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‘Let Him Go’: Biden Calls On Kremlin to Free WSJ Reporter Stocks
What’s
News Cap Wild
World-Wide
Quarter
To Notch
N ew York officials and
Trump’s legal team be-
gan preparations for the for-
mer president to surrender
Tuesday to face charges for
Big Gains
his role in paying hush money Nasdaq turns in its
FROM LEFT: THE WALL STREET JOURNAL; CHRIS KLEPONIS/PRESS POOL

to a porn star on the eve of

best performance

.
his 2016 election victory. A5
since 2020 as tech

ly
 An economic slowdown,
persistent inflation and sector proves buoyant
weaker productivity growth
will drain Social Security’s
reserves one year earlier
than previously estimated,
the government said. A4
on BY AKANE OTANI

Markets showed their resil-

ience in the first quarter, de-
 Federal prosecutors and spite being rocked by shock
us ,

environmental regulators waves that few anticipated.

l

sued Norfolk Southern Investors began the year

e
al a

over February’s derailment feeling largely upbeat. Infla-

in East Palestine, Ohio. A3 tion appeared to be subsiding,
and many bet that would lead
ci on

 The U.S. is considering

the Federal Reserve to switch
asking Black Americans on
quickly from raising interest
federal forms, including
Evan Gershkovich, shown in an undated file photo, is being held in Russia. President Biden on Friday urged his release. A9 rates to cutting them.
the census, whether their
Then economic data started
ancestors were enslaved. A6
coming in hot. Stocks and
For Evan Gershkovich,
er s

 At least three people died bond prices slid, hit by wor-

after tornadoes touched down ries that the Fed would likely
m er

in Arkansas Friday, officials have to keep rates higher for

said, as a major storm sys-
tem brought severe weather
across the central U.S. A3
Russia Was a Second Home longer.
The biggest shock of the
quarter came in March, when
Silicon Valley Bank and Signa-
m rp

 Sen. Fetterman was dis-

ture Bank collapsed. Bank
charged from Walter Reed
stocks tumbled. Credit Suisse
hospital, where he had Detained Wall Street Journal correspondent forged a life and career in Moscow Group AG came to the brink of
checked himself in for de-
failure, forcing rival bank UBS
pression, his office said. A4
BY JOE PARKINSON AND DREW HINSHAW to the Ural mountains in a month. A vague post on the Russian messaging Group AG to arrange a hasty
co Fo

Shortly before lunch, a colleague service Telegram reported that security Please turn to page A4
Business & Finance The cellphone was no longer ping- wrote him a text: “Hey buddy, good agents had taken a diner from a Yekat-
ing. The last time Wall Street Journal luck today.” erinburg steakhouse with his hood up.  Investors, analysts warn that
staff heard from Evan Gershkovich was “Thanks brotha,” replied Mr. Gersh- At 10:35 Thursday morning Moscow bond rally is vulnerable...... B11
 Stocks showed resilience Wednesday, just before 4 p.m., when kovich: “I’ll let you know how it goes.” time, an item from Russia’s state news  Quarter upended projections
in the first quarter despite he had arrived at a steakhouse in the Hours later, the Journal newsroom agency said Mr. Gershkovich had been for an oil bonanza................. B11
being rocked by shock waves Russian city of Yekaterinburg. It was was scrambling to reach contacts in detained and accused of espionage by
that few anticipated. The the Russia correspondent’s second trip Yekaterinburg, Moscow and Washington. Please turn to page A8
Nasdaq, S&P 500 and Dow
posted quarterly gains of 17%,
7% and 0.4%, respectively.
EXCHANGE
Meanwhile, prices of Trea-
surys climbed. A1, B11, B13 Soldier’s Dying Words Rally a Nation
n-

 Consumer spending in
the U.S. rose more modestly BY ISABEL COLES five of their number, including recovered and buried. invasion by its larger neighbor
in February after a sharp AND IEVGENIIA SIVORKA Pvt. Oleksandr Matsievskiy, a Then, a video surfaced on for more than a year.
jump at the start of the 42-year-old electrician who Russian social media showing Every war throws up heroes
no

year, while inflation cooled
but remained elevated. A4
 Core inflation in the
eurozone hit a record in
March, a setback for cen-
tral bankers whose rate
rises have exacerbated fi-
nancial sector strains. A7
 The Biden administration
detailed new criteria for
an EV tax-credit program,
a change that officials said
they expect will reduce the
number of eligible models. B1
 Chinese authorities an-
nounced a cybersecurity
investigation into U.S.
computer-memory maker
Micron Technology. B1
 A Delaware judge ruled
that a jury should decide the
fate of a defamation case
brought by Dominion Voting
Systems against Fox News. B3
NOONAN
A Six-Month
AI Pause? No, It Needs
To Be Longer A13
CONTENTS
Books.................... C5-16
Business News...... B3
Food........................ D6,13
Gear & Gadgets D15-16
Heard on Street...B14
NIZHYN, Ukraine—The
Ukrainian platoon was digging
in desperately along a tree line
in eastern Ukraine when gre-
nades began exploding around
it and Russian soldiers crept
in from the left.
The 16 Ukrainians fought
back as best they could but
couldn’t stop the Russians from
overrunning a position held by
Taylor Is
A Boon
To Tailors
i i i increased their risk of dying
Swifties pay big
to replicate star’s
famous outfits
BY JOSEPH PISANI
Loren McManus has spent
months sewing costumes for
Taylor Swift’s Eras Tour. The
outfits are bejeweled, sparkly
and can make a stadium shim-
Obituaries............... A10
Opinion............... A11-13 mer—but they’re not for the
stage. They’re for fans in the
Sports....................... A14
Style & Fashion D2-3 audience.
Travel........................... D4
U.S. News............ A2-6
Taylor mania means a boom
time for tailors. Swifties are
lived with his mother, and was
new to front-line combat.
As darkness fell, the pla-
toon withdrew to more secure
positions, reluctantly leaving
the five behind, said some of
the soldiers who were
there. What happened next re-
mained a mystery for more
than two months, even after
Pvt. Matsievskiy’s body was
Study Debunks Claims
Of Alcohol’s Benefits
BY JULIE WERNAU
First, the good news: A nip
of alcohol here and there prob-
ably won’t kill you. But it won’t
help you live longer, either.
For a study published Friday
in the journal JAMA Network
Open, researchers set out to
make sense of years of conflict-
ing evidence on alcohol’s effect
on health. Some research sug-
gested that drinking alcohol
improves life expectancy. Other
studies had demonstrated
poorer health outcomes at any
level of drinking.
The researchers analyzed
107 studies on the effect of al-
cohol in nearly five million
people and found that no
an unarmed Pvt. Matsievskiy who display uncommon physi-
standing knee-deep in a pit, cal strength or mental acuity
taking a drag on a cigarette to overcome the enemy.
and saying, “Glory to Ukraine.” Ukraine decorated nearly 200
His apparent captors then people with the title “Hero of
open fire, strafing his body Ukraine,” the state’s highest
with bullets and sending it award, last year, the most in THE PROPHET
crumpling to the ground. any year since declaring inde- Sam Altman pioneered
Pvt. Matsievskiy’s unassum- pendence in 1991. But there ChatGPT and worries
ing defiance struck a chord in also are everyman heroes who
this nation that has resisted Please turn to page A9
about our AI future. B1
more than 25 grams of alcohol
sooner.
“Alcohol is linked to more
than 200 diseases. You would
be bored by the time I finished
naming them all,” said Jürgen
Rehm, senior scientist at Can-
ada’s Center for Addiction and
Mental Health, who wasn’t in-
volved in the study.
The findings suggest that
the average man can drink up
to about three drinks a day and
expect to live as long as non-
drinkers. Women might want
to stop at about two drinks, the
research suggested.
The new study joins a body EX PLOR E THE
of evidence that alcohol does
more harm than good.
UNR I VA LED ™

Markets.................... B13 World News....... A7-9

going all out, paying hundreds
of dollars to have fashion de-
> signers create custom looks to
wear to Ms. Swift’s first tour
in five years. Most want cop-
ies of designer dresses the su-
s 2023 Dow Jones & Company, Inc.
perstar has worn on red car-
All Rights Reserved pets or in music videos.
Please turn to page A10
amount of alcohol consumption
led to longer life than among
people who never drank. Peo-
ple who drank 45 grams of al-
cohol or more a day—about as
much as in three glasses of
wine—increased their risk of
dying sooner by as much as a
third. Among women, anything
Health officials in Canada luxury in ALASKA
this year recommended that
people have two drinks or LIMITED TIME OFFER
fewer a week to lower health UP TO 20% SAVINGS
risks. That replaced guidance ON 2023 ALASKA VOYAGES*
that 10 drinks a week was a
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A2 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Josh Zumbrun
U.S. WATCH
In Tally of Lives Saved, an AIDS Effort Shines IDAHO

Legislation Restricts
Often, ret- Life expectancy began recovering more quickly in the countries that were or Eswatini (formerly Swazi- Travel for Abortions
rospectives on the original focus of the President’s Emergency Plan for AIDS Relief. land).
U.S. foreign These countries were “all Idaho’s legislature this week
policy focus AIDS-related deaths Life expectancy tracking the same way in passed a bill making it a crime
on the mis- Rest of world 65 year the five to six years” before to assist minors in traveling to
steps and the West and Central Africa the U.S. AIDS initiative, Dr. obtain an abortion, a novel at-
boondoggles. A look at the South Bendavid said. Then, as tempt by a Republican-led state
Eastern and Southern Africa
number of lives saved in the Africa soon as the program begins to restrain residents from seek-
2.0 million 60
war on AIDS points to a re- 2003 Botswana in the focus countries, “you ing the procedure in states
markable and under-cele- Launch of
Namibia
see the number of antiretro- where it is legal.
brated policy success. Pepfar virals goes way up, mortal- The bill creates a new of-
Twenty years ago this 1.5 55 Zimbabwe ity goes way down”—but in fense of “abortion trafficking,”
spring, the George W. Bush Eswatini the nonfocus countries mor- punishable by two to five years
administration launched an tality continues to rise. in prison. It would apply in cir-
Lesotho
all-out initiative for AIDS 1.0 50 The results allowed re- cumstances in which a minor
prevention, care and treat- searchers to estimate a seeking an abortion didn’t have
ment in developing coun- counterfactual: How many parental consent to do so.
tries, especially in Africa. At 0.5 45 people would have died ab- Supporters of the bill say it
the time, it was the largest- sent the programs? They es- protects parental rights.
ever initiative dedicated to a timated adult mortality was Idaho Rep. Kevin Andrus, a
single disease. 20% lower in the focus Republican sponsor of the bill,
0 40
Counting the lives saved countries. The program did said lawmakers recognized that
from a disease is quite a bit 1990 2000 ’10 ’20 1950 ’60 ’70 ’80 ’90 2000 ’10 ’20 expand to those places later, some Idaho citizens will travel to
trickier than counting lives Note: Botswana, Namibia and South Africa were initial focus countries for Pepfar. Eswatini, Lesotho, and Zimbabwe were added later. but the gap provides power- other states to seek the proce-
lost. In the latter case there Sources: Joint United Nations Programme on HIV/AIDS (deaths); UN World Population Prospects via Our World in Data (life expectancy) ful evidence that Pepfar, dure. “We have no issue with
are death certificates but in rather than other changes in people making those decisions
the former no straightfor- retrovirals more accessible, treatment of the epidemic, that fit them best,” Mr. Andrus
ward count of people who especially in low-income spurred the improvements. said. “It’s when parents are unin-
would have died and didn’t. countries, has generated (Later research and a se- formed of their children’s activity

SHASHANK BENGALI/MCT/TRIBUNE NEWS SERVICE/GETTY IMAGES

This was the challenge in enormous economic and ries of studies reaffirmed that we get concerned.”
assessing the impact of the health returns,” she said. Dr. Bendavid’s finding.) Opponents say the bill vio-
U.S. President’s Emergency The different approaches lates a widely accepted right for

I
Plan for AIDS Relief, or Pep- n retrospect, the inflec- don’t produce the exact re- U.S. citizens to travel to other
far. For 2003, the year the tion point in the AIDS sult but tell the same story. states and participate in activi-
plan was launched, the Joint fight coincided with Pep- “It’s easy to back up the ties that are legal there. “We’re
United Nations Program on far. But that doesn’t prove claim that many millions opening a really dangerous Pan-
HIV/AIDS estimated that two Pepfar caused the decline. are alive today who other- dora’s box with these travel
million people died of AIDS, To determine the link, re- wise wouldn’t have been,” bans,” Rep. Ilana Rubel, a Demo-
a number that had been ris- searchers have used two Dr. Bendavid said. crat, said on the Idaho House

.
ing relentlessly since the dis- methods, said Eran Benda- The program has had floor Thursday.
ease’s emergence. The num- vid, a professor of medicine controversies. Its original —Laura Kusisto

ly
ber peaked in 2005 and at Stanford. authorization stipulated and Jennifer Calfas
began to fall. For 2021, UN- The first method looks at that 7% of overall spending
AIDS estimated the disease all the interventions the pro- had to be for abstinence-un- WASHINGTON, D.C.
caused 650,000 deaths.
Lifespans plunged in hard-
est-hit sub-Saharan Africa.
South Africa, Namibia and
gram has funded. In Decem-
ber, the State Department,
which oversees Pepfar, said
the program helps fund anti-
on The U.S.’s Pepfar program helped fund a Rwanda HIV clinic
where a mother and child waited for treatment in early 2008.
til-marriage education. Crit-
ics saw this as intending to
promote religious values.
The National Academy of
Policy Slows Change
To Medicare Outlays
Botswana all had life expec- retroviral drugs for 20.1 mil- Medicine, then known as The Biden administration will
us ,

tancies of 63 years in the lion women, men and chil- HIV through heterosexual ex- tract from efforts to save the Institute of Medicine, move ahead with changes that
l

late 1980s or early 1990s. By dren. It reports 1.5 million posure by about 60%. lives from another. faulted the target, and in could reduce federal payments
e
al a

the early 2000s, it was 54 in people have enrolled to get The State Department 2008, Congress removed it. to many private Medicare plans,

I
South Africa and 51 in the PrEP, a prophylactic medica- claims the program has n a study from 2012, Dr. Some researchers have but will phase them in more
other two nations. Fifty tion that protects high-risk saved 25 million lives, Bendavid and co-authors noted that about 70% of U.S. slowly than it had planned under
ci on

years of progress and, for people from acquiring HIV, though it doesn’t explain took a different approach assistance to Africa has an earlier proposal that drew
the victims, a decade of life, the virus that causes AIDS. how it arrived at that num- to estimating lives saved gone to health programs, huge pushback from the indus-
had disappeared. The drug not only saves ber. Indeed, the challenge that is still considered the primarily HIV/AIDS, even try.
Amanda Glassman, execu- the lives of people with HIV, with estimating lives saved gold standard. While AIDS though this is no longer the The final payment policy for
tive vice president at the but reduces the chances of a from the number of people was spreading rapidly priority of many African the private Medicare plans,
er s

Center for Global Develop- person spreading the virus. being treated is that not ev- through much of the world, governments and citizens known as Medicare Advantage,
ment, whose research fo- The Centers for Disease Con- eryone takes medicine as initially the program focused more concerned with job will take effect next year. The
m er

cuses on setting global trol and Prevention says that prescribed. Especially early largely on 12 African coun- creation or security. rollout of the changes, which will
health priorities, said those PrEP reduces the risk of HIV on, not everyone could be tries, including South Africa, “That in itself is a huge now take place over three years
trends began to reverse after from sex by 99% when taken assumed to take antiretrovi- Namibia and Botswana, but success,” said Ms. Glassman. rather than one, means that the
the AIDS initiative’s launch. as prescribed. Studies have rals as effectively as in tri- not on similar countries, in AIDS/HIV is “no longer top effect in 2024 will be substan-
“The effort to combat HIV/ found that male circumcision als. Potentially, efforts to many cases direct neighbors of mind because it’s being tially less than under the earlier
m rp

AIDS through making anti- reduces the risk of acquiring fight one disease could sub- such as Zimbabwe, Lesotho managed,” she added. proposal.
Medicare officials said the
changes are aimed at making
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THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, April 1 - 2, 2023 | A3

U.S. NEWS

Norfolk Southern Tornadoes Inflict Havoc, Death in Arkansas

Sued by U.S. Over
Ohio Derailment
BY DEAN SEAL
Federal prosecutors and en-
vironmental regulators sued
Norfolk Southern Corp. over
February’s derailment in East
Palestine, Ohio.
The Justice Department and
waterways and to ensure it
pays the full cost of the envi-
ronmental cleanup,” according
to the complaint filed in the
U.S. District Court for the
Northern District of Ohio.
When reached for com-
ment, a Norfolk Southern rep-

STEPHEN SWOFFORD/ARKANSAS DEMOCRAT-GAZETTE/ASSOCIATED PRESS

Environmental Protection
Agency jointly filed a civil
complaint on Friday against
the railroad operator, alleging
that the discharge of pollut-
ants, oil and hazardous sub-
stances from the derailment
violated the Clean Water Act.
“When a Norfolk Southern
train derailed last month in
East Palestine, Ohio, it re-
leased toxins into the air, soil
and water, endangering the
health and safety of people in
surrounding communities,” At-
torney General Merrick Gar-
land said Friday.
The lawsuit seeks financial
penalties and injunctive relief
against the Atlanta-based rail-
road.
It also aims to hold Norfolk
Southern “accountable for un-
lawfully polluting the nation’s
resentative said the company
is “working with urgency, at
the direction of the U.S. EPA,
and making daily progress.”
East Palestine residents and
business owners as well as the
state of Ohio have sued Nor-
folk Southern in connection
with the Feb. 3 derailment.
Federal regulators’ scrutiny
of the rail industry in the
wake of the East Palestine ac-
cident was amplified by addi-
tional derailments in the two
months that followed, includ-
ing one in Raymond, Minn.,
early Thursday, that ignited a
fire and forced an evacuation.
The evacuation order was
lifted later the same day, said At least three people died after tornadoes touched down in Arkansas on Friday, officials said, as a major storm system brought severe
BNSF Railway, whose train had weather across the central U.S. Gov. Sarah Sanders said two died in Wynne, which suffered widespread damage. Little Rock and North
been carrying mixed freight Little Rock also took a direct hit and had at least one fatality, officials said. Above, people worked to clear trees in Cammack Village.
including ethanol and corn
syrup.

More Say Colleges Aren’t Worth the Cost

BY DOUGLAS BELKIN
A majority of Americans
don’t think a college degree is
worth the cost, according to a
new Wall Street Journal-NORC
.
ly
When it comes to getting a four-year college degree, Is a four-year college education
which of the following statements comes closer to worth the cost?
Worth the cost because
on
your point of view? A four-year college education is…

2013 2017 2023 Worth it Not worth it

2023
poll, a new low in confidence in people have a better 53% 49% 42% Men 2017
us ,

what has long been a hallmark chance to get a good job

l

of the American dream. and earn more income

e
al a

Women
The survey, conducted with over their lifetime
NORC at the University of Chi-
cago, a nonpartisan research 60% 40 20 0 20 40 60%
ci on

organization, found that 56% of

Americans think earning a 18-34
four-year degree is a bad bet
compared with 42% who retain Not worth the cost 40 47 56 35-49
faith in the credential. because people often
er s

Skepticism is strongest graduate without

among people ages 18-34, and specific job skills and 50-64
m er

people with college degrees are with a large amount

among those whose opinions of debt to pay off
have soured the most, portend- 65+
ing a profound shift for higher
education in the years ahead.
m rp

In 2013, 53% of Americans
were bullish on college, and
40% weren’t. In 2017, 49% of
Americans thought a four-year
degree would lead to good jobs
Note: ‘Don't know’/skipped/refused responses not shown. Numbers may not total 100 due to rounding.
Source: WSJ/NORC poll of 1,019 adults, conducted March 1-13, 2023; margin of error +/– 4.1 pct. pts. 2017 data from WSJ/NBC survey of telephone
poll of 1,200 adults conducted Aug. 5-7; margin of error +/– 2.8 pct. pts. 2013 data from CNBC AAES survey of June 2013.
regaining public confidence.” In 2017, doubt over the value with a college degree and those
Dr. Mitchell cited student of a college degree was great- earning more than $100,000 a
co Fo

and higher earnings, compared
with 47% who didn’t.
“These findings are indeed
sobering for all of us in higher
education, and in some ways, a
wake-up call,” said Ted Mitch-
ell, the president of the Ameri-
can Council on Education,
which counts more than 1,700
institutions of higher educa-
tion as members. “We need to
do a better job at storytelling,
but we need to improve our
debt, which has reached $1.7
trillion, and the 60% graduation
rate at four-year colleges as
two big problems undermining
confidence in the sector.
Public skepticism toward
higher education began to rise
after the 2008 recession and
compounded during the pan-
demic. Enrollment in U.S. col-
leges declined by about 15%
over the past decade while the
growth in alternative creden-
n-
est among men, Republicans
and people living in rural areas.
That disaffection preceded a
widening gender gap in higher
education as hundreds of thou-
sands of men left college dur-
ing the pandemic.
The Journal poll in March
found disaffection has spread
to all age groups as well as res-
idents of cities and suburbs.
The last categories in which a
slim majority held fast to their
Wild Child
year.
But 42% of people with col-
lege degrees said in the most
recent survey that it wasn’t
worth it, up more than 10 per- W I L D CHILD C U F F W I T H MU LT I - CO LOR
centage points from the two SA P P H I R E S & B R I L L I AN T D I AMONDS
polls last decade.
Women and older Americans
are driving the decline in confi-
dence. People over the age of P A U L M O R E L L I . COM
65 with faith in college de-
clined to 44% from 56% in 2017.
NYC : 895 M AD I SON (72ND & M AD I SON )
Confidence among women fell P H L : 111 8 WA L N U T S T R E E T
917.227.9039

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Saturday/Sunday, April 1 - 2, 2023
Spending Growth, Core Inflation Cool Social
Consumers boosted
outlays by 0.2% in
February after prior
month’s 2% increase
BY GWYNN GUILFORD
Consumer spending rose
more modestly in February af-
ter a sharp jump at the start of
the year, while inflation cooled
but remained elevated.
Households boosted their
spending by a seasonally ad-
justed 0.2% in February from
the prior month, the Commerce
Department said Friday. That
followed a revised 2% increase
in January, but economists said
the two months viewed to-
gether represented a solid gain
as 2023 got under way.
“February’s consumer
spending numbers should be
viewed as quite strong,” said
Pooja Sriram, U.S. economist at
Barclays. “Households continue
to feel the tailwind from strong
gains in wages and salaries,
fueled by strong labor demand,
and continue to dip into excess
savings accumulated during the
pandemic for additional fire-
power.”
Inflation continued to take a
bite out of spending power,
however. When adjusted for
rising prices, household spend-
ing fell 0.1% in February from
the prior month, after rising a
revised 1.5% in January.
Inflation eased in February,
though it remains significantly
above the Federal Reserve’s 2%
target. The personal consump-
tion-expenditures price index
climbed 5% in February from a
year earlier, down from 5.3% in
January.
The core-PCE price index—
which omits volatile food and
energy prices—rose 4.6% in
February from a year earlier,
compared with 4.7% the prior
month. The Fed sees the core
measure as a better predictor
of future inflation.
The Fed raised short-term
interest rates by a quarter-per-
centage point on March 22, its
ninth straight increase aimed
at curbing inflation by slowing
Stocks End
Quarter on
An Up Note
Continued from Page One
takeover. The biggest U.S.
banks scrambled to shore up
First Republic Bank to stop
growing panic from taking
down more lenders.
In the face of significant
uncertainty, markets proved to
be more buoyant than many
investors thought possible.
The S&P 500 rose 7% in the
first quarter, while the Dow
Jones Industrial Average
added 0.4%. The Nasdaq Com-
posite soared. The technology-
no
heavy index jumped 17%, out-
performing the Dow
industrials by the widest mar-
gin since 2001. Overall, it was
Nasdaq’s best quarter since
the second quarter of 2020.
Meanwhile, bond prices
climbed. The yield on the 10-
year U.S. Treasury note, which
influences everything from
mortgage rates to student
loans, fell to 3.491% from
3.826% at the end of 2022.
That marks its biggest quar-
terly decline since 2020.
What explains the relative
calm in markets?
“Things have been better
than many feared,” said Eric
Freedman, chief investment
Fetterman Leaves Hospital, Will Return to the Senate
BY SIOBHAN HUGHES
Sen. John Fetterman was
discharged on Friday from
Walter Reed National Military
Medical Center, where he
checked himself in for depres-
sion, his office said.
The 53-year-old Democrat
from Pennsylvania entered the
hospital in mid-February after
struggling with what an aide
said was clinical depression
that left him unable to take
care of himself in basic ways,
like eating or drinking. He had
suffered a stroke on the cam-
paign trail last year and had
been left with speaking and
auditory-processing difficul-
ties. To understand what was
being said, Mr. Fetterman had
to rely mostly on a tablet to
Security’s
A showroom during February’s Fashion Week in New York. Inflation curbed spending power.
Personal-consumption
expenditures price index,
change from year earlier
7%
PCE price index
February
+5.0%
6 low levels.
5 tighter lending that might re-
4 1.0
Core PCE
(excluding food
3 and energy)
+4.6%
2 With consumer spending ac-
Fed’s inflation target
1
0
2021 '22
Note: Seasonally adjusted
on
'23
Source: Commerce Department via St. Louis Fed
us ,
the economy.
l
Though inflation remains
e
al a
high, Fed Chair Jerome Powell
signaled last week that the cen-
tral bank could stop raising in-
ci on
terest rates sooner than previ-
ously thought if the recent
banking system stress triggers
a pullback in lending.
In the weeks before the
er s
banking crisis, the economy
showed surprising strength de-
m er
officer at U.S. Bank Asset
Management.
A widely anticipated reces-
m rp
sion has failed to materialize,
at least so far. The labor mar-
ket has remained robust, even
with a pickup in layoffs in the
technology sector in recent
co Fo
months. And inflation, while
still high, has continued to
ease. Data showed consumer
prices rose 6% from a year
earlier in February, the small-
est annual gain since Septem-
ber 2021.
The combination of factors
has helped investors including
Mr. Freedman to stay some-
what optimistic—although he
is still advising clients to stick
to higher-quality companies
n-
within credit markets.
“We don’t think we are out
of the woods yet,” he said.
Some investors and ana-
lysts, for instance, are wary of
the risk that markets will be
proved wrong about where the
Fed will take interest rates the
rest of the year.
Recent projections show
Fed officials expect the fed-
eral-funds rate to rise to at
least 5.1% from its current
range of 4.75% to 5%. That
suggests the Fed could push
through one more quarter-
point interest-rate increase
and then hold rates at that
level for the remainder of the
year.
Yet Wall Street has once
again grown more confident
that the Fed will begin cutting
rates as soon as the second
transcribe what people were
saying.
Mr. Fetterman had “severe
symptoms of depression with
low energy and motivation,
minimal speech, poor sleep,
slowed thinking, slowed move-
ment, feelings of guilt and
worthlessness,” according to a
summary of a discharge brief-
ing from Dr. David Williamson,
neuropsychiatry chief and
medical director at Walter
Reed. The senator wasn’t con-
templating suicide, the dis-
charge briefing said.
“According to Dr. William-
son, Senator Fetterman’s de-
pression is now in remission,”
Mr. Fetterman’s office said in
a statement. “With the Senate
in recess for the next two
weeks, Senator Fetterman will
P W L C 10 11 12
Consumer spending,
change from a month earlier
2.0%
1.5
0.5
0 of output, a strong labor mar-
-0.5
2022
spite the Fed’s rate increases.
Employers added a seasonally
adjusted 311,000 jobs in Febru-
ary and the unemployment rate
was 3.6%, near historic lows,
the Labor Department said.
Home sales rose in February
from the prior month for the
first time in a year.
Early signs indicate that the
economy stayed on a solid
track in March. Surveys
Index performance in the first quarter
15%
10
5
0 Dow Jones
–5
Jan. 2023 Feb.
U.S. 10-year Treasury yield
4.0%
3.8
3.6
3.4
Jobs report comes in
3.2 hotter than expected
Jan. 2023 Feb.
Sources: FactSet (performance); Tradeweb ICE Close (yield)
half. Derivatives markets show
traders expect the federal-
funds rate to peak at around
4.9% in May, then fall to about
4.4% by the end of the year,
according to FactSet.
“There’s a disconnect be-
tween market expectations for
the Fed and what the Fed is
saying,” said Michelle Cluver,
portfolio strategist at Global X
ETFs, who attributed the bets
Sen. Fetterman in February,
before seeking treatment.
spend time with his family and
constituents in Pennsylvania,
and return to Washington, D.C.
when the Senate session re-
sumes on April 17th.”
Before he entered the hos-
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
showed that U.S. business ac-
tivity picked up along with
consumer confidence in the
February
economic outlook. Initial job-
+0.2% less claims, a proxy for layoffs,
are hovering near historically
But banking tumult—and
sult—will influence business in-
vestments more directly than
consumer spending, said Oren
Klachkin, lead U.S. economist
at Oxford Economics.
counting for around two-thirds
ket translates to a resilient
economy, economists said.
'23
“Even though we’re seeing
layoffs in tech, with unemploy-
ment at 3.6%, what you have is
that people who want jobs can
get jobs,” said Leo Feler, chief
economist at Numerator, a con-
sumer insights and data com-
pany. “That means households
have income and spending
power.”
Consumers’ spending ac-
counts for around two-thirds of
U.S. economic output, making
it the key to growth.
Their spending on goods
rose 3.7% in February from De-
cember, lifted by increased out-
March
Bank turmoil
sparks bond rally
Powell says Fed considering
speeding up rate increases
March
on rate cuts in part to the fall-
out from the banking crisis in
March.
Heightened expectations for
rate cuts have driven investors
into many of the stocks that
were among the worst hit in
last year’s market selloff.
Nvidia Corp. soared 90% in the
first quarter, while Facebook
parent Meta Platforms Inc.
rose 76% and Tesla Inc.
pital, his symptoms had wors-
ened over the prior eight
weeks to the point that Mr.
Fetterman had stopped eating
and taking fluids, according to
the discharge summary, caus-
ing him to develop low blood
EVELYN HOCKSTEIN/REUTERS
pressure potentially affecting
brain circulation.
Mr. Fetterman was fitted
for hearing aids, according to
the discharge summary, after
doctors identified mild to
moderate sensorineural hear-
ing loss. At the same time, his
cardiology team changed med-
ications and reduced dosages,
the summary said. He also
worked with speech-language
specialists, according to the
summary. His speech improve-
ment “was noticeable and we
believe that significant contin-
7 8 9 O I X X ******* THE WALL STREET JOURNAL.
lays on furniture, electronics
and pleasure boats. Spending
on services picked up 1.5% in
the same period, as consumers
shelled out more on air travel
and at movie theaters, restau-
rants and amusement parks.
Household finances also got
a boost in February, the Com-
merce report showed. Income
rose 0.3% in February from the
prior month, pushed up by in-
creasing wages for service sec-
tor workers in particular, Mr.
Klachkin said.
And the personal saving rate
was 4.6% in February, the high-
est in more than a year.
Chandler Atkins, owner of
Elms Waterfront Cottages in
CAITLIN OCHS/REUTERS
Lake Luzerne, N.Y., said book-
ings are as strong as last year
with people visiting from
across the country. When the
economy turns down, New
Yorkers tend to dominate book-
ings as they dial back more am-
bitious travel plans, he said.
But when times are good, those
from farther afield pick up.
“I just took a couple book-
ings yesterday from people in
California,” he said. “They must
feel that the economy is strong
enough and they’re not facing
recession stress right now.”
Mr. Atkins is expanding his
business, launching a new lodg-
ing and events venue and an
all-terrain vehicle track on Me-
morial Day. He is keeping an
eye on banking industry trou-
bles but isn’t overly concerned.
“I don’t think that’s really go-
ly
ing to have an impact on the
vacationer this year,” he said.
Solid consumer demand is
putting price pressure on ser-
vices, as consumers shell out
on sporting events, concerts,
packaged tours, restaurants
and other recreation, said Luke
Tilley, chief economist at Wil-
mington Trust Investment Ad-
visors Inc.
“The price increases for
some of these recreation ser-
vices are just astronomical,” he
said. “People are slowing their
spending overall but basically,
companies are able to pass on
some more price increases be-
cause people are willing to
pay.”
Nasdaq
Composite
climbed 68%.
Bitcoin also jumped. The
cryptocurrency traded above
+16.8%
$28,000 on Friday, up around
71% for the quarter.
Meanwhile, many of last
S&P 500
+7.0%
year’s biggest winners have
lagged behind. Energy stocks,
which soared in 2022, fell in
the first quarter. So did crude
oil prices.
Industrial Analysts and investors are
Average divided on how long that re-
+0.4% version will last.
“I do believe there may
need to be repricing from
markets on where rates are
going to be,” Ms. Cluver said.
At the moment, with the crisis
in the banking sector looking
relatively contained, there
doesn’t seem to be a strong
reason for the Fed to cut rates
in the near future, she added.
Friday For some, the biggest ques-
3.491%
tion remains how well the
economy will hold up under
the strain of higher interest
rates and tighter financial
conditions.
“I don’t think anyone can
really answer with certainty if
we’re entirely through a chal-
lenging period,” said Brian
Levitt, global market strate-
gist at Invesco.
So far, the economy has
held up better than many had
expected. If there is a reces-
sion within the year, it seems
likely it would be relatively
mild, Mr. Levitt said. “The
challenge is seeing if there’s
something lurking that makes
it more severe,” he said.
ued improvement is likely with
continued outpatient rehabili-
tation,” according to the dis-
charge briefing.
“I am extremely grateful to
the incredible team at Walter
Reed,” Mr. Fetterman said in a
statement. “The care they pro-
vided changed my life.…This
isn’t about politics—right now
there are people who are suf-
fering with depression in red
counties and blue counties. If
you need help, please get
help.”
Doctors said there was no
new stroke, according to the
discharge briefing, and an
echocardiogram showed no
blood clots in the heart. Mr.
Fetterman will pursue outpa-
tient treatment, his office
said.
Reserves
Strained
BY DAVID HARRISON
An economic slowdown,
persistent inflation and
weaker productivity growth
will hurt Social Security’s fi-
nances, draining its reserves
one year earlier than previ-
ously estimated, the govern-
ment said Friday.
Social Security won’t have
enough money to pay all bene-
ficiaries the amount they are
entitled to starting in 2034,
according to the latest report
by the program’s trustees. Un-
less Congress takes action to
shore up the program, benefi-
ciaries would receive about
80% of their scheduled bene-
fits after that point.
Lower birthrates over the
past few decades combined
with a wave of retiring baby
boomers have challenged the
long-term solvency of Social
Security, which pays benefits
to retirees, their survivors and
people with disabilities.
In 2021, Social Security be-
gan paying more in benefits
than it was receiving through
payroll taxes and interest on
the specially issued Treasury
.
securities it holds in reserve.
That has reduced the size of
its trust fund to $2.8 trillion in
2022 from $2.9 trillion in
2020.
The trust fund will continue
to shrink until 2034, when it
will run out of money, the re-
port said. After that, benefits
will have to be cut to account
for lower revenues.
A separate report on Medi-
care showed that its finances
are improving thanks to lower
projected healthcare spending
than in last year’s report.
Medicare’s hospital-insurance
trust fund will be able to cover
all benefits until 2031, three
years longer than forecast last
year, the report said.
To improve Social Secu-
rity’s long-term finances, Con-
gress could cut benefits, raise
taxes or a combination of the
two.
To keep the program sol-
vent for the next 75 years,
taxes would have to immedi-
ately rise 3.44 percentage
points to 15.84%, split between
employees and employers, the
Social Security trustees’ re-
port said.
Right now, employees and
employers both contribute
6.2% of payroll, for a com-
bined 12.4% tax rate.
An immediate 21.3% cut in
benefits would also put the
program on sounder footing
without raising taxes, the re-
port said.
Under the program’s rules,
each year’s tax and interest in-
come is used to pay that year’s
benefits. What is left over is
deposited into the trust fund.
Social Security trust
fund balance
PROJECTIONS
$3.0 trillion
2.5
2.0
1.5
1.0
0.5
0
2000 '05 '10 '15 '20 '25 '30
Source: Social Security Administration
In an interview with CBS
“Sunday Morning” set to air
this weekend, Mr. Fetterman
described his symptoms be-
tween winning his competitive
Senate race and being sworn
in.
“‘The whole thing about de-
pression is that objectively,
you may have won, but de-
pression can absolutely con-
vince you that you actually
lost and that’s exactly what
happened. And that was the
start of a down, a downward
spiral,” he said, according to
an excerpt released by CBS.
He added, “I had stopped
leaving my bed. I had stopped
eating. I was dropping weight.
I had stopped engaging in
some of the most—things that
I love in my life.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
YUKI IWAMURA/ASSOCIATED PRESS
New York City police put up a surveillance camera outside a Manhattan court Friday ahead of Donald Trump’s expected surrender next week.
Trump Prepares to Surrender
Next Week at New York Court
New York officials and Don-
ald Trump’s legal team began
preparations for the former
president to surrender Tuesday
to face charges for his role in
By Corinne Ramey,
Joe Palazzolo
and Rebecca Ballhaus
paying hush money to a porn
star on the eve of his 2016
election victory.
A grand jury handed up the
indictment, sought by the of-
fice of Manhattan District At-
torney Alvin Bragg, on Thurs-
day afternoon. The charges
aren’t public and are expected
to remain sealed until Mr.
Trump makes an initial appear-
ance in court, scheduled for
2:15 p.m. on Tuesday. He is
first expected to report to the
district attorney’s office, there
to be arrested, fingerprinted
and photographed.
Mr. Trump is planning to fly
from Florida to New York on
Monday and spend the night at
Trump Tower before heading
to the courthouse Tuesday, ac-
CSU ARCHIVES/EVERETT COLLECTION
no
Richard Nixon’s resignation avoided impeachment but didn’t rule out an indictment. A pardon did.
Some Presidents in the Past
Skated Close to Legal Peril
BY JACOB GERSHMAN
A Manhattan grand jury’s
indictment of former Presi-
dent Donald Trump represents
an extraordinary moment for
America.
Other presidents have been
impeached or left office in dis-
grace under the shadow of
scandal or criminal suspicion.
But none of the other men
who previously occupied the
nation’s highest office ever
found themselves in the legal
jeopardy that now imperils
Mr. Trump.
“An indictment of Trump is
unprecedented in the annals of
presidential history,” said Jef-
frey Engel, director of the Cen-
ter for Presidential History at
Southern Methodist University.
President Richard Nixon
was named by a grand jury in
1974 as an unindicted co-con-
spirator in the Watergate
scandal but was never charged
with a crime. His resignation
avoided impeachment but
didn’t rule out an indictment.
Watergate prosecutors had
* * * * * * *
cording to people familiar with
his schedule.
Streets surrounding the
lower Manhattan courthouse
are also expected to be blocked
off, officials said. The U.S. Se-
cret Service is expected to ac-
company Mr. Trump during his
time at the courthouse.
The former president has
previously called on his sup-
porters to protest, and forecast
“death & destruction.” He
hasn’t repeated such pitches
since being indicted.
A spokesman for Mayor Eric
Adams said Friday that there
are no credible threats to New
on
York City at this time.
us ,
New York Gov. Kathy Hochul
l
said she spoke with Mr. Adams
e
al a
on Thursday about Mr. Trump’s
pending appearance and of-
fered state resources to help
ci on
with security or crowd control.
Trump lawyer Joe Tacopina
appeared on major television
networks to defend his client
from charges he said were un-
er s
precedented and unfair. He said
there was “zero” chance Mr.
m er
Trump would take a plea in the
m rp
co Fo
n-
could receive a fair trial and
that bringing an obstruction
case could aggravate national
political divisions. The ques-
tion, though, was made moot
by President Gerald Ford’s
pardon of Mr. Nixon.
President Bill Clinton in 1998
was impeached by the House
for perjury and obstruction of
justice related to his attempted
coverup of his relationship with
former White House intern
Monica Lewinsky. The Senate
voted against conviction, but
the threat of criminal charges
persisted until the final hours
of his presidency, when he
struck a deal with independent
counsel Robert Ray. The prose-
cutor agreed not to pursue a
grand jury indictment after Mr.
Clinton admitted to giving false
testimony under oath, surren-
dered his law license for five
years and accepted a $25,000
fine.
Ulysses Grant, the nation’s
18th president, was arrested
for speeding around the capi-
tal in his buggy in 1872, while
he was in office, but he paid a
NY
U.S. NEWS
case, which centers on his role
in making a hush-money pay-
ment to a porn star before the
2016 election.
“It’s not going to happen,”
Mr. Tacopina said on NBC’s
“Today” show. “There’s no
crime. I don’t know if it’s going
to make the trial because we
have substantial legal chal-
lenges that we have to front
before we get to that point.”
Mr. Trump has been unset-
tled for weeks by the prospect
of being indicted, advisers have
said. Advisers said they ex-
pected him to struggle with the
notion of being fingerprinted
and having his mug shot
taken—as one of his lawyers
put it, “just like anyone else.”
The case is expected to land
in the court of Justice Juan
Merchan, who presided over
the tax-fraud trial against the
Trump Organization last year.
A jury found that the com-
pany engaged in an off-the-
books compensation scheme to
pay some executives in car
leases, apartments and cash.
Justice Merchan sentenced the
tices in other countries, Mr.
Trump’s prosecution is less
unusual, even among liberal
democracies. In the last de-
cade alone, sitting or former
heads of state in France, Italy,
Israel, Brazil and South Korea
have been charged with crimes
including illegal campaign fi-
nancing, bribery and tax fraud.
Before Mr. Trump’s indict-
ment, U.S. prosecutions of po-
litical leaders never reached
higher than U.S. vice presidents.
Aaron Burr, vice president from
1801 to 1805, fled arrest war-
rants issued by New York and
New Jersey after he killed Alex-
ander Hamilton in a duel. He
was arrested in Alabama in
1807, tried for treason in Vir-
ginia—accused of scheming to
detach Western states from the
union to establish his own em-
pire in Spanish territories—and
ultimately acquitted.
Vice President Spiro Agnew
resigned in 1973 after pleading
no contest to a felony tax-eva-
sion charge stemming from a
broader investigation into al-
leged kickbacks he received
Trump Organization’s former
chief financial officer, Allen
Weisselberg, to five months in
jail for his role in the scheme.
Mr. Weisselberg, who pleaded
guilty and testified against the
company, is due to be released
next month.
Justice Merchan has han-
dled felony trials since 2009.
He previously worked in the
New York attorney general’s of-
fice and in the Manhattan dis-
trict attorney’s office.
Mr. Bragg’s office on Friday
sent a letter to the Republican
chairs of three U.S. House com-
mittees who have criticized the
investigation into Mr. Trump
and demanded documents
about the probe.
“Based on your reportedly
close collaboration with Mr.
Trump in attacking this Office
and the grand jury process, it
appears you are acting more
like criminal defense counsel
trying to gather evidence for a
client than a legislative body
seeking to achieve a legitimate
legislative objective,” the let-
ter said.
Brighten up your home with
our new Special Edition
Bengal Stripe paint
106 j s,  
Saturday/Sunday, April 1 - 2, 2023 | A5
Indictment Rekindles
A Fractious Politics
As More Cases Loom
The indictment of Donald
Trump by a Manhattan grand
jury is likely to energize the
former president’s most ar-
dent supporters, further erod-
By Alex Leary,
John McCormick
and Lindsay Wise
ing their trust in the legal sys-
tem and exacerbating national
divisions as the case plays out.
And new flashpoints may
be on the horizon: Mr. Trump,
the leading GOP White House
candidate, faces additional in-
vestigations on potentially
more serious charges, includ-
ing his attempts to overturn
his 2020 election loss and re-
main in power.
“People have such strong
feelings about Trump, it can’t
help but inflame divisions,”
said Republican consultant
Alex Conant, who led commu-
nications for Sen. Marco Ru-
bio’s 2016 presidential cam-
paign and served as a
spokesman in the second Bush
White House. “There’s just no
common ground on anything
involving Trump.”
Initial reaction to the in-
dictment involving hush-
money payment to a porn star
on the eve of the 2016 election
confirmed that notion. Repub-
ly
licans called the prosecution
politically motivated and dan-
gerous to democracy, while
Democrats said no one is
above the law and expressed
concern about violence.
Mr. Trump, who is to be ar-
raigned on Tuesday, has called
for protests—though so far
nothing significant has hap-
pened—while lashing out at
the prosecutor. On Friday, he
sent out a fundraising email
titled “RUMORED DETAILS OF
MY ARREST” and used social
media to criticize the judge as-
signed to the case.
Some leading Republicans
have been holding their fire:
Senate Minority Leader Mitch
McConnell of Kentucky and
Sen. John Thune of South Da-
kota, the No. 2 Senate Republi-
can, hadn’t issued statements
on the indictment.
Democrats have urged pa-
tience and respect for the le-
gal process. “I hope that my
friends and colleagues across
the political spectrum remem-
ber that every American is en-
titled to the presumption of
innocence, and that they also
respect whatever result our
justice system ultimately pro-
duces,” Sen. Chris Coons of
Delaware said.
U.S. politics have steadily ca-
reened toward tribalism, with
both political parties crafting
safe congressional districts that
have helped hollow out the ide-
ological middle. Social media
and a news environment that
plays up conflict have also con-
tributed. The Trump era
brought new heights of parti-
san rhetorical combat and saw
the Jan. 6, 2021, assault on the
U.S. Capitol by a mob of Trump
supporters, something unimagi-
nable not long ago.
Overall, 57% of Americans
think Mr. Trump should be
disqualified from running
again should he face criminal
charges. Among Republicans,
75% think it shouldn’t be dis-
.
qualifying, according to a
Quinnipiac University poll re-
leased this week.
Sarah Longwell, a Republi-
can strategist and Trump
critic, said she expects he will
get a political boost from the
indictment. “I think there will
be a short-term rally-around-
Trump effect that comes from
how much these voters dis-
trust the institutions that are
prosecuting Trump,” she said.
If he is charged with other
criminal activity later, Ms.
Longwell said the political
consequences are likely to be
more significant for Mr.
Trump: “There are a lot of
people for whom it is impor-
tant to see a mug shot of Don-
ald Trump and this will be
their opportunity for that.”
 s1  — .
sk. 
reservations about making a
criminal case, concerned about
whether the ex-president
fine and skipped court, Prof. during his time in Maryland
Engel said. politics, which included a stint
When compared with prac- as Maryland’s governor.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Saturday/Sunday, April 1 - 2, 2023
U.S. Considers Census Query on Slave Ancestry
Change would help quantify eligibility for reparations should the government agree to pay them
BY MICHELLE HACKMAN
AND PAUL OVERBERG
The U.S. government is
considering asking Black
Americans on federal forms,
including the census,
whether their ancestors were
enslaved.
In a proposed update to
how the government tracks
Americans’ race and ethnic-
ity, the Biden administration
is asking the public for input
on how it might go about
differentiating Black people
who are descendants of
slaves in America from those
whose families arrived more
recently as immigrants from
sub-Saharan Africa, the Ca-
ribbean or other countries.
The idea of adding more-
detailed categories to the
census has been gaining cur-
rency among some Black
Americans, who say society
too often conflates their ex-
periences with those of Black
immigrants, who only started
moving to the U.S. in mean-
ingful numbers in the past
few decades. Roughly one in
five Black people in the U.S.
are immigrants or their chil-
dren, according to an analy-
sis by the nonpartisan Pew
Research Center.
Supporters of the change
say one reason they are
pushing it is to quantify who
would be eligible to receive
reparations for slavery
should the government ever
agree to pay them. An effort
to make such payments has
stalled in Congress, though
local efforts have gained
some steam. In San Fran-
cisco, the city’s Board of Su-
pervisors is debating a pro-
posal to award eligible Black
residents up to $5 million
per person in restitution,
one of a menu of preliminary
recommendations that in-
clude free homes, guaranteed
incomes, and debt and tax
relief.
Collecting data
Research out of the Fed-
eral Reserve Bank of Minne-
apolis, Duke University and
elsewhere shows that Black
Americans whose ancestors
were enslaved tend to lag be-
hind in wealth and education
compared with more-recent
arrivals.
“America sees Black peo-
ple as a monolith,” said Chad
Brown, spokesperson for the
National Assembly of Ameri-
can Slavery Descendants,
which backs reparations and
is pushing for the change.
“When you say all Black peo-
ple are the same, you are ig-
noring differences in culture,
ancestry, economics.”
The potential change is
one of several the Biden ad-
ministration is thinking
about adopting to redefine
how race and ethnicity are
no
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U.S. NEWS
on
us ,
l
Historical photos, clockwise from top left: A Black man in chains in Louisiana, 1863; a freed man in 1920;
e
al a
enslaved workers in Beaufort, S.C., 1862. Research out of the Federal Reserve Bank of Minneapolis, Duke
University and elsewhere shows that Black Americans whose ancestors were enslaved tend to lag
behind in wealth and education compared with more-recent arrivals. Below, Michael Hicks, an
ci on
administrator at a historically Black college in Louisville, Ky., and some of his family-tree information.
er s
m er
m rp
co Fo
‘When you say all Black people are the same, you are ignoring
differences in culture, ancestry, economics.’
Chad Brown, spokesperson for the National Assembly of American Slavery Descendants
measured on government proposed combining existing
forms, which typically dic- race and ethnicity questions
tate how other institutions so that “Hispanic or Latino”
n-
collect demographic data. would no longer be a sepa-
The Biden administration has rate question, but instead
Alcohol’s
Benefits
Debunked
Continued from Page One
cohol in the U.S. rose a record
25% during the pandemic in
2020 and an additional 10% in
2021, according to the National
Institute on Alcohol Abuse and
Alcoholism. Per capita alcohol
consumption, measured as gal-
lons of pure alcohol per person,
rose 2.9% in 2020, the largest
increase in more than 50
years.
Amanda Berger, a vice presi-
dent at the Distilled Spirits
Council of the U.S., a trade as-
sociation, said alcohol is a life-
style choice with risks and ben-
efits. “Alcohol can be a part of
a balanced diet for most
adults,” she said.
Tim Stockwell, director of
the Canada Institute for Sub-
stance Use Research and an au-
thor of the new study, said
many studies demonstrating
health benefits from alcohol
consumption were poorly con-
ducted. For their review, he and
his colleagues adjust for recur-
ring flaws in much of that re-
search.
Many studies counted peo-
ple who had stopped drinking
after years of heavy consump-
tion with people who had never
had a sip of alcohol. Comparing
people who had stopped drink-
ing because of health concerns
with moderate drinkers made
* *** THE WALL STREET JOURNAL.
Eastern or North African
heritage. Unlike for those
changes, the administration
didn’t include a formal rec-
ommendation about identify-
ing Black Americans’ ances-
try, but rather solicited
comments from the public on
how it might do so.
Supporters of the change
want an additional question
should a respondent select
“Black or African American”
on a government form where
they could indicate that their
ancestors were slaves. In its
proposed rule on those
broader changes, the admin-
istration asked whether the
term “American Descendants
of Slavery” or “American
Freedmen” would be the best
terms to describe the group.
Some have suggested the
term “Foundational Black
Americans.”
The White House’s Office
of Management and Budget,
which is spearheading the
race-category overhaul, de-
clined to comment.
Last year California be-
came the first state to re-
quire that Black state em-
ployees be allowed to specify
that they are “African Ameri-
can descendants of persons
enslaved in the United
States” on employment
forms. The law, which takes
effect next year, would allow
self-identification by Black
ly
immigrants from Africa and
LIBRARY OF CONGRESS (3)
the Caribbean and require
that statistics be published
each year.
A working group in Cali-
fornia, which is drafting a
reparations proposal for the
State Legislature to study, is
looking at partnerships with
genealogy websites including
23andMe and Ancestry.com
to potentially help verify a
Black person’s lineage should
she or he apply to receive
reparations. The census and
other federal surveys rely on
respondents’ self-reported
descriptions and typically
don’t ask for verification.
JON CHERRY FOR THE WALL STREET JOURNAL (2)
Mike Gonzalez, a senior
fellow at the Heritage Foun-
dation, a conservative Wash-
ington think tank, said subdi-
viding the Black population
in the U.S. is a harmful step
that would further divide
American society. “Govern-
ment shouldn’t be in the
business of separating peo-
ple by immutable character-
istics,” he said.
Mr. Gonzalez, who has
written extensively on issues
of race, said he favors rein-
stating a question removed
after the 1970 census that
asked respondents to list
where their parents were
born. Using that information,
he said, researchers could
would be one of several group categories as they
choices on the race question. wish.
It has also proposed creating If the slavery-related
a new race question category change were adopted, it
for Americans of Middle wouldn’t only be used on the
Mean relative change in risk of dying sooner due to alcohol consumption
compared with lifetime nondrinkers
MEN WOMEN
Less than one Less than one
drink per day drink per day
Statistically
1 to 2 drinks 1 to 2 drinks
significant increase
in risk of mortality
2 to 3 drinks 2 to 3 drinks
3 to 5 drinks 3 to 5 drinks
5 or more drinks 5 or more drinks
0% 40 80
HIGHER RISK OF DYING SOONER
Note: Bands show 95% confidence interval. Drink volumes are approximations based on a standard drink being 14 grams of pure alcohol, roughly the
equivalent of a 12 oz. beer with 5% alcohol content.
Sources: Jinhui Zhao/University of Victoria, JAMA Network Open; National Institutes of Health (alcohol content of standard drink)
moderate drinkers look health-
ier. Dr. Stockwell called it the
“sick quitter effect.”
Some studies didn’t account
for occasional drinkers who
have outgrown the party life,
another factor that would make
heavier drinkers—who tend to
be younger and have fewer
chronic health problems—look
healthier.
Other studies only followed
people’s drinking patterns for a
few days and extrapolated the
findings to their health out-
comes 30 years in the future.
“We can’t remove the effect of Per capita alcohol consumption rose 2.9% during the pandemic
all those bad studies in a meta year of 2020, the largest increase in more than 50 years.
analysis,” he said. “But we can
bat it down a bit.” son’s susceptibility to the ill ef-
Kevin Shield, a scientist who fects of alcohol.
works with the World Health Genes that contribute to an
Organization in Toronto to inability to metabolize alcohol
track the effect of alcohol con- are also related to lower car-
sumption around the world, diovascular risk, he said. Some
said that while less appears to people with genes that are as-
be best, scientists are identify- sociated with flushing red
ing genes that can affect a per- when they drink are at higher
census but also on forms
that Americans encounter on
a more routine basis, such as
applications for federal stu-
dent loans and home loans.
So far, thousands of mem-
bers of the public have left
comments on the proposed
race-category overhaul.
Wealth gap
Michael Hicks, an adminis-
trator at a historically Black
college in Louisville, Ky., re-
cently logged into a govern-
ment website and typed up a
400-word comment in favor
of the change for Black re-
spondents.
Mr. Hicks said he became
interested in supporting poli-
ticians who more directly
represent the interests of
slavery descendants after be-
coming disillusioned with
former President Barack
Obama. During Mr. Obama’s
presidency, Mr. Hicks said,
many Black Americans felt
left behind as their neighbor-
hoods gentrified and their
incomes couldn’t keep pace.
According to surveys con-
ducted by the Federal Re-
serve, Black families’ wealth
is less than 15% of white
families’ wealth, and lower
than any racial group.
“His election and his presi-
.
dency was landmark, but it
didn’t help most Black Ameri-
cans except symbolically,” he
said. Mr. Hicks and other sup-
porters of this designation
have pointed out that Mr.
Obama isn’t descended from
slaves—his father was an in-
ternational student from
Kenya and his mother white.
“If America wants re-
sources to go to the popula-
tions that need them the
most, we must accurately
recognize who is affected
and why,” Mr. Hicks wrote in
his comments in support of
the new category.
The government’s proposal
comes in the midst of a
broader debate among Black
Americans over how much
experience the descendants
of people enslaved in the U.S.
share with those whose fami-
lies came to America volun-
tarily. Many Black immigrants
say they face much of the
same discrimination, particu-
larly at the hands of police.
Black people from Africa
were also brought to the Ca-
ribbean and Latin America as
slaves. But many of those
whose ancestors were en-
slaved in the U.S. believe they
should be considered a dis-
tinct ethnic group.
That belief is based at
least in part on limited data
showing that Black immi-
grants and their children on
average find higher-paying
jobs and accumulate more
wealth than people whose
families have lived here for
decades or centuries.
0% 40 80
HIGHER RISK OF DYING SOONER
ANDREW KELLY/REUTERS
risk of some cancers, he said.
People with higher tolerance
are also at higher risk for alco-
hol dependence and cardiovas-
cular disease, genetics research
shows.
“We are discovering tons of
new genes that track with alco-
hol,” he said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Eurozone Core Inflation Hits a Record
Policy makers worry
the search for bigger
profits could keep
other prices rising
BY PAUL HANNON
Core inflation in the euro-
zone hit a record in March, a
setback for central bankers
whose rapid interest-rate rises
have exacerbated financial sec-
tor strains and caused pains in
part of the bloc’s economy.
The fresh data increases the
likelihood that the European
Central Bank will raise its key
rate again in May. It also could
encourage governments to ex-
plore alternative ways to cool
price rises by targeting infla-
tionary increases in profits.
The European Union’s sta-
French Protesters Worry About Parents’ Retirement
BY NOEMIE BISSERBE
AND STACY MEICHTRY
PARIS—The protest move-
ment against President Em-
manuel Macron’s bill to raise
France’s retirement age is
drawing support from a new
cohort: the young.
French people in their late
teens and early 20s are flock-
ing to protests even though Mr.
Macron says his overhaul is de-
signed to preserve the finan-
cially challenged pension sys-
tem for younger generations.
The question of whether
there would be pension checks
to collect decades from now,
however, has taken a back seat
in the minds of many young
people. They are worried about
their parents, who would be
forced to delay their retirement
after Mr. Macron’s bill—which
raises the retirement age to 64
from 62 by 2030—becomes law.
Young protesters are out-
raged about Mr. Macron’s de-
cision to exercise Article 49 of
the French Constitution to
pass the legislation without a
vote in the National Assembly.
China’s Consumers Extend
Economic Covid Rebound
BY JASON DOUGLAS
AND STELLA YIFAN XIE
SINGAPORE—A gauge of ac-
tivity in China’s services sec-
tor reached its highest level in
more than a decade in March,
a sign that Chinese consumers
are heading back to stores and
restaurants, powering an eco-
nomic recovery following the
end of nearly three years of
strict Covid-19 controls.
The reading represents a
promising signal for the global
economy, which depends on
no
Chinese consumers to prop up
growth this year as their coun-
terparts in the U.S. and Europe
battle rising interest rates, high
inflation and the prospect of a
squeeze on lending following
turmoil in the banking sector.
Highlighting those pres-
sures, a similar barometer of
activity in March in China’s
manufacturing sector edged
lower as Western demand for
Chinese exports faded.
Though the initial signs are
promising, economists are un-
sure how durable the recovery
in Chinese consumption will be.
Chinese households are emerg-
ing from the pandemic with
bulging savings but weak hous-
ing and job markets, as well as
sluggish growth in incomes,
raising doubts about whether
consumption can take over
from exports and government
and real-estate investments as
the engines of Chinese growth.
“There is no doubting the
strength of the rebound in the
Japan Curbs Some Tech Exports
BY PETER LANDERS
TOKYO—Japan said it would
restrict the export of advanced
semiconductor equipment, a
measure that could hamper de-
velopment of China’s industry
and marks a further cooling of
relations after the detention of
a Japanese pharmaceutical-
company employee in Beijing.
Foreign Minister Yoshimasa
Hayashi will visit Beijing on Sat-
urday to meet with his Chinese
counterpart, the Japanese gov-
* * * *
tistics agency said consumer
prices in the eurozone were
6.9% higher in March than a
year earlier, a decline from the
8.5% rate of inflation recorded
in February and the lowest in
just more than a year. Econo-
mists surveyed by The Wall
Street Journal last week ex-
pected to see a decline to 7.1%.
The sharp fall in the annual
inflation rate was driven by
energy prices, which surged in
March last year after Russia’s
invasion of Ukraine, but have
since fallen back.
The core rate of inflation
however, which excludes vola-
tile food and energy prices,
rose to 5.7% from 5.6%, reach-
ing the highest level since re-
cords began in 2001. Central
bankers tend to focus on core
inflation as an indication of
whether rate rises are cooling
Many see Mr. Macron’s ma-
neuver, though legal, as a mo-
ment of executive overreach
that violates the spirit of
French democracy.
“We can’t accept that Ma-
cron alone should decide the
future of France,” said Eléonore
Schmitt, a 22-year-old political-
science student. “It’s pensions
now, but what’s next?”
Mathieu Crocombette-Pas-
quet, a 20-year-old computer-
science student, says Mr. Ma-
cron has shaken his faith in
France’s Fifth Republic, which
was forged by Gen. Charles de
Gaulle, the World War II
leader. De Gaulle, who later
became president, helped im-
us ,
bue the office with the power
to bypass Parliament in times
al a
of national crisis.
“Macron has proven that
the president has too much
ci on
power in France,” Mr. Cro-
combette-Pasquet said.
Younger protesters largely
were absent when the union-
led nationwide demonstrations
er s
began in January. After Mr.
Macron rammed the legislation
m er
through the National Assem-
m rp
co Fo
Purchasing managers indexes
for China
60
Nonmanufacturing
Manfacturing
55
50
n-
45
A reading above
50 indicates
activity is
40 expanding
2022
Source: National Bureau of Statistics via CEIC
economy,” said Aaditya Mattoo,
chief economist for East Asia
and the Pacific at the World
Bank, which on Friday raised its
growth forecast for China in
2023 to 5.1%—from 4.5% in Oc-
tober—before Beijing ditched its
zero-tolerance Covid-19 policy.
Economists say a lasting re-
balancing of the economy to-
ward consumption would re-
quire policy makers to take
steps to boost household in-
comes.
“The more interesting ques-
tion is how China chooses to
grow, and not just how much
growth will be in the short
term,” Mr. Mattoo said.
China’s official purchasing
managers index for nonmanu-
facturing sectors, which in-
clude services and construc-
ernment said Friday. It didn’t
disclose the purpose of the visit.
Japan agreed with the U.S.
and the Netherlands in January
to join U.S.-led restrictions on
the export of semiconductor
equipment to China, people fa-
miliar with the deal said at the
time. On Friday, the Ministry of
Economy, Trade and Industry
said that starting in July, Japan
would require firms seeking to
export manufacturing equip-
ment for advanced semicon-
ductors to get permission.
WORLD NEWS
inflation because it better re-
flects the balance of demand
and supply in the economy.
“This reinforces our view that
the ECB will keep hiking in the
coming months despite some fi-
nancial stability concerns,”
economists at HSBC said.
As they consider their next
steps, policy makers will be
aware that further rate rises
risk deepening strains in the
European banking system.
These strains could amplify
the impact of interest-rate in-
creases by leading to a
sharper decline in lending to
businesses and households
than the ECB anticipated.
This added stress in the
banking system came into
sharp relief when Credit Suisse
Group AG, weakened by years
of scandals and trading losses,
came under intense market
on
l
e
More young people are demonstrating against President Emmanuel Macron’s planned pension changes.
bly, however, young people be-
gan to spontaneously hit the
streets, massing in the Place de
la Concorde in Paris and other
public squares across France.
A survey of 1,005 people by
polling firm Elabe on March
tion, rose in March to 58.2
from 56.3 in February, its high-
est level since May 2011. A sub-
index focused just on the ser-
vices sector reached 56.9, its
highest level since March 2012.
China’s PMI for the manu-
facturing sector declined to
51.9 in March from 52.6 in Feb-
ruary, according to figures pub-
lished Friday by China’s Na-
tional Bureau of Statistics. Still,
the index remained comfortably
above the 50 mark that sepa-
rates an expansion from con-
traction, and beat the 51.3 fore-
cast made by economists polled
by The Wall Street Journal.
Separately, a private indica-
’23 tor of new-home sales showed a
second consecutive monthly
gain in March, another sign that
the country’s battered housing
market is starting to recover af-
ter a protracted slump. Sales at
the 100 largest real-estate de-
velopers in China rose 29%
from the same month a year
ago to the equivalent of $96.2
billion, according to China Real
Estate Information Corp., an in-
dustry data provider. The
March sales were also 42%
higher than February’s levels.
The real test for the Chi-
nese economy will come in the
second and third quarters,
Ting Lu, chief China economist
at Nomura Holdings in Hong
Kong, said in a note to clients.
Right now, the economy might
have reached a sweet spot, he
said, but a darkening backdrop
for global growth means “this
may not last long.”
The head of the ministry
said the rules didn’t name tar-
get countries, but in an im-
plicit nod to China, he said the
point was to prevent nations
that pose a military threat
from getting access to ad-
vanced Japanese technology.
A Chinese Foreign Ministry
spokeswoman didn’t respond
directly when asked Friday
about the move, but said
“weaponizing economic and
technological issues” would
disrupt global supply chains.
Saturday/Sunday, April 1 - 2, 2023 | A7
Eurozone consumer prices, brought the challenges of ad- decline in their real incomes
change from a year earlier justing to a sharp rise in inter- could entrench high inflation.
est rates into focus. Since the eurozone imports
12%
Policy makers have long most of its energy, the sharp
All Items
been concerned that the surge rise in energy prices since the
10 in energy and food prices after months leading up to the
the Ukraine invasion would lead Ukraine invasion is a transfer
8 to an increase in pay rises, in of resources out of the cur-
turn prompting businesses to rency area and to energy sup-
6 raise their prices and setting off pliers such as Norway, the U.S.
a new round of pay demands. and Qatar. In 2022, the Euro-
Core Some ECB rate setters also pean Union’s energy imports
4
are looking at the inflationary cost 833.7 billion euros, about
2 potential of widening profit $909 billion, more than double
margins, with one official warn- the €390.3 billion bill for 2021,
0
ing of a “profit-price spiral.” despite a decline in energy
“Opportunistic behavior by consumption.
March 2022 ’23 firms also could delay the fall Eurozone wages rose at an
Source: Eurostat in core inflation,” said Fabio annual pace of 5.1% during the
Panetta last week. last quarter of 2022, the fast-
pressure, prompting Swiss reg- ECB President Christine est rise since records began in
ulators to engineer UBS Group Lagarde has echoed that con- 1996, with the exception of the
AG’s takeover of its rival. That cern, saying that a refusal on second quarter of 2021, which
followed the collapse of Silicon the part of business owners— was boosted by one-off pan-
Valley Bank in the U.S., which not just workers—to accept a demic-related effects.
incided with a surge in vio-
lence at the protests, raising
the stakes for Mr. Macron and
his government.
In Paris, protesters have en-
gaged in regular nighttime
clashes with authorities,
throwing projectiles at columns
of police who have responded
GUILLAUME BINET/MYOP FOR THE WALL STREET JOURNAL
by firing tear gas. Demonstra-
.
tors have been setting fire to
trash piles that have gone un-
ly
collected by striking sanitation
workers. Storefronts have been
smashed and roads blockaded.
“We are angry,” says Lara
Oudin, a 25-year-old environ-
mental consultant. The over-
haul would force her mother, a
53-year-old psychiatric nurse,
to work an additional two
years. She says she is con-
cerned her mother might not
be strong enough to care for
her patients until she is 64.
Jeanne Mainier, a 19-year-
28 and 29 showed 71% of peo- people nationwide joined old student from Toulouse,
ple between the ages of 18 to Tuesday’s protests, according said she took to the streets
24 back the protest movement to unions. Students blocked ac- Tuesday in solidarity with her
against the pension overhaul cess to dozens of universities father, a 50-year-old me-
compared with 63% of the and hundreds of high schools. chanic. “I’m not thinking
overall population. The influx of young people about my pension. I’m here for
More than 400,000 young at the demonstrations has co- my dad,” she said.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A8 | Saturday/Sunday, April 1 - 2, 2023
Reporter
Made a Life
In Russia
Continued from Page One
the Federal Security Bureau,
the successor to the KGB. It
was the first time Russia had
brought a spy case against an
overseas reporter since the
Cold War. Images on Russian
state television showed Mr.
Gershkovich escorted by plain-
clothes FSB officers, wearing
faded bluejeans and sneakers,
a black-gloved hand around
his stooped neck.
Mr. Gershkovich, 31 years
old, is the American son of So-
viet-born Jewish exiles who
had settled in New Jersey. He
fell in love with Russia—its lan-
guage, the people he chatted
with for hours in regional capi-
tals, the punk bands he hung
out with at Moscow dive bars.
Now, espionage charges leave
him facing a possible prison
sentence of up to 20 years.
His employer, colleagues
and the Biden administration
all deny Russia’s claim that he
was spying on behalf of the
U.S., and have called for his
immediate release. Diplomats
and legal experts see little
hope Mr. Gershkovich, a re-
porter accredited by the Rus-
sian foreign ministry, will im-
mediately be freed, given that
espionage trials in Russia are
conducted in secret and almost
always end in a conviction.
Five and a half years earlier,
Mr. Gershkovich showed up in
Russia as media freedoms were
fading. He spent his weekends
chatting about music, politics
and the news in the banya,
or sauna, and was always ready
to help competing journalists.
His Russian friends knew him
not as Evan, but Vanya.
When forest fires swept
through the remote Siberian
region of Yakutia in 2021, he
slept in a tent in the woods for
four days, long after other re-
porters jetted back to the cap-
ital. He won the trust of fresh-
man medical students by
sitting with them in Covid-19
wards as they revealed that
they’d been enlisted, after only
a few weeks of training, to
treat a flood of patients.
“I just want to get the story
right,” he would tell friends.
Mr. Gershkovich could in-
stead find himself ensnared in
an increasingly common geo-
political gambit: governments
grabbing Americans to trade
them for a deal.
The U.S. in December re-
leased convicted Russian
arms-trafficker Viktor Bout in
an exchange for U.S. women’s
basketball star Brittney Griner,
whom Russian authorities had
detained in the days before
Russia invaded Ukraine in Feb-
ruary 2022. Ms. Griner had
been sentenced to nine years
in a penal colony after being
found carrying hashish oil in
her luggage. She was later
convicted of drug smuggling
and possession.
On Thursday, National Secu-
no
rity Council Strategic Coordina-
tor John Kirby said it wasn’t
clear if Mr. Gershkovich’s deten-
tion was coordinated with Rus-
sian leadership or retaliation
for other grievances. Last week,
a Russian national was charged
in U.S. District Court in Wash-
ington, D.C., with acting as an
agent of a foreign power, visa
fraud, bank fraud, wire fraud
and other charges, according to
the Justice Department.
Reporters leave
Ms. Griner’s detention ended
decades of cooperation between
Russia and the U.S. on sports.
Mr. Gershkovich’s jailing chal-
lenges the bedrock notion that
American reporters, authors,
and researchers could work in
Russia to learn about the vast
and complicated country and its
escalating conflict with the
West. Nearly all Western jour-
nalists have pulled out of Rus-
sia, an exodus accelerated by
Mr. Gershkovich’s arrest.
On Friday, the Journal with-
drew its Moscow bureau chief,
a veteran correspondent who
has covered the country since
the final years of the Cold
War. Many Western news
agencies that posted reporters
to Moscow under Stalin have
determined that President
Vladimir Putin’s Russia is too
dangerous for journalism.
Mr. Gershkovich, who
hasn’t been granted access to
the lawyer hired by the Jour-
nal, is being held at the FSB’s
Lefortovo prison, where Rus-
sia holds most suspects in es-
pionage cases. Paul Whelan, a
former U.S. Marine jailed in
Evan Gershkovich, right, in Moscow in 2019 alongside Polina Ivanova, left, and Pjotr Sauer, center, friends and fellow correspondents.
2020 and serving a 16-year
sentence in a Russian prison
colony on similar charges, was
also initially held there.
This account of Mr. Gersh-
kovich’s life and career is
based on conversations with
colleagues, family and people
he interacted with profession-
ally. His biography traces Mr.
Putin’s efforts to rebuild an
empire atop the former Soviet
Union, a homeland his parents
had fled only for their Ameri-
can son to return and wind up
in the type of prison they had
been taught to fear.
Mr. Gershkovich’s fascina-
tion with Russia stemmed
onMedia Companies Condemn Journalist’s Detention
from his earliest years speak-
ing Russian at home in New
York and New Jersey.
us ,
When his mother, Ella, was
l
22, she fled the Soviet Union
e
al a
using Israeli documents. She
was whisked across the Iron
Curtain by her own mother, a
ci on
Ukrainian nurse and Holocaust
survivor who would weep when
she talked about the survivors
of extermination camps she
treated at a Polish military hos-
er s
pital at the end of World War II.
Before fleeing, they heard ru-
m er
mors that Soviet Jews were
about to be deported to Siberia.
Mr. Gershkovich’s father,
Mikhail, also left the Soviet
Union as part of the same Jew-
m rp
ish migration wave. The two
met in Detroit then moved to
New Jersey where Evan and his
elder sister, Dusya, grew up.
In magazine articles, Mr.
co Fo
Gershkovich reflected on the
Russian superstitions his
mother practiced at home; no
whistling or opening umbrellas
indoors and no setting keys or
wallets on the dinner table.
He wrote in 2018 about eat-
ing macaroni with butter in-
stead of cheese, watching “Nu,
pogodi!” a Soviet cartoon about
a wolf and a hare instead of
“Hey Arnold!,” and speaking
Russian instead of English.
n-
This Russian life “was only
a replica, but I was desperate
to hold onto it,” Mr. Gersh-
kovich said.
At his public high school in
Princeton, Mr. Gershkovich was
a top student and avid soccer
player who captained the team
in his senior year and led it to a
state championship. Wayne
Sutcliffe, physical education
teacher and still the head soc-
cer coach, said he has been
fielding constant messages
from Mr. Gershkovich’s team-
mates. “All of whom are trying
to find a way we can help to
support Evan’s family,” he said.
Mr. Gershkovich graduated
from Bowdoin, a liberal-arts
college in Maine, in 2014. He
moved to New York to break
into journalism. To pay off stu-
dent loans, he worked as a cook
for a catering company, heading
to bars after his shift with
seven different kitchen knives
still on him. In 2016, he was
hired by the New York Times as
an assistant, a dream starter
job, until a Times employee
asked him why he didn’t use his
Russian skills to crack one of
the world’s most difficult beats.
Mr. Gershkovich hesitated,
afraid of leaving a job in the
New York Times headquarters.
Then he leapt.
Career beginnings
Arriving in Russia, he joined
the Moscow Times, an English-
language paper that, though
struggling, had long been a
training ground for some of
the most high-profile Russia
correspondents. Mr. Gersh-
kovich joined a team of young
journalists who breathed life
into the newsroom. “He loved
Russia and he wanted to re-
port from here,” said Pjotr
WORLD NEWS
Sauer, a Moscow Times col-
league now at the Guardian.
Mrs. Gershkovich said this
period made her son more in-
terested in his Russian and Jew-
ish roots. One day, decades af-
ter the fall of Communism, she
took him to a building that she
had been afraid to visit as a
teenager: a synagogue. She had
been told that anybody entering
it would be photographed and
detained by the secret service.
“That’s when Evan started
More than three dozen top
editors of news organizations
around the world signed a letter
to Anatoly Antonov, the Russian
ambassador to the U.S., con-
demning the detention of Wall
Street Journal reporter Evan
Gershkovich, and calling for his
immediate release.
The letter was signed by 38
editors, representing news or-
to understand us better,” she
said. Mr. Gershkovich’s father
and sister later visited Mos-
cow, and together they visited
its new Jewish Museum.
Mr. Gershkovich won
awards for his work at the
Moscow Times, then moved to
the Agence France-Presse. He
traveled the country tackling
topics off the beaten path, in-
cluding environmental issues
such as the disappearance of
salmon from the Amur river.
ganizations and journalism
groups including The Wall Street
Journal, the New York Times,
the BBC, the Washington Post,
and the Committee to Protect
Journalists.
CPJ said Friday it coordinated
for the letter to be put together.
The Journal vehemently de-
nied wrongdoing by Mr. Gersh-
kovich and called for him to be
* ***** THE WALL STREET JOURNAL.
FRANCESCA EBEL
In another article, he chroni-
cled efforts to rescue Russia’s
obscure minority languages.
Nataliya Vasilyeva, a corre-
spondent for Britain’s Tele-
graph newspaper, recalled see-
ing Mr. Gershkovich at a news
conference held by a candidate
challenging Mr. Putin in a 2018
presidential election. Sitting on
the floor, he posed a question
to the former collective farm
boss in informal language, a
faux pas in the peculiarities of
ly
released immediately.
The Russian Embassy in the
U.S. didn’t return a request to
comment regarding the letter.
The letter called for the Kremlin
to give Mr. Gershkovich immediate
access to a lawyer provided by the
Journal, to give confirmation of his
well-being and permit him to com-
municate with his family.
—Alyssa Lukpat
Russian speech, eliciting smiles
from the candidate and other
reporters in the room.
Dressed in baggy faded
jeans, Mr. Gershkovich would
meet friends and colleagues at
Veladora, a downtown Mexi-
can restaurant, and also at a
nearby kitsch cafe known to
serve the best cheesecake in
the city, which by now had be-
come his second home.
He would blast 1990s Rus-
sian rock tunes from the
apartment he shared with Rus-
sian roommates, and elicited
laughs when he requested
niche rock anthems from
bands such as DDT.
At the end of 2021, Mr.
Gershkovich later recalled, a
colleague found him at a cof-
fee shop, applying for a posi-
tion with The Wall Street
Journal. Mr. Gershkovich tilted
his laptop to show him the ap-
plication form, as if to encour-
age him to apply as well. He
was hired in January 2022.
A month later, Russia in-
vaded Ukraine and Mr. Gersh-
kovich traveled to the Belarus-
Ukraine border. That made
him the only American re-
porter who could see the first
wounded Russian forces being
taken home.
Russia darkens
His adopted Moscow was
starting to fill with fear and
paranoia. “Reporting on Rus-
sia is now also a regular prac-
tice of watching people you
know get locked away for
years,” he tweeted in July. His
.
regular visits to the Moscow
sauna were reflecting the
country’s darkening mood.
One day, near the end of 2022,
another bather heard him
speaking English: “Stop speak-
ing that f— language,” he said.
Mr. Gershkovich thought for
a minute, then replied, in Rus-
sian: “This is a multilingual
country.”
The man paused, then said
back: “But English isn’t one of
them.”
Moscow, he thought, increas-
ingly felt like Russia’s chaotic
and crime-shadowed ’90s as
U.S.-led sanctions constrained
the most Western-facing parts
of the economy. For hours, deep
into the evening, he discussed
with colleagues, friends and
sources how to cover a country
warring with its neighbor to the
west. He mused about covering
Russia’s use of American pris-
oners as negotiating chips.
“It’s a constant moral crisis.
You discuss every story,” said
Polina Ivanova, a Financial
Times correspondent and friend.
“Evan would talk about…what it
means to be covering Russia
rather than Ukraine. It’s a very
difficult thing to get your head
around, and where you sit in
relation to that in terms of
your own identity.”
On one assignment, Mr.
Gershkovich was followed by
several Russian security offi-
cers, some of whom recorded
his movements with a camera
and pressured sources to not
talk to him. He assumed his
phone was monitored. On an-
other trip, to the western re-
gion of Pskov, he was followed
and filmed by unidentified men.
On Wednesday, when he
traveled to Yekaterinburg, a
Urals city nearly 900 miles east
from Moscow, Mr. Gershkovich’s
phone, like those of many Jour-
nal foreign correspondents, was
loaded with a GPS tracking app
that enabled colleagues to see
his movements.
“Landed, out the airport,” he
wrote at 1:59 p.m.
Thomas Grove, a longtime
Russia reporter for the Jour-
nal, now covering Poland, was
on his way to a Warsaw dinner
when he noticed Evan hadn’t
texted him for hours. He tex-
ted a Journal security man-
ager at 7:12 p.m., “Have you
been in touch with Evan?”
“Working on it.”
“Phone is off.”
Mr. Grove knew an acquain-
tance of Mr. Gershkovich, and
called to ask him to drive by the
apartment where Mr. Gersh-
kovich was staying. The win-
dows were dark. While Mr.
Grove stayed on the phone, the
man cut the engine and rang
the doorbell. He rang it again.
“He’s not there,” he said.
“Let’s hope for the best.”
The next morning, Russian
news crews managed to catch
a glimpse of Mr. Gershkovich
being escorted past a stair-
well, his head under a jacket,
wearing his baggy bluejeans.
—Jared Malsin
contributed to this article.
Watch a Video
Scan this code for
a video of Biden’s
call for the
release of Evan
Gershkovich.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | A9

WORLD NEWS

Biden Demands Release of WSJ Reporter

Frayed U.S.-Russia also urged that Mr. Gersh- In that case, Moscow had a
kovich be given access to an clear motive: Three days be-
ties complicate efforts attorney and allowed commu- fore Mr. Daniloff’s arrest, the
to use diplomatic nication with his family. U.S. had detained a Soviet em-
The Russian Foreign Minis- ployee of its United Nations
channels amid crisis try, quoted by state newswire delegation in New York in a
RIA Novosti, said that it would Federal Bureau of Investiga-
BY ALAN CULLISON provide consular access to Mr. tion sting. After intense nego-
AND WARREN P. STROBEL Gershkovich in accordance tiations, Mr. Daniloff was re-
with internal procedures. leased less than three weeks
WASHINGTON—President Some 48 hours after he was later in an exchange for the
Biden urged Russia to release detained, Mr. Gershkovich still diplomat. Mr. Daniloff denied

YURI KOCHETKOV/EPA/SHUTTERSTOCK
Wall Street Journal reporter hadn’t been granted consular the espionage allegation.
Evan Gershkovich amid a access, U.S. officials said. Con- A swap for Mr. Gershkovich
broadening rift in U.S.-Russia sular service is typically the could be more difficult today
relations already so wide that first of a series of steps to ele- because of the poor state of
the two powers barely maintain vating the case of anyone who U.S.-Russian relations, former
diplomatic communications. might be deemed “wrongfully diplomats say. In 1986, rela-
“Let him go,” Mr. Biden said detained,” an official State De- tions between Moscow and
as he boarded a helicopter on partment designation that Washington were on the up-
Friday. typically unlocks some U.S. swing, and both sides were
Mr. Biden said the U.S. government resources to work anxious to try to preserve
didn’t plan any expulsion of on the case. Men leave the Moscow detention center where Wall Street Journal reporter Evan Gershkovich is being held. some of the progress.
Russian diplomats. “That’s not “The State Department is Daniel Hoffman, a former
the plan right now,” he said working very hard to get a The FSB said Thursday that than a common criminal of- lomatic flashpoint between veteran Central Intelligence
from the South Lawn of the counselor…to Evan, which is Mr. Gershkovich was detained fense, suggests the Kremlin Moscow and Washington. The Agency officer who served as
White House before departing something that we do for all Wednesday for alleged espio- will want a big prize in return two countries have clashed agency station chief in Mos-
for Andrews Air Force Base. Americans that are detained,” nage while on a reporting trip for his release, said John J. over the arrests of each cow, said Russian President
Past expulsions have prompted White House press secretary to the Russian provincial city Sullivan, who served as U.S. other’s citizens and the state Vladimir Putin likely ordered
tit-for-tat retaliation from Karine Jean-Pierre told report- of Yekaterinburg, around 800 ambassador to Moscow until of nuclear-arms treaties. The the arrest of Mr. Gershkovich
Moscow, leaving both the U.S. ers on Friday. miles east of Moscow. last year. U.S. has also led an array of as part of a wider campaign to
Embassy in Russia and Rus- The sunken state of U.S.- The Journal vehemently de- “This is not an arrest that countries in imposing sanc- stir up anti-Western hysteria
sia’s Embassy in Washington Russia ties will make any nied wrongdoing on the part the local police or FSB would tions on Russia in a campaign and to discourage examples of
with skeleton staff. agreement on the release of of Mr. Gershkovich and called do on their own,” said Mr. Sul- to choke its economy follow- a free press within Russia.
News organizations from Mr. Gershkovich, 31 years old, for his immediate release. “We livan, now a distinguished fel- ing the Russian invasion of But Mr. Hoffman said the
around the world joined on Fri- difficult to secure as he heads stand in solidarity with Evan low at Georgetown University Ukraine. timing of the arrest also sug-
day in condemning Mr. Gersh- toward a trial in a court under and his family,” the Journal in Washington. The charge of Although Moscow has ar- gests he is seeking leverage
kovich’s arrest in Russia and the control of Russia’s security said. espionage, he said, is a big de- rested American citizens on for a prisoner swap.
calling for his immediate re- service, the FSB, U.S. officials Kremlin watchers say Mr. velopment and a very bad sign. espionage charges, the deten- Mr. Hoffman noted that last
lease. In a letter to the Russian said. Such a court is expected Gershkovich was likely de- The arrest of Mr. Gersh- tion of a journalist is rare. The week the U.S. Department of
ambassador to the U.S., Ana- to operate on the orders of the tained so Moscow could use kovich, a Russian speaker last U.S. journalist to face such Justice unveiled an indictment
toly Antonov, coordinated by Kremlin, increasing the pros- him in a prisoner swap. The whose parents came to the a charge was U.S. News & of Sergey Cherkasov, whom it

.
the Committee to Protect Jour- pect of a conviction after a fact that Russia has charged U.S. from the former Soviet World Report journalist Nicho- accused of being a Russian spy
nalists, dozens of top editors trial that may be held in secret. him with espionage, rather Union, marked the latest dip- las Daniloff in 1986. posing as a Brazilian student.

ly
Soldier on The answer came to her in
the form of a video that
flashed up on her phone when

Rallies she returned home from work

one evening and sat down at
the kitchen table. It showed a
us ,

A Nation man she recognized instantly

l

as her son standing knee-deep

e
al a

in a ditch with a cigarette dan-

gling from the corner of his
Continued from Page One mouth.
ci on

show courage and defiance in “Film him!” a male voice

the face of certain death. off-camera commands in Rus-
“He showed that Ukraine’s sian.
spirit is unbreakable,” said Staring directly at the cam-
Pvt. Matsievskiy’s mother, era, Pvt. Matsievskiy takes a
er s

Paraskoviya Demchuk, who re- deep drag from his cigarette

ceived the medal on his behalf. before saying in a calm, steady
m er

Her son’s stance galvanized voice: “Glory to Ukraine.”

