letter from Thomas promote a return to high-quality, defaced, having been disfigured
tives have a tenuous 6-3 majority property entirely. Jefferson, a lapidary quotation by courteous civil discourse—that by the victims of their real-life
despite the efforts of their defam- The effort to smear Justice Tocqueville, a commissioned would be a big win for all of us.” originals. Béla Kun’s concrete nose
ers, the work of delegitimation Thomas has turned into an effort painting of Martin Luther King Later we visit Mr. Crow’s house is missing, perhaps a victim of a
has broadened to sitting justices to smear his friend Mr. Crow. He Jr., a painting of the Wright in Highland Park. He shows me, in Hungarian hammer or bat when it
and the court itself. Some recent is an inveterate collector of his- Brothers—and so, dizzyingly, on. addition to the paintings by came down in 1989.
N
headlines: “Supreme Court Term torical artifacts: books, manu- Churchill, Eisenhower and the Mr. Crow bought the sculp-
Begins Amid Questions about Its scripts, statues, paraphernalia of ot ideal material on which rest, the largest personal library I tures—legally, he is careful to
Legitimacy” (Washington Post), all kinds. His archive and library, to base an allegation of have ever seen. Two floors of ma- point out—and had them shipped
“Is the Supreme Court Facing a as I learned this week on a visit crypto-fascism, one would hogany shelves in a room perhaps to the U.S. Why? “It’s weird, I
n-
Legitimacy Crisis?” (New York to his home, is head-spinningly have thought. 80 feet long, nearly all of it shelv- know,” he says. “But I believe
Times), “The Supreme Court Is large and diverse, housing roughly As we walk across a row of ing books and manuscripts about strongly that we have to remem-
Fighting Over Its Own Legitimacy” 15,000 books and 5,000 manu- stepping stones, he looks down at American culture and history. ber what these regimes did to
(CNN). These and similar stories scripts. One of his interests them and says, “Now this is just Among the sections he wishes me their people. If we don’t remem-
no
are manifestly intended to precip- among many others: paintings by stupid.” I gather he means “stu- to see is one on American Juda- ber, then what?”
itate the “legitimacy crisis” they political leaders. On his walls are pid” in the sense of lavishly mis- ica. He’s right—the garden is weird.
pretend to report. original paintings by Winston guided but for a good cause. He Mr. Crow thinks of it as a re- But he has a point. All of the in-
Lately, the delegitimaters have Churchill, Dwight D. Eisenhower, points to the granite stones be- search library and makes it avail- surgents and dictators repre-
concentrated their fire—not for John F. Kennedy and Mr. Crow’s neath our feet. Embedded in each able to scholars. “I do believe that sented by these drab statues came
the first time—on Justice Clar- friend George W. Bush. Not dis- is a rectangular marble insert if you’re going to tell the story of to believe that no one who op-
ence Thomas. He was the first re- played are two paintings by Adolf bearing the image of the title anything, and in this case it’s the posed their revolutionary plans
cent nominee to the high court to Hitler, which are archived, along page of some great work of politi- story of America, you have to do had a rightful place in the new
face opposition based on accusa- with other items pertaining to cal philosophy. One stone has the it warts and all,” he says, seated egalitarian society they wished to
tions of personal misconduct. Nazi-era Germany, for the benefit title page of Montesquieu’s “Spirit in his library. “And we have a lot create. No opponent of revolution
Those accusations fell apart under of historical research. of the Laws,” another of Adam of warts. I try to have things here could claim legitimacy. The result
scrutiny, but they are still re- The existence of these items in Smith’s “Wealth of Nations.” A that are very open about our was a lot of collateral damage.
peated as though indisputably Mr. Crow’s collection has permit- touch rococo, maybe, but I warts. . . . There’s stuff about the
true by—in a touch of sad irony— ted a variety of left-leaning media wouldn’t call it stupid. Japanese internment, stuff about Mr. Swaim is an editorial page
the very people now claiming to outlets to portray him as some Under the campus’s bell tower racism in its many forms through- writer for the Journal.
The Supreme Court Takes Up ‘Home-Equity Theft’

Geraldine Tyler one-bedroom condo for $40,000. You seized at least 8,950 homes between struggling with dementia lost his their equity is unconstitutional.
never thought she’d might think the county would settle 2014 and 2021. That’s only the tip of $200,000 home because he missed Mr. Fair, Ms. Tyler and property
end up in front of the $15,000 debt and return the the iceberg since the study could $133 in taxes. owners everywhere may soon get jus-
the U.S. Supreme $25,000 balance to Ms. Tyler. But the only examine a limited sample of Meanwhile, Kevin Fair of Scotts- tice. If the Supreme Court rules for
Court—especially at county took all $40,000 and left her foreclosures in these states. The total bluff, Neb., has a separate petition Ms. Tyler, home-equity theft and all
94. But she also with nothing to show from her only losses suffered by the debtors—usu- pending before the Supreme Court the devastation left in its wake could
never imagined the significant asset. ally elderly, sick or poor—are shock- that raises the same constitutional swiftly end. If the high court takes
CROSS
COUNTRY government would Ms. Tyler fought back, and the jus- ing. In Massachusetts alone, the gov- claims as Ms. Tyler’s case. Mr. Fair the additional step of giving Mr. Fair
seize her Minneapo- tices will soon decide whether the ernment took $56 million in equity suffered financial troubles when he relief, then states that outsource the
By Christina
lis home and sell it. government violated the Constitution had to quit his job in 2013 to care unpleasantness to private investors
Martin
Ms. Tyler is a victim by confiscating the total value of her for his dying wife. When he under- would likewise be on notice that the
of what’s often former home. Officials sold Geraldine paid his property taxes by $588, the injustice must stop.
called home-equity theft, but this Most states treat property-tax col- county sold that debt to Continental Given the support from dozens of
form of robbery isn’t criminal; in lection like other debts, only taking Tyler’s condo to settle a Resources, a private investment groups across the political spec-
fact, it’s legal in a dozen states. The as much as the government is owed. tax debt—then pocketed company. trum—including AARP, the American
Supreme Court, which hears oral ar- But Minnesota is one of 12 states, Unknown to Mr. Fair, the company Civil Liberties Union, the American
guments Wednesday in Tyler v. Hen- plus the District of Columbia, that an extra $25,000. quietly paid the subsequent taxes Taxpayers Association, legal-aid
nepin County, has the opportunity to regularly take a windfall when col- while Mr. Fair’s debt grew at 14% in- groups, eight states and many free-
end these predatory tax foreclosures lecting delinquent property taxes. terest over three years. When the market think tanks—the ground is
once and for all. Several more states that typically between August 2013 and July 2014, debt had grown to $5,268, Continen- shifting and home-equity theft will
Ms. Tyler’s trouble began when protect property-tax debtors have according to research by University tal Resources sent Mr. Fair a bill and soon be a thing of the past. When it
she moved into a senior residence in created special loopholes that allow of Massachusetts law professor Ralph a 90-day warning. When he was un- is, we’ll be able to credit people like
2010 and fell behind on her property the government to take a windfall so Clifford. able to pay his debt, the county gave Ms. Tyler and Mr. Fair for having the
taxes. She ended up owing Hennepin long as it uses the property for public These laws create perverse incen- his entire $60,000 home to the in- courage to fight back.
County roughly $2,300. After tacking purposes. tives that lead to tragedies. Michi- vestment company. Mr. Fair’s petition
on penalties, interest and related As a result, thousands of owners gan’s Oakland County seized one re- argues that this practice of govern- Ms. Martin is a senior attorney at
costs, her debt ballooned to $15,000. are robbed of their equity every year. tiree’s rental home in 2013 when he ment agencies handing over tax-de- Pacific Legal Foundation. She repre-
To collect what it was owed, Henne- A recent study by Pacific Legal Foun- mistakenly underpaid his 2011 taxes linquent property to private investors sents Geraldine Tyler and Kevin Fair
pin County seized and later sold the dation found that governments by $8. In Washington, a veteran without compensating debtors for before the U.S. Supreme Court.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Biden’s Second-Term Mistake Behind and Beyond America’s Recruiting Crisis
T
he White House is whispering that next would have a comparable edge over Mr. Trump. David McCormick and James Cun- however, by instituting a broader
week President Biden will announce his Many Democrats think Mr. Biden is the only ningham are spot on: “The Military mandatory national service program.
Recruitment Crisis Is a Symptom of By ending the draft without it, the
intention to run for a second term, man for the job because otherwise they would
Cultural Rot” (op-ed, April 15). But country told young Americans that
though the polls say that even be stuck with Ms. Harris, a there should be no confusion as to they didn’t have an obligation to
most Democrats hope he Age is only one of the demonstrably bad candidate how we arrived at this point. I serve their country.
doesn’t. The public under- reasons the President who has shown little capacity worked as a teacher and administra- A national service requirement, in
stands what Mr. Biden appar- as Veep. But if Mr. Biden tor in U.S. schools for over 30 years which the military would be one
ently won’t admit: that elect- shouldn’t run again. bowed out now, Democratic and witnessed the dramatic change in choice among civilian opportunities
ing an octogenarian in obvious Governors and others would how we present America, its culture, like the Peace Corps or Teach For
decline for another four years have ample time to organize values and history to young people. America, would send a clear message
could be an historic mistake. a campaign and compete for the nomination. I fully understand that the George to all young Americans that the coun-
No doubt it’s hard to walk away from the The way to get stuck with Ms. Harris is if Mr. Washington-and-the-cherry-tree style try needs their participation. Like Mr.
Oval Office after working for five decades to Biden clears the field but then has a health set- of history needed much revision to McCormick’s experience with his mili-
include all who lived, endured, suf- tary unit, a national program would
get there. Flying Marine One home for the back that forces him to withdraw after the pri-
fered and helped to create this bring together young people from dif-
weekends beats Amtrak. The chance to pull the maries are mostly done. unique republic. But the pendulum ferent backgrounds to work as one
levers of power is intoxicating, and that’s also There are also political risks for Mr. Biden— may have swung to the other ex- for a cause greater than themselves.
true for the advisers who have pushed him in not least the investigations into son Hunter and treme. Today’s students are given a If the nation now emphasizes privi-
such a sharply progressive direction in his first the Biden family’s business. Only the Bidens heavy dose of America’s racist, unfair lege over responsibility, it is because
term. They know Mr. Biden will lead wherever know where this might lead, but the Republi- and prejudiced past, a full K-12 pre- there isn’t the will across the political
they want him to go. cans aren’t going to stop pursuing the story. sentation that leaves out critical data spectrum to demand and inspire that
i i i The way to end all that is not to run. required to tell the full story. Then, responsibility that earlier generations,
But asking the country to elect a man who But the best reason not to run is for the pa- it’s off to college, where they are fur- challenged by the Depression, World
is 80 years old and whose second term would triotic good of the country. The world is grow- ther indoctrinated with the evils of Wars and the Cold War, understood.
end when he is 86 is a risky act that borders ing more dangerous by the week, and the U.S. capitalism, exceptionalism and, more ANDREW HESS
or less, achievement. Who would Ardmore, Pa.
on selfish. It’s impossible to know Mr. Biden’s faces more formidable adversaries than any want to join such a nation’s military?
real physical and mental state because the time since the height of the Cold War. It will We reap what we sow. It is very challenging to persuade
White House goes to great lengths to hide it. take more than a figurehead President to con- PAUL M. KRIEGER daughters and sons to join the mili-
But his decline is clear to anyone who isn’t front and counter them. In 2008 Hillary Clinton Fairview, N.C. tary when it means that, for trusting
willfully blind. He rarely holds a press confer- ran an ad saying that she was prepared to take the armed services to provide safe
ence, and his words are as scripted as possible a 3 a.m. phone call in a crisis. Could an 84-year- I was drafted and served in Viet- drinking water, they may need to hire
to avoid embarrassing stumbles that he none- old Joe Biden take a 3 p.m. call? nam from 1968-69. Seeing that trag- a law firm years later.
theless continues to make. Enemies size up leaders as much as they do edy firsthand, I was in favor of end- COL. FRANCIS BERGMEISTER, USMC (RET.)
Different people age at different rates, but nations when they make their calculations to ing the draft. We failed to follow up, Stafford, Va.
the risk of an accelerated decline for Mr. Biden seize territory or seek other strategic advan-
is considerable. The chance that he could serve tage. There is a strong case to believe that
a full second term is hardly assured. Vladimir Putin decided to invade Ukraine in
This means Americans could be voting for part because he judged that Mr. Biden lacked Can Nuclear Solve the Renewables Problem?
.
his running mate to take over in a second term, the determination to resist after his retreat “A Texas-Sized Energy Fiasco” internalized, investors would never
ly
which as of now would be Vice President Ka- from Afghanistan. Xi Jinping will not shrink (April 15) is an excellent editorial on find the returns adequate given the
mala Harris. Mr. Biden would be running on a from exploiting Mr. Biden out of Chinese re- how ill-designed subsidies for renew- paucity of generation hours. Even in
vow to serve a complete term that he knows spect for his elders. able energy have led to unintended Texas, there are no free lunches.
he might not be able to keep. At the very least,
he owes the country more than a Rose Garden
on
i i i
Mr. Biden can say he saved the country from
repeat of his Wilmington basement campaign a second Trump term. We would not call Mr.
and costly consequences, requiring
support for dispatchable fossil-fuel
generation at the state level to play a
supporting role. It should, however,
LAWRENCE HAAR, PH.D.
University of Brighton
Brighton, England
strategy from 2020. Biden’s Presidency a success, but no doubt
have been expected. The way to limit subsidies for re-
us ,
For Democrats, there’s no small risk that Mr. many Democrats would. By their lights he can
In the U.K. and EU countries, sub- newables, increase electric power out-
l
Biden could decline noticeably in the 19 point to his Covid and climate spending and sidizing renewables has led to what put and stabilize the grid runs
e
months until Election Day in 2024. In that his resistance to Russian aggression in
al a
we call “capacity payments” to dis- through nuclear power. Nuclear power

event, voters on the fence could swing toward Ukraine. Second terms are rarely successful, patchable fossil-fuel plants to run at plants produce clean, reliable electric-
a Republican nominee who can at least meet and Mr. Biden could give a Democratic succes- minimum stable generation to back ity, 24/7. Existing nuclear technology
ci on
the rigors of the office. Yes, even Donald sor a chance to serve for eight years. up the intermittent and random out- allows a power plant to operate for
Trump. If Mr. Biden ignores all this and does run put of renewable energy. In addition up to 50 years without refueling.
Mr. Biden may believe he’s the only Demo- again, then some prominent Democrat would to the costs of random intermittence, Spent nuclear fuel can be safely
crat who could beat Mr. Trump, but many oth- do the country a service by running against renewables as distributed generation stored or reprocessed into usable fuel.
ers also could. And what if Republicans nomi- him in the primaries. The polls show that Dem- require a lot more wires and use a lot The money and time invested in
er s
more land than fossil fuels. renewables would be better spent on

nate someone else? GOP voters could decide ocratic voters want another candidate. At this
Though their variable cost is virtu- nuclear power plants. That would
they don’t want to repeat 2020, and a younger moment of great economic and strategic chal-
m er
ally free when the sun shines and mean, however, that Congress
GOP nominee would have an advantage over lenge, the United States needs a better presi- wind blows, their indirect costs and couldn’t reward its friends with sub-
Mr. Biden as the more vigorous candidate of dential choice in 2024 than a redo of Joe Biden externalities are huge. Fully costed, sidies and tax breaks.
generational change. A younger Democrat vs. Donald Trump. renewable energy isn’t competitive. If WILLIAM DERRYBERRY
such costs and indirect support were Locust Grove, Va.
m rp
Randi Weingarten’s Privilege Corporations Have Good Reason to Speak Up

I
t’s no secret that Randi Weingarten op- co-location proposals for Success Academy
poses co-locating charter schools in build- charter schools by ginning up opposition. Suc- I am dismayed that Gregory Angelo social issues. Nearly 60% of adults
co Fo
regrets encouraging corporations to ages 18 to 29, and over half between

ings that have a district public school. But cess Academy is one of the city’s best-per-
take a public stand on gay rights (“I 30 and 44, hold that view. Eschewing
the president of the American Federation of forming charter networks. Now the unions Helped Make Corporations Woke, and the minority view in this case isn’t a
Teachers sits on the board of University Prep have brought a lawsuit to void two other Suc- I Regret It,” op-ed, April 13). Corpora- sustainable business decision.
Charter Schools—a charter run by the local cess Academy co-locations that were already tions are increasingly vocal on social If society fails to provide the op-
teachers union. On Wednesday New York’s De- approved. Well over a third of the city’s 275 issues, but that is precisely the way portunity for people to thrive, that
partment of Education approved University charters are co-located because that is where to create the conditions for their, and failure will land in the workplace, too.
Prep Charter’s bid for a permanent co-location the unused space is. the country’s, long-term success. It won’t be overcome by even the best
for its middle school with a district school and The teachers unions will claim it’s the end Mr. Angelo asserts that most Amer- benefits package or most inclusive
another charter school. of the world if a charter is allowed to co-locate icans want corporations to stay silent culture (although all corporations
The backdrop points to the stunning hypoc- in a building that houses a traditional public on social issues. A Gallup poll from should aim to get at least that far).
risy. Under former Mayor Michael Bloomberg, school—even when there’s plenty of unused earlier this year found that U.S. adults Corporations hold enormous power.
are split: 48% say to take a public They should use it to accelerate the
New York approved dozens of co-locations for space and even though charters are also public
n-
stance and 52% say they shouldn’t. end of America’s unequal status quo.
the simple reason that this is usually the schools. But the unions object only when co- More interesting is what the Gal- JEFF RAIKES
speediest way to get these charters up and location is for a school that unions don’t con- lup data say about the future. Youn- The Raikes Foundation
running. The unions understand that too, trol. If you are a union charter school, with ger people overwhelmingly want cor- Seattle
which is why they fight it. Randi Weingarten on your board, you expect—
no
porations to take a public stand on

This year the unions have succeeded in and get—the red carpet treatment. Member-
pressuring Mayor Eric Adams to cancel three ship sure has its privileges. An Education That Limits
Marriage and Children Are Regarding William McGurn’s
No Longer a Security Blanket
Upside Down Mortgage Policy Bribes and maternity leave aren’t
“Leave the Yeshivas Alone” (Main
Street, April 18): Growing up in Que-
I
bec, I saw the pernicious effects of
effective methods of encouraging
ncome redistribution is an abiding value of backed by taxpayers. The rule is meant to make motherhood (“Incredible Shrinking
highly directive laws limiting educa-
the Biden Administration, and now it wants housing more affordable, but goosing demand tion in and usage of all languages but
Japan,” Review & Outlook, April 17).
to spread that to mortgage lending. A new for homes at the lower end of the market will French. Preservation of Francophone
When governments finally decide they
rule will raise mortgage fees drive those prices up more in culture not only drove Anglophones
need babies more than a woman’s tax-
for borrowers with good A new rule would make the short term. able income, here is an idea to think
like me away, but also caged in the
growing ranks of unilingual French
credit to subsidize higher-risk reliable borrowers The Biden Administration through. Marriage used to be a
speakers, whose mobility became
borrowers. may also end up harming woman’s only hope of economic secu-
greatly limited in the rest of Canada
Under the rule, which goes subsidize risky loans. other homeowners down the rity, but today it is a major financial
and the U.S. It took me many years to
into effect May 1, home buy- road. Many high-risk borrow- risk. And when women have babies,
realize that this outcome is a feature,
ers with a good credit score ers brought in under the plan we lose control of our lives, finances
not a bug.
and often the children themselves.
over 680 will pay about $40 more each month will buy homes in low-income neighborhoods. A similar phenomenon now unfolds
Restoring our control is the key. Make
on a $400,000 loan, and upward depending on The working-class families who already live in sure that a divorcing husband lives up
at Hasidic yeshivas, where the curric-
the size of the loan. Those who make down those neighborhoods worked hard and saved ulum ensures that the students will
to his financial obligations to his chil-
payments of 20% on their homes will pay the for their homes. If their new neighbors default remain in the fold because they lack
dren and has no claim on our assets.
highest fees. Those payments will then be and face repossession, nearby homeowners may the basic skills to wander away.
If society wants more childbirth, en-
PAUL E. GREENBERG
used to subsidize higher-risk borrowers see their property values fall. sure that the person who does the
Brookline, Mass.
though lower fees. Progressives want to reduce the importance work makes the decisions.
This is the socialization of risk, and it flies of credit scores for mortgages, but such scores LAURIE CHERBONNIER
against every rational economic model, while are designed to measure comparative risk. The Winnetka, Ill.
encouraging housing market dysfunction and fees in question, which are generally called risk- Pepper ...
putting taxpayers at risk for higher default adjusted guarantee fees, have historically been
Unconventional for a Reason And Salt
rates. The 20% down payment is a financial dis- used to compensate the agency for loans with
THE WALL STREET JOURNAL
cipline that encourages buyers to seek homes higher risk of default. In “Odd Times Call for Unconven-
they can afford, and it gives buyers skin in the This is not a penalty on low-income borrow- tional Wisdom” (op-ed, April 13), Karl
borrowing game. No one wants to default on a ers, who can get good credit scores by demon- Rove suggests that another Trump in-
mortgage when they could lose tens or hun- strating consistent ability to repay debts. High- dictment might sour many of his sup-
porters rather than embolden them.
dreds of thousands of dollars in equity they’ve income borrowers can end up with less stellar
Unfortunately, this brings to mind not
built up in their homes. credit scores by overspending, being flaky on “unconventional wisdom,” but a dif-
Federal Housing Finance Agency (FHFA) di- recurring payments, or mishandling high ferent term: wishful thinking.
rector Sandra Thompson says the rule will “in- credit-card balances. PAUL SEIDEMAN
crease pricing support for purchase borrowers The biggest problem here is fairness. Tax- Rancho Mirage, Calif.
limited by income or by wealth.” The Biden Ad- payers already subsidize mortgages for low-in-
ministration may want more homeownership, come borrowers through the Federal Housing
Letters intended for publication should
but selling people houses they can’t afford has Administration. Now they want to punish those be emailed to wsj.ltrs@wsj.com. Please
never been a good idea. See the subprime loan who have maintained good credit while reward- include your city, state and telephone
collapse of 2008. ing those who haven’t. In the name of making number. All letters are subject to
The FHFA regulates federal mortgage guar- housing more equal, they are pursuing an ineq- editing, and unpublished letters cannot “He hasn’t been the same
be acknowledged.
antors Fannie Mae and Freddie Mac, which are uitable policy. since his phone died.”
OPINION
Leave ‘the AI in the Garden of Eden

American come to understand the internet’s
People’ Alone and high tech’s steep and brutal

downsides—political polarization for
profit, the knowing encouragement of
DECLARATIONS internet addiction, the destruction of
By Joseph Epstein By Peggy Noonan childhood, a nation that has grown
I
T
shallower and less able to think—we
n the Chicago where I grew up, all he dawn of the internet have come to understand the vision-
politicians were guilty until age was so exciting. I took aries who created it all, and those
proven innocent, and few were my grade-school son, en- who now govern AI, are only argu-
ever proved innocent. I remember my thralled by Apple comput- ably admirable or impressive.
father telling me that a seat on the ers, to see Steve Jobs You can’t have spent 30 years
Chicago City Council paid $20,000 a speak at a raucous convention in New reading about them, listening to
year, yet politicians spent as much as York almost a quarter-century ago. them, watching their interviews and
a quarter-million dollars to get one. What fervor there was. At a seminar not understand they’re half mad. Bill
“Doesn’t make sense,” my father out West 30 years ago I attended a Gates, who treats his own banalities
would say, in a voice of comic na- lecture by young, wild-haired Nathan with such awe and who shares all the
iveté, “just doesn’t make sense.” Myhrvold, then running Microsoft books he reads to help you, poor
There are ways to scope out the Research, who talked about what was dope, understand the world—who one
DAVID GOTHARD
falsity of politicians—viewing the happening: A new thing in history suspects never in his life met a nor-
contradictions or simple selfishness was being born. mal person except by accident, and
in their voting records; discovering But a small, funny detail always who is always discovering things be-
their net worth. I have come upon an- gave me pause and stayed with me. It cause deep down he’s never known
other. You can tell how phony a poli- was that from the beginning of the anything. Dead-eyed Mark Zucker-
tician is by how often he uses the age its great symbol was the icon of berg, who also buys the world with
term “the American people.” what was becoming its greatest com- But I came to wonder if the apple think they are God. The latest warn- his huge and highly distinctive philan-
The term is ubiquitous: “That is pany, Apple. It was the boldly drawn with the bite wasn’t an example of ing, and a thoughtful, sophisticated thropy so we don’t see the scheming,
the question the American people are apple with the bite taken out. Which Carl Jung’s idea of the collective un- one it is, underscores this point in its sweating God-replacer within. Google
asking everyday.” “I am here to serve made me think of Adam and Eve in conscious. Man has his own uncon- language. The tech and AI investor itself, whose founding motto was
the American people.” “That is not the garden, Adam and Eve and the scious mind, but so do whole societ- Ian Hogarth wrote this week in the “Don’t Be Evil,” and which couldn’t
who we, the American people, are.” fall, at the beginning of the world. ies, tribes and peoples—a more Financial Times that a future AI, meet even that modest aspiration.
“The American people want a change, God told them not to eat the fruit of capacious unconscious mind contain- which he called “God-like AI,” could The men and women of Silicon
and now.” “If I thought the American the tree, but the serpent told Eve no ing archetypes, symbols and memo- lead to the “obsolescence or destruc- Valley have demonstrated extreme
people believed that, I’d vote for it harm would come if she did, that ries of which the individual may be tion of the human race” if it isn’t reg- geniuslike brilliance in one part of
without hesitation.” she’d become like God, knowing all. wholly unaware. Such things stored ulated. He observes that most of life, inventing tech. Because they are
That’s why he doesn’t want you to in your mind will one way or another those currently working in the field human and vain, they think it extends
have it, the serpent said: You’ll be his be expressed. That’s what I thought understand that risk. People haven’t to all parts. It doesn’t. They aren’t es-
A smarmy plea for unity equal. So she took the fruit and ate, might be going on with Steve Jobs been sufficiently warned. His col- pecially wise, they aren’t deep and as
she gave to Adam who also ate, and and the forbidden fruit: He was say- leagues are being “pulled along by I’ve said their consciences seem un-
rings especially false at a the eyes of both were opened, and for ing something he didn’t know he was the rapidity of progress.” evenly developed.
time when the country is the first time they knew shame. When saying. Mindless momentum is driving This new world cannot be left in
God rebuked them, Adam blamed Eve things as well as human pride and their hands.
so deeply divided.
.
and Eve blamed the serpent. They ambition. “It will likely take a major And since every conversation in
were banished from the garden into People in the tech world misuse event—a catastrophe—to which I say AI must be curbed or
ly
the broken world we inhabit. wake up the public and govern- stopped reverts immediately to
The problem is in determining You can experience the Old Testa- want, unconsciously, to ments.” China, it is no good to say, “But we
who these American people really ment story as myth, literature, truth- be God and on some level Everyone in the sector admits that can’t stop—we can’t let China get
are, especially with our country
clearly divided. Are they for or
against easy access to abortion? For
or against radical measures to com-
on
poem or literal truth, but however
you understand it its meaning is
clear. It is about human pride and
ambition. Tim Keller thought it an
think they are God. not only are there no controls on AI
development, there is no plan for
such controls. The creators of Silicon
Valley are in charge. What of the
there first! We’ve got to beat them!”
If China kills people and harvests
their organs for transplant, would
you say well then, we have to start
bat climate change? What about example of man’s old-fashioned will For me the icon has always been a moral gravity with which they are ap- doing the same? (Well, there are peo-
us ,
crime? Do they want to defund or re- to power. St. Augustine said it was a caution about this age, a warning. It’s proaching their work? Eliezer Yud- ple here who’d say yes, and more
l
inforce the police? story of pride: “And what is pride but on my mind because of the artificial- kowsky, who leads research at the than a few would be in Silicon Valley,
e
al a
Polls on these and many other is- the craving for undue exaltation?” intelligence debate, though that’s the Machine Intelligence Research Insti- but that’s just another reason they
sues are divided. If anything, polls I always thought of the Apple icon: wrong word because one side is viv- tute, noted in Time magazine that in can’t be allowed to develop AI unim-
seem to show that at this moment, That means something. We are being idly asserting that terrible things are February the CEO of Microsoft, Satya peded.)
ci on
there is no unified American people— told something through it. Not delib- coming and the other side isn’t an- Nadella, publicly gloated that his new No one wants to be a Luddite, no
we are a vast number of people who erately by Jobs—no one would put swering but calmly, creamily, airily Bing AI would make Google “come one wants to be called an enemy of
have little more in common than liv- forward an image for a new company deflecting Luddite fears by showing out and show that they can dance. I progress, no one wants to be labeled
ing in the same country. that says we’re about to go too far. television producers happy videos of want people to know that we made fearful or accused of always seeing
Am I an “American” person? I was Walter Isaacson, in his great biogra- robots playing soccer. them dance.” the downside.
er s
born and have lived nearly all my phy of Jobs, asked about the bite But developing AI is biting the ap- Mr. Yudkowsky: “That is not how We can’t let those fears stop us
days in the U.S., which I continue to mark. What was its meaning? Jobs ple. Something bad is going to hap- the CEO of Microsoft talks in a sane from admitting we’re afraid. And if
m er
think most interesting country in the said the icon simply looked better pen. I believe those creating, fueling world.” you have an imagination, especially a
world. But when Chuck Schumer or with it. Without the bite, the apple and funding it want, possibly uncon- I will be rude here and say that in moral imagination, you are. And
Mike Pence refers, as both fairly fre- looked like a cherry. sciously, to be God and on some level the past 30 years we have not only should be.
quently do, to “the American people,”
I don’t recognize myself.
m rp
By glomming onto the phrase, con-

temporary politicians seek to estab-
lish that they are the true representa-
Fox Case Shows Why Pressies Love Unnamed Sources
tives of representative government. Tuesday’s $787.5 mon in the British press, reporters police underworld. Detailed report- official for doctoring evidence.
With it engraved on their shields, million settlement for the now-defunct News of the ing in the Guardian newspaper, Also not highlighted by the paper,
co Fo
they avoid any notion that they are by Fox Corp. of a World hacked the voicemail of a based on leaked Scotland Yard in- Mr. Trump has faced plenty of good
party hacks or merely in business for defamation com- missing and murdered schoolgirl. vestigatory files, had long accused old-fashioned political accountabil-
themselves. plaint from voting As has become clearer since, the him of making a living by bribing ity. He has lost millions of support-
Evoking “the American people” machine company paper was actually working in close police officers for news tips on beers. Democrats have prospered by
also is meant to establish the ear- Dominion is an ex- cahoots with the Surrey Police, and half of British tabloids. emphasizing a Trump threat to de-
BUSINESS
nestness and sincerity of a politician. clamation point on many of the claims by its rivals of I can’t do justice to the imbroglio mocracy (a horse they plan to ride
WORLD
Yet sincerity and politics are rarely one fact not in dis- damage to the investigation or to the in a column, but check out on You- again in 2024). In much shorter sup-
By Holman W.
found under the same roof, and one pute between the Milly Dowler family were simply Tube a three-part series on the Mor- ply has been a similar political or
Jenkins, Jr.
has to search American politics sedu- parties: Trump false. As also happens, its source left gan murder, including its connection social accountability for collusion
lously to find admirably sincere polit- election claims it out to dry. In the white-hot furor of to the phone-hacking scandal 24 hoax authors such as Hillary Clinton,
ical figures. were false. the moment, then-Surrey Chief Con- years later, by Britain’s Channel 4. James Clapper, Christopher Steele,
Politicians who glibly cite the true Reporting the false claims of im- stable Mark Rowley told the BBC he Rachel Maddow, Marc Elias, Adam
wishes of “the American people” as portant figures is part of our job, must remain silent because matters Schiff and others. If you wonder
n-
the motive for their actions are also but so is noting when a news organ- were under investigation. There’s much to be learned what it means to be an establish-
simultaneously congratulating them- ization’s own reporting finds the These details now get a second ment, this is what it means.
selves for their insight. I think of four claims without foundation, which wind. Mr. Rowley was lured out of from new developments Unnoted is the most abashing dif-
Illinois politicians nearest, though far Fox News in some of its shows did retirement last year to deal with a in the 2011 British phone- ference of all. While Fox opinion
no
from dearest, to me: Tammy Duck- and others didn’t. Fox Corp. shares multigeneration corruption problem hosts let their sources spew their
worth, Dick Durbin, Jan Schakowsky common ownership with News Corp, in London’s famed Metropolitan Po- hacking scandal too. lies on air, the mainstream press
and J.B. Pritzker. The first is in the parent of Wall Street Journal pub- lice, which all along was the unsung mostly packaged its collusion lies un-
Senate chiefly owing to her war lisher Dow Jones & Co. phone-hacking backstory (as I noted der its own imprimatur and allowed
wounds. The second, a heavy user of In settling, Fox has spared its at the time), and which apparently Fox’s rivals chortle over its dis- its sources to hide behind anonymity,
“the American people,” has been in leadership and marquee TV talents continued to fester after the News comfiture but, like the British press which therefore shielded reporters
the Senate for 26 years. The third, a the embarrassment of a trial. Less of the World was immolated. back in 2011, their pattern recogni- from accountability too.
congresswoman for 23 years, refused likely was the motive for the deal Too, Mr. Rowley’s predecessor tion fails them when it comes to All this is good reason to take
in 2015 out of party loyalty to attend fear of an even bigger billion-dollar stepped down in part because a po- parallels to their own behavior. with a grain of salt the holier-than-
Benjamin Netanyahu’s address to verdict after appeal—otherwise the lice corruption panel accused her of This week the New York Times thou effusions of journalists who,
Congress warning of the dangers of rest of the media would be acting obstructing its investigation of the lamented that “few people have unlike Fox, haven’t lately seen their
the Iran deal. The fourth, who has very differently today since they are unsolved 1987 murder (with an ax in been held legally accountable for private internal messages splayed
evinced more sympathy for criminals no less at risk when relaying false a pub parking lot) of private eye their roles in trying to delegitimize across a lawsuit. In every good
than for their victims, bought the claims by their sources. The price tag Dan Morgan, who was reportedly President Biden’s victory.” In an novel about journalism by a journal-
governorship of Illinois with his bil- wowed cable hosts on networks that threatening to expose police drug- irony the paper didn’t mention to its ist, as I’ve noted before, the profes-
lions. None has the faintest clue aren’t quite so rolling in profits and running—also part of the backstory. readers, at least a smidgen of the sion comes across as distinctly hav-
about what America wants from poli- ratings but it was still big. Morgan’s ex-partner Jonathan Rees desired legal accountability has in- ing its seedier aspects. There’s a
ticians, and if they did they wouldn’t As it happens, this is the second was charged with the killing and ac- stead come to those who tried to reason for this and it often has to
deign to supply it. searing experience for the folks up- quitted. Mr. Rees is a convicted delegitimize Mr. Trump’s victory in do with the seedy relations between
It is time, surely, for us the Ameri- stairs in 12 years, after the British felon with deep ties to the London 2016, including conviction of an FBI the press and its sources.
can people to rise up and insist that phone-hacking scandal of 2011, in
our politicians knock off all further which new developments remind us
mention of “the American people.”
Mr. Epstein is author, most re-

that today’s news is only the first
draft of history.
That blow-up stemmed from the
Taiwan’s President Belongs at APEC
cently, of “Gallimaufry: A Collection unmysterious fact that a decade ear- By Lance Gooden as standard-bearer for fledgling de- risk disrupting international rela-
A
of Essays, Reviews, Bits.” lier, when phone-hacking was com- mocracies world-wide. This invita- tions. But the risk of inaction is far
sia-Pacific Economic Coopera- tion would place further pressure on greater. Appeasing the Communist
tion, a 21-member regional fo- the other economies within APEC to Party emboldens it, allowing it to
rum, holds its annual summit call for Taiwan’s full inclusion. extend its reach further into the
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY in November in San Francisco. Presi- An invitation for Ms. Tsai would democratic world. History has
Rupert Murdoch Robert Thomson dent Biden has a unique opportunity be an important sign of support at a shown that strong, united opposi-
Executive Chairman, News Corp Chief Executive Officer, News Corp to send a message to the interna- time when the Chinese Communist tion to authoritarian regimes can
Emma Tucker Almar Latour tional community by inviting the Party has made clear its intention to bring about positive change. In the
Editor in Chief Chief Executive Officer and Publisher
president of Taiwan, Tsai Ing-wen, absorb Taiwan, undermine its vi- face of international pressure, even
Liz Harris, Managing Editor DOW JONES MANAGEMENT: to attend. brant democracy and consolidate seemingly invincible autocratic
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; China and Taiwan joined APEC in power in the Asia-Pacific region. powers can be persuaded to change
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, News;
1991, two years after its founding, Continuing to deny the democrati- course.
Barron’s Editor in Chief; Jason P. Conti, General
Andrew Dowell, Asia; Brent Jones, Culture, but as a concession to Beijing, Tai- cally elected leader of Taiwan a seat Inviting Ms. Tsai to the APEC
Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business
wan joined as “Chinese Taipei,” not at the table would signal to Beijing summit would be a crucial step to-
Writing; Michael W. Miller, Features & Weekend;
Information & Services, Operations; an independent nation. Taiwan that its bullying is effective. ward building a united front against
Emma Moody, Standards; Shazna Nessa, Visuals; sends business leaders and a “spe- Taiwan’s economic success, tech- Beijing’s aggression. It is an oppor-
Elizabeth O’Melia, Chief Financial Officer;
Philana Patterson, Audio; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations;
Josh Stinchcomb, EVP & Chief Revenue Officer, cial envoy” to the summit, but the nological advancement and strong tunity for the Biden administration
Amanda Wills, Video WSJ | Barron’s Group; Sherry Weiss, Chief president has been excluded. civil society have set an example for to stand up for freedom, democracy
Paul A. Gigot
Marketing Officer The Taiwanese government has the world, proving that democracy and global stability.
Editor of the Editorial Page made a powerful plea for full repre- and freedom are not only compati-
EDITORIAL AND CORPORATE HEADQUARTERS:
Gerard Baker, Editor at Large
1211 Avenue of the Americas
sentation. As the host of this year’s ble with prosperity but essential to Mr. Gooden, a Republican, repre-
New York, N.Y., 10036 summit, the U.S. is in a unique posi- it. Some may argue that an invita- sents Texas’ Fifth Congressional Dis-
Telephone 1-800-DOWJONES tion to extend an invitation and act tion to Taiwan’s president would trict.
SPORTS
A ‘Prime’ Makeover for Colorado
social-media bump: Colorado foot-
ball’s official Twitter account now
has more than 164,000 followers, a
67% jump since December.
In this new era of college
sports, in which athletes can make
New coach Deion Sanders has refashioned the school’s football team in his flashy image money on endorsements, social-
media followers are a currency.
BY LAINE HIGGINS The larger the audience, the larger
the influencer’s paycheck. Being
T
he University of Colorado associated with Sanders—be it ap-
football team had the du- pearing on the field or making
bious honor of being the cameos on Well Off Media, the
worst among major con- YouTube channel run by his eldest
ferences in 2022. The son—could literally line a player’s
Buffs won a single game and lost pockets. That’s an attractive real-
the remaining 11 by an average of ity to recruits.
more than 32 points. In a word, it Jordon Johnson-Rubell, a four-
was ugly. star safety recruit with offers from
Yet Colorado has already sold three dozen schools, said that the
out of season tickets for the 2023 Prime Time brand was part of
campaign. The athletic department Sanders’s recruiting pitch. “That’s
expects more than 45,000 fans at a big thing, he loves to get his
Folsom Field for the team’s Black guys exposure,” he said.
& Gold Day on Saturday. And the Coach Prime’s peers aren’t im-
Buffs’ spring game will be the only mune to his magnetism. Sanders
one ESPN televises on its main convinced Sean Lewis, a head
channel during the offseason. coach at Kent State known for his
There’s a reason for these in- up-tempo offenses, to take a half-
congruous developments. His step backward on the career lad-
name is Deion Sanders. der and become his offensive coor-
Since his hire in December, dinator. Then he hired Alabama’s
Sanders has refashioned the pro- Charles Kelly to be his defensive
gram in his flashy image and coordinator.
loudly launched an extreme offsea- Together, they have taken major
son makeover of the roster via the strides on the recruiting trail and
transfer portal. Coach Prime has in the transfer portal at Colorado.
done plenty of pontificating about In January, Sanders convinced
the new-look Buffs. Come Satur- five-star prospect Cormani Mc-
day, he’ll begin to show whether Clain, pegged as the top corner-
he can make it all work on the Deion Sanders has launched an extreme offseason makeover of Colorado’s football roster via the transfer portal. back in the Class of 2023, to flip
field. his commitment from Miami. He’s
“It is shocking how far down follow his every move to record our lives would change for the bet- within so many miles of campus the crown jewel of a recruiting
they were,” said Chris Fowler, a content for his social-media acter immediately,” said Alexis Wil- now all have grits on the menu,” class ranked 30th, according to
Colorado alum who is calling Sat- counts, run by his eldest son Deion liams, Colorado’s senior associate Williams said. “We call it ‘the 247sports—the Buffs’ best showing
urday’s spring game for ESPN. Sanders Jr., and his docuseries on athletic director for external oper- Prime Effect.’ ” since 2008.
.
“That’s why it is a great experi- Amazon’s Prime Video. ations. “The only surprising thing The Prime Effect is visible on The rest of Colorado’s roster is
ment, that’s why it is the ultimate For all his athletic success, was how fast our fans responded.” Colorado’s balance sheet, too. On in a major state of flux. Sanders
ly
curiosity.” Sanders’s coaching résumé was a In the month after Sanders’s April 17, the university announced made clear from his first interac-
After firing coach Karl Dorrell bit thin. He had coached a handful hire, more than 20,000 people that football season tickets for tion with the team that the old
in early October, Colorado athletic of Texas high schools before tak- filled out season ticket interest 2023 had sold out. It was the ear- way of doing things wasn’t going
director Rick George said he was
looking for a successor who could
inject the downtrodden Buffs pro-
gram with a megadose of adrena-
on
ing over Jackson State University
in 2020. The team in the lower tier
of Division I football was rich in
tradition, but down on its luck
forms, a level Williams described
as “off the charts.” Apparel sales
through the retailer Fanatics
jumped 525% in December 2022
liest date that had happened in
program history and the Buffs’
first season ticket sellout since
1996, during the team’s ‘90s hey-
to fly in the new regime.
Sanders turned to the transfer
portal to reload, largely out of ne-
cessity. He signed 28 players, cur-
line. Enter Sanders, a man who when Sanders arrived. By the time compared with the previous year. day that included a national title rently the top-ranked group ac-
us ,
went by “Prime Time” during his he left, it had won two Southwest- Sanders toured local greasy in 1990. cording to 247sports. Eight
l
DAVID ZALUBOWSKI/ASSOCIATED PRESS

days of doing double duty in the ern Athletic Conference champion- spoons for breakfast and lamented Should the stands at Folsom transfers played for him at Jack-
e
al a
NFL and MLB. ships and lost all of three games in Boulder’s lack of grits in reviews Field fill to capacity of more than son State, including his son Shed-
Sanders is the only active col- two seasons. posted to his social channels. It 50,000 come September, it would uer, a talented quarterback, and
lege football coach who is en- The overhaul earned the notice was something Williams knew all reverse a yearslong trend of slid- cornerback Travis Hunter, once the
ci on
shrined in the Pro Football Hall of of George. He took a risk and ex- too well—a Houston native, she ing attendance at Colorado. During top-ranked player in his recruiting
Fame as a player. He is part foot- tended a job offer to Sanders. used to have her mother mail last year’s 1-11 campaign, the Buffs class who spurned Florida State to
ball legend, part reality TV star. Sanders took a risk by accepting packages of grits because they averaged 42,847 fans and ranked play for Sanders in Mississippi.
He declares, “I ain’t hard to before setting foot on campus. were so scarce at Colorado grocery 51st overall in major college foot- “This is the most fluid roster in
find”—and wears T-shirts bearing Both look like they’ll pay off. stores. ball, according to NCAA data. the history of the sport,” Fowler
er s
the phrase to practice. Cameras “My first impression was that “I think all the breakfast spots Coach Prime has also brought a said.
m er
MLB Suspends Scherzer

m rp
Over Use of ‘Sticky Stuff’

BY LINDSEY ADLER rosin is a permissible substance for
co Fo
pitchers to use to get a better grip
M
ajor League Baseball has is- on the ball—until it isn’t.
sued its highest-profile pun- Scherzer asserts that he had only
ishment to date for the use used the MLB-provided rosin bag
of “sticky stuff” by a pitcher. on his hand. Umpire Dan Bellino
Three-time Cy Young Award win- said Scherzer’s hand “was the stick-
ner Max Scherzer of the New York iest that it has been since I’ve been
Mets was given a 10-game suspen- inspecting hands.”
sion following his ejection from In MLB’s news release on Scher-
Wednesday’s Mets-Dodgers game in zer’s suspension, the league de-
Los Angeles. Scherzer was tossed scribed the sequence of events as
after an umpire checked his hands such: “After being checked at the
three times and determined that he conclusion of the second inning, Mr.
n-
was in violation of league policy. Scherzer was told to wash his

The suspension is the most nota- hands prior to returning for the
ble since the league cracked down next inning, and that he would be
on the use of “sticky stuff” in 2021 inspected again prior to the third
no
by instituting umpire checks for inning. When Mr. Scherzer was in-
foreign substances. The Scherzer spected prior to pitching in the
case is additionally confusing be- third inning, the umpires found that Newcastle’s Bruno Guimaraes celebrated with Kieran Trippier during a match against Man United on April 2.
cause the substance at issue, rosin, his pitching hand was clean, but
is permissible under MLB rules—if found a sticky substance in the
not used in excess.
Scherzer initially said on Thurs-
pocket of his glove, and Mr. Scher-
zer was told to replace his glove.
Newcastle Is Chasing a Top-4 Payday
day that he would appeal the sus- The umpires inspected Mr. Scherzer
pension, then changed his mind and for a final time when he was walk- BY JOSHUA ROBINSON isn’t just surviving. It’s in prime po- while PIF was pushing the Newcas-
decided to begin serving the sus- ing to the mound to pitch in the sition to qualify for the Champions tle deal over the line.
pension immediately. fourth inning, and found that Mr. IN THE FIRST SEASON after New- League with a top-four finish. But Staveley argued that PIF,
Scherzer said that he decided to Scherzer’s throwing hand was even castle United theoretically became Newcastle currently sits in fourth which controls nearly half a trillion
drop the appeal of his suspension more glossy and sticky than it was one of the richest clubs in any sport place, three points ahead of Totten- dollars in assets, wasn’t in the busi-
when he learned that his case during the second inning inspec- in the world, its new Saudi-backed ham Hotspur, having played one ness of throwing money around.
would be heard by a league official, tion, despite not yet even throwing owners had just one job. Before fewer game. The two sides meet at “They are effectively a pension
rather than a neutral arbitrator. a pitch.” they could turn the English Premier St. James’ Park in Newcastle on fund,” she said. “They are managing
“The intent of this rule was to Scherzer told reporters Thursday League on its head, they needed to Sunday, knowing that reaching the money for future generations.”
clean up the game,” Scherzer told that he had rubbed his hair to col- make sure they could stay in the Champions League can be worth Newcastle was the value option,
reporters on Thursday. “I don’t lect sweat on his hand before grab- league at all. upward of $80 million to a club— a club that Staveley and her backers
think it was intended to crack down bing the rosin bag—a permissible At the time, in October 2021, the money that Newcastle hopes to felt was undervalued and under-
on pitchers that were using legal mixture under major-league rules— club was in 19th place, flirting with spend quickly on yet more upgrades marketed. Just by existing in the
substances. I used legal sub- but MLB’s report said “the level of relegation to the second tier of Eng- for its squad. Premier League, the planet’s most
stances.” stickiness during the fourth inning lish soccer and the financial calam- “We need to be smart with what popular sports league, it had a
The incident points to the se- check was so extreme that it was ity that comes with it. If Newcastle we do,” said Newcastle manager Ed- global reach that needed to be ex-
mantics of the league’s rule and the inconsistent with the use of rosin dropped out of the Premier League, die Howe, who was installed after ploited—something that Saudi’s
use of subjective assessments to de- and/or sweat alone.” the whole project would fall years the takeover. neighbor Abu Dhabi had already un-
termine objective punishments for On Thursday, Scherzer decided behind schedule, at best. At worst, Newcastle first appointed the derstood in using Manchester City
ballplayers. In the MLB rulebook, not to appeal his suspension. it would just fall apart. highly regarded Howe, who had to improve the emirate’s image in
“It felt like we were fixing the kept Bournemouth in the league for the world. Newcastle might not
plane while we were flying it and it four seasons on a shoestring bud- have been the biggest club around,
was going down and about to crash get. Then it spent more in the Janu- but its games, its sponsors, and its
and burn,” Newcastle director ary transfer window than any rele- black-and-white jersey would still
Amanda Staveley, who led the take- gation-threatened club in Premier be broadcast in around 200 coun-
over backed by the Public Invest- League history. tries every weekend.
ment Fund of Saudi Arabia, said in What the new owners didn’t “We didn’t go for the wonderful
February. know is that several more recogniz- Tottenham, Chelsea and Liverpool,”
Those on-the-fly repairs in the able (if more expensive) properties Staveley said. “Why spend X billion
first season alone cost over $110 were about to hit the market. Had when you can spend three-hundred-
million—beyond the $380 million PIF waited a little longer, it could some million?”
already spent to acquire the club. have made a run at Manchester The reality was that the $380
KIRBY LEE/USA TODAY SPORTS
Though Newcastle wasn’t yet ready United, which is currently enter- million outlay to buy the club was
to bring in top European talent, it taining bids for a whole or partial just the beginning.
STU FORSTER/GETTY IMAGES
spent lavishly on players who could sale of the club. Newcastle’s owners have made it
help in a relegation battle. In one Chelsea also went up for sale in clear that they were prepared to
case, it simply poached its direct ri- the spring of 2022 after its Russian spend plenty more to reach the
val’s best striker. oligarch owner Roman Abramovich level of Tottenham, Chelsea and
But the plan worked. Now, with came under government sanctions. Liverpool. And as things stand in
eight matches remaining in the Liverpool and Tottenham were also the Premier League, Newcastle sits
Max Scherzer was ejected by umpire Phil Cuzzi during Wednesday’s game. owners’ second season, the club thought to be possibly available in front of all three.
EXCHANGE
A Piece of Work Key Man

The hazards of A groundbreaking
team-building, in a composer who did
new WSJ comic B2 more with less B5
BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 22 - 23, 2023 | B1
DJIA 33808.96 À 22.34 0.07% NASDAQ 12072.46 À 0.1% STOXX 600 469.00 À 0.3% 10-YR. TREAS. g 6/32 , yield 3.570% OIL $77.87 À $0.50 GOLD $1,979.50 g $28.10 EURO $1.0992 YEN 134.14
Lyft Targets
At Least
1,200 Jobs
In New Cuts
Lyft Inc. plans to cut 1,200 or
more jobs in a new round of layoffs
as the ride-sharing company aims to
reduce costs, according to people fa-
miliar with its plans.
By Preetika Rana, Lauren

Thomas and Emily Glazer
The latest cuts could affect 30%

or more of Lyft’s more than 4,000
employees, the people said, and the
company had planned to announce
the move after a board meeting next
week. The cuts could help Lyft slash
50% of its costs, some of the people
said. Lyft doesn’t count its drivers as
employees.
The move comes days after a new
chief executive officially took control
and follows an earlier round of cuts
that shed about 700 people late last
year.
“We need to bring our costs down
to deliver affordable rides, compel-
ling earnings for drivers, and profit-
able growth,” David Risher, Lyft’s
.
new CEO, said in a note to staff.
Those things “require us to reduce
ly
our size and restructure how we’re
organized,” he said.
The memo didn’t specify the size
on of cuts, saying that the company
planned to share more with employ-
ees next week.
“I own this decision, and under-
stand that it comes at an enormous
us ,
cost,” he added.
l
Lyft has struggled to keep up with

e
al a
Please turn to page B2

KELSEY MCCLELLAN FOR THE WALL STREET JOURNAL.
ci on
Activists
Accept Quick
er s
m er
Detente in
Board Fights
m rp
BY LAUREN THOMAS
F
OR YEARS, PepsiCo Inc. tried PepsiCo’s latest attempt at a less-salty So far in the 2023 proxy season,
THE
to move past its junk-food potato chip. shareholder activists have shown
co Fo
roots and shift its business to- Members of the sensory panel, as it is more bark than bite.
ward hummus, yogurt, kombu- known, undertake months of training so At companies including Walt Dis-
PEPSICO
cha, vegetable crisps and fruit- they can rate, on a scale of 0 to 15, sub- ney Co., Salesforce Inc. and Bath &
and-nut bars. tle variations in flavor and texture. One Body Works Inc., big-name activists
Never mind. The world’s largest of the panelists’ most important tasks is have prepared to battle for board
PLAN:
snack food company is back to pushing to help PepsiCo gradually reduce the so- seats, only to quickly agree to truces.
Pepsi, Doritos and Lay’s. dium in Lay’s while keeping the snack In only one case in the U.S. has an
The company’s chief executive, Ra- brand tasty enough that consumers activist’s bid for board representa-
mon Laguarta, says focusing on the won’t notice. Experimental approaches tion gone all the way to a share-
Making
foods people want to eat isn’t just include new salt crystals that deliver holder vote, when Jonathan Litt’s
good for business. The strategy, he salty flavor faster to the taste receptors Land & Buildings Investment Man-
says, will do more good for public on the tongue, substitutes such as potas- agement LLC succeeded in winning
health. Many people are going to con- sium chloride, different combinations of one board seat at Apartment In-
It OK to
n-
tinue eating potato chips no matter herbs and spices, and potato varietals vestment & Management Co. That
what, the company contends. So it is developed at the company’s plant-breed- compares with four such cases by
quietly working to make its snacks and ing research station in Rhinelander, this time last year, three in 2021 and
drinks a little less bad for you. PepsiCo Wis., that have a naturally saltier flavor seven in 2020, according to data
Eat Chips
no
has been gradually lowering the without being higher in sodium. from research firm Insightia.
amount of sodium, saturated fat and The taste panelists are employed by Meanwhile, as of April 18 there
sugar in its products, and says it wants an outside contractor called Sensory had been 33 settlement agreements
to bring them even lower—without Spectrum Inc., which pays them $19 to in which a company agreed to give an
consumers noticing. $20 an hour. The panelists test salty activist at least one board seat—at a
Central to this effort is a team of snacks and other foods—like rice, cook- time when overall activist volume is
about 10 professional food tasters at ies, pancakes and oatmeal—from across down—compared with 32 at the same
the headquarters of the company’s PepsiCo’s portfolio. Potato chips arrive point last year, the data show.
Frito-Lay snacks business in Plano, BY JENNIFER MALONEY in lidded paper cups. The tasters Activists are known for taking big
Texas. Several times a week, they try Please turn to page B6 Please turn to page B11
A Gamble on Betting Pays Off

How an obscure corner of sports wagering became a billion-dollar business
BY KATHERINE SAYRE cation is a necessary check—using the 50 U.S. states can have different
Wi-Fi signals, GPS, cell-tower sig- rules and federal law makes sports
Vancouver nals and other data—before a wa- betting across state lines illegal.
A husband-and-wife team ger can be accepted. That 1960s-era federal ban was
founded a tech company here that Anna Sainsbury and her husband originally intended to combat mob-
is quietly policing the multibillion- David Briggs founded the company sters’ profitable schemes taking
dollar online-gambling industry in about a dozen years ago while sports and horse-racing bets over
the U.S. working in the gambling industry, the phone.
GeoComply scrutinizes nearly ev- after they predicted the need for Over Super Bowl weekend this
ery online bet on sports to deter- geolocation and placed their own year, GeoComply conducted 100
mine whether the wager is happen- bet with their money and careers. million geolocation checks for
ALANA PATERSON FOR THE WALL STREET JOURNAL
ing in a state where it’s legal. Over These days, almost no online gam- sports-betting apps, up 25% from
the past five years, the company bling in the U.S. can happen with- last year’s game.
has signed on DraftKings, FanDuel, out them. In total, GeoComply says its
BetMGM, Caesars and other betting “Number one goal is no down- technology analyzes 10 billion
operators as customers as online time,” said Ms. Sainsbury, chief ex- transactions every year with its
gambling rapidly expanded across ecutive of GeoComply. software installed on more than
the U.S. Lately, at least one competitor is 400 million devices—including the
The company blocks bets from moving in. GeoComply’s patent has mobile phones and laptops where
gamblers in the wrong states and been challenged. And the rapid ex- gamblers place their bets. Its online
bettors spoofing their locations to pansion of sports betting across the gambling clients held more than
skirt the law, and monitors dark- U.S. appears to be slowing down. 90% of the U.S. sports-betting mar-
web fraudsters pursuing the big For now, though, the company is ket, according to estimates from
promotional sign-on bonuses of- crucial for betting firms trying to consulting firm Eilers & Krejcik
fered by betting companies. Geolo- navigate an industry where each of Please turn to page B5 Spouses Anna Sainsbury and David Briggs are co-founders of GeoComply.
B2 | Saturday/Sunday, April 22 - 23, 2023 * *** THE WALL STREET JOURNAL.
EXCHANGE
WSJ COMIC | DALE HRABI & KAGAN MCLEOD
A Piece of Work | The Scavenger Hunt
.
ly
on
us ,
l
e
al a
ci on
er s
New Layoffs at Lyft

m er
THE SCORE | THE BUSINESS WEEK IN 7 STOCKS
Target at Least 1,200

m rp
AT&T INC. PERFORMANCE OF TELECOM STOCKS THIS WEEK

Source: FactSet
 Some investors hung

up on AT&T Thursday.
2.5% Continued from page B1
its larger rival, Uber Technolo-
treats its customers and drivers.
Lyft’s additional cuts come as
T The telecom heavy- gies Inc., which gained market many tech companies have been
10% weight said it saw
co Fo
share and drivers during the pan- slashing their head counts. Globally
0.0 demic. Lyft decided not to diver- more than 170,000 people have lost
signs of businesses sify outside transportation and their jobs at tech companies this
and consumers paring back limited its business to North year, according to data from Lay-
America, while Uber’s food-deliv- offs.fyi, a website that tracks media
spending. Corporate cost-cut- –2.5 T-Mobile ery business and global opera- reports and company releases.
ting and layoffs are weighing tions gave it a boost. In recent months, many tech lead-
on business demand for wire- Lyft was also slower to roll out ers have spoken about overhiring
bonuses and new features to en- during better times over the past
less plans, and some Ameri- –5.0 Verizon tice drivers during a yearslong two years. Lyft is one of the few to
cans—particularly those with labor shortage as the U.S. re- announce several rounds of layoffs.
lower incomes—are tightening opened following pandemic lock- Facebook parent Meta Platforms Inc.
downs. said in March that it was cutting
their budgets and delaying
n-
–7.5 The company’s stock slid close 10,000 jobs this year after shedding
upgrades. AT&T shares to 69% over the past 12 months, 11,000 employees late last year, col-
AT&T while the tech-heavy Nasdaq Com- lectively affecting about a quarter of
dropped 10% Thursday—the posite Index fell 9%. Uber shares its staff.
largest percent decrease
no
–10.0 declined 3% over that period. Lyft Meta Chief Executive Mark Zuck-
since Dec. 19, 2000—while shares rose 6% Friday following
the Journal’s report that the com-
Verizon Communications Inc.
30%
pany plans to reduce staff.
lost 3.7% and T-Mobile US Inc. –12.5 Lyft reported record revenue
Mon. Tues. Wed. Thurs. Fri. for the fourth quarter, but inves-
fell 1.9%.
tors have been worried about its
prospects. Its shares tumbled The layoffs could reduce Lyft’s
more than 35% after it announced workforce by at least this much
NETFLIX INC. TESLA INC. BUZZFEED INC. those results in February because
they included a weaker-than-ex-
 Say goodbye to Netflix’s red

envelopes. The streaming giant  Price cuts put a dent in
Tesla’s latest earnings. The  Buzzfeed is shuttering its
news business. The media
pected revenue outlook for the
three months through March. Lyft erberg told employees Thursday that
NFLX announced it would soon wind
down the DVD-by-mail busi-
TSLA electric-vehicle maker said the
lower average prices of its
BZFD company is laying off 15% of
its staff, or about 180 people,
is scheduled to announce results
for the March quarter on May 4.
he won’t rule out future layoffs.
Lyft had considered cutting more
3.2% ness that the company was 9.8% cars contributed to a 24% de- 20% and making plans to end its Late last month, after months staff than it did late last year, ac-
built upon and will be rolling cline in first-quarter profit, Pulitzer-winning BuzzFeed of pushback from some employ- cording to people familiar with its
out new password-sharing limitations while its operating margin fell to 11.4% News, as it contends with ongoing busi- ees and investors, Lyft’s co- plans, but the company’s co-found-
more broadly by the end of June. The from 19.2% a year earlier. Tesla has ness challenges. Chief Executive Jonah founders—Logan Green and John ers settled on shedding the roughly
changes came as Netflix added 1.75 mil- dropped prices for its U.S. models by 14% Peretti said in a note to employees on Zimmer—stepped back from 700 jobs in November. Those layoffs
lion subscribers in the first quarter, a far to 25% this year as it contends with Thursday. Mr. Peretti said the company managing the company. The pair followed months of cost-cutting at
slower pace of growth than in prior years. weaker demand, higher interest rates and will no longer invest in BuzzFeed News hired a new CEO, Mr. Risher. the company.
The quarter was the first under new co- burgeoning competition. The latest round as a standalone entity, and will instead Mr. Risher, who served on In July, Lyft laid off 60 people—or
Chief Executives Greg Peters and Ted Sa- of reductions came on the eve of earn- focus its news efforts on its HuffPost Lyft’s board and formally took under 2% of its workforce—and
randos, after co-founder and former co- ings. Chief Executive Elon Musk said the brand. Chief Revenue Officer Edgar Her- charge on April 17, said in a re- scaled back on businesses such as
CEO Reed Hastings stepped down in company is prepared to keep pushing for nandez and Chief Operating Officer Chris- cent interview that he saw build- renting cars to customers. In May, it
January to become executive chairman. higher volumes at the expense of mar- tian Baesler are also departing. BuzzFeed ing back employee morale as his said it planned to slow hiring and re-
Netflix shares declined 3.2% Wednesday. gins. Tesla shares sank 9.8% Thursday. shares plummeted 20% Thursday. priority. He also spoke about reduce the budgets of some of its de-
inventing the way the company partments.
BED BATH & BEYOND INC. META PLATFORMS INC. PROCTER & GAMBLE CO.
 Bed Bath & Beyond is prepar-

ing for bankruptcy again. The  Mark Zuckerberg isn’t ruling
out more Meta layoffs. The  Shoppers are still paying up
for P&G products. The maker
BBBY beleaguered home-goods re-
tailer is preparing to file for
META leader of the Facebook par-
ent addressed employees in
PG ofprices Tide and Gillette increased
by 10% in the March
35% chapter 11 after its latest 0.1% a virtual Q&A session 3.5% quarter from a year earlier,
fundraising strategy fell short, Thursday, saying about boosting quarterly sales and
The Wall Street Journal reported. The 4,000 employees were affected by profit. It was the second straight quarter
company recently said it needed to raise the latest cuts. Since November, the with a 10% year-over-year increase as
$300 million from share sales, and that company has said it would lay off the company—whose premium brands
if it isn’t able to raise enough capital, it 21,000 employees, or nearly a quarter are often the costliest on store shelves—
would have to file for bankruptcy and of its workforce. During the town hall, widened its profit margins. P&G is
likely liquidate its assets. Bed Bath & many employees took issue with high among the first consumer-product com-
Beyond had also been on the verge of performance reviews—and bonuses— panies to shed light on the mood of
bankruptcy in early February before it handed out to the tight circle of exec- consumers, with U.S. inflation moderat-
got a short-term lifeline from Hudson utives surrounding Mr. Zuckerberg. ing and recession concerns looming. P&G
LYFT
Bay Capital. Bed Bath & Beyond shares Meta shares edged 0.1% lower Friday, shares gained 3.5% Friday.
crashed 35% Thursday. paring some of their earlier losses. —Francesca Fontana CEO David Risher, center, flanked by co-founders Logan Green and John Zimmer.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, April 22 - 23, 2023 | B3
BUSINESS NEWS
Apple Plans Health-Journaling App VW Pivots

Spending
Daily-activities log is previously said it respects intel- tain day included something
set to compete with
existing software like
lectual property and doesn’t
copy other companies’ prod-
ucts. It couldn’t be determined
outside the norm, according to
the documents. A personaliza-
tion feature will highlight po-
To North
the Day One tracker
BY AARON TILLEY
if Apple plans to charge for the
app.
The term “sherlocking” is a
tential topics for users to write
about, such as a workout, the
documents show. The app is ex-
America
historical reference from about pected to offer “All Day People BY WILLIAM BOSTON
Apple Inc. is planning an two decades ago, when Apple Discovery” to detect a user’s
iPhone app to let users compile launched a search product physical proximity to other peo- Volkswagen AG, Europe’s
their daily activities as part of called Sherlock. A third-party ple, and Apple will seek to dis- largest car maker, said Friday
its efforts in the market for developer made a tool known as tinguish between friends out- that it would invest more than
mental and physical health Watson, with more capabilities side work and colleagues. $5 billion in its planned bat-
technology, according to docu- than Sherlock. Apple subse- In the documents, Apple said tery-cell factory in Canada,
DHIRAJ SINGH/BLOOMBERG NEWS

ments viewed by The Wall quently released an updated privacy and security will be making it the company’s larg-
Street Journal. version of its app with many of central to the software’s design. est in the world and creating
The software will compete in the same features as Watson. The analysis of the user’s day thousands of jobs. The move is
a category of journaling apps, Apple’s app will have the will take place on-device, ac- part of a strategic pivot to cap-
such as Day One, which lets us- ability to gather much more cording to the documents. On- ture a bigger share of U.S. elec-
ers track and record their activ- user data than Day One, provid- device data are generally not tric-vehicle markets, driven by
ities and thoughts. The new Ap- ing access to text messages and transmitted or shared. Journal- attractive subsidies, Europe’s
ple product underscores the phone calls, the documents ing suggestions will remain in ponderous bureaucracy and un-
company’s growing interest in show. Once the Apple app is the system for four weeks. Af- certain economic prospects,
mental health. launched, it will be preloaded terward, they will be removed. and the need to diversify away
In one document describing Apple indicates privacy and security will be central to the app. onto every iPhone with the lat- In 2021, Mr. Mayne sold his from China.
the app, Apple said journaling is est operating system. app company to Automattic The plant will be built and
shown to improve mental and them free to users. Some soft- ported this past week on the ex- The Apple journaling app, Inc., owner of the website operated by VW’s battery unit,
physical well-being. Much of its ware engineers have taken to periences of more than two code-named Jurassic, is de- builder WordPress.com. He has PowerCo, and will supply VW’s
push into healthcare has cen- calling the practice “sherlock- dozen executives, inventors, in- signed to help users keep track continued to oversee Day One U.S. factories with battery
tered on the Apple Watch. ing.” vestors and lawyers who said of their daily lives, according to at Automattic. He said his app cells. Construction of the fac-
The new app follows a pat- “It’s always the worst thing Apple met with them about po- the documents describing the has grown to more than tory is slated to begin next
tern in which Apple provides a to have to hear that you’re tential partnerships or integra- software. The app will analyze 200,000 subscribers paying $35 year and production of battery
platform for developers and of- about to be sherlocked,” said tion before talks stopped and the users’ behavior to deter- a year for the premium version cells projected to start in 2027.
ten competes with them, includ- Paul Mayne, founder of the Day Apple launched its own, similar mine what a typical day is like, of the app. When operating at full capac-
ing by building apps that have One app, when the Journal in- products. including how much time is ity, the Canadian facility is ex-
similar features to existing soft- formed him of Apple’s plans. An Apple spokeswoman de- spent at home compared with  Heard on the Street: Apple is pected to churn out battery
ware and sometimes offering The Wall Street Journal re- clined to comment. Apple has elsewhere, and whether a cer- coming for your wallet...... B12 cells with an annual capacity of
90 gigawatt-hours, twice the
size of its European plants un-
SpaceX, Regulators Assess Rocket Explosion

der construction in Germany
and Spain, and create 3,000
jobs directly at the plant.
.
Canadian Prime Minister
BY MICAH MAIDENBERG Justin Trudeau said that, once
ly
built, the VW battery factory
SpaceX was taking stock on would be the largest manufac-
Friday after its Starship rocket turing plant in the country,
exploded a few minutes after
lifting off the day before in
southern Texas.
So are several local officials,
on calling it a “win for workers,
regulatory and environmental