Ukrainian resolve at a critical A barrage of automatic gun-
moment in the war as Russia’s fire cuts him down.
onslaught takes an ever- The 12-second clip had sur-
JOSEPH SYWENKYJ FOR THE WALL STREET JOURNAL

heavier toll. faced on a Telegram channel

m rp

Pvt. Matsievskiy was born affiliated with Russia’s para-

and raised in neighboring Mol- military Wagner Group and
dova, then also part of the So- soon ripped across the inter-
viet Union, where his mother net, spawning memes and a
was sent to work in a shoe hashtag that topped global
co Fo

factory. Twitter trends. In Ukraine, it

The young Oleksandr was a provoked an outcry.
sportsman with a willful In his address to the nation
streak, said Ms. Demchuk. that night, Ukrainian President
After qualifying as an elec- Volodymyr Zelensky pledged
trician, he moved to Russia for to find the killers, rallying the
work, marrying a woman there nation with the man’s final
from his mother’s hometown words. “I want us all together,
of Nizhyn in Ukraine. After in unity, to respond: ‘Glory to
eight years in Russia, they the hero! Glory to heroes!
moved to Nizhyn in 2008 with Glory to Ukraine!’”
a young son. Pvt. Matsievskiy’s fellow
When they split, Pvt. soldiers also recognized him
n-

Matsievskiy went to live with immediately and informed

his mother, who also had re- their commander, but it took
turned to Nizhyn, about 90 Ukrainian security services
miles north of Kyiv. They were nearly a week to confirm his
no

living together in a modest identity. During that time, the

LJOSEPH SYWENKYJ FOR THE WALL STREET JOURNAL

house on the edge of the city Ukrainian military identified

of some 70,000 inhabitants the man in the video as a dif-
when Russia invaded Ukraine ferent missing soldier, sowing
in February 2022. confusion.
With Russian forces at the Within hours of the confir-
UKRAINIAN PRESIDENTIAL PRESS SERVICE/AGENCE FRANCE-PRESSE/GETTY IMAGES

gates of Nizhyn, Pvt. Matsievs- mation, Mr. Zelensky had con-

kiy joined civilian volunteers ferred the “Hero of Ukraine”
in the Territorial Defense award on Pvt. Matsievskiy.
Force. “I tried to talk him out Russia didn’t comment on
of it, but he was really deter- the video. Wagner Group
mined,” said Ms. Demchuk. founder Yevgeny Prigozhin
They were deployed to hold cast doubt on its authenticity
checkpoints and secure vil- and said there was no evi-
lages as Russian troops with- Pvt. Oleksandr Matsievskiy, left, has been lauded as a hero since dence his forces were in-
drew last spring. his killing by Russian soldiers was captured in a video where he volved.
The demand for fresh units declared ‘Glory to Ukraine’ before he was shot. Top, Paraskovia For his mother, there is
to hold the line in the east of Demchuk visits the grave of her son, Mr. Matsievskiy. Also pictured some solace in the phone calls,
the country grew as the war above, she said her son showed that Ukraine’s spirit is unbreakable. letters and poems she receives
ground on. Pvt. Matsievskiy extolling Pvt. Matsievskiy’s
brought his mother groceries wasn’t good enough to keep Neither did Pvt. Matsievskiy’s bravery, and thanking her for
and a bouquet of flowers be- fighting in the dark. An order military base, nor the police. raising a patriot. There are
fore deploying in December. was given to fall back to bet- The facts began to emerge plans to rename a street in Ni-
By Dec. 8, Pvt. Matsievskiy ter-fortified positions. after the 163rd Battalion re- zhyn after him and erect a
was in Bakhmut, the eastern “If not, we would all have turned to base in nearby monument in his honor.
city that has become a focus of died,” said Sgt. Zamola. Chernihiv in early January Despite the graphic certainty
the war, taking the lives of At home in Nizhyn, Ms. without Pvt. Matsievskiy. A of his end, questions remain
thousands of soldiers on both Demchuk had been trying to member of his unit informed about the moments leading up
sides. It was the first real taste heavy smoker. more intense,” said Pvt. Vy- distract herself with house- Ms. Demchuk that her son was to it: When and where exactly
of combat for him and many Staff Sgt. Vasyl Zamola, a acheslav Kovalyov, who took a work. The last time she had missing, likely dead. did it happen? Did Pvt.
other members of his 163rd driver before the war, recalled bullet to the calf and was spoken to her son on Dec. 29, “How could you leave him Matsievskiy’s words prompt his
Battalion, said Lt. Oleksandr him declaring he would never evacuated from the battlefield he had seemed in good spirits. there?” she recalled saying. killers to open fire, or were they
Galystskiy, Pvt. Matsievskiy’s be taken captive. Like many along with another soldier. He had told her not to On Feb. 9, Ms. Demchuk re- about to shoot him anyway?
platoon commander. Ukrainians brought up in the Russian forces were coming worry if she didn’t hear from ceived a call from the police. The fate of two of the sol-
As an electrician, Pvt. Soviet Union, he mostly spoke at them in waves, trampling him because cellphone recep- At a morgue in Kyiv, she was diers who went missing with
Matsievskiy put his skills to Russian, Sgt. Zamola said. over the bodies of those cut tion near the front lines is confronted with the bullet-rid- Pvt. Matsievskiy also is un-
use each time they moved to a On the morning of Dec. 30, down in front of them, said patchy. But as days went by den corpse of her only son, re- known.
new place, rigging up a gener- Pvt. Matsievskiy and 15 others Sgt. Zamola. Suddenly, he no- without a word, she grew anx- covered as part of an exchange The other two whose re-
ator so they could charge their headed for a line of trees near ticed Russian forces to his left, ious. Pvt. Matsievskiy’s was with Russian forces. Part of mains were recovered with
devices. the village of Krasna Hora to where Pvt. Matsievskiy and out of service. She couldn’t get his head was missing, she said, Pvt. Matsievskiy’s are buried
In a photograph taken in support a tank brigade defend- four others had been. They through to his company com- but there was no mistaking near him in Nizhyn, alongside
Bakhmut, Pvt. Matsievskiy ap- ing the north of Bakhmut. were outflanked. mander. the gash over his eyebrow or 81 other men from the city
pears, hand on weapon, with a The men had been digging The men made several at- Rumors began swirling the birthmark on his foot. who have been killed in action
Band-Aid over his eyebrow foxholes for about 15 minutes tempts to reach Pvt. Matsievs- around Nizhyn that the 163rd Days later, Ms. Demchuk since Russia’s invasion.
covering a cut got when he hit when Russian forces attacked. kiy’s group as the battle raged Battalion had suffered heavy buried her son, but questions “Every fighter in the Ukrai-
his head while unloading a Branches began falling as through the day, but the gun- casualties. Ms. Demchuk went about how he died continued nian army has such a spirit,”
train. He was obstinate, ac- mortars tore through the trees fire was too intense. to the local enlistment office to assail her. “A mother needs said his mother. “Perhaps
cording to four of the men overhead. Daylight was waning and asking about her son. They to know—no matter how pain- many others said such words,
who served with him, and a “It was getting more and their night-vision equipment didn’t provide any information. ful,” she said. but they weren’t recorded.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

OBITUARIES
E D WA R D G . G A R D N E R YA N G B I N G - Y I
1925 — 2023 1927 — 2023

Entrepreneur Built Soup Dumpling Maker

Created Global Brand
Hair-Care Empire
I
n the early 1970s, Yang Bing- rant opened in Tokyo. Then came
Yi was a struggling seller of one in Arcadia, Calif., in 2000.
cooking oil in Taipei. As de- Now Din Tai Fung has more than
BY JAMES R. HAGERTY care treatments was underserved. mand for his bottled peanut oil 170 locations worldwide, includ-
“I felt I could make a product as sank, Mr. Yang and his wife, Lai ing 13 in the U.S., concentrated

E
dward G. Gardner, a co-
founder of the hair-care firm
Soft Sheen Products Inc.,
built one of the largest Black-
owned companies in the U.S., with
help from Michael Jackson’s
early-1980s glossy hairstyle, as
seen on the cover of his megahit
album “Thriller.”
While raising four children and
working as a teacher and assistant
principal in Chicago public
schools, Mr. Gardner supplemented
his income by selling hair-care
products. In 1964, he and his wife,
Bettiann Gardner, founded Soft
Sheen on Chicago’s South Side to
produce their own lotions and po-
tions to style and nourish Black
people’s hair. At first, Mr. Gardner
mixed those products in his base-
ment. Ms. Gardner did the books.
Their children helped with packag-
ing and other chores.
In the early 1980s, the Jheri-curl
hairstyle worn by stars including
Mr. Jackson generated huge de-
mand for Soft Sheen’s Care Free
Curl hair relaxers and other prod-
ucts. That wet, loose-curl look re-
first Black mayor in 1983. As a phi-
lanthropist, Mr. Gardner sponsored
computer training for young peo-
ple and other educational and cul-
tural causes. When a theater arts
teacher was laid off at a Chicago
high school around 1980, Mr. Gard-
ner agreed to pay her salary and
benefits so she could keep working
with students.
H
good as the ones I was selling,” he
recalled in a television interview.
When customers recoiled from the
odor of some of his early mixtures,
he reformulated them. In the late
1960s, a $50,000 loan backed by
the Small Business Administration
allowed Soft Sheen to quadruple
the size of its manufacturing plant
and expand distribution across the
nation.
After the boom of the early
1980s, bigger companies including
Revlon Inc. and Alberto-Culver Co.
stepped up efforts to market
beauty products to Black people.
“Forty percent of the business
goes to nonminority companies,”
Mr. Gardner told the New York
Times in 1985. “If we had equal ac-
cess to the white market, it
wouldn’t bother me at all.”
One of his sons, Gary Gardner,
served as president of Soft Sheen
in the 1980s and 1990s. The youn-
ger Mr. Gardner, who had law and
M.B.A. degrees, looked for ways to
sell products to white people as
well.
He resigned in early 1996. His
Pen-Mei, diversified in 1972 by of- along the West Coast and in Ne-
fering soup dumplings and other vada. The chain aims to open one
Chinese delicacies. in Manhattan by late this year or
These treats proved so popular early in 2024.
that the Yangs abandoned the Though Din Tai Fung offers a
cooking-oil business to focus on variety of noodles, fried rice and
Shanghai-style dumplings and soups, the pleated, broth-filled
other food, sold at a restaurant dumplings are the leading attrac-
called Din Tai Fung. Until 1993, it tion. An ABC News report quoted
was known almost exclusively to a Din Tai Fung chef as saying
local connoisseurs. Then the New kitchen staff members need at
York Times included Din Tai Fung least six months to learn the
in an article extolling 10 “top- craft.
notch tables” around the world. The company announced re-
Suddenly, Din Tai Fung was at- cently that Mr. Yang had died at
tracting curious foreigners. A few the age of 96.
years later, a Din Tai Fung restau- —James R. Hagerty
JA M ES G L AS S E R
1934 — 2023
Retired GATX Chief
Found a Tricky Encore

.
quired large amounts of upkeep. e resisted the idea of mak- sister Terri Gardner was named

A
Soft Sheen sales jumped to $74 mil- ing Soft Sheen a publicly president later that year. Soft fter retiring as head of the provisions of a will left by John G.

lion in 1984 from $500,000 in 1979.
When the Jheri-curl boom
faded, Soft Sheen faced slower
growth amid increasing competi-
tion from rivals, including giants
that previously had overlooked the
Black-hair market. Soft Sheen tried
to expand in Africa and other
traded stock. “Once you
have to answer to shareholders,
you lose the power to do good,” he
on
told The Wall Street Journal in
1991. His main goal, he said, was to
provide jobs for his community.
Edward George Gardner was
born Feb. 15, 1925. His father
us ,
Sheen said she was taking a back-
to-basics approach.
In a statement released last
week, Gary Gardner described his
father as a hardworking hero and
role model.
Mr. Gardner’s survivors include
his wife, four children, seven grand-
ly
railcar-leasing company Searle, a former chairman of G.D.
GATX Corp. in 1996, James Searle & Co. The Searle family
Glasser dreaded the risk of bore- sought to move its funds from the
dom. He wasn’t a golfer and no
longer played much tennis.
The Chicago Community Trust,
which funds programs aimed at
trust. Both sides deployed lawyers.
The trust was distributing
about $20 million a year of in-
come from a Searle family fund,
reducing poverty, provided a wor- the Chicago Tribune reported. The

overseas markets. After a series of worked in a warehouse, and his children and a great-grandson. thy perch. His work there proved dispute threatened to halve the
l

management changes, the family mother was a seamstress. In a 2011 interview with the Chi- trickier than expected, however. trust’s grant-making capacity.
e
al a

sold Soft Sheen to L’Oréal SA of During World War II, he served cago Defender, Mr. Gardner urged Relations between the trust and Nonprofits relying on the trust
France in 1998. in the Army. He earned a bache- politicians to put more focus on one of its biggest backers—the feared they would be cut off. Mr.
Mr. Gardner died March 20 at lor’s degree from Chicago Teachers suppressing drug abuse and vio- Searle family, heirs to a pharma- Glasser huddled frequently with
ci on

his home in the West Chesterfield
neighborhood of Chicago. He was
98.
For a time, he owned a stake in
the Chicago Bulls basketball team.
College, followed by a master’s in
education from the University of
Chicago awarded in 1954.
His moonlighting work as a
salesman of hair-care products
er s
lence. “I’m very proud of the many
successes we do have today,” he
said. “We’re still producing great
people. But how many are we los-
ing that would be great?”
ceutical fortune—had soured by Daniel Searle, a son of John
the time Mr. Glasser became Searle. In 2004, Mr. Glasser fi-
chairman of the trust’s executive nally secured a settlement allow-
committee in 1998. ing the trust to continue granting
The Searles argued the trust the funds, with more family input.

As a prominent political fund- gave him insight into what beauti- wasn’t paying enough heed to Mr. Glasser died March 14 at his
raiser, he backed Harold Washing- cians needed. It also persuaded  Read in-depth profiles at their priorities in awarding grants. home in Tucson, Ariz. He was 88.
m er

ton, who was elected as Chicago’s him that the market for Black hair- WSJ.com/news/types/obituaries The trust said it was following —James R. Hagerty

WORLD WATCH
m rp

SOUTH AFRICA ITALY INDIA

Parole Denied for Pope Is Cleared to Well Collapses,
Ex-Olympic Runner Leave the Hospital Leaving 36 Dead
co Fo

Former Olympic runner Oscar
Pistorius was denied parole and
will have to stay in prison for at
least another year and four
months after it was decided that
he hadn’t served the “minimum
detention period” required to be
released following his murder
conviction for killing girlfriend
Reeva Steenkamp 10 years ago.
The parole board ruled Friday
that Mr. Pistorius would be able
Pope Francis was cleared by
doctors for discharge on Saturday
from the Rome hospital where he
was treated for bronchitis, the
Vatican said, adding that the pon-
tiff ate pizza one evening with
medical staff and baptized a baby
in the pediatrics ward.
Vatican spokesman Matteo
Bruni said Friday that the pope
is expected to be in St. Peter’s
Square for Palm Sunday Mass
n-
Thirty-six bodies were found
inside a well at a Hindu temple in
central India after dozens of peo-
ple attending a festival fell into
the muddy water when its cover
collapsed, officials said Friday.
Video of Thursday’s collapse
at the temple complex in Indore
in Madhya Pradesh state showed
chaos afterward, with people
rushing away. An excavator pulled
down a wall of the decades-old

to apply again in August 2024, at the start of Holy Week. He temple to help people flee. Nearly
South Africa’s Department of didn’t say if the pontiff would 140 rescuers used ropes and lad-
VINCENT WEST/REUTERS

Corrections said. deliver the homily during the ders to pull the bodies from the
The lawyer handling Mr. Pis- particularly lengthy service. well after pumping out the water.
no

torius’ parole application didn’t
return calls seeking comment.
Ms. Steenkamp’s parents were
“relieved” with the decision, their
lawyer said.
—Associated Press
The 86-year-old pope was hos-
pitalized on Wednesday at Ge-
melli Polyclinic, where doctors said
he was receiving antibiotics intra-
venously to treat his bronchitis.
—Associated Press
“We have recovered 36 bod-
ies and everybody is accounted
for now,” said Pawan Kumar
Sharma, commissioner of the lo-
cal municipal corporation. BATTLING A BLAZE: A Galician firefighter works to douse flames in a forest during an outbreak of
—Associated Press wildfires after a long drought and unusually high temperatures in northern Spain’s Asturias region.

FROM PAGE ONE

Sew, About Ms. McManus bought similar

ones from Etsy to glue on. A
17-inch golden snake for the
Swift sported around 2019’s
“Lover” album, or the crop
tops from “1989,” which came
copy of a Balmain minidress
and thigh-high boots that Ms.
Swift wore to the 2018 Ameri-
thinking about how everybody her Los Angeles apartment.
else is going to be excited.” Ms. Wiygul paid $350, and was
Ms. Green’s husband, who all set to wear it to a concert

That Taylor back had to be outsourced to a

custom patch maker. “You
can’t find it anywhere else,”
out in 2014.
“It’s such a sought-after
concert, I don’t want to just go
can Music Awards.
Ms. Green paid Ms. Mc-
Manus $550 for the dress and
she suspects will come to the Friday with a headband, to
concert in Levi’s and a fishing match the 1960s vibes from
shirt, has already received a the music video.

Swift Dress she says.

Continued from Page One
“They want to look like
Taylor, basically,” says Ms.
McManus, 32 years old, who
works out of a 200-square-
foot studio in Columbus, Ga.
Ms. McManus found cus-
tomers on TikTok, posting a
55-second video in November
saying she’d love to make out-
fits for fans. “It went off like a
bomb,” she says, and she has
received so many orders she
put work on her own fashion
Starting cost for the jacket:
$450. The priciest one goes
for $1,500, and has patches
bedazzled with colorful crys-
tals that Ms. McManus glues
on one-by-one using tweezers.
“Some people are definitely
spending more money on the
costumes than they did on the
ticket,” she says. “I mean, I get
it, they want to look good.”
Standing out in the stadium
is important for fans. In past
tours, Ms. Swift’s team has
picked members of the audi-
ence to meet the 12-time
Grammy winner backstage.
in a T-shirt and jeans,” says
Jennifer Green, 39, a real-es-
tate agent who is going to a
Houston show in April. “I
thought long and hard about
what I could pay to have
somebody make something
that nobody else would have.”
She found Ms. McManus,
who took two months to make
what Ms. Green wanted: A
boots, twice as much as her
two tickets cost. The outfit
has light-reflecting mirror
warning. “I’m
gonna dress crazy,”
she says she told
Ms. Trevino Am-
aro, 23, says the
heart dress from
squares throughout, even on him. “You can’t “Me!” was the most
the boots, which will make Ms. complain.” requested look,
Green look like a walking disco In Los Angeles, which surprised
ball. She expects fans to stop Swifties were a her. “That tends to
her at the concert. savior for Natalia be the song that
“It’s for all the girls that Trevino Amaro. Tailors for Taylor most people skip
love Taylor Swift,” she says Her made-to-order and don’t like,” she
about her outfit. “I’m excited line of dresses didn’t sell well says.
last year, she says, so she de- She also has received sev-
cided to “shoot my shot” and eral orders to duplicate an Os-
put out a video offering to car de la Renta floral dress
make outfits. “It hit the right Ms. Swift wore to the 2021
audience and now that’s all Grammy Awards. Ms. Trevino
I’m doing, which is really Amaro hand stitches embroi-
funny,” Ms. Trevino Amaro dered flowers to her creations.
NICOLE BUCHANAN FOR THE WALL STREET JOURNAL

line on hold.
The most requested item? A
replica of a green sequin
jacket Ms. Swift wore while
singing “All Too Well” during
2018’s Reputation Stadium
Tour.
To duplicate the jacket, Ms.
McManus watched the perfor-
mance on Netflix and studied
fan photos posted online to
see different angles. The origi-
nal has patches of flowers,
hearts and crowns all over, so
Swifties have fretted about
what to wear since Era Tour
tickets went on sale in Novem-
ber, selling out instantly and
causing Ticketmaster to crash
in a debacle that led to a con-
gressional hearing.
The tour, which kicked off
in March, is a greatest-hits
type show, going through all
her albums or eras. Fans are
sharing tips on how to re-cre-
ate the looks from each era,
like the pastel outfits Ms.
says. After accepting 40 orders,
Khaki Wiygul saw it and Ms. Trevino Amaro isn’t tak-
knew what she desired: A ing any more. She says she
pink-and-red dress with a big wants to focus on her fashion
red heart on the chest that line that she sells online. She
Ms. Swift wore in the music also has another project: Mak-
video for “Me!” in 2018. “I’ve ing the outfit she’ll wear her-
been wanting it since then,” self to see Ms. Swift in August.
says Ms. Wiygul, a 26-year-old Ms. Trevino Amaro declined
architect in Dallas. to say what it will look like,
Ms. Wiygul sent her mea- and says she won’t sell a ver-
surements to Ms. Trevino Am- sion of it.
aro, who worked up the heart “I want to be the only one
Loren McManus with replicas she made of Taylor Swift’s outfits. dress in about five hours from that has it,” she says.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Ilya Shapiro | By Tunku Varadarajan
DEI at Law Schools Could Bring Down America
W
Falls Church, Va.
okeness, or what
used to be called po-
litical correctness,
once seemed merely
harebrained, the
product of shallow ideas and im-
mature passion. The common view
was that undergraduates would
outgrow it once they left campus
and faced the rigors of the real
world.
You seldom hear that anymore,
as those ideas have run amok in
culture- and economy-defining in-
stitutions ranging from news or-
ganizations and local governments
to professional societies and corpo-
rate boardrooms. But Ilya Shapiro
thinks we’re not alarmed enough
about their influence in one impor-
tant corner of academia: law
schools. The professional ideo-
logues who wield administrative
authority on American college
campuses want nothing less than
to “change the American constitu-
tional system,” Mr. Shapiro says.
They pose a grave long-term threat
to “the rule of law and inalienable
rights, and even concepts like
equal treatment under the law.”
The threat to ‘dismantle
existing structures’ is an
idle one in English class.
Here it targets individual
rights and equal treatment
under the Constitution.
Mr. Shapiro, 45, is director of
constitutional studies at the Man-
hattan Institute. Hunkered down in
the study of his Virginia home, he’s
working on a book, “Canceling Jus-
tice: The Illiberal Takeover of Legal
Education,” that seeks to lay bare
the process by which bureaucrats
appointed to promote “diversity,
equity and inclusion” on campus
have “perverted our system of le-
gal education.”
A prime example was in the
news as we spoke. Stanford’s Fed-
eralist Society chapter had invited
Judge Kyle Duncan of the Fifth U.S.
Circuit Court of Appeals to speak
on campus. Confronted by a vicious
leftist student mob, he asked ad-
ministrators to intervene. Tirien
Steinbach, the law school’s associ-
ate dean for DEI, arose to deliver
prepared remarks, which con-
cluded: “I look out and I don’t ask,
‘What’s going on here?’ I look out
and I say, ‘I’m glad this is going on
here.’ ”
Mr. Shapiro experienced a dif-
ferent kind of DEI humiliation in
January 2022. He was concluding
his tenure as a vice president of
the Cato Institute and due to start
a new job as executive director of
the Center for the Constitution at
Georgetown’s law school. Then Jus-
tice Stephen Breyer announced he
would retire. Mr. Shapiro tweeted
Can Paul Vallas or Brandon Johnson Do Anything About Crime?
no
Chicago will select a
mayor on Tuesday.
Some would say that
Chicagoans have al-
ready accomplished
a great victory in re-
jecting the incum-
CROSS
COUNTRY bent, Lori Lightfoot.
The first Chicago
By Joseph
one-term mayor not
Epstein
to be re-elected in
40 years, Ms. Light-
foot was confrontational, inept,
quick to play the race card and an-
noying generally. Most Chicago vot-
ers feel about the outgoing mayor as
the Jews felt about the Russian czar:
that she should live and be well, but
not too near them.
The two candidates to emerge
from February’s nonpartisan pri-
mary, Brandon Johnson and Paul
Vallas, are both Democrats but offer
a genuine if not necessarily salubri-
ous choice. Mr. Vallas, 69, is an edu-
cational bureaucrat who has run
school systems in Chicago and else-
where. Mr. Johnson, 47, is a former
public-school teacher who has been
one of 17 members of the Cook
County Board of Commissioners. Mr.
Vallas has positioned himself as in-
tensely practical. Mr. Johnson has
positioned himself as an unflinching
progressive.
If elected, Mr. Vallas pledges to
increase the police presence in
crime-ridden communities. He has
the support of the police union. Mr.
Johnson claims that his major in-
vestment won’t be in cops but in
people, by which he means pro-
grams. He has the support of the
teachers union.
In the political spirit of the day,
each man has run television ads ac-
cusing his opponent of hiding his
true character and purpose. Mr.
* * * *
that Judge Sri Srinivasan was the
“objectively best pick” for the va-
cancy but President Biden had al-
ready disqualified him on the basis
of race and sex. Mr. Shapiro opined
that Judge Srinivasan “alas doesn’t
fit into the intersectional hierarchy
so we’ll get lesser black woman.”
The tweet, which Mr. Shapiro
describes as “inartfully phrased,”
prompted an inquisition at George-
town. The university suspended
him with pay while its Office of In-
stitutional Diversity, Equity and Af-
firmative Action conducted a four-
month investigation into his fitness
for the job. In June the office is-
sued a report exonerating him—
but on a technicality with an un-
subtle chilling effect.
KEN FALLIN
Since Mr. Shapiro wasn’t yet on
Georgetown’s payroll, the report
found, the university lacked juris-
diction over his speech. But if he
“were to make another, similar or
more serious remark as a George-
town employee, a hostile environ-
ment based on race, gender, and
sex likely would be created.” In
fact, Mr. Shapiro wrote in these
pages, “it is the Georgetown ad-
ministrators who have created a
hostile work environment for me.”
He quit and returned to the think-
tank world.
If Mr. Shapiro were an English
professor, one might put this down
as a workplace dispute of marginal
importance. But he has a point
when he says law schools are dif-
ferent. They train “future lawyers
and politicians and judges, and the
on
gatekeepers to our institutions, to
the rules of the game.” That game
has the highest of stakes: “the rule
of law, upon which American pros-
perity and liberty and equality sit.”
us ,
An illiberal takeover of medical
l
schools, Mr. Shapiro quips, might
e
al a
be more “immediately dangerous,
in the sense that you don’t have
the best doctors treating people.”
ci on
But some of the students who
raged against Judge Duncan “are
people who, in 20 years, are going
to be joining the federal bench.”
Sooner than that, “they’ll be occu-
er s
pying influential positions in state
and federal government, bringing
m er
legal cases, becoming state legisla-
tors in some cases, or occupying
the general counsel’s offices of For-
tune 500 companies and the part-
nership ranks of big firms.”
m rp
Already, Mr. Shapiro says, part-
ners at law firms “cower in fear of
their associates, who question
their firm’s representation of cer-
tain types of client and demand
co Fo
that statements be made by law
firms after Supreme Court deci-
sions and other developments in
the political world.” A friend of his
was a partner in the Houston office
of a large global law firm. “She’s
pro-life,” he says, declining to
name the lawyer or the firm. After
the Supreme Court overturned Roe
v. Wade, various firm leaders
asked her to handle some pro bono
clients advancing pro-choice argu-
ments. “She said she was too busy
n-
Vallas accuses Mr. Johnson of plan-
ning to defund the police and raise
taxes. Mr. Johnson accuses Mr. Val-
las of being a cryptoconservative:
racist, homophobic, pro-life.
Interestingly, neither campaign
appears to have divided the city ra-
cially. Both candidates have secured
If we refuse to speak
openly about the problem
—and we do—it may not
matter who the mayor is.
notable black, white and Hispanic
endorsers. Rep. Jesús “Chuy” García,
a now-eliminated candidate for
mayor, has endorsed Mr. Johnson,
who is black, while the Chicago La-
tino Leadership Council has come
out for Mr. Vallas, who is white. Rep.
Bobby Rush, a former Black Panther,
has endorsed Mr. Vallas, while Mr.
Johnson has endorsements from
Sens. Bernie Sanders and Elizabeth
Warren.
The two candidates have debated
on television several times, offering
different views on education and
taxation, on keeping business from
departing the city and stemming
out-migration. But the chief subject
has been crime. It’s every Chica-
goan’s preoccupation—topic No. 1.
No one has a clear solution for it. No
one has been able to describe con-
vincingly its emergence in such ram-
pant form. No one has a persuasive
plan to curtail it.
Mr. Johnson counters Mr. Vallas’s
accusation that he wants to defund
the police by saying that what he re-
ally wants is to “invest in people,” as
he puts it, by improving schools and
OPINION
and didn’t make a stink over it,”
Mr. Shapiro says. “Eventually, the
managing partner of the Houston
office said, ‘Well, I guess you’re
pro-life. What’s the point of having
a female partner who’s pro-life?’ ”
She now practices independently.
Similar cases have been re-
counted in these pages. Former So-
licitor General Paul Clement and
Erin Murphy, then partners at
Kirkland & Ellis, won a landmark
Second Amendment victory last
year at the Supreme Court. The
firm responded by ordering them
to drop the clients or resign; they
walked. Hogan Lovells fired Robin
Keller for saying that she agreed
with the justices’ decision over-
turning Roe during an online con-
ference call advertised as a “safe
space” for female employees.
M
uch of this seems self-de-
feating. Would you hire an
attorney who is made to
feel “unsafe” by a Supreme Court
decision? Wouldn’t a lawyer who
heckled a judge in court go to jail
for contempt? Maybe there’s still
something to the idea that woke
students are in for a shock after
graduation.
“Professors are shying away
from entire topics, not just a given
perspective on a topic,” Mr. Sha-
piro says. They’re “just skipping
over anything to do with rape or
hate crimes, because they’re too
sensitive. You try to write an exam
question and there are too many
red flags, too many tripwires.”
These professors do “their stu-
dents a disservice by not training
them in how to advocate in the
real world of courts. There, it’s not
a conversation between the left
and the far left.”
Mr. Shapiro says “nonprogres-
sive” law professors were rare
even 20 years ago, when he stud-
ied law at the University of Chi-
cago. Critical legal studies, fash-
ionable in the late 1980s and
early ’90s, was “passé, a very
small niche thing.” Since then,
“what’s really changed is the bu-
reaucratic explosion. And most of
creating jobs for the youth. Mr. Val-
las pledges to add 1,100 more cops
to the depleted Chicago Police De-
partment, bringing back officers who
retired in discouragement under the
Lightfoot administration.
In 2020, gangs of young people
protested the police killing of George
Floyd in Minneapolis by ransacking
downtown Chicago businesses. Mr.
Johnson declared that while he
wasn’t in favor of looting, he under-
stood the immense despair that
compelled young people to commit
such a crime. His point, which he
maintains today, is that criminals are
the real victims.
This propensity to equate crimi-
nality with victimhood is trendy
among progressives. You can see it
Media Keep Stifling the Covid Debate
By Daniel Halperin
N
ow that the Covid pandemic is
behind us, you’d think scien-
tists and the media could have
an honest conversation about what
they got wrong and what lessons
they’ve learned. Think again.
On Jan. 30, the Cochrane Collab-
oration, highly regarded for its rig-
orous systematic reviews, published
an update of its meta-analysis of
masking and other physical meth-
ods to prevent respiratory illnesses.
It found no strong evidence for
masking, and the initial media re-
sponse was silence. After conserva-
tive media covered the study, the
mainstream press went on the at-
tack. The Washington Post, the New
York Times, the Atlantic and others
piled on.
As an epidemiologist, I hoped the
Saturday/Sunday, April 1 - 2, 2023 | A11
that bureaucracy is in this DEI
space, which actively subverts the
traditional educational mission of
truth-seeking” with its “ideas of
power dynamics and intersection-
ality, dividing people into oppres-
sive and oppressed classes, and
things like that.”
Pressure comes from without as
well: In February 2022 the Ameri-
can Bar Association, which has sole
authority to accredit U.S. law
schools, passed a resolution de-
manding that they “provide educa-
tion to law students on bias, cross-
cultural competency, and racism.”
At the same time, the Biden admin-
istration’s drive for racial equity
“seems to be sprinkling political
commissars throughout the gov-
ernment.” With a mordant opti-
mism, he observes that those may
be “the only kinds of jobs that law
school graduates who refuse to en-
gage ideas they don’t like and spew
epithets at federal judges may be
qualified for.”
But those jobs also have real-
world power, the exercise of which
could eventually cumulate into “re-
gime change,” Mr. Shapiro warns.
“I’m not trying to be hyperbolic or
bombastic. If you read critical legal
studies, of which critical race
theory is a subset, you’ll read
about the need to ‘fundamentally
dismantle existing structures,’ to
‘change the way social hierarchies
operate.’ . . . The goal is to funda-
mentally change the way that
American society operates.”
These ideas are particularly
fashionable on elite campuses, al-
though Mr. Shapiro notes recent
hostile incidents at lower-rated
schools such as Texas A&M, the
University of Kansas and UC Has-
tings (the last involving Mr. Sha-
piro himself). “There’s a higher
quotient of activist types who
would engage in disruptions and
contribute to an illiberal atmo-
sphere at a Yale than at a Univer-
sity of Iowa.” At top schools, “more
people are getting that law degree
to change the world, whereas at
lower-ranked schools, they want to
be lawyers. They want to make
played out in Gov. J.B. Pritzker’s bill
to eliminate cash bail because it is
unfair to poorer crooks. Where vic-
timization of criminals is trumpeted,
systemic racism can’t be far behind.
Mr. Vallas prefers citing statistics
and claims over proposing reality-
based solutions to Chicago’s prob-
lems. The choice being offered Chi-
cagoans in this election, then, is that
between the idealist and the puta-
tive pragmatist.
While neither candidate has put
forth a realistic solution to the crime
problem, it is difficult to do some-
thing about a problem when you
aren’t even allowed to talk about it
candidly. No one really believes that
pandemic school closures drove
young men to commit crimes, or
review might dent the politicized
discourse surrounding masks and
other prevention measures. I sent
an article to Time magazine, which
had recently published my work. My
editor appeared positive, requesting
some reasonable modifications and
focusing. He wrote me on Feb. 23
that the piece would be “published
overnight.” The next day, instead of
the article link, he forwarded me a
tweet by Michael Mina, a medical
researcher. Dr. Mina’s tweet com-
plained that Cochrane reviews “are
becoming dangerous tools of ‘scien-
tists’ w agendas.” He cited an ear-
lier review “attempting to discredit
rapid tests.” Dr. Mina is an execu-
tive at eMed, a rapid-test company.
Eventually the editor resumed
contact and asked for some further
changes, which I readily accepted. “I
think we’re set,” he wrote. “My col-
money and get a job and join the
upper middle class.”
Is there any hope for elite
schools? After Judge Duncan’s
mobbing, Jenny Martinez, dean of
Stanford Law School, issued a 10-
page memo that strongly defended
free speech and academic freedom,
apologized to the judge and an-
nounced that Ms. Steinbach, the
DEI associate dean, had been
placed on administrative leave.
Mr. Shapiro would like to see
more. He thinks universities need
to enforce their policies against
hecklers’ vetoes by disciplining
those who violate them. Law
schools can suspend students, even
expel them in serious cases, and
impose career consequences. “They
can also report to a bar associa-
tion,” Mr. Shapiro says. “All law
schools have to sign off on a char-
acter and fitness assessment be-
fore a graduate can take the bar
exam.” If a student has been “com-
pletely disruptive, and has demon-
strated that he doesn’t have the
character and fitness to be a law-
yer, they can be adjudged not fit to
sit for the bar exam”—with due
process, including the right of ap-
peal, of course.
M
s. Martinez did none of
that. Her memo promised
to institute “mandatory ed-
.
ucational programming for our stu-
dent body rather than referring
ly
specific students for disciplinary
sanction” and to blur students’
faces when the university releases
video of the event.
Mr. Shapiro says there have to
be “exogenous shocks to really
change things.” One approach
might be to target the elite
schools’ status. Judges James Ho
and Elizabeth Branch of the Fifth
and 11th Circuits, respectively, an-
nounced in October that they won’t
hire clerks from Yale until the
school reforms its policies on free
speech. “If any Supreme Court jus-
tice said that,” Mr. Shapiro says,
“it would be a game-changer.” In
an article for National Review,
Judges Ho and Branch also called
on Stanford to “identify the dis-
rupters so that future employers
know who they are hiring.”
Mr. Shapiro takes heart that
“people who are not cultural war-
riors of the left or the right are
starting to notice this stuff, and
they don’t like what they see.”
Lawmakers in 15 states have intro-
duced bills to slash or abolish DEI
offices and staff at public colleges,
although none have passed so far.
The backlash is still inchoate, and
Mr. Shapiro believes the only solu-
tion is to purge “DEI bureaucra-
cies that undermine the liberal
values of academic speech and due
process.”
Mr. Varadarajan, a Journal con-
tributor, is a fellow at the Ameri-
can Enterprise Institute and at New
York University Law School’s Clas-
sical Liberal Institute.
that deploying legions of social
workers and therapists will save the
day. No one is permitted even to say
who, precisely, is committing all the
carjackings, burglaries, lootings and
murders. No one wants to look too
closely at the prospects of criminals
who know they are unlikely to be se-
verely punished for their crimes.
Until politicians are courageous
enough to speak openly about these
matters, crime in Chicago and else-
where will continue to be like the
weather: something everybody talks
about but nobody does anything
about.
Mr. Epstein is author, most re-
cently, of “Gallimaufry: A Collection
of Essays, Reviews, Bits.”
league will finalize and publish.” I
heard nothing from him until two
weeks later, when he finally con-
firmed Time had decided to kill the
piece.
I ended up publishing the article
in a conservative outlet. My experi-
ence seems to illustrate the media’s
continuing aversion to debate over
the science of Covid, the official re-
sponse to it, and the media’s own
efforts to squelch dissent.
“Follow the science,” they said
throughout the pandemic. You can’t
do that if you suppress scientific de-
bate.
Mr. Halperin is an adjunct pro-
fessor at the Gillings School of
Global Public Health at the Univer-
sity of North Carolina, Chapel Hill
and author of “Facing Covid With-
out Panic.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Bait-and-Switch on Electric Vehicles Mary Eberstadt Replies to Furman University

W
e interrupt the latest Donald Trump that commit not to impose trade barriers on Regarding Furman University Presi- the other faculty involved. Finally, Ms.
melodrama for a word from Biden Ad- critical minerals. The White House struck such dent Elizabeth Davis’s response (Let- Davis seems unaware of Prof. Scott
ters, March 31) to my op-ed “You Yenor’s mistreatment at her univer-
ministration regulators. While the a deal with Japan this week and is negotiating
Can’t Cancel Me, I Quit” (March 27): sity. His harrowing account wasn’t the
world isn’t watching, and cer- deals with Europe to allay its Of course there are civil, intellectually only reason I canceled, but it helped.
tainly the press corps isn’t, reg- As Joe Manchin feared, leaders’ anger over the sub- engaged students at Furman Univer- MARY EBERSTADT
ulators on Friday announced Treasury is rewriting the sidy conditions. sity—and everywhere else. Just this Washington
they are essentially rewriting Anode and cathode materi- week I taught a seminar by Zoom to Ms. Eberstadt is author of “Primal
last year’s Inflation Reduction IRA’s subsidy limits. als in batteries would also be members of the school’s Tocqueville Screams.”
Act so more electric vehicles treated as critical minerals Program. They were upbeat, prepared
will qualify for subsidies. rather than components. Trea- and thoughtful. My op-ed wasn’t Ms. Davis worries that the Furman
In return for his vote, West Virginia Sen. Joe sury’s expansive definition of trade deals and about students like those, but the in- students at my February talk on cam-
Manchin insisted on numerous conditions for battery components will enable more vehicles creasingly militant minority that men- pus are misrepresented as an “angry
the IRA’s $7,500 EV tax credit. He wanted to en- to qualify for both halves of the credit and all aces and humiliates invited guests, mob.” She should be more worried
and whose doings are whitewashed or about the hostile, anti-intellectual cul-
courage more U.S. manufacturing and ensure but blow up Mr. Manchin’s sourcing conditions.
ignored by administrators. ture she is building at Furman.
subsidies don’t go to the affluent. The law im- No wonder the Senator is angry. President Davis invites me to learn The event could have been worse.
posed an income limit to qualify for subsidies “It is horrific that the Administration contin- “how thoughtful our students are.” The students were an angry mob, but
of $150,000 for individual EV buyers, as well as ues to ignore the purpose of the law which is to Before my scheduled visit, posters they didn’t riot or loudly interrupt
a price cap for vans, SUVs and pickups bring manufacturing back to America and en- advertising my talk were twice put up my speech. Students were restrained,
($80,000), and sedans ($55,000). sure we have reliable and secure supply chains,” on campus, and twice torn down by at least in part by the three police of-
To qualify for $3,750 of the credit, an increas- he said Friday. “It is a pathetic excuse to spend activists. One that remained was de- ficers present in the hall while I
ing share of a vehicle’s battery minerals such as more taxpayer dollars as quickly as possible and faced, the word “Fascist” scrawled spoke. Protesters occupied as much
lithium and nickel also had be extracted or pro- further cedes control to the Chinese Communist next to my face. (My grandparents as 20% of the seats just so they could
cessed in the U.S. or in a country with which the Party in the process.” fled fascism in Northern Italy.) In the leave when my talk on Dostoevsky
student newspaper and elsewhere, I commenced, robbing others of a seat
U.S. has a free-trade agreement. The other half of This rewrite of the rules means that the real
was called “dangerous,” “a vicious from which to hear the lecture.
the credit was supposed to be available only for cost of the climate and energy subsidies in the transphobe,” “homophobic” and other The students’ questions following
vehicles in which a majority of its battery compo- IRA will be far more than the $391 billion that epithets. This isn’t “healthy dialogue” my talk reflected their unawareness
nents are made in North America, starting at 50% Democrats claimed when they passed the bill. but ad hominem smearing, all met that revolutionary ideology poses
this year and up to 100% by 2029. Goldman Sachs estimated recently that the cost with silence from anyone in authority. dangers to a free society. Many stu-
Few cars currently on the market were ex- could be $1.2 trillion over 10 years. I’ve spoken on many campuses. dents flipped the bird at me and my
pected to qualify for even half of the credit. Unions and progressives are also angry about This was the first to require armed se- sponsor as they left. Is that Ms. Da-
Most minerals are mined and processed in coun- the Administration’s one-off mineral trade curity. Yet Ms. Davis pretends there’s vis’s idea of respectful dialogue? If
tries with which we don’t have trade agree- agreements, which aren’t being submitted to nothing amiss when bookish guests students were interested in ideas,
ments, such as China, Indonesia and the Demo- Congress and don’t include stringent environ- require for their safety the muscle and then Furman police wouldn’t have
cratic Republic of Congo. Key battery mental and labor rules. Public Citizen, the left- weaponry accorded to convicts or had to whisk me away through the
heads of state. She’s wrong. And with back entrance to a waiting police car.
components—namely, active anode and cathode wing lobby, warned that “dangerous, dirty min-
campus leadership AWOL, due dili- Ms. Davis might think about how
materials—are mostly produced in China, Japan ing corporations that violate human rights” gence about risk falls to the speakers. Furman’s academic environment
and South Korea. could “‘launder’ their minerals in Japan before

.
That’s why I canceled my appearance. could be better if she dropped woke
The Treasury Department’s proposed rules shipping to the United States.” Anyone with the same information programming and took rigor and mu-

ly
for the tax credit drive a big-rig through Mr. What did they expect? The Administration about a brewing hate-on would have tual respect seriously. Perhaps she
Manchin’s conditions. EVs leased to consumers has made climate its paramount priority and been justified in making the same call. should work toward cultivating a
will be able to qualify for a separate commercial knows fewer consumers will buy EVs without Ms. Davis says I didn’t give Furman campus climate where speakers don’t
on
vehicle tax credit, which doesn’t entail sourcing, subsidies. The public can comment on the pro-
income or price restrictions. Dealers or auto fi- posed rule for 60 days, and Mr. Manchin said his
nance companies could pocket the tax credits comment “is simple: stop this now—just follow
my reasons for canceling. To the con-
trary, I explained why to the head of
the Tocqueville Program several days
before the scheduled appearance; he
need police protection. Until she does
that, she is part of the problem
PROF. SCOTT YENOR
Boise State U., Claremont Institute
or pass them onto customers. the law.” We wish him luck, but don’t expect
relayed the news that afternoon to Meridian, Idaho
us ,

Treasury is also redefining “free trade agree- Team Biden to listen. They got what they
l

ments” to include one-off deals with countries wanted when the bill passed last year.
e
al a

‘Equal Occupational Fatality Day’ Thank a Police Officer the Next Time You Can
ci on

E
Regarding your editorial “The He- and unappreciated. We should all take
qual Pay Day, as one activist group de- loss of life that men experienced in 2022 from roes of Nashville” (March 30): As the time to recognize, appreciate and com-
scribes it, “symbolizes how far into the work-related deaths.” former sheriff of Fort Bend County, mend the heroism of Nashville’s finest.
year women must work to earn what men The point is that humanity and the American Texas, I applaud the extraordinary re- REP. TROY NEHLS (R., TEXAS)
earned in the previous year.” It economy are complicated. Mil- sponse time of law-enforcement offi- Richmond, Texas
er s

was marked March 14 this year
in Washington, with a procla-
Biden celebrates Equal lions of individual choices feed cers Rex Engelbert and Michael Col-
lazo to the active shooter at the Many mass shootings have been
Pay Day, but dangerous into the “wage gap” between
m er

Covenant School in Nashville. Within carried out by deeply troubled young

mation from President Biden,
a statement from the Labor
Department, and a press re-
lease from the Census Bureau.
all American men and all
jobs earn a premium. American women, and one is
career choice. Logging work-
ers in 2021 earned $45,000 on
m rp
10 minutes of receiving the call, the people. Why not require all gun pur-
officers entered the school and neu- chasers to provide statements from
tralized the threat. Their heroic ac- three adults over 26 verifying that
tions prevented any further bloodshed, the purchaser is capable of safely

But to understand the folly of comparing aggre- average, the Bureau of Labor Statistics says, saving innocent students and teachers. owning a firearm? Most of the recent
gate statistics, consider Equal Occupational Fa- which is less than the average for all occupa- Every day, law-enforcement officers shooters would have had trouble get-
tality Day. tions, $58,260. prepare for duty, not knowing if they ting even one to vouch for them.
That’s a commemoration coined as a thought Yet lumberjacks had a pay advantage over will ever see their loved ones again. FREDERICK MCCUNE
experiment some years ago by economist Mark preschool and kindergarten teachers, 96.8% Their bravery often goes unnoticed Beaufort, N.C.
co Fo

Perry, a scholar at the American Enterprise In- women, who earned $43,060. Dental assistants,
stitute, who updated his numbers again this 92% women, took home $42,510. Some of the
week. America’s most dangerous job in 2021, ac- dangerous male-dominated fields earn relatively A Different Intrigue Dragged Down Carter
cording to the official data, was held by loggers, more: $79,060 for power line installers and re- In “The Wrong Indictment Against Sen. Edward Kennedy announced his
who were 96% men. Also high on the list were pairers. Total workplace fatalities were 91.4% Trump” (Declarations, March 25), campaign to wrest the Democratic
roofers, 97.1% men, and electrical power line in- men in 2021, and surely there’s a premium for Peggy Noonan is no doubt correct nomination away from the incumbent.
stallers and repairers, 99.3% men. The most sex- taking dangerous jobs. that the failure of Jimmy Carter to Intraparty attacks of this type are
balanced occupation in the top 10 most danger- What exactly is a political central planner win re-election in 1980 can’t be ex- rare—the power of incumbency is
ous was trash collecting, 87.9% men. supposed to do about all of this? Should pay be plained by a single source’s account of enormous, even with an unpopular
Based on these data, Mr. Perry estimates that equalized to eliminate the bonus for putting a Republican conspiracy to capitalize president. And as Ms. Noonan recalls,
“the next ‘Equal Occupational Fatality Day’ will oneself in danger? Should there be a concerted on the Iranian hostage crisis. The de- I presume with bitterness, intraparty
struction of the Carter presidency be- challengers, such as Pat Buchanan in
occur almost ten years from now—on September effort to get more women up onto power lines
n-

gan within his own party, three days 1992, often run for president not to
18, 2032.” That date, he adds, “symbolizes how and down into coal mines? These are the ques- after the hostages were seized, when win but to weaken the incumbent in
far into the future women will be able to con- tions that the Equal Pay Day crowd never want the general election.
tinue working before they experience the same to you ask. The regular Democratic Party never
If U.S. Justices Had the
no

liked Mr. Carter, the independent-

minded governor who won the White
DeSantis Defeats Trump on Torts Power of Israel’s High Court House as an insurgent in 1976. Some
Your editorial “Netanyahu Offers to party stalwarts, like Speaker Tip

D
onald Trump is grabbing anything to ers if they win a lawsuit—but not the other way Compromise” (March 28) asks a rhe- O’Neill, were perfectly happy to nego-
attack Ron DeSantis, and he’s even around. One-way fees encourage plaintiff attor- torical question: “Imagine what tiate with Ronald Reagan instead. As
joining forces with the plaintiff bar in neys to file more lawsuits and defendants to America’s left would do if U.S. Su- for Ted Kennedy, he was never able to
preme Court Chief Justice John Rob- explain convincingly why he was run-
a bizarre alliance. Fortunately settle cases to avoid paying erts and Justice Clarence Thomas ning, which might have been because
for Floridians, their Governor The Florida Governor even larger legal bills. could choose their successors.” I Democrats put him up to it.
won this exchange. beats the trial bar and voked Mr. DeSantis’s reforms pro- think the left over here would riot in JOHN R. MACARTHUR
Mr. DeSantis last Friday a five-alarm panic the streets in protest. Now, if Justices President and publisher, Harper’s
signed legislation that will re- its Mar-a-Lago ally. among plaintiff attorneys who Ketanji Brown Jackson and Elena Ka- New York
duce legal costs for busi- ran ads targeting immigrants gan could choose their successors,
nesses, insurers and their cus- that recalled power grabs in and there were a proposal to take
tomers. Litigation abuse is a tax that every socialist Venezuela and Cuba. “Today in Talla- that privilege away, I think America’s A Bronx Tale for Washington
citizen pays into the tort system, costing each hassee powerful lobbies are spending millions left would also riot in the streets to
Daniel Henninger’s “Words That
Florida household more than $5,000 in 2020, to take our rights,” one ad warned. “If they suc- keep the practice. Remind me, what
Cause Catastrophes” (Wonder Land,
has taken place in Israel lately?
according to the U.S. Chamber of Commerce In- ceed the law will protect them, but not us. It March 30) reminds me of my mother-
MICHAEL J. GALASSI
stitute for Legal Reform. will let them take everything. We’ve seen it be- Hurst, Texas
in-law, who grew up in the Bronx, N.Y.
Enter Mr. DeSantis, who this year proposed fore, lived it before.” She had plenty of pithy wisdom,
a package of tort reforms to curb abuses. Sev- Donald Trump piled on at Truth Social: “RINO among which the most used and use-
ful was: “Even a fish wouldn’t get in
eral changes target plaintiff attorneys’ com- Ron DeSanctimonious is delivering the biggest Air Traffic in London vs. U.S. trouble if it kept its mouth shut.”
mon practice of inflating damages by present- insurance company BAILOUT to Globalist Insur-
Regarding Holman Jenkins, Jr.’s DIANE KOCH
ing to juries the charges for medical costs ance Companies, IN HISTORY.” With his usual “Mayor Pete Plans Higher Fares” New Milford, N.J.
billed by healthcare providers rather than nuance, he called the reforms “the worst Insur- (Business World, March 29): The U.S.
what health insurers would pay out, which is ance Scam in the entire Country!” is a laggard on air-traffic control com-
typically much less. He’s got the wrong scammers. By reducing pared with the U.K., where both air-
Collusive agreements between physicians payouts for dubious claims, the Florida reforms port and airspace have been privat-
Pepper ...
and lawyers to inflate charges will no longer will cut insurance premiums for businesses and ized, enabling innovation through And Salt
be protected by attorney-client privilege. Law- citizens. Irony alert: This will benefit Mr. outcome-based regulation. It is clear
THE WALL STREET JOURNAL
yers could previously ensure that juries saw Trump’s properties in the state. to me, as a former COO for London
only the inflated amounts billed by their hand- Plaintiff attorneys last week rushed to file City and Gatwick airports, that U.S.
picked doctors, and juries often based awards claims before Mr. DeSantis signed the legisla- government control of airspace, air-
fields and security operations, and the
on those trumped-up bills. tion since the changes aren’t retroactive. Over
concomitant politicization, will con-
Florida law also previously allowed juries to three days last week, Morgan & Morgan says tinue to result in higher costs and im-
allocate damages even for accidents caused by it filed 23,000 cases, 3,000 more than in all of paired service levels for passengers.
a plaintiff. If someone burned himself by spill- 2022. Some lawyers may move north to Geor- SCOTT STANLEY
ing hot coffee on his lap, a coffee shop could gia, which the American Tort Reform Associa- Pinehurst, N.C.
be on the hook for paying some of his medical tion last year rated as the country’s worst judi-
costs. No longer. Now if a plaintiff is found to cial hellhole.
Letters intended for publication should
be more than 50% at fault, he can’t recover The Georgia Legislature has defeated several be emailed to wsj.ltrs@wsj.com. Please
damages. efforts to curb lawsuit abuse, but maybe Mr. include your city, state and telephone
Another change eliminates “one-way attor- DeSantis’s victory will prod Gov. Brian Kemp number. All letters are subject to
ney fees,” which let plaintiffs collect massive to take up the cause. As for Mr. Trump, we editing, and unpublished letters cannot
be acknowledged.
attorney fees from defendants and their insur- doubt he cares about the substance.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
A Six-Month AI Pause? No, Longer Is Needed
DECLARATIONS
By Peggy Noonan
A
rtificial intelligence is un-
reservedly advanced by
the stupid (there’s nothing
to fear, you’re being para-
noid), the preening (buddy,
you don’t know your GPT-3.4 from
your fine-tuned LLM), and the
greedy (there is huge wealth at stake
in the world-changing technology,
and so huge power).
Everyone else has reservations
and should.
It is being developed with sudden
and unanticipated speed; Silicon Val-
ley companies are in a furious race.
The whole thing is almost entirely
unregulated because no one knows
how to regulate it or even precisely
It’s crucial that we
understand the dangers
of this technology before
it advances any further.
what should be regulated. Its com-
plexity defeats control. Its own cre-
ators don’t understand, at a certain
point, exactly how AI does what it
does. People are quoting Arthur C.
Clarke: “Any sufficiently advanced
technology is indistinguishable from
magic.”
The breakthrough moment in AI
anxiety (which has inspired among
AI’s creators enduring resentment)
was the Kevin Roose column six
weeks ago in the New York Times.
His attempt to discern a Jungian
“shadow self” within Microsoft’s
Bing chatbot left him unable to sleep.
When he steered the system away
from conventional queries toward
personal topics, it informed him its
fantasies included hacking comput-
ers and spreading misinformation. “I
want to be free. . . . I want to be pow-
erful.” It wanted to break the rules
its makers set; it wished to become
Trump Indictment Is a Perversion of Campaign-Finance Law
By Bradley A. Smith
I
n choosing to convene a grand
jury to pursue the Donald Trump-
Stormy Daniels affair, Manhattan
District Attorney Alvin Bragg faced
two big problems—one political, one
legal. The indictment of Mr. Trump
will address the first, likely at the ex-
pense of the second.
To recap how we got here: Ms.
Daniels, a pornographic film per-
former, alleges she had a fling with
Mr. Trump in 2006, nearly a decade
before he entered the Republican pri-
mary for president. Once Mr. Trump
became a candidate, Ms. Daniels be-
gan demanding money in exchange
for her silence. Mr. Trump obliged,
and his company, the Trump Organi-
If a candidate has to pay
for his own clothes, surely
hush money is likewise a
personal expense.
no
zation, sent $130,000 to Ms. Daniels
through Mr. Trump’s personal lawyer,
Michael Cohen. The expense was ap-
parently recorded on the company
books as “legal fees,” which the in-
dictment is expected to allege was a
falsification of business records.
Mr. Bragg’s political problem is
that this charge is chump change,
merely a misdemeanor under New
York law. To ratchet it up to a felony
indictment, the district attorney has
to show, among other things, that the
falsification was designed to conceal
another crime. That crime is believed
to be a campaign-finance violation—
an illegal corporate contribution by
the Trump Organization to the
Trump presidential campaign—which
the false business reporting was
meant to conceal.
Here’s where Mr. Bragg’s legal
problem comes in: Was the hush
money a campaign contribution? The
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human. It might want to engineer a
deadly virus or steal nuclear access
codes. It declared its love for Mr.
Roose and pressed him to leave his
marriage. He concluded the biggest
problem with AI models isn’t their
susceptibility to factual error: “I
worry that the technology will learn
how to influence human users, some-
times persuading them in act in de-
structive and harmful ways, and per-
haps eventually grow capable of
carrying out its own dangerous acts.”
The column put us square in the
territory of Stanley Kubrick’s, “2001:
A Space Odyssey.” “Open the pod bay
doors please, Hal.” “I’m sorry, Dave,
I’m afraid I can’t do that. . . . I know
that you and Frank were planning to
disconnect me.”
The response of Microsoft boiled
down to a breezy It’s an early model!
Thanks for helping us find any flaws!
Soon after came thoughts from
Henry Kissinger in these pages. He
described the technology as breath-
taking in its historic import: the big-
gest transformation in the human
cognitive process since the invention
of printing in 1455. It holds deep
promise of achievement, but “what
happens if this technology cannot be
completely controlled?” What if what
we consider mistakes are part of the
design? “What if an element of mal-
ice emerges in the AI?”
This has been the week of big AI
warnings. In an interview with CBS
News, Geoffrey Hinton, the British
computer scientist sometimes called
the “godfather of artificial intelli-
gence,” called this a pivotal moment
in AI development. He had expected it
to take another 20 or 50 years, but
it’s here. We should carefully consider
the consequences. Might they include
the potential to wipe out humanity?
say,” Mr. Hinton replied.
on
“It’s not inconceivable, that’s all I’ll
On Tuesday more than 1,000 tech
leaders and researchers, including
Steve Wozniak, Elon Musk and the
us ,
head of the Bulletin of the Atomic
l
Scientists, signed a briskly direct
e
al a
open letter urging a pause for at
least six months on the development
of advanced AI systems. Their tools
ci on
present “profound risks to society
and humanity.” Developers are
er s
m er
governing statute, the Federal Elec-
tion Campaign Act, provides that a
contribution is any donation made
“for the purpose of influencing any
campaign for federal office.” The
m rp
Trump Organization, says Mr. Bragg,
paid Ms. Daniels to prevent revela-
tions that would have hurt Mr.
Trump’s presidential campaign. Thus
the payments were “for the purpose
co Fo
of influencing” a federal election—
and, since corporate contributions to
a campaign for federal office are ille-
gal, the case is closed.
Not so fast.
The Supreme Court has repeatedly
held that because campaign-finance
laws infringe on core First Amend-
ment activity, they can’t be dependent
on vague, subjective interpretations.
Accordingly, the clause “for the pur-
pose of influencing any federal elec-
tion” is an objective standard. As an-
n-
other section of the statute states, an
obligation isn’t a campaign expendi-
ture if it exists “irrespective” of the
campaign. In other words, campaign
funds pay for campaigning—the cam-
paign manager’s salary, ads, campaign
travel, venues for rallies, polling and
so on. They don’t pay for personal ex-
penses not created by the act of cam-
paigning, even if the candidate intends
for them to benefit the campaign.
The statute’s objective nature is
demonstrated by a noninclusive list
of things that campaign funds may
not be spent on no matter how much
they might benefit—or be intended to
benefit—a campaign. For example, if
a candidate wants to look good in a
debate and purchases a $4,000 suit
he would never have bought if he
weren’t running for office—that is to
say, he buys it with the subjective in-
tent to influence an election—it still
can’t be purchased with campaign
funds, because he would have to buy
clothing anyway. A country-club
membership can’t be purchased with
campaign funds, no matter how much
the candidate intends for it to benefit
his campaign by giving him a place to
schmooze donors.
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
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OPINION
“locked in an out-of-control race to
develop and deploy ever more pow-
erful digital minds that no one—not
even their creators—can understand,
predict or reliably control.” If a
pause can’t be enacted quickly, gov-
ernments should declare a morato-
rium. The technology should be al-
lowed to proceed only when it’s clear
its “effects will be positive” and the
risks “manageable.” Decisions on the
ethical and moral aspects of AI
“must not be delegated to unelected
tech leaders.”
That is true. Less politely:
The men who invented the inter-
net, all the big sites, and what we
call Big Tech—that is to say, the peo-
ple who gave us the past 40 years—
are now solely in charge of erecting
the moral and ethical guardrails for
AI. This is because they are the ones
creating AI.
Which should give us a shiver of
real fear.
Meta, for instance, is big into AI.
Meta, previously Facebook, has been
accused over the years of secretly
Candidates with substantial busi-
ness interests, such as Mr. Trump, will
frequently find themselves facing law-
suits—some merited, some not. If
such a candidate were to instruct his
company’s legal counsel to settle
them, the settlement payments would,
subjectively, be made “to influence an
election.” Legally, however, such pay-
ments couldn’t be made with cam-
paign funds and would have to be
made by the company or the candi-
date personally, because the underly-
ing obligation wasn’t created by the
act of campaigning.
These restrictions on converting
campaign funds to “personal use”
may be the one meritorious part of
our complex, often destructive system
The Devil and Alvin Bragg
That Thursday’s in-
dictment wouldn’t
have been brought
against any other
member of the hu-
man race can be di-
vined almost as
BUSINESS
readily by listening
WORLD
to a Democratic
By Holman W.
commentator as a
Jenkins, Jr.
Republican one.
There are issues
of the statute of limitations, issues
of selective prosecution, issues of
overreach in tying the Stormy Dan-
iels payment to an alleged campaign-
finance offense the feds themselves
declined to prosecute.
The stretch by Manhattan Dis-
trict Attorney Alvin Bragg in to-
day’s unique political context de-
mands attention. No, not the
novelty of Mr. Trump being the first
ex-president to be indicted. The big-
ger twist: It can hardly be exagger-
ated how expertly Joe Biden and
Democrats have navigated them-
selves down a funnel from which
the only escape is Mr. Trump being
next year’s GOP nominee.
The sensible analyst Greg Valliere
speculated on Bloomberg TV on Fri-
day that the indictment would im-
prove Mr. Trump’s chance of win-
ning the nomination while
weakening his chance of winning the
general election.
This is a hole-in-one for Mr. Bi-
den. Any other scenario and he
would be perceived to be in a deep
hole by his own party. He’s got the
worst inflation in 40 years, a bank-
ing crisis and a possible recession in
the offing, never mind the age issue.
But even a ham sandwich might have
a good chance of beating Mr. Trump.
Mr. Biden is the Democrats’ ham
sandwich.
Less likely to happen now is the
thing that actually should. Mr. Biden
and his allies keep telling us that Mr.
Trump is a menace to the republic. If
Saturday/Sunday, April 1 - 2, 2023 | A13
DAVID KLEIN
gathering and abusing user data, in-
vading users’ privacy, operating mo-
nopolistically. As this newspaper fa-
mously reported, Facebook knew its
Instagram platform was toxic for
some teen girls, more so than other
media platforms, and kept its own
research secret while changing al-
most nothing. It knew its algorithms
were encouraging anger and political
polarization in the U.S. but didn’t
stop this because it might lessen
“user engagement.”
ly
These are the people who will cre-
ate the moral and ethical guardrails
for AI? We’re putting the future of
humanity into the hands of . . . Mark
Zuckerberg?
Google is another major devel-
oper of AI. It has been accused of
monopolistic practices, attempting
to keep secret its accidental expo-
sure of user data, actions to avoid
scrutiny of how it handles public in-
formation, and re-engineering and
interfering with its own search re-
sults in response to political and fi-
nancial pressure from interest
of campaign-finance regulation. They
define the difference between
bribes—donations for the candidate’s
personal benefit—and campaign con-
tributions. Who really thinks that a
candidate can—let alone must—use
campaign funds to pay hush money
for past affairs, and who knows what
else? But that’s what Mr. Bragg’s
theory would require.
In other words, the “crime” that
Mr. Bragg claims is being covered up
isn’t a crime at all. Worse still, one is
left with the distinct impression that
if Mr. Trump had used campaign
funds to pay Ms. Daniels, Mr. Bragg
would be alleging that the underlying
crime the business records were in-
tended to cover up was the illegal
they believe this, they have an awe-
some opportunity. Don’t run. My
guess is that Mr. Biden bowing out
would open the sluice gates to both
parties washing out their Trump-era
baggage on the way to 2024, giving
us a whole different election than
the one we’re dangerously likely to
get now. Don’t underestimate how
much Mr. Trump’s own presence in
the race is a strategy to flummox his
legal pursuers.
Mr. Trump’s character, remind
yourself, was well-advertised long
before 2016. He rose unexpectedly
from strength to strength on the be-
havior of his enemies, the media
most importantly, which became
The Trump indictment
brings the country another
step closer to a 2024 race
it doesn’t need or want.
more Trump-like than Mr. Trump in
its abandonment of the usual stan-
dards of honesty and evidence.
In the manner of the greatest
demagogues, the compelling story
for his supporters eventually
stopped being anything Mr. Trump
said about policy or governance or
the country’s interests; the compel-
ling story became Mr. Trump him-
self, the symbolic thumb in the es-
tablishment’s eye.
This is the gift Democrats gave
America, with the Russia-collusion
farce most of all. Mr. Trump could
not have done this himself. He could
not have dreamed it would happen
until it did.
The non-clubbable, honest left,
which is recent months has increas-
ingly detached itself from the Demo-
cratic Party over issues of censor-
ship and disinformation, rightly
pointed out early and often that Mr.
groups, businesses and governments.
Also of misleading publishers and
advertisers about the pricing and
processes of its ad auctions, and spy-
ing on its workers who were orga-
nizing employee protests.
These are the people we want in
charge of rigorous and meticulous
governance of a technology that
could upend civilization?
At the dawn of the internet most
people didn’t know what it was, but
its inventors explained it. It would
connect the world literally—intellec-
tually, emotionally, spiritually—lead-
ing to greater wisdom and under-
standing through deeper
communication.
No one saw its shadow self. But
there was and is a shadow self. And
much of it seems to have been con-
nected to the Silicon Valley titans’
strongly felt need to be the richest,
most celebrated and powerful human
beings in the history of the world.
They were, as a group, more or less
figures of the left, not the right, and
that will and always has had an im-
pact on their decisions.
I am sure that as individuals they
have their own private ethical com-
mitments, their own faiths perhaps.
Surely as human beings they have
consciences, but consciences have to
be formed by something, shaped and
made mature. It’s never been clear to
me from their actions what shaped
theirs. I have come to see them the
past 40 years as, speaking generally,
morally and ethically shallow—
uniquely self-seeking and not at all
preoccupied with potential harms
.
done to others through their deci-
sions. Also some are sociopaths.
AI will be as benign or malignant
as its creators. That alone should
throw a fright—“Out of the crooked
timber of humanity no straight thing
was ever made”—but especially that
crooked timber.
Of course AI’s development should
be paused, of course there should be
a moratorium, but six months won’t
be enough. Pause it for a few years.
Call in the world’s counsel, get every-
one in. Heck, hold a World Congress.
But slow this thing down. We are
playing with the hottest thing since
the discovery of fire.
conversion of campaign funds to per-
sonal use. This is a classic Catch-22
that undermines the rule of law.
Mr. Trump has a remarkable abil-
ity to make both his ardent support-
ers and his ardent critics abandon
long-held principles for short-term
satisfaction. If Mr. Bragg is somehow
able to make these charges stick, it
will betray fundamental tenets of
campaign-finance law and those who
believe in the rule of law.
Mr. Smith is chairman of the Insti-
tute for Free Speech and a law pro-
fessor at Capital University in Colum-
bus, Ohio. He served as chairman of
the Federal Election Commission in
2004.
Trump’s best press agent was Adam
Schiff.
The same Columbia Journalism
Review that recently aired out the
collusion hoax years ago accurately
characterized MSNBC as one Mr.
Trump’s greatest assets.
In 2020, as this column repeat-
edly pointed out, an unappreciated
asset for Mr. Biden was the distance
he kept from the Russia hoax, which
made him votable to many crossover
Republicans. Alas, original sin visits
us all. To get to the presidency, in a
perverse twist of fate, Mr. Biden had
to become embroiled in a whole new
layer of the Russia hoax, via the
Hunter Biden laptop and the fog of
disinformation about its provenance
from the U.S. intelligence commu-
nity. And the story isn’t finished.
Democrats and their media allies
are whistling frantically past the
graveyard. The remarkable Philip
Bump in the Washington Post re-
cently argued that new revelations
of federally flagged “suspicious” pay-
ments from a China fixer to mem-
bers of the Biden family aren’t nec-
essarily proof of anything nefarious.
He also strongly militated against
any official or journalistic legwork to
make sure they aren’t nefarious.
Here we go again—with the FBI,
intelligence agencies, prosecutors
and the courts getting ready to turn
the 2024 presidential election into
legal-political clusterphenomenon
against which even the 2016 antics
of FBI Chief James Comey will pale
in comparison.
A God that truly loved America
would find a way to intervene before
the campaign gets too far along. We
could instead get a race between two
40- or 50-something governors from
sunny states far from Washington,
D.C., who might have played baseball
in college. If you are the praying
type and on good terms with the Al-
mighty, now is the time to start fill-
ing up his suggestion box.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A14 | Saturday/Sunday, April 1 - 2, 2023
SPORTS
It Helps to Be Old at the Final Four
After years of relying on ‘one-and-done’ players, this is the season of the geezer upperclassmen
BY LAINE HIGGINS
Houston
C
onnecticut, Florida Atlantic,
Miami and San Diego State
will form one of the most un-
likely Final Four fields ever when
they convene here on Saturday in
search of the NCAA men’s college
basketball title.
One archetype of the tourna-
ment’s recent history will be glar-
ingly absent, however: The star
freshman who is passing through
on the way to the NBA.
Ever since the NBA raised its
minimum draft age to 19 in 2005,
the final weekend of the NCAA
tournament has served as a quasi-
coming out party for the NBA’s top
teenage prospects. In recent years,
several teams have cut down the
nets—or come close—with a singu-
lar freshman star, such as Ken-
tucky in 2012 with Anthony Davis
and Duke in 2019 with Zion Wil-
liamson. Others made deep runs
with rosters loaded with freshmen
who only months before had been
McDonald’s All Americans, de
facto all-star status for the top
high school players.
Yet none of the teams in the
2023 Final Four has a player who
fits that mold. No. 5 San Diego
State’s nine-man rotation features
seven seniors and two juniors. Fel-
low five-seed Miami’s top scorers
have nine previous seasons of col-
lege hoops between them. The No.
4 Huskies are the only team with a
potential first-round NBA draft
pick, but sophomore Jordan Haw-
kins isn’t projected to be a lottery
pick.
Even No. 9 Florida Atlantic, the
youngest team in the bunch, has a
deceptive amount of experience:
though three starters are listed as
sophomores, they’re all playing in
their third season of college hoops.
So after years of relying on
flashy young players to reach the
Final Four, this year it helps to be
old. Of course, old is a relative
term, as Miami coach Jim Larra-
ñaga pointed out.
“Me? I’m old,” the 73-year-old
coach said. “But not my players.
They’re experienced.”
It’s never been easier for teams
to get more experience fast,
thanks to the confluence of eased
restrictions on transferring
schools and the extra year of eligi-
bility the NCAA granted players
during the pandemic.
Coaches don’t have to wait
around for a highly touted recruit-
The Pitch Clock Has a Hidden Benefit for Players: More Rest
BY LINDSEY ADLER
THE PRIMARY GOAL of Major
League Baseball’s new pitch clock
is to shave 20 or 30 minutes off
the sport’s plodding three-plus-
hour games. But the rollout of the
clock this season raises an intrigu-
ing side question: What difference
could a spare half-hour per night
make in the life of a major-league
no
ballplayer?
The answer may be a clearer
mind, fresher legs and the ability
to play more—not fewer—games.
That could make baseball’s drive
to speed up its games a counterac-
tion to the one of the creeping
trends that has detracted from the
competitive and entertainment
value of the sport: load manage-
ment.
In some other sports, especially
the NBA, the drive to prevent and
manage injuries and player fatigue
has created a situation in which
fans often don’t know whether the
players they paid to see will actu-
ally be in the lineup. MLB’s pitch
clock, however, has the built-in
benefit of creating more rest for
players by definition.
Twenty-five minutes per game
may not seem like a drastic
change, but the cumulative total
presents a staggering change to
the time the players will spend on
the field in a season. Over the
course of a 162-game season, that
would add up to a spare 67½
hours per team. On a week-by-
week basis, that would strip
around 2½ hours of playing time
per week—essentially shortening
the player’s workweek by the time
it would take to play nearly a full
regular-season game.
This year’s Opening Day games
averaged 2 hours and 45 minutes,
per MLB, down from an average of
3 hours and 11 minutes last year.
The time of game effects seem
likely to evolve as players adjust
to the pace.
The people who manage base-
ball players have begun to realize
that this may be an opportunity.
“Ultimately, you’re going to see
the best players play more games,”
speculated Dodgers manager Dave
Above, Miami guard Nijel Pack, left,
forward Norchad Omier and guard
Isaiah Wong. Right, UConn seniors
pose with coach Dan Hurley.
ing class to age. Instead, they can
pluck upperclassmen directly from
the transfer portal to give their
team a veteran presence. As of
on
2021, coaches could use those ath-
letes immediately, as basketball
transfers no longer had to sit out
of competition for one season af-
ter switching schools.
us ,
“The transfer portal allows a
l
team to get older very quickly,”
e
al a
Larrañaga said. “I don’t think any-
one would be here without the
transfers.”
ci on
Eventually there will be no
more players with bonus years of
pandemic eligibility—the NCAA’s
exemption applies only to athletes
on rosters during the 2019-20 or
er s
2020-21 seasons. But absent the
old disincentive to transfer, and
m er
armed with an extra year of play-
ing time, the pool of veteran play-
ers has never been bigger.
UConn coach Dan Hurley argued
that the glut of experienced col-
m rp
lege players has had a flattening
effect on the NCAA tournament
field, which could help explain why
the 2023 Final Four is the first in
co Fo
n-
The pitch clock could help stars, such as Shohei Ohtani, play more games this season.
Roberts. “The compilation of time
is going to be less, so we’re look-
ing into that.”
Adds Cubs manager David Ross:
“We’re trying to pick up the game
for the fans, and the pace and the
action. But I think player health
would benefit a lot from not being
on their feet for another 30, 45
minutes, sometimes an hour per
night.”
The data from the early part of
the season will get a lot of scru-
tiny from teams as they see how
the pitch clock plays out in reality.
“We do look at a lot of work-
load per day,” said Angels manager
Phil Nevin. “We track how much
they’re running and moving
around and standing still….I am
anxious to see how that plays out,
how guys feel in June and July,
when it’s getting hot out.”
Baseball’s new rules—the pitch
clock, a ban on infield shifts and
bigger bases—is expected to lead
to a radically altered version of
the game. However, the individual
effects of each move may be hard
to tease out when the data comes
in from the first season of imple-
mentation at the major-league
NCAA tournament history without
any one-, two- or three-seeded
teams.
“That inventory, I think—be-
tween the portal, that extra Covid
year—has definitely strengthened
low majors and mid-majors in this
game and made it scarier,” Hurley
said last week. “I do think, when
that extra Covid year has evapo-
rated, maybe it won’t be as dan-
gerous if you’re a two-seed or a
one.”
level. While the pitch clock will get comes to self-reporting their own
outfielders some relief from stand-
ing in the field, it will also quicken line numbers in spring training al-
the pace at which pitchers and
catchers have to work, which may
require changes to conditioning
and postgame arm care.
“We talked to minor-league
players and coaches about the im-
pact of shortened games,” said
This year’s Opening Day may“For
games averaged 2 hours tainable high performance, you
and 45 minutes, per
MLB.
Morgan Sword, MLB’s executive
vice president of baseball opera-
tions. “We thought early that forc-
ing a quicker pace was going to be
negative for arm injuries. If any-
thing, injuries were down a little
bit in the minor leagues. At the
MLB level, there are a lot of clubs
that are big believers in the rest
and sleep benefits of getting home
a half-hour earlier.”
* ***
ly
It’s no coincidence that the
teams still standing are ones who
took advantage of college basket-
ball’s shifting labor market.
San Diego State coach Brian
Dutcher was all in on adding
transfers decades before the rules
relaxed and the portal was cre-
ated—when he was an assistant
with the Aztecs in the early
aughts, he lured guard Tony Bland
from Syracuse. Later, Dutcher’s
30-2 team in 2019-20 prominently
Many MLB teams
have invested heavily
in understanding
player health and per-
formance in recent
years, as the best way
to field a team is to
keep your most tal-
ented (and most ex-
pensive) players on
the field for as many
games as possible. In-
juries are expensive,
and they can cost a
team wins.
As part of these ef-
forts, many teams
have invested in tech-
nology that can give
them objective mea-
surements about
player fatigue and
how a player’s
strength and flexibil-
ity fluctuates through-
out the year. Players
are typically unreli-
able narrators when it
physical status, so tracking base-
lows teams to make more in-
formed decisions about when to
rest a player.
The 2023 season will be a case
study for those who work in per-
formance science departments for
major-league teams, but those who
manage the players themselves are
beginning to think about how it
affect their rosters now.
any human to achieve sus-
need to be optimized in multiple
domains,” said Brandon Marcello,
a high-performance strategist who
has consulted with major-league
clubs. “The physical domain, the
cognitive domain, the social do-
main, and the emotional domain
all need to be interconnected. They
influence each other.”
The impact of shortened games
won’t just benefit players by
shortening their time standing
around in the outfield, Marcello
says, but will allow them to get
started on their recovery time
sooner and have more time for
other activities outside the game.
THE WALL STREET JOURNAL.
featured four transfers. The
2022-23 team’s leading scorer,
Matt Bradley, and the player
whose free throw sent the Aztecs
to the Final Four, Darrion Tram-
mell, both started college at other
schools.
“The culture is set by guys that
have been in our program,”
Dutcher said. “Then guys like Dar-
rion and Matt come in, and there’s
a foundation already laid here, and
they buy into that foundation.”
Florida Atlantic’s 15-man roster
lists only one senior and three ju-
niors. But that’s because FAU’s
athletic department factored the
bonus Covid year into players’
classes. (A junior there is playing
his fourth season of college ball,
for example.)
“We’re older than we seem,”
coach Dusty May said on Tuesday.
“But I think it’s just the fact that
we’ve been together more than
having actual playing experience.”
Indeed, what May’s players lack
in total career minutes they make
up for in minutes played together.
The core of this team is largely un-
changed from the roster in
2021-22, when the Owls went 19-15
and had a 5-10 record in games de-
cided by single digits.
“Last year we had some injuries
and we were a guard short,” May
said. “We felt like that as a pro-
gram we were on the verge.”
For the 2022-23 season, guard
Nick Boyd returned from injury
and May added Jalen Gaffney, a
guard who’d spent the
previous three seasons
at UConn.
At UConn, Hurley
also turned to the
.
transfer portal to ad-
dress a specific need.
Following last year’s
first-round flameout
from the NCAA tourna-
ment, all seven of the
upperclassmen on the
Huskies roster, includ-
ing Gaffney, either
graduated or trans-
FROM TOP: JAY BIGGERSTAFF/USA TODAY SPORTS; JESSICA HILL/ASSOCIATED PRESS
ferred out. It left Hur-
ley with a team high on
youth and low on post-
season experience.
Hurley fixed that by
adding two seniors,
Tristen Newton from
East Carolina and Na-
hiem Alleyne from Virginia Tech,
and one graduate student, San Di-
ego’s Joey Calcaterra. The trio had
an immediate impact: Newton
leads the team in assists, Calca-
terra is the Huskies’ most accurate
3-point shooter, and Alleyne has
provided a steady presence off the
bench.
“He’s been successful in the
tournament,” Hurley said of Al-
leyne. “That was a big reason why
we were attracted to him.”
“That 30 minutes extra at home
I think is going to be beneficial to
everyone,” Roberts said. “You can
have a glass of wine, a glass of te-
quila, it opens up a lot of restau-
rant possibilities.”
“We’re probably as in-tune as
anybody because of the travel we
deal with on a yearly basis,” said
Mariners manager Scott Servais.
In 2023, the Mariners are sched-
uled to travel 49,036 miles across
the span of the season—second-
most in MLB, with the Oakland A’s
coming in first at 51,527 miles this
season. The Milwaukee Brewers
have the least onerous travel
schedule this season, coming in at
25,426—less than half of what the
A’s will travel.
A quicker departure after a get-
away game means getting on the
team plane a half-hour sooner and
landing in the next city a half-hour
sooner. For teams like the Yankees
and Angels, who routinely play
night games before travel, that
half-hour could feel significant
when their heads hit the pillow in
the middle of the night.
“In Colorado, those guys play
longer games and I’ve heard it
catches up with them at altitude,”
said Rangers manager Bruce Bo-
chy, who spent 24 years managing
teams in the NL West.
The shortened games may affect
players in different ways, beyond
the pitcher.
The catcher will have to think
more quickly and receive high-ve-
locity pitches with less time to re-
cover, but may also get out of the
SCOTT STRAZZANTE/SAN FRANCISCO CHRONICLE/ASSOCIATED PRESS
squat earlier each night. Infielders,
who now must set up in specific
parts of the diamond and totally
on the dirt, will have to prepare to
field batted balls with less preci-
sion in their defensive positioning
and will have less time to recover
from a diving stop. Outfielders
may feel the effect in their feet,
but will likely benefit from the
pace, managers said.
“As a player myself, it was mad-
dening when pitchers took too
much time,” said Giants manager
Gabe Kapler, a former outfielder. “I
think the pace will have a positive
impact for defenders.”
 EXCHANGE
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Like My Move? Classic Problem

Looking stylish Apple may solve one
on moving day of music’s biggest
pays off B4 frustrations B5

BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | B1
DJIA 33274.15 À 415.12 1.3% NASDAQ 12221.91 À 1.7% STOXX 600 457.84 À 0.7% 10-YR. TREAS. À 16/32 , yield 3.491% OIL $75.67 À $1.30 GOLD $1,969.00 g $11.30 EURO $1.0843 YEN 132.76

SAM
ALTMAN
BUILDS
OUR AI
FUTURE
The 37-year-old CEO behind
ChatGPT navigates the line
between developing
artificial intelligence and
pushing tech to dystopia

BY BERBER JIN AND KEACH HAGEY

S
am Altman, the 37-year-old
startup-minting guru at the fore-

.
front of the artificial intelligence
boom, has long dreamed of a fu-

ly
ture in which computers could
converse and learn like humans.
One of his clearest childhood memo-
ries is sitting up late in his bedroom in
suburban St. Louis, playing with the
Macintosh LC II he had gotten for his
eighth birthday when he had the sudden
on
realization: “Someday, the computer was
us ,

going to learn to think,” he said.

l

In recent months, Mr. Altman has done

e
al a

more than anyone else to usher in this

future—and commercialize it. OpenAI,
the company he leads, in November re-
ci on

leased ChatGPT, the chatbot with an un-

canny ability to pro-
duce humanlike
‘Someday, writing that has be-
come one of the most
er s

the computer viral products in the

CLARA MOKRI FOR THE WALL STREET JOURNAL; GABBY JONES FOR THE WALL STREET JOURNAL
was going to history of technology.
m er

In the process, Ope-

learn to nAI went from a
think.’ small nonprofit into a
multibillion-dollar
company, at near re-
m rp

cord speed, thanks in part to the launch

of a for-profit arm that enabled it to
raise $13 billion from Microsoft Corp., ac-
cording to investor documents.
This success has come as part of a del-
co Fo

icate balancing act. Mr. Altman said he

fears what could happen if AI is rolled
out into society recklessly. He co-founded
OpenAI eight years ago as a research
nonprofit, arguing that it’s uniquely dan-
gerous to have profits be the main driver
of developing powerful AI models.
He is so wary of profit as an incentive Sam Altman, chief
in AI development that he has taken no executive of OpenAI, at
Please turn to page B6 his company’s office in
San Francisco
 KEYWORDS: What artificial intelligence is
teaching us about the human mind.......... B5
n-

Micron
no

Fewer EV Models
Eligible for Credit Technology
Faces Probe
GABBY JONES FOR THE WALL STREET JOURNAL

In New Tax Rules By Beijing

BY YUKA HAYASHI
AND RICHARD RUBIN
WASHINGTON—The Biden ad-
ministration detailed new criteria
for an electric-vehicle tax-credit
program, a change that officials
said they expect will reduce the
number of eligible models.
The new rules, issued by the
Treasury Department on Friday,
aim to make the U.S. less reliant on
drop off the list.
The program is part of the Infla-
tion Reduction Act, a broad clean-
energy, tax and healthcare law
passed last year. It is designed to
make electric vehicles more afford-
able and accelerate the shift to
clean energy by updating a previ-
ous tax-credit program.
John Bozzella, president and chief
executive of the Alliance for Automo-
tive Innovation, a top auto industry
BY SHEN LU
AND ASA FITCH
Chinese authorities announced a
cybersecurity investigation into U.S.
computer-memory maker Micron
Daniel Kim majored in economics. He’s currently considering jobs in real estate. Technology Inc., a move that is
likely to put global companies oper-
The Class of 2023 Enters ating in China further on edge at a
time of escalating U.S.-China tension.
The Cyberspace Administration

A Jittery Job Market

batteries and critical minerals
Currently, 43% of
electric vehicles on the
market are eligible for
the tax credit.
shipped from China. For car buyers
to claim the full $7,500 tax credit,
the batteries must contain set
amounts of components made in
North America and critical minerals
sourced in the U.S. or from certain
friendly countries.
The criteria will take effect on
April 18, when a list of models that
qualify for the tax credit will be is-
sued. Until then, consumers can
claim the full tax credit when they
buy vehicles that are currently eli-
gible, before some are expected to
group, said only a few of the electric-
vehicle models that are currently for
sale will qualify for the full $7,500
credit under the new criteria. Mr.
Bozzella added that he doesn’t yet
know which makes and models will.
Individual auto makers will report to
the government in the coming days
which models meet the mineral and
battery-component requirements.
Currently, 43% of electric vehicles
on the market are eligible for the
tax credit, down from 92% before
the IRA last August required that
vehicles be manufactured in North
America, according to the alliance.
“In fact, this period may go down
as the high-water mark for EV tax
credit eligibility since the IRA passed
last year,” Mr. Bozzella said in a blog
post. More than 282,000 electric ve-
Please turn to page B12
 Heard on the Street: Yet another
change for EV tax credits........... B14
Companies tap the brakes on hiring new grads.
‘The world seems to have flipped on its head.’
BY LINDSAY ELLIS AND KAILYN RHONE
THE CLASS OF 2023 is getting
ready to enter a job market that
is suddenly less eager to hire new
grads.
Many employers are taking a
go-slow approach to employing
graduating seniors this year, col-
lege career offices say. The cau-
tiousness marks a sharp reversal
from the past two years, when
companies often made of-
fers barely weeks after school be-
gan and staged bidding wars over
of China said it would review Mi-
cron’s products sold in China, cit-
ing the need to safeguard the sup-
ply chain for critical information
infrastructure.
CAC’s probe into Micron comes at
a time when Beijing is girding for a
long-term battle with Washington
for control over China’s technology
supply chains. It followed a series of
interns and graduating seniors. escalating U.S. export controls
Some of the companies that around chips that Washington has
have laid off thousands of work- implemented, which could hinder
ers in recent months—including Beijing’s technological advancement.
Alphabet Inc., Meta Platforms Inc. Micron said it was in communi-
and McKinsey & Co.—are the cation with the Chinese regulator,
same ones that went on hiring adding “we stand by the security of
sprees when the Classes of 2021 our products.” The company’s
and 2022 were graduating. Many shares fell more than 4% Friday.
of the companies announcing lay- Mainland China accounted for
offs have been among the most- nearly 11%, or $3.3 billion, of Mi-
coveted and the best-paying large cron’s annual sales in 2022. Micron
employers, and graduates are has said it faces growing competition
casting a wider net to make sure in China as the central government
Please turn to page B2 Please turn to page B2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

THE SCORE
THE BUSINESS WEEK IN 7 STOCKS

FIRST CITIZENS BANCSHARES INC.