VW’s U.S. pivot has
us ,
agencies. Regulators said they accelerated with

l
were analyzing what the launch

Biden’s Inflation
e
al a
meant for nearby natural areas

and public safety. Environmen- Reduction Act.
tal groups and some local resi-
ci on
dents have raised concerns

about the impact of SpaceX’s
activities on and around its for the community, and for the
base. economy.”
For SpaceX, the uncrewed VW’s U.S. pivot, initiated a
er s
test flight that flew about 24 couple of years ago, has accel-
miles into the sky crossed mul- erated considerably since
m er
tiple key thresholds. The rocket President Biden signed the In-
made it through the period of flation Reduction Act into law
flight where it experienced the last August. It has seen VW
most amount of stress. Simply slow-walk or put on ice vari-
GO NAKAMURA/REUTERS
blasting off the enormous vehi- ous expansion plans in Europe,

m rp
cle was also a milestone, com- including a giant battery plant

pany officials said. in the Czech Republic.
“If we lift off and clear the The shift illustrates the
pad, we’re calling that a win,” growing competition for in-
SpaceX engineer Kate Tice said vestment in factories and jobs
co Fo
on the company’s live stream Throngs of onlookers watched the Starship launch from beaches and parks a few miles from the company’s launchpad. between the U.S. and Europe,
Thursday. which has struggled to re-
The test was among a num- lected after an earlier engine launchpad, a spokeswoman for Staff from the U.S. Fish and up with propellant and the staff spond to the IRA and whose
ber of steps needed before test. That calculation proved to the city said. “It’s larger than a Wildlife Service, which oversees would fire the engines until the recovery is being threatened
SpaceX can try to take people be wrong, he said in a tweet. grain of sand. It’s almost like land near the company’s Star- fuel was spent, just like during by Russia’s war in Ukraine,
to the moon and eventually SpaceX three months ago these tiny uniform clumps,” she ship facilities, are assessing im- a flight, according to people fa- high labor costs and expensive
Mars. SpaceX wants to demon- had started to build a massive, said. There were scattered re- pacts from the launch, a miliar with the tests. energy.
strate that Starship’s Super water-cooled steel plate to go ports of damage, she added. spokeswoman said Friday. Space Exploration Technol- Oliver Blume, who took
Heavy booster can propel its under the launch mount. SpaceX provided the U.S. Former employees have said ogies Corp., as SpaceX is called over as VW’s CEO in Septem-
large spacecraft into orbit, and “Wasn’t ready in time,” he said. Coast Guard with data about SpaceX encourages risk taking, formally, didn’t attempt such a ber, has shifted the car
safely land both vehicles for re- Mr. Musk added that he be- what happened, and the agency so long as safety isn’t compro- full-duration test of the Super maker’s focus away from Eu-
use. Last year, the Federal Avia- lieved the company could be determined there wasn’t any mised, and SpaceX engineers Heavy booster and its engines rope to home in on its two
tion Administration, which ready to launch again in a debris in waterways that could are skilled at using data gleaned before Thursday’s launch. The geographic trouble spots—the
n-
oversaw an environmental as- month or two. pose hazards, a Coast Guard from explosions or problems to company has conducted other U.S. and China.
sessment of SpaceX’s Starship For the launch, a keep-out spokeswoman said Thursday improve. SpaceX’s approach to ground tests of the engines for In the months after the
plans, listed dozens of steps the zone was established to ensure evening. The FAA, which is testing Starship has differed the booster. In February, for ex- adoption of the IRA, VW
company needed to take to mit- people weren’t in close proxim- overseeing an investigation into from the company’s approach ample, the company completed moved its European battery
no
igate the effects of Starship ity to the operation. SpaceX’s what happened during the test years ago when it was develop- a shorter, so-called static-fire buildup into the slow lane, and
launches. launchpad and the Starship pro- flight, has to determine that ing its smaller Falcon 9 rocket, test of them. fast-tracked its strategy to
SpaceX didn’t respond to reduction facilities are located on what led to the mishap doesn’t a partially reusable vehicle that boost American production of
quests to comment. and near a beach along the Gulf pose a public safety threat be- has emerged as the company’s electric vehicles—part of an
Elon Musk, SpaceX’s chief of Mexico, about 20 miles east fore SpaceX can attempt an- workhorse. Watch a Video older plan to boost its share of
executive, on Friday said the of Brownsville, Texas, a town of other flight, according to an When it was developing Fal- Scan this code the world’s most profitable
company thought that a con- about 188,000. agency spokesman. con 9, SpaceX conducted what for a video on auto market.
crete material under the launch After blastoff, materials No injuries or damage to are called full-duration tests on what’s next for In March, VW announced in
mount would make it through landed in Port Isabel, located a public property had been re- the ground. For those, the vehi- SpaceX after rapid succession that it would
blastoff, based on data it col- few miles north of the Starship ported , according to the FAA. cle’s booster would be loaded the explosion. build its first North American
battery-cell manufacturing
plant in St. Thomas, Ontario,
French Say ‘Non!’ to Miller’s ‘Champagne of Beers’ as well as a $2 billion plant in

South Carolina to manufacture
Scout Motors all-electric off-
road vehicles.
BY JOSEPH PISANI pecting the beer but said they VW sold 15,700 fully elec-
“did not contest the decision” tric cars in the U.S. in the first
The champagne of beers is to have the cans destroyed. three months of the year,
no match for French authori- Miller High Life was about 11% of its worldwide EV
ties. launched in 1903, the company sales, the company said.
More than 2,300 cans of said. Three years later, it gave As VW executives forged
Miller High Life were dumped the lager the moniker “the ahead with talks with Cana-
and destroyed in Europe this Champagne of Bottle Beer.” In dian and regional U.S. politi-
week for bearing the logo “the 1969 it was shortened to “the cians to garner support and
Champagne of Beers.” Champagne of Beers,” which is line up incentives for their ex-
The bubbly brew was on its still stamped on cans and pansion plans, they had all but
way to Germany when it was glass-bottle labels. stopped parallel discussions in
seized in February by Belgian European countries have Europe, dismayed by the EU’s
COMITE CHAMPAGNE/ASSOCIATED PRESS
customs in the port of An- strict rules about labeling lackluster response to U.S. in-
twerp, customs officials said. where foods and beverages vestment aid.
Comité Champagne, a trade come from. Other companies at the
organization that oversees Last month, chocolate forefront of Europe’s electric-
which bubbly can call itself brand Toblerone said it would vehicle transition have also
Champagne, was told about drop a picture of the Matter- been losing patience with the
the beer and “requested the horn peak from its logo to EU. For years, Europe has been
destruction of these illicit comply with Swiss law after ahead of the U.S. in capital in-
goods,” a statement by Belgian moving some production out- vestment in battery-cell manu-
customs authorities and Co- side the country. facturing plants. But that
mité Champagne said. More than 2,300 offending cans of Miller High Life were dumped and destroyed in Europe. Officials said the destruc- shifted as soon as Mr. Biden
Only sparkling wines made tion of the Miller High Life signed the IRA into law last
in France’s Champagne region golden-hued lager into plastic how the cans got there or Wisconsin, provenance,” the beers this past week was summer.
can use the name on their la- tubs. Another photo showed a why they were heading to company said. “We invite our done with “the utmost re- Data collected by the Euro-
bels, according to French crushed pile of empty cans. Germany. friends in Europe to the U.S. spect for environmental con- pean Battery Alliance, an in-
laws. Molson Coors Beverage “Of course, we respect local any time to toast the High Life cerns by ensuring that the dustry group, show that new
Photos released by Comité Co., the company behind the restrictions around the word together.” entire batch, both contents battery plant announcements
Champagne showed workers brand, said it doesn’t import ‘champagne,’ but we remain Comité Champagne and Bel- and container, was recycled in the U.S. jumped after the
cracking open cans of Miller Miller High Life to the Euro- proud of Miller High Life, its gian custom officials didn’t in an environmentally respon- bill became law and dropped
High Life and pouring the pean Union and doesn’t know nickname and its Milwaukee, say who in Germany was ex- sible manner.” sharply in Europe.
EXCHANGE
If you’re worried Number of public AI-related
that artificial intelli- patent applications in the U.S.
gence will transform
your job, insinuate it- KEYWORDS | CHRISTOPHER MIMS 80,000
self into your daily
70,000
routines, or lead to
wars fought with le-
60,000
thal autonomous systems, you’re a
little late—all of those things have
50,000
already come to pass.
The AI revolution is here. Re- 40,000
cent developments like AI chatbots
are important, but serve mostly to 30,000
highlight that AI has been pro-
foundly affecting our lives for de- 20,000
cades—and will continue to for
many more. 10,000
What’s unique about this mo-
ment is that new systems like text- 0
generating AIs, such as ChatGPT,
1980 ’90 2000 ’10 ’20
and image-generating AIs, like EARLIEST U.S. PUBLICATION YEAR
DALL·E 2 and Midjourney, are the
first consumer applications of AI. Source: USPTO
They allow regular people to use
AI to make things. That’s awoken
many of us to its potential. has written about as accessible an
As Cara LaPointe, co-director of essay on how ChatGPT actually
the Johns Hopkins Institute for As- works as we’re likely to get (it still
sured Autonomy, told me recently, clocks in at more than 4,000
“In terms of public consciousness words). He concludes that Chat-
of AI, we are at an inflection GPT confuses otherwise sophisti-
point.” cated human thinkers into believ-
In the past you had to have the ing it’s more capable than it is,
resources of Google to create because when they read its well-
something useful with AI. Now crafted prose, they mistakenly
anyone with an internet connec- imagine the mind that would be
tion can. And this is just the be- required to generate such prose.
ginning of the potential utility of
these systems.
Microsoft co-founder Bill Gates
said in a recent essay said we are
The Secret History of AI, But ChatGPT has no mind. It
has more in common with a search
engine than even the most primi-
tive of brains. If we are impressed
And a Hint at What’s Next

now living in “the age of AI.” He by its abilities, we must remember
compared these systems to the that they are a product not of its
first graphical user interfaces— intelligence, but its scale. ChatGPT
that is, the first versions of the required that its engineers cram
Windows and Macintosh operating into it more or less all the text on
systems. He outlined a not-too-far- the entire open web, so that it
Artificial intelligence is already a big part of our daily lives—it is just invisible
.
fetched future in which talking would have enough reference ma-
with machines through natural terial to be able to remix it in a
ly
language interfaces becomes the way that seems like original think-
new, dominant way to interact cal techniques. In general, these scientists have been developing for are looking for on Google, we or- ing, but isn’t. Dr. Newport con-
with them. systems were designed to recog- years, but it uses them to predict der something and it arrives the cludes his essay in the New Yorker
In the meantime, artificial intel-
ligence has been an essential tool
for fighting our wars, protecting
our finances, operating our capital
on
nize patterns and predict out-
comes—giving them a significant
overlap with another blanket term,
“predictive analytics.”
which word to add next to a block
of text, instead of, say, whether an
image is of a cat.
These new generative AI sys-
same day, our social-media feed is
sorted for us by Facebook or Tik-
Tok, we get an instant quote on-
line from an insurance broker, or a
by saying that “a system like Chat-
GPT doesn’t create, it imitates.”
That doesn’t exactly sound like
the kind of AI that is about to at-
markets, insuring our assets, tar- “Insurers have been doing really tems, which pull together almost cruise missile finds its target a tain sentience and decide it’s bet-
us ,
geting our advertisements and deep levels of predictive analytics every trick cooked up by AI re- thousand miles from where it was ter off without its pesky human
l
powering our search results—for for over two decades now,” Dr. searchers since the turn of the launched. overlords. When our machines do
e
al a
more than a decade, and in some MacInnis says. The AI-powered millennium, are doing things no AI Much of what AI does for us on things that we once thought were
cases decades. prediction algorithms that decide has ever done before. And that’s a daily basis is marked by its ab- the sole domain of humans—
Most people don’t know this which advertisements to deliver to why they’re being integrated into sence, and therefore invisible. whether it’s beating us at chess, or
ci on
history, says David MacInnis, vice your social feed with such uncanny search and productivity tools from Part of the reason that people writing an essay—the general cul-
president of analytics and actuar- accuracy that they have convinced Microsoft, Google, and countless are so excited about AI right now tural and economic trend is that
ial modernization at insurer All- millions of people their phones are startups in every field imaginable, is that when we see rapid progress humans reassign themselves to the
state. For most of its history, AI listening to them? They leverage from healthcare and logistics to in a field, we tend to project that tasks the machines aren’t nearly
was the sole purview of mathema- the same kind of math and algo- tax prep and videogames. into the future, says Adam Ozimek, as good at, and become more pro-
er s
ticians and computer scientists, af- rithms insurers use to decide what But then, the last dozen or so chief economist at the Economic ductive in the process.
ter all. And it wasn’t called AI, be- to charge for a policy—and both new AI systems rolled out in the Innovation Group, a policy re- We have been here many times
m er
cause that term had fallen out of systems are enabled by big data. past couple of decades have also search organization in Washing- before. The financial incentives to
fashion. Instead, engineers talked Dr. LaPointe calls our current accomplished things no AI had ton, D.C. What we forget is that hype a new technology never
about generalized linear models, era “learning-based AI.” What ever done before. And, without technology often progresses in fits change, nor does our tendency to
generalized boosted models, or de- characterizes this time is that most of us being fully cognizant of and starts. both fear and celebrate whatever
cision trees. computers—rather than humans— it, they’ve transformed whole in- As with every new technology, is the newest, shiniest product of
m rp
Later, broad classes of these al- are now building the models that dustries, from retail and logistics one way to get a preview of the our civilization’s ever-growing ex-
gorithms were all grouped under machines use to accomplish a task. to media and banking. potential impacts of AI is to un- penditure on research and devel-
BRIAN STAUFFER
“machine learning,” and engineers Even “generative” AI is a bit of The AIs that did all that are all derstand how it works, and what opment.
started using artificial neural net- a misnomer—ChatGPT is using around us. We invoke them every it’s actually good for. Cal Newport, That doesn’t mean that AI won’t
works, inspired by neurons in the many of the same prediction algo- time our speech is decoded by our an assistant professor of computer be transformative—clearly, it al-
co Fo
brain, in place of other mathemati- rithms and related technologies AI smart assistants, we find what we science at Georgetown University, ready has been.
THE INTELLIGENT INVESTOR | JASON ZWEIG Unlike her, however, the hus-
band had ignored all the sell rec-
How to Pick a Stock

ommendations. He’d never sold a
share. Several of his holdings grew
to more than $100,000 apiece.
One, which became Xerox Corp.,
For the Year 2048

surpassed $800,000, greater than
the value of his wife’s entire port-
n-
folio.
The long-term tailwind from let-
ting your winners run is easy to un-
derestimate; the human mind isn’t
no
In an extremely long-term investment experiment, built to extrapolate giant growth

rates over multidecade periods.
three dozen college students are learning to think To capture every possible big
winner, you could buy a total
about stocks in an entirely new way stock-market index fund—although
it will make some trades. Or you
Meet the stock of picks for the next quarter-cen- could directly buy every stock in
pickers who pick tury. No one, no matter what, will the total market and then freeze—
stocks once and then ever be able to sell anything. and never make another trade.
stop—for a quarter Starting in year 26, the mem- If you wanted to spread a total
of a century. bers who picked the stocks 25 of $10,000 across most of the
Tiffany Gray, 22 years earlier will disburse half the Monthly market value of $10,000 originally invested in March 1993 4,000-plus companies in the Dow
years old, is a senior accumulated money for scholar- Jones U.S. Total Stock Market In-
$175,000
majoring in finance and wealth ships; the other half will be rein- dex, online brokerage Interactive
management at Delaware State, a vested for the future by that year’s Brokers would let you do that in a
historically Black university in Do- members. 150,000 “basket trade,” commission-free.
Portfolio of S&P 500 stocks
ver, Del. Jonathan Rivers, 20, is a Interviewing these students this that never changed You could hold the entire basket
junior double-majoring in environ- past week, I was struck by how 125,000 permanently, never selling any of
Total return of actual S&P 500
mental sciences and religious stud- they call each other “analysts” and its component stocks, and see
ies at the University of Virginia. by how they refer to their poten- 100,000 what happens.
Ms. Gray and Mr. Rivers, along tial holdings as “businesses” and The students in Mr. Gayner’s in-
with their peers, will assemble a “companies,” not as “stocks.” 75,000 vestment clubs already understand
portfolio of perhaps 15-20 stocks Says Ms. Gray at Delaware the awesome power of compound-
and lock it in place for the next 25 State: “We have to look beyond 50,000 ing.
years. what might happen in just the “If we and our successors can
That sounds crazy, and maybe it next one or two years, to three 25,000 pick only a few winners, they’ll
is, but investors of all ages can years, five years, 10, 25, even 50 drive the returns, and our losers
learn from these young people. years. We’re not scared of the long 0 won’t matter,” says Joe Beck, 22,
They are part of an extremely term. It’s an inspiration.” who helps run the University of
1994 2000 ’10 ’20
long-term experiment created by Mr. Rivers at Virginia says, “If Virginia student fund.
Thomas Gayner, chief executive of we can think about investments in Note: $10,000 invested in each on March 31, 1993. Proceeds then reinvested on March 31, 2003, and March 31, 2013 All this echoes an idea Warren
Markel Corp., a Glen Allen, Va.- a way that most young people Source: Morningstar.com Buffett often espouses: Imagine
based insurance company. Mr. don’t and that even most profes- you could make only 20 invest-
Gayner has run Markel’s invest- sional investors think of as a huge ments in your entire lifetime.
ment portfolio since 1990, building challenge, that’s just an incredible Center for Research in Security formed in 1935 with a portfolio of You’d be forced to understand
it up to $22 billion with a patient, opportunity.” Prices. Ten returned more than 30 stocks frozen in place. Thanks whatever you buy, to focus on only
conservative approach. One lesson from these new 25,000%. to a handful of huge winners, its a few opportunities and to hold
He has established a student in- clubs is old: the astonishing power These “superstocks” include long-term performance has been them as long as possible.
vestment fund at each of the two of letting your winners run for as now-familiar giants Apple Inc., outstanding, although its annual Another leader of the Virginia
universities. By the year 2047, Mr. long as possible. You can’t lose Qualcomm Inc. and Monster Bever- expenses of 0.49% are steep for a club, Jacob Slagle, 21, says, “It re-
Gayner’s family will contribute, in more than 100% on even your big- age Corp.—but also such minnows fund that does literally nothing. ally forces you to think of busi-
25 annual installments, a total of gest losers (unless you bought as air-conditioning firm AAON Inc., The key is not selling. In a 1984 nesses in a different way: Can it
$750,000 to the two clubs. them with borrowed money), but tobacco and real-estate holding article called “The Coffee Can survive 25 years?”
The students—29 of them this the potential gains on your biggest company Vector Group Ltd. and Portfolio,” veteran investor Robert Omar Parker Jr., a 20-year-old
year at Virginia, nine at Delaware winners are boundless. kitchen-equipment maker Mid- Kirby described a client’s husband, member of the Delaware State
ALEX NABAUM
State—will use that money to pick From the beginning of 1993 dleby Corp. who had exactly copied all the buy club, is already thinking beyond
investments that will be frozen for through this Feb. 28, for instance, Going even further back, the recommendations Mr. Kirby’s firm the year 2048: “When we’re long
the next 25 years. Each year, the 58 stocks gained more than mutual fund known today as Voya had made to his wife, putting gone,” he says, “our fund will be a
members will buy another round 10,000% apiece, according to the Corporate Leaders Trust was about $5,000 in each. legacy to the future generations.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 22 - 23, 2023 | B5
EXCHANGE
SCIENCE OF SUCCESS | BEN COHEN
Why You Can’t Stop Humming This Tune

The ‘Super Mario Bros.’ and data storage too little, the
sound itself too robotic.
theme is one of the But he wasn’t deterred. With a
biggest earworms of all computer and a keyboard, Mr.
Kondo began experimenting,
time. It was also a tech searching for ways to make less
breakthrough. into more. He toyed with sound ef-
fects and syncopation. He also cre-
ated a sonic illusion by tinkering
When the Library with chord mechanics. Instead of
of Congress recently forming a C-major chord from
enshrined the latest notes in close proximity, he
collection of music opened it up by spacing the notes
into the National Re- over more than a single octave, a
cording Registry, hack that resulted in sounds that
there was something were clearer, richer and fuller than
for everyone on the list of hits: games seemed to allow.
“Imagine” by John Lennon, “Like a “I wanted to make something
Virgin” by Madonna, “Stairway to that would be distinctive, naturally
Heaven” by Led Zeppelin, “Margar- sound like music as much as possi-
itaville” by Jimmy Buffett and “All ble given the restrictions and be
I Want For Christmas Is You” by fun precisely because of using only
Mariah Carey. three sounds,” he said.
But perhaps the most recogniz- He would get that chance with a
able of the tunes was one with an game featuring a hero in overalls.
unrecognizable title, written by The music that accompanies
someone whose name you proba- Mario’s quest to rescue Princess
bly haven’t heard, even though bil- Peach from Bowser is a subject
lions of people might be familiar that fascinates Andrew Schart-
with his work. mann, a New England Conserva-
He’s the man responsible for the tory of Music professor of music
unmistakable sound of the “Super theory and interdisciplinary stud-
Mario Bros.” videogames. ies and author of the 2015 book
Ba-dum-pum-ba-dum-pum- “Koji Kondo’s Super Mario Bros.
PUM! Soundtrack.”
This music that you can’t get He told me about two impres-
out of your head comes from the sive elements of Mr. Kondo’s work
mind of a revolutionary named that are imperceptible to the un-
Koji Kondo, the composer for the trained ear.
.
Nintendo console game that was The first unusual thing is that
released in 1985 and became a he was a modular composer.
ly
classic. His opus formally known “You might use the analogy of
as “Ground Theme” is better Lego blocks,” Dr. Schartmann said.
known as the melody that begins poser’s masterpiece was selected Kondo, 61, told the Library of Con- synthesizer in high school. During “He could take a small amount of
the first level of the iconic video-
game. Since then, it has been rear-
ranged for other games, orchestras
and ringtones, but rarely has Mr.
for the compendium of sounds on
that have defined American life.
But it wasn’t just an earworm.
It was a breakthrough. The origin
gress, “so I really had to be very
innovative and make full use of
the musical and programming in-
genuity that we had at the time.”
his senior year of art school in
Osaka, Nintendo happened to be
hiring a team of sound geeks. It
was the first and last job that Mr.
Lego blocks and recombine them
in a whole bunch of different ways
that make musical sense.”
In fact, that’s the structure of
Kondo’s most popular work had story behind the music of “Super It’s the sort of explanation for Kondo would apply for. the “Super Mario Bros.” theme,
us ,
such resonance as it does right Mario Bros.” is a tale of invention professional success you might ex- But when he joined the com- which is roughly 88 seconds long
l
ILLUSTRATION BY NATHAN HACKETT; PHOTO: TOSHIFUMI KITAMURA/AGENCE FRANCE-PRESSE/GETTY IMAGES

now. It can be heard today from that involves transcending the lim- pect to hear from an entrepreneur pany in 1984, he soon learned with 24 seconds of original mate-
e
al a
Hollywood, where “The Super Ma- its of technology, physics and hu- in Silicon Valley or an executive on something important: writing mu- rial, according to his calculations.
rio Bros. Movie” is smashing box- man psychology. Wall Street. Creativity is often sic for videogames was entirely “There is so much internal repeti-
office expectations as the biggest “The amount of data that we born from constraints. And it was different from writing music. tion,” Dr. Schartmann said. “He’s
ci on
movie of the year, to Washington, could use for music and sound ef- only because of the way Mr. Kondo The company forced him to reusing little snippets in different
D.C., where the Japanese com- fects was extremely small,” Mr. squashed those obstacles that he learn assembly language, since he orders to create variety.” This is
was able to level up. was going to be deeply connected how Mr. Kondo was able to “dis-
Nintendo declined to make Mr. to the game design and needed to guise the boundaries of the loop,”
Kondo available for comment, so I know how to compress data with- which saved memory and our san-
er s
read translated interviews to learn out compromising sound.He would ity. “He knew people would be
more about his life, career and have to be a cross between com- playing these games for hours on
m er
philosophy. To understand this poser and coder. end,” Dr. Schartmann said.
retro melody written by the Mo- “I realized that it was a very in- The second thing Dr. Schart-
zart of videogame music, I called teresting opportunity,” he said. mann told me about Mr. Kondo is
Ben Kidd, a Canadian jazz drum- It was also a very challenging that he changed videogame music
mer who runs a YouTube channel, one. The 8-bit Nintendo Entertain- by playing an instrumental role in
m rp
8-bit Music Theory, where he ana- ment System console was musi- Nintendo development.
lyzes the intricacies of the genre cally confining, as if Mr. Kondo His breezy cha-cha-cha melody
for nearly 500,000 subscribers. were playing the piano with one that matches the rhythm of char-
“Composers had to figure out hand tied behind his back. The acters running and jumping re-
how to make it sound like actual system could produce just three flects the way he thought about
co Fo
music and not like a computer try- notes at once. While synthesizers the soundtrack. The music wasn’t
ing to make music,” Mr. Kidd said. today are capable of sounding an afterthought. It was essential to
“He was part of that first genera- more like symphony orchestras, he the game itself. And that approach
tion working on this problem.” was trying to create art with a pal- to his job put him on the ground
Mr. Kondo grew up in the 1970s ette of electronic beeps and boops. level of a huge success.
Koji Kondo, in blue jacket, poses with Mario, in overalls, and two of the playing the electric organ in ele- The quality of chips was too low, There would be no Mario with-
creators of ‘Super Mario Bros.’ in 2015. mentary school and fiddling with a the amounts of computing power out Mr. Kondo.
A Profitable tested games for the gambling in-

dustry. She now jokes that she’s the
to be blocked from federal buildings
and properties, while also prevent-
co-founder and chief executive,
Marvin Sanderson, said his com-
n-
least-educated member of GeoCom- ing gamblers outside D.C. from ac- pany plans to differentiate itself in
Wager on ply’s staff.

Meanwhile, Mr. Briggs was work-
ing for Barclays Bank in London,
cessing the lottery’s online offer-
ings, he said.
The lottery’s effort failed amid
part by helping gambling apps use
the geolocation data for marketing,
such as by sending offers to cus-
Gambling
no
studying how the internet would af- political controversy. But for the tomers who are attending live
fect banking. As a lower-level em- couple, a question had been sporting events.
ployee, he said, he didn’t believe the planted. In September, GeoComply filed a
Continued from page B1 bank would give him the chance to “It gave us a sense of the prob- patent-infringement lawsuit against
Gaming. work on the project further. lem, and the idea of how to solve Xpoint and sought to block it from
The U.S. Supreme Court in 2018 In 1999, he found a job at Lad- the problem came later,” Mr. Briggs doing business. A federal judge in
cleared the way for states to legal- brokes, a gambling brand that dates said. February dismissed the lawsuit and
ize sports betting within their own back to the 19th century. The com- They searched for a way to more invalidated GeoComply’s patent as
borders, creating a sudden demand pany wanted to build a digital busi- accurately detect locations, going too broad. Mr. Briggs said it was
for virtual walls to corral online ness, an expansion beyond its retail beyond a device’s IP address. They important to defend GeoComply’s
gambling geographically. Currently, betting shops. He was employee No. settled on using Wi-Fi signals. intellectual property, and the com-
27 states and the District of Colum- 1 at what would become a major “We kind of made a leap of faith pany is appealing the decision.
bia have legalized mobile sports online global gambling brand over that that technology would actually Inside the Vancouver headquarters of “It was an excellent opportunity
betting. the next decade. fit the bill, and we got lucky,” Mr. GeoComply. The company employs for us to show that GeoComply
Last year, sports betting gener- Ms. Sainsbury crossed paths with Briggs said. 650 people around the world. were trying to keep a stranglehold
ated $7.5 billion in revenue. Online Mr. Briggs at a gambling conference A massive number of Wi-Fi loca- on the monopoly,” said Mr. Sander-
casino games, which are legal in in Macau. Ms. Sainsbury had main- tions have been collected in data- planning for a massive expansion. son.
only a handful of states, generated tained her appreciation for coffee, bases, so a bettor looking to place a “We went for broke with all the Ms. Sainsbury said 80% of what
$5 billion. and Mr. Briggs gave her a packet of wager on their phone can be lo- money we had,” Mr. Briggs said. GeoComply does goes beyond de-
Mr. Briggs and Ms. Sainsbury coffee roasted in Vietnam, where he cated based on how strong those When the Supreme Court ruling termining whether a bet is geo-
had worked in the early days of on- was living at the time. They mar- known Wi-Fi signals are. GeoCom- came down in May 2018, the indus- graphically legal. That includes
line betting in the U.S., when the ried in 2010. ply says it is typically accurate to try was in a frenzy, Mr. Briggs said. fraud detection, such as flagging
economic opportunity in the indus- They were hired as consultants within a few meters. “For us, it was quiet, because we when a single device is being used
try was far from certain. GeoCom- in Washington as the D.C. Lottery Potential competitors made the were already ready. It was almost for multiple betting accounts, or a
ply now has 650 employees around attempted to launch online poker wrong bet on cellular-tower trian- like an anticlimax.” single betting account is being used
the world and a valuation of more games, what would have been the gulation technology that turned out GeoComply drew its first institu- on multiple devices.
than $1 billion, according to people first U.S. jurisdiction to legalize in- to be less accurate, Mr. Briggs said. tional investors in 2021 in a funding They monitor the dark web,
familiar with the matter. ternet gambling, Mr. Briggs said. Their big test came when New round that included Blackstone where people online discuss how to
Mr. Briggs, 52, led the prominent Online betting activity would have Jersey became the most-populated Growth, a division of private-equity crack GeoComply’s location fencing.
British gambling brand Ladbrokes’ state to allow online gambling in giant Blackstone Inc. They’ve seen an uptick in fraud
expansion into online gambling 2013. GeoComply got approval from Mr. Briggs and Ms. Sainsbury rings, in which fraudsters attempt
starting in 1999. Ms. Sainsbury, 40, Top five states by the number of New Jersey gambling regulators to have majority control in the com- to use stolen identities to create
found her way into the global gam- GeoComply geolocation checks provide geolocation for online oper- pany. Mr. Briggs said an initial pub- dozens of accounts in pursuit of bo-
bling industry in 2005. The couple, conducted during Super Bowl LVII ators. While preparing for launch lic offering is under consideration, nuses offered to new sports-betting
who have two young sons, have day, the family lived in a house but not for another 18 months. In customers. Their team includes for-
taken turns as GeoComply’s CEO. New York 13.9 million across a bridge from the casinos in the meantime, they’re surveying mer Secret Service agents experi-
ALANA PATERSON FOR THE WALL STREET JOURNAL
Growing up in Vancouver, Ms. Atlantic City. They talked with reg- possible acquisition targets that enced in financial-fraud cases.
Sainsbury started working at a cof- ulators at all hours. would help them build out their op- Ms. Sainsbury said she’s looking
Ohio 12.6
fee shop nearly full time as a young “To go live with 13 customers at erations in areas like fraud detec- at how to expand the company’s
teen. She moved on to the com- the exact same minute, in like, a tion and payments. business in customer-identity verifi-
Pennsylvania 11.8
pany’s headquarters, ordering beans very large state, and you’ve never Industry executives and investors cation and antifraud both within
from farms and designing cafes. deployed your product, was a little predict GeoComply’s dominance the gambling industry and outside
While working for the coffee New Jersey 9.1 bit stressful,” Ms. Sainsbury said. won’t hold forever. Last year, a geo- of it—including cryptocurrency,
company, Ms. Sainsbury got a study The next year, New Jersey location competitor, Xpoint, began banking, fintech and media indus-
guide to become an insurance bro- Michigan 7.5 mounted a legal challenge to a fed- edging into the gambling market, tries. In recent months, the com-
ker, and within a week, she passed eral law that prevented most states including partnering with gambling pany began a service helping com-
the professional exam. She soon im- Note: Data measured between midnight EST on Feb. 11 from legalizing sports betting. companies in Canada and New Jer- panies look at their betting data to
pressed one of her clients, who of- through the end of the Super Bowl on Feb. 12, 2023 When the Supreme Court agreed to sey. Efforts to expand into more evaluate such things as whether an
fered her a role in a company that Source: GeoComply hear the case, GeoComply started states are under way, and Xpoint’s ad campaign increased traffic.
EXCHANGE
PepsiCo’s PepsiCo’s progress toward

targets for reducing sugar,
sodium and saturated fat
New Snack 2019
Added sugars
2020 2021
Strategy
Percentage of beverage portfolio volume
with 100 calories or less from added
sugars per 12 oz. serving
2025 target: 67%
Continued from page B1

45% 50 55 60 65 70 75
munch silently, evaluating unseasoned
potato chips on 27 attributes. Those
include flavor notes like “cardboardy,” Sodium*
Percentage of food portfolio volume
“painty” and “earthy,” according to with 1.3 milligrams or less of sodium
Lee Stapleton, a senior trainer at Sen- per calorie
sory Spectrum. Among the prompts:
2025 target: 75%
Does the potato have a “green” note?
What does the chewed food feel like?
And what is the aftertaste? The pan- 45% 50 55 60 65 70 75
elists enter their findings on digital
ballots. Saturated fats*
Many of them then spit their Percentage of food portfolio volume
chewed food into paper milkshake with 1.1 grams or less of saturated fat
per 100 calories
cups. When sampling snacks for three
days a week, four hours a day, the 2025 target: 75%
calories add up.
More than a decade ago, PepsiCo 45% 50 55 60 65 70 75
began experimenting with the salt
*2021 excludes Be & Cheery products
crystals in Lay’s—an effort that grew
Note: Global progress is based on top 26 beverage markets
in scope to include reformulations of and top 23 food markets, representing 79% and 86% of total
its traditional blue-can Pepsi and portfolio volume respectively.
other core products to lower their Source: the company
sugar, sodium and saturated fat in
markets around the world. Under Mr.
Laguarta, who took over as CEO in Mr. Laguarta reinvested a greater
2018, the project has accelerated. To share of Frito-Lay’s profits back into
increase sales of the company’s big- that business to buy trucks, expand
gest brands and sustain their growth factories, make facilities more envi-
into the future, Mr. Laguarta says, ronmentally friendly, improve analyt-
consumers have to see them as more ics, add thousands of jobs, create new
permissible. variations of its biggest snack brands
and advertise them. Mr. Laguarta
More crunch and fizz made similar investments on the bev-
Mr. Laguarta, 59, has increased the erage side to revive its North America
annual marketing budget for the com- soda business. Pushing his executives
.
pany’s biggest brands by hundreds of to be more competitive, he added
millions of dollars, built new manu- market-share growth and environ-
ly
facturing lines for salty snacks, ex- mental-sustainability targets as per-
GABBY JONES FOR THE WALL STREET JOURNAL
panded into energy drinks and formance metrics for their bonuses.
boosted the research-and-develop- During Mr. Laguarta’s tenure, sales
ment budget behind the company’s
core snack brands to create new vari-
ations such as mini Doritos and Chee-
tos Mac ’n Cheese.
on PepsiCo CEO Ramon
growth has accelerated not just for
the soda and snack brands but also
for the company’s Quaker Oats unit,
which houses many of PepsiCo’s more
The renewed emphasis on products Laguarta has invigorated nutritious product offerings.
us ,
with more crunch and fizz than nutri- growth by emphasizing core As Paula Santilli, head of PepsiCo’s
l
tional value is a departure from Pep- brands like Lay’s potato Latin American business, put it: “We
e
al a
siCo’s direction under its previous chips and its namesake cola. are growth freaks right now.”
CEO, Indra Nooyi, who tried to shift Mr. Laguarta has also looked for
the company’s snacks-and-soda port- new products and categories in which
ci on
folio toward brands like Naked Juice, to expand—some of them nutritious,

Sabra hummus and KeVita kombucha. others less so. He has expanded ag-
The new approach is a tough sell to pact on their diets?” he asked. has said the food industry can play a gressively into energy drinks, invest-
nutrition experts, who link the con- Mr. Laguarta said his broader aim significant role in promoting healthy ing in startup Celsius Holdings Inc.
sumption of ultra-processed foods, is to give consumers “positive Taste Test diets by reducing the fat, sugar and and introducing new energy-drink
er s
salty snacks and sugary drinks to a choices”—both for their health and Several times a salt content of processed foods, versions of Mountain Dew and Gato-
range of health problems from diabe- the planet. Within a few years, he week, a panel of among other measures. rade. A foray into plant-based jerky
m er
tes to heart disease. wants Lay’s in the U.S. and other key professional food Mr. Laguarta’s predecessor, Ms. yielded disappointing sales but Pop-
Many industries wrestle with nega- markets to be made with potatoes tasters convened Nooyi, grappled with these questions Corners, a snack brand PepsiCo
tive societal impacts of their prod- grown with regenerative agriculture by PepsiCo judge for more than a decade. In the agreed to acquire in 2019, has been a
ucts, and the extent to which they methods, manufactured in facilities potato chips on 27 2000s, cities and countries around hit.
must try to mitigate them. Makers of that use no municipal water, cooked attributes, rating the world began levying taxes on PepsiCo by 2025 aims for 67% of
m rp
beer, wine and spirits support efforts with amounts of sodium and satu- them on a scale of sugary drinks and consumers started its beverage volume to have no more
to curb drunken driving and underage rated fat that meet World Health Or- 0 to 15. Here are shifting away from soda toward bot- than 100 calories from added sugars
drinking. Tobacco companies in re- ganization guidelines, packed in com- the attributes. tled water. Ms. Nooyi vowed to turn per 12-ounce serving, and for 75% of
cent years have expanded their prod- postable bags, and delivered to the snacks-and-soda giant into a its food volume to have no more than
uct offerings with oral nicotine stores on electric trucks. health juggernaut and expanded the 1.3 milligrams of sodium per calorie.
co Fo
pouches and e-cigarettes, saying they When Mr. Laguarta became CEO, company’s stable of “good-for-you’’ In 2021, 53% of its beverage volume
want to offer less-harmful options to PepsiCo’s annual revenue had been FLAVOR products. The company found that and 66% of its food volume met those
cigarette smokers who can’t or won’t trending down over several years. He  Aromatics while many consumers said they definitions, the company said.
quit. Which is the better approach: has since overseen a significant • Total intensity wanted to eat healthier, often what Classic Lay’s in the U.S. exceeds by
pushing abstinence or nudging people growth spurt during a period of high • Potato complex they really wanted was potato chips. 20% the WHO’s recommended sodium
toward less-risky alternatives? Public- inflation: PepsiCo’s annual revenue Cooked potato By the end of Ms. Nooyi’s run as limit of no more than 500 mg of so-
health experts don’t always agree. rose by 34% between 2018 and 2022, Toasted potato CEO, progress had stalled on her ef- dium per 100 grams of potato chips.
Mr. Laguarta points to the evolu- to $86 billion, though in some cate- Dehydrated fort to shift toward healthier foods. Some food companies have strug-
tion of the company’s namesake cola gories its market share has slipped. potato In 2018, 27% of the company’s net gled to reduce sodium in their prod-
as evidence that his approach is mak- The company’s share price has in- Earthy/skins revenue came from products it de- ucts. In 2011, for example, Campbell
ing a difference. In the U.S., a can of creased by 71% during Mr. Laguarta’s • Oil complex fined as nutritious because they con- Soup Co. reversed course from a so-
full-sugar Pepsi still has 150 calories, tenure, outpacing the S&P 500, Heated oil tained whole grains, fruits, vegeta- dium reduction on one of its lines of
or 9.4 teaspoons, of sugar. But in which is up 41% over the same pe- Overheated/ bles, dairy or protein or were healthy soup in a bid to revive its sales.
n-
more than a dozen markets including riod. abused oil drinks like water or unsweetened PepsiCo is conducting longer-term
China, France, South Africa and Mex- Nutrition experts and food scien- Cardboardy tea. PepsiCo no longer discloses that consumer testing to see how consum-
ico, it now has 100 calories, or 6¼ tists say PepsiCo’s efforts to reduce Painty metric. ers will react to changes in its prod-
teaspoons, the company said. And in sugar, sodium and saturated fat Other “I fully support Ramon and his di- ucts, said René Lammers, PepsiCo’s
no
a few markets rolling out this year, could improve public health in the  Basic Tastes rection, which is tailor-made for the chief science officer. Lay’s in China
the company is pushing it signifi- short term, but add that there is a • Sweetness current times,” Ms. Nooyi said in a and Mexico (where they are called Sa-
cantly lower—in some cases nudged limit to how much salt you can take • Saltiness statement provided by a spokes- britas) already have sodium levels be-
by taxes on sugary beverages, Mr. La- out of a potato chip before it no lon- • Sourness woman. low the WHO’s guidelines, the com-
guarta said. The latest version of ger tastes good. They said long-term • Bitterness pany said.
Pepsi in the U.K. has just 59 calories, public-health gains won’t materialize Emphasizing risk-taking
or 3.7 teaspoons, of sugar. Worldwide, unless people shift away from ultra- TEXTURE Mr. Laguarta, a native of Barce- Home cooking with chips
the company is focusing its marketing processed foods toward whole foods  First bite/Chew lona, worked at Spanish confectioner Mr. Laguarta said he wants people
heft on Pepsi Zero Sugar, Mr. La- such as nuts, whole grains, vegeta- • Hardness Chupa Chups SA, which is famous for to think of PepsiCo as a food and ag-
guarta said. bles and fruits. • Fracturability its lollipops, before joining PepsiCo riculture company rather than a
“That’s a massive change to the The number of adults with diabe- • Denseness in 1996. snacks and soda company. He consid-
amount of sugar that gets consumed tes between the ages of 20 and 79 He rose through the ranks of Pep- ered changing the company’s name—
in the world,” Mr. Laguarta said in an tripled over two decades to 537 mil-  Chewdown siCo’s European operations, becom- PepTerra, PepSpring and pep+ (pro-
interview. lion, or 10.5% of the global popula- • Persistence of ing CEO of the company’s business in nounced “Pep Positive”) were
tion, in 2021, according to the Inter- crisp Europe and sub-Saharan Africa. In contenders—before deciding it would
‘Positive choices’ national Diabetes Federation. Global • Rate of dissolv- 2017, Ms. Nooyi tapped him as presi- cost too much money just to lose the
PepsiCo is still expanding its prod- obesity is on the rise as well, partic- ability dent of PepsiCo and he moved to the association with sugary cola.
uct offerings to provide consumers ularly among young people: About • Cohesiveness U.S. from Geneva. He also wants consumers, and his
with more healthful options, he said. 9% of children aged 5 to 19 had obe- of mass When Mr. Laguarta took the reins, own employees, to change the way
But PepsiCo’s smaller, healthier sity in 2020, up from less than 1% in • Moisture absorp- PepsiCo’s North America beverage they think about the company’s
brands such as Off the Eaten Path 1975, according to the World Obesity tion/mixes saliva business was anemic, after having snacks. His wife, Maria Soler, whom
veggie crisps are niche brands that Federation. • Moistness of shifted too much shelf space and Mr. Laguarta described as a talented
appeal to wealthy consumers, Mr. La- Food companies that sell ultra- mass marketing money away from Pepsi home cook, starred in a video shown
guarta said. processed foods like chips and cook- • Roughness of and Mountain Dew toward new prod- during an all-hands meeting at the
“Is that really how we change how ies “are creating products which in mass ucts such as Lifewtr bottled water. end of last year, demonstrating reci-
people consume products and the im- reality are killing us slowly,” said PepsiCo was one of many compa- pes she had developed for Lay’s au
Barry Popkin, a nutrition professor  Residual nies at the time using a financial gratin and a polenta made from Sim-
at the University of North Carolina • Oily film practice called zero-based budgeting, ply White Cheddar Cheetos and milk.
Gillings School of Global Public • Toothpack which required managers to justify She also cooked with executives
Health. their expenses every year. As a re- earlier this year at a four-day retreat
PepsiCo pointed out that the WHO sult, PepsiCo had been underinvest- in Florida, where the company’s top
ing in its North American snacks leaders donned aprons to cook with
business, an engine whose profits Lay’s potato chips. They stirred them
had for years supported other arms into a Polish soup. And they made Ms.
Lay’s Potatoes au Gratin of the company, PepsiCo executives Soler’s au gratin recipe, with two 8-
said. ounce bags of Lay’s Classic Potato
KELSEY MCCLELLAN FOR THE WALL STREET JOURNAL.
meg and bring to just least 2 or 2½ inches

PepsiCo CEO Ramon 2 bags (8oz) Lay’s under a boil. high. In between the “Brands don’t just stay large,” said Chips.
Laguarta has enlisted Classic Potato Chips 3. Pour the Lay’s into a middle layer, sprinkle Steven Williams, who oversees the A recipe that he and Ms. Soler
his wife, Maria Soler, as 3 cups heavy cream bowl. some of the cheese. company’s North America foods busi- cook together at home has become
a volunteer developer of 1½ cups Gruyère 4. Pour the cream mix- Leave the remaining nesses. “Frankly, we had not kept one of the chief executive’s favorites:
recipes using the com- cheese, grated ture over the potatoes cream in the bowl pace with brand building. Our inno- a Spanish omelet made with Lay’s in-
pany’s products. Here is and gently mix until and discard. vation was lacking.” stead of potatoes.
one of her creations: 1. Preheat oven to 400 evenly coated and all 5. Sprinkle the re- Mr. Laguarta says he came in em- “It’s amazing,” Mr. Laguarta, the
degrees F. potatoes get wet and maining cheese over phasizing taking risks and decided to potato chip’s biggest pitchman, said.
Prep time: 5 minutes 2. In a sauce pan or mi- softened, then layer the the top. increase investments. “These are ‘aha’ moments for the con-
Cook time: 12 minutes crowave, warm the Lay’s into a baking dish 6. Bake for 12-15 “I mean, you have to cut costs and sumer.”
Difficulty: Easy cream, and optionally that is big enough minutes until golden be efficient, but that was destruc- The traditional recipe takes 45
Serves: About 10 garlic, pepper and nut- so that the gratin is at brown. tion,” he said. “That was not cre- minutes to make, he said. The potato-
ation.” chip version? Just five.
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All-time high: Lean hogs 7.36%
All-time high Current divisor All-time high
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t
Session open Close

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t
29900 3850 average 11300 S&P/TSX Comp 0.55
Session low
FTSE 100 0.54
28950 3775 11100 S&P 500 Consumer Discr 0.53
Bars measure the point change from session's open DAX 0.47
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28000 3700
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Unchanged 138 19 -0.23 Dow Jones Industrial Average
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500 Index 4138.02 4113.86 4133.52 3.73 0.09 4305.20 3577.03 -3.2 7.7 14.7 Nasdaq NYSE Arca
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.
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Russell 2000 1793.31 1777.40 1791.51 1.81 0.10 2021.35 1649.84 -7.7 1.7 14.8
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NYSE Arca Biotech
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888.77
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on
1.05
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5644.50
888.41
116.90
4208.43
737.84
78.06
10.5
6.9
-28.6
2.3
2.4
-17.8
1.7
11.8
7.6
New highs
New lows
Closing Arms†
68
201
0.71
40
12
1.44
-0.42
-0.45
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Corn
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PHLX§ Gold/Silver 135.52 132.78 134.21 -1.73 -1.27 151.14 91.40 -11.2 11.1 8.4 Block trades* 44,059 1,219
us ,
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PHLX§ Oil Service 80.97 79.07 79.53 -1.42 -1.76 93.94 56.08 0.8 -5.2 45.5 -0.60 Nasdaq-100
l
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PHLX§ Semiconductor †(TRIN) A comparison of the number of advancing and declining
e
3031.96 2995.91 3021.44 -24.84 -0.82 3230.86 2162.32 1.1 19.3 23.9 -0.65 iSh 20+ Treasury
al a
issues with the volume of shares rising and falling. An

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ci on
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m rp
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Volume % chg from Latest Session 52-Week
India S&P BSE Sensex 59655.06 22.71 0.04 –1.9 Company Symbol (000) 65-day avg Close % chg High Low Available free at WSJMarkets.com
Japan NIKKEI 225 28564.37 –93.20 –0.33 9.5 Mullen Automotive MULN 703,709 196.1 0.10 21.49 1.71 0.08
Singapore Straits Times 3321.82 8.41 0.25 2.2 Bed Bath Beyond BBBY 331,352 224.3 0.29 -2.17 30.00 0.23
South Korea KOSPI 2544.40 –18.71 –0.73 13.8
Ideanomics IDEX 178,824 700.3 0.04 -9.57 0.89 0.04 Currencies
Tesla TSLA 122,778 -25.3 165.08 1.28 344.95 101.81
Taiwan TAIEX 15602.99 –104.53 –0.67 10.4 U.S.-dollar foreign-exchange rates in late New York trading
ProSh UltraPro Shrt QQQ SQQQ 115,724 -17.4 30.73 -0.26 69.55 29.18
Thailand SET 1558.36 –6.74 –0.43 –6.6 * 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 .00004256 23495 –0.6
Argentina peso .0046218.4663 23.6 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1980 5.0496 –4.5 Czech Rep. koruna .04674 21.393 –5.2
Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7388 1.3536 –0.1 Denmark krone .1475 6.7815 –2.4
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001246 802.70 –5.4 Euro area euro 1.0992 .9098 –2.6
Colombiapeso .000221 4515.69 –6.87 Hungary forint .002924 341.96 –8.4
A consumer rate against its 5-year CDs Ecuador US dollar Iceland krona
1 1 unch .007321 136.59 –3.5
benchmark over the past year Tradeweb ICE 5.00%
t
Bankrate.com avg†: 2.76% 20% Mexico peso .0556 17.9952 –7.7 Norway krone .0946 10.5741 7.8
Friday Close
WSJ Dollar Index Uruguay peso .02565 38.9850 –2.5 Poland zloty .2382 4.1977 –4.1
First Internet Bank of Indiana 4.49% 4.00 s
Asia-Pacific Russia ruble .01228 81.450 10.4
Federal-funds 4.00% Indianapolis, IN 888-873-3424 10
t
3.00 Sweden krona .0972 10.2905 –1.4

target rate Australiadollar .6691 1.4945 1.9
Barclays Bank 4.50% Switzerland franc 1.1204 .8925 –3.5
0 Euro China yuan .1451 6.8936 –0.1
3.00 Turkey lira .0515 19.4033 3.8
t
Wilmington, DE 888-720-8756 2.00 s

Hong Kong dollar .1274 7.8469 0.5
t One year ago Ukraine hryvnia .0271 36.9500 0.3
Five-year 2.00 s India rupee .01219 82.047 –0.8
CFG Community Bank 4.50% 1.00 –10 UK pound 1.2440 .8039 –2.7
CD yields Yen Indonesia rupiah .0000670 14929 –4.1
Baltimore, MD 888-205-8388 Middle East/Africa
Japan yen .007455 134.14 2.3
1.00 0.00 –20
Popular Direct 4.50% Kazakhstan tenge .002199 454.70 –1.8 Bahrain dinar 2.6536 .3769 –0.1
Miami Lakes, FL 800-274-5696 1 3 6 1 2 3 5 7 10 20 30 2022 2023 Macau pataca .1237 8.0870 0.5 Egypt pound .0324 30.8974 24.8
0.00 month(s) years Malaysia ringgit .2253 4.4380 0.7 Israel shekel .2731 3.6623 3.9
M J J A S ON D J FMA GTE Financial Credit Union 4.54%
maturity New Zealand dollar .6140 1.6287 3.4 Kuwait dinar 3.2635 .3064 0.1
2022 2023 Tampa, FL 888-871-2690 Pakistan rupee .00353 283.500 25.1 Oman sul rial 2.5973 .3850 .unch
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0179 55.897 0.4 Qatar rial .2747 3.640 –0.8
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7497 1.3339 –0.5 Saudi Arabia riyal .2666 3.7507 –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 .0007523 1329.34 5.3 South Africa rand .0553 18.0857 6.2
Sri Lanka rupee .0030974 322.85 –12.1
Federal-funds rate target 4.75-5.00 4.75-5.00 0.25 l 5.00 4.75 Yield (%) 52-Week Total Return (%) Taiwan dollar .03264 30.640 unch Close Net Chg % Chg YTD%Chg
Prime rate* 8.00 8.00 3.50 l 8.00 4.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .02904 34.430 –0.5 WSJ Dollar Index 95.92 0.06 0.06 –0.66
Libor, 3-month 5.26 5.26 1.21 l 5.27 4.21
U.S. Treasury, Bloomberg 2146.540 3.920 3.850 4.560 2.700 –1.892 –4.659 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.49 0.50 0.07 l 0.50 0.17
2.76 l 1.90 U.S. Treasury Long, Bloomberg 3310.420 3.860 3.820 4.570 2.970 –9.811–12.866
Five-year CD, annual yield
30-year mortgage, fixed† 6.92
2.76
6.86
0.55
5.26 l
2.79
7.41 3.32 Aggregate, Bloomberg 2004.380 4.460 4.410 5.210 3.300 –1.469 –3.412
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 6.31 6.16 4.52 l 6.53 3.16
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 1980.920 4.550 4.530 5.380 3.300 –1.404 –3.440
Jumbo mortgages, $726,200-plus† 7.00 6.94 5.19 l 7.44 3.34 DJ Commodity 1004.20 -6.69 -0.66 1251.61 967.84 -16.57 -4.24
High Yield 100, ICE BofA 3252.940 7.877 7.722 8.753 6.441 0.862 4.448
Five-year adj mortgage (ARM)† 5.74 5.65 3.58 l 5.82 2.48 Refinitiv/CC CRB Index 270.80 -1.11 -0.41 329.59 254.03 -10.99 -2.50
New-car loan, 48-month 6.93 6.92 4.06 l 6.93 2.66 Muni Master, ICE BofA 568.038 3.152 2.842 3.936 2.419 2.669 0.031 Crude oil, $ per barrel 77.87 0.50 0.65 122.11 66.74 -23.71 -2.98
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 782.400 7.792 7.619 9.159 6.582 –1.936 –0.014 Natural gas, $/MMBtu 2.233 -0.016 -0.71 9.680 1.991 -65.82 -50.10
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1979.50 -28.10 -1.40 2041.30 1623.30 2.51 8.78
MARKET DATA
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures July 16.89 17.24 16.85 17.12 .23 3,117 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Euro (CME)-€125,000; $ per €
Wheat (CBT)-5,000 bu.; cents per bu. Feb 95.2325 –.0050 15,940 May 1.0986 1.1007 1.0952 1.0991 .0011 1,510
Contract Open June 94.9200 94.9300 94.8900 94.9050 –.0100 1,354,933 1.1003 1.1029 1.0973 1.1012 .0011 755,652
May 667.75 673.25 658.00 661.75 –6.00 54,506 June
Open High hi lo Low Settle Chg interest Eurodollar (CME)-$1,000,000; pts of 100%
July 681.25 685.75 669.00 673.00 –7.00 197,120
Copper-High (CMX)-25,000 lbs.; $ per lb. Wheat (KC)-5,000 bu.; cents per bu. Sept … … … 96.3750 –.0550 11 Index Futures
April 4.0030 4.0055 3.9850 3.9800 –0.0420 1,800 May 842.50 847.25 826.50 840.75 .50 18,374 Dec 96.3600 –.0550 16
July 4.0275 4.0395 3.9825 3.9865 –0.0460 97,212 July 827.00 832.00 812.00 825.50 –1.25 85,498 May'23 94.6750 94.6900 94.6550 94.6625 –.0150 46,605 Mini DJ Industrial Average (CBT)-$5 x index
Gold (CMX)-100 troy oz.; $ per troy oz. June 94.6450 94.6450 94.6000 94.6200 –.0150 551,860 June 33899 33996 33809 33950 41 95,572
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
April 1996.20 1996.20 1974.10 1979.50 –28.10 453 April 204.775 205.150 203.550 203.775 –1.250 2,778 Sept 34158 34257 34088 34213 37 575
May 2005.10 2007.00 1973.00 1981.30 –28.50 1,857 Aug 229.325 230.275 s 228.700 229.875 .350 26,059 Currency Futures Mini S&P 500 (CME)-$50 x index
June 2016.10 2016.80 1982.30 1990.50 –28.60 395,437 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 4153.75 4161.00 4135.25 4156.75 4.25 2,235,446
Japanese Yen (CME)-¥12,500,000; $ per 100¥ Sept 4190.00 4199.00 4174.00 4195.25 4.25 17,237
Aug 2034.40 2035.40 2001.30 2009.20 –28.70 39,197 April 174.125 174.875 172.700 173.975 –.125 3,520 May .7491 .7512 .7460 .7475 .0005 741
Oct 2049.60 2049.60 2019.60 2027.70 –28.70 9,810 June 164.400 164.575 163.550 164.525 .175 146,667 Mini S&P Midcap 400 (CME)-$100 x index
June .7515 .7552 .7499 .7514 .0005 172,515 June 2512.90 2523.40 2491.10 2511.40 –1.30 39,427
Dec 2067.60 2072.10 2037.80 2046.00 –28.40 25,817 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
May 77.250 t 76.575
77.550 77.025 .200 3,043 Sept 2529.60 –.60 n.a.
Palladium (NYM) - 50 troy oz.; $ per troy oz. May .7421 .7424 .7377 .7384 –.0040 383
1604.10 18.70 1 June 85.025 t 84.625
86.825 86.075 1.000 99,415 Mini Nasdaq 100 (CME)-$20 x index
April June .7429 .7430 .7381 .7389 –.0040 137,405
Lumber: British Columbia (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 13089.00 13122.00 12982.50 13090.50 16.25 245,029
June 1596.50 1631.50 1578.00 1607.40 18.70 10,396 British Pound (CME)-£62,500; $ per £ Sept 13230.00 13265.00 13131.75 13235.25 15.50 3,178
Platinum (NYM)-50 troy oz.; $ per troy oz. May 398.90 405.50 390.00 398.10 –.40 930 May 1.2393 1.2454 1.2374 1.2437 –.0010 566
Lumber: Chicago (CME)-27,500 bd. ft., $ per 1,000 bd. ft. June 1.2453 1.2463 1.2381 1.2445 –.0010 219,399
Mini Russell 2000 (CME)-$50 x index
April 1129.80 31.10 6
May 502.50 502.50 490.50 496.50 –4.00 833 June 1798.00 1808.60 1782.60 1801.40 3.20 502,802
July 1110.00 1148.90 s 1102.00 1138.70 31.10 62,100 Swiss Franc (CME)-CHF 125,000; $ per CHF
July 515.50 520.00 514.00 516.00 5.00 2,524 June 1.1278 1.1298 1.1239 1.1268 .0001 40,942 Sept 1813.00 1824.10 1799.60 1818.00 3.40 3,276
Silver (CMX)-5,000 troy oz.; $ per troy oz. Mini Russell 1000 (CME)-$50 x index
April 25.165 25.180 25.165 25.053 –0.315 23
Milk (CME)-200,000 lbs., cents per lb. Sept 1.1375 1.1404 1.1349 1.1377 .0002 358
April 18.63 18.64 18.63 18.63 –.03 3,603 Australian Dollar (CME)-AUD 100,000; $ per AUD June 2266.20 2277.20 2264.40 2275.70 2.60 7,620
July 25.565 25.690 25.210 25.280 –0.315 88,146 U.S. Dollar Index (ICE-US)-$1,000 x index
May 17.39 17.45 17.26 17.32 –.14 4,656 May .6729 .6751 .6684 .6691 –.0058 345
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cocoa (ICE-US)-10 metric tons; $ per ton. June .6758 .6761 .6693 .6700 –.0058 159,379 June 101.52 101.86 101.37 101.55 –.01 34,116
June 77.13 78.39 76.72 77.87 0.50 401,788 3,221 s Sept 101.29 101.50 101.10 101.26 –.03 679
May 3,103 3,074 3,171 84 3,933 Mexican Peso (CME)-MXN 500,000; $ per MXN
July 76.85 78.14 76.49 77.71 0.60 291,145 July 2,961 2,995 s 2,935 2,983 27 141,355 May .05529 .00006 25
Aug 76.45 77.67 76.05 77.32 0.68 126,579 Coffee (ICE-US)-37,500 lbs.; cents per lb. June .05487 .05499 .05478 .05493 .00007 267,205 Source: FactSet
Sept 75.87 77.08 75.48 76.80 0.74 176,001 May 197.15 197.15 193.50 194.20 –1.70 590
Oct 75.28 76.45 74.88 76.24 0.78 94,788 July 193.00 194.80 190.10 191.45 –2.45 87,920
Dec 74.14 75.33 73.82 75.22 0.84 204,466 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 25.62 s
May 2.4917 2.5220 2.4768 2.4886 –.0063 38,056
May
July
25.62
25.01 25.09 s
24.67
24.18
24.83
24.34
–.42 78,294
–.40 410,210
Bonds | wsj.com/market-data/bonds/benchmarks
June 2.4777 2.5077 2.4614 2.4792 –.0016 73,483 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July
March'24
43.49
40.44
–.01
…
577
2,152
Global Government Bonds: Mapping Yields
May 2.5875 2.6400 2.5804 2.6016 .0152 40,134
June 2.5591 2.6104 2.5531 2.5753 .0153 94,785 Cotton (ICE-US)-50,000 lbs.; cents per lb. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 79.19 79.97 78.42 78.41 –.83 1,317
July 80.19 81.05 79.70 80.15 .06 85,972 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
May 2.192 2.274 2.164 2.233 –.016 51,279
June 2.374 2.448 2.350 2.408 –.019 184,201 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
July 2.571 2.636 2.548 2.597 –.028 260,904 May 274.85 282.90 274.25 275.35 .95 2,001 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
July 269.95 278.00 s 269.70 271.45 1.75 7,162
Sept 2.632 2.693 2.603 2.653 –.023 120,699 3.875 U.S. 2 4.188 s l 4.170 4.175 2.693
Oct 2.725 2.788 2.697 2.747 –.022 106,109
Interest Rate Futures 3.500 10 3.570 s l 3.546 3.603 2.917
Jan'24 3.872 3.915 3.830 3.873 –.021 80,148
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 3.250 Australia 2 3.163 t l 3.200 2.850 2.274 -100.8 -94.0 -42.9
Agriculture Futures June 139-260 140-140 138-280 139-010 –20.0 1,426,073 4.500 10 3.469 t l 3.502 3.204 3.084 -10.1 -3.6 17.4
Sept 140-140 140-260 139-120 139-150 –20.0 177
Corn (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 0.000 France 2 3.055 s l 3.029 2.713 0.172 -111.6 -111.1 -253.1
May 664.25 665.50 656.50 663.25 –.50 188,846 June 130-140 130-300 129-240 129-290 –13.0 1,184,716
July 626.75 627.75 611.00 615.25 –10.75 517,630 3.000 10 3.050 s l 3.006 2.808 1.394 -52.0 -53.2 -151.7
Sept 131-000 131-010 129-300 130-040 –11.0 419
Oats (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2.500 Germany 2 2.927 s l 2.900 2.615 0.210 -124.0 -249.4
May 343.00 343.00 329.75 333.50 –9.00 1,385
-124.4
June 114-225 115-000 114-130 114-150 –6.0 4,374,386
July 337.00 339.00 334.50 336.50 –1.50 2,480 Sept 115-160 115-235 115-055 115-065 –6.5 7,239 2.300 10 2.484 s l 2.447 2.296 0.947 -108.6 -109.0 -196.4
Soybeans (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2.500 Italy 2 3.494 s l 3.434 3.003 0.535 -70.6 -216.9
May 1497.00 1500.00 1480.00 1483.50 –14.00 112,468 -67.7
June 109-115 109-190 109-052 109-072 –2.7 4,493,277
July 1467.75 1469.50 1444.25 1449.00 –19.50 279,718 Sept 109-315 110-045 109-237 109-252 –2.7 6,002 4.400 10 4.364 s l 4.315 4.104 2.586 79.4 77.8 -32.5
Soybean Meal (CBT)-100 tons; $ per ton. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
May 451.30 452.30 444.50 445.70 –5.60 55,269
0.005 Japan 2 -0.039 s l -0.044 -0.072 -0.045 -421.0 -418.4 -274.8
June 103-008 103-045 102-298 102-307 –1.0 2,668,428
July 448.80 449.40 442.00 443.60 –5.10 197,846 Sept 103-177 103-207 103-165 103-172 –1.2 98 0.500 10 0.462 t l 0.470 0.247 0.254 -310.8 -306.7 -265.6
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
54.47 54.86 53.20 53.40 –1.03 54,231 0.000 Spain 2 3.174 s l 3.134 2.837 0.484 -99.7 -100.7 -221.9
.
May April 95.1700 95.1725 95.1700 95.1700 ... 479,443
July 54.66 55.03 53.38 53.57 –1.04 180,251 May 94.9750 94.9800 94.9600 94.9650 –.0050 354,674 3.150 10 3.524 s l 3.489 3.314 1.888 -4.6 -4.9 -102.3
ly
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
May 16.86 17.08 16.79 16.92 .13 1,284 June 98-050 98-050 97-165 97-180 –8.5 6,375 0.625 U.K. 2 3.747 s l 3.714 3.275 1.766 -42.4 -42.6 -93.7
4.250 10 3.759 t l 3.767 3.369 2.012 18.9 22.9 -89.9
Exchange-Traded Portfolios | WSJ.com/ETFresearch

Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Largest 100 exchange-traded funds, latest session
Friday, April 21, 2023 Closing Chg YTD

on ETF
iShShortTreaBd SHV
Closing Chg YTD
Symbol Price (%) (%)
110.37 0.01 0.4
Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
ETF Symbol Price (%) (%) iShTIPSBondETF TIP 109.74 0.05 3.1
us ,
Closing Chg YTD

ETF Symbol Price (%) (%) iShEdgeMSCIMinUSA USMV 73.79 0.27 2.3
iSh20+YTreaBd TLT 104.40 –0.56 4.9 Investment-grade spreads that tightened the most…
iShUSTreasuryBd GOVT 23.25 –0.21 2.3
l
CnsmrDiscSelSector XLY 147.37 1.10 14.1 iShEdgeMSCIUSAQual QUAL 124.86 –0.15 9.6 Spread*, in basis points
JPMEquityPrem JEPI 55.08 0.20 1.1
e
CnsStapleSelSector 76.57 0.72 2.7 iShGoldTr IAU 37.59 –1.03 8.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
al a
XLP JPM UltShIncm JPST 50.26 ... 0.3

DimenUSCoreEq2 DFAC 25.53 –0.08 5.1 iShiBoxx$InvGrCpBd LQD 109.00 0.06 3.4
ProShUltPrQQQ TQQQ 26.87 0.19 55.3 –12
EnSelSectorSPDR XLE 84.98 –0.58 –2.8 iShJPMUSDEmBd EMB 84.82 0.01 0.3
SPDRBbg1-3MTB BIL 91.73 –0.01 0.3
Anheuser–Busch Inbev Worldwide ABIBB 8.200 5.20 Jan. 15, ’39 130 n.a.
iShMBS MBB 94.20 –0.31 1.6
FinSelSectorSPDR XLF 33.22 –0.36 –2.9 SPDR DJIA Tr DIA 338.11 0.10 2.0 –12
3.900 5.11 May 25, ’26 123
ci on
HealthCareSelSect XLV 134.30 0.67 –1.1

iShMSCIACWI ACWI 92.17 0.07 8.6 HSBC Holdings HSBC 135
SPDR Gold GLD 184.25 –0.99 8.6
iShMSCI EAFE EFA 73.63 0.51 12.2
IndSelSectorSPDR XLI 100.61 –0.23 2.4
iSh MSCI EM EEM 39.01 –0.94 2.9
SPDRPtfDevxUS SPDW 32.94 0.24 10.9 Mitsubishi UFJ Financial MUFG 3.751 5.01 July 18, ’39 111 –11 120
InvscQQQI QQQ 316.61 0.10 18.9 SPDRS&P500Value SPYV 41.05 0.20 5.6
iShMSCIEAFEValue EFV 50.00 0.14 9.0
InvscS&P500EW RSP 144.92 0.03 2.6 SPDRPtfS&P500 SPLG 48.47 0.08 7.8 Credit Suisse CS 4.550 7.38 April 17, ’26 348 –8 371
iShNatlMuniBd MUB 106.90 –0.11 1.3
iShCoreDivGrowth DGRO 50.88 0.12 1.8 SPDRS&P500Growth SPYG 55.68 0.04 9.9
iSh1-5YIGCorpBd IGSB 50.49 –0.02 1.3
iShCoreMSCIEAFE IEFA 68.75 0.42 11.5
iSh1-3YTreaBd SHY 81.94 –0.06 0.9 SPDR S&P 500 SPY 412.20 0.08 7.8 Northwestern Mutual Global Funding NWMLIC 4.700 4.64 April 6, ’26 75 –8 80
iShCoreMSCIEM IEMG 48.36 –0.94 3.6 iShRussMC IWR 69.75 –0.03 3.4 SchwabIntEquity SCHF 35.82 0.36 11.2
–7
er s
iShCoreMSCITotInt IXUS 63.09 0.03 9.0 iShRuss1000 IWB 226.27 0.08 7.5 SchwabUS BrdMkt SCHB 48.08 0.10 7.3 Citigroup C 4.450 5.11 Sept. 29, ’27 145 160
iShCoreS&P500 IVV 413.89 0.06 7.7 244.06 0.08 13.9 SchwabUS Div SCHD 73.16 –0.20 –3.2
248.94 –0.04 2.9
iShRuss1000Grw IWF
Siemens Financieringsmaatschappij SIEGR 2.150 4.42 March 11, ’31 85 –7 n.a.
iShCoreS&P MC IJH iShRuss1000Val IWD 154.13 0.06 1.6 SchwabUS LC SCHX 48.62 0.10 7.7
m er
iShCoreS&P SC IJR 95.02 –0.20 0.4 iShRussell2000 IWM 177.56 0.13 1.8 SchwabUS LC Grw SCHG 65.02 0.14 17.0 –6
iShCoreS&PTotUS ITOT 90.93 0.10 7.2 SchwabUS SC SCHA 41.65 0.10 2.8
Coca–Cola KO 1.500 3.97 March 5, ’28 30 n.a.
iShS&P500Grw IVW 64.25 0.02 9.8
iShCoreTotalUSDBd IUSB 45.89 –0.13 2.1 iShS&P500Value IVE 152.99 0.17 5.5 SPDR S&PMdCpTr MDY 456.15 –0.05 3.0
iShCoreUSAggBd AGG 99.17 –0.17 2.2 iShSelectDiv DVY 117.82 –0.32 –2.3 SPDR S&P Div SDY 124.46 0.03 –0.5 …And spreads that widened the most
iShESGAwareUSA ESGU 90.81 0.13 7.2 iSh7-10YTreaBd IEF 98.57 –0.24 2.9 TechSelectSector XLK 147.76 –0.32 18.7
UtilitiesSelSector XLU 69.62 0.29 –1.2 Waste Management WM 7.000 4.56 July 15, ’28 89 14 n.a.
m rp
VanEckGoldMin GDX 33.61 –1.32 17.3

1.125 5.20 Sept. 18, ’25 101 11 n.a.
Borrowing Benchmarks | WSJ.com/bonds Banco Bilbao Vizcaya Argentaria
VangdInfoTech VGT 378.17 –0.30 18.4 BBVASM
VangdSC Val VBR 157.59 –0.19 –0.8
Commonwealth Bank of Australia CBAAU 5.316 4.73 March 13, ’26 83 10 84
VangdExtMkt VXF 138.62 0.02 4.3
Money Rates April 21, 2023 VangdDivApp

VangdFTSEAWxUS
VIG
VEU
156.54
54.44
0.04
0.02
3.1
8.6
General Motors GM 5.200 6.62 April 1, ’45 273 9 n.a.
VangdFTSEDevMk VEA 46.40 0.32 10.6 8
Key annual interest rates paid to borrow or lend money in U.S. and VangdFTSE EM VWO 39.95 –0.94 2.5
Coca–Cola KO 3.000 4.48 March 5, ’51 72 72
co Fo
international markets. Rates below are a guide to general levels but VangdFTSE Europe VGK 63.41 0.75 14.4 Morgan Stanley MS 3.625 4.84 Jan. 20, ’27 119 8 112
VangdGrowth VUG 248.53 0.13 16.6
don’t always represent actual transactions. 8
VangdHlthCr VHT 247.55 0.78 –0.2 Banco Santander SANTAN 2.746 5.70 May 28, ’25 150 159
Week —52-WEEK— VangdHiDiv VYM 106.98 –0.03 –1.1
Inflation Latest ago High Low VangdIntermBd BIV 76.37 –0.13 2.8 John Deere Capital … 0.700 4.36 Jan. 15, ’26 47 5 n.a.
March index Chg From (%) VangdIntrCorpBd VCIT 79.87 ... 3.0
level Feb. '23 March '22 Switzerland 2.00 2.00 2.00 0.00 VangdLC VV 187.95 0.03 7.9
Britain 4.25 4.25 4.25 0.75 VangdMC VO 210.24 –0.04 3.2
High-yield issues with the biggest price increases…
U.S. consumer price index Australia 3.60 3.60 3.60 0.10 VangdMC Val VOE 134.65 –0.07 –0.4 Bond Price as % of face value
All items 301.836 0.33 5.0 VangdMBS VMBS 46.36 –0.17 1.8 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Secondary market VangdRealEst VNQ 82.37 0.01 –0.1
Core 305.476 0.48 5.6
VangdS&P500ETF VOO 378.59 0.06 7.8 Dish DBS … 5.875 19.32 Nov. 15, ’24 82.625 1.88 84.000
Fannie Mae VangdST Bond BSV 76.31 –0.08 1.4
International rates 0.50
30-year mortgage yields VangdSTCpBd VCSH 76.16 –0.04 1.3 Liberty Interactive LINTA 8.250 37.02 Feb. 1, ’30 30.000 30.000
Week 52-Week 30 days 5.976 5.702 6.812 4.321 VangdShtTmInfltn VTIP 47.74 0.06 2.2
VangdShortTrea VGSH 58.36 –0.07 0.9 Prime Security Services Borrower PRSESE 5.750 6.08 April 15, ’26 99.123 0.50 99.500
Latest ago High Low 60 days 5.982 5.702 6.988 4.390
VangdSC VB 188.76 0.06 2.8
Notes on data: Ford Motor F 6.625 6.13 Oct. 1, ’28 102.250 0.31 102.915
n-
Prime rates VangdTaxExemptBd VTEB 50.23 –0.08 1.5

U.S. prime rate is the base rate on corporate
VangdTotalBd BND 73.48 –0.18 2.3
U.S. 8.00 8.00 8.00 3.50 loans posted by at least 70% of the 10 largest Occidental Petroleum OXY 7.500 5.69 May 1, ’31 111.500 0.31 113.500
U.S. banks, and is effective March 23, 2023. VangdTotIntlBd BNDX 48.50 –0.21 2.3
Canada 6.70 6.70 6.70 3.20 56.16 0.02 8.6
Japan 1.475 1.475 1.475 1.475
Other prime rates aren’t directly comparable; VangdTotIntlStk VXUS
Bath & Body Works BBWI 6.875 8.06 Nov. 1, ’35 90.750 0.28 91.500
lending practices vary widely by location. VangdTotalStk VTI 205.00 0.09 7.2
Complete Money Rates table appears Monday VangdTotWrldStk VT 92.95 0.03 7.8 Sprint Capital … 8.750 5.44 March 15, ’32 123.095 0.18 124.530
Policy Rates
no
through Friday. VangdValue VTV 140.30 0.04 –0.0

Euro zone 3.50 3.50 3.50 0.00 Sources: Bureau of Labor Statistics; FactSet WisdTrFRTrea USFR 50.43 ... 0.3 Teva Pharmaceutical Finance Netherlands … 3.150 6.65 Oct. 1, ’26 89.412 0.16 90.125
…And with the biggest price decreases

Dividend Changes Bath & Body Works BBWI 6.750 8.15 July 1, ’36 88.806 –0.69 90.176
Amount Payable / Amount Payable / Telecom Italia Capital TITIM 6.375 7.70 Nov. 15, ’33 90.530 –0.47 91.938
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Sprint Capital … 6.875 5.29 Nov. 15, ’28 107.555 –0.45 108.933
Increased Foreign
Bar Harbor Bankshares BHB 4.2 .28 /.26 Q Jun16 /May16 Absolute Software ABST 3.0 .0595 Q May24 /May11 QVC QVCN 4.850 19.13 April 1, ’24 88.282 –0.22 90.250
Costco Wholesale COST 0.7 1.02 /.90 Q May19 /May05 Grupo Aval Acciones ADR AVAL 10.4 .01606 M Sep11 /Aug31
Via Renewables Pfd A VIASP 19.7 .7399 /.71298 Q Jul17 /Jul01 Ford Motor F 7.450 6.64 July 16, ’31 105.030 –0.18 106.750
ING Groep ADR ING 4.4 .4101 May12 /Apr27
Western Midstream Ptrs WES 7.5 .856 /.50 Q May15 /May01
Winmark WINA 0.8 .80 /.70 Q Jun01 /May17
Itau CorpBanca ADR ITCB 4.9 .24575 A May05 /Apr19 Navient NAVI 5.625 9.79 Aug. 1, ’33 73.405 –0.17 74.375
Nokia ADR NOK 1.4 .03293 Q May09 /Apr25
Reduced Seagate Technology STX 5.0 .70 Q Jul05 /Jun21 Teva Pharmaceutical Finance Netherlands … 2.800 6.47 July 21, ’23 99.125 –0.08 99.114
Blackstone BX 4.9 .82 /.91 Q May08 /May01 –0.02
Special Regal Rexnord RRX 6.050 5.74 Feb. 15, ’26 100.777 101.250
Stocks Griffon GFF 1.4 2.00 May19 /May09
Orbital Infrastructure OIG 1:40 /Apr21 *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.
Sources: FactSet; Dow Jones Market Data
Note: Data are for the most active issue of bonds with maturities of two years or more
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. Source: MarketAxess
New Highs and Lows 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
UFP Tech UFPT 141.65 3.2 ArrowFinancial AROW 22.38 -1.4 DISH Network DISH 7.42 0.7 Hyliion HYLN 1.38 -0.7 OfficePropIncm OPI 6.77 -1.8 System1Wt SST.WS 0.23 -0.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American USGoldMiningWt USGOW 1.61 -7.2 AscentSolar ASTI 0.26 -21.0 DZS DZSI 6.35 0.6 ICL Group ICL 6.07 -1.3 OfficePropNts2050 OPINL 12.34 -1.1 TDH PETZ 1.03 0.6
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest US Xpress USX 6.03 0.3 Ashford AINC 9.65 -0.4 Datasea DTSS 1.06 -10.2 IN8bio INAB 1.02 -6.3 Old2ndBcp OSBC 12.77 -2.9 Tantech TANH 1.80 -2.6
session. % CHG-Daily percentage change from the previous trading session. Unilever UL 54.75 0.4 Atomera ATOM 5.19 -6.0 DigitalAlly DGLY 3.30 2.5 Ideanomics IDEX 0.04 -9.6 1895Bancorp BCOW 7.29 -2.7 Telos TLS 1.98 -2.8
UnitedHomesWt UHGWW 0.65 46.5 aTyrPharma LIFE 1.56 9.0 DimeCommBcshs DCOM 20.26 -1.0 Identiv INVE 5.60 -1.9 180DegreeCap TURN 4.82 -1.7 TerritorialBncp TBNK 17.85 -1.2
Friday, April 21, 2023 UnivInsurance UVE 19.82 1.7 BM Tech Wt BMTX.WS 0.18 -9.6 ECB Bancorp ECBK 12.08 -0.6 IndependentBank INDB 54.67 -3.4 OneStopSystems OSS 2.29 -3.0 ThermoGenesis THMO 1.90 -6.3
VectivBio VECT 10.88 14.5 BayCom BCML 16.16 -2.8 E-HomeHousehold EJH 0.40 -10.8 IndependentBank IBTX 40.66 -1.5 OrganiGram OGI 0.49 -3.2 ThirdCoastBcshs TCBX 13.95 -2.2
52-Wk % 52-Wk % 52-Wk % VertexPharm VRTX 335.28 0.6 Berkley WRB 56.05 -9.2 EagleBancorp EGBN 24.96 6.0 IndLogistics ILPT 1.84 -1.5 Ouster OUST 3.59 -7.0 TidewaterWtB TDW.WS.B 0.21 -28.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ViemedHealthcare VMD 11.88 2.4 BerkshireHills BHLB 21.89 -5.0 EastsideDistilling EAST 0.19 2.4 InnSuitesHosp IHT 1.18 -12.8 OusterWtA OUST.WS.A 0.05 -55.9 TompkinsFin TMP 58.74 -2.3
Visa V 235.57 -0.2 BigLots BIG 8.28 -13.4 Edgio EGIO 0.61 -2.0 IssuerDirect ISDR 18.18 -3.7 PCConnection CNXN 37.76 -4.9 TopKingWin TCJH 3.37 -7.7
DraftKings DKNG 22.02 2.8 NorthAmConstr NOA 18.87 -0.1
Highs elfBeauty ELF
EdgewellPersonal EPC
96.85
45.43
1.4
1.0
Novartis
NovoNordisk
NVS
NVO
100.44
172.97
1.7
4.4
WestrockCoffeeWt WESTW
Winmark WINA
2.77
347.89
3.0
0.6
Biolase
BlinkCharging
BIOL
BLNK
0.22 -23.4 Endava
7.24 -1.0 Energous
DAVA
WATT
56.70 -1.6 iSun
0.41 -6.8 JonesLang
ISUN
JLL
0.65
132.28
-8.2
-1.8
PeoplesFinSvcs PFIS
PhioPharm PHIO
40.85
3.68
0.6
-6.6
TrancntlRlty
Transphorm
TCI
TGAN
36.70
3.00
-1.9
-6.5
ARBIOT ARBB 4.79 20.8 WisdomTree WT 6.55 -0.8 Brainsway BWAY 1.50 -6.0 EnergyVault NRGV 1.35 3.3 KinnateBio KNTE 2.86 -2.4 Phunware PHUN 0.61 -2.6 TrinityPlace TPHS 0.32 -0.6
EdisonIntl EIX 73.61 -0.1 OReillyAuto ORLY 912.00 -0.2
Accolade ACCD 16.12 4.8 WW Ent WWE 109.80 3.0 BrandywineRealty BDN 3.94 -4.3 EnthusiastGaming EGLX 0.50 -2.3 KornitDigital KRNT 17.04 -0.6 PlanetLabsWt PL.WS 0.61 -12.8 Trupanion TRUP 32.76 -2.7
Eyenovia EYEN 4.95 6.5 OakStreetHealth OSH 38.93 ...
AchieveLifeSci ACHV 8.19 18.4 Yum!Brands YUM 138.53 0.6 BrightHealth BHG 0.16 6.7 FaradayFuture FFIE 0.20 -4.7 LL Flooring LL 3.06 2.6 PlugPower PLUG 8.65 2.3 TrustcoBank TRST 29.18 -0.3
FairIsaac FICO 728.85 2.2 OcularTherapeutix OCUL 6.57 12.4
AltC Acqn ALCC 10.43 0.3 ZimmerBiomet ZBH 140.29 -0.3 Brightcove BCOV 3.91 -0.8 FaZeWt FAZEW 0.03 -29.7 Latham SWIM 2.24 -2.2 PlusTherap PSTV 0.25 -14.0 TutorPerini TPC 4.92 -4.5
ForesightAuto FRSX 1.95 1.4 OilDriAmerica ODC 44.94 0.5
AmphastarPharm AMPH 43.95 1.9 BrookfieldPropPfd BPYPP 14.54 -1.5 FirstBusey BUSE 18.68 -0.4 Lemonade LMND 12.08 -2.1 PolymetMining PLM 2.00 -2.4 2seventybio TSVT 8.33 0.2
FortuneRise FRLAU 10.71 1.4 OnHolding ONON 33.51 4.5
ApellisPharm
AquaronAcqn
APLS
AQU
87.48
11.24
4.6
0.2
FusionAcqnIIA FSNB 10.38 -0.3 OvidTherap OVID 3.23 5.6 Lows BPP 5.75%Pfd3A BPYPN 12.08 -0.7 FirstFinIN
BrookfieldPropPf2A BPYPO 13.55 -0.4 FirstInterBanc
THFF
FIBK
33.83 -1.1 Lilium LILM
27.53 -3.6 LordstownMotors RIDE
0.41
0.46
4.3
-0.7
PowerREIT PW
PredictiveOncology POAI
3.01
0.19
-1.3
-32.4
U Power
USGoldMining
UCAR
USGO
7.50
8.31
-81.9
1.2
GainTherap GANX 6.19 8.6 PPG Ind PPG 145.14 0.4 Adtran ADTN 9.33 1.5 10.04 -1.3 FirstWesternFin MYFW 17.41 -0.6 MaiaBiotech 2.85 -16.4
Arcellx ACLX 39.89 8.5 BrooklineBcp BRKL MAIA PremierFinl PFC 18.60 -0.7 UnitedBkshrsWV UBSI 33.07 -0.7
Gallagher AJG 208.20 -0.1 PTC Therap PTCT 55.70 2.5 a.k.a.Brands AKA 0.31 -0.7 BZFD 0.61 -10.7 Fisker FSR 4.26 -3.1 MP Materials MP 22.53 -5.5
AresAcqnA AAC 10.39 ... BuzzFeed QurateRetailA QRTEA 0.71 -5.7 US Bancorp USB 32.61 -3.6
GreencityAcqn GRCY 11.40 1.3 ParkCity PCYG 7.07 3.6 AXT AXTI 3.09 -4.3 CF Bankshares CFBK 16.00 -2.7 5EAdvMatls FEAM 4.17 -7.7 Mytheresa MYTE 5.30 -3.5
AresAcqnII AACT.U 10.10 0.7 RVL Pharm RVLP 0.95 -1.0 UniversePharm UPC 0.48 ...
GreencityAcqn GRCYU 12.10 -0.8 PonoCapitalThree PTHR 10.54 0.2 Aceragen ACGN 1.95 -3.0 CFSB Bancorp CFSB 7.18 -1.2 FlushingFin FFIC 13.35 ... MSG Ent MSGE 28.27 -4.9 RhinebeckBncp RBKB 7.26 -3.5 21.26 -1.6
AstraZeneca AZN 75.91 1.4 UnivestFin UVSP
HCA Healthcare HCA 294.02 3.9 RELX RELX 33.86 1.1 ActelisNtwks ASNS 2.91 -5.4 CI&T CINT 4.08 -2.1 FocusUniversal FCUV 1.56 -9.1 MagicEmpire MEGL 1.15 -7.2 RIVN 11.88 -0.8 UraniumRoyalty UROY 1.84 -4.1
AtlasLithium ATLX 28.80 4.2 Rivian
AutoZone AZO 2722.60 -0.8 HH&L Acqn HHLA.U 10.43 0.7 ReataPharm RETA 101.79 0.1 Addentax ATXG 0.84 -1.6 CVB Fin CVBF 15.01 -0.9 FuelCell FCEL 2.02 -1.4 MagyarBancorp MGYR 10.00 -2.5 SES AI SES 1.87 ... UTime UTME 0.77 -2.5
AvadelPharm AVDL 10.57 6.8 HarrowHealth HROW 24.65 3.5 ReneoPharm RPHM 11.30 7.1 Aditxt ADTX 0.75 -21.8 CalAmp CAMP 2.41 0.8 FVCBankcorp FVCB 9.56 -3.4 MainzBiomed MYNZ 4.30 0.9 SNDL SNDL 1.44 -2.0 Uxin UXIN 0.91 1.7
BELLUS Health BLU 14.53 -0.4 Hershey HSY 262.64 0.2 RentokilInit RTO 38.71 ... AdTheorentWt ADTHW 0.05 25.9 CaliforniaBncp CALB 17.06 -2.2 GMedInnov GMVD 0.51 -2.0 Mannatech MTEX 14.00 ... Sabre6.5%Pfd SABRP 54.11 -8.1 VCIGlobal VCIG 1.78 -3.4
BellRing BRBR 36.17 -0.2 IVERICbio ISEE 30.00 2.1 RestaurantBrands QSR 69.95 0.7 AdvantageSolns ADV 1.15 -5.0 CanopyGrowth CGC 1.34 -0.7 GauchoGroup VINO 0.69 2.6 MarinSoftware MRIN 0.79 -2.7 SaverOne2014 SVRE 0.96 -7.2 Vacasa VCSA 0.73 0.3
BostonSci BSX 53.21 -2.9 Insperity NSP 131.09 1.0 RevivaPharmWt RVPHW 1.74 6.6 AdventTech ADN 0.75 -1.7 CapStarFin CSTR 13.24 -7.2 GenerationsBncp GBNY 9.05 -4.9 MercerIntl MERC 9.03 -2.3 Semtech SMTC 20.52 -3.0 ValleyNatlPfdB VLYPO 19.42 0.4
BoydGaming BYD 68.33 0.9 IntlGameTech IGT 28.81 3.7 RevivaPharm RVPH 6.35 5.3 AEye LIDR 0.20 -9.2 CaravelleIntl CACO 0.73 -10.6 Gevo GEVO 1.10 3.6 Meridian MRBK 11.01 -4.0 SendasDistrib ASAI 12.45 -0.5 Valuence I Wt VMCAW 0.02 -39.8
BroadCapital BRAC 10.64 0.2 IperionX IPX 9.37 18.5 SAP SAP 134.64 5.6 AgileThought AGIL 1.55 -7.9 CareMax CMAX 2.14 -8.4 GilatSatellite GILT 4.61 -4.7 MetaMaterials MMAT 0.18 3.5 SentiBiosciences SNTI 0.94 0.7 VerbTech VERB 2.51 5.1
CarrolsRestr TAST 3.65 7.4 IridiumComm IRDM 67.56 3.4 SI-BONE SIBN 22.51 -0.1 AirspanNetworks MIMO 0.50 1.0 Cato CATO 8.36 -0.8 GlacierBancorp GBCI 34.49 -7.5 MidPennBancorp MPB 23.13 -0.4 ShiftPixy PIXY 3.18 -4.2 VerdeCleanFuelsA VGAS 5.10 -1.5
CasellaWaste CWST 89.16 1.2 JacksonFinlPfdA JXNpA 25.05 -0.6 SafeBulkersPfdD SBpD 25.89 1.6 AirspanNtwksWt MIMO.WS 0.01 -66.5 cbdMD YCBD 0.11 -0.4 GladstonePfdE GOODN 18.38 -1.0 MidWestOneFin MOFG 20.82 -1.3 SidusSpace SIDU 0.25 -25.4 ViaRenewables VIA 11.45 -10.1
Certara CERT 24.96 0.3 JayudGlblLogistics JYD 10.00 26.0 Sanfilippo JBSS 104.25 -0.9 Albemarle ALB 171.82 -10.0 CerberusCyber CISO 0.21 ... GlenBurnieBncp GLBZ 7.02 -2.6 MonteRosaTherap GLUE 5.66 -5.3 SilenceTherap SLN 5.30 -9.7 ViaviSolutions VIAV 8.88 -0.6
Chase CCF 109.87 -0.7 LambWeston LW 110.92 0.2 Sanofi SNY 56.79 2.2 AllarityTherap ALLR 0.48 -15.3 ChainBridgeIWt CBRGW 0.05 -1.4 GlobusMaritime GLBS 1.00 -2.4 Movano MOVE 1.08 -1.8 SmartforLife SMFL 0.09 -22.4 View VIEW 0.31 2.5
Chemed CHE 569.90 0.2 LegendBiotech LEGN 70.00 9.3 SkylineChamp SKY 76.06 -0.4 AltisourcePortf ASPS 3.58 -1.3 ChengheAcqnWt CHEAW 0.04 92.5 GoPro GPRO 4.45 -0.4 NV5Global NVEE 95.14 -1.4 SnailA SNAL 1.05 0.1 VislinkTech VISL 0.32 -0.5
Clorox CLX 165.79 1.4 LibertyBraves C BATRK 35.78 -0.8 SportsMapTech SMAPU 10.50 0.6 AmerantBncpA AMTB 17.58 -4.4 ChinaGreenAg CGA 3.87 -1.3 GorillaTech GRRR 2.26 -9.5 NatlEnerSvs NESR 4.13 1.2 SOQUIMICH SQM 60.21 -18.6 WesBanco WSBC 28.33 -0.7
Coca-ColaEuro CCEP 62.44 0.3 EliLilly LLY 386.27 2.8 StarGroup SGU 13.72 -2.2 Amyris AMRS 0.76 -4.8 ChinaSXTPharm SXTC 0.21 -7.1 GranitePointMtg GPMT 4.35 -2.2 Nayax NYAX 16.56 -2.9 SonderWt SONDW 0.05 9.3 WestBancorp WTBA 16.98 -0.3
ColombierAcqnA CLBR 10.22 ... MSC Industrial MSM 91.79 0.1 Stryker SYK 306.56 0.5 AnthemisDigI Wt ADALW 0.00 -55.4 CloverHealth CLOV 0.78 -2.3 GrayTelevision GTN 7.87 -3.5 Netcapital NCPL 0.83 -2.1 SonnetBio SONN 0.25 -17.6 WeTrade WETG 0.13 -6.8
Corvel CRVL 204.42 1.8 Masimo MASI 198.00 0.2 Symbotic SYM 31.43 1.0 AppHarvest APPH 0.46 -0.9 CommScope COMM 4.44 -0.2 Hookipa HOOK 0.68 5.6 NeuBaseTherap NBSE 0.15 -4.6 Sono SEV 0.25 -1.4 WeWorkWt WE.WS 0.05 -9.8
Crocs CROX 148.18 1.0 MaxeonSolar MAXN 31.28 1.5 Tecnoglass TGLS 46.79 -0.2 AppHarvestWt APPHW 0.04 -20.8 Concentrix CNXC 105.25 -2.5 HarborOneBncp HONE 11.33 -1.2 Newegg NEGG 1.05 0.9 SouthernFirstBcsh SFST 28.11 -0.8 WholeEarthBrds FREE 2.13 -6.5
CymaBayTherap CBAY 10.54 0.6 McDonald's MCD 292.53 0.4 ThunderBridgeIV A THCP 10.65 0.2 ArbeRobotics ARBE 2.61 0.4 Conn's CONN 4.67 -4.2 Hesai HSAI 10.80 -9.9 NexPointRealEst NREF 12.76 -1.6 SteelConnect STCN 0.96 -2.0 WindtreeTherap WINT 2.13 -6.8
DTE EnergyDebE DTG 21.92 -0.4 MeritMedical MMSI 78.73 1.1 TractorSupply TSCO 251.17 -0.2 ArcadiaBiosci RKDA 6.15 0.3 Crexendo CXDO 1.36 -1.4 HinghamSvg HIFS 182.40 -3.7 NicholasFin NICK 4.92 -1.2 StellarBancorp STEL 22.43 -1.0 Workhorse WKHS 0.96 -0.9
DeckersOutdoor DECK 488.34 1.5 NewAmstPharmaWt NAMSW 3.23 5.0 TransMedics TMDX 90.15 12.2 ArisWater ARIS 6.96 -3.3 Cronos CRON 1.80 -1.1 HoraceMannEdu HMN 31.25 -4.4 Nuburu BURU 1.42 -10.3 SummitFin SMMF 18.89 -0.4 XcelBrands XELB 0.56 -8.2
DiscMedicine IRON 32.85 11.6 NewMarket NEU 372.50 -0.1 TreeHouseFoods THS 53.15 -0.6 Arrival ARVL 2.37 -20.3 CueHealth HLTH 1.02 -4.5 HourLoop HOUR 1.50 -0.3 OceanFirstFin OCFC 15.96 -7.5 Sunworks SUNW 0.92 -7.9 ZynerbaPharm ZYNE 0.37 -0.4
THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, April 22 - 23, 2023 | B9
BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 36.59 69.07 42.61 Fortinet FTNT ... 62 66.78 -0.12 1.00 103.50 62.36 MasTec MTZ ...206 86.18 -2.42 52.16 95.79 40.66 Sea SE ... dd 79.17 0.41
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 10.36 50.89 34.76 Fortis FTS 3.8 21 44.19 0.05 7.91 390.00 276.87 Mastercard MA 0.6 37 375.24 0.24 7.24 88.25 47.47 Seagate STX 5.0 dd 56.42 -0.66
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 3.95 69.78 52.47 Fortive FTV 0.4 32 66.79 0.48 -15.84 87.46 34.33 MatchGroup MTCH ... 29 34.92 0.30 58.59 207.16 105.43 Seagen SGEN ... dd 203.80 -0.49
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 6.08 67.71 45.25 FortuneBrands FBIN 1.5 12 60.58 -0.28 4.82 103.82 68.01 McCormickVtg MKC.V 1.8 35 86.13 1.38 -5.59 68.71 41.24 SealedAir SEE 1.7 14 47.09 -0.10
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 10.70 38.96 28.02 FoxA FOXA 1.5 12 33.62 -0.08 3.37 104.77 70.60 McCormick MKC 1.8 35 85.68 0.28 1.46 176.47 136.54 Sempra SRE 3.0 24 156.80 -0.14
8.33 35.91 26.35 FoxB FOX 1.6 11 30.82 -0.07 s 10.83 292.53 228.34 McDonald's MCD 2.1 35 292.06 1.06 18.40 54.34 36.64 SensataTechs ST 0.9 24 47.81 -0.19
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 11.59 162.62 109.70 Franco-Nevada FNV 0.9 42 152.30 -0.63 -4.07 401.78 298.69 McKesson MCK 0.6 17 359.86 0.59 2.04 75.11 56.85 ServiceCorp SCI 1.5 20 70.55 0.19
1.18 34.37 20.24 FranklinRscs BEN 4.5 14 26.69 -0.20 10.31 111.82 75.77 Medtronic MDT 3.2 28 85.73 2.24 21.90 521.58 337.00 ServiceNow NOW ...296 473.31 5.62
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 4.37 46.73 24.80 FreeportMcM FCX 1.5 22 39.66 -1.70 51.48 1337.75 600.68 MercadoLibre MELI ...135 1281.92 -11.85 7.92 62.75 44.90 Shell SHEL 3.4 5 61.46 -0.19
s-New 52-week high. standards vj-In bankruptcy or receivership or 39.84 34.05 12.79 FreseniusMed FMS 2.2 19 22.85 1.05 3.98 116.44 83.05 Merck MRK 2.5 20 115.37 1.20 -1.55 285.00 195.24 SherwinWilliams SHW 1.0 30 233.64 -0.13
t-New 52-week low. lf-Late filing being reorganized under the -18.88 10.18 4.56 FullTruck YMM ...127 6.49 -0.51 76.91 224.30 88.09 MetaPlatforms META ... 25 212.89 -0.18 -4.26 36.64 22.98 ShinhanFin SHG 3.6 4 26.74 -0.26
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 13.80 72.20 26.84 Futu FUTU ... 18 46.26 -0.77 -16.86 77.36 52.83 MetLife MET 3.3 21 60.17 -0.64 39.32 320.54 113.36 ShockwaveMed SWAV ... 50 286.46 26.56
four quarters. requirements. assumed by such companies. 7.88 1615.97 1065.55 Mettler-Toledo MTD ... 41 1559.39 19.83 41.00 54.66 23.63 Shopify SHOP ... dd 48.94 0.94
FD-First day of trading. t-NYSE bankruptcy GHI 9.32 87.76 54.33 MicrochipTech MCHP 1.9 21 76.80 -0.70 -15.20 14.94 7.82 Sibanye-Stillwater SBSW 5.1 6 9.04 -0.09
22.31 75.41 48.43 MicronTech MU 0.8 44 61.13 -0.33 -5.81 133.08 86.02 SimonProperty SPG 6.5 17 110.66 -0.11
48.13 86.88 53.00 GE HealthCare GEHC ... ... 86.48 1.48 19.16 294.18 213.43 Microsoft MSFT 1.0 32 285.76 -0.35 -34.25 6.85 3.43 SiriusXM SIRI 2.5 13 3.84 0.04
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. 19.47 35.90 23.10 GFLEnvironmental GFL 0.1 dd 34.92 0.04 -4.37 212.66 138.68 MidAmApt MAA 3.7 27 150.13 0.76 19.17 165.32 97.36 SiteOneLandscape SITE ... 26 139.81 -0.70
4.47 46.68 28.46 GSK GSK 5.4 4 36.71 0.25 5.92 163.10 120.30 Middleby MIDD ... 18 141.83 -0.38 19.88 50.79 31.28 SkechersUSA SKX ... 21 50.29 0.30
Friday, April 21, 2023 YTD 52-Week Yld Net s 10.20 208.20 148.24 Gallagher AJG 1.1 40 207.77 -0.11 -3.30 7.71 4.31 MitsubishiUFJ MUFG 2.8 27 6.45 -0.10 17.11 123.69 76.16 Skyworks SWKS 2.3 15 106.72 -1.76
% Chg Hi Lo Stock Sym % PE Last Chg -0.46 55.13 41.97 Gaming&Leisure GLPI 5.6 19 51.85 -0.34 5.63 3.30 2.10 MizuhoFin MFG 3.1 9 3.00 -0.04 20.16 71.87 46.58 SmithAO AOS 1.7 47 68.78 0.01
YTD 52-Week Yld Net 5.89 114.39 76.37 Garmin GRMN 3.0 19 97.73 -0.46 26.75 48.11 24.85 Mobileye MBLY ... dd 44.44 -0.10 18.63 34.07 21.77 Smith&Nephew SNN 2.3 62 31.90 0.98
% Chg Hi Lo Stock Sym % PE Last Chg -7.13 318.71 203.66 Carlisle CSL 1.4 12 218.85 -1.29 -9.94 358.25 221.39 Gartner IT ... 30 302.72 -1.42 -21.58 217.25 115.03 Moderna MRNA ... 7 140.85 -0.29 -4.56 163.07 119.82 Smucker SJM 2.7 23 151.24 -0.57
1.31 41.74 24.59 Carlyle CG 4.3 9 30.23 -0.12 -17.64 26.83 15.52 GenDigital GEN 2.8 20 17.65 0.02 -16.56 374.00 249.78 MolinaHealthcare MOH ... 20 275.54 -0.50 11.84 31.21 7.33 Snap SNAP ... dd 10.01 -0.13
ABC 13.58 106.24 52.10 CarMax
16.38 19.68 6.11 Carnival
KMX ... 23 69.16
CCL 0.0 dd 9.38
1.71
0.05
2.11 299.85 86.29 Generac GNRC ... 19 102.78
-9.31 256.86 207.42 GeneralDynamics GD 2.3 18 225.02
-0.61
-2.50
-22.71 97.70 53.76 MolsonCoorsA TAP.A 2.8 dd 59.51 -1.61 15.11 263.86 190.08 Snap-On SNA 2.5 15 263.01 4.12
13.20 60.12 46.69 MolsonCoorsB TAP 2.8 dd 58.32 0.62 1.15 205.66 110.27 Snowflake SNOW ... dd 145.19 2.47
16.28 35.54 23.97 ABB ABB 2.1 27 35.42 0.21 17.80 17.98 5.43 Carnival CUK 0.0 dd 8.47 -0.01 52.19 100.47 46.77 GeneralElec GE 0.3 dd 99.51 -0.25 7.01 71.85 54.72 Mondelez MDLZ 2.2 36 71.32 0.29 t -20.54 115.76 60.21 SOQUIMICH SQM 11.9 5 63.44
9.62 49.17 33.10 CarrierGlobal CARR 1.6 11 45.22 -0.16 -14.47
-22.60 10.10 6.00 ADT ADT 2.0 39 7.02 0.04 4.29 88.34 64.94 GeneralMills GIS 2.5 19 87.45 -0.12 18.30 390.84 135.15 MongoDB MDB ... dd 232.86 6.34 12.68 375.90 190.15 SolarEdgeTech SEDG ...193 319.20 1.00
-3.04 92.16 60.74 AECOM ACM 0.8 35 82.35 -0.79 0.11 249.90 181.40 CaseysGenStores CASY 0.7 19 224.59 -3.80 -0.27 43.63 30.33 GeneralMotors GM 1.1 5 33.55 0.01 30.94 541.39 301.69 MonolithicPower MPWR 0.9 51 463.00 -3.42 20.67 95.70 61.72 Sony SONY 0.4 17 92.05 0.67
-16.55 29.89 18.62 AES AES 2.8 dd 24.00 0.13 0.04 115.33 40.69 Catalent CTLT ... 20 45.03 0.63 -3.28 47.50 26.19 Genmab GMAB ... 35 40.99 0.30 4.54 54.52 41.06 MonsterBev MNST ... 47 53.07 0.17 3.08 80.57 60.71 Southern SO 3.7 23 73.61 0.59
-8.28 74.02 52.07 Aflac AFL 2.5 10 65.98 -0.50 -8.05 266.04 160.60 Caterpillar CAT 2.2 17 220.27 -0.80 -3.52 48.85 37.68 Genpact G 1.2 24 44.69 -0.08 8.96 335.91 230.16 Moody's MCO 1.0 41 303.59 0.86 30.24 82.05 42.42 SoCopper SCCO 4.5 23 78.65 -2.06
-10.30 145.53 88.55 AGCO AGCO 0.8 10 124.41 -1.64 2.31 161.37 86.70 Celanese CE 2.7 6 104.60 -2.20 -4.03 187.72 125.55 GenuineParts GPC 2.3 19 166.52 -2.10 7.17 100.99 72.05 MorganStanley MS 3.4 16 91.12 0.69 -4.51 48.90 28.95 SouthwestAir LUV 2.2 41 32.15 -0.06
22.60 16.89 3.77 AMC Ent AMC 0.0 dd 4.99 0.02 -12.94 122.24 38.31 CelsiusHldg CELH ... dd 90.58 0.56 -1.69 6.04 3.57 Gerdau GGB 0.5 4 4.94 -0.14 -4.16 276.68 180.99 Morningstar MORN 0.7127 207.59 -0.49 5.84 129.25 65.00 Splunk SPLK ... dd 91.12 -0.21
33.93 333.89 194.23 Ansys ANSS ... 54 323.57 0.12 42.72 6.09 3.20 Cemex CX ... 15 5.78 -0.08 0.84 89.74 57.16 GileadSciences GILD 3.5 24 86.57 1.88 0.41 71.02 41.16 Mosaic MOS 1.8 4 44.05 -0.77 69.42 136.72 69.28 Spotify SPOT ... dd 133.76 0.43
-20.24 51.95 30.15 APA APA 2.7 3 37.23 -0.47 -9.84 24.91 14.44 CenovusEnergy CVE 1.8 7 17.50 -0.23 9.64 143.91 92.27 GlobalPayments GPN 0.9248 108.89 -0.21 13.60 293.32 195.18 MotorolaSol MSI 1.2 37 292.75 5.03 6.50 144.38 70.24 StanleyBlackDck SWK 4.0 12 80.00 0.17
11.80 7.97 4.45 ASE Tech ASX 5.0 7 7.01 -0.10 -19.53 98.53 61.71 Centene CNC ... 32 65.99 0.13 14.83 72.50 36.81 GlobalFoundries GFS ... 24 61.88 -0.82 8.68 235.11 164.65 NICE NICE ... 52 209.00 0.66 26.18 61.61 40.92 Stantec STN 1.0 36 60.49 0.23
16.12 698.59 363.15 ASML ASML 0.8 35 634.47 0.90 1.80 33.50 25.03 CenterPointEner CNP 2.5 19 30.53 0.04 -7.92 240.00 144.50 Globant GLOB ... 45 154.84 -0.41 -14.56 24.43 8.03 NIO NIO ... dd 8.33 0.05 9.06 110.83 68.39 Starbucks SBUX 2.0 38 108.19 1.14
-1.03 21.53 14.46 AT&T T 6.1 dd 18.22 0.57 -16.39 10.38 5.67 CentraisElBras EBR 1.9 14 6.63 -0.05 -10.73 123.85 87.87 GlobeLife GL 0.8 14 107.62 -2.08 -12.49 24.83 13.98 NOV NOV 1.1 47 18.28 -0.18 -5.08 94.73 58.62 StateStreet STT 3.4 10 73.63 -1.36
1.70 123.18 93.25 AbbottLabs ABT 1.8 34 111.66 1.31 4.47 79.66 43.23 CeridianHCM CDAY ... dd 67.02 0.28 3.46 87.92 64.65 GoDaddy GDDY ... 35 77.41 0.62 8.11 47.82 30.25 NRG Energy NRG 4.4 7 34.40 -0.17 12.64 136.46 62.44 SteelDynamics STLD 1.5 6 110.05 -1.41
0.50 168.11 134.09 AbbVie ABBV 3.6 24 162.41 0.67 -7.80 288.83 181.36 CharlesRiverLabs CRL ... 21 200.90 2.96 49.37 15.88 7.03 GoldFields GFI 2.1 19 15.46 -0.02 28.44 5986.96 3576.01 NVR NVR ... 12 5924.20 31.49 24.51 18.97 11.37 Stellantis STLA 8.3 3 17.68 -0.03
-10.46 89.85 63.20 AcadiaHealthcare ACHC ... 25 73.71 0.73 -1.88 518.57 297.66 CharterComms CHTR ... 11 332.71 -3.29 -0.50 389.58 277.84 GoldmanSachs GS 2.9 12 341.66 2.95 7.46 198.28 132.08 NXP Semi NXPI 2.4 16 169.82 0.20 1.29 245.18 159.21 Steris STE 1.0 dd 187.07 1.63
3.56 323.84 242.80 Accenture ACN 1.6 25 276.33 0.78 4.49 140.53 107.54 CheckPoint CHKP ... 21 131.83 1.15 -9.01 4.03 2.19 Grab GRAB ... dd 2.93 -0.08 -7.14 69.22 46.77 Nasdaq NDAQ 1.4 25 56.97 0.48 49.92 28.21 13.36 Stevanato STVN 0.2 48 26.94 0.55
11.73 86.12 70.94 ActivisionBliz ATVI 0.5 45 85.53 -0.04 s 11.03 569.90 430.16 Chemed CHE 0.3 34 566.71 1.24 5.49 73.10 56.48 Graco GGG 1.3 27 70.95 0.33 18.27 77.94 47.22 NationalGrid NGG 4.3 13 71.34 0.80 5.36 68.77 49.31 StifelFinancial SF 2.3 12 61.50 -0.26
12.22 451.15 274.73 Adobe ADBE ... 37 377.67 -2.59 0.30 182.35 120.09 CheniereEnergy LNG 1.1 26 150.41 -0.67 20.47 709.21 440.48 Grainger GWW 1.0 22 670.11 2.94 57.34 58.29 29.81 NatlInstruments NATI 1.9 55 58.06 -0.03 33.40 53.53 28.35 STMicroelec STM 0.4 10 47.45 0.01
-12.80 227.74 109.05 AdvanceAuto AAP 4.7 16 128.21 -0.16 -19.13 62.08 40.20 CheniereEnerPtrs CQP 6.7 14 45.99 0.03 9.75 25.62 19.08 GraphicPkg GPK 1.6 14 24.42 -0.26 -5.64 48.42 38.05 NatlRetailProp NNN 5.1 23 43.18 0.06 s 24.15 306.56 188.84 Stryker SYK 1.0 49 303.54 1.44
2.71 153.36 75.02 AdvDrainageSys WMS 0.6 15 84.19 -0.29 -14.33 107.31 69.68 ChesapeakeEner CHK 2.7 3 80.85 -0.14 20.67 200.85 126.01 GpoAeroportuar PAC 3.8 ... 173.53 -6.45 5.73 7.79 4.71 NatWest NWG 3.6 8 6.83 -0.12 5.11 9.18 5.38 SumitomoMits SMFG 3.2 9 8.43 -0.09
36.53 109.57 54.57 AdvMicroDevices AMD ...100 88.43 -1.68 -5.78 189.68 132.54 Chevron CVX 3.6 9 169.12 -0.73 21.44 314.48 179.01 GpoAeroportSur ASR 2.7 17 282.94 -12.66 5.24 79.09 58.08 NetApp NTAP 3.2 11 63.21 -0.15 -2.36 190.57 117.63 SunComms SUI 2.7 71 139.62 0.63
-11.90 5.84 3.75 Aegon AEG 4.6 dd 4.44 -0.04 -11.35 52.88 22.22 ChewyA CHWY ...285 32.87 0.06 s 17.19 294.02 164.47 HCA Healthcare HCA 0.9 14 281.21 10.43 24.19 108.77 53.09 NetEase NTES 1.5 20 90.20 -1.12 3.81 53.76 37.96 SunLifeFinancial SLF 4.4 12 48.19 -0.27
-4.29 66.85 37.20 AerCap AER ... dd 55.82 0.55 29.73 1816.70 1196.28 Chipotle CMG ... 56 1800.00 1.60 3.63 71.76 50.61 HDFC Bank HDB 0.7 23 70.89 1.05 11.22 379.43 162.71 Netflix NFLX ... 35 327.98 2.63 -4.07 42.72 26.43 SuncorEnergy SU 5.0 6 30.44 -0.17
-7.45 160.26 112.52 AgilentTechs A 0.6 31 138.50 2.97 14.47 146.78 104.15 ChoiceHotels CHH 0.9 22 128.94 1.66 -14.57 66.19 34.90 HF Sinclair DINO 4.1 3 44.33 -0.76 -12.78 129.29 75.25 Neurocrine NBIX ... 68 104.17 -0.39 -15.80 11.50 7.71 Suzano SUZ 5.7 2 7.78 -0.19
54.96 29.44 14.82 agilon health AGL ... dd 25.01 0.08 -8.80 231.37 173.78 Chubb CB 1.7 16 201.19 -2.77 9.71 40.79 24.07 HP HPQ 3.6 12 29.48 -0.15 -29.47 63.06 26.14 NewFortressEner NFE 0.3 32 29.92 -0.43 -9.56 40.88 27.14 SynchronyFin SYF 3.1 5 29.72 -0.14
8.23 61.04 36.69 AgnicoEagleMines AEM 2.8 37 56.27 -0.47 12.76 44.79 32.90 ChunghwaTel CHT 2.9 26 41.26 0.28 14.54 39.63 24.77 HSBC HSBC 4.5 10 35.69 -0.24 23.55 46.63 9.29 NewOrientalEduc EDU ... dd 43.02 -1.63 18.16 392.79 255.02 Synopsys SNPS ... 62 377.26 -0.30
-5.74 328.56 218.88 AirProducts APD 2.4 29 290.57 -1.89 13.65 105.28 70.16 Church&Dwight CHD 1.2 55 91.61 1.37 10.84 53.52 24.38 H World HTHT 0.0 dd 47.02 -1.19 22.77 42.40 27.59 NYTimes A NYT 1.1 38 39.85 0.23 -1.16 90.73 70.61 Sysco SYY 2.6 27 75.56 1.16
35.09 163.24 81.91 Airbnb ABNB ... 41 115.50 -2.90 21.89 264.11 172.75 ChurchillDowns CHDN 0.3 23 257.71 1.84 11.75 9.05 5.59 Haleon HLN 0.6 31 8.94 -0.06 0.89 75.66 37.45 Newmont NEM 3.4 dd 47.62 -0.26
-3.99 119.76 70.65 AkamaiTech
t -19.88 334.55 171.82 Albemarle
AKAM ... 27 80.94 0.09
ALB 0.9 8 173.75 -19.30
-8.02 57.74 38.33 Ciena
-23.91 340.11 240.11 Cigna
CIEN ... 38 46.89
CI 2.0 12 252.12
0.31
-3.66
-15.12 43.99 23.30 Halliburton
-8.29 79.44 60.16 HartfordFinl
HAL 1.9 19 33.40
HIG 2.4 13 69.54
-0.47
-0.90
-5.05 21.69 14.87 NewsCorp A NWSA 1.2 34 17.28 0.01 TUV
-5.42 21.86 15.15 NewsCorp B NWS 1.1 34 17.44 -0.01
0.10 32.85 19.14 Albertsons ACI 2.3 10 20.76 -0.18 3.31 139.88 88.66 CincinnatiFin CINF 2.8 dd 105.78 -1.14 -15.28 94.22 45.75 Hasbro HAS 5.4 35 51.69 0.40 -1.33 217.76 151.01 NexstarMedia NXST 3.1 7 172.71 -2.93 3.39 59.38 36.79 TC Energy TRP 6.8 70 41.21 -0.38
-16.08 72.68 33.55 Alcoa AA 1.0 dd 38.16 -2.07 1.83 470.23 343.86 Cintas CTAS 1.0 37 459.87 0.98 1.09 32.03 18.00 HealthcareRealty HR 7.2187 19.48 -0.19 -5.51 91.35 67.22 NextEraEnergy NEE 2.4 38 78.99 0.24 -5.87 111.57 78.86 TD Synnex SNX 1.6 12 89.15 -1.66
6.46 79.80 55.21 Alcon ALC 0.3108 72.98 1.79 -1.28 52.96 38.60 CiscoSystems CSCO 3.3 17 47.03 0.45 -15.72 35.19 20.21 HealthpeakProp PEAK 5.7 23 21.13 0.07 7.28 134.93 82.22 Nike NKE 1.1 36 125.53 1.08 11.85 138.24 104.76 TE Connectivity TEL 1.8 18 128.40 0.79
-14.57 199.37 114.94 AlexandriaRlEst ARE 3.9 40 124.44 0.61 8.40 54.56 40.01 Citigroup C 4.2 7 49.03 -0.37 11.72 177.55 126.95 Heico HEI 0.1 66 171.65 0.19 4.45 32.08 23.78 NiSource NI 3.5 17 28.64 0.05 9.84 26.63 18.85 Telus TU 4.8 24 21.21 0.13
1.18 125.84 58.01 Alibaba BABA ... 52 89.13 -1.61 -26.85 44.82 28.27 CitizensFin CFG 5.8 7 28.80 -0.26 14.08 140.60 102.33 Heico A HEI.A 0.1 53 136.73 0.65 -9.05 5.34 4.08 Nokia NOK 1.4 5 4.22 0.02 35.60 47.85 26.01 Ternium TX 6.5 3 41.44 -0.83
68.39 381.60 172.05 AlignTech ALGN ... 77 355.14 2.75 26.11 146.05 81.56 CleanHarbors CLH ... 19 143.92 -0.14 5.98 90.11 64.75 HenrySchein HSIC ... 22 84.65 1.64 2.40 4.23 3.00 Nomura NMR 3.3 14 3.84 -0.02 18.82 128.93 71.63 TFI Intl TFII 1.2 13 119.11 0.25
-2.16 123.46 87.33 Allegion ALLE 1.7 20 102.99 -1.20 -1.43 32.72 11.82 Cleveland-Cliffs CLF 0.0 6 15.88 -0.69 s 12.64 262.64 201.42 Hershey HSY 1.6 33 260.85 0.43 -7.94 251.26 194.89 Nordson NDSN 1.2 26 218.84 0.12 15.02 15.27 10.20 TIM TIMB 4.5 21 13.40 -0.10
38.77 48.72 19.20 AllegroMicro ALGM ... 53 41.66 -0.21 s 17.77 165.78 120.50 Clorox CLX 2.9 47 165.26 2.32 1.42 160.52 90.34 Hess HES 1.2 20 143.84 -0.15 -14.13 269.05 196.33 NorfolkSouthern NSC 2.4 15 211.61 -0.21 -1.47 83.13 53.69 TJX TJX 1.7 26 78.43 -0.64
0.14 64.62 47.19 AlliantEnergy LNT 3.3 20 55.29 0.26 38.91 102.83 37.37 Cloudflare NET ... dd 62.80 0.39 -3.61 34.99 24.33 HessMidstream HESM 7.9 14 28.84 0.58 -3.60 113.16 76.15 NorthernTrust NTRS 3.5 14 85.30 -0.56 4.44 154.38 120.90 T-MobileUS TMUS ... 71 146.22 0.28
-14.62 142.15 103.20 Allstate ALL 3.1 dd 115.78 -1.60 0.69 67.20 54.02 Coca-Cola KO 2.9 29 64.05 0.09 -9.40 17.25 11.90 HewlettPackard HPE 3.3 22 14.46 -0.08 -13.49 556.27 430.94 NorthropGrum NOC 1.5 15 471.99 -2.19 6.68 44.43 23.09 TPG TPG 5.4 dd 29.69 -0.15
5.77 44.33 21.59 AllyFinancial ALLY 4.6 6 25.86 -0.52 s 11.68 62.44 41.80 Coca-ColaEuro CCEP 2.8 18 61.78 0.20 17.14 162.55 108.41 Hilton HLT 0.4 33 148.02 1.01 s 10.56 100.44 74.09 Novartis NVS 2.3 32 100.30 1.70 2.66 139.71 93.53 T.RowePrice TROW 4.4 17 111.96 -0.18
-11.94 242.97 117.58 AlnylamPharm ALNY ... dd 209.28 6.42 3.21 71.30 40.20 Cognex CGNX 0.6 39 48.62 0.22 12.36 86.65 59.78 Hologic HOLX ... 21 84.06 0.01 s 27.57 172.97 95.02 NovoNordisk NVO 0.7 50 172.65 7.28 14.61 98.99 59.43 TaiwanSemi TSM 1.7 13 85.37 -3.92
19.47 125.40 83.34 Alphabet A GOOGL ... 23 105.41 0.12 4.02 86.35 51.33 CognizantTech CTSH 1.9 13 59.49 -0.48 -5.01 347.25 264.51 HomeDepot HD 2.8 18 300.04 1.47 -14.41 120.03 56.05 Novocure NVCR ... dd 62.78 0.95 20.03 137.43 90.00 TakeTwoSoftware TTWO ... dd 124.99 -0.15
19.36 125.45 83.45 Alphabet C GOOG ... 24 105.91 0.01 66.83 141.20 31.55 CoinbaseGlbl COIN ... dd 59.04 -1.46 13.39 27.39 21.43 HondaMotor HMC 3.0 8 25.92 -0.04 22.60 7.04 3.26 NuHoldings NU ... dd 4.99 0.10 8.01 17.15 12.28 TakedaPharm TAK 3.4 26 16.85 0.20
0.96 57.03 40.35 Altria MO 8.1 14 46.15 0.16 -2.53 83.81 67.84 ColgatePalm CL 2.5 36 76.80 0.44 -8.50 220.96 166.63 Honeywell HON 2.1 27 196.08 -0.67 16.42 182.68 100.12 Nucor NUE 1.3 6 153.45 -2.28 9.98 47.48 26.39 Tapestry TPR 2.9 12 41.88 -0.41
27.33 149.62 81.43 Amazon.com AMZN ... dd 106.96 3.15 7.92 47.00 28.39 Comcast A CMCSA 3.1 32 37.74 0.01 -2.17 113.83 57.84 HorizonTherap HZNP ... 50 111.33 -0.42 -3.30 108.89 67.52 Nutrien NTR 3.0 5 70.62 -1.48 2.87 80.40 55.56 TargaResources TRGP 2.6 19 75.61 0.05
4.04 3.24 2.40 Ambev ABEV 3.8 16 2.83 -0.05 -19.83 72.60 53.18 CommerceBcshrs CBSH 2.0 14 54.57 0.20 -12.51 54.91 37.77 HormelFoods HRL 2.8 22 39.85 -0.05 13.28 46.66 29.19 nVentElectric NVT 1.6 18 43.58 -0.16 8.82 247.20 137.16 Target TGT 2.7 27 162.18 1.90
-7.14 13.61 10.42 Amcor AMCR 4.4 16 11.06 0.04 -9.76 12.04 7.45 SABESP SBS 1.5 11 9.62 -0.01 19.56 110.37 59.25 DR Horton DHI 0.9 7 106.58 -1.02 85.57 281.10 108.13 NVIDIA NVDA 0.1156 271.19 0.15 21.13 49.34 24.72 TeckResourcesB TECK 0.8 10 45.81 -0.76
1.05 97.08 76.79 Amdocs DOX 1.9 21 91.85 -0.55 17.73 2.62 1.82 EngGr-Cmg CIG 10.6 7 2.39 -0.06 1.06 21.63 14.51 HostHotels HST 3.0 18 16.22 0.12 6.97 480.04 325.00 TeledyneTech TDY ... 26 427.79 1.59
1.17 97.99 73.28 Ameren AEE 2.8 22 89.96 0.46
18.13 22.19 16.09 AmericaMovil AMX 1.6 7 21.50 0.22
26.64 4.10 2.45 EngGr-Cmg C CIG.C 6.7 11 3.85
-3.23 41.30 31.02 ConagraBrands CAG 3.5 22 37.45
-0.22
0.05
8.79 102.36 74.18 HoulihanLokey HLI 2.2 25 94.82
8.93 44.37 29.84 HowmetAerospace HWM 0.4 39 42.93
1.22
-0.27
OPQ 7.84 335.80 182.65 Teleflex
-9.08 8.69 5.16 Ericsson
TFX
ERIC
0.5 35 269.21
3.0 11 5.31
1.68
...
5.35 21.15 11.65 AmerAirlines AAL 0.01264 13.40 0.08 10.30 37.05 16.48 Confluent CFLT ... dd 24.53 0.90 -1.73 263.30 170.21 Hubbell HUBB 1.9 22 230.63 -0.48 -4.88 42.91 33.28 OGE Energy OGE 4.4 11 37.62 0.22 11.75 11.15 6.49 TelefonicaBras VIV 7.5 17 7.99 -0.07
-1.08 105.60 80.30 AEP AEP 3.5 21 93.92 0.41 -13.34 138.49 78.30 ConocoPhillips COP 2.0 7 102.26 -1.52 46.59 431.60 245.03 HubSpot HUBS ... dd 423.85 6.78 0.91 71.57 50.50 ONEOK OKE 5.8 17 66.30 0.25 23.81 5.38 3.10 Telefonica TEF 5.3311 4.42 -0.01
10.85 185.55 130.65 AmerExpress AXP 1.5 17 163.78 0.50 3.91 102.21 78.10 ConEd ED 3.3 21 99.04 0.38 -4.10 571.30 410.87 Humana HUM 0.7 22 491.21 0.90 s 7.08 912.00 562.90 OReillyAuto ORLY ... 27 903.81 -1.55 19.20 33.18 23.02 TelekmIndonesia TLK 2.7 20 28.43 -0.10
-11.97 150.98 113.84 AmericanFin AFG 2.1 11 120.85 -2.18 -2.29 261.32 208.12 ConstBrands A STZ 1.6 dd 226.44 -0.51 1.18 200.64 153.92 JBHunt JBHT 1.0 20 176.42 -4.13 s 80.89 38.93 13.29 OakStreetHealth OSH ... dd 38.91 0.01 5.56 44.28 20.03 TempurSealy TPX 1.2 14 36.24 -0.65
9.89 43.13 28.79 AmHomes4Rent AMH 2.7 46 33.12 -0.10 -11.21 97.89 52.64 ConstellationEner CEG 1.5 dd 76.55 0.08 -18.87 15.74 9.94 HuntingtonBcshs HBAN 5.4 7 11.44 -0.19 -1.78 77.13 51.53 OccidentalPetrol OXY 1.2 5 61.87 -0.16 -18.63 38.00 22.24 Tenaris TS 0.0 7 28.61 -0.22
-18.49 64.88 45.66 AIG AIG 2.5 4 51.55 -0.79 16.55 406.67 244.22 Cooper COO 0.0 51 385.40 0.12 -9.52 260.02 194.36 HuntingIngalls HII 2.4 14 208.71 -2.99 11.17 141.63 44.12 Okta OKTA ... dd 75.96 -0.41 -7.85 9.29 3.14 TencentMusic TME ... 23 7.63 -0.28
-3.64 282.47 178.17 AmerTowerREIT AMT 2.9 53 204.14 -1.45 28.74 78.58 51.10 Copart CPRT ... 35 78.39 0.31 29.80 125.07 70.12 HyattHotels H 0.0 29 117.40 0.91 22.93 381.81 231.31 OldDomFreight ODFL 0.5 29 348.85 1.96 41.20 83.02 36.69 TenetHealthcare THC ... 18 68.89 2.83
-0.98 166.51 122.77 AmerWaterWorks AWK 1.7 33 150.93 1.31 -17.05 23.50 14.01 CorebridgeFin CRBG 5.5 1 16.64 0.08 0.46 23.75 17.07 ICICI Bank IBN 0.5 19 21.99 0.11 4.60 26.72 20.27 OldRepublic ORI 3.9 11 25.26 -0.17 12.18 115.48 67.81 Teradyne TER 0.4 23 97.99 -1.42
5.02 32.99 21.49 AmericoldRealty COLD 3.0 dd 29.73 0.27 5.20 37.73 28.98 Corning GLW 3.3 22 33.60 -0.38 t -16.28 12.53 6.07 ICL Group ICL 2.5 4 6.12 -0.08 5.06 67.25 41.33 Olin OLN 1.4 6 55.62 -0.25 34.02 344.95 101.81 Tesla TSLA ... 49 165.08 2.09
0.88 357.46 219.99 Ameriprise AMP 1.6 14 314.10 -1.66 4.59 68.43 50.03 Corteva CTVA 1.0 39 61.48 -0.41 21.49 515.79 317.06 IdexxLab IDXX ... 62 495.65 5.04 -3.43 33.71 24.81 OmegaHealthcare OHI 9.9 15 26.99 0.21 -1.93 169.67 118.55 TetraTech TTEK 0.6 25 142.39 1.51
.
0.62 174.63 135.14 AmerisourceBrgn ABC 1.2 20 166.73 0.77 -9.42 85.37 53.51 CoStar CSGP ... 76 70.00 0.99 6.00 14.72 8.14 ING Groep ING 4.4 ... 12.90 -0.16 15.05 96.78 61.31 Omnicom OMC 3.0 14 93.85 1.59 -8.44 11.45 6.78 TevaPharm TEVA ... dd 8.35 ...
-1.53 148.06 106.17 Ametek AME 0.7 27 137.58 -0.39 10.92 591.90 406.51 Costco COST 0.7 37 506.35 0.77 -5.11 21.24 13.20 Invesco IVZ 4.4 11 17.07 -0.13 s 94.11 33.51 15.44 OnHolding ONON ...176 33.31 1.42 7.14 186.30 144.46 TexasInstruments TXN 2.8 19 177.02 0.40
ly
-7.15 296.67 223.30 Amgen AMGN 3.5 20 243.86 0.40 3.62 36.55 22.25 CoterraEnergy CTRA 9.8 5 25.46 -0.10 -1.26 249.11 165.75 IQVIA IQV ... 35 202.31 3.72 18.23 87.55 44.76 ON Semi ON ... 17 73.74 -0.52 -33.58 2739.00 1250.01 TexasPacLand TPL 0.8 27 1557.01 -2.73
0.92 82.86 61.67 Amphenol APH 1.1 25 76.84 -0.32 43.69 12.64 5.90 Coty COTY 0.0 98 12.30 -0.23 3.14 95.18 63.77 ITT ITT 1.4 19 83.65 -0.36 27.53 42.04 24.91 OpenText OTEX 2.6 32 37.80 -0.43 20.92 113.20 68.58 TexasRoadhouse TXRH 2.0 28 109.98 0.86
13.60 198.25 133.48 AnalogDevices ADI 1.8 28 186.34 -0.64 6.32 21.38 8.98 Coupang CPNG ... dd 15.64 -0.11 0.89 55.55 47.17 IcahnEnterprises IEP 15.7 dd 51.10 -0.43 16.41 96.74 60.78 Oracle ORCL 1.7 31 95.15 0.32 -4.05 76.11 57.11 Textron TXT 0.1 17 67.93 -0.82
36.10 28.12 11.94 AngloGoldAsh AU 1.7 38 26.43 -0.15 -1.80 158.94 113.20 Credicorp BAP 3.0 9 133.22 -0.41 6.63 249.99 171.43 Icon ICLR ... 34 207.13 0.91 28.14 12.71 8.81 Orange ORAN 4.5 16 12.66 0.03 3.81 611.06 475.77 ThermoFisher TMO 0.2 32 571.68 5.75
9.13 67.09 44.51 AB InBev BUD 0.9 22 65.52 0.09 3.41 648.95 358.00 CreditAcceptance CACC ... 13 490.57 -3.44 -4.63 246.23 172.19 IDEX IEX 1.1 28 217.76 0.53 6.45 97.26 68.78 Orix IX 3.3 8 85.71 -0.53 16.38 133.04 91.55 ThomsonReuters TRI 1.5 46 132.75 1.18
-8.21 27.96 15.11 AnnalyCap NLY 13.4 4 19.35 0.10 s 35.74 148.18 46.08 Crocs CROX ... 17 147.18 1.45 7.21 253.37 173.52 IllinoisToolWks ITW 2.2 24 236.19 0.53 5.64 87.33 62.49 OtisWorldwide OTIS 1.4 28 82.73 -0.02 -12.88 154.66 100.16 3M MMM 5.7 10 104.48 -0.25
-27.36 48.80 20.65 AnteroResources AR ... 4 22.51 -0.22 25.61 216.50 92.25 CrowdStrike CRWD ... dd 132.25 2.36 12.60 334.62 173.45 Illumina ILMN ... dd 227.68 2.13 -27.02 63.30 32.26 Ovintiv OVV 3.2 3 37.01 -0.33 -0.61 26.04 11.91 Toast TOST ... dd 17.92 0.14
11.15 334.10 246.21 Aon
s 66.80 87.48 33.32 ApellisPharm
AON 0.7 28 333.60 0.53
APLS ... dd 86.25 3.82
-0.39 74.63 45.62 ApolloGlbMgmt APO 2.5 dd 63.54 -0.75
27.01 176.15 124.17 Apple AAPL 0.6 28 165.02 -1.63
16.51 125.62 71.12 ApplMaterials AMAT 1.1 15 113.46 -0.93
9.65 121.28 90.23 Aptargroup
13.06 124.88 77.96 Aptiv
ATR 1.3 34 120.59 1.56
APTV 0.0 54 105.29 -0.79
-7.13 196.76 121.71 CrownCastle
13.84 53.51 36.82 CubeSmart