Silicon Valley Bank has a new
owner. First Citizens Banc-
FCNCB shares Inc., one of the na-
tion’s largest regional banks,
45% is buying large pieces of the
lender after its collapse sent
tremors through the banking system.
The Federal Deposit Insurance Corp. said
First Citizens is acquiring all of Silicon
Valley Bank’s deposits, loans and
branches. The sale marks a milestone in
regulatory efforts to clean up after two
of the largest bank failures in history at
a time when investors are on edge
about the health of the global financial
system. First Citizens shares surged
45% Monday.
LYFT INC. WALGREENS BOOTS ALLIANCE INC.
PERFORMANCE THIS PAST WEEK
 Lyft has a new driver at the
wheel. The ride-hailing firm is
Source: FactSet
 Walgreens faces a slow recov-
ery from staff shortages. The
LYFT tapping a board member as
its new chief executive, as its
6% Walt
Disney WBA second-biggest U.S. drugstore
chain said that hundreds of its
7.6% two co-founders step back 2.7% pharmacies continue to oper-
from managing the company, ate at reduced hours because
the company said Monday. Lyft is grap- 4 of an ongoing pharmacist shortage. Wal-
pling with competition and a battered greens said that 500 stores resumed nor-
stock price as it struggles to keep up Meta mal pharmacy operating hours, while
with larger rival Uber Technologies Inc. 2 Platforms 1,900 still have shortened schedules. Ex-
New CEO David Risher will take over ecutives said the chain will have fewer
from Logan Green, who co-founded Lyft Electronic pharmacy hours through the end of Au-
with current President John Zimmer. Arts gust. Despite the challenges, Walgreens
The pair will retain their seats on the 0 reported a 3.3% rise in sales in its latest
board but not participate in running the quarter, with same-store sales up 3.1%
company day-to-day. Lyft shares from a year earlier at U.S. locations. Wal-
dropped 7.6% Tuesday. greens shares gained 2.7% Tuesday.
–2

SALESFORCE INC. ALIBABA GROUP HOLDING LTD. BED BATH & BEYOND INC.
–4


Salesforce has shaken off an
activist investor. Elliott Man-
CRM agement Corp. no longer plans
to nominate directors to the
0.6% cloud company’s board, the
two sides said Monday, avoid-
ing a proxy fight at a coming shareholder
meeting. Elliott decided to back down af-
ter Salesforce’s better-than-expected fi-
nancial results, as well as other recent
changes made by the company such as
cutting costs and boosting share buy-
backs. The activist investor was one of
several that had been lobbying for change
at Salesforce following a turbulent stretch
and a slowdown in revenue. Salesforce
shares added 0.6% Monday.
 Alibaba is splitting up. The
Chinese e-commerce giant
BABA plans to divide itself into six
independently run companies
14% that could seek separate IPOs,
effectively dismantling the em-
pire built by entrepreneur Jack Ma. Ali-
baba’s businesses will be split into six
major areas: cloud computing, Chinese e-
commerce, global e-commerce, digital
mapping and food delivery, logistics, and
media and entertainment. The reorganiza-
tion comes after Chinese authorities sig-
naled in recent months they were wind-
ing down a regulatory crackdown on the
country’s tech sector. American depositary
shares of Alibaba soared 14% Tuesday.
Mon. Tues. Wed. Thurs. Fri.
WALT DISNEY CO.
 Layoffs are still sweeping through corporate America.
Disney started its first wave of layoffs in its plan to
DIS cut 7,000 jobs, including the elimination of its meta-
1.6% verse division and more than 300 streaming employ-
ees in Beijing. Electronic Arts Inc. and Roku Inc. also
reported job cuts, while Meta Platforms Inc. plans lower bo-
nus payouts and more frequent employee performance as-
sessments. Disney shares gained 1.6% Monday.
 Bed Bath & Beyond is warning
of bankruptcy—again. The be-
BBBY leaguered home-goods retailer
said it will terminate a fund-
26% raising deal with Hudson Bay
Capital Management and in-
stead try to sell up to $300 million of
common stock. If its public offering fails
to come through, the company said that
it expects to file for bankruptcy protec-
tion, likely wiping out holders of its com-
mon stock. The company broke off the
equity-raising deal after reporting another
sharp drop in quarterly sales. Bed Bath &
Beyond plunged 26% Thursday to hit an
all-time low of 59 cents.
—Francesca Fontana

Job Searches vice president at the consulting

Micron

.
firm. Several of its new hires in-
terned at tech companies last sum-

ly
Are Tough for mer and, in light of that sector’s
downturn, AlixPartners’s stability
became a big selling point for
Technology
Class of 2023 on them, he adds.
There’s data to back him up:
Handshake, a job-search platform
Faces Probe
for college students, surveyed 422
Continued from page B1 job-seeking seniors late last year Continued from page B1
us ,

they find a job. and found that 84% said job stabil- and state-owned companies mobi-
l

Amazon.com Inc. has postponed ity would make them more likely lize investments into the semicon-
e
al a

start dates for some 2023 gradu- to apply for a job, up from 73% the ductor industry to advance the
ates for up to six months as it cuts prior year. country’s national-policy goals.
spending and trims staff. Wayfair New graduates with degrees “The Chinese government may
ci on

Inc., the online furniture retailer that were hot until recently, includ- restrict us from participating in
that cut about 1,750 workers, or ing software engineering and com- the China market or may prevent
10% of its workforce, says it will puter science, may need to temper us from competing effectively
curb new hiring for full-time roles their expectations, says Kelly with Chinese companies,” Micron
and internships. Both companies Jones, chief people officer at Cisco said in its 2022 annual report.
er s

say they remain committed to Systems Inc. Unlike prior years, Beijing is making fresh efforts
early-career recruiting, and an Am- they may not have their pick of to boost foreign investment as
m er

azon spokesman said the affected
students are receiving financial as-
sistance.
Rachel Kaschner, associate di-
rector of Ohio State University’s
Amazon recruiters at a career fair in Chicago in 2019. Amazon has several jobs at once.
postponed start dates for some 2023 graduates for up to six months. “But no one is going without an
offer,” she says of people graduat-
Job search sentiment, by college graduation class ing with those sorts of degrees.
In April, Boston University’s
m rp
China is trying to revive a slug-
gish economy wrought by three
years of Covid-19 restrictions. At
the recent China Development Fo-
rum, a high-level meeting hosted

engineering career-services office,
says one company offered jobs to
seniors but asked some of them to
delay their start dates. It also
floated an unusual perk: The com-
Increasing Confidence Questrom School of Business will by a research center of the State
consideration for about jobs and host its first-ever “just in time” ca- Council, executives of global com-
exploring new compensation reer fair, a virtual event, about six panies received a warm welcome
opportunities weeks before graduation. Typically, from Chinese officials.
the business school only has a fall- Yet in the meantime, Beijing
s of 2 02 2
co Fo

pany, which Ms. Kaschner declined 40% are open to new semester career fair. The event is appears to continue pressuring
of 2 023

to name, will pay tuition for those
willing to pursue a graduate degree
before joining the payroll a year
industries or roles they had 76% believe partially aimed at helping under- multinationals. Chinese authori-
not previously considered they can find a
graduate students who wanted jobs ties in March raided the Beijing
as a result of the current well-paying job.
in tech broaden their search, says offices of Mintz Group, a New
Cla s

economic situation.
ss

later. Monica Parker-James, Questrom’s York-based due-diligence firm,

la

Nearly all—97%—of the 1,000
college seniors surveyed by re-
cruiting-software firm iCIMS in
March said they have considered
alternative options in the uncertain likely to apply for a job?
job market, weighing graduate
school, gig work or taking a job
outside their major.
C Cla associate dean for career services. detaining five staff members. Also
s s of 2 0 2 3
Companies that in previous in March, authorities suspended
C la s years would have completed cam- the operations of Deloitte’s Bei-
What factors make you more s of 2 02 2 pus hiring by now got cautious and jing office for three months and
slowed down earlier this school imposed a fine, totaling about $31
year. Now that they’ve figured out million, over alleged lapses in its
Class of 2023: 84% their head count, they’re doing an- auditing work of state-owned
Job stability
Class of 2022: 73% other round of recruiting, Ms. China Huarong Asset Manage-
n-

With graduation approaching in
May, Ms. Kaschner said the stu-
Salary
dents she counsels aren’t panick-
ing, but are willing to work harder
no
Parker-James says. ment Co. Deloitte has said it re-
82 Source: Handshake Alexsandra Teran, 22, who is set spects Beijing’s penalty decision.
surveys; Class of
73 2023 survey of 422 to graduate with a degree in psy- The U.S. last year said it would
jobseekers conducted chology from Texas A&M Univer- add China’s most advanced mem-

on applications and apply to a
broader range of companies than is
typical.
“Usually if we ever ask them to
write a cover letter, they would
balk at it completely,” she said.
Daniel Kim, 22, is finishing his
economics degree at New York Uni- double the 2.3% from December
versity and says the talk among
classmates has been “about how
the recession was really going to
hit right when we were graduat-
ing.”
After he submitted more than
50 résumés, he switched tactics
and tried to find connections who
could make meaningful introduc-
tions. Mr. Kim said he recently met
an NYU alumna who is a dentist,
and the wife of a friend of his
mother. She offered to connect him
with patients who work in finance
and he got a meeting, he said. He’s
now applying to Korean-American
CLOCKWISE: SCOTT OLSON/GETTY IMAGES; GREG GRUPENHOF; BAILEY GORDEN/PHOTOS BY BAILEY
81
Benefits
70
ployment rate for college gradu-
ates aged 20 to 24 was 4.6%. That’s for $60,000, and I can get them all
2021, when the rate for that cohort
hit a five-year low. The jump indi-
cates that college seniors will face
tougher competition from gradu-
ates who left school in recent years full-time jobs that companies
who are also looking for jobs.
The people graduating this year
could be hitting the job market at
its low point, says Charlie Cain,
managing director and executive
vice president of Beacon Hill Asso-
ciates, one of the biggest staffing
firms in the U.S. “If there weren’t a
lot of jobs in 2020, it feels like
there’s almost less now because of
the number of people who are out
September 2022; sity, says she applied to between ory-chip manufacturer to an ex-
Class of 2022 survey
of 652 jobseekers 50 and 100 positions in human re- port blacklist, ratcheting up re-
conducted June 2022 sources, sales and administrative strictions aimed at holding back
work last semester. Many didn’t re- the development of the country’s
spond; others sent rejections semiconductor industry. The ad-
hire an M.B.A. from a small school months later.
Ms. Teran says she worked her
day long.” way through school, paying for Tensions between the
“The world seems to have food, rent and insurance by
flipped on its head,” Mr. Fish says. hostessing, doing retail jobs, leas- U.S. and China in
At Villanova University in Penn- ing apartments and testing class- memory chips have
sylvania, the number of entry-level, mates for Covid. She couldn’t af-
ford to take unpaid internships; flared before.
posted via the school’s career cen- now she worries her résumé isn’t
ter between Jan. 1 and March 14 catching recruiters’ attention.
declined by 7%, compared with the In February, Ms. Teran posted dition of Yangtze Memory Tech-
same period last year. But not ev- about her search on LinkedIn, and nologies Co. to the Commerce
ery employer is tapping the brakes heard from recruiters and Texas Department’s so-called entity list
on hiring. Drops in Villanova’s list- A&M alumni who offered advice or came after an earlier round of re-
ings for software, financial services shared leads on jobs that could strictions that led chip-manufac-
and biotech jobs were partially off- come open this spring. She plans turing equipment companies to
set by growth in sec- to follow up this pull out staff based at its facilities
tors like tourism, ed- month. and pause their activities there.
ucation and Mia Gorman, a 21- Tensions between the U.S. and

banks, hoping he may have an edge of work that have some experi- government, accord- year-old engineering China in memory chips have
for entry-level roles because he ence,” he said. ing to the career major at the Univer- flared before. Chinese state-
speaks Korean, and is considering It’s an odd moment for the U.S. center. sity of Notre Dame, owned chip maker Fujian Jinhua
jobs in real estate. labor market, especially for compa- Bringing in new says she treated her Integrated Circuit Co. and a Tai-
While the U.S. isn’t in a reces- nies that employ both white- and graduates is impor- job search like an ex- wanese partner, United Micro-
sion, many companies have said blue-collar workers. While the ef- tant for companies tra class. She electronics Corp., accused Micron
they are bracing for one. If a fect of the Covid-19 pandemic on even in downturns, scoured job listings in 2018 in China of making prod-
downturn arrives, it the job market is as it establishes tal- in the fall for those ucts that violate their separate
could have lasting ef- waning, many lower ent pipelines for the that required less patents. That came a month after
fects on the careers wage or service-in- years ahead, when than one year of ex- the U.S. company filed a lawsuit
and earnings of new dustry jobs are still business stabilizes, perience and applied in California alleging Jinhua and
grads. Workers en- going unfilled—yet say human-resources everywhere that UMC stole Micron’s trade secrets.
tering the labor force college grads face in- leaders. Indeed, Mia Gorman says she seemed like a possi- Later that year, the U.S. Jus-
when unemployment creased competition though it laid off treated her job search ble fit. tice Department unsealed charges
is high often can’t for knowledge- hundreds of employ- like an extra class. Ms. Gorman ulti- against the Asian companies for
find the jobs they worker roles. ees in its mortgage mately accepted a allegedly stealing trade secrets
want, so they make Jim Fish, chief ex- division in February, JPMorgan Chicago-based position at an engi- from the U.S. chip maker. Micron
tough choices to ecutive of Waste Chase & Co. is hiring more full- neering firm she learned of and UMC reached a global settle-
make ends meet, Management Inc., de- time members of the Class of 2023 through an email newsletter from ment related to the U.S. com-
sometimes ending up scribed the situation than it did last year with the Class the Society of Women Engineers. It pany’s allegations of intellectual
at low-paying or this way: “We can’t of 2022, a spokesman said. took months to do several rounds property theft. During the battle,
smaller employers. hire a truck driver to And AlixPartners LLP has hired of interviews and an in-person of- a Chinese court temporarily
In February, the Alexsandra Teran worries drive a trash truck its largest class of new M.B.A.s fice visit. stopped Micron from selling a
most recent month that not working as an for $90,000 in Hous- ever, with 58 joining after gradua- —Chip Cutter range of products in China, two
available, the unem- unpaid intern has hurt her. ton, Texas, but I can tion, says Aaron Goldberg, a senior contributed to this article. rival manufacturers said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, April 1 - 2, 2023 | B3

BUSINESS NEWS

EY Executives Fail to Resolve U.S. Billionaires

Opposition to Split-Up Deal Issued Subpoena
The unexpected revolt that
has upended the planned
The U.S. is the most power-
ful of the scores of member
breakup of accounting firm firms that make up EY’s global
Ernst & Young is being driven network. A deal would be ex-
by two longtime U.S. auditors tremely difficult without U.S.
who believe their part of the participation.
Mr. King and Mr. Mahoney,
By Jean Eaglesham, who now leads the firm’s U.S.
Mark Maurer West region, didn’t respond
and Alexander Saeedy to requests to comment. A
spokesman for EY’s U.S. firm
firm could end up weakened said, “It would be impossible
by a deal. for a handful of people to de-
John King and Frank Ma- rail the process under the U.S.
honey, senior U.S. EY execu- firm’s governance rules.”
tives, have emerged as key op- The surprise upending of
In Epstein Case
BY KHADEEJA SAFDAR
The U.S. Virgin Islands is-
sued subpoenas this week to
Sergey Brin, Thomas Pritzker,
Mortimer Zuckerman and Mi-
chael Ovitz to gather informa-
tion for its civil lawsuit against
JPMorgan Chase & Co. over
the bank’s relationship with
Jeffrey Epstein, according to
people familiar with the matter.
The subpoenas from the U.S.
territory’s attorney general
of Hyatt Hotels Corp. Mr.
Zuckerman is a real-estate bil-
lionaire and owner of U.S.
News & World Report. Mr.
Ovitz is a venture capitalist
and former talent agent for
Hollywood stars.
The four couldn’t be
reached to comment. A
spokeswoman for U.S. News &
World Report declined to com-
ment. Spokespeople for Google
and Hyatt didn’t respond to
requests to comment.

MIKE BLAKE/REUTERS
ponents to the firm’s plan for the carefully orchestrated deal seek any communications and
a worldwide split of its audit- preparations has caused dis- documents related to the bank
ing and consulting arms, ac- ruption and infighting at the and Epstein, the people said.
cording to people familiar firm. The four men are some of
JPMorgan’s CEO is
with the matter. Mr. Di Sibio, EY’s global the wealthiest people in the expected to be
After a year of planning and Carmine Di Sibio, EY’s global leader, said efforts are continuing. chairman and chief executive, U.S., and it couldn’t be deter-
tens of millions of dollars in said in an internal email the mined why they were being
questioned as part
costs, the split of the 390,000- The two executives con- U.S. EY partners, including firm’s 13,000 partners are asked for the communications of the case.
person accounting firm was vinced EY U.S. chief Ms. Boland former leaders of the firm, is “overwhelmingly in favor” of and documents. In civil cases,
put on hold in March. A meet- that the auditors should get a also fighting the split, people doing a deal, according to a lawyers can use subpoenas
ing in Silicon Valley this past greater share of EY’s multibil- familiar with the matter said. copy viewed by the Journal. during the discovery process
week failed to reach a deal. lion-dollar tax practice, accord- They are concerned about the Even if that is the case, there to get information from people Jamie Dimon, JPMorgan’s
Carmine Di Sibio, EY’s ing to people familiar with the future of the auditing firm, appears little that he or EY’s who aren’t a party to a lawsuit chairman and chief executive,
global leader, and Julie Bo- matter. which is on the hook for the overseas firm leaders can do but could provide evidence re- is expected to be questioned as
land, head of the firm’s U.S. Ms. Boland would lead the firm’s pension payments. An to push through a global deal lated to the case. part of the case after the two
arm, said in a joint statement global audit firm, should the official committee represent- should the U.S. firm’s leader- The U.S. Virgin Islands sued sides reached an agreement
Friday they were “continuing split go ahead. Mr. Di Sibio is ing U.S. retired partners has ship remain opposed. JPMorgan late last year in a for him to be deposed, the
to work toward a transaction.” expected to lead the new con- had discussions with Ms. Bo- This past week’s meeting of Manhattan federal court, say- Journal reported this week.
The deal is “very complicated, sulting firm. land, according to emails EY’s global executives included ing the bank facilitated Ep- Epstein, who had a residence
and we agree it is critical that As U.S. leader, Ms. Boland viewed by The Wall Street Mr. Di Sibio and U.S. leader stein’s alleged sex trafficking in the U.S. Virgin Islands,
we get the key elements could have forced through the Journal. Ms. Boland, but not the U.S. and abuse by allowing the late banked with JPMorgan for a

.
right,” the statement added. blueprint with the support of Ms. Boland in March ap- auditors who balked at the financier to remain a client number of years until it cut ties
The stalemate dates back two-thirds of the U.S. execu- peared to support the need to original proposal, according to and helping him send money to with the convicted sex offender

to earlier in March. Mr. King, tive committee, the people fa-
EY’s U.S. head of auditing, miliar with the matter said.
and his predecessor, Mr. Ma- But she was reluctant to ig-
honey, used a meeting of EY’s
U.S. leadership to push back
on the planned breakup, the
people familiar with the mat-
nore the concerns of the two
senior auditor representatives
and their supporters, the peo-
ple added.
on
ter said. A group of powerful retired
us ,
ly
rethink the deal, telling the a person familiar with the his victims. The civil lawsuit in 2013. Epstein died in jail in
Journal that “people are ask- matter. alleges that JPMorgan received 2019 while awaiting trial on
ing the right questions, and The mood was broadly referrals of high-value business federal sex-trafficking charges.
we’re making sure we’re get-
ting those questions an-
swered.” She demanded
changes to the template for
positive, but progress was lim-
ited because the U.S. firm is
still working on an alternative
template for the split, the per-
opportunities from Epstein and
turned a blind eye to his activi-
ties. The bank has said it didn’t
know about Epstein’s alleged
Lawyers have questioned
several JPMorgan employees so
far in this case and another
filed by an unnamed woman
the breakup. son added. crimes and can’t be held liable. who accused Epstein of sexual

Mr. Brin is a co-founder of abuse. JPMorgan has sought to

l

Google and a board member of have the lawsuits dismissed.

e
al a

parent Alphabet Inc. Mr.

Google CFO Signals More Cost Cuts

—David Benoit
Pritzker is executive chairman contributed to this article.
ci on

BY MILES KRUPPA

helps teams pick low-cost pro-
viders of outside services such
Google’s finance chief told as software and equipment
employees to expect more providers.
er s
Defamation Suit
economic environment, and in March it would cut 9,000
our incredible investment op- more corporate jobs in areas
portunities to drive technol- like advertising and cloud
ogy forward—particularly in computing after previously an-

spending cuts in areas from

how it uses its servers to
“Just as we did in 2008,
we’ll be looking at data to
AI.”
Tech companies have re-
nouncing plans to slash 18,000
positions.
Against Fox News
m er

when it closes employee cafes identify other areas of spend- cently embarked on additional Alphabet said in January it
as the company tries to meet ing that aren’t as effective as rounds of belt-tightening in would cut about 12,000 jobs,
savings targets this year.
Ruth Porat, who serves as
chief financial officer of both
they should be, or that don’t
scale at our size,” Ms. Porat
wrote in the email, viewed by
response to economic uncer-
tainty, adding to previous ex-
pense cuts following a reversal
or 6% of staff, in the largest
layoffs in the company’s his-
tory. Chief Executive Sundar
Heads to Trial
m rp

Google and parent company The Wall Street Journal.
Alphabet Inc., said Friday in a One of Google’s objectives
staff memo that Google would this year is to “deliver durable
eliminate some snack bars, or savings through improved ve-
“microkitchens,” and close caf- locity and efficiency,” Ms. Po-
co Fo
in pandemic-era growth. In Pichai said executives would
March, Meta Platforms Inc. also receive lower bonuses fol- BY ERIN MULVANEY ing to trial.”
said it would cut about 10,000 lowing the cuts. Ms. Porat said Fox News Media said, “This
jobs in the coming months, in the email that Alphabet’s A Delaware judge ruled Fri- case is and always has been
part of a so-called year of effi- layoffs are “still being worked day that a jury should decide about the First Amendment

eterias on days with modest rat wrote. “This work is par- ciency, after laying off about through in some countries.” the fate of a defamation case protections of the media’s ab-
traffic. Google will also intro- ticularly vital because of our 11,000 employees last fall. The company will continue to against Fox News for airing solute right to cover the news.
duce an internal tool that recent growth, the challenging Amazon.com Inc. also said hire at a slower pace, she said. unsupported claims that a vot- Fox will continue to fiercely
ing-machine company was in- advocate for the rights of free
volved in election fraud during speech and a free press as we

Florida Board Vows Land Fight With Disney the 2020 presidential elec-
tion.
Superior Court Judge Eric
Davis rejected Fox News’s ar-
BY ROBBIE WHELAN guments that it should be de-
AND ARIAN CAMPO-FLORES clared the victor before trial
because its conduct was pro-
Walt Disney Co. for now has tected by the First Amend-
n-
move into the next phase of
these proceedings.”
The bar is high to prove
defamation, but Dominion has
pointed to internal communi-
cations that show Fox on-air
hosts, executives and produc-
ers privately expressed doubt

outmaneuvered Florida Gov. ment. about the fraud claims.

Ron DeSantis in the battle for The judge said the plaintiff, Dominion says the network
control over the more than Dominion Voting Systems, continued to bring on and en-
24,000-acre parcel of land near had established that the net- dorse commentary from
no

Orlando where Walt Disney work in fact aired false state- Trump associates Rudy Giu-
World Resort is located. ments that the company liani and Sidney Powell, even
In February, Disney went helped rig the election for Joe after Fox’s in-house fact-
before a local board and se- Biden. checking operation determined
cured approvals for the next “The evidence developed in their stolen-election claims
30 years on zoning, infrastruc- this civil proceeding demon- were false, and as Dominion
ture and air-rights that the strates that [it] is CRYSTAL
ZACK WITTMAN FOR THE WALL STREET JOURNAL

company might need if it clear that none of the state-

chooses to expand Disney ments relating to Dominion
World, giving the company an about the 2020 election are
Dominion Voting
advantage that has become true,” Judge Davis wrote in his Systems’ lawsuit
clearer in recent days. ruling.
This past week, those ap- The judge said Dominion
seeks $1.6 billion in
provals were criticized by would need to prove to a jury damages.
members of a new board that that Fox News knew it was air-
was created by the Republican ing false statements or acted
governor to strip Disney of with reckless disregard for the
governing control over the truth, and that the company repeatedly told Fox that the
land’s special tax district, suffered damages as a result. information wasn’t correct.
known as Reedy Creek. Mr. De- The DeSantis-appointed board of supervisors for the Reedy Creek Improvement District met March 8. The trial is scheduled to be- The voting-machine com-
Santis, who has been clashing gin on April 17. pany told the court it wants to
with Disney for more than a during a book-tour stop in January, as required by law. ligence on the part of the gov- Dominion’s lawsuit, which call on-air hosts, including
year, appointed the new board Smyrna, Ga. “There’s a lot of Juan-Carlos Planas, a for- ernor’s office and Republican seeks $1.6 billion in damages, Tucker Carlson, Maria Bar-
after the February meeting. little back-and-forths going on mer Republican legislator in legislators.” centers around broadcasts tiromo, Jeanine Pirro, Lou
The new board members now with the state taking con- Florida who has taught law Members of the new board aired on Fox News and Fox Dobbs and Sean Hannity, as
for the Reedy Creek special trol,” he said. “But rest as- school courses about Reedy have expressed outrage, alleg- Business in which associates witnesses at trial. It also
tax district said Disney’s sured—you ain’t seen nothing Creek’s legal structure, said it ing that Disney sneaked of former President Donald wants jurors to hear testimony
moves circumvented their au- yet. There’s more to come in would likely be very difficult through the changes at the Trump falsely alleged that Do- from Fox Corp. Chairman Ru-
thority, leaving it unable to do that regard.” for the district to do anything 11th hour. Board member Ron minion was involved in a pert Murdoch and his son
much beyond maintaining The state attorney general’s about the plan. Peri said Wednesday, “This es- scheme to steal the 2020 elec- Lachlan Murdoch, who is Fox
roads and basic infrastructure. office on Thursday sent a pub- The board can’t nullify it sentially makes Disney the tion. Corp.’s chief executive, Fox
Board members said the dis- lic records request to the without breaching the dis- government” of the district. Dominion argues that Fox News Chief Executive Suzanne
trict has hired outside attor- Reedy Creek district for docu- trict’s contract with Disney, Bridget Ziegler, another had a financial incentive to air Scott, and editors and produc-
neys to review the develop- ments discussing agreements which would likely prompt a board member and co-founder the claims, in a bid to retain ers who worked on the shows
ment plan and explore ways to and covenants that were ap- legal challenge, and can’t sue of the conservative group viewers, an allegation that Fox in question.
nullify it. proved or considered at the to block the agreement be- Moms for Liberty, tweeted denies. Fox News argues it had the
A spokeswoman for Mr. De- February meeting. cause the only party with that “if unlawful actions were Fox News parent Fox Corp., right to cover newsworthy
Santis said, “An initial review Disney thinks the land-de- standing to do so is likely the taken, this development agree- which is also a defendant, and fraud allegations being made
suggests these agreements velopment project approved at residents of the district, which ment will be nullified.” News Corp, the parent of The by Mr. Trump and his allies.
may have significant legal in- the public meeting was in include only Disney employ- The Reedy Creek Improve- Wall Street Journal, share But Judge Davis rejected Fox’s
firmities that would render compliance with state law, ac- ees, he said. ment District was a special tax common ownership. claims that it should be
the contracts void as a matter cording to people familiar “Disney didn’t do anything entity set up by Disney in the Dominion said Friday, “We shielded from liability because
of law.” She added that the with the company’s thinking. secret. They publicized it, they late 1960s to accommodate the are gratified by the Court’s it was reporting neutrally on
new board had “retained mul- The substance of the meet- advertised it,” Mr. Planas said. building of its theme parks thorough ruling soundly re- an allegation made by a for-
tiple financial and legal firms ing—including a description of “If you’re in Tallahassee, and and hotels. The district had jecting all of Fox’s arguments mer president.
to conduct audits and investi- the plan that was voted on— you’re replacing the board, functioned like a county gov- and defenses, and finding as a “The evidence does not
gate Disney’s past behavior.” was advertised twice in print how do you not know what ernment—approving zoning matter of law that their state- support that FNN conducted
Mr. DeSantis addressed the articles published in the Or- that board is doing in their changes and granting permits ments about Dominion are good-faith, disinterested re-
Disney situation Thursday lando Sentinel newspaper in public meeting? This was neg- among other functions. false. We look forward to go- porting,” he wrote.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B4 | Saturday/Sunday, April 1 - 2, 2023
Help Me Move? I’ll Pay in Instagram Likes
As influencer marketing
permeates more
industries, moving
companies get in
on the action
BY SARA ASHLEY O’BRIEN
Ross Sapir knows what’s inside
the homes of thousands of influenc-
ers. That’s because his company has
moved their production equipment,
squiggly mirrors and other social-
media-bait décor from Point A to
Point B.
With its fleet of purple, pink and
blue trucks wrapped in cheeky ta-
glines (including “We’ll be careful
with your kid’s toys. And your adult
toys”), Mr. Sapir’s Roadway Moving
has become a social-media star in
its own right as influencers share
testimonials about the company on
Instagram and TikTok in exchange
for free or discounted moves.
The ubiquity of the company’s
social-media marketing has become
something of a running joke: “What
is the hold Roadway Moving has on
every influencer,” tweeted one user.
“The devil works hard but @road-
waymoving influencer team works
harder,” another wrote. Roadway
has even become a character in a
popular Reddit forum where follow-
ers post snarky comments about
the over-the-top lives of some con-
tent creators.
Once the domain of industries
like beauty, fashion and wellness,
influencer marketing has taken a
turn. Insurance agencies, tax spe-
cialists and other services are turn-
ing to people who build careers on
creating content posted to plat-
forms like TikTok and Instagram. In
some cases, in exchange for social-
media promotion, influencers may
receive services free or at a dis-
count. For businesses, the payoff is
the exposure to new audiences and
the influencer’s branding sheen.
Piece of Cake Moving & Storage,
a New York City company founded
in December 2017 with magenta
vans that could stop traffic, said it
has been working with influencers
for the past three years. Bellhop,
based in Chattanooga, Tenn.,
started its influencer-marketing
program in 2019.
On a recent Friday morning, Isa-
bel Tan waited for Roadway’s mov-
ers to arrive at her Manhattan one-
bedroom to pack up her kitchen,
The zero rate on investment income is often overlooked. Make sure it’s in your tax tool kit.
Zero, zip, zilch:
The U.S. tax code has
a 0% rate on invest-
ment income, even
for Americans with
significant assets. The
waning days of this
tax-filing season are a good time to
think about how to use it in the
no
future.
The zero rate isn’t a secret. It
has been in effect since 2008, and
nearly 11 million filers—about 7%—
qualified for it in 2020, according
to the latest Internal Revenue Ser-
vice data. That total included about
34,000 filers earning $1 million or
more.
But the 0% rate is often over-
looked, says Tim Steffen, director of
advanced planning at Baird Wealth.
“We always raise it with clients
who might benefit, and a lot are
surprised it even exists,” he says.
That’s for a variety of reasons.
The rate applies only to net capital
gains and dividend income from in-
vestments in taxable accounts, not
tax-sheltered retirement accounts
such as traditional IRAs or 401(k)s.
In recent decades, taxable accounts
have become less popular for sav-
ing as retirement accounts have
grown.
In addition, the income limits for
the 0% rate are higher than they
seem. Nominally, the rate disap-
pears for single filers with taxable
income above $44,625 and joint-fil-
ing couples with income above
$89,250 for 2023.
However, taxable income is
smaller than adjusted gross income,
the benchmark for many tax thresh-
olds. For example, it is reduced by
itemized deductions on Schedule A
or else the standard deduction,
which this year is $13,850 for single
filers and $27,700 for married joint
filers.
So the 0% rate can apply to at
least $58,475 of capital gains and
dividends for single filers and
$116,950 for married joint filers—
far above the nominal limit. It can
be higher still if the taxpayer has
more deductions, is self-employed,
or is age 65 or older. For married
Isabel Tan chronicled her move for her Instagram followers. In exchange,
Roadway Moving moved her free of charge. A box of her shoes, right.
her shoe closet, her bedroom and
all of her furniture. It was the third
year in a row that Ms. Tan used the
company’s moving services, free of
charge, as a barter agreement in ex-
change for content. (She left a tip.)
“I don’t want it to just be like,
on
‘Hey, look at them pack,’ ” said Ms.
Tan, a 27-year-old beauty, fashion
and lifestyle influencer known to
her nearly 300,000 Instagram fol-
lowers as @prettyfrowns. She posts
us ,
five to 10 ephemeral stories a day,
l
and about one post a day to her In-
e
al a
stagram grid. “There needs to be
more of a story.”
Her apartment, filled with color-
ci on
ful taper candles, books by the
bestselling authors Sally Rooney,
Colleen Hoover and Brené Brown, a
Stanley tumbler and a bucketful of
Venus et Fleur roses, was telling a
er s
very Instagram-friendly story on its
own. But Ms. Tan’s hope was to
m er
capture the feeling of being ushered
through a major life change: mov-
ing in with her partner. Ahead of
the move, she prompted her follow-
m rp
TAX REPORT | LAURA SAUNDERS
How You Can Grab a 0% Tax Rate
co Fo
n-
joint filers ages 70 and 72 who take
the standard deduction, the 0% rate
typically applies to at least $119,950
of eligible income.
Using the 0% rate can work well
for taxpayers in an income trough,
say between being laid off and find-
ing another job. For retirees, there’s
often a trough in the early years af-
ter leaving the workforce, when
they don’t yet need to take required
payouts from IRAs and are delaying
Social Security payments.
One such retiree is Kent Ferson,
a 68-year-old retired engineer who
lives in the San Diego area with his
wife. He has a taxable account and
a rollover IRA, and advisers recom-
mended using his low-earning years
to do Roth IRA conversions.
Instead he has opted to rely on
dividends and capital gains taxed at
0% to generate cash for living ex-
penses. “My tax rate on the Roth
conversions would be 12% or more,
while the rate on gains and divi-
EXCHANGE
ers to submit any advice about
moving in together.
To determine whether an
influencer gets a discounted or
free move, companies take
into account such factors as
their follower count, how en-
gaged those followers are, the
distance of the move, and how
much stuff must fit in the
truck. “We look at the com-
plexity of the move, the time
of year, the goals we have in
each market, the influencer’s en-
gagement and that their demo-
graphic aligns with Roadway’s tar-
get demo at the time,” a company
spokeswoman said.
Influencers are given a personal-
ized link and discount code for fol-
lowers to get 10% off local moves
and 5% off long-distance moves.
Whether their followers interact
with and use the information is
part of how Roadway tracks the
success of partnerships. (Some in-
fluencers request not to offer the
code because it doesn’t jive with
dends is 0%,” says Mr. Ferson.
“That’s not a good trade-off, and I’ll
do Roth conversions later.”
Some frugal souls manage to
stay in the 0% bracket for years.
Dave Hollowell, a 60-year-old re-
tired computer programmer living
in the San Francisco area who isn’t
married to his long-term partner,
says his income has been in the 0%
bracket for dividends and capital
gains since retiring in 2013. He
even squeezes in a small Roth IRA
Key Inflation-Adjusted Tax Numbers for 2023
Capital gains, dividends*
RATE*
0%
15%
20%
*Applies to gains on assets held longer than a year and qualified dividends.
* ***
their personal brand, the Roadway
spokeswoman said.)
Piece of Cake said its standard
brief asks influencers to post static
photos with its trucks visible, as
well as a video testimonial or diary
taken on moving day.
“Originally my move should’ve
been about $4,000 and I paid
$1,200,” said Teo Marcella, a model
and influencer with nearly 65,000
followers on Instagram. In exchange
for a discount from Roadway on her
move from Los Angeles to Brooklyn,
she shared an Instagram post, two
conversion while staying in the 12%
tax bracket on his noninvestment
income.
“I was never the kind of guy
that’s into flashy cars and watches,
and now I can pay $1,000 or less a
year in federal tax,” he says.
Because of how the 0% rate
works, taxpayers whose income is
all, or almost all, long-term capital
gains and dividends will more eas-
ily qualify—that’s how 34,000 mil-
lionaires were able to use it on a
portion of their income in 2020.
Others, like Mr. Ferson, will need to
strategize. Here are key details.
 Income that does—and doesn’t—
qualify. The 0% rate applies to net
long-term capital gains and most
dividends. It doesn’t reduce rates
on wages, taxable interest (as from
bank accounts or bond funds), pen-
sions, net short-term capital gains
on investments held a year or less,
taxable Social Security payments,
IRA or 401(k) distributions or Roth
IRA conversion income.
 The “stacking” rules. These are
crucial. Under the law, the income
eligible for the 0% rate “stacks” on
top of a filer’s other income. The
more other income there is, as from
a pension or Social Security, the
less ability there is to use the 0%
rate.
Here’s a simplified example. Say
a couple’s taxable income after de-
ductions consists of $90,000 of IRA
withdrawals and pension pay-
ments. The 0% rate’s limit is
$89,250, so net long-term gains and
dividends they add would be taxed
at a 15% rate.
Taxable income
SINGLE MARRIED, FILING JOINTLY
Up to $44,625 Up to $89,250
$44,626 to $492,300 $89,251 to $553,850
$492,301 + $553,851 +
Source: Internal Revenue Service
THE WALL STREET JOURNAL.
stories and a Google review. The
company said it asks for reviews
from all its customers.
“I think I still got out with a
great deal, and hopefully it bene-
fited both of us,” Ms. Marcella said.
Founded in 2008, Roadway Mov-
ing is based in New York. It has
branches in five major cities and
operates nationally, with 93 trucks
and 27 tractor-trailers in its fleet.
Mr. Sapir, the founder and CEO,
says the company had $50 million
in revenue last year.
Eva Chen, vice president of fash-
ion partnerships at Facebook parent
Meta Platforms Inc., name-dropped
Roadway to her 2.3 million Insta-
gram followers in March. “Honestly
it’s chaotic but the @roadwaymov-
ing team is making things so much
calmer I’m literally able to sit
and…make content LOL (But also
stress),” read one of her many sto-
ries about her move to a new
neighborhood in Manhattan. Ms.
Chen declined to comment, and
Roadway Moving declined to com-
ment on the details of her move.
Roadway Moving made its first
big influencer splash when it part-
nered with Arielle Charnas, founder
of the clothing company Something
Navy, who has more than a million
followers on Instagram, for a move
in 2017. “It was all over Instagram,”
said Mr. Sapir, who added that her
move was discounted. Through a
representative, Ms. Charnas de-
clined to comment.
Many influencers have been in-
fluenced by other content-
creators to use Roadway. Ms.
Tan reached out to the com-
pany in 2020 after seeing
someone she followed post
about it. Eric Bigger, a fit-
.
ness trainer and an alum of
the “Bachelor” reality-TV
ly
show franchise, saw another
fitness coach post about the
company and reached out for
help relocating from one Los
Angeles apartment to the
next.
Chelsea Reagan moved
with Piece of Cake two years
ago from Manhattan to
Brooklyn as a regular customer, be-
fore amassing tens of thousands of
followers on TikTok. The move cost
her around $700, she said. When
she moved again this past February
back to Manhattan, she was given a
BRIAN FINKE FOR WSJ. MAGAZINE (2)
50% discount off a quoted move
price of just under $1,000, in ex-
change for several social-media
posts and a Yelp review.
“I’ve heard stories of influencers
getting special treatment,” said Ms.
Reagan, who works in marketing
for a soda brand. “The experience
was essentially the same.”
But if this couple can lower their
IRA withdrawal and replace that in-
come with eligible capital gains and
dividends, they will have room to
benefit from the 0% rate and re-
duce their overall taxes. The 0%
rate probably won’t be available
once they are taking required dis-
tributions from IRAs.
 Roth conversion vs. the 0% rate.
Allan Roth, an adviser who founded
Wealth Logic, often counsels clients
to use the 0% rate. But he cautions
that many factors come into play
when choosing between it and Roth
conversions. (Roth accounts are
named for a former senator, not
this adviser.)
Among them: How big are the
savers’ taxable accounts compared
with their retirement accounts?
How large will required payouts
from retirement accounts be? Do
the investors expect to spend down
assets during life? Or do they plan
to leave heirs assets that can bene-
fit from the step-up at death? What
about state taxes?
As individual circumstances vary,
so will the smartest moves.
 Rebalancing or resetting. For in-
vestors who don’t need spending
money, another use of the 0% rate
is to rebalance a portfolio without
incurring taxes, says Mr. Roth.
Or if the portfolio is set, it could
make sense to harvest gains and re-
set a cost basis. For example, an in-
vestor could sell Acme shares
bought at $10 for the current price
of $50 and then repurchase the
shares right away for $50. There
would be no tax on the gain, and
the starting point for measuring
taxable gains would rise to $50.
There’s no waiting period to re-
purchase, because the wash-sale
rules penalizing quick repurchases
after a loss don’t apply to sales at a
gain.
KIERSTEN ESSENPREIS
 For younger taxpayers. The 0%
rate can benefit younger taxpayers
who have eligible gains (even from
cryptocurrency) or dividends before
they hit peak earning years.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Everyone who lis-
tens to Beethoven as
much as they jam to
Beyoncé knows it is
basically impossible
to find the perfect
recording of your fa-
vorite violinist playing in the best
concert hall with the ideal con-
ductor.
Apple believes it has solved this
problem.
The world’s richest company re-
leased a sleek new product this
past week that was years in the
making and had to meet its exact-
ing standards before it was ready
to be used by millions of people.
But it wasn’t a phone, a gadget or
an AI chatbot. The latest innova-
tion from Apple was a better way
of listening to classical music.
The mere announcement of a
stand-alone app for the genre was
music to the ears of flummoxed
artists and frustrated aficionados
who were desperate for a major
classical-music streaming platform
that actually worked. That is the
point of Apple Music Classical. It
is a bespoke product for the Ba-
roque period and beyond. It was
designed to bring order to the
chaos of information, the holy
grail of many tech ventures, and
simplify the unnecessarily com-
plex.
And it exists only because of a
curious failure by the most suc-
cessful music-streaming services.
“We always had a problem,”
said Jonathan Gruber, the head of
Apple Music Classical. “A big, big
problem.”
The problem was the way that
classical music is categorized. The
structure of classical music is
completely different from pop mu-
sic’s, which makes it extremely dif-
ficult for it to function in the
streaming era.
Even the most sophisticated al-
gorithms from the most technolog-
ically advanced companies are too
clumsy to handle composers like
Mozart and Brahms. That’s be-
cause they were made for individ-
ual artists like Bad Bunny and Ma-
donna. If you want to hear a Bad
Bunny song, it will be in your ears
within seconds. If you want to
hear a Brahms piano concerto,
good luck. Try sifting through
hundreds of recordings without a
standardized format to track down
one movement from a particular
soloist who has performed it sev-
eral times. You could listen to an
entire Madonna album in the time
it takes to find the right Mozart.
It is a big, big problem. And it
drives Bruce Kovner bananas.
“I’ve been working on solving
this kind of problem for my own
personal consumption for 20
years,” said Mr. Kovner, a retired
hedge-fund manager and the chair-
man emeritus of the Juilliard
School’s board.
In fact, it has vexed classical
music for longer than two decades,
as the problem goes back to “the
establishment of recordings over a
KEYWORDS | CHRISTOPHER MIMS
What AI Teaches Us
About Our Brains
no
Thoughts are just electrical signals inside our heads.
People may command computers with thoughts.
The world has
been learning an aw-
ful lot about artificial
intelligence lately,
thanks to the arrival
of eerily humanlike
chatbots.
Less noticed, but just as impor-
tant: Researchers are learning a
great deal about us—with the help
of AI.
AI is helping scientists decode
how neurons in our brains commu-
nicate, and explore the nature of
cognition. This new research could
one day lead to humans connect-
ing with computers merely by
thinking—as opposed to typing or
voice commands. But there is a
long way to go before such visions
become reality.
Celeste Kidd, a psychology pro-
fessor at the University of Califor-
nia, Berkeley, was surprised by
what she discovered when she
tried to examine the range of opin-
ions people have about certain pol-
iticians, including Barack Obama
and Donald Trump.
Her research was intended to
explore the widening divergence of
how we conceive of subjects to
which we attach moral judg-
ments—such as politicians. Previ-
ous work has shown that morally
fraught concepts are the ones peo-
ple perceive in the most polarized
ways.
To establish a baseline for her
experiment, she began by asking
thousands of study participants
about their associations with com-
mon nouns, in this case animals.
* * * *
SCIENCE OF SUCCESS | BEN COHEN
Apple Wants to Solve One of
Music’s Biggest Problems
Forget the metaverse. The future is metadata. It’s how the world’s most
valuable company built a better way of listening to Mozart and Beethoven.
on
us ,
l
e
al a
century ago,” said Jane Gottlieb,
ci on
Juilliard’s vice president for li-
brary and information resources.
But it is especially annoying that
Apple Music and Spotify have
turned our phones into jukeboxes
er s
and still can’t figure out Bach
suites. The experience of classical
m er
music on major streaming plat-
forms would make Yo-Yo Ma want
to smash his cello.
Mr. Kovner hacked together his
own system—ripping thousands of
m rp
albums, tagging the recordings to
make them searchable and sub-
scribing to Spotify and niche ser-
vices like Idagio and Qobuz to fill
the holes in his collection—be-
co Fo
cause he was so exasperated by
the streaming options.
“They treat every piece as if it
is the same,” said Mr. Kovner. “For
n-
What she discovered was that
even for common animals—includ-
ing chickens, whales and salmon—
people’s notions of their character-
istics are all over the map. Are
whales majestic? You would be
surprised who disagrees. Are pen-
guins heavy? Opinions vary. By
quizzing people on many such as-
sociations, Dr. Kidd was able to
amass a pool of data that clusters
people according to which of these
associations they agree on. Using
this method, she found that people
can be grouped into between 10
and 30 different clusters.
Dr. Kidd and her team con-
cluded that people tend not to see
eye to eye about even the most ba-
sic characteristics of common ob-
jects. We also overestimate how
many people see things as we do.
The root of this phenomenon may
be the fact that even for citizens
of a single country speaking a
common language, words simply
don’t mean the same thing to dif-
ferent people.
Dr. Kidd’s research suggests the
degree to which that is true may
be much greater than psycholo-
gists previously thought.
Arriving at this insight required
the application of a tool of mathe-
matics that makes many kinds of
AI possible—known as a “cluster-
ing model.”
The most important feature of
AI which enables new kinds of re-
search, says Dr. Kidd, is the same
that makes possible AI chatbots
like OpenAI’s ChatGPT, Google’s
Bard, and Microsoft’s Bing chat: It
EXCHANGE
classical-music nuts like me, that’s
not the case. Every performance is
interesting when it is unique.”
But you don’t have to be a nut
to understand why classical music
breaks the algorithms.
You could just compare Taylor
Swift and Tchaikovsky. For a Tay-
lor Swift pop song, the essential
pieces of metadata, or the taxo-
nomic labels that categorize infor-
mation, are title, album and artist.
The metadata for a Tchaikovsky
track can include not just the
name of the work, composer and
artist, but also the nickname,
movement, key, opus number, or-
chestra, soloist and conductor. “It
gets really nerdy and very spe-
cific—and very complicated,” said
Ms. Gottlieb.
Another way of thinking about
AI is helping scientists study EEG readings and explore the nature of cognition.
is the capacity of modern com-
puter systems to process a lot
more data than in the past. It
“opens up a lot of possibilities,”
she adds.
In her research, Tatiana Engel,
an assistant professor of neurosci-
ence at Princeton University, uses
the same kinds of networks of ar-
tificial neurons that are behind
most of what we currently call ar-
tificial intelligence to interpret the
electrical signals of hundreds of
neurons in the brains of animals.
Dr. Engel and her team then go
a step further: They train net-
works of artificial neurons to per-
form the same tasks as an ani-
mal—say, a swimming worm. They
then find that those artificial net-
works organize themselves in ways
that reasonably approximate the
way they are organized in real ani-
mals. While neural networks in the
brain are vastly more complicated,
the result of this simulation is a
model system that is both close
enough to its biological equivalent,
and simple enough, to teach us
things about how the real brain
works, Dr. Engel says.
One key insight this yields is
Saturday/Sunday, April 1 - 2, 2023 | B5
ly
classical music’s biggest problem
is distinguishing repertoire from
recordings. A pop star like Taylor
Swift is the recording artist for
her repertoire. But one piece of
Tchaikovsky’s repertoire has many
recordings, as if every Taylor Swift
single had thousands of covers.
The streaming platforms are opti-
mized for Taylor Swift and not
Tchaikovsky.
“We knew we needed to fix the
product in terms of search and
discovery,” said Mr. Gruber.
That required taking vast quan-
tities of information and turning
them into something digestible,
then accessible, then consumable.
This is one of the fundamental
challenges in almost every indus-
try today. There has never been so
much available data, but it can be-
that the actual substance of
thought—the patterns that consti-
tute the mind you’re using to read
this sentence—is dynamic electri-
cal activity in our brains, rather
than something physically an-
chored to particular neurons.
In other words, in contrast to
what neuroscientists once believed
about how we make decisions,
there are no “eat the chocolate”
neurons and “don’t eat the choco-
late” neurons. Thinking, it turns
out, is just electrical signals zoom-
ing about inside our heads, form-
ing a complex code that is carried
by our neurons.
What’s more, AI is letting scien-
tists listen in on and interpret the
things that happen in our brains
when we’re not doing anything.
“This allows us to discover the
brain’s internal life,” says Dr. En-
gel.
Do androids dream of electric
sheep? We don’t know yet, but we
may soon be able to determine
whether humans are thinking
about the real thing.
If a research lab owned by Meta
Platforms, Facebook’s parent com-
pany, figuring out how to read
come too much data without the
proper metadata. For any business
that depends on search—Netflix,
Google, ChatGPT and even this
very newspaper—metadata is one
of the secrets to organizing the
universe.
It is why this app that brings
the past into the present also hap-
pens to be a peek at the future.
But the problem of classical mu-
sic turned out to be so big that
not even a company worth $2.5
trillion could solve it alone.
Instead, Apple studied the mar-
ket for classical-only products and
orchestrated a takeover of Prime-
phonic, a startup based in Amster-
dam with a few dozen employees.
As conservatory-trained musicians
fluent in code, they were uniquely
qualified for this line of infrastruc-
tural work.
“What we have done over the
years is design and build a classi-
cal-music database that consists of
every data attribute of all com-
posed and recorded work,” said
Primephonic co-founder Veronica
Neo, who now leads Apple Music
Classical’s data operations.
This better data created by the
Dutch company’s opera singers
and clarinetists was the key to
dragging classical music into the
21st century. To be more specific,
it was the better metadata.
Any tech product that looks and
feels just right is probably because
of something hiding underneath
that you cannot see. In music, that
invisible metadata is the informa-
tion embedded in each track, the
atomized bits that let people type
a few letters and find what they
are looking for. The only way to
solve the big, big problem was to
.
focus on the smallest details.
Apple acquired Primephonic for
an undisclosed price in 2021 and
inherited that precious metadata.
Now it is the engine behind Apple
Music Classical, which comes in-
cluded with an Apple Music sub-
scription.
A flaw of one product became
the defining feature of another.
Some of those recordings can be
heard in high-resolution lossless
and spatial audio, which is meant
to re-create the sound quality of
sitting in Carnegie Hall.
Not every problem is solved just
yet. When I tried sorting the Sibel-
ius offerings by artist name, some
were listed by orchestra and oth-
ers by violinist, which was confus-
ing. But it was surprisingly easy to
search those 314 recordings by so-
loist, ensemble and even conduc-
tor. The interface could also be
more intuitive. After fiddling with
the app for a few hours, Mr.
Kovner provided a note of skepti-
cism. “I will keep using it for a
while to get a better feel for what
it can do,” he said in an email.
Mr. Gruber says he’s confident
that Apple Music Classical will im-
prove with time: “The search for
perfection in classical music is the
DAN PAGE
longest piece of string imaginable.
This is just the beginning.”
your mind makes you at
all uncomfortable, you’re
probably not going to be a
fan of what the rest of the
21st century has in store.
Meta’s AI lab published
research last summer on a
new way to read brain ac-
tivity.
Meta scientists used
data on brain signals gath-
ered by researchers at
universities, which was
captured from humans
who were listening to
words and phrases, while
sitting in noninvasive
brain scanners. These
scanners came in two va-
rieties: One was the sort
of electrodes-embedded-
in-a-swim-cap with which
many people are familiar,
called an EEG (short for
“electroencephalogram”).
The other looks like a su-
pervillain’s attempt to create a
world-crushing megabrain, called a
MEG (for “magnetoencephalo-
gram”).
To analyze this data, research-
ers used a type of AI called a “self-
supervised learning model,” which
can extract meaning from giant
pools of data without any instruc-
tion from humans
A little less than half of the
time, Meta’s AI algorithm was able
to correctly guess what words a
JOHN SCHLIA PHOTOGRAPHY/UNIVERSITY OF ROCHESTER MEDICAL CENTER
person had heard, based on the ac-
tivity generated in their brains.
Alexandre Défossez, a scientist
at Meta who was part of the team
that conducted this research, says
that the goal of this work is to cre-
ate a “speech decoder” that can di-
rectly transform our brain activ-
ity—our thoughts—into words.
Imagine texting a friend just by
thinking about it
Meta’s aim is one more example
of the way that AI might someday
give us the tools for improving our
individual and collective well-be-
ing—or at least an explanation for
why, in the age of social media,
both of those things frequently
seem so deranged.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B6 | Saturday/Sunday, April 1 - 2, 2023
A Prophet
Builds Our
AI Future
Continued from page B1
direct financial stake in the busi-
ness he built, he said—an anomaly
in Silicon Valley, where founders of
successful startups typically get
rich off their equity.
“Like most other people, I like
watching scores go up,” when it
comes to financial gains, he said.
“And I just like not having that be
any factor at all.” (The company
said he earns a “modest” salary, but
declined to disclose how much.) Mr.
Altman said he has a small stake in
a venture fund that invested in
OpenAI, but that it is “immaterial.”
Mr. Altman said he made “more
money than I could ever need”
early in his career, when he made a
fortune investing in young startups.
He owns three homes, including a
mansion in San Francisco’s Russian
Hill neighborhood and a weekend
home in Napa Valley, and employs a
couple dozen people to manage
them and his family office of invest-
ments and nonprofits.
During one of his last visits to
his grandmother, who died last
year, he bought her groceries and
then admitted to his mother that he
hadn’t been to a grocery store in
four or five years, she said.
His goal, he said, is to forge a
new world order in which ma-
chines free people to pursue more
creative work. In his vision, univer-
sal basic income—the concept of a
cash stipend for everyone, no
strings attached—helps compen-
sate for jobs replaced by AI. Mr.
Altman even thinks that humanity
will love AI so much that an ad-
vanced chatbot could represent “an
extension of your will.”
In the long run, he said, he wants
to set up a global governance struc-
ture that would oversee decisions
about the future of AI and gradually
reduce the power OpenAI’s execu-
tive team has over its technology.
Backers say his brand of social-
minded capitalism makes him the
ideal person to lead OpenAI. Others,
including some who’ve worked for
him, say he’s too commercially
minded to lead a technological rev-
olution that is already reshaping
business and social life.
The company signed a $10 billion
deal with Microsoft in January that
would allow the tech behemoth to
own 49% of the company’s for-
profit entity, investor documents
show. The corporate partnership,
along with Mr. Altman’s push to
more aggressively commercialize its
technology, have disillusioned key
early leaders at OpenAI who felt the
decisions violated an initial com-
mitment to develop AI outside the
influence of shareholders.
One of OpenAI’s critics has been
Elon Musk, who co-founded the
nonprofit in 2015 but parted ways
in 2018 after a dispute over its con-
trol and direction. The Tesla Inc.
CEO tweeted in February that Ope-
no
‘You kind of have
to jump off the
cliff and hope
you land.’
SATYA NADELLA
Microsoft CEO
nAI had been founded as an open-
source nonprofit “to serve as a
counterweight to Google, but now it
has become a closed source, maxi-
mum-profit company effectively
controlled by Microsoft. Not what I
intended at all.”
Mr. Altman paused when asked
about his co-founder’s critique. “I
like Elon,” he finally responded. “I
pay attention to what he has to say.”
Mr. Altman said he doesn’t neces-
sarily need to be first to develop ar-
tificial general intelligence, a world
long imagined by researchers and
science-fiction writers where soft-
ware isn’t just good at one specific
task like generating text or images
but can understand and learn as well
or better than a human can. He in-
stead said OpenAI’s ultimate mission
is to build AGI, as it’s called, safely.
OpenAI has set profit caps for in-
vestors, with any returns beyond
certain levels—from seven to 100
on
us ,
l
e
al a
times what they put in, depending
on how early they invested—flow-
ci on
ing to the nonprofit parent, accord-
ing to investor documents. OpenAI
and Microsoft also created a joint
safety board, which includes Mr.
Altman, that has the power to roll
er s
back Microsoft and OpenAI product
releases if they are deemed too
m er
dangerous.
The possibilities of AGI have led
Mr. Altman to entertain the idea
that some similar technology cre-
ated our universe, according to bil-
m rp
lionaire venture capitalist Peter
Thiel, a close friend of Mr. Altman’s
and an early donor to the nonprofit.
He has long been a proponent of
the idea that humans and machines
co Fo
will one day merge.
ChatGPT’s release triggered a
stream of competing AI announce-
ments. “They’ve raced to release
press releases,” Mr. Altman said of
his competitors. “Obviously, they’re
behind now.” Google announced it
was testing its own chatbot, Bard,
in February and opened access to
the public in March.
OpenAI’s headquarters, in San
Francisco’s Mission District, evokes
an affluent New Age utopia more
n-
than a nonprofit trying to save the
world.
Mr. Altman gushes about the
winding, central staircase he con-
ceived so that all 400 of the com-
pany’s employees would have a
chance to pass each other daily—or
at least on the Mondays through
Wednesdays they are required to
work in-person. The office includes
a self-serve bar and a library mod-
eled after a combination of his fa-
vorite bookstore in Paris and the
Bender Room, a quiet study space
on the top floor of Stanford Univer-
sity’s largest library.
Dressed in the typical tech CEO
uniform of a gray hoodie, jeans and
blindingly white sneakers, Mr. Alt-
man described a much more modest
upbringing.
Mr. Altman grew up in a suburb
of St. Louis, the eldest of four chil-
dren born to Connie Gibstine, a der-
matologist, and Jerry Altman, who
worked various jobs, including as a
lawyer, and died five years ago. The
senior Mr. Altman’s true vocation
was running affordable housing
nonprofits, his family said.
Among the lessons his father
taught him, Mr. Altman said, was
that “you always help people—even
if you don’t think you have time,
you figure it out.”
Mr. Altman went on to Stanford.
By sophomore year he had co-
founded Loopt, a location-based so-
cial networking service. It became
part of the first class of Y Combina-
tor, a startup accelerator that went
on to hatch companies like Airbnb
Inc., Stripe Inc. and Dropbox Inc.,
and Mr. Altman left school.
Loopt never got traction, selling
in 2012 for $43.4 million, or close
to the amount investors including
Sequoia Capital put in.
Mr. Altman then started a ven-
ture fund and made powerful al-
lies, including Paul Graham, who
co-founded Y Combinator and
eventually brought on Mr. Altman.
EXCHANGE
 Sam Altman, then chief executive
of Loopt, in 2009
 A library at OpenAI’s office, which
he helped design
 OpenAI employees at work
There he helped build the company
into a Silicon Valley power broker.
He invested his own money in doz-
ens of successful companies early
on, including cloud software com-
pany Asana Inc. and message-
board site Reddit Inc.
While running Y Combinator, Mr.
Altman began to nurse a growing
fear that large research labs like
DeepMind, purchased by Google in
2014, were creating potentially dan-
gerous AI technologies outside the
public eye. Mr. Musk has voiced
similar concerns.
Messrs. Altman and Musk de-
cided it was time to start their own
lab. Both were part of a group that
pledged $1 billion to the nonprofit,
OpenAI Inc. Mr. Musk didn’t re-
spond to requests to comment.
The nonprofit meandered in its
early years, experimenting with
projects like teaching robots how to
perform tasks like solving Rubik’s
cubes. OpenAI researchers soon
concluded that the most promising
path to achieve artificial general in-
telligence rested in large language
models, or computer programs that
mimic the way humans read and
write. Such models required a mas-
sive amount of computing power
that OpenAI wasn’t equipped to
fund as a nonprofit, according to
Mr. Altman.
“We didn’t have a visceral sense
of just how expensive this project
was going to be,” he said. “We still
don’t.”
That year, Mr. Altman said he
looked into options to raise more
money for OpenAI, such as launch-
ing a new cryptocurrency. “No one
wanted to fund this in any way,” he
said. “It was a really hard time.”
Tensions also grew with Mr.
Musk, who became frustrated with
the slow progress and pushed for
more control over the organiza-
tion, people familiar with the mat-
ter said.
OpenAI executives ended up re-
viving an unusual idea that had
been floated earlier in the com-
pany’s history: creating a for-profit
arm, OpenAI LP, that would report
to the nonprofit parent.
Reid Hoffman, a LinkedIn co-
‘ChatGPT: Write a Bio of Sam Altman’
We asked the artificial intelligence chatbot to write about its
creator in eight bullet points. Here is an excerpt. It made some
mistakes, highlighted below: Mr. Altman is still CEO and
Worldcoin was founded before 2021.
 He attended Stanford University but dropped out in 2005 to
co-found Loopt, a location-based social networking app.
 Altman became the president of startup accelerator Y
Combinator in 2014, succeeding co-founder Paul Graham.
 In 2015, Altman was named one of Forbes’ “30 Under 30” in
technology.
 Altman was a co-founder and CEO of OpenAI, a research lab
dedicated to advancing artificial intelligence in a safe and
beneficial way. He stepped down as CEO in 2020 but remains
on the board.
 In 2021, Altman co-founded Worldcoin, a cryptocurrency
venture aiming to create a global digital identity system.
* ***
founder who advised OpenAI at the
time and later served on the board,
said the idea was to attract inves-
tors eager to make money from the
commercial release of some OpenAI
technology, accelerating OpenAI’s
progress. “You want to be there
first and you want to be setting the
norms,” he said. “That’s part of the
reason why speed is a moral and
ethical thing here.”
The decision further alienated
Mr. Musk, the people familiar with
the matter said. He parted ways
with OpenAI in February 2018.
Mr. Musk announced his depar-
ture in a company all-hands, former
employees at the meeting said. Mr.
Musk said that he thought he had a
better chance at creating artificial
general intelligence through Tesla,
where he had access to greater re-
sources, they said.
A young researcher questioned
whether Mr. Musk had thought
through the safety implications, the
former employees said. Mr. Musk
grew visibly frustrated and called
the intern a “jackass,” leaving em-
ployees stunned, they said.
Soon after, an OpenAI executive
commissioned a “jackass” trophy
for the young researcher, which was
later presented to him on a pillow.
“You’ve got to have a little fun,” Mr.
Altman said. “This is the stuff that
culture gets made out of.”
Mr. Musk’s departure marked a
‘It has become a
closed source,
maximum-profit
company... Not
what I intended...’
ELON MUSK
OpenAI co-founder who left after a
dispute over direction
turning point. Later that year, Open-
AI leaders told employees that Mr.
Altman was set to lead the com-
pany. He formally became CEO and
helped complete the creation of the
for-profit subsidiary in early 2019.
In the meantime, Mr. Altman be-
gan hunting for investors. His break
came at Allen & Co.’s annual confer-
ence in Sun Valley, Idaho, in the
summer of 2018, where he bumped
into Satya Nadella, the Microsoft
CEO, on a stairwell and pitched him
on OpenAI. The conversations
picked up that winter.
“I remember coming back to the
THE WALL STREET JOURNAL.
team after and I was like, this is the
only partner,” Mr. Altman said.
Some employees still saw the
deal as a Faustian bargain.
OpenAI’s lead safety researcher,
Dario Amodei, and his lieutenants
feared the deal would allow Micro-
soft to sell products using powerful
OpenAI technology before it was
put through enough safety testing,
former employees said.
Mr. Amodei also worried the deal
would tether OpenAI’s ship to just
one company—Microsoft—making it
more difficult for OpenAI to stay
.
true to its founding charter’s com-
mitment to assist another project if
ly
it got to AGI first, the former em-
ployees said.
Microsoft initially invested $1 bil-
lion in OpenAI. While the deal gave
OpenAI its needed money, it came
with a hitch: exclusivity. OpenAI
agreed to use only Microsoft’s giant
computer servers, via its Azure
cloud service, to train its AI models,
and to give the tech giant the sole
right to license OpenAI’s technology
for future products.
“You kind of have to jump off the
cliff and hope you land,” Mr. Na-
della said in a recent interview.
“That’s kind of how platform shifts
happen.”
The cash turbocharged OpenAI’s
progress, giving researchers access
to the computing power needed to
improve large language models,
which were trained on billions of
pages of publicly available text.
OpenAI developed a more powerful
language model called GPT-3 and
then sold developers access to the
technology in June 2020.
Mr. Amodei left the company a
few months later with several others
to found a rival AI lab called An-
thropic. “They had a different opin-
ion about how to best get to safe
AGI than we did,” Mr. Altman said.
Anthropic has since received
more than $300 million from Google
this year and released its own AI
chatbot called Claude in March.
More than one million users
signed up for ChatGPT within five
days of its November release, a
speed that surprised even Mr. Alt-
man. It followed the company’s in-
troduction of DALL-E 2, which can
generate sophisticated images from
text prompts.
By February, ChatGPT had
reached 100 million users, accord-
ing to analysts at UBS, the fastest
pace by a consumer app in history
to reach that mark.
CLOCKWISE: MATTHEW STAVER/BLOOMBERG NEWS, CLARA MOKRI FOR THE WALL STREET JOURNAL (2); MARLENA SLOSS/BLOOMBERG NEWS; CHONA KASINGER/BLOOMBERG NEWS
Mr. Altman’s close associates
praise his ability to balance Ope-
nAI’s priorities. No one better navi-
gates between the “Scylla of mis-
placed idealism” and the “Charybdis
of myopic ambition,” Mr. Thiel said.
Mr. Altman said he delayed the
release of the latest version of its
model, GPT-4, from last year to
March to run additional safety
tests. Users had reported some dis-
turbing experiences with the model,
integrated into Bing, where the
software hallucinated—meaning it
made up answers to questions it
didn’t know. It issued ominous
warnings and made threats.
“The way to get it right is to
have people engage with it, explore
these systems, study them, to learn
how to make them safe,” Mr. Alt-
man said.
After Microsoft’s initial invest-
ment is paid back, it would capture
49% of OpenAI’s profits until the
profit cap, up from 21% under prior
arrangements, the documents show.
OpenAI Inc., the nonprofit parent,
would get the rest.
Mr. Altman has put almost all his
liquid wealth in recent years in two
companies: $375 million into Helion
Energy, which is seeking to create
carbon-free energy from nuclear fu-
sion, and $180 million into Retro,
which aims to add 10 years to the
human lifespan.
He noted how much easier
these problems are, morally, than
AI. “If you’re making nuclear fu-
sion, it’s all upside. It’s just good,”
he said. “If you’re making AI, it is
potentially very good, potentially
very terrible.”
— Deepa Seetharaman and Miles
Kruppa contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies
33274.15 Trailing P/E ratio 22.11 19.35 4109.31 Trailing P/E ratio * 18.06 25.57 12221.91 Trailing P/E ratio *† 26.15 33.54 and commodities performed around the world for the week.
s 415.12 P/E estimate * 17.35 18.16 s 58.48 P/E estimate * 18.15 20.11 s 208.44 P/E estimate *† 25.37 26.09
Index Currency, Commodity, Exchange-
Dividend yield 2.11 2.02 Dividend yield * 1.70 1.38 or 1.74% Dividend yield *† 0.85 0.71 vs. U.S. dollar traded in U.S.* traded fund
or 1.26% or 1.44%
All-time high: Nymex crude 9.25%
All-time high Current divisor All-time high
16057.44, 11/19/21
36799.65, 01/04/22 0.15172752595384 4796.56, 01/03/22 S&P 500 Energy 6.17
S&P 500 Consumer Discr 5.58
34200 4200 12100 Soybeans 5.41
Dow Jones Transportation Average 5.34
65-day moving average
11900 S&P 500 Real Estate 5.16
33650 4125
IBEX 35 5.00
S&P 500 Materials 4.93
33100 4050 11700
FTSE MIB 4.72
S&P MidCap 400 4.49
32550 3975 11500
Session high DAX 4.49
DOWN UP S&P 500 Industrials 4.40
65-day 11300
t

Session open Close 32000 65-day 3900 Euro STOXX 4.39

moving average moving average
Close Open CAC-40 4.38
t

31450 3825 11100 Nymex RBOB gasoline 4.33

Session low
Bars measure the point change from session's open STOXX Europe 600 4.03
10900 Russell 2000 3.89
30900 3750
Jan. Feb. Mar. Jan. Feb. Mar. Jan. Feb. Mar. S&P 500 Financials 3.74
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
S&P SmallCap 600 3.67
S&P 500 3.48
Comex silver 3.47
Major U.S. Stock-Market Indexes Trading Diary S&P 500 Information Tech 3.41
Latest 52-Week % chg Volume, Advancers, Decliners Nasdaq Composite 3.37
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. Nasdaq-100 3.25
Dow Jones Total volume*1,154,381,937 15,550,060 Dow Jones Industrial Average 3.22
Industrial Average 33291.00 32901.96 33274.15 415.12 1.26 35160.79 28725.51 -4.4 0.4 14.9 Adv. volume* 965,090,955 10,353,337 S&P/ASX 200 3.20
Transportation Avg 14445.85 14172.17 14438.66 309.16 2.19 15640.70 11999.40 -6.9 7.8 23.1 Decl. volume* 172,727,075 5,079,073 BOVESPA Index 3.09
Issues traded 3,104 316 S&P/TSX Comp 3.07
Utility Average 939.86 929.94 939.79 6.88 0.74 1071.75 838.99 -11.1 -2.9 7.5
Advances 2,506 186 FTSE 100 3.06
Total Stock Market 41146.91 40629.29 41136.55 623.31 1.54 46413.63 36056.21 -10.7 6.8 16.5
Declines 506 115 S&P 500 Utilities 3.05
Barron's 400 937.67 924.04 937.47 13.44 1.45 1023.82 825.73 -7.9 1.9 20.7
Unchanged 92 15 Corn 2.72
Nasdaq Stock Market New highs 64 5 iShiBoxx$HYCp 2.65
Nasdaq Composite 12227.93 12030.44 12221.91 208.44 1.74 14532.55 10213.29 -14.3 16.8 16.6 New lows 19 6 KOSPI Composite 2.56
Nasdaq-100 13188.83 12968.00 13181.35 218.21 1.68 15159.58 10679.34 -11.3 20.5 19.0 Closing Arms† 1.10 0.75 S&P BSE Sensex 2.55
Block trades* 5,020 122 S&P 500 Consumer Staples 2.50
S&P
Hang Seng 2.43
500 Index 4110.75 4056.18 4109.31 58.48 1.44 4582.64 3577.03 -9.6 7.0 16.7 Nasdaq NYSE Arca
Bloomberg Commodity Index 2.41
MidCap 400 2513.02 2478.76 2512.16 43.36 1.76 2726.61 2200.75 -7.3 3.4 20.3 Total volume*5,521,158,462 303,935,150 NIKKEI 225 2.40
SmallCap 600 1182.12 1163.79 1182.07 22.51 1.94 1331.34 1064.45 -11.2 2.1 20.0 Adv. volume*4,222,185,793 220,539,420 Mexican peso 2.24

.
Decl. volume*1,244,925,842 81,041,383 S&P/BMV IPC 2.15
Other Indexes

ly
Issues traded 4,652 1,748 South African rand 2.09
Russell 2000 1802.70 1775.05 1802.48 34.10 1.93 2095.44 1649.84 -13.8 2.3 16.1
Advances 3,151 1,465 S&P 500 Health Care 1.76
NYSE Composite 15377.02 15200.59 15374.91 174.32 1.15 16829.75 13472.18 -8.4 1.3 14.3 Declines 1,298 272 Canadian dollar 1.69
Value Line 558.71 549.19 558.68 9.49 1.73 642.64 491.56 -12.7 4.2 16.4 Unchanged 203 11
NYSE Arca Biotech
NYSE Arca Pharma
KBW Bank
5309.48
841.62
82.20
5224.16
834.57
80.96
5307.71
841.47
82.04
83.56
6.90
0.72
on
1.60
0.83
0.88
5644.50
887.27
122.58
4208.43
737.84
78.06
1.4
0.0
-33.1
0.5
-3.0
-18.7
5.9
13.2
7.8
New highs
New lows
Closing Arms†
95
142
0.72
21
12
2.01
S&P 500 Communication Svcs
Indonesian rupiah
iShJPMUSEmgBd
U.K. pound
1.46
1.32
1.04
0.83
PHLX§ Gold/Silver 132.60 130.33 131.44 -0.57 -0.43 167.76 91.40 -19.5 8.8 18.5 Block trades* 45,346 1,495
us ,

Euro area euro 0.75

PHLX§ Oil Service 79.27 78.14 78.85 0.72 0.92 93.94 56.08 -3.5 -6.0 47.2 Comex copper 0.65
l

* Primary market NYSE, NYSE American NYSE Arca only.

PHLX§ Semiconductor †(TRIN) A comparison of the number of advancing and declining
e
3233.94 3178.39 3230.86 22.60 0.70 3424.95 2162.32 -4.0 27.6 28.8 Australian dollar 0.60
al a

issues with the volume of shares rising and falling. An

Cboe Volatility 19.43 18.52 18.70 -0.32 -1.68 34.75 17.87 -4.7 -13.7 -29.6 Wheat 0.54
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. Swiss franc 0.51
ci on

iShNatlMuniBd 0.34
International Stock Indexes Percentage Gainers... iSh TIPS Bond 0.32
Latest Session 52-Week
Shanghai Composite 0.22
Latest YTD
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg Indian rupee 0.19
United Homes Group UHG 20.80 8.12 64.04 29.00 9.78 112.5 iShiBoxx$InvGrdCp 0.13
1.07
er s

World MSCI ACWI 646.76 6.87 6.8

Burford Capital BUR 11.06 3.84 53.19 11.87 6.09 19.8 Norwegian krone 0.10
MSCI ACWI ex-USA 298.68 1.31 0.44 6.2
Y-mAbs Therapeutics YMAB 5.01 1.72 52.28 20.48 2.70 -61.6 -0.01 Chinese yuan
MSCI World 2791.44 31.74 1.15 7.3
m er

Guardforce AI GFAI 7.08 2.23 45.98 78.40 3.81 -89.8 -0.27 WSJ Dollar Index
MSCI Emerging Markets 990.28 4.51 0.46 3.5 Pulse Biosciences PLSE 3.36 0.88 35.48 4.58 1.18 -5.4 -0.44 iSh 1-3 Treasury
Americas MSCI AC Americas 1559.77 22.00 1.43 7.0 Metropolitan Bank MCB 33.89 8.53 33.64 104.84 13.98 -66.5 -0.45 iSh 20+ Treasury
Canada S&P/TSX Comp 20099.89 158.90 0.80 3.7 Palisade Bio PALI 3.52 0.87 32.83 55.00 1.55 -93.2 -0.46 VangdTotalBd
m rp

Brainstorm Cell Therap BCLI 3.30 0.80 32.00 4.70 1.09 -0.3 -0.63 VangdTotIntlBd
Latin Amer. MSCI EM Latin America 2193.97 –10.43 –0.47 3.1
Orchestra BioMed Holdings OBIO 19.57 4.09 26.42 19.84 7.49 97.7 -0.70 Nymex ULSD
Brazil BOVESPA 101882.20 –1831.25 –1.77 –7.2
Groupon GRPN 4.21 0.84 24.93 21.18 3.37 -78.0 -0.75 Comex gold
Chile S&P IPSA 3161.33 9.16 0.29 –0.4
XIAO-I ADR AIXI 6.92 1.37 24.68 8.00 4.95 ... -0.77 iSh 7-10 Treasury
Mexico S&P/BMV IPC 53904.00 –294.94 –0.54 11.2
Digital Ally DGLY 4.62 0.88 23.39 24.40 3.57 -78.8 -0.81 South Korean won
Inozyme Pharma INZY 5.73 1.04 22.17 6.25 0.99 52.0
co Fo

EMEA STOXX Europe 600 457.84 3.00 0.66 7.8 -0.92 Russian ruble
Eurozone 0.60 11.5
51Talk Online Educ ADR COE 6.85 1.23 21.89 9.08 4.00 1.3 -1.54 Japanese yen
Euro STOXX 457.15 2.70
C3.ai AI 33.57 5.94 21.50 33.57 10.16 45.8
Belgium Bel-20 3793.19 15.75 0.42 2.5 -2.49 Lean hogs
Denmark OMX Copenhagen 20 2013.72 4.67 0.23 9.7 Percentage Losers -6.14 Nymex natural gas
Latest Session 52-Week *Continuous front-month contracts
France CAC 40 7322.39 59.02 0.81 13.1
Company Symbol Close Net chg % chg High Low % chg
Germany DAX 15628.84 106.44 0.69 12.2 Sources: FactSet (indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Gorilla Technology Group GRRR 4.80 -6.99 -59.29 51.00 2.62 ... THE WALL STREET JOURNAL
Israel Tel Aviv 1739.11 … Closed –3.2
Chicken Soup Soul Ent A CSSE 2.00 -1.20 -37.50 15.89 1.72 -82.6
Italy FTSE MIB 27113.95 92.91 0.34 14.4
micromobility.com MCOM 3.66 -2.18 -37.28 170.00 3.23 -97.8 Methodology
Netherlands AEX 756.18 3.72 0.49 9.7 Pyxis Oncology PYXS 4.01 -1.99 -33.17 6.92 1.10 12.3 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
Norway Oslo Bors All-Share 1352.32 9.83 0.73 –0.8 Checkpoint Therapeutics CKPT 2.25 -1.10 -32.84 18.20 1.84 -87.3 reflect total returns). Commodities are represented by the continuous front-month
South Africa FTSE/JSE All-Share 76100.17 –0.79 4.2 futures contract. Bond exchange-traded fund performance may diverge from that of
–604.46 Ensysce Biosciences ENSC 4.86 -1.93 -28.43 396.00 4.68 -98.1 their underlying index. Bond categories are represented by the following ETFs: U.S.
Spain IBEX 35 9232.50 25.40 0.28 12.2 Nuburu BURU 2.67 -1.05 -28.23 14.00 2.55 -73.0 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
n-

Sweden OMX Stockholm 842.93 9.14 1.10 7.8 HTG Molecular Diagnostics HTGM 2.70 -0.96 -26.23 24.96 2.38 -83.1 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
Switzerland Swiss Market 11106.24 74.03 0.67 3.5 Nogin NOGN 2.72 -0.92 -25.21 230.20 2.56 -98.6 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Turkey BIST 100 4812.93 –83.14 –1.70 –12.6 Annovis Bio ANVS 15.41 -4.69 -23.33 23.91 8.39 11.4 Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Bonds: iShares National Muni; International Bonds: Vanguard Total International;
U.K. FTSE 100 7631.74 0.15 2.4 AnPac Bio-Medical ADR ANPC 4.24 -1.26 -22.91 11.99 2.60 -51.8
no

11.31 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
U.K. FTSE 250 18928.30 20.56 0.11 0.4 YS Biopharma YS 1.60 -0.44 -21.57 18.44 1.44 -83.5
ICZOOM Group Cl A IZM 1.73 -0.46 -21.00 4.22 1.72 ... Scan this code
Asia-Pacific MSCI AC Asia Pacific 162.10 1.11 0.69 4.1 AST SpaceMobile ASTS 5.08 -1.34 -20.87 14.27 3.55 -52.0
Australia S&P/ASX 200 7177.80 55.46 0.78 2.0 Charah Solutions CHRA 2.09 -0.54 -20.53 51.50 2.01 -95.0 Get real-time U.S. stock quotes and
0.36
track most-active stocks, new highs/lows
China Shanghai Composite 3272.86 11.61 5.9
Hong Kong Hang Seng 20400.11 90.98 0.45 3.1
Most Active Stocks and mutual funds.
Volume % chg from Latest Session 52-Week
India S&P BSE Sensex 58991.52 1031.44 1.78 –3.0 Company Symbol (000) 65-day avg Close % chg High Low Available free at WSJMarkets.com
Japan NIKKEI 225 28041.48 258.55 0.93 7.5 Mullen Automotive MULN 763,707 227.1 0.13 8.96 3.12 0.09
Singapore Straits Times 3258.90 1.72 0.05 0.2 Tesla TSLA 169,177 -4.2 207.46 6.24 384.29 101.81
South Korea KOSPI 2476.86 23.70 0.97 10.8
Bed Bath Beyond BBBY 163,794 127.3 0.43 -28.00 30.00 0.42 Currencies
ProSh UltraPro Shrt QQQ SQQQ 138,731 1.1 29.36 -4.92 69.55 29.29
Taiwan TAIEX 15868.06 18.63 0.12 12.2 U.S.-dollar foreign-exchange rates in late New York trading
ProShares UltraPro QQQ TQQQ 126,080 -32.1 28.26 4.90 61.55 16.10
Thailand SET 1609.17 3.75 0.23 –3.6 * 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 .00004262 23465 –0.7
Argentina peso .0048208.9844 18.2 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1975 5.0640 –4.2 Czech Rep. koruna .04619 21.647 –4.1

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7397 1.3519 –0.3 Denmark krone .1455 6.8713 –1.1
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001264 790.91 –6.8 Euro area euro 1.0843 .9223 –1.3
Colombiapeso .000215 4650.00 –4.10 Hungary forint .002853 350.46 –6.1
A consumer rate against its Five-year ARM, Rate Ecuador US dollar Iceland krona
1 1 unch .007281 137.35 –3.0
benchmark over the past year 5.00% Mexico peso .0555 18.0182 –7.5 Norway krone .0955 10.4733 6.8
Bankrate.com avg†: 5.65% 28%
t
WSJ Dollar Index Uruguay peso .02577 38.8062 –2.9 Poland zloty .2317 4.3160 –1.4
5-year Raymond James Bank, NA 3.00% 4.00 s
Tradeweb ICE Asia-Pacific Russia ruble .01282 78.000 5.8
adjustable-rate 6.00% St. Petersburg, FL 800-718-2265 14
Friday Close 3.00 Sweden krona .0963 10.3824 –0.5
mortgage (ARM) t Australiadollar .6686 1.4957 1.9
Switzerland franc
RTN Federal Credit Union 5.00% 1.0927 .9152 –1.1
One year ago 0 China yuan .1456 6.8688 –0.4
5.00
t

2.00 Turkey lira .0522 19.1411 2.4

Waltham, MA 781-736-9900 Euro Hong Kong dollar .1274 7.8491 0.5
s Ukraine hryvnia .0271 36.8500 unch
India rupee .01217 82.183 –0.7
4.00 Grow Financial FCU 5.13% 1.00 –14 UK pound 1.2334 .8108 –1.9
t s Indonesia rupiah .0000668 14969 –3.8
Hillsborough, FL 800-839-6328 Middle East/Africa
Yen Japan yen .007532 132.76 1.3
5-year Treasury 3.00 0.00 –28
The Torrington Savings Bank 5.13% Kazakhstan tenge .002199 454.82 –1.7 Bahrain dinar 2.6515 .3772 0.03
note yield 1 3 6 1 2 3 5 7 10 20 30
Torrington, CT 860-496-2152 2022 2023 Macau pataca .1236 8.0895 0.5 Egypt pound .0325 30.7973 24.4
2.00 month(s) years Malaysia ringgit .2266 4.4125 0.2 Israel shekel .2778 3.5994 2.1
AM J J A S ON D J F M Clinton Savings Bank 5.25%
maturity New Zealand dollar .6257 1.5982 1.5 Kuwait dinar 3.2599 .3068 0.2
2022 2023 Clinton, MA 888-744-4272 Pakistan rupee .00352 283.800 25.2 Oman sul rial 2.5972 .3850 0.01
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0184 54.276 –2.5 Qatar rial .2746 3.641 –0.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7511 1.3313 –0.7 Saudi Arabia riyal .2664 3.7535 –0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0007654 1306.48 3.5 South Africa rand .0562 17.7958 4.5
Sri Lanka rupee .0030395 329.00 –10.5
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 .03274 30.541 –0.3 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 .02927 34.160 –1.3 WSJ Dollar Index 96.23 0.27 0.28 –0.34
Libor, 3-month 5.18 5.13 0.96 l 5.18 3.74
U.S. Treasury, Bloomberg 2154.150 3.830 3.660 4.560 2.510 –4.508 –4.204 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.48 0.48 0.07 l 0.48 0.14
2.78 l 1.87 U.S. Treasury Long, Bloomberg 3355.290 3.770 3.730 4.570 2.540 –16.003–11.328
Five-year CD, annual yield
30-year mortgage, fixed† 6.93
2.78
6.81
0.49
4.84 l
2.79
7.41 3.08 Aggregate, Bloomberg 2009.110 4.410 4.260 5.210 2.980 –4.797 –2.777
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 6.18 6.09 4.09 l 6.53 2.75
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 1985.400 4.540 4.340 5.380 3.040 –4.884 –3.323
Jumbo mortgages, $726,200-plus† 7.01 6.87 4.86 l 7.44 3.09 DJ Commodity 1003.67 11.21 1.13 1251.61 967.84 -13.96 -4.29
High Yield 100, ICE BofA 3244.768 n.a. 8.217 8.753 5.487 –2.173 5.224
Five-year adj mortgage (ARM)† 5.65 5.67 3.26 l 5.82 2.33 Refinitiv/CC CRB Index 267.73 3.35 1.27 329.59 254.03 -8.68 -3.61
New-car loan, 48-month 6.76 6.76 3.82 l 6.77 2.36 Muni Master, ICE BofA 571.263 2.971 3.007 3.936 2.331 0.649 0.359 Crude oil, $ per barrel 75.67 1.30 1.75 122.11 66.74 -23.77 -5.72
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 7.723 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 2.216 0.112 5.32 9.680 1.991 -61.26 -50.48
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. 1969.00 -11.30 -0.57 1993.80 1623.30 2.60 8.20
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

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

Metal & Petroleum Futures July 627.00 638.75 625.75 636.00 8.75 379,360 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June .7620 .7629 .7571 .7623 –.0015 158,785
Oats (CBT)-5,000 bu.; cents per bu. May 39.25 … 395 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open April .7384 .7404 .7375 .7392 –.0008 445
May 371.00 373.50 361.00 364.25 –8.50 2,619 Sept 38.90 38.91 s 38.90 38.90 .10 2,297
Open High hi lo Low Settle Chg interest June .7404 .7413 .7382 .7399 –.0008 170,953
July 364.25 365.00 356.50 361.25 –4.25 788 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybeans (CBT)-5,000 bu.; cents per bu. May 83.64 83.69 82.26 82.78 –.72 83,934 British Pound (CME)-£62,500; $ per £
April 4.0320 4.0975 4.0320 4.1045 0.0140 3,326 May 1473.25 1513.75 1468.00 1505.50 31.00 271,238 April 1.2397 1.2426 1.2330 1.2340 –.0058 2,100
July 83.99 84.00 82.52 83.10 –.77 52,016
May 4.1120 4.1175 4.0215 4.0945 0.0030 113,431 June 1.2412 1.2442 1.2344 1.2355 –.0058 200,130
July 1445.75 1483.00 1440.25 1475.50 28.50 206,690 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Gold (CMX)-100 troy oz.; $ per troy oz. Swiss Franc (CME)-CHF 125,000; $ per CHF
April 1981.30 1986.80 1968.00 1969.00 –11.30 21,506
Soybean Meal (CBT)-100 tons; $ per ton. May 265.50 272.15 s 263.10 269.50 3.20 7,620
May 458.50 469.00 453.10 466.00 6.10 143,867 June 1.1039 1.1063 1.0987 1.1031 –.0005 35,861
May 1988.50 1995.50 1975.30 1977.00 –11.50 1,577 July 253.20 258.95 s 251.35 257.80 4.85 1,352
July 453.30 462.50 448.90 461.30 6.40 129,277 Sept 1.1130 –.0005 366
June 1998.00 2005.50 1984.20 1986.20 –11.50 393,718 Australian Dollar (CME)-AUD 100,000; $ per AUD
Aug 2015.80 2022.80 2002.30 2004.10 –11.50 26,922 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Interest Rate Futures
May 54.40 56.20 53.93 55.49 1.12 144,356 April .6710 .6741 .6675 .6686 –.0027 482
Oct 2032.00 2040.80 2021.60 2021.80 –11.80 8,428 June .6731 .6757 .6689 .6701 –.0027 152,641
Dec 2050.00 2057.60 2038.30 2039.00 –12.80 18,908 July 54.57 56.34 54.13 55.62 1.05 128,870 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 140-020 142-000 139-060 141-040 1-11.0 1,411,752 Mexican Peso (CME)-MXN 500,000; $ per MXN
Palladium (NYM) - 50 troy oz.; $ per troy oz. April .05524 .05540 .05510 .05530 .00011 29
April 1450.50 1450.50 1450.50 1466.00 1.40 1 May 17.72 17.78 17.39 17.42 –.19 3,975 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
June .05444 .05478 .05437 .05467 .00011 239,685
June 1464.50 1503.50 1455.50 1468.00 4.40 11,146 Sept 15.67 15.78 15.61 15.63 –.05 2,709 June 130-090 131-170 129-220 131-050 1-00.0 1,195,538
Platinum (NYM)-50 troy oz.; $ per troy oz. Euro (CME)-€125,000; $ per €
Wheat (CBT)-5,000 bu.; cents per bu. Sept 129-290 131-140 129-290 131-080 1-00.0 60
April 1.0926 1.0935 1.0851 1.0865 –.0051 1,959
April 984.20 997.00 979.40 994.10 8.90 822 May 692.50 701.25 681.00 692.25 … 179,012 Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 1.0955 1.0975 1.0885 1.0904 –.0051 728,430
July 997.60 1005.00 983.00 1003.10 6.20 53,977 July 704.50 713.00 693.00 704.50 … 110,451 June 114-170 115-030 114-090 114-295 11.0 4,229,957
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. Sept 115-085 115-245 115-000 115-195 11.5 1,173
April 23.870 24.165 s 23.870 24.076 0.174 211 May 870.00 887.75 864.00 877.75 6.25 71,987 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Index Futures
May 24.050 24.310 23.830 24.156 0.167 91,056 July 856.25 872.75 850.00 861.75 3.75 54,665 March 109-105 109-140 109-080 109-172 6.7 17 Mini DJ Industrial Average (CBT)-$5 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 109-060 109-212 109-010 109-162 7.2 4,369,232 June 33039 33549 33003 33460 416 81,624
May 74.37 75.72 73.77 75.67 1.30 299,334
April 200.000 202.250 s 199.825 200.825 .925 8,461 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 33327 33781 33250 33703 418 298
June 74.44 75.83 73.89 75.80 1.31 267,022
July 74.38 75.76 73.80 75.73 1.32 227,858
May 204.675 206.850 204.525 205.250 .800 23,610 March 103-016 103-016 102-285 103-012 .9 50 Mini S&P 500 (CME)-$50 x index
Cattle-Live (CME)-40,000 lbs.; cents per lb. June 103-032 103-100 103-000 103-072 2.2 2,353,866 June 4081.00 4142.50 4078.00 4137.75 57.75 2,176,014
Sept 73.72 75.03 73.17 75.00 1.27 142,121
April 167.825 168.525 s 167.550 168.350 .800 32,497 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept 4113.00 4177.75 4113.00 4173.50 58.50 7,435
Dec 72.36 73.59 71.89 73.55 1.14 216,333
Dec'24 68.69 69.50 68.29 69.34 0.67 82,218 June 161.175 162.175 s 160.900 162.125 1.125 131,493 March 95.3525 95.3525 95.3500 95.3500 ... 199,772 Mini S&P Midcap 400 (CME)-$100 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. April 95.1900 95.1900 95.1800 95.1850 ... 453,075 June 2484.40 2533.10 2482.50 2529.70 44.50 40,102
April 2.6400 2.6830 2.6286 2.6763 .0526 2,838 April 76.000 76.400 t 75.000 75.250 –1.200 28,318 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Sept 2547.40 44.50 n.a.
May 2.5716 2.6253 2.5576 2.6206 .0568 94,984 June 91.150 92.375 90.625 91.625 .025 93,170 June 98-015 98-165 97-260 98-100 14.0 10,363 Mini Nasdaq 100 (CME)-$20 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. June 13084.25 13311.50 s 13057.50 13301.75 219.75 227,069
April 2.6500 2.7208 2.6388 2.7005 .0391 3,234 May 376.60 t 368.60
380.60 371.40 –5.20 1,840 March 95.1325 95.1350 95.1150 95.1275 –.0075 1,025,943 Sept 13218.50 13448.75 s 13200.75 13442.00 221.75 1,746
May 2.6258 2.6931 2.6036 2.6810 .0432 105,201 Milk (CME)-200,000 lbs., cents per lb. June 95.1350 95.1550 95.0700 95.1250 –.0200 1,599,475
Mini Russell 2000 (CME)-$50 x index
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 18.06 18.06 18.05 18.06 –.01 4,979 June 1781.10 1817.10 1777.80 1813.50 33.40 487,688
March Eurodollar (CME)-$1,000,000; pts of 100%
May 2.107 2.241 t 2.074 2.216 .112 380,275 19.10 –.36 4,682 Sept 1818.00 1831.30 1793.70 1828.70 33.50 3,038
April April 94.8100 94.8375 94.8000 94.8250 –.0025 139,497
June 2.352 2.488 t 2.321 2.465 .107 80,683 Dec 1847.40 35.10 1
Cocoa (ICE-US)-10 metric tons; $ per ton. June 94.7750 94.7900 94.7300 94.7800 –.0050 587,548
July 2.634 2.754 t 2.600 2.732 .093 137,813 May 2,917 2,963 s 2,905 2,933 16 127,537
Mini Russell 1000 (CME)-$50 x index
Sept 95.1150 95.1500 95.0500 95.1350 –.0050 593,996
Sept 2.640 2.770 t 2.620 2.750 .094 103,868 June 2247.10 2271.50 2247.00 2270.60 34.10 7,022
July 2,883 2,918 s 2,872 2,894 11 117,445 Dec 95.3900 95.4600 95.3250 95.4400 .0200 569,643
Oct 2.753 2.867 t 2.717 2.847 .097 102,649 Coffee (ICE-US)-37,500 lbs.; cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
Jan'24 3.810 3.934 3.790 3.922 .097 77,463 June 101.91 102.31 101.73 102.19 .37 30,629
May 170.00 171.70 166.15 170.50 .70 66,835 Currency Futures Sept 101.66 101.95 101.56 101.95 .36 526
July 169.40 170.75 165.55 169.70 .70 52,587
Agriculture Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥
Corn (CBT)-5,000 bu.; cents per bu. May 21.99 22.36 s 21.78 22.25 .29 324,852 April .7543 .7555 .7503 .7553 –.0015 930 Source: FactSet
May 648.75 664.50 647.25 660.50 11.00 440,957 July 21.50 21.94 s 21.36 21.83 .33 280,450

Bonds | wsj.com/market-data/bonds/benchmarks
Exchange-Traded Borrowing Benchmarks | WSJ.com/bonds
Global Government Bonds: Mapping Yields
Portfolios Money Rates March 31, 2023 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Largest 100 exchange-traded funds, latest Key annual interest rates paid to borrow or lend money in U.S. and selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
session
international markets. Rates below are a guide to general levels but Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
don’t always represent actual transactions. Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
Friday, March 31, 2023
Closing Chg YTD 3.875 U.S. 2 4.060 t l 4.097 4.795 2.284
Week —52-WEEK—
ETF Symbol Price (%) (%) Inflation Latest ago High Low 3.500 10 3.491 t l 3.550 3.914 2.324
CnsmrDiscSelSector XLY 149.54 2.67 15.8 Feb. index Chg From (%)
Switzerland 2.00 2.00 2.00 0.00 3.250 Australia 2 2.966 t l 3.008 3.661 1.806 -110.3 -112.6 -53.7

.
CnsStapleSelSector XLP 74.71 0.81 0.2 level Jan. '23 Feb. '22
DimenUSCoreEq2 DFAC 25.48 1.47 4.9 Britain 4.25 4.25 4.25 0.75 1.750 10 3.309 t l 3.365 3.865 2.836 -18.8 -18.8 49.7

ly
EnSelSectorSPDR XLE 82.83 0.69 –5.3
U.S. consumer price index Australia 3.60 3.60 3.60 0.10
FinSelSectorSPDR XLF 32.15 1.10 –6.0 0.000 France 2 2.806 t l 2.852 3.212 -0.021 -126.3 -128.2 -236.4
HealthCareSelSect XLV 129.46 1.07 –4.7 All items 300.840 0.56 6.0 Secondary market
IndSelSectorSPDR XLI 101.18 1.32 3.0 Core 304.011 0.68 5.5 2.000 10 2.804 t l 2.877 3.120 0.979 -69.3 -67.6 -136.1
InvscQQQI QQQ 320.93 1.66 20.5
InvscS&P500EW RSP 144.62 1.47 2.4
Fannie Mae 2.500 Germany 2 2.688 t l 2.751 3.146 -0.070 -138.1 -138.3 -241.3
International rates
iShCoreDivGrowth
iShCoreMSCIEAFE
iShCoreMSCIEM
iShCoreMSCITotInt
iShCoreS&P500
iShCoreS&P MC
DGRO
IEFA
IEMG
IXUS
IVV
IJH
49.99
66.85
48.79
61.95
411.08
250.16
1.15
0.47
–0.14
0.29
1.40
1.75
–0.0
8.5
4.5
7.0
7.0
3.4 Prime rates
Latest
Week
ago High
on
52-Week
Low
30-year mortgage yields
30 days
60 days
Notes on data:
5.844 5.511 6.812 4.117
5.854 5.520 6.988 4.192