-22.48 160.60 95.75 Cullen/Frost
-3.88 261.91 184.28 Cummins
on CCI 5.0 33 125.97
-4.07 121.28 66.00 CrownHoldings CCK 1.2 13 78.86
CUBE 4.3 36 45.82
CFR 3.4 12 103.64
CMI 2.7 15 232.88
4.64 182.55 124.37 Curtiss-Wright CW 0.4 23 174.73
-0.96
-0.32
0.17
-2.03
-1.60
-0.45
8.92 58.98 39.95 ImperialOil
-7.13 86.29 65.07 Incyte
-17.43 20.79 14.76 Infosys
5.91 60.39 39.28 IngersollRand IR
7.05 106.98 78.81 Ingredion
IMO 2.4 6 53.09
INCY ... 49 74.59
INFY 1.6 21 14.87
0.1 38 55.34
INGR 2.7 14 104.83
9.16 282.31 142.74 InspireMedical INSP ... dd 274.95
8.46 328.87 181.00 Insulet PODD ...5217 319.30
-0.20
0.74
0.02
-0.02
-0.31
10.10
-1.84
18.75 105.62 72.97 OwensCorning OC 2.1 8 101.29
-15.11 106.38 31.01 PDD
3.87 17.01 9.64 PG&E
-21.88 178.33 117.51 PNC Fin
37.18 80.03 36.53 POSCO
s 12.92 145.14 107.06 PPG Ind
-1.81 31.74 23.46 PPL
PDD ... 22 69.23
PCG ... 20 16.89
PNC 4.9 8 123.38
PKX 2.1 9 74.72
PPG 1.7 26 141.98
PPL 3.3 30 28.69
-0.68
-0.46
-0.02
-2.22
-2.27
0.53
0.09
23.86 64.28 39.53 Toll Bros
39.28 225.82 140.66 TopBuild
-7.11 117.66 71.86 Toro
-4.71 77.15 55.43 TorontoDomBk TD
2.21 65.05 44.61 TotalEnergies TTE
-1.40 175.14 130.07 ToyotaMotor
s 10.50 251.17 166.49 TractorSupply TSCO
TOL
BLD
TTC
TM
1.4 5 61.83
... 13 217.96
1.3 23 105.15
4.5 10 61.71
... 8 63.45
2.6 10 134.67
1.7 26 248.59
-0.66
-2.94
0.78
-0.25
-0.08
0.87
-0.41
-14.10 45.72 28.74 Aramark ARMK 1.2 41 35.51 0.41 DEF 14.64 47.65 24.59 Intel INTC 1.7 16 30.30 -0.56 5.46 139.91 96.55 PTC PTC ... 44 126.59 0.92 38.72 76.75 39.00 TradeDesk TTD ...595 62.19 -0.03
8.54 33.77 19.25 ArcelorMittal MT 1.3 3 28.46 -0.84 12.14 90.19 52.18 InteractiveBrkrs IBKR 0.5 18 81.13 10.87 76.72 51.33 Paccar PCAR 1.4 13 73.15 0.57 11.37 81.98 51.47 Tradeweb TW 0.5 49 72.31 -0.59
us ,
7.86 42.15 26.44 DCP Midstream DCP 4.1 9 41.84 -0.01 -0.74
14.18 72.68 41.05 ArchCapital ACGL ... 19 71.68 -0.51 5.61 120.97 88.60 ICE ICE 1.6 42 108.35 0.59 11.98 165.72 110.56 PackagingCpAm PKG 3.5 13 143.23 -0.11 5.26 196.22 120.64 TraneTech TT 1.7 24 176.93 0.48
-13.30 98.28 70.02 ArcherDaniels ADM 2.2 10 80.50 -0.50 -3.27 138.29 100.64 DTE Energy DTE 3.4 21 113.69 0.32 27.41 12.73 5.92 PalantirTech PLTR ... dd 8.18 0.03 21.41 772.01 499.63 TransDigm TDG 0.0 52 764.47 1.47
20.76 72.10 47.06 InterContinentl IHG 2.0 33 70.45 0.23
l
26.53 87.50 53.15 AresMgmt ARES 3.6105 86.60 0.34 -4.75 303.82 233.71 Danaher DHR 0.4 26 252.81 4.47 38.49 203.44 132.22 PaloAltoNtwks PANW ...2539 193.25 0.98 14.19 94.39 50.32 TransUnion TRU 0.6 48 64.80 0.35
9.77 155.90 110.96 Darden DRI 3.2 20 151.85 1.92 -10.76 153.21 115.55 IBM IBM 5.2 64 125.73 -0.63
2.78 407.93 267.35 arGEN-X ARGX ... dd 389.37 9.36 -8.07 135.17 81.53 IntlFlavors IFF 3.4 dd 96.38 0.96 4.77 27.19 13.40 PanAmerSilver PAAS 2.3 dd 17.12 -0.21 -4.26 194.51 149.65 Travelers TRV 2.1 15 179.50 0.24
e
-8.87 87.59 51.77 DarlingIngred DAR ... 13 57.04 -0.63
al a
28.45 171.44 89.11 AristaNetworks ANET ... 36 155.87 0.48 4.07 49.39 30.69 IntlPaper IP 5.1 7 36.04 -0.51 30.95 36.97 17.75 ParamountA PARAA 3.7 16 25.68 0.33 -6.13 72.24 46.85 Trimble TRMB ... 26 47.46 0.23
7.09 134.56 89.38 ArrowElec ARW ... 5 111.98 -0.90 -8.46 130.70 61.34 Datadog DDOG ... dd 67.28 -0.20 33.47 34.50 15.29 ParamountB PARA 4.3 14 22.53 0.38 6.31 40.17 18.46 Trip.com TCOM ...134 36.57 -0.39
15.20 121.75 65.28 DaVita DVA ... 15 86.02 2.90 12.58 39.52 25.14 Interpublic IPG 3.3 16 37.50 0.20
14.29 263.59 173.81 AspenTech AZPN ... ... 234.76 -1.04 14.69 490.83 339.36 Intuit INTU 0.7 66 446.40 -1.00 10.24 364.57 230.44 ParkerHannifin PH 1.7 33 320.80 1.47 -26.86 52.36 28.70 TruistFinl TFC 6.6 7 31.47 -2.01
s 11.50 75.91 52.65 AstraZeneca AZN 1.9 72 75.60 1.07 s 21.93 488.34 212.93 DeckersOutdoor DECK ... 26 486.68 7.06 -5.23 139.47 105.66 Paychex PAYX 2.9 26 109.52 0.45 16.95 129.79 41.00 Twilio TWLO ... dd 57.26 -0.12
-9.81 448.40 283.81 Deere DE 1.3 14 386.70 -3.66 13.14 304.84 180.07 IntuitiveSurgical ISRG ... 82 300.22 2.81
23.21 300.29 113.86 Atlassian TEAM ... dd 158.55 1.30 12.31 43.77 28.52 InvitatHomes INVH 3.1 70 33.29 0.10 -3.15 402.78 255.82 PaycomSoftware PAYC ... 62 300.55 0.73 15.81 425.81 281.11 TylerTech TYL ... 96 373.39 -1.67
ci on
2.95 121.92 97.71 AtmosEnergy ATO 2.6 20 115.38 -0.39 7.19 52.60 32.90 DellTechC DELL ... 13 43.11 0.19 -0.17 276.88 152.01 Paylocity PCTY ...114 193.93 1.32 -2.01 97.84 55.80 TysonFoods TSN 3.1 9 61.00 0.14
4.47 45.35 27.20 DeltaAir DAL 0.0 12 34.33 -0.31 24.34 7.99 1.65 iQIYI IQ ... dd 6.59 -0.21
3.86 235.00 163.20 Autodesk ADSK ... 51 194.09 -0.55 s 30.86 67.56 32.88 IridiumComm IRDM 0.8554 67.26 2.23 4.16 103.03 66.39 PayPal PYPL ... 35 74.18 0.60 8.68 22.30 13.80 UBS Group UBS 2.7 9 20.29 -0.07
13.72 98.00 65.74 Autoliv ALV 3.0 18 87.09 -4.84 29.05 42.08 26.48 DentsplySirona XRAY 1.4 dd 41.09 0.24 -6.39 12.03 8.84 Pearson PSO 2.4 26 10.55 0.09 7.23 59.37 37.18 UDR UDR 4.0163 41.53 -0.10
14.47 82.02 56.19 DescartesSystems DSGX ... 67 79.73 0.86 8.14 57.67 43.33 IronMountain IRM 4.6 28 53.91 0.33
-9.90 274.92 196.61 ADP ADP 2.3 29 215.21 -0.41 6.79 6.07 3.90 ItauUnibanco ITUB 2.7 9 5.03 0.01 -3.68 42.74 29.59 PembinaPipeline PBA 5.9 8 32.70 -0.14 -5.61 44.54 31.19 UGI UGI 4.1 40 34.99 0.02
s 8.73 2722.60 1703.32 AutoZone AZO ... 22 2681.41 -20.43 -5.56 13.57 7.25 DeutscheBank DB 1.9 4 10.88 -0.02 22.33 155.36 94.49 PenskeAuto PAG 1.6 8 140.59 -0.47 1.15 70.57 44.79 U-Haul UHAL 0.0 2 60.88 0.29
7.31 256.17 153.07 Avalonbay
-5.03 51.71 37.44 Avangrid
AVB 3.8 21 173.33 0.10
AGR 4.3 18 40.82 0.27
-12.81 79.40 44.03 DevonEnergy
9.26 125.55 66.89 DexCom
DVN 9.4 6 53.63
DXCM ...151 123.73
-0.39
1.54 JKL 18.85 60.85 38.55 Pentair
25.82 287.59 114.86 Penumbra
PNR 1.6 18 53.46
PEN ... dd 279.90
0.45
4.68
-1.76 68.29 47.22 U-Haul N
10.91 41.28 25.49 US Foods
UHAL/B
USFD
0.3 ... 54.01
... 39 37.73
-0.15
0.46
-4.46 34.37 17.91 Avantor AVTR ... 21 20.15 0.28 6.02 205.32 160.09 Diageo DEO 1.9 25 188.92 2.03 -36.52 68.29 33.17 JD.com JD 1.7 38 35.63 -0.56 2.63 186.84 154.86 PepsiCo PEP 2.5 29 185.41 0.08 60.42 5.47 2.84 UWM UWMC 7.5 12 5.31 -0.04
-1.61 204.37 151.62 AveryDennison AVY 1.7 19 178.09 0.10 3.15 168.95 103.71 DiamondbkEner FANG 2.1 6 141.09 -0.85 4.80 144.34 101.28 JPMorganChase JPM 2.8 10 140.54 -0.27 6.10 63.13 38.23 PerformanceFood PFGC ... 36 61.95 1.02 24.67 37.58 19.89 Uber UBER ... dd 30.83 -0.67
7.80 311.06 131.83 AvisBudget CAR ... 3 176.71 4.14 23.79 152.61 63.45 Dick's DKS 2.7 14 148.91 2.68 15.56 89.10 48.80 Jabil JBL 0.4 11 78.81 -2.58 -5.19 170.00 113.46 PerkinElmer PKI 0.2 30 132.94 0.49 -10.57 350.63 218.15 Ubiquiti UI 1.0 43 244.63 0.49
er s
23.28 32.56 20.66 AxaltaCoating AXTA ... 36 31.40 -0.32 -3.62 152.74 85.76 DigitalRealty DLR 5.0 85 96.64 2.39 -10.47 212.62 139.28 JackHenry JKHY 1.3 33 157.18 1.24 8.92 16.32 8.88 PetroleoBrasil PBR 54.6 2 11.60 -0.16 20.69 22.30 10.40 UiPath PATH ... dd 15.34 -0.12
35.61 229.00 82.49 AxonEnterprise AXON ...111 225.02 0.55 7.86 121.17 87.64 DiscoverFinSvcs DFS 2.3 7 105.52 0.34 -4.43 147.69 106.78 JacobsSolns J 0.9 23 114.75 -0.77 12.16 15.04 7.86 PetroleoBrasilA PBR.A 60.8 2 10.42 -0.13 15.41 553.06 330.80 UltaBeauty ULTA ... 23 541.37 -3.68
8.28 57.76 39.88 BCE BCE 5.9 21 47.59 0.16 14.61 126.48 84.07 Disney DIS 0.0 55 99.57 1.50 26.14 30.01 17.25 JamesHardie JHX 1.0 21 22.63 -0.05 -21.53 54.93 39.23 Pfizer PFE 4.1 7 40.21 0.36 s 8.26 54.75 42.44 Unilever UL 3.4 18 54.51 0.23
-5.32 71.52 46.92 BHP Group BHP 9.0 7 58.75 -1.96 -7.89 92.04 39.57 DocuSign DOCU ... dd 51.05 -1.24 -8.76 166.81 125.36 JazzPharm JAZZ ... dd 145.35 0.41 -3.40 109.81 82.85 PhilipMorris PM 5.2 17 97.77 1.06 -3.97 242.66 183.69 UnionPacific UNP 2.6 18 198.85 -3.75
-27.12 189.97 68.30 BILL BILL ... dd 79.41 2.73 19.49 88.06 61.55 DolbyLab DLB 1.3 46 84.29 -0.74 -4.44 40.68 24.72 JefferiesFin JEF 3.8 13 31.30 -0.06 -3.78 113.53 74.02 Phillips66 PSX 4.2 4 100.15 -1.10 17.90 55.04 31.58 UnitedAirlines UAL ... 8 44.45 -0.44
m er
17.16 80.41 51.45 BJ'sWholesale BJ ... 21 77.51 ... -11.38 261.59 183.25 DollarGeneral DG 1.1 20 218.22 0.32 -7.90 186.69 150.11 J&J JNJ 2.8 34 162.69 -0.89 5.98 81.63 59.03 PinnacleWest PNW 4.3 19 80.59 0.38 23.89 9.10 5.36 UnitedMicro UMC 6.1 7 8.09 -0.20
13.48 41.38 25.36 BP BP 3.6 dd 39.64 -0.22 6.75 175.68 124.76 DollarTree DLTR ... 21 150.99 1.14 -8.42 69.60 45.52 JohnsonControls JCI 2.5 32 58.61 0.02 12.81 29.27 16.14 Pinterest PINS ... dd 27.39 -0.14 12.29 209.39 154.87 UPS B UPS 3.3 15 195.21 0.23
9.25 160.88 73.58 Baidu BIDU ... 40 124.96 -2.48 -5.89 86.61 52.02 DominionEner D 4.6 54 57.71 0.50 t -16.68 228.32 132.28 JonesLang JLL 0.0 10 132.78 -2.38 -1.58 288.46 177.26 PioneerNatRscs PXD 12.1 7 224.78 -0.52 4.85 481.99 230.54 UnitedRentals URI 1.6 13 372.66 -2.82
0.44 38.66 20.41 BakerHughes BKR 2.6 dd 29.66 -0.43 -4.58 426.44 291.00 Domino's DPZ 1.5 26 330.52 7.62 -2.03 36.22 25.18 JuniperNetworks JNPR 2.8 22 31.31 0.45 12.07 13.49 9.10 PlainsAllAmPipe PAA 8.1 11 13.18 0.16 t -23.14 53.37 32.61 US Bancorp USB 5.7 9 33.52 -1.24
1.86 88.44 46.00 Ball BALL 1.5 23 52.09 0.48 8.54 66.96 46.00 Donaldson DCI 1.4 22 63.90 -0.09 -3.67 49.67 30.14 KB Financial KB 2.4 4 37.24 -0.39 10.69 14.17 9.38 PlainsGP PAGP 7.8 14 13.77 0.22 -17.02 283.09 173.22 UnitedTherap UTHR ... 15 230.76 5.59
22.96 7.93 3.93 BancoBilbaoViz BBVA 5.0 7 7.39 -0.05 25.54 95.50 41.37 DoorDash DASH ... dd 61.29 1.73 7.99 58.00 41.96 KBR KBR 0.9 47 57.02 -0.17 0.95 85.91 54.15 PlanetFitness PLNT ... 68 79.55 1.96 -8.74 558.10 449.70 UnitedHealth UNH 1.4 22 483.82 -3.64
-8.91 3.55 2.12 BancoBradesco BBDO 5.6 6 2.35 -0.06 9.06 160.66 114.49 Dover DOV 1.4 20 147.68 0.46 25.29 21.08 9.09 KE Holdings BEKE ... dd 17.49 -0.34 -30.51 13.36 3.14 PolestarAuto PSNY ... dd 3.69 0.10 0.21 80.62 21.22 UnitySoftware U ... dd 28.65 -0.02
-3.94 22.56 15.64 BancodeChile BCH 8.1 6 20.00 -0.25 8.89 71.23 42.91 Dow DOW 5.1 9 54.87 -0.83 13.14 60.53 41.77 KKR KKR 1.2 dd 52.52 -0.44
m rp
13.53 429.53 278.10 Pool POOL 1.2 20 343.24 10.85 31.19 155.91 89.41 UnivDisplay OLED 1.0 32 141.74 -0.40
-1.86 7.35 4.76 BancSanBrasil BSBR 5.0 ... 5.29 -0.05 8.61 48.08 22.91 Doximity DOCS ... 63 36.45 0.63 -1.34 429.46 250.20 KLA KLAC 1.4 15 371.97 -3.74 27.25 195.69 110.22 Primerica PRI 1.4 18 180.47 0.46 -0.65 154.65 82.50 UniversalHealthB UHS 0.6 15 139.97 3.89
12.06 20.68 13.37 BcoSantChile BSAC 5.3 8 17.75 -0.02 16.79 60.73 49.59 DrReddy'sLab RDY 0.5 22 60.44 0.78 -15.95 29.44 9.74 Kanzhun BZ ...444 17.12 -0.43 -10.45 96.17 61.05 PrincipalFinl PFG 3.4 4 75.15 -0.84 -1.34 46.64 30.21 UnumGroup UNM 3.3 6 40.48 -0.75
30.51 4.09 2.26 BancoSantander SAN 2.1 7 3.85 -0.04 s 92.89 22.02 9.77 DraftKings DKNG ... dd 21.97 0.59 2.32 278.25 92.26 KarunaTherap KRTX ... dd 201.06 -0.41 15.85 68.56 40.00 ProcoreTech PCOR ... dd 54.66 1.39 -17.13 56.28 20.03 VF VFC 5.2 21 22.88 0.23
-2.66 45.98 21.55 BanColombia CIB 4.0 8 27.78 -0.44 -2.90 24.99 18.71 Dropbox DBX ... 14 21.73 -0.03 -5.46 77.17 63.74 Kellogg K 3.5 24 67.35 0.11 2.98 163.71 122.18 Procter&Gamble PG 2.4 27 156.07 5.22 2.87 35.69 26.42 VICI Prop VICI 4.7 27 33.33 0.21
-9.81 38.85 26.32 BankofAmerica BAC 2.9 9 29.87 -0.03 -4.50 115.83 83.76 DukeEnergy DUK 4.1 30 98.36 0.14 -0.98 41.31 33.35 KeurigDrPepper KDP 2.3 35 35.31 -0.22 5.64 149.87 106.35 Progressive PGR 0.3 97 137.02 -1.37 4.52 269.50 201.91 VailResorts MTN 3.3 30 249.13 1.73
0.72 115.27 81.57 BankofMontreal BMO 3.7 7 91.25 -0.72 1.84 78.40 49.52 DuPont DD 2.1 6 69.89 -0.40 -33.47 21.18 9.61 KeyCorp KEY 7.1 7 11.59 -0.45 9.62 173.97 98.03 Prologis PLD 2.8 38 123.58 0.33 -15.91 19.31 11.72 Vale VALE 7.3 4 14.27 -0.45
-3.23 52.26 36.22 BankNY Mellon BK 3.4 14 44.05 -0.79 11.36 48.00 29.41 Dynatrace DT ...434 42.65 0.40 -13.27 189.45 127.93 KeysightTech KEYS ... 23 148.37 0.57 76.43 195.00 21.50 PrometheusBio RXDX ... dd 194.07 0.21 -5.70 150.39 96.71 ValeroEnergy VLO 3.4 4 119.63 -3.32
2.82 68.59 45.26 BankNovaScotia BNS 6.0 9 50.36 -0.66 6.53 169.88 95.64 EMCOR EME 0.5 19 157.78 -1.15 4.29 144.53 108.74 KimberlyClark KMB 3.3 25 141.57 2.43 -13.82 120.13 75.37 PrudentialFin PRU 5.8 dd 85.71 -0.73 -7.93 353.36 213.27 ValmontInds VMI 0.8 25 304.44 2.71
-2.31 9.44 5.88 Barclays BCS 4.5 ... 7.62 ... 6.04 32.21 20.38 ENI E 4.2 4 30.39 0.41 -9.44 26.57 17.34 KimcoRealty KIM 4.8122 19.18 0.15 3.89 34.37 18.20 Prudential PUK 1.3 38 28.55 -0.19 14.96 232.26 151.02 VeevaSystems VEEV ... 62 185.52 2.17
11.00 24.09 13.01 BarrickGold GOLD 3.4 80 19.07 -0.13 -9.43 150.88 92.16 EOG Rscs EOG 2.8 9 117.31 -0.95 -3.93 20.20 15.78 KinderMorgan KMI 6.5 15 17.37 0.02 4.60 74.76 52.51 PublicServiceEnt PEG 3.6 31 64.09 0.13 0.29 59.81 35.33 Ventas VTR 4.0 dd 45.18 0.60
co Fo
-15.45 55.03 25.75 Bath&BodyWks BBWI 2.2 10 35.63 0.87 -14.34 462.99 260.68 EPAM Systems EPAM ... 40 280.73 -1.60 26.49 337.12 196.00 KinsaleCapital KNSL 0.2 48 330.80 3.48 2.96 413.34 270.13 PublicStorage PSA 4.2 12 288.49 0.85 5.90 224.56 155.25 VeriSign VRSN ... 35 217.56 2.29
-11.14 77.40 37.34 BaxterIntl BAX 2.6 dd 45.29 2.04 -3.67 51.97 28.11 EQT EQT 1.8 8 32.59 -0.14 7.80 64.35 42.50 Knight-Swift KNX 1.0 14 56.50 -0.62 38.00 64.49 35.03 PulteGroup PHM 1.0 6 62.83 0.02 11.55 215.70 156.05 VeriskAnalytics VRSK 0.7 33 196.79 2.23
2.72 269.06 215.90 BectonDicknsn BDX 1.4 48 261.21 -0.70 -16.83 82.03 33.86 EastWestBncp EWBC 3.5 6 54.81 -0.83 26.95 30.89 11.75 Philips PHG 4.1 dd 19.03 0.47 -13.00 32.45 21.89 PureStorage PSTG ...110 23.28 -0.58 -5.28 53.54 34.55 Verizon VZ 7.0 7 37.32 0.13
17.51 280.62 118.18 BeiGene BGNE ... dd 258.45 0.20 13.91 214.30 137.47 EastGroup EGP 3.0 38 168.65 1.74 -16.44 9.50 5.76 KoreaElecPwr KEP 0.0 dd 7.22 0.02 -9.58 51.18 40.38 Qiagen QGEN ... 25 45.09 0.20 s 14.65 335.28 233.01 VertexPharm VRTX ... 26 331.09 1.94
15.40 44.63 26.32 BentleySystems BSY 0.5 78 42.65 0.30 -0.14 112.78 69.91 EastmanChem EMN 3.9 13 81.33 -0.46 -3.66 44.87 32.73 KraftHeinz KHC 4.1 20 39.22 -0.19 2.55 121.27 75.38 Qorvo QRVO ... 22 92.95 -0.01 -13.30 12.40 8.42 Viatris VTRS 5.0 6 9.65 -0.03
t -20.74 76.99 56.05 Berkley WRB 0.7 15 57.52 -5.84 3.78 178.75 122.50 Eaton ETN 2.1 27 162.88 -0.08 7.49 58.97 41.81 Kroger KR 2.2 16 47.92 0.12 7.11 156.66 101.93 Qualcomm QCOM 2.7 11 117.76 -0.88 9.46 16.18 6.36 Vipshop VIPS ... 10 14.93 -0.18
5.91 517444 393012 BerkHathwy A BRK.A ... dd 496404 104.97 3.95 54.83 35.92 eBay EBAY 2.3 dd 43.11 -0.27 5.97 59.33 46.20 LKQ LKQ 1.9 14 56.60 -0.05 73.03 25.18 9.32 QualtricsIntl XM ... dd 17.96 0.02 s 12.65 235.57 174.60 Visa V 0.8 33 234.05 -0.55
5.00 343.21 259.85 BerkHathwy B BRK.B ... dd 324.33 0.51 13.77 179.86 131.04 Ecolab ECL 1.3 43 165.60 1.25 -5.69 271.56 165.47 LPL Financial LPLA 0.6 20 203.88 -1.48 16.35 168.75 106.33 QuantaServices PWR 0.2 50 165.80 -1.49 2.16 27.39 20.76 Vistra VST 3.3 dd 23.70 -0.08
-4.19 66.21 44.52 BerryGlobal BERY 1.7 10 57.90 -0.33 6.02 17.60 8.59 Ecopetrol EC 18.4 3 11.10 -0.02 -2.97 255.09 189.73 L3HarrisTech LHX 2.3 37 202.03 -0.84 -7.20 158.34 120.40 QuestDiag DGX 2.0 18 145.18 1.33 2.74 132.15 91.53 VMware VMW ... 41 126.12 -2.13
-9.29 98.18 60.78 BestBuy BBY 5.1 12 72.76 0.18 s 14.63 73.61 54.45 EdisonIntl EIX 4.0 46 72.93 -0.07 -1.05 274.36 200.32 LabCorp.ofAmerica LH 1.2 17 233.00 1.46 10.38 16.88 9.94 Vodafone VOD 8.2 14 11.17 0.06
-13.97 30.35 8.23 Bilibili
0.71 102.84 68.00 Bio-Techne
BILI ... dd 20.38 0.06
TECH 0.4 52 83.47 1.43
15.99 124.19 67.13 EdwardsLife
5.47 244.80 162.01 ElbitSystems
EW ... 35 86.54
ESLT 1.2 28 173.01
0.81
-2.05
23.05 548.85 299.59 LamResearch LRCX
9.77 116.28 81.10 LamarAdv LAMR
1.3 14 517.19
4.8 24 103.62
-9.33
0.75
RS 25.29 78.11 56.20 VoyaFinancial VOYA 1.0 18 77.04 -0.18
-2.27 197.75 137.54 VulcanMatls VMC 1.0 40 171.14 -1.30
11.12 572.70 344.63 Bio-RadLab A BIO ... dd 467.25 8.18 5.67 142.79 108.53 ElectronicArts EA 0.6 35 129.11 0.31 s 23.49 110.92 60.59 LambWeston LW 1.0 29 110.35 0.17 6.31 264.94 152.90 RBC Bearings RBC ... 56 222.56 -0.07
6.16 311.88 187.16 Biogen BIIB ... 14 293.99 3.72
-5.78 117.77 70.73 BioMarinPharm BMRN ...134 97.51 0.69
-12.13 549.52 440.02 ElevanceHealth ELV 1.3 18 450.74
-10.89 99.65 72.41 EmersonElec EMR 2.4 27 85.60
-4.19
-0.27
11.86 188.47 137.15 LandstarSystem LSTR
31.16 63.49 28.88 LasVegasSands LVS
0.7 16 182.22
0.0 dd 63.05
0.33
1.52
s 21.97 33.86 23.39 RELX
11.88 148.84 100.96 RLI
RELX
RLI
1.9 32 33.81
0.7 11 146.87
0.37
-0.32
WXYZ
-21.26 188.99 117.08 BioNTech BNTX 0.0 3 118.28 -2.66 0.54 47.67 35.02 Enbridge ENB 6.8 39 39.31 -0.06 39.33 96.82 43.41 LatticeSemi LSCC ... 71 90.40 -0.35 43.47 27.07 6.71 R1 RCM RCM ... dd 15.71 0.62 3.52 108.39 80.82 WEC Energy WEC 3.2 22 97.06 0.21
-9.72 79.78 53.84 BlackKnight BKI ... 19 55.75 -0.09 10.96 26.12 17.42 Endeavor EDR ... dd 25.01 0.61 6.83 158.44 114.67 Lear LEA 2.3 24 132.49 -3.12 -15.73 106.50 74.56 RPM RPM 2.0 20 82.12 -1.41 10.03 204.06 125.00 WEX WEX ... 40 180.07 -4.43
-3.91 785.65 503.12 BlackRock BLK 2.9 21 680.94 -15.44 7.58 13.67 9.15 EnergyTransfer ET 9.6 9 12.77 0.10 s 39.62 70.00 32.87 LegendBiotech LEGN ... dd 69.70 5.95 8.93 128.94 82.23 RalphLauren RL 2.6 15 115.11 -0.66 -6.46 89.63 67.77 W.P.Carey WPC 5.8 24 73.10 0.52
20.57 123.18 71.72 Blackstone BX 4.9 38 89.45 -2.49 -15.61 339.92 128.67 EnphaseEnergy ENPH ... 81 223.61 -1.18 -12.78 110.91 87.24 Leidos LDOS 1.6 19 91.75 -0.81 -10.38 126.00 84.86 RaymondJames RJF 1.8 13 95.76 -0.42 21.66 65.45 39.67 WPP WPP 3.9 16 59.81 0.64
1.02 110.44 51.34 Block SQ ... dd 63.48 1.12 11.36 120.56 61.75 Entegris ENTG 0.5 48 73.04 -0.90 28.80 98.20 52.67 Lennar B LEN.B 1.6 6 96.32 -0.52 1.32 104.91 80.27 RaytheonTech RTX 2.2 29 102.25 -0.59 0.63 107.86 78.26 Wabtec WAB 0.7 29 100.44 -0.15
2.74 14.04 8.05 BlueOwlCapital OWL 4.8 dd 10.89 -0.19 -3.43 125.22 94.94 Entergy ETR 3.9 20 108.64 0.02 22.87 113.90 62.54 Lennar A LEN 1.3 7 111.20 -0.67 -1.73 75.11 55.50 RealtyIncome O 4.9 44 62.33 0.40 -5.59 46.80 30.39 WalgreensBoots WBA 5.4 dd 35.27 -0.10
7.70 221.33 113.02 Boeing BA 0.0 dd 205.15 -2.08 11.15 28.65 22.90 EnterpriseProd EPD 7.3 11 26.81 0.12 9.77 278.84 182.85 LennoxIntl LII 1.6 19 262.61 -0.92 7.43 162.89 108.28 RegalRexnord RRX 1.1 18 128.89 -0.52 7.01 160.36 117.27 Walmart WMT 1.5 36 151.73 0.76
33.35 2721.85 1616.85 BookingHldgs BKNG ... 35 2687.33 26.56 4.33 234.14 145.98 Equifax EFX 0.8 43 202.77 0.54 12.40 41.49 12.52 LiAuto LI ... dd 22.93 -0.20 -2.85 73.06 51.97 RegencyCtrs REG 4.3 22 60.72 0.17 43.25 21.94 8.82 WarnerBrosA WBD ... dd 13.58 -0.25
-5.30 112.55 76.60 BoozAllen BAH 1.9 31 98.98 0.46 8.85 762.51 494.89 Equinix EQIX 1.9 93 713.00 7.98 -0.04 126.03 68.15 LibertyBroadbandA LBRDA 0.0 10 75.82 -0.72 10.98 837.55 538.01 RegenPharm REGN ... 21 800.73 2.63 -11.11 38.76 21.57 WarnerMusic WMG 2.1 33 31.13 -0.12
21.69 51.14 31.14 BorgWarner BWA 1.4 12 48.98 0.11 -20.58 42.53 26.28 Equinor EQNR 2.7 3 28.44 -0.14 -14.84 24.33 13.94 RegionsFin RF 4.4 8 18.36 -0.53 9.46 148.20 113.50 WasteConnections WCN 0.7 45 145.10 1.34
n-
-0.81 130.86 68.67 LibertyBroadbandC LBRDK ... 10 75.65 -0.73

-22.88 128.31 46.18 BostonProps BXP 7.5 10 52.12 -0.16 -10.07 33.24 22.59 Equitable EQH 3.1 6 25.81 -0.26 1.24 26.11 16.16 LibertyGlobal C LBTYK ... 51 19.67 0.08 -1.25 153.35 104.46 ReinsGrp RGA 2.3 15 140.31 -1.50 5.27 175.98 138.89 WasteMgt WM 1.7 31 165.15 -0.55
s 10.46 53.21 34.98 BostonSci BSX ...114 51.11 -1.51 5.84 82.98 56.91 EquityLife ELS 2.6 45 68.37 0.28 1.32 24.18 16.30 LibertyGlobal B LBTYB ... 50 19.25 -0.59 23.30 264.42 160.29 RelianceSteel RS 1.6 8 249.60 0.10 -10.42 369.00 265.61 Waters WAT ... 26 306.90 7.29
s 25.01 68.33 46.10 BoydGaming BYD 0.9 12 68.17 0.60 3.90 93.14 54.60 EquityResdntl EQR 4.3 30 61.30 0.03 -0.90 25.13 15.22 LibertyGlobal A LBTYA ... 48 18.76 0.05 13.88 223.80 124.18 RenaissanceRe RNR 0.7 dd 209.80 0.46 35.69 356.60 220.68 Watsco WSO 2.9 22 338.42 -4.51
-2.03 81.44 65.28 BristolMyers BMY 3.2 24 70.49 0.96 -8.21 286.50 158.46 ErieIndemnity A ERIE 2.1 40 228.29 -3.20 23.69 69.12 45.01 LibertyFormOne A FWONA ... 30 66.09 0.09 s 23.08 38.71 25.35 RentokilInit RTO 1.1 53 37.92 ... -18.29 56.46 36.03 WebsterFin WBS 4.1 8 38.68 0.06
-9.30 45.28 34.44 BritishAmTob BTI 7.7 10 36.26 0.13 -8.46 52.42 38.50 EssentialUtil WTRG 2.6 25 43.69 0.43 23.08 76.15 50.00 LibertyFormOne C FWONK ... 33 73.58 0.12 -1.90 262.26 137.21 Repligen RGEN ... 51 166.09 -0.23 -0.12 48.84 35.25 WellsFargo WFC 2.9 12 41.24 -0.43
13.19 648.50 415.07 Broadcom AVGO 2.9 22 632.90 -0.12 0.24 359.57 195.03 EssexProp ESS 4.3 34 212.42 0.70 11.39 37.04 24.50 LibertyBraves A BATRA ... 32 36.39 -0.39 7.46 149.17 119.72 RepublicSvcs RSG 1.4 30 138.61 0.28 15.38 96.84 56.50 Welltower WELL 3.2275 75.63 -0.25
7.13 183.33 131.35 BroadridgeFinl BR 2.0 32 143.69 1.08 3.27 284.45 186.47 EsteeLauder EL 1.0 62 256.23 -2.25 s 9.56 35.78 23.34 LibertyBraves C BATRK ... 31 35.31 -0.28 9.58 247.65 189.40 ResMed RMD 0.8 41 228.07 3.22 13.50 175.00 99.00 WescoIntl WCC 1.1 9 142.10 -0.80
s 7.48 69.95 46.68 RestaurantBrands QSR
no
13.85 36.50 26.76 BrookfieldAsset BAM 3.9 7 32.64 -0.11 -14.80 149.91 67.01 Etsy ETSY ... dd 102.05 -0.19 -27.37 45.20 25.02 LibertySirius C LSXMK ... 10 28.42 0.06 3.2 21 69.51 0.47 4.72 102.96 67.45 WestFraserTimber WFG 1.6 4 75.70 -0.55
5.82 43.81 28.25 Brookfield BN 0.8 28 33.29 0.06 11.88 395.00 244.57 EverestRe RE 1.8 24 370.62 -4.98 -27.35 45.26 25.05 LibertySirius A LSXMA ... 10 28.56 0.03 4.34 82.95 48.74 RexfordIndlRealty REXR 2.7 60 57.01 0.68 55.46 369.52 206.19 WestPharmSvcs WST 0.2 47 365.88 4.47
13.55 44.27 30.03 BrookfieldInfr BIP 4.3 59 35.19 -0.18 0.14 72.11 54.12 Evergy EVRG 3.9 19 63.02 0.27 34.96 147.73 94.02 LifeStorage LSI 3.6 31 132.94 -0.78 -9.30 80.52 50.91 RioTinto RIO 7.6 8 64.58 -2.72 5.99 63.26 29.73 WesternDigital WDC 0.0 dd 33.44 0.12
23.28 42.97 27.19 BrookfieldRenew BEPC 4.0 8 33.95 0.65 -5.96 94.41 70.54 EversourceEner ES 3.4 19 78.84 0.23 s 5.30 386.27 276.83 EliLilly LLY 1.2 57 385.24 10.43 1.50 72.73 48.72 RitchieBros RBA 1.8 21 58.70 0.43 -0.56 29.50 21.95 WesternMidstrm WES 7.5 9 26.70 0.38
7.78 70.56 52.82 Brown&Brown BRO 0.7 26 61.40 0.55 36.21 72.19 29.27 ExactSciences EXAS ... dd 67.44 1.11 10.76 176.52 118.17 LincolnElectric LECO 1.6 20 160.04 0.25 t -33.53 40.86 11.88 Rivian RIVN ... dd 12.25 -0.10 11.49 141.19 81.28 Westlake WLK 1.2 7 114.32 -1.46
-1.38 76.60 56.97 Brown-Forman A BF.A 1.3 43 64.85 -0.28 -0.02 49.86 35.19 Exelon EXC 3.3 20 43.22 0.22 12.27 367.51 262.47 Linde LIN 1.4 44 366.21 -1.14 -0.72 114.89 65.40 RobertHalf RHI 2.6 12 73.30 -1.36 -12.43 54.78 26.84 WestRock WRK 3.6 10 30.79 -0.28
-2.60 78.15 60.23 Brown-Forman B BF.B 1.3 42 63.97 -0.10 7.08 187.83 82.39 Expedia EXPE 0.0 44 93.80 -0.22 -3.96 110.78 64.25 LiveNationEnt LYV ...117 66.98 0.10 18.43 12.76 6.81 Robinhood HOOD ... dd 9.64 -0.09 0.10 42.86 27.36 Weyerhaeuser WY 2.4 12 31.03 -0.12
19.11 84.74 48.42 Bruker BRKR 0.2 41 81.41 -0.66 7.04 119.90 86.08 ExpeditorsIntl EXPD 1.2 14 111.24 -0.49 9.09 2.63 1.70 LloydsBanking LYG 4.7 ... 2.40 -0.06 43.01 53.88 21.65 Roblox RBLX ... dd 40.70 -0.61 25.67 52.76 28.62 WheatonPrecMet WPM 1.2 33 49.11 -0.26
44.68 96.91 48.91 BuildersFirst BLDR ... 6 93.87 -0.86 2.70 216.83 139.97 ExtraSpaceSt EXR 4.3 24 151.16 -0.76 -0.81 508.10 373.67 LockheedMartin LMT 2.5 22 482.55 -8.05 26.00 11.38 5.97 RocketCos. RKT 0.0 27 8.82 -0.03 -0.34 199.07 124.10 Whirlpool WHR 5.0 dd 140.98 0.31
-4.68 123.04 80.41 Bunge BG 2.6 9 95.10 -1.29 5.18 119.63 79.29 ExxonMobil XOM 3.1 9 116.01 0.37 -3.24 66.40 49.36 Loews L 0.4 14 56.44 -0.68 6.94 309.36 190.08 Rockwell ROK 1.7 30 275.45 1.62 -9.03 37.97 27.80 Williams WMB 6.0 18 29.93 0.10
-5.41 239.94 106.47 BurlingtonStrs BURL ... 55 191.80 3.96 -6.61 203.66 127.05 F5 FFIV ... 25 134.02 -0.14 -8.48 68.31 41.81 LogitechIntl LOGI 1.7 22 56.97 0.17 2.67 58.86 36.23 RogersComm B RCI 3.0 19 48.09 -0.19 5.53 176.89 101.58 Williams-Sonoma WSM 3.0 7 121.27 -0.88
2.51 319.33 245.32 CACI Intl CACI ... 20 308.12 0.79 -1.27 136.96 98.24 FMC FMC 1.9 21 123.22 0.11 5.92 223.31 170.12 Lowe's LOW 2.0 21 211.04 1.28 12.14 10.00 2.52 RoivantSciences ROIV ... dd 8.96 0.16 -1.36 258.93 187.89 WillisTowers WTW 1.4 26 241.26 -0.23
-6.63 89.58 66.31 CBRE Group CBRE ... 17 71.86 -0.38 23.95 205.63 140.09 FTI Consulting FCN ... 30 196.83 -2.87 2.93 21.78 6.09 Lucid LCID ... dd 7.03 -0.04 42.63 110.56 38.26 Roku ROKU ... dd 58.05 -0.87 -6.24 53.46 30.52 WillScotMobile WSC ... 28 42.35 -1.49
-8.65 215.00 147.91 CDW CDW 1.4 20 163.13 -1.55 5.05 474.13 345.92 FactSet FDS 0.8 37 421.48 4.78 17.92 386.70 251.51 lululemon LULU ... 57 377.80 1.09 8.46 43.06 31.43 Rollins ROL 1.3 54 39.63 -0.27 -5.36 6.92 4.32 Wipro WIT 1.6 17 4.41 -0.01
-12.63 119.60 67.95 CF Industries CF 2.1 5 74.44 -0.02 s 20.16 728.85 340.48 FairIsaac FICO ... 48 719.23 15.79 13.01 117.22 71.46 LyondellBasell LYB 5.1 8 93.83 -1.21 3.08 487.47 356.21 RoperTech ROP 0.6 40 445.41 2.22 -13.99 125.48 52.76 Wolfspeed WOLF ... dd 59.38 0.98
15.15 100.93 72.23 CGI GIB ... 21 99.18 0.99 15.83 57.94 43.73 Fastenal FAST 2.6 28 54.81 0.21 -8.40 122.44 69.24 RossStores ROST 1.3 24 106.32 0.29 -6.32 26.93 19.11 WoodsideEnergy WDS 11.0 6 22.68 0.25
6.37 121.23 86.60 CH Robinson
12.83 229.30 166.54 CME Group
CHRW 2.5 13 97.39 0.28
CME 2.3 26 189.73 -0.62
-3.72 125.35 86.43 FederalRealty FRT 4.4 21 97.28
33.05 248.76 141.92 FedEx FDX 2.2 15 230.44
0.24
1.06
MN 6.30 108.61 83.63 RoyalBkCanada RY
27.49 83.70 31.09 RoyalCaribbean RCL
3.9 12 99.94
0.0 dd 63.02
-0.06
0.79
-3.81 39.64 22.18 WooriFin
14.14 217.45 128.72 Workday
WF 6.8 3 26.48
WDAY ... dd 190.99
-0.16
-0.06
-2.68 72.79 52.41 CMS Energy CMS 3.2 22 61.63 0.27 7.84 149.81 99.16 Ferguson FERG 2.2 14 136.92 0.75 -14.46 193.42 110.00 M&T Bank MTB 4.2 10 124.09 -0.72 15.34 144.96 84.54 RoyalGold RGLD 1.2 35 130.01 -0.79 s 59.59 109.80 55.09 WW Ent WWE 0.4 48 109.35 3.15
-7.26 49.60 35.90 CNA Fin CNA 4.3 12 39.21 -0.62 29.79 286.61 167.45 Ferrari RACE 0.5 52 278.03 2.03 33.85 46.23 26.41 MGM Resorts MGM 0.0 13 44.88 0.28 -8.65 44.66 32.68 RoyaltyPharma RPRX 2.2320 36.10 -0.01 38.37 117.17 50.20 WynnResorts WYNN 0.0 dd 114.11 0.42
-10.71 17.98 10.60 CNH Indl CNHI 2.7 10 14.34 -0.26 -5.66 45.51 31.84 FidNatlFin FNF 5.1 9 35.49 ... 5.91 35.37 27.46 MPLX MPLX 8.9 9 34.78 0.17 -3.44 46.40 32.13 RyanSpecialty RYAN ... 78 40.08 -0.87 -12.32 26.86 10.30 XP XP ... 11 13.45 -0.10
24.23 52.20 31.22 CRH CRH 2.5 10 49.43 -0.45 -17.05 106.65 48.57 FidNatlInfo FIS 3.7 dd 56.28 ... 17.08 572.50 376.41 MSCI MSCI 1.0 51 544.60 -1.98 26.75 99.34 55.90 Ryanair RYAAY ... 16 94.76 0.29 0.47 77.66 56.89 XcelEnergy XEL 3.0 22 70.44 -0.25
2.71 36.27 25.80 CSX CSX 1.4 16 31.82 1.01 -16.25 40.07 22.11 FifthThirdBncp FITB 4.8 8 27.48 -0.36 12.03 56.88 44.79 MagellanMid MMP 7.4 11 56.25 0.27 s 29.81 134.64 78.22 SAP SAP 1.2 65 133.95 7.09 -6.94 35.35 6.18 XPeng XPEV ... dd 9.25 -0.08
-21.84 107.26 72.11 CVS Health CVS 3.3 23 72.84 -0.41 36.57 1091.99 505.84 FirstCitizBcshA FCNCA 0.3 15 1035.67 -4.37 -6.44 68.92 45.58 MagnaIntl MGA 3.5 26 52.56 -0.47 5.01 395.80 279.32 S&P Global SPGI 1.0 33 351.72 -1.19 -5.66 118.58 72.08 Xylem XYL 1.3 53 104.31 0.30
32.59 217.67 132.31 CadenceDesign CDNS ... 69 213.00 -0.73 -25.51 24.92 13.40 FirstHorizon FHN 3.3 11 18.25 -0.20 30.79 160.00 106.02 ManhattanAssoc MANH ... 78 158.78 2.55 -8.36 379.99 236.20 SBA Comm SBAC 1.3 61 256.88 -1.75 22.96 13.11 2.82 YPF YPF 0.0 2 11.30 -0.18
19.34 27.91 15.23 CAE CAE 0.0 54 23.08 -0.23 9.18 64.80 42.91 FirstIndRlty FR 2.4 18 52.69 0.20 8.46 21.19 14.92 ManulifeFinl MFC 4.6 7 19.35 -0.08 0.22 64.69 46.30 SEI Investments SEIC 1.4 20 58.43 -0.26 s 8.00 138.53 103.97 Yum!Brands YUM 1.7 30 138.33 0.83
5.89 70.23 31.31 CaesarsEnt CZR ... dd 44.05 0.29 44.80 221.88 59.60 FirstSolar FSLR ... dd 216.89 1.36 -11.01 33.42 19.42 MarathonOil MRO 1.5 5 24.09 -0.18 -2.19 27.27 18.26 SK Telecom SKM 7.3 11 20.14 -0.04 13.83 64.70 36.05 YumChina YUMC 0.8 60 62.21 -0.88
-4.55 170.64 97.74 CamdenProperty CPT 3.7 18 106.79 0.41 -3.17 47.50 35.32 FirstEnergy FE 3.8 57 40.61 0.08 6.13 138.83 77.62 MarathonPetrol MPC 2.4 4 123.53 -2.16 9.51 71.18 45.25 SS&C Tech SSNC 1.4 23 57.01 -0.54 4.91 29.79 16.27 ZTO Express ZTO 0.0 23 28.19 -0.84
12.44 31.29 20.02 Cameco CCJ 0.4141 25.49 -0.07 19.21 148.70 112.44 FirstService FSV 0.6 54 146.09 0.85 0.92 1483.98 1064.09 Markel MKL ... dd 1329.56 -27.67 33.53 306.40 168.03 Saia SAIA ... 21 279.98 1.34 12.28 391.76 224.87 ZebraTech ZBRA ... 33 287.90 -2.62
-5.43 57.77 44.37 CampbellSoup CPB 2.8 20 53.67 -0.71 15.72 119.48 87.03 Fiserv FISV ... 30 116.96 0.15 17.25 399.78 217.44 MarketAxess MKTX 0.9 49 327.01 -5.69 50.11 200.12 126.34 Salesforce CRM ...965 199.03 1.52 39.71 49.32 26.14 Zillow C Z ... dd 45.00 -0.07
5.46 58.13 39.40 CIBC CM 5.9 11 42.66 -0.51 13.41 220.19 109.49 FiveBelow FIVE ... 43 200.59 -2.22 17.14 186.17 131.01 Marriott MAR 0.9 24 174.41 0.65 78.28 22.59 8.42 Samsara IOT ... dd 22.16 0.26 41.17 48.48 26.21 Zillow A ZG ... dd 44.06 0.02
3.49 129.89 103.79 CanNtlRlwy CNI 1.9 22 123.03 0.38 18.05 259.49 161.69 FleetCorTech FLT ... 17 216.83 0.78 8.76 180.59 143.33 Marsh&McLen MMC 1.3 28 179.97 0.27 s 17.08 56.79 36.91 Sanofi SNY 2.4 16 56.70 1.23 s 8.17 140.29 100.39 ZimmerBiomet ZBH 0.7126 137.92 -0.43
7.78 69.46 44.45 CanadianNatRscs CNQ 4.4 8 59.85 0.10 -3.87 25.12 13.63 Flex FLEX ... 12 20.63 -0.15 4.92 386.73 284.99 MartinMarietta MLM 0.7 26 354.59 -1.91 -1.23 159.84 61.28 SareptaTherap SRPT ... dd 127.98 1.71 20.70 185.36 124.15 Zoetis ZTS 0.8 39 176.88 2.48
8.98 82.96 65.17 CdnPacKC CP 0.7 28 81.29 0.53 41.30 102.61 59.91 Floor&Decor FND ... 35 98.39 -0.52 5.35 63.11 33.75 MarvellTech MRVL 0.6 dd 39.02 -0.45 -17.82 28.36 12.00 Sasol SSL 7.7 3 12.91 -0.44 -5.55 124.05 63.55 ZoomVideo ZM ...197 63.98 -1.72
3.90 139.50 86.84 CapitalOne COF 2.5 5 96.59 -0.68 21.62 96.89 58.73 FomentoEconMex FMX 1.5 29 95.01 -0.34 8.83 58.18 42.33 Masco MAS 2.2 14 50.79 -0.21 -6.85 59.45 30.65 Schlumberger SLB 2.0 19 49.80 -2.17 -26.97 54.43 20.72 ZoomInfoTech ZI ...140 21.99 0.53
4.18 81.57 49.70 CardinalHealth CAH 2.5 dd 80.08 -0.01 1.55 16.68 10.61 FordMotor F 5.1 dd 11.81 -0.06 s 32.50 198.00 108.89 Masimo MASI ... 75 196.03 0.42 -35.38 86.63 45.00 SchwabC SCHW 1.9 15 53.80 -0.20 -9.11 217.40 98.71 Zscaler ZS ... dd 101.71 1.22
Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
DoubleLine Funds Balanc 24.69 +0.01 8.1 TotRtnBdFdClInst 23.76 -0.02 3.7 StkIdx 43.98 +0.04 8.2 VANGUARD ADMIRAL TotIntBdIdxAdm 19.39 -0.01 2.8 IdxIntl 18.03 +0.01 8.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. TotRetBdI 8.95 -0.01 3.1 BluCh 133.07 +0.25 18.3 Harbor Funds Old Westbury Fds 500Adml 381.59 +0.36 8.2 TotIntlAdmIdx r 30.15 +0.01 8.5 MdCpGrAdml 83.04 +0.09 7.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Edgewood Growth Instituti Contra 13.48 +0.01 13.1 CapApInst 74.47 +0.28 18.7 LrgCpStr 15.64 -0.01 NA BalAdml 41.57 -0.01 5.8 TotStAdml 99.79 +0.08 7.6 MdCpVlAdml 69.75 -0.06 0.1
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, EdgewoodGrInst 36.48 +0.04 16.5 CpInc 9.24 +0.01 4.0 Harding Loevner Parnassus Fds CAITAdml 11.27 ... 2.0 TxMCapAdml213.13 +0.11 8.1 SmValAdml 67.70 -0.17 -0.2
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Fidelity GroCo 26.37 +0.08 17.1 IntlEq 25.56 -0.01 9.1 ParnEqFd 50.91 +0.13 8.7 CapOpAdml r156.41 +0.22 7.0 TxMIn r 14.90 +0.05 10.6 TotBd2 9.56 -0.01 2.9
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not 500IdxInstPrem143.51 +0.14 8.2 InvGrBd 10.05 -0.02 3.2 Invesco Funds A PGIM Funds Cl Z DivAppIdxAdm 42.48 +0.02 3.6 USGroAdml 116.59 +0.31 15.1 TotIntlInstIdx r120.57 +0.05 8.5
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Contrafund K6 18.89 +0.01 12.3 LowP EqIncA 9.88 ... 1.1 TotalReturnBond 11.94 -0.01 NA EMAdmr TotItlInstPlId r120.60 +0.05 8.5
47.06 -0.11 1.9 33.17 -0.30 2.4 ValAdml 54.73 +0.01 0.6
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Invesco Funds Y PIMCO Fds Instl TotSt 99.78 +0.08 7.6
ExtMktIdxInstPre 65.88 +0.01 4.7 Magin 11.60 -0.01 8.5 EqIncAdml 83.86 -0.05 -0.2 WdsrllAdml 69.77 -0.04 5.5
FidSerToMarket 13.57 +0.01 7.7 NASDAQ 152.58 +0.18 15.7 DevMktY 39.26 -0.17 12.3 AllAsset 10.81 -0.01 NA ExplrAdml 92.51 +0.28 6.5 WellsIAdml 59.92 -0.06 2.0 VANGUARD INSTL FDS
Friday, April 21, 2023 GrowthCompanyK6 17.86 +0.06 16.0 OTC 14.72 -0.02 14.7 JHF III DispVal TotRt 8.61 -0.01 NA ExtndAdml 105.21 +0.02 4.7 WelltnAdml 68.79 +0.02 4.3 BalInst 41.58 ... 5.8
Net YTD Net YTD Net YTD InflPrBdIndInsPr 9.30 -0.01 3.1 Puritn 21.59 -0.02 5.8 DispValMCI 24.90 -0.03 2.0 PIMCO Funds A GNMAAdml 9.34 -0.01 2.6 WndsrAdml 71.19 -0.11 4.2 DevMktsIndInst 14.92 +0.05 10.7
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret John Hancock IncomeFd 10.41 ... NA GrwthAdml 127.95 +0.18 DevMktsInxInst 23.31 +0.08 10.6
IntlIdxInstPrem 46.03 +0.19 11.8 SAIUSQtyIdx 16.91 +0.05 10.5 16.8 VANGUARD FDS
AB Funds - ADV WshA 53.14 +0.02 2.6 Columbia Class I LgCpGwId InstPre 23.78 +0.03 14.2 SrsEmrgMkt 16.29 -0.15 4.3 BondR6 13.58 -0.02 3.1 PIMCO Funds I2 ExtndInst 105.20 +0.02 4.7
HlthCareAdml r 90.29 +0.90 3.9 DivdGro 35.97 +0.04 2.2
LgCpGrAdv 78.91 +0.26 12.9 Artisan Funds DivIncom I 29.06 -0.01 1.0 MidCpInxInstPrem 26.91 -0.01 3.8 SrsGlobal 13.46 ... 9.0 JPMorgan I Class Income 10.41 ... NA HYCorAdml r 5.23 +0.01 GrwthInst 127.96 +0.18 16.8
3.3 IntlVal 39.25 +0.08 9.8
American Century Inv IntlVal Inst NA ... NA Dimensional Fds SAIUSLgCpIndxFd 18.18 +0.01 8.1 CoreBond 10.35 -0.01 3.4 PIMCO Funds Instl InPrSeIn 9.70 -0.01 3.2
SrsGroCoRetail 15.94 +0.05 15.8 InfProAd 23.80 -0.02 3.1 LifeCon 19.94 ... 5.0
Ultra 63.90 +0.10 15.8 Baird Funds 5GlbFxdInc 9.98 ... 1.5 SeriesBondFd 9.05 -0.01 2.9 EqInc 22.23 -0.01 -1.0 IncomeFd 10.41 ... NA IntlGrAdml 100.58 +0.40 InstIdx 345.24 +0.32 8.2
SrsIntlGrw 16.09 +0.07 12.8 11.3 LifeGro 38.53 +0.02 6.9
American Funds Cl A AggBdInst 9.81 -0.01 3.0 EmgMktVa 27.71 -0.20 5.1 SeriesOverseas 12.38 +0.12 14.0 LgCpGwth 48.52 +0.03 8.5 Price Funds InstPlus 345.23 +0.32 8.2
SrsIntlVal 10.86 -0.03 8.3 ITBondAdml 10.34 -0.02 3.5 LifeMod 29.07 +0.01 5.9
AmcpA 33.29 +0.10 10.7 CorBdInst 10.08 -0.01 2.9 EmMktCorEq 21.17 -0.19 5.2 JPMorgan R Class BlChip 120.99 +0.32 16.9 ITIGradeAdml 8.54 -0.01 InstTStPlus 71.74 +0.06 7.6
SerLTTreBdIdx 6.12 -0.03 5.4 TotalBond 9.51 -0.01 3.2 3.8 PrmcpCor 28.74 +0.05 5.7
AMutlA 49.44 +0.01 2.5 BlackRock Funds IntlCoreEq 14.82 +0.03 9.9 CoreBond 10.36 -0.02 3.3 DivGro 66.28 +0.07 3.7 MidCpInst 57.53 ... 3.5
SmCpIdxInstPrem 22.19 +0.02 2.3 Fidelity SAI LarCapAd 94.94 +0.08 8.3 STAR 25.80 +0.01 6.8
HiYldBd Inst 6.80 +0.01 4.3 IntSmCo CorePlusBd 7.29 -0.01 3.3 Growth 71.72 +0.17 16.4 MidCpIstPl 283.73 +0.02 3.5
BalA 29.64 -0.02 3.4 18.77 +0.05 7.9 TMktIdxInstPrem113.91 +0.10 7.7 TotalBd 9.00 -0.02 3.2 LTGradeAdml 8.09 -0.02 5.2 TgtRe2020 26.62 -0.01 5.0
BlackRock Funds III Lord Abbett I HelSci 91.43 +0.94 1.8 RealEstaInstl 18.07 +0.02 0.9
BondA 11.55 -0.02 2.5 IntSmVa 20.48 +0.01 9.0 TotalMarketIndex 14.38 +0.01 7.7 U.S.TreBdIdx 8.85 -0.02 2.9 MidCpAdml 260.43 +0.01 3.5 TgtRe2025 17.62 ... 5.6
BdDebentr 6.96 ... 1.8 LgCapGow I 52.73 +0.11 14.8 SmCapInst 90.44 +0.06 3.3
CapIBA 64.82 +0.01 3.6 iShS&P500IdxK484.84 +0.44 8.1 LgCo 28.19 +0.03 8.2 TtlIntIdxInstPr 12.72 ... 8.6 Fidelity Selects MuHYAdml 10.44 +0.01 3.0 TgtRe2030 33.30 +0.01 6.2
ShtDurInc p 3.85 ... 1.9 MidCap 94.56 +0.31 6.6 SmCapIstPl 261.04 +0.17 3.3
CapWGrA 55.31 +0.01 7.6 BlackRock Funds Inst US CoreEq1 31.46 -0.02 6.0 USBdIdxInstPrem 10.38 -0.02 2.8 Softwr 22.57 +0.03 14.9 MuIntAdml 13.53 ... 2.1 TgtRe2035 20.61 ... 6.5
Metropolitan West NHoriz 49.22 +0.36 6.2 STIGradeInst 10.07 -0.01 2.1
EupacA 54.52 +0.12 11.2 EqtyDivd 18.90 +0.03 3.7 US CoreEq2 28.51 -0.03 5.4 Fidelity Freedom Tech 21.74 -0.05 21.9 MuLTAdml 10.74 ... 2.7 TgtRe2040 36.34 +0.01 6.9
TotRetBdI NA ... NA R2025 15.39 ... 5.3 STIPSIxins 23.93 -0.01 2.2
FdInvA 64.31 +0.07 7.0 StratIncOpptyIns 9.22 -0.01 1.6 US Small 39.40 -0.07 2.1 FF2020 13.47 -0.01 5.6 First Eagle Funds MuLtdAdml 10.74 ... 1.3 TgtRe2045 24.48 +0.01 7.3
TRBdPlan NA ... NA R2030 23.13 +0.01 5.8 TotBdInst 9.67 -0.02 2.9
GwthA 55.06 +0.12 11.3 Bridge Builder Trust US SmCpVal 38.58 -0.25 -1.4 FF2025 12.42 -0.01 6.0 GlbA 62.28 -0.06 7.4 MuShtAdml 15.62 ... 1.0 TgtRe2050 40.63 +0.02 7.5
MFS Funds R2040 26.08 +0.03 6.8 TotBdInst2 9.56 -0.01 2.9
HI TrA 9.17 ... 3.1 CoreBond 9.00 -0.01 2.9 US TgdVal 27.10 -0.18 -0.7 FF2030 15.56 -0.01 6.4 Franklin A1 PrmcpAdml r141.30 +0.30 8.0 TgtRe2060 41.75 +0.03 7.5 TotBdInstPl 9.67 -0.02 2.9
CorePlusBond 8.87 -0.01 3.0 USLgVa IIE 31.99 +0.25 13.7 Schwab Funds
ICAA 44.27 +0.01 7.7 41.74 -0.11 1.1 FF2035 13.47 -0.01 7.1 IncomeA1 2.31 ... 3.7 RealEstatAdml116.78 +0.18 0.9 TgtRet2055 45.33 +0.03 7.5 TotIntBdIdxInst 29.10 -0.01 2.8
MFS Funds Class I 1000 Inv r NA ... NA
IncoA 22.97 +0.02 2.3 Intl Eq 11.97 +0.05 11.7 Dodge & Cox FF2040 9.59 ... 7.9 FrankTemp/Frank Adv SmCapAdml 90.44 +0.06 3.3 TgtRetInc 12.72 ... 4.3 TotStInst 99.81 +0.08 7.6
LargeCapGrowth 18.97 +0.07 11.0 Balanced
GrowthI 147.86 +0.11 11.5 S&P Sel NA ... NA
N PerA 52.58 +0.19 11.1 95.49 ... 3.4 Freedom2030 K 15.55 -0.02 6.4 IncomeAdv 2.29 ... 3.7 SmGthAdml 76.23 +0.38 8.3 WellsI 24.74 -0.02 2.0 ValueInst 54.72 ... 0.5
ValueI 47.75 -0.01 0.4 TSM Sel r NA ... NA
NEcoA 48.02 +0.11 10.4 LargeCapValue 15.37 ... 2.9 GblStock 13.45 -0.02 6.7 Idx2030InsPre 17.86 -0.01 6.3 FrankTemp/Franklin A STBondAdml 10.00 ... 1.9 Welltn 39.84 +0.01 4.2 WCM Focus Funds
Neuberger Berman Fds TIAA/CREF Funds
NwWrldA 71.49 -0.06 7.6 MunicipalBond 9.82 ... 2.1 Income 12.46 -0.01 3.1 Idx2035InsPre 20.03 ... 7.0 Growth A 111.42 +0.30 9.0 5.5 WCMFocIntlGrwIns 22.05 +0.18 12.2
LCVal Inst 43.52 -0.08 1.1 EqIdxInst 29.22 +0.02 7.6 STIGradeAdml 10.07 -0.01 2.0 WndsrII 39.33 -0.02
SmCpA 59.97 +0.11 6.9 Calamos Funds Intl Stk 46.78 -0.05 8.5 Idx2040InsPre 20.41 ... 7.6 RisDv A 86.46 +0.05 5.0 Western Asset
MktNeutI 14.23 ... 3.6 Stock Fidelity Invest
Northern Funds IntlEqIdxInst 21.34 +0.10 11.7 STIPSIxAdm 23.92 ... 2.2 VANGUARD INDEX FDS
TxExA 12.21 ... 2.2 218.75 +0.02 2.6 Guggenheim Funds Tru TotBdAdml 9.67 -0.02 2.9 ExtndIstPl 259.62 +0.05 4.7 CorePlusBdI NA ... NA
B10 | Saturday/Sunday, April 22 - 23, 2023 NY * *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
‘Pity City’ Highlights