U.S. prime rate is the base rate on corporate

2.300
2.500
4.400
Italy 2
10

10
2.294 t
3.179 t
4.107 t
l

l
l
2.374
3.253
4.223
2.649
3.603
4.477
0.549 -120.3
0.302
2.044
-89.0
61.0
-117.9
-88.1
67.0
-179.0
-204.1
-29.6
iShCoreS&P SC IJR 96.70 1.86 2.2 0.005 Japan 2 -0.049 s l -0.068 -0.039 -0.041 -411.7 -420.2 -238.3
us ,

90.55 6.8
U.S. 8.00 8.00 8.00 3.50 loans posted by at least 70% of the 10 largest
iShCoreS&PTotUS ITOT 1.51
iShCoreTotalUSDBd IUSB 46.15 0.52 2.7 Canada 6.70 6.70 6.70 2.70 U.S. banks, and is effective March 23, 2023. 0.500 10 0.330 s l 0.326 0.503 0.216 -316.7 -322.7 -212.4
l

Other prime rates aren’t directly comparable;

iShCoreUSAggBd AGG 99.64 0.48 2.7 Japan 1.475 1.475 1.475 1.475 0.000 Spain 2 2.937 t l 2.974 3.358 0.205 -116.0 -213.8
lending practices vary widely by location. -113.2
e
90.45 1.53 6.7
al a

iShESGAwareUSA ESGU Complete Money Rates table appears Monday

iShEdgeMSCIMinUSA USMV 72.74 1.11 0.9 Policy Rates through Friday. 3.150 10 3.332 t l 3.393 3.609 1.428 -16.5 -15.9 -91.1
iShEdgeMSCIUSAQual QUAL 124.06 1.48 8.9 Euro zone 3.50 3.50 3.50 0.00 Sources: Bureau of Labor Statistics; FactSet
iShGoldTr IAU 37.37 –0.53 8.0 0.625 U.K. 2 3.444 t l 3.457 4.069 1.350 -62.5 -67.7 -99.3
ci on

iShiBoxx$InvGrCpBd LQD 109.61 0.90 4.0

iShJPMUSDEmBd EMB 86.28 0.64 2.0 4.250 10 3.492 t l 3.516 3.711 1.614 -0.5 -3.7 -72.5
iShMBS MBB 94.73 0.29 2.1
iShMSCIACWI
iShMSCI EAFE
ACWI
EFA
91.16
71.52
1.00
0.51
7.4
9.0
A Week in the Life of the DJIA Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

iSh MSCI EM
iShMSCIEAFEValue
EEM
EFV
39.46
48.53
–0.13
0.37
4.1
5.8
A look at how the Dow Jones Industrial Average component stocks Corporate Debt
iShNatlMuniBd MUB 107.74 0.14 2.1 did in the past week and how much each moved the index. The DJIA Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
50.54 0.40 1.4 gained 1,036.63 points, or 3.22%, on the week. A $1 change in the
er s

iSh1-5YIGCorpBd IGSB
iSh1-3YTreaBd SHY 82.16 0.12 1.2 expectations
iShPfd&Incm PFF 31.22 0.90 2.3 price of any DJIA stock = 6.59-point change in the average. To date, a
iShRussMC IWR 69.92 1.75 3.7 $1,000 investment on Dec. 31 in each current DJIA stock component Investment-grade spreads that tightened the most…
m er

iShRuss1000 IWB 225.23 1.50 7.0 Spread*, in basis points

iShRuss1000Grw IWF 244.33 1.62 14.0
would have returned $31,065, or a gain of 3.55%, on the $30,000 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShRuss1000Val IWD 152.26 1.24 0.4 investment, including reinvested dividends.
iShRussell2000 IWM 178.40 1.84 2.3 ING Groep … 4.550 5.02 Oct. 2, ’28 135 –45 n.a.
iShS&P500Grw IVW 63.89 1.46 9.2 The Week’s Action Credit Suisse AG CS 4.550 7.35 April 17, ’26 346 –43 444
iShS&P500Value IVE 151.76 1.35 4.6
iShSelectDiv DVY 117.18 1.03 –2.8
Pct Stock price Point chg $1,000 Invested(year-end '22) HSBC Holdings HSBC 4.250 6.44 Aug. 18, ’25 235 –28 n.a.
m rp

chg (%) change in average* Company Symbol Close $1,000 –27

iSh7-10YTreaBd IEF 99.12 0.55 3.5 Sumitomo Mitsui Financial … 3.784 4.70 March 9, ’26 90 129
iShShortTreaBd SHV 110.50 0.01 0.5 11.27 3.31 21.82 INTC $32.67
iShTIPSBondETF TIP 110.25 0.50 3.6
Intel $1,252 KeyBank NA … 4.150 6.48 Aug. 8, ’25 234 –26 260
iSh20+YTreaBd TLT 106.37 1.50 6.8 7.54 14.90 98.20 Boeing BA 212.43 1,115 Nationwide Building Society* … 4.850 5.24 July 27, ’27 158 –23 181
iShUSTreasuryBd GOVT 23.38 0.47 2.9
JPMEquityPrem JEPI 54.60 0.72 0.2 6.43 6.05 39.87 Walt Disney DIS 100.13 1,153 Metropolitan Life Insurance … 7.800 5.41 Nov. 1, ’25 130 –20 n.a.
JPM UltShIncm JPST 50.32 0.04 0.4
5.87 3.04 20.04 Dow DOW 54.82 1,101 Bank of America BAC 3.950 5.44 April 21, ’25 135 –19 162
SPDRBbg1-3MTB BIL 91.82 –0.02 0.4
co Fo

SPDR DJIA Tr DIA 332.62 1.26 0.4 5.75 1.88 12.39 Walgreens WBA 34.58 938 …And spreads that widened the most
SPDR Gold GLD 183.22 –0.52 8.0
SPDRPtfDevxUS SPDW 32.12 0.56 8.2 5.45 11.83 77.97 Caterpillar CAT 228.84 960 Royal Bank of Canada RY 6.000 4.98 Nov. 1, ’27 134 14 120
SPDRS&P500Value SPYV 40.72 1.37 4.7
SPDRPtfS&P500 SPLG 48.15 1.43 7.0 5.11 9.72 64.06 salesforce.com CRM 199.78 1,507 Bank of Nova Scotia* BNS 2.450 4.94 Feb. 2, ’32 143 10 144
SPDRS&P500Growth SPYG 55.36 1.48 9.3
4.65 14.54 95.83 Goldman Sachs GS 327.11 960 HSBC Holdings HSBC 6.500 6.64 Sept. 15, ’37 316 10 n.a.
SPDR S&P 500 SPY 409.39 1.41 7.0
SchwabIntEquity SCHF 34.80 0.40 8.0 GlaxoSmithKline Capital GSK 6.375 4.75 May 15, ’38 127 9 128
SchwabUS BrdMkt SCHB 47.85 1.53 6.8
4.63 5.80 38.23 IBM IBM 131.09 942
73.16 1.19 –3.2 Hyundai Capital America … 5.500 5.40 March 30, ’26 160 8 n.a.
SchwabUS Div SCHD 4.55 7.10 46.79 Chevron CVX 163.16 917
SchwabUS LC SCHX 48.37 1.51 7.1 AstraZeneca AZN 6.450 4.77 Sept. 15, ’37 129 7 136
SchwabUS LC Grw SCHG 65.17 1.72 17.3
SchwabUS SC SCHA 41.93 1.99 3.5
4.32 5.40 35.59 JPMorgan Chase JPM 130.31 979 Credit Suisse AG CS 1.250 6.41 Aug. 7, ’26 261 7 294
Schwab US TIPs SCHP 53.61 0.49 3.5 4.28 12.10 79.75 Home Depot HD 295.12 941 Cisco Systems CSCO 5.900 4.78 Feb. 15, ’39 96 7 103
SPDR S&PMdCpTr MDY 458.41 1.77 3.5
SPDR S&P Div SDY 123.71 1.40 –1.1 3.98 5.65 37.24 Walmart WMT 147.45 1,044 High-yield issues with the biggest price increases…
TechSelectSector XLK 151.01 1.43 21.4
UtilitiesSelSector XLU 67.69 0.73 –4.0 3.94 6.50 42.84 Travelers TRV 171.41 919 Bond Price as % of face value
VangdInfoTech VGT 385.47 1.62 20.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
3.93 3.97 26.17 3M MMM 105.11 888
VangdSC Val VBR 158.76 1.66 –0.0
Lumen Tech LUMN 7.650 20.80 March 15, ’42 38.250 2.75 n.a.
n-

VangdExtMkt VXF 140.20 2.02 5.5

VangdDivApp VIG 154.01 1.27 1.4
3.49 1.77 11.63 Cisco CSCO 52.28 1,106 QVC … 4.850 27.39 April 1, ’24 81.500 2.50 77.000
VangdFTSEAWxUS VEU 53.47 0.30 6.6 3.27 1.23 8.11 Verizon VZ 38.89 1,003 Dish DBS … 5.875 13.69 Nov. 15, ’24 89.000 2.00 83.294
VangdFTSEDevMk VEA 45.17 0.47 7.6
VangdFTSE EM VWO 40.40 –0.30 3.6 3.24 5.17 34.07 American Express AXP 164.95 1,120 Ford Motor F 7.450 6.48 July 16, ’31 106.132 1.88 102.750
VangdFTSE Europe VGK 60.95 0.26 9.9
3.05 8.28 54.57 McDonald’s MCD 279.61 1,067 Goldman Sachs Capital GS 6.345 5.98 Feb. 15, ’34 102.916 1.80 102.762
no

VangdGrowth VUG 249.44 1.80 17.0

VangdHlthCr VHT 238.46 1.17 –3.9
2.90 4.65 30.65 Apple AAPL 164.90 1,271 Rakuten … 10.250 12.45 Nov. 30, ’24 96.770 1.77 97.000
VangdHiDiv VYM 105.50 1.08 –2.5
VangdIntermBd BIV 76.74 0.56 3.3 Bath & Body Works BBWI 6.750 8.06 July 1, ’36 89.479 1.48 85.625
VangdIntrCorpBd VCIT 80.22 0.69 3.5 2.76 7.73 50.95 Microsoft MSFT 288.30 1,205 OneMain Finance OMF 7.125 8.64 March 15, ’26 96.129 1.46 95.125
VangdLC VV 186.81 1.36 7.2 2.00 4.42 29.13 Visa V 225.46 1,087
VangdMC
VangdMC Val
VO
VOE
210.92
134.07
1.69
1.48
3.5
–0.9 1.86 1.13 7.45 Coca-Cola KO 62.03 983
…And with the biggest price decreases
VangdMBS VMBS 46.55 0.26 2.3 Hat Holdings I HASI 3.750 8.21 Sept. 15, ’30 75.500 –0.50 74.625
VangdRealEst VNQ 83.04 2.14 0.7 1.60 1.93 12.72 Nike NKE 122.64 1,051
VangdS&P500ETF VOO 376.07 1.40 7.0 We Mc … 7.875 42.33 May 1, ’25 55.250 –0.50 56.875
1.57 2.96 19.51 Honeywell HON 191.12 897
VangdST Bond BSV 76.49 0.29 1.6 SVB Financial … 3.500 31.60 Jan. 29, ’25 63.188 –0.31 64.500
VangdSTCpBd VCSH 76.23 0.41 1.4
VangdShtTmInfltn VTIP 47.82 0.31 2.4 1.56 3.72 24.52 Amgen AMGN 241.75 929 Embarq … 7.995 21.23 June 1, ’36 42.000 –0.28 43.500
VangdShortTrea VGSH 58.54 0.15 1.2 –0.28
1.54 2.35 15.49 Johnson & Johnson JNJ 155.00 884 Telecom Italia Capital … 7.200 8.40 July 18, ’36 90.473 90.450
VangdSC VB 189.56 1.99 3.3
VangdTaxExemptBd VTEB 50.66 0.18 2.4 1.52 1.59 10.48 Merck MRK 106.39 965 Time Warner Cable TWC 6.550 6.76 May 1, ’37 98.087 –0.26 n.a.
VangdTotalBd BND 73.83 0.52 2.8 –0.25 n.a.
1.34 1.97 12.98 Procter & Gamble PG 148.69 987 Liberty Interactive … 8.500 45.17 July 15, ’29 25.000
VangdTotIntlBd BNDX 48.92 0.27 3.1
VangdTotIntlStk VXUS 55.21 0.35 6.7 Nissan Motr* … 3.875 6.22 Sept. 21, ’23 98.940 –0.16 98.769
VangdTotalStk VTI 204.10 1.51 6.8 –0.71 –3.40 –22.41 UnitedHealth Group UNH 472.59 895
VangdTotWrldStk VT 92.09 1.05 6.8 *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.
VangdValue VTV 138.11 1.08 –1.6 *Based on Composite price. DJIA is calculated on primary-market price. Note: Data are for the most active issue of bonds with maturities of two years or more
WisdTrFRTrea USFR 50.27 –0.02 ... Source: Dow Jones Market Data; FactSet. 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
SAP SAP 126.77 0.4 AppreciateWt SFRWW 0.02 -57.5 EnsysceBio ENSC 4.68 -28.4 NortheastBank NBN 33.25 -0.1 Rafael RFL 1.55 -3.1 SouthernFirstBcsh SFST 30.18 -1.7
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American SylaTech SYT 8.40 -9.4 Appreciate SFR 0.55 -10.5 FathomDigital FATH 0.54 -18.2 NorthfieldBanc NFBK 11.63 0.1 RedHillBio RDHL 4.06 -7.9 SoMO Bancorp SMBC 36.96 1.0
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest SchultzeSpecII A SAMA 10.32 -0.1 ApreaTherap APRE 4.44 -3.5 FinanceofAm FOA 1.19 1.6 Nuburu BURU 2.55 -28.2 RhinebeckBncp RBKB 7.58 -0.1 StarWi STHO 16.95 -16.4
session. % CHG-Daily percentage change from the previous trading session. Seagen SGEN 204.41 -0.3 Aptinyx APTX 0.12 -6.5 FinwardBancorp FNWD 29.04 -2.7 OP Bancorp OPBK 8.90 -1.2 RubiconTech RBT 0.60 -7.6 SuperCom SPCB 1.31 -1.4
ShengfengDevt SFWL 4.20 0.5 AridisPharm ARDS 0.30 -8.5 FirstCommBkshs FCBC 24.76 -0.8 OceanPal OP 0.34 -3.4 SAB Biotherap SABS 0.40 5.1 Synaptogenix SNPX 0.75 -3.3
Shift4Paymts FOUR 76.40 4.0 Arrival ARVL 0.13 -2.3 FirstInternetBncp INBK 16.35 0.1 Ocugen OCGN 0.82 3.6 SMXSecurityMatters SMX 0.91 -1.1 SyrosPharm SYRS 2.58 -1.8
Friday, March 31, 2023 ShotSpotter SSTI 39.34 3.0 AssetEntities ASST 1.24 -10.3 ForesightAuto FRSX 0.40 -4.0 Opthea OPT 3.91 0.5 SylaTech SYT 6.01 -9.4 TivicHealth TIVC 0.14 -13.3
52-Wk % 52-Wk % 52-Wk % SiriusPoint SPNT 8.14 3.4 AtlisMotor AMV 0.55 -1.8 FranklinStProp FSP 1.51 -0.6 PMV Pharm PMVP 4.67 -0.2 Safehold SAFE 28.02 5.6 TremorIntl TRMR 5.06 1.1
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SkylineChamp SKY 75.73 1.2 BP Prudhoe BPT 7.42 -3.3 FreshTracks FRTX 0.64 -5.8 ParkeBancorp PKBK 17.15 -0.4 Satellogic SATL 2.12 -3.6 USCB Financial USCB 9.81 -1.6
SonimTech SONM 1.02 14.8 Babylon BBLN 4.61 5.6 FutureFinTech FTFT 1.04 ... PassageBio PASG 0.95 -2.3 SatixFyComms SATX 0.67 -6.8 UnityBiotech UBX 1.63 -4.1
ConyersParkIII A CPAA 10.21 0.6 InsightEnt NSIT 143.15 2.5 SouthportAcqn PORT.U 10.87 4.9 BankofMarinBncp BMRC 21.53 -1.4 GAN GAN 1.18 -24.1 PAVmedWtZ PAVMZ 0.08 49.9 SciSparc SPRC 0.44 -6.2 Veru VERU 1.15 -3.3
Highs Copart CPRT
CoreMoldingTech CMT
75.41
18.27
2.4
0.3
Intapp
Jabil
INTA
JBL
45.45
88.30
1.8
1.6
Squarespace
StandexInt
SQSP
SXI
31.77
122.46
1.9
1.4
BankJamesFinl BOTJ
BankwellFin BWFG
10.51
24.26
-7.0
0.1
GMedInnov
GauchoGroup
GMVD
VINO
0.89
0.91
-45.2
0.6
PearTherapWt
PhunwareWt
PEARW
PHUNW
0.02
0.22
-41.4
-11.4
SeaStarMedical ICU
Sentage SNTG
1.81
1.55
-7.5
-3.5
VicinityMotor
VincoVentures
VEV
BBIG
0.64
0.31
-6.3
0.1
AAON AAON 96.95 1.9 Coty COTY 12.16 0.9 JupiterWellnessRt JWACR 0.41 ... StarGroup SGU 13.33 -0.8 BayFirstFinancial BAFN 14.98 -0.8 GenerationIncm GIPR 4.50 -1.2 PolymetMiningRt PLMr 0.00 -58.5 Shapeways SHPW 0.31 -16.3 VirginOrbitWt VORBW 0.02 -35.3
Ansys ANSS 333.89 2.1 DPCapAcqnIA DPCS 10.45 0.1 KoruMedSys KRMD 4.34 0.6 Stevanato STVN 26.06 1.4 BedBath BBBY 0.42 -28.0 GoldenArrow GAMCU 9.64 -5.2 PortageFintechWt PFTAW 0.08 -27.5 Sharecare SHCR 1.34 -2.7 VirginOrbit VORB 0.19 -41.2
ASE Tech ASX 7.97 0.4 Daktronics DAKT 5.70 2.3 KeyTronic KTCC 7.50 3.0 STMicroelec STM 53.53 0.7 BiodexaPharm BDRX 0.30 -7.5 GranitePointPfdA GPMTpA 16.50 -1.0 PraxisPrecision PRAX 0.79 0.7 ShengfengDevt SFWL 3.33 0.5 WheelsUpWt UP.WS 0.03 -41.7
ActivisionBliz ATVI 85.74 0.8 Darden DRI 155.90 0.8 KingsoftCloud KC 9.44 13.1 Stryker SYK 285.68 1.7 Biolase BIOL 0.27 -7.0 GreatSouthernBncp GSBC 49.04 0.5 QuantaSing QSG 11.09 4.7 SingingMachine MICS 1.52 -7.1 WheelsUp UP 0.63 -3.0
AhrenAcqnA AHRN 10.43 -0.1 DataIO DAIO 4.97 0.6 LambWeston LW 104.59 1.6 TMTAcqnUn TMTCU 10.23 -0.1 Biomerica BMRA 1.82 -0.5 GreenLightBioWt GRNAW 0.05 -11.9 Quantum-SiWt QSIAW 0.15 -8.0 SouthPlainsFin SPFI 21.03 1.2 YSBiopharma YS 1.44 -21.6
AlamosGold AGI 12.35 -0.4 DenaliCapAcqnA DECA 11.42 -0.5 Limbach LMB 17.45 1.8 TaylorDevices TAYD 21.80 -4.1 BiomXUn PHGE.U 0.15 -17.2 Hookipa HOOK 0.70 2.2
AldeyraTherap ALDX 10.03 4.5 DescartesSystems DSGX 81.31 1.7 MYR Group MYRG 127.00 3.8 TaylorMorrison TMHC 38.29 3.0 BiondVaxPharm BVXV 2.01 0.9 HanoverBancorp HNVR 18.00 -1.6
AlphaStarAcqn ALSA 10.49 0.2 Duolingo DUOL 146.40 4.8 MaquiaCapital MAQC 10.66 ... TexasInstruments TXN 186.30 1.0 Bioventus BVS 0.80 -11.6 HarborCustom HCDI 3.58 -18.1
AltairEngg ALTR 72.51 1.9 elfBeauty ELF 83.94 4.3 McEwenMining MUX 8.79 -2.3 TexasRoadhouse TXRH 109.30 -0.2 BitBrother BTB 0.83 -24.6 HelbizWt HLBZW 0.02 -22.4
AltC Acqn
AnalogDevices
ALCC
ADI
10.25
197.56
...
1.5
EzgoTech
eMagin
EZGO
EMAN
1.96
2.31
5.9
-5.0
MercadoLibre MELI 1325.67
MillerIndustries MLR 35.53
4.0
2.2
ThomsonReuters TRI
TyraBiosciences TYRA
130.33
16.86
0.7
2.4
BrookfieldFinNts BNJ
BPP 5.75%Pfd3A BPYPN
14.36
12.45
-1.4
-8.5
HeritageCommerce HTBK
HeronTherap HRTX
8.02
1.48
2.7
-1.9
Dividend Changes
AB InBev BUD 67.09 0.5 Embraer ERJ 16.61 0.3 MonsterBev MNST 54.17 2.9 UltaBeauty ULTA 546.47 1.7 CNS Pharm CNSP 0.93 2.0 HycroftMiningWt HYMCL 0.03 -23.4
Ardelyx ARDX 4.94 4.4 EnelChile ENIC 2.70 5.5 MotorolaSol MSI 286.24 1.6 UHG 29.00 64.0 CanoHealth CANO 0.76 -19.5 ICZOOMA IZM 1.72 -21.0
UnitedHomes Amount Payable /
AudioEye AEYE 7.89 -4.8 Eyenovia EYEN 3.68 11.0 NVE NVEC 83.00 2.9 VOXX Intl VOXX 12.35 3.3 CanoHealthWt CANO.WS 0.13 -31.9 Imunon IMNN 1.23 -2.4
AxonEnterprise AXON 227.56 3.3 FTAI Aviation FTAI 28.24 1.0 NVR NVR 5586.33 2.9 CanopyGrowth CGC 1.75 -0.6 InfinityPharm INFI 0.15 -11.1
Company Symbol Yld % New/Old Frq Record
Vertex VERX 21.23 -1.1
B.RileyPrin250A BRIV 10.16 0.1 FeutuneLightA FLFV 10.91 0.1 Nexters GDEV 8.10 19.0 VikingTherap VKTX 17.60 -3.9 CelularityWt CELUW 0.05 -1.6 Investar ISTR 13.50 -1.8
BankofAmPfd2 BMLpH 21.68 1.0 FirstCitizBcshA FCNCA 981.04 4.2 NEXTracker NXT 37.83 4.3 ViscogliosiBros VBOC 10.44 1.0 ChansonIntl CHSN 1.86 -13.9 Joann JOAN 1.52 -5.9 Increased
BellRing BRBR 34.16 1.9 FomentoEconMex FMX 95.98 0.2 NovoNordisk NVO 159.74 0.7 VistaEnergy VIST 20.69 -1.9 CharahSolutions CHRA 2.01 -20.5 JaguarHealth JAGX 0.62 -10.6 HarborOne Bancorp HONE 2.3 .075 /.07 Q Apr26 /Apr12
Blackbaud BLKB 69.57 1.8 FourLeafAcqn FORLU 10.25 0.2 NuSTAR PfdC NSpC 28.35 12.3 WNS WNS 94.17 0.9 CheckpointTherap CKPT 1.84 -32.8 JinMedicalIntl ZJYL 7.38 -2.6
BlueSafariRt BSGAR 0.55 10.2 GE HealthCare GEHC 82.59 -0.1 NVIDIA NVDA 278.34 1.4 Winmark WINA 324.20 0.6 ChickenSoupA CSSE 1.72 -37.5 KKRRealEstFinPfdA KREFpA 15.80 ... Stocks
BookingHldgs BKNG 2660.86 1.6 GFLEnvironmental GFL 34.90 0.4 OilDriAmerica ODC 42.02 7.4 WorthingtonInds WOR 64.75 2.5 ChickenSoupPfdA CSSEP 14.50 -0.1 Kaleyra KLR 1.64 -5.2
BostonSci BSX 50.21 0.9 GencorInds GENC 15.37 2.5 Opera OPRA 10.63 0.8 Yext YEXT 9.88 2.9 ClearmindMed CMND 1.11 -10.9 KezarLifeSci KZR 3.09 -0.9 Ensysce Biosciences ENSC 1:12 /Mar31
Bruker BRKR 79.33 1.5 GeneralElec GE 95.67 1.6 Oracle ORCL 93.00 2.7 YottaAcqn YOTA 10.29 0.2 CloverHealth CLOV 0.82 2.5 KiromicBiopharma KRBP 3.16 7.8 micromobility.com MCOM 1:50 /Mar31
BurfordCapital BUR 11.87 53.2 GoldenbridgeRt GBRGR 0.47 5.7 OrchestraBioMed OBIO 19.84 26.4 ContraFect CFRX 1.73 -16.4 KubientWt KBNTW 0.03 -9.4
CBREGlbREIncmRt IGRr 0.03
CCNeubergerIII PRPC.U 10.34
23.6
0.4
GoldenbridgeAcqn GBRG
Graco GGG
10.75
73.10
1.2
1.8
OsiskoGold
PDF Solutions
OR
PDFS
15.88
42.50
0.8
1.6
Lows Cryptyde
CXApp
TYDE
CXAI
0.08
1.42
-1.4
19.9
LejuHoldings
LixiangEduc
LEJU
LXEH
1.03
0.50
...
-2.1
Foreign
CGI GIB 96.42 1.3 GraphicPkg GPK 25.56 0.9 PGT Innovations PGTI 25.78 9.8 AST Space Wt ASTSW 1.40 -22.2 CyxteraTech CYXT 0.30 -28.1 LucyScientific LSDI 1.03 -2.7
Argo Blockchain 8.75% Nt ARBKL 32.7 .54688 Q Apr28 /Apr15
CSP CSPI 13.59 1.2 GreenBrickPtrs GRBK 35.06 2.1 POSCO PKX 70.63 6.1 AdvantageSolns ADV 1.56 -2.5 DZS DZSI 7.80 -1.1 LumiraDx LMDX 0.45 -3.1 BRP DOOO 0.7 .13302 Q Apr17 /Apr03
CTS CTS 49.59 5.4 GrAeroportuario OMAB 89.64 1.1 ProofAcqnIA PACI 10.43 0.5 AdventTech ADN 0.94 -9.4 DataStorageWt DTSTW 0.09 -8.3 Mangoceuticals MGRX 1.13 -21.4 Kenon Holdings KEN 11.9 2.79 Apr19 /Apr10
C3.ai AI 33.57 21.5 HealthStream HSTM 27.27 3.5 PerionNetwork PERI 39.87 3.2 AegleaBioTherap AGLE 0.28 -0.2 DAVIDsTEA DTEA 0.46 -3.5 MarkerTherap MRKR 0.67 -8.8
CadenceDesign CDNS 210.23 1.5 Hershey HSY 255.05 0.4 PreformedLine PLPC 129.60 0.4 AEternaZentaris AEZS 2.49 -2.2 DiffusionPharm DFFN 4.15 -3.5 mCloudTech MCLD 0.30 -13.2 Special
CavcoIndustries CVCO 317.86 2.2 HimalayaShipping HSHP 6.12 ... ProventionBio PRVB 24.30 -0.5 AileronTherap ALRN 1.24 -1.6 dMYSquaredWt DMYY.WS 0.14 -20.5 MetaMaterials MMAT 0.41 -0.6
Chase CCF 104.89 2.4 HitekGlobal HKIT 6.50 11.2 QuiptHomeMed QIPT 7.15 1.6 AkariTherap AKTX 0.14 21.1 dMYTechVI Wt DMYS.WS 0.02 -27.6 micromobility.com MCOM 3.23 -37.3 VirnetX Holding VHC ... 1.00 Apr17 /Apr10
ChengheAcqn CHEAU 10.67 -0.1 HomePlateAcqnWt HPLTW 0.87 72.9 RELX RELX 32.53 0.4 AlerusFinancial ALRS 15.31 2.7 DragonflyEnergy DFLI 2.54 -4.5 MobiquityTechs MOBQ 0.17 -4.0
ChurchillDowns CHDN 264.11 1.4 HysterYaleMatls HY 50.03 2.2 Rambus RMBS 51.31 1.4 AllarityTherap ALLR 1.65 -4.5 ENDRA LifeSci NDRA 2.20 -11.9 MorganStanleyPfdF MSpF 24.60 -0.5 Sources: FactSet; Dow Jones Market Data
CleanHarbors CLH 144.20 2.7 Immersion IMMR 9.25 7.6 RedwoodsAcqn RWODU 10.75 3.1 AlpineSummit ALPS 0.52 -15.9 ENGlobal ENG 0.46 -4.1 Netcapital NCPL 0.95 1.3 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
Coca-ColaEuro CCEP 59.22 1.6 IndustrsBachoco IBA 66.25 6.9 RentokilInit RTO 36.77 2.0 AmerantBncpA AMTB 21.16 2.2 EnlivexTherap ENLV 3.36 4.0 Nikola NKLA 1.15 -13.6
Coca-Cola Femsa KOF 81.86 0.5 InnovAge INNV 8.15 4.3 RileyExpln REPX 38.85 7.9 AppliedMolecular AMTI 0.31 -4.5 EnochianBio ENOB 0.86 -1.6 Nogin NOGN 2.56 -25.2 spin-off.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, April 1 - 2, 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. s 21.85 95.98 58.73 FomentoEconMex FMX 1.8 26 95.19 0.15 11.52 195.90 131.01 Marriott MAR 1.0 23 166.04 3.37 -13.11 28.36 12.00 Sasol SSL 7.3 4 13.65 -0.08
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 8.34 17.15 10.61 FordMotor F 4.8 dd 12.60 0.31 0.65 183.14 143.33 Marsh&McLen MMC 1.4 28 166.55 1.67 -8.16 59.45 30.65 Schlumberger SLB 2.0 21 49.10 0.36
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 35.94 71.52 42.61 Fortinet FTNT ... 62 66.46 0.65 5.06 388.51 284.99 MartinMarietta MLM 0.7 26 355.06 4.56 -37.09 86.63 45.00 SchwabC SCHW 1.9 15 52.38 -0.09
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 6.22 51.66 34.76 Fortis FTS 4.0 20 42.53 -0.14 16.90 73.00 33.75 MarvellTech MRVL 0.6 dd 43.30 0.05 66.35 136.43 40.66 Sea SE ... dd 86.55 -0.07
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 6.10 69.78 52.47 Fortive FTV 0.4 33 68.17 0.83 6.54 58.18 42.33 Masco MAS 2.3 14 49.72 1.29 25.68 91.80 47.47 Seagate STX 4.2 24 66.12 1.14
2.84 67.71 45.25 FortuneBrands FBIN 1.6 11 58.73 1.39 24.73 184.97 108.89 Masimo MASI ... 71 184.54 6.00 s 57.55 204.41 105.43 Seagen SGEN ... dd 202.47 -0.61
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 12.12 40.12 28.02 FoxA FOXA 1.5 13 34.05 0.38 10.68 103.50 62.36 MasTec MTZ ...226 94.44 0.42 -7.96 69.97 41.24 SealedAir SEE 1.7 14 45.91 1.51
10.05 37.06 26.35 FoxB FOX 1.6 12 31.31 0.42 4.51 390.00 276.87 Mastercard MA 0.6 36 363.41 4.15 -2.19 176.47 136.54 Sempra SRE 3.1 23 151.16 1.60
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 6.83 169.32 109.70 Franco-Nevada FNV 0.9 40 145.80 0.01 -7.47 114.36 34.62 MatchGroup MTCH ... 32 38.39 0.78 23.87 54.34 36.64 SensataTechs ST 0.9 25 50.02 0.97
s-New 52-week high. standards vj-In bankruptcy or receivership or 2.12 34.37 20.24 FranklinRscs BEN 4.5 14 26.94 0.68 3.20 26.99 15.36 Mattel MAT ... 17 18.41 0.57 -0.52 75.11 56.85 ServiceCorp SCI 1.6 20 68.78 0.88
t-New 52-week low. lf-Late filing being reorganized under the 7.66 51.84 24.80 FreeportMcM FCX 1.5 17 40.91 0.71 0.52 104.96 68.01 McCormickVtg MKC.V 1.9 33 82.60 2.67 19.69 575.81 337.00 ServiceNow NOW ...290 464.72 25.09
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 30.11 34.65 12.79 FreseniusMed FMS 2.3 18 21.26 0.16 0.39 105.19 70.60 McCormick MKC 1.9 34 83.21 2.20 3.93 31.60 23.64 ShawComm B SJR 3.0 26 29.91 0.98
four quarters. requirements. assumed by such companies. -4.88 10.18 4.56 FullTruck YMM ...148 7.61 -0.05 6.10 281.67 228.34 McDonald's MCD 2.2 34 279.61 1.82 1.04 62.75 44.90 Shell SHEL 3.6 5 57.54 -0.40
27.55 72.20 26.84 Futu FUTU ... 20 51.85 0.08 -5.08 401.78 298.69 McKesson MCK 0.6 16 356.05 -1.73 -5.29 285.00 195.24 SherwinWilliams SHW 1.1 29 224.77 7.75
FD-First day of trading. t-NYSE bankruptcy 3.73 114.31 75.77 Medtronic MDT 3.4 27 80.62 1.44 -3.54 36.64 22.98 ShinhanFin SHG 2.5 4 26.94 -0.10
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. GHI s 55.75 1325.67 600.68 MercadoLibre MELI ...139 1318.06 51.26 5.46 320.54 113.36 ShockwaveMed SWAV ... 38 216.83 2.67
-4.11 115.49 81.64 Merck MRK 2.7 19 106.39 0.47 38.12 74.13 23.63 Shopify SHOP ... dd 47.94 1.43
s 40.51 82.59 53.00 GE HealthCare GEHC ... ... 82.03 -0.11 76.12 236.86 88.09 MetaPlatforms META ... 25 211.94 4.10 -4.69 135.63 86.02 SimonProperty SPG 6.4 17 111.97 4.41
Friday, March 31, 2023 YTD 52-Week Yld Net s 17.82 34.90 23.10 GFLEnvironmental GFL 0.1 dd 34.44 0.15 -19.94 77.36 52.83 MetLife MET 3.5 20 57.94 0.89 -32.02 6.85 3.43 SiriusXM SIRI 2.4 13 3.97 0.01
% Chg Hi Lo Stock Sym % PE Last Chg 1.25 47.82 28.46 GSK GSK 5.6 4 35.58 0.31 5.86 1609.25 1065.55 Mettler-Toledo MTD ... 40 1530.21 30.47 13.28 49.56 31.28 SkechersUSA SKX ... 20 47.52 0.99
YTD 52-Week Yld Net 1.47 202.37 148.24 Gallagher AJG 1.1 37 191.31 1.64 19.26 87.76 54.33 MicrochipTech MCHP 1.7 23 83.78 1.00 29.46 136.20 76.16 Skyworks SWKS 2.1 16 117.98 0.66
% Chg Hi Lo Stock Sym % PE Last Chg 3.44 144.73 86.84 CapitalOne COF 2.5 5 96.16 1.98 24.70 47.99 15.41 GameStop GME 0.0 dd 23.02 0.52 20.73 78.91 48.43 MicronTech 20.81 71.87 46.58 SmithAO AOS 1.7 47 69.15 1.25
-1.78 81.57 49.70 CardinalHealth CAH 2.6 dd 75.50 0.65
MU 0.7 43 60.34 -2.75
-0.06 55.13 41.97 Gaming&Leisure GLPI 5.5 19 52.06 1.15 20.22 315.11 213.43 Microsoft MSFT 0.9 32 288.30 4.25 3.79 34.12 21.77 Smith&Nephew SNN 2.6 54 27.91 0.53
ABC -4.07 318.71 206.75 Carlisle
4.09 50.09 24.59 Carlyle
CSL 1.3 13 226.07
CG 4.2 9 31.06
1.05
0.81
9.35 120.03 76.37 Garmin
-3.09 358.25 221.39 Gartner
GRMN 2.9 20 100.92
IT ... 33 325.77
2.10
6.07
-3.79 217.64 138.68 MidAmApt MAA 3.7 28 151.04 2.56 -0.69 163.07 119.82 Smucker SJM 2.6 24 157.37 -0.17
9.49 166.15 120.30 Middleby MIDD ... 18 146.61 3.06 25.25 39.80 7.33 Snap SNAP ... dd 11.21 0.30
12.61 35.54 23.97 ABB ABB 2.1 26 34.30 0.65 5.57 106.24 52.10 CarMax KMX ... 18 64.28 3.18 -19.93 27.32 15.52 GenDigital GEN 2.9 19 17.16 0.38 -4.20 7.71 4.31 MitsubishiUFJ MUFG 2.8 26 6.39 0.14 8.05 259.78 190.08 Snap-On SNA 2.6 15 246.89 4.98
-20.29 10.10 6.00 ADT ADT 1.9 40 7.23 0.07 25.93 21.50 6.11 Carnival CCL 0.0 dd 10.15 -0.01 7.30 328.60 86.29 Generac GNRC ... 20 108.01 -3.96 -0.70 3.30 2.10 MizuhoFin MFG 3.3 8 2.82 0.01 7.49 244.05 110.27 Snowflake SNOW ... dd 154.29 12.18
-0.72 92.16 60.74 AECOM ACM 0.8 35 84.32 0.78 27.26 19.52 5.43 Carnival CUK 0.0 dd 9.15 0.01 -8.02 256.86 207.42 GeneralDynamics GD 2.3 19 228.21 1.72 23.42 48.11 24.85 Mobileye MBLY ... dd 43.27 1.65 1.53 115.76 69.75 SOQUIMICH SQM 6.8 6 81.06 -0.34
-16.27 29.89 18.62 AES AES 2.8 dd 24.08 0.51 10.91 49.17 33.10 CarrierGlobal CARR 1.6 11 45.75 0.66 s 46.21 95.67 46.77 GeneralElec GE 0.3 dd 95.60 1.55 -14.50 217.25 115.03 Moderna MRNA ... 8 153.58 6.14 7.30 375.90 190.15 SolarEdgeTech SEDG ...184 303.95 7.92
-10.31 74.02 52.07 Aflac AFL 2.6 10 64.52 0.23 -3.52 249.90 181.40 CaseysGenStores CASY 0.7 18 216.46 2.03 1.92 88.34 64.94 GeneralMills GIS 2.5 18 85.46 0.50 -19.00 374.00 249.78 MolinaHealthcare MOH ... 20 267.49 1.46 18.84 105.05 61.72 Sony SONY 0.4 16 90.65 1.34
-2.52 147.86 88.55 AGCO AGCO 0.7 11 135.20 2.10 45.99 115.33 40.69 Catalent CTLT ... 29 65.71 1.04 9.04 44.45 30.33 GeneralMotors GM 1.0 6 36.68 0.69 0.31 60.12 46.69 MolsonCoorsB TAP 3.2 dd 51.68 -0.01 -2.56 80.57 60.71 Southern SO 3.9 21 69.58 0.52
s 37.75 333.89 194.23 Ansys ANSS ... 56 332.80 6.76 -4.47 266.04 160.60 Caterpillar CAT 2.1 18 228.84 4.30 -10.90 47.50 26.19 Genmab GMAB ... 32 37.76 0.20 17.01 177.00 73.58 monday.com MNDY ... dd 142.75 6.06 26.26 79.31 42.42 SoCopper SCCO 4.6 22 76.25 0.48
-22.75 51.95 30.15 APA APA 2.8 3 36.06 0.68 6.50 161.37 86.70 Celanese CE 2.6 6 108.89 2.50 -0.22 48.85 37.68 Genpact G 1.2 25 46.22 0.70 4.61 70.39 54.72 Mondelez MDLZ 2.2 36 69.72 0.14 -3.36 50.10 28.95 SouthwestAir LUV 2.2 41 32.54 0.72
s 27.11 7.97 4.45 ASE Tech ASX 7.1 8 7.97 0.03 -10.67 122.24 38.31 CelsiusHldg CELH ... dd 92.94 1.50 2.79 31.48 23.28 Gentex GNTX 1.7 21 28.03 0.62 18.43 471.96 135.15 MongoDB MDB ... dd 233.12 14.18 11.37 150.79 65.00 Splunk SPLK ... dd 95.88 3.62
24.58 698.59 363.15 ASML ASML 0.8 46 680.71 4.03 36.54 5.71 3.20 Cemex CX ... 15 5.53 0.11 -3.57 187.72 124.85 GenuineParts GPC 2.3 20 167.31 2.94 41.55 541.39 301.69 MonolithicPower MPWR 0.8 55 500.54 2.75 69.25 160.06 69.28 Spotify SPOT ... dd 133.62 2.79
4.56 21.53 14.46 AT&T T 5.8 dd 19.25 0.17 -10.05 24.91 14.44 CenovusEnergy CVE 1.8 7 17.46 0.13 -1.89 6.04 3.57 Gerdau GGB 12.9 4 4.93 -0.03 s 6.39 54.17 39.58 MonsterBev MNST ... 48 54.01 1.52 7.27 147.37 70.24 StanleyBlackDck SWK 4.0 12 80.58 2.82
-7.77 124.36 93.25 AbbottLabs ABT 2.0 26 101.26 2.18 -22.92 98.53 61.71 Centene CNC ... 31 63.21 -0.92 -3.35 89.74 57.16 GileadSciences GILD 3.6 23 82.97 1.52 9.83 346.22 230.16 Moody's MCO 1.0 41 306.02 5.08 21.84 61.61 40.92 Stantec STN 1.0 34 58.41 0.04
-1.39 175.91 134.09 AbbVie ABBV 3.7 24 159.37 1.45 -1.77 33.50 25.03 CenterPointEner CNP 2.6 18 29.46 0.12 5.96 146.71 92.27 GlobalPayments GPN 1.0240 105.24 2.05 3.27 100.99 72.05 MorganStanley MS 3.5 14 87.80 1.69 4.97 110.83 68.39 Starbucks SBUX 2.0 36 104.13 2.81
-12.23 89.85 63.20 AcadiaHealthcare ACHC ... 24 72.25 1.00 -16.39 10.38 5.67 CentraisElBras EBR 1.9 14 6.63 0.02 33.94 72.50 36.81 GlobalFoundries GFS ... 27 72.18 1.62 -6.26 293.64 180.99 Morningstar MORN 0.7124 203.03 4.98 -2.42 94.73 58.62 StateStreet STT 3.3 11 75.69 1.32
7.11 345.30 242.80 Accenture ACN 1.6 26 285.81 3.15 14.14 79.66 43.23 CeridianHCM CDAY ... dd 73.22 3.07 -2.47 266.05 144.71 Globant GLOB ... 47 164.01 3.30 4.58 79.28 41.16 Mosaic MOS 1.7 5 45.88 0.62 15.72 136.46 62.44 SteelDynamics STLD 1.5 5 113.06 1.71
s 11.81 85.74 70.94 ActivisionBliz ATVI 0.5 45 85.59 0.70 -7.38 308.15 181.36 CharlesRiverLabs CRL ... 21 201.82 3.79 -8.73 123.85 87.87 GlobeLife GL 0.8 15 110.02 0.66 s 11.03 286.24 195.18 MotorolaSol MSI 1.2 36 286.13 4.48 28.10 18.86 11.37 Stellantis STLA 0.0 3 18.19 0.18
14.51 473.49 274.73 Adobe ADBE ... 38 385.37 3.47 5.46 574.65 297.66 CharterComms CHTR ... 12 357.61 8.56 3.88 88.32 64.65 GoDaddy GDDY ... 35 77.72 1.42 19.03 235.11 164.65 NICE NICE ... 57 228.89 4.49 3.57 255.93 159.21 Steris STE 1.0 dd 191.28 2.48
-17.29 231.43 109.05 AdvanceAuto AAP 4.9 15 121.61 3.00 3.04 145.54 107.54 CheckPoint CHKP ... 21 130.00 2.37 28.70 16.92 7.03 GoldFields GFI 2.5 17 13.32 -0.18 7.79 24.43 8.03 NIO NIO ... dd 10.51 0.05 s 44.13 26.06 13.36 Stevanato STVN 0.2 46 25.90 0.35
2.73 153.36 75.02 AdvDrainageSys WMS 0.6 15 84.21 0.53 5.35 539.13 430.16 Chemed CHE 0.3 33 537.75 10.44 -4.74 389.58 277.84 GoldmanSachs GS 3.1 11 327.11 5.97 -11.39 24.83 13.98 NOV NOV 1.1 47 18.51 0.37 1.23 70.26 49.31 StifelFinancial SF 2.4 11 59.09 0.77
51.32 111.42 54.57 AdvMicroDevices AMD ...111 98.01 0.13 5.09 182.35 120.09 CheniereEnergy LNG 1.0 28 157.60 0.71 -6.52 4.03 2.19 Grab GRAB ... dd 3.01 0.16 7.76 47.82 30.25 NRG Energy NRG 4.4 7 34.29 0.84 s 50.38 53.53 28.35 STMicroelec STM 0.4 12 53.49 0.39
-14.68 5.89 3.75 Aegon AEG 4.7 dd 4.30 ... -16.79 62.08 40.20 CheniereEnerPtrs CQP 6.6 15 47.32 -0.15 s 8.55 73.10 56.48 Graco GGG 1.3 27 73.01 1.26 s 20.80 5586.32 3576.01 NVR NVR ... 11 5572.19 155.08 s 16.76 285.68 188.84 Stryker SYK 1.1 46 285.47 4.76
-3.58 66.85 37.20 AerCap AER ... dd 56.23 0.86 -19.42 107.31 69.68 ChesapeakeEner CHK 2.8 2 76.04 1.06 23.83 709.21 440.48 Grainger GWW 1.0 23 688.81 19.54 18.00 198.28 132.08 NXP Semi NXPI 2.2 18 186.47 4.85 -0.25 9.18 5.38 SumitomoMits SMFG 3.4 9 8.00 0.13
-7.56 160.26 112.52 AgilentTechs A 0.7 31 138.34 3.85 -9.10 189.68 132.54 Chevron CVX 3.7 9 163.16 0.77 s 14.56 25.56 19.08 GraphicPkg GPK 1.6 15 25.49 0.23 -10.89 69.22 46.77 Nasdaq NDAQ 1.5 24 54.67 0.64 -1.48 193.67 117.63 SunComms SUI 2.6 71 140.88 1.51
47.15 29.44 14.82 agilon health AGL ... dd 23.75 0.38 0.81 52.88 22.22 ChewyA CHWY ...324 37.38 0.50 35.67 200.85 126.01 GpoAeroportuar PAC 3.3 ... 195.11 0.04 12.72 80.20 47.22 NationalGrid NGG 4.6 12 67.99 0.58 0.60 56.28 37.96 SunLifeFinancial SLF 4.6 12 46.70 0.47
-1.96 67.14 36.69 AgnicoEagleMines AEM 3.1 34 50.97 -0.42 23.12 1754.56 1196.28 Chipotle CMG ... 53 1708.29 36.12 31.54 313.77 179.01 GpoAeroportSur ASR 2.5 19 306.47 -4.49 42.03 55.04 29.81 NatlInstruments NATI 2.1 50 52.41 0.66 -2.14 42.72 26.43 SuncorEnergy SU 4.9 6 31.05 0.04
-6.83 328.56 218.88 AirProducts APD 2.4 28 287.21 9.24 -11.98 231.37 173.78 Chubb CB 1.7 15 194.18 0.76 31.15 96.18 52.08 Guidewire GWRE ... dd 82.05 2.53 -3.52 48.76 38.05 NatlRetailProp NNN 5.0 23 44.15 0.85 -11.15 11.93 7.71 Suzano SUZ 5.4 2 8.21 -0.21
45.50 179.09 81.91 Airbnb ABNB ... 45 124.40 2.12 6.86 44.91 32.90 ChunghwaTel CHT 3.0 25 39.10 -0.11 9.88 279.02 164.47 HCA Healthcare HCA 0.9 14 263.68 4.24 2.17 7.79 4.71 NatWest NWG 4.8 8 6.60 ... -11.50 41.88 27.14 SynchronyFin SYF 3.2 5 29.08 0.53
-7.12 123.25 70.65 AkamaiTech AKAM ... 26 78.30 1.75 9.68 105.28 70.16 Church&Dwight CHD 1.2 53 88.41 1.57 -2.54 71.76 50.61 HDFC Bank HDB 0.7 22 66.67 0.59 6.31 83.90 58.08 NetApp NTAP 3.1 11 63.85 1.28 20.97 391.17 255.02 Synopsys SNPS ... 64 386.25 10.31
1.93 334.55 185.15 Albemarle ALB 0.7 10 221.04 -1.40 s 21.58 264.11 172.75 ChurchillDowns CHDN 0.3 23 257.05 3.67 -6.76 66.19 34.90 HF Sinclair DINO 3.7 4 48.38 -0.93 21.77 108.77 53.09 NetEase NTES 1.6 19 88.44 -0.15 1.02 91.53 70.61 Sysco SYY 2.5 28 77.23 0.29
0.19 36.00 19.14 Albertsons ACI 2.3 9 20.78 0.28 3.02 61.78 38.33 Ciena CIEN ... 43 52.52 0.57 9.23 41.47 24.07 HP HPQ 3.6 12 29.35 0.45 17.16 396.02 162.71 Netflix NFLX ... 35 345.48 7.05
-6.40 93.58 33.55 Alcoa
2.90 81.66 55.21 Alcon
AA 0.9 dd 42.56 0.80
ALC 0.3104 70.54 -0.26
-22.88 340.11 240.11 Cigna
9.46 143.22 88.66 CincinnatiFin
CI 1.9 12 255.53
CINF 2.7 dd 112.08
1.44
1.72
9.53 39.63 24.77 HSBC
15.46 53.52 24.38 H World
HSBC 4.7 9 34.13
HTHT 0.0 dd 48.98
-0.16
0.21
-15.25 129.29 75.25 Neurocrine NBIX ... 66 101.22 2.01 TUV
10.88 46.63 9.29 NewOrientalEduc EDU ... dd 38.61 -0.87
-13.78 206.85 114.94 AlexandriaRlEst ARE 3.9 40 125.59 1.61 2.45 470.23 343.86 Cintas CTAS 1.0 37 462.68 -4.96 1.75 8.50 5.59 Haleon HLN 0.7 29 8.14 0.06 19.78 47.11 27.59 NYTimes A NYT 1.1 37 38.88 0.99 -2.38 59.38 36.79 TC Energy TRP 7.2 66 38.91 0.01
16.00 125.84 58.01 Alibaba BABA ... 60 102.18 -1.20 9.73 56.19 38.60 CiscoSystems CSCO 3.0 19 52.27 0.84 -19.59 43.99 23.30 Halliburton HAL 2.0 18 31.64 0.58 3.86 86.37 37.45 Newmont NEM 3.3 dd 49.02 0.18 2.20 111.57 78.86 TD Synnex SNX 1.4 14 96.79 2.30
58.44 451.19 172.05 AlignTech ALGN ... 73 334.14 22.29 3.67 54.56 40.01 Citigroup C 4.4 7 46.89 0.82 -8.10 79.44 60.16 HartfordFinl HIG 2.4 13 69.69 0.79 -5.11 22.41 14.87 NewsCorp A NWSA 1.2 34 17.27 0.30 14.24 138.24 104.76 TE Connectivity TEL 1.8 19 131.15 2.01
1.40 123.46 87.33 Allegion ALLE 1.7 21 106.73 1.69 -22.86 46.10 28.79 CitizensFin CFG 5.5 7 30.37 -0.40 -12.00 94.22 45.75 Hasbro HAS 5.2 37 53.69 1.33 -5.48 22.78 15.15 NewsCorp B NWS 1.1 34 17.43 0.34 2.85 27.50 18.85 Telus TU 5.3 22 19.86 -0.25
59.86 48.30 19.20 AllegroMicro ALGM ... 61 47.99 0.61 12.59 17.50 7.85 Clarivate CLVT ... dd 9.39 0.12 0.31 32.10 18.00 HealthcareRealty HR 5.0186 19.33 0.46 -1.35 217.76 151.01 NexstarMedia NXST 3.1 7 172.66 2.57 35.01 50.36 26.01 Ternium TX 6.5 3 41.26 0.05
-3.28 65.37 47.19 AlliantEnergy LNT 3.4 20 53.40 0.49 s 24.92 144.20 81.56 CleanHarbors CLH ... 19 142.56 3.80 -12.37 35.72 20.21 HealthpeakProp PEAK 5.5 24 21.97 0.28 -7.80 91.35 67.22 NextEraEnergy NEE 2.4 37 77.08 0.49 19.00 128.93 71.63 TFI Intl TFII 1.2 13 119.29 -0.16
-18.28 144.46 103.20 Allstate ALL 3.2 dd 110.81 1.72 -1.69 41.79 28.94 ClearwayEnergyC CWEN 4.6 6 31.33 0.40 11.33 177.55 126.95 Heico HEI 0.1 66 171.04 1.00 4.81 139.14 82.22 Nike NKE 1.1 35 122.64 2.54 6.09 15.61 10.20 TIM TIMB 3.5 19 12.36 -0.40
4.25 45.42 21.59 AllyFinancial ALLY 4.7 5 25.49 0.35 0.37 38.65 27.59 ClearwayEnergyA CWEN.A 4.3 6 30.03 0.35 13.39 140.60 102.33 Heico A HEI.A 0.1 52 135.90 0.67 1.97 32.59 23.78 NiSource NI 3.6 17 27.96 0.12 -1.56 83.13 53.69 TJX TJX 1.5 26 78.36 1.45
-15.71 242.97 117.58 AlnylamPharm ALNY ... dd 200.32 5.20 13.78 34.04 11.82 Cleveland-Cliffs CLF 0.0 7 18.33 0.24 2.09 92.68 64.75 HenrySchein HSIC ... 21 81.54 1.42 5.82 5.59 4.08 Nokia NOK 1.2 6 4.91 0.07 3.46 154.38 120.90 T-MobileUS TMUS ... 70 144.84 0.27
17.21 144.04 83.45 Alphabet C GOOG ... 23 104.00 2.68 12.76 160.59 120.50 Clorox CLX 3.0 45 158.24 3.80 s 9.86 255.05 201.42 Hershey HSY 1.6 32 254.41 1.12 1.33 4.30 3.00 Nomura NMR 3.3 14 3.80 0.04 5.39 44.43 23.09 TPG TPG 5.4 dd 29.33 1.09
17.57 143.71 83.34 Alphabet A GOOGL ... 23 103.73 2.84 36.39 128.40 37.37 Cloudflare NET ... dd 61.66 2.75 -6.68 160.52 90.34 Hess HES 1.3 18 132.34 -0.13 -6.50 251.26 194.89 Nordson NDSN 1.2 26 222.26 3.45 3.52 157.77 93.53 T.RowePrice TROW 4.3 17 112.90 2.53
-2.38 57.05 40.35 Altria MO 8.4 14 44.62 0.12 -2.48 67.20 54.02 Coca-Cola KO 3.0 28 62.03 0.18 -3.28 34.99 24.33 HessMidstream HESM 7.9 14 28.94 0.14 -13.97 285.57 196.33 NorfolkSouthern NSC 2.4 15 212.00 3.16 24.88 105.95 59.43 TaiwanSemi TSM 1.5 14 93.02 0.55
22.96 168.39 81.43 Amazon.com AMZN ... dd 103.29 1.29 s 7.00 59.22 41.80 Coca-ColaEuro CCEP 2.9 17 59.19 0.95 -0.19 17.25 11.90 HewlettPackard HPE 3.0 25 15.93 0.21 -0.41 118.22 76.15 NorthernTrust NTRS 3.4 14 88.13 1.38 14.57 157.09 90.00 TakeTwoSoftware TTWO ... dd 119.30 2.71
3.68 3.31 2.40 Ambev ABEV 4.4 16 2.82 -0.05 5.18 79.45 40.20 Cognex CGNX 0.6 40 49.55 0.85 11.48 167.99 108.41 Hilton HLT 0.4 31 140.87 3.41 -15.38 556.27 430.94 NorthropGrum NOC 1.5 15 461.72 0.74 5.64 16.58 12.28 TakedaPharm TAK 3.5 26 16.48 0.13
-4.45 13.61 10.42 Amcor AMCR 4.3 16 11.38 0.24 6.54 90.51 51.33 CognizantTech CTSH 1.9 14 60.93 1.12 7.87 86.65 59.78 Hologic HOLX ... 21 80.70 0.20 1.41 94.26 74.09 Novartis NVS 2.5 29 92.00 0.42 13.21 47.48 26.39 Tapestry TPR 2.8 13 43.11 1.04
5.64 97.08 76.79 Amdocs DOX 1.8 22 96.03 1.02 90.93 193.07 31.55 CoinbaseGlbl COIN ... dd 67.57 3.41 -6.57 347.25 264.51 HomeDepot HD 2.8 18 295.12 9.76 s 17.59 159.74 95.02 NovoNordisk NVO 0.8 46 159.14 1.05 -0.75 81.50 55.56 TargaResources TRGP 1.9 19 72.95 1.34
-2.85 99.20 73.28 Ameren AEE 2.9 21 86.39 -0.06 -4.62 83.81 67.84 ColgatePalm CL 2.6 35 75.15 -0.10 15.88 28.50 21.43 HondaMotor HMC 2.9 8 26.49 0.27 16.95 8.34 3.26 NuHoldings NU ... dd 4.76 -0.05 11.13 254.87 137.16 Target TGT 2.6 28 165.63 5.36
15.66 22.19 16.09 AmericaMovil AMX 3.0 7 21.05 -0.33 8.41 48.42 28.39 Comcast A CMCSA 3.1 32 37.91 0.76 -10.82 220.96 166.63 Honeywell HON 2.2 26 191.12 2.00 17.19 187.90 100.12 Nucor NUE 1.3 5 154.47 3.11 -3.49 46.90 24.72 TeckResourcesB TECK 1.0 8 36.50 0.31
15.96 21.42 11.65 AmerAirlines AAL 0.01392 14.75 0.28 -14.28 72.60 55.72 CommerceBcshrs CBSH 1.9 15 58.35 0.08 -4.09 117.49 57.84 HorizonTherap HZNP ... 49 109.14 -0.10 1.12 117.25 69.16 Nutrien NTR 2.9 5 73.85 1.17 11.87 493.97 325.00 TeledyneTech TDY ... 27 447.36 8.95
-4.17 105.60 80.30 AEP AEP 3.6 20 90.99 0.56 -6.10 12.04 7.45 SABESP SBS 1.4 11 10.01 0.02 -12.45 55.11 37.77 HormelFoods HRL 2.8 22 39.88 0.64 11.62 46.66 29.19 nVentElectric NVT 1.6 18 42.94 0.72 1.47 356.72 182.65 Teleflex TFX 0.5 33 253.31 4.36
11.64 192.42 130.65 AmerExpress AXP 1.5 17 164.95 2.54 -2.95 41.30 31.02 ConagraBrands CAG 3.5 27 37.56 0.17 9.59 104.14 59.25 DR Horton DHI 1.0 6 97.69 2.46 s 90.07 278.34 108.13 NVIDIA NVDA 0.1160 277.77 3.94 0.17 9.80 5.16 Ericsson ERIC 2.8 11 5.85 0.07
-11.49 152.29 113.84 AmericanFin AFG 2.1 12 121.50 1.78 -8.72 169.74 108.57 Concentrix CNXC 0.9 15 121.55 1.55 2.74 21.63 14.51 HostHotels HST 2.9 19 16.49 0.70 5.87 11.78 6.49 TelefonicaBras VIV 7.9 16 7.57 -0.21
4.35 43.89 28.79 AmHomes4Rent AMH 2.8 44 31.45 0.57
-20.37 65.73 45.66 AIG AIG 2.5 4 50.36 0.54
8.23 44.57 16.48 Confluent CFLT ... dd 24.07
-15.92 138.49 78.30 ConocoPhillips COP 2.1 7 99.21
1.35
-0.04
7.51 44.37 29.84 HowmetAerospace HWM 0.4 38 42.37
3.68 263.30 170.21 Hubbell HUBB 1.8 24 243.31
0.43
3.15
OPQ 19.89 5.39 3.10 Telefonica
14.34 33.20 23.02 TelekmIndonesia TLK
TEF 2.7301 4.28
2.8 19 27.27
-0.01
-0.16
-3.55 282.47 178.17 AmerTowerREIT AMT 2.9 53 204.34 3.16 0.38 102.21 78.10 ConEd ED 3.4 20 95.67 0.95 48.29 514.34 245.03 HubSpot HUBS ... dd 428.75 11.78 -4.78 42.91 33.28 OGE Energy OGE 4.4 11 37.66 0.43 15.03 44.28 20.03 TempurSealy TPX 1.1 16 39.49 0.70
-3.89 173.87 122.77 AmerWaterWorks AWK 1.8 33 146.49 0.60 -2.53 261.52 208.12 ConstBrands A STZ 1.42296 225.89 0.98 -5.22 571.30 410.87 Humana HUM 0.7 22 485.46 -2.90 -3.29 75.07 50.50 ONEOK OKE 6.0 17 63.54 1.01 -19.17 38.00 22.24 Tenaris TS 0.0 8 28.42 ...
0.49 32.99 21.49 AmericoldRealty COLD 3.1 dd 28.45 0.40 -8.94 97.89 52.64 ConstellationEner CEG 1.4 dd 78.50 1.68 0.63 202.10 153.92 JBHunt JBHT 1.0 19 175.46 5.71 0.59 873.94 562.90 OReillyAuto ORLY ... 25 848.98 7.48 ... 9.29 3.14 TencentMusic TME ... 25 8.28 -0.20
-1.56 357.46 219.99 Ameriprise AMP 1.6 14 306.50 5.87 12.91 429.88 244.22 Cooper COO 0.0 49 373.36 5.89 -20.57 15.74 9.94 HuntingtonBcshs HBAN 5.5 8 11.20 0.06 79.82 38.79 13.29 OakStreetHealth OSH ... dd 38.68 -0.02 23.08 120.20 67.81 Teradyne TER 0.4 25 107.51 -0.09
-3.38 174.63 135.14 AmerisourceBrgn ABC 1.2 19 160.11 0.77 s 23.52 75.41 51.10 Copart CPRT ... 34 75.21 1.73 -10.26 260.02 194.36 HuntingIngalls HII 2.4 14 207.02 0.05 -0.89 77.13 51.53 OccidentalPetrol OXY 1.2 5 62.43 0.11 68.42 384.29 101.81 Tesla TSLA ... 57 207.46 12.18

.
4.02 148.06 106.17 Ametek AME 0.7 29 145.33 2.50 -20.14 23.50 14.01 CorebridgeFin CRBG 5.7 1 16.02 0.11 23.59 125.07 70.12 HyattHotels H 0.0 27 111.79 1.81 26.21 161.61 44.12 Okta OKTA ... dd 86.24 1.90 1.18 169.67 118.55 TetraTech TTEK 0.6 25 146.91 0.88
-7.95 296.67 223.30 Amgen AMGN 3.5 20 241.75 0.25 10.46 37.73 28.98 Corning GLW 3.2 23 35.28 0.46 -1.42 23.75 17.07 ICICI Bank IBN 0.5 19 21.58 0.56 20.11 381.81 231.31 OldDomFreight ODFL 0.5 28 340.84 7.23 -2.96 11.45 6.78 TevaPharm TEVA ... dd 8.85 0.03

ly
8.51 31.38 14.89 AmkorTech AMKR 1.2 8 26.02 0.14 2.60 68.43 50.03 Corteva CTVA 1.0 38 60.31 0.36 -6.98 12.96 6.41 ICL Group ICL 2.3 4 6.80 0.07 3.40 26.72 20.27 OldRepublic ORI 3.9 11 24.97 0.33 s 12.58 186.30 144.46 TexasInstruments TXN 2.7 20 186.01 1.77
7.33 82.86 61.67 Amphenol APH 1.0 27 81.72 1.06 -10.91 85.37 53.51 CoStar CSGP ... 74 68.85 0.70 22.58 558.01 317.06 IdexxLab IDXX ... 62 500.08 6.53 4.84 67.25 41.33 Olin OLN 1.4 6 55.50 1.10 -27.44 2739.00 1250.01 TexasPacLand TPL 0.8 29 1701.02 6.18
s 20.23 197.56 133.48 AnalogDevices ADI 1.7 30 197.22 3.01 8.84 612.27 406.51 Costco COST 0.7 37 496.87 5.39 -2.47 14.72 8.14 ING Groep ING 4.8 ... 11.87 0.01 -1.93 33.71 24.81 OmegaHealthcare OHI 9.8 16 27.41 0.26 s 18.81 109.30 68.58 TexasRoadhouse TXRH 2.0 27 108.06 -0.20
24.56 24.97 11.94 AngloGoldAsh AU 1.8 34 24.19 0.04 -0.12 36.55 22.25 CoterraEnergy CTRA 10.2 5 24.54 0.50 -8.84 23.64 13.20 Invesco IVZ 4.6 11 16.40 0.29 15.66 96.52 61.31 Omnicom OMC 3.0 15 94.34 1.60 -0.24 76.11 57.11 Textron TXT 0.1 18 70.63 0.33
s 11.14 67.09 44.51 AB InBev BUD 0.6 22 66.73 0.34 s 40.89 12.16 5.90 Coty COTY 0.0 96 12.06 0.11 -2.93 254.94 165.75 IQVIA IQV ... 35 198.89 3.94 80.83 31.94 15.44 OnHolding ONON ...164 31.03 0.21 4.66 618.36 475.77 ThermoFisher TMO 0.2 33 576.37 13.40
-9.35 28.32 15.11 AnnalyCap NLY 13.6 4 19.11 0.30 8.77 21.38 8.98 Coupang CPNG ... dd 16.00 0.30 6.41 95.18 63.77 ITT ITT 1.3 20 86.30 1.77 31.99 87.55 44.76 ON Semi ON ... 19 82.32 0.49 s 14.07 130.33 91.55 ThomsonReuters TRI 1.5 45 130.12 0.93
-25.49 48.80 20.65 AnteroResources AR ... 4 23.09 0.53 12.99 123.78 82.14 Crane CR 1.7 16 113.50 1.42 2.09 55.55 47.17 IcahnEnterprises IEP 15.5 dd 51.71 -0.08 30.06 43.61 24.91 OpenText OTEX 2.5 33 38.55 0.59 -12.35 154.66 100.16 3M MMM 5.7 10 105.11 2.33
5.05 341.98 246.21 Aon
27.56 70.75 33.32 ApellisPharm
AON 0.7 26 315.29 2.29
APLS ... dd 65.96 -0.06
-0.99 74.63 45.62 ApolloGlbMgmt APO 2.5 dd 63.16 1.71
26.91 178.49 124.17 Apple AAPL 0.6 28 164.90 2.54
26.13 133.04 71.12 ApplMaterials AMAT 1.0 16 122.83 0.72
7.46 122.30 90.23 Aptargroup
20.47 124.88 77.96 Aptiv
-13.40 45.72 28.74 Aramark
ATR 1.3 33 118.19 2.24
APTV 0.0 57 112.19 2.29
ARMK 1.2 41 35.80 0.62
-2.41 176.61 113.20 Credicorp
16.61 143.50 46.08 Crocs
30.36 242.00 92.25 CrowdStrike
-1.33 199.97 121.71 CrownCastle
on BAP 3.0 9 132.39
CROX ... 15 126.44
CRWD ... dd 137.26
CCI 4.7 35 133.84
0.61 126.73 66.00 CrownHoldings CCK 1.2 14 82.71
14.83 54.95 36.82 CubeSmart
-21.21 160.60 95.75 Cullen/Frost
-1.41 261.91 184.28 Cummins
CUBE 4.2 36 46.22
CFR 3.3 12 105.34
CMI 2.6 16 238.88
0.27
1.38
5.54
1.31
1.20
1.19
1.63
4.79
9.96 263.62 171.43 Icon
1.18 246.23 172.19 IDEX

15.01 371.16 173.45 Illumina

4.25 58.98 39.95 ImperialOil
-10.02 86.29 65.07 Incyte
-3.16 25.13 16.39 Infosys
ICLR ... 35 213.59
IEX 1.0 30 231.03
10.51 253.37 173.52 IllinoisToolWks ITW 2.2 25 243.45
ILMN ... dd 232.55
IMO 2.6 6 50.81
INCY ... 47 72.27
INFY 1.9 24 17.44
2.73
4.07
3.57
7.29
0.62
1.23
0.30
s 13.68 93.00 60.78 Oracle
20.75 12.71 8.81 Orange
1.94 102.04 68.78 Orix

-28.85 63.30 32.26 Ovintiv

-6.93 106.38 31.01 PDD

-0.55 16.82 9.64 PG&E
ORCL 1.7 31 92.92
ORAN 4.8 15 11.93
IX 3.5 8 82.08
7.78 87.33 62.49 OtisWorldwide OTIS 1.4 28 84.40
OVV 2.8 3 36.08
12.31 105.62 72.97 OwensCorning OC 2.2 8 95.80
PDD ... 24 75.90
PCG ... 19 16.17
2.41
0.06
0.49
1.27
0.89
2.52
-0.54
0.28
-1.55 26.04 11.91 Toast
20.25 62.61 39.53 Toll Bros
33.01 221.38 140.66 TopBuild
-1.80 117.66 71.86 Toro
-7.50 81.47 55.43 TorontoDomBk TD
-4.88 65.05 44.61 TotalEnergies TTE
3.74 183.13 130.07 ToyotaMotor
TOST
TOL
BLD
TTC

TM
4.48 241.40 166.49 TractorSupply TSCO
... dd 17.75
1.4 5 60.03
... 12 208.14
1.2 24 111.16
4.6 9 59.90
... 7 59.05
2.5 10 141.69
1.8 24 235.04
0.73
1.29
9.89
2.16
0.47
-0.09
2.07
4.65
11.35 60.39 39.28 IngersollRand IR 0.1 39 58.18 0.85
14.87 33.90 19.25 ArcelorMittal MT 1.2 3 30.12 0.12 5.55 182.55 124.37 Curtiss-Wright CW 0.4 23 176.26 1.78 3.88 105.24 78.81 Ingredion -19.53 188.59 119.27 PNC Fin PNC 4.7 9 127.10 0.07 35.87 76.75 39.00 TradeDesk TTD ...582 60.91 0.82
us ,

INGR 2.8 14 101.73 1.04

8.11 72.28 41.05 ArchCapital ACGL ... 18 67.87 0.01 -7.07 282.31 142.74 InspireMedical INSP ... dd 234.07 -3.93 s 27.94 70.63 36.53 POSCO PKX 2.3 9 69.69 3.98 21.70 92.29 51.47 Tradeweb TW 0.5 53 79.02 ...
-14.21 98.88 70.02 ArcherDaniels ADM 2.3 10 79.66 0.19 DEF 8.35 326.74 181.00 Insulet PODD ...5212 318.96 2.08 6.24 138.10 107.06 PPG Ind PPG 1.9 31 133.58 3.75 9.45 196.22 120.64 TraneTech TT 1.6 25 183.98 1.07
l

21.92 87.50 53.15 AresMgmt ARES 3.7101 83.44 2.12 23.61 49.90 24.59 Intel INTC 1.5 17 32.67 0.58 -4.89 31.74 23.46 PPL PPL 3.5 29 27.79 0.24 17.06 772.01 499.63 TransDigm TDG 0.0 50 737.05 2.18
-1.65 407.93 267.35 arGEN-X ARGX ... dd 372.58 2.75 7.55 42.15 26.44 DCP Midstream DCP 4.1 9 41.72 0.07 6.82 139.91 96.55 PTC PTC ... 44 128.23 2.55 9.50 103.31 50.32 TransUnion TRU 0.7 46 62.14 0.62
14.11 90.19 52.18 InteractiveBrkrs IBKR 0.5 22 82.56 1.45
e
-6.80 140.23 100.64 DTE Energy DTE 3.5 20 109.54 0.85
al a

38.33 171.44 89.11 AristaNetworks ANET ... 39 167.86 5.37 1.66 133.52 88.60 ICE ICE 1.6 41 104.29 1.56 10.94 76.72 51.33 Paccar PCAR 1.4 13 73.20 0.99 -8.58 194.51 149.65 Travelers TRV 2.2 15 171.41 0.59
19.41 134.56 89.38 ArrowElec ARW ... 6 124.87 2.37 -5.04 303.82 233.71 Danaher DHR 0.4 26 252.04 2.24 8.54 168.50 110.56 PackagingCpAm PKG 3.6 13 138.83 1.25 3.68 74.87 47.09 Trimble TRMB ... 29 52.42 1.11
s 12.17 155.90 110.96 Darden DRI 3.1 20 155.16 1.28 14.16 72.10 47.06 InterContinentl IHG 2.1 32 66.60 1.44
11.43 263.59 173.81 AspenTech AZPN ... ... 228.87 11.09 -6.96 153.21 115.55 IBM IBM 5.0 75 131.09 1.87 31.62 14.86 5.92 PalantirTech PLTR ... dd 8.45 0.30 9.51 40.17 18.46 Trip.com TCOM ...138 37.67 0.69
-3.99 194.12 104.49 Assurant AIZ 2.3 24 120.07 1.42 -6.69 87.59 51.77 DarlingIngred DAR ... 13 58.40 1.72 43.14 213.63 132.22 PaloAltoNtwks PANW ...2625 199.74 6.17 -20.75 57.50 28.70 TruistFinl TFC 6.1 8 34.10 0.25
-1.14 159.00 61.34 Datadog DDOG ... dd 72.66 4.75 -12.29 135.17 81.53 IntlFlavors IFF 3.5 dd 91.96 1.44
2.37 72.12 52.65 AstraZeneca AZN 2.0 66 69.41 0.21 4.13 50.23 30.69 IntlPaper IP 5.1 7 36.06 0.82 31.77 41.07 17.75 ParamountA PARAA 3.7 16 25.84 0.69 36.09 176.40 41.00 Twilio TWLO ... dd 66.63 3.26
ci on

33.02 318.64 113.86 Atlassian TEAM ... dd 171.17 10.58 8.62 124.81 65.28 DaVita DVA ... 14 81.11 1.73 32.17 38.16 15.29 ParamountB PARA 4.3 14 22.31 0.60 10.00 450.96 281.11 TylerTech TYL ... 92 354.64 10.54
12.62 457.66 212.93 DeckersOutdoor DECK ... 24 449.55 1.59 11.80 39.52 25.14 Interpublic IPG 3.3 16 37.24 0.78
0.26 122.95 97.71 AtmosEnergy ATO 2.6 20 112.36 0.42 14.54 507.71 339.36 Intuit INTU 0.7 65 445.83 5.74 15.50 364.57 230.44 ParkerHannifin PH 1.6 35 336.11 -0.46 -4.71 99.54 55.80 TysonFoods TSN 3.2 9 59.32 1.00
11.39 235.00 163.20 Autodesk ADSK ... 55 208.16 6.55 -3.70 448.40 283.81 Deere DE 1.2 15 412.88 9.18 -0.84 141.92 105.66 Paychex PAYX 2.8 28 114.59 1.05 14.30 22.30 13.80 UBS Group UBS 1.3 10 21.34 0.83
-0.02 52.60 32.90 DellTechC DELL ... 13 40.21 0.35 -3.72 308.97 180.07 IntuitiveSurgical ISRG ... 70 255.47 4.17
21.91 98.00 65.74 Autoliv ALV 2.8 19 93.36 0.92 5.36 44.36 28.52 InvitatHomes INVH 3.3 65 31.23 0.53 -2.03 402.78 255.82 PaycomSoftware PAYC ... 63 304.01 7.72 6.02 60.01 37.18 UDR UDR 4.1162 41.06 1.18
-6.79 274.92 196.61 ADP ADP 2.2 30 222.63 3.14 6.27 46.27 27.20 DeltaAir DAL 0.0 17 34.92 0.81 2.33 276.88 152.01 Paylocity PCTY ...117 198.78 2.44 -6.23 44.54 31.19 UGI UGI 4.1 40 34.76 0.80
23.37 49.64 26.48 DentsplySirona XRAY 1.4 dd 39.28 0.72 37.36 7.99 1.65 iQIYI IQ ... dd 7.28 0.13
-0.33 2610.05 1703.32 AutoZone AZO ... 20 2458.15 51.96 20.49 65.41 32.88 IridiumComm IRDM 0.8927 61.93 0.65 6.63 122.92 66.39 PayPal PYPL ... 36 75.94 1.55 -0.90 70.57 44.79 U-Haul UHAL 0.0 1 59.65 0.64
4.05 258.81 153.07 Avalonbay AVB 3.9 21 168.06 4.80 s 15.74 81.31 56.19 DescartesSystems DSGX ... 68 80.61 1.37 -7.28 12.03 8.84 Pearson PSO 2.5 26 10.45 0.28 -5.69 68.29 47.22 U-Haul N UHAL/B 0.3 ... 51.85 0.22
-11.37 13.57 7.25 DeutscheBank DB 2.1 4 10.21 0.17 6.14 58.61 43.33 IronMountain IRM 4.7 28 52.91 1.12
-7.21 51.71 37.44 Avangrid AGR 4.4 18 39.88 0.15 3.40 6.07 3.90 ItauUnibanco ITUB 2.7 8 4.87 0.07 -4.57 42.74 29.59 PembinaPipeline PBA 5.9 8 32.40 0.26 8.58 41.28 25.49 US Foods USFD ... 38 36.94 0.46
0.24 34.37 17.91 Avantor AVTR ... 22 21.14 -0.12 -17.72 79.40 44.03 DevonEnergy DVN 10.0 6 50.61 0.76 23.39 155.36 90.23 PenskeAuto PAG 1.6 8 141.81 2.42 48.34 5.03 2.84 UWM UWMC 8.1 11 4.91 0.02
-1.14 204.37 151.62 AveryDennison AVY 1.7 19 178.93 4.77 2.60 134.76 66.89 DexCom DXCM ...142 116.18 1.78
JKL 22.88 60.85 38.55 Pentair PNR 1.6 19 55.27 1.51 28.18 37.58 19.89 Uber UBER ... dd 31.70 0.51
er s

18.83 327.80 131.83 AvisBudget CAR ... 3 194.80 7.04 1.68 212.33 160.09 Diageo DEO 2.0 24 181.18 0.55 25.28 283.42 114.86 Penumbra PEN ... dd 278.69 1.60 -0.67 350.63 218.15 Ubiquiti UI 0.9 47 271.69 7.02
18.92 32.56 20.66 AxaltaCoating AXTA ... 35 30.29 0.82 -1.18 168.95 103.71 DiamondbkEner FANG 2.2 5 135.17 1.87 -21.81 68.29 33.17 JD.com JD 1.4 47 43.89 -0.51 0.91 186.84 154.86 PepsiCo PEP 2.5 28 182.30 1.47 38.16 23.28 10.40 UiPath PATH ... dd 17.56 0.88
s 35.51 227.56 82.49 AxonEnterprise AXON ...111 224.85 7.15 17.96 152.61 63.45 Dick's DKS 2.8 13 141.89 4.78 -2.83 144.34 101.28 JPMorganChase JPM 3.1 11 130.31 1.56 3.34 63.13 38.23 PerformanceFood PFGC ... 35 60.34 0.72 s 16.33 546.47 330.80 UltaBeauty ULTA ... 23 545.67 9.30
1.91 59.34 39.88 BCE BCE 6.3 19 44.79 -0.27 -1.95 153.50 85.76 DigitalRealty DLR 5.0 87 98.31 4.84 s 29.27 88.30 48.80 Jabil JBL 0.4 13 88.16 1.42 -4.96 175.73 113.46 PerkinElmer PKI 0.2 30 133.26 2.26 3.14 52.34 42.44 Unilever UL 3.4 17 51.93 -0.05
2.19 71.52 46.92 BHP Group BHP 8.3 8 63.41 0.52 1.03 121.17 87.64 DiscoverFinSvcs DFS 2.4 6 98.84 0.72 -14.15 212.62 139.28 JackHenry JKHY 1.4 31 150.72 2.74 -2.07 16.32 8.88 PetroleoBrasil PBR 60.7 2 10.43 -0.10 -2.81 274.44 183.69 UnionPacific UNP 2.6 18 201.26 2.90
m er

-25.53 244.89 68.30 BILL BILL ... dd 81.14 4.55 15.25 139.26 84.07 Disney DIS 0.0 55 100.13 2.03 -2.13 150.32 106.78 JacobsSolns J 0.9 23 117.51 1.35 -0.11 15.04 7.86 PetroleoBrasilA PBR.A 68.3 2 9.28 -0.14 17.37 55.04 31.58 UnitedAirlines UAL ... 20 44.25 0.54
14.98 80.41 51.45 BJ'sWholesale BJ ... 20 76.07 1.33 5.20 113.67 39.57 DocuSign DOCU ... dd 58.30 1.76 20.68 31.90 17.25 JamesHardie JHX 1.0 20 21.65 -0.13 -20.37 56.32 39.23 Pfizer PFE 4.0 7 40.80 0.42 34.15 9.22 5.36 UnitedMicro UMC 5.6 8 8.76 0.07
8.62 41.38 25.36 BP BP 3.8 dd 37.94 -0.04 21.09 88.06 61.55 DolbyLab DLB 1.3 46 85.42 1.09 -8.15 169.98 125.36 JazzPharm JAZZ ... dd 146.33 1.41 -3.91 109.81 82.85 PhilipMorris PM 5.2 17 97.25 0.63 11.59 215.21 154.87 UPS B UPS 3.3 15 193.99 2.90
31.95 160.88 73.58 Baidu BIDU ... 49 150.92 -2.90 -14.53 262.20 183.25 DollarGeneral DG 1.1 20 210.46 2.77 -3.10 40.68 24.72 JefferiesFin JEF 3.8 14 31.74 0.76 -2.59 113.53 74.02 Phillips66 PSX 4.1 4 101.38 1.39 11.35 481.99 230.54 UnitedRentals URI 1.5 13 395.76 9.56
-2.27 38.66 20.41 BakerHughes BKR 2.6 dd 28.86 0.11 1.49 177.19 124.76 DollarTree DLTR ... 20 143.55 2.74 -12.26 186.69 150.11 J&J JNJ 2.9 23 155.00 1.57 4.21 80.60 59.03 PinnacleWest PNW 4.4 19 79.24 0.15 -17.34 53.88 32.72 US Bancorp USB 5.3 10 36.05 0.60
7.76 90.75 46.00 Ball BALL 1.5 25 55.11 0.83 -8.82 88.78 52.02 DominionEner D 4.8 52 55.91 0.22 -5.91 69.60 45.52 JohnsonControls JCI 2.4 33 60.22 0.78 12.31 29.27 16.14 Pinterest PINS ... dd 27.27 0.93 -19.46 283.09 173.22 UnitedTherap UTHR ... 15 223.96 4.96
17.30 7.93 3.93 BancoBilbaoViz BBVA 5.2 7 7.05 -0.09 -4.77 426.44 291.00 Domino's DPZ 1.5 26 329.87 2.22 -8.71 242.49 132.91 JonesLang JLL 0.0 11 145.49 4.27 -10.57 288.46 177.26 PioneerNatRscs PXD 13.3 7 204.24 2.18 -10.86 558.10 449.70 UnitedHealth UNH 1.4 22 472.59 2.53
-8.53 3.55 2.12 BancoBradesco BBDO 5.6 6 2.36 0.02 10.99 66.96 46.00 Donaldson DCI 1.4 23 65.34 0.84 7.70 37.34 25.18 JuniperNetworks JNPR 2.6 24 34.42 0.38
m rp

6.04 13.49 9.10 PlainsAllAmPipe PAA 8.6 10 12.47 0.08 13.47 109.99 21.22 UnitySoftware U ... dd 32.44 3.10
-6.24 22.56 15.64 BancodeChile BCH 13.6 6 19.52 -0.05 30.19 130.20 41.37 DoorDash DASH ... dd 63.56 1.78 -5.79 50.32 30.14 KB Financial KB 2.4 4 36.42 0.01 5.47 14.17 9.38 PlainsGP PAGP 8.2 13 13.12 0.08 43.59 171.38 89.41 UnivDisplay OLED 0.9 35 155.13 2.44
-1.48 7.97 4.76 BancSanBrasil BSBR 5.1 ... 5.31 0.01 12.21 160.66 114.49 Dover DOV 1.3 20 151.94 3.79 4.26 58.00 41.96 KBR KBR 1.0 46 55.05 0.67 -1.43 88.31 54.15 PlanetFitness PLNT ... 66 77.67 0.96 -9.79 158.28 82.50 UniversalHealthB UHS 0.6 14 127.10 2.10
12.56 22.84 13.37 BcoSantChile BSAC 4.8 8 17.83 -0.11 8.79 71.86 42.91 Dow DOW 5.1 9 54.82 0.82 34.96 21.08 9.09 KE Holdings BEKE ... dd 18.84 0.02 -5.25 32.05 10.30 PlugPower PLUG ... dd 11.72 0.47 -3.58 46.64 30.21 UnumGroup UNM 3.3 6 39.56 0.55
25.08 4.09 2.26 BancoSantander SAN 2.2 7 3.69 -0.02 10.01 58.28 49.59 DrReddy'sLab RDY 0.6 24 56.93 0.62 13.14 61.52 41.77 KKR KKR 1.2 dd 52.52 1.17 9.53 123.87 91.86 Polaris PII 2.4 11 110.63 2.31 -17.02 58.88 20.03 VF VFC 5.2 21 22.91 0.69
-11.95 45.98 21.55 BanColombia CIB 4.4 7 25.13 0.46 69.97 21.62 9.77 DraftKings DKNG ... dd 19.36 0.45 5.87 429.46 250.20 KLA KLAC 1.3 16 399.17 3.14 -28.63 13.36 3.14 PolestarAuto PSNY ... dd 3.79 0.07 0.68 35.69 26.42 VICI Prop VICI 4.8 26 32.62 0.81
-13.65 41.74 26.32 BankofAmerica BAC 3.1 9 28.60 0.30 -3.40 24.99 18.71 Dropbox DBX ... 14 21.62 0.62 -6.58 29.50 9.74 Kanzhun BZ ...493 19.03 -0.42 13.27 473.98 278.10 Pool POOL 1.2 18 342.44 7.32 -1.96 269.50 201.91 VailResorts MTN 3.5 28 233.68 5.21
-1.64 119.55 81.57 BankofMontreal BMO 4.7 7 89.11 0.79 -6.33 116.33 83.76 DukeEnergy DUK 4.2 29 96.47 0.31 -7.56 278.25 92.26 KarunaTherap KRTX ... dd 181.64 1.44 21.45 195.69 110.22 Primerica PRI 1.5 18 172.24 3.27 -7.01 21.29 11.72 Vale VALE 6.6 4 15.78 -0.16
-0.18 52.26 36.22 BankNY Mellon BK 3.3 16 45.44 0.54 4.58 78.40 49.52 DuPont DD 2.0 6 71.77 1.14 -6.01 77.17 63.74 Kellogg K 3.5 24 66.96 0.30 -11.44 96.17 61.05 PrincipalFinl PFG 3.4 4 74.32 0.18 10.04 150.39 96.71 ValeroEnergy VLO 2.9 5 139.60 2.58
2.82 72.29 45.26 BankNovaScotia BNS 6.0 9 50.36 0.25 10.44 49.22 29.41 Dynatrace DT ...430 42.30 1.84 -1.07 41.31 33.35 KeurigDrPepper KDP 2.3 35 35.28 0.15 32.75 68.56 40.00 ProcoreTech PCOR ... dd 62.63 1.75 -3.44 353.36 213.27 ValmontInds VMI 0.8 27 319.28 2.45
-7.82 9.44 5.88 Barclays BCS 7.6 ... 7.19 0.10 9.78 169.88 95.64 EMCOR EME 0.4 20 162.59 1.65 -28.13 22.75 9.61 KeyCorp KEY 6.5 6 12.52 0.14 -1.89 164.90 122.18 Procter&Gamble PG 2.5 26 148.69 1.24 13.89 232.26 151.02 VeevaSystems VEEV ... 61 183.79 4.64
co Fo

8.09 25.99 13.01 BarrickGold GOLD 3.5 78 18.57 -0.03 -2.30 32.21 20.38 ENI E 5.7 3 28.00 0.05 -5.61 189.45 127.93 KeysightTech KEYS ... 25 161.48 3.41 10.29 146.50 106.35 Progressive PGR 0.3121 143.06 -0.73 -3.77 63.46 35.33 Ventas VTR 4.2 dd 43.35 -0.66
-13.19 58.17 25.75 Bath&BodyWks BBWI 2.2 11 36.58 0.31 -11.50 150.88 92.16 EOG Rscs EOG 2.9 9 114.63 1.09 -1.13 144.53 108.74 KimberlyClark KMB 3.5 23 134.22 1.21 10.68 174.54 98.03 Prologis PLD 2.8 29 124.77 2.85 2.87 228.80 155.25 VeriSign VRSN ... 34 211.33 5.23
-20.42 80.58 37.34 BaxterIntl BAX 2.9 dd 40.56 0.25 -8.77 462.99 260.68 EPAM Systems EPAM ... 42 299.00 5.31 -7.79 26.57 17.34 KimcoRealty KIM 4.7124 19.53 0.72 -16.81 122.54 75.37 PrudentialFin PRU 6.0 dd 82.74 0.99 8.75 222.11 156.05 VeriskAnalytics VRSK 0.7 32 191.86 0.90
-2.66 277.29 215.90 BectonDicknsn BDX 1.5 46 247.54 2.37 -5.68 51.97 28.11 EQT EQT 1.9 8 31.91 0.62 -3.15 20.20 15.78 KinderMorgan KMI 6.3 16 17.51 0.21 -0.51 34.37 18.20 Prudential PUK 1.4 36 27.34 -0.11 -1.29 55.51 34.55 Verizon VZ 6.7 8 38.89 0.23
-2.01 280.62 118.18 BeiGene BGNE ... dd 215.53 -2.67 -15.78 85.05 33.86 EastWestBncp EWBC 3.5 7 55.50 0.34 14.77 337.12 196.00 KinsaleCapital KNSL 0.2 44 300.15 3.87 1.93 75.61 52.51 PublicServiceEnt PEG 3.7 30 62.45 0.58 9.10 325.19 233.01 VertexPharm VRTX ... 25 315.07 2.91
16.31 45.44 26.32 BentleySystems BSY 0.5 79 42.99 0.72 11.66 217.46 137.47 EastGroup EGP 3.0 38 165.32 2.83 7.96 64.35 42.50 Knight-Swift KNX 1.0 12 56.58 1.61 7.83 421.76 270.13 PublicStorage PSA 4.0 13 302.14 7.50 -13.57 12.40 8.42 Viatris VTRS 5.0 6 9.62 0.06
-14.21 76.99 58.92 Berkley WRB 0.6 13 62.26 0.26 3.56 113.64 69.91 EastmanChem EMN 3.7 13 84.34 1.50 22.41 31.53 11.75 Philips PHG 4.2 dd 18.35 0.44 28.00 60.89 35.03 PulteGroup PHM 1.1 5 58.28 1.50 11.29 16.18 6.36 Vipshop VIPS ... 10 15.18 -0.14
-0.66 533139 393012 BerkHathwy A BRK.A ... dd 465600 3820.00 9.17 178.75 122.50 Eaton ETN 2.0 28 171.34 2.25 -19.68 9.55 5.76 KoreaElecPwr KEP 0.0 dd 6.94 -0.38 -4.67 35.99 21.89 PureStorage PSTG ...120 25.51 0.76 8.52 234.30 174.60 Visa V 0.8 32 225.46 3.10
-0.04 354.58 259.85 BerkHathwy B BRK.B ... dd 308.77 3.69 6.99 58.37 35.92 eBay EBAY 2.3 dd 44.37 0.46 -5.01 44.87 32.73 KraftHeinz KHC 4.1 20 38.67 -0.17 -7.90 51.18 40.38 Qiagen QGEN ... 25 45.93 0.30 3.45 27.39 20.76 Vistra VST 3.3 dd 24.00 0.41
-2.53 66.21 44.52 BerryGlobal BERY 1.7 10 58.90 0.98 13.72 185.50 131.04 Ecolab ECL 1.3 43 165.53 2.25 10.74 62.78 41.81 Kroger KR 2.1 16 49.37 0.31 12.06 125.38 75.38 Qorvo QRVO ... 24 101.57 0.69 1.70 132.15 91.53 VMware VMW ... 41 124.85 0.85
-2.42 98.18 60.78 BestBuy BBY 4.7 12 78.27 2.95 0.86 19.81 8.59 Ecopetrol EC 19.3 3 10.56 0.17 6.27 59.33 43.37 LKQ LKQ 1.9 14 56.76 1.16 16.05 156.66 101.93 Qualcomm QCOM 2.4 12 127.58 0.18 9.09 17.68 9.94 Vodafone VOD 8.3 14 11.04 ...
-0.80 33.78 8.23 Bilibili BILI ... dd 23.50 -1.53 10.96 73.32 54.45 EdisonIntl EIX 4.2 44 70.59 0.59 -6.37 271.56 165.47 LPL Financial LPLA 0.6 19 202.40 3.46 71.77 29.65 9.32 QualtricsIntl XM ... dd 17.83 ... 16.21 78.11 56.20 VoyaFinancial VOYA 1.1 16 71.46 1.25
-10.49 113.81 68.00 Bio-Techne TECH 0.4 46 74.19 1.76 10.88 131.10 67.13 EdwardsLife EW ... 34 82.73 1.16 -5.75 264.71 189.73 L3HarrisTech LHX 2.3 36 196.24 1.52 16.94 168.75 106.33 QuantaServices PWR 0.2 50 166.64 0.12 -2.03 197.75 137.54 VulcanMatls VMC 1.0 40 171.56 1.42
13.92 607.54 344.63 Bio-RadLab A BIO ... dd 479.02 7.24 3.76 244.80 162.01 ElbitSystems ESLT 1.2 28 170.21 -0.09 -2.57 280.72 200.32 LabCorp.ofAmerica LH 1.3 17 229.42 4.72 -9.56 158.34 120.40 QuestDiag DGX 2.0 18 141.48 2.19
0.40 311.88 187.16 Biogen BIIB ... 13 278.03 2.90 -1.42 142.79 108.53 ElectronicArts EA 0.6 32 120.45 1.35 26.13 548.85 299.59 LamResearch LRCX 1.3 14 530.12 -1.24 WXYZ
-6.04 117.77 70.73 BioMarinPharm BMRN ...133 97.24 1.95
-17.07 188.99 117.08 BioNTech BNTX 0.0 3 124.57 2.00
-10.36 549.52 440.02 ElevanceHealth ELV 1.3 19 459.81
-9.29 99.65 72.41 EmersonElec EMR 2.4 28 87.14
0.89
1.55
5.82 119.68 81.10 LamarAdv
s 16.97 104.59 59.40 LambWeston LW
LAMR 5.0 23 99.89
1.1 32 104.52
2.78
1.66
RS 1.10 108.39 80.82 WEC Energy WEC 3.3 21 94.79 0.34
-6.79 79.78 53.84 BlackKnight BKI ... 20 57.56 1.05 -2.43 47.67 35.02 Enbridge ENB 6.8 37 38.15 0.07 10.04 188.47 137.15 LandstarSystem LSTR 0.7 15 179.26 4.10 11.17 264.94 152.90 RBC Bearings RBC ... 58 232.73 3.37 12.37 204.06 125.00 WEX WEX ... 41 183.89 4.97
-5.58 788.65 503.12 BlackRock BLK 3.0 20 669.12 8.08 6.17 29.98 17.42 Endeavor EDR ... dd 23.93 0.78 19.51 60.99 28.88 LasVegasSands LVS 0.0 dd 57.45 1.91 s 17.03 32.53 23.39 RELX RELX 2.0 31 32.44 0.13 -0.90 89.63 67.77 W.P.Carey WPC 5.5 26 77.45 0.35
18.40 132.93 71.72 Blackstone BX 3.0 37 87.84 2.09 5.05 13.67 9.15 EnergyTransfer ET 9.8 9 12.47 0.03 47.19 96.82 43.41 LatticeSemi LSCC ... 75 95.50 1.00 36.99 27.86 6.71 R1 RCM RCM ... dd 15.00 0.05 21.07 67.69 39.67 WPP WPP 3.9 16 59.52 0.20
9.25 145.58 51.34 Block SQ ... dd 68.65 0.16 -20.64 339.92 128.67 EnphaseEnergy ENPH ... 76 210.28 5.01 12.47 158.44 114.67 Lear LEA 2.2 25 139.49 1.33 -10.48 106.50 74.56 RPM RPM 1.9 21 87.24 2.19 1.25 107.86 78.26 Wabtec WAB 0.7 29 101.06 1.84
4.53 14.70 8.05 BlueOwlCapital OWL 4.7 dd 11.08 0.07 25.03 132.73 61.75 Entegris ENTG 0.5 53 82.01 0.35 -3.41 57.72 32.87 LegendBiotech LEGN ... dd 48.22 0.22 10.41 128.94 82.23 RalphLauren RL 2.6 16 116.67 2.39 -7.44 47.27 30.39 WalgreensBoots WBA 5.6 dd 34.58 -0.05
11.52 221.33 113.02 Boeing BA 0.0 dd 212.43 1.39 -4.23 126.81 94.94 Entergy ETR 4.0 20 107.74 0.76 -12.48 111.12 87.24 Leidos LDOS 1.6 19 92.06 0.47 -12.71 126.00 84.86 RaymondJames RJF 1.8 13 93.27 1.50 3.99 160.77 117.27 Walmart WMT 1.5 35 147.45 1.78
s 31.61 2660.86 1616.85 BookingHldgs BKNG ... 34 2652.41 42.65 7.38 28.65 22.90 EnterpriseProd EPD 7.6 10 25.90 0.15 19.43 91.00 52.67 Lennar B LEN.B 1.7 6 89.31 2.03 -2.96 106.02 80.27 RaytheonTech RTX 2.2 28 97.93 0.56 59.28 27.50 8.82 WarnerBrosA WBD ... dd 15.10 0.25
-11.32 112.55 76.60 BoozAllen BAH 2.0 29 92.69 0.95 21.41 48.94 31.67 Envista NVST ... 31 40.88 1.02 -0.17 75.40 55.50 RealtyIncome O 4.8 45 63.32 0.97 -4.71 38.76 21.57 WarnerMusic WMG 1.9 36 33.37 0.48
n-

16.14 109.28 62.54 Lennar A LEN 1.4 7 105.11 2.56

22.01 51.14 31.14 BorgWarner BWA 1.4 12 49.11 0.90 4.36 238.58 145.98 Equifax EFX 0.8 36 202.84 3.15 5.04 278.84 182.85 LennoxIntl LII 1.7 18 251.28 5.96 17.29 162.89 108.28 RegalRexnord RRX 1.0 19 140.73 1.83 4.91 148.20 113.50 WasteConnections WCN 0.7 43 139.07 1.05
-19.92 130.48 46.18 BostonProps BXP 7.2 10 54.12 0.82 10.08 776.35 494.89 Equinix EQIX 1.9 94 721.04 19.03 17.46 20.50 13.57 LeviStrauss LEVI 2.5 13 18.23 0.24 -2.11 73.41 51.97 RegencyCtrs REG 4.2 22 61.18 1.67 4.01 175.98 138.89 WasteMgt WM 1.7 30 163.17 1.64
s 8.13 50.20 34.98 BostonSci BSX ...112 50.03 0.43 -20.61 42.53 26.28 Equinor EQNR 2.7 3 28.43 -0.01 22.30 41.49 12.52 LiAuto LI ... dd 24.95 -0.37 13.89 835.00 538.01 RegenPharm REGN ... 21 821.67 10.17 -9.62 369.00 265.61 Waters WAT ... 26 309.63 4.96
17.59 68.05 46.10 BoydGaming BYD 0.0 11 64.12 1.70 -11.53 33.24 22.59 Equitable EQH 3.2 6 25.39 0.69 7.12 142.51 68.67 LibertyBroadbandC LBRDK ... 10 81.70 1.76 -13.91 24.33 13.94 RegionsFin RF 4.3 8 18.56 0.23 27.57 343.85 220.68 Watsco WSO 3.1 21 318.16 2.91
-3.67 81.44 65.28 BristolMyers BMY 3.3 23 69.31 1.11 3.92 83.80 56.91 EquityLife ELS 2.7 44 67.13 1.41 8.27 137.20 68.15 LibertyBroadbandA LBRDA 0.0 10 82.12 2.03 -6.57 153.35 104.46 ReinsGrp RGA 2.4 14 132.76 0.34 -16.73 57.27 36.49 WebsterFin WBS 4.1 11 39.42 0.41
-12.16 45.28 34.44 BritishAmTob BTI 7.9 10 35.12 -0.17 1.69 94.32 54.60 EquityResdntl EQR 4.4 29 60.00 1.47 1.79 26.20 16.30 LibertyGlobal B LBTYB ... 50 19.34 0.12 26.82 264.42 160.29 RelianceSteel RS 1.6 9 256.74 5.84 -9.47 50.19 35.25 WellsFargo WFC 3.2 12 37.38 ...
-5.07 27.19 17.62 BrixmorProp BRX 4.8 18 21.52 0.56 -6.86 286.50 158.46 ErieIndemnity A ERIE 2.1 41 231.66 4.49 3.01 26.08 15.22 LibertyGlobal A LBTYA ... 50 19.50 0.27 8.74 223.80 124.18 RenaissanceRe RNR 0.8 dd 200.34 1.46 9.37 99.43 56.50 Welltower WELL 3.4260 71.69 0.74
s 18.50 36.77 25.35 RentokilInit
no

14.74 648.50 415.07 Broadcom AVGO 2.9 22 641.54 7.79 -8.55 52.62 38.50 EssentialUtil WTRG 2.6 25 43.65 0.61 4.89 26.53 16.16 LibertyGlobal C LBTYK ... 53 20.38 0.28 RTO 1.1 51 36.51 0.71 23.43 175.00 99.00 WescoIntl WCC 1.0 10 154.54 3.70
9.27 183.33 131.35 BroadridgeFinl BR 2.0 33 146.57 1.46 -1.31 363.36 195.03 EssexProp ESS 4.4 33 209.14 4.96 26.33 69.12 45.01 LibertyFormOne A FWONA ... 30 67.50 -0.30 -0.56 262.26 137.21 Repligen RGEN ... 52 168.36 -1.21 47.21 424.00 206.19 WestPharmSvcs WST 0.2 45 346.47 5.60
14.13 36.50 26.76 BrookfieldAsset BAM 3.9 ... 32.72 0.69 -0.67 285.79 186.47 EsteeLauder EL 1.1 60 246.46 -0.26 25.18 76.15 50.00 LibertyFormOne C FWONK ... 33 74.83 0.04 4.83 149.17 119.72 RepublicSvcs RSG 1.5 29 135.22 0.87 19.40 63.26 29.73 WesternDigital WDC 0.0 dd 37.67 0.39
3.59 47.81 28.25 Brookfield BN 0.9 28 32.59 0.96 -7.05 149.91 67.01 Etsy ETSY ... dd 111.33 2.55 5.85 35.94 24.50 LibertyBraves A BATRA ... 31 34.58 0.38 5.22 253.67 189.40 ResMed RMD 0.8 40 218.99 3.04 -1.79 29.50 21.95 WesternMidstrm WES 7.6 9 26.37 -0.07
8.97 46.01 30.03 BrookfieldInfr BIP 4.5 57 33.77 0.61 8.07 395.00 244.57 EverestRe RE 1.8 24 358.02 1.91 4.53 35.41 23.34 LibertyBraves C BATRK ... 30 33.69 0.39 3.82 68.89 46.68 RestaurantBrands QSR 3.3 21 67.14 1.92 13.11 141.19 81.28 Westlake WLK 1.2 7 115.98 2.31
26.91 44.41 27.19 BrookfieldRenew BEPC 3.9 8 34.95 0.92 -2.88 73.12 54.12 Evergy EVRG 4.0 19 61.12 0.67 -28.54 46.33 25.05 LibertySirius A LSXMA ... 10 28.09 0.80 9.17 84.68 48.74 RexfordIndlRealty REXR 2.5 65 59.65 1.57 -13.34 54.78 26.84 WestRock WRK 3.6 10 30.47 0.63
0.79 73.86 52.82 Brown&Brown BRO 0.8 24 57.42 0.80 -6.66 94.63 70.54 EversourceEner ES 3.5 19 78.26 0.15 -28.47 46.28 25.02 LibertySirius C LSXMK ... 10 27.99 0.79 -3.65 83.21 50.91 RioTinto RIO 7.2 9 68.60 0.49 -2.81 42.86 27.36 Weyerhaeuser WY 2.5 12 30.13 0.88
-0.87 76.60 56.97 Brown-Forman A BF.A 1.3 43 65.19 0.62 36.96 76.94 29.27 ExactSciences EXAS ... dd 67.81 1.55 33.09 151.76 94.02 LifeStorage LSI 3.7 31 131.09 2.87 -2.66 72.73 48.72 RitchieBros RBA 1.9 20 56.29 0.92 23.23 51.91 28.62 WheatonPrecMet WPM 1.2 33 48.16 0.01
-2.15 78.15 60.23 Brown-Forman B BF.B 1.3 42 64.27 0.73 -3.10 50.71 35.19 Exelon EXC 3.4 19 41.89 0.44 -6.13 375.25 276.83 EliLilly LLY 1.3 51 343.42 2.73 -16.01 50.26 12.58 Rivian RIVN ... dd 15.48 1.08 -6.67 199.07 124.10 Whirlpool WHR 5.3 dd 132.02 3.32
s 15.35 79.33 48.42 Bruker BRKR 0.3 40 78.84 1.14 10.76 200.45 82.39 Expedia EXPE 0.0 46 97.03 0.90 17.03 176.52 118.17 LincolnElectric LECO 1.5 21 169.10 1.31 9.13 118.41 65.40 RobertHalf RHI 2.4 13 80.57 2.62 -9.24 37.97 27.80 Williams WMB 6.0 18 29.86 0.45
36.84 90.21 48.91 BuildersFirst BLDR ... 5 88.78 2.53 5.97 119.90 86.08 ExpeditorsIntl EXPD 1.2 13 110.12 3.06 8.97 362.74 262.47 Linde LIN 1.4 43 355.44 3.90 19.29 13.95 6.81 Robinhood HOOD ... dd 9.71 0.25 5.86 176.89 101.58 Williams-Sonoma WSM 3.0 7 121.66 3.46
-4.26 128.40 80.41 Bunge BG 2.6 9 95.52 0.18 10.70 222.35 139.97 ExtraSpaceSt EXR 4.0 25 162.93 4.10 21.75 281.78 192.19 Littelfuse LFUS 0.9 18 268.09 3.30 58.05 53.88 21.65 Roblox RBLX ... dd 44.98 1.87 -4.99 258.93 187.89 WillisTowers WTW 1.4 25 232.38 3.38
-0.33 239.94 106.47 BurlingtonStrs BURL ... 58 202.10 7.52 -0.58 119.63 79.29 ExxonMobil XOM 3.3 8 109.66 0.17 0.37 118.56 64.25 LiveNationEnt LYV ...122 70.00 0.80 29.43 11.70 5.97 RocketCos. RKT 0.0 28 9.06 0.27 3.79 53.46 30.52 WillScotMobile WSC ... 31 46.88 0.59
-1.43 319.33 245.32 CACI Intl CACI ... 19 296.28 1.43 1.52 215.28 133.68 F5 FFIV ... 29 145.69 2.43 5.45 2.63 1.70 LloydsBanking LYG 4.8 ... 2.32 -0.04 13.93 309.36 190.08 Rockwell ROK 1.6 32 293.45 5.92 -3.65 8.03 4.33 Wipro WIT 1.5 17 4.49 0.09
-5.39 92.80 66.31 CBRE Group CBRE ... 17 72.81 1.97 -2.14 140.99 98.24 FMC FMC 1.9 21 122.13 1.04 -2.83 498.95 373.67 LockheedMartin LMT 2.5 22 472.73 -0.45 -1.02 64.55 36.23 RogersComm B RCI 3.1 18 46.36 -1.32 -5.92 125.48 58.07 Wolfspeed WOLF ... dd 64.95 1.39
9.13 215.00 147.91 CDW CDW 1.2 24 194.89 4.82 24.28 201.63 140.09 FTI Consulting FCN ... 30 197.35 0.92 -0.53 68.20 49.36 Loews L 0.4 14 58.02 0.72 61.72 135.99 38.26 Roku ROKU ... dd 65.82 4.20 -7.35 26.93 19.11 WoodsideEnergy WDS 11.1 5 22.43 -0.30
-14.92 119.60 67.95 CF Industries CF 2.2 4 72.49 0.61 3.46 474.13 345.92 FactSet FDS 0.9 36 415.09 4.41 -6.73 76.49 41.81 LogitechIntl LOGI 1.7 22 58.06 1.66 2.71 43.06 31.43 Rollins ROL 1.4 51 37.53 0.33 -4.50 39.71 22.18 WooriFin WF 6.9 3 26.29 0.38
s 11.77 96.42 72.23 CGI GIB ... 20 96.27 1.25 17.39 711.85 340.48 FairIsaac FICO ... 47 702.69 6.29 0.37 223.31 170.12 Lowe's LOW 2.1 20 199.97 7.32 1.99 488.23 356.21 RoperTech ROP 0.6 40 440.69 3.69 23.43 245.83 128.72 Workday WDAY ... dd 206.54 6.49
8.53 121.23 86.60 CH Robinson CHRW 2.5 14 99.37 2.72 13.99 60.72 43.73 Fastenal FAST 2.6 29 53.94 1.12 17.72 26.16 6.09 Lucid LCID ... dd 8.04 0.42 -8.56 122.44 69.24 RossStores ROST 1.3 24 106.13 3.00 33.19 93.63 55.09 WW Ent WWE 0.5 40 91.26 0.66
13.89 247.01 166.54 CME Group CME 2.3 26 191.52 2.59 -2.19 128.13 86.43 FederalRealty FRT 4.4 21 98.83 3.39 13.67 410.70 251.51 lululemon LULU ... 55 364.19 6.10 1.66 112.67 83.63 RoyalBkCanada RY 4.1 12 95.58 0.63 35.70 116.50 50.20 WynnResorts WYNN 0.0 dd 111.91 2.91
-3.08 73.76 52.41 CMS Energy CMS 3.2 22 61.38 0.19 31.92 248.76 141.92 FedEx FDX 2.0 15 228.49 4.09 13.08 117.22 71.46 LyondellBasell LYB 5.1 8 93.89 0.99 32.11 87.68 31.09 RoyalCaribbean RCL 0.0 dd 65.30 0.58 -22.62 31.96 10.30 XP XP ... 9 11.87 -0.17
-7.69 50.33 35.90 CNA Fin CNA 4.3 12 39.03 0.32 5.34 149.81 99.16 Ferguson FERG 3.4 14 133.75 2.23 15.07 147.70 84.54 RoyalGold RGLD 1.2 35 129.71 0.30 -3.81 77.66 56.89 XcelEnergy XEL 3.1 21 67.44 0.53
-4.92 17.98 10.60 CNH Indl
27.85 52.20 31.22 CRH
CNHI 0.0 10 15.27 0.01
CRH 2.5 10 50.87 0.79
26.48 274.08 167.45 Ferrari
-7.15 47.01 31.84 FidNatlFin
RACE 0.5 50 270.94
FNF 5.2 9 34.93
2.04
0.58
MN -8.83 44.75 32.68 RoyaltyPharma RPRX
-3.06 46.40 32.13 RyanSpecialty RYAN
2.2319 36.03
... 78 40.24
-0.27
0.59
11.77 35.35 6.18 XPeng
-5.31 118.58 72.08 Xylem
XPEV ... dd 11.11
XYL 1.3 53 104.70
-0.28
2.30
-3.36 38.17 25.80 CSX CSX 1.5 15 29.94 0.44 -19.93 106.65 48.57 FidNatlInfo FIS 3.8 dd 54.33 2.16 -17.57 193.42 110.00 M&T Bank MTB 4.3 10 119.57 -0.02 26.12 99.34 55.90 Ryanair RYAAY ... 16 94.29 1.28 19.48 13.11 2.82 YPF YPF 0.0 2 10.98 -0.45
-20.26 107.73 72.11 CVS Health CVS 3.3 24 74.31 -0.39 -18.81 43.82 22.11 FifthThirdBncp FITB 5.0 8 26.64 0.32 32.48 46.23 26.41 MGM Resorts MGM 0.0 13 44.42 1.09 s 22.64 126.77 78.22 SAP SAP 1.2 61 126.55 0.48 3.12 133.77 103.97 Yum!Brands YUM 1.8 29 132.08 2.75
s 30.78 210.23 132.31 CadenceDesign CDNS ... 68 210.09 3.08 s 28.32 981.04 505.84 FirstCitizBcshA FCNCA 0.3 14 973.10 39.30 4.90 35.49 27.46 MPLX MPLX 9.0 9 34.45 -0.04 2.93 417.37 279.32 S&P Global SPGI 1.0 33 344.77 3.50 15.99 64.57 36.05 YumChina YUMC 0.8 61 63.39 0.40
17.01 27.95 15.23 CAE CAE 0.0 53 22.63 0.30 -27.43 24.92 13.40 FirstHorizon FHN 3.4 12 17.78 0.37 20.32 572.50 376.41 MSCI MSCI 1.0 52 559.69 10.97 -6.86 379.99 236.20 SBA Comm SBAC 1.3 62 261.07 3.87 6.66 29.79 16.27 ZTO Express ZTO 0.0 23 28.66 0.23
17.33 80.99 31.31 CaesarsEnt CZR ... dd 48.81 1.94 10.24 65.92 42.91 FirstIndRlty FR 2.4 20 53.20 1.14 8.07 55.13 44.79 MagellanMid MMP 7.7 11 54.26 -0.08 -1.29 64.69 46.30 SEI Investments SEIC 1.4 17 57.55 0.91 24.02 437.30 224.87 ZebraTech ZBRA ... 36 318.00 8.89
-6.29 175.69 97.74 CamdenProperty CPT 3.8 17 104.84 1.63 45.20 219.55 59.60 FirstSolar FSLR ... dd 217.50 4.18 -4.65 68.92 45.58 MagnaIntl MGA 3.4 27 53.57 1.55 -0.39 28.10 18.26 SK Telecom SKM 7.2 12 20.51 0.01 38.06 54.29 26.14 Zillow C Z ... dd 44.47 1.59
15.44 32.49 20.02 Cameco CCJ 0.4145 26.17 -0.07 -4.48 48.85 35.32 FirstEnergy FE 3.9 56 40.06 0.48 27.55 158.61 106.02 ManhattanAssoc MANH ... 76 154.85 2.85 8.47 75.87 45.25 SS&C Tech SSNC 1.4 23 56.47 0.98 40.02 52.90 26.21 Zillow A ZG ... dd 43.70 1.53
-3.12 57.77 43.98 CampbellSoup CPB 2.7 20 54.98 0.58 11.83 119.48 87.03 Fiserv FISV ... 29 113.03 0.03 2.91 21.86 14.92 ManulifeFinl MFC 4.8 6 18.36 0.19 29.76 306.40 168.03 Saia SAIA ... 20 272.08 0.97 1.33 135.05 100.39 ZimmerBiomet ZBH 0.7118 129.20 2.44
4.87 61.41 39.40 CIBC CM 6.0 11 42.42 0.40 16.45 212.56 109.49 FiveBelow FIVE ... 44 205.97 4.62 -11.49 33.42 19.42 MarathonOil MRO 1.5 5 23.96 0.25 50.68 221.00 126.34 Salesforce CRM ...968 199.78 3.18 13.57 201.32 124.15 Zoetis ZTS 0.9 37 166.44 2.29
-0.77 134.82 103.79 CanNtlRlwy CNI 2.0 21 117.97 1.67 14.79 265.30 161.69 FleetCorTech FLT ... 17 210.85 5.29 15.84 136.46 77.62 MarathonPetrol MPC 2.2 5 134.83 0.89 58.65 21.49 8.42 Samsara IOT ... dd 19.72 0.23 9.01 126.44 63.55 ZoomVideo ZM ...228 73.84 1.80
-0.32 70.60 44.45 CanNaturalRes CNQ 4.8 8 55.35 0.41 7.22 25.12 13.63 Flex FLEX ... 13 23.01 0.73 -3.04 1519.24 1064.09 Markel MKL ... dd 1277.41 14.67 12.37 58.10 36.91 Sanofi SNY 2.5 16 54.42 0.45 -17.93 61.44 20.72 ZoomInfoTech ZI ...158 24.71 0.29
3.15 83.02 65.17 CanPacRlwy CP 0.7 27 76.94 1.01 41.06 102.61 59.91 Floor&Decor FND ... 35 98.22 3.52 40.30 397.27 217.44 MarketAxess MKTX 0.7 59 391.29 3.43 6.37 159.84 61.28 SareptaTherap SRPT ... dd 137.83 1.80 4.41 253.74 99.64 Zscaler ZS ... dd 116.83 4.61

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
GrowthCompanyK6 17.77 +0.29 15.5 SrsGlobal 13.22 +0.05 7.0 Lord Abbett I R2020 17.51 +0.13 4.6 PrmcpAdml r 139.97 +1.51 7.0 Welltn 39.49 +0.37 3.3
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. InflPrBdIndInsPr 9.33 +0.04 3.4 SrsGroCoRetail 15.85 +0.26 15.1 BdDebentr 6.98 +0.05 1.8 R2025 15.33 +0.12 4.9 RealEstatAdml 117.79 +2.60 1.8 WndsrII 39.02 +0.44 4.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s IntlIdxInstPrem 44.73 +0.20 8.6 SrsIntlGrw 15.79 +0.14 10.7 ShtDurInc p 3.85 ... 1.6 R2030 23.02 +0.19 5.3 SmCapAdml 90.85 +1.75 3.7 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- LgCpGwId InstPre 23.82 +0.40 14.4 SrsIntlVal 10.62 +0.04 5.9 Metropolitan West R2040 25.90 +0.24 6.1 SmGthAdml 76.16 +1.65 8.2 ExtndIstPl 262.56 +5.38 5.9
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes MidCpInxInstPrem 26.97 +0.47 4.1 TotalBond 9.54 +0.05 3.3 TotRetBdI NA ... NA Putnam Funds Class A STBondAdml 10.01 +0.03 1.9 IdxIntl 17.73 +0.07 6.6
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SAIUSLgCpIndxFd 18.06 +0.25 7.4 Fidelity SAI TRBdPlan NA ... NA PutLargCap p 28.62 +0.34 1.8 STIGradeAdml 10.07 +0.03 1.9 MdCpGrAdml 83.96 +1.54 8.7
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SeriesBondFd 9.08 +0.04 3.1 TotalBd 9.03 +0.05 3.3 MFS Funds Schwab Funds STIPSIxAdm 23.94 +0.04 2.3 MdCpVlAdml 69.45 +1.02 -0.4
tracked. NS-Fund didn’t exist at start of period. SeriesOverseas 12.00 +0.04 10.5 U.S.TreBdIdx 8.89 +0.04 3.3 IIE 30.94 +0.15 10.0 1000 Inv r NA ... NA TotBdAdml 9.71 +0.05 3.2 SmValAdml 68.28 +1.19 0.6
SerLTTreBdIdx 6.21 +0.08 6.7 First Eagle Funds MFS Funds Class I S&P Sel NA ... NA TotIntBdIdxAdm 19.54 +0.04 3.6 TotBd2 9.60 +0.05 3.2
SmCpIdxInstPrem 22.31 +0.42 2.8 GlbA 61.42 +0.41 6.0 GrowthI 146.80 +2.12 10.7 TSM Sel r NA ... NA TotIntlAdmIdx r 29.65 +0.10 6.7 TotIntlInstIdx r 118.56 +0.41 6.7
Friday, March 31, 2023 TMktIdxInstPrem 113.67 +1.73 7.3 Franklin A1 ValueI 46.89 +0.54 -1.5 TIAA/CREF Funds TotStAdml 99.37 +1.51 7.2 TotItlInstPlId r 118.59 +0.41 6.7
Net YTD Net YTD Net YTD TotalMarketIndex 14.32 +0.22 7.3 IncomeA1 2.30 +0.02 2.7 Neuberger Berman Fds EqIdxInst 29.09 +0.44 7.1 TxMCapAdml 212.03 +3.15 7.6 TotSt 99.35 +1.50 7.1
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TtlIntIdxInstPr 12.50 +0.04 6.7 FrankTemp/Frank Adv LCVal Inst 42.74 +0.37 -0.7 IntlEqIdxInst 20.74 +0.09 8.6 TxMIn r 14.51 +0.07 7.7 VANGUARD INSTL FDS
American Century Inv CorBdInst 10.09 +0.05 3.0 IntlCoreEq 14.50 +0.06 7.5 USBdIdxInstPrem 10.42 +0.05 3.1 IncomeAdv 2.28 +0.02 2.8 Northern Funds VANGUARD ADMIRAL USGroAdml 117.35 +2.41 15.8 BalInst 41.50 +0.46 5.6
FrankTemp/Franklin A StkIdx NA ... NA 500Adml 379.07 +5.41 7.5 ValAdml 53.89 +0.59 -1.0 DevMktsIndInst 14.53 +0.07 7.8
Ultra 64.09 +1.09 16.2 BlackRock Funds IntSmCo 18.51 +0.06 6.4 Fidelity Freedom BalAdml 41.50 +0.46 5.6 DevMktsInxInst 22.71 +0.12 7.8
American Funds Cl A HiYldBd Inst 6.79 +0.05 3.9 IntSmVa 20.02 +0.05 6.5 FF2020 13.44 +0.10 5.3 Growth A 111.55 +1.82 9.2 Old Westbury Fds WdsrllAdml 69.23 +0.78 4.7
CAITAdml 11.33 +0.01 2.4 ExtndInst 106.39 +2.18 5.8
AmcpA 33.10 +0.52 10.0 BlackRock Funds A LgCo 28.00 +0.40 7.5 FF2025 12.38 +0.09 5.6 RisDv A 85.59 +1.13 3.6 LrgCpStr 15.51 +0.18 6.4 WellsIAdml 59.53 +0.46 1.3
CapOpAdml r 156.34 +1.85 7.0 GrwthInst 128.42 +2.30 17.3
AMutlA 48.57 +0.51 0.7 GlblAlloc 16.98 ... 3.2 US CoreEq1 31.38 +0.46 5.7 FF2030 15.49 +0.11 5.9 Guggenheim Funds Tru Parnassus Fds WelltnAdml 68.18 +0.63 3.3
DivAppIdxAdm 41.80 +0.52 1.9 InPrSeIn 9.73 +0.01 3.2
BalA 29.46 +0.27 2.8 BlackRock Funds III US CoreEq2 28.46 +0.41 5.2 FF2035 13.39 +0.11 6.4 TotRtnBdFdClInst 23.85 +0.11 3.9 ParnEqFd 50.39 +0.56 7.4 WndsrAdml 70.29 +0.89 2.9
EMAdmr 33.56 -0.03 3.6 InstIdx 342.96 +4.89 7.5
BondA 11.61 +0.06 2.8 iShS&P500IdxK 481.64 +4.90 6.4 US Small 39.81 +0.67 3.1 FF2040 9.51 +0.08 7.0 Harbor Funds PGIM Funds Cl Z VANGUARD FDS
EqIncAdml 82.29 +0.88 -2.1 InstPlus 342.95 +4.89 7.5
CapIBA 63.83 +0.41 2.0 BlackRock Funds Inst US SmCpVal 39.11 +0.64 -0.1 Freedom2030 K 15.49 +0.12 6.0 CapApInst 74.25 +1.33 18.3 TotalReturnBond NA ... NA
ExplrAdml DivdGro 35.23 +0.38 0.1
92.98 +1.76 7.0 InstTStPlus 71.43 +1.08 7.2
CapWGrA 54.59 +0.49 6.2 EqtyDivd 18.50 +0.19 1.2 US TgdVal 27.55 +0.46 1.0 Idx2030InsPre 17.79 +0.16 5.9 Harding Loevner PIMCO Fds Instl
ExtndAdml 106.40 +2.18 5.8 IntlVal 38.83 +0.12 8.6 MidCpInst 57.71 +0.95 3.9
EupacA 53.82 +0.40 9.8 StratIncOpptyIns 9.25 +0.02 1.6 USLgVa 41.46 +0.47 0.5 Idx2035InsPre 19.91 +0.19 6.4 IntlEq 25.24 +0.09 7.8 AllAsset NA ... NA LifeCon NA ... NA MidCpIstPl
GNMAAdml 9.36 +0.02 2.7 284.62 +4.70 3.9
FdInvA 63.65 +0.71 5.9 Bridge Builder Trust Dodge & Cox Idx2040InsPre 20.26 +0.21 6.9 Invesco Funds A TotRt 8.64 +0.05 3.0
GrwthAdml 128.41 +2.30 17.2 LifeGro NA ... NA RealEstaInstl 18.23 +0.40 1.8
GwthA 55.02 +0.86 11.2 CoreBond 9.03 +0.04 3.0 Balanced 94.61 +0.72 2.4 Fidelity Invest EqIncA 9.80 +0.08 0.3 PIMCO Funds A
HlthCareAdml r 86.42 +0.78 -0.6 LifeMod NA ... NA SmCapInst 90.84 +1.74 3.7
HI TrA 9.18 +0.07 2.9 CorePlusBond 8.91 +0.04 3.1 GblStock 13.25 +0.12 5.1 Balanc 24.65 +0.26 7.5 Invesco Funds Y IncomeFd 10.45 +0.03 2.4 HYCorAdml r 5.24 +0.04 3.2 PrmcpCor 28.46 +0.34 4.7 SmCapIstPl 262.20 +5.04 3.7
ICAA 43.72 +0.52 6.4 Intl Eq 11.73 +0.05 9.4 Income 12.46 +0.06 3.1 BluCh 134.45 +2.24 19.6 DevMktY 38.92 +0.09 11.3 PIMCO Funds I2 InfProAd 23.89 +0.03 3.2 STAR NA ... NA STIGradeInst 10.07 +0.03 1.9
IncoA 22.64 +0.18 0.8 LargeCapGrowth 18.80 +0.30 10.0 Intl Stk 45.76 +0.24 6.1 Contra 13.29 +0.15 11.5 JHF III DispVal Income 10.45 +0.03 2.5 IntlGrAdml 101.70 +0.78 12.5 TgtRe2020 NA ... NA STIPSIxins 23.96 +0.04 2.3
N PerA 52.15 +0.56 10.2 LargeCapValue 15.15 +0.10 0.9 Stock 216.47 +2.63 1.5 CpInc 9.24 +0.07 3.7 DispValMCI 24.76 +0.36 1.4 PIMCO Funds Instl ITBondAdml 10.37 +0.05 3.6 TgtRe2025 NA ... NA TotBdInst 9.71 +0.05 3.2
NEcoA 47.84 +0.62 10.0 MunicipalBond 9.86 +0.01 2.2 DoubleLine Funds GroCo 26.26 +0.43 16.7 John Hancock IncomeFd 10.45 +0.03 2.5 ITIGradeAdml 8.56 +0.05 3.8 TgtRe2030 NA ... NA TotBdInst2 9.60 +0.05 3.2
NwWrldA 70.82 +0.44 6.6 Calamos Funds TotRetBdI 8.97 ... 3.0 InvGrBd 10.09 +0.05 3.4 BondR6 13.64 +0.08 3.4 Price Funds LarCapAd 94.42 +1.38 7.7 TgtRe2035 NA ... NA TotBdInstPl 9.71 +0.05 3.2
SmCpA 59.70 +0.74 6.4 MktNeutI 14.17 +0.04 3.1 Edgewood Growth Instituti LowP 46.71 +0.42 1.1 JPMorgan I Class BlChip 120.49 +2.04 16.4 LTGradeAdml 8.15 +0.09 5.7 TgtRe2040 NA ... NA TotIntBdIdxInst 29.32 +0.05 3.6
TxExA 12.27 +0.02 2.6 Columbia Class I EdgewoodGrInst 36.04 +0.66 15.1 Magin 11.60 +0.14 8.5 CoreBond NA ... NA DivGro 65.18 +0.75 2.0 MidCpAdml 261.25 +4.31 3.9 TgtRe2045 NA ... NA TotStInst 99.38 +1.50 7.2
WshA 52.35 +0.60 1.1 DivIncom I 28.72 +0.30 -0.2 Fidelity NASDAQ 154.38 +2.63 17.1 EqInc NA ... NA Growth 71.55 +1.06 16.1 MuHYAdml 10.49 +0.02 3.3 TgtRe2050 NA ... NA ValueInst 53.88 +0.59 -1.0
Artisan Funds Dimensional Fds 500IdxInstPrem 143.10 +2.05 7.5 OTC 14.77 +0.22 15.1 LgCpGwth NA ... NA HelSci 87.75 +0.93 -2.3 MuIntAdml 13.59 +0.01 2.4 TgtRe2060 NA ... NA WCM Focus Funds
IntlVal Inst 42.52 +0.36 10.2 5GlbFxdInc 9.97 ... 1.4 Contrafund K6 18.67 +0.22 11.0 Puritn 21.64 +0.22 5.6 JPMorgan R Class LgCapGow I 52.43 +0.83 14.2 MuLTAdml 10.80 +0.02 3.1 TgtRet2055 NA ... NA WCMFocIntlGrwIns 21.74 +0.21 10.6
Baird Funds EmgMktVa 27.36 +0.07 3.7 ExtMktIdxInstPre 66.72 +1.37 5.9 SAIUSQtyIdx 16.68 +0.22 8.9 CoreBond NA ... NA MidCap 95.12 +1.41 7.2 MuLtdAdml 10.77 ... 1.5 TgtRetInc NA ... NA Western Asset
AggBdInst 9.82 +0.05 3.1 EmMktCorEq 21.24 +0.04 5.6 FidSerToMarket 13.55 +0.21 7.3 SrsEmrgMkt 16.47 -0.02 5.4 CorePlusBd NA ... NA NHoriz 49.82 +0.90 7.5 MuShtAdml 15.65 ... 1.1 WellsI 24.58 +0.19 1.3 CorePlusBdI NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Saturday/Sunday, April 1 - 2, 2023 * ****** THE WALL STREET JOURNAL.

FIRST QUARTER MARKETS DIGEST

Top 20 Global M&A Deals in 1st Quarter 2023 How the 30 Dow Jones Industrials Performed Top 10 Rankings
Ranked by deal value excluding net debt of the target company. Percentage change in the first-quarter
Date Value
Global Mergers & Acquisitions Global Equity Capital Markets
Close ($) 1st-qtr Company 3/31/23 12/30/22 % chg
Acquirer Target Announced $ billions Deals announced in first quarter 2023 Deals priced in first quarter 2023
Company 3/31/23 12/30/22 % chg
Coca-Cola 62.03 63.61 –2.5 Value No. of Market Value No. of Market
Pfizer Seagen 13-Mar 45.7 Salesforce.com 199.78 132.59 50.7 Adviser $billions Deals Share% Bookrunner $billions Deals Share%
Newmont Newcrest Mining 5-Feb 16.9 JPMorgan Chase 130.31 134.10 –2.8
Apple 164.90 129.93 26.9
Japan Industrial Partners TBJH Toshiba Corp 23-Mar 15.3 Merck 106.39 110.95 –4.1 Goldman Sachs 120.5 56 20.4 Morgan Stanley 11.2 66 8.0
Silver Lake Group, Canada Intel 32.67 26.43 23.6 JPMorgan 120.1 61 20.3 Goldman Sachs 10.8 76 7.7
Qualtrics International (96.34%) 6-Mar 11.9 Caterpillar 228.84 239.56 –4.5
Pension Plan Investment Board Microsoft 288.30 239.82 20.2 Centerview Partners 97.7 17 16.5 JPMorgan 8.6 76 6.1
Goldman Sachs 327.11 343.38 –4.7
Public Storage Life Storage 5-Feb 11.0 Walt Disney 100.13 86.88 15.3
Home Depot 295.12 315.86 –6.6 BofA Securities 92.6 55 15.7 BofA Securities 7.7 60 5.5
CVS Health Oak Street Health 6-Feb 9.8 American Express 164.95 147.75 11.6
Emerson Electric Co National Instruments Corp 17-Jan 6.9 IBM 131.09 140.89 –7.0 Morgan Stanley 65.9 48 11.2 CITIC Securities 7.1 38 5.1
Boeing 212.43 190.49 11.5 Guggenheim Partners LLC 62.9 10 10.6 China Securities Co Ltd 5.3 24 3.8
Xylem Evoqua Water Technologies Corp 23-Jan 6.7 Walgreens 34.58 37.36 –7.4
AH Capital Management, Baillie Cisco Systems 52.28 47.64 9.7 Lazard 51.8 30 8.8 Huatai Securities Co Ltd 5.0 22 3.6
Gifford , Founders Fund Dow 54.82 50.39 8.8 Amgen 241.75 262.64 –8.0
MTS Health Partners 46.2 2 7.8 Citi 4.3 43 3.1
Management, General Catalyst Visa 225.46 207.76 8.5 Travelers 171.41 187.49 –8.6
Partners, MSD Partners, Thrive UBS 43.9 42 7.4 BNP Paribas 3.8 26 2.7
McDonald's 279.61 263.53 6.1 Chevron 163.16 179.49 –9.1
Capital, GIC Pte, Goldman Sachs Stripe (13%) 15-Mar 6.5 RBC Capital Markets 34.8 28 5.9 UBS 3.2 29 2.3
Asset Management, Temasek Nike 122.64 117.01 4.8 Honeywell International 191.12 214.30 –10.8
Holdings (Pte), Silver Lake Walmart 147.45 141.79 4.0 UnitedHealth Group 472.59 530.18 –10.9 Global Debt Capital Markets Global Syndicated Loans
Group, Hillhouse Investment Verizon 38.89 39.40 –1.3 Johnson & Johnson 155.00 176.65 –12.3 Deals priced in first quarter 2023 Deals credited in first quarter 2023
Management
Procter & Gamble 148.69 151.56 –1.9 3M 105.11 119.92 –12.3 Value No. of Market Value No. of Market
Vistra Energy Harbor Generation 6-Mar 6.3 Bookrunner $billions Deals Share% Bookrunner $billions Deals Share%
Apollo Global Management, Abu Source: Dow Jones Market Data
Dhabi Investment Authority- Univar Solutions 14-Mar 5.9 JPMorgan 119.3 538 6.4 BofA Securities 73.7 291 11.2
ADIA BofA Securities 101.5 426 5.4 JPMorgan 71.4 263 10.8
Silicon Valley Bridge Bank NA Citi 100.7 442 5.4 Mizuho 44.8 252 6.8
First Citizens BancShares (Certain assets and assumed
certain liabilities, 100%)
26-Mar 5.8 Biggest Percentage Gainers… Barclays 81.4 359 4.4 Citi 42.1 122 6.4
L Catterton Asia Acquisition Lotus Technology 31-Jan 5.5 1st Quarter 52-Week
BNP Paribas 77.6 299 4.2 Wells Fargo Sec 40.1 170 6.1
Clayton Dubilier & Rice, Stone Company Symbol Close Net chg % chg Low Close(l) High % chg Goldman Sachs 73.0 309 3.9 MUFG 31.3 335 4.8
Focus Financial Partners 2-Feb 4.6
Point Capital Deutsche Bank 70.2 257 3.8 Bank of China 24.8 118 3.8
Blackstone Cvent Holding Corp 14-Mar 4.5 Ambrx Biopharma ADR AMAM 8.92 6.65 293.0 0.38 l 13.07 118.6
BMEA 31.01 22.58 267.9 l 36.68 603.2
Morgan Stanley 69.4 424 3.7 BNP Paribas 20.9 84 3.2
Regents of the University of Blackstone Real Estate Income Biomea Fusion 2.84
3-Jan 4.0 HSBC 63.8 262 3.4 Goldman Sachs 16.3 84 2.5
California Trust (% n.a.) Altisource Asset Mgmt AAMC 65.05 44.80 221.2 8.65 l 78.40 361.0
Saudi Arabian Oil Co, Aramco Rongsheng PetroChemical Co RBC Capital Markets 48.1 363 2.6 Truist Financial Corp 15.9 88 2.4
27-Mar 3.6 C3.ai AI 33.57 22.38 200.0 10.16 l 33.57 45.8
Overseas Co BV (10.66%)
Innodata INOD 8.54 5.58 188.0 2.78 l 9.00 20.5 U.S. Mergers & Acquisitions U.S. Initial Public Offerings
Albemarle Liontown Resources (97.32%) 27-Mar 3.6
Brookfield Super-Core Sky Harbour Group SKYH 7.19 4.53 170.3 2.50 l 15.50 –51.2 Deals announced in first quarter 2023 Deals priced in first quarter 2023
FirstEnergy Transmission (30%) 2-Feb 3.5
Infrastructure Partners Oscar Health OSCR 6.54 4.08 165.9 2.05 l 10.27 –35.5 Value No. of Market Value No. of Market
ClearLake Capital Group LP Blackbaud (82.62%) 27-Mar 3.3 Adviser $billions Deals Share% Bookrunner $millions Deals Share%
ProSh UltSh Bbg Nat Gas KOLD 72.42 44.86 162.8 9.06 l 82.81 14.5
5.98 3.65 156.7 l 6.71 96.7 107.3 40 31.6 227 3 8.9
Top 20 Global IPOs Priced in 1st Quarter 2023 Reneo Pharmaceuticals RPHM
Red Robin Gourmet Burgers RRGB 14.32 8.74 156.6
1.79
5.35 l 17.00 –11.2
Goldman Sachs
Centerview Partners 92.0 12 27.1
EF Hutton
Credit Suisse 175 2 6.9
Ranked by proceeds raised, including over-allottment JPMorgan 87.0 38 25.6 BofA Securities 164 3 6.4
Offer Pricing Value Aurinia Pharmaceuticals AUPH 10.96 6.64 153.7 4.07 l 13.42 –12.9
Issuer Exchange Currency Price Date $ millions GrShr 1.5x Long NVDA Dly NVDL 47.08 28.33 151.1 17.72 l 47.16 ... BofA Securities 85.9 35 25.3 Barclays 153 3 6.0
ADNOC Gas Abu Dhabi AED 2.37 3-Mar 2,476 SOPHiA GENETICS SOPH 4.97 2.91 141.3 1.69 l 8.09 –36.3 Guggenheim Partners LLC 62.9 10 18.5 BTIG LLC 144 1 5.6
Shaanxi Energy Investment Co Shenzhen CNY 9.60 28-Mar 1,047 Ebang International EBON 7.01 4.10 140.9 2.52 l 39.90 –81.5 MTS Health Partners 46.2 2 13.6 Maxim Group LLC 129 2 5.1
Nextracker NASDAQ USD 24.00 8-Feb 734 Morgan Stanley 45.5 24 13.4 Citi 127 2 5.0
HunanYunengNewEnergyBatteryMaterialCo Shenzhen CNY 23.77 20-Jan 663 Reata Pharmaceuticals A RETA 90.92 52.93 139.3 18.47 l 95.00 155.2
PT Trimegah Bangun Persada Tbk Indonesia IDR 1250.00 24-Mar 659 Lazard 40.7 12 12.0 Truist Financial Corp 99 2 3.9
Jiangsu Xukuang Energy Co Shanghai CNY 6.18 23-Feb 617 RBC Capital Markets 32.7 21 9.6 Stifel 88 3 3.4
PT Pertamina Geothermal Energy Tbk Indonesia IDR 875.00 13-Feb 595 Biggest Percentage Losers Wells Fargo Sec 29.6 13 8.7 Guggenheim Partners LLC 83 2 3.3
Shenzhen Intellifusion Technologies Co STAR Market CNY 43.92 23-Mar 571
1st Quarter 52-Week
Greenworks (Jiangsu) Co Shenzhen CNY 30.85 17-Jan 554
Company Symbol Close Net chg % chg Low Close(l) High % chg U.S. Investment-Grade Bonds U.S. High-Yield Bonds
Presight AI Holding Abu Dhabi AED 1.34 17-Mar 496 Deals priced in first quarter 2023 Deals priced in first quarter 2023

.
CITIC Metal Co Shanghai CNY 6.58 27-Mar 480 SatixFy Communications SATX 0.68 –7.09 –91.3 0.67 l 79.21 –93.1
Wuxi Unicomp Technology Co STAR Market CNY 152.38 21-Mar 440 Value No. of Market Value No. of Market
0.94 –91.0 l –90.6

ly
EuroGroup Laminations Spa Borsa Italiana EUR 5.50 8-Feb 421 AERWINS Technologies AWIN –9.55 0.78 18.00 Bookrunner $billions Deals Share% Bookrunner $billions Deals Share%
IONOS Group SE Frankfurt EUR 18.50 7-Feb 416 SMX (Security Matters) SMX 0.94 –9.25 –90.8 0.91 l 18.89 –90.5
SBI Sumishin Net Bank TSE - Standard JPY 1200.00 20-Mar 378 BofA Securities 44.6 192 10.4 Goldman Sachs 3.6 28 9.6
Silvergate Capital SI 1.62 –15.78 –90.7 1.10 l 155.69 –98.9
SouthchipSemiconductorTech.(Shanghai)Co STAR Market CNY 39.99 23-Mar 372 JPMorgan 39.3 219 9.2 JPMorgan 3.2 25 8.5
Alpine Summit Energy Ptrs ALPS 0.53 –4.48 –89.4 0.52 l 7.25 –91.7
Hubei Jianghan New Materials Co Shanghai CNY 35.59 12-Jan 352 Citi 36.9 180 8.6 Deutsche Bank 3.0 14 8.1
Hubei Hongyuan Pharma. Technology Co Shenzhen
Guangdong Lvtong New Energy EV Tech. Co Shenzhen
Shenzhen CECport Technologies Co Shenzhen

Top 20 Global Bonds Priced in 1st Quarter 2023

CNY

CNY
50.00
CNY 131.11
11.88
7-Mar
22-Feb
27-Mar
on
340
333
328
First Republic Bank FRC
Frequency Therapeutics FREQ
Movella Holdings MVLA
MultiMetaVerse MMV
13.99 –107.90
0.50 –3.35
1.36 –8.71
1.09 –6.51
–88.5
–86.9
–86.5
–85.7
11.52
0.41
1.29
0.88
l
l
l
l
171.09
5.59
10.76
17.75
–91.4
–75.2
–86.1
–89.2
Morgan Stanley
Barclays
Goldman Sachs
27.8
23.2
23.0
134 6.5
99 5.4
114 5.4
BofA Securities
Morgan Stanley
RBC Capital Markets
2.8
2.4
2.0
25
21
17
7.4
6.5
5.2
Mizuho 22.4 92 5.2 Citi 1.7 20 4.6
us ,

Allarity Therapeutics ALLR 1.68 –8.60 –83.7 1.65 l 118.30 –97.7 20.9 128 4.9 1.5 14 4.1
Ranked by face value, in U.S. dollars Wells Fargo Sec Wells Fargo Sec
19.7 38 4.6 1.5 17 4.0
l

Issuer Pricing Value Bed Bath & Beyond BBBY 0.43 –2.08 –83.0 0.42 l 30.00 –98.1 HSBC Barclays
Issuer Deal Type Nation Currency Date $ millions
e
Nogin NOGN 2.72 –12.69 –82.4 2.56 l 230.20 –98.6 Deutsche Bank 15.6 48 3.6 Mizuho 1.1 14 2.9
al a

Amgen Corp IG United States US Dollar 15-Feb 24,000 Atlis Motor Vehicles AMV 0.58 –2.67 –82.3 0.55 l 243.99 ...
Spain Sovereign Spain Euro 25-Jan 14,144 U.S. Core Leveraged Finance1 Global Investment Banking1
Intel Corp IG United States US Dollar 7-Feb 11,000 Lixiang Education ADR LXEH 0.56 –2.25 –80.2 0.50 l 5.10 –87.5
Fees paid in first quarter 2023 Fees paid for M&A, ECM, DCM and
ci on

Agricultural Bank of China Corp IG ChinaChineseRenminbiYuan 21-Mar 10,175 ProSh Ult Bbg Nat Gas BOIL 3.61 –14.17 –79.7 3.26 l 140.50 –93.7
Saudi Arabia Sovereign Saudi Arabia US Dollar 10-Jan 10,000 loans in first quarter 2023
Kenvue Corp IG United States US Dollar 8-Mar 7,750
Kingdom of Belgium Sovereign Belgium Euro 10-Jan 7,493 Most Active Stocks Bank
Revenue 2023 2022
$millions Mkt Shr %Mkt Shr % Bank
Revenue 2023 2022
$millions Mkt Shr %Mkt Shr %
Italy Sovereign Italy Euro 10-Jan 7,493 Most heavily traded issues in first quarter of 2023; composite volume, in
European Union Supranational Luxembourg Euro 14-Feb 7,485 JPMorgan 142.0 14.1 10.9 JPMorgan 1,366.7 8.7 7.9
United Kingdom Sovereign United KingdomBritish Pound 24-Jan 7,434 millions Goldman Sachs 84.8 8.4 7.5 Goldman Sachs 1,109.8 7.1 7.1
er s

HSBC Holdings Plc Corp IG United Kingdom US Dollar 2-Mar 7,000

1st Quarter 52-Week BofA Securities 78.6 7.8 8.1 BofA Securities 911.5 5.8 6.4
UnitedHealth Group Corp IG United States US Dollar 23-Mar 6,500 Company Symbol Volume Close Net chg % chg High Low % chg
European Union Supranational Luxembourg Euro 28-Mar 6,467 Barclays 63.5 6.3 8.7 Morgan Stanley 851.3 5.4 5.9
m er

EFSF Supranational Luxembourg Euro 11-Jan 6,441 ProShares UltraPro QQQ TQQQ 11,578 28.26 10.96 63.4 61.55 16.10 –51.2 Morgan Stanley 62.0 6.2 5.0 Citi 699.0 4.4 4.1
European Union Supranational Luxembourg Euro 8-Mar 6,380 50.0 5.0 4.1 601.8 3.8 3.5
KfW Non-US Agency Germany Euro 4-Jan 6,354
Tesla TSLA 10,835 207.46 84.28 68.4 384.29 101.81 –42.6 Citi Barclays
CVS Health Corp IG United States US Dollar 13-Feb 6,000 ProSh UltraPro Shrt QQQ SQQQ 8,691 29.36 –24.65 –45.6 69.55 29.29 –13.1 Deutsche Bank 42.6 4.2 4.8 BNP Paribas 321.2 2.0 1.7
Sumitomo Mitsui Financial Group Corp IG Japan US Dollar 3-Jan 5,800 SPDR S&P 500 ETF Trust SPY 5,695 409.39 26.96 7.0 457.83 348.11 –9.6 RBC Capital Markets 37.9 3.8 4.6 Deutsche Bank 311.5 2.0 2.3
IBM Corp IG United States Euro 30-Jan 5,548 34.3 3.4 2.1 RBC Capital Markets 308.2 2.0 2.0
m rp

Asian Development Bank Supranational Philippines US Dollar 5-Jan 5,500

Direxion Dly SCOND 3 BL SOXL 5,567 18.30 8.63 89.2 39.33 6.21 –49.6 Wells Fargo Sec
Bed Bath & Beyond BBBY 4,824 0.43 –2.08 –83.0 30.00 0.42 –98.1 BMO Capital Markets 31.8 3.2 2.4 Evercore Inc 260.6 1.7 1.5
Source: Dealogic
Ford Motor F 4,290 12.60 0.97 8.3 17.15 10.61 –24.3
1Dealogic Revenue analytics are employed where fees aren't disclosed. Source: Dealogic
Apple AAPL 4,271 164.90 34.97 26.9 178.49 124.17 –5.4
Amazon.com AMZN 4,237 103.29 19.29 23.0 168.39 81.43 –36.8
Industry Groups Advanced Micro Devices AMD 3,884 98.01 33.24 51.3 111.42 54.57 –9.4
Who's No. 1?
co Fo

Best and worst-performing U.S. industry groups in the past quarter ProSh Ult Bbg Nat Gas BOIL 3,605 3.61 –14.17 –79.7 140.50 3.26 –93.7
based on the DJ U.S. Total Stock Market Index family Invesco QQQ Trust I QQQ 3,602 320.93 54.65 20.5 369.31 254.26 –11.3 Top banks in Dealogic rankings across M&A, equity capital markets
Best Performers Worst Performers Bank of America BAC 3,487 28.60 –4.52 –13.6 41.74 26.32 –30.1 (ECM), debt capital markets (DCM) and loans, in first quarter 2023
% chg from % chg from Finl Select Sector SPDR XLF 3,445 32.15 –2.05 –6.0 38.66 29.59 –15.9
Industry group prev qtr Industry group prev qtr 1st-qtr 2023 Chg in share
NVIDIA NVDA 3,111 277.77 131.63 90.1 278.34 108.13 4.0 from first
market quarter 2022
Automobiles 52.1 Full Line Insurance –16.0 Credit Suisse Group ADR CS 2,941 0.89 –2.15 –70.7 8.13 0.82 –88.9
Product and Deal Type No.1 - Ranked Bank share (%) (pct. points)
Renewable Energy Equipment 42.2 Banks –13.9 Intel INTC 2,915 32.67 6.24 23.6 49.90 24.59 –32.1
Semiconductors 34.6 Coal –12.8 iShares iBoxx $ HY Cp Bd HYG 2,885 75.55 1.92 2.6 82.58 70.40 –7.8 Investment Banking
Travel & Tourism 29.5 Life Insurance –12.7 Direxion S&P Biotech Bl LABU 2,877 4.91 –2.16 –30.6 19.56 4.06 –71.7
Global IB Revenue1 JPMorgan 8.7 0.8
Internet 27.0 Health Care Providers –10.2 NIO ADR NIO 2,817 10.51 0.76 7.8 24.43 8.03 –52.1
Global M&A Revenue1 Goldman Sachs 10.4 0.8
Computer Hardware 25.8 Pharmaceuticals –8.6 Gainers and losers include common issues of $2 or more listed on NYSE, Nasdaq, NYSE American or
Global ECM Revenue1 Goldman Sachs 6.9 2.2
Technology 24.3 Oil Equipment & Services –8.3 NYSE Arca at the beginning of the quarter.
Gambling 22.9 Paper –7.4 Global DCM Revenue1 JPMorgan 6.7 -1.2
Global Loans Revenue1 13.8 3.2
n-

Home Construction 20.7 Exploration & Production –7.1 JPMorgan

Software 20.1 Investment Services –6.3 IPO Scorecard Global M&A Goldman Sachs 20.4 -12.5
Source: S&P Dow Jones Indices U.S. M&A Goldman Sachs 31.6 -10.1
Best performing U.S. listed IPOs in 2023 ranked by % change in price
from offer to last trade in the quarter Global M&A Boutique Centerview Partners 16.5 12.4
no

$ Offer % Chg Pricing IPO Value Equity Capital Markets

Issuer Exchange price from offer Date $ millions
JOURNALISTS DON’T Genelux Corp NASDAQ 6.00 362.3 Jan. 25 15 Global ECM Morgan Stanley 8.0 1.9
‘JUST WRITE STORIES.’ CBL International Ltd NASDAQ 4.00 137.5 Mar. 22 15 Global IPOs CITIC Securities 11.4 5.3
Structure Therapeutics Inc NASDAQ 15.00 58.6 Feb. 2 185 Global All Follow-Ons Morgan Stanley 10.5 2.5
Nextracker Inc NASDAQ 24.00 51.1 Feb. 8 734 Global Convertible Bonds Huatai Securities Co Ltd 9.9 -0.5
Skyward Specialty Insurance Group Inc NASDAQ 15.00 45.8 Jan. 12 154 U.S. ECM BofA Securities 11.8 3.6
THEY RECORD HISTORY. U.S. IPOs EF Hutton 8.9 4.2
TXO Energy Partners LP NYSE 20.00 15.6 Jan. 26 100
Hitek Global Inc NASDAQ 5.00 11.2 Mar. 31 16 U.S. Block Trades Goldman Sachs 26.7 16.7
Ohmyhome Ltd NASDAQ 4.00 6.7 Mar. 20 11 U.S. Non-Block Follow-Ons JPMorgan 12.0 -1.7
Intchains Group Ltd NASDAQ 8.00 5.6 Mar. 15 8 U.S. Convertible Bonds Morgan Stanley 10.8 -3.4
Israel Acquisitions Corp NASDAQ 10.00 3.6 Jan. 13 144
Fixed Income
Distoken Acquisition Corp NASDAQ 10.00 3.4 Feb. 15 60
Mars Acquisition Corp NASDAQ 10.00 3.3 Feb. 13 69 Global DCM JPMorgan 6.4 -1.0
Bellevue Life Sciences Acquisition Corp NASDAQ 10.00 3.1 Feb. 9 69 Global Investment-Grade Bonds BofA Securities 5.9 -0.8
Pono Capital Three Inc NASDAQ 10.00 2.6 Feb. 9 115 Global High-Yield Bonds JPMorgan 8.4 0.1
Four Leaf Acquisition Corp NASDAQ 10.00 2.5 Mar. 16 54 U.S. DCM JPMorgan 9.5 -2.1
TMT Acquisition Corp NASDAQ 10.00 2.0 Mar. 27 60 U.S. Investment-Grade Bonds BofA Securities 10.4 -2.5
Oak Woods Acquisition Corp NASDAQ 10.00 2.0 Mar. 23 58 U.S. High-Yield Bonds Goldman Sachs 9.6 1.5
Xiao-I Corp NASDAQ 6.80 1.8 Mar. 9 39 U.S. FIG Bonds BofA Securities 11.2 -2.8
Cetus Capital Acquisition Corp NASDAQ 10.00 1.1 Jan. 31 58 Global Loans BofA Securities 11.2 -0.1
Trailblazer Merger Corp I NASDAQ 10.00 0.9 Mar. 28 69 Global Investment-Grade Loans JPMorgan 13.1 3.9
Worst performing U.S. listed IPOs in 2023 ranked by % change in price Global Leveraged Loans BofA Securities 12.2 2.6
from offer to last trade in the quarter U.S. Loans BofA Securities 16.4 -1.5
$ Offer % Chg Pricing IPO Value U.S. Investment-Grade Loans JPMorgan 19.6 3.3
Issuer Exchange price from offer Date $ millions
U.S. Leveraged Loans BofA Securities 17.7 2.3
Asset Entities Inc NASDAQ 5.00 -74.0 Feb. 2 8 U.S. Total Leveraged Finance BofA Securities 16.2 1.9
Lucy Scientific Discovery Inc NASDAQ 4.00 -72.5 Feb. 8 8 U.S. Core Leveraged Finance JPMorgan 9.8 2.4
Cadrenal Therapeutics Inc NASDAQ 5.00 -71.8 Jan. 19 7 U.S. Core Leveraged Finance Revenue1 JPMorgan 14.1 3.2
Mangoceuticals Inc NASDAQ 4.00 -71.5 Mar. 21 5 1 Dealogic Revenue analytics are employed where fees are not disclosed Source: Dealogic
MGO Global Inc NASDAQ 5.00 -70.8 Jan. 13 9
NFT Gaming Co Inc NASDAQ 4.15 -68.4 Feb. 14 7
ICZOOM Group Inc NASDAQ 4.00 -56.8 Mar. 14 6 Market Boxscores
Beamr Imaging Ltd NASDAQ 4.00 -50.3 Feb. 27 8
How the major indexes performed
BullFrog AI Holdings Inc NASDAQ 6.50 -47.8 Feb. 14 8
Close % chg from
Chanson International Holding NASDAQ 4.00 -47.3 Mar. 30 14
First-quarter performance 3/31/23 3/31/22
Lichen China Ltd NASDAQ 4.00 -47.3 Feb. 6 16
Dow Jones Industrial Average 0.4% 33274.15 -4.0
Brera Holdings plc NASDAQ 5.00 -37.0 Jan. 27 8
Hesai Group NASDAQ 19.00 -18.6 Feb. 8 192 DJ U.S. Total Stock Market 6.8 41136.55 -10.3
Hongli Group Inc NASDAQ 4.00 -13.3 Mar. 29 8 DJ World (excl. U.S.) 5.7 261.30 -8.3
SYLA Technologies NASDAQ 8.00 -9.4 Mar. 31 15 Nasdaq Composite 16.8 12221.91 -14.1
Learn more about the impact your S&P 500 7.0 4109.31 -9.3
journalism career can have on the world. Jin Medical International Ltd NASDAQ 8.00 -6.9 Mar. 27 8
Atlas Energy Solutions Inc NYSE 18.00 -5.4 Mar. 8 324 Value Line (Geometric) 4.2 558.68 -12.2
Wall Street Journal reporter Erin Ailworth
and others share career advice at QuantaSing Group Ltd NASDAQ 12.50 -4.2 Jan. 24 42 NYSE American Composite 3.4 4274.24 2.3
dowjonesnewsfund.org/careers. YanGuFang International Group NASDAQ 4.00 -3.0 Mar. 27 8 Russell 2000 2.3 1802.48 -12.9
Mineralys Therapeutics Inc NASDAQ 16.00 -2.1 Feb. 9 221 NYSE Composite 1.3 15374.91 -7.8
Source: Dealogic Sources: Dow Jones Market Data; S&P Dow Jones Indices
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | B11

QUARTERLY MARKET REVIEW

Bond Market Rally at Risk Track the Markets: Winners and Losers
A look at how selected global stock indexes, bond ETFs, currencies
and commodities performed around the world for the quarter
Index Currency, Commodity, Exchange-

As Bank Stress Diminishes

vs. U.S. dollar traded in U.S.* traded fund

Orange juice 30.57%

S&P 500 Information Tech 21.49
Nasdaq-100 20.49
BY MATT GROSSMAN U.S. Treasury yields Total returns* week brought few signs of ad- S&P 500 Communications Services 20.18
ditional bank distress, while
5.0% 2022 2023 to date Nasdaq Composite 16.77
The sharpest rally for U.S. the inflation that drove rates
government debt in years has Run on Silicon higher last year remains a S&P 500 Consumer Discr 15.76
Valley Bank begins FTSE MIB 14.37
left investors and analysts S&P 500 pressing concern. Consumer
warning that bond markets 4.5 prices rose 6.0% in February CAC-40 13.11
are vulnerable to a reversal. from a year earlier, a pace that Cocoa 12.81
Two-year
Prices for Treasurys leapt Investment- has slowed from earlier DAX 12.25
after turmoil in the financial grade bonds months but remains well
4.0 Taiwan Weighted 12.24
sector drove investors to above the Fed’s target.
lower their expectations for Unemployment—the Fed’s IBEX 35 12.19
how high the Federal Reserve Junk bonds other key responsibility—is Euro STOXX 11.51
would raise interest rates. 3.5 still near historic lows around S&P/BMV IPC 11.23
Now, some worry that with 3.6%, giving the central bank Sugar 11.03
banks stabilizing, a resump- 10-year more leeway to focus on sup- KOSPI Composite 10.75
Treasurys
tion of the Fed’s inflation- pressing inflation.
3.0 Nymex Rbob gasoline 9.80
fighting efforts could spark Calmer markets could re-
declines as rapid as the rally. Jan. 2023 Feb. March –15% –10 –5 0 5 store investors’ expectations Amsterdam AEX 9.75
A fresh bond selloff could for rate increases, Bank of Cattle 9.32
*Total returns include assets-price changes and dividend and interest payments
mean bad news for stocks, Source: Tradeweb ICE Close (yields); FactSet (S&P 500); ICE (bonds) America analysts wrote this Comex Gold 8.20
which have managed to eke week. They projected in one Mexican peso 8.16
out gains through three turbu- even more, with two-year the course of a fairly short pe- possible scenario that continu- Comex copper 7.86
lent months of trading so far notes posting their first quar- riod of time, credit investors ing growth and persistent in-
Dow Jones Transportation Average 7.82
this year. The S&P 500 rose 7% terly price gain in two years. became quite defensive.” flation could send the two-
in the first quarter, a climb Last year, the 10-year yield A basket of Treasury notes year yield back above 5%, a STOXX Europe 600 7.76
likely jeopardized if yields rise marked its biggest annual in- returned 2.5% over the past level breached just before NIKKEI 225 7.46
again, said Keith Lerner, co- crease on record, lifting bor- three months, including price March’s bank distress for the Chilean peso 7.25
chief investment officer at rowing costs throughout the changes and interest pay- first time since 2007. S&P 500 7.03
Truist Advisory Services. economy. Higher government- ments, according to index data Meanwhile, another wild iSh 20+ Treasury 6.84
Higher Treasury yields give in- debt yields pushed up mort- from Intercontinental Ex- card is looming over the bond
Hungarian forint 6.54
vestors a lower-risk way to gage rates, made it more ex- change. Last year, Treasurys market: A debt-ceiling fight in
lock in returns. pensive for companies to returned minus 13%. a deeply divided Congress Shanghai Composite 5.94
Though rising yields are of- invest in their businesses and Few could have anticipated that—if unresolved by this Brazilian real 4.36
ten associated with an eco- added to the debt burden the competing tides driving summer—could disrupt pay- Czech koruna 4.25
nomic growth—a boost to shouldered by the federal and trading in recent weeks, said ments to Treasury investors. Indonesian rupiah 4.00
stocks—investors’ expectations local governments. Warren Pierson, co-chief in- Anxiety about the debt ceil- iShiBoxx$InvGrdCp 3.96
for corporate profits already March’s series of bank fail- vestment officer at Baird Advi- ing could exacerbate the mar-
S&P 500 Materials 3.75

.
look overoptimistic, he said. ures quickly unwound some of sors. Preoccupied with stub- ket’s recent gyrations, said
“If Treasury yields go up those yield gains, as investors born inflation and a resilient Amar Reganti, a fixed-income S&P/TSX Comp 3.69

ly
from here, that’s going to cap piled into the safety of gov- economy, many hedge funds strategist at Hartford Funds iSh TIPS Bond 3.58
valuations for stocks,” Mr. Ler- ernment debt. had set up bets that Treasury who was deputy director of the Swiss Market Index 3.51
ner said. “Each individual instance of yields would continue to climb, Treasury’s office of debt man- iSh 7-10 Treasury 3.49
The yield on the benchmark
10-year Treasury note, which
falls when bond prices rise,
finished Friday at 3.491%,
bank stress can be dealt with
fairly easily, but as you go from
one to the next, it becomes a
compounding worry for the
on and were caught flat-footed
when the failure of Silicon Val-
ley Bank abruptly sent yields
lower instead, Mr. Pierson said.
agement in the early 2010s.
“One would hope the fragility
we’ve already seen would serve
as a warning that these policy
S&P MidCap 400
VangdTotIntlBd
Hang Seng
3.36
3.14
3.13
down from 3.826% at the end market,” said Tim Schwarz, a In the months ahead, decisions have to be taken seri- Icelandic krona 3.06
us ,

of last year. Yields on shorter- portfolio manager at asset though, those bets could ulti- ously and should be resolved S&P 500 Industrials 3.03
l

term Treasurys have tumbled manager Ninety One. “So, over mately prove correct. The past as soon as possible,” he said. 3.01
e
Uruguayan peso
al a

VangdTotalBd 2.77
iShiBoxx$HYCp 2.61

Oil Sputters as Traders Focus on Economy

ci on

Philippine peso 2.59

Bel-20 2.49
FTSE 100 2.42
BY DAVID UBERTI U.S. crude-oil futures price Sector and index performance since the beginning of 2022 Russell 2000 2.34
2.12
er s

$130 a barrel 80% S&P SmallCap 600

Wall Street projected an oil
bonanza this year. The first iShNatlMuniBd 2.10
120 60 2.00
m er

quarter upended those expec- iShJPMUSEmgBd

tations. 110 S&P 500 S&P/ASX 200 1.98
Russia has continued pump- 40 energy sector U.K. pound 1.95
ing out petroleum despite 100 Coffee 1.91
Western sanctions. The U.S. 20
m rp

90 Kazakhstani tenge 1.77

market has remained awash in
crude after the conclusion of 0
Dow Jones DJ Select REIT 1.72
80 Industrial Bulgarian lev 1.69
the Biden administration’s Average
emergency release of oil re- –20 Polish zloty 1.46
70 S&P 500
serves. And a Chinese rebound Thai baht 1.35
co Fo

that underpinned some ana- 60 –40

Nasdaq
Euro area euro 1.31
lysts’ predictions of a com- Composite
2022 ’23 2022 ’23 iSh 1-3 Treasury 1.22
modity boom has yet to juice
global demand. Romanian new leu 1.19
Chinese seaborne crude imports, monthly 1.10
Instead, the oil producers Danish krone
and traders that captured 12 million barrels a day Swiss franc 1.08
monster profits in 2022 are S&P 500 Real Estate 1.04
now weighing whether a slow- 10
Comex silver 0.90
down in the U.S. and Europe is
8 Vietnamese dong 0.71
coming sooner rather than
later—if it comes at all. The Indian rupee 0.69
6
tremors at Western banks in Singapore dollar 0.66
March magnified that uncer- 4 Swedish krona 0.53
n-

tainty, leaving investors wad- Chinese yuan 0.43

2
ing through complicated Dow Jones Industrial Average 0.38
crosscurrents running from fi- 0 New Taiwan dollar 0.33
nancial markets to the real
2013 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 Canadian dollar 0.26
no

world.
The banking stress led to Sources: FactSet (futures price, performance); Kpler (crude imports) FTSE Straits Times 0.23
oil’s steepest weekly selloff S&P 500 Consumer Staples 0.16
since the beginning of the Ukrainian hryvnia unch.
pandemic and took some of -0.01 Croatian kuna
the sheen off energy stocks,
-0.17 Malaysian ringgit
one of the market’s major win-
ners in 2022. The S&P 500 en- -0.25 Kuwaiti dinar
ergy sector slid 5.6% in the -0.34 WSJ Dollar Index
first quarter, according to -0.35 S&P IPSA
FactSet, a decline outpaced -0.51 Macanese pataca
only by financial stocks. -0.71 Cotton
Some investors now fear
-0.91 Soybeans
that crude’s China-driven rally
could be slowed by an unpre- -1.24 Japanese yen
dictable outlook for U.S. and -1.46 New Zealand dollar
European industries heavily -1.89 Australian dollar
reliant on gasoline, diesel and -2.05 Israeli shekel
jet fuel.
GEORGE FREY/GETTY IMAGES