Video-Meeting Perils
Tough love to staffers Executives continue to do a Bosses’ and employees’
lot of leading via video in the shifting expectations of one
over Zoom is harder to postpandemic era, and the another doesn’t help, he said.
pull off, risks getting format, less intimate and in- Leaders want to stoke motiva-
teractive than a conference- tion and productivity amid re-
amplified digitally room huddle, holds pitfalls. cession fears but feel staff are
As numerous leaders from on- focused on flexibility, work-life
BY VANESSA FUHRMANS line mortgage lender Bet- balance and pay. Meanwhile,
AND JOSEPH PISANI ter.com to digital-marketing plenty of workers still feel
firm Clearlink can now attest, burned out and overworked.
It wasn’t the plan, but Mill- technology also allows Zoom “Many CEOs are really frus-
SYLVIA JARRUS FOR THE WALL STREET JOURNAL

erKnoll Chief Executive Andi clips to be easily recorded trated and angry and tired,”
Owen passed on a crucial les- and shared far beyond their Mr. Rahbar said, adding that he
son to bosses everywhere this intended audience. is hearing bosses make similar
week: Zoom calls are a tricky What might come off as a remarks to Ms. Owen’s, albeit
venue for giving tough love to punchy rallying cry in person behind closed doors. “They just
staff. can seem like a rant on-screen, want things to go back to the
Ms. Owen may have learned a problem compounded when way it was, with employee en-
the hard way. In a video that the boss can’t read the gallery gagement, commitment and be-
sparked viral furor on social of faces on his or her laptop, ing back in the office.”
media, she gives a staff pep James Clarke, CEO of Clear-
talk that shifts in tone as she link, a Draper, Utah, digital-
addresses some employees’
“not-so-nice” questions about
The fuss following marketing and advertising
firm, also had a leaked inter- Andi Owen, CEO of furniture maker MillerKnoll, told unhappy employees to ‘leave Pity City.’
staying motivated if bonuses MillerKnoll CEO’s nal meeting video go viral this
aren’t paid this year.
“‘You can visit Pity City, but
comments serve as a past week. In it, he praised
one employee who he said had
Clearlink spokesman Layne
Watson didn’t comment on Mr.
for staff to submit terse ques-
tions or grievances in the chat
Better.com, Mr. Garg admitted
to poorly communicating the
you can’t live there.’ So, peo- lesson to bosses. sold the family dog to return Clarke’s specific remarks but function of the video call. news, adding, “I embarrassed
ple, leave Pity City,” the CEO to the office, disparaged oth- said the town hall took place “These are real human be- you.”
said, before mouthing the ers for “quiet quitting” and earlier this month and was ings you need to connect Some employees later said
word “boom.” suggested it was unfair for about the company’s recent with,” said Mr. McGowan, they noticed a new feature on
The furniture company con- leadership and communication parents to take care of chil- mandate for most Utah-based founder and CEO of Clarity Zoom calls: their work email
firmed that Ms. Owen later advisers say. Social media only dren while on the clock. employees to return to the of- Media Group. addresses were watermarked
apologized to staff in an email makes it worse. In his speech, Mr. Clarke fice four days a week. Recently he advised an ex- and splashed across the video,
after the outcry that erupted. “You’re always on, there’s thanks employees who are Bill McGowan, who coaches ecutive who had to calm and meaning that anyone record-
MillerKnoll and Ms. Owen de- no time off, and you have to working hard, while calling executives in both public and motivate staff worried about ing and sharing the video
clined to comment further or assume that you could be re- out others for not pulling their internal communications, said layoffs. He suggested that she would have their email at-
.
make the letter available. Mill- corded,” said Peter Rahbar, a weight. that when leaders do have to share her own, previous expe- tached, the employees said.
erKnoll designs and sells office New York-based lawyer who “In one month of this year deliver tough news on-screen, rience dealing with turmoil at Better.com said the water-
ly
chairs as well as home furni- advises companies and execu- alone, I got data that about 30 they should make sure to work, a time when she lost fo- mark wasn’t in response to the
ture under the brands Herman tives on employment issues. of you didn’t even open or make eye contact by looking cus and later regretted it. viral video and is used in
Miller, Knoll and Design Within Some managers he works crack open laptops,” he said. into the lens of their laptop “You have to validate what meetings where private finan-
Reach.
The saga shows the chal-
lenges business leaders face
in lighting a fire under their
with are hiring high-level cri-
sis and communication consul-
tants to avoid missteps when
speaking on “what I’d consider
on Some employees took to
Glassdoor, the job-review site.
“James Clarke needs to step
down,” read one entry. “Good
camera. But it’s also important
that they can view the full gal-
lery of people in attendance. It
becomes easier for leaders to
people are feeling,” he said.
In late 2021, leaked footage
of Better.com CEO Vishal Garg
laying off 900 employees via a
cial information is shared.
Meanwhile, MillerKnoll is
considering how to handle fu-
ture town halls. “It’s too soon
workforces, especially in vir- basic employee issues,” he leaders care about their peo- forget their empathy other- videocall was viewed by mil- to know what that looks like,”
us ,
tual and hybrid workplaces. added. ple, and he clearly doesn’t.” wise, he said, just as it’s easier lions. In an apology posted to a spokeswoman said.
l
e
al a
Confusion Reigns on Twitter After Verification Change

ci on
BY ALYSSA LUKPAT auto-reply of an emoji. changes to its check mark and subscription program for busi-
Mr. Musk has upended labeling systems in recent nesses called Verified Organi-
er s
Twitter Inc.’s move to re- norms on one of the world’s months. Instead of handing out zations, which costs $1,000 a
move legacy verifications is most popular social-media blue check marks for every ver- month plus a $50 monthly fee
m er
once again sowing confusion platforms in real time, where ified account, Twitter has given to verify employee accounts.
over who’s real and who isn’t newly paying verified users companies a gold check mark Mr. Musk has championed
on the social-media platform. had coexisted in the past few and government accounts a Twitter Blue as a way to boost
The check-mark removals months with legacy verified ac- gray check mark. the company’s subscription
are one of the most drastic counts. Some users have had The platform also labeled revenue and rely less on adver-
m rp
JOHN G MABANGLO/EPA/SHUTTERSTOCK
changes Twitter’s new owner, trouble distinguishing notable some news organizations’ ac- tisers.
Elon Musk, has made since he accounts from impostors. counts as government-funded, In a BBC interview this
bought the platform in October. Twitter’s former leadership but it removed those designa- month, Mr. Musk said his ef-
He has said for months that he had given out free check marks tions this past week. National forts to win back advertisers
wanted to make users pay a to notable users. Mr. Musk has Public Radio and the Canadian who had left Twitter combined
co Fo
monthly fee to be verified. called the system classist. The Broadcasting Corp. stopped with deep cost cuts and layoffs
The move immediately old check-mark system had tweeting earlier this month af- meant the company was
caused uncertainty. One user helped users decide which acter they received the labels. roughly breaking even this
attempted to pose as the New counts to trust, like those be- Users who now pay $8 to year. Mr. Musk said Twitter has
York City government. After longing to government agen- $11 a month for Twitter Blue about 1,500 employees, down
the city’s government account, cies, companies, celebrities and Users who pay $8 to $11 a month for Twitter Blue get privileges. get exclusive privileges. Their from nearly 8,000 when he
@nycgov, tweeted on Thursday journalists. accounts appear at the top of took over the company in Oc-
that it was an authentic ac- Formerly verified users in- ever tweet in 2006, also wasn’t while Mr. Shatner had ex- conversations and search re- tober.
count, the user responded with cluding Beyoncé, Kim Kar- verified Friday morning. pressed concern about being sults, above unverified celebri- Twitter Blue has as many as
an impersonating handle, dashian, former President Don- Mr. Musk said Thursday he impersonated. ties, and they get benefits such 635,000 paying subscribers, ac-
@NYC_GOVERNMENT, saying, ald Trump and Oprah Winfrey personally paid for LeBron “You’re welcome namaste,” as editing tweets, according to cording to an estimate from
“No, you’re not.” no longer had check marks on James, William Shatner and Mr. Musk said to Mr. King on Twitter. Travis Brown, a Berlin-based
The impersonating account Friday morning, along with le- the author Stephen King to Twitter Thursday. Twitter this past week told software developer who tracks
n-
was suspended Friday morning. gions of celebrities, organiza- have check marks through Taylor Swift and Rihanna advertisers they had to sub- social-media platforms. More
Twitter didn’t respond to a tions and politicians. Twitter Blue. Mr. James and were also verified through scribe to Twitter Blue to con- than 400,000 accounts appear
comment request from The Jack Dorsey, a Twitter co- Mr. King have said they didn’t Twitter Blue on Friday. tinue running ads. The com- to have had legacy verification,
Wall Street Journal beyond an founder who sent out the first- plan to pay to be verified, Twitter has made smaller pany recently launched a according to his analysis.
no
The Marketplace
ADVERTISEMENT
Lachlan Murdoch Drops Defamation Lawsuit
To advertise: 800-366-3975 or WSJ.com/classifieds BY DAVID WINNING where the First Amendment
protects freedom of speech. In
SYDNEY—Fox Corp. Execu- the U.S., the burden is on the
BUSINESS OPPORTUNITIES PUBLIC NOTICES tive Chairman and Chief Exec- plaintiff to prove that an al-
utive Lachlan Murdoch ended leged defamatory statement is
a defamation lawsuit against false. In Australia, where free
alliance mortgage fund LEGAL NOTICE an Australian media firm, just speech isn’t explicitly pro-
SUPREME COURT OF THE STATE OF NEW YORK, COUNTY days after his company settled tected by the constitution, the
7%-8% Return
OF NEW YORK
---------------------------------------------------------------
346 MADISON AVENUE, LLC and 11 EAST 44 TH STREET,
a separate high-profile dispute
with Dominion Voting Systems
defendant must prove a state-
ment is true.
REAL ESTATE SECURED LLC, Petitioners, – against –
BRENDAN MCDERMID/REUTERS
JOHN DOE #1 through #10, being all persons unknown, in the U.S. Australia has become a hot
FIXED INCOME FUND claiming any legal or equitable right,
Mr. Murdoch launched legal spot for defamation lawsuits,
SEEKING RIA’S & title, estate, lien or interest in the property described in
this Verified Petition, Respondents proceedings against Private ranging from high-profile
ACCREDITED INVESTORS ---------------------------------------------------------------
Media Pty Ltd. in August, al- cases involving Hollywood ac-
INDEX NO.: 158558/2022
CALL: PUBLIC NOTICE leging that he was defamed tors to private citizens squab-
866-700-0600 Pursuant to an order of this Court duly made and entered
on February 10, 2023 (the “Order”), notice is hereby
given that all persons claiming any interest in the real
around two months earlier by
an opinion article that ran on
bling over slights in social me-
dia posts. The glut of litigation
ALLIANCE PORTFOLIO property described further below, are hereby required to
Crikey, an online news site has unsettled authorities, who
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 appear before the Court at a Public Hearing to be held
www.AlliancePortfolio.com in the county of New York at the county courthouse owned by Private Media, be- Lachlan Murdoch is executive chairman and CEO of Fox Corp. worry that it risks clogging up
RE Broker • CA DRE • 02066955 Broker License ID
in the city of New York, 80 Centre Street, New York,
New York 10007, Room 122, on September 12, 2023, cause it linked his family to the courts.
at 10:00 a.m. and show cause, if any they have, why
they should not be forever barred from maintaining the Jan. 6 Capitol riots in the unindicted co-conspirator in campaign designed to attract This past week, Fox agreed
any action or proceeding seeking the enforcement of
Equity / Mezzanine capital the restrictive covenant set forth in Paragraph 12 of U.S. The article, written by the Watergate scandal. subscribers and boost their to pay $787.5 million to settle
available for the Verified Petition [Dkt. No. 1] on the real property Crikey’s political editor Ber- “No one would read the profits,” he said, in an appar- its legal battle with Dominion
hereinafter described, which property was conveyed to
commercial real estate Petitioners by deed, dated August 8, 2007, and recorded nard Keane about the congres- words literally as suggesting ent reference to the Fox-Do- Voting Systems just before
Purchase money equity and/or on September 10, 2007, as CRFN 2007000462812, in the
mezzanine cash out on existing Office of the New York City Register, New York County, sional investigation into the that the Murdochs were guilty minion settlement. the start of a trial on the vot-
as well as by deed, dated January 9, 2019, and recorded riots, ran under the headline, of criminal conspiracy or trea- Crikey, on its website, ing-machine company’s allega-
properties. No liens, on January 10, 2019, as CRFN 2019000011381 in the
no mortgages, cash in 7-10 days, Office of the New York City Register, New York County. “Trump is a confirmed un- son under U.S. law,” the de- called the decision a victory tions that it was defamed by
Copies of the Verified Petition, the Order, and all other
no appraisals req. Must be documents filed by the Petitioners in this proceeding hinged traitor. And Murdoch is fense filing said. for public-interest journalism network broadcasts after the
cash flowing properties may be obtained from the Court docket or by contacting
his unindicted co-conspirator.” On Friday, Mr. Murdoch’s and said it stood by the origi- 2020 presidential election. Do-
counsel for Petitioners, which contact information is set
with NOI to qualify forth below in bold. Private Media rejected the attorney, John Churchill, filed nal article. minion alleged that Fox hosts
Howard@rci702.com The property affected by this notice is substantially
www.A1funder.com described in the Verified Petition and is described as claim that the article had de- a notice with the federal court Will Hayward, Private Me- and guests amplified false
follows: the real property located at Block 1279, Lot
17, and known as 346 Madison Avenue, Borough of famed Mr. Murdoch and the stating that the Fox chief exec- dia’s chief executive, rejected claims that its voting technol-
Manhattan, County of New York, State of New York, as
well as the real property located at Block 1279, Lot 9, and
case was due to go to trial in utive was discontinuing the Mr. Churchill’s suggestion that ogy helped rig the election for
COMMERCIAL REAL ESTATE known as 7-11 East 44 th Street, Borough of Manhattan, federal court in Sydney in Oc- proceedings. the company was seeking to Joe Biden. The company
County of New York, State of New York.
Any party seeking to be heard at the Public Hearing
tober. In its defense, lodged Mr. Churchill said Mr. Mur- game the legal system for sub- sought $1.6 billion in damages.
shall promptly provide Petitioners with any supporting with the court last year, Pri- doch was confident that he scribers. “We knew if we de- Fox argued that it was cov-
documents, including but not limited to any
Development Opportunity memorandum of law or affirmation/affidavit in support vate Media said the references would have won the case at cided to fight this case it had ering newsworthy claims by
of their papers, but by no later than two weeks prior
Downtown New Haven Crown & College St. to the Public Hearing date to be set by the Court. Such to the Murdoch family were trial. “However, he does not to be sustainable,” he said. associates of then-President
Immediate Proximity to supporting papers should be delivered to counsel for
Petitioners by overnight mail or email at the following
“self-evidently hyperbolic” and wish to further enable Crikey’s Fox shares common owner- Donald Trump and that its
Yale Medical School and University address: Attn: Claude G. Szyfer, Stroock & Stroock & that it used creative license to use of the court to litigate a ship with the parent of The broadcasts should be protected
Lavan LLP, 180 Maiden Lane, New York New York 10038,
Prior approval exists for 106 residential units email: cszyfer@stroock.com, (P) (212) 806-5934. pick up on a U.S. grand jury’s case from another jurisdiction Wall Street Journal’s publisher. by the First Amendment.
Call The Proto Group - Lou Proto at 203-234-6371 naming of then-President that has already been settled Australia’s defamation laws —Alice Uribe
or email at proto@theprotogroup.com Richard Nixon in 1974 as an and facilitate a marketing differ to those in the U.S. contributed to this article.
MARKETS
U.S. Stocks Notch Weekly Losses Rules for

Defining
Investors focused on
quarterly results and Nonbanks
prepared for a ramp
up in the coming week Proposed
BY HANNAH MIAO BY ANDREW DUEHREN
U.S. stocks wobbled Friday WASHINGTON—The Biden

to close out the week with administration is moving to
slight declines as investors make it easier to more closely
weighed quarterly reports regulate nonbank financial in-
from banks and mixed eco- stitutions such as hedge funds
nomic data. and money-market funds, pro-
The S&P 500, Dow Jones In- posing a rollback of Trump-era
dustrial Average and Nasdaq procedures.
Composite each closed about A group of top federal regu-
0.1% higher on Friday. The in- lators on Friday proposed
dexes oscillated between small changing the way it designates
gains and losses throughout nonbanks as systemically im-
the session. portant. That label currently
For the week, all three major applies only to the nations’
indexes edged lower. The S&P largest banks and allows extra
JEREMY M. LANGE FOR THE WALL STREET JOURNAL
500 dipped oversight from the Federal

FRIDAY’S 0.1% this week. Reserve.
MARKETS The Dow indus- Under the Trump adminis-
trials shed tration, financial regulators
about 78 points, or 0.2%. The made it more difficult for the
Nasdaq Composite lost 0.4%. federal government to apply
Investors eyed quarterly that designation to nonbanks,
results from big financial in- requiring the panel to first
stitutions and regional banks conduct a lengthy review of
this week to assess how lend- activities in a potentially risky
ers are holding up after the sector before targeting spe-
March collapse of Silicon Val- cific firms. Treasury Secretary
ley Bank and Signature Bank. Janet Yellen has criticized
The earnings reports showed The earnings reporting in the coming week includes megacap companies such as Amazon.com. An Amazon fulfillment center. those Trump-era rules as too
some stabilization in the fi- onerous and potentially allow-
nancial system, but also indi- a string of small daily moves. Index performance this past week the interest-rate environment ing risk to fester in the finan-
cated a tougher environment Friday’s muted market action may stay tougher,” said Ms. Er- cial system.
1.00%
.
going forward for maintaining is indicative of the “listless S&P 500 ickson, referring to the manu- “We are proposing revi-
deposits. trading” in markets this week, facturing and services data. sions to certain elements of
ly
Dow Jones Industrial Average
“Given what’s happened said Scott Ladner, chief in- 0.75 Bond yields edged higher the council’s existing guidance
Nasdaq Composite
with financial-sector stress, vestment officer at Horizon Friday after the S&P Global that have made it difficult to
what we see is that there is Investments. 0.50 data release. The benchmark use its nonbank designation
greater lack of clarity now
given the potential for tight-
ening lending conditions, and
that continues to raise some
The earnings reporting sea-
son ramps up in the coming
week with megacap companies
like Microsoft, Alphabet and
on0.25
10-year U.S. Treasury yield
rose to 3.570%, from 3.546%
Thursday.
Meanwhile, Thursday’s weak
authority,” Ms. Yellen said Fri-
day at a meeting of the Finan-
cial Stability Oversight Coun-
cil, an interagency panel of
0
questions on the outlook going Amazon.com on the docket. manufacturing data from the financial regulators that she
us ,
forward,” said Lisa Erickson, Plus, investors will get a slew Philly Fed spooked investors leads. “The existing guid-
l
head of the public markets of economic data, including –0.25 that a deep recession could be ance—issued in 2019—created
e
al a
group at U.S. Bank Wealth preliminary gross-domestic- on the horizon. Yields, which inappropriate hurdles as part
Management. product estimates for the first –0.50 move inversely to prices, fell of the designation process,”
Diverging price action in quarter and the Federal Re- that day in response. she said.
ci on
regional bank shares reflected serve’s preferred inflation –0.75 The jumpiness of investors The FSOC, which also
the disparate results across gauge. at incremental data points— counts Fed Chair Jerome Pow-
the industry. Truist Financial “It’s really a waiting game –1.00 10-minute intervals which can be noisy and some- ell and Securities and Ex-
on Friday fell 6% as the bank this week,” Mr. Ladner said. times contradict each other change Commission Chair Gary
Mon. Tues. Wed. Thurs. Fri.
reported earnings that missed “We just haven’t gotten impor- day-by-day—highlights linger- Gensler among its members,
er s
analyst expectations. Western tant bellwether reports to ei- Source: FactSet ing uncertainty headed into unanimously approved propos-
Alliance gained 2.6% on Fri- ther confirm or change a nar- the Fed’s May policy meeting. ing the new rules on Friday.
m er
day after the bank said this rative.” creases. month high for companies in In the oil market, crude The guidance will now be open
past week that deposit out- Economic data released this S&P Global data released the service industry. Prices prices rose Friday but closed to public comment for 60 days.
flows had stabilized. past week painted a mixed pic- Friday showed business activ- also rose, sparking worries out the week lower. Brent Ms. Yellen and other finan-
Overall, market volatility ture on the health of the U.S. ity jumped to an 11-month that the Fed still has work to crude fell 5.4% this week to cial regulators have warned
has eased recently, with the economy and its implications high at manufacturing firms do in taming inflation. $81.66 a barrel amid concerns about the potential risks that
m rp
S&P 500 on Friday continuing for the Fed’s interest-rate in- based in the U.S., and a 12- “That leads to concern that about energy demand. nonbanks, including crypto-
currency companies, can pose
to financial stability. In a
Corsair Moves Forward on $1.25 Billion Fund

speech last month, she said
that forced selling spurred by
co Fo
excessive borrowing at hedge

funds or a run on money-mar-
ket funds could ripple across
BY ROD JAMES ument seen by The Wall Street ment on its recent fundraising and non-discretionary assets to its current strategy in the the financial system. She said
Journal also puts the target activities. at the end of last year. years after the financial crisis, open-end mutual funds also
Corsair Capital has held an for the new fund at $1.25 bil- The firm typically acquires Corsair’s sixth main fund the firm mainly invested in presented run risk, calling for
interim close on its sixth fund lion. control and minority positions has already been used to back troubled banks and insurers, federal regulators to more
dedicated to investing in busi- Fundraising has proved dif- in payments, services and at least two deals, according Chief Executive D.T. Ignacio strictly regulate against broad
nesses in the financial services ficult for many buyout firms software businesses in the fi- to the firm’s website. In June Jayanti told The Wall Street risks from nonbanks.
sector. over the past 18 months as nancial sector, according to its Corsair acquired Houston- Journal in 2020. In 2008 the Eric Pan, chief executive
The New York-based fund falling public equity markets based HungerRush LLC, a firm led a $7 billion recapital- and president of the Invest-
manager had raised about and still-high private valua- cloud-based payments pro- ization of lender National City ment Company Institute, an
$339.8 million for the fund, tions have led to imbalances vider that serves the restau- Corp., later selling it to PNC association representing mu-
The New York firm
n-
Corsair VI FS Capital Partners for institutional investors with rant industry. In September Financial Services Group Inc. tual funds and other funds,
LP, from 11 investors as of overallocations to private eq- had raised about the firm backed the combina- The number of financial- criticized the Biden adminis-
April 7, according to a Securi- uity. This has spurred many tion of Los Angeles-based Mir- sector deals as a proportion of tration’s move in a statement.
ties and Exchange Commission investors to cut back on mak-
$339.8 million for acle Mile Advisors and Karp all buyouts declined just 1% “We know that designation of
the fund as of April 7.
no
filing. The firm received an ing commitments to new funds Capital Management in Sausal- last year compared with 2021, a registered fund or fund man-
initial commitment to the ve- and caused sponsors to lower ito, Calif., to create a wealth which saw the highest level of ager would be the wrong an-
hicle in April of last year, the their targets or extend the adviser overseeing more than transactions since before the swer,” he said.
filing shows. amount of time they spend in $4 billion of client assets. financial crisis, according to a Hank Paulson, the Treasury
Corsair is targeting $1.25 the market. annual fund adviser brochure Corsair also has invested report from industry consult- chief in the George W. Bush ad-
billion for the new fund, or London-based MVision Pri- filed with the SEC. $3.5 billion in private infra- ing firm Bain & Co. ministration during the 2008
about 25% more than it raised vate Equity Advisers Ltd. and Its strategy lets it invest structure, a market it entered Transaction volume in the financial crisis, praised the Bi-
for a predecessor vehicle, ac- New York’s FocusPoint Private globally, though it mainly tar- in 2015, according to its web- sector held up relatively well, den administration’s move. He
cording to a person with Capital Group serve as place- gets businesses in North site. with only the services and said it would “enhance FSOC’s
knowledge of the matter. The ment agents for Corsair’s lat- America and Europe. The dis- Corsair began as an internal transportation sectors per- ability to address financial sta-
firm wrapped up the earlier est fundraising effort, accord- closure form indicates that investment unit before spin- forming better. Deal volumes bility risk while providing
pool with $1 billion in the first ing to the SEC filing. Corsair managed roughly $10 ning off from JPMorgan Chase in both rose last year from transparency about how the
half of 2020. A marketing doc- Corsair declined to com- billion across discretionary & Co. in 2006. Before pivoting 2021. FSOC makes its determination.”
Activists Young, managing director and

global head of contested situa-
tions at Jefferies Financial
Bank of America Corp.
Overall, the number of ac-
tivist campaigns in the U.S.
liott, which took a multibillion-
dollar stake in the software
company, privately nominated
Accept Group Inc.

Late fall and winter are
when activists typically make
dropped 30% in the first quar-
ter from a year earlier, accord-
ing to an analysis by bankers
a slate of directors, according
to people familiar with the
matter. Nelson Peltz, mean-
Quick Truce contact with a company, often

privately, and depending on
the reaction, they can either
at Barclays PLC, making it the
slowest start to the year in the
past five years.
while, kicked off a proxy fight
for a seat on Disney’s board,
while Third Point LLC planned
negotiate quietly or go public “There’s less appetite for to nominate candidates at Bath
MARCO BELLO/BLOOMBERG NEWS
Continued from page B1 with demands. Proxy-voting these investors to spend a lot & Body Works.
stakes in companies and pub- season runs from roughly mid- of money, particularly in un- But these battles, along
licly pushing for changes they April to June, when most com- certain times,” said Jim Ross- with others, ultimately re-
hope will boost share prices. panies host annual meetings man, global head of share- solved themselves without go-
But lately more of the back- at which activist battles are holder advisory at the British ing the distance.
and-forth they engage in is sometimes settled with share- firm. “Everyone is being more Elliott withdrew its nomi-
taking place behind the scenes holder votes. conservative.” He expects ac- nees after Salesforce posted
as companies get more proac- Companies had been seen tivism will pick back up as better-than-expected results,
tive in making changes the in- as particularly vulnerable to deal volumes increase. Nelson Peltz backed off a fight for a seat on Disney’s board after igniting its stock, and the in-
vestors tend to favor, includ- activist onslaughts coming Andrew Freedman, a lawyer the company unveiled a reorganization and cost-cutting plan. vestor was satisfied with the
ing cutting costs and shaking into this season after new at Olshan Frome Wolosky LLP company’s commitment to
up boards. A more muted M&A rules were imposed by U.S. who works with activists, said felt very comfortable going lumina Inc., which has a mar- profitable growth and capital-
market has also resulted in a regulators requiring the use of the introduction of the univer- into contests and taking them ket value of about $35 billion. return plans.
drop in activist pushes for a so-called universal proxy sal proxy has helped smooth the distance in 2020, 2021 and There have been a number Mr. Peltz’s Trian Fund Man-
more dramatic changes involv- card in director elections, the way for more settlements. last year are a lot more wary of other aggressive advances agement LP similarly backed
ing the sale of a unit or an en- which can help lower the cost The ability of shareholders to of testing the waters today,” from activists in recent down after Disney unveiled a
tire company. of running a proxy contest. mix and match their choices Mr. Freedman said. months, particularly at big, reorganization and cost-cut-
“We’re seeing more of these “We expected to see a lot for director candidates as op- There are still a handful of well-known companies, that ting plan that sent its shares
prepackaged settlements, of proxy contests because of posed to voting entirely for fights on the docket that could fizzled. higher. Third Point said it no
where both the company and the universal proxy card one slate or another has in- go to a vote. In one of the big- A clutch of activists includ- longer plans to nominate can-
an activist try to work things change, and it just hasn’t creased the chances of an ac- gest, billionaire activist inves- ing Elliott Investment Manage- didates to the Bath & Body
out rather than going to World played out that way,” said tivist winning a seat or two in tor Carl Icahn is engaged in a ment LP, Starboard Value LP board after the retailer added
War III with all the fight let- Amy Lissauer, global head of a vote, he said. heated battle for board seats and ValueAct Capital Partners a director endorsed by the
ters in the public,” said Chris activism and raid defense at “Companies that may have at biotechnology company Il- LP piled into Salesforce. El- hedge fund.
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE
Apple Is Coming
For Your Wallet
Splashy new product offerings show that the tech giant
is charging further into the world of consumer finance
Apple Inc. hasn’t replaced your payments players, Apple’s ambi-

wallet yet, but it hasn’t given up tious plan might be ripening at just
trying. Its latest moves could put it the right time.
much closer to success. When the iPhone 6 finally
Chief Executive Officer Tim Cook brought Apple into the market for
once proclaimed that his company large-screen smartphones, it
RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS

would “forever change the way all seemed a natural gateway to also
of us buy things.” His boast was launch the company’s first payment
made in 2014, alongside the com- service, which was designed to al-
pany’s biggest product launch in low users to tap their phones on a
years—the iPhone 6. More than payment terminal to pay. But, while
eight years later, most of us are still the device was a smash hit, driving
fishing plastic cards out of our wal- annual iPhone unit sales volumes to
lets or typing numbers into a form a level Apple wouldn’t see for an-
when we shop. other six years, Apple Pay wasn’t.
But the world’s most valuable A limited number of merchants
company hasn’t given up. With the accepted the service at first, and
recent introduction of splashy new iPhone users were often still re-
financial offerings—buy-now-pay- quired to tap a PIN onto a payment
later and a high-yield savings ac- terminal. Apple Pay kept evolving, Shoppers pass an Apple Pay display at the Westfield Mall in New York City in December.
count—it is charging further into though. It became a tool for online
the world of money. Consumer shopping as well, enabling an
loans and retail purchases in the iPhone, iPad, Watch or Mac user to could eventually be used for about “The holy grail for digital wallets ever to become available for in-
U.S. add up to more than $10 tril- make a purchase without fumbling 30% of e-commerce payments, with is the ability to dominate both store taps, it could introduce addi-
lion annually—some of the few to find their card number. The pan- a low-double-digit share realistic physical purchases and e-com- tional competition for card taps and
things still bigger than selling demic brought the further, tempo- over the next three to five years. merce,” says Deutsche Bank analyst swipes. And the business seems to
.
smartphones. With the turmoil sur- rary challenge of how to use face Meanwhile, Apple has quietly Bryan Keane. be an especially attractive one for
rounding many lenders and digital authentication to authorize a pay- built a formidable presence in the Apple’s new features could help Apple: People who can afford the
ly
ment when wearing a mask; Apple physical realm—traditionally a huge that happen. Payments companies most expensive phones are likely an
has tweaked its software to accom- challenge for online payments play- have long sought to develop “super attractive population to extend
E-commerce retail sales as a modate that. ers. By one measure, Apple Pay rep- apps” that bring together their fi- credit to.
percentage of total retail sales
16%
on
After years of slow burn, this
past holiday season appears to have
been a big one for Apple Pay. E-
commerce sales in the U.S. tracked
resented about half of all payments
made with a smartphone wallet app
in stores, almost triple the share of
the next player, Google Pay, accord-
nance offerings with shopping and
other services to drive more fre-
quent engagement and encourage
the habit of using them. Apple is ar-
Payments are still a very small
slice of Apple’s gigantic pie. Ana-
lysts estimate that Apple Pay had
$1.9 billion in revenue in the com-
15 by Salesforce showed that Apple ing to a survey of U.S. consumers guably aiming to move in the other pany’s most recent fiscal year, ac-
us ,
Pay transaction volume grew 62% in conducted last June by Pymnts, a direction—starting with users’ eye- cording to consensus estimates by
l
14 the 2022 holiday season versus the payments data and analysis firm. balls then adding payments and Visible Alpha. That is about half of
e
al a
prior year, according to analysts at Still, that amounted to only other financial tools. 1% of the company’s total revenue
13
Deutsche Bank. That bumped it up about 3 cents out of every dollar The company this past week for the year.
to a 7% share of all the e-commerce spent in-store in Pymnts’s survey. In launched a savings account for But with much of Apple’s core
ci on
sales it tracked. Though that is still stores, Apple is competing not only holders of its Goldman Sachs-issued hardware businesses maturing—
12 only single digits, the move was against good old-fashioned card credit card with a 4.15% annual per- iPhone unit sales have averaged just
enough to get investors’ attention swipes and cash, but also against centage yield. Apple Card users who 2% annual growth over the past five
11 across the payments industry. so-called contactless cards that, like pay with Apple Pay get 2% or 3% years, according to Visible Alpha—
Mobile and web checkouts are a a mobile phone, can be “tapped” to cash back rewards, which can be di- the company’s business has become
er s
10 crowded landscape, with buttons pay. But the opportunity in-store is rected into the savings account. In more dependent on adding higher-
from PayPal, Amazon, Google, huge: E-commerce made up less its initial rollout, Apple Pay Later— margin services to that hardware.
1Q 2020 1Q ’21 1Q ’22
m er
Shopify, Meta and others vying for than 15% of U.S. retail sales in the a buy-now-pay-later offering—is go- Tim Cook might not have been
Note: Seasonally adjusted clicks. Bernstein analyst Harshita fourth quarter, according to U.S. De- ing to be available for online and wrong—just very early.
Source: U.S. Census Bureau Rawat estimates that Apple Pay partment of Commerce figures. in-app purchases in the U.S. Were it —Telis Demos and Dan Gallagher
m rp
Customers using the bank’s

credit cards enjoy perks and dis-
counts on Rakuten Group’s e-com- Mercedes-Benz Faces
co Fo
merce site. They can also get

higher interest rates if they link
their banking and securities ac-
counts. Rakuten Securities is one
An Uncertain Market
of Japan’s largest online brokerage
firms with more than eight million
accounts. It is especially popular The German brand reports a strong first quarter,
among the younger population.
But its parent could also be- but investors are still waiting for the great reset
KIYOSHI OTA/BLOOMBERG NEWS
come a drag. Rakuten Group’s

share price has halved in the past There was no sign of Tesla’s Mercedes-Benz’s
two years. Its massive investment price war in first-quarter results forward dividend yield
in building its own mobile network from Mercedes-Benz, but inves-
9%
n-
sank the company into four con- tors are still betting a tougher
secutive years of losses. It market will catch up with the
launched its cheap mobile service luxury brand. 8
in 2020 to compete against three Mercedes-Benz reported an
7
no
Rakuten Bank executives at the bank’s listing ceremony on Friday. large established players and so operating margin of 14.8% in its
far it hasn’t managed to deal a flagship car division, among
heavy blow to any incumbents. Ra- other quarterly highlights, after 6
A Banking IPO Makes kuten Group’s core e-commerce

business also faces strong compe-
tition from Amazon and Yahoo
the market closed on Thursday.
The surprise numbers came
ahead of its scheduled quarterly
5
A Splash in Japan
Japan, backed by SoftBank. results day on April 28, in line
4
Rakuten Bank trades at 1.7 with German law that requires it
times tangible book value, accord- to release results early if they
ing to S&P Global Market Intelli- are substantially different from 3
gence, which is much higher than the analyst consensus. For the
its traditional Japanese peers. The first time in a few quarters, the 2
Shares of Rakuten Bank jump 38% in their debut megabanks trade at around a 30%- operating margin compares fa-
to-40% discount to their tangible vorably with the 11.4% level re- 1
book values. But with more excit- ported by Tesla on Wednesday,
What banking crisis? For the still far lower than at the so-called ing growth prospects and higher which would have been 9.4% ex- 0
initial public offering of Japan’s Big Three banks in Japan. Mitsubi- returns, the premium is probably cluding regulatory credits.
2014 ’15 ’20
largest internet bank, shares are shi UFJ Financial, for example, justified. All of Mercedes-Benz’s divi-
flying out of the door. has around ¥220 trillion in depos- Japan’s internet banks offer sions reported better results Source: FactSet
Shares of Rakuten Bank, con- its. But rapid growth has put the some interesting opportunities as than expected except the unit
trolled by one of Japan’s largest e- internet bank ahead of many of the rest of the banking world is that handles car loans and
commerce companies, jumped 38% the country’s traditional lenders. still in an uproar. leases. Rising interest rates and for EVs also favor a mass-market
on their first day of trading Friday Without the need to maintain —Jacky Wong falling residual values are strategy. Mercedes-Benz isn’t
after the bank raised $627 million branches, Rakuten Bank can also squeezing profits from vehicle fi- subject to all the same pressures,
from its IPO, the biggest public of- earn higher returns. Its return on nance across the industry. The particularly since it doubled
fering in the country since 2018. common equity was 11% for the Rakuten Bank's deposit balance biggest beat at Mercedes-Benz down on the luxury end of the
And it isn’t the only Japanese fiscal year ended March 2022, ac- was in industrial free cash flow, market last year.
¥10 trillion
digital bank IPO that has been do- cording to S&P Global Market In- which came in at €2.2 billion, The stock carries a 7% divi-
ing well. Shares telligence. That 9 equivalent to about $2.4 billion, dend yield and trades for under
of SBI Sum- compares with a versus expectations of €1.2 bil- six times earnings, compared
ishin Net Bank, Rakuten Bank benefits mid-single-digit 8 lion. with 20 times for its only
which raised performance for The reality is that investors slightly more profitable cross-
$378 million from the many other the country’s 7 see the fat margins Mercedes- town rival Porsche. If Mercedes-
last month, are businesses operated by megabanks. Benz has made in recent quarters Benz can use its strong brand to
also trading The secret 6 as a transitory phenomenon get through the next few years—
38% above their its parent company. sauce for Ra- caused by the pandemic vehicle the normalizing vehicle market,
5
IPO price. The kuten Bank’s shortage. Even if transitory infla- the price wars, the expensive
two deals ac- rapid growth is 4 tion in profits can take a long shift from gas engines to EVs—
count for around two-thirds of the that it benefits from its parent’s time to subside, nobody wants to with its profitability more or less
value of IPOs in Japan this year so businesses, which run from e-com- 3 jump in before the drop. intact, it will surely be rewarded
far, according to Dealogic. merce to online securities trading. Tesla’s price cuts in recent with a much higher valuation.
The main appeal is breakneck The average number of monthly 2 months are in part a sign of the That would make its stock a buy
growth—and a higher return on active users across Rakuten Group times, as higher interest rates for the ages at today’s level.
equity than for their stodgy was more than 39 million last 1 make cars less affordable. But Given the uncertainties in an
bricks-and-mortar peers. Deposits year. Around two-thirds of the there are also specific factors at industry increasingly steered by
0
at Rakuten Bank, for example, have bank’s new accounts for the fiscal play: Elon Musk’s EV maker is the whims of Mr. Musk, though,
more than tripled in the past four year ended in March 2022 were FY2018 ’20 ’23 ramping up capacity, forcing it investors’ apparent reluctance to
years to more than 9 trillion yen, acquired through the group’s other Note: ¥1 trillion = $7.5 billion into a growth-at-all-costs strat- jump aboard is understandable.
equivalent to $67 billion. That is apps or websites. Source: the company egy, and the new U.S. tax credits —Stephen Wilmot
REVIEW
‘Microstress’ Woes Underestimated

Tiny tensions can pile The achievement
up, but there are ways of Gerald R. Ford
to overcome them C5 Books C7
CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 22 - 23, 2023 | C1
L
ast January, my agents began
submitting to publishers the
manuscript of my first novel in
nine years.
On the surface, I had reason
for confidence. Of my 22 prior
novels, 16 had been New York
Times bestsellers, and in general reviewers
had treated them kindly. My agents shared my
assessment that this one, “Trial,” was equal to
my strongest work. And like my most success-
ful previous books, it’s a law-based narrative
culminating in a murder trial.
But this novel deals with a distinctly fraught
subject, both in life and in today’s publishing
world: America’s accelerating racial discord.
It concerns the televised trial of an 18-year-
old Black voting rights worker, stemming from
the fatal shooting of a white sheriff’s deputy
during a late-night traffic stop in rural Geor-
gia. The narrative addresses charged racial is-
sues: voter suppression, the abuse of police
power, the mass exploitation of racial anxiety,
and the difficulties of Black defendants in con-
troversial cases. It’s seen through the eyes of
three major characters, two of them Black—the
defendant and his mother, a nationally promi-
nent voting-rights activist in Georgia.
I’m also a journalist and commentator, and
I understood that creating a credible, sensitive
fictional account of these subjects would de-
mand a serious journalistic commitment. Ac-
cordingly, I traveled to the state, interviewing
over 50 people, including many Black Geor-
gians immersed in the problems of race: vot-
ing-rights activists, politically engaged minis-
.
ters, community leaders, civil-rights and
Why My New Novel

ly
defense attorneys, politicians, law enforcement
officers and ordinary citizens. Because my
PHOTO ILLUSTRATION BY YASARA GUNAWARDENA FOR THE WALL STREET JOURNAL; PROP STYLING BY RUTH KIM
novel also portrays my principal female char-

on acter as a senior at Harvard in 2003, I inter-
About Racial Conflict

viewed three Black women who attended Har-
vard around that time. I also met with Nsé
Ufot, who ran the state’s seminal voting-rights
us ,
group, the New Georgia Project, and discussed
Ran Into Trouble

the harsh realities of her life and work.
l
e
Still, I had no illusions that this would im-
al a
munize me from a new phenomenon in pub-

lishing: the belief that white authors should
ci on
not attempt to write from the perspective of

nonwhite characters or about societal prob-
lems that affect minorities. My agents warned
me that I was asking for trouble with major
publishers, and I was acutely aware of the
er s
risk—most famously exemplified in 2020,

Today’s identity politics has led many in the when Jeanine Cummins, the white author of
m er
“American Dirt,” was widely castigated for the

publishing industry to insist that writers can way she depicted a Mexican mother and son
only tell stories about people like themselves. Please turn to the next page
That’s bad for fiction and for our democracy.

m rp
Mr. Patterson is a lawyer and commentator

By Richard North Patterson and the author of 23 novels, including his
latest, “Trial,” which will be published by
Post Hill Press on June 13.
co Fo
For Saner Politics,

Try Strong Parties
n-
Well-intended reforms have made the national

parties weak and ineffective—and unable to resist
no
their most extreme elements. By Gerald F. Seib
I
n the summer of 1968, then promptly made Mr. This trend, some in both
while anti-Vietnam O’Brien the party’s national parties believe, is too much
War protesters roared chairman. of what once seemed a good
through the streets of In retrospect, that conven- thing and is now contribut-
Chicago, Hubert Hum- tion marked the high point of ing to the polarization and
phrey was inside a conven- power for a national party dysfunction of America’s po-
tion hall accomplishing organization. Democratic litical system. The decline of
something that would be un- foot soldiers, outraged at the party organizations has
thinkable today: He won his control exerted by insiders, opened the way for the rise
party’s presidential nomina- compelled the creation of a of more extreme voices and,
tion without ever having en- reform commission that in- crucially, turned much of the
tered, much less won, a sin- stituted changes to democra- financing of campaigns over
gle presidential primary. tize the party, significantly to less-accountable players.
How? As the sitting vice reducing the power of its The extremes of left and
president, Mr. Humphrey leadership. right have been strengthened
simply exerted control over Today, the movement to in the process, and the center
the Democratic Party stal- weaken the national party hollowed out. Paradoxical as
warts who traveled to the structures that began in 1968 it may sound, the decline of
party’s national convention has reached its logical result: the parties has led to more
to serve as delegates. Under The power of the two na- ferocious partisanship.
the direction of political aide tional party organizations “The party organizations
Larry O’Brien, his forces used has declined so dramatically are so damn weak,” laments
rules and connections to beat that they sometimes appear Frank Fahrenkopf, former
MAX-O-MATIC
back challenges, allowing Mr. to be bystanders to a politi- chairman of the Republican

Humphrey to claim the nomi- cal system in which they National Committee. Donna
nation on the first ballot. He were once central actors. Please turn to page C4
Inside
WEEKEND CONFIDENTIAL EVERYDAY MATH LANGUAGE
Empty
Broadway director and
choreographer Susan Head What does 20/20
vision really
The sounds
we make when
Stroman thinks that for Jason Gay tries to mean? It’s a we hesitate in
people who love music, find inspiration by measure of the talking are
draining his brain’s
New York City is the best slop sink of digital smallest angle we more than just
place to be. C6 distractions. C6 can discern. C4 empty filler. C3
C2 | Saturday/Sunday, April 22 - 23, 2023 * *** THE WALL STREET JOURNAL.
REVIEW
Novelists Must Be Able to Cross ant, ignorant of the ways

of creativity and inimical
to the spirit of a pluralist
democracy. As the
derstand people, including members
of our own families, who are, in mul-
tiple ways, not like us. Indeed, one of
America’s biggest social-political
The Boundaries of Identity scholar Henry Louis

Gates, Jr., has admon-
ished: “Social identities
problems is that we too often fail to
grant this understanding to people of
different identities, making our soci-
can connect us in multi- ety smaller and meaner. One potential
ple and overlapping result of authorship based strictly on
ways; they are not pro- identity is to suppress the very same
tected but betrayed voices the censors propose to am-
when we turn them into plify—in my novel, those of the Black
silos with sentries. The Georgians who shared with me their
freedom to write can own lived experience of injustice.
thrive only if we protect For me—and, I’m confident, for
the freedom to read— my readers—the lives of the dispa-
and to learn.” rate characters I’ve portrayed over
Such “silos with sen- the years are far more edifying than
tries” allow a presump- those I would have created had I
tive authenticity of voice continually rewritten my own life.
to override the other ele- By seeking out new experiences and
ments of good fiction: acquaintances to fulfill my obliga-
story, characterization, tion to my characters and my read-
dialogue, descriptive ers, I try to make a modest contri-
power, a sense of place, bution to our societal stockpile of
richness of language, empathy and compassion.
psychological acuity, au- If we are to have the robust liter-
thorial curiosity and, as ature a free society deserves, no one
necessary, assiduous re- should claim the right to limit au-
search. More than that, thorial citizenship based on race,
they deny the essential gender, sexuality or politics. Au-
engine of literature, in- thors aren’t like applicants compet-
deed, of compassion: the ing for the same job. Nor is fiction
capacity to imagine lives fungible. Each novel is its own cre-
beyond our own. ation, unique to its author—it exists
For Zadie Smith, this only because that author imagined
is too much. “What in- it. If a particular author is allowed
sults my soul,” she to publish a book, it hardly means
writes, “is the idea…that that a different book by some pre-
we can and should write sumptively more suitable author
Continued from the prior page literature. After the publication in called my agent hours after receiv- only about people who are funda- will not be published. Publishing is
struggling to cross the U.S. border. 2007 of my novel “Exile,” a best- ing the manuscript, saying that she mentally ‘like’ us: racially, sexually, not a zero-sum game.
As the British novelist Zadie Smith seller about the Israeli-Palestinian adored it. All she had to do, she genetically, nationally, politically, We certainly must confront the
.
observed in 2019, “The old—and conflict, I received copious mail added, was to consult the young personally. That only an intimate au- woeful lack of diversity in publishing
FROM TOP: PHOTO ILLUSTRATION BY YASARA GUNAWARDENA FOR THE WALL STREET JOURNAL; PROP STYLING BY RUTH KIM. PATRICK MCMULLAN/GETTY IMAGES.
ly
never especially helpful—adage from Jewish readers thanking me people who worked for her. That thorial autobiographical connection houses and, even today, among au-
‘write what you know’ has morphed for moving them to see average Pal- ended that. with the character can be the right- thors. But when a publisher rejects a
into something more like a threat: estinians in a different way. It did Not once did anyone suggest that ful basis of fiction. I do not believe book based primarily on the author’s
‘Stay in your lane.’”
One might have expected writers
and publishers to protest, not in de-
fense of any particular book but of
on
not seem to matter that I was nei-
ther a Palestinian nor a Jew, only
that I had done the work of travel-
ing to Israel and the West Bank, in
any aspect of the manuscript was
racially insensitive or obtuse.
Rather, the seemingly dominant sen-
timent was that only those person-
that. I could not have written a sin-
gle one of my books if I did.”
Imagine a novel centered on a
white man and a Black woman. Is it
racial identity, it undermines the
empathy among diverse people nec-
essary to a humane commonweal.
If the preemptive censors tri-
us ,
the process interviewing ally subject to discrimination could without value if written by a white umph, there will be fewer books to
roughly 100 people. No be safely allowed to depict it author? Must it be written by co-au- read, not just those that are canceled
l
e
reader or reviewer raised through fictional characters. Luckily, thors, one white and one Black? Or, but those never written for fear of
al a
the question of my iden- I found an independent publisher to ensure authenticity of voice, must cancellation. Consider the plight of a
tity at all. prepared to brave the new dispensa- they be a white man and a Black gifted young writer driven to base a
ci on
But in 2022 my agents’ tion, so readers and critics can woman? Do the mandates of “lived first novel in an identity different
foreboding was realized. judge the book for themselves when experience” mean that novelists can- from their own—a novel that might
The manuscript of “Trial” it comes out this June. not write about anything beyond then be quashed along with the po-
was rejected by roughly Some readers may wonder themselves? tential for a literary career. How
20 imprints of major New whether other publishers simply If we choose to portray diverse badly will their hopes of publication
er s
York publishers. A num- didn’t like the book. Literary tastes characters, our singular obligation is be diminished depending on their
ber of them found it im- vary, so I certainly don’t insist that to understand them as deeply as we identity? What chances will they de-
m er
pressive; several opined every rejection necessarily reflected try to understand ourselves, hum- cide not to take in order to keep on
that it evoked my best the explicit comments about my bled by the awareness that the more writing? And how would the rest of
work. Nonetheless, my identity I cite above. their experiences transcend our us know that our potential reading
ethnicity was now deeply But the issue isn’t really my book own, the more work we must do. Yet was poorer for it? The last thing we
m rp
problematic. or me—I’ve had a long, productive the better we do it, the more we en- need is an anodyne literature of tim-
One publisher re- career and have no wish to be the rich the broader stream of literature. orous self-contemplation.
sponded that I would be aggrieved white guy decrying so- This is the spirit that today’s lit- It is time for the literary commu-
The author, Richard North Patterson, in “rightly criticized” for called reverse discrimination. The erary censors would strangle in the nity at large to reject a creative seg-
New York City, April 2008. writing the book; another core question applies to anyone who crib. By red-lining literature into regation that reflects the ills of a
co Fo
that she only cared to dares to write fiction: Should empa- ethnic neighborhoods, they betray society too often riven by fear, an-
hear on such subjects thy and imagination be allowed to an incomprehension of both fic- ger and polarization. The way for-
literature itself. Isn’t one purpose of from “marginalized voices”; an- cross the lines of racial identity? tional creativity and human charac- ward is by fostering understanding
literature to inspire readers to see other, more colorfully, that I was This goes to the heart of what kind ter: to write about any character across the lines of identity, not by
“the other” differently? But too “too liberal for white people and too of literature we want, and what kind whatsoever is, inevitably, to step subordinating capaciousness of
many novelists have bowed to the white for Black people.” Others wor- of society we aspire to be. outside ourselves. Whatever our ori- spirit to the defensive crouch of
new ideology of identity authorship, ried that this wasn’t the right book People are free to dislike any book gin, we are each the product of infi- tribalism. Literature should expand
and too many publishing houses for my re-entry into fiction after on whatever basis they choose. But nite experiences, and no two of us our humanity, not shrink it.
have become its enforcer. nearly a decade. The head of one to repress books based principally on are alike. Let writers write and readers
This is a sea change in American major publishing conglomerate authorial identity is illiberal, intoler- We spend our lives trying to un- choose.
n-
Tocqueville’s These initial observations

informed Tocqueville’s later
Portrait of Alexis de
Tocqueville by Theodore
no
Brutal Algeria
recommendations on French Chasseriau, 1850.
policy. To create a populous
and flourishing colony in Al-
geria, he argued, French set- ployed and idle into patriotic
tlers should enjoy the same and productive settlers.
rights and legal protections Lastly, while Tocqueville did
The author of ‘Democracy in America’ called as the citizens of mainland not endorse a theory of ra-
France. The exercise of arbi- cial superiority, like many of
on France to follow a policy of conquest and trary government and the ex- his contemporaries he be-
repression in its North African colony. cessive power of the military lieved that European civiliza-
had to be ended. tion was superior to the
Much less liberal and con- Muslim civilization he stud-
BY JEREMY JENNINGS tempt to create an overseas French ciliatory in tone were Tocque- ied in the Quran and wit-
A
Empire. Starting in 1839, resistance ville’s remarks on how the in- nessed on his travels. French
lexis de Tocqueville’s from the indigenous Arab and Berber digenous population was to be rule would be enlightened
trip to the United population led France to respond treated. He argued that France rule, and all Algerians, in-
States in 1831 is one with brutal suppression, embarking had to complete the process cluding the indigenous popu-
of the most famous on a policy of full territorial conquest of colonization as quickly as lation, would ultimately ben-
journeys in the his- and intensive colonial settlement. possible. He wrote that he had efit from it.
tory of political thought. As he re- Tocqueville was attracted by the often heard complaints about In fact, France’s Algerian
corded in “Democracy in America,” possibilities of a French presence in the French in Algeria—that colony was maintained only
he found a flourishing and stable North Africa. As early as 1837, he “we burn harvests, that we empty si- ville wrote, pointing to the U.S. as at enormous financial cost, and mili-
society characterized by an “equal- wrote that he had no doubt France los, and finally that we seize un- an example: “The Europeans in tary resistance to French rule con-
ity of conditions” (among white would “be able to raise a great armed men, women and children.” North America ended by pushing tinued into the first decade of the
Americans) and the pursuit of “self- monument to our country’s glory on These, he countered, were “unfortu- the Indians off their territory.” 20th century. The colonial project
interest well understood.” This the African coast.” He wanted to see nate necessities,” to which any colo- Here was a history of conquest that Tocqueville supported in the
was Tocqueville’s only visit to the the country for himself and pre- nial power “is obliged to submit.” “I that the French should not seek to 1830s finally came to an end in 1962,
U.S.; he watched the country’s slide pared meticulously for his first visit believe,” he continued, “that the right repeat. when Algeria achieved indepen-
into civil war from a distance. to Algeria in 1841, accompanied by of war authorizes us to lay waste to Still, Tocqueville did not lessen dence, leading thousands of French
America, he wrote in 1856, had his travelling companion in Amer- the country.” his support for the creation of a settlers to flee back to France.
come to disappoint all of the ica, Gustave de Beaumont. In later years, and especially after French Algeria. The judgment he Tocqueville may have been pre-
“friends of democratic liberty.” As in the U.S., Tocqueville was a his second visit to Algeria, Tocque- displayed as attentive and obser- scient about democracy in America,
Yet Tocqueville continued to tireless investigator, travelling far ville showed greater concern for the vant commentator on America de- but like many other Europeans he
travel until his death in 1859. The and wide, interviewing as many well-being of the Arab population. serted him in Africa. Why? misjudged both the ease of estab-
country that preoccupied him from people as he could, always taking War alone, he recognized, would not Three reasons stand out. lishing a colonial empire and
the late 1830s onward was Algeria, extensive notes. But in contrast to be sufficient to consolidate French First, Tocqueville felt the sense of the benefits that would follow.
France’s most important African America, what he saw in Algeria conquest. For pragmatic reasons, national humiliation visited upon
colony, which he visited in 1841 and was far from pleasing to him. Be- the colonial administration needed France after the fall of Napoleon. Mr. Jennings is Professor of Politi-
1846. Tocqueville’s writings about neath the beauty of the scenery and to establish a community of inter- To become a great power again, cal Theory at King’s College Lon-
Algeria are the most controversial the exoticism of the surroundings, ests between the indigenous popula- France needed an empire. Second, don. This essay is adapted from
part of his legacy. he perceived a military regime that tion and the settlers. he believed that, if properly man- his new book, “Travels With
GETTY IMAGES
French military involvement in Al- acted with obvious contempt not “Civilized peoples often oppress aged, Algerian colonization could Tocqueville Beyond America,”
geria began in 1830, and from the only for the Arab population but and dispirit barbarous peoples by benefit France’s own population published by Harvard University
outset, some critics opposed the at- also for the French settlers. their mere contact,” Tocque- and economy, by turning the unem- Press.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 22 - 23, 2023 | C3
REVIEW
Our Hesitations in Speech

time while keeping the conversa-
tional ball in our court. This helps
explain the finding that filled
pauses occur more often in conver-
Are Much More Than Filler

sation than in constrained formats
such as lectures or speeches. When
we are involved in back-and-forth
chitchat, we have to pay more at-
tention to what are called “turn
transition cues,” places where a
speaker is signaling it’s our turn to
Equivalents of ‘um’ and ‘uh’ appear in most languages, suggesting that such ‘filled pauses’ jump in. By filling these pauses with
play an important role in cognition and communication. um or uh, I am announcing both
that I am doing some
pretty hefty cognitive re-
trieval and that you
should give me space to
finish my thought.
In the early 2000s,
psycholinguists Herbert
Clark and Jean Fox Tree
proposed that ums and
uhs should be treated as
words themselves, simi-
lar to interjections like
wow or oh. This may not
seem like a big deal, but
it has consequences for
the type of linguistic be-
havior that we would ex-
pect from filled pauses
and for how they would
be cognitively stored and
processed. For instance,
we would expect them to
use sounds that already
exist in a specific lan-
guage (they do), to have
specific points in syntac-
tic structure where they
tend to occur (often
true) and to vary in form
across languages (ditto).
.
Profs. Clark and Fox
ly
Tree also wondered why
filled pauses usually
come in two forms. Is
on there a difference in how
we use um and uh? They
theorized that the fillers
communicated informa-
us ,
tion to a listener about

how long a delay to ex-
l
e
pect. In one 1990s study,
al a
college students were

asked to give one-word
ci on
answers to questions
BY VALERIE FRIDLAND these vocalized pauses might be Research has also discovered that sentence—as speakers work about various topics, such as what
W
more useful than they appear, for we fill our pauses more often when through the words they will choose sport awards the Stanley Cup. The
hen your Ama- both speaker and listener. we are choosing among competing and the structure of the sentences students often used an um or an uh
zon Alexa or For something so maligned, we word options. One study compared they will create—further supports before answering, and the choice of
er s
Google Assistant use FPs quite a bit. It has been esti- filled pauses during lectures in the this conclusion. So it’s not such a filler seemed to indicate how long
asks you if you mated that they constitute about 6% hard sciences versus the humani- surprise if um and uh pop into our the student thought it would take to
m er
want the of what comes out of our mouths ties. The humanities came out on speech when it’s our turn to talk in answer, with um preceding longer
weather forecast, it’s not only what during spontaneous speech. Filled top, but not because humanities lec- meetings or when we’re called on delays than uh did.
they say that alerts us to their non- pauses are also universal. They exist turers are longer-winded by nature. by a teacher. It takes some time to Following up this lead, Profs.
human nature, but what they don’t in most languages, usually in more In fact, when the lectur- formulate what we Clark and Fox Tree examined a vari-
m rp
say. The halting ums and hesitant than one form: English’s uh and um ers were talking about are going to say, and ety of spontaneous speech collec-
uhs that pop into our frequent are matched by eh and ehm in subjects other than their
English’s the topics we are tions and discovered that um gener-
pauses are absent from a com- Dutch, euh and euhm in French, and field of study, there was uh and um talking about are of- ally occurred before longer speech
puter’s text-to-speech-based deliv- eh and ano in Japanese. no difference between ten complex and re- delays than did uh. In other words,
ery, at least for now. Google re- Such ubiquity strongly suggests scientists and humanists.
are matched quire specialized vo- we use uh to indicate our listener
by euh and
co Fo
cently unveiled a voice AI that could that filled pauses are serving a Instead, the reason cabulary. has to wait a second or two for an
fill pauses with the best of them, re-
sulting in more natural-sounding
function. One theory holds that,
during cognitive processing, they
seems to be that science
has a more limited and
euhm in If pauses are just
a symptom of in-
answer, while um indicates they
need to be even more patient. A
conversation. occur when we are searching for constrained vocabulary French and creased cognitive filled pause appears to convey in-
In linguistics, um and uh are re- certain words or crafting impres- than the humanities. eh and ano load, however, why formation at a meta level, over and
ferred to as filled pauses or FPs, sively long sentences—that is, when When a lecturer talks don’t we pause si- above the specific content of a sen-
also known as hesitation markers. our brain needs time to catch up to about E=mc2, there’s not in Japanese. lently? Why fill tence. It makes you wonder just
They are typically taken as signs our mouth. In this view, ums and a ton of room for word them with um and what other helpful hints our verbal-
that a speaker is encountering some uhs are unintended verbal output choice, but discussing the circles of uh? Some linguistics researchers ized pauses might be providing.
sort of trouble getting out what that escapes at moments of diffi- hell in Dante’s “Inferno” lends itself believe that filled pauses aren’t
they want to say—pondering what culty, much like those words you to a richer vocabulary with more only related to speech processing Dr. Fridland is a professor of
to say next or trying to remember shouldn’t say in front of your chil- opportunities for word choice. tasks but are a communicative linguistics in the English
n-
the name of a new co-worker. For a dren after smacking your head on The harder we have to think strategy. In this line of thinking, we department at the University of
long time, linguists treated filled the door frame. Support for this about formulating what we say, the use filled pauses instead of silent Nevada, Reno. This essay is
LIAM EISENBERG
pauses as pretty much the same as view comes from studies that found more we show signs of this cogni- ones precisely because we want to adapted from her new book, “Like,
silent pauses, rather than as any that filled pauses are more frequent tive effort by using um and uh. The convey a message to our conversa- Literally, Dude: Arguing for the
no
kind of meaningful communication. before complex syntactic structures fact that we find a very high rate of tional partner. Good in Bad English,” published
But recent research has found that and difficult vocabulary items. filled pauses at the beginning of a Um and uh also buy us some this week by Viking.
When non, the chatbot told me the

term was “first coined by the
up in a 2018 conference paper
by AI researchers working with
Chatbots linguist Hans Jakobsen in 1922.”