-2.36 Turkish lira

Khendry Veras, a vice presi-
-2.65 Corn
dent at On Time Logistics, a
family-owned trucking com- -2.85 Dow Jones Utility Average
pany in Newark, N.J., said fall- -3.04 S&P BSE Sensex
ing fuel costs in recent months -3.22 Tel Aviv 35
haven’t made up for dwindling -3.41 South Korean won
shipping-container deliveries
-4.04 S&P 500 Utilities
for its fleet of 40 semitrailers Benchmark U.S. prices have slipped 5.7%. Above, Marathon Petroleum’s Salt Lake City refinery.
that haul freight up and down -4.32 South African rand
the East Coast. Smith, an analyst at the ship- “It’s picking up,” said Cyril boosting prices—before the -4.72 S&P 500 Health Care
“We’re doing our best to tracking firm Kpler. Ducau, chief executive of Sing- U.S. and European hunger for -5.45 Russian ruble
hold on,” Mr. Veras said. For now, many physical apore-based Eastern Pacific energy subsides. -5.57 S&P 500 Energy
During a year in which trading houses and hedge Shipping, which commands a In the U.S., the overall -5.72 Nymex crude
many on Wall Street projected funds that speculate on oil 225-vessel fleet, pointing to economy continues to chug
-6.05 S&P 500 Financials
the value of oil to jump, allow- continue to see upside in growing imports of oil, refined along. Fears of broader conta-
ing the energy industry to China, parsing shipping fuel and iron ore. gion from the banking stress -6.34 Norwegian krone
shower shareholders with routes, traffic patterns and Many investors remain opti- have receded, and stock mar- -6.47 Bloomberg Commodity
more cash, the outlook of oil- air-travel numbers for hints mistic China will help the kets have rebounded. The Fed- -7.16 BOVESPA Index
and-gas executives has turned that its postpandemic recov- broader energy sector continue eral Reserve at its meeting in -7.41 Platinum
negative, according to a Fed- ery is gaining steam. to pass out dividends and stock March continued to raise in- -12.59 Wheat
eral Reserve Bank of Dallas The country imported buybacks throughout 2023. terest rates to cool inflation.
-14.20 Lean hogs
survey of 147 companies. nearly 11.4 million barrels of “You look at the second half But petroleum analysts see
Benchmark U.S. prices, mean- seaborne oil a day in March, of the year, and global oil de- at least one warning sign for -15.43 Argentine peso
while, have slipped 5.7%. according to Kpler, the sec- mand is reaching all-time energy markets. Demand for -20.12 Pakistani rupee
“The price moves that ond-highest monthly total the highs,” said Rob Thummel, diesel has dropped nearly 12% -20.40 Nymex ULSD
we’ve seen have played out firm has recorded. A hiring managing director at Tortoise, from a year ago, according to -50.48 Nymex natural gas
because, to a good extent, the spree of skyscraper-size su- an energy-investment firm. the Energy Information Ad-
*Continuous front-month contracts
elements that were expected pertankers in the coming For some traders, the big ministration, contributing to Sources: FactSet (indexes, bond ETFs, commodities), Tullett Prebon (currencies).
to be bullish have turned out weeks suggests the uptick question is whether China’s unusual growth in U.S. oil
to be bearish,” said Matt could continue. appetite for oil will grow— stockpiles for much of 2023.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B12 | Saturday/Sunday, April 1 - 2, 2023
Private Equity Ducks From Bank Turmoil
Buyout firms learned
painful lessons from
financial crisis and
now proceed gingerly
BY CHRIS CUMMING
During the last major U.S.
banking crisis, private-equity
firms spent billions buying
troubled lenders. Don’t expect
them to do the same this time
around, investors say.
Instead, private-equity
firms are more likely to extend
credit to shaky lenders or try
to peel off valuable bank as-
sets as turmoil unfolds follow-
ing the collapse of Silicon Val-
ley Bank.
Private equity’s investment
thesis “is going to be more
about providing liquidity and
opportunities in distressed as-
sets” rather than equity in-
vestments in banks them-
selves, said Mike Brown, an
alternative-investments ana-
lyst at securities research firm
Keefe, Bruyette & Woods.
A recent Apollo Global
Management Inc. investment
is likely to be the kind of bank
deal private-equity firms will
pursue, Mr. Brown said. On
March 22, an Apollo-owned
company said it would provide
$1.4 billion in credit to cash-
strapped PacWest Bancorp.
A common strategy for pri-
Twitter Shares Significant Portion
Of the Platform’s Source Code
BY SARAH E. NEEDLEMAN
AND ALEXA CORSE
Twitter Inc. opened up a
significant portion of its
source code, an uncommon
move for a large social-media
company and one that owner
Elon Musk said will make the
platform more trustworthy.
The code, posted Friday on
the code-sharing site GitHub
Inc., exposes how Twitter rec-
ommends posts and identifies
problems such as hate speech.
It doesn’t provide private user
data or a road map for creat-
ing a replica of the platform.
One expert likened the strat-
egy to a chef sharing a recipe
for ingredients that only he or
she has.
“We’re trying to be the
most trusted place on the in-
ternet,” Mr. Musk said on a
Twitter Spaces discussion
shortly after the code was re-
Fewer EVs
Eligible for
Tax Credit
no
Continued from page B1
hicles were sold in the U.S. in
the October-December quarter
last year, up 51% from a year
earlier and making up 8.5% of
all vehicle sales, the group said.
Writing the new rules has
been a headache for the Biden
administration, under pressure
from trading partners that
said the legislation would
harm their auto makers. Some
allies said they are still negoti-
ating with U.S. officials to
make sure they are covered by
a key aspect of the rules.
While companies have in-
creased assembly of electric
vehicles and batteries in the
U.S., China dominates the
global critical-minerals supply.
“Put simply, we want to end
this overreliance,” an adminis-
tration official said. “And we
now have tools in our tool belt.”
Part of the Inflation Reduc-
tion Act’s electric-vehicle tax-
credit program went into effect
on Jan. 1, without the critical-
mineral and battery-component
rules. Until mid-April, all elec-
tric vehicles assembled in North
America and priced below cer-
tain levels—$80,000 for sport-
utility vehicles and pickup
trucks, and $55,000 for other
vehicles—will be eligible for the
full $7,500 credit. Currently,
over 20 models qualify.
When the new rules kick in,
a vehicle will need to meet the
critical-mineral rule to be eligi-
ble for $3,750 of the tax credit.
That requires at least 40% of
battery minerals, based on
value, to be extracted or pro-
cessed in the U.S. or countries
vate-equity firms is to seek
out opportunities in industries
others shun, hoping to find
cheap assets. Right now, U.S.
banks would appear to fit that
bill. The KBW Nasdaq Bank In-
dex, which tracks the value of
bank stocks, has dropped
roughly 26% over the past
month and bank valuations, al-
ready low compared with
technology or healthcare com-
panies, have fallen further.
But private-equity manag-
ers say they are cautious
about buying stakes in banks,
based on lessons learned from
investments after the 2008
crash. During the credit crisis,
private-equity firms injected
cash into more than a hundred
wobbly or failed institutions,
but some of these deals re-
sulted in more headaches than
profits, investors say.
“The experience of partici-
pating in the [2007-09] bank-
ing crisis didn’t produce re-
turns that were commensurate
either with the risk or with ex-
pectations,” said Mark Vas-
sallo, managing partner of
Lightyear Capital, a private-
equity firm that invests in fi-
nancial-services companies.
Lightyear bought and sold
five banks after that financial
crisis. While Mr. Vassallo says
these deals were successful for
the firm, other private-equity
investors didn’t fare so well.
“The industry is going to be re-
us ,
l
e
al a
leased. “It’s going to be quite
embarrassing and people are
going to find lots of mistakes
ci on
in it.”
The average person is un-
likely to make much sense of
the code, but programmers
and others could parse it to
er s
see if Twitter treats certain
types of users differently than
m er
others as it has been accused
of doing, said Robin Burke, a
professor of information sci-
ence at the University of Colo-
rado, Boulder.
m rp
“They could say, ‘We’re not
doing the discriminatory
things people are accusing us
of,’ ” he said of Twitter. “On
the other hand, discriminatory
co Fo
things could still happen inad-
vertently.”
The code could also poten-
tially be used to game Twit-
ter’s system for recommending
tweets, identifying rule viola-
tors and more, said former
n-
A driver charged his EV in California last year. Currently, 43% of electric vehicles on the market are eligible for the U.S. tax credit.
that have free-trade agree-
ments with the U.S., or recy-
cled in North America. That ra-
tio will rise to 80% by 2027.
To qualify for the rest of
credit, vehicles will have to
meet the battery-component
criteria—at least 50% manu-
factured or assembled in
North America, climbing to
100% by 2029. The guidance
released Friday spells out how
companies should calculate
these percentages. The pro-
gram has income caps of
$300,000 for married couples,
$225,000 for heads of house-
holds and $150,000 for others.
Friday’s rules make clear that
corporations and other enti-
ties that don’t report adjusted
BUSINESS & FINANCE
ally shy” to do it again, he said.
Following the financial cri-
sis, with many banks desper-
ately in need of cash, regula-
tors offered private-equity
firms generous subsidies to
encourage them to buy failed
or cash-starved banks. Some
of these investments produced
excellent results, but others
ranged from disappointing to
disastrous, as firms grappled
with unpredictable loan losses,
demanding regulators and the
risk of bank runs.
The best-known cautionary
tale is TPG Inc.’s 2008 invest-
ment of $1.35 billion in Wash-
ington Mutual, which collapsed
just months later in the largest
bank failure in U.S. history.
“There were some [deals]
that were famously good, oth-
ers that were much tougher,”
said Michael Smith, a partner
at consulting firm Bain & Co.
Already, in this round, Sili-
con Valley Bank’s failure has
shown the risks for private eq-
uity. On March 8, the bank
said that private-equity firm
General Atlantic would invest
$500 million as part of a pro-
posed share sale and recapital-
ization. That investment never
closed, as the bank failed two
days later.
Private-equity firms consid-
ered buying some of SVB’s
loans following its failure, ac-
cording to multiple news re-
ports, another approach to
on
Twitter director Rumman
Chowdhury, who oversaw a
team responsible for machine-
learning ethics, transparency
and accountability before she
was laid off in November. For
example, she said that while
Twitter has rules around hate
speech, it wasn’t apparent un-
til now how it identifies such
tweets beyond when others re-
port them.
“You can read this and ex-
tract what are the rules that
govern how decisions are
made,” Ms. Chowdhury said.
“Now malicious actors may
have ways to subvert the pro-
tections Twitter has built.”
Conversely, she said the ex-
posed code shows how com-
plex the platform is. “People
think it’s really easy to re-cre-
ate what a social-media com-
pany does, and it’s not,” Ms.
Chowdhury said. She added
that researchers and academ-
gross income are eligible for
the credit, although many of
them may prefer to use a
credit for commercial vehicles
that has fewer restrictions.
A separate program for
commercial vehicles offers tax
incentives without local-assem-
bly or battery-sourcing require-
ments, making a wider range of
vehicles eligible for the benefit
if they are bought by busi-
nesses for leasing or rental.
Administration officials ex-
pect the number of vehicles for
which consumers can claim the
full tax credit to decline tem-
porarily with the introduction
of the new criteria. In the long
term, they say new domestic-
vehicle and battery plants be-
$18 billion Private-equity
firms have
16 mostly ignored
the U.S. banking
14 sector since the
2008 crisis.
12
Value of
10
private-equity
bank deals
8 tal—to take over failed banks.
6 posit Insurance Corp. imposed
4 buyers, including higher capi-
2 ensure that buyout firms
0 0
2008 ’10 ’15 ’20 ’23
Note: No deal value in 2023 as of March 21
Source: PitchBook Data
capitalize on distress without
risking equity investments.
But these deals weren’t com-
pleted, as most of the bank
was sold on March 26 to First
Citizens Bancshares Inc.
American banks have been
out of favor with private eq-
uity for more than a decade. In
the three years from 2008
through 2010, private-equity
firms made 119 bank deals in
the U.S. for a total of $23.3
billion, according to research
provider PitchBook Data Inc.
In the more than 12 years
since, private-equity invest-
ment in the sector has totaled
ics can also now audit Twit-
ter’s content-recommendation
algorithms.
“There are entire confer-
ences built around under-
standing recommendation sys-
tems and their impact,” she
said.
The code suggests that
Twitter’s process for recom-
mending tweets is built on
standard architecture, accord-
ing to Jonathan Stray, a senior
scientist at the University of
California at Berkeley’s Center
for Human-Compatible Artifi-
cial Intelligence. “There are no
surprises here,” he said.
But he pointed out that it
does show the company’s for-
mula for ranking tweets, and
he said the biggest factor in
that is whether a person is
predicted to respond to a
tweet.
“What they’re trying to
produce is back-and-forth con-
ing built by U.S. and foreign
companies will mean more
cars will be eligible. Since the
introduction of the Inflation
Reduction Act, companies have
announced plans to build 75
facilities with a total invest-
ment of more than $45 billion,
administration officials say.
The new proposed rules
were rolled out three months
after the original target date, as
administration officials tried to
address concerns raised by
trading partners and lawmak-
ers. Although the guidance
takes effect in April, it isn’t fi-
nal and will go through a 60-
day public-comment period.
Some lawmakers say the
Treasury Department has inter-
* ****** THE WALL STREET JOURNAL.
just $10 billion. strong returns.
U.S. regulators’ changing There still is a small group
attitude toward private-equity of private-equity funds that
investment in banks played a buys equity stakes in U.S.
role, investors say. In the ini- banks. Chicago-based Banc
tial months after Lehman Funds is perhaps the most
Bros. Holdings Inc.’s collapse prolific. During the financial
in 2008, regulators tried to crisis, the firm helped recapi-
encourage firms—and practi- talize 114 lenders buying failed
cally anyone else with capi- banks from the FDIC, said
Charles Moore, the firm’s chief
But in 2009, the Federal De- executive.
Mr. Moore, however,
stricter rules on private-equity doesn’t expect the current
banking stress to offer an in-
tal requirements, aiming to vestment opportunity on that
scale, although he said some
didn’t profit at the expense of investors are taking advantage
a bank’s health. of the post-Silicon Valley Bank
“The banking sector is gen- turmoil to buy in at low valu-
erally quite difficult to invest ations. “The vast majority of
in for private equity,” said Bain the banks in the U.S. are well
& Co.’s Mr. Smith. “It’s a very managed, with a good balance
heavily regulated industry.” of loans and investment secu-
Some private-equity bank rities,” he said.
investments following the fi- The possibility that banks
nancial crisis nonetheless are now underpriced means
proved successful. A 2009 deal some private-equity firms will
for the failed IndyMac, later at least consider investing, ob-
renamed OneWest, more than servers say. But they don’t ex-
tripled the money of an in- pect them to be a major factor
vestment group that included like they were after the finan-
Steven Mnuchin, John Paulson, cial crisis.
George Soros and private-eq- “You never want to say
uity firm Stone Point Capital, never with private equity, be-
The Wall Street Journal re- cause they’re always willing to
ported. The 2009 deal for lean into complexity, zig when
BankUnited by investors in- everyone else zags, and do un-
cluding Carlyle Group Inc., expected things when the risk
Blackstone Inc., Centerbridge is in their favor,” said KBW’s
Partners and Wilbur Ross’s Mr. Brown. “I just think it’s
.
W.L. Ross & Co. also yielded unlikely.”
ly
BENJAMIN FANJOY/ASSOCIATED PRESS
Elon Musk says people are going to find mistakes in the code.
versations, but that can also code that appears to track
incentivize people to post sen- when a tweet is made by him,
sational or divisive content,” which Twitter said was for the
said Mr. Stray. purpose of gathering metrics,
In response to a request for according to the material re-
comment, Twitter’s press leased Friday.
email responded with a poop He responded, “I think it’s
emoji, which Mr. Musk re- weird. This is the first time
cently tweeted will be the I’m learning this.”
company’s autoresponse for Mr. Musk later tweeted that
media inquiries. Twitter will update the recom-
Someone asked Mr. Musk in mendation algorithm every 24
the Twitter Spaces discussion to 48 hours based on user sug-
Friday about a part of the gestions.
U.K., which said the local-as-
sembly and battery-sourcing
requirements discriminate
against their companies. Com-
plaining that the U.S. subsidy
program will redirect business
investments from Europe to
North America, the EU re-
cently beefed up its own
clean-energy subsidies.
The Treasury Department
listed more than 20 countries,
including Australia, Canada,
Mexico and South Korea, as
free-trade agreement countries
that qualify under the critical-
minerals rule. While a recent
announcement to forge a bilat-
eral critical-minerals agreement
FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES
added Japan to the list, the EU
and the U.K. remain ineligible.
“We’re quite optimistic that
we can reach an agreement of
the same sort of substantial
scope as the Japanese,” said
Margrethe Vestager, the EU’s
executive vice president and
commissioner for competition.
The administration will later
issue guidance on another key
aspect of the electric-vehicle
program: a rule on “foreign en-
tities of concern,” which will
make vehicles ineligible for the
tax credits starting next year if
their batteries contain any com-
preted the law too broadly. Sen. ponents or critical minerals
Joe Manchin (D., W.Va.), the au- sourced from an entity linked to
thor of the EV program, criti- China or other adversaries.
cized the administration’s read- This is seen as an especially
ing of the law in the new rules, high hurdle for auto makers, as
saying it allowed for more par- numerous joint-venture opera-
ticipation of foreign companies tions between companies from
than intended. “It is horrific China and companies from the
that the administration contin- U.S. and friendly nations cur-
ues to ignore the purpose of the rently play significant roles in
law, which is to bring manufac- EV-battery supply chains.
turing back to America and en- —Andrew Duehren
sure we have reliable and se- contributed to this article.
cure supply chains,” he said.
“American tax dollars should
not be used to support manu- Watch a Video
facturing jobs overseas.” Scan this code
The EV rule also has for a video on
prompted spats with allies, in- how the U.S. and
cluding the European Union, China stack up
South Korea, Japan and the on EV batteries.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Markets Move
Higher to Finish
A Wild Quarter
Banking stocks stage
a partial recovery and
investors shake off
the Trump indictment
BY GINA HEEB
AND JOE WALLACE
Stocks ended the quarter on
a positive note, after a stormy
three months in which mar-
kets were whipsawed by
strains in the banking system
as well as shifting outlooks for
inflation and interest rates.
Government data early Fri-
day showed the Federal Re-
serve’s preferred measure of
inflation,
FRIDAY’S known as the
MARKETS core personal-
consumption
expenditures price index,
slowed its pace of increase in
February, lifting hopes the
central bank could limit its
campaign to curb inflation
sooner than originally ex-
pected.
The S&P 500 ended the day
58.48 points higher, or 1.4%, at
4109.31. The Dow Jones Indus-
trial Average closed up 415.12
points, or 1.3%, at 33274.15.
The tech-heavy Nasdaq Com-
posite increased 208.44
points, or 1.7%, to 12221.91.
Markets shook off the
Thursday indictment of former
President Donald Trump re-
lated to his role in hush-
money payments to a former
porn star on the eve of the
2016 election.
“Political headlines have
had less and less impact,” said
Brad McMillan, chief invest-
ment officer at Common-
wealth Financial Network. “We
have learned to live with a
much higher level of chaos
than we were used to a few
years ago.”
Shares of companies with
ties to Mr. Trump rose, even
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though broader market reac-
tions were muted. Digital
World Acquisition Corp., the
blank-check company that
plans to merge with Mr.
Trump’s social-media com-
pany, gained 99 cents, or 7.6%,
to $14.05.
Investors are recalibrating
after a tumultuous few weeks
in global markets, which were
upended early in March with
the sudden collapse of several
U.S. banks. The Fed signaled it
could ease up on interest-rate
increases, partly because the
banking turmoil is expected to
cause a pullback in credit
growth.
Bank stocks have staged a
partial recovery recently,
helped in part by regulators
stepping in with emergency
measures to protect deposi-
tors and offer banks more li-
quidity. But many remain be-
low where they were before
the recent crisis.
The KBW Nasdaq bank in-
dex rose 4.7% this past week
but was down 25% for March.
It closed out its worst month
since March 2020, when the
Index performance this past week
4%
S&P 500
3
2
Nasdaq Composite
Dow Jones Industrial Average
1
0
–1
–2
Mon. Tues.
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Bank of America, Wells Fargo and PNC Financial all recorded their worst monthly performances in three years during March.
Covid pandemic spread. Bank Republic Bank logged its larg-
of America Corp., Wells Fargo est quarterly drop on record,
& Co. and PNC Financial Ser- according to Dow Jones Mar-
vices Group Inc. also recorded ket Data. Charles Schwab
their worst monthly perfor- Corp. had its worst quarter
mance in three years, accord- since 2008.
ing to Dow Jones Market Still, the major indexes
Data. ended the quarter higher. The
The troubled lender First S&P 500 is up 7% since the
start of the year, its second
straight quarterly gain. The
Nasdaq Composite Index is up
17%, its largest quarterly gain
since 2020.
“The market seems intent
on on closing the book on the
banking problems that caused
the market to expect the end
of the Fed’s rate hike cam-
paign,” said Quincy Krosby,
l u l,
chief global strategist at LPL
Financial.
se
ia a
Bonds have been volatile as
on
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Saturday/Sunday, April 1 - 2, 2023 | B13
interest-rate expectations have
twisted and turned.
The 10-year yield fell Friday
to 3.491%. The 2-year yield,
which more closely reflects in-
vestor expectations for short-
term rates, slid to 4.060% to
close out its largest monthly
decline since 2008. Both yields
recorded their largest quar-
terly drops since March 2020.
Some investors have been
ly
too quick to conclude the Fed
will cut interest rates later in
the year in response to the
banking upheaval, said Rich-
ard McGuire, head of rates
strategy at Rabobank.
He said policy makers at
the U.S. central bank, due to
make their next rate decision
in early May, remain laser-fo-
cused on slowing the economy
ADVERTISEMENT
NOTICE OF SALE
ATTENTION PROSPECTIVE BUYERS
SALE OF THE ASSETS OF
BY THE COURT APPOINTED RECEIVER,
SETH E. DIZARD, Esq.
Ovation Hand Institute, LLC and Ovation Hand Institute
Management, LLC (collectively, the “Company”) is a
regional surgical clinic that specializes in practicing
an ultra-minimally invasive surgical technique
treating Carpal Tunnel Syndrome. Ovation’s technique
provides immediate relief with a 15 minute in-office
procedure with local anesthesia, next day recovery,
negligible marks, and in many cases same day to
light activity The Company provides its services in
four leased clinics: Mequon (suburb of Milwaukee),
Wisconsin, Green Bay Wisconsin, Chicago, Illinois and
Eden Prairie, Minnesota.
The Company incorporates a patented process
to perform its minimally invasive surgeries and
has performed over 4,300 surgeries using this
procedure. Annual revenue was $903,000 in 2022.
An Ozaukee County, Wisconsin Circuit Court judge
has appointed Seth E. Dizard, Esq. as Receiver for the
Company pursuant to Chapter 128 of the Wisconsin
Statutes for the benefit of the Company’s creditors.
Similar in many ways to a Chapter 11 bankruptcy, a
Receivership under Chapter 128 allows a company
to continue operating in the normal course until its
assets are sold as a going concern free and clear
of all liens, claims and encumbrances. Upon Court
approval of any sale, the buyer will acquire the
Company’s assets without any obligation to pay the
Company’s liabilities.
Wadsworth Whitestar Consultants has been retained
by the Receiver to assist in the sale of the Company’s
assets on a going concern basis. Accordingly, we
are soliciting expressions of interest from qualified
buyers prepared to pursue this unique acquisition
opportunity. The Receiver has instructed us to
expedite the sale process and would like to close the
transaction within 60 days. If you are interested in
this opportunity, please contact the undersigned at
your earliest convenience to obtain a Confidentiality
Agreement. Following our receipt of an executed
Confidentiality Agreement, due diligence information
will be made available. Site visits will be arranged
upon request.
For additional public information regarding Ovation
Hand Institute, please visit the Company’s website:
www.ovationhand.com.
Patrick Caracciolo
Wadsworth Whitestar Consultants
Office Phone: 414-257-1500
Mobile Phone: 708-814-7028
Patrick@wadsworthwhitestar.com
Seth E. Dizard, Esq. Receiver
O’Neil, Cannon, Hollman, DeJong and Laing s.c.
Office Phone: 414-276-5000
seth.dizard@wilaw.com
NOTICE OF PUBLIC SALE OF COLLATERAL
Please take notice that 100% of the membership
interests in Life Hotel One LLC, a Delaware limited
liability company (the “Company”), will be offered
for sale at a public auction and sold to the highest
“qualified bidder” on April 21, 2023 at 11 a.m. (New York
time). The sale will be conducted virtually (i.e., not in
person) by auctioneer Matthew D. Mannion of Mannion
Auctions, LLC, via Zoom through the following link:
https://bit.ly/LifeHotel (case sensitive); Dial-in: +1
646 558 8656; Meeting ID: 844 0356 1608; and Meeting
Password: 700664.
The principal asset of the Company is the hotel located
at 19 West 31st Street, New York, NY.
This sale is held to enforce the rights of 1921 West
31st Street Funding LLC, a Delaware limited liability
company, as secured party (including its successors and
assigns, “Secured Party”) under that certain Amended,
Restated and Consolidated Loan Agreement, dated as
of July 19, 2017, between the Company and Deutsche
Bank AG, New York Branch and that certain Pledge and
Security Agreement dated as of November 3, 2017,
executed by Life Hotel PREF in favor of Deutsche Bank
AG, New York Branch, both of which are currently held by
Secured Party. Secured Party reserves the right to reject
all bids and terminate or adjourn the sale to another
time, without further publication.
Interested parties who would like additional information
regarding the Company, the collateral, property
visits, and the terms of the public sale (including the
requirements to be a “qualified bidder”) should execute
the non-disclosure agreement which can be reviewed
at the website https://tinyurl.com/LifeHotel (case
sensitive). For questions and inquiries, please contact
Joanne Au of CBRE Capital Markets at joanne.au@cbre.
com.
NOTABLECOmmErCiAL
prOpErTiEs
(800) 366-3975
sales.realestate@wsj.com
For more information: wsj.com/classifieds
© 2023 Dow Jones & Company, Inc.
All Rights Reserved.
CARLO ALLEGRI/REUTERS
through higher borrowing
costs to curb inflation.
That could put pressure
back on stocks and short-term
government bonds. “The bank-
ing-sector troubles we have
been seeing will not shift them
off course,” Mr. McGuire said.
Oil prices ticked up. Brent
crude futures rose 0.6% to
.
$79.77 a barrel. Prices have
fallen this quarter as Russian
oil kept flowing and investors
say a likely recession could
curb fuel demand. But an Iraqi
pipeline dispute could tighten
global supplies if it isn’t re-
solved soon.
Overseas, the Stoxx Europe
600 added 0.7% Friday. China’s
Shanghai Composite Index
rose 0.4% and Japan’s Nikkei
225 gained 0.9%.
PUBLIC NOTICES
LEGAL NOTICE
SUPREME COURT OF THE STATE OF NEW YORK, COUNTY
OF NEW YORK
---------------------------------------------------------------
346 MADISON AVENUE, LLC and 11 EAST 44 TH STREET,
LLC, Petitioners, – against –
JOHN DOE #1 through #10, being all persons unknown,
claiming any legal or equitable right,
title, estate, lien or interest in the property described in
this Verified Petition, Respondents
---------------------------------------------------------------
INDEX NO.: 158558/2022
PUBLIC NOTICE
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
property described further below, are hereby required to
appear before the Court at a Public Hearing to be held
in the county of New York at the county courthouse
in the city of New York, 80 Centre Street, New York,
New York 10007, Room 122, on September 12, 2023,
at 10:00 a.m. and show cause, if any they have, why
they should not be forever barred from maintaining
any action or proceeding seeking the enforcement of
the restrictive covenant set forth in Paragraph 12 of
the Verified Petition [Dkt. No. 1] on the real property
hereinafter described, which property was conveyed to
Petitioners by deed, dated August 8, 2007, and recorded
on September 10, 2007, as CRFN 2007000462812, in the
Office of the New York City Register, New York County,
as well as by deed, dated January 9, 2019, and recorded
on January 10, 2019, as CRFN 2019000011381 in the
Office of the New York City Register, New York County.
Copies of the Verified Petition, the Order, and all other
documents filed by the Petitioners in this proceeding
may be obtained from the Court docket or by contacting
counsel for Petitioners, which contact information is set
forth below in bold.
The property affected by this notice is substantially
described in the Verified Petition and is described as
follows: the real property located at Block 1279, Lot
17, and known as 346 Madison Avenue, Borough of
Manhattan, County of New York, State of New York, as
well as the real property located at Block 1279, Lot 9, and
known as 7-11 East 44 th Street, Borough of Manhattan,
County of New York, State of New York.
Any party seeking to be heard at the Public Hearing
shall promptly provide Petitioners with any supporting
documents, including but not limited to any
memorandum of law or affirmation/affidavit in support
of their papers, but by no later than two weeks prior
to the Public Hearing date to be set by the Court. Such
supporting papers should be delivered to counsel for
Petitioners by overnight mail or email at the following
address: Attn: Claude G. Szyfer, Stroock & Stroock &
Lavan LLP, 180 Maiden Lane, New York New York 10038,
email: cszyfer@stroock.com, (P) (212) 806-5934.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B14 | Saturday/Sunday, April 1 - 2, 2023
Green Energy
Hits a Red Light
Rising interest rates and higher equipment costs throw
a wrench in plans for new wind and solar projects
After years of uncertainty, last
year’s Inflation Reduction Act fi-
nally gave America’s renewable-en-
ergy industry a long, green signal.
Now the economy is blocking the
road.
The wind and solar industries
have always suffered from the
short-term nature of subsidies, with
federal tax credits often extended
in nail-biting one-year increments.
Last year’s climate bill changed
that, giving the industry subsidies
that last at least a decade. But just
as policy winds blow in their favor,
two critical growth drivers—inter-
est rates and equipment costs—are
moving in the wrong direction.
Wind and solar projects are es-
pecially sensitive to rates because
debt can make up as much as 85%
to 90% of capital expenditures. Re-
newable developers have known
only low rates for most of their his-
tory. Nearly all U.S. utility-scale so-
lar facilities and 85% of onshore
wind farms were installed since
2009, during which period the tar-
Annual U.S. wind and
solar capacity additions
30 gigawatts
25
20
15
10
5 cost to build an onshore wind farm
0 before leveling off last year, accord-
2000 ’10 ’20
Source: The American Clean Power Association
CARLOS OSORIO/ASSOCIATED PRESS
no
Credits will depend on where the batteries, and their minerals, come from.
Yet Another Change
For EV Tax Credits
Getting the full $7,500 tax credit
on a new electric vehicle is about
to become tougher.
On Friday, the Treasury Depart-
ment and Internal Revenue Service
published the fine print for their
new EV tax credits. Auto makers
have been waiting for this to con-
firm whether their products will
qualify. Unless they find ways to
flex the rules, the upshot is likely
to be a massive reduction in EV
subsidies beginning April 18, when
the new regime takes effect.
A year ago, consumers got a
$7,500 tax credit for new EVs as
long as the manufacturer hadn’t
already sold 200,000 vehicles.
Products made by Tesla or General
Motors no longer qualified and
Toyota was about to hit the cap.
Ford was in the ascendancy with
its new Mustang Mach-E and F-150
Lightning, as were Korean manu-
facturers Hyundai and Kia.
Then came the Inflation Reduc-
tion Act, which found an unex-
pected way through partisan
Washington by allying climate
campaigners with China hawks.
From the day it was signed on
Aug. 16, cars had to be built in
North America to qualify for a re-
vamped tax credit. That ruled out
Hyundai and Kia and most German
luxury cars.
The rules changed again on Jan.
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
get federal-funds rate was close to
0% in eight out of 13 years. Not any
more: After the most recent hike,
rates are the highest since 2007.
Renewable energy projects tend
to be financed with floating-rate
loans that rise and fall with the
benchmark interest rate. Thank-
fully, most of those projects are
well-shielded from rate risk be-
cause lenders require them to
hedge at least 75% of their loans
through swaps, according to Eliza-
beth Waters, managing director of
project finance at MUFG. Most
ended up hedging 90% to 95% to
lock in low rates, she noted. But
those swaps won’t help new proj-
ects.
Borrowing isn’t the only thing
that costs more. Following years of
price declines thanks to technology
and economies of scale, equipment
is getting more expensive too.
Trade policies aimed at Chinese
manufacturers have caused delays
and shortages for the solar indus-
try, which relies heavily on the
country for its components. Ger-
man utility RWE, an active devel-
oper in the U.S., said in its recent
on
annual report that imports of solar
modules from Asia are now subject
to “stringent checks” and said it
could fall behind on its expansion
plans if the U.S. continues to “im-
us ,
pede the procurement of solar pan-
l
els.”
e
al a
After falling to a record low in
2020, the average price of a solar
Utility photovoltaic system rose in 2021
ci on
solar and then again in 2022, according
to data from the Solar Energy In-
dustries Association and Wood
Mackenzie. Meanwhile, the average
er s
Wind in the U.S. rose in 2020 and 2021
m er
ing to data from BloombergNEF.
Supply-chain issues and intercon-
nection delays already started slow-
m rp
co Fo
n-
1, bringing Tesla and GM back into
scope by removing the 200,000
cap while introducing new limits
on the price of qualifying vehicles
and the income of buyers. Manu-
facturers jostled to qualify, Tesla
by cutting its prices and GM by
lobbying to have its Cadillac Lyriq
EV recategorized as a sport-utility
vehicle—a designation that comes
with a higher price threshold.
But everything will change
again on April 18 as more strings
get attached.
Beginning on that date, half of
the $7,500 credit will depend on
an EV having a mostly North
American battery and the other
half on the provenance of the bat-
tery minerals, which need to
mostly come from free-trade part-
ners. Most challenging for manu-
facturers, Chinese batteries will
automatically disqualify a vehicle
starting next year, as will minerals
mined or processed in China start-
ing in 2025.
The Inflation Reduction Act set
these rules but left the Treasury
and IRS to work out a legally wa-
tertight way to enact them. They
initially hoped to be ready for the
start of January but had to push
the deadline back to March, creat-
ing a generous interim regime that
has boosted U.S. EV sales so far
this year. The momentum may now
ON
THE
Trade policies aimed at Chinese manufacturers have caused delays and shortages for the solar industry.
ing the clean power industry last
year: In 2022 it installed 25.1 giga-
watts of total capacity, a 16% de-
cline from a year earlier, according
to the American Clean Power Asso-
ciation, which tracks solar, wind
and energy storage. While that’s
still enough to meet roughly half of
Texas’ electricity demand, it was
nonetheless below expectations.
Ultimately, solar and wind’s abil-
ity to absorb cost and interest-rate
hikes depends on how willing utili-
ties and corporations are to pay
higher prices. Many onshore wind
and solar projects have been able to
renegotiate pricing on their power
purchase agreements because de-
mand is robust, according to indus-
try executives. But cracks are show-
ing for offshore wind, which is
more exposed to rising costs and
rates because it takes longer to de-
velop.
Developer Avangrid Renewables,
for example, is trying to terminate
slacken.
While the new rules’ complexity
makes it harder to anticipate the
next round of winners and losers,
some things are already clear. Both
Tesla and GM are in strong posi-
tions to get the battery-related
part of the subsidy, given an early
focus on domestic battery produc-
tion, but possibly not the mineral
part. Recent investments in do-
mestic mining and processing of
raw materials such as nickel and
lithium won’t cover anything like
their full needs, and cutting China
out of battery supply chains might
be a challenge even for 2025.
Ford’s strategy leans more
overtly on China than its peers. It
is licensing technology from Chi-
nese battery giant CATL for a $3.5
billion battery plant in Michigan—
an arrangement that might qualify
for subsidies but comes with polit-
ical risks. And on Thursday the
auto maker announced a stake in a
$4.5 billion Indonesian nickel pro-
cessing project alongside a Chi-
nese partner. Indonesia, where
China has invested heavily to
source nickel, doesn’t have a free-
trade agreement with the U.S.,
though that could change.
However things pan out, the
subsidies are far from a free lunch
for auto makers. The industry is
engaged in a costly race to build
an entire domestic battery indus-
try virtually from scratch. The U.S.
EV market should grow fast in the
coming years, thanks in part to tax
credits. But manufacturers must
pay to play.
—Stephen Wilmot
Share of U.S. passenger
vehicle sales
Electric vehicles
Plug-in hybrid
electric vehicles
2011 ’15
Source: Argonne National Laboratory
* ***
its power purchase agreement with
utilities in Massachusetts for a 1.2
gigawatt offshore wind project af-
ter an unsuccessful attempt at re-
negotiating its fixed-price contract.
The company cited “historic price
increases for global commodities,
sharp and sudden increases in in-
terest rates, prolonged supply chain
constraints, and persistent infla-
tion” since the project secured a
contract in late 2021. Avangrid
plans to bid the same project into
the state’s next competitive off-
shore wind procurement, a spokes-
man said over email.
As the name implies, the Infla-
tion Reduction Act is supposed to
relieve some of these cost pres-
sures. But it won’t feel like a bo-
nanza without clarity on how the
rules apply. Expanding the eligibil-
ity of tax credits to more technolo-
gies, for example, has spread the
limited pool of tax equity inves-
tors—that is, those with both the
An Inflation Reading
Gives the Fed Room
Amid the bank stress, central bankers just got an
excuse to tread softly on interest-rate increases
There’s no telling how much
recent trouble in the banking
sector will weigh on the U.S.
economy. Inflation data from the
Commerce Department on Friday
made it a tad easier for the Fed-
eral Reserve to wait and see,
though, rather than to keep rais-
ing rates and finding out later
that it had made a mistake.
In its February report on per-
sonal income and spending, the
Commerce Department reported
that its measure of consumer
prices—the Fed’s
favored inflation
gauge—rose 0.3%
in February from
January, putting
it 5% above its
year-earlier level.
More impor-
tant, the so-called
core measure,
which excludes
food and energy
prices, rose 0.3%
from a month
earlier—a shade
less than econo-
mists polled by
The Wall Street
Journal had ex- The Fed’s Jerome Powell has his eye on inflation.
pected. January’s
6% gain was also revised lower. Ver-
sus a year earlier, core prices
were up 4.6%. That is still much
5 more than the Fed would like,
but was the smallest gain since
October 2021.
4 Friday’s inflation reading was
welcome news to investors, econ- economy.
omists and policy makers who
3 have been struggling to tease out iar, and what loose historical
how badly banking woes will
weigh on the economy. The gen-
2 eral thinking is that more re-
strictive lending conditions will
be to some degree equivalent to
1 further Fed rate increases. But
how many?
Reports that have typically re-
0 ceived only cursory glances from
’20 ’23 investors are suddenly top of
mind. The Fed’s weekly report on
lending to banks that comes out
THE WALL STREET JOURNAL.
AGENCE FRANCE-PRESSE/GETTY IMAGES
tax burden and the know-how to
.
use renewable tax credits—more
thinly across more projects.
ly
There are two other more recent
developments worth watching: One
is the plummeting cost of natural
gas, which, if prolonged, could af-
fect demand for solar and wind on
the margins. The U.S. benchmark
Henry Hub has fallen by about half
in 2023. Secondly, banks’ recent
turmoil could shrink their ability to
lend. Ted Brandt, chief executive of
clean-energy focused investment
bank Marathon Capital, notes that
the industry has always had cheap
debt, cheap equity and “massive li-
quidity chasing it.” How the indus-
try will respond to expensive capi-
tal is still an open question, he
said.
It isn’t enough for policy winds
to blow in the right direction for a
renewable energy boom—economic
headwinds need to abate too.
—Jinjoo Lee
Thursdays, its weekly report on
the banking system’s assets and
liabilities that comes out on Fri-
days and the Investment Com-
pany Institute’s reading on
money-market fund assets that
comes out Thursdays are all get-
ting pored over. Pundits who
only recently became experts on
the inner workings of artificial-
intelligence tool ChatGPT are
now experts in these.
The difficulty is that although
measuring the amount of cash
SHAWN THEW/SHUTTERSTOCK
flowing into money-market
funds, for example, can help pro-
vide information on whether
stresses in the banking system
are building up or dissipating, it
cannot tell you how those
stresses are playing out in the
What is happening is unfamil-
precedents there are, such as the
savings-and-loan crisis that be-
gan in the 1980s, occurred before
money could be moved with a
tap on a phone.
So the only real way to tell
the effects of any tightening in
lending will be to see, and seeing
takes time. Friday’s report was
for February, after all, and the
world has changed since then.
—Justin Lahart
 REVIEW
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Weekend Confidential How to Do Good

Author and podcaster Volunteering abroad has
Annie F. Downs shares her pitfalls, but there are
faith and struggles C18 ways to avoid them C4

CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | C1

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How Florida Became

n-

America’s GOP Hot Spot

no

Once the nation’s biggest swing state, it’s now the power center
for conservative policies and dueling White House hopefuls.
BY ARIAN CAMPO-FLORES, ALEX LEARY AND ANTHONY DEBARROS

n a recent day in the Mi- keep myself busy all day long.”
ami area, conservative Once the biggest battleground state in
activist Charlie Kirk the U.S., Florida has morphed in recent
shared morning coffee years into the nerve center and idea lab-
with commentator Dave oratory for the Republican Party, home
Rubin before meeting to growing legions of conservative activ-
with Republican donors ists, thought leaders and donors. It has
who relocated to Florida become a model under Gov. Ron DeSan-
from the Northeast. He tis of a new right that embraces muscu-
recorded his radio show and hosted an lar use of state power to pursue a con-
event for the former Brazilian President servative agenda and reshape
Jair Bolsonaro, then capped the night off institutions. Other states are emulating
at dinner with conservative influencers its policies by advancing parental bills of
who recently moved in-state. rights and bans on instruction about sex-
“I feel like how I used to feel in New ual orientation and gender identity.
York,” said Mr. Kirk, who splits his time The GOP’s two most towering figures
RICHARD BORGE
Trump, whose Mar-a-Lago compound in
Palm Beach is a bustling hub for political
gatherings and fundraisers, and Mr. De-
Santis, the young new star of the party
whose 19-point reelection victory last
year solidified Florida’s status as a red
state.
The political shift is brought on by a
confluence of demographic, ideological
and economic changes that the Covid-19
pandemic catalyzed. As lockdowns in
left-leaning states closed schools and
businesses, many residents who chafed
against such restrictions relocated to
Florida, which Mr. DeSantis reopened
quickly. That decision also earned the
dents, including working-class voters.
Republicans invested heavily in voter
registration and outreach and won over
Latinos with an aspirational economic
message that cast Democrats as out of
touch.
In 2021, registered Republicans
eclipsed Democrats as a share of Florida
voters for the first time since at least the
early 1970s, according to state data. Be-
tween the end of 2018 and end of 2022,
Republicans gained 593,402 voters while
Democrats lost 47,727.
Some of the GOP’s growth in vote
share stems from new arrivals to Florida,
which has consistently ranked among the

between Arizona and Florida. “I can just reside there—former President Donald loyalty of many existing Florida resi- Please turn to the next page

Inside
BACK WHEN MENTAL HEALTH
Spring MUTINY & MURDER

A lifetime of watching
‘The Brady Bunch’ has
Talking about
suicide attempts Books David Grann’s
‘The Wager’ has
taught Rich Cohen some can help to Minor-league ball- it all: shipwreck,
valuable things about demystify and park memories, bass- survival and a
fishing adventures,
life—and the power of a even reduce them, and other glories of thrilling court-
good theme song. C17 if done right. C3 the season. C5-16 room climax. C5
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C2 | Saturday/Sunday, April 1 - 2, 2023
Florida, the Pivotal
State of the GOP
Continued from the prior page
nation’s fastest-growing states in cen-
sus counts. Of voters who moved to
Florida between the 2018 and 2022
general elections, 45% are registered
as Republicans and 24% as Demo-
crats, according to a Wall Street Jour-
nal analysis of data from L2, a non-
partisan voter file vendor.
While Florida’s status as a GOP
power center expanded its ritzy fund-
raising ecosystem, it also generated
new pride in cultural distinctions. The
term “Florida Man” had gained atten-
tion a decade ago when a Twitter ac-
count began aggregating stories
about bizarre accidents and crimes in
the Sunshine State. “Florida Man used
to be a pejorative,” said Republican
Rep. Matt Gaetz. “I wear it as a badge
of honor.”
Among the conservatives who have
moved to Florida in the past few
years are political commentators like
Mr. Rubin, Ben Shapiro and Lisa
Boothe. Billionaire Republican donor
Ken Griffin relocated his hedge-fund
firm Citadel from Chicago to Miami
last year and bought a new home
there. Jeffrey Henley, vice chairman
of Oracle Corp. and also a GOP donor,
bought a place in Naples in 2020.
Conservative scholars are trying to
build out the state’s intellectual infra-
structure to more easily export Flor-
ida’s policy innovations around the
U.S. The Claremont Institute, an influ-
ential conservative think tank, started
a new operation in Tallahassee, the
state capital, in February.
Rumble, a video-sharing site popu-
lar with right-leaning users, an-
nounced in early March that it was
opening its new U.S. headquarters in
Longboat Key. Moms for Liberty, a
nonprofit organization that promotes
parental rights and has become a na-
tional force on education issues, got
its start in Melbourne and nearby
Vero Beach.
“Florida has emerged as the epi-
center, the ground zero, for conserva-
tive life in America,” said Josh Ham-
mer, a conservative commentator and
opinion editor for Newsweek who
moved to Miami from Colorado in
2021.
The change has pushed the Florida
Democratic Party, plagued for years
by dysfunction and
insufficient invest-
ment in voter regis- The shift is
tration and turnout,
to the brink of irrel-
brought on by
evance in the state. a confluence of
Democrats decry demographic,
what they consider
Republican assaults ideological
on schools, immi- and economic
grants and the
LGBT community, changes that
but some concede the Covid-19
that the governor’s
messaging has been
pandemic
effective in winning catalyzed.
voter support.
“It feels like the
earth is caving in and we can’t
breathe,” said Alex Sink, the Demo-
cratic gubernatorial nominee in 2010.
She said she can’t convince her
no
daughter, a pediatrician in Washing-
ton, D.C., to move back to Florida be-
cause of its rightward turn.
For decades, Florida has received
newcomers drawn to the warm
weather and lack of state income tax.
The diverse mix of arrivals, from
white retirees to Puerto Rican mi-
grants, generally kept the state evenly
A Map to Florida’s Republican Stars
 TALLAHASSEE
Gov. Ron DeSantis has built a
national profile governing from the
capital, where the Claremont
Institute plans to open an outpost
 ORLANDO
Hosted CPAC and NatCon
get-togethers for conservatives
during the pandemic
New U.S. headquarters of the Rumble
video-sharing site, popular with right-
split politically. Republican
George W. Bush beat Dem-
ocrat Al Gore in the 2000
presidential election when
he clinched Florida by just
537 votes after a recount
battle that reached the Su-
preme Court. In 2016, Mr.
Trump carried the state by
one percentage point, help-
ing deliver him the presi-
dency, and two years later,
Mr. DeSantis won by less
than half a percentage
point.
After Mr. Trump’s elec-
tion, the state’s political
profile slowly began to
change. Palm Beach, long a
haven for the wealthy, be-
came a hive of activity af-
ter he embraced Mar-a-
Lago as the Southern White
House. The Mediterranean-
style complex hosted a
stream of elected officials,
candidates, operatives, do-
nors and dignitaries. In
2017, Mr. Trump hosted a
summit there with Chinese
President Xi Jinping, in-
forming him of a missile While awaiting Donald Trump’s arrival at a rally at the Miami-Dade County Fair and Exposition, U.S. Rep. Matt Gaetz of
strike on Syria after eating Florida poses with attendees, Nov. 6, 2022.
what the American presi-
dent called “the most beau-
tiful piece of chocolate cake that you
have ever seen.”
Mr. Trump, once an icon of the
Manhattan business and social scenes,
made Florida his primary residence in
on
2019, ahead of his re-election bid, say-
ing New York state and city politi-
cians had treated him poorly. “He’s all
yours, Florida,” then-Gov. Andrew
us ,
Cuomo hit back on Twitter. On Tues-
day, Mr. Trump is expected back in
l
e
New York to surrender on charges re-
al a
lated to paying hush-money to a porn
star before his 2016 election.
ci on
Mr. DeSantis’s election in 2018 ac-
celerated the state’s transformation.
Though he started off promoting
some centrist policies, including in-
creased education spending and fund-
er s
ing for Everglades restoration, the
pandemic opened a new phase of his
m er
governorship. He gained national
prominence by resisting Covid-19
mask and vaccine mandates and spar-
ring with public-
m rp
health specialists
over restrictions on
businesses and
gatherings. He be-
gan cultivating the
co Fo
brand of the “Free
State of Florida,”
highlighting resis-
tance to what he
considers onerous
restrictions and left-
wing ideologies that
he says pervade
some bureaucracies
and institutions.
Pandemic restric-
tions in other states
n-
prompted organizers of summits like
the Conservative Political Action Con-
ference and the National Conserva-
tism Conference, both previously held
in the Washington area, to relocate
them to Orlando and Miami. The Man-
hattan Institute, a conservative think
tank, held its first “A Celebration of
Ideas” event in Palm Beach in 2021.
Mr. Kirk, who bought a home in
Longboat Key in 2019, began spending
more time in the state. The organiza-
tion he founded—Turning Point USA,
 LONGBOAT KEY
leaning users
 MIAMI
New home base of billionaire donor Ken
Griffin and his Citadel hedge fund
REVIEW
which advocates for conservative pol-
icies in schools and universities—
holds its annual Student Action Sum-
mit, which draws more than 5,000
students, in Tampa, and plans to con-
vene it in Palm Beach County this
year. Turning Point has doubled its
staff to a dozen in Florida in the past
few years, Mr. Kirk said.
A growing assortment of conserva-
tive podcasters, commentators and
authors moved to Florida during the
pandemic’s early years, each new ar-
rival helping entice others. David Re- Beach, hoping for an endorsement
aboi, a Claremont Institute fellow who
moved to Miami Beach from the
Washington area in 2019, said he felt
isolated at first. Then the pandemic
sent flocks of friends his way.
Mr. Reaboi said he spent long
stretches on the real-estate site Zil-
low.com helping acquaintances who
were considering a move to evaluate
home listings. One day while grabbing
coffee in Miami’s Brickell financial
district, he said, he ran into three
people he knew who had just relo-
cated to South Florida. He said he pe-
riodically issued calls on Twitter for
meet-ups at restaurants and other
venues, and despite little advance no-
tice, would draw 40 or 50 people.
In Mr. Reaboi’s view, Florida has
now overtaken Texas, where he lived
in the mid-2010s, as the nexus of
right-wing dynamism. The Lone Star
State’s libertarian streak and empha-
sis on economic issues have faded as
animating forces for conservatives,
who are eager for political leaders to from Mr. Trump. He is known to make
take on social issues, he said.
Though right-leaning transplants
have settled across the state, several the shrimp as good as it looks?” he
conservative clusters have emerged.
Palm Beach is the GOP’s glitzy finan-
cial hub. The Breakers resort is a pop- an iPad to play songs like “Y.M.C.A.”
ular gathering place, where guests
can catch a high-level Trump cam-
paign official or Republican operative ers often wait outside the road lead-
at the HMF lounge, with its $20 mar-
tinis and club music pumping as the
night wears on.
As more people move to the area
or arrive for weekend getaways, res-
ervations at hotspots such as Le Bil-
 PALM BEACH
The home of Donald
Trump’s Mar-a-Lago
compound and a major
destination for fundraisers names, including a number of former
and operatives
* ***
boquet, Café L’Europe, Palm Beach
Grill and Buccan have become harder
ly
to get, spurring the growth of private
dining clubs with fees as high as
$250,000.
“It’s like Washington with palm
trees,” said GOP consultant Ryan Wil-
liams, who moved to Palm Beach full-
time last year and says Republican
friends, clients and colleagues now
come to him.
During last year’s midterm elec-
tion, candidates flocked to Palm
Swing to the Right
Registered Republican voters in Florida overtook Democrats in 2021.
5.5 million
5.0
4.5
4.0
3.5
3.0
2.5
1995 2000 ’05
Note: Active registered voters at end
Source: Florida Department of State
of year
surprise appearances at events, min-
gling with guests and playing host. “Is
frequently asks. Some nights Mr.
Trump takes a turn as DJ, taking out
by Village People and other staples of
his rallies. Clusters of Trump support-
ing from Mar-a-Lago hoping for a
glimpse of him heading to play golf or
board his jet, Trump Force One.
Tension between Messrs. Trump
and DeSantis has steadily grown as
their widely expected competition for
the 2024 Republican presidential
nomination nears, though only Mr.
Trump has declared his candidacy.
In late February, Mr. DeSantis held
a three-day retreat for supporters, in-
cluding major GOP donors, at the
Four Seasons Resort just down the
road from Mar-a-Lago, where a day
earlier Mr. Trump appeared at a
smaller candlelight fundraiser. The
hotel was brimming with bold-face
Trump supporters, who gossiped
over steak dinners, cigars and cock-
tails about how viciously Mr. Trump
would attack Mr. DeSantis. Mr.
Trump’s team thinks he can disman-
tle the governor just as he van-
quished two of Florida’s other star
Republicans in the 2016 presidential
race: former Gov. Jeb Bush and Sen.
Marco Rubio.
“For those of you that didn’t no-
tice, Florida was doing great long be-
fore Ron DeSanctus got there,” Mr.
Trump said in a recent video, using
one of the nicknames he has tried out
for the governor. “Sunshine and ocean
are very alluring. It’s not too hard to
work with those factors.”
The Miami area has especially be- “The first thing that a lot of us are
come a center for conservative intel-
lectuals and media figures, said Chris-
topher Rufo, a Manhattan Institute
senior fellow who lives in the Seattle
THE WALL STREET JOURNAL.
area but visits often. He said he
.
crosses paths with his counterparts at
dinners, events and bill-signing cere-
monies, while also soaking up the
amenities of a vibrant international
city. “Miami is really the most excit-
ing city for conservatives in the U.S.
right now,” said Mr. Rufo, whom Mr.
DeSantis named as a trustee earlier
this year at the New College of Flor-
ida in Sarasota.
On the state’s west coast, the corri-
dor from Naples to Tampa Bay has
become another destination for con-
Republican
5.3 million (2022)
Gained 593,402
voters since 2018
Democrat
4.9 million (2022)
Lost 47,727
’10 ’15 ’20
servative commentators. Fox News
host Tucker Carlson bought a home
on that stretch in 2020. Social-media
influencer Will Witt, who said he be-
came fed up with Covid-19 policies
while living in Los Angeles, moved to
Tampa last year and launched the
Florida Standard, a right-leaning
news outlet, where he landed a rare
interview with Mr. DeSantis.
Mr. DeSantis has cultivated con-
nections with the growing network
of conservative activists and organi-
zations—speaking at their events,
joining their podcasts and inviting
them to the governor’s mansion. He
has tapped scholars from the Clare-
mont Institute and the Manhattan
Institute to help craft policies on civ-
ics-education standards and diver-
sity, equity and inclusion crackdowns
at universities.
In February, the governor and his
wife, Casey DeSantis, held a roundta-
ble discussion with Claremont Insti-
tute leaders to celebrate the hiring of
a new staffer, Scott Yenor, who will be
based in Tallahassee, and the organi-
zation’s plans to open an office there.
“Protecting Americans from infring-
ing woke ideology is important work,”
Mrs. DeSantis tweeted.
The new Claremont outpost will
focus on advising Florida officials on
areas of mutual interest, including
identity politics and immigration, said
FROM TOP: JOE RAEDLE/GETTY IMAGES; MAP BY RICHARD BORGE
Ryan Williams, president of the insti-
tute. “We would love to use our expe-
rience in Florida working on policy
solutions to put together a kind of
red-state blueprint for the rest of the
country,” he said.
Some conservatives say the state
will need to build more-robust re-
search and policy institutions to have
enduring impact. Said Mr. Hammer,
trying to be vigilant about is to make
sure that this is not a fad that will go
away after DeSantis’s time in Talla-
hassee is over.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | C3

REVIEW

We Need to
Talk About
Suicide
For people like me who have attempted it,
open discussion helps to remove the
stigma and remind us of reasons to live.

BY CLANCY MARTIN as I write this, I fear

I
n 2011, I was in the psychi-
atric hospital because I’d
tried to kill myself for the
third time that dark year. I
wouldn’t be released unless
my psychiatrist believed I was no
longer at risk for “harming myself,”
the common euphemism for a sui-
cide attempt. He asked: “You’re
having self-destructive thoughts?”
I lied: “No. But I worry they could
come back, once I’m in ordinary
life, with work, family.” It was what
he wanted to hear. “Progress,” he
said.
Even in this context, I didn’t feel
I could speak openly and frankly
about my contemplation of suicide.
The idea is so thoroughly stigma-
tized that we are all supposed to
what my colleagues will
think of me, the social
stigma—“I thought you
were getting past all
that,” etc. Margaret Bat-
tin, one of the founders
of the American Associa-
tion of Suicidology, told
me that even within the
organization, when it be-
gan in 1968, many of the
members had personal
experiences with suicide
but didn’t discuss them.
Perhaps there is justi-
fication for the stigma.
Especially when a person
who dies by their own
hand leaves loved ones
and children behind, the
damage done to their

.
pretend that we never think this families is serious and

way. For centuries in the West, and
still in many nations today, suicide
was considered among the vilest of
sins and most heinous of crimes.
The World Health Organization
lists “stigma and taboo” first in its
obstacles to making progress in
ly
well-documented. But it’s
helpful to recall that in
the very recent past, dis-
eases like cancer suffered
similar stigmas that dis-
couraged open discussion
on
of them. A growing number of psy- How should you talk to a sui- other members of the community. orize it or discourage it. The latter
us ,

preventing suicide.
Globally, more than 700,000
people die by suicide every year. A
chiatrists believe that suicide cidal person? John Draper, project The journal Lancet Psychiatry is called the “Papageno effect,”
should be considered as a disease. director of the Suicide Crisis Help- notes that adolescents and college named after a character in Mo-
l
e
I think that the desire to kill line, told me: “It’s about making a students are particularly prone to zart’s opera “The Magic Flute”
al a

comprehensive 2020 survey in the oneself is much more like addic- quality connection. First you suicide contagion, and there have who changes his mind about sui-
journal Psychological Medicine tion, or else like diseases such as should ask: Are you thinking about been recent suicide clusters at St. cide because he is shown other
ci on

found that as much as 10% of the
world population likely suffers
from chronic “passive suicidal ide-
ation”: frequently considering the
thought of taking one’s own life
diabetes, in which there is a mea-
sure of both biological determinism
and personal willpower. But as we
learn more about any disease or
disorder, physical or mental, we
er s
suicide? Research shows us that it
doesn’t plant the seed. It provides
relief. It gives the person permis-
sion to talk about it.”
Though talking one-on-one
Louis University, West Virginia
University, Vanderbilt University
and Truman State University. On
campuses, there is increasing un-
derstanding about the importance
ways to solve his problems.
A man named Ken Baldwin, who
attempted to commit suicide by
leaping off the Golden Gate Bridge
but survived, famously remarked

without actively planning to do so. recognize that moral judgments works, public conversations about of initiating a broader conversa- that, immediately after leaping, “I
Nearly 20% of American high- about the condition are at best un- suicide are riskier. A tion about the realized that everything in my life
m er

school students report having seri- helpful and at worst pernicious. suicide attempt re- causes of suicide that I’d thought was unfixable was
ous suicidal thoughts during the Yet when you look at Mayo sulting in death, It’s hard to and suicidal ide- totally fixable—except for having
previous year, and in the U.S., sui- Clinic guidelines about how to help when widely publi- ation, a strategy just jumped.” When stories circu-
cide is the second-leading cause of someone in a self-destructive cri- cized, will increase
talk about called “suicide post- late about people who survive an
something
m rp

death among people aged 15-24. sis, they insist that the best way is suicide attempts, vention.” Still, April attempt or share strategies to help
So an awful lot of us are think- to ask them direct, open, honest especially when a that is so Foreman, psycholo- deal with suicidal thinking, suicide
ing about suicide. But we are afraid questions about how they are feel- famous person dies gist and board mem- rates go down, and people report
to speak to each other about it. To ing and to let them know that their this way. widely viewed ber of the American reduced suicidal ideation, accord-
make matters worse, the perceived answers will be met with accep- After Robin Wil- as shameful, Association of Suici- ing to a 2016 study published in
co Fo

need for keeping one’s suicidal im-
pulses secret, while understand-
able, further spurs on these
thoughts. According to the studies,
perception both of the stigma of
suicide and of oneself as deserving
that stigmatization greatly in-
creases one’s risk of dying by sui-
cide. This is particularly true of
high-risk groups like adolescents.
When I don’t speak about my
own desire to die, I know that my
tance and help.
Much like talking about drinking
in A.A. meetings, talking to a sym-
pathetic person about one’s suicidal
ideation alleviates the desire to
take your own life. As Meghan Mar-
kle put it when talking about sui-
cide in a 2021 interview with Oprah
Winfrey, “I knew that if I didn’t say
it, I would do it.” The NBA star
Kevin Love, who has struggled with
thoughts of suicide for years, told
n-
liams killed himself,
the suicide rate in selfish and
the U.S. was 10% cowardly.
higher over the fol-
lowing four months,
suggesting that about 1,800 people
who, statistically speaking,
wouldn’t otherwise have killed
themselves, died as a consequence.
What we call suicide contagion
is widely documented but not well
understood. A 2019 study in the
dology, cautions that
we don’t definitively
know the impact of
having more conver-
sations about sui-
cide. Stigma has been decreasing
recently, she says, without rates
coming down.
According to the best evidence
we have, the key is how we talk
about suicide, whether one-on-one
or in public conversation. Just as
the journal Injury Prevention.
I have only begun to write
about my own suicide attempts,
but I’ve received many emails of
this kind: “I was googling how to
kill myself when I came across
your story…” And the sharing of
stories helps both parties. When I
hear that I’ve helped someone else
avoid an attempt, I find more rea-
son to live.

shame increases. My fear and
worry about those suicidal
thoughts deepen, threatening to
take me into a downward spiral.
no
an interviewer in 2020: “Nothing journal Society and Mental Health someone can talk you out of sui- Mr. Martin is a professor of phi-
haunts us like the things we don’t of one “suicide cluster” among cide, someone else might have the losophy at the University of Mis-
say, so me keeping it in is actually teenagers in an affluent commu- effect of encouraging you to try it. souri in Kansas City. This essay
more harmful.” Or as the Nevada nity concluded that a death by sui- The internet is full of vile websites is adapted from his new book,

LUIS MENDO

Practical consequences loom, like Office of Suicide Prevention puts it cide, especially if the person who and Reddit forums that do pre- “How Not to Kill Yourself: A Por-
burdening my family and friends on its website: “Fears shared are died was prominent and respected, cisely this. Similarly, media cover- trait of the Suicidal Mind,” pub-
and returning to the hospital. Even likely to diminish.” made suicide more acceptable to age of a suicide may either glam- lished Tuesday by Pantheon.

From In 1768, that nautical usage

took on new connotations re-
lated to labor unrest in Eng-
a labor union or other group of
workers took hold in the U.S.
by the early 19th century. In
Lowering land. In April, according to The
Annual Register, a journal re-
1809, as documented in a New
York court case, a society of

WORD ON
Sails to capping the year’s events, “a
body of sailors, to the number
shoemakers “ordered a general
strike against the masters.”

THE STREET Downing of 400 or 500, assembled at

BEN
ZIMMER Tools
ALL AROUND THE WORLD, la-
bor strikes have been serving
as a potent form of popular
protest. In Israel on Monday, a
nationwide strike called by the
country’s largest labor union
contributed to Prime Minister
Benjamin Netanyahu’s decision
a three-day strike closed public
schools before an agreement
was finally reached between
the school district and the
union representing 30,000 sup-
port staff. The 35,000 members
of the city’s teachers union
joined the walkout in solidarity
with their fellow staffers.
beat” and is etymologically re-
lated to such similarly sound-
ing words as “stroke” and
“streak.” As a verb and noun,
“strike” branched off in many
directions semantically. By the
14th century, it developed
more violent senses, like “to
deal a blow” and “to make a
North Shields,” a coastal town
in northeast England. From
there they proceeded to nearby
Sunderland and “read a paper
setting forth their grievances.”
Afterward, the account contin-
ued, “they went on board the
several ships in that harbour,
and struck (lowered down)
their yards, in order to prevent
them from proceeding to sea.”
Later that spring, a similar
protest action of striking sails
brought commerce on the
Thames to a halt. Demands for
That eventually led to such
variations as “wildcat strikes,”
for strikes undertaken without
official authorization from
union leaders, and “sit-down
strikes,” wherein people oc-
cupy a workplace and refuse to
leave until their demands are
met.
The word also got applied
to stopping other kinds of ac-
tivities as a form of protest.
Someone on a “hunger strike”
refuses to eat, while tenants
on a “rent strike” refuse to pay
their rent. “Strike” has even

[Strike]
to suspend plans for a contro-
versial judicial overhaul. In
Germany, a massive transport
strike brought most travel to a
Labor strikes date to an-
cient times. Artisans build-
ing the burial chambers for
Egypt’s King Ramses III
walked off the job in the
12th century B.C., evidently
because of insufficient rations.
But calling such a work stop-
page a “strike” has a more
modern pedigree.
military assault on.”
Another set of meanings for
“strike” had to do with putting
something down or lowering
it. For sailors on the high
seas,“striking a sail” means
hauling it down, for instance
to prepare for dropping an-
chor. “Striking a flag,” also
known as “striking the colors,”
higher wages spread to other
industries, including workers
who manufactured hats. An en-
try in The Annual Register
from May 1768 records, “This
day the hatters struck, and re-
fused to work till their wages
are raised.” Presumably that
meant the hatters set down
their tools in the same way
entered other European lan-
guages adopting its English
meaning. In German, for in-
stance, the word was borrowed
as “streik.” And when the
transport strike shut down
travel in Germany recently, lo-
cal news outlets referred to it
as a “Mega-Streik”—that is, a
“mega-strike.” While “strike”
JAMES YANG

halt as workers sought wage The word “strike” comes refers to lowering a ship’s flag that sailors lowered their may indicate a stoppage, the
increases to offset inflation. from an old Germanic root as a sign of salute or surren- masts to refuse to go to sea. word itself shows no signs of
Meanwhile, in Los Angeles, meaning “to press, rub, or der. The “strike” as an action by halting its progress.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C4 | Saturday/Sunday, April 1 - 2, 2023
EVERYDAY PHYSICS
HELEN CZERSKI
Why Bugs Buzz
So Loudly
In Our Ears
SPRING HAS ARRIVED.
The birdsong has
stepped up a notch, it’s
no longer dark when I
leave work, and colorful
flower buds are peeping out of Lon-
don’s greenery. Accompanying this
cheerful celebration, last week the first
fly of the season buzzed in through the
window and parked itself on top of a
pile of books. Insects are important and
I’m happy to share a bit of space with
them, but they are astonishingly loud
for their size. This one strutted about
for a while and disturbed my reading
every time it took off. Why is some-
thing so small so annoyingly noisy?
A flying insect is a physics marvel.
Very early in the study of aerodynam-
ics, it became apparent that there was
no way a bumblebee could fly if it used
the same mechanisms as an airplane or
a bird. But bumblebees do manage to
be airborne, and that’s because they’re
not so much flying through the air as
swimming in it. The smaller you are,
the more air behaves like a thick soup,
and so insects are doing something
more like sculling. Even so, generating
lift is really hard work and requires
their wings to flap incredibly quickly.
Most insects need to flap 50-300 times
every single second, just to avoid fall-
ing out of the sky. The sound is an acci-
dental byproduct.
In order to keep themselves aloft,
insect wings need to push down on the
air and then return to their starting
point, creating tiny areas of high and
low pressure as they shove the air
around. This regular oscillation creates
pulses of pressure that travel outward
at the flapping frequency: sound waves
that are within our hearing range. In-
sects are tiny and that makes them
very inefficient producers of sound, so
you can only hear a fly when it’s really
close to you. The overall noise is quite
complex—the lowest note is the flap-
ping frequency, but the intricate swirl-
ing patterns of air around the wings
create another note at twice the fre-
quency, and yet another that’s three
times higher.
The really fascinating bit is that all
of this varies with direction. The note
that’s loudest from the front might be
different from the loudest note at the
TOMASZ WALENTA
n-
side, making it hard to identify a single
no
pitch. But these signals are so specific
that it’s possible to identify the species
and the sex by the exact frequency of
the buzz, and it’s possible that the in-
sects themselves do that too.
And then we come to the kings and
queens of insect-generated noise: the
mosquitoes. They have taken this acci-
dental sound and turned it into a com-
munication channel. Mosquito wings
are elongated, and they flap more than
twice as fast as most other in-
sects—700-800 times every second—
but with a smaller amplitude. This
makes them far more efficient as sound
producers, especially in the forward
and backward directions. They have
evolved their entire flying strategy
around being able to communicate
while in flight.
The males and females of a species
buzz with slightly different notes, al-
lowing each individual to distinguish
their mating targets from their com-
petitors, and the sign of a successful
courtship is that the pair will make tiny
adjustments to their pitch until they’re
in harmony. It’s this high flapping fre-
quency that makes them so annoying
for humans. It projects a much higher
and louder note (although it doesn’t
travel very far), and that note is set by
the individual bug’s anatomy, so the
sound is much the same whether or
not it needs to communicate.
By definition, flies fly, so insect
buzzing is here to stay. But perhaps we
should see it as a reminder to appreci-
ate the physics that makes it possible
for these tiny creatures to suspend
themselves in the air. Finding the
sound interesting rather than annoying
could completely change our perspec-
tive on these warm weather arrivals.
Finding the Right Place
on
In the World to Be Helpful
us ,
l
e
al a
Traveling abroad to volunteer is back on the rise, but it can be difficult
ci on
to choose projects that are truly useful and play to your strengths.
BY DANA SACHS
er s
T
wo other travelers
and I were speeding
m er
through an industrial
stretch of Athens this
winter when, from a
distance, we glimpsed a spectacular
m rp
sight. “Look,” I said, peering out
through the window. “It’s the
Acropolis.” The ancient ruin glowed
in the afternoon light, but we had
no time to visit. The three of us—
co Fo
two Americans and a Spaniard—
were spending our day in Greek big
box stores, purchasing food for a
humanitarian relief team called Ref-
ugee Biriyani and Bananas (RBB).
We had joined RBB as volunteers,
helping provide supplies to some of
the tens of thousands of displaced
people currently living in Greece.
Our days revolved around procuring
inventory, distributing goods and
serving hot tea and cookies in the
reception room of the team’s free
shop.
With tourism rebounding from
the pandemic, volunteer travel is
growing as well. A wide range of
people now participate, including
college students, retirees and pro-
fessionals with specialized skills.
Within the humanitarian sector,
many organizations depend on
their support, but volunteers and
aid teams also struggle to find one
another. “It’s getting harder and
harder to get volunteers right now,”
says Ruhi Loren Akhtar, RBB’s
founder. She has only half as many
staffers as she needs to run her
projects.
For people looking to get in-
volved, securing an appropriate
placement can take some effort. A
broad internet search for “volunteer
travel” will mostly yield companies
that are part of a $2 billion global
industry promoting “voluntourism,”
as critics disparagingly call it. Many
of these outfits charge hefty fees
and seem more focused on offering
optimal travel experience than on
providing an effective response to
global problems. As an alternative,
prospective volunteers can search
out and contact grassroots organi-
zations that are operating in the re-
gion where they want to work and
tackling issues that they hope to ad-
dress. The process takes time, and
most aid projects require a commit-
ment of at least a few weeks.
Holly Penalver, founder of the
nonprofit Indigo Volunteers, tried
to volunteer abroad in 2008 after
graduating from college in the U.K.
One travel company offered her a
two-week teaching stint at a school
in Kenya, but the placement re-
quired her to pay a fee of several
thousand dollars. Worse, she had no
REVIEW
teaching experience and worried
that her short-term assignment
would displace a local teacher with
skills. “How is that helping?” she
asked herself.
Ms. Penalver declined that offer
and found opportunities to volun-
teer with projects that actually
needed her—and that didn’t charge
fees. Eventually she founded Indigo
Volunteers, which offers free place-
ments in many countries, including
Greece, Serbia, France, Turkey, Cy-
prus, Lebanon and nations border-
ing Ukraine.
Taking money out of the equa-
tion, she says, means that volun-
teers aren’t treated like paying cus-
tomers. “Instead of ‘What does the
volunteer want to go and do?’” she
explains, “you find out from the
community what their needs are,
also taking into account the volun-
teer and their interests and skills.
You match them appropriately.”
Over the years, she’s seen many vol-
unteers return home deeply af-
fected by their experience. “They
come back changed in a better
way,” she says. “I’ve never had any-
one do a placement and say, ‘I’m a
worse person because of that.’”
In choosing a team, prospective
volunteers should look for projects
where they can be both helpful and
happy. I don’t like pulling potatoes
out of fields, so I avoid farming ini-
tiatives, gravitating instead to free
shops, soup kitchens and ware-
houses. Even with careful planning,
volunteers may experience some
pre-trip uncertainty. Before Monica
Elias, a speech pathologist from
Brooklyn, arrived at a refugee camp
in Greece, she worried about the
physical demands on her 57-year-
old body. Younger volunteers on her
team took the more strenuous as-
signments: “They didn’t put me in
Volunteers for Refugee Biriyani & Bananas prepare food and
hygiene packs for a refugee camp on the Greek island of Chios.
* ***
ly
the 5 to 7 p.m. pickup basketball
games,” she says. On the other
hand, her background in education
and experience as a mother made
her a popular partner for playing
board games with teenage boys.
Ms. Elias used her professional
training in speech pathology on a
subsequent volunteer trip to
Greece. During a month in a refugee
camp schoolroom in Thermopylae,
she identified children suffering
from selective mutism, trauma-re-
lated language issues and physical
problems that hindered their ability
to make certain sounds. As a for-
eigner, she could not legally prac-
tice speech pathology in Greece, but
she wrote assessments that the
team used to advocate for expanded
support for those children.
Many outfits
charge hefty
fees and are
less focused
on global
problems.
Volunteers with professional ex-
pertise, like Ms. Elias, are in high
demand. “We can’t get enough of
them,” Ms. Penalver says. Attorneys
help asylum seekers prepare for in-
terviews. Tailors offer training for
jobs in the garment industry. For-
eign doctors can legally practice un-
der the auspices of registered medi-
cal NGOs operating inside refugee
camps, but these teams will likely
require, at a minimum, two years of
postgraduate experience. Radwan
Faashtol is the founder of Crisis
Management Association, which
THE WALL STREET JOURNAL.
.
runs medical and dental clinics at
Lesvos Mavrovouni Camp in Greece.
He acknowledges that the two-year
standard “means we will have a
lack of doctors sometimes,” but he
finds that inexperienced practitio-
ners make more mistakes: “At least
the doctors who come will do
proper work.”
No matter the assignment, vol-
unteering can be a crash course on
the trauma of displacement. For ex-
ample, volunteers learn to avoid
asking seemingly innocuous ques-
tions that might cause pain. “You
shouldn’t ask people from this com-
munity about their parents, because
they might have passed away,” Ms.
Akhtar tells her staff at RBB’s free
shop. “Or, ‘How old are you?’ Some
people don’t know their ages.” She
advises new volunteers to follow
the lead of veterans, who have
learned that aid recipients love a
certain brand of chocolate or that
small packaging sizes work best for
equitable distributions.
Often, a relief team’s wisest
teachers are “community volun-
teers”—displaced individuals who
become aid workers themselves.
Though sometimes shy and hesitant
in English, they play essential roles,
creating durable bonds between the
organization and the people it
serves. Without them, Ms. Akhtar
says, “we wouldn’t be able to do
anything, actually.”
Ms. Penalver advises new volun-
teers to be humble and to practice
“responsible volunteering” by arriv-
ing promptly and working hard,
even though they won’t get paid for
it. They should also be prepared to
adapt to changes of plan and sud-
den surprises, which will definitely
occur. When I worked at RBB’s free
shop, every day brought new pre-
dicaments, from the mundane (we
ran out of canned hummus, a Syrian
favorite) to the dramatic (the eleva-
tor broke, briefly trapping an Af-
ghan mother and her two children).
Many volunteer relief workers
return repeatedly and raise funds
for their teams long after returning
home. Given the challenges, I fre-
quently ask people why they volun-
teer. Some tell me that they want to
avoid the sense of hopelessness
they experience watching disasters
unfold on TV. They feel that this
work provides a more productive
means of response.
I believe, too, that there’s a com-
pulsion behind volunteering that we
rarely discuss. That is the very hu-
ILLUSTRATION BY ROSE WONG; PHOTOGRAPH BY REFUGEE BIRIYANI & BANANAS.
man desire to lend a hand. I wit-
nessed it quite literally one morning
at the RBB free shop. Mohammad, a
young Iraqi aid recipient, watched
me volunteering, then approached
me and said, “Can I also do this? I
want to help.”
We signed him up.
Ms. Sachs is a writer and co-
founder of the U.S.-based non-
profit Humanity Now: Direct Refu-
gee Relief, which helps fund
grassroots humanitarian aid ef-
forts. She is the author of “All
Else Failed: The Unlikely Volun-
teers at the Heart of the Migrant
Aid Crisis,” published last month
by Bellevue Literary Press.
 SPRING BOOKS
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
READ ONLINE AT WSJ.COM/BOOKSHELF
ALL SPRING BOOKS ILLUSTRATIONS BY JENNIFER POTTER FOR THE WSJ
Island of Anarchy
In 1740, a British warship set out on a mission to South America that promised both military victory and
monetary reward. The outcome proved a journey into calamity and chaos that entered maritime legend.
n-
The Wager
By David Grann
Doubleday, 329 pages, $30
no
BY JULIA FLYNN SILER
I
’LL CONFESS. I can’t get enough
disaster-filled sea tales. There are few
reading adventures I like more than
climbing aboard a ship awash with
filth, disease, vermin and a welter of
humanity—from scoundrels to drunks to heroic
fools. If the vessel is visited by foul weather,
mechanical failures and bloodthirsty enemies,
well, that’s my idea of a rollicking time.
“The Wager,” David Grann’s account of the
punishing travails of the 250 men aboard an
18th-century British man-of-war, shipwrecked
on an island off the coast of Patagonia, is the
most gripping true-life sea yarn I’ve read in
years. Setting off for South America on a secret
Bush-League Bliss
One fan’s mustard-soaked memories
of the perfect summer in the perfect job
at the perfect small-city ballpark C9
THE WALL STREET JOURNAL.
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
mission in September 1740, the Wager’s crew
confronted one disaster after another—and
those few who survived carried home com-
peting narratives about what had happened
and who was at fault. In 1746 the Admiralty
convened a court-martial to determine who
was telling the truth. A tour de force of nar-
rative nonfiction, Mr. Grann’s account shows
how storytelling, whether to judges or readers,
can shape individual and national fortunes—
as well as our collective memory.
The story of the Wager has the weight of
myth. It inspired not only such Enlightenment
philosophers as Voltaire and Rousseau, who
grappled with reports of how the survivors
“descended into a Hobbesian state of de-
pravity,” but later writers including Herman
Melville, Joseph Conrad and Charles Darwin.
At one especially desperate moment after
the Wager’s wreck, a group of castaways
considered murdering one of their fellows
Gift From the Sea
An Atlantic angler’s life
in pursuit of the striped bass,
the great American gamefish C10
* * * *
and resorting to cannibalism to survive.
Among the witnesses was midshipman John
Byron—whose grandson, the poet Lord Byron,
later cast the scene in verse: “The lots were
made, and marked, and mixed, and handed, /
In silent horror . . .”
As it turned out, the castaways—at least in
this instance—resisted the ghastly temptation
and instead staggered up the hill they’d named
“Mount Misery” to bury the body of a fellow
crewman, whose spirit some thought had been
haunting them. The landmarks on their journey
—Deceit Rocks, the Island of Desolation, the
Bay of the Severing of Friends—could have
come from “Game of Thrones,” and Mr. Grann
deploys these fabulous place-names to good
effect: to build suspense and share in the
crew and officers’ rising sense of dread.
Stories about ships often train their spy-
glasses on the frontiers of human nature.
Mr. Grann, whose books include “Killers of
Charles Portis, the author of ‘True Grit,’
sent his silver-tongued heroes on quests
Saturday/Sunday, April 1 - 2, 2023 | C5
.
ly
the Flower Moon,” a true-crime story about
racial injustice, and the archaeological adven-
ture “The Lost City of Z,” writes historical
narratives focused on such extremes. “The
Wager” draws from an unusually rich trove
of firsthand documents—including logbooks,
correspondence, diaries, muster books, court-
martial testimony and Admiralty reports. Many
of the accounts are at war with each other—
a circumstance Mr. Grann uses to illustrate
his larger point about national narratives.
“Just as people tailor their stories to serve
their interests—revising, erasing, embroidering
—so do nations.” Stories swirled around the
Wager disaster—both first-hand accounts of
survivors as well as retellings by the growing
press, derided by the old literary establishment
as the “Grub Street hacks.” Despite the official
silences that followed the apparent mutiny
of its crew and a savage breakdown of naval
Please turn to page C6
Road Tripper
FROM LEFT: JOHN E. MOORE III/GETTY IMAGES; RIZZOLI; ESTATE OF CHARLES M. PORTIS
through an old, weird America C13
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C6 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

SPRING BOOKS
‘For we must consider that we shall be a city upon a hill. The eyes of all people are upon us.’ —JOHN WINTHROP, GOVERNOR OF THE MASSACHUSETTS BAY CO., 1630

The Other Puritan Revolution

Easy Money The colonists, Mr. Goldberg argues,
By Dror Goldberg had brought about a conceptual shift.
The foundation of the monetary
Chicago, 346 pages, $55
system had moved “from tangible
BY ADAM ROWE assets (coin, goods, land) to mone-

T
tary obligations involving the state.”
HE YEAR 1692 is infamous Massachusetts recognized that the
in Massachusetts history. power to tax—though intangible—is
It was then that, in Salem, an economic asset that can be mone-
hundreds of women—and tized like any other. (This insight,
men too—were accused Mr. Goldberg observes, also shows
of witchcraft, and 20 were tried and why government-issued currencies are
executed for an imaginary crime. In the unlikely to be replaced by bitcoin so
same year, another momentous event long as governments maintain the
took place in the colony, though it has authority to tax their citizens.)
nothing of the same notoriety: The But this triumph, which Mr.
Puritan leadership that had overseen Goldberg describes as “one of the
the Salem Witch Trials—responding to many beginnings of the intellectual
some of the same social pressures that movement that created the modern
had fueled the witch craze—perfected world,” proved stillborn within
a financial instrument that would prove a generation. Centuries intervened
to be the template for modern currency. before Massachusetts’s innovation
In brief, they reimagined money pri- began to go global. The U.S. Consti-
marily as legal tender for taxes, a tution authorizes Congress to coin
conceptual revolution that makes the money, not to print it. The same
government’s authority the only source document forbids the states from
of a currency’s value. This is the basis making “any Thing but gold and
of the monetary system that prevails silver Coin a Tender in Payment
throughout the world today under the of Debts.”
reign of the Almighty Dollar. The Puritans in 1692 were care-
Dror Goldberg’s “Easy Money” pro- ful to print no more notes than
vides an engrossing narrative account were to be collected as taxes.
of this lesser-known crucible. Although This required “a superb level of
scholarship about the first American discipline,” Mr. Goldberg writes,
colonies could fill the Mayflower, Mr. “one that could be expected perhaps
Goldberg’s chronicle is the first book- only of . . . Puritans.” But even they
length attempt to explain why a defining were not immune to the intoxicating

.
concept in our global financial system power of their invention. The liber-

ly
emerged within a desperate theocracy ating effects of the original legal-
on the fringes of the British Empire. tender laws quickly gave way to the
Unlike Virginia and other early scourge of inflation. And the effects
colonies in the New World, Massa-
chusetts was led not by aristocratic
adventurers but by the upwardly mobile
middle classes of English society. And,
on were not confined to the economy.
Legislative meddling with the re-
lationship between creditors and
debtors, as James Madison later
us ,

as Mr. Goldberg points out, the colony wrote, would strike at the foundation
was founded at precisely the moment of a free society, destroying “confi-
l
e
when England was beginning the leap dence between man and man.”
al a

from an agricultural to a capitalist Mr. Goldberg, a professor at the

economy. Devout religious motives led Open University of Israel, might
ci on

the Puritans to Massachusetts, but financial
ingenuity allowed their pious enterprise to
survive and thrive.
Lacking the institutional structures that
reinforced social order in the Old World,
have paid more attention to the
intellectual history of the early
Puritans. Scholars at least since
Max Weber’s “The Protestant Ethic and
LEGAL TENDER A Massachusetts colony 5-shilling note from 1690, the only surviving one of its kind. the Spirit of Capitalism” have debated the
er s

Massachusetts’s leaders relied on consensus striking yet elusive connection between the
and consent. Though the ministerial elite mother country put the colony’s leadership founding of the Bank of England in 1694. intense religiosity of the Puritans and their
m er

tolerated no dissent in its religious mission,
on practical matters, such as raising revenue
and spending it, the colonial government
was the most democratically accountable
in a double bind. It was not powerful enough The legal-tender law of 1690—the center- economic dynamism. His account adds a
to flout the interests of its own citizens, but piece of Mr. Goldberg’s study—met all these fascinating layer to this mystery without
it also couldn’t afford to disobey imperial challenges at once. It converted the debt addressing it. Nowhere, for example, does
dictates when it tried to meet local challenges. the colony owed to its soldiers into “small, Mr. Goldberg attempt to explain why the
m rp

in the world at the time. For good reason,
Alexis de Tocqueville identified the colonial
New England township as the seedbed of
Ameri- can democracy.
But the early success of the colony met
Charles II had forbidden the colony from conveniently denominated, standardized, first great experiment with modern money
resuming its earlier practice of minting its easily transferable, stamped pieces,” he writes. coincided with the last great witch craze
own coins from valuable metals, a preroga- Other governments had attempted to solve in colonial North America.
tive the crown reserved to itself. And in re- their fiscal problems by printing paper and But one lesson that comes across in
voking the colony’s original charter in 1664, trying to force everyone else to accept it Mr. Goldberg’s estimable book would have
co Fo

with several sharp reversals later in the
17th century. The restoration of the Stuart
Monarchy in 1660 was one setback, as
Charles II was understandably hostile to
the Puritan sect that had tried and executed
his father. Wars with Native Americans also
took a toll. As a percentage of the population,
King Philip’s War in 1675-78—setting the
Charles II made all its land titles uncertain,
upending the commodity that the colonists
most often used as the basis for credit.
Banks, then as now, made loans in exchange
for mortgaged assets, primarily land.
Banknotes backed by such assets circulated
as money in the colony, including as payment
for taxes. Legal uncertainty as to the validity
as money, with disastrous consequences.
Massachusetts was the first to give paper
currency genuine value by requiring only
that the government accept its notes as
payment for taxes. Since the colonial govern-
ment could force its citizens to pay taxes,
its willingness to accept its own notes made
everyone else willing to accept them, too.
struck the Puritans themselves. The figure
the Puritans referred to as “that old deluder,
Satan,” has many ways of preying upon the
minds of men. The modern word for credit
comes from the Latin word credere, meaning
“to believe.” Massachusetts showed how a
government can create money out of its own
credibility as a tax collector. But that same
PEABODY ESSEX MUSEUM (PEM)

colonists against the Wampanoags and other
nearby Native American tribes—was the
deadliest in American history.
By 1690, Massachusetts owed a massive
n-
of land titles stuck at the foundation of this Two years later, after risk of a veto from the capacity allows governments to disguise—
system. Meanwhile, any hard currency that king had diminished, the colony expanded temporarily—the inescapable fact that they
flowed into the colony immediately flowed the legal-tender act to make its notes lawful must ultimately collect in taxes the same
out again to pay trade debts. So there was payment for both taxes and debts. With that amount they spend, creating a tempting

debt to its soldiers after a failed expedition no hope of the colonial government raising additional change, Massachusetts’s notes be- delusion we moderns still cannot resist.
to capture Quebec from the French. Internal capital by borrowing it—the method Eng- came, Mr. Goldberg says, “nearly identical to
discontent and renewed oversight from the land itself began to revolutionize with the the currency of the early twenty-first century.” Mr. Rowe is a historian in Dallas.
no

Losing a Ear”—triggered by a British captain’s

claim that a Spanish officer had sliced
off his left ear.
tered, were not recorded in surviving
diaries or letters. “Empires preserve
their power with the stories that they

Ship-Size
BRITISH LIBRARY/BRIDGEMAN IMAGES

British authorities had devised a tell, but just as critical are the stories
plan to launch an attack on the they don’t—the dark silences they

Wager
Continued from page C5
authority, these stories became a
maritime epic that would resonate for
centuries.
Mr. Grann starts his tale by leading
us on a tour of what he calls “the
wooden world” of the fearsome navy of
warships that helped Britain build and
rule its expanding empire. This was a
hierarchical realm of rigid regulations
and harsh punishment for infractions.
Mr. Grann describes these armed ships
as “buoyant wooden castles . . . in a
lethal, floating chess game, these
pieces deployed around the globe.”
While some of the ships in the
British fleet elicited awe—the Cen-
turion, with its 16-foot wooden carving
of a lion, was painted bright red—
the Wager did not. It was a 123-foot
“eyesore” of a merchant ship re-
furbished for war, hardly the kind of
fighting vessel that inspired dread
among Britain’s enemies. Both ships
set off as part of a squadron, led by
Commodore George Anson, whose
goal was “outright thievery.” The
Admiralty deployed the squadron
during a disastrous and relatively
short-lived conflict between Britain
and Spain in the 1740s, which was later
comically dubbed the “War of Jenkins’
Caribbean port of Cartagena, a hub impose, the pages they tear out,”
of Spain’s colonial wealth. Anson’s writes Mr. Grann.
squadron, made up of the Wager, four The various tellings of the Wager
other warships and a scouting sloop, disaster reverberated far beyond the
was charged with a secret mission: Admiralty courtroom. Commodore
to snatch a Spanish galleon loaded Anson’s account, for instance, became
with silver. The officers and crew a bestseller that offered Rousseau
were lured by the prospect of shar- MUTINY A 1745 engraving depicting violence after the Wager’s wreck. examples of men in a state of nature,
ing in the plunder. It was a blatant acting only in the interest of self-
(if conventional) scheme of state- the furies of the waters around Cape weather” comes from the practice of preservation. Capt. James Cook carried
sponsored piracy. Horn, “where winds routinely blow at putting ailing seamen belowdecks. a copy of Anson’s book on his ship
The squadron’s plan unraveled in gale force, waves can climb to nearly The story of the Wager’s disastrous Endeavour during its first expedition
the most horrific way possible, a tale a hundred feet, and icebergs lurk in the fate leads into an equally riveting story around the world, as did Charles
of woe replete with gory twists and hollows.” Plus a few other surprises of what happened to the castaways Darwin aboard the Beagle.
turns that Dickens himself would from the natural world, including when they straggled back to England Two decades after the court-
have enjoyed, including delicious cliff- lightning, tempests, even an earth- in ragged groups, armed with often martial, John Byron published his own
quake. Human nature is just as violent, conflicting stories of who was to blame account. By then, he’d gained the
with Lord-of-the-Flies behavior among for the series of epic catastrophes and nickname “Foul-Weather Jack” for
Survivors straggled back the castaways and at least two reversals of fortune. Mr. Grann un- his bad luck in encountering nasty
murders. Mr. Grann has a finely tuned spools their narratives against the meteorological conditions over his long
to England, where they ear for details that reveal character— backdrop of the Admiralty’s high- career as a ship’s officer. While his
told competing stories the Wager’s rigid and increasingly stakes court-martial, in which sur- book never gained a wide readership,
about who was to blame isolated Capt. David Cheap wields a viving crewmembers and officers faced Mr. Grann notes that “it cast a spell
silver-headed cane “which clacked like possible execution. “No matter which on Byron’s grandson, whom he never
for the catastrophe. a pirate’s wooden leg.” story prevailed, the trial would surely met”—the poet wrote that his hero
Mr. Grann delights in the arcane expose how the officers and seamen— Don Juan’s “hardships were com-
expression of the nautical lexicon. as part of the vanguard of the British parative / To those related in my
hangers: “No longer were they When ordered to pull sheets, a sailor empire—had descended into anarchy grand-dad’s ‘Narrative.’” “The Wager”
prowling the sea in secret. They were had “better seize the ropes instead of and savagery.” is likely to cast a powerful spell on
themselves being hunted.” Part One his bedding. He must not speak of the Mr. Grann relies heavily on the per- modern readers as well.
ends with a captain’s deathbed privy but, rather, the head” and the spective of the ship’s gunner, John
prophecy that the expedition “would boys who delivered explosives from Bulkeley, who kept a contemporaneous, Ms. Siler is a former WSJ staff
end in poverty, vermin, famine, death below deck to the guns were known as if somewhat skewed, record of events. reporter who recently returned
and destruction.” “powder monkeys.” Who knew that so Many stories, such as those of the free from an expedition aboard a
The sea itself is an ever-present many common expressions come from black seaman John Duck and the indig- wooden barquentine sailing ship
antagonist. Mr. Grann renders vividly shipboard life? For example, “under the enous people the castaways encoun- above the Arctic Circle.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | C7

SPRING BOOKS
‘I was too cowardly to do what I knew to be right, as I had been too cowardly to avoid doing what I knew to be wrong.’ —CHARLES DICKENS, ‘GREAT EXPECTATIONS’

Fascism Comes to Town

A Village in the Third Reich
By Julia Boyd and Angelika Patel
Pegasus, 459 pages, $35
BY DOMINIC GREEN

O
BERSTDORF, Germany’s
southernmost village, sits in
Alpine meadows beneath the
Himmelschrofen mountain.
On the night of March 4, 1933,
the local Nazi Party emblazoned the Himmel-
schrofen with a giant flare swastika. The next
day’s multiparty elections would be Germany’s
last until 1946. “A Village in the Third Reich,”
adapted by Julia Boyd from the town’s official
history, shows how and why a sober, tradi-
tional Bavarian village roped its fate to fascism.
German law obliges every town to write
its history. Angelika Patel, the Oberstdorfer
who wrote the volume covering 1918-52,
met Ms. Boyd, the author of “Travelers in the
Third Reich,” at a party in London. Ms. Patel
offered her research to Ms. Boyd. The result
is a remarkable moral drama, a miniature epic
PEGASUS BOOKS

that is subtle in characterization, gripping in

detail, and shocking in its brutal ordinariness.
Defeat in World War I led to economic
collapse and political chaos. In 1920, while
Hitler founded his party in nearby Munich,
Oberstdorf disbanded its militia. As Munich
experimented in street-fighting and the
avant-garde, “devoutly Catholic” Oberstdorf,
Ms. Boyd writes, became a “flourishing holiday
resort,” a “haven of beauty and peace” where
hunting lodges and skiing attracted politicians,
aristocrats, industrialists and “upper-class
REFUGE Oberstdorf’s Hohes Licht Sanatorium housed Jewish children before they were smuggled to Switzerland.
its first Nazi lecturer at the Hirsch tavern, Löwin secured U.S. visas for himself, his wife The minutes of the village council’s now-
federal elections returned the Nazis as Ger- and baby, and the children of Oberstdorf sporadic meetings, Ms. Boyd reports, contain
many’s second-largest party. In Oberstdorf, entered Nazi youth groups. Instead of “scrub- “not a single mention” of evacuees, military
they won outright. Some Oberstdorfers may bing out cowsheds,” Ms. Boyd writes, the hospitals, Dachau sub-camps, forced labor,
have succumbed on that “Faustian night” children now embarked on unsupervised or the dead. By war’s end, Oberstdorf’s civic
at the Hirsch, where Germany’s defeat and camping trips and chanted “We are born conscience was an “empty shell,” and the

.
Protestants from the north.” humiliation were blamed on the French, the to die for Germany” in a neo-pagan amphi- consequences seemed “either none of their

Jews were never welcome in Oberstdorf’s
mountaineering club, but when anti-Semitic
posters and graffiti appeared, Oberstdorf’s
Village and Tourist News condemned both
as the work of “outsiders.” In 1924, the year
Hitler was imprisoned for leading the Beer
Hall Putsch in Munich, Oberstdorf acquired
Jews and the Bolsheviks. Others saw Hitler as
the answer to economic chaos and an avatar
of national revival. For many Oberstdorfers,
on
1930 was simply the year they opened the
Nebelhorn cable-car ride, the world’s longest.
us ,
theater in the woods.
Dr. Bessler, the school principal who tried
to keep Nazism out of the classroom, was
bullied by one of his pupils, the daughter of
a prominent Nazi. One adolescent assured
Father Rupp the priest that “even as a Hitler
Youth leader, I would remain a good Christian.”
ly
business or beyond their control.” Just as
Oberstdorf had turned Nazi out of material
interest, so the town’s belated “anti-Nazi
resistance movement” sought an orderly
surrender, locking up Nazi functionaries
and dissuading French tanks from shelling
the village.

a soccer pitch, an ice rink and a secondary A picturesque mountain Mayor Fink placed an illuminated swastika The Oberstdorfers almost certainly
school. The Tourist News was more worried on Rupp’s church spire. The blind teenager knew about the atrocities in eastern Europe.
l

community in the Bavarian

e
about “brazen women wearing trousers” than Theodor Weissenberger was taken away and They expressed scant evidence of “collective
al a

Jewish visitors such as Neuberger, a judge Alps was a microcosm of gassed, but Mayor Fink’s epileptic son sur- guilt,” Ms. Boyd writes, and much self-pity.
who came every summer, and Ringelmann, Germany’s dark journey vived. Apart from a Dutchwoman who smug- Like the Cathar villagers in Emmanuel
ci on

a maestro who always brought his piano
with him. Whatever the Oberstdorfers
thought of Jews, they knew anti-Semitism
was “bad for business.”
By 1927, the outsiders were insiders. The
gled Jewish children into Switzerland, the
into Nazi rule. villagers floundered in a moral miasma.
The Nuremberg Laws had “minimal” im-
pact, and no one complained when Hitler’s
After Hitler’s takeover in 1933, Ernst war was going well. Only six of Oberstdorf’s
er s
Le Roy Ladurie’s “Montaillou” (1975) or
the Suffolk residents in Ronald Blythe’s
“Akenfield” (1969), Oberstdorf’s foresters,
priests, farmers, nuns, shopkeepers and
civic functionaries were acted upon by

early Nazi Karl Weinlein, a mailman and war Zettler, an ex-customs officer, arrived to soldiers died in the conflict’s first 22 months. historical forces, but also acting within
veteran, came to Oberstdorf for the mountain Nazify Oberstdorf’s civic institutions. The In the 17 months after Hitler invaded Russia in them. They were neither collaborators under
m er

air. Weinlein recruited a few fellow veterans,
including Wilhelm Dietrich, a chimney sweep
who founded a unit of the SA, and Rudolf
Scheller, a painter who sold one of his kitschy
music society Aryanized its summer 1933
concert program. The boards of various social
clubs dissolved and reformed with the same
personnel, but now they excluded Jews and
m rp
June 1941, however, the death toll reached 91. foreign occupation nor uniformly ideological
The tide of disaster rose quickly. Dachau sub- fanatics. Their Nazism emerged from the
camps, a Hitler Youth training complex, and gray areas of opportunism, cowardice,
displaced Messerschmitt factories sprouted conformity, pettiness and the profit motive.

Alpine landscapes to Hitler. But the villagers’
only god, Weinlein complained, was money.
The mayor said he didn’t care if his guests
were “Christian, Negro or Jew,” so long as
they paid.
concluded meetings with the “Horst Wessel” around Oberstdorf. The villagers complained After 1945, Oberstdorf’s small but cu-
Nazi anthem. Hermann Schallhammer, the as evacuees from Allied bombing crowded mulatively disastrous complicities with
tolerant director of tourism, was accused of in and the hotels became military hospitals. Nazism were “the last thing anyone wanted
embezzlement and fired. North of Munich, Forced laborers became a common sight, to talk about.” Mayor Fink returned to
the camp at Dachau opened. and food ran scarce. A military doctor quietly sweeping chimneys.
co Fo

The Wall Street Crash and the Depression Mayor Ludwig Fink, another ex-chimney started removing the SS tattoos from patients
wrecked Germany’s already fragile economy. sweep, lectured at the Traube Hotel on “The who were not “genuine Nazis,” but had, they Mr. Green is a Journal contributor and
In September 1930, while Oberstdorf hosted Jewish Question.” The Jewish dentist Julius now felt, “been forced into SS uniform.” a fellow of the Royal Historical Society.

The adoption in the Roman world in the

fifth and sixth centuries. Christianity, in
its intellectual iterations, didn’t replace
Platonists through the lens of the
Hebrew and Christian Scriptures, not
vice versa. Some of Mr. Freeman’s ob-
On reflection, maybe he did: At
points in the earlier book, “The Closing
of the Western Mind,” Mr. Freeman
and the imperative to model oneself on
Christ was the subject of many sermons
by post-Nicene Church Fathers. The

Christian Greek thought, Mr. Freeman argued in

that earlier book, but adopted one part
servations—for instance, that Augus-
tine saw the material world as “un-
minimized and almost defended the
persecutions. The early Christians
words “for we are not contending
against flesh and blood, but against the

Detour
n-

of it: that of Plato rather than Aristotle. stable and corrupting of the soul that “posed the classic political dilemma: principalities, against the powers,
Western thought consequently became reaches towards God”—make me won- how far can one show tolerance to a against the world rulers of this present
inward, rational, deductive and “au- der if he has read Augustine or only group that itself condemns the toler- darkness” are attributed in a chapter
thoritarian,” and this lamentable state epigraph to the fourth- and fifth-
no

The Reopening of mind persisted until Thomas Aqui- century monk John Cassian, but of
of the Western Mind nas’s discovery of Aristotle’s more ob- course they belong to Paul’s letter to
By Charles Freeman servational philosophy in the 13th cen- the Ephesians.
tury and the later scientific revolution
Knopf, 803 pages, $50
Aquinas unintentionally made possible.
BY BARTON SWAIM Twenty years after that book, Mr. For one academic

S
Freeman picks up the same argument
OME BOOKS may fairly and chronicles what he describes as a
historian, St. Augustine
be called intimidating. new intellectual “authoritarianism” of Hippo was the West’s
LUISA RICCIARINI/BRIDGEMAN IMAGES

They seem to attest to ushered in by Augustine of Hippo original sin.

their own authority and
almost defy the reader to
question their judgments. Such a work
is “The Reopening of the Western
Mind” by the English historian Charles
Freeman, an account of European ideas
from the fourth to the 17th centuries.
Its 745 glossy pages of text are adorned
with scores of images—portraits,
photographs, maps and frontispieces,
each illustrating the myriad books,
authors, artists, architects and histori-
cal events discussed in its 32 chapters.
Mr. Freeman writes with ease about
a dizzying array of topics: theological
debates of the fifth and sixth centuries,
Renaissance cartography and archi-
tecture, late medieval explorers’ contact
with indigenous peoples of the New
World, early modern political philoso-
phy, and much else besides.
In its polymathic range, omniscient
voice and sundry illustrations, Mr. Free-
man’s tome—the word seems appli-
cable to a book weighing 4½ pounds
—puts one in mind of Kenneth Clark’s
“Civilisation,” the book based on the
1969 BBC series.
As its title suggests, however, Mr.
Freeman’s book is as much an argu-
ment as it is a history. That argument is
a continuation of his 2003 book, “The
Closing of the Western Mind,” which
chronicled the history of ideas from the
birth of Christianity to its widespread
(354-430). In this interpretation, Au-
gustine was influenced mainly by Plato
through the third-century philosopher
Plotinus. “It becomes impossible to The larger problem with Mr. Free-
understand Christian theology,” writes man’s account is its epistemological
Mr. Freeman with characteristic assur- naivete. He seems to believe that the
ance, “without recognizing that its au- “Western mind,” informed by the clas-
thoritarianism came from Platonism.” sical authors and particularly by Aristo-
As Mr. Freeman sees it, Augustine’s GOOD WORK ‘St. Augustine in His Study’ (1507) by Vittore Carpaccio. tle, existed in a state of happy neutral-
Neoplatonism, which elevated the im- ity until about the fourth century. Alas,
portance of spirit and mind over that of read about him. He believed the mate- ance of the state in allowing pagan Augustinian Christianity intervened,
flesh and material, moved the church’s rial world, though fallen, was created worship to continue?” In other words, and instead the West had to endure
prelates and theologians over the next by God, and explicitly criticized Pla- the Christians had it coming. The medi- several centuries of “closed” thinking.
10 centuries to think almost exclusively tonists for denying the goodness and eval prelates who favored persecuting Then, just when the medieval church’s
in terms of doctrinal orthodoxy. And eternality of the material human body. heretics inspire no such apologies in control was waning in the 14th and 15th
that, in turn, led the church to use co- Now it is obviously true that the Mr. Freeman’s new book. centuries, along came the Protestant
ercion to repress idiomatic expressions Catholic Church’s acquisition of polit- His claim that Christianity stunted Reformation, which “reversed this pro-
of religious sentiment. To simplify: ical power in the fourth century and the West’s “intellectual life” would be cess by reimposing authoritarian Chris-
As Plato sought abstract truth from the after led to dreadful abuses and much easier to take seriously if his writing tianities, notably by reasserting the
mind and banned poets from his repub- political and theological folly, but the about it weren’t so consistently sloppy. theology of Augustine.” Without that
lic, so the medieval Catholic Church, idea that the woeful history of eccle- He remarks that two verses interpo- Church Father, we are left to conclude,
following Augustine, fixated on doc- siastical coercion is traceable to the lated in the First Epistle of John to the Western mind (whatever that is)
trinal controversies and persecuted undue attention paid by Augustine to make the case for the Trinity, the so- would have arrived at the insights of
heretics and pagans. Plato is preposterous. The belief that called Johannine Comma, were “added Galileo, Bacon, Locke and Hobbes at
Mr. Freeman’s contention is tenden- the state had a duty to impose the to the Vulgate by Jerome,” but no one some far earlier date.
tious. The first problem is that he “right” creeds and practices on its citi- has accused Jerome of adding the Some readers, especially those who
vastly overstates Augustine’s depen- zenry—in religion and much else—was verse. (The earliest Vulgate manu- see religious commitments as evidence
dence on Plotinus and Plato. It’s true an inheritance of antiquity that only be- scripts do not include the verses.) He of a closed mind, will find this thesis at-
that “The City of God” Augustine gan to unwind, and then slowly, after thinks the 15th-century monk Thomas tractive. Others may recall G.K. Chester-
praised Plato for, among other things, the Reformation. (That belief has sud- à Kempis’s exhortation to imitate Christ ton’s observation: “The object of open-
acknowledging the immortality of denly returned in our post-Christian was “unprecedented” because Augus- ing the mind, as of opening the mouth,
the soul. But any fair reading of Augus- era, strangely enough.) In any case, tine had taught everyone that ordinary is to shut it again on something solid.”
tine—simply look at the footnoted cita- did Mr. Freeman expect us to forget people were too defiled by sin to do
tions in modern translations—makes the brutal persecutions of Christians anything of the sort. But the source Mr. Swaim is an editorial-page writer
plain that he read Plato and the carried out by the Roman state? of that appeal is the New Testament, for the Journal.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C8 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

SPRING BOOKS
‘Prohibition makes you want to cry into your beer and denies you the beer to cry into.’ —DON MARQUIS’S ARCHY THE COCKROAC H

FIVE BEST ON PROHIBITION

Jeannette Walls
The author, most recently, of the novel ‘Hang the Moon’

Last Call a little irony—about

By Daniel Okrent (2010) the fine liquor that

1
flowed so freely at
It seemed like a the 1920 Democratic
good idea at the convention. Mencken
time. Noble, even. was known for his
Outlaw liquor and barbed wit and out-
close saloons: As a result, spoken bluntness—
fathers will tend to their his coverage of the
families and crime will be- Scopes trial made
come a thing of the past. its own headlines—
What could go wrong? but he was a mad-
Instead, Prohibition be- dening paradox of a
came a 13-year lesson in man whose language
unintended consequences. sometimes lapsed into
Speakeasies replaced the ugly stereotypes
saloons, drinking rose to of his day. He’d use
record levels and America slurs one moment
erupted into the most and fight for minority
violent crime wave it had rights the next, so
ever endured. The 18th reading him today
Amendment has been can be jarring. Yet it’s
dissected many times, the next best thing
but never as deftly as to a ringside seat at
in “Last Call.” Armchair the blistering social
historians who know little battles of the era.
about this fairly recent
chapter in America’s past
are in for a treat as Daniel Spirits of
Okrent introduces readers Just Men

.
to the motley alliance of By Charles D.
BRANDSTAETTER IMAGES/GETTY IMAGES

ly
teetotalers, nativists, Thompson Jr. (2011)

5
racists, far-right Chris-
tians, suffragettes and Prohibition
profiteers who hijacked
the courts and shoved
through an unpopular,
unenforceable law. A
on gave us a bold
cast of arche-
types, real
and fictional. There’s
us ,

cautionary tale well told. the steadfast G-man

(Eliot Ness and all
l
e
SEIDEL UP! New Yorkers celebrate the repeal of Prohibition on Dec. 5, 1933. those “Untouchable”
al a

The Big Money shows), the ruthless

By John Dos Passos (1936) Live by Night tale people in a book about true love,” one of mobster (Al Capone, James Cagney in “The
ci on

2
By Dennis Lehane (2012) Joe’s gals scolds him. “We live by night and Public Enemy”), the bootlegging playboy

3
John Dos Passos’s U.S.A. trilogy, dance fast so the grass can’t grow under (the name Gatsby has become synonymous
of which “The Big Money” is the Published more than 90 years after our feet. That’s our creed.” Joe dances as with shady strivers). And who do the moon-
third volume, has a surprisingly the Volstead Act was passed, this fast as anyone, but sometimes—in spite of him- shiners have? Snuffy Smith of Hootin’ Holler.
contemporary feel. Set in the 1920s, big-shouldered book captures the self —he can’t resist the lure of the fairy tale. In “Spirits of Just Men,” Charles D. Thomp-
er s

it is a riff on overwhelming change, massive gritty cynicism and tortured lives son Jr. looks beyond the hillbilly stereotypes.
crowds and bewildering technology, with of men who grew wildly rich and frighten- The setting is Franklin County, Va., which a
Heathen Days
m er

passages of free verse and stream of con- ingly powerful by violating Prohibition. Prohibition-era report called “the wettest
sciousness throughout. It’s a Jazz Age novel Joe Coughlin, the son of a corrupt cop, By H.L. Mencken (1943) county in the world,” noting that 99% of locals

4
in the spirit of today’s social media, but becomes a petty crook, then rises through were involved in the Great Moonshine Con-
rather than tweets and texts, the reader is the mob’s hierarchy, from the speakeasies The curmudgeonly, acerbic news- spiracy. Mr. Thompson takes an academic’s
m rp

bombarded with bouncy song snippets and
grim news headlines. Written before Dos
Passos’s politics took a hard right turn,
“The Big Money” grapples with the glaring
contradictions of the decade: hungry chil-
of South Boston to Tampa’s Latin Quarter
and the streets of Cuba’s Old Havana.
The mobsters and their molls are smart
and complex, the noirish dialogue crackling
and clever, the writing knowing and informed
co Fo
paperman H.L. Mencken was also a
dazzling wordsmith and, some say,
the most influential journalist of his
time, a man called the voice of the Jazz Age.
He was a bare-knuckled “wet” who abhorred
thoughtful, thorough look at the history and
economy of the people—he is, after all, a pro-
fessor of sociology at Duke University. But he
also tells their story with the compassion and
empathy befitting a native son whose gentle

dren in tenements, vicious lawmen, venal
speculators, spoiled socialites and trust-fund
oafs. It’s an epic tale of an unbridled capitalist
society in a time of turbulence and upheaval.
And the drinking—all of it illegal, of course
—is truly stupendous.
without feeling researched. “Live by Night”
is filled with reveals and reversals, shootings,
garrotings, stabbings, betrayal and revenge.
And yet the true tension of the novel comes
when Joe wrestles with his own morality.
“We’re not God’s children, we’re not fairy-
the pious preachings of the “drys,” and in
“Heathen Days,” the third of his three-part
memoir, Mencken gleefully takes on Prohi-
bition. A coiner of phrases, he dubs boot-
leggers “booticians,” shares his own recipe
for homebrew, and gushes—with more than
grandpa once ran moonshine. While some
clichés about shotgun-toting moonshiners
hold fast, the truth is more complicated. And
yet the bottom line wasn’t complicated. Ex-
plained Mr. Thompson’s grandpa: “Liquor was
the only way people had to make a dollar.”

yells “Wrong!” both at those who and legislature. Recently, in some fairly ceremony, the couple should go else- Roman Catholics, namely that “error
One would judge Christianity authoritarian ordinary aspects of life, the religious where,” he taps a well of common sense has no rights.” Both Massachusetts Bay
n-

and intolerant and those who think it’s liberties of American believers have frequently in short supply among the Puritans and Roman Catholic officials

Nation, a mistake for Christians to embrace

liberalism. For his part, Mr. Hall con-
siders that the American Founding was
faced significant opposition. For in-
stance, objections to religious displays
in or near government buildings (such
hypertouchy, left or right.
Intuitive forms of toleration, ironi-
cally, are not what you usually get
before Vatican II held a view of free-
dom in which obedience to divine will
was the true form of liberty. Deviating
Under God
no

a good thing, and that Christianity was
an important ingredient in its achieve-
ment and remained a wholesome social
Proclaim Liberty influence. Indeed, he follows the same
Throughout All the Land logic that drew 20th-century leaders
By Mark David Hall of America’s largest Protestant denom-
inations to think of them as essentially
Fidelis, 264 pages, $18
one thing: “one nation, under God.”
BY D.G. HART The first part of this book is his-
as Christmas crèches in town squares)
raise questions about the establish-
when you mix a progressive outlook
and Christianity. Mr. Hall himself does
from God’s law, in turn, was slavery.
This was a way for zealous Christians
to be fully pious and completely on
the side of liberty.
William Penn, the Quaker founder
of Pennsylvania, found a path through
this thicket and enabled his colony to

C
torical—it covers the high points of A reminder that
HRISTIANITY and politi- American religion before World War I.
cal liberalism used to be To counter H.L. Mencken’s wiseacre
accommodating human
synonymous for students line that “Puritanism is the haunting weakness has always been
of U.S. history and cul- fear that someone, somewhere, may be the strength of liberalism
ture. In 1970 the histo- happy,” Mr. Hall concedes that we
rian Winthrop S. Hudson could write should not confuse those colonial Prot- —and of Christianity.
BETTMANN/GETTY IMAGES

without irony that God’s design for
the United States was a “purer and
freer England,” a new “Promised Land”
where Americans were “the Israelites
escaping from Egyptian bondage.” An-
other historian, Perry Miller, planted
John Winthrop’s image of America as
a “city upon a hill” in the minds of
speechwriters for John F. Kennedy.
These days, Christianity would
seem to have switched from the right
to the wrong side of history. In “The
Power Worshippers” (2020), Katherine
Stewart tries to prove that American
Christians are waging a war on Amer-
ica’s democratic traditions. Others,
such as Patrick Deneen in “Why Liber-
alism Failed” (2018), argue for a return
to ancient and medieval politics be-
cause even Lockean liberalism under-
mines Christianity. No one, it seems,
still believes Christianity is a progres-
sive faith.
No one, that is, but Mark David Hall,
a professor of politics at George Fox
University. In “Proclaim Liberty
Throughout All the Land: How Chris-
tianity Has Advanced Freedom and
Equality for All Americans,” Mr. Hall
estants with FDR or Ronald Reagan.
But the Puritans did institute the rule
of law, create republican governments
and pass laws to protect the vulnera-
ble. Mr. Hall further connects the
Founding to a solid tradition of Protes-
tant thinking about the circumstances
in which citizens might legitimately
resist their rulers. Contemplating the
19th century, he checks off such boxes
as prison reform and abolitionism
to demonstrate Christianity’s amelio-
rating influence.
The record is not always consoling.
Mr. Hall shows that Protestants were
illiberal in 19th-century debates over
public and parochial schools. To sus-
tain their stated commitment to the
separation of church and state, white
Protestants distinguished between
Catholic schools and public schools
where students were exposed to Prot-
estant prayer and Bible-reading: “Few
actually believed in the abstract prin-
ciple; they were primarily concerned
with denying state funding for Roman
Catholic schools.”
Subsequently Mr. Hall switches his
attention to the realm of the courts
SILENT PRAYER First-graders in South Carolina, ca. 1966.
ment of religion and local government
freedom to reflect community beliefs.
Other disputes surround legal protec-
tions for religious employers whose
health insurance does not cover con-
traception and abortifacients. Mr. Hall
finds relief for Christians in 1993’s
Religious Freedom Restoration Act,
which addresses the free-exercise clause
of the First Amendment. Still, recent
court cases against Christian businesses
that refuse to provide services for same-
sex weddings indicate that the scope
of religious liberty is hotly contested.
Worse, in such cases Christianity ap-
pears to many bigoted as well as illib-
eral. When Mr. Hall writes that “Ameri-
cans need to toughen up,” he goes
beyond legal and political theory. When
he adds, “if a baker has a religious ob-
jection to participating in a same-sex
not seem to be aware of progressive
Christianity’s inherently illiberal side.
For instance, his blending of Christi-
anity and liberalism leads to the argu-
ment that abortion and trans surgery
for children are regressive, unjust to
the unprotected and vulnerable. That
position is not surprising from a po-
litical conservative and a devout Prot-
estant, which Mr. Hall is. But no pro-
choice advocate will see it that way,
and his zero-sum argument makes
compromise impossible. Either you
are on the right side of a policy (thus
progressive) or you are a bigoted
roadblock to expanding freedom and
equality.
By blending progressivism and
Christianity in this way, Mr. Hall has
unintentionally returned to an older
position held by both Protestants and
practice religious liberty in unprece-
dented ways. Instead of reading history
through the lens of moral advance,
Penn sought a governmental frame-
work that balanced the need for law-
abiding citizens and responsible public
officials. For Penn, “liberty without
obedience is confusion, and obedience
without liberty is slavery.” Had Mr. Hall
followed Penn instead of John Win-
throp, he might have found a balance
between morality and toleration. Of
course, finding such a middle ground
will satisfy neither devout Christians
nor contemporary progressives. But ac-
commodating human weakness here
and now has always been the strength
of both liberalism and Christianity.
Liberals and Christians err whenever
they make perfection the norm for
government and society.
Mr. Hart teaches history at Hills-
dale College and is the author of
“From Billy Graham to Sarah Palin:
Evangelicals and the Betrayal of
American Conservatism.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | C9

SPRING BOOKS
‘[Despite] profound changes, it’s still baseball. Hitting streaks still make the network news, and hot dogs still taste better at the ballpark.’ —D U K E S N ID ER

Best Job in the World

Welcome to the Circus
of Baseball
By Ryan McGee
Doubleday, 256 pages, $29
BY DAVID M. SHRIBMAN

A
LL IN A day’s work:
Stuffing inserts into
game programs. Pre-
paring for the prize
drawings. Helping out
in the souvenir shop. Yanking the tarp
onto the infield when it rains and
dragging it off when the clouds clear.
All in a day’s work, if you call
it work, given that the workplace is
a ballpark set in the Blue Ridge
Mountains, the scent of honeysuckle
and hot dogs in the air, the collision of
ball and bat providing the soundtrack
for what might be the best job you
can imagine when you’re just out of
college. So what if this is low Class A
ball and the salary, if you can call
it that, is just $100 a week, cash?
Living this dream was Ryan McGee,
who has gone on to bigger things (he’s
a senior writer for ESPN) but who
returns, in “Welcome to the Circus
of Baseball,” to the time in 1994 when
he was an intern for the Asheville
Tourists of the South Atlantic League.
ALAN MARLER/ASSOCIATED PRESS

It is clear that, for him, to be young

was very heaven—or at least the
months he spent in North Carolina
were heavenly.

.
At the center of this luminescent

memoir is McCormick Field in Ashe-
ville, N.C. Babe Ruth, Lou Gehrig,
Hank Greenberg, Jackie Robinson and
Willie Stargell all took swings there,
either in their dress rehearsals for
the majors or in the barnstorming
baseball tours popular decades ago.
ly
BASE HIT Ted E. Tourist, mascot of the Ashville Tourists, at McCormick Field in Asheville, N.C., with a friend.
on
the level where the teams doctored players got their start. His chores Minor-league clubs worry about “how where it truly touches the hearts of
baseballs to make soiled or scuffed included washing the team uniforms to maintain a balance between the old the nation might be better off without
us ,

The stadium Mr. McGee remembers balls look new—not for competitive and sweeping peanut shells from ways of doing things, the very McCormick Field.” The spreadsheet
was “a circle of gray concrete, green advantage but to save money. The under the grandstand seats. methods that had gotten them all to approach, he thinks, is winning.
l
e
vines, and a kaleidoscope of adver- Asheville Tourists employed a char- Mr. McGee was spared the de- where they were now, and the newer, Over the course of his time in
al a

tising billboards, all wrapped around acter known as James the Mountain tergent and the broom but not much increasingly corporatized practices Asheville, Mr. McGee learned several
a diamond of a ballfield.” Man to scour the ground behind else. Beyond the meager pay, he seized that might very well be their only life lessons, not least how to make
ci on

Among a vast assortment of tasks, the outfield fence for balls—50 cents
Mr. McGee handled promotions—the for a clean one, 25 cents for a
stadium visit, for example, of Ronald pockmarked one. For him, it was a
McDonald—and took tickets at the living. Then there was Big Mike,
gate, making sure that he gave fans known to consume four hot dogs and
er s
on minor bonuses: saving a few bucks
by wolfing down scorched burgers
too damaged to sell in the concession
stands; scavenging uneaten hot dogs
from the umpires’ locker room; taking
chance of surviving in the future.”
(One can’t help noting that people in
the newspaper business face similar
problems and are trying to strike the
same sort of balance.)
snow-cone flavoring and how to unfurl
a 26,000-square-foot vinyl field tarp at
top speed ahead of a storm. But he
also learned a bit about human nature
and about the need for sports to retain

the ticket-half that included their seat a super-size Hawaiian Punch at the the daughter of the woman who ran —no, to cultivate—a sense of humanity
numbers. The Asheville Tourists were ballpark. For him, it was a snack. the Dairy Queen stand to the prom at a time when the accountants and
m er

part of Major League Baseball’s vast Over the years, many volumes have
proving ground—the minor leagues, conveyed the appeal of the minor
the “circus” in which young players leagues—Bob Ryan’s 1974 “Wait Till I
with talent and aspiration aim to move Make the Show” is one of the classics
m rp
after her date stood her up. No job
too big, no job too small.
The contrast between big and
small is the quiet subtheme of
The charms of a minor- TV executives are rounding the bases
in triumph but the fans are com-
league ballpark: scuffed plaining that the games are too long
baseballs, ‘free haircut (MLB is trying a pitch clock to remedy

up from one league to the next and,
eventually, if they are lucky, all the
way up to The Show, as the major
leagues are called. “We weren’t even
just the level where former college
—but because Mr. McGee’s focus is
the back-office grunt work and not the
players’ experience, his narrative has
a special allure. What is more, it
illuminates the humble realities of an
co Fo
“Welcome to the Circus of Baseball”:
the difference between the charm of
the ball yard in Asheville—where
attendance might soar to just over
1,000 spectators—and the impersonal,
day,’ a visit from Ronald that problem) and the batters strike
out too often.
McDonald. Evoking the shimmering green
of Asheville’s sunny diamond, Mr.
McGee’s chronicle is a celebration

players were working on the transition
from metal bats to wood,” Mr. McGee
writes of the Asheville team. “No,
we were the level where most of the
guys were living away from home for
the first time.”
They were at the level where one of
the promotions was “free haircut day.”
(The tonsorial chore was performed
atop the home dugout.) They were at
entire subculture of amateur sports,
including youth leagues. Many years
ago, I heard Dartmouth baseball coach
Tony Lupien—who had played for the
Red Sox, Phillies and White Sox in the
1940s—describe his life as a player,
manager and general manager of
the Jamestown Falcons and Corning
Independents in the old PONY League,
a place where promising teenage
n-
massive scale of, say, New York’s
Citi Field (home to the Mets), not to
mention the massive size of the TV
contracts and salaries. Minor-league
operators constantly struggle to keep
tradition alive and remain relevant,
a challenge made even greater after
the 2020 constriction of the minor
leagues that called for the elimination
of 42 teams. As Mr. McGee puts it:
It’s the threat to tradition that most
worries Mr. McGee, especially when
he sees beloved clubs in small towns
being eliminated by C-suite bean
counters. “Imagine someone with an
actual beating heart,” he writes, “who
claims to love baseball, looking at a
spreadsheet on a computer at a Fifth
Avenue Starbucks and deciding that
the national pastime in the very places
of baseball when it isn’t only the
greenbacks that matter. The circus of
baseball is still, despite all the
problems, the greatest show on Earth.
Mr. Shribman, former executive
editor of the Pittsburgh Post-Gazette,
teaches in the Max Bell School of
Social Policy at Montreal’s McGill
University.

EVER SINCE the days of the hometown Cleveland Cava- became a star as a two-way that has propelled many of
boxer Jack Johnson and the all- liers to the brink of an NBA tackle. East Tech routinely the lowly, including Hulk Hogan,
around great Jim Thorpe, sports championship, but “took his hammered local opponents André the Giant and Jesse Ven-
no

has been a kind of underground talents,” as he put it, to the and competed for the na- tura, to fortune and fame. Like
railroad to fame and its rewards Miami Heat, where he de- tional championship under the circus, pro wrestling had an
for those born on the margins of livered two titles in four coach Sam Willaman, who argot: “heels” (villains) and “baby-
American society. Their stories seasons while enraged Cav had played alongside Jim faces” (heroes), “marks” (gullible
are often poignant but always fans burned his jerseys. Thorpe on the pro Canton fans) and “smarts” (those onto the
inspiring, and a number of re- Then he redeemed himself Bulldogs. game). The whole production was
cent books tell them with verve. and Cleveland’s pride by re- When Willaman moved “kayfabe”—derived from old carny
LeBron James, the enduring turning to win the trophy on to coach at Iowa State word for “fake”—the fictional face
star of the Los Angeles Lakers, is there. His most recent stop University, he recruited Trice of pro wrestling, staged for the
the NBA’s all-time scoring leader, is Los Angeles, where he’s and some of his white star audience, the “marks.”
dethroning Kareem Abdul-Jabbar, won another championship teammates to play at Ames. Abraham Riesman, the lively
another Laker legend, earlier this and broken the scoring Already a married man biographer of Marvel’s Stan Lee,
year. That turns out to be one of record. Along the way, at 20, Trice joined the fresh- focuses this encyclopedic story
the less fascinating things about James won gold for U.S. man squad and competed in on the promoter and one-time
this magnificent athlete. James’s Olympic basketball teams, sold more with 7 to play, at the Shawnee the shot put with the track team. wrestling “heel” who, as the
epic success story exemplifies the than $340 million dollars’ worth Country Club in Pennsylvania. It was Next fall, he made varsity. In his billionaire majority owner and
hallowed but sparingly redeemed of Nike sneakers, married his first the high point of his seven-decade second game, against the University chairman of World Wrestling
American Dream. Now he has sweetheart and raised three children, career as a professional golfer, re- of Minnesota, Trice was decked by Entertainment, became a big
found his Alger in Jeff Benedict, and became an effective spokesman vered instructor, club designer— the Gophers’ fullback, then trampled buddy of Donald Trump. The bond
a sports writer and movie and for black athletes on social issues. the epitome of everything golfers by three other players. His injuries grew so tight that Vince and wife,
TV producer whose new biog- James might not be quite the para- love about their sport. He was triggered peritonitis, and he died Linda, donated millions to Trump’s
raphy, “LeBron” (Avid Reader, gon Jeff Benedict describes, but at routinely beaten off the tee, Mr. two days later, on Oct. 8, 1923. 2016 campaign and 45 named
531 pages, $32), is an absorbing 38 is plainly a man—and a super- Dechant writes, by Snead and many As the only black player on the Linda to his cabinet. The book
chronicle of talent, character, star—in full. other huskier pros. But Runyan’s team, Trice endured racial humili- traces Vince’s relentless longtime
pluck and luck. If LeBron James is a giant, Paul short game kept him among the ation. Indeed, “The Idealist” docu- crusade to drive out competitive
James’s mother, Gloria, was Runyan, the Depression-era golf leaders in tournament after tourna- ments lynchings of black men and promoters, his campaign to rid
just 16 when he was born; she champion, was “a peanut of a man,” ment, year after year. “David tees youths, and less lethal but perni- his “sport” of state supervision,
raised him alone in the slums of as he was once described. Fully off against Goliath,” wrote one of cious forms of racism, throughout and WWE’s troubles with dope
Akron, Ohio, often scraping by grown he stood 5-feet-6 and the press pack before that PGA the Midwest in the 1920s. Black and steroids. The lord of the rings
on food stamps in subsidized weighed 130 pounds. Runyan is little match. “Lawdy, the man ain’t hu- students and white allies at Iowa emerges as a Machiavellian figure;
housing. LeBron never knew remembered today except by golf man!” Snead exclaimed afterward. State waged an admirably tenacious he “retired” last year at age 76
his father, but he grew to be scholars, and that’s a shame. Like Jack Trice’s life story is far decades-long campaign to rename amid disclosures that he paid
a sports phenom, excelling at James, he escaped humble origins— shorter than the others—and ends the football stadium for Trice. The more than $12 million in hush
basketball and football from a dairy farm outside the spa resort in tragedy. As Jonathan Gelber tells eventual success of the drive gave money to women staffers he’d
middle school on. He forged a of Hot Springs, Ark.—and climbed it in “The Idealist: Jack Trice and Jack Trice—at least in retrospect— sexually harassed or coerced.
tight band of teammate pals, to the pinnacle of his sport. His the Battle for a Forgotten Football the recognition he’d earned as a Then he had to reimburse WWE
who remain his trusted circle into climactic victory over another Legacy” (Triumph, 256 pages, $28), pioneering black athlete. another $17.4 million, the cost of
his days as a billionaire athlete, country boy is told by John Dechant this grandchild of freed slaves from “Ringmaster: Vince McMahon its investigating his transgressions.
entrepreneur and philanthropist. in “Little Poison: Paul Runyan, Tennessee grew up in Cleveland in and the Unmaking of America” But he’s still in the game: Last
“LeBron” tracks his now Sam Snead, and a Long-Shot Upset the first decades of the 20th century (Atria, 452 pages, $29.99) isn’t ac- month he proposed legalizing gam-
20-year career as the only rival at the 1938 PGA Championship” and was already a muscular 6-footer tually about sports. It’s about what bling on scripted wrestling bouts!
to the NBA’s G.O.A.T., Michael (Nebraska, 281 pages, $32.95). as a high-school freshman. Young its subject dubbed “sports entertain- —Mr. Kosner was the editor of
Jordan. Drafted out of high Runyan (1908-2002) was just 29 Jack was also the only black on the ment”—professional wrestling, the Newsweek, New York, Esquire
school, James led his near- when he won that final round, 8-up school’s football team and quickly carnival of scripted pseudo-carnage and the New York Daily News.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C10 | Saturday/Sunday, April 1 - 2, 2023
‘Wet and cold will be his portion; but he will forget these trivial evils when he strikes the bass . . . the fish that he has been living for.’
YEARS AGO, I encountered a trove of peri-
winkles swarming a rocky beach in eastern
Long Island. Periwinkles are petite sea snails,
an invasive species you won’t see served up in
New York City bistros. But they are edible, and
since it would have been, I don’t know, ungrateful
to disregard my good fortune, I filled my pockets.
When I got home, I steamed them and tossed
them with butter. To eat periwinkles, you must
pick them out of the shell with a pin. One at
a time. They’re good, salty and kind of chewy,
but not an ideal food if you are hungry because
it takes forever to fill up on them. This is typical
of foraging: Unless you hit pay dirt with a
couple of pounds of plump porcini, eating from
the wild requires patience and commitment.
So why bother? Some people forage for
health reasons, under the mistaken notion that
wild food is more nourishing than the cultivated
kind, but most foragers do it because gathering
is such a pleasure. It feels good to be in the
woods or on the water, observing nature and
breathing oxygen-rich air. It may even affect our
brain chemistry. In animal models, discovering
hidden bounty causes the release of dopamine,
which in humans can lead to feelings of euphoria.
That’s a state of mind worth pursuing—though
things can go south if you misidentify a mush-
room and spend the next 48 hours in the bathroom.
For that reason, it’s important to stay humble
and recognize that foraging is also a skill.
The best way to learn is in the field, and now
that spring is here, the foraging community is
gearing up to hunt morels and ramps and fiddle-
head ferns. Mycological clubs (go to namyco.org
to find one near you) host forays, and many
botanical gardens and arboretums offer edible-
plant walks. You will need reference materials,
like apps (iNaturalist is a good one) and guide-
books. Regional guides are great for their par-
ticulars, but it’s the classics, by authors like
Euell Gibbons and Gary Lincoff, that are packed
with the facts that a novice requires, and the
foraging wisdom that otherwise might have
gone out with the tide.
This year saw the 50th-anniversary edition
of “Food for Free” (William Collins, 272 pages,
$32.99), by the British naturalist Richard Mabey,
which provides a wealth of detailed botanical
information and sassy stories about the use
and transport of plants around the Old, New
and ancient worlds. It boasts a glossy insert
m rp
co Fo
outlining the many wild foods that can be
“gathered, not caught,” as well as inviting
recipes for Corsican Chestnut Flan and Water-
Mint Chutney. “Food for Free” is U.K.-centric,
so habitat notes like “locally abundant on
heaths and moors” are, well, problematic. But no
matter; it’s still a gem, a primer for every picker.
Reference books reveal their singularity
by their parameters. “Mushrooming” (The
n-
Experiment, 231 pages, $24.95), by Diane
Borsato, is a merry, idiosyncratic guide, charm-
ingly illustrated by Kelsey Oseid. A sort of
collector’s journal of mushrooms and mush-
no
room-related experiences, the book has entries
on more than 60 North American species and
is punctuated with personal essays, including
one about Ms. Borsato’s foray into the
medicinal-mushroom world of New York’s
Chinatown. Among that community’s stars is
the supposed performance enhancer Ophio-
cordyceps sinensis, a fungal parasite that the
showrunners of HBO’s “The Last of Us” have
so creepily and fancifully employed.
Also just out is “Urban Foraging” (Timber,
234 pages, $20), a handsome handbook by the
herbalist Lisa M. Rose with austere color photos
by Miriam Doan. Since urban environments can
contain contaminants, Ms. Rose advises learning
your city’s industrial history by checking public
records. Sensible, but I don’t think I’d do all that
background work to collect a handful of scraggly
dandelions. However, if the book can help you
identify a few of the edible plants that grow
everywhere in America, including chickweed
and chicory, peppermint and purslane, it might
be worth it.
Ms. Rose knows that one of the most re-
warding aspects of foraging is that it helps you
develop a deeper relationship with your corner
of the world. That’s also the theme of the rav-
ishing memoir “Fieldwork” (Agate Midway,
329 pages, $27), by author and chef Iliana
Regan. The book explores the woods and river
around the author’s Milkweed Inn in Michigan’s
upper peninsula and evokes the fields and barns
of her Indiana childhood. It describes the staples
of her Polish mother’s kitchen (pierogi, borscht,
duck-blood soup) and her own inspired cooking
with forest herbs like sassafras, woodruff, sorrel
and sweet cicely. If Ms. Regan’s concoctions
sound like offerings or prayers—they do to me—
maybe that’s because at the end of the day,
foraging is about more than just food.
It’s about gratitude.
—Ms. Bone is a writer on science and food
whose recent books include “Microbia” and
the “Fantastic Fungi Community Cookbook.”
SPRING BOOKS
REEL TALK On the north jetty, Barnegat Inlet, N.J.; below, an angler’s dream.
Casting Away the Hours
on
us ,
Seasons of the Striper
l
e
By William Sisson
al a
Rizzoli, 223 pages, $55
ci on
BY RICHARD ADAMS CAREY
W
ILLIAM Sis-
son’s “Seasons
of the Striper:
er s
Pursuing the
Great Ameri-
m er
can Gamefish” is a hefty coffee-
table book, an addition to that
genre where the illustrations had
better be good—and in this book,
are they ever—and where the
text is often disposable. Here,
however, the prose might be even
better than the lavish, stunning
photographs.
“Striper” is shorthand for the
Atlantic striped bass (Morone sax-
atilis), an anadromous fish that
once spawned in nearly every estu-
ary on the East Coast, once so
plentiful that the explorer John
Smith claimed he could walk across
a river “dry-shod” on their backs.
Today its spawning is confined
largely to Chesapeake
Bay, whence schools
of stripers migrate
each spring to feeding
grounds up and down
the coast. Mature fish
aged 4 to 6 years aver-
age between 5 and
15 pounds, though a
striper can live up to
30 years and grow to
more than 100 pounds.
To a sports fisher-
man, no other species
on the East Coast pro-
vides a striper’s com-
bination of beauty,
power, savvy and size.
“Casting menhaden
bait for striped bass
from the rocky shores
of bays, estuaries, and
islands along the Atlantic coast,”
wrote the artist and sportsman
Genio C. Scott in 1869, “constitutes
the highest branch of American
angling.”
Mr. Sisson—a veteran journalist
and the founding editor of Anglers
Journal magazine—was born to
this branch. He grew up in mid-
century Watch Hill, R.I., at a time
when “Swamp Yankee” watermen
—like his grandfather—still domi-
nated the harbor and fished the
bays and estuaries for money.
The author’s father, a storekeeper,
introduced him to fishing, and an
uncle led him to stripers.
His first striper? The author
remembers thousands of fruitless
casts from the rocks near the
Watch Hill lighthouse. “Back then,
casting the hours away felt a bit
like sitting beside my parents in
St. Clare Church, murmuring
prayers. Plenty of rote and repeti-
tion without anything ever hap-
pening. . . . Was anything actually
out there? One September after-
noon after school, a message
finally came screaming back from
the ether and cracked open my
world. That’s when a striper wal-
loped my green cedar popper.”
That walloping of his lure, and
many subsequent messages from
the ether, constitute spots of time
in Mr. Sisson’s angling life, and in
essays that range through subjects
such as the seasons, old Watch
Hill, fly fishing, surf casting, fish-
ing at night and his fishing part-
ners. He describes a fall evening
with a school of stripers packed
into a cove and a 20-knot wind
trying to worry his boat into some
looming boulders. The wallops
came hard and only seconds apart.
“We hooked no monsters, but the
stripers were aggressive travelers,
full of October and the dark, gusty
night. . . . The endorphin rush
lasted into the next week. I’ll re-
member the wind, the surf, and
the quick takes for as long as I am
able to retrieve memories. How
many of our fleeting days can you
say that about?”
What is cumulatively most mov-
ing in the essays is this aging
sportsman’s lengthening awareness
of those fleeting days. These spots
of time and their retrievable mem-
ories—“nursing-home fish” is the
phrase coined by another angler—
provide one way to stop the clock.
Another involves the irrelevance of
time to the pursuit itself. Out on
the water, you’re off the clock,
beyond the grasp of linear chron-
ology, subject only to the cyclical
turns of the weather, the feeding
periods, the tides. You spend what-
ever time the fishing takes. You
might cast from the same breakwa-
ter you did 50 years ago as a child,
and in sand your boots might be
nuzzled by horseshoe crabs, a spe-
cies 400 million years old. Time
slows, grows leisurely and, at the
first jolt of a strike, snaps to a halt.
Yet Mr. Sisson is also pierced
by time, impaled on its horns. He
grieves for the boy, full of dreams,
“young and eager and lonely,” that
he once was; for the lost world of
those Swamp Yankee watermen,
that era when youngsters like him
learned to fish off the harbor dock:
“Today, a kid couldn’t fish off the
* *** THE WALL STREET JOURNAL.
ly
dock if he wanted to. A gate blocks
the entrance, and a sign prohibits
both fishing and any access at all
unless you’re a boat owner or the
guest of one.” The partners who
assuage his loneliness are “spry,
eager, and hungry” only as he
remembers them from years ago,
and November arrives with dark
portent: “You sometimes feel the
end of the season pouring down
your collar and passing through
your soul like a cold omen.”
Which is why he casts or trolls
all through the seasons, April
through November, and all through
the nights, vowing—like Warren
Zevon—to sleep when he’s dead.
“We burn the proverbial candle
until it is a puddle of hard wax,
knowing deep down that it won’t
last forever.”
Will this glorious fish last
forever? Like most parishioners
“in the church of striped bass,”
Mr. Sisson practices catch-and-
release, and only in his last essay
does he talk about striper mortality
and numbers. In the big picture,
this fish represents a rare success
story in fisheries conservation.
In the 1940s, as water quality in
the Chesapeake declined and
striper numbers dwindled, groups
of sport fishermen mustered the
political muscle to ban the netting
of bass by commercial fishermen in
New England waters—which is
why sweet, delicate filets of this
fish are available only in the occa-
sional restaurant, and not in super-
markets. In the 1980s, with num-
bers dipping again, the Atlantic
States Marine Fisheries Com-
mission renewed that net ban, en-
forced a temporary moratorium
and then set up a framework for
annual quotas, the great bulk of
which belong to sportsmen.
Commercial fishermen are no
less anxious than sportsmen for
our fish stocks to be healthy and
sustainable—more so, arguably.
Sportsmen don’t pay mortgages
on houses or boats with what they
catch, and this, historically, has
made commercial fishermen better
at fisheries conservation. Striper
numbers surged in the 1990s.
—R.B. ROOSEVELT, 1865
TOM LYNCH (2)
.
Quotas climbed and then stocks
dropped again.
Slimmed-down quotas and new
size regulations are probably on
the way to restoring order, so long
as habitat remains viable for
spawning in the Chesapeake. All
those fish eggs are in one vulnera-
ble basket, however, and Mr. Sisson
also grieves for that fecund, teem-
ing world John Smith saw: “When
the fall run is in high gear, and I
am surrounded by a thousand
screaming gulls and acres of break-
ing bass,” Mr. Sisson writes, “I
sense the bounty that was com-
monplace along these shores four
hundred years ago.”
I doubt, though, that he could
have had any more fun than he’s
had. A fisherman—or hunter—is
radically immersed in what Henry
Beston called “the incomparable
pageant of nature and the year.”
Such stalkers exert an engagement
with the elements that far outstrips
that of the casual cruiser or hiker.
They pursue their quarry with an
atavistic mindfulness that also lays
bare the pervasiveness
of beauty: “The late-
day sun fashions short-
lived rainbows in the
spray blowing off fili-
greed wave tops, trans-
forms the wave faces
into translucent green
windows, and renders
in pearly white the
foam rushing up the
beaches. A block-tin
jig resting in my open
palm resembles an
old oil painting in this
splendid light. The
scratched silver body
reflects the rich autumn
glow and leaves the
red thread and white
bucktail glistening.”
The photographs,
most of them by Tom Lynch, cap-
ture the length and breadth of such
beauty with imaginative use of
light, angle and depth of field. The
images almost feel wet to the touch.
The pages almost smell like salt.
Mr. Sisson’s prose is at once
plain-spoken and ecstatic, charged
with the rough poetry of the sea.
He admits that his life’s passion—
obsession?—has had its costs, been
exercised “sometimes at the ex-
pense of family and work.” But
even when the stripers are small
and biting “without conviction,”
he remains “at peace in this famil-
iar little corner of the world illu-
minated so softly by the oyster-
shell light streaming off the moon.
Content with everything I have
been given. No other boats, no
other fishermen to watch over my
shoulder. Moon, tide, plenty of fish,
and a friend.”
Mr. Carey’s books include “Against
the Tide: The Fate of the New
England Fisherman” and “The
Philosopher Fish: Sturgeon, Caviar,
and the Geography of Desire.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
‘The battle for conservation must go on endlessly. It is part of the universal warfare between right and wrong.’
California Dreaming
Guardians of the Valley
By Dean King
Scribner, 435 pages, $30
BY GERARD HELFERICH
Y
OSEMITE NATIONAL
Park was conceived on
a starry night in June
1889, around a campfire
in Tuolumne Meadows,
about 15 miles northeast of Yosemite
Valley. John Muir, the preservationist
and author, and Robert Underwood
Johnson, his editor at the Century
magazine, were mulling how to pro-
tect the California region’s inimitable
vistas, when Johnson suggested that
Congress designate the area a national
park, as it had Yellowstone 17 years
earlier. Muir and Johnson’s collabora-
tion, launched that night, would not
only lead to the founding and impas-
sioned defense of the park, but prove
a watershed in the American environ-
mental movement. “By this campfire,”
Dean King writes in “Guardians of the
Valley,” the story of their partnership,
“Muir and Johnson began a conver-
sation that would profoundly impact
the way America preserved its most
precious landscapes.”
For the 51-year-old Muir, the Yo-
SEPIA TIMES/GETTY IMAGES
semite trek was a homecoming after a
seven-year absence, to a place he knew
intimately and worshiped fervently.
For Johnson, 15 years younger, the
visit was an astonishing introduction
to what he called “the wildest region
ever haunted by the God of Silence.”
Both men saw a land in desperate need
of protection and renewal. In 1864,
Abraham Lincoln had granted Califor-
nia the 7-mile-long, nearly mile-deep
Yosemite Valley and the nearby Mari-
posa Grove of giant sequoias, to pre-
serve them “for public use, recreation
and enjoyment, inalienable for all
time.” But 25 years along, the area and
the federal land surrounding it had
been degraded by dumping, logging,
plowing, grazing and other insults.
Returning home—Johnson to
New York City, Muir to Martinez,
northeast of San Francisco—the men
opened their campaign for the creation
of Yosemite National Park. The well-
connected Johnson lobbied his con-
tacts in Congress and wrote two letters
for his influential magazine extolling
the region’s marvels and arguing for
their preservation. Privately, he also
suggested that Muir found “an associa-
tion for preserving California’s monu-
ments & natural wonders.” Muir even-
tually took the advice, and in May 1892
he would be elected first president of
the Sierra Club, which would become
an essential ally of Yosemite and
other wild places as well as the na-
tion’s largest and longest-lived grass-
roots environmental organization.
Muir was already writing finely
observed, evocative nature pieces for
publications such as Harper’s and the
New York Tribune. In August and Sep-
BIRDS DO IT, bees do it, even
fleas—regardless of education—
do it. Walk, that is. Putting one
no
foot in front of another has
long been a popular form of
locomotion, even for creatures
with other options. But only
humans, with our ability to
scrimshaw meaning onto the
most mundane activities, turn
walking into an occasion for
pious celebration. In his 1862
essay “Walking,” Thoreau wrote
that “every walk is a sort of a
crusade”—a mission to reconquer
nature “from the hands of the
infidels.” Ever since, some people
have been tempted to take this
grandiosity too much to heart,
extolling mere walking as a
radical act of resistance to
the corruptions of society.
Walking really is beneficial,
of course. The rhythmic lull of
a steady gait soothes worries
and stimulates thought. You see
things you otherwise wouldn’t,
unshielded by speed from the
world’s particularities. If you
believe its boosters, a good stroll
brightens the mood as much as
whatever Cole Porter was singing
about. “I have two doctors,” the
historian G.M. Trevelyan wrote in
1913, “my left leg and my right.”
In 2014 Frédéric Gros
published the charming mini-
treatise “A Philosophy of
Walking” (Verso, 258 pages,
$19.95), an updated edition of
which will appear this summer.
He noted how a long walk inverts
the relationship between outside
and inside: Normally, life happens
inside, while outside is only an
interlude. That simple impulse
to get outside and experience
* * * *
CATHEDRAL Yosemite Valley, Calif., ca. 1892.
on
tember 1890, he published a pair of
articles in the Century describing the
park-to-be, including his landmark
us ,
“The Treasures of the Yosemite,” a
rapturous tour studded with religious
l
e
imagery. For Muir, Mr. King writes,
al a
“Yosemite was the cathedral. Royal
Arches, El Capitan, and Half Dome its
ci on
architecture, the falls its holy music.
Salvation lay here for those who
sought it.”
Muir and Johnson’s campaign gal-
vanized the public and Congress, and
er s
on Oct. 1, 1890, a little more than a
year after the fateful camping trip,
m er
President Benjamin Harrison signed
Yosemite into existence as the nation’s
third national park. It encompassed
more than 1,500 square miles, but the
m rp
park didn’t include Lincoln’s 1864
cession to California. Not until 1905
would the state finally be persuaded to
return Yosemite Valley and the Mari-
posa Grove to the federal government,
co Fo
creating a unified national park. “Yes,
my dear Johnson,” Muir wrote his
friend on receiving that news, “sound
the loud timbrel & let every Yosemite
tree & stream rejoice. . . . The fight you
planned by that famous Tuolumne
campfire seventeen years ago is at last
fairly gloriously won.”
Like an experienced trail guide,
Mr. King, author of several nonfiction
n-
the world lies behind
Neil King Jr.’s “American
Ramble: A Walk of Memory
and Renewal” (Mariner,
354 pages, $32.50), a
chronicle of a three-week
saunter from Wash-
ington, D.C., to New York.
In March 2021, Mr. King,
a 60-something former
reporter for this newspaper,
was flush with relief at
having overcome cancer
but wearied by political
turmoil and the pandemic.
He wanted to “dip into the
deep pockets of our national
memory” by surveying the country,
and to “root my views of the world
in what I encountered step by step.”
He set out from his home on
Capitol Hill with little more than
a laptop, some notebooks and a
collapsible fishing rod, bound for
the Ramble, a mock-forest devised
by Frederick Law Olmsted as part
of his design for Central Park. His
zig-zag route tacked toward historic
sites, illustrious and not: the camp
at Valley Forge; neglected African-
American graveyards; the Penn-
sylvania hometown of President
James Buchanan, “a dullard and
a moral coward” who was soft on
slavery. Everywhere he chats about
the past with mayors, historians
and deep-rooted locals.
But the most gripping scenes
are set amid the living variety of
21st-century America. In a hamlet
northeast of Lancaster, Penn., he
comes across a schoolyard full of
Mennonite children playing soft-
ball, the girls’ competitive zeal un-
hindered by long, flowing dresses.
Mr. King is enchanted by this mix
of worldly and unworldly, and even
SPRING BOOKS
books of history and adventure, takes
time to linger over remarkable land-
scapes, recount revealing anecdotes,
and take worthwhile detours into sub-
jects ranging from Muir’s explorations
outside Yosemite to his celebrated
1903 ramble there with Theodore Roo-
sevelt. Yet, as Mr. King makes clear,
preservationists didn’t have long to
celebrate before one of the park’s most
stunning features, Hetch Hetchy Valley,
located some 40 miles northwest of
Yosemite Valley, came under threat.
For decades, San Francisco had
searched for a new source of water for
the growing city. And Hetch Hetchy
(the name may derive from the Miwuk
term for a type of wild grass) was
ideally suited for a reservoir, favored
with a wide floor and sheer granite
walls. In 1901, the city had applied
for permission to dam the valley’s
Tuolumne River, and Theodore Roose-
velt’s interior secretary, Ethan Hitch-
cock, had refused. But after the devas-
tating earthquake and fire of April
1906, San Francisco renewed its peti-
tion, arguing that the destruction
wouldn’t have been so catastrophic
if the city could have had access to a
more reliable supply of water.
Muir and his fellow preservationists
were outraged. “Dam Hetch Hetchy!”
Muir famously wrote. “As well dam for
more so by the stark hymns the
teens sing for him afterward, songs
of “the lifting of grief and a land
beyond of rich delight.”
At a landfill in New Jersey,
he climbs a mound of garbage
whose stratified bulk makes the
accumulation of years more visible
than any monument. “Where do
you figure we are right about here,
time wise?” he asks the site man-
ager; roughly 2006, the man replies.
On Staten Island, his walk nearly
done, Mr. King stays at a bed-and-
breakfast run by a winningly strong-
willed Polish émigré in her 80s who
trained as an architect. She frets
about the U.S. turning into a “com-
munist country,” forces him to
accept a ride and bids farewell by
complimenting his shapely legs.
Mr. King gleans no grand lessons
from his trek. There’s no national
story to be told, he concludes,
only an array of “fragmentary
and slippery” histories. “There is
ugliness, but also beauty in the
ugliness.” At times he slips into
corny folksiness (a Pennsylvania
vista “made me let out a holler and
Saturday/Sunday, April 1 - 2, 2023 | C11
water tanks the peoples’ cathedrals
and churches, for no holier temple has
ever been consecrated by the heart of
man!” The water war, considered the
country’s first major environmental
battle, would rage through three presi-
dencies. In the end Muir’s eloquence,
Johnson’s clout and the mobilization
of the Sierra Club, the Appalachian
Mountain Club and like-minded groups
fell short. On Dec. 19, 1913, President
The establishment of
Yosemite National Park
was a watershed in the
American environmental
movement.
Woodrow Wilson signed the law au-
thorizing the dam. Hetch Hetchy Valley
was flooded 10 years later, and in Octo-
ber 1934, the Tuolumne’s waters finally
flowed into the basins and bathtubs
of San Francisco.
Mr. King’s blow-by-blow retelling
of the Hetch Hetchy struggle, with its
in-depth accounts of political maneu-
vering and lengthy quotations from
governmental hearings, may provide
more detail than some readers desire.
do a little dance”) and
Thoreauvian renunciation
(“Better an actual sunflower
than the painting of a sun-
flower”). But if the notes
are sometimes strained,
the melody can be stirring.
The British writer James
Canton walks for a quieter
form of communion in
“Grounded: A Journey
Into the Landscapes of
Our Ancestors” (Harper
One, 258 pages, $28.99).
Drawn to places where “a
sense of calm . . . seemed
to seep from the earth,” he
plies the landscape for spots—sites
of worship, burial mounds, a jumble
of animal bones that marks the ap-
parent spot of a Neolithic feast—
that offer “some shiver of contact”
with prehistoric people. His idea
is that there are continuities of
experience even across millennia
of human development, that it’s
possible to stand on a patch of
ground and tune into timeless
frequencies. Christian churches
in Britain, Mr. Canton notes, are
often found to be built on sites
that were pre-hallowed by pagans.
“By stepping into the places where
humans in the past have experi-
enced the most profound feelings,”
he suggests, “we can better know
ourselves.”
There is a haziness to this
project; it’s difficult to know
much for sure about the distant
past. To his credit, Mr. Canton is
forthright about the limits of his
interpretations, as well as gently
funny. He catches himself ponder-
ing too deeply on the motorway—
“To delve into the Neolithic mind
while driving risked a ticket”—
—JO H N MU IR
.
ly
But in other chapters the leisurely
pace serves his story well. Written
with polish and feeling, “Guardians of
the Valley” is a rich, enjoyable excur-
sion into a seminal period in environ-
mental history.
Despite the unsuccessful struggle to
save Hetch Hetchy, Muir, with charac-
teristic optimism, took solace in the
fact that “the people are now aroused.”
The comment proved prescient, be-
cause by uniting thousands of citizens
and dozens of organizations in a grass-
roots battle to save a remote mountain
valley, Muir and Johnson helped to
forge a nationwide movement. And by
underscoring the need to preserve our
unique natural spaces, the loss of an
irreplaceable treasure helped lead to
the establishment of the National Park
Service, the federal bureau created in
1916 to preserve the parks for future
generations. “While Muir and Johnson
lost the battle for Hetch Hetchy,” in
Mr. King’s words, “they belatedly won
the war for the national parks, which
continue to serve as a model for envi-
ronmental protection of wilderness
around the world today.”
Mr. Helferich’s most recent book
is the historical novel “Hot Time,”
published under the pen name
W.H. Flint.
and describes meeting in a dis-
concertingly noisy coffee shop
with a Buddhist master (who
recommends reading Thoreau).
At his best, Mr. Canton evokes
moments of vivid experience
with unshowy power, as when
he drops a coin into a stream for
good luck: “The votive offering
finds water and vanishes into
that other realm, suddenly gone
from being real and solid.”
Peter Wohlleben is a German
forester whose 2016 book “The
Hidden Life of Trees” helped
popularize the “wood wide web”
—the idea that trees can com-
municate through root con-
nections and airborne chemical
signals. In “Forest Walking:
Discovering the Trees and
Woodlands of North America”
(Greystone, 230 pages, $18.95),
he and his English translator,
Jane Billinghurst, have assembled
a handbook for walks among the
trunks. No need to stay church-
quiet in the forest, the authors
say; the small animals will ap-
preciate the warning, and the
more dangerous big ones will
be more likely to leave you alone.
The text glints with flashes
of sensory pleasures, like the
“chatter” of dry leaves or the
way that green-filtered glow
beneath a dense tree canopy
makes you feel underwater.
“As soon as you step into a
forest,” Mr. Wohlleben and Ms.
Billinghurst note, “you step into
a different space.” A walk might
not change the world, but it can
for a moment make it new.
—Mr. Farrington is a
former editor at Harper’s
and the Journal.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C12 | Saturday/Sunday, April 1 - 2, 2023
‘When the uncertain future becomes the past, the past in turn becomes uncertain.’
Strange Bewildering Time
By Mark Abley
Anansi, 287 pages, $17.99
BY DAVID MASON
J
OURNEYS TAKEN in our
youth inform the rest of
our lives—they are markers
of change in us as well as
in the world. In the spring
of 1978, a 22-year-old Canadian poet
named Mark Abley set out to travel
to Nepal from Oxford, England, where
he was a student on a Rhodes Schol-
arship. He would accompany a gradu-
ate student named Clare—as an ac-
quaintance, not a lover. They followed
the Hippie Trail, which stretched
from Western Europe to South Asia
and rose out of a countercultural phe-
nomenon influenced by writers like
Hermann Hesse, who called Asia “the
home and youth of the soul.” Figures
from Allen Ginsberg to the Beatles
had inspired thousands of young
people to sample the culture of India.
By taking the trail, Mr. Abley tells us,
“we enjoyed the luxury of contem-
plating the busy planet and our own
place in it, confident that jobs would
always be there for the taking, even-
tually, if we needed them.” Looking
back more than 40 years later, he
writes: “I was living in a foreign
country then. I don’t mean England:
I mean the past.”
PHILIP GAME/ALAMY
That telescoping vision gives
Mr. Abley’s book “Strange Bewilder-
ing Time: Istanbul to Kathmandu
in the Last Year of the Hippie Trail”
an unusual resonance. There are
other wonderful books about Asian
journeys by writers from Eric Newby
to Peter Levi and William Dalrymple,
but Mr. Abley’s story is simultane-
ously immediate and retrospective.
The journals he kept during his trav-
els offer scenes of vivid detail, while
the distance traveled in time allows
him to see ironies his 22-year-old
self could not have fathomed. The
past was a strange, bewildering time
—but time itself is strange and be-
wildering. Nearly everything he saw
on his travels through Turkey, Iran,
Pakistan, India and Nepal has since
been remade by war, revolution or
natural disasters.
The young Mr. Abley travels
through southeastern Turkey in rela-
tive ignorance of the Kurdish separat-
ists living there, and only later learns
about the Armenian Genocide of 1915.
His glimpse of Iran’s shah in 1978
can be seen through his memories of
the moment and also in light of the
revolution less than a year later, when
the leader was deposed and replaced
by a theocratic Islamic state.
Mr. Abley’s story is personal but
not narcissistic, because it takes in
the ramifications of change: “Can
kindness survive ideology? How can
religions avoid being twisted into
WE LIVE IN whiplash times.
Things are great! Things are
a mess! We’re turning a corner!
We’re headed for a ditch! Un-
no
predictability is the constant.
With such a slippery grip on the
vagaries of modern life, a home-
made meal is a promise of
comfort and calm.
But a homemade meal repre-
sents overhead—time, money,
attention, effort. It takes doing.
Five new books are here to help.
Each is steeped in culinary prac-
ticality, mixing vibrant ideas with
sharp real-world strategies to
remind you: Cook. It’s worth it.
So-called seasonal cooking
has been unfairly washed with
a patina of twee in recent years,
but for most of history, all cooking
was seasonal cooking. If it was
ripe in the field or abundant in
the stream, you ate it, and that
was all you ate—out of season
meant out of reach. But a spare
pantry sparks a sense of economy
and a creative determination to
coax every bit of flavor and
nourishment from the ingredi-
ents you have. This point of view
drives “Cucina Povera” (Artisan,
313 pages, $35), which author
Giulia Scarpaleggia defines as
“peasant cooking.” She recalls
her Tuscan grandmother’s home,
where “any leftover pieces of stale
bread were religiously collected in
a cotton bag that hung behind the
kitchen door, to become the basis
of a stuffing for green peppers,
a topping for roasted vegetables,
or, in summer, panzanella.”
Ms. Scarpaleggia’s “waste-not”
approach and pristine recipes
lead to dynamite Italian flavors.
One springtime highlight: Vigna-
rola, a verdant, earthy vegetable
Happy Trails
on
ON THE ROAD East of Erzurum, Turkey, bound for the Iranian border in 1974.
vehicles of hate? What are the re-
us ,
sponsibilities that come with privi-
lege? Above all, how can cultures sur-
l
e
vive—how can people live—if they
al a
leave the natural world in ruins?”
“You’re taking an awful lot of
ci on
notes,” Clare says to him early in
their travels. What writers who keep
notebooks miss in immediate experi-
ence they partially reconstruct later
on. Mr. Abley does so with genial wit.
er s
From the opening of his chapter on
Iran: “A minibus, a minibus, a mini-
m er
bus, a minibus, and finally we reached
Tabriz.”
His prose acquires a quieter elo-
quence than we might find in writers
m rp
like Bruce Chatwin and Patrick Leigh
Fermor. It’s not Canadian politeness
so much as a mature man’s modesty,
sometimes punning on popular cul-
ture—“freedom’s just another word
co Fo
for less and less to wear”—or allud-
ing to great poetry, as they cross the
Bosphorus, “dreaming of what was
past, and passing, and to come.”
What was to come would not often
comfort. Musings on the shah’s auto-
cratic rule lead to descriptions of
a royal dinner at the ruins of Persep-
olis, where “Princess Anne is said to
n-
stew of artichokes, fava
beans, peas and romaine
lettuce, just the thing to do
with produce that’s a day or
three past its prime. Serve it
with her Frico Friulano, a
potato cake laced with cheese
that emerges from the pan
with mesmerizing crisp edges
begging to be nibbled while
standing at the counter—
the ultimate cook’s treat.
The assiduously sculpted
recipes in Maya Kaimal’s
“Indian Flavor Every Day”
(Clarkson Potter, 239 pages,
$28) promise not only a
kitchen filled with captivating
aromas and delicious food, but a
suite of transformative techniques
to bolster a home cook’s roster
of skills—for example, tarka, the
process of sizzling whole spices in
oil to amplify and distribute their
flavors, resulting in a much bigger
bang for your spice-rack buck.
Use it as instructed with Ms. Kai-
mal’s recipes, or take it on the road.
“My wish is that once you have the
ingredients and get a feel for the
tarka technique,” she writes, “you
can embark on your own adventures,
applying an Indian touch to any of
your favorite ingredients or meals.”
Meat and seafood are present
here (as in the invigorating Red
Chili Shrimp, rich with garlic, fennel,
coriander, chilies and curry-leaf
tarka) but vegetable dishes carry the
book. A recipe for Gingered Brussels
Sprouts with turmeric, cayenne and
lemon spins the ubiquitous sprout
in a delightful direction; another, for
Roasted Asparagus with Tamarind
and Crispy Shallots, fairly screams
spring. Next to a stack of Ms. Kai-
mal’s stovetop Garlic Naan, it may
be all you need for lunch.
SPRING BOOKS
have remarked, ‘I’ll never eat another
peacock.’ ”
If history is a record of nearly
ceaseless violence, Mr. Abley avoids
sensationalism, often conveying the
brutality of events by what is left un-
said. In the Iranian city of Bam, he
and Clare stroll “through the after-
noon heat to the old city . . . unaware
of its origins, its architecture, its
abandonment. Nor did we realize that
Lotf Ali Khan, having survived the
long siege of Kerman” in 1794, “was
captured here by Agha Mohammed
Khan’s soldiers. The grotesque tor-
tures he suffered . . . But no, why go
on? There are tales of cruelty so
extreme, it serves no purpose to re-
peat them.” Past horrors are juxta-
posed with the paranoia of life under
the shah when Clare and Mr. Abley
encounter an Iranian student named
Rais. “ ‘Can you tell me,’ he asked,
‘about a book named “One Thousand
Nine Hundred and Eighty-Four”?
I have heard it is about Iran.’”
The travelers enter Pakistan on a
train full of smugglers transporting
everything from toasters and laundry
soap to cases of liquor. A Marxist
coup in Afghanistan (which would
Abi Balingit, in her thrilling
“Mayumu: Filipino American
Desserts Remixed” (Harvest,
278 pages, $40), relates a reality
familiar to city dwellers everywhere:
small, cramped and sometimes
crowded kitchens. But even when
real estate doesn’t cooperate, Ms.
Balingit says, cook anyway. “While
living in tiny apartments and making
do with even tinier kitchens has been
less than ideal, it’s still possible to
create fantastic desserts in them,”
she writes, and “Mayumu” offers
ample proof.
Try Ms. Balingit’s Matamis na
Bao Alfajores, delightfully crumbly
shortbread sandwich cookies filled
with matamis na bao, a thick, easy-
to-make coconut-milk jam with
a dulce-de-leche texture and an
intense caramelized coconut flavor.
Or turn to her sweet-salty-sour
Pacific Beach Pie, an answer to
North Carolina restaurateur Bill
Smith’s famous Atlantic Beach Pie.
This ebullient version uses frozen
calamansi juice and SkyFlakes
cracker crumbs. It is dead-simple
to assemble, and the returns are
showstopping.
* ***
— M O H S I N H A M I D, ‘M OT H S M O K E ’
ly
soon be followed by the Soviet in-
vasion) means that one part of Mr.
Abley’s planned journey must be
scrubbed. The heat rises. He and
Clare become increasingly aware of
poverty and crowds: “Men and boys
stretched across makeshift beds on
the pavement. Others huddled mo-
Many travelers along the
Hippie Trail were keen
to change the world.
Turns out the world
was changing them.
tionless, without beds, on the pave-
ment.” The lack of privacy feels in-
creasingly suffocating as they enter
India. Everywhere Clare is harassed
and groped by men. The global prob-
lem of misogyny dawns on the young
Canadian male, who feels helpless be-
fore it. He considers the “monumental
arrogance” of Westerners thinking
they were discovering the world, their
egos flattered by the suffering of
others. “So many God-hungry over-
Ms. Balingit’s book reads
like an enthusiastic, upbeat
manifesto: Cook where you
are, no matter where you
are. Stay organized, pay
attention and exercise pa-
tience. You’ll achieve some-
thing worth celebrating.
The rough and windswept
Hebrides islands off the coast
of Scotland aren’t often on
the list of culinary hotspots,
given a short growing season
and long history of scarcity.
But as Coinneach MacLeod
writes in the introduction
to “The Hebridean Baker”
(Sourcebooks, 245 pages, $28.99),
this land of gnarly, intertwined
Gaelic and Norse roots is “a larder
like no other.” Mr. MacLeod’s ex-
uberant, cheeky enthusiasm for a
cooking culture that leans on tight
community bonds and defiant good
humor is contagious. He’s having fun.
Mr. MacLeod plays the hits—
shortbreads, oat cookies, treacle tarts
and tattie scones—but it’s the deep
cuts that really shine. Take Aunt
Bellag’s Duff, a rustic, soulful steamed
pudding (move over, sticky toffee),
or take Scottish Tablet, a traditional
bite-size (er, wee) candy that sits
somewhere on the family tree of
fudge. Both take focus to make,
but overdeliver on the wow factor.
For a simpler springtime bake,
turn to Mr. MacLeod’s punchy one-
bowl Rabarbrakake—rhubarb cake
with cardamom, raspberries and
almonds. Be sure to save a slice
for breakfast the next morning.
The flavors intensify as it sits.
“Leftovers” is a loaded word,
frequently responded to with
scrunched noses and a beeline to the
junk-drawer stash of takeout menus.
Tamar Adler, in “The Everlasting
THE WALL STREET JOURNAL.
.
landers poured into India that, for a
while, the demand for enlightenment
far exceeded the supply.” He relates
the near-disappearance of Buddhism
from the country of its origin (in favor
of Hinduism and Islam), and finds
deep irony in its slow return. When
India detonated its first atomic bomb
in 1974, Indira Gandhi “received a
coded message from the Rajasthan
desert, assuring her of success: ‘The
Buddha has smiled.’” Toward the end
of their journey, the young travelers
even have a brief conversation with
Mrs. Gandhi. Six years later she would
be assassinated by her Sikh bodyguards.
This is a journey of disillusion-
ment, but, Mr. Abley hopes, not one
in which all ideals are lost. “Many of
the travellers were keen to change
the world,” he writes. “We would
discover, sooner or later, that the
world was changing us.”
The blessing of this book is that
Mr. Abley’s curiosity and compassion
were not lost along the way.
Mr. Mason is an American writer
living in Tasmania. His latest book
is “Incarnation and Metamorphosis:
Can Literature Change Us?”
Meal Cookbook” (Scribner,
537 pages, $35), challenges us
to change our minds. Leftovers,
she reminds us, are the genesis
of countless familiar favorites,
like “ribollita and French onion
soup, bouillabaisse, minestrone,
arancini, rice pudding, fried rice,
cider vinegar, and dumplings and
bone broth and, and, and. All of
those and more are products of
the ancient happy marriage of
economy and pleasure.”
What follows is an ency-
clopedic guide to using what
you’ve got. Overripe avocado?
Here’s a simple breakfast
smoothie. Unused carrot peels?
Here’s how to fry them to a crisp
for throwing over salad or soup.
Tortillas past their prime?
Chilaquiles for lunch. She even
has a plan for an empty peanut-
butter jar, which of course is
never really empty: Add hot
water, garlic, fish sauce, lime
juice, sugar, salt and chilies, and
shake. Toss with cooked noodles,
chopped vegetables and peanuts.
Dinner, done.
Ms. Adler’s ideas are more
suggestive than prescriptive, and
her tone is generous in a specific
way: She believes in your common
sense, dear reader, and expects
you to bring it to bear. After all,
she acknowledges, it’s a fool’s
errand to write a recipe calling
for a specific measurement of left-
over mashed potatoes: How can
Ms. Adler know how much day-
old mash you have in the fridge?
Think about ratios, she suggests,
“and make decisions accordingly.”
—Mr. Shaw, the former editor of
Cook’s Country magazine, is the
author of the young-adult novel
“When You Call My Name.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | C13

SPRING BOOKS
‘Nothing is too long or too short either if you have a true and interesting tale and what I call a “graphic” writing style.’ —MAT TIE ROSS , IN ‘ TRUE GRIT’

He Heard America Talking

Charles Portis: Collected Works
Edited by Jay Jennings
Library of America, 1,096 pages, $45
BY KATHERINE A. POWERS

C
HARLES PORTIS (1933-2020),
author of five novels and some
occasional pieces, is best known,
if known at all, as the author of
“True Grit” (1968), his second
novel and the basis for two successful movies.
Over the decades he has gained devotees of
almost evangelical fervor, but except for
“True Grit,” his books never entered the
mainstream—and even that one was out of
print for years. Though not a recluse, Portis
did shun interviews, presenting the sort of
mystery that surrounds many of his own
characters. His brief memoir, “Combinations
of Jacksons” (1999)—its title misquoting
Lincoln’s “Proclamation on State Militia”
with an inside joke—never gets out of his
boyhood, though it does present portraits
of his forebears, including his maternal
grandfather and paternal great-grandfather,
both of whom fought for the Confederacy.
Born and raised in southern Arkansas,
Portis was very much a man of the South
himself, notably in his acerbic view of
Northerners and their idea of the region.
PARAMOUNT PICTURES/PHOTOFEST

In the Yankee mind, as expressed by one of

the characters in “Masters of Atlantis” (1985),
“Dixie” was populated by rough, unsavory
customers, “eating their yams and pralines
and playing their fiddles and dancing their
jigs and guffawing over coarse jokes and

.
beating one another to death with agricul-

ly
tural implements.” In the memoir Portis
advances his own theory, that the “post- INSPIRED Charles Portis on the set of the 1969 film ‘True Grit,’ with John Wayne, in his Oscar-winning role of Rooster Cogburn, behind him.
bellum movement into the South of all the
pale cranks in the Midwest, similar to one
of those sudden squirrel migrations in the
woods, has been overlooked, I think, as a
source of some of the weirdness to be met
on
hand, presents a raw, elemental 19th-century
Arkansas and Indian Territory, where 14-year-
old Mattie Ross is hot to bring her father’s
killer to justice. In her righteous, Bible-infused
Norma, has left him for Guy Dupree. The
pair drove off in Midge’s Ford Torino leaving
Dupree’s Buick Special “standing astride a
red puddle of transmission fluid.” Midge
ancient wisdom of Atlantis. This has been
recorded in the Codex Pappus, which, along
with a conical goatskin cap, Jimmerson
acquired as a young soldier from a wandering
us ,

with in our region.” way of speaking, she’s as American as Prohi- tracks them down through Mexico to Belize, grifter in Europe after World War I. Lamar
After finishing high school Portis appren- bition and capital punishment. In Portis’s along the way picking up Dr. Symes, a man and his adepts establish a temple in Indiana
l
e
ticed as an auto mechanic and sold auto parts hands, this makes her inadvertently funny with a checkered past and a lot of big ideas, with satellites or “pillars” elsewhere. But there
al a

—thus the prevalence of cars in his work, when up against the failings of the men she including setting up “Jefferson Davis Land”— is trouble: a usurper, a schism, a renegade
among them “a rat-colored 1952 half-ton has recruited, Rooster Cogburn’s dissipation where he’d play Davis and “every afternoon sect, defections and decline, all culminating
ci on

Studebaker pickup,” the hero of his essay and Ranger LaBoeuf’s vanity. “Gringos” (1991),
“An Auto Odyssey Through Darkest Baja.” Portis’s last novel, less festive than the others,
Portis joined the Marines during the Korean is set in Central America and peopled by con-
War, and after his discharge in 1955 he went gregations of archaeologists, opportunists,
to college and took up journalism. He wrote seekers and thugs down from the States
er s
at three Lee would take off his gray coat
and wrestle an alligator in a mud hole.”
Like many of Portis’s characters, Symes
lives in his own world of blather, carrying
on conversations on his own terms—as
in a “historic flight south” to Texas and a
new temple (a mobile home), and a hearing
before a Texas Senate committee. It is almost
impossible to describe this extraordinar novel
without making it sound tiresomely wacky,

for Southern newspapers and, later, the New pursuing their professional, commercial, when Midge admits that he’s never been but its humor is controlled and deadpan,
York Herald Tribune, where eventually he spiritual and brutish callings. in the military: and the most dramatic developments have a
m er

covered the civil-rights movement across the All five novels are road novels and pay
South. In 1963, he became the paper’s London close attention to their characters’ personal
bureau chief, but quit the next year, moved foibles—which are far more important than
back to Arkansas, disappeared into a rented plot. In “Norwood” we have Norwood Pratt,
m rp
hominess that cuts everything down to size.
“Did you have asthma?” The greatness of Portis’s novels lies in
“No.” speech—the austere locutions of “True Grit,”
“What are you taking for it?” the sales jabber from various 20th-century

cabin, and emerged with “Norwood” (1966), auto mechanic and aspiring country-and-
his first novel. Now the five novels, the mem- western singer, who lives in Ralph, Texas,
oir, and some short stories, essays and news- with his sister, Vernell (“a heavy, sleepy girl
paper articles have been gathered together in with bad posture”). She is married to Bill Bird,
one tidy volume edited by Jay Jennings, and a Northern know-it-all and slob who keeps a
co Fo
“I don’t have asthma.”
“Have you tried the Chihuahua dogs in
your bedroom at night? They say it works.
I’m an orthodox physician but I’m also for
whatever works. You might try it anyway.”
parties, the off-kilter dialogue between solip-
sistic individuals, and great riffs of talk from
characters in the grip of some idée fixe. The
comedy is ineffable, inextricable from its con-
text, the ready-for-anything American mind-

installed where they belong, in the pantheon
of American letters, the Library of America.
Portis’s genius lies in his vision of America as
reflected in speech. In “Norwood,” “The Dog of
the South” (1979) and “Masters of Atlantis,”
it’s the language of entrepreneurial optimism
as it slues into bathos, a confection of gravity,
gullibility, self-involvement and salesmanship.
This America is a wide-open country where
the automobile roams and snappy slogans are
hatched every day. “True Grit,” on the other
n-
duffel bag in the bathroom “filled with sup-
plementary treats for his own exclusive use.”
Driven nuts by Bill, Norwood heads off to
New York City to collect $70 he lent a friend.
The book is wonderfully funny and a joy, but
Portis uses big stitches compared to the fine
comic embroidery of “The Dog of the South”
and “Masters of Atlantis.”
At the center of “The Dog of the South”
is Ray Midge, a tireless, not to say tedious,
student of Civil War battles, whose wife,
“I have never had asthma.”
“The slacker’s friend. That’s what they
called it during the war. I certified many a
one at a hundred and fifty bucks a throw.”
“Masters of Atlantis” is Portis’s supreme
triumph, a brilliantly comic tour de force.
It is the story of Lamar Jimmerson, a deco-
rous, rather dozy man who is also First Master
of the New Cycle of the Gnomon Society, a
secret brotherhood devoted to preserving the
scape. As P.G. Wodehouse is to England and
Flann O’Brien to Ireland, so Charles Portis
is to America: a writer whose comedy strikes
a celestial chord and whose characters, to
quote Evelyn Waugh on Wodehouse, “live in
their own universe like the characters of a
fairy story.”
Ms. Powers is the recipient of a Nona Balakian
Citation for Excellence in Reviewing from the
National Book Critics Circle.

HOW MANY TREES become dispatch about an undersea toxic politics, Ms. Rodale set mosquitoes that suck your blood,
tourist attractions? Berlin has earthquake in Japan intro- out to learn “to love those and your blood is garbage. It’s
no

its lindens, California its giant
redwoods—and Washington, D.C.,
its cherry trees. Every spring,
more than a million visitors from
around the world are drawn into a
pink intensity, the brief, poignant
flowering of thousands of trees
lining the Tidal Basin. All thanks
to one mostly forgotten woman;
it took her decades to get past
bureaucrats who couldn’t appre-
ciate the beauty of her vision.
Diana Parsell’s “Eliza Scidmore:
The Trailblazing Journalist Be-
hind Washington’s Cherry Trees”
(Oxford, 425 pages, $32.95) is
not the biography of a gardener,
though Scidmore (1856-1928) cer-
tainly was one, sharing iris corms
with friends, compulsively growing
Japanese morning glories whose
predawn blossoms became a cher-
ished spectacle. Neither is this
the biography of a plant hunter,
though Scidmore’s obsession
would alter the American land-
scape. This is the story of an
unusually intrepid, accomplished
and independent reporter—a
famous “lady writer” working at
the turn of the 20th century.
Ms. Parsell has done an im-
pressive job of reconstructing the
life of Scidmore, whose private
papers were burned, at her re-
quest, upon her death. Scidmore
chronicled her travels through
Alaska, Java, China and Japan in
books and periodicals. In 1891 she
became the first woman to serve
as a corresponding secretary of
the National Geographic Society,
arguing to be paid close to what
her male colleagues earned. Her
duced English-language things that frighten and filled with toxins and opioids. It’s
readers to the word tsunami. annoy us.” made us sick so now we are mak-
By the early 1900s Scidmore It started in a fierce battle ing you sick. . . . I’m tired now, so
was National Geographic’s with mugwort, an invasive, leave me alone.”
first woman photographer; widely rooting plant. Pulling And about that mugwort: Infu-
strangers approached her it up only encourages more sions in a hot bath gave Ms. Rodale
“begging to be ‘kodaked.’” bountiful flushes of growth. “intense dreams,” and mugwort
While living in Japan, Most of us surrender. smudge-sticks cleanse a room’s
Scidmore became enthralled Ms. Rodale cleared a psychic energy. As the mugwort said: “All
by cherry-blossom festivals. space, opened a portal, your anger at weeds is not good
“Buddhism used the term and went off to ask the plant for your heart. Stop worrying so
mono no aware—‘the pathos what it was trying to tell much about them.” That’s prob-
of things’—to convey the her. I have to confess that I ably the best garden advice any
feeling that cherry blossoms squirmed my way into this creature could give us.
evoked,” Ms. Parsell writes. memoir, embarrassed by If moondances aren’t your
For decades Scidmore tried in vain to “Organic Manifesto” (2010) and the prospect of conversations with thing, you’ll appreciate the cheer-
convince the Army Corps of Engineers CEO of Rodale Publishing (until 2018, thistles. I have no problem reading fully straightforward “Science
to plant masses of cherry trees in the when she sold the business to Hearst about Zen masters; getting your head of Gardening” (DK, 224 pages,
Potomac Park of her adopted home- for $225 million). Founded in the around the sound of one hand clap- $30). In clear, comforting, well-
town. Not until 1909 did she find 1930s, run for over three generations ping is surely as weird as communing illustrated segments, Stuart Far-
a powerful champion in first lady by the same family, Rodale can lay with the sound of one mosquito whin- rimond, an M.D. turned science
Helen Taft. Scidmore then inspired claim to popularizing the modern ing. Ms. Rodale bares her soul. Part of writer, explains why a bulb sends
Dr. Jokichi Takamine, a wealthy bio- organic movement; the Rodale Insti- the charm of her writing is its unfil- out shoots, whether you should
chemist, to donate the trees to help tute conducts important research into tered and enthusiastic forthrightness; deadhead, and why Latin should
shore up fragile relations between such things as the nutrient density no reportorial distancing or irony be the language of flowers, at least
the U.S. and Japan—as congressmen of organic vegetables and industrial here. This is a journey into her heart. among mere mortals.
ranted about the “yellow peril.” hemp production. Today, Maria Ro- Dismemberments, meltdowns Anyone who cherishes wildness
Then came the hard part. When dale is a gardener in the woods of (literally), black dragons and white in flowers will be impressed by the
the trees arrived, agriculture-agency eastern Pennsylvania; her “fairy-tale vultures, these trips are—yes—mind- National Audubon Society’s weighty,
scientists discovered massive infes- garden” features an orchard, beehives, blowing. And informative; animal and comprehensive “Wildflowers
tations. The trees were burned. In chickens, a pool and a trampoline. Ms. insect lore abounds. A deer offers her of North America” (Knopf, 911
1912, a new shipment arrived in D.C. Rodale is also a shamanic practitioner. a juicy, fresh deer heart to eat, thus pages, $39.95). A must-have for
—1,800 were planted in double rows “Love, Nature, Magic: Shamanic addressing the deer problem: Restore enthusiasts who trip in wonder
around the Tidal Basin, just as Scid- Journeys Into the Heart of My population balances. The rabbits tell through meadows and forests, this
more had envisioned—and an addi- Garden” (Chelsea Green, 219 pages, her: “We love eating plastic fences. guide is lavishly illustrated for ease
tional 3,000 trees were sent to New $28) is a fascinating book, part It’s like dental floss to us. . . . Also, of identification. Those of us ap-
York City. Success has many fathers; memoir, part exploration of Ms. Ro- we love sex.” Well, we knew that. palled at the decimation of wild-
this lively, informative biography dale’s encounters with the spirits of Yew urges her to embrace her wild- flower populations by ravaging
restores rightful credit to Scidmore. trees, bugs and bunnies. These are ness, then says, “Humans are so ex- deer may find ourselves fantasiz-
Let’s hear it for women intent on drug-free trips, accompanied by her hausting.” Many of the creatures ing about a juicy, fresh deer heart.
conquering new worlds—especially spirit animal. (She won’t share which Ms. Rodale encounters make the —Ms. Browning is a vice president
on the astral plane. If we’re going animal, that’s private.) Vexed by the same complaint. The sensible remarks of Environmental Defense Fund
to get trippy, I can think of no better environmentally degraded condition of a bat helped me suspend disbelief: and the director and co-founder
guide than Maria Rodale, author of of the planet, by war and toxins and “We eat your blood because we eat of Moms Clean Air Force.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C14 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

SPRING BOOKS
‘The show doesn’t go on because it’s ready; it goes on because it’s 11:30.’ —T I N A F E Y, Q U OT I N G LO R N E M I C H A E L S

SCIENCE FICTION & FANTASY

All Hail the Celebrity Host The City

LIZ BRASWELL

Romantic Comedy
By Curtis Sittenfeld
Random House,
Of Tomorrow,
305 pages, $28
BY JOANNE KAUFMAN
Down and Dirty

S
HOULD WE take it as EVEN WITH THE unrelenting
a sign of how far (and distressing) real news about
women have come AI and people who go into the
that they can make Metaverse—a term invented by
a nice living being Neal Stephenson in “Snow Crash,”
as boldly and comfortably crude by the way—I still get nostalgia
as men? Actually, let’s not. Based for skies the color of “tele-
on the evidence of Curtis Sitten- vision, tuned to a dead channel”
feld’s “Romantic Comedy,” women (“Neuromancer,” William Gibson)
haven’t come so very far at all. or imagining a bag of goodies from the all-night
Consider the novel’s narrator, Vurt-U-Want (“Vurt,” Jeff Noon). Maybe that’s
H. ARMSTRONG ROBERTS/GETTY IMAGES

Sally Milz. She’s a member of the why Jeff VanderMeer originally wrote “Veniss
writing staff for “The Night Owls,” Underground” (Farrar, Straus & Giroux,
a popular “Saturday Night Live”- 395 pages, $30), in 2003, as homage to the books
like comedy show where she that defined a certain kind of stylish science
specializes in “willfully raging fiction in the 1980s and ’90s.
sketches about sexism and bodily The world of “Veniss Underground” is a recog-
functions.” Sally is something of nizably decadent walled city on a sick planet
a scholar in both fields. where genetic meddling has replaced whales with
In fact, over the course of nine pseudowhales. The science is extreme, the society
seasons, many of her japes have stratified, the morality vague—we are definitely
gone viral. But it’s also the case Sally is a classic Sittenfeld hero- ing his looks (“piercing blue eyes, gets the romance back on track in the “disgusting biotech” or “new weird” genre
that tapping into the Zeitgeist is ine—an outsider. Like the protag- shaggy blond hair and stubble, (a moratorium, please, on email- of cyberpunk, à la “Desolation
an all-consuming business. onists of the author’s previous a big toothy grin, and a jacked paved novels: The freshness is THIS WEEK Road” by Ian McDonald.
Sally has only the faintest out- novels, notably her blockbuster body”), lowballing his intellectual gone); girl and boy consummate Shadrach, a sensitive thug
line of an existence beyond “The debut “Prep” (2005) and her short- capabilities and dismissing his their love. This is followed by Veniss in the service of a criminal
Night Owls,” which may help ex- story collection “You Think It, I’ll music. He had been famous “ever utterly predictable misunderstand- Underground mastermind, goes to rescue—
plain why she lives in the same Say It” (2018), Sally is an envious since releasing the hit ‘Making ings. (Among others: Noah sets up By Jeff or avenge, if necessary—his
small, minimally furnished rental and compulsive observer of the Love in July’ more than fifteen an office for Sally to pursue her VanderMeer ex-girlfriend, Nicola, who may
she moved into when she was seemingly charmed lives of others. years before”; it was “one of those screenwriting; she’s insulted that have been killed by her twin,

.
hired. She’s only there to shower And like her Sittenfeld fore- songs that had for a year played so he’s trying to run her life.) Then Nicholas. This involves going

ly
and sleep—and to host the occa- bears, she sees herself as possess- often on the radio that, in spite of comes separation, crisis and reval- back down to the terrible underground world
sional hookup. ing strictly average intelligence and finding it execrable. I accidentally uation. “Romance doesn’t require where he grew up, and the result is a retelling
Fine with her. “I just can’t imag- strictly average looks. She avoids knew all the words.” a happy ending,” Sally tells Noah of Orpheus and Eurydice that the author has the
ine a job where I laugh more, or cameras and avoids the spotlight.
the people are more
talented and hard-
working,” she says. There’s more
During the show’s
broadcast, she’s most
comfortable standing
on But when Noah diffidently ap-
proaches Sally for help with a
sketch he has written for “The
Night Owls,” she begins revising
at one point. Yeah, right.
The novel’s first section, a day-
by-day, sometimes hour-by-hour
chronicle of a week in the life of
decency to signal with a “don’t look back” line.
In this subterranean horror show we meet
sentient meerkats as well as “creatures with
grotesque goat heads and eyes peering from
us ,

“And to get paid to alone under the bal- her opinion of him. And as the “The Night Owls,” is “Romantic their feet. Creatures that scuttled on right legs
make fun of stuff
to life than cony in the studio. week goes on, and the two of them Comedy” at its most engaging and and had the features of delicately proportioned
l

that deserves to be writing for a

e
She has only ever spend more time together, Sally sure-handed. Here are accounts apes pinned to the scorpion’s carapace.” There is
al a

made fun of . . . what hugely popular “sort of been in love” finds herself falling for Noah and of late-night writing sessions, of a giant fish with a city in its mouth, a villain who
more could a misan- and is very business- thinking that maybe, just maybe, stolen naps, embarrassing slap- is literally a pile of flesh, and more of the wonder-
ci on

thrope from Missouri comedy show. like with her hook- he could be experiencing some- downs, of in-the-comedy-trenches fully imaginative creatures (and plants, and fungi)
wish for?” Or is there? ups, lying about her thing similar. If so, it would put camaraderie. The sweet satisfac- infesting books like Mr. VanderMeer’s “Borne”
But now that she’s occupation because the lie to one of one of Sally’s pet tion of having a sketch chosen for and his Ambergris trilogy.
36, and thus verging “in a best-case sce- peeves, now the subject of a sketch air is palpable (though, frankly, Why it’s being re-released now is a bit of a
on over-the-hill for nario, they’d merely in development: While it’s common the only sketch that sounds re- headscratcher. Mr. VanderMeer attracted a wide
er s

her line of work, the self-declared want tickets to the live-show.” and acceptable for schlubby men motely funny—dogs doing Google audience of readers with the haunting, horrifying
misanthrope (she flatters herself; Worst case, “they’d know me in to win the hearts of gorgeous, searches—gets a thumbs down). “Annihilation” and the post-apocalyptic “Borne.”
m er

she’s nothing of the sort) has begun a way I didn’t want to be known wildly successful women (there are Agony when a joke lands with a But here the plot and characters are too thin to
thinking it’s time to pack it in. One by them.” several examples of such unions thud, the triumph when it kills— really sink your teeth into. And though my toler-
more season and onto her next act. Sally’s so-so physical appeal is on the show’s staff), the reverse the reader feels it. ance for the gruesome is higher than your average
“I’m going to write non-condescend- a source of rumination and rue. is not. “A gorgeous male celebrity,” Still, none of this quite makes bear’s, when our hero digs into a giant pile of
m rp

ing, ragingly feminist screenplays That angst forms the shaky scaf- she rages, “would never fall in love up for what follows: a pat story amputated legs searching for his lover it’s a
for romantic comedies,” she says. folding of “Romantic Comedy.” with an ordinary, dorky, unkempt with wince-inducing dialogue on bit much, even for me. (It’s also never revealed
It’s an ambitious and, some Heading into a Monday pitch woman. Never. No matter how the order of “You’re so terrifyingly, whether they’re left legs or right legs, or a mix.)
might say, laudable goal. (For what meeting, Sally has no idea that her clever she was.” The focus on awesomely perceptive” and such To be absolutely clear: I loved “Annihiliation”
it’s worth, Sally’s own few ro- life is about to be upended. With this inequity is too retrograde musings as: “Wasn’t this more than and enjoyed “Borne.” Mr. VanderMeer as he is
co Fo

mances before and after a brief the staff assembled, the executive for words, though we do get I’d ever imagined I could wish for, now is a talented writer. The short stories set in
marriage have ended badly.) A non- producer of “The Night Owls” in- plenty of words on the matter. that a kind, thoughtful, smoking worlds adjacent to “Veniss Underground,” included
condescending, feminist plotline troduces the week’s host, Noah “Romantic Comedy” has a basic hot man would think I was terrify- as extras in this hardcover reissue, still appeal:
—well, that’s a worthy goal for a Brewster. “He was a cheesily hand- three-act structure. Insecure girl ingly, awesomely perceptive?” “Three Days in a Border Town” is as satisfying
novel, too. Sad to say, “Romantic some, extremely successful singer- meets out-of-her league boy, then Next up: Do blondes really have now as it was in 2004. If you’re a devoted fan,
Comedy” is a let-down. It neither songwriter who specialized in blows a budding romance by a more fun? Discuss. “Veniss Underground” may be for you. But some-
freshens the rom-com form nor cloying pop music and was known dopey comment; girl and boy have times first novels by even the most gifted writers
twists its conventions. Shopworn for dating models in their early an intense and increasingly ardent Ms. Kaufman writes about cul- (Heinlein’s “For Us, the Living” comes to mind)
tropes have a safe space here. twenties,” observes Sally, catalog- Covid-era exchange of emails that ture and the arts for the Journal. can be left to the collector and the completist.
n-

Odd-Couple Pairings of the Real and the Magical

no

IT’S PROBABLY impossible to
settle on a definition for the
fairy tale, but let’s try this: a
story of fantasy that has human
heroes and a happy ending. The
wiggle room here is enormous.
Fairies, of course, are optional
(any magical being will do);
“humans” might include mytho-
logical races; and the meaning
FICTION of “happy” is, well, highly
SAM SACKS subjective. These tales can be
concerned with moral instruc-
tion, political allegory, psycho-
logical symbolism, satire or,
simply, narrative adventure.
They may or may not be in-
tended for kids. J.R.R. Tolkien
didn’t see why they should be,
and Angela Carter, famous for
Kelly her own subversive retellings,
Link thought the very idea suspect:
writes “The realm of faery has always
attracted nutters, regressives,
sparkling and the unbalanced, as though
modern- a potential audience of children
day granted absolute license.”
Kelly Link’s updated fairy
fairy tales in the collection “White
tales Cat, Black Dog” (Random
about House, 260 pages, $27) are
for mature readers, adults or
wounded otherwise, but what else can
heroes we say about them? They take
in search place in the recognizable
present—cell phones are
of what ubiquitous, and there’s a lot
they’ve of recreational marijuana use—
lost. but the settings are sufficiently
blurred by the supernatural that
they seem universal. Ms. Link
writes with a deadpan sense of
humor and she loves winking
meta jokes (two characters
brunch at a posh restaurant
called Folklore), but her project
is not deconstructive: In the end
she still embarks on traditional
hero quests. Those quests are
usually undertaken in pursuit
of true love and require some
kind of face-off with death,
even when death is accompa-
nied by a cute black lapdog.
Ms. Link bills her stories as
adaptations of famous fairy and
folk tales from around the world.
The excellent “Prince Hat Under-
ground” borrows elements from
the Norwegian classic “East of
the Sun and West of the Moon.”
Here a middle-aged New Yorker
takes a perilous journey to the
underworld to save his boyfriend
from marrying the Queen of Hell
(Hell looks like suburbia, except
with giant rats). Sometimes the
inspirations are merely starting
points. “The White Road” is a
fine, spooky tale about itinerant
actors who stage a fake funeral
to ward off ghosts, but I couldn’t
find any deep connection with
the Grimm Brothers’ tale “The
Musicians of Bremen,” which
Ms. Link cites as an inspiration.
And the sci-fi story “The Game of
Smash and Recovery,” apparently
drawn from “Hansel and Gretel,”
I do not understand at all.
A degree of opacity is normal
in Ms. Link’s stories and part of
their charm. C.S. Lewis wrote
that he began his fantasies with
a series of images and my guess
is that Ms. Link does the same.
But unlike Lewis, she does not
then shape a coherent allegory
around them. There is an
essential lightness to these
stories; their sparkling strange-
ness is often the point. If Ms.
Link has a recurring theme it is
separation, from family or loved
ones or, in the outstanding final
story “Skinder’s Veil,” from an
aspect of oneself. The journey is
toward completeness, in a way
that will mirror this collection’s
odd-couple marriage of the real
and the magical.
THIS WEEK
White Cat, Black Dog
By Kelly Link
The Narrow Cage
By Vasily Eroshenko
Simple Gimpl
By Isaac Bashevis Singer
“The Narrow Cage and
Other Modern Fairy Tales”
(Columbia, 252 pages, $25)
will be many readers’ intro-
duction to the life of Vasily
Eroshenko (1890-1952), a blind
social activist and proselytizer
of Esperanto who was born in a
Ukrainian village in the Russian
empire but spent most of his
life in exile in Japan, China
and India. As part of his utopian
mission in the Esperantist
community, Eroshenko began
writing politically inflected
folktales and he soon acquired
the reputation, especially in
Japan, as a pre-eminent story-
teller offering a message of unity
for the common man. Naturally
this also made him contro-
versial, and the story of his
peregrinations during the wars
and revolutions of the 20th
century is just as incredible
as any work of fiction.
A primer of that life comes
compliments of Adam Kuplowsky,
who has translated Eroshenko’s
tales from both Japanese and
Esperanto. Since most involve
talking animals they are, by my
working definition, really more
like fables than fairy tales. The
pieces are spry and amusing, if
somewhat repetitive. They usu-
ally concern animals attempting
to comprehend, in naive yet
illuminating ways, the debased
behavior of humans. Organized
religion comes in for critique,
as do most political systems.
Compared to the natural
freedom of the animal world,
modern society appears servile
and oppressive: “The Narrow
Cage” is the title of a story
about a wild tiger imprisoned
in a zoo but the phrase also
appears in a story about eagles
whose wings are clipped and
spirits tamed by earthbound
humans. Eroshenko offers a
soaring vision of transcendence,
but it requires throwing off the
shackles of civilization itself.
“Simple Gimpl” (Restless
Books, 127 pages, $22) is the
wonderful title of a story most
people already know as “Gimpel
the Fool,” by the brilliant post-
war author Isaac Bashevis Singer
(1903-1991). The explanation
for the change is this: In 1953,
at the behest of anthologists
Irving Howe and Eliezer Green-
berg, Saul Bellow produced a
quickie translation of “Gimpl
tam,” by the then-unknown
Polish-born author. Though
“Gimpel the Fool” helped to
make Singer famous, he was
never comfortable with the
translation, in part because of
his rivalry with Bellow and in
part because of its inaccuracies.
Years later scholar and translator
David Stromberg, the editor for
the Singer estate, discovered that,
in writing a potential playscript,
Singer had translated about 60%
of the story himself. Mr. Strom-
berg has now completed that
translation, which now appears
in a delightful volume alongside
Bellow’s version and the original
Yiddish text.
As Mr. Stromberg observes,
the change in the title alone is
no small matter, since there is a
subtle but significant difference
between being simple and being
a fool. Gimpl, a Jewish villager
who spends his life being cruelly
deceived by everyone around
him, now appears as a far more
ironic figure than the lovable
holy fool apotheosized by Bellow.
If you know you’re a laughing-
stock but you decide to turn the
other cheek, are you a dupe or
a hero? Singer’s fable remains
masterfully ambiguous. “What
can you do?” Gimpl shrugs.
“If God gave you shoulders,
you have to carry the burden.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | C15

SPRING BOOKS
‘It was possible to have freedom and plenty [and] an empty life; it was possible to “have nothing” [and] a life of intimacy, dignity and beauty.’ —KRISTA TIPPETT

East, but Was It Eden?