Needless to say, there has never
been a prominent linguist
Google, “Hallucinations in Neu-
ral Machine Translation,” which
analyzed how automatic trans-
(and named Hans Jakobsen (although
a Danish gymnast with that
lations can produce results ut-
terly divorced from their inputs.
WORD ON
THE STREET People) name did compete in the 1920
Olympics).
I spoke to the paper’s lead
author, Cornell University re-
BEN
ZIMMER See What When the text generated by
chatbots goes off the rails and
becomes unmoored from reality,
search scientist Katherine Lee,
who acknowledged that while
“hallucination” is handy short-
Isn’t There AI researchers call the results
“hallucinations.” In an interview
hand for “untethered” text gen-
eration, its widespread use in
last weekend on CBS’s “60 Min- AI discussions has been prob-
utes,” Google CEO Sundar Pichai “hallucinate” have their origins Psychologists would go on to lematic. “The word itself has
IF YOU’VE PLAYED AROUND recognized the perils of AI hal- in the Latin word “alucinari,” catalog hallucinations affecting gotten different critiques,” she
with any of the latest artificial- lucinations in developing lan- which can mean “to wander in other senses as well. Hallucina- said, primarily that “we are an-
intelligence chatbots, such as guage models like the one that the mind,” “to dream” or “to be tions are attributed to causes thropomorphizing the models
OpenAI’s ChatGPT or Google’s powers Bard. “No one in the deceived.” In English, starting including sleep deprivation, by saying that they halluci-
Bard, you may have noticed field has yet solved the halluci- in the mid-17th century, “hallu- mental disorders and drug use. nate.” Ms. Lee says that she
that they can confidently and nation problems,” Mr. Pichai cination” could refer to the ap- In the 1950s, when researchers now feels that “hallucination” is
said. “All mod- parent perception of an object studied the effects of psyche- “not the best word” and would
[Hallucination]
els do have this when no such object is actually delic drugs like LSD, they called be happy for someone to coin a
as an issue.” present. them “hallucinogens,” or pro- better alternative.
But how did The term appeared in a ducers of hallucinations. University of Washington
a word used for widely read scientific work pub- In the field of AI, computer computational linguist Emily M.
illusory human lished by Thomas Browne in scientists seized on “hallucina- Bender agrees, noting that the
perceptions get 1646, “Pseudodoxia Epidemica.” tion” as a metaphor as lan- term “suggests that the lan-
authoritatively generate state- applied to computer-synthe- (Browne’s work helped popular- guage models grew more so- guage model is having percep-
ments that are flat-out wrong. sized responses? And is this ize science and also featured phisticated. In a 2015 blog post, tions and experiences.” While
For instance, I asked Bard “hallucination” talk counterpro- early appearances of “medical,” Andrej Karpathy, a founding alternatives like “synthesized
about “argumentative diph- ductive, encouraging the notion “pathology” and “computer.”) member of OpenAI, wrote about ungrounded text” might be a
thongization,” a phrase that I that such responses are coming Hallucination occurs when a how models can “hallucinate” mouthful, they avoid the pitfalls
JAMES YANG
just made up. Not only did it from a conscious (if disordered) person’s vision is “depraved” text responses, like making up of imagining that AI systems
produce five paragraphs eluci- mind? and “receives its objects erro- plausible URLs and mathemati- have human perceptions, hallu-
dating this spurious phenome- “Hallucination” and the verb neously,” Browne wrote. cal proofs. The term was picked cinatory or otherwise.
REVIEW
EVERYDAY MATH
EUGENIA CHENG
Weaker Parties Have Inflamed Partisanship
What
20/20 Vision
Really Means
A FRIEND OF MINE
recently had laser eye
surgery, after which he
was declared to have
“20/15 vision.” I was
surprised by this way of describing
vision that is even better than
20/20 and realized that, despite
wearing glasses since the age of 4,
I’ve never thought about what
20/20, or indeed my eyeglass pre-
scription, means.
It turns out that 20/15 is not de-
scribing left and right eyes, nor
does it represent a score of higher
than 100%. Informally, 20/15 means
that at a distance of 20 feet you
can see what an average person can
see at a distance of 15 feet. This
means you can see somewhat better
than average. Thus 20/20 isn’t a de-
scription of perfect clarity of vision
but of average vision for humans.
Comparing something to an aver-
age is not very stable, of course. It
would mean something different
whenever the average changes—for In an Aug. 6, 2015 debate, Donald Trump declined to pledge not to run as an independent if he failed to win the Republican nomination.
instance, if for some reason human
eyesight deteriorated over genera-
tions. But the numbers also refer to Continued from page C1 “extremist candidates and a com- matically weakened state and local parties from raising large amounts
a technical definition of visual acu- Brazile, a former Democratic na- plete undermining of the political- party organizations, which had of money and spending it on pro-
ity that is much more precise, using tional chairwoman, says that “over party process,” says Rep. Debbie played a big role in screening can- grams to build the party and indi-
angles to measure it. the years, the parties have been Wasserman Schultz, another for- didates and choosing delegates to rectly help campaigns. To prevent
.
The basic principle is that in or- weakened by the new landscape mer Democratic chairwoman. attend the presidential nominating outside money from finding an-
ly
der to detect an object visually, our where super PACs and other dark The decline of the parties is conventions. other route into the system, Mr.
eyes have to distinguish its edges. money forces have a stranglehold.” particularly evident at the state In the decades that followed, a Ginsberg suggests stipulating that
If the object is very large, its edges Changing this situation won’t and local level. As political debates series of legal changes intended to individual candidates could only
will be very far apart, making it
easier to detect than if it’s very
small and the edges are close to-
gether. Also, if the object is close
on
be easy. It would require a biparti-
san effort to reverse some well-
meaning reforms of recent de-
cades.
have become more nationalized in
the modern media age, the re-
sources the parties do retain in-
creasingly flow up to Washington
take big money out of politics
made matters worse: Instead of
stemming the flow of money, they
simply diverted it away from party
raise money from within their own
state or congressional district.
Second, the law could be
changed to significantly lift cur-
us ,
up—and thus appears bigger—it Few advocate a return to the and not down to local parties. That organizations. Most dramatically, rent limits on so-called “coordi-
will be easier to detect than if it is old days when a handful of party leaves the parties “organizationally in 2002, the McCain-Feingold fi- nated spending.” Coordinated ex-
l
e
far away. insiders made key decisions in weak, with nonexistent engage- nance-reform law eliminated the penditures are funds a party
al a
The geometry of this relates to smoke-filled backrooms. That pro- ment at the local level, which parties’ ability to raise and spend committee pays for goods or ser-
the concept of perspective and the cess often shut out actual voters. deeply hinders their ability to re- unlimited amounts of money—so- vices needed by a campaign, with-
ci on
reason that nearer objects appear But in an ideal world, the two cruit and train party workers and called “soft money”—for party- out giving money directly to the
bigger to us. Our eyes detect rays national parties still would func- candidates,” concluded a recent re- building activities. The theory was candidate. Current federal law lim-
of light landing on our retina from tion as the adults in a more open port in the Columbia Law Review. that such money was being used its a party’s coordinated expendi-
different directions. The rays of political space—vetting candi- As a result, even while activists to indirectly support candidates as ture for most House nominees to
light coming from the edges of an dates, providing transparent fund- of the left and right rail against a way around legal limits on cam- $59,400.
er s
object that’s close up will have a ing for campaigns and making the “political establishment,” paign donations. A report on strengthening the
much wider angle between them sure responsible leaders are heard. there’s no real establishment to The law tried to stop that parties from the Brennan Center
m er
than if the same object is moved They would give a voice and a speak of. In the last two presiden- money from finding other avenues for Justice at the New York Uni-
further away. For a far-off object to home to millions of Americans in tial campaigns, the most promi- into campaigns by limiting the versity School of Law several
make the same angle on our retina, the center of the political spec- nent candidates at points were Mr. ability of corporations, unions and years ago agreed with those
it would have to be much bigger. trum who are neither activists nor Trump on the Republican side and independent organizations to changes but also advocated using
m rp
ideologues but who nonetheless Sen. Bernie Sanders on the Demo- make direct expen- public funds to
want a seat at the table. cratic side, even though Mr. ditures on behalf of match small dona-
Traditionally, political parties
have provided three big M’s for
Trump had spent as much time as
a registered Democrat or indepen-
candidates.
then the Supreme
But Too much of tions made to the
parties.
candidates and campaigns: mobili- dent in prior years, and Mr. Sand- Court’s 2010 deci- what once In addition, the
co Fo
zation, message and money. Today, ers wasn’t technically a Democrat sion in the Citizens seemed parties themselves
a combination of technology and at all but rather an independent. United case de- could reduce the
legal changes has sapped the par- In both parties, moderates hoped clared that such re- a good power of candi-
ties’ power in all three areas. “party leaders” might devise a strictions on out- thing now dates to sway pres-
The parties’ role in mobilizing strategy to stop them, only to dis- side actors were idential primary
foot soldiers at the local level has cover there were no leaders with unconstitutional.
contributes to elections by win-
been taken over to a large extent the clout to do so. With that, the polarization. ning only a small
by social media, while their role in And while it’s true that law- undermining of the share of the vote.
vetting candidates has been sup- makers in Congress often vote in parties’ financial That would require
TOMASZ WALENTA
planted by primary elections in lockstep with one another, they power was complete; they were Republicans to do what Democrats
which the barriers to entry are seldom do so because of some co- shackled by law and court deci- already have done: Switch from
low and extreme candidates often herent set of party principles. The sion, while outside groups were winner-take-all presidential prima-
n-
stand out. more powerful motive is fear of unshackled. Into the void have ries, where a candidate who wins
At the same time, the parties’ crossing the most strident activ- stepped outside advocacy groups only, say, 30% of the vote in a
What matters to our vision is traditional role in laying out a ists back home. such as the conservative Club For state primary can get 100% of the
neither the size of the object nor governing agenda has atrophied. This state of affairs exists in Growth, which pumped $81 mil- state’s delegates to the nominating
no
the distance by themselves. Rather, On the Republican side, Donald part because of the law of unin- lion into campaigns in the last cy- convention, to a system that
it’s the angle that the edges of an Trump ran almost as an indepen- tended consequences: A series of cle, according to OpenSecrets.org awards delegates proportionally.
object make on our retina, which dent in 2016, by using his personal well-intentioned reforms brought data. Meanwhile, wealthy individ- Republicans also could follow
takes into account the trade-off be- megaphone rather than the party about some desirable changes, uals wield their checkbooks as the Democrats’ example and have
tween the size of the object and apparatus to define a candidacy but their boomerang effects have they see fit. Liberal financier party leaders appoint a substantial
how far away it is. that jettisoned traditional GOP po- contributed to undermining the George Soros put $176 million into number of “superdelegates”—
The question for measuring our sitions. In 2020 he simply dis- parties. campaigns in the last election cy- mostly current officeholders—to
visual acuity, then, is this: What is pensed with the traditional prac- The commission that Demo- cle. the nominating convention
the minimum angle our eye can de- tice of having his party write and crats set up after the 1968 elec- There also has been an explo- (though Democrats moved in the
tect? That answer is called the Min- approve a platform at its national tion—called the McGovern-Fraser sion of candidates raising funds opposite direction in the 2020 cy-
imum Angle of Resolution, or MAR, convention. Democrats wrote a Commission, after its chairmen— online from small donors, many of cle by reducing the power of such
measured in arcminutes, which are platform, but for many it was soon effectively stripped party leaders them activists who back candi- delegates).
each 1/60th of a degree. A little forgotten as moderates and proof the power to steer presidential dates not because they live in Would such reforms make a dif-
trigonometry translates one arc- gressives moved ahead on some- nominations and turned the pro- their states or districts but for ference? Would empowering the
minute to a height of around 1/16 of times divergent paths. cess over to primary elections. ideological reasons. This online party organizations produce more
an inch at a distance of 20 feet, but Most important, the parties’ While that succeeded in giving fundraising power has fueled the moderate or mainstream cam-
the fraction of an inch isn’t what critical mission of providing more voice to voters, it also dra- rise of young members on the paigns and candidates? Probably
matters. This level of acuity—one money to candidates has outer wings of both par- not, if control of the Republican
arcminute—has been designated as been eclipsed by independent ties—including Rep. Alexan- power structure was seized by
the baseline 20/20, or average. outside groups, ultrawealthy dria Ocasio-Cortez among Trump supporters and the Demo-
The description “20/15 vision” individual donors and online Democrats and Rep. Matt cratic structure by Sanders sup-
can then be given a direct geomet- fundraising, all of which are Gaetz among Republicans— porters. But these outcomes may
ric meaning. A little more geometry as likely to reward extreme and in the process weak- not be so likely. Polls show that, in
with triangles shows us that some- candidates as centrist ones. ened party leaders. the aggregate, Republicans and
one with 20/20 vision would need Data compiled by the non- How to fix the parties? Democrats are more moderate
the object to be 20/15 bigger (a ra- partisan OpenSecrets.org il- The most important than the activist voices currently
tio of 4/3) than someone with 20/15 lustrate the trend. Over the changes would bolster their at the forefront.
FROM TOP: BRIAN SNYDER/REUTERS; CHIP SOMODEVILLA/GETTY IMAGES
vision. Conversely, someone with last 20 years, spending by power to finance campaigns The big question is whether the
20/15 vision can detect things that party organizations has risen and curb the influence of two parties could come together
are three-fourths the size that a 24%, to $2.5 billion per two- outside groups. “You’ve got to agree on changes. Mr. Ginsberg
person of average sight can. year election cycle. Over the to reverse the current sys- thinks it’s possible. “Nobody
A curious, and potentially con- same period of time, spend- tem, where outside groups thinks the current system is work-
fusing, thing is that we compare ing by outside groups has have money throughout the ing,” he says. “There is universal
most fractions by choosing a com- shot up 70-fold, from $27.7 [election] cycle and set the agreement about that. You’ve got
mon denominator (the bottom num- million in 2002 to just under agenda,” says Ben Ginsberg, to look at some solutions and
ber in the fraction). But for vision, $2 billion in the 2022 cycle. a longtime Republican elec- trade-offs.”
we fix the numerator (top number) The once-enormous gap be- tions lawyer. “I would make
so that the first number is always tween party spending and parties the main source of Mr. Seib retired last year as the
20 and the second number is the outside spending is disap- funding.” Journal’s executive Washington
one that varies. pearing. Two changes to existing editor and weekly Capital Jour-
What I’ve learned, as a lifelong The flow of outside laws could make that hap- nal columnist. He has served
beneficiary of these calculations, is money, frequently so-called Former Democratic national pen. The first would be to most recently as a fellow at the
that there’s more to measuring vi- “dark money” from undis- chairwoman Donna Brazile, in reverse the reforms of Mc- Robert J. Dole Institute of Poli-
sion than meets the eye. closed donors, has resulted in Washington, D.C.. in 2019. Cain-Feingold that stopped tics at the University of Kansas.
REVIEW
HISTORICALLY SPEAKING
BY ROB CROSS
AMANDA FOREMAN
AND KAREN DILLON
H
ave you had days
that exhaust you
The Search for
e x t ra o r d i n a r i l y
without any partic-
Better Weapons
ular reason why?
There’s no traumatic event or un-
Against Pests
pleasant encounter that stands out,
no urgent work deadline or health IT’S THAT TIME of year
issue weighing on you, nothing again, when the birds
hovering in the background that are tweeting, the trees
you failed to take care of at home. are greening, and the
Yet you feel anxious or beaten air is pungent with pes-
down just the same, and perhaps ticides. You don’t need to have read
worse, you have no idea why. Rachel Carson’s “Silent Spring” to
There’s a common but little-un- be wary of shooting up Mother Na-
derstood reason for that exhaus- ture with toxic chemicals. But pesti-
tion. We call it “microstress”— cides exist for a reason: A third of
brief, frequent moments of the world’s cereal production would
everyday tension that accumulate disappear without them.
and impede us even though we The Mesopotamians realized the
don’t register them. Unlike stress necessity for pest control as early
triggered by a notable anxiety- as 2500 B.C.E. They were fortunate
producing event (a sharp conflict to have access to elemental sulfur,
with a friend or colleague, a which they made into a powder or
health scare), microstress is hard burned as fumes to kill mites and
to spot because it is baked into insects. Elsewhere, farmers experi-
our daily lives. And often it ar- mented with biological weaponry.
rives through the people closest to The predatory ant Oecophylla
us, making it more difficult to ei- smaragdina feasts on the caterpil-
ther admit or avoid. lars and boring beetles that destroy
Combating the
Our own recent research, which citrus trees. Farmers in ancient
included in-depth interviews with China learned to plant colonies next
300 successful people working at a to their orange groves and tie ropes
range of companies, helped us un- between branches, enabling the ants
‘Microstress’ That
cover the invisible toll of mi- to spread easily from tree to tree.
crostress. We initially set out to The scientific breakthroughs of
determine how these high per- the 17th century, such as the com-
formers build and sustain net- pound microscope, made the natural
Causes Burnout
works, but we soon noticed some- world more intelligible and there-
thing else going on. Contrary to fore controllable. By the 18th cen-
.
how their employers saw them, tury, a farmer’s arsenal included
ly
many felt on the verge of burnout, nicotine, mercury and arsenic-based
suffering from a constant pulse of insecticides.
difficulties that few of them had But the causes of fungal blight
recognized.
What does microstress look
like? At work, it can stem from a
disagreement in a meeting that
on
Small moments of anxiety can pass almost beneath our notice, but
they add up and take a toll. There are ways to manage them.
remained a mystery. In 1843, the
pathogen behind potato late blight,
Phytophthora infestans, jumped
from South America to New York
us ,
you sense but remains unspoken, a and Philadelphia, and then crossed
colleague who routinely drives in- Like more familiar forms of do they do differently? tions with a variety of social the Atlantic. Ireland had all the in-
l
e
cremental work back to you, or fre- stress, microstressors can increase First, they’re better at removing groups. Those contacts can be cen- gredients for an agricultural catas-
al a
quently shifting expectations from our blood pressure and heart rate, themselves from interactions that tered around athletic pursuits, vol- trophe: cool, wet winters, water-re-
your boss. At home, it could come or trigger hormonal or metabolic generate microstress in their lives, unteer work, civic or religious taining clay soil, and reliance on a
ci on
from hearing about a family mem- changes. One study published in whether or not they realize the dy- communities, book or dinner single potato variety as a food sta-
ber habitually forgetting to take the journal Biological Psychology namic. Ten Percenters are more clubs, and so on—as opposed to ple, combined with the custom of
their medicine or a text from your in 2015 found that exposure to so- likely to shape these interactions close friends and family who are
child about a problem that turns cial stress within two hours of a by dealing with simmering dis- more likely to sometimes be
out to be momentary. meal leads your body to metabo- agreements head-on or by limiting sources of tension.
er s
Those original sources of mi- lize the food in a way that adds 104 such contacts. Outside of work, for These groups create diversity
crostress may be quickly forgotten, calories on average. “If this hap- instance, if a drinking friend tends in people’s worlds, which helps
m er
but they trigger secondary conse- pens daily, that’s 11 pounds gained to overindulge, the Ten Percenters them to see and think about their
quences that can last. Consider the per year,” noted Lisa Feldman Bar- would be more likely to start sug- lives from many angles, It keeps
ripple effects when we briefly ex- rett, a psychology professor at gesting going to the movies as an our Ten Percenters from getting
change curt words with our part- Northeastern University and au- outing. They take charge, in other mired in the weeds of inconse-
m rp
ner in the morning about some in- thor of “Seven and a Half Lessons words, rather than let inertia ex- quential stresses. One highly re-
consequential chore or task. By the About the Brain.” tend the source of microstress. garded neurosurgeon, for in-
time we return home that night, all The people we’re closest to, at That’s important because de- stance, was delighted that he had
may be forgiven, but meanwhile it work and home, can trigger mi- cades of social science research joined a local weekend rock band
has likely had a subtle impact on crostress in a way that strangers shows that the negative interac- with much younger musicians,
co Fo
THOMAS FUCHS
our workday in terms of distrac- might not. Studies have shown that tions in our lives have up to five people who he would otherwise
tion or mood. the expression “I feel your pain” is times the psychological impact of have been unlikely to meet or
Our brains are wired to re- not hyperbolic. Researcher Tania the positive—and call for five spend time with.
spond to conventional forms of Singer at University College Lon- times the positive experiences to Our interviews helped identify a
stress; they can identify the threat don and colleagues used fMRI, balance things out. Our research variety of ways to connect with
and use the extra oomph of our which measures the small changes suggests that actively removing others, even when the pressures of storing old and new potato crops
fight-or-flight mechanisms to deal in blood flow that occur with brain even a few negative interactions work and life seemed consuming. together. Four years of heavily in-
with the impact. But mi- activity, to measure the neural re- may be the most effective way to Microstress is real, and it’s power- fected harvests, made worse by the
crostresses are too fleeting to reg- sponses of participants both when improve our overall well-being. ful, but it doesn’t have to dominate British government’s failed response
ister, especially for successful peo- they themselves experienced pain Our Ten Percenters were also your life. “Other people can be the to the emergency, led to more than
ple who have learned to routinely and when their loved one, present thoughtful about not creating the source of microstress,” says Dr. a million deaths.
overcome obstacles. in the same room, did so. They kinds of conditions that cause mi- Barrett. “But that’s only half the In the 1880s, French vineyards
n-
Microstresses fly under the ra- found that if people around us are crostress for others. Think about story. They can also be a buffer.” were under attack from a different
dar, but they still take a significant stressed or unhappy, we feel it, too. what happens—to both of you— blight, Uncinula necator. By a happy
toll, says Joel Salinas, a behavioral None of this means that we when you push your child too hard Mr. Cross, a professor at Babson coincidence, Pierre Marie Alexis
neurologist at New York Univer- have to resign ourselves to endur- on their grades and it comes back College, is co-founder and direc- Millardet, a botany professor at the
no
sity’s Grossman School of Medi- ing an endless battering of mi- in the form of a rebellious attitude. tor of the Connected Commons. University of Bordeaux, noticed that
cine. “Imagine wind eroding a crostresses every day. In our re- Or the stress you may create as a Ms. Dillon is a former editor of some grape vines growing next to a
mountain,” says Dr. Salinas. “It’s search, we observed that some of manager by unnecessarily shifting Harvard Business Review. This country road were free of the pow-
not the same as a big TNT explo- the high performers—a small sub- expectations. Stopping this cycle essay is adapted from their new dery mildew, while those further
sion that punches a hole in a set that we came to call the “Ten helps to prevent microstress from book, “The Microstress Effect: away were riddled with it. The
DANIEL DOWNEY
mountain, but over time—if the Percenters”—were much better at boomeranging back on us. How Little Things Pile Up and owner explained that he had doused
wind never stops—it has the po- coping with microstress than the Finally, the Ten Percenters un- Create Big Problems—and What the roadside vines with a mix of
tential to slowly whittle the entire rest of those we studied, and per- derstand intuitively how to tame to Do About It,” just published by copper sulfate and lime to deter ca-
mountain down to a nub.” haps than the rest of us, too. What microstress by nurturing connec- Harvard Business Review Press. sual picking. Armed with this
knowledge, in 1885 Millardet per-
fected the Bordeaux mixture, the
first preventive fungicide, which is
still used today.
At the same time, an American
EXHIBIT IN 2015, ART HISTORIAN Katy Hessel walked entomologist named Albert Koebele
into an art fair filled with thousands of works, was experimenting with biological
Women at Work not one of them by a woman. She channeled

her frustration at the imbalance into an Insta-
gram account celebrating @thegreatwome-
nartists, and now into a new book, “The Story
pest controls. Citrus trees were
once again under attack, only now it
was the cottony cushion scale in-
sect. Koebele went to Australia in
of Art Without Men” (W.W. Norton), filled 1888 and brought back its best-
with hundreds of reproductions of works by known predator, the vedalia beetle,
female artists. “It feels important to remove thereby saving California’s citrus in-
the clamor of men in order to listen carefully dustry.
to the significance of other artists to our cul- In 1936, the development of DDT,
tural histories,” she writes. the first synthetic insecticide, was
The book is full of lesser-known names like hailed as a miracle of science, offer-
Katsushika Oi (ca. 1800-66), daughter of the ing the first real defense against
Japanese woodcut master Hokusai, who had a malaria and other insect-borne dis-
thriving career working in the same medium. eases. But it was later discovered to
In “Display Room in Yoshiwara at Night” (left), be toxic to animals and humans, and
courtesans and their male admirers are eerily it killed insects indiscriminately.
dwarfed by an enormous, jail-like lattice and Among its many victims was the ve-
its shadow, suggesting a distinct sympathy for dalia beetle, which led to a resur-
the seemingly trapped women. gence of cottony cushion scale. Ulti-
OTA MEMORIAL MUSEUM OF ART
Ms. Hessel also makes room for famous mately, the Environment Protection
modern figures like abstract pioneer Hilma af Agency banned DDT’s use in 1972.
Klint and impressionist Berthe Morisot, as well The race to invent environmen-
as quilts and performance art. In “Self-Portrait tally safe alternatives is ramping up,
With Scorpion” (1938), Brazilian-born surrealist but so are the pests. After a wet
Leonor Fini wears a “proto-Punk, proto-femi- winter on the West Coast and a
nist ripped dress,” Ms. Hessel writes. Her silver warm one in the East, experts are
glove is raised just enough to show the tail of predicting great swarms of blood-
Katsushika Oi, ‘Display Room in Yoshiwara at Night.’ the scorpion hiding beneath. —Peter Saenger sucking insects. Help!
REVIEW
T
he pandemic York can break you, but it
hit Susan Stro- can save you, too,” she
man hard. The says. “It’s just about trying
five-time Tony to surf the city so you
award-win- don’t fall off.”
ning director and choreog- The first time Ms. Stro-
rapher got seriously ill with man worked closely with
Covid-19 days after New Kander and Ebb was on an
York’s theaters shut down off-Broadway revival of
in 2020. She then spent 70 their musical “Flora the
days alone in her Manhat- Red Menace” in 1987.
tan apartment, too sick and “They really taught me
then too afraid to leave. how to collaborate,” she
She kept sane by con- recalls. She learned to play
tinuing to collaborate, over “what-if games” to figure
Zoom, with composer John out the flow of a story, and
Kander, playwright David also to see that there are
Thompson, lyricist Lin-Ma- no bad ideas: “Someone
nuel Miranda and others on can take what might seem
“New York, New York,” a like a bad idea and turn it
new musical about the into gold.” To ensure her
city’s grit and gloriousness. own ideas were taken seri-
“Somehow the pandemic
fueled us to work harder,”
Ms. Stroman, 68, says. Be- ‘If you’re in
cause the show takes place
in 1946, when New Yorkers
the theater it’s
were feeling newly hopeful because
after years of war, the tim-
ing felt profound. “With
someone told
the city coming out of the you big fish
pandemic, suddenly life
was imitating art. We
stories.’
wanted to celebrate that
resilience,” she says. ously in a male-dominated
“New York, New York,” field, she spent years hid-
directed and choreo- ing her blond tresses under
graphed by Ms. Stroman, a baseball cap and going by
opens April 26 at Broad- the genderless nickname
way’s St. James Theater— “Stro.”
“My favorite theater of Her success led to jobs
all,” she says, where her on Broadway, working with
.
smash hit “The Producers” legends like Liza Minnelli
ly
opened 22 years ago. It in- and director Hal Prince. Ms.
cludes the four songs Mr. Stroman won her first Tony
Kander wrote with the late in 1992 for choreographing
Fred Ebb for Martin Scors-
ese’s 1977 film of the same
name, including the titular
barnstormer Frank Sinatra
on a new musical of Gershwin
songs, “Crazy For You.” She
and the show’s director,
Mike Ockrent, got married
us ,
made famous. But the simi- in 1996; just three years

larities end there. The later, he died of leukemia.
l
e
show is “more inspired by In 2008, Ms. Stroman began
al a
the song itself, the lyrics ‘If a relationship with a film

I can make it there, I can editor named Steven Weis-
ci on
make it anywhere’ and ‘I berg, who soon developed

want to be a part of it,’” early-onset Alzheimer’s.
Ms. Stroman says. “It’s “I’m very lucky to cross
about the people who come paths with people who have
to New York to change given me love and who have
er s
their lives or to be the best inspired me, and I’m always

at what they can be.” amazed when they disap-
m er
With a raft of new songs pear,” she says as her eyes

from Mr. Kander and Mr. well with tears. “I feel like
Miranda, “New York, New there’s no emotion I
York” follows a fraught romance wouldn’t be able to help an actor
WEEKEND CONFIDENTIAL | EMILY BOBROW
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between a Black singer (Anna with now that I’ve lived through the
Susan Stroman
Uzele) and an Irish musician (Col- various sacraments of life.”
ton Ryan). It also tells a larger Ms. Stroman’s career is littered
story about the immigrants, veter- with many hits, including the dance
ans, refugees and other upstarts play “Contact,” and some misses,
co Fo
who arrive in the city with big such as the 2014 musical “Bullets
dreams and a taste for the hustle. Over Broadway.” She admits she
“For those who love music, this is never knows what the critics will
the place to be. You feel it on the The director and choreographer returns to Broadway with say—“If there was a formula for
street, you hear it out the win- a musical love letter to New York City. making a hit, everyone would do
dows,” she says. it”—but she also tries not to see
Growing up in suburban Dela- things in terms of failure or suc-
ware “in a household filled with stories through music.” and dance gal” ensured a string of While tap dancing for a show cess. “If you’ve learned from that
music,” Ms. Stroman says she used After graduating from the Uni- jobs, including a role in a touring about Cutty Sark whiskey, Ms. experience, the art of it will always
to dance while her father, an appli- versity of Delaware with an English production of Kander and Ebb’s Stroman met Jeff Veazey, who be- be successful for you,” she ex-
ance salesman, played piano and degree, Ms. Stroman choreo- “Chicago,” directed by Bob Fosse. came her dance partner for years. plains. “For the producers, that’s
THEA TRAFF FOR THE WALL STREET JOURNAL
told tall tales. “If you’re in the the- graphed at community theaters in Yet her ambition was always to be They performed the routines of fa- another story.”
n-
ater it’s because someone told you Wilmington and taught at a local “on the other side of the table,” she mous silver-screen dance teams un- She recalls apologizing to Ste-
big fish stories,” she says. She dance studio, but she itched for says. She began directing and cho- til Veazey died of AIDS in 1988. phen Sondheim when their 2004
adored old movies with Fred more. In 1977 she moved to New reographing shows about Miller This marked the end of her career production of “The Frogs” earned
Astaire and Ginger Rogers, and York, where she auditioned for a Beer and Met Life for corporate as a dancer: “I would never find tepid reviews. “He said, ‘I never
no
found that the sound of music reli- revival of the 1927 musical “Hit the conventions, which helped pay her another partner like Jeff,” she ex- get good reviews and then my
ably unleashed a cascade of visual Deck” and landed one of the few rent and burnished her skill at har- plains. During the AIDS crisis, she shows are hailed 10, 20 years
images: “I would imagine people dancing roles. “When I got the call, monizing movement with music: found herself directing too many later,’” she says. “It was heartening
dancing, I would see their cos- I sold my car, got an Equity card “You’ll see that whenever someone memorial services for other young to hear that even he sometimes
tumes and the sets. I was always and went for it,” she recalls. leaps in the air, the entire orches- friends and colleagues. “There’s a had to wait years for people to rec-
thinking about how one can tell Ms. Stroman’s talent as “a song tra leaps, too.” line in the show where we say New ognize his art.”
The Joy nothing more than a

dull fog of box
strip away the iPads and help
their children get comfortable
Of a Totally scores, “Succession”

recaps and ads for
clothes I want to buy
offline. Hearing “I’m bored!”
should not be a parenting
emergency. (Except on an air-
JASON Empty off Instagram. Ideas

aren’t at the ready.
plane. I’ll give a kid 15 iPads on
an airplane.)
GAY
Brain There’s just a pair of
drawstring jogger
I fear we’re getting worse.
Technology just gets better, as
pants in olive. Or those airport bookstores get
navy. I can’t decide. smaller. I’m wary of our artifi-
TO WRITE THIS humor column, As I get older, I cial-intelligence future, and the
Modern I had to empty my brain. I realize I need to ut- notion that we will lean on bots
mean empty it even more than terly unplug. My to think for us, writing code,
distractions its usual echoing, empty state. ideas will not come speeches and even poetry. It
cannot Let me explain. from my phone, a sounds like more off-loading of
compete Modern life has clogged my Facebook post or the our brain space to technology.
skull to the limit. Technology latest tire fire on And to what end? To watch
with the has delivered an avalanche of here, the Journal will offer you brain’s interior is not a series of Twitter. For me, they come more episodes of “Love Is
inspiration options to preoccupy me at any number of interesting sto- mathematical formulas dancing from digital distance, from oxy- Blind?”
any hour; the notion of idle ries to grab your attention next. around balletically, like it does gen and exercise and especially I don’t want to sound like
of old- time that can’t be filled with I enjoyed a piece the other day for beautiful-minded geniuses from time spent outdoors. I’ve figured it out. I’m not say-
fashioned some form of digital distrac- about a Caribbean estate that in the movies. My brain is more There once was a time I could ing this brain of mine is on the
boredom tion is foreign to me, almost sold for $136 million. I told my like a slop-sink faucet, slowly get ideas from staring at web- cusp of a breakthrough. My
unnerving. broker: I won’t pay a penny dripping. Or an arcade machine sites, but not anymore. I get brain will not save the world. It
If you’re reading this column more than $135 million. Oh that only plays 70’s-era Pong. them from looking at trees. barely remembers why it went
on a phone, or any sort of com- well. Can’t have it all. But I still have to come up I know I’m not alone. The to the supermarket.
puter, you’re seconds away For me, the problem comes with stuff. Several times a science is vast on the value of But to get anywhere real, it
from all kinds of diversions— when I need to think for myself. week, I receive an email from a boredom and the stimulus of needs to be uncluttered. It
social media, digital games, the If you read this column, you cheerful editor: What are you fresh air—it’s what opens the needs to be empty. I mean
ZOAHR LAZAR
state of your 401(k), the latest know that any kind of compli- planning to write on? Do you brain to sparks of creativity empty more than the usual. It
celebrity embarrassment or po- cated thinking is hard for me, have an idea? and inspiration. It’s why child needs to be bored. And for me
litical mess. If you hang right and perhaps impossible. My On most days, my head is psychologists want parents to that means: unplugged.
BOOKS
The Mother of Us All ‘A Brutal Reckoning’

How the Earth Andrew Jackson,
has shaped the Creeks and the
world history C9 birth of the South C12
READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 22 - 23, 2023 | C7
Listening
To the
Enemy
Spying on the Reich
By R.T. Howard
Oxford, 358 pages, $32.95
BY STEPHEN BUDIANSKY
S
TRUGGLING TO divine
TOP: DAVID HUME KENNERLY; INSET: DIRCK HALSTEAD/GETTY IMAGES
Germany’s intentions in
the midst of the Sudeten
crisis in 1938, the British
ambassador in Berlin,
Nevile Henderson, put his finger on the
fundamental point that had flummoxed
conventional intelligence-gathering
efforts against the Nazi government.
“It is impossible to know anything for
certain,” he reported to London, “in a
regime where all depends on the will
of a single individual whom one does
not see.” The terrifying repressions
of a total police state made the most
innocuous efforts at penetrating the
German regime’s secrets arduous and
‘THAT’S MY REAL HOME’ Gerald Ford glances wistfully at Washington, D.C., as, in January 1977, he begins his postpresidential life. dangerous; no one seemed to know
for certain who Hitler’s chief advisers
were; and even those intimates were
Understated, Overlooked
frequently caught off guard by the
Führer’s last-minute changes of mind,
guided as much by instinct and
.
temperament as any rational calcu-
ly
lation. His decision to reoccupy the
With candor and hard work—listening more than talking—Gerald Ford guided America Rhineland in 1936 was made just two
weeks before issuing the order to
through a tumultuous era. He receives too little credit for it or for his other accomplishments.
An Ordinary Man
on
assistant football coaching job at Yale, and
he proceeded to talk himself into Yale Law.
the release of the White House tapes.
When Spiro Agnew was forced to resign
march. “We needed the secrets of a
country,” recalled Czechoslovakia’s
spy chief, “where people spoke in
whispers.”
By Richard Norton Smith
us ,
Harper, 814 pages, $50 In his class were two future Supreme Court the vice presidency in October 1973—the In early 1939, as the world stood
justices, two governors, a U.S. senator, a victim of his own scandal—Nixon’s choice on the brink of war, British intelligence
l
BY MICHAEL BARONE
e
secretary of state—and an assistant coach of replacements was limited. His favor- officials were deluged by so many
al a
and B student who became president. ite, John Connally, as a party-switcher, contradictory rumors—Hitler was
‘I
AM A FORD, not a Lin- During his Yale days and soon after, couldn’t be confirmed by a Democratic merely bluffing; Hitler would attack
ci on
coln,” Gerald Ford said Mr. Ford, though at heart a Midwest- Congress. Jerry Ford, as a colleague with the East first; Hitler would begin the
at the time of his vice- erner, found himself attracted to the a reputation for candor, could. war within two weeks in a barrage of
presidential confirmation glamour of East Coast life. He dated a Thus began the eight-month vice-presi- bombs and poison gas on London—
hearing in 1973. It was a New York model—and modeled himself. dency of Gerald Ford, “the worst job I that Britain’s chief of naval intelli-
Michigan politician’s way of saying that He skied at Stowe, Vt., went to Broadway ever had,” as he put it. He was whipsawed gence, Adm. John Godfrey, observed,
er s
he was an ordinary man. plays and even invested in a model between the institutional responsibility “Whatever happened, someone could
But he wasn’t, as Richard Norton Smith agency—details many of us may be sur- not to undercut the president and the say ‘I told you so.’ ”
m er
reveals in his superb, ironically titled biog- prised to learn. Despite his brief member- need to prepare to be president himself. R.T. Howard’s “Spying on the Reich”
raphy. The portrait of Ford that emerges ship in America First, the pro-isolation- Mr. Smith describes, in nuanced detail, examines prewar intelligence efforts
from “An Ordinary Man” brings to mind ist organization, he attended the 1940 how Ford gradually stopped defending against
what Lincoln’s law partner, William Hern- Republican National Convention as part Nixon and how, prompted by Betty, he was Germany
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don, said of Lincoln’s ambition: “a little of the gallery cheering for the inter- careful not to promise a pardon in return by Britain,
engine that knew no rest.” Mr. Smith’s nationalist Wendell Willkie. for Nixon’s resignation. France,
The Nazis were
Ford is a man of modest beginnings who, Once the U.S. entered the war, Ford Ford entered the White House in Czechoslo- hard to predict:
with hard work and occasional guile, made served on the Monterey, an aircraft carrier August 1974 as the Eisenhower Republican vakia, Poland ‘We needed the
his way to the country’s chief magistracy. that nearly sank in a 1944 typhoon. While he had been since the 1950s, internation- and other
secrets of a
co Fo
Growing up, Ford (1913-2006) was out- in the Navy he found time to urge his step- alist, sympathetic to civil rights, more of Hitler’s
wardly sunny; inwardly, he remembered father to head a Grand Rapids reform interested in balancing the budget than victims, and country where
feeling “not much better than an orphan.” group targeting corruption-plagued Frank cutting taxes. Previous habits—surround- the puzzles it people spoke
He stuttered, Mr. Smith tells us, and had McKay—Michigan’s longtime Republican ing himself with “accomplices with sharp presents will
a fierce temper. For years he was called boss, a “Rotarian caudillo,” in Mr. Smith’s elbows” (the young Donald Rumsfeld and no doubt in whispers.’
“Junie,” a nickname that made him phrase—and to hold a spot for his return. Dick Cheney), listening more than talking seem familiar
After the war, Ford did indeed in meetings—served him well. His hard to today’s
return to Michigan, to run for Con- work on Pentagon budgets enabled him intelligence officials, who similarly
gress and court Betty Bloomer to out-negotiate Leonid Brezhnev at an struggle to penetrate the intentions
Warren, a Grand Rapids girl who arms-control summit in Vladivostok, the of one-man regimes in Russia and
had gone to New York to study Soviets’ eastern port city. North Korea. Though many of the spy
with Martha Graham’s dance After Democrats’ gains in the 1974 off- stories Mr. Howard recounts are well
n-
troupe and come home again. year elections, Ford was unable to move known, he perceptively frames them
Ford’s race for Congress, in 1948, Congress to vote 1 cent to defend South as case studies that illuminate en-
was against Republican incumbent Vietnam against Communist attack. Joe during dilemmas in intelligence
Bartel Jonkman, an isolationist Biden, then in his first Senate term, told gathering, intelligence analysis, and
no
who, unlike Michigan Sen. Arthur him: “I will vote for any amount for getting the employment of intelligence by
Vandenberg, retained his views the Americans out. I don’t want it mixed governments. As he shows, successful
after Pearl Harbor. Ford, with with getting the Vietnamese out.” None- intelligence operations are built as
behind-the-scenes encouragement theless Ford, whose tribulations Mr. Smith much on imagination, tolerance for
from Vandenberg, ran as an inter- describes in Kübler-Ross terms (especially ambiguity and a finely honed under-
nationalist. His strategy included, denial, anger and acceptance), was able standing of bureaucratic warfare as
as usual, hard work—campaigning to get many more American allies out of they are on derring-do.
nonstop and organizing hundreds Saigon than Mr. Biden chose to evacuate A journalist by training, Mr. Howard
of volunteers, who helped him from Kabul, Afghanistan, 46 years later. is especially good at bringing out the
beat Jonkman by nearly 25 points. Ford’s pardon of Richard Nixon in complex, shifting and mutually sus-
Only after that victory did Jerry September 1974 reduced his job rating and picious relationships that kept the
and Betty hold their wedding. political leverage, though it was praised allies who would find themselves
In the House, Ford again worked later by Edward Kennedy and many Demo- fighting Hitler from effectively pooling
hard, answering mail on the day crats. Other decisions also proved wiser resources and sharing intelligence.
it arrived and taking paperwork than they seemed at the time. He was an Such conflicts also complicated co-
home. He impressed senior col- early initiator of deregulation, which operation among competing intel-
leagues enough to get a seat on the spurred innovation in telecom, trucking ligence services within individual
Appropriations Committee in his and freight rail. His instinct proved correct nations, Britain most notably. Mr.
second term and on subcommit- that the Helsinki Accords with the U.S.S.R. Howard’s decision to write exclusively
tees handling defense and intel- would advance human rights and under- on the prewar era—and not the war
EARLY “junior” to the man his mother married ligence matters. His attention to detail mine what he was loath to call an evil em- Please turn to page C8
TO RISE when he was 3, a Grand Rapids salesman and nonpartisanship prompted Lyndon pire. In the 1976 election, he came within
President named Gerald Ford. But his stepfather Johnson to appoint him, over more senior 25,579 votes in Ohio and Mississippi of rid-
Ford on never officially adopted him, and origi- House Republicans, to the Warren Com- ding himself of the dubious distinction of
his way nally he was junior to the father whom mission investigating the assassination being America’s only unelected president.
to work, his mother divorced soon after his birth, of President Kennedy. To that assignment Mr. Smith, former head of the Ford
Aug. 15, a man who was said to be abusive. he devoted hours of diligent research, presidential library (and several others),
1974. Gerald Ford Jr.’s little engine of ambi- Mr. Smith says. He was the first to sug- is the author of admired biographies
tion started chugging early on. He rose at gest and the last to dismiss the possibility of Thomas Dewey, Herbert Hoover and
6 a.m. to stoke the family’s coal furnace; of foreign involvement. Nelson Rockefeller—exemplars of a Repub-
he was a quietly good student, always pre- After the LBJ landslide in 1964, Ford lican tradition to which Gerald Ford also
pared, and a fine athlete. Work, hard work, unseated Minority Leader Charles Halleck. belongs. It had its political base in the
was one secret. Another appears from In a 2-1 Democratic House, the alternatives precincts of mainline Protestantism and
Mr. Smith’s account of the adult Mr. Ford he proposed to Johnson’s Great Society a governing philosophy of moderate pro-
advising his son Steve on how to make had no chance of passage. Rather than rely gressivism—a tradition, Mr. Smith recog-
the high-school football team. “There’s on any bipartisan conservative coalition, nizes mordantly, defunct today. Mr. Smith
nobody who can snap for punts, and I’m he sought to “drive Southern Democrats brings exhaustive research and graceful
ULLSTEIN BILD/GETTY IMAGES
going to show you how,” he said. Success into the arms of the Administration where prose to this engrossing biography of a
was more likely “if you can do one thing they belong on votes that will hurt them not-so-ordinary man who, it turned out,
that nobody else can do.” in their home congressional districts,” Mr. had an extraordinary life.
It worked for the son as it had, four Smith writes. In this he had some success.
decades earlier, for the father. Ford had When the Watergate scandal broke, Mr. Barone, senior political analyst at the
played center for his high-school team and, Ford expressed faith in Richard Nixon, a Washington Examiner, was a longtime
later, for the University of Michigan. His friend for nearly 25 years, but also called principal co-author of “The Almanac
coach there recommended him for an for public testimony from Nixon aides and of American Politics.” DANGEROUS TALK Hitler in 1940.
BOOKS
‘Human history is not a battle of good struggling to overcome evil. It is a battle fought by a great evil struggling to crush a small kernel of human kindness.’ —VASILY GROSSMAN
FIVE BEST CLASSICS OF HUMANISM
Sarah Bakewell
The author, most recently, of ‘Humanly Possible: Seven Hundred Years of Humanist Freethinking,
Inquiry, and Hope’
Selected Letters Yekaterina Savelievna, to the Nazi

By Francesco Petrarca (1349-1373) murdering machine. These and other
1
experiences went into “Life and Fate,”
The Renaissance poet Francesco the epic novel he composed through
Petrarca (anglicized as Petrarch) the 1950s. Grossman abhorred totali-
was a scholar of the humanities tarianism and was also skeptical of
(one meaning of “humanist”) religion, which he felt tended to ob-
and quite a character: affectionate, struct the natural human tendency
vain, pompous, riddled with insecurities, toward kindness and fellow-feeling.
and endlessly curious about life and As he has one character of his book
literature. Constantly traveling, he say: “This kindness, this stupid kind-
acquired a huge circle of friends. ness, is what is most truly human
He showered them with letters filled in a human being. . . . No, it says, life
with literary badinage, book-swapping is not evil!” We almost lost this ex-
requests, moral musings and consolation traordinary novel. Soviet authorities
for sorrows—something much needed seized Grossman’s papers—even the
in the 14th century, especially after the carbon paper he used in typing—in
bubonic plague swept through Europe the attempt to obliterate “Life and
in 1348. The following year, Petrarch Fate” before publication. Luckily,
began collecting copies of his own Grossman had secretly given two
letters to form a book: a way of shoring copies to friends. The book was
up his memories, eloquence, thoughts eventually smuggled out and pub-
and friendships against further loss. lished, in French, in 1980, to much
The letters open up his world, in all acclaim. But Grossman had died of
its humanity and bibliomania; for him, cancer in 1964, so he never knew that
the two were intertwined. Through his humanist masterwork survived.
books, he made friends even with
JOSSE/LEEMAGE/GETTY IMAGES
long-dead writers, and he wrote of

how books “give utter delight: they talk Universal Declaration
with us . . . and are bound to us by a of Human Rights
lively and witty intimacy.” A good two- By the United Nations (1948)
.
5
volume selection of these letters came
ly
out from Harvard’s I Tatti Renaissance Approximately 145 times
Library in 2017; you could lose yourself shorter than “Life and Fate”
in them happily for months. SPRINGS OF AFFECTION ‘Laura and Petrarch at Fontaine-de-Vaucluse’ (1816) by Philippe-Jacques van Bree. is this tiny text, 1,778 words
Candide
By Voltaire (1759)
on
to hope that suffering could be reduced,
rather than justified and accepted? When,
at fable’s end, all the characters settle down
and gives us the story of an education in
eloquence and reason. Teaching himself
to read and write well by studying Caleb
long in English. Yet the mes-
sage of both is similar: that people and their
well-being must always come before state
power or ideology. Both works emerged
2
us ,
together to farm a plot of land, Candide’s Bingham’s “The Columbian Orator,” he finds from the aftermath of World War II; the
Voltaire’s fable is famous for two gardening advice captures Enlightenment- his soul roused “to eternal wakefulness.” Declaration was intended to make such
l
e
lines: “All is for the best in this best era humanism: Life can indeed be better, Later, he dedicates his own genius for elo- atrocities less likely to happen again.
al a
of possible worlds” and “We must but only if we exert ourselves to make it so. quence to awakening others. And what That did not fully work, but the Declaration
cultivate our garden.” His humanism eloquence he had: “The man who wields the remains all-important both as a legal tool
ci on
comes out in the way he leads us away blood-clotted cowskin during the week fills and as a philosophical statement. Each of its
from the former and toward the latter. Narrative of the Life of the pulpit on Sunday,” he writes, speaking 30 articles deals with a different aspect of
The “all is for the best” line, derived from Frederick Douglass of preachers who double as enslavers. And: human rights, but it all rests on Article One:
the philosopher Leibniz, is drummed into By Frederick Douglass (1845) “The slave auctioneer’s bell and the church- “All human beings are born free and equal
3
young Candide by his tutor, Pangloss: God going bell chime in with each other.” in dignity and rights. They are endowed
er s
made this world, so it must be the best it Frederick Douglass’s account—of his with reason and conscience and should act
can be. Every event in the book proceeds to childhood and youth in enslavement, towards one another in a spirit of brother-
m er
demolish this view. Pangloss is caught up in his eventual escape to freedom, and Life and Fate hood.” Can a pithy document like this be
the (real) Lisbon earthquake of 1755, almost his work as a speaker and writer for By Vasily Grossman considered a book? The United Nations thinks
hanged for heresy and finally enslaved in the abolitionist cause—is one of the world’s (translated by Robert Chandler, 1985) so, and has issued it in a slim volume form.
4
the galleys of a Turkish ship. Candide goes great autobiographies. It is also deeply I have a neat little hardback, published by
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through his own ordeals, and ends up re- humanistic in several ways. He attacks the During World War II, the Jewish- the Bodleian Library in 2021. It is perfect
jecting that supposedly optimistic “mania hypocrisy of some religious institutions; Ukrainian writer Vasily Grossman for carrying in a pocket or bag, ready to read
for insisting that all is well when things are shows us a human being overcoming an ex- reported from the frontline at again or share with others—a reminder of the
going badly.” Would it not be more optimistic perience that threatens to dehumanize him; Stalingrad; he lost his mother, human basics that must never be forgotten.
co Fo
In the 1920s and ’30s, the intelli- measure of the pace of exploited an extremely subtle flaw
Spying gence services of the two major west-
ern powers were well behind the game
rearmament; housing
shortages in a small
(not an “almost elementary error”)
in the machine’s coding patterns. This
On the in trying to assess the secretly grow-

ing military might of Germany. Until
1927, monitoring of Germany’s arma-
town near the Junkers
aeroengine plant re-
vealed that the factory
permitted them to reconstruct its new
internal wiring, sight unseen, employ-
ing methods from an arcane field of
Third Reich ments production and military estab-
lishment was in the hands of the Inter-
had suddenly gone to
three shifts, a pace of
mathematics known as permutation
theory.
Allied Military Commission, set up by production far in excess Likewise, a change in German oper-
n-
Continued from page C7 the Versailles Treaty to oversee Ger- of the demands of civil ating procedures in September 1938
itself—brings the contingency of his- man disarmament. Its military experts aviation. did not render the Polish duplicates
tory front and center. The catastrophe understood armies and weapons but The secrecy of intelli- worthless, as Mr. Howard insists;
of World War II and the Holocaust were innocents about deception and gence created its own on the contrary, they were as in-
no
makes it easy for a reader today to intelligence, and they were easily problems. For one thing, dispensable as ever, thanks to two
regard earlier failures to unite and hoodwinked. German factory managers, as Mr. Howard observes, other brilliant innovations the
confront Hitler as incomprehensible, often tipped off about impending it was all too easy for poli- Poles quickly came up with
or at least tragic, blundering. “Spying inspections, were adept at concealing ticians to simply dismiss or to overcome this new dif-
on the Reich” makes clear this was evidence of illicit arms production cover up information they ficulty—punched paper
business as usual in the tangled from the commission. On other occa- did not like. Few British sheets cataloging all
affairs of nations trying to balance sions, inspectors were sent off on wild politicians in the early 100,000 or so possi-
national interests amid a web of goose chases by deliberately planted 1930s wanted to buck public ble initial settings of
uncertain future possibilities. false leads (such as baby carriages that sentiment against rearma- the machine, and
The author places the problems of could be assembled into machine guns). ment; far easier to keep under the first electrome-
intelligence against a finely wrought The legendary parsimoniousness of wraps any secret evidence that chanical machines
tapestry of competing diplomatic chal- the British did not help their spies, counseled otherwise. For the —or “bombes”—to
lenges. Britain, worried more about according to Mr. Howard: The under- same reason, intelligence was ex- automate the search.
Bolshevism than a rearmed Germany, secretary of the Foreign Office recalled tremely vulnerable to political ma- As late as early 1939,
persisted into the 1930s in spend- having to work his boss “into his best nipulation intended to sway allies or CODER British codebreakers
ing most of its limited intelligence mood” before presenting the intelli- public opinion. The French intelligence German A four-rotor at Bletchley Park as-
budget targeting the Soviet Union. gence budget for approval. (He would service, seeking either to justify larger signals is the weakest German serted that recovering
The French, worried about British then invariably “pause, sign, and military budgets or counteract British part of the book; there is very little Enigma the Army Enigma’s
undercover skulduggery in its North sigh.”) Into this void some of the best diplomatic moves to ease the Ver- discussion of what was learned from cypher wiring through mathe-
African colonies as late as the spring intelligence came from open sources sailles limits on Germany, regularly ex- this extremely important and highly machine. matical analysis alone
of 1938, invested considerable effort and from military attachés posted to aggerated the state of German rearma- reliable source, and he makes a serious was “practically im-
monitoring the operations of the the embassy in Berlin—men whose job, ment and military preparedness. This, hash of trying to explain the workings possible,” and they were astonished
“notoriously anti-French” and “very as the historian Wesley Wark notes, in turn, gave British politicians further and cryptanalysis of the German when the Poles finally revealed their
dangerous” British intelligence ser- excuse to dismiss even credible reports Enigma cipher machine. This is not success at a crash meeting with their
vices. The Poles, who as the historian of German violations as the product technical nitpicking: The author’s mis- British counterparts a month before
James Stokesbury observed, hated German factories were of Gallic hysteria—a hall-of-mirrors understandings lead him to grossly un- the outbreak of World War II.
the Russians more than they feared distortion that, in 1934, led the British dervalue the contribution of the small Mr. Howard’s invocation of the
the Germans, also loathed the Czech
adept at concealing to scornfully reject a completely ac- team of Polish mathematicians who Cold War in his subtitle is a stretch,
government and made no secret of illicit arms production curate French intelligence report of scored all of the key prewar successes even as a metaphor. The more endur-
their designs on pieces of Czech ter- or sending inspectors the secret German construction of in breaking this seemingly impenetra- ing historical echo of the murky world
ritory. The British, meanwhile, dis- submarines, an egregious lapse. (The ble code. He incorrectly states that the of uncertainty he skillfully portrays is
trusted the Czech secret service on wild goose chases. British concluded the boats under Poles had built a replica of the German the one he notes in his introduction,
because of Prague’s growing ties with construction were minesweepers.) Army Enigma in 1933 using as a model where he observes that “it is hard not
Moscow. Holland and Denmark, both Mr. Howard makes excellent use of a machine briefly detained by Polish to be reminded” of more recent epi-
well positioned to collect intelligence was “no less than to acquire intelli- materials from the British and French customs officers in 1929. But that in- sodes—the 2003 Iraq war most obvi-
on the Nazi regime, were hesitant to gence without employing the methods archives, but for other countries he tercepted model was merely a com- ously comes to mind—that under-
compromise the neutrality that they of espionage.” Important intelligence relies almost entirely on secondary mercially sold version of the Enigma, score the pitfalls of intelligence and
believed would protect them. Their coups came from careful reading of sources; his account of the Czech intel- and offered no clues to the crucial in- its vulnerability to manipulation for
governments also had complex eco- published documents and other pub- ligence service’s efforts against Nazi ternal workings of the rewired and political ends.
nomic and political ties to Germany. licly available sources. Budgets and Germany is drawn exclusively from the highly secret German Army version.
Some German manufacturers of arma- economic data were particularly re- 1975 memoir of its former head. He The cryptanalytic breakthrough Mr. Budiansky’s works include
ments, for instance, had relocated to vealing: Prices of commodities like does not cover the Soviet Union at all, that allowed the Poles to successfully “Journey to the Edge of Reason:
GETTY IMAGES
evade the constraints of the Versailles copper, zinc, lead and tin, as well as a major omission. build their “duplicate” of the secret The Life of Kurt Gödel” and “Battle
Treaty; most notably, the Fokker air- the stock prices of German firms that His treatment of intelligence de- German version was a stupendous feat of Wits: The Complete Story of
craft company set up in Holland. imported them, proved an accurate rived from intercepted and decoded of pure mathematical analysis, which Codebreaking in World War II.”
BOOKS
‘Pay attention that you do not corrupt and destroy My world; if you corrupt it, there is no one to repair it after you.’ —MIDRASH ECCLESIASTES RABBAH, 7:13
Doom May Have to Be Delayed

The Earth Transformed
By Peter Frankopan
Knopf, 695 pages, $40
BY TUNKU VARADARAJAN
W
HAT’S THE connection
between sugar and Xi
Jinping? Why does the
political turbulence in
today’s Middle East trace
back to the Cretaceous period? How did the
humble potato revolutionize the world?
Why did the great Mayan cities of the ninth
century run out of potable water? What does
the contemporary West African practice of
polygyny—one man, many wives—have to
do with the trans-Atlantic slave trade?
Peter Frankopan raises these beguiling
questions—and many others, bless him—
in “The Earth Transformed,” a book that
examines the entire sweep of the relationship
between humans and nature. He describes
his book as “an untold history,” by which he
means that he’s inserting a “crucial and much
overlooked theme” in the long story of Earth
ULET IFANSASTI/GETTY IMAGES
and man—that of climate. Aptly for such an

ambitious corrective project, his work is
monumental, so much so that the 200 pages
of endnotes, a product of his research, are not
printed as part of the book but are, instead,
accessible from its publishers’ website. While
a shrewd remedy for unwieldiness, this does
make reading awkward for the avid consumer ACTIVE Mount Rinjani, a volcano in Lombok, West Nusa Tenggara Province, Indonesia, as seen on May 19, 2009.
who wants to know right away what additional
light is shed by, say, Note 111 in Chapter 8, biggest storms, the most significant floods, 1941). Nature, in the form of a lethal Russian re-engineering of the environment was the
on Alexander the Great’s fiscal policies. the worst winters, the most severe droughts.” winter, is believed to have foiled the French intensive cultivation of sugarcane by the
.
Whereas Mr. Frankopan never disguises Environmental factors—including the climate and the Germans. But the “popular tropes,” British in the West Indies (using slave labor
ly
the fact that he is on the greenish side of the —are not “actors in the story of our species.” writes Mr. Frankopan, obscure the truth that in a way that is still ghastly to relate). This led
climate-change conversation, he steers clear Rather they are “the very stage” on which overambitious objectives and terrible strategic to a 400-fold increase in the consumption of
of enviro-preaching and finger-wagging. Many our history has played out. decisions were what “doomed both invasions tea in Britain, since the brew tasted better
readers will conclude, in truth, that he is rather
agnostic about the doomsday scenarios painted
by the climate activists who beset us. He makes
clear that he is far more worried about the
on
Historians are living in a golden age,
Mr. Frankopan believes, thanks to a gusher
of new evidence and types of materials that
enhance our understanding of the past. And
as much as, if not more than, the snow.”
The history of the Earth is a history of large-
scale transformations that have wreaked havoc
in some cases and blessed us with benign cli-
with sugar. Vast amounts of tea needed to be
imported from China, which were procured in
exchange for opium produced in British India.
The opium trade became so important to the
us ,
effect on the environment of nuclear escalation, some of the most exhilarating advances have matic eras in others (such as the Roman Warm British exchequer that military force was used
outbreaks of disease and volcanic activity. In come in the way we understand the climate. to keep the Chinese from stopping it—leading
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words that will startle many of us, he says that He does warn against “environmental deter- to what China calls its Century of Humiliation,
al a
“by far the biggest risk to global climate comes minism,” however, and urges historians and The relation between nature the memory of which is “a fundamental part
from volcanoes.” He contrasts the “considerable scientists to cultivate a “lightness of touch” of contemporary conceptualisations of world
and humankind has varied wildly
ci on
thought and attention” that have gone into when deploying their new tools and materials. affairs” in Mr. Xi’s Beijing.
planning for a warming world with the almost We must not, in effect, let our present-day over the millennia. Feelings of Mr. Frankopan’s thesis is that civilizations
complete absence of planning or funding on the obsessions—in particular climate catastro- omniscience and fragility, so thrive best when they are resilient to shocks.
likely implications of major volcanic eruptions. phism—distort the way we study past inter- Yet “hyperfragility,” he believes, is the name
Estimates put the chances of a mega-eruption actions between the environment and humans. common today, are unwarranted. of the game in the 21st century—whether
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—one that could cost “hundreds of millions Mr. Frankopan emphasizes how trivial in response to warming, a rudderless U.S.,
of lives”—at one in six before the year 2100. the human time span is in the grand earthly Mr. Xi and Taiwan, Vladimir Putin’s war in
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Mr. Frankopan, a popular and charismatic scheme. The first “anatomically modern” Period from 300 B.C. to A.D. 500). The most Ukraine, or a nuclear Saudi Arabia and Iran.
professor of global history at Oxford University, humans appeared only around 500,000 years famous instance of the former was the asteroid The march of history has left such places as
sticks faithfully to his métier in “The Earth ago. Writing systems didn’t come about until strike in the Yucatán Peninsula 66 million years Uruk, Nineveh, Harappa, Angkor and Tikal
Transformed.” “As a historian,” he says, “I 5,000 years ago, and the texts and documents ago in which our beloved dinosaurs were wiped in ruins, not because of climate change but
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know that the best way to address complex that allow us to piece together history “with out. The rise of humankind, Mr. Frankopan because of a lack of resilience to shocks,
problems is to look back in time.” Those who nuance and detail cover around 0.000001 writes, was the result of an “extraordinary made worse by obtuse planning and even
have read his previous books—especially per cent of the world’s past.” This imposes series of flukes, coincidences, long shots and worse decision-making. That’s the lesson
“The Silk Roads: A New History of the World” on us the need not just to be humble but to serendipities” that made the planet hospitable Mr. Frankopan is trying to teach us.
(2015)—will know that he is that all-too-rare spurn any pretense of omniscience. We also to our existence. It was “geological chance”
co Fo
academic historian who doesn’t see panache need, constantly, to question received wisdom. that gave the Middle East its oil reserves, Mr. Varadarajan, a Journal contributor,
as the foe of scholarly rigor. “Most people can As “celebrated” examples of the latter, Mr. the result of warming in Cretaceous times. is a fellow at the American Enterprise
name,” he writes, “the great leaders and major Frankopan cites the unsuccessful attacks on Sugar and Xi Jinping? Here’s how they link. Institute and at Columbia University’s
battles in the past, but few can name the Russia by Napoleon (in 1812) and Hitler (in Among the most salient examples of human Center on Capitalism & Society.
Caring husband and friend was dissolving

away, plagued by the onset of demen-
tia. But dementia isn’t a single illness
worlds of patients and caregivers. This
is a land “so fragmented, so skewed,
so redundant, so indifferent to normal
Even so, we expect to find a whole
person, a “true” identity, under, be-
neath or behind the disease. And so we
comes the permission for, and perhaps
a chance at, self-forgiveness.
Many books about dementia focus
For the so much as a cluster of symptoms: rules of behavior that family members try to make sense of erratic behavior, on the patients; few look at the carers
n-
memory loss, cognitive decline and the unwittingly become part of the mad- using past tendencies to fill in the and their own fractured and spiraling
Caregivers
loss of emotional control. It includes ness.” Parents, spouses, children: They gaps, to rationalize a patient’s actions worlds. As Elizabeth put it: “How is
some temporary disorders caused are not merely witnesses; they are par- as intentional rather than sympto- Mitch? . . . the patient is fine; it’s the
by drugs, vitamin deficiency and dehy- ticipants in a “surreal, bleak reality.” matic: The ailing mother who won’t do caregiver who’s going crazy.” Neuro-
no
dration—but also diseases, like Mitch’s, When Alzheimer’s strikes, Ms. Kiper as she’s told is said to be manipulating logically, “there is no special place” in
Travelers to from which there is no coming back: writes, “we usually think if it as eras- her daughter; the wife who speaks the brain of the caregiver “that is her-
Unimaginable Lands Alzheimer’s, Lewy body dementia, ing the self. But what happens in most to framed pictures but not her hus- metically sealed from the influence”
By Dasha Kiper frontotemporal dementia and vascular cases is that the self splinters into dif- band is ignoring him on purpose. of those with dementia, Ms. Kiper ex-
dementia. Irreversible, they offer only ferent selves.” Every brain is composed “When a spouse or parent suddenly plains. “The self is porous.” No care-
Random House, 233 pages, $28
one path and one exit: a long, slow “of plural, localized consciousnesses.” sees the world very differently from giver will be able, entirely, to separate
BY BRANDY SCHILLACE decline into fractured selfhood, fol- the patient from the illness. But that’s
E
lowed by death. No other disease, not a bad thing. Carers must “view pa-
LIZABETH scanned the Ms. Kiper tells us—not cancer, not tients as both sufficiently different”
restaurant. It was small heart failure—so thoroughly erases the from their old selves, “the better to
and intimate, an Old “demarcation between the patient and
World Italian cafe with the illness.”
candles and checkered More than 55 million people world- Dementia patients
tablecloths. The bartender knew her wide live with dementia. That number
cannot recognize their
EAMONN MCCABE/POPPERFOTO/GETTY IMAGES
as the tall, elegant woman who always is expected to triple in the next few
ordered Tanqueray and tonic; she decades. Most of these patients are not own need for care—
came almost daily to meet her hus- alone; they have loved ones and carers, or the sacrifices made
band, Mitch, for drinks. Elizabeth like Elizabeth, who endure years of
knew she could always find Mitch at often painful stewardship. But demen- by their caregivers.
the restaurant; it’s just that Mitch had tia patients cannot recognize their
vanished from almost everywhere else own need for care, or the sacrifices
in their lives. At home, after several made by their caregivers. Meanwhile, stop perceiving intention,” and yet
glassy-eyed minutes of watching TV, exhausted caregivers ignore their own “sufficiently similar, so as not to lose
he would turn to Elizabeth, swear he’d need for rest, health and safety. sight of their humanity.” Not surpris-
never seen her before, and demand To caregivers, every change in per- ing, Ms. Kiper admits, it’s a fine and
she leave their home: Get out. Two sonality, every loss of intimate, shared IN SICKNESS AND IN HEALTH Dementia can take a relentless toll, “nearly impossible” line to walk.
scenes: one, a cozy dinner date; the memory, can be a wound. We sense on patients as well as those who care for them, including John Bayley, We cannot be perfect caregivers.
other, a cold hallway where Elizabeth the despair in Elizabeth’s words, the who became Iris Murdoch’s caregiver after her Alzheimer’s diagnosis. But our seeming failures are also
would lean against a locked door and biting edge of panic as she waits, evidence of love and respect. That we
weep. The same scenario played out moment by moment, to see which Ms. Kiper likens it to a CEO who thinks us,” Ms. Kiper explains, it feels like persist in the nowhere land between
every day and every night. “This is Mitch will appear. Occasionally, Eliza- he’s running the show, while uncon- “an implicit social promise has been now, then and ever is a testament to
something out of the ‘Twilight Zone,’” beth will show Mitch photographs of scious “subcommittees” are really in broken.” In the words of the science- the human spirit; we grasp for the
writes Dasha Kiper, a consulting clin- their wedding and vacations—“a bit charge. In an ailing patient, conscious- fiction writer William Gibson, humans last lingering sense that the person we
ical director of dementia support of you and a bit of me”—to prove they ness isn’t wiped out all at once; the are pattern-recognition machines: love is here with us, often right up to
groups, in “Travelers to Unimaginable belong to one another. She desper- CEO still exerts power long after the We need to share the same reality. the moment they take their final leave.
Lands: Stories of Dementia, the Care- ately wants him to see how hard she more practical subcommittees have When that reality is broken, care- Ms. Kiper’s “Travelers to Unimaginable
giver, and the Human Brain.” is working to take care of him, but begun to disband. We know that “we” givers, especially, often react toward Lands” reveals in beautiful symmetry
“It gets worse,” Elizabeth tells her attempts only upset and confuse are mixtures of body, mind and envi- those with dementia with feelings of that our tenacity to hold on in the pro-
Ms. Kiper. “Believe me.” Sometimes Mitch. Elizabeth then blames herself ronment—with neurons throughout anger, frustration, regret and betrayal. cess of letting go defines us as carers
the police are called. Sometimes, in a for not knowing better. our systems all taking part in the com- Ms. Kiper’s work is deeply moving and as humans.
rage, Mitch will grab Elizabeth by the Why must guilt and shame be the plicated nexus of “us.” In its ravages, and often surprising. Through case
throat. “I was like an abused woman,” rewards of such loving sacrifice? To dementia proves it; a centrally located studies both tragic and hauntingly re- Ms. Schillace, the editor in chief
Elizabeth says. “I never knew which answer that question, Ms. Kiper takes self would be erased at once, instead latable, she provides scientific ground- of the journal Medical Humanities,
side of him was going to come out.” us on a sojourn into the “unimagin- of slowly breaking down into bits ing for what the beleaguered care- is the author of “Mr. Humble and
The person she had known as her able lands,” the shared and shattered and pieces. givers go through. With understanding Dr. Butcher.”
BOOKS
‘The heart of me weeps to belong / To the old Sunday evenings at home . . . / And hymns in the cozy parlour, the tinkling piano our guide.’ — D. H . L AW R E N C E
The Piano as Prayer

Enough: Scenes From Childhood
By Stephen Hough
Faber, 253 pages, $26.95
BY TIM PAGE
M
ORE THAN A FEW cele-
brated pianists have left
literary legacies as well—
from the endlessly amusing
(if factually dubious) memoirs
of Oscar Levant, Arthur Rubinstein and Earl
Wild to the keenly intelligent analyses of
music by Charles Rosen, Alfred Brendel
and Glenn Gould. The late Jeannette Haien,
revered in musical circles for her decades as
a pianist and teacher at the Mannes College
of Music, found far greater fame as a writer
when, in her mid-60s, she published her
first novel, “The All of It” (1986).
Which leads us to Stephen Hough, who won
the Naumburg International Piano Competi-
tion in 1983, when he was barely into his 20s.
He has gone on to play around the world
and make more than 60 recordings, earning
a MacArthur Fellowship and, later, a knight-
hood for his efforts. In 2007 he published his
first book, “The Bible as Prayer,” a personal
gathering of favorite quotations from the
Old and New Testaments offered as private
meditations. He followed up with a novel,
“The Final Retreat” (2018), the fictional diary
of a troubled priest examining his life and
behavior. (Raised among Anglicans, Mr. Hough
is now a Roman Catholic.)
Mr. Hough divides his books into short
chapters that are sometimes only a few
.
paragraphs long—little meditations in them-
ly
selves. His third book, “Rough Ideas: Reflec-
COURTESY SIR STEPHEN HOUGH
tions on Music and More,” published in 2019,

was a wise, lively treatise on the art of making
music (including chapters called “Beautiful
Bloopers: The Joy of Making Mistakes” and
“Why Chopin’s B minor Sonata Is Harder to
Play Than Liszt’s”) mingled with autobiog-
on
us ,
raphy and mystical speculation.