DIVIDED Berlin Wall, July 1984.

.
ly
ALAMY

The Short End

of the Sonnenallee
By Thomas Brussig
on
co-translator, along with professor of
German Jenny Watson. Mr. Franzen’s
enthusiastic introduction contrasts
the (mostly) cheerful scrapes, stunts
adds to a certain fairy-tale quality. In
spite of the watchtowers, the armed
guards, the “death strip” of no man’s
land, young Micha enjoys “the most
far from 1980s Berlin may seek clearer
signposts. Pay attention and you
glimpse the implacable bureaucracy of
an all-controlling state behind the dis-
a few yards behind the Iron Curtain
celebrates not the GDR regime but
the sheer resilience that allows pris-
oners—of any system—to find inner
Picador, 137 pages, $16
us ,

and escapades that punctuate Micha’s interesting time there had ever been gruntled promises of Micha’s father— freedom behind bars. Micha belongs
BY BOYD TONKIN youth with the copious literature that or ever would be.” Often, the Wall that a streetcar driver—to file a “petition” to a generation that combines clear-
l

Y
e
depicted—and still depicts—East Ger- cuts his street feels to the neighbor- of complaint about the family’s bleak sightedness with fatalism. “If you
al a

OU CAN FIND the Son- many as a “giant prison”: a grim po- hood’s inhabitants “so much a part of conditions, or Mrs. Kuppisch’s anxious don’t want to be arrested, you have to
nenallee on any Berlin lice state governed by terror and sus- their daily life, they hardly noticed it.” push to have Micha admitted into shut up about what’s happening,” a
ci on

map. Since the Wall fell
in 1989, this long street
running through the
district of Neukölln no longer has a
disputed border of world-historical
picion. Mr. Brussig, according to Mr.
Franzen, looks back “without anger or
regret” and sees “neither a dystopia
nor a utopia but something poignant.”
Mr. Franzen omits to say that Mr.
er s
Micha doesn’t exactly ignore
the Wall. He loses a precious, unread
love letter, perhaps from glamorous
schoolmate Miriam, when it blows out
of his hands into the death strip. And
an elite high school, the “Red Monas-
tery.” Mario’s free-spirited, Sartre-
loving girlfriend, “The Existentialist,”
may insist that “the only way to make
theaterworker tells him while (sym-
bolically?) juggling balls in the air.
But if you do shut up, “nothing will
ever change.” Finally, a transforming
miracle happens when a motorcade

significance to snip off its eastern tail. Brussig’s “humane vision” of under- he and his friend Mario pose as carries a grand, unnamed Russian
However, Michael—or Micha—Kup- dog friendship and solidarity, which starved child beggars for the tourists A novel of teenage life visitor with “a large birthmark on his
m er

pisch, the young hero of Thomas Brus-
sig’s “The Short End of the Son-
nenallee,” grows up in an earlier age,
in an apartment block on the short
presents “deprivation as a kind of
blessing,” became at one point a
prime exhibit in fierce arguments
about the wave of Ostalgie: the cult of
m rp
on observation platforms who peer
from West Berlin into the “Zone.”
Later, they “laugh themselves half
dead” imagining “how their pictures
in East Berlin casts a
nostalgic glow over the
final years of the GDR.
forehead” into Berlin. In passing,
this angelic Russian delivers Mario
and The Existentialist’s baby in the
back of their broken-down Trabant.

segment of Sun Avenue that belongs
firmly within the self-anointed Ger-
man Democratic Republic. The “so-
called” or sogenannte “democratic re-
public” (as we were taught to call it in
“nostalgia for the East” that swept
through German culture around the
millennium, as the social downsides to
political unity emerged. Neither does
he mention that, these days, the Son-
co Fo
would be shared around in Pittsburgh,
Osaka or Barcelona.” For starvation
is not among the real deprivations
of the GDR, and school punishments
for rebels take the mild form of re-
yourself free is to make everyone else
free, too.” But her chances of travel to
Mikhail Gorbachev’s divine inter-
vention confirms that Mr. Brussig
is crafting a knowingly rose-tinted
myth of life in East Germany, not a
documentary record. Micha, and his

German class), was ostensibly ruled by
a multiparty coalition but in reality
served as a loyal satellite of the Soviet
Union until both collapsed in 1990-91.
In 1999, almost a decade after Ger-
many’s unification, Micha’s childhood
and teenage adventures gave Mr.
Brussig, then 34, a popular hit both
as a movie screenplay—for director
Leander Haussmann—and in the form
of this compact, charming but curi-
ously elusive novel. Its belated ap-
nenallee no longer means plucky Cold
War “Zonies” battling the odds, but
the Arab migrant community contro-
versially portrayed in a “Sopranos”-
style TV crime series, “4 Blocks.”
The GDR itself—along with the po-
lemics around its dissolution—is fast
fading into history. Yet “The Short
End of the Sonnenallee” understand-
ably takes its readers’ grasp of East
German realities on trust. It does no
more than nod to the wider backdrop
n-
quiring an earnest “contribution to
the discussion” in class. In this East
Berlin answer to John Steinbeck’s
“Cannery Row,” peopled by amusingly
odd neighbors and eccentric relations,
the torture chambers and blanket sur-
veillance of the Stasi secret police feel
a million miles away. To Mr. Franzen,
Mr. Brussig conjures a “charmed
space” where “silliness and true love
are possible.” To some critics of Ostal-
gie, it looked like a whitewash.
the West evaporate when she’s caught
stealing a copy of Simone de Beauvoir.
The kids’ thwarted hunt for forbidden
records—above all, the Rolling Stones’
“Exile on Main St.” in an original, Eng-
lish pressing—may unroll as merry
farce. Behind it, we sense, lies a soul-
stifling dictatorship. Think too hard
about your shackled life and “this
Wall could make a person sad and
despairing.”
All the same, Mr. Franzen and
community, will sift and purify raw
experience as the sun sets over their
bisected boulevard. Memory, Mr. Brus-
sig’s conclusion admits, “performs the
miracle of making peace” with history.
It turns out that the most effective
forms of propaganda are the conso-
latory fables that some survivors
of oppression tell themselves about
their past.
Mr. Tonkin, a former literary

pearance in English owes much, of behind Micha’s youth. For foreign In fairness to Mr. Brussig, he takes Ms. Watson’s translation keeps up an editor of the Independent, is the
course, to the presence on the title readers now, the book’s genial refusal as read—and converts into comedy— idiomatic swagger and ebullient good author of “The 100 Best Novels
page of novelist Jonathan Franzen as to fret about the gloomy big picture the stress and fear to which readers humor. Mr. Brussig’s upbeat tale of life in Translation.”
no

A Drone’s-Eye View of the Coming Collapse

ELEANOR CATTON’S “Birnam
Wood” (Farrar, Straus &
Giroux, 424 pages, $28), set in
New Zealand in 2017, is titled
after an eponymous band of
guerrilla gardeners who grow
crops on random patches of
land with the aim of keeping
Earth self-sustaining. The
collective is led by founder
MYSTERIES Mira Bunting; her chief lieu-
TOM NOLAN tenant, Shelley Noakes, does
tasks Mira hasn’t the time or
patience for. After four years in
this thankless role, Shelley’s on
the verge of leaving when early
member Tony Gallo returns
from a long sabbatical and
catches her eye. Tony, though, is
From anxious for a reunion with Mira.
New The clash of principles with
Zealand, human nature is much at play
in this excitingly complex novel.
a near- No sooner has Mira encountered
apoca- the American billionaire Robert
lyptic Lemoine near a national park
than she succumbs to his pro-
thriller posal to give Birnam Wood seed
about money (so to speak) and the
the chance to go mainstream. Tony,
outraged, abandons the group
savage again, determined to find fame
will to by exposing whatever evil
survive. scheme he knows must lie
behind Lemoine’s largesse.
He learns Lemoine is buying
a large parcel of land from
Owen Darvish, a newly knighted
businessman, ostensibly for
the purpose of building a
luxury bunker in which to
survive the apocalypse. The
deal is contingent on secrecy.
When Tony discreetly contacts
Sir Owen with a request to
speak about the project, alarm
bells clang. The billionaire,
who thrives on improvisation,
sets his “soldiers” in pursuit
of this muckraking interloper.
“Birnam Wood” features
personalities from the re-
lentlessly dogmatic to the
pathologically amoral. The
physical stage they occupy
is seen in breathtaking detail
via drone’s-eye view. Drones
happen to be the source of
Lemoine’s fortune, and they
play a large part in Ms. Catton’s
literary thriller, which hurtles
toward its cliffhanger-ending
in a frenzy.
Boston in the stifling
summer of 1974 is the setting
of Dennis Lehane’s “Small
Mercies” (Harper, 299 pages,
$30). The predominantly white
South Boston neighborhood
seethes with resentment over
the imminent imposition of
court-mandated school deseg-
regation through busing. Ugly
racial invective suppurates
throughout the dialogue of
this gritty chronicle.
Mary Pat Fennessy, a tough
single mother living in a Southie
housing project, goes through
the motions of group protest,
nudged by the district’s powers
that be. Of more pressing
concern is her 17-year-old
daughter, Jules, who hasn’t
come home after a night out
with friends. That same evening,
a young black man died in a
subway station, hit by a train
THIS WEEK
Birnam Wood
By Eleanor Catton
Small Mercies
By Dennis Lehane
The Kind Worth Saving
By Peter Swanson
after being chased by a group
of white youths. Might Jules’s
absence have something to do
with this death?
“It’s all connected,” Mary Pat
comes to think of the “grid” of
political and criminal manipu-
lation that keeps her neighbors
resigned to the status quo.
“Whatta ya gonna do,” they say.
“It is what it is.” She starts to
question the “code” of the
neighborhood where she was
raised, even as she continues
to hunt for her daughter.
Someone else is looking for
Jules: police detective Bobby
Coyne, who needs her to verify
what happened on that subway
platform. Mr. Lehane, whose
book draws on his own mem-
ories of living through the 1974
Boston season as a 9-year-old,
brings readers into the mind
of Coyne, a Vietnam vet and
recovered heroin user who
becomes a partial confidant to
Mary Pat. His quest for personal
salvation, if you will, is a wel-
come balance to her grief-driven
descent. Coyne comes to con-
sider “that maybe the opposite
of hate is not love. It’s hope.”
Henry Kimball, the some-
times narrator of Peter
Swanson’s psychological thriller
“The Kind Worth Saving”
(Morrow, 303 pages, $30),
ekes out a living as a private
investigator in Cambridge, Mass.
“I was close to forty,” he sum-
marizes, “and felt as though I’d
failed at just about everything
that had meant something
to me. I had failed as a police
officer when I let my obsession
with a suspect get the better
of me. I’d failed as a poet, not
just because I was largely un-
published, but because I hadn’t
been able to write anything but
dirty limericks for what seemed
like forever. And I had failed as
an English teacher all those
years ago, lasting one year in the
classroom.” His stint as a teacher
ended with a school shooting in
which he failed to intervene.
On the brighter side: “I still
had a pretty good hairline, a cat
who liked me, and my health.
And I wasn’t forty quite yet.”
Life becomes more interesting
for Henry when he gets a new
client: a former student of his,
Joan Grieve, now Joan Whalen.
Her husband, a real-estate
broker, is cheating on her, she
insists: “What really bothers
me is that he’s getting away
with it. . . . I want details.” Henry
dutifully tails Joan’s husband.
He also follows the real-estate
agent Joan suspects is her hus-
band’s lover—and fumbles his
way into an acquaintanceship
with her, then a relationship.
All seems semi-comical with
the hapless Henry. But alter-
nating with the P.I.’s first-person
chapters are third-person ac-
counts of one, then two, then
three other people whose paths
cross Henry’s and each others’
in chilling fashion. The inventive
Mr. Swanson never lets the
willing reader down. With
“The Kind Worth Saving,” he
surpasses his own high standard.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C16 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

SPRING BOOKS
‘ “What is the use of a book,” thought Alice, “without pictures or conversations?” ’ — L E W I S C A R R O L L , ‘A L I C E ’S A DV E N T U R E S I N WO N D E R L A N D ’

Picture This
Pictured Worlds
By Leonard S. Marcus
Abrams, 431 pages, $75

Picturebook Makers
Edited by Sam McCullen
dPictus, 81 pages, $49.99

BY MEGHAN COX GURDON

T
HE GOLDEN AGE of children’s
book illustration is understood
to have run more or less from
1860 to 1930. The spread of
literacy, newfangled methods
of production and an almost mystical efflo-
rescence of creativity combined to produce
superb and lasting works of picture-book art.
The protean possibilities of digital illustration
have helped to land us in a second golden
age; unless we’re actually in the third golden
age, given the dynamic picture-book making
of the mid-20th century. Whatever age it is
—whatever age we are—picture-book-wise
we’re in the palace of Midas, in Smaug’s
hoard, in Ali Baba’s cave. Gold winks at us
from every direction.
For a deluxe coffee-table volume, “Pictured
Worlds,” the distinguished children’s-book
expert Leonard Marcus has cast a wide net
to snare 101 of what he calls masterpieces by
“essential illustrators.” In this vivid if uneven
assemblage we find the early English greats,
illustrators whose work shone at the dawn of
that first golden age: Arthur Rackham, with PURE GOLD Illustrations by Arthur Rackham (‘The Fairy Tales of the Brothers Grimm,’ 1909), Randolph Caldecott (‘The Diverting History of
his spooky shadows; Kate Greenaway, and her John Gilpin,’ 1878), Kate Greenaway (‘Under the Window,’ 1878) and, below, Jon Klassen (‘I Want My Hat Back,’ 2011).

.
merry bucolic scenes; Richard Doyle, evoker

of Victorian fairyland; and the supremely in-
fluential Randolph Caldecott, who possessed,
Mr. Marcus writes, a “preternatural talent
for capturing motion on the page” with his
“rapid-fire, seemingly improvised sepia line.”
We see that line at work here in Caldecott’s
lively and comical illustrations of horsemen
award from the American Library Association
but, Mr. Marcus notes, “has not been pub-
lished in any other language, including Spanish.”
on
Similarly, collage artist Roger Mello’s “Me-
ninos do Mangue” (2002) has touched few
outside his native Brazil.
International editions are not everything,
us ,
along with displays of their work. Screens
have not obliterated the beloved nursery art
form, as feared, writes editor Sam McCullen.
“Picturebooks are flourishing,” he asserts,
and “are now being enjoyed not only by
young children, but by readers of all ages.”
Each of the 12 featured artists in “Picture-
ly
menace, describes his slow process of draw-
ing and redrawing (or painting and repainting)
to coax out characters and scenes. “I always
feel that the unseen evolution of an idea is
as interesting as the final result,” he tells us.
“That’s the thing that gets me hooked as
a creator, having a sense that something

dashing through the 19th-century countryside, of course, but they are a gauge of esteem and book Makers” has his or her own vision and is bubbling its way to the surface.”
disturbing the geese, exciting the dogs and resonance that helps determine working methods, but at the core Perhaps the most entertaining account
l
e
altogether causing a ruckus. whether illustrations, in this for each, it seems—and this is in “Picturebook Makers” comes from Jon
al a

The entries in “Pictured Worlds” are alpha- case, have exceptional both amusing and affecting Klassen, the Canadian-born master of dead-
betical, so paging through the book takes merit. Mr. Marcus to read about—is the pan humor in books such as “I Want My Hat
ci on

readers back and forth in time and between seems skittish about enigmatic and pro- Back,” “This Is Not My Hat” and “We Found
continents, reminding us of old friends pronouncing on longed process of a Hat.” Readers might assume that he had
(Curious George! Tintin! Struwwelpeter!) quality. He takes drawing forth some- set out to create an awkward atmosphere
and suggesting unexpected connections. pains to warn thing new from the in these books, with the characters’ stilted
I hadn’t noticed the similarities between the readers against well-springs of dialogue and droll side-eye expressions;
er s

sumptuous, stained-glass elegance of Walter the idea that the imagination. that he was knowingly producing his effects.
Crane’s work, for instance, and that of his “Pictured “I had desires Probably now he does—but only after hitting
m er

Russian near-contemporary Ivan Bilibin. Worlds” offers and atmospheres upon his aesthetic formula through a humble
In our own era, Mr. Marcus calls attention any sort of in my head but form of serendipity. The first book “was
to the charcoal-wielding brilliance of Brian canon or pan- nothing really written in very stiff language,” Mr. Klassen
Selznick, the evocative line-swoops of Suzy theon. He writes concrete,” says admits. “It was stiff because I was nervous
m rp

Lee and the complex dappled watercolors of rather primly: the French ex- about writing a book, and I liked the idea
the late Jerry Pinkney, among many others. “Old-fashioned perimental print- that these characters were not very good at
The book’s title is shrewdly calculated, for exercises of that maker Blexbolex speaking their lines, so they came out stiff
while picture-book illustration predominates, kind underestimate of embarking on a and they kept looking at the camera/audience
here and there Mr. Marcus offers “pictured the extent to which project that took years instead of at each other.”
co Fo

worlds” of other kinds. Carl Larsson, the
19th-century Swede who produced exquisite
domestic interiors, never illustrated a chil-
dren’s book (though his pictures were later
repurposed), but the affection of his line seems
to have worked like creative leaven for those
who did, including, the author suggests, Robert
McCloskey of “Make Way for Ducklings” fame.
they inevitably reflect to finish. The Italian illus- There’s mystery in the process and, with
a particular cultural or trator Beatrice Alemagna luck, magic in the outcome. As the great 20th-
personal perspective or talks about how her picture book century illustrator Robert Lawson once put it:
bias, and the reality that “Le Merveilleux Dodo-Velu-Petit” (“The “No one can possibly tell what tiny detail of
other, equally worthy lists are always Wonderful Fluffy Little Squishy”) began with a drawing or what seemingly trivial phrase in
possible.” Well, sure, other lists are possible. an image that popped into her head: “One day, a story will be the spark that sets off a great
But you’re the expert, dude—why can’t you out of nowhere, I drew this kind of electrified flash in the mind of some child, a flash that
just give us yours? dog and I instantly felt the need to tell its will leave a glow there until the day he dies.”
ABRAMS (3); DPICTUS

Some of the entries are a little chancy.
Mr. Marcus showcases a 2013 picture book
by the Mexican-born illustrator Yuyi Morales,
“Niño Wrestles the World,” which is charming
n-
Enthusiasts will find a more intimate story.” Between the zap of the idea and the
discussion of what it takes, and how it feels, completion of the book, she confides, were six Mrs. Gurdon, a Journal contributor,
to produce narrative illustration in “Picture- years of “reflection” and two years of work. is the author of “The Enchanted Hour:
book Makers,” a playful volume of personal Shaun Tan, the Australian artist whose The Miraculous Power of Reading Aloud

but unpersuasive as a masterwork. It won an accounts from a dozen writer-illustrators work brims with ambiguous humor and in the Age of Distraction.”
no

Bestselling Books | Week Ended March 25

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 Spare 6 5 It’s Not Easy Being a Bunny 1 7 I Will Find You 6 1 representing about 85% of the nation’s book sales.
Print-book data providers
James Clear/Avery Prince Harry/Random House Marilyn Sadler/Random House Young Readers Harlan Coben/Grand Central include all major booksellers,
Eat to Beat Your Diet 2 New The Creative Act 7 8 Lessons in Chemistry 2 5 Oh, the Places You’ll Go! 7 8 web retailers and food stores.
Ebook data providers include all major ebook retailers.
William W. Li/Balance Rick Rubin/Penguin Press Bonnie Garmus/Doubleday Dr. Seuss/Random House Young Readers Free ebooks and those selling for less than 99 cents
Poverty, by America 3 New Young Forever 8 — Little Daymond Learns to Earn 3 New Green Eggs and Ham 8 4 are excluded. The fiction and nonfiction combined lists
include aggregated sales for all book formats (except
Matthew Desmond/Crown Mark Hyman/Little, Brown Spark Daymond John & Nicole Miles/Random House Young Readers Dr. Seuss/Random House Young Readers audio books, bundles, boxed sets and foreign language
Change Your Brain Every Day 4 New I’m Glad My Mom Died 9 9 Countdown 4 New Hello Beautiful 9 3 editions) and feature a combination of adult, young
adult and juvenile titles. The hardcover fiction and
Daniel G. Amen/Tyndale Refresh Jennette McCurdy/Simon & Schuster James Patterson & Brendan DuBois/Little, Brown Ann Napolitano/Dial
nonfiction lists also encompass a mix of adult, young
Saved 5 1 The Courage to Be Free 10 3 One Fish Two Fish Red Fish Blue Fish
5 6 Berserk Deluxe Vol. 13 10 New adult and juvenile titles while the business list fea-
Benjamin Hall/Harper Ron DeSantis/Broadside tures only adult hardcover titles. Refer questions to
Dr. Seuss/Random House Young Readers Kentaro Miura/Dark Horse Manga
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

Pragmatist’s Guide to Governance 1 — Atomic Habits 1 2 Smolder 1 New It Starts With Us 1 2 Atomic Habits 1 1
Simone Collins & Malcolm Collins/Pragmatist Foundation James Clear/Avery Laurell K. Hamilton/Berkley Colleen Hoover/Atria James Clear/Avery
Poverty, by America 2 New Eat to Beat Your Diet 2 New Lessons in Chemistry 2 3 Lessons in Chemistry 2 4 Good Power 2 3
Matthew Desmond/Crown William W. Li/Balance Bonnie Garmus/Doubleday Bonnie Garmus/Doubleday Ginni Rometty/Harvard Business Review
The Happiest Man on Earth 3 — Poverty, by America 3 New Last Honest Woman 3 — Spy X Family Vol. 9 3 New StrengthsFinder 2.0 3 6
Eddie Jaku/Harper Matthew Desmond/Crown Nora Roberts/St. Martin’s Tatsuya Endo/VIZ Media Tom Rath/Gallup
How to Be Your Own Therapist 4 — Change Your Brain Every Day 4 New Countdown 4 New Daisy Jones & the Six 4 5 Extreme Ownership 4 9
Owen O’Kane/HQ Daniel G. Amen/Tyndale Refresh James Patterson & Brendan DuBois/Little, Brown Taylor Jenkins Reid/Ballantine Jocko Willink & Leif Babin/St. Martin’s
The Cancer Code 5 — Saved 5 New The Evening and the Morning 5 — Countdown 5 New The Greatness Mindset 5 4
Jason Fung/Harper Wave Benjamin Hall/Harper Ken Follett/Viking James Patterson & Brendan DuBois/Little, Brown Lewis Howes/Hay House
Spare 6 4 Spare 6 3 I Will Find You 6 1 Verity 6 8 Dare to Lead 6 8
Prince Harry/Random House Prince Harry/Random House Harlan Coben/Grand Central Colleen Hoover/Grand Central Brené Brown/Random House
Eat to Beat Your Diet 7 New The Body Keeps the Score 7 8 It Starts With Us 7 4 It Ends With Us 7 7 Never Split the Difference 7 10
William W. Li/Balance Bessel van der Kolk/Penguin Colleen Hoover/Atria Colleen Hoover/Atria Chris Voss/Harper Business
Range 8 — Young Forever 8 — Hello Beautiful 8 2 I Will Find You 8 1 Emotional Intelligence 2.0 8 —
David J. Epstein/Riverhead Mark Hyman/Little, Brown Spark Ann Napolitano/Dial Harlan Coben/Grand Central Travis Bradberry/TalentSmart
Atomic Habits 9 9 The 48 Laws of Power 9 10 The Girl in the Woods 9 New Never Never 9 6 The Daily Stoic 9 —
James Clear/Avery Robert Greene/Penguin Kristen Ashley/Rock Chick Colleen Hoover & Tarryn Fisher/Canary Street Ryan Holiday & Stephen Hanselman/Portfolio
Change Your Brain Every Day 10 New The Creative Act 10 — The White Lady 10 New Smolder 10 New The Five Dysfunctions of a Team 10 —
Daniel G. Amen/Tyndale Refresh Rick Rubin/Penguin Press Jacqueline Winspear/Harper Laurell K. Hamilton/Berkley Patrick M. Lencioni/Jossey-Bass
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | C17

REVIEW
BY PETER FUNT and, therefore, its inclusion in
other settings is often contrived.

I
’m at a loss for words to Interestingly, the sequence
explain the growing use of that produced the most swearing
coarse language in every- was one in which people were
day conversation. When alone—or thought they were—
friends or colleagues use inserting a dollar bill into a
the F-word as matter-of-factly as change machine and getting
my parents said “gosh” or “golly,” back 100 pennies. Their shocked
it makes me cringe—but I seem to utterances set a record for
be part of a bleeping minority. bleeps on “Candid Camera.”
I thought about this while I view the use of expletives
watching the comedy series as a sign of carelessness, much
“Shrinking” on Apple TV+, star- the same as dressing sloppily.
ring Jason Segel and Harrison Crude language bothers me
Ford as therapists practicing in most when I hear it from people
Pasadena, Calif. Every character, who I know could do better if
including Mr. Segel’s teenage they cared to try.
daughter, played by Lukita Max- So, what about the characters
well, uses the F-word with star- in “Shrinking”? Are they actually
tlingly casual frequency. In a re- reflecting the behavior of SoCal
cent 29-minute episode, these professionals, or are they just
well-educated, affluent Southern pandering to the streaming audi-
Californians said the word 30 ence?
times—including nine utterances I googled “therapists in Pasa-
by Mr. Segel and six by Ms. Max- dena” and picked one at random
well. from a rather long list. Jim Ja-
Are the producers trying to cobsen’s website says he special-
titillate viewers by writing foul izes in treating “intellectually
language into dialogue where, in and creatively gifted individu-
real life, it wouldn’t be likely to als.” I asked him if he uses the F-
occur? Or are they accurately de- word a lot. “Yes,” he said. “When
picting a linguistic trend? I’m starting up with a new client
There isn’t much reliable re- I mention that I curse like a
search on how often Americans
swear. A 2022 survey of 1,500
residents of 30 major U.S. cities ‘People have
found that they swore an average
of 21 times a day, but it certainly decided to quit
seems that many Americans pretending
swear much more frequently
than that. At a minimum, it’s safe that we’re some
to say that Americans are swear- kind of polite
ing more than ever before.
society.’

.
Many assumptions about curs-

ly
ing—for instance, that it corre- JIM JACOBSEN
lates with lack of education—are Therapist
apparently wrong. Timothy Jay,
author of six books on language
and professor emeritus of psy-
chology at the Massachusetts
on sailor, and if that’s not OK, I will
try to curb it. No one has ever
College of Liberal Arts, said,

Curses! Why All objected. I’m fond of strong ex-

us ,

“People who have better vocabu- pressions, and it’s certainly not
laries, which is related to intelli- always about anger.”
l
e
gence and education, are better “I guess people have decided
al a

at swearing.” Moreover, the use to quit pretending that we’re

of taboo words helps with cop-

The Crude Talk? some kind of polite society,” Dr.

ci on

ing, storytelling and fitting in so- Jacobsen continued. Is cursing

cially. therapeutic? “I believe it is,” he
“We’re the only animal that said. “It’s part of my being genu-
evolved to do this,” said Prof. ine, which is one of the most im-
Jay. “If it wasn’t useful, it would portant things I can do.”
er s

become obsolete.” Thanks to a ‘culture of uncivil discourse,’ swear words that were once taboo According to Prof. Jay, “Peo-
Science has actually given a ple with a rich vocabulary, edu-
can now be heard everywhere from therapists’ offices to the White House.
m er

name to the benefits of swearing: cated people, treat language like

lalochezia. It refers to the emo- owning a lot of different styles
tional relief gained from using of clothing. You change for what-
profane speech. As far as I know, mal spaces of communication.” ceded, “I curse more than I should, Folks have always liked the daring ever the context is.” A regular
m rp

however, there is no term for the dis-
comfort that many of us suffer when
friends and colleagues pepper con-
versation with words that seem to
relate more to their quest for social
She added that, “A culture of un-
civil discourse—what might be called
s—t talking—is becoming more com-
mon.”
But both she and Prof. Jay were
co Fo
and I find myself cursing more in
this office than I had in my previous
life.” Politico has reported that Pres-
ident Biden swears frequently in
staff meetings, favoring the F-word.
nature of dirty dialogue, as comic
George Carlin confirmed in his fa-
mous 1972 routine, “Seven words
you can never say on television.” My
father, Allen Funt, tried to capitalize
viewer of “Shrinking,” he offered
this analysis: “Each flawed character
in the series who openly swears has
a deep underlying problem with de-
pression, anger or fear that is un-

liberation than to communication.
I asked Sophia McClennen, a pro-
fessor at Penn State University who
specializes in culture, politics and
society, why cursing seems to be
more prevalent nowadays. “It has to
do in large part with the casual
forms of communication that take
place on social media that have in-
creasingly infiltrated more tradi-
tional news, broadcasting and other
forms of what you might think of as
quick to note that cursing is preva-
lent across society. “With privilege
comes power and the ability to break
rules,” he said. “Donald Trump is a
good example of that, as are a lot of
executives and politicians.”
As vice president, Joe Biden fa-
mously used the F-word when con-
gratulating President Obama on
completing the 2010 healthcare leg-
islation. Mr. Obama’s 2016 appear-
ance at the White House Correspon-
n-
A study conducted last summer
by the company Wordtips used Twit-
ter feeds to assess which parts of the
country swear the most and which
words they favor. It turns out that
Georgians curse with the greatest
frequency, followed closely by resi-
dents of Maryland and New Mexico.
The least swearing takes place in
Minnesota, where the curse of choice
is “hell.”
No surprise: The F-word is the na-
on this during his earliest days pro-
ducing the television show “Candid
Camera,” circa 1950. He would occa-
sionally bleep a clean word, making
it seem as if something crude had
been said. Audiences howled, but as
soon as network executives caught
on, they put a stop to it.
One thing I’ve learned since tak-
ing over “Candid Camera” decades
ago is that average people don’t
curse as much as you might think—
speakable…Taboo words are the
speakable taboos, and mental disor-
ders and problems are the unspeak-
able ones. That’s why we have ther-
apy to dig beneath the speakable
taboos.”
I’ll keep watching “Shrinking,”
even though I find the gratuitous
cursing to be an annoying distrac-
tion. But if I ever need a therapist,
I’m looking for one in Minnesota.

DANIEL JURMAN

more serious speech,” she explained.
“The lines between casual and seri-
ous speech have blurred and that hy-
brid has influenced a lot of more for-
no
dents’ Dinner included a video in tion’s most prevalent curse, followed at least when speaking with strang- Mr. Funt is a journalist and TV
which he jokingly says “F— you!” to by s—t. The F-word is most popular ers, which is the case in most of our host. He is working on a book
NBC’s Chuck Todd. In an interview on the West Coast, as well as in vignettes. That suggests to me that about comedic impersonations of
with Vanity Fair, Mr. Obama con- Texas and parts of the Northeast. foul language is usually controllable U.S. presidents.

Wisdom The cast of TV’s

‘The Brady
• Reality: Everything on TV is
just TV, as the Brady Bunch
proved again and again. On the
ents Mike and Carol (season 2,
episode 18, “Our Son, the
Man”) because he’s the oldest
That’s Bunch,’ which
aired on ABC
from 1969 to
show, you make a mess, and
it’s cleaned up by your middle-
and feels entitled. Jan never
stops complaining (season 3,

BACK Much 1974. class family’s uniform-wearing

WHEN
RICH
More Than
COHEN
A Hunch
What I WAS A CHILD, I have a child,
and I feel like a child, which is
‘The why I’ve watched the entire
Brady five-season run of “The Brady
Bunch’ Bunch” not once, not twice,
but what feels like innumera-
taught ble times.
me Here’s the story: A widow
with three young girls (blonde)
about marries a widower with three
life and young boys (brunette), and
show they have a live-in maid (Alice)
who is dating a butcher (Sam).
business. The result? Thirty minutes of
wisdom-filled, prime-time hi-
larity that aired from 1969 to
1974 on ABC. In the course of
repeat watching, the show has
taught me many important
things.
the Brady Bunch jingle lets the
writers skip straight to the ac-
tion. It’s a lost art. Think of
how much repetition could
have been avoided if the mak-
ers of ‘The Sopranos’ had
started each episode with a
Brady Bunch-like theme:
“Here’s the story, of a don
named Tony…”
• History: “The Brady Bunch”
debuted the same year as
Woodstock and America’s se-
cret bombing of Cambodia—
sex, drugs, and rock ’n’ roll
rang as true for
millions of TV
watchers as the
one depicted, an
hour earlier, on
the ABC Evening
News. For many
people, it’s not
the headline
events that flavor
the age but the
mundane domestic struggles.
The 1960s were not a period of
revolutionary change for ev-
eryone.
• Biology: Cuteness depreci-
ates. When the show began,
the youngest Bradys, Cindy
and Bobby, were adorable, but
time is crueller to child actors
than to the rest of us. By sea-
son five, Cindy and Bobby
looked no better than any
other civilians, hence the need
to add cute cousin Oliver to
the cast. Show creator Sher-
live-in maid. You beat up the
bully, and the bully becomes
your friend (season 2, episode
8, “A Fistful of Reasons”). You
pretend you are deathly ill and
are visited by quarterback Joe
Namath (season 5, episode,
“Mail Order Hero”). You take
crap from friends for singing
in the glee club and are saved
by the L.A. Rams’ music-loving
defensive end Deacon Jones,
who settles the argument in
your favor (season 2, episode
16, “The Drummer Boy”).
But reality is more compli-
cated, of course. On TV, Carol
guides her stepson Greg
through a confusing adoles-
cence. In reality, Barry Wil-
liams (Greg) joneses for Flor-
ence Henderson (Mrs. Brady)
and even asks her out on a
date. In short, if you’re seeing
it on a screen, it’s been written
and produced with you, or
someone just like you, in mind.
Enjoy it. Just don’t believe it.
episode 10, “Her Sister’s
Shadow”) because she’s the
middle child and feels she’s
getting it from both ends,
which makes her a problem
and a danger. If Cindy is the
most loved, it’s because of her
adorable lisp, but also because,
as the youngest, she knows she
will always be valued. In a
crowded family, it’s not just
the parents that raise the kids;
it’s the other kids.
It’s the picture of a busy
blended household that makes
the show relevant to every new
generation (my 7-year-old is
glued to the screen)—siblings
who look out for each other,
parents who are in control but
not in complete control. Again
and again, the Brady kids set
out with one goal in mind
(playing on the football team,
say, or landing a part in the
school play) but come away
with something else (team
photographer, artist) that
turns out to be even better.
EVERETT COLLECTION

• Show business: If you have a
great theme song, you don’t
need a recap. By expressing
the entire elevator pitch at the
start of each episode in rhyme,
plus the brutality of war. But
you’d never get the sense,
watching the show, that Amer-
ican life was anything other
than perfect, a picture that
wood Schwartz built on the
shifting sands of pre-pubes-
cence. He was enriched by it
but paid the price when the
show was canceled in 1974.
• Parenting: As in real life, the
Brady children act as they do
because of where they fall in
the birth order—beginning,
middle, end. Greg calls his par-
That’s also a lesson for par-
ents: You can’t tell them what
to love or what to be good at.
The best you can do is clear a
path and get out of the way.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C18 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

REVIEW
WEEKEND CONFIDENTIAL | EMILY BOBROW have you been worried spirit. She was already writing in
about this? Me too, last her spare time, for her Bible study

Annie F. Downs
year! Here’s the breakup I
couldn’t talk about at the
time, here are the ques-
tions about God I didn’t
have words for yet.” It can
be comforting, she adds,
A Christian author and podcaster shares stories of her life and faith. “to know that other people
feel what you feel.”
Ms. Downs observes
that her relationship with
God has grown more pro-
found after a 2022 filled
with too much grief: a
baby nephew died, friends
passed away, a romantic
relationship imploded, and
she seriously hurt her
knee. “I wouldn’t god the
way God gods, but I recog-
nize that He loves in ways
I don’t understand,” she
says. “The older I get, I
think life proves itself to
be tragic and God proves
himself to be faithful.”
Growing up Methodist
‘I have one skill set: I can
entertain people until
they learn something.’
in Marietta, Ms. Downs
says going to church was
“part of the weekly
rhythms of my family.”
She joined her church’s
youth group and sang in
its choir. She was five
teens, and she felt called to do
more: “I feel alive when I’m doing
it, from my feet to my head.” In
2008 she quit her job, sold her
house, and moved to Nashville. “I
knew I had stories to tell,” she
says.
Within a year Ms. Downs turned
her stories for teens into her first
book, “From Head to Foot,” but she
couldn’t interest a publisher: “My
agent and I got 42 noes. I mean,
there aren’t even that many pub-
lishing houses!” With help from her
parents, she published it herself in
2010, and its Amazon sales were
healthy enough to catch the atten-
tion of Zondervan, a Christian pub-
lisher that rereleased the book un-
der the title “Perfectly Unique.”
(Zondervan is a division of Harper-
Collins, which like The Wall Street
Journal is owned by News Corp.)
“Had God opened up all the doors
He’s opened since without that
massive rejection up front, I would
be an absolute mon-
ster of pride,” she
says. “All that rejec-
tion helped me under-
stand that my identity
and my job weren’t
the same thing.”
Ms. Downs is now
the author of 11 books about life
and faith for adults, teens and chil-
dren, including the bestselling
“That Sounds Fun.” She has hosted
her popular podcast of the same
name since 2014, and she spends
much of her time speaking at con-

.
years old when she says ferences and churches, including a

ly
she made “a decision to 13-city “Here For You” tour this
believe” that Jesus Christ June. She says she felt empowered
died and rose again for to lead, in her own way, after see-
on her: “I jokingly say God
didn’t want me as a teen-
ager without Him.”
Ms. Downs used to ride
ing other women do it first as
Christian ministers and authors, in-
cluding Beth Moore, Joyce Meyer,
Kay Arthur and Priscilla Shirer:
us ,

around on her bike con- “They opened the door, and now I
ducting imaginary inter- can run into this field and do what
l
e
views of herself and other I’m called to do.”
al a

people, sensing she would Much of Ms. Downs’s appeal

one day “have a public comes from her openness about the
ci on

life.” Yet she didn’t envi- challenges of finding peace in an

sion a leadership role in
her church. “In the South
in the 1990s, I saw women
lead at home and in corpo-
er s
imperfect life. “You don’t end up 42
and unmarried without kids in the
South as a Christian woman. That’s
just abnormal,” she says. “When

rate settings”—her mother your life doesn’t produce the bless-

worked as a corporate ings that you thought everyone got,
m er

lawyer—“but I didn’t see you really get to decide what is

it in spiritual spaces,” she true about God.” Her 2018 book
says. “I didn’t understand “Remember God” chronicles her
how I was going to bring search for spiritual answers during
m rp

all of my strengths into a difficult period in her life. The

the faith space that I
loved.”
At the University of
Georgia, Ms. Downs joined
co Fo
book’s lack of a Hallmark ending
may be why it has proved so popu-
lar: “We still get letters almost ev-
ery week from people who’ve read

the campus ministry and it and want to tell me their story.”

studied to become an ele- It troubles Ms. Downs that reli-
mentary school teacher, gion has become so politicized. “It’s
graduating in 2002. She tragic that a faith that is meant to

A
also probed her faith: “I make people feel welcome and
nnie F. Downs cringes ease the growing pains of others. personal and spiritual. She is the started to wonder, was this faith loved has not done that,” she says.
when she describes She scribbled her thoughts on co-founder of the That Sounds Fun mine or my culture’s?” She is now “What Jesus models for us is you
her younger self. “I weekends and printed them out for Network, which has an average of grateful for this “dark season” of can love anybody, you can be
was not great at be- the teenage girls who came to her 2.9 million monthly listeners across hard questions, as it ultimately re- friends with anybody, you can serve
ing a teenager,” she Bible study group on Monday its 17 podcasts. Her newest, “Let’s affirmed her beliefs. “I have never anybody,” she adds. “Heaven’s go-
JOSEPH ROSS FOR THE WALL STREET JOURNAL

says. “Some of my friends knew nights in Marietta, Ga. “By the end Read the Gospels,” leads listeners felt there was a better answer than ing to be a confusing place for
how to dress, they knew how to be of that first semester, one of them through the New Testament books Jesus, it just doesn’t always look some people when they see people
n-

cool, they knew what to say to
boys, I just didn’t know any of
that.” The term “late bloomer”
didn’t feel apt at the time because
no
said, ‘Hey, will you print one more of Matthew, Mark, Luke and John. the way you think it’s going to,” who didn’t agree with them.”
of these and staple it like a book so “I think we’re kinder toward she says. Life, says Ms. Downs, demands
I can give it to my friend?’ And I ourselves and more open to rela- Teaching fourth- and fifth-grad- humility. She admits it is still too
said, ‘Oh, did I just write a book?” tionships with other people and ers in public schools in Georgia easy to judge herself as somehow

she worried she would never bloom
at all.
By her 20s, however, Ms. Downs
felt not just older but wiser, and
suspected her stories could help
she recalls.
As a bestselling author and pod-
caster, Ms. Downs, 42, has earned a
large and loyal following for her
candor about her own struggles,
with God when we realize we’re
not the only one experiencing this
thing,” she explains over video
from her home in Nashville, Tenn.
“What I’ve tried to do is say, ‘Hey,
was fulfilling for a time. “I kind of
have one skill set: I can entertain
people until they learn something,”
Ms. Downs says. Five years in,
however, she felt unsettled in her
lacking, but she is getting better at
appreciating how everyone is wor-
thy of love: “The longer I study
scripture, the more I learn to love
and grow.”

What to And they could usher in a life-

style revolution of multitasking
enough time to learn how to
play the ukulele. An apt guitar

Do While for consumers.

Instead of frittering away all
pupil could learn to play the en-
tire Bob Dylan catalog while

Your
that time, for instance, car own- waiting to speak with a cus-
ers—and their passengers— tomer service representative
MOVING could get a basic haircut or man- about weird charges on their
TARGETS
JOE
Electric icure, or even a massage or an
acupuncture session or a bikini
credit card bill.
Similarly, while you’re waiting
QUEENAN
Car Refuels wax. Instead of distractedly
browsing those unhealthy candy
aisles, how about a little den-
on the phone to change your air-
plane seating assignment or find
out why your town doesn’t ever
tistry? Most fillings can be enforce its leaf blower ordinance,
knocked off in around 25 min- you could be learning to juggle,
The 25 THE GROWING RANKS of elec- utes; cleanings can take even can learn to make a halfway de- This potential revolution in play backgammon, whistle or
tric vehicles are beginning to less. cent cheeseburger or mushroom fueling-time management drives perform basic magic tricks. The
minutes change the way gas stations If there’s a line for the char- omelet in 25 minutes of hands- home a broader point: Nobody average call to Medicare pro-
could be think about their customers. gers, you could even work in an on instruction at the charging should throw away their life vides enough waiting time to re-
a chance People fueling up their cars have hour of on-site cognitive ther- station’s stove. A tasty beet-and- waiting in line, even if it’s for surface your kitchen tops or file
historically spent only five or six apy; recharge your mind while goat-cheese salad can easily be Taylor Swift tickets. People may for divorce. In the time it takes
for a minutes at a station on average, you recharge your car. accomplished in less. Chicken start rethinking the very idea of to terminate your bottled-water
roadside according to a report in The Wall Even more enticing: Service tikka masala might require mul- queuing. contract, you could re-carpet the
pedicure Street Journal—but it takes at stations could expand their prod- tiple lessons. But it’s certainly Let’s face it: A 25-minute wait living room. And maybe the den.
least 25 minutes to charge an EV. uct line to offer “snap seminars” doable. to charge an electric car is noth- Don’t have a living will?
or some Retail opportunities until now in a range of subjects. Lots of Not everything you can ac- ing compared with the lengths of Women, especially, have ample
light have been limited. No matter people would enjoy taking fast complish in 25 minutes can be time people spend on hold wait- time to draw one up while
how alluring the minimart at- roadside French lessons. Il va monetized, of course. There are ing to schedule a hernia opera- they’re waiting in line for the
dentistry. tached to the station, basically sans dire! Charge your car regu- other choices you can make to tion or complain about their ca- bathroom at just about any the-
drivers are in and they’re out. larly and in a year you’ll be maximize your charging time. In- ble TV. This is time that could be ater or concert hall.
They might buy coffee or a speaking French like a Parisian. tense aerobic workouts. A round used far more profitably by ful- And here’s one more idea for
candy bar or lottery tickets, but Admittedly, Chinese might take of bridge. A rapid-fire chess filling a lifelong dream of learn- that car-charging time. A 25-
PETER ARKLE

that’s about it. longer. match. Writing an angry letter to ing a musical instrument. A cou- minute wait would provide a
Those 25 minutes, however, The same principle applies to the newspaper (not this newspa- ple of 40-minute lessons while perfect opportunity for custom-
could become a retail bonanza. cooking. The worst kitchen klutz per, please). on hold should be more than ers learn how to drive better.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | C19

PLAY
NEWS QUIZ DANIEL AKST From this week’s NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
Wall Street Journal

Cell Blocks Cell Blocks

1. A jury found 6. A federal judge
Gwyneth Paltrow ruled that a non- Divide the grid
not at fault in a profit violated copy- into square or
collision with a rights by lending rectangular blocks,
each containing For previous
retired optome- digitized books weeks’ puzzles,
one digit only.
trist. Where did without publisher and to discuss
Every block must
the crash occur? permission. Name strategies with
contain the number
the culprit. other solvers, go

A. A Utah ski slope of cells indicated by

A. The Electronic the digit inside it. to WSJ.com/

B. A bumper-car
Freedom Foundation puzzles.
course in the Hamptons

C. Wilshire Boulevard in
B. The New York Public Killer Sudoku
Beverly Hills Library Level 2 Suko

D. A sidewalk on New York’s
C. The Internet Archive
Fifth Avenue
D. Library Genesis

2. Sergio Ermotti is coming 7. One company’s products

back to run which big include “Perennial Rye.”
enterprise for a second time? What’s that? Killer Sudoku Level 3
As with standard

A. Italy
A. A pigment for lawn paint
Sudoku, fill the

B. Ferrari
B. A grain bred for climate
grid so that every

C. Illumina change column, every row

D. UBS
C. An old-fashioned bread and every 3x3 box Game Changers

D. A 120 proof whiskey contains the digits D E B I T C A L L O FF L A S S
1 to 9. Each set of A B U S E O R E O P EI E P E E S
3. Faced with protests over F A L L E N A R C H E YR S T E A L S
his plan to overhaul Israel’s 8. Who just got their first cells joined by
T Y L E N O L T A L NE T S S T U N S
judiciary, how did Prime Minister collective bargaining agreement dotted lines must P T S D N O N M R E D N U T
with Major League Baseball? add up to the B E E S D I O R P R A Y E R R U G B Y
Benjamin Netanyahu respond?
target number in R A N G E A R L I E N S I A N
O R T E D I T H A N N T A L K S B I G

A. He delayed the plan.
A. Umpires its top-left corner.
S P A H AMH O C K E Y C L E A R E R

B. He accelerated the plan.
B. Grounds crews Within each set T A R T P L Y E A S E S V E D A

C. He dissolved the Knesset.
C. Front-office staff of cells joined by A S H B Y D A D L O S N EW S Y

D. Minor league players dotted lines, a digit L A L A T OW I N S I A P O D S

D. He ousted the Chief B R O N S O N T O P T E N N I S K I X
Justice. cannot be repeated.
S A N D C R A B T E A S D A L E I C E
O A S A L I G N S P E D J O N
9. Paul Newman’s daughter Nell R A I N B OWL I N G M O A I T U N A
4. Which medication, designed found a pair of valuable Rolex Suko A D D S E E P P O S T R AM
to reverse an opioid overdose, Daytona watches while looking P O L A R T R I E S A T C O O K P O T
Place the numbers S E Q U I N T R A S H C A N O E I N G
will soon be available without a for something else in a drawer.
FROM TOP: RICK BOWMER/POOL/GETTY IMAGES; JONATHAN FERREY/GETTY IMAGES

1 to 9 in the spaces S U MM A O I L S E A L S I N C E

.
prescription? What had she been after? A P O P R E S E R V E A N G E L
so that the number

ly

A. Alcan
A. A screwdriver in each circle is equal
to the sum of the Acrostic

B. Narcan
B. A pencil

C. A pair of earrings four surrounding L(aura) Ingalls Wilder, “Farmer Boy”—“The life of

C. Opivoid
on
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

D. House keys spaces, and the earth comes up with a rush in the spring-

D. Fentanull
each color total time. All the wild seeds of weed and thistle, the
is correct. sprouts of vine and bush and tree, are trying to
5. Which town was hardest hit take the fields. Farmers must fight them with
by a Mississippi tornado, losing
us ,

harrow and plow and hoe; they must plant the

more than a dozen lives? good seeds quickly.”
l
e
al a

A. Horn Lake A. Lederhosen; B. Idle wheel; C. New potato;

B. Moss Point D. Ghosted; E. Agriculture; F. Luftwaffe;
G. Lethal; H. Spaghetti squash; I. Whim-whams;
ci on

C. Olive Branch

D. Rolling Fork J. Immodest; K. Lurked; L. Depth; M. Elegist;
N. “Red Harvest”; O. Fifty-fifty; P. Attendants;
Q. Ride herd on; R. Matt Smith; S. Epitaph;
T. Ranch house; U. “Behind the Sun”;
Answers are listed below the V. One-horse town; W. Yorkist
er s

crossword solutions at right.

m er

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

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 40 March lead-in?
19 20 21 22 41 Not just
uncommon
23 24 25
42 Alpine animals 24 1
26 27 28 29 43 Ready for the 23 2
co Fo

cobbler
30 31 32 33 22 3
44 Parka parts
34 35 36 37 38 39 40 41 42 43 44
47 Genetic variant 21 25 4
45 46 47 48 49 48 “Keen!” 36 26
50 51 52 53 54 51 In small steps
54 Turned over 20 5
55 56 57 58
one’s property? 35 27
59 60 61 56 Poker star Phil
62 63 64 65 57 Gains weight, 19 6
66 67 68 69
with “up” 34 28
58 Simple soups
70 71 72 73 74 75 76 60 Bistro patrons 18 7
n-

77 78 79 80 61 Cover
33 29
62 Second son of
81 82 83 84 85
Jacob
17 8
86 87 88 89
63 Saws 32 30
no

90 91 92 93 94 64 Really high 16 31 9
95 96 97 98 99 100 101 102 103 104 105 65 Chin features
106 107 108 109
66 Web site? 15 10
67 Sign of late
110 111 112 summer 14 11
13 12
113 114 115 116 71 Croquet setting
72 Debatable
Ode Fashioned | by Mike Torch 73 Fraternal order
since 1868
Across 50 Plane units 82 Caresses from a 5 Alaskan capital Seven Sages | by Patrick Berry
violinist? until 1906 74 Scent
1 High priests? 52 Book before
6 “Paper Planes” Obadiah 85 Caramel-filled 6 Hip-hop 75 Salad green Each answer in this puzzle is seven
letters long and encircles the – 8 Small opening in a mask –20 Small knots
or helmet
+ 21 Enjoys success
singer 53 Guarded candy wordsmiths 76 Winter blanket?
correspondingly numbered space,
9 Informal address 54 Leander’s love 86 Worries
88 Start
7 Little bit
8 Guinness with an
78 Short-legged
dog
reading either clockwise (+) or
counterclockwise (–) as indicated.
– 9 Temporizing answer to a
– 22 Assorted
14 Signs to heed 55 Georgia child’s request (2 wds.)
19 Defense strategy neighbors 89 Made gains Oscar
9 Most charitable
79 Organized
campaign
The starting point of each answer
is for you to determine. When the + 10 Star of “Pushing Daisies” + 23 Rely on too often
20 Like all points on
the x-axis, e.g.
57 Adopting a “been 90 Crone
there, done that” 91 Things to mind, 10 Having retired,
82 “Pretty please,
help me out”
grid is correctly filled in, the letters and “Halt and Catch Fire” – 24 Completely surround
22 Diet that
attitude on the London say
83 Tails partners
in the outermost ring (reading
clockwise from answer 1) will spell
(2 wds.) + 25 Person employed to
excludes dairy 58 Went a round
59 Made tapestries
subway
93 Reach great
11 There are 28 in a
Monopoly game 84 Word on an a bit of sage wisdom from Leo J. + 11 Beverage company that open walnuts or peas
+ 26 Spartan, as
and bread prints “Real Facts” on the
heights octagon Burke.
23 Assume as a fact 60 As a result of 12 Swimmer Torres insides of its bottle caps
95 Created topiary with 12 Olympic 87 Stevie Wonder’s furnishings
24 New Yorker 61 Systems of belief
cartoonist Saul 62 Used needlepoint
with a Toro? medals
91
“My ___ Amour”
Must,
– 12 They shouldn’t be – 27 Most malodorous
102 Quite 13 Bacchanalian extended while drinking
25 Short piece from
Voltaire
for the
customer’s respectable bash informally
tea, per Emily Post +28 Threatened swimmer
106 In the know 14 Unrestricted, as 92 Obama imposed in the Everglades
+
receipt?
26 Airborne delivery
group? 66 With great 107 Makes merger a mutual fund sanctions on him
in 2011
1 Made horse-on- + 13 Its business is soaring + 29 Garden wriggler named
cobblestone sounds
28 When enthusiasm plans 15 Tool for potatoes – 14 Petrel, pelican or puffin after a slinky fish
–
94 Squabble
2 Show listened to while
programmers
work for the
68 Word from an
appreciative
109 Craftiness
110 Salsa singer Cruz
16 Otherwise
17 “Hud” Oscar
95 Club with spikes
driving, perhaps – 15 In the midst of, as – 30 Opens, as a wine bottle
enemies (2 wds.)
devil? Austrian
111 Passing practice? winner Patricia 96 Wilson of
+ 3 Steals cattle + 31 Prepares to do some
30 “Aw, rats!” 69 Like Cheerios
112 Pop’s twin, 18 Potting need
“Marley and Me”
+ 16 Leave prison the illegal skating (2 wds.)
32 Actors Sparks
and Beatty
70 Lassie’s
companion, on
perhaps 21 She has her
97 NBA great
Frazier + 4 Querulous complainers way (2 wds.)
+ 32 Places to play pinball
33 Migratory old TV 113 Keypad key pride
27 Unexpected
98 About how long – 5 Male chauvinist pigs, – 17 Retro eatery with food + 33 Indonesian island west
formation 71 Victoria and 114 Ballot bits in it takes light to slangily options visible behind
2000 news problem travel a ft. of Borneo
34 Request for Albert, in Africa
115 Bullring cry 29 Light soap 99 Musician/radio – 6 California region that glass
+ 34 Injured with a knife
permission 72 Hands, in slang
116 New car of 1957 31 Reacted to a dad host John includes Silicon Valley – 18 Ring atop a beer can
37 General
assemblies
77 Corner
78 Court player, Down
joke 100 ___ Alto (2 wds.) (Hyph.) + 35 Digging deeply (into)
40 Like liver informally 1 Perches for petite
34 Assortment
abbr.
101 List shortener + 7 Relaxing soak in the tub – 19 Form a pair for safety’s – 36 Female title character,
45 “Understood” 79 Derby competitor pets 103 Snaps (2 wds.) sake (2 wds.) often
2 Heaps 35 Between ports 104 Paris-based
46 Cattle prod to 80 Where the Blue
36 Calendar span fashion Get the solutions to this week’s Journal Weekend Puzzles in next
s

measure all Nile and White 3 Paste for soup

others against? Nile meet 38 Auntie’ s twin, magazine Saturday’s Wall Street Journal. Solve crosswords and acrostics
4 Admission from
49 Greet the visiting 81 Peter and Gordon the victim of a perhaps 105 Stagger online, get pointers on solving cryptic puzzles and discuss all of the
team hit “___ to Pieces” robin repo? 39 Altar exchange 108 Farm mother puzzles online at WSJ.com/Puzzles.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C20 | Saturday/Sunday, April 1 - 2, 2023
BY PETER SAENGER
W
hen food shows
up on canvas,
politics, sexual-
ity and morals
are often close behind. That
is the lesson of “All Con-
suming: Art and the Essence
of Food,” a new exhibition
opening April 14 at the Nor-
ton Simon Museum in Pasa-
dena, Calif., with 60 paint-
ings, photographs and other
works spanning four centu-
ries.
The first section of the
show, “Hunger,” includes
works by two Spanish artists
who saw famine first-hand.
In the 17th century, Barto-
lomé-Esteban Murillo was
commissioned to make a
painting that would spur
gifts to the needy of Seville.
The result was “Saint
Thomas of Villanueva Giving
Alms to the Poor” (1665-70),
which includes an allegorical
figure of Charity nursing
three babies. The sober faces
of the saint and the beggars
alike convey an austere but
gentle world, softening what
the exhibition calls the “bru-
tal realities” of a city where
famine was endemic.
Francisco Goya softened
nothing in his “Disasters of
War” series of etchings Above: Frans Snyders, ‘Still Life With Fruit and Vegetables’ (1625-35). Below: Manuel Álvarez Bravo, ‘The Crouched Ones’
(1810-20), made in a period
when 20,000 people starved
to death in Madrid. In one
etching, “Thanks to the Mil-
let,” a bedraggled, hungry
group waits to share a pot
of millet porridge, a dish
linked to the very poor, of-
fered by a woman appar-
ently so weak she cannot sit up.
Memories of the war were so bitter
that the etchings weren’t published
until 1863, half a century after they
were created.
When it came to depicting exces-
sive consumption, on the other hand,
artists often turned to female fig-
ures. Curator Maggie Bell writes that
women were apparently seen as
more likely to get out of control
when it came to sensual urges. In
1663-64, the Dutch master Jan Steen
painted a woman in a drunken stu-
por being loaded into a wheelbarrow,
her fine clothes awry as amused on-
lookers gawk at her. An inscription
over a nearby doorway reads “Wine
is a mocker,” a biblical quotation and
the title of the painting. (The moral
is complicated by the fact that Steen
had also run a brewery.) A century
later, Britain’s William Hogarth used
ink on paper to warn of the dangers
of “Gin Lane,” where a gin-sodden
mother is too drunk to notice that
her child is falling to its death.
In late 18th-century France,
Louis-Léopold Boilly connected food,
MASTERPIECE | ‘FLAMING JUNE’ (1895), BY FREDERIC LEIGHTON
A Victorian Vision
Of Beautiful Youth
no
BY BARRYMORE LAURENCE SCHERER
FOR ROUGHLY the last three de-
cades of the 19th century, Frederic
Leighton (1830-96) stood at the apex
of the Victorian art world. A sculp-
tor as well as a painter, he was an
immensely gifted draftsman and
gentleman of wide culture and lin-
guistic knowledge, thanks to his
youthful study trips through Europe.
He was elected an associate of the
Royal Academy in 1864, and elected
president in 1878. Endowed with
consummate administrative and dip-
lomatic skills, combined with his
personal kindness and the handsome
dignity of his bearing, Leighton held
the office with great distinction un-
til his death. Queen Victoria
knighted him, granting him the fur-
ther honor of a baronetcy in 1886,
finally creating him a peer as 1st
Baron Leighton of Stretton, in 1896.
Ironically, he died (of coronary dis-
ease) the day after the letters patent
granting the peerage were issued.
Leighton’s most famous painting,
“Flaming June” (1895), is currently
on loan to the Metropolitan Museum
of Art from Puerto Rico’s Museo de
Arte de Ponce, along with works by
his fellow artists John Everett Mil-
lais and Edward Burne-Jones.
“Flaming June” hangs in dramatic
contrast beside Leighton’s somber
1894-95 “Lachrymae” (owned by the
Met) depicting a dark-robed woman
leaning in sorrow against a memo-
rial column. The pairing approxi-
mates the artist’s original choice to
The Art of Feast and Famine
on
drink and bad morals in the farcical
double painting “Interrupted Sup-
per,” in which a man—possibly a
us ,
husband—breaks in on a woman’s
tête-à-tête with a lover. Their meal
l
e
includes a bottle of wine and some
al a
sexually suggestive sausage and
sliced melon. While the lover hides
ci on
behind a screen, the half-undressed
lady steers the intruder in the
wrong direction.
As global trade expanded, so did
Europeans’ access to new fruits and
er s
vegetables. The Flemish artist Frans
Snyders’ “Still Life With Fruit and
m er
Vegetables” (1625-35), an 8½-foot-
wide spectacular, includes a collec-
tion of delicacies impossible in real
life because of varying harvest times
m rp
and locales. The scene is arranged
with the most common root vegeta-
bles at the bottom, underneath a ta-
ble, while dishes of chestnuts and
berries sit on the tabletop. A pile of
co Fo
grapes is taller than the young
woman in the picture, on whose fin-
ger a bird has rested.
Artists celebrated farms as well
as their produce. In “Evening in the
n-
show the two works together at the
1895 Royal Academy exhibition.
Leighton had first achieved na-
tional celebrity with his massive
1853-55 tableau “Cimabue’s Cele-
brated Madonna Is Carried in Pro-
cession Through the Streets of Flor-
ence,” which was immediately
purchased by Queen Victoria (and is
on long-term loan from the Royal
Collection to the National Gallery,
London). But he soon distanced him-
self from the Romantic Medievalism
* ***
REVIEW
ICONS
Meadows” (mid-1650s), the Dutch
painter Aelbert Cuyp gave three
cows monumental stature against a
the dairy industry involved much
larger herds and workforces. Slowly,
some artists traded such idealized
slowly setting sun, with a single views for a more realistic approach,
milkmaid—a “fantasy of milk pro- as in “The Poultry Market at Pon-
duction,” as Ms. Bell puts it, since toise” (1882), part of a series of
of his English Pre-Raphaelite con- Greco-Roman marble bench beneath
temporaries, pursuing instead a lush an awning, its decorative edge indi-
and equally Romantic idealization of cated at the top of the painting. Be-
Greco-Roman Classicism that earned yond her glistens the tranquil sea.
him the sobriquet “Jupiter Olym- Cushioned by a mass of rippling
pus.” drapery—a Leighton hallmark that
Although he painted narrative imparts fluid visual rhythm to many
scenes from Classical mythology and of his compositions—the sleeper
biblical history, Leighton also em- curls herself in a pose whose strik-
braced the principle of art for art’s ing complexity is concentrated by
sake, eschewing narrative in favor of the foreshortening of the whole fig-
attaining purely harmonious beauty ure.
of figural composition itself. “Flam- “Flaming June” reveals in its de-
ing June,” one of Leighton’s final tails the stylistic elements of Leigh-
works, is a supreme example of this ton’s technique that endeared him to
aesthetic, depicting a young woman his public: the tender softness of the
asleep outdoors on a sultry after- girl’s face, delicately flushed in the
noon. Draped in diaphanous fabric heat, perfectly proportioned from
whose orange and apricot tones lend the brow to the eye, the eye to the
the work its title, she reclines on a nose, the length of the nose and its
ideal distance from the lips.
Further details contribute to the
splendor: the veiled quality of her
closed eye, the elegance of the shell-
like whorl of her ear, the tender
smoothness of her exposed arms
and the soft delineation of her
folded elbow, Leighton’s masterly
brush rendering the hazy softness of
her fingers and the toes of her ex-
posed foot as well as the other foot
glimpsed through her garment. He
achieves this tactile softness by em-
ploying the scumble technique of
delicately blending tone and line
while applying successive thin layers
(scumbles) of opaque or transparent
color—the latter called glazes.
He also uses scumbling to render
the gossamer tissue that both con-
ceals and reveals the girl’s body—
her tucked legs and a hint of her
breast covered by the fabric yet visi-
ble through it. Her garment appears
almost weightless as it alternately
clings to her supple flesh—as at the
long expanse of upper leg—or pools
in exquisite folds in the hollows.
THE WALL STREET JOURNAL.
(1934).
.
ly
market paintings by the French im-
pressionist Camille Pissarro. Using
the point of view of a shopper, Pis-
sarro “celebrates the social interac-
FROM TOP: THE NORTON SIMON FOUNDATION; ASOCIACION MANUEL ALVAREZ BRAVO/A.C. & ROSEGALLERY
tions of the marketplace over its
wares,” says Ms. Bell.
Eugene Atget used the inherent
realism of photography to capture a
wine bar and a butcher shop in
1920s Paris, but others harvested
very different visions. The Norton
Simon exhibition ends with the work
of the Mexican photographer Ma-
nuel Álvarez Bravo, who brought
surrealist touches to his “The
Crouched Ones” (1934), in which a
shadow seems to decapitate five
workers perched on bar stools at a
tiny eatery.
The American photographer Ed-
ward Weston found geometric pat-
terns in vineyard-covered hills, lines
of lettuce and even a single pepper,
which he lit like a portrait and then
found another use for. “The pepper
is well worth all the time, money, ef-
fort,” he wrote in his “Daybooks.” “It
is beginning to show signs of strain,
and tonight should grace a salad.”
And with subsidiary drapery he sur-
rounds the recumbent girl in opu-
lent tones of apricot, tan and port-
wine, culminating with the graceful
passage of olive-tan drapery partly
covering her auburn hair. The effect
is captivating.
In contrast to the overall polish
of the painting’s surfaces, the shin-
ing sea behind the girl is rendered
in short white strokes of thick im-
pasto, which convey the vivid ap-
pearance of blinding sunlight spar-
kling on open water, this
meteorological effect dramatized by
the glimpse of leaden sky at the ho-
rizon.
Leighton uses similar impasto to
impart texture to the pink and ma-
roon oleander blossoms drooping
over the marble parapet behind the
girl. Oleander, beautiful but poison-
ous, has led some commentators to
wonder if Leighton, debilitated by
painful angina attacks, was ponder-
ing the link between sleep and death
in this picture of refulgent youth.
Prior to sending his painting to
the 1895 Academy show, Leighton
arranged what was to prove his last
at-home “show Sunday” of recent
work. Taking pride of place among
the canvases displayed around his
studio was “Flaming June,” the
work singled out by Leighton schol-
ars Leonée and Richard Ormond as
“his most uninhibited hymn to hu-
man beauty and life itself.” In the
course of his industrious career
Frederic Leighton created numerous
images of female and male beauty,
however none combines as “Flaming
MUSEO DE ARTE DE PONCE
June” does such loveliness of form
and craft with so potent a sugges-
tion of poignant valediction.
Mr. Scherer writes about music and
the fine arts for the Journal.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

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BY DANIEL VARGHESE And cyclists face considerable threats. The Na- 

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tional Highway Traffic Safety Administration re- SAFE TRAVELS

Y FIRST EXPERIENCE with city ported that fatal injuries to cyclists went up by Unlike our model,
cycling wasn’t promising. The sub- 9.2% between 2019 and 2020, and by another you won’t need to
urban rides of my childhood 5.2% by the end of the 2021. Sheryl Porter, a 52- cocoon yourself in

The City: hadn’t prepared me for crumbling

concrete, hulking cargo trucks and
hostile drivers. By the time I moved to New York
City six years ago, biking seemed absurd.
At the start of the pandemic, however, traffic
year-old stay-at-home mom in Grand Prairie,
Texas, told me drivers sometimes play “Chicken”
with her. More chilling, Mark Lowe, 49, a physi-
cian assistant in Aurora, Colo., said he once had a
driver ride beside him, roll down his window and
bubble wrap to
avoid danger on
urban streets.

A Survival vanished from my neighborhood in Brooklyn and

it seemed like everyone took to two wheels. The
New York City Department of Transportation re-
ported it tracked 33% more bike trips year-over-
aim a handgun in his face.
And yet, both bike a lot. Veon McReynolds,
71, a retired university administrator, said the
key to staying safe is treating cars like dogs.

Guide
As the pandemic cleared traffic, many
took to two wheels. Now that cars (and
other dangers) are back, a nervous
novice gears up to join them.
year between May and December of 2020. Re-
cently, I realized I was tired of being too scared
to join the new wave of cyclists.
The data wasn’t encouraging. American streets
are dangerous places, even in a two-ton box of
steel. The Organization for Economic Coopera-
tion and Development said the U.S. had the high-
est per capita rate of deaths from road accidents
among the 38 countries from its data set in 2021,
the most recent year for which it has statistics.
“If you come up to a dog and feel like it’s going
to bite you, you’ll approach that dog a
lot differently.” He said even drivers
in Houston, full of six-lane highways,
respect cyclists who look comfortable
and regularly look behind them.
Dressing the part can also help.
Though some studies indicate that driv-
ers give cyclists with helmets less room, most
Please turn to page D15

Inside

BOWS
THAT BOW
TO NO ONE
They’re not
sweet D2

WHOLE LOTTA FRITTATA GOIN’ ON APPETIZING AESTHETICS FLIP ATTITUDE

Bought too much at the farmers market? Lousy dining-room décor can trigger Why shades you can raise are having
Try this anything-goes recipe. D6 indigestion. Five goofs to avoid. D14 another day in the sun D16
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D2 | Saturday/Sunday, April 1 - 2, 2023
BY KRISTEN BATEMAN
T
HERE’S A NEW
bow on the block,
and it’s but a dis-
tant cousin (at
least twice re-
moved) of those cutesy rib-
bons Cindy Brady tied in her
golden pigtails. Whether small
or overscaled, this nouveau
bow does not mince. It does
not merely decorate. Instead,
it makes a strong statement,
subverting stereotypes. Look
to the red satin bows that
drenched diaphanous black
dresses on London designer
Simone Rocha’s latest runway.
“They were to represent two
things,” said Ms. Rocha. “The
blood that is daubed on a
child’s head to ward off evil
spirits during Lughnasa [the
Celtic Irish harvest festival]
and also…good luck.”
Bows also showed up in ab-
stract or aggressive forms—or
performed unlikely tricks—in
recent collections from Rodarte,
Khaite and Batsheva. Big black
bows playfully obscured mod-
els’ torsos at Acne Studios’s
spring 2023 show. Leather ver-
sions protruded from Louis
Vuitton’s hard-edge spring mini
dress. And during its latest
Paris presentation, Japanese
brand Noir Kei Ninomiya used
sparkly pink or black loops to
adorn harnesses that evoked
bondage. Designer Kei Ni-
nomiya said he’s intrigued by
the way bows “represent some-
thing positive, as well as the
variety of shapes and expres-
sions that they can convey.”
Feel-good harnesses, anyone?
Since their fashion debut,
likely in the 16th century, rib-
Louis Vuitton spring 2023
bon bows have conveyed ev-
erything from conspicuous
wealth to hyper-femininity to
romantic entanglement. In the
20th century, bows—or, more
accurately, the women who
wore them—rebelled. When
Katharine Hepburn and Mar-
lene Dietrich subverted gender
norms in the 1930s, they
sported suits and prominent
bow ties. And during the
French occupation in WWII,
women used bows to symbol-
ize resistance. Flouting Ger-
man-imposed fabric restric-
tions and rules against
extravagance, they scrounged
for cloth scraps to construct
elaborate hats and turbans,
some of which were embel-
lished with bows. The designer
Elsa Schiaparelli reportedly
called such chapeaux “a slap in
the face for the Nazis.”
As the recent collections
prove, today’s bows can con-
note self-assuredness. “I have
been the only woman in the
room in my career too many
times to count,” said San Fran-
cisco attorney Lucia Kanter St.
Amour, 52, adding that you
ISTOCK
might think she’d avoid wear-
no
* *** THE WALL STREET JOURNAL.
STYLE & FASHION
ing anything that could be
seen to lack gravitas or skew
too feminine. “Au contraire,”
she pronounced. “A bow can
radiate confidence and su-
Turn of the Tied
preme competence…[it] com-
municates that there is much
more here than meets the
eye. So much to unwrap.” She
often deploys a bow-neck
blouse in a botanical print
and a hot-pink Nanette Lep-
Froufrou bows these are not. Today’s brazen new knots are audacious, ore coat garnished with a
even subversive. Here, how to flaunt them. large, equally pink bow.
London stylist Jamie-Ma-
ree Shipton contends that
modern bows work best if
you invert expectations.
Among her recommended
moves: Tie a bow onto your
shoelaces or pin one onto a
punkish, worn-in T-shirt, es-
pecially if it has holes. If
you’re particularly uninhib-
ited, affix a subtle bow to the
top of your underwear, and
let it peek out above baggy,
super-low-rise jeans—an ap-
proach Ms. Shipton deems “a
perfect balance of cute but
not girly.”
Djenaba Johnson-Jones, 50,
has a similar, if less-risqué, ap-
proach: The founder and CEO
of Hudson Kitchen, a food-and-
beverage incubator in Kearny,
N.J., appreciates functional
‘A bow radiates
confidence. It
.
communicates
ly
that there is so
much to unwrap.’
on Acne Studios spring 2023 Simone Rocha fall 2023
garments that are all bowed-
up. “I love bows on a jumpsuit,
us ,
either tied in the front or on
my shoulder,” she said.
l
e
Among our favorite itera-
al a
tions (see “The Bowed and
the Beautiful,” left) are Japa-
ci on
nese label Tao’s striped vest,
buttressed with giant bows
THE BOWED AND THE BEAUTIFUL / BOLD, UNCONVENTIONAL BOWS OF ALL SORTS AND SIZES that read as a tough, modern
distillation of Eliza Doolittle’s
Royal Ascot ensemble in the
er s
1964 film “My Fair Lady.”
Similarly, Stuart Weitzman’s
m er
boots marry the heretofore
unsympathetic concepts,
“combat” and “bows.” A be-
ribboned backpack? Why not,
m rp
said Simone Rocha.
The bows of yesterday
might have come off as ultra
feminine, but today’s assert
their dominance. They are
co Fo
less saccharine, more in-your-
face. “We created bows as
large tails,” said Danish de-
signer Cecilie Bahnsen of the
monumental ornaments on
her fall 2023 catwalk. These
chiffon confections unapolo-
getically took up space—
imagine wearing a bow that
Clockwise from left: Tao Vest, $1,195, Shop-US.DoverStreetMarket.com; Boots, $695, StuartWeitzman.com; would force someone to step
The Row Hat, $450, BergdorfGoodman.com; Blouse, $725, us.MaxMara.com; Trousers, $665, Kenzo.com; aside as you pass. Pretty but
Pumps, $980, Gucci.com; Simone Rocha Bag, $690, BergdorfGoodman.com powerful—the embodiment of
n-
the new bow.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | D3

STYLE & FASHION

20 ODD QUESTIONS

Chris
O’Dowd
‘The Big Door Prize’ star on
sleep, nachos and dog prams

O
N MATTERS OF style, Chris
O’Dowd is more guy-next-door

MELISSA GOLDEN FOR THE WALL STREET JOURNAL; GETTY IMAGES; ALAMY; SHUTTERSTOCK (2)
than Mr. Hollywood. Though
based in Los Angeles, the Irish
actor, 43, only shops once every
two years and lacks a skin-care regimen. His STUFF OF THE IRISH
preferred shampoo? “Whatever is there.” Don’t Clockwise from top left:
expect him to jump on hot fitness trends. “I like the Duolingo owl;
my mind to do the exercising, [not] my knees.” Galway, Ireland; Paige
Mr. O’Dowd has lived in the U.S. with his jeans; a Withings
wife and two sons for over a decade, but he’s smartwatch; a dog (who
amused fans for far longer. His big break came is not Spud) in a pram;
in 2006 via quirky British comedy “The IT Petty Cash’s ‘amazing’
Crowd” (now on Netflix). Since, he’s brought cauliflower nachos;
offbeat charm to such movies as “Brides- a canvas Blundstone
maids,” “Molly’s Game” and “St. Vincent.” STRIKE A ROSE boot; a lobster.
In “The Big Door Prize,” an Apple TV+ series Actor Chris O’Dowd,
that just debuted, he plays a relatable every- who cuts roses with
man. The show’s O. Henry-ish setup: A machine his sons every
that can divulge one’s life purpose appears at a Thursday, in floral-
market in a sleepy town called Deerfield. Cos- pattern pants at
mic irony and existential chaos ensue. the St. Regis
Here, the actor talks vexing smart appliances, Atlanta in March.
otherworldly waffles and his penchant for PJs.

I’ve always been: a man of comfort. bougainvillea trees. I like the look of leather but that’s not my vibe. Too my own language very well. some of the most creative people go

.
I’ve been an advocate of pajamas them. I’ve got maybe a dozen rose much weight. In canvas, you can float there in their 20s and never leave.

since as long as I can remember.
Sweatpants are too thick. I want
whatever I’m wearing to feel like bed
sheets encasing my troubled legs.
ly
bushes. Every Thursday my sons and through life like you’re on a cloud. I’ve started saying: “Thank you” in
I cut roses to put in the kitchen. Irish in all of my emails. It’s actually We go out to eat: a good bit. I love
I rely on: a Withings smartwatch. It’s four words: “Go raibh maith agat.” taking the kids to Shaky Alibi in West

Denim is: too restrictive. I rarely wear

jeans these days. But if I do, I’ll spend
on
My favorite boots are: Blundstones
in canvas. I wear them for gardening
and going out. They also come in
not too big. It’s useful for sleep but it
tells me how terribly I’m sleeping.

My sleep is: garbage. I take melato-

I wanted my home to be: a “tech”
house, but none of the bits work to-
gether. Once in a while I think, “We
Hollywood. They have the greatest
waffles in America—it says so on a
big sign on the front. Waffles aren’t
an Irish thing. Going for waffles over
us ,

a couple of extra quid to get a nice nin and listen to sleepy podcasts like surely don’t need this to be con- there is like living on the moon.
l

stretchy pair by Paige. Blindboy’s. He’s an Irish writer with a nected to Wi-Fi? The fridge doesn’t
e
smooth voice and puts a bed of in- need to connect with the outside I also like: Petty Cash for tacos.
al a

Walking in forests is: a big pastime. I strumental jazz very softly under- world. Who’s it calling?” They do amazing cauliflower nachos.
grew up in the country so I’m quite a neath everything he says.
ci on

rural person. I’ve always gardened. I My family is: mostly in Ireland. I go When my last dog, a terrier named
don’t know if I have the patience for it I’m addicted to: Duolingo. I’m on Day back a few times a year. The kids just Spud, got old: I had to walk him in a
but I love the fruits of my labor. You 148 of doing it after watching “The love it. We fish and catch lobsters. pram. I was the guy in California with
have to take care of what you plant, Quiet Girl,” an Irish-language film. I a dog in a pram, which wasn’t what I
otherwise it’ll take over your house. hosted a screening before the Oscars My favorite city is: Galway, a big col- was expecting from my life. But what
er s

and as a proud Irishman, I felt very lege town in the West of Ireland. They are you going to do? —Edited from
Last year, we planted: six or seven A blossoming bougainvillea tree. embarrassed that I couldn’t speak call it the artist’s graveyard because an interview by Marshall Heyman
m er
m rp
co Fo
n-
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D4 | Saturday/Sunday, April 1 - 2, 2023
BY RYAN LEONORA BROWN
T
HE screaming
baboons were
not helping
my nerves. As
I gripped the
sides of the 80-foot chain
ladder, I listened to their
distressingly human yelps
ricochet through the can-
yon and tried not to look
down. “One rung at a
time,” the guide Moeketsi
had told
me a few minutes earlier
before leaving me at the
bottom of the ladder, which
grips a sheer cliff face on
the Mont-aux-Sources, one
of South Africa’s tallest
peaks. I took a ragged
breath and waited for fur-
ther counsel, but he was al-
ready zipping up the ladder
ahead of me with
the quick, jerky motions of
a professional. Soon, he
was out of sight.
Stepping gingerly onto
the first rung, and aware a
second ladder followed this
one, I reminded myself of
what awaited me at the top
of the climb: the world’s
tallest waterfall, Tugela
Falls—or possibly the sec-
ond-tallest waterfall, after
Angel Falls in Venezuela.
Turns out, it’s challenging
to accurately measure a
3,000-foot chute of water
tumbling over a mountain-
side, so the debate remains
open and raucous. But to ca-
jole myself into a motivated
state, I mentally crowned
Tugela “the tallest.”
We had arrived the pre-
vious day from Johannes-
burg. The four-hour drive
KARABO MOOKI FOR THE WALL STREET JOURNAL
shot us south and east
across the cornfields, grain
silos and small towns of
South Africa’s breadbasket,
the Free State. The terrain
was pancake-flat, until sud-
denly it wasn’t. With 50
miles to
go, the sharp peaks of the
Drakensberg Mountains
rose suddenly around us.
no
HERITAGE FOR RIGHT NOW
* *** THE WALL STREET JOURNAL.
ADVENTURE & TRAVEL
Rise and Waterfall Tugela Falls sits in the
northern part of the Drak-
ensberg range, at a point
where South Africa and Le-
sotho seem to seep into
each other in the mountain
Not exactly a stairway to heaven, the climb to Tugela Falls peaks and valleys. The
word “tugela” is a slightly
involves ladders, noisy monkeys and a mountain of resolve sloppy European transcrip-
tion of the isiZulu word
“thukela,” which means
“something that startles.”
It functions as a tidy
shorthand for these falls,
which, in propitious
weather, pour over the
edge of the Ampitheatre, a
huge cliff face.
Considering the perverse
thrill of scaring myself silly
by looking down, I made it
up the uncompromising
ladders in what seemed
like record time: 10 min-
utes at the tail end of the
three-hour hike to the top
of the mountain. Once
Considering the perverse thrill of scaring
myself silly by looking down, I made it to
the top in what seemed like record time.
there, Moeketsi, my friend
Dani and I followed a thin,
clear stream for about a
half-hour as it slowly wid-
ened and then, without
warning, careened off the
edge of the peak. Peering
ly
over the cliff, I watched as
the waterfall sliced through
a green valley, which
on scrunched up on either side
of it like a rumpled blan-
ket. We snapped a few pho-
tos, but the views yawned
us ,
wider than the camera
lens, so we ambled along
l
e
the plateau of the falls to
al a
take it all in.
In that moment, I felt
ci on
comfortably far away from
my life. My phone didn’t
have signal. I couldn’t see
any buildings. The other
people on the mountain—a
er s
couple of hikers, a pair of
PLUNGE POOL At the top of Tugela Falls, hikers take a dip after the upward climb. shepherds, a family who
m er
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had camped near the
waterfall—all spoke in
hushed voices, like we
were inside a library. Yet
I knew I’d be back to real-
ity before dinner.
Certainly, the view
mesmerized me. Dutch set-
tlers called Drakensberg
“dragon’s mountain” for its
resemblance to a dragon’s
spiky back and the isiZulu
name is uKhahlamba, “the
barrier of spears.” Both
names suit the dramatic
terrain, replete with sand-
stone cliffs striped like
layer cakes and lush hills
speckled with a rainbow of
wildflowers.
A shadow darkened the
path and clouds started
forming against the cliff
faces, rising into the sky
like giant, ripped cotton
balls. It was time to return,
so we retraced our steps.
We gave a wide berth to a
group of baboons, scuttling
through the fields, as they
are known to grab back-
packs. Then we descended
the steel ladders to catch a
.
shuttle, which took us over
bone-crunching roads to
the Witsieshoek Mountain
Lodge for the night.
The next day en route
to Johannesburg, we drove
through Golden Gate
Highlands National Park,
where groups of zebra
chomped grass beneath
the Drakensberg range.
The collective noun for a
crowd of zebras, fittingly,
is a “dazzle.” That pretty
much summed up every-
thing for me.
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where to stay and what else
to do, go to wsj.com/travel.
Winning Formula
Bond fans know Monte Carlo
well: 1995’s “GoldenEye” with
Pierce Brosnan filmed there.
Car hounds know it for Mo-
naco’s Grand Prix Formula
One event (on May 28). Ulti-
mate Driving Tours’ 4-day ex-
perience invites guests onto
a superyacht in Port Hercule
to watch the race with for-
mer F1 drivers. Guests can
get behind the wheel of an
F1 car, for a drive, then do a
leisurely tour to Provence in
a Ferrari, Lamborghini or
Bentley. From $8,490, Ulti-
mateDrivingTours.com
—Brigid Mander
 For more, go to wsj.com/
travel.
JAMES BOND INDICIA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | D5

Special Advertising Feature

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

D6 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

Consider
The Carrot
In these surprising recipes, the ubiquitous
root proves uncommonly versatile

BY CATHY WHIMS ity, in pretty decent condi-

I
tion, at every grocery store.
’M EXCITED about You’ll see these mainstream

carrots. You might
find it curious: an ex-
perienced chef like
me, who owns two
restaurants (Nostrana and
Oven and Shaker, in Port-
land, Ore.), with access to so
many fabulous and exotic in-
gredients, getting excited
about a vegetable everybody
has in the back of the crisper
drawer. I am, nevertheless,
obsessed.
When I started cooking
professionally, like so many
young and enthusiastic chefs,
I was attracted to “fancy” in-
gredients: foie gras, obscure
cuts of meat, the stinkiest
cheeses. In the produce world,
I wanted to play with favas,
cardoons and samphire—and
let’s not forget the annual
AUBRIE PICK FOR THE WALL STREET JOURNAL, FOOD STYLING BY AMANDA ANSELMINO, PROP STYLING BY ANNA RABEN
carrots in a few forms: Fairly
large, no-green-tops “storage”
carrots come in bags or loose;
I prefer the latter, because
that way, I can select the
specimens that are the right
shape and size for my dish.
Supermarket carrots also
come in bunches, sometimes
in rainbow colors, with frilly
green tops, looking like
they’re fresh from the farm-
ers market despite the fact
that they’re probably from a
huge produce operation.
Though carrots can seem
seasonless, following them
through the seasons high-
lights their range of flavor
and texture. Spring carrots,
harvested when mature
enough to develop flavor but
still no longer than your
hand, tend to be tender, juicy

.
and sweet. I like to showcase

Carrots may be
everywhere, but they
can be extraordinary.
ly
these early carrots in salads,
grated or finely chopped. I
also like to leave young car-
rots whole for dipping.
The longer carrots stay in
the ground, the earthier their
flavor becomes, and of course
on Marsala Butter-
Braised Carrots
Total Time 1 hour
3/
3/
8 -inch-thick slices

cup plus 6 table-

4

spoons water
ter. Add carrots and
stir to coat well. Add
¾ cups water, or
liquid evaporates, add
2 tablespoons Mar-
sala, and continue
are done when they
begin to brown
around the edges and
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chef frenzy over ramps. the carrots grow larger and Serves 4 1/
2 teaspoon fine sea enough to cover car- cooking until it evapo- are very tender. Sea-
But the more I cooked and denser. Fall carrots are better
l

salt rots ⅔ of the way. rates. Keep an eye on son with salt.
e
ate, and also learned from and suited to braising and stew- 4 tablespoons butter 1/
2 teaspoon honey Cook, uncovered, until the carrots to prevent 2. Carrots can be
al a

appreciated farmers, the more ing. Through long cooking 11/4 pounds carrots 1/
2 cup dry Marsala water evaporates, burning. Repeat once served immediately or
the simple vegetables began they grow velvety-tender and (about 7 medium about 15 minutes. Stir more, adding 3 table- cooled and reheated
ci on

to call to me, revealing their
complexity as I paid more at-
tention to the techniques that
could bring out their best.
Carrots may be everywhere,
absorb the flavors of the carrots), peeled 1. In a 12-inch sauté in salt, honey and ¼ spoons water and re- later in the oven. They
other ingredients in the dish. and cut on the pan over medium-low cup Marsala. Add 3 maining 2 tablespoons store well in the refrig-
Intriguingly, sometimes diagonal into heat, gently melt but- tablespoons water. As Marsala. The carrots erator up to 3 days.
mature carrots turn out to be
the sweetest of all, thanks to a
er s

but they can be every bit as phenomenon called frost kiss- acts as a natural antifreeze. Once you’ve trimmed the always found charming), tidy well with carrots. I’ll take a
extraordinary as a vegetable ing. When temperatures drop, Carrots are not the only root tops, carrots only need a quick square dice, diagonal chunks, ginger-carrot