If “Rough Ideas” was mostly about music, GRADUS AD PARNASSUM Stephen Hough, age 6, at his first piano.
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his latest book, a memoir called “Enough,” is
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more concerned with the process of growing “I never remember any physical violence be- whine voice, the sparkling costume, the boyish . . . irritated by my success, even though
up and, yes, Becoming a Musician, which is a tween [them] but neither do I remember one physique, the girlish smile.” He gradually ac- she had won the same competition herself
ci on
very different matter. Along with the general moment of affection or tenderness, physical or knowledged that he was gay. Like many adoles- in 1928,” he relays with a certain bemusement.
delights, banalities and horrors of childhood, verbal.” Their only child, Mr. Hough is grateful cents, he floundered for a while. At one point, Mr. Hough’s book is full of such privileged
Mr. Hough recalls the day that everything to them—father “shy and thoughtful,” mother he considered the idea of becoming a priest and glimpses of the Great at their less-than-greatest.
changed, when his father brought home a “outgoing and extrovert”—for encouraging went so far as to practice celibacy for 15 years. Yet he is capable of enormous tenderness
record called “Keyboard Giants of the Past.” his love for the piano, and for allowing him Yet playing the piano provided an emotional as well. One of my favorite passages describes
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The boy listened to it constantly. “Although to become himself. “[They] let the boat float and creative base for Mr. Hough and he began the pet guinea pig he had in childhood,
they were already dead (all of the selections to win competitions. Awarded a scholarship a “creature of perpetual nervousness and
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were from 78s recorded before the Second to the Juilliard School, he arrived in New York vulnerability” not unlike his younger self:
World War), these pianists became my mentors, Hough won the Naumburg during the most frightening and mysterious
and their musical inflections became part of my years of the AIDS epidemic, when nothing He seemed always to want to escape, from
own expressive dialect,” Mr. Hough writes, and Competition in his early 20s. was known and everything was suspect. “I had his cage, from the pen we had built for him
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we can still sense the wonder of his awakening. His teacher at Juilliard had a few blinding panic attacks,” he recalls. “The so he could nibble on fresh grass, from life
All these years later, he takes us through the first felt like my whole being was a scream itself. I think his coat was one of the most
cherished album track by track—the Lhévinnes,
advised him not to enter. and I staggered out of my apartment as if beautiful things I’ve ever seen, a deep, rich
Paderewski, Rachmaninoff—and he credits his trying to escape from my very self. Added to colour, thick through to the skin in prongs
repeated listenings, guided by liner notes, with all of this my sexuality—physical desire, but of a thousand mottled shades. He didn’t
co Fo
the development of his musical taste. (One of along when I’d lost my compass,” he writes, more a longing for a relationship of mutual like being picked up—holding him was like
Mr. Hough’s best recordings is of the Rach- “with a gentle push or holding from time to self-giving—seemed to have no possible reso- balancing a quivering jelly on a small plate.
maninoff piano concertos and “Rhapsody on time, an eye on the bigger waves, but no shak- lution as a Catholic. Permanently seal the There was a kindness in his eyes and a plea
a Theme of Paganini”—a musical and pyro- ing out of a map with a demand to know every tap or drown—your choice.” for kindness from me (don’t hurt me, don’t
technical marathon that Yuja Wang recently minute in which direction I was drifting.” “Enough” ends triumphantly with the vic- drop me, don’t squeeze me), but also a kind
played in one long day at Carnegie Hall with He was sent away for his education, where tory in the Naumburg Competition. His prin- of gratitude when he could relax into the
the Philadelphia Orchestra.) he was tormented in the worst British public- cipal teacher at Juilliard, Adele Marcus, had palm of my hand, sensing safety.
Mr. Hough, who grew up on the Wirral school manner. He grew interested in many advised him not to enter, because, she said,
Peninsula in Northwest England, writes different musics, pop as well as classical. He be- he was “simply not ready.” She was no more Mr. Page is a professor emeritus of musicology
movingly of his undemonstrative parents: came fascinated with David Bowie, “the weird- supportive after he won. “She was obviously at the University of Southern California.
n-
A Punch-Drunk Life
no
ONE OF THE great writer- from his ability to absorb in- Australia, where factual records modernist traits that scared weaknesses), he directly inter-
athlete friendships of recent human beatings in the ring are scarce, the accounts become publishers away from feres with the acts of interpre-
years has been between the without ever being knocked more farcical and bizarre. One “Grimmish” when Mr. Winkler tation and discovery that are
journalist and novelist Pete out. This “pain artiste,” as Mr. story finds the men stranded first tried to sell it. In a re- at the heart of the pleasure
Dexter and the heavyweight Winkler calls him, was more a in the desert in the company markable success story, this of reading fiction. It’s as if he
boxer Randall “Tex” Cobb. sideshow than a fighter, a grue- of a foul-mouthed talking goat. book was self-published, picked doesn’t trust us enough to
Cobb may be best known for some, cauliflower-eared emblem In another, a woman tries to up momentum through an do the thinking on our own.
his mismatched 1982 fight with of our collective fascination with lure Grim to a private place in enthusiastic word-of-mouth Against these programmatic
Larry Holmes, when he endured punishment and forbearance. the woods for a liaison; instead, campaign and finally was tendencies is the marvelous
15 rounds of pummeling—a The novel is presented by he recruits her into helping him nominated for Australia’s character of Joe Grim, with
FICTION whipping so savage that it a nameless alter ego for the procure a pail of fresh bull urine, most prestigious literary prize, his “face full of scar tissue and
SAM SACKS induced Howard Cosell to re- author, who visits his elderly which he uses to toughen the the Miles Franklin award. a nose no more solid than a
tire from boxing commentary— Uncle Michael (perhaps another skin of his face. There’s a qual- It is somewhat strange to wedge of tripe”—an “infernal
before embracing the champion alter ego, Mr. Winkler suggests) ity of Pynchonian buffoonery say, then, that the parts of man who couldn’t win but
and joking, “Hey, baby, that and, while plying the old man to these chapters, but because “Grimmish” that are billed as wouldn’t be beaten.” In the fully
was fun. Let’s do it again—in with sherry, listens to his Grim’s life as a human punching being the most form-breaking written dramatizations of Grim’s
a phone booth.” Dexter was a colorful tales about Grim, bag is absurd on its own, the are really the parts that feel the fights and fantastical adventures
scrapper himself—their bond particularly those from the most tired and derivative. Like in the Outback, one feels the
was sealed when Cobb saved boxer’s carnivalesque tour of THIS WEEK any genre, today’s experimental simultaneous attraction and
his life in a horrific barroom Australia in 1908-09. Some of fiction has its own conventions revulsion that defined his brief
A brawl—and also something of a what is known of Grim comes Grimmish and shibboleths: it is frag- celebrity. He was a “pain eater,”
fanciful pain aficionado. The characters from archival research, and By Michael Winkler mentary; it is self-referential; Mr. Winkler writes, a kind of
in his brilliant, brutal novels Mr. Winkler draws from sensa- most important, it is auto- ceremonial scapegoat for a
yarn, seek out suffering the way tionalized newspaper account fictional, centering the author public that thirsted for violence
based philosophers search for of his fights, glorying in the dividing line between truth and within the text. Mr. Winkler but feared experiencing it them-
on the meaning. “It’s possible,” one flamboyant verbiage: “Stirling nonsense isn’t always easy to (or his narrative double) dwells selves. Because of this—and the
real-life thinks, “that you have to be bashed in one, two, three hot discern. (It turns out that Jack constantly on his struggles in countless blows to his head,
hurt to see anything at all.” ’uns to the ribs. Breaking away, Dempsey actually did soak his writing about Grim. He an- of course—it’s no surprise that
exploits In his rambunctious novel Grim sent a lightning right into fists in horse urine.) notates instructions from Hilary Grim begins to suffer delusions.
of a “Grimmish” (Coach House, the Cobar Chicken’s tater trap. The narrator of “Grimmish” Mantel’s 10 Rules for Writing The novel moves toward what
boxer 217 pages, $18.95), Australian More clinches and short-arm calls the assemblage of scenes Fiction. He includes tail-covering seems like a destined appoint-
writer Michael Winkler forges jolts, with Grim snorting all the an “exploded non-fiction novel,” rationales for the book’s absence ment with an Australia mental
more a kinship with a boxer of simi- time like a traction engine.” which is grandiose but gets at of indigenous characters and asylum, where Grim, claiming
famed larly hardheaded disposition, Grim crossed through the the jumbled construction of shortage of women. And he to be God on Earth, requires
for although Mr. Winkler has made history books when he served drama and exposition, fact and insistently twists Grim into a six strong men to fit him in a
his connection in the manner as a sparring partner to Jack fiction. Further elements of the symbol for the sense of painful straitjacket. What else is there
taking more typical of novelists: Johnson and Tommy Burns, so bricolage include footnoted futility that has plagued his own to do with this embodiment
blows strictly in his imagination. Mr. Winkler winningly rehearses quotations about boxing by writing career and the absurdity of our darkest desires but lock
than His book springs from the the 1908 bout that resulted in other writers as well as fourth- of his dogged endurance. him away? Mr. Winkler justly
landing wondrous and appalling life of the first black heavyweight wall-breaking addresses to the The effect is not benign: imagines the boxer’s protests:
Joe Grim (1881-1939), who was champion of the world. reader that explain the process By spelling out what the author “I am Joe Grim. I exist
them. born in Italy, began boxing in But as Uncle Michael re- of composing the book. Pre- thinks his book means (and pro- beyond the realm of the
Philadelphia, and made a career calls following Grim through sumably it was these post- phylactically apologizing for its human possible.”
BOOKS
‘A book? O rare one / Be not, as is our fangled world, a garment / Nobler than that it covers.’ — S H A K E S P E A R E , ‘C YM B E L I N E ’
To Bind the Bard

Mr. Laoutaris, “the book Shake- earlier work on the Folio’s
Shakespeare’s Book
By Chris Laoutaris speare made, and the book that afterlife.
made Shakespeare.” Mr. Laoutaris brings
Pegasus, 516 pages, $35
Mr. Laoutaris begins with a vividly alive the many
BY MALCOLM FORBES death: not that of Shakespeare individuals involved in the
O
in 1616 but Richard Burbage, the Folio by way of illuminat-
N DEC. 5, 1623, most celebrated actor of the age, ing potted biographies.
a fashionable young three years later. Burbage had The colorful cast includes
man-about-town called been the star performer in the William Jaggard and John
Sir Edward Dering theatrical company the Cham- Pavier, who, Mr. Laoutaris
visited St. Paul’s Cross berlain’s Men and its later explains, were once regarded
Churchyard, London’s main book- incarnation, the King’s Men, by Shakespeare enthusiasts
selling hub. There he bought two dazzling audiences with per- as “two piratical peas in a
playbooks, a book in Latin and a book formances of Richard III, Hamlet, pod” for printing a “False
of Ben Jonson’s plays. He also bought Falstaff and other memorable Folio” containing fraudulent
two copies of a book that had only roles—all provided by the copies of the plays. There is
recently hit the shelves—a large, troupe’s star dramatist. Mr. publisher-stationer Edward
expensively-bound tome entitled “Mr. Laoutaris argues that Burbage’s Blount, proprietor of the
William Shakespeares Comedies, death, occurring so soon after Black Bear, who both sold
Histories, & Tragedies.” Shakespeare’s, had “a seismic books and traded sensitive
Dering has the distinguished claim effect on Shakespeare pub- gossip to agents on ambas-
of being the earliest recorded pur- lishing.” He imagines two actors sadorial missions. And there
chaser of the first collected edition of from the company, John Hem- is professional scribe Ralph
Shakespeare’s plays. Published more inges and Henry Condell, re- Crane, who helped shape
than seven years after the bard’s flecting on their loss, both plays by organizing the
death, the First Folio, as it is known personal and professional. The drama into acts and scenes
today, constitutes a landmark in pair realize that the King’s Men and incorporating imaginative
printing, a cornerstone of the Western is now a shadow of its former stage directions.
canon and a monument to the writer’s self. They decide to “put back in “Shakespeare’s Book” also
singular genius. In her 2016 study the spotlight the creative source shines a brilliant light on the
“The Making of Shakespeare’s First behind Burbage’s own magnif- tough text-related decisions
Folio,” Oxford literary scholar Emma icence” by bringing together Heminges and Condell made
Smith writes that although the book Shakespeare’s plays in one in order to publish the plays
arrived without any fanfare, “it is hard impressive volume. “perfect of their limbs” and
to overstate the importance of this Heminges and Condell were “absolute in their numbers,”
literary, cultural and commercial the best men for the job. They as Shakespeare conceived
moment.” She adds that this book’s were long-time friends and col- them. He also provides in-
.
publication marked “the beginning of leagues of Shakespeare (he sight into the printing process
ly
the extensive and expansive reception addressed them as “my fellows” and the “choreographed
of Shakespeare.” in his will and bequeathed them ballet” performed by inkers
The First Folio gathered and pre- money to buy mourning rings). and pressworkers: “the
served 36 of Shakespeare’s plays.
Without it, 18 previously performed
yet unpublished works such as “Antony
and Cleopatra,” “Julius Caesar,”
on
They knew his works inside out,
and were acutely sensitive to
what he revised—and when and
why parts of his plays were
strange cacophonous song of
Shakespeare’s words trans-
lated into the symbiotic dance
of human and machine.” The
us ,
“Twelfth Night” and “Macbeth” may censored. But while the pair production of the book plays
not have survived. Key words and were, in Mr. Laoutaris’s words, out against a bigger picture,
l
e
choice phrases—“assassination,” “cold- “the Folio’s prime movers,” they a dramatic backdrop of tense
al a
hearted,” “break the ice,” “rhyme nor were not the sole facilitators of the PLAYBOOK The contents page from a 1623 printing of Shakespeare’s Anglo-Spanish diplomacy and heady
reason,” “the milk of human kind- project. Bringing the book into First Folio in the collection of the Folger Shakespeare Library. political turmoil.
ci on
ness”—would not have enriched the existence was a team effort, a col- There are hard facts here—
English language. Countless cultural laborative enterprise involving sta- complained Puritan pamphleteer senting the plays in the order in but educated guesswork, too. Mr.
and academic institutions and indus- tioners, printers, poets, actors and William Prynne). They embark on a which they were written, Heminges Laoutaris’s arguments come tempered
tries would never have flourished. The patrons. But even with many hands frantic yet long-drawn-out mission and Condell arrange them, sometimes with “may have,” “likely to have
critic and bardolater Harold Bloom and great minds at work, the Folio’s across the centers of London’s book awkwardly, into the categories of been,” “It is tempting to speculate”
er s
insisted that Shakespeare invented trade to source authoritative copies Comedies, Histories and Tragedies, and even “But this cannot be proved.”
our understanding of ourselves. of 22 of Shakespeare’s plays and then and open their book with late work Readers can make up their own
m er
Deprived access to his characters’ Conceived as a memorial negotiate and secure the rights to “The Tempest.” But both editors minds as to whether he brings
thoughts, deeds and impulses, we them. (One play, “Troilus and succeed in their ambition to make anything new to Shakespeare’s story
would have lost a tool we use to make to one writer’s genius, Cressida,” proves so hard to obtain Shakespeare’s name and ensure his with his theories regarding a “lost”
sense of the human condition. the First Folio became that the Folio originally appeared posterity. After 1623, the Folio began sonnet and the identity of the
m rp
Four centuries on from the pub- without it.) Once printing starts, they its journey across the English- playwright’s London lodger. What
lication of the First Folio comes a new
something far greater. need to root out numerous errors speaking world. Its creators would is beyond doubt, however, is that
work that chronicles, in its author’s made by an inexperienced apprentice have no idea how far and wide it his book as a whole is a richly
words, “the story of, arguably, the compositor. would travel. informative account of what he calls
world’s most influential secular book.” journey to publication was long and Despite many problems, the Folio Meticulously researched and com- “one of the most significant con-
co Fo
In “Shakespeare’s Book,” biographer, arduous, fraught with obstacles and finally sees the light of day in the pellingly conveyed, “Shakespeare’s servation projects in history.”
FOLGER SHAKESPEARE LIBRARY
historian and Shakespeare scholar filled with setbacks. winter of 1623. It is a luxury product, Book” sits comfortably alongside the
Chris Laoutaris tells how the Folio was Mr. Laoutaris recounts a catalogue the most expensive book of plays likes of Stephen Greenblatt’s “Will in Mr. Forbes is a writer in Edin-
put together, who produced it and of upheavals for members of the ever made up to that point. It isn’t the World” and James Shapiro’s “1599” burgh, Scotland. His work has
what role the dramatist played in its Folio syndicate. They grapple with ex- comprehensive: It omits two plays as a Shakespeare study that manages appeared in the Times Literary
creation. In doing so, he shows how orbitant paper costs (“Shakespeare’s of mixed authorship, “Pericles” and to be edifying and entertaining in Supplement, the Economist,
Shakespeare was put on the literary plays are printed on the best Crown “The Two Noble Kinsmen.” And it equal measure. It provides a welcome the Washington Post and other
map. For the Folio was, according to paper, far better than most Bibles,” isn’t chronological: Instead of pre- companion piece to Emma Smith’s publications.
Branching Out, Sleeping In

n-
no
WHEN Brian Selznick published elongated, bipedal bits of fluff; southern magnolia, whose “Wings, Waves & Webs” these undulating curiosities
“The Invention of Hugo Cabret” in his text, they’re as lively and flowers have been found as (Greystone Kids, 36 pages, are not immortal, because they
in 2007, he brought something fanciful as modern children. actual fossils. Here too are $18.95), a picture book about can be killed, but when threat-
new to the world. The story— Traveling by breeze, butterfly the Ohio Buckeye, the Douglas patterns in nature for children ened they have the capacity to
of a mechanically minded and reptile, the sycamore fir and the trembling aspen, ages 3-6. Lightning branches revert into a larval state and
orphan who lives in a Paris brother and sister meet life which can sink its roots into as it shoots to Earth; ice begin their lives anew. “This
train station—hadn’t been told forms, such as Ambassadors the hardest soil and clone itself crystals branch into dainty would be like if a butterfly
before, of course, but it was (fungi) and Scientists (single- with ease. In a picture that snowflakes. In her stylized transformed back into a cater-
Mr. Selznick’s method of de- cell marine organisms), who glows with autumnal gold, illustrations, Ms. Cranfield pillar, or a frog turned into a
livering it that caused a stir. represent scientific phenomena Ms. Voisard shows an aspen depicts spots, spirals and tadpole,” Ms. Murray writes.
CHILDREN’S Rather than using pictures to that really existed in prehistory. forest in Utah that constitutes, stripes, as well as less obvi- “The immortal jellyfish can do
BOOKS illustrate words, or words to Earth itself has a message for ous arrangements, such as this again, and again, and again.”
MEGHAN explicate pictures, Mr. Selznick the seeds. “Remember,” Louise THIS WEEK “meanders” (think of the Writer David Obuchowski
COX GURDON traded off batches of each, hears, “life began as a gift, undulation of a snake, or a and illustrator Sarah Pedry
alternating between sequences and it must always be treated Big Tree river) and radial symmetry present answers to a quirky
of text and illustration across as such. No matter how un- By Brian Selznick (a flower, or a starfish). question of natural history in
a vast number of pages. The stoppable the danger seems, “How Old Is a Whale?” the picture book “How Birds
result was half doorstop, half no matter how unavoidable, Arborama (Big Picture, 62 pages, $21.99) Sleep” (minedition, 40 pages,
creative revelation. there’s always something you By Lisa Voisard goes into the question of ani- $17.99). Most children ages
Lightning Mr. Selznick has since re- can do.” This strange, affecting mal life spans. Lily Murray’s 4-8 could probably tell you
branches peated the feat with other big book may cause readers ages Wings, Waves & Webs thoughtful text and sweeping that owls hunt by night and
books, notably “Wonderstruck” 7 and older never to look at By Robin Mitchell Cranfield illustrations by Jesse Hodgson sleep during the day, while
as it (2011) and “The Marvels” a humble seedling quite the evoke a sense of wonder at the chickens that peck in barn-
shoots (2015). So if the arrival of a same way again. How Old Is a Whale? sheer range of things. The book yards by day retire at night
to Earth; new Selznick slab no longer The American sycamore, By Lily Murray begins with the mayfly, an to roost and snooze. But what
ice startles, it still has the power with its mottled bark and Illustrated by Jesse Hodgson insect that, with a life expec- about flamingos and cuckoos,
to intrigue. In “Big Tree” spherical fruit, happens to be tancy as short as five minutes, ostriches and parrots?
crystals (Scholastic, 525 pages, the first of the trees featured How Birds Sleep has become a byword for the As we see in the thick
branch $32.99), this accomplished in “Arborama” (Helvetiq, By David Obuchowski evanescence of life. “From the brush strokes of Ms. Pedry’s
into storyteller puts forth a quix- 207 pages, $24.99), a non- Illustrated by Sarah Pedry moment a mayfly emerges in illustrations, some birds rest
otic, mystical vision of the fiction volume of chic design its adult form,” Ms. Murray while perched on one leg,
snow- natural world in the Cretaceous for children ages 10 and older. writes, “it is in a race against others hang upside down in
flakes. Period, the era ending in the Written and illustrated by Lisa she writes, “the largest living time to find a mate and breed.” trees or bob atop the rest-
Some extinction of the dinosaurs. Voisard, and translated from organism in the world,” be- Ms. Hodgson’s picture con- less sea. In an afterword,
In this unusual tale, we the French by Jeffrey K. Butt, cause the trees across its 106 veys the urgency: As the sky Mr. Obuchowski explains that
birds follow the tribulations of two the book lays out the charac- acres share the same DNA and reddens at sunset, mayflies certain birds—the sooty tern,
sleep on orphaned siblings—not human teristics of all sorts of trees, the same root system. flit and dart over water filled for instance—have evolved in
one leg; children but anthropomorphic principally in North America, Trees are among the ear- with hungry fish. The farther such a way that one half of
others sycamore seeds named Louise with a nice mix of field-guide liest shapes that young chil- children ages 6-10 go into the their brain turns off for sleep,
and Merwin, who struggle to facts and cultural commentary. dren learn, with their easily book, the longer-lived they’ll while the other half stays
while find a place to flourish after Here’s the ginkgo, a species recognized trunks, limbs and find the animals—from bats active and keeps them flying.
hanging they’re knocked free of their so long-lived that Charles branches. But branches— to birds to lobsters—until We humans, who struggle
upside mother tree. Darwin dubbed it a “living and branching—take place they meet the tiny sea crea- with too little time and too
In Mr. Selznick’s soft pencil fossil,” along with its ancient elsewhere, too, as Robin ture known as the immortal little sleep, can only look on
down. drawings, the seeds look like fellow, the glossy-leaved Mitchell Cranfield notes in jellyfish. Strictly speaking, the sooty tern with envy.
BOOKS
‘Ages are prototypes of other ages, and the winding course of time brings us round to the same spot again.’ —THE CHRISTIAN REMEMBRANCER
Clash of Civilizations
A Brutal Reckoning In the field, the war was a complicated allies played at Horseshoe Bend. For the tribes. “I have long viewed treaties with
By Peter Cozzens affair of largely uncoordinated attacks by Creeks, the battle was a catastrophe. Once the Indians as an absurdity not to be recon-
Creek war parties and white militia columns the Indians’ stockade was breached, the ciled to the principles of our government,”
Knopf, 434 pages, $35
operating in separate arenas. On both sides, fighting degenerated into a five-hour he said soon after the Creek War. The
BY FERGUS M. BORDEWICH the fighting was done by forces that numbered slaughter. At least 850 Creeks died; the stability of the frontier, he had observed,
N
at most a few thousand men trekking “across number was tallied by counting their sliced- required a belt of “wealthy inhabitants
EW YORKERS were agape at soggy cypress and tupelo-gum forests, off noses. Jackson’s force lost just 26. unmixed by Indians.”
the sight: a sloop filled with meandering bayous, and stagnant marshes,” After Horseshoe Bend, the war staggered By the 1830s, the last of the Creeks
feathered and beaded Creek in Mr. Cozzens’s words. along for a few months, but the Creeks were would be forced west of the Mississippi.
Indians crossing the harbor Among the settlements they left behind
from New Jersey in the shim- was a once-thriving town in central Alabama
mering July heat of 1790. The Creeks that in 1790, when the tribe approved its
marched in a flamboyant procession up treaty with the U.S., they had proudly
Wall Street to Federal Hall—then the seat christened “Nuyaki”—that is, “New York.”
of Congress—and on to the home of The Creeks’ grim fate underscores
Secretary of War Henry Knox, with a central question: Was there an
whom they smoked the “calumet alternative to violent conflict,
of peace.” removal and catastrophic
After weeks of negotiation, cultural disruption? There
Congress ratified the first was. In the early years of
treaty of any kind to be the republic, a way might
completed under the have been found to ac-
new U.S. Constitution. commodate tribes as
It promised peace autonomous entities
on the frontier and within the U.S., pro-
recognition of the tected from white
sovereignty of the encroachment and en-
tribe, whose lands joying some form of
encompassed much representation within
of the Deep South. The the American system.
treaty, President George But there was neither
Washington declared, the political will nor
would “be the means the legal imagination
of firmly attaching the to pursue such a path.
Creeks and the neighboring The expulsion of the
tribes to the interests of the tribes from the Southeast
.
United States.” Unfortunately, would be replicated across
ly
the new national government the continent as tribes
was too weak to impose its will succumbed to the onrushing
on the states, which continued to Euro-American tide.
deal with indigenous tribes as they
wished.
Within a generation, one of the bloodiest
conflicts in American history would leave the
on PUSHED OUT
The story of the Creek War is
a sorry one, but Mr. Cozzens—the
author of “Tecum-
seh and the Prophet:
us ,
Creeks a broken power. In “A Brutal Reck- ‘Three Creek The Shawnee

oning,” a penetrating and fast-paced account Indians’ (1869), Brothers Who Defied
l
e
of this overlooked historical episode, Peter by George Catlin. a Nation” (2020),
al a
Cozzens writes that the 1813-14 Creek War among other books
“was arguably the most consequential Indian Although the settlers were better armed finished as an independent nation. The —recounts it both with fairness and with
ci on
war in U.S. history.” It opened up wide swaths than the Creeks—many of whom fought peace settlement required them to sur- a richness of color and detail. In one scene,
of western Georgia, all of Alabama, and parts with red-painted war clubs, leading whites render most of their lands and allow the we see Native fighters approaching a battle
of Mississippi and Tennessee for white settle- to refer to the traditionalist forces collec- U.S. to drive roads through what remained “slowly in triple file, dressed in hunting
ment, and the shift in territorial control, tively as “Red Sticks”—they received of their territory, with the right to build shirts, blue loincloths, fringed leggings,
in turn, “gave rise to the Cotton Kingdom, almost no support from the Madison Army posts wherever it wished. Slave- and buckskin moccasins.” In another,
er s
without which there would have been no administration, preoccupied as it was owning settlers and speculators swarmed we see the swashbuckling young Sam
casus belli for the American Civil War.” with the shambolic War of 1812. The Creeks, across the Creeks’ former lands. As one Houston—the future president of the
m er
This is something of an overstatement, for their part, lacked unity of purpose and Texas Republic—scaling the barricade at
giving too little weight to potent Southern often suffered horrific casualties when Horseshoe Bend, slashing away with his
sectionalism and the economic imperatives their prophets assured them that they were sword despite two bullet wounds and an
of slavery. But Mr. Cozzens’s scholarship impervious to white men’s bullets. Atroci-
The most consequential arrow buried in his groin.
m rp
is deep and his grasp of often obscure ties were committed by both sides. Indian war in U.S. history— We hear from many white volunteers,
but significant events impressive. Although Andrew Jackson was just waged in the South—was beleaguered settlers and mixed-race
Until the 1790s, Mr. Cozzens notes, the one of several prominent militia leaders, observers, as well as from officers and
Creeks had held their own against white en- he looms large in Mr. Cozzens’s narrative marked by atrocities and diplomats. Regrettably, we rarely hear
croachment. Increasingly, though, the tribe— as the victor of the war’s climactic battle. resulted in a vast territorial directly from the traditionalists who spoke
co Fo
mostly an array of autonomous towns rather It was fought at Horseshoe Bend, near for the most independent of the Creek
than a single entity—was riven by a quarrel present-day Montgomery, Ala., in March
shift as settlers moved in. people; they left few traces except in
over whether the Creeks should adapt them- 1814. “Old Hickory,” as he was known, the records of their enemies. Although
selves to the American invaders and their comes off as brave and pugnacious but Mr. Cozzens writes with sensitivity about
way of life or keep apart by holding onto unimaginative as a strategist and arbitrary chronicler wrote: “The stately and magnifi- the political and cultural vise in which
HERITAGE IMAGES/GETTY IMAGES
their distinct customs and traditions. as a commander. Routinely angry, and often cent forests fell. Log cabins sprang, as if the Creeks were crushed, their history,
Friction between the two groups exploded ill from chronic diarrhea and a suppurating by magic, into sight.” like that of most Native Americans,
in an internecine war, which soon escalated wound, he terrified his men. “His coun- Celebrated as a war hero, his reputation is still a tale told by the victors.
into attacks against isolated white settlements. tenance,” said one of his soldiers, “was bolstered by his defeat of the British at
When squatters at Fort Mims, near Mobile, like a thundercloud charged with tempest.” New Orleans in 1815, Jackson began his Mr. Bordewich’s most recent book is
Ala., were brutally killed by warriors bent Contemptuous of Indians except when climb to the White House, which he reached “Congress at War: How Republican Re-
on driving whites out of the Creek country, they served his purposes, Jackson played in 1828. As president, he would ruthlessly formers Fought the Civil War, Defied Lincoln,
n-
settler militias mustered for retaliation. down the pivotal role that his Cherokee complete the removal of all the Southern Ended Slavery, and Remade America.”
no
Bestselling Books | Week Ended April 15

With data from Circana BookScan
Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST Circana BookScan gathers point-of-sale book data
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK
from more than 16,000 locations across the U.S.,
Atomic Habits 1 2 I’m Glad My Mom Died 6 8 Dog Man: Twenty Thousand... 1 1 Things I Wish I Told My Mother 6 New representing about 85% of the nation’s book sales.
Print-book data providers
James Clear/Avery Jennette McCurdy/Simon & Schuster Dav Pilkey/Graphix Susan Patterson/Little, Brown include all major booksellers,
Outlive 2 1 The Love Stories of the Bible Speak 7 4 Dark Angel 2 New Hello Beautiful 7 — web retailers and food stores.
Ebook data providers include all major ebook retailers.
Peter Attia & Bill Gifford/Harmony Shannon Bream/Broadside John Sandford/Putnam Ann Napolitano/Dial Free ebooks and those selling for less than 99 cents
Truly Simple 3 New You Could Make This Place Beautiful 8 New Oh, the Places You’ll Go! 3 8 Hang the Moon 8 — are excluded. The fiction and nonfiction combined lists
include aggregated sales for all book formats (except
Kristin Cavallari/Rodale Maggie Smith/One Signal Dr. Seuss/Random House Young Readers Jeannette Walls/Scribner audio books, bundles, boxed sets and foreign language
The Wisdom of the Bullfrog 4 3 You’re Going to Make It 9 5 Lessons in Chemistry 4 4 Tomorrow, and Tomorrow, and... 9 — editions) and feature a combination of adult, young
adult and juvenile titles. The hardcover fiction and
William H. McRaven/Grand Central Lysa TerKeurst/Thomas Nelson Bonnie Garmus/Doubleday Gabrielle Zevin/Knopf
nonfiction lists also encompass a mix of adult, young
The Return of the Gods 5 — The Creative Act 10 — Lassiter 5 New One Fish Two Fish Red Fish Blue Fish
10 5 adult and juvenile titles while the business list fea-
Jonathan Cahn/Frontline Rick Rubin/Penguin Press J.R. Ward/Gallery tures only adult hardcover titles. Refer questions to
Dr. Seuss/Random House Young Readers
Teresa.Vozzo@wsj.com.
Nonfiction Ebooks Nonfiction Combined Fiction Ebooks Fiction Combined Hardcover Business
TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK
The Galveston Diet 1 New Atomic Habits 1 3 Dark Angel 1 New Dark Angel 1 New Atomic Habits 1 1
Mary Claire Haver/Rodale James Clear/Avery John Sandford/Putnam John Sandford/Putnam James Clear/Avery
Accelerating Yes 2 New Outlive 2 1 Lassiter 2 New Dog Man: Twenty Thousand... 2 1 StrengthsFinder 2.0 2 3
Todd Hartley/Epicenter Peter Attia & Bill Gifford/Harmony J.R. Ward/Gallery Dav Pilkey/Graphix Tom Rath/Gallup
The Golden Virtue 3 New The Wisdom of the Bullfrog 3 2 The Ashes and the Star-Cursed King 3 New Yours Truly 3 New Awaken Your Genius 3 New
Tanja Murgel-Subotic/ParaVidyalnc William H. McRaven/Grand Central Carissa Broadbent/Carissa Broadbent Abby Jimenez/Forever Ozan Varol/PublicAffairs
Outlive 4 4 Truly Simple 4 New Lessons in Chemistry 4 3 It Starts With Us 4 3 Dare to Lead 4 4
Peter Attia & Bill Gifford/Harmony Kristin Cavallari/Rodale Bonnie Garmus/Doubleday Colleen Hoover/Atria Brené Brown/Random House
The Princess Spy 5 — Super Shortcut Instant Pot 5 New Hello Beautiful 5 10 Last Thing He Told Me 5 — Emotional Intelligence 2.0 5 5
Larry Loftis/Atria Jeffrey Eisner/Voracious Ann Napolitano/Dial Laura Dave/Marysue Rucci Travis Bradberry/TalentSmart
The Stable Boy of Auschwitz 6 New The Return of the Gods 6 — It Starts With Us 6 6 Lassiter 6 New Unreasonable Hospitality 6 9
Henry Oster & Dexter Ford/Thread Jonathan Cahn/Frontline Colleen Hoover/Atria J.R. Ward/Gallery Will Guidara/Optimism
The Stranger in the Woods 7 — The 48 Laws of Power 7 7 Heir of Uncertain Magic 7 New Lessons in Chemistry 7 5 The Daily Stoic 7 8
Michael Finkel/Knopf Robert Greene/Penguin Charlie N. Holmberg/Amazon Bonnie Garmus/Doubleday Ryan Holiday & Stephen Hanselman/Portfolio
History of Christianity 8 — The Body Keeps the Score 8 — Yours Truly 8 New It Ends With Us 8 6 Breaking Through 8 —
Paul Johnson/Touchstone Bessel van der Kolk/Penguin Abby Jimenez/Forever Colleen Hoover/Atria Sally Susman/Harvard Business Review
Set Boundaries, Find Peace 9 — I’m Glad My Mom Died 9 — Death in the Clouds 9 — Verity 9 9 Never Split the Difference 9 —
Nedra Glover Tawwab/TarcherPerigee Jennette McCurdy/Simon & Schuster Agatha Christie/Morrow Colleen Hoover/Grand Central Chris Voss/Harper Business
The Mayo Clinic Diabetes Diet 10 — The Four Agreements 10 — How Much I Need 10 New Oh the Places You’ll Go! 10 — The Five Dysfunctions of a Team 10 10
Donald D. Hensrud/Mayo Clinic Don Miguel Ruiz/Amber-Allen Marie Force/HTJB Dr. Seuss/Random House Young Readers Patrick M. Lencioni/Jossey-Bass
PLAY
NEWS QUIZ DANIEL AKST From this week’s NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
Wall Street Journal
1. MillerKnoll CEO 5. American kids’ Cell Blocks Cell Blocks

Andi Owen ignited weight surged Divide the grid
criticism for during the into square or
telling workers pandemic. How rectangular blocks, For previous
mourning a lack of many were obese each containing weeks’ puzzles,
bonuses to leave even before that? one digit only. and to discuss
town. Which one? Every block must strategies with
A. One in 20 contain the number
other solvers, go
A. “Woeburg” B. One in 10 of cells indicated by
to WSJ.com/
B. “Grouseville” C. One in five the digit inside it.
puzzles.
C. “Pity City” D. One in three
D. Zeeland, Mich., where the Killer Sudoku
company is based Level 1 Suko
6. The offspring of the world’s
richest person are auditioning
2. Yellowstone National Park is to take the reins of his empire.
a magnet for wolf watchers. Who’s their dad?
When were the canids
reintroduced there? A. Elon Musk
B. Bernard Arnault Killer Sudoku Level 2
A. 1972-77 C. Jeff Bezos As with standard
B. 1988-90 D. Logan Roy Sudoku, fill the
C. 1995-97 grid so that every
D. 2002-05 column, every row
7. SpaceX’s Starship exploded Pushing Back
and every 3x3 box
minutes into a test flight. In C A S P E R C E S S N A C A AS L S
contains the digits
3. Transportation stocks have industry jargon, what happened? E L A I N E H A U L I N S U B LP O T
1 to 9. Each set of S O U N D B O A R D I N G C R O TA I A
been trailing lately—portending
cells joined by T E D S UM S T A L K H E A ID N G
what, typically? A. “Rapid unscheduled A S I A T A T A S S E E M T ME
dotted lines must
disassembly” add up to the A U S N E C K S E D E N E B B
A. A stronger economy B. “Spontaneous high-energy target number in
T U R N P O I N T I N G S A N MA T E O
B. A weaker economy dissolution” O N A T I P I N E R T R E A L E S T
its top-left corner. R I B T E M P O R I A A C E R T S
C. Rising energy prices C. “Accelerated total Within each set O T I S R I A N T E R I P A R
D. A tech boom deconstruction” of cells joined by S E A LWA X I N G F A L L O U T I N G
D. “Sudden excess pressure I R S N E R O D E E S S T I R
dotted lines, a digit O N I C E S WA P I D T A G A X E
release” cannot be repeated. F O R E S T S S I R E D D I A L O G
4. Netflix is ending its DVD-
F R O S T I E R L A N D C R A F T I N G
delivery service after 25 years S I N E D I E H I L L Y T R A
and 5.2 billion discs. What was 8. A new theory says O A T U C L A D E E D S A N N A
in the first red envelope it Michelangelo based the image Suko B O X MA T C H I N G M E A L W I N
FROM TOP: SYLVIA JARRUS FOR THE WALL STREET JOURNAL; BETTMANN/GETTY IMAGES
Place the numbers A M I B L U E S T A N D O R D E R I N G

mailed? of God adorning the ceiling of S I D E O N E H E R E O N A T O N E R
.
the Sistine Chapel on which 1 to 9 in the spaces S T E R N S A S P E N S T OWE R Y
ly
A. “You’ve Got Mail” famous Italian? so that the number
B. “In the Good Old in each circle is equal Soap Boxes
Summertime” A. Marcello Mastroianni to the sum of the
four surrounding W A R C R Y S C AM P A P E R
C. “The Shop Around B. Pope Sixtus IV
on R E N T A L S I G NM A S O N
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM
the Corner” C. Architect Giovanni dei Dolci spaces, and

each color total B U R B S L A N A G E R A L D
D. “Beetlejuice” D. Michelangelo G E R U N D E T H E R B A Y S
is correct.
B E F O R E D O C K F O I L S
S O U L M I L O R D F L I C K
us ,
M E S H E S T I L E S B E N D
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B O O T O N E L O V E R A N G
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al a
Answers D Y E S C R I M E S T I E R S
are listed
H O O P S A N DMA T E W A N
below the
ci on
V E R S A V E S T A P P E A L
crossword
D A M E S C A R D I N T O Y S
solutions
P L O P A D E L E A D A P T S
at right.
T A R S C U R B A L L S T A R
M O R R I E S O O N S T O U T
er s
The extra letters spell BUBBLE WRAP.

m er
Answers to News Quiz: 1.C, 2.C, 3.B, 4.D, 5.C, 6.B, 7.A, 8.D
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK
m rp
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 40 Pale yellow 1 K2 D3 H4 F5 G6 L7 P8 N9 M 10 A 11 Q 12 T 13 I 14 E 15 B 16 R 17 U 18 S 19 K 20 H 21 L
cheese
18 19 20 21 22 22 J 23 D 24 A 25 Q 26 G 27 F 28 I 29 O 30 M 31 T 32 P 33 B 34 Q 35 A 36 E 37 P 38 L 39 S 40 N
41 Not me
23 24 25 26
42 Karate teachers 41 T 42 K 43 R 44 B 45 C 46 Q 47 U 48 H 49 L 50 I 51 A 52 F 53 M 54 S 55 P 56 J 57 T 58 Q 59 C
27 28 29 30 45 Cherry or
co Fo
60 A 61 E 62 R 63 L 64 H 65 N 66 D 67 B 68 S 69 F 70 K 71 P 72 A 73 R 74 Q 75 I 76 O 77 J 78 U
cranberry
31 32 33 34 35 36
49 Condos, e.g. 79 G 80 D 81 M 82 B 83 Q 84 C 85 K 86 I 87 A 88 F 89 R 90 E 91 N 92 P 93 L 94 D 95 Q 96 G 97 J
37 38 39 40 41 42
50 Sonora shawls 98 A 99 K 100 S 101 I 102 F 103 L 104 C 105 U 106 E 107 B 108 A 109 G 110 N 111 Q 112 J 113 T 114 D 115 R 116 H
43 44 45 46 47 51 Lavish attention
117 K 118 Q 119 U 120 F 121 S 122 E 123 P 124 L 125 I 126 A 127 N 128 B 129 T 130 Q 131 R 132 O 133 E 134 G 135 D
48 49 50 51 52 (on)
52 Those, in Tijuana 136 P 137 K 138 H 139 C 140 F 141 U 142 S 143 I 144 B 145 A 146 N 147 Q 148 T 149 L 150 M 151 J 152 R 153 K 154 F 155 H 156 S
53 54 55 56 57 58 59
53 Black, in heraldry
157 D 158 E 159 I 160 T 161 U 162 P 163 Q 164 G 165 A 166 B 167 P 168 N 169 O 170 F 171 I 172 L 173 U 174 K 175 J
60 61 62 63 64
54 Negro Leagues
65 66 67 68 69 great Buck 176 H 177 T 178 R 179 C 180 A 181 Q 182 U 183 M 184 B 185 L 186 I 187 K 188 D 189 E 190 A 191 S 192 P 193 F 194 R
55 Omission
70 71 72 73 195 T 196 I 197 Q 198 O 199 N 200 B 201 J 202 D 203 F 204 Q 205 L 206 R 207 P 208 E 209 I 210 U 211 S 212 A 213 G 214 M
57 Cavalry charges?
74 75 76 77 78 79
58 Normal
Acrostic | by Mike Shenk
n-
80 81 82 83 59 Furtive looks
84 85 86 87 88 89 90 61 Job for a speech To solve, write the answers to the clues on the K. British feminist ____ ____ ____ ____ ____ ____ ____ ____
42 19 187 85 153 117 99 70
coach numbered dashes. Then transfer each letter to the writer of “The
91 92 93 94 95 96 correspondingly numbered square in the grid to spell Return of the ____ ____ ____
62 Moppet 174 1 137
Soldier” (2 wds.)
no
97 98 99 a quotation reading from left to right. Black squares

63 Pigs’ digs separate words in the quotation. Work back and
100 101 102 103 104 105 106 64 Chart holder forth between the word list and the grid to complete L. Yale a cappella ____ ____ ____ ____ ____ ____ ____ ____
124 185 6 149 93 172 38 21
the puzzle. When you’re finished, the initial letters of group named after
107 108 109 110 111 112 66 Lyft rival a fish in a Victor ____ ____ ____ ____
67 Corn cake the answers in the word list will spell the author’s Herbert musical 63 103 205 49
113 114 115 116
name and the source of the quotation.
68 Joplin
117 118 119 120 composition A. Punch in the mouth, ____ ____ ____ ____ ____ ____ ____ ____ M. Son and killer of ____ ____ ____ ____ ____ ____ ____
35 145 60 24 108 180 10 190 30 150 53 214 81 183 9
71 “The Love in slang (2 wds.) Clytemnestra, in
Twist Ties | by Gary Larson Affairs of ____ ____ ____ ____ ____ ____ ____
126 87 98 165 51 72 212
Greek mythology
Nathaniel P.”
Across 44 NFC West team 88 Have a bawl 5 Gender-specific writer Waldman N. Able to recover ____ ____ ____ ____ ____ ____ ____ ____ ____
1 Inner ear part 46 Buck’s mate 91 Peace accords in possessive readily from 65 8 199 168 110 146 91 127 40
76 See 78-Down B. 1830s novel ____ ____ ____ ____ ____ ____ ____ ____
4 Zakouma 47 Hoity-toity organized crime? 6 One or more subtitled “The 82 33 107 44 166 144 184 200 misfortune
77 Blog feed letters
National Park attitude 95 Chicago Outfit 7 Dwarf with Parish Boy’s ____ ____ ____
location boss glasses 78 With 76-Down, Progress” (2 wds.) 67 15 128
O. Muscles worked by ____ ____ ____ ____ ____
48 Hamilton and actor in “Troy” 29 76 169 198 132
8 Don with the Burr, e.g. 97 Still developing 8 Makeup of a side lateral raises
and “Munich”
most total wins 50 “Lincoln in the 98 Fascinated with puffball’s puff C. Heavy ocean wave; ____ ____ ____ ____ ____ ____
as an NFL head 79 Omega-3 source slow-moving 139 59 84 179 45 104 P. Relieve stress by ____ ____ ____ ____ ____ ____ ____ ____
Bardo” author 99 Leatherneck’s yell 9 Strong emotion 162 92 123 167 207 192 55 136
coach George 80 Can of worms? ground ball; ranting (3 wds.)
100 Gadot who plays 10 “Mitla Pass” typewriter part ____ ____ ____ ____
13 Baker with eight 53 Went off, as an author 81 Little piggy 32 71 37 7
Grammys Wonder Woman
alarm 82 Bubbly name
101 Stop temporarily 11 Wine barrel
18 “Be ___ and help 55 Tiara sparkler sediment 83 ___ facto D. Expression of ____ ____ ____ ____ ____ ____ ____ ____
me out” 105 Prickly plant surprise (3 wds.) 66 188 94 135 2 114 80 157 Q. Cancún is situated ____ ____ ____ ____ ____ ____ ____ ____
181 163 83 111 204 197 11 95
56 1998 National 12 Per se 84 Built up charges ____ ____
on its Caribbean
20 Eleatic League MVP 107 Quadrapong 23 202 coast (2 wds.) ____ ____ ____ ____ ____ ____ ____ ____
philosopher maker 13 Opening day 85 Copy 25 74 34 147 46 130 58 118
known for his 57 Banquet pitcher, probably
110 Sheepdogs with 87 Holi celebrator
paradoxes 60 Hostile to their heads out 14 Roman E. Breton, Magritte or ____ ____ ____ ____ ____ ____ ____ ____
89 Like a terrier 90 208 122 61 36 133 106 14 R. Ezra Pound said ____ ____ ____ ____ ____ ____ ____ ____
21 Does some 61 Take top billing the front goddess of being trained Dalí, e.g. “I see him America’s 62 178 206 194 115 16 43 89
kitchen prep 63 Reassure passenger the night ____ ____
poet” (2 wds.) ____ ____ ____
window? 90 Commands 189 158 131 73 152
work 15 Agitated
65 “Far ___ from me 91 Wily barber
22 Sword-and- to...” 113 Sell out 16 Theatrical
sorcery character 114 Peter of novelties of the 92 Age abbr. F. 1958 #1 song for ____ ____ ____ ____ ____ ____ ____ ____ S. Fraction of time ____ ____ ____ ____ ____ ____ ____ ____
created by 66 Ready for some 140 27 88 170 203 69 154 120 191 121 68 18 211 142 100 54
“Casablanca” late 1920s 93 Muss up the Platters between making a
Robert E. Howard revelry?
94 Hints of color (2 wds.) ____ ____ ____ ____ mistake and ____ ____
69 Together, in 115 Prima donna’s 17 Tomfoolery 52 193 102 4 156 39
23 Bedbugs in the offering realizing it,
music 19 Bar stock 96 Blog entries humorously
barracks?
70 Misrepresents 116 Rarity on a 102 Work area
26 Put on a pedestal 24 Dried G. Liqueur similar to ____ ____ ____ ____ ____ ____ ____ ____
rush-hour 96 134 79 26 213 5 164 109
72 Handles the bill subway 25 Bouquets 103 Dermal opening sambuca and ouzo T. What may be ____ ____ ____ ____ ____ ____ ____ ____
27 Captivates determined by the 129 113 12 41 195 160 31 148
73 Neb. neighbor 117 Carries out 29 Song Cau soup 104 Being, in
28 Child’s play Boulogne use of a try square ____ ____
74 Raised railroads 118 Slender blades 32 Cracked H. Baseball team ____ ____ ____ ____ ____ ____ ____ ____ (2 wds.) 57 177
30 Enjoy Aspen 105 Spare whose caps feature 3 138 64 155 48 116 176 20
75 Crash souvenir 119 Milk buy 33 NASA landed
31 Extend, in a way 106 Peppers may a compass rose
76 Implore six of them on over a capital S U. Relative of a ____ ____ ____ ____ ____ ____ ____ ____
32 Moisturizer 120 1960s radical org. pack it 161 210 173 47 119 17 182 105
the moon bathysphere
additive 77 Iterates Down 108 Brett Goldstein’s (2 wds.) ____ ____
80 Italian pistols 35 Turkey’s highest 141 78
34 In turmoil 1 Phone features “Ted Lasso” role I. Smooth, glossy ____ ____ ____ ____ ____ ____ ____ ____
peak 50 86 101 186 171 125 13 159
82 Err in court material used
Get the solutions to this week’s Journal Weekend
s
37 Inverse of the 2 They express 36 Redding with 109 Powerful people for shoes and ____ ____ ____ ____ ____
reciprocal of cos 84 Genuine their views two posthumous 111 Afternoon handbags (2 wds.) 143 75 196 28 209 Puzzles in next Saturday’s Wall Street Journal.
39 Midriff-baring 86 Long stretch 3 Juggle Grammys refresher Solve crosswords and acrostics online, get pointers
uniform tops? 87 Accepts a driver’s responsibilities? 38 Racing’s 112 87-Down on solving cryptic puzzles and discuss all of the
J. Delight ____ ____ ____ ____ ____ ____ ____ ____
43 Opposite of NNW invitation 4 Policy pro Yarborough honorific 151 97 112 201 175 56 77 22 puzzles online at WSJ.com/Puzzles.
REVIEW
ICONS
Karl Lagerfeld’s
Double Visions
A new retrospective spotlights the opposing inspirations of a legendary couturier.
BY ALEXANDRA WOLFE
O
ver the course of his A Chanel wedding dress
65-year career in fash- from 2005-6 with Karl
ion, the late designer Lagerfeld’s sketch.
Karl Lagerfeld became
as famous as the fash-
ion houses he worked for, including
Chanel, Chloé and Fendi. Known for
his uniform of starched white collar,
slim black suit, powdered white po-
nytail and fingerless biker gloves, as
well as for his biting wit and extrava-
gant, theatrical runway shows, Lager-
feld rarely shunned attention.
Yet he was famously outspoken
about how much he abhorred the
idea of having a museum retrospec-
tive while he was alive. “I’m not in wall in another gallery is a structured
the habit of analyzing or intellectual- black-wool bouclé suit with a knotted
izing my work,” he told Andrew Bol- cravat, from Chanel’s 2005 spring/
ton, head curator of the Metropolitan summer haute couture collection. In-
Museum of Art’s Costume Institute, spired by an 18th-century dandy look,
in 2005. “I leave that to the profes- the suit took 330 hours to make. The
sionals.” Now, four years after the de- two vastly different styles are indica-
signer’s death, Mr. Bolton has orga- tive of Lagerfeld’s expansive palette:
nized “Karl Lagerfeld: A Line of “He’s able to merge and create a new
Beauty,” opening May 5 at the Cos- set of visual identities that becomes
.
tume Institute. The show documents his own fashion,” says Ms. Ku.
ly
his career with some 200 items, in- In the middle of each gallery on an
cluding garments, personal effects elevated pedestal is what Mr. Bolton
and a wealth of drawings. calls an “explosion” piece, a garment
Lagerfeld was unique among de-
signers for the quantity and specific-
ity of his drawings. “My sketches
look like the final thing,” he once
on that combines both of the room’s op-
posing themes in one. In the canoni-
cal-countercultural gallery, for in-
stance, the explosion piece is an
us ,
said. Su Ku, chair of the fashion de- ensemble from Lagerfeld’s hip-hop
partment at the Fashion Institute of inspired autumn/winter 1991-92 Cha-
l
e
Technology, describes Lagerfeld’s il- nel collection—a billowy, 1950s-style
al a
lustrations as his vocabulary: “His pink taffeta dress with a ruched bod-
FROM TOP: THE METROPOLITAN MUSEUM OF ART; JULIA HETTA/THE METROPOLITAN MUSEUM OF ART.
sketches were his instructional com- ice, covered with a black leather
ci on
mands, conveying silhouette direc- biker jacket. Ms. Ku says Lagerfeld’s

tions and proposing design details.” idea of merging haute couture with
The show opens with an area de- biker culture was revolutionary: “At
voted to Lagerfeld’s early career, fol- the time, bikers were not bikers, they
lowed by a room displaying filmed were thugs,” she notes. “Karl Lager-
er s
interviews with four of his “pre- feld was able to transform transgres-
mieres,” the head seamstresses who sive elements into edgy style.”
m er
worked with him. Mr. Bolton says he Loïc Prigent, the filmmaker who
was struck by the depth of Lager- interviewed Lagerfeld’s seamstresses
feld’s relationships with these for the show, remembers the last
women. One of them, Stefania D’Al- time he saw the designer before his
m rp
fonso, remembers exclaiming “Oh death in 2019. Already ailing, Lager-

Mama! Now what am I going to do?” feld said he was always looking out
when the designer presented her his window to see what people were
with a sketch of an orchid-inspired The remainder of the exhibition, on the former, while military, mascu- “Then he had the French side he as- wearing on the street. Once, during a
coat for his 2012-13 fall/winter Fendi designed by architect Tadao Ando, line and structured garments hang on pired to, which was the romantic, his- heat wave, he found that “everybody
co Fo
collection. Her sentiment was com- consists of 10 galleries, most of which the latter. toricist side.” was so ugly, so I decided to do this
mon among those tasked with the job focus on pairs of opposing themes in The design reflects what Mr. Bol- On the curved wall, for example, is collection so you could be elegant
of translating Lagerfeld’s elaborate, Lagerfeld’s work, such as floral-geo- ton describes as the “dualism” of La- an ornate wedding dress from Cha- and breezy at the same time.” The re-
detailed drawings, often illustrated metric and masculine-feminine. The gerfeld’s sensibility. “There was this nel’s autumn/winter 2005-6 haute sult was his spring 2019 Fendi ready-
with colored eye shadow and covered galleries include one curved and one Teutonic side of him that was mod- couture collection, embroidered with to-wear line, which featured perfora-
with cursive notes, into wearable straight wall; romantic, rococo and ernist, minimalist and very much 2,500 silk camellias that took 850 tions as ventilation, “so people could
clothing. feminine-themed items are displayed about structure,” Mr. Bolton says. hours to construct. On the straight look good even while they are hot.”
MASTERPIECE | PAZZI CHAPEL (C. 1443-78), ATTRIBUTED TO FILIPPO BRUNELLESCHI

n-
Heavenly Purity in Architecture with the help of a computer.

The Pazzi Chapel has long been
no
credited to Brunelleschi, who earlier

designed a similar Florentine chapel
BY J.S. MARCUS nious, meditative space marked by a orated with a bluish, constellation- gelists. Sometimes attributed to Bru- for the Medici family, known as the
simple geometric plan—and contain- filled sky. nelleschi himself, each seems to rest Old Sacristy, in his own Basilica of
ON APRIL 26, 1478, during Easter ing, at its heart, a near-monochro- Blue, gray and white predominate on a Pazzi coat of arms. San Lorenzo. McCarthy regarded the
Mass at Florence’s cathedral, matic void. Begun in the early 1440s, throughout. The chief decorative The space itself seems to be ex- Pazzi Chapel as “the quintessential
Lorenzo de’ Medici, the city’s “mag- construction was halted in the after- feature is the array of Corinthian pi- panding. As it turns out, the square Brunelleschi.” But in the mid-1990s,
nificent” de facto ruler and art pa- math of the Pazzi Conspiracy. It has lasters—the walls’ flat, fluted col- is in fact a rectangle, thanks to two American art historian Marvin
tron, was nearly assassinated, and remained largely unchanged—and, in umns that may appear to provide side extensions lined with pietra ser- Trachtenberg, now a professor
his brother Giuliano was stabbed to a few minor aspects, technically un- support but serve, instead, to lead ena benches. And the pilasters begin emeritus at New York University’s
death. The Pazzi family, the Medicis’ finished—since the 15th century. the eye up toward the main dome. unusually high, an effect that seems Institute of Fine Arts, begged to dif-
Florentine rivals, helped to organize Fronted by a symmetrical col- Fashioned out of pietra serena, the to sink the floor. fer, emphatically arguing that the
the failed coup—remembered as the Without paintings, freestanding Pazzi Chapel could never have been
Pazzi Conspiracy—and saw its lead- statues or frescoed walls, the Pazzi designed by Brunelleschi at all.
ing members brutally executed, their Chapel instead uses harmonious Pointing out, among other devia-
property confiscated, and their coat space—the purity of its architec- tions, the coarse imprecision of the
of arms all but vanish. It can come as ture—to foster a sense of piety. You pilasters, whose purely decorative
a surprise, then, to learn that proba- feel enveloped but lightened in its role would have been anathema to
bly the single most admired building clutter-free geometry, with a premo- the more integrated approach of
of Florence’s Quattrocento bears nition, somehow, Brunelleschi, Prof. Trachtenberg in-
their otherwise notorious name. Pazzi Chapel of drifting heav- stead has attributed the building to
Associated with Florentine archi- dome in enward. the architect and sculptor Mich-
tect and engineer Filippo Brunelles- Florence, Italy Generations of elozzo. A Medici favorite who was a
chi (1377-1446), the genius responsi- scholars, connois- generation younger than Brunelles-
ble for the wondrous dome of the seurs and travelers have heaped chi, Michelozzo had previously been
city’s cathedral, the relatively small praise on the Pazzi Chapel, which proposed as the architect of the dis-
Pazzi Chapel is tucked into a cloister complemented the era’s rediscovery tinct portico.
of the Basilica of Santa Croce, the of antiquity with the Renaissance’s The professor has found converts,
immense, Gothic church that houses own innovations. Twentieth-century but the Opera di Santa Croce, which
masterpieces by Giotto and Ci- British art historian Kenneth Clark administers the church complex’s
mabue, among others, and the regarded it as the epitome of what cultural treasures, still insists that
tombs of everyone from Michelan- he called “the architecture of hu- Brunelleschi “provided the design”
gelo and Galileo to Gioachino Ros- manism.” And American critic Mary and actually oversaw its first phase
sini. Commissioned by Andrea de’ McCarthy, in her 1959 classic “The of construction. It seems rather fit-
Pazzi (1372-1445), father of one of umned portico, the interior of the blue-gray Florentine sandstone often Stones of Florence,” wrote that it ting that we may not know who ex-
the leading conspirators, it was chapel is dominated by a whitish- used in Renaissance buildings, the suggested to her “the music of the actly is responsible for this master-
planned as both a chapter house for gray hemispheric dome above an pilasters frame 12 blue-and-white, universe heard in a small space.” piece. Instead, we can regard its
Santa Croce’s Franciscan friars and a empty cubic expanse—a circle on glazed-terracotta tondi, one for each More recently, Berlin-based art his- origins as decidedly collaborative, if
BASILICA DI SANTA CROCE
Pazzi family chapel. top of a square. Like the ancient apostle, made by Luca and Andrea torian Neville Rowley, the curator of ultimately a secret—a conspiracy, of
Under vast wooden ceilings, and Pantheon in Rome, the dome is della Robbia. Between the main last year’s Donatello show there, sorts, but a gift in the end.
housing its own warren of richly pierced at the top by an oculus, with dome and the arches, in the triangu- told me that the building’s pure
cluttered chapels, Santa Croce can 12 lower windows between its ribs. lar spaces known as pendentives, lines and proto-modernist atmo- Mr. Marcus writes about art and
feel like a covered piazza. The Pazzi In the apse there is a narrow altar, there are four more polychrome ter- sphere suggest a degree of perfec- design for the Journal and other
Chapel, by comparison, is a harmo- whose own diminutive dome is dec- racotta tondi, this time of the Evan- tion that could have been designed publications.
OFF DUTY
Cheap Tricks Curb

Designers on the Appeal
items they never Dan Neil finds
spend big on— the Lucid Air
and where to irresistible, warts
source them D5 and all D13
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * * ** Saturday/Sunday, April 22 - 23, 2023 | D1
.
ly
on
us ,
l
e
al a
F. MARTIN RAMIN/ THE WALL STREET JOURNAL (SELFIE); SARA BOSWORTH/THE WALL STREET JOURNAL; GETTY IMAGES (LIFE PRESERVER)
MILLENNIALS
ci on
er s
R CK THE B AT
m er
m rp
As cruise lines navigate back to normal, they’re finding a surprising new wave of customers:
co Fo
millennial and Gen Z travelers. These younger passengers have their own reasons for
thinking the boating life is cool. We sent a reporter to discover what they are.
n-
SHORT SAIL On a recent

no
four-day trip from Tampa,

Fla., to Cozumel, Mexico,
the writer snapped photos
of Gen Z and millennial
shipmates on the
Carnival Pride. From left: A
guest lounges on deck;
travelers on a shore visit;
the onboard waterslide;
BY SARA BOSWORTH tor from Byron, Ga. “It’s a good time. Lots now returned on their own dime. a dip in the Caribbean Sea.
O
of things to do.” The trip had its surprises, Among them: me. The difference was Above: The author poses
N EASTER MONDAY, atop however. “There’s a lot of little kids. this was my first cruise, having grown up on Holland America
the deck of a 963-foot Sometimes I’ll need to watch my language, with a father as scared of deep water as Line’s MS Rotterdam in
cruise ship floating some- I’ll turn around and there’s an 8-year-old my mother is of being confined to any one New York Harbor.
where north of Cancún, behind me,” she said. place for more than a few hours. With four
Mexico, Macda Hailu and The pair was lured by a ceaseless flow days on board the Carnival Pride, sailing
DeShun Gilchrist were planning their eve- of tropical drinks, an all-you-can-eat buf- from Tampa to Cozumel and back, I was
ning. On the agenda: dinner, a comedy fet, three pools, a casino and more—all in- curious to see why millennials and Gen
show, then hitting the club. cluded in one price. They are part of a Zers were paying $1,000 and up for week-
The couple was there to celebrate Mr. generation exposed to cruises in the early long trips to a number of far-flung places
Gilchrist’s 26th birthday. “It’s my first 2000s, when companies increased their (See “See-Worthy Spots,” page D4).
cruise,” said Ms. Hailu, a 24-year-old audi- family-friendly programming. They had Please turn to page D4
Inside
TIES GET
BRAWNY
Why stylish
men are
knotting up
terrifically
chunky designs
D2
ANNIKA REED (WALLPAPER)
CORK VALUES CHANGE YOUR STRIPES HOW ABOUT A GAME OF CROQUETTE?

Don’t overpay for Sancerre. Lettie Teague Move over ticking. Adios pinstripes. Now These potato-prosciutto snacks make a
found 5 bottles priced right D10 trending: loose, painterly, linear motifs D5 winning addition to any cocktail party D9
D2 | Saturday/Sunday, April 22 - 23, 2023 * *** THE WALL STREET JOURNAL.
STYLE & FASHION

NECK AND NECK Two shirts,
two collars—a sturdy design gaard’s current pick? Club-
(left) and a flat camp style collar shirts, which are THESE TOPS DON’T
F. MARTIN RAMIN/THE WALL STREET JOURNAL (3), STYLING BY LIZZY WHOLLEY, MODEL: AZLAN MAQBOOL FOR WE SPEAK MODELS
(right). Our goal? Lively, face- marked by a subtly, quirkily FLOP / FIVE SPRING
framing takes on the former. curved collar and tend to SHIRTS WITH STYLISHLY
skew a little dressier. He en- STURDY NECKS
joys versions from Thom
Browne and Ralph Lauren;
they’re “great under a blazer
and stand out a little bit,” he
said, praising their “cheeky,
almost punky-prep vibe.”
The stylist Mr. Huelster,
40, another camp-collar de-
fector, likes plaid Madras
shirts with regular button-
down collars, a design that’s
low-key without being blah.
For special occasions, he fa- Karu Research Shirt,
vors a guayabera shirt that $275, MrPorter.com
he bought in Mexico City.
This summery style, popular
in Latin America, often has a
sturdy collar and charms
with its rows of vertical
front pleats. Last summer
Mr. Huelster buttoned up his
short-sleeve guayabera for a
wedding in Lake Como, Italy.
“It was like ‘The Talented
Mr. Ripley’ style,” he said of
his breezily elegant choice,
noting that he didn’t twin
with any other guests. Barena Popover Shirt,
Men seeking a clean, $265, CuevaShop.com
Wanted: A Structured, understated look might

consider a polo with a twist,
said Andrew Weitz, a style
consultant in Los Angeles.
Unstuffy Collar for Spring He often steers clients

toward a Johnny-collar polo,
notable for its total absence
of buttons. “It’s a different
.
take on a regular polo.
ly
It’s sexy,” said Mr. Weitz
Flat, splayed camp-collar shirts now dominate men’s warm-weather lineups. But the of the style, which can be
found in various light,
style isn’t for everyone. Here, charming alternatives that aren’t boring old Oxfords.
BY ASHLEY OGAWA CLARKE warmer months. Today’s

on
collars can be elevated, they camp collars because they
spring-worthy knits.
For a shirt brimming
with easy swagger, consider
a popover, suggests George
Auralee Boxy Shirt,
$405, MyTheresa.com
L
us ,
camp styles range from $990 just have a more laid-back find the ubiquitous style a Vlagos, founder of Chicago
IKE AN ancient, Celine designs with palm- look versus the standard bit of a snore. Several years menswear store Indepen-
l
e
evil deity, this tree accents right through to collar [on], say, a button- ago, these shirts “seemed dence. This irreverent,
al a
shirt goes by $33 Old Navy takes. Athlei- down Oxford,” said Mr. fresh and compelling and a smock-like style often comes
many names: sure giant Lululemon offers Huelster. A structured collar way to stand out,” said Jon with a sturdy pointed collar;
ci on
bowling, Cuban, a head-scratching version in reads as timeless, he said. It Aagaard, who works in in- more notably, its buttons
cabana, lounge, pajama-col- a sweat-wicking fabric better “looks less ‘vacation’ than vestor relations in Chicago. stop around the sternum
lar or, most famously, camp- suited to gym clothes. the camp collar.” Now that every second guy rather than descending
collar. Even if none ring a Countless trendy brands sell That supreme casualness seems to own one, the fash- all the way down, meaning
bell, chances are you’ve seen few other collar styles come has prompted Chris Olberd- you swiftly yank it over
er s
the style, distinguished by a spring and summer. ing, president of New York your head before running Seersucker Shirt,
splayed, notched collar that Trying to source a cool, City-headquartered shirt out the door. (Mr. Olberding $99, Cos.com
For a shirt brimming
m er
exposes clavicles and lies appealing, non-camp-collar brand Gitman Vintage, to calls it “the summer
pancake-flat against the shirt has become the wildest embrace alternatives to with easy swagger, hoodie,” because of the way
chest. You might well have goose chase in men’s fash- camp collars. This year, Mr. consider a popover. you pull it on.)
spotted one on a rakish sort ion. While camp collars have Olberding, 52, put in a re- Pick a popover to match
m rp
at a rooftop bar—or on ac- their die-hard fans, they cord personal order for col- your mood. Grab a short-
tor Theo James, who wears aren’t for all guys—or all oc- lared dress shirts. And when sleeve, beach-appropriate
little else in the second sea- casions. Sure, they’re fun, he heads to Europe for work ionable 41-year-old has be- linen take from Engineered
son of HBO’s smash-hit se- comfortable and raffish, but this summer, he won’t be gun gravitating toward neck Garments or an oversize,
ries “The White Lotus.” their flattened forms don’t packing any camp shirts. His bands that feel surprising artsy design from cooler-
co Fo
Though camp collars re- frame the face like a proud, desire to wear sturdier col- and less played out. than-thou Swedish brand
portedly arrived in the U.S. upstanding collar might. lars, he explained, is a reac- Good news: If you know Our Legacy. “A popover
from Cuba in the 1950s, in More annoyingly, as New tion to having dressed so ca- where to look, charming al- makes guys feel more fash-
recent years they have come York City stylist Mac Huel- sually during the pandemic. ternatives can be found; you ionable,” said Mr. Vlagos, Chambray Shirt, $200,
to dominate men’s casual- ster notes, they always look Other fashionable folks needn’t settle for a staid “because it’s not something GitmanVintage.com
shirt offerings, especially in chill. “Even though camp are turning their backs on striped Oxford. Mr. Aa- everyone has.”
BY ANDREW BARKER
Today’s Trending Tie Style: Broader Than an Ox director Jean-Claude Colban. Non-
luxury labels are also broadening
n-
CHARLES AMINE, a retail consul- their ambitions. J.Crew sells pat-

tant in New York City, wears a tie Slim ties have been the rage for much of the past decade. But for terned styles that look like they’ve
to the office every day—by choice. fashionable guys embracing neckwear, there’s no such thing as too wide. eaten the brand’s ties of 2016. And
“I enjoy wearing a tie…when no one Chicago company Tie Bar, which
no
would expect you to,” said Mr. sells $22 silk designs, reports wider
Amine. Lately, the 22-year-old’s ties now make up 60% of total sales.
neckwear game has been particu- That’s the inverse of a few years
larly strong. While home for the ago, when skinny styles held the ma-
holidays last year, he discovered a jority share, said Abby Wheeler, Tie
trove of chunky, 1990s-era silk ties Bar’s VP of merchandising.
in his dad’s wardrobe. One, a 3.5- Mark Cho, co-founder of the Ar-
inch-wide red beauty by Parisian moury, an upscale haberdasher in
luxury brand Charvet, caught his New York City and Hong Kong,
eye and followed him back to New links demand for thicker ties with
York. He likes to team it with navy a resurgence in oversize, ’80s-style
suits and loafers. “I was drawn to suiting featuring wide lapels. These
its elegance,” he said. “It’s the wid- go hand-in-hand, noted Mr. Cho,
est [tie] I’ve ever worn.” because the width of the tie and
Few guys need to sport a tie for the jacket lapels should be propor-
work these days, but dapper con- tionate. (As should the width of
trarians like Mr. Amine are using the the tie and the shirt collar; one
accessory to enliven outfits and per- shouldn’t overwhelm the other.)
haps make a strong impression on To make the most of your broad
management. Other tastemakers, tie, Charvet’s Mr. Colban recom-
like Manhattan producer and stylist mends choosing an “interesting”
Jahil Fisher, 40, enjoy knotting up a pattern—i.e. one that’s slightly ir-
colorful tie for social occasions. regular or features larger prints.
Whether they’re embracing neck- That capitalizes on the extra real
wear for meetings, nights out or estate. “There is no design justifica-
wedding season, these stylish sorts tion for a wider plain tie,” he said.
seem to agree on one thing: It’s time Beyond being on trend, why em-
to ditch the slender ties of years brace chunky neckwear? A wide tie
past and go big. grants its wearer swagger, notes
Whippet-thin ties—sometimes as the producer and stylist Mr. Fisher,
MAX-O-MATIC (COLLAGE); GETTY IMAGES (3), SHUTTERSTOCK (2)
narrow as 2 inches across at their whose meaty ties are inspired by

broadest point—have been a trendy the “kipper” style that thrived in
fixture for much of the past decade. the ’70s. When pairing a brawny
In 2016, J.Crew caused an uproar in design with a striped shirt, vintage
menswear circles when it upped the Levi’s and a cap, Mr. Fisher feels
width of its ties from 2.5 to a still- like he’s Andy Warhol and “can get
slim 2.75 inches, suggesting a into the main room at Sant Am-
change in the wind. Now? The mar- broeus without a reservation,” he
ket’s most fashionable styles, at 3.3- said, referencing the popular Man-
plus inches wide, are stockier than hattan restaurant chain.
a well-fed bulldog. For the consultant Mr. Amine, the
In the past 2 to 3 years, Charvet appeal is obvious. A beefy tie ac-
has seen a decline in sales of slim- HEAVYWEIGHT LINEUP Three great, chunky ties at home alongside other tremendously broad things. Clockwise from cents outfits in a way its slim com-
mer ties and growing demand for top left: 3.5-inch-wide Tom Ford Silk Tie, $270, BergdorfGoodman.com; 3.35-inch-wide Silk Tie, $150, TheArmoury.com; rades could never dream of doing. “I
3.5 and 3.75-inch beasts, said brand 3.5-inch-wide Wool Tie, $90, JCrew.com; an ox; folk hero Paul Bunyan; a bulldog; the Michelin Man; a jumbo truck. love how it stands out,” he said.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 22 - 23, 2023 | D3
STYLE & FASHION
WorkThatWardrobe
BY MARISA MELTZER
F
OR MOST women in
traditional offices, as-
1 My work pants violently
dig into my waist. Does
anyone make polished trou-
sembling a workplace sers that won’t cause me
wardrobe is excruciat- physical pain by 11 a.m.?
ing—and not for rea- Vince’s classic High-Waist
sons you might expect. While the Bias Pant (below) has a sub-
post-WFH era ushered in the
Dressing for the office is frustrating at best and defeating at worst—but it doesn’t tle elastic waistband that
“How casual is too casual?” guess- have to be. Here, expert advice for solving five universal workwear dilemmas. affords sweats-level ease,
ing game, the most pressing work- said Mary Orton, a blogger in
wear problems predate Covid 19. Milwaukee who doles out ad-
These age-old issues are decidedly vice on office style via her
unsexy conundrums—How do I website Memorandum. Also
stop sweating through my blouse? worth considering: Athleta’s
Do wrinkle-resistant blazers ex- secretly stretchy Brooklyn An-
ist?—that few women openly dis- kle Pant (below).
cuss and even fewer brands ade- Vince creative director Caro-
quately address. line Belhumeur advocates
Fit is an especially irksome issue broadening your definition of
for women of all shapes and sizes. “polished” and pairing easy wool
Although fashion is becoming more cargo pants with an oversize
size-inclusive—H&M U.S. recently blazer. “I went out in mine and
extended its women's sizing to didn’t have a bag!” she said.
4X—most brands don’t account for
the fact that no two bodies are
identical shapes, even if they’re 
both technically a size 10. Fit is a Stretch
game, said Betty Halbreich, the Pant, $99,
founder of Bergdorf Goodman’s So- Athleta.com
EVERETT COLLECTION (THE DEVIL WEARS PRADA); GETTY IMAGES (THE OFFICE)
lutions personal-shopping depart-

ment. “You have to try on every de-
signer, every piece.”
It’s easy to preach body positivity,
but even the most confident among
us would feel defeated if each but-
ton-down she tried gaped awk-
wardly at the bust or every blazer
she found had oppressively snug
sleeves. Just ask Karen Ortiz, an ad-
ministrative judge in Manhattan. “I
had a couple of comments from col-
leagues like, ‘Oh that looks tight on 
you,’” said Ms. Oritz, 51. That’s when High-Waist
.
she hired a pro to help her shop. Pant, $345,
ly
Having a personal stylist on call Vince.com
isn’t the only fix. Here, experts and
working women solve five vexing SAY YES TO NO STRESS Not everyone has access to designer work duds like Anne Hathaway in ‘The Devil Wears
office-wear headaches. on
Prada,’ shown, but a few hacks will help you avoid shlumpy fare like Pam (Jenna Fischer) wore on ‘The Office’ (top).
2 I have a sweaty commute to a freezing

office. WFH in PJs sans bra was so much 3 I am not a sneaker person but I refuse
us ,
to abuse my feet with heels. What are

l
better. How can I stay comfortable all day? some comfy-but-chic shoes?
e
At her office in scorching Phoenix, Amy L. John- Ballet flats are for-sure chic but high-end
al a
son, 45, is blasted with A.C. But she finds carry-  options can cost four figures and the style
ing a cardigan to her job in a tech department Undershirt, $65, doesn’t offer a lot of support. “I love the 
ci on
“annoying.” Brooklyn stylist Karyn Starr advises WearNumi.com idea of an oxford shoe for women because Hereu Loafers, $555, Farfetch.com
those in similar situations layer under, not over, it sends a subtle nod to old-school men’s
their clothes. Numi’s Tencel-blend undershirt has dress,” said New York City stylist Joanna
underarm gussets that absorb sweat before it Lovering, who sends clients to Cole Haan.
shows. “They’re game-changers,” said Ms. Starr. Want some height without the toe-pinching
er s
For actual underwear, Washington, D.C., pitch? “Platforms are a problem solver,” said
stylist Lauren A. Rothman suggests replicating Ms. Rothman. Her preferred purveyors are
m er
WFH comfort with wireless bras and seamless  Stella McCartney and Clergerie. Prada also
briefs—the latter of which will help you avoid Full Brief, offers a menagerie of platform styles that 
panty lines and thongs. $20, Skims.com work equally well with tux pants and jeans. Loafers, $1,200, Prada.com
m rp
4 Why do all button-down shirts gap at

my bust, and how do I make it stop?
“Let’s be real,” said Ms. Lovering. “The

Stretch-Cotton
Shirt, $114, Universal
5 I love how blazers make almost any
outfit office-ready, but why do so many
have shrunken arms and wrinkle-prone

Blazer, $495,
MMLaFleur.com
co Fo
old secure-it-with-a-safety-pin trick is Standard.com fabric? Where have all the crisp, adult-size
overused. And we can always see the jackets gone?
pin.” She points her clients to Universal According to Ms. Orton, they’re on the e-comm
Standard, whose Elbe Popover Stretch sites of M.M. LaFleur and Theory. Both brands
Poplin Shirt (right) dispatches the button sell blazers in versatile knit or stretch fabrics
bulge via its half-placket design, generous that appear polished even after you’ve wran-
arm holes and a smidge of elastane. gled your toddler into a car seat, she said. New
For a more casual look, Ms. Starr, who York designer Rachel Comey makes jackets in
said that her “clients with breasts tend a cotton-polyamide blend called Foam. Her

to almost give up” on shirting, recom- New Amboy Blazer is cut from this spongy 
Cotton Shirt,
mends Toteme’s Signature Cotton Shirt. jacquard, the pebbled texture of which helps Blazer, $595,
$350, Toteme-
The top’s intentionally oversize cut pre- resist and mask wrinkles. Bonus? Its oversize RachelComey.com
Studio.com
n-
vents buttons from misbehaving. silhouette allows for maximum movement.

no
D4 | Saturday/Sunday, April 22 - 23, 2023 * ****** THE WALL STREET JOURNAL.
ADVENTURE & TRAVEL

Since When Do Millennials Like Cruises? See-Worthy Spots
The five destinations to which millennials
and Gen Zers are cruising—and why—accord-
ing to advisers affiliated with Virtuoso, a
global network of travel planners
Portofino, a port stop in Italy.
The Mediterranean
“A cruise to multiple countries makes it an
affordable way to travel the world,” said Jes-
sica Griscavage of Runway Travel, based in
Springfield, Va.
SHIP AHOY The Celebrity Edge ship hits
seven ports in Italy, Spain and France in seven
days. From $1,099. CelebrityCruises.com
Alaska
Adults-only cruises are popular for millenni-
als heading to hike and fish as well as see
glaciers, wildlife and historic gold-mining
towns like Juneau, according to Ruth Turpin,
owner of Cruise, Etc., in Ft. Worth, Texas.
SHIP AHOY The Oceania Regatta’s Alaska
Wayfarer itinerary offers that. From $1,700
for seven days. OceaniaCruises.com
.
ly
OH BUOY! While in port at Cozumel, Mexico, the author photographed a cruise ship docked nearby.
Continued from page D1

Cruise ships have historically been ha-
vens for snowbird retirees and multigener-
on
marketing officer at Royal Caribbean In-
ternational. According to the Cruise Lines
International Association, millennial cus-
ing sunbathing session.
In their effort to get people like Ms.
Shomer and Mr. Brown out to sea, some
us ,
ational family reunions, both parties tomers—the generation famous for spend- lines make their cruises available only to
drawn to their efficiency and relative af- ing their money on experiences rather those 21 and up. Virgin Voyages, an adult-
l
e
fordability. But increasingly, those advan- than things—are the most likely age group only cruise line, offers a karaoke lounge,
al a
tages are attracting people like me, a 20- to say they intend to cruise again. Korean barbecue and even a tattoo parlor
something tourist looking to spend a few “When I was a kid, I was scared of called Squid Ink. Trips are planned using
ci on
days in the sun without decimating her cruises,” said Jonathan Brown, 25. “I’ve an “emotional journey bible,” linking activ-
savings. Cruises are a tempting bang-for- seen ‘Titanic.’” But during Covid lock- ities and even music to guests’ projected The Greek Island of Santorini
your-buck option, cramming as much as down, the New York City restaurant man- moods, catering to a generation attuned to
possible into a few precious vacation days. ager found himself stuck at home their feelings. Greek Isles
The boat hops islands and passengers watching travel videos on TikTok and Cruise companies are also adjusting “Island-hopping in Greece offers both beach
er s
spend afternoons exploring port cities YouTube. Again and again, the algorithms their advertising techniques to suit the days and sightseeing days,” said Nancy Yale,
with scenic selfie spots. When the boat de- served him cruise ships. “I was like, younger audience. Royal Caribbean founder of Cruise and World Travel, based in
m er
parts, the guests return to food galore, wa- this is a different method of traveling promoted their newest ship within the Fairfield, Conn.
ter parks, concerts and more. Options at than I’ve been used to,” said Mr. Brown. popular videogame Fortnite. Videos on SHIP AHOY Virgin Voyages’ eight-day Greek
the lower end of the price range hover at In 2022, he took a four-day Caribbean Carnival Cruise’s TikTok account use the Island Glow cruise hits Santorini, Rhodes and
$100 per night, including food. cruise with his best friend. A few months format of popular memes and trends on Mykonos. From $2,790. VirginVoyages.com
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Young customers are most often on later, he booked his second. the app, featuring bright-eyed 20-some-
board to celebrate, for a birthday, gradua- “The main idea that drew me in things texting their new “cruise besties.” Galápagos Islands
Virgin Voyages incited a viral TikTok The Ecuadorean archipelago offers a rich his-
dance challenge with choreography set to tory and unique wildlife. “Cruising is more than
“Karma Chameleon” that had little to do buffets and pina coladas for millennials,” said
Nowadays, millennial customers—the generation famous for
co Fo
with cruises, but ended up being more Stephanie Goldberg-Glazer, owner of Live Well,
spending their money on experiences rather than things—are than twice as effective as their standard Travel Often, based in Key West, Fla.
the most likely age group to say they intend to cruise again. ads, the company said. SHIP AHOY A week-long trip on the Silver
“I might actually watch an entire 30- Origin explores the islands with a team of ex-
minute vlog of a Carnival cruise, versus perts. From $13,400. SilverSea.com
30 seconds of a Carnival commercial,”
tion, work promotion or even a divorce, was being able to sample different loca- said Mr. Brown. “I would say [social
said Nathan Rosenberg, the chief brand of- tions,” said Mr. Brown. “I don’t have media] makes up at least 50% of the
ficer at Virgin Voyages. He described a to necessarily book a full trip to decision on whether or not I’m going
newly minted 30-something divorcée on a Puerto Rico. I can go and test it out to go somewhere.”
cruise with about a dozen friends: “She for a couple of hours.” Social-media use reflects young travel-
walked to the edge of the ship and threw Young workers in the midst of building ers’ piqued interest. On Pinterest, searches
n-
SARA BOSWORTH/THE WALL STREET JOURNAL; GETTY IMAGES (DESTINATIONS)
her ring into the ocean.” For a crew vaca- their careers are happy to hand off plan- among users between ages 18 and 24 for
tioning en masse, cruises offer everyone ning to a cruise package that has com- “cruise vibes” and “luxury cruise” in-
plenty of space and places to eat, stake out pletely mapped out daily activities. creased 145% and 95%, respectively, over
a pair of deck chairs, sip a kale-acai-tur- “[Cruising] hearkens to simpler times—be- the last year. TikTok videos with the
no
meric-protein booster or gossip in the in- fore we had to make any sort of decisions hashtag #cruisetok have garnered more
frared sauna. or employ any critical thinking,” said than one billion views.
Cruises have upped their long-weekend Jordan Shomer, 34, a professional astrolo- Younger travelers may discover cruises
itineraries, also more doable for younger gist in Austerlitz, N.Y., who joined a on social media, but once on board, un- St. John, in the U.S. Virgin Islands.
workers with limited vacation time. On a group of friends on a cruise in February. plugging is easy. I gave up on trying to
Celebrity Beyond ship, interior designer “The idea of having to make even the open Slack on day two of flickering Wi-Fi The Caribbean
Nate Berkus revamped the Sunset Bar with decisions for the itinerary was too much and found a couple of hours of solace on Like most, young travelers like smaller islands
palm-frond wallpaper, a look popular with for me,” she said. my room’s balcony, watching the waves. big ships can’t access, so there are less people,
younger, retro-obsessed crowds. Royal Ca- For me, a perennial over-thinker, this “I think we were just so overloaded said Lesley Cohen, SmartFlyer in Tampa, Fla.
ribbean debuted an eatery serving brunch forced go-with-the-flow mentality was the with the reality of the world around us SHIP AHOY The Ritz-Carlton Yacht Collec-
called “The Mason Jar,” invoking a persis- most unexpected bonus. Every evening, the that we—I think especially millennials— tion’s Evrima cruises to St. Barts, St. Kitts
tent symbol of artisanal hipsterdom. cruise’s app told me where and when I have found our own, like, little escape cul- and St. John. From $4,500 for five days.
So far, it seems to be working. “We see would eat dinner. The hardest decision I ture,” said Ms. Shomer, the astrologist. RitzCarltonYachtCollection.com
more millennials and Gen Z sailing with us had to make over the course of four days “And a cruise is like the ultimate escape. —Donna Bulseco
than ever before,” said Kara Wallace, chief was which deck chair to pick for my morn- You are in the middle of the ocean.”
1931 1942 1953 1997 2022

‘Monkey Business’ ‘Now, Voyager’ ‘Gentlemen Prefer ‘Titanic’ ‘Triangle of Sadness’
THE PLOT Four stowaways THE PLOT “The character Blondes’ THE PLOT This epic ro- THE PLOT Influencers and
EVERETT COLLECTION (FILM STILLS); GETTY IMAGES (SHIP)
get mixed up with sketchy of Charlotte Vale [Bette THE PLOT Two gorgeous gals mance/disaster flick charts entitled Euros implode on a
characters while creating Davis] goes through such head to Paris on the Isle de the course of two lovers luxury cruise. “Ruben Öst-
A Boatload havoc on an ocean liner. “Fun a transformation on the Paris ocean liner, titillating the aboard the luxury cruise ship lund’s film gets at the idea
Of Fun and wacky, it’s a good use of

the stagy setting,” said Mr.
cruise, a place of freedom
and liberation, where she’s
eligible men on board, including
the American Olympic team.
that sank on April 15, 1912.
“It’s not one of my favorites,”
that luxury is exploitative. It
also plays to the guilt we feel
Movies set on cruise ships Tabesh about the Marx away from her controlling Mr. Tabesh praises the film’s said Mr. Tabesh, “but James being drawn in by it,” said
span all genres, said Charlie Brothers’ barrel-of-laughs mother, who has kept her music and dancing, which in- Cameron’s ‘big’ movie cap- Charles Bramesco, whose
Tabesh, SVP of program- romp. “In the 1930s, the life of down,” said Mr. Tabesh. With cludes Marilyn Monroe’s per- tures the details of what a book “Colors of Film: The
ming for Turner Classic luxury portrayed cinematically the help of a psychiatrist, Dr. formance of “Diamonds Are a ship would look like at the Story of Cinema in 50 Pal-
Movies, from “comedy and on a cruise was pure escap- Jaquith (Claude Rains), who Girl’s Best Friend.” But he in- time and the mix of classes ettes” (Quarto, 2023) looks at
romance to serious drama ism,” added Mr. Tabesh, who suggests the cruise, and then sists it’s the story, from a 1926 thrown together in a tragedy.” how visual cues contribute to
and disaster movies.” Here, a also mentioned 1937’s “Shall her married-lover shipmate, novel by Anita Loos, “that Indeed, the film has survived a film’s meaning. —D.B.
cinematic sampling, plus the We Dance,” with Fred Astaire “Charlotte becomes a sophis- makes you pay attention to the test of time better than For more cruise films, go to
newest in the cruise canon. and Ginger Rogers. ticated woman,” he said. this very funny movie.” 1972’s “Poseidon Adventure.” wsj/travel.com.
DESIGN & DECORATING

BY NINA MOLINA
‘I Never Spend a Lot On...’

E
VERYONE loves
a bargain—and
savvy designers
know that when
it comes to out- One item designers con-
fitting your home, even if you
Designers disclose six stylish staples they won’t pay a lot for—from cotton sheets to sistently shell out for?
have a fortune, it doesn’t al- trendy tables—and where they source their low-cost scores. Plus: where they splurge Our survey was illumi-
ways pay to spend one. The nating: lighting. “No cor-
trick, according to high-end ner-cutting there,” said
1 2 3
stylists, is to think strategi- Kevin Klein, a Los Ange-
cally, pinching pennies on in- les designer. “It really is
expensive yet well-designed the jewelry of a home,”
utility pieces and flexing your said Ms. Kah, who leans
budget on statement items on retailers like Visual
that really wow. Need guid- Comfort and Urban Elec-
ance? Here, six items pros tric for investment fix-
won’t pay a lot for. tures. Keren Richter, co-
founder of White Arrow
1. Accessories in New York City, agrees.
Decorating with knickknacks “We go big on lighting,
is “all about creating an sourcing 1930s Swedish
eclectic mix,” said Seattle in- modernist pendants or
terior designer Emily Ruff. unusual ’70s Italian
Happily, opportunities to chandeliers,” she said. “A
scout affordable smalls dramatic [fixture] draws
abound. To nail an engaging your attention and de-
high-low vibe, the owner of fines a space.” Above:
Cohesively Curated Interiors 4 5 6 Cyrus 16-inch Flush
recommends browsing local Mount, $1,199, Visual-
antique and thrift stores for Comfort.com
moods and trends, explains

In high-traffic spots Los Angeles designer Linda
like kitchens, choose Hayslett—so it doesn’t pay to
sink too much money into
stools that can be them. In particular, designer
replaced, guilt-free, Bethany Adams of Louisville,
as they wear. Ky., praises IKEA’s sleek Gla-
dom model—a steal at $25. “I
.
can’t tell you how many
ly
times its tray top has saved
bric-a-brac like terracotta my expensive rug from cer-
vases and large bread bowls. FAVE SAVES Design pros’ thrifty alternatives, clockwise from top left: Karley Organic Cotton Shower Curtain, $78, tain ruin,” she said.
Etsy is her go-to for vintage on
Anthropologie.com; Percale Top Sheet Full/Queen in Clay, $80, Percale Pillowcase Set in Clay, $59, ParachuteHome.com;
F. MARTIN RAMIN/ THE WALL STREET JOURNAL (SHEETS)

European pieces, and West AllModern Payton Bar & Counter Stool in Walnut, $312, Wayfair.com; Iris Apfel Jingle Jungle Rug, from $129, Ruggable.com; 6. Kids’ Carpets
Elm and Anthropologie reli- Gladom in Dark Gray-Beige, $25, Ikea.com; Bettie Copper Throw Pillow With Feather-Down Insert 18 inches, $50, CB2.com. Cushioning is key in chil-
ably offer stylish new finds. dren’s rooms, but their car-
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pick? Ashley Macuga of the spots like kitchens, New Or- fair. “They look stylish and leans heavily on playful pil- pets take a beating, said Cait-
2. Sheets San Carlos, Calif., firm Col- leans designer Hattie Collins are super comfortable.” lows from Tonic Living and lin Kah, a Palm Beach, Fla.,
l
e
Don’t lose sleep over pricey lected Interiors swears by advises choosing utilitarian Burke Decor. “They can re- designer. Her solution: Forgo-
al a
linens, advises Gianpiero Ga- Target’s Threshold collection. pieces that can be replaced, 4. Pillows ally change an overall ing pricey hand-knotted rugs
glione. Instead of breaking “They wash beautifully and guilt-free, as they wear. For To refresh a neutral room scheme without a big invest- for washable polypropylene
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the bank on bedding, the Los feel great after a long day.” surplus seating in dining without breaking the bud- ment,” she said. versions from Dash and Al-
Angeles designer relies on rooms and patios, Carolina get—or entirely committing bert or Ruggable. Another
durable and wallet-friendly 3. Bar Stools and Chairs Irving, a designer living in to a new style—principal de- 5. Side Tables upside? Less regret when a
Egyptian cotton sheets from Rather than splurging on pre- Paris, scoops up director’s signer Erin Coren of Curated Accent tables are meant to be child’s favorite color inevita-
Parachute. An even thriftier mium stools in high-traffic chairs on Amazon and Way- Nest in Greenwich, Conn., moved and swapped to suit bly changes.
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The Anything-But-Uptight Stripe

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D6 | Saturday/Sunday, April 22 - 23, 2023 * *** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 22 - 23, 2023 | D7
.
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DESIGN & DECORATING

MAD HOUSE In a family home near
London, designers Salvesen Graham
didn’t want any room too perfect—in
the British country-house tradition.
.
ly
SIMON BROWN
on
LATCH ON TO ECCENTRICITY abroad,” said Ms. Graham. Nothing is too said Ms. Graham of the parasol-toting leop-
us ,
HOUSE TOUR The interior design team, London’s Salvesen precious or perfect. The family room, includ- ard, which resides in a cherry-hue frame
l
Graham, leaned on the fundamentals of ing the L-shape sofa’s raspberry floral print above the couch. The rug’s scallop edge
Quirky
e
English country houses, which “have a long and multicolor geometric throw pillows, ex- brings an informal note, and its curves in-
al a
tradition of adding outlandish things, in- udes quirkiness. “The art work was a won- troduce a motif that recurs throughout the
cluding interesting designs from travels derful reflection of the client’s personality,” house, softening the structure’s linearity.
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Done Smart CONNECT THE DOTS

The snug family room
opens to a light and airy
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kitchen. The two chambers

are visually connected by
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cabinetry and walls painted

the same pale pink, called
Rooms that at first appear aesthetically Mash, a historic color from
at odds hang together well. Here’s why. British cupboardmakers
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Plain English. Crisp green

and white tiles in an oak-
BY ANTONIA VAN DER MEER cratic and colorful rooms leaf pattern proclaim that
A
that would reflect the cli- this is, at its heart, a coun-
N almshouse ent’s “bubbly, vivacious try house. The dark mossy-
co Fo
is, histori- and really fun” personality green island adds to the
cally, a place had to somehow cohere. secret-garden undercurrent.
of refuge A few of the unifying On the windows, the de-
where all are aesthetics: From a richly signers mimicked the neat
welcome, which is an ex- floral Josef Frank fabric Roman shades of the den.
cellent ethos for a warm on the family-room sofa The decorative plates
and comfortable family to the blush-painted cabi- hanging on the wall add
home. But when interior nets in the kitchen, “fresh, another texture and dimen-
designers Mary Graham bright and breezy pinks sion and remind you that
and Nicole Salvesen ap- and reds thread the prop- the kitchen is not just a
proached the transforma- erty,” said Ms. Graham. place of work, said Ms.
tion of this 1700s example Wide-planked, oiled-oak Graham, who made it her
n-
into a residence for a flooring runs throughout. job to inject fun every-
young family of four, the And the team left bread- where. The relaxed coun-
building’s layout posed a crumbs along the way in try-house vibe is reinforced
challenge. Constructed to the form of eye-catching by a blend of knobs and
no
provide housing for rotat- details. The bronzed bam- pulls, all of aged brass but
ing guests, the structure boo detailing on a chair in in different shapes.
outside London comprised the dining room reminds
a row of rooms, with a cha- you of the bamboo mirror
pel at the end. “The house hanging in the mud room STAY IN THE SAME VEIN
is long and thin, but we as well as the rattan cart To be in keeping with the rest of the house, the bathroom
wanted to make sure each where you pour yourself a needed color, patterns and romance. Mission accomplished
room had an identity and drink in the bar. with the addition of the browns, reds and greens in the
purpose of its own, rather Here, a breakdown of Salvesen Graham Floral Trail wallpaper in Delicate, the
than just being a walkway the designers’ stealthy femininity of which is offset by the aggressively veined Ar-
to somewhere else,” said strategies for knitting to- abescato Oro Verde marble. The tub sits on a piece of
Ms. Graham. At the same gether the house’s décor, matching stone, flush with the wood floor, another moment
time, the series of idiosyn- room by distinctive room. of continuity, as it is the same honey-brown oak that
grounds the rest of the house.
KEEP THOSE THEMES THRUMMING ENTERTAIN A BRAVE COLOR CHOICE

In the bar, the chromatically bold wallpaper, a historic flame The cold, drafty chapel was a head scratcher. But a door to
stitch reinterpreted by British purveyor Fromental, is accurate the outside made it a perfect party space. “We chose mir-
to the 1700s. The design team upped the ante with matching rors for either side whose shapes echoed the gothic win-
blinds, lampshade and a skirt gathered along a curved bar, one dow,” said Ms. Graham. The bronze 21-light chandelier nods
of the shapes echoed throughout the house. Millwork is to the room’s ecclesiastical origins. (Crystal would have felt
painted mossy green, a kind of slant rhyme to the deeper wrong.) Although the dining room, painted in Farrow & Ball’s
green of the kitchen island, and a vintage cart—liquored-up and Incarnadine, is in some ways a stunning surprise, the use of
lacquered in electric blue—hits the rattan note with bravura. similar colors in other rooms anticipates its appearance here.
THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, April 22 - 23, 2023 | D9
EATING & DRINKING

IN MY KITCHEN
Charlotte
Mendelson
The author and enthusiastic grower of food
shares garden tips, frugality strategies and a
recipe for pesto that’s superb on everything
T
HE SPACE that the novelist Charlotte Mendelson
cooks in these days isn’t her ideal. That was her
last kitchen. Her current one, in Tufnell Park,
London, is what she refers to as her “post-di-
vorce kitchen.” At the moment, she shares it with
her vegan partner and her daughter, who is home from uni-
versity and refuses to eat anything with even a trace of chile.
A gardener so passionate she wrote a memoir about it
(“Rhapsody in Green”), Ms. Mendelson has both an allotment
plot a 40-minute walk from home and a make-do micro-garden
on her roof terrace. Little potted things crowd even the win-
dowsill by her desk, where she is working on her sixth novel
and planning the U.S. launch of her much-lauded last, “The Ex-
hibitionist” (St. Martin’s Press, July 4). She took a break,
though, to talk about what she’s currently cooking and grow-
ing. Right now, she said, “it’s all about my red Russian kale.”
The first thing people notice out of a bit of oak. I mean it’s
about my kitchen is: how very bonkers, but it’s totally brilliant,
JOONEY WOODWARD FOR THE WALL STREET JOURNAL

small it is. It doesn’t have room encyclopedic and really deep-
for a table. There’s one chair level-nerdy detail. For someone
I’ve squished in so someone who doesn’t write about food, I
can sit and chat to me while have a lot of cookbooks. I read
.
I’m cutting up things. Its great them in the bath. It’s almost
ly
tragedy is insufficient work like they’re part of my larder,
surface. When I feel moany the stored knowledge. Diana
about the fact that it’s very Henry is one of my absolute
small, I remember that my ma-
ternal grandmother, who was
my hero and role model, was
an incredible cook, and she had
stalwarts. I know who I
learned to cook from: Nigella
Lawson and Nigel Slater. I love
Nigella. I love everything about
on
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this tiny galley kitchen. So I her. And I use her cookbooks,

l
just think, Shut up. still, a lot. I really love Claudia LEAF SUPPORT Clockwise from top: author Charlotte Mendelson, plus a few of her many seedlings, in her London kitchen;
e
Roden. Oh! I’ll tell you some- homemade gin; books by Ms. Mendelson; cats Rory and Bear on the roof terrace with more of Ms. Mendelson’s plantings; a
al a
My favorite cooking tech- one I really like: Meera Sodha. beloved copper cake pan.
nique is: frugality. I’m quite
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old-school frugal. I reuse ev- My pantry is always stocked date syrup on it—just a little When I cook a beetroot or a dula petals, rosemary petals. nutritional yeast—and a bit of
erything I possibly can. I’m ob- with: about five kinds of lentils drizzle—and some salt. carrot, I chop off the top and I So many different tastes. lemon zest and some salt. It
sessed with my wormery on because I love making dal. A put that in a little pot of soil, would be amazing in salad
the roof terrace. So every ba- lot of olives. When Covid hap- If I’m not in my kitchen, I’m and then in a few days you My favorite salad dressing dressing, on grilled cheese. It
nana skin makes me happy be- pened, the two things I got re- probably: out on my roof ter- start getting carrot leaves or is: extra-virgin olive oil, maybe would be amazing mixed into
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cause it can go to the worms. ally anxious about not having race. I can think of five differ- beetroot leaves. Beetroot a bit of walnut oil; mustard; a a grain salad, on toast.
Every carrot peeling, it’s part were coffee and lemons, be- ent kinds of edible flowers leaves are fantastic in salads. squashed clove of garlic; salt,
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of something else. I’m growing cause without which, what is growing there, and it’s not an They look amazing and they obviously; sometimes a bit of For dessert I like: a cake.
bean sprouts. I never, ever life? I always have grainy mus- ambitious terrace, it’s just taste good, and you can grow honey; sometimes a bit of There are three I make, two of
throw out a vanilla pod, be- tards. Greek honey. Oats, an- very full of love. There are so them with so little soil. lemon juice. But the most im- them Nigella Lawson’s. One is
cause it goes into my little jar chovies, barley. This is the very many different kinds of things portant bit is pomegranate her chocolate tahini banana
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of vanilla sugar. And I always minimum with which I can that I grow in tiny quantities A thing I like to make for molasses. That way, with the bread [from “Cook, Eat, Re-
have something else in the function as a human. Abso- that make a big difference. guests is: a really spectacular salad leaves, some of which peat”], and one is her clemen-
oven after the main dish has lutely loads of garlic, obviously. salad. Friends are here, we’ve are bitter, it is sour and sweet tine cake. My daughter’s called
cooked. Last night for example, For me, garlic cooking—it’s had dinner, and then as far as and bitter and salty. Clementine, so I make that for
after I cooked dinner I put rhu- more than the smell of home. I’m concerned, it’s the main her every year. And I once read
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barb in with orange juice and It’s like the air smells right. act. Very occasionally—like An ingredient I’m excited about Marian Burros’s famous
star anise and vanilla sugar twice ever, I think—someone about right now is: wild gar- plum torte—that’s the other
just to use the last of the heat. A typical breakfast for me: is has gone, “Oh my God, this is lic—ramps, you call them [in cake. We just call it “the cake,”
this bread I quite often make the best salad I’ve ever had!” the U.S.]. On my garden allot- and I make it with an absolute
The cookbook I return to that I call Danish rye. It’s basi- It’s a combination of essen- ment, there’s a lot of it. To- ton of frozen berries from the
again and again is: this amaz- cally extreme pumpernickel, tially one shop-bought lettuce night I will make whole-wheat supermarket. I sometimes add
ing book called “English Food,” millions of grains and seeds and 30 different leaves from spaghetti with wild-garlic ground almonds, sometimes
by Dorothy Hartley. I love her and caraway, lightly combined the garden, but tiny quantities pesto. The pesto’s got lots of polenta. And vanilla sugar, ob-
passionately. It’s so fascinating. to make a brick, but it’s deli- because that’s all I have space olive oil, whatever nut I have. viously. I’m not a monster.
It tells you how to cook dande- cious. What I love is a piece of  Find Ms. Mendelson’s to grow. There will be, like, five Then a big lump of Parme-
lion leaves, and it tells you how that, spread with tahini, with recipe for ramp pesto at kinds of chicory, three kinds of san—unless I’m cooking for a —Adapted from an interview
to make a dough-rising trough a little bit of either honey or wsj.com/food. basil, four kinds of kale, calen- vegan, in which case I’ll use by Charlotte Druckman
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PARTY TRICK
Potato and flour your hands to knead
Have a Ball
Prosciutto For the breading: and bring dough to-
Croquettes 13/4 cups panko gether. Take 1 gener-
1/
Total Time: 3 hours 2 cup all-purpose ous tablespoon dough,
(includes chilling) flour roll into a ball and
These crispy prosciutto Serves 6-8 1/
4 cup whole milk place on a baking
croquettes are ready to 1 large egg sheet. Repeat with re-
GRAYDON + HERRIOTT FOR THE WALL STREET JOURNAL, FOOD STYLING BY REBECCA JURKEVICH, PROP STYLING BY AMY WILSON; GETTY IMAGES (CHIVES)
For the dipping sauce: Neutral oil, such as maining dough.

rock your cocktail hour ½ cup sour cream canola or grape- 4. Bread the cro-
¼ cup mayonnaise seed, for frying quettes: Place panko
BY ODETTE WILLIAMS 1 tablespoon finely For serving: and flour on separate
chopped chives Flaky sea salt plates. In a small bowl,
FLUFFY, cheesy, 3 tablespoons fresh Lemon wedges beat together milk
salty, steamy, lemon juice and egg. Lightly dust
crispy. Do I need to ¼ teaspoon kosher 1. Make the dipping each ball in flour, then
say more? If I see salt sauce: In a small bowl dip in egg wash, roll
croquettes on a Freshly ground black mix all ingredients. through panko to coat,
menu and I’m one drink in, I’ll al- pepper Cover and refrigerate. and return to baking
ways order them. Just the other For the croquettes: 2. Make the cro- sheet. Cover with
night a friend and I arm-wrestled 11/2 pounds (2 large) quettes: Place pota- plastic wrap and re-
over a croquette. (Why do restau- russet potatoes toes in a large pot of frigerate 1 hour.
rants serve appetizers in odd num- 2 ounces prosciutto, water, bring to a boil 5. To fry: In a
bers?) Make them at home and finely diced and cook until a small, deep pot,
you get to eat as many as you like. 3/
4 cup finely grated sharp knife meets heat 11/2 inches oil
For a party you can’t do better: Parmigiano- little resistance, to 300 degrees.
a drink in one hand, a crispy cro- Reggiano 35-45 minutes. Cook 1 croquette to
quette in the other. And while 3 tablespoons finely Drain potatoes. check temperature. If
these croquettes are best eaten chopped chives When cool enough oil is too hot, it will
straight away, you can also fry 3 tablespoons whole to handle, remove take on too much
them ahead and keep them warm milk skins. Pass pota- color and not warm
in the oven. 2 tablespoons toes through a through. Working in
Do me a favor and make sure unsalted butter, ricer or the finest batches, fry cro-
there are no lumps in the potato. melted holes of a box quettes, rolling for
This guarantees a velvety interior. 1 large egg grater, making sure even cooking, until
And give the breaded croquettes Finely grated zest of there are no lumps. golden, 3-4 minutes.
an hour in the fridge before frying, 1 lemon 3. In a large bowl, Use a slotted spoon to
to preserve their shape. I cook 1/
2 teaspoon kosher combine potatoes, transfer croquettes to
mine in a small, deep pan so I salt prosciutto, Parmi- a rack or paper-towel-
don’t have to use a ton of oil. Freshly grated giano, chives, milk, lined plate.
While you roll and bread the cro- nutmeg butter, egg, zest, salt, 6. Serve warm with a
quettes, listen to “Silver Springs,” Freshly ground black nutmeg and lots of sprinkling of flaky sea
by Fleetwood Mac. It’s the right pepper black pepper. Gradu- salt, lemon wedges
tempo. Then keep the “Rumours” 1 cup all-purpose ally add flour, using and dipping sauce.
DIVE IN With a creamy chive dip, these croquettes are almost too good. album spinning into the party.
EATING & DRINKING

within the central Loire Valley cov- Decidedly of the latter type,
ering over 7,000 acres and various Firmin Dezat, an 18th-generation
terroirs. The locations generally Sancerre vigneron, produces ter-
considered best for Sancerre are roir-focused wines from all three
around the hamlets of Bué and types of Sancerre soils. The 2022
Chavignol, where the soils of the Firmin Dezat Sancerre ($27) is
steep vineyards are clay and lime- crisp and classically styled with a
stone, aka “terres blanches.” The clean mineral finish.
most famous and formidably named Two other terrific wines came
Chavignol vineyard is Les Monts from Gérard Boulay and Alphonse
Damnés (“The Damned Mountains”), Mellot, estates long synonymous
hilltop home to wines of an appro- with first-rate Sancerre. The in-
priately formidable character. tensely mineral 2021 Gérard Boulay
At the same time, there are too Chavignol Sancerre ($30) is a blend
many Sancerre producers turning of grapes sourced around Chavi-
out plonk from vineyards treated gnol. Boulay’s flagship Sancerre, Les
with chemical pesticides. A few of Monts Damnés, is actually a blend
these simple, characterless and ag- of Monts Damnés and Comtesse,
gressively herbaceous wines showed said winemaker Thibaut Boulay. The
up in my tasting. The bottlings I
loved were produced on family-
owned estates, in many cases biody-
namically and/or organically. I thought it was time
The vibrant, thrillingly mineral for another tasting. But
2021 Claude Riffault Les Chassei-
gnes Sancerre ($38) shows the
would I be able to
depth and complexity Sancerre can find good wines under
achieve in the right hands. $40 a bottle?
Stéphane Riffault, now 43, of Do-
maine Claude Riffault took over the
family domaine from his father,
Claude, in 2008. His certified-or- latter parcel, home to Boulay’s old-
ganic and biodynamic domaine est vines, is ordinarily bottled on its
hand-harvests fruit from a wide va- own, but with an 80% loss of fruit
riety of vineyards representing in 2021, its grapes were blended
Sancerre’s various terroirs. (There with those of Les Monts Damnés.
are three main types: the clay-and- The basic Chavignol is so impres-
limestone terres blanches, the sive it even won over my husband,
LAURA LIEDO
limestone-and-gravel caillottes and not a fan of Sauvignon Blanc. “It’s

the flinty silex.) so good it doesn’t taste like a
I was particularly heartened to Sancerre!” he declared.
find a number of very good wines Just as impressive, the 2021 Al-
ON WINE / LETTIE TEAGUE from the difficult 2021 vintage. Due phonse Mellot La Moussiere ($30)
to storms and severe frost, many had a crisp mineral note and a long
.
Sancerre producers lost more than saline finish. It is another blend of
ly
Getting Perspective
half their production, but some two great cuvées, Edmond and Gen-
still managed to make excellent eration XIX, normally bottled sepa-
wines. Most of the 14 wines I pur- rately but combined due to a loss of
on chased were from 2021; I also fruit. The result is “a wine for the
On Sancerre
bought one 2020 wine and a few ages!” wrote Adrian Chalk, who im-
bottles from the 2022 vintage, ports Alphonse Mellot’s wines, in an
though most 2022s have yet to email. It’s certainly a great deal.
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show up in stores. The 2020 Domaine Vacheron Le

The 2022 vintage was a benefi- Paradis Sancerre ($75) was the only
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WHAT WINE is recession-proof, tor Victoria Taylor at Boulud Other factors besides high de- cent one. “It was good for the mo- wine from the 2020 vintage that I
al a
fad-proof and seemingly immune to Sud in New York last month, mand are driving up the price. Ac- rale of the wine growers after a year purchased. Tasting 2020 Sancerres
any bad press it gets? Sancerre by the glass was at $22; cording to the Sancerre producers I like 2021,” said Sancerre producer last year, I found many of them a bit
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Sancerre, the white wine made she now offers another Sancerre contacted, they’re paying more for Mickaël Picard. His 2022 Jean-Paul too high in alcohol. (The 2020 vin-
from Sauvignon Blanc in the Loire at $27 a glass. Sancerre accounts bottles, cardboard, labels and ship- Picard & Fils Le Chemin de Marloup tage was quite warm.) But Vacheron
Valley of France, has also been for 20% of all by-the-glass sales. ping than they did pre-Covid. And Sancerre ($22) was one of my favor- is a legendary name, and I was curi-
called overexposed, overproduced By the bottle, the five Sancerres there has been some fairly terrible ites, an agreeably bright, well-bal- ous to see if its 14.5% wine wore its
and overpriced. When restaurateurs on her list run between $80 weather. Of course, these challenges anced wine. Mr. Picard‘s hand-har- alcohol well. Alas, while it was im-
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price wines higher because they are and $250. “They all sell well,” face producers of other wines, too. vested grapes come from a wide pressively concentrated and lush,
sure to sell, it’s often called “the Ms. Taylor said. As it has been 10 years since my variety of plots, 40 in total. “It is a the alcohol wore me down.
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Sancerre tax.” Joe Salamone, wine director at last column on Sancerre and the real headache throughout the year Fortunately, I tasted some
Sancerre certainly has become Crush Wine & Spirits in New York, wine has only continued to rise in but also a great opportunity to ex- Sancerres I truly loved, and I bought
more expensive. Caroline Styne, noted that prices for wines from both popularity and price, I thought press each terroir,” he wrote in an more of them for my own cellar.
co-owner and wine director of the sought-after producers such as it was time for another tasting. But email. Mr. Picard also noted that Talking to producers gave me a
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Lucques Group of restaurants and François Cotat have increased as would I be able to find good wines while some Sancerre producers may greater appreciation of the work it
wine bars in Los Angeles, told me much as 40% wholesale. Crush under $40 a bottle? turn out indifferent examples, there took to make the wines—and I’m
she’s had to price a bottle of does not sell the 2021 François Geographically, Sancerre is a are “a multitude of small, passionate sure the prices will only go up.
Sancerre over $90 for the first Les Monts Damnés Sancerre, but charming if rather touristy hilltop and exciting family estates” making
time. When I spoke to wine direc- it goes for around $115 elsewhere. town as well as an appellation quality wines.  Email Lettie at wine@wsj.com.
co Fo
OENOFILE / THE BEST VALUES IN SANCERRE NOW
2021 Gérard Boulay 2022 Jean-Paul Picard 2022 Firmin Dezat 2021 Claude Riffault 2021 Alphonse Mellot
Chavignol Sancerre & Fils Le Chemin de Sancerre $27 This at- Les Chasseignes La Moussiere $30
$30 One of the top Marloup Sancerre $22 tractively crisp wine Sancerre $38 In 2008 One of the most re-
producers in Sancerre The 2022 vintage was a marked by notes of cit- Stéphane Riffault took spected of all the
has turned out a ter- great deal less challeng- rus and a fresh acidity over the domaine names in Sancerre, Al-
rific wine—beautifully ing than the previous is the second vintage and instituted hand har- phonse Mellot pro-
balanced with a daz- year, noted winemaker since the famed Do- vesting, strict sorting of duced this gorgeous
zling flinty edge—from Mickaël Picard. He made maine André Dezat et fruit and other rigors re- wine of great balance
n-
one of its top terroirs this crisp Sancerre Fils was split between sulting in first-rate and length on the pal-
in a highly challenging with citrus notes from 18th-generation wine wines like this: beauti- ate from two prestige
vintage (including frost a variety of hand-har- grower Firmin Dezat fully textured, mouth- cuvées, Edmond and
and hail). vested vineyards. and his cousin. wateringly mineral. Generation XIX.
no
SLOW FOOD FAST / SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

LINDA XIAO FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY MARINA BEVILACQUA; MICHAEL HOEWELER (ILLUSTRATION)
Grilled Lamb Chops With Spring Herbs and Cumin Yogurt

ANYONE CAN MAKE this recipe, the first which cook for just a few minutes on the
Slow Food Fast contribution from Ali Sa- grill. “This is about the magic that hap-
boor. “The elements are simple,” the chef pens over charcoal,” Mr. Saboor said. He
was quick to point out. “Good lamb, char- serves the chops in a big, inviting pile on
coal, yogurt and lots of herbs.” But only he top of a thick smear of cumin-scented yo-
would have built it quite this way. gurt. “I love yogurt,” Mr. Saboor said. “My
This is the same sort of personal take on mother used to call me Ali-yogurt as a kid
The Chef Iranian cooking Mr. Saboor offers at his res- because I ate so much.”
Ali Saboor taurant, Eyval, in Brooklyn, N.Y. “It’s a dance Drizzled with a bright-green herb sauce,
between traditional dishes and envelope- it’s a striking dish, elegantly, confidently
His Restaurant pushing new ones,” he said of the menu. “I uncomplicated. “When I close my eyes I
Eyval, in Brooklyn, use the Iranian pantry and my understand- know how everything is supposed to
N.Y. ing of the cuisine. But I also use creativity.” taste,” Mr. Saboor said. “I understand this
He does very little to the lamb chops, cooking intuitively.” —Kitty Greenwald
What He’s
Known For
Interpreting Persian Total Time 35 minutes 1. Season lamb generously a medium bowl, mix toasted
cooking with nu- Serves 4 with salt and set aside at cumin into yogurt. Season
ance and delicacy. room temperature. Set up a with a pinch of salt and a
Refining regional- 12-16 lamb loin chops charcoal or gas grill for me- drizzle of olive oil.
Iranian dishes with Kosher salt dium-high heat. (Or, heat a 4. Coat lamb chops with 1
creativity and the 6 whole bulbs spring garlic cast-iron pan.) tablespoon olive oil and
freshest seasonal or large cloves garlic with 2. Make the green sauce: season with salt. Lay chops
ingredients. skin on Toss garlic with ½ tablespoon onto grill and cook over me-
1/ 1
4 cup plus 1 /2 tablespoons olive oil and a pinch of salt. dium-high heat until a crust
olive oil, plus more for Grill until lightly charred all forms on both sides and in-
drizzling over, about 1 minute. Peel (if ternal temperature reaches
Finely grated zest and juice using regular garlic) and 135 degrees, 2-3 minutes
of 1 lemon roughly chop. Add chopped per side. Let lamb rest 5
1/
2 teaspoon smoked paprika garlic to a food processor minutes before serving.
1/
2 cup parsley leaves along with lemon zest, pa- 5. To serve, spread yogurt
3/
4 tablespoon cumin seeds, prika, ¼ cup olive oil, parsley sauce across a serving plate.
toasted and lightly and a pinch of salt. Pulse until Pile grilled lamb chops on top
crushed finely minced, like a pesto. and drizzle green sauce all
2 cups labneh or full-fat Adjust seasoning as needed. around. Drizzle with olive oil THINK FEAST Served hot off the grill in a gorgeous heap, these lamb
Greek yogurt 3. Make the cumin yogurt: In and lemon juice. chops come with a cool layer of cumin yogurt and a punchy herb sauce.
.
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GEAR & GADGETS

F. MARTIN RAMIN/THE WALL STREET JOURNAL
.
WHAT HUE ARE YOU iPhones of the last few years have been sold in some surprising colors, including the recently released yellow iPhone 14. Who buys a banana phone?
ly
Color Coding
“How can you not smile been a red-phone owner,” Trusty Blue
on when you see a bright shot
of yellow?”
Urbane Lavender
she added.
Gregarious Green
Apple has released a range
Blue is safe. It’s dependable,
faultless, the tail-wagging
golden retriever of colors.
Blue-phone owners, said Ms.
us ,
Unlike garish grape or of green phones over the Smith, are likely “trustwor-
muddy mauve, the lavender past few years, from an ar- thy or want to be seen as
l
We use our phones to communicate but pay little heed

e
used for recent iPhones is boreal alpine option to a trustworthy.” But they have
al a
delicate. Ms. Smith pro- softer mint iteration. Ms. their quirks—specifically a
to what their pigment broadcasts about us. So we asked posed that people who ap- Smith said all greens indi- proclivity for day dreaming.
ci on
a psychologist to read into our choices. preciate life’s complexity cate intelligence and a “Their minds are open to ex-
are most attracted to the “community-focused” mind- ploration,” she said.
color. Or, pop-culture influ-
BY TODD PLUMMER can offer more color Such memories have more ences could pull you toward
B
choices, you basically in- influence on your adult purple. Exhibit A: Taylor
We gravitate toward, or away from, tints in
er s
Y EVERY mea- crease your consumer base,” psyche than you might ex- Swift’s 2022 single “Laven-
sure, phones said Reiko Morrison of con- pect. What does the color of der Haze.” “Lavender means part based on our past—was your after-
m er
are extensions sumer trend forecasting your Apple iPhone say you’re either very sophisti- school detention room green, perchance?
of us. We use agency WGSN, who advises about you? Ms. Smith offers cated or you’re a Swiftie,”
them to shop, tech companies on colors, some expert insights. said Ms. Smith.
bank, find new music and finishes and materials.
m rp
make calls. And now, like According to Kate Smith, Uplifting Yellow Resolute Red set, but that lighter ver- Powerful Black
children selecting backpacks an Arlington, Va., psycholo- Lovers of this sunny shade People drawn to this fiery sions hint at more empathy. Classic and classy, a black
for the first day of school, gist and color theorist, we are drawn to its uplifting tint are outgoing attention- When working through phone could confer self-as-
we’ve started to become gravitate toward, or away associations and mood- seekers who place value in problems, someone with a suredness and connoisseur-
particular about their hue. from, tints based on how we boosting effect, said Ms. their strong opinions. dark green phone might try ship. It’s a shade that signi-
co Fo
For companies like Apple, experienced them in our Smith. She added that Ap- Standing out doesn’t scare to steer. Those who favor fies reserved strength. Fans
which recently added lemon past. Was your after-school ple’s banana-hue phones them—in fact, they prefer softer shades, however, are of this dark, handsome hue,
yellow to its iPhone 14 and detention room green, per- might inspire optimism in it. “Call it confidence,” said likely to take a diplomatic said Ms. Smith, possess
iPhone 14 Plus lineups, this chance? When left alone in their users. “When there is Ms. Smith, noting that you “Why don’t you consider strong convictions and are
is a mission accomplished. your crib, did you cuddle a uncertainty in the world, can always tell when some- this” tack instead of a easily able to justify them—
“Companies have realized comforting teddy bear with we are drawn to brighter one's favorite color is red. heavy-handed “Do it this regardless of how misplaced
over the years that if you a plush, pale-blue coat? colors,” said Ms. Smith. “I say this lovingly, having way” approach. they might be.
THAT’S DEBATABLE
n-
Should Anyone Spend More Than $50 on an Umbrella?

no
THOMAS SMITH, 34, an WIND can be an equal

YES editor in Lafayette, Ca- NO opportunity destroyer.
lif., generally hates um- Rachael Johanson, 30, a
brellas, preferring to get wet marketing consultant, learned this
“rather than schlep a fiddly, last summer when she paid $110
drippy hunk of metal and polyes- for an Italian designer umbrella
ter around.” Yet the Blunt Classic to safeguard her from the notori-
stick umbrella ($99, BluntUmbrel- ous summer storms of Charleston,
las.com) won him over with its S.C. Within a month, the button
light, well-balanced frame. Plus, to spring open the canopy, so me-
he said, “It is so expensive that I chanically snazzy and convenient
won’t casually leave it in a store at purchase, malfunctioned. “I am
and forget to go back and get it.” so upset I am not even going to
Emily Rosenthal, 44, a consul- buy another umbrella for a
tant in Oklahoma City, became a while,” she said. “Newspapers
fancy-umbrella convert after liv- over my hair will have to do.”
ing in New York City, where per- Some people wouldn’t dream
sistent windy rain snapped the of forking over such funds in the
spine of several cheap umbrellas. first place, given how easy it is
The Davek Mini ($59, to lose an umbrella. “As a busy
DavekNY.com) has proved stur- new mom, keeping track of my
dier, and comes with an “uncondi- bags and accessories is practi-
tional lifetime guarantee” against cally an Olympic sport,” said Dal-
breakage. Ms. Rosenthal has only las Waldon, 28, a real estate in-
taken advantage of the policy vestor who resides in El Dorado
once—when she fell on the um- Hills, Calif. “That’s what’s great
brella, tearing its canopy. Davek about cheap umbrellas—they’re
quickly shipped a replacement. practically immune to the heart-
Plus, where cheap umbrellas of- break of loss.”
ten look fine at best, more pricey Lisa Shehan, 29, a travel blog-
parasols can turn heads. Elizabeth ger, says expensive umbrellas
Borsting, 57, a public relations have their perks, but the stress
professional, loves the look of the and worry of losing one on the
$60 umbrella she purchased from road aren’t worth those advan-
Marshall Field’s about 20 years tages. And for the money you pay
ago. When folded, the cane ap- for one premium umbrella, you
pears enveloped by a floral bou- can often get several economical
quet. When opened, the pink buds ones, she notes. “Keep one in your
contrast pleasantly with the black car, one in your house and one in
NISHANT CHOKSI
canopy fabric. Said Ms. Borsting, your office.”

“My only complaint? I wish it Certainly beats holding this
rained more in Los Angeles, so I broadsheet over your head.
could use it on a regular basis.” STAY DRY For the price of the Davek Elite ($159, Davek.NY.com), you could get four Umby umbrellas ($35, Umby.co) — Perri Ormont Blumberg
GEAR & GADGETS

The packaging leaves room for a
HOLLOW CHEEKS The big rear trunk and a frunk the size
sinuous Lucid Air Touring of a locker-room whirlpool tub (22
features negative draft cubic feet). I’m impressed even if
between the wheel wells. the Street isn’t.
Talk about friendly fire. The Lu-
cid owners’ Reddits read like
“Dante’s Inferno.” Early customers
reported a host of problems and
system bugs. The company has had
to address five recalls issued by
NHTSA. And yet, to my mild sur-
prise, every system and feature on
our test car—every door-handle
servo, every capacitively cued in-
put, every graphical display, from
I marveled at the
disconnect between the
car and the share value.
the essential to the trivial—

worked fast, flawlessly and, I as-
sume, as designed. This car was
supposed to be a bug hunt, man!
What gives?
I’m told that among the re-
trenching efforts was an omnibus
over-the-air update in October,
which included instant-on response
LUCID MOTORS
for cockpit panels, overhauled

graphics and screen layouts. The
revised UX lives in the retractable
central touch screen, where users
RUMBLE SEAT / DAN NEIL can tap in dozens of personaliza-
tions, starting with the feature-
filled front seats: heated, cooled,
A Highly Covetable EV
ventilating, massaging and posi-
tion-adjustable six ways from Sun-
day. You can also flick the panel to
.
pull down icons for Apple CarPlay.
ly
Struggles to Please the Street
Some owners had reported real-
world range falling far below the
estimate displayed on the info-
THE CALIFORNIA-BASED luxury

EV car maker Lucid Motors—mak- backlog of customer orders that
on
just 4,369 cars in 2022, against a vember 2021).
I guess Icarus flew too close to
if you will—the smaller pack frees
up space for a deeper rear footwell,
screen. I carefully observed the
range and state-of-charge figures
over several days of driving, which
included a few full-power launches,
us ,
ers of our wondrous test car, the had swelled to over 34,000. the sun, huh? The only loose end is providing passengers a more com- for the benefit of neighborhood
2023 Lucid Air Touring sedan—is Lucid’s woes prompted a selloff Lucid’s desirable, delightful luxury fortable seating position; and the kids. My net was 335 miles, which
l
e
a bit of a hot mess, business-wise. last year, with shares falling almost sedan, at which neighbors stare as baby, the Pure AWD ($87,400), get- actually exceeded my expectations
al a
Eighteen months ago the company 90%. That, in turn, prompted the if there were a UFO plugged into ting by with a mere 480 hp. in a Bayesian way.
opened the doors of its assembly majority owner, the Public Invest- my Level 2 charger. What a hoss. In Even dialed back, the Touring By virtue of its 700V+ harness,
ci on
hall outside of Phoenix and invited ment Fund of the Saudi Sovereign my review of the DEP, I asked how brings the numbers: a combined the Lucid can be recharged at up to
journalists to drive its mega-out- Wealth Fund, to increase its posi- this “swank, smart, distinctly Gallic 620 hp and 885 lb-ft of torque; 0-60 200 kW DC direct, which pencils
put Air Dream Edition Perfor- tion to 60%. design for a five-meter executive in 3 seconds and a quarter-mile in out to be about 200 miles of range
mance, a catapult drawn taut with Nor has 2023 been great. Deliv- limousine wandered off from Cit- 10.7 seconds, according to Car and in 15 minutes, under ideal condi-
1,111 electric horsepower. eries in Q1 only reached 1,406 roën’s studios.” I remain quotable. Driver’s testing. And it looks sexy tions. Lucid has partnered with
er s
Executives then had hoped to units, out of 2,314 units built. The DEP is no more. For 2023, doing it. Our car sported 20-inch Electrify America to provide own-
deliver 20,000 sedans a year, even What was once a production prob- the Air is available in four flavors: Michelin Pilots wrapped around ers with one year of free, and has-
m er
as the company added capacity for lem is starting to look like a de- Grand Touring Performance low-drag wheels, featuring black sle-free, charging. The EA devices
the real rainmaker, the Lucid Grav- mand problem. ($179,000), stuffed with 1,050 plastic spats in the wheel openings. will recognize the cars so owners
ity SUV. The Investor Class has rendered horsepower; Grand Touring Sitting under the optional glass- only need to plug in.
Since then Lucid has been its verdict. Lucid shares are trad- ($138,000), with up to 516 miles of canopy roof—which eliminates the The Air has a few crazy-making
m rp
trapped in the proverbial Produc- ing in the $7-8 range this week, range; Touring ($107,400), with less windshield header to form a sur- qualities. The lustrous metallic
tion Hell. The company delivered down from a high of $55.21 (No- range (425 miles) but more footage, real, soap-bubble transparency toggles mid-dash, controlling tem-
around the occupants—I marveled perature and fan speed, will blind
at the disconnect between the prod- you in bright sunlight. The audio
2023 LUCID AIR TOURING uct and the Street’s notion of value. system sound reproduction is thin
co Fo
Consider the car’s next-level and weirdly wimpy. The intelli-

Base price $107,400 aero aesthetics. In the roughly 2 gent driver-assist system and I
Price, as tested $128,550 years since the Air debuted, legacy had multiple disagreements about
Propulsion Battery electric, with luxury brands (Cadillac, Mercedes- the location of the lane center. On
front- and rear-axle mounted per- Benz, BMW) have offered their first a hot day and despite the heavy
manent magnet motors, liquid- framings of what low-drag luxury tinting, the glass canopy can
cooled 92-kWh lithium battery pack, should look like. Lucid wins that make you feel like you’re under a
direct drive. posedown with ease, right? Is there mean kid’s microscope.
Power/torque 620 hp/885 lb-ft no market adjustment for looks? But at night? OMG. Take my
Overall length/wheelbase/width/ Crucial to both the wind-cheat- money, you bastards.
height 195.9/116.5/76.2/55.4 inches ing exterior and super-spacious in- The following advice is for buy-
Curb weight 5,012 pounds terior are Lucid’s miniaturized pro- ers, not investors: If you’re in the
n-
0-60 acceleration 3.4 seconds pulsion units, some of the market for a luxury EV and your
EPA estimated range 425 miles company’s secret sauce. About the concern is whether Lucid will be
Charging 19.2 kW onboard charger, size of a dorm-room microwave, around in 10 years, I would only
up to 200 kW DC direct these little monsters integrate the point out the very, extremely deep
no
EPA fuel economy 121/120/121 inverter, liquid-cooled permanent- pockets of the Saudis’ PIF. The car
MPGe magnet motor and transmission/ is pretty great. If Lucid needs more
Luggage capacity 10/22 cubic feet, differential into a single compo- time to get airborne, I feel sure the
front/rear nent weighing about 163 pounds. Saudis will provide the runway.
Play It Loud
At Any Price
These five wireless
speakers can really
get the party going
YOU CAN USE most nice
speakers on your patio—
if you have outlets in
reach—but can you trust THE EXPENDABLE THE PHONE PICK-ME-UP THE QUICK CHARGER THE SHOWOFF THE SYMPHONIC
them around day-drinking At 3 inches square and The Tribit StormBox Mi- The sonic diffuser inside The JBL Pulse 5 is tuned The toaster-oven-size
parents or sticky-fingered about the weight of a cro 2 is a twofer: a capable the pentagon-shaped Sony well even without the help Get Together 2 XL lives
children who might bump large lemon, the IKEA speaker with a 12-hour XE200 ensures music of its companion app, but up to its name with yard-
them into a pool or Vappeby won’t blow you runtime that can recharge comes out evenly from its you’ll need a phone to filling vibrations. The
sandbox? Rest easier with away with sound. But it’s your phone through USB- stacked speakers. The manage its flashiest fea- bamboo front houses a
a portable Bluetooth much punchier than it C. The size of a Klondike sound profile is pleasantly ture: customizable lights. pair of boisterous boom-
speaker designed to sur- looks and boasts a bat- bar, the unit has buttons bass-forward out of the Through 12 hours of power, ers that can keep the
vive water, sand and tery that can last up to on its face that let you dic- box. If you want it to rum- the display can range from party going for up to 20
dirt. In the past, sound 80 hours. The plastic tate the action, including a ble even harder, the app a subtle orange campfire hours on a single charge,
quality and portability shell has one button that multifunction control for can take you there. While glow to neon hues pulsing with a USB port that can
were often mutually ex- handles power, pairing playback, taking calls via the 16 hours of play time with the beat to bright juice up a phone. While it
clusive. More recently, and pausing depending the speaker’s microphone should last you through white strobing flashes. is a little less water-resis-
manufacturers have found on how you press it (the or summoning your smart- even the longest cookout, (You can turn off the lights tant than other speakers
ways to outfit still-totable moves are surprisingly phone’s voice assistant. engineers made this via a physical button.) Bo- (and at 121/2 pounds, a bit
shapes with beefier sonic well-illustrated in the The accompanying app’s speaker for the chronically nus: If any friends have heavy), it will survive tak-
components. Here, five manual). Get two, know- equalizer lets you dial in forgetful. Just 10 minutes JBL speakers, you can con- ing a water balloon on
that are sealed well ing that if you lose one, the sound’s vibrancy, and plugged into the wall nect them all together the chin, if not a dip in
enough against water and you’re only out the cost two speakers can tether charges up more than an with Party Mode. Just be the deep end. $400, The-
grime to sing through of a couple of tubes of together for stereo mode. hour of extra power. $130, sure to invite the neigh- HouseOfMarley.com
any outdoor listening sce- sunscreen. $15, Ikea.com $60, Tribit.com Electronics.Sony.com bors. $250, JBL.com —Sal Vaglica
nario this summer.
The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets.
.
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HORIZONS NEVER END

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WSJ

The Novel &

Soccer Fans Protest Russia’s Detention of WSJ Reporter Supreme

T he Supreme Court al-

try to assist in Kyiv’s ex- quests from the Biden admin-

tions. The Supreme Court’s ac-

ing chief, Billy Nolen, has de-

JPMorgan’s Epstein Ties Were

Deeper Than Bank Has Said

 The NFL suspended five The court’s order was un-

league’s gambling policy, in soning, as is typical in emer-

Composite purchasing managers index

WASHINGTON—The Federal month of SVB and Signature 60

A2 | Saturday/Sunday, April 22 - 23, 2023 * ***** THE WALL STREET JOURNAL.

Buyer Beware on Debt-Ceiling Insurance

Banking earned an exemption, too. left many banks sitting on big

The changes under consider- unrealized losses, meaning the

Loophole reprieve, meaning unrealized hit their capital ratios harder

Reviewed played a role in the downfall of

didn’t have to reflect unreal- 30 companies. Even without any rule

Services Demand Boosts

Business in U.S., Europe

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 22 - 23, 2023 | A3

Families Haggle for More College Aid

Hunger Hits Troops, Veterans Hard

congressionally mandated 4.6%

in a food pantry at the Hines rity office in 2022 to address

saving his life. The pantry Some of Mr. McMahon’s is-

States Urge Kia, Hyundai Recall Due to Thefts

A4 | Saturday/Sunday, April 22 - 23, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

The Federal Aviation Ad-

Trump Tops DeSantis in Poll of GOP

like me beating Biden temperament

port to 24% for Mr. DeSantis. 48 Medicare. The Journal poll

Nikki Haley, the former 39% 41 found that Republican primary

Carolina Sen. Tim Scott draws 14 13 13 Medicare to be preserved in haven’t disclosed

You’re a local. You’re one of us.

Location: Rice Village

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A6 | Saturday/Sunday, April 22 - 23, 2023 * ******* THE WALL STREET JOURNAL.

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Pill Stays has nationwide implications be-

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Prices shifted more of their discretion-

Boost P&G streaming video, and away from

ances that are affected by tact as the stronger dollar off-

RICHARD B. LEVINE/ZUMA PRESS

Consumers are being more Schulten said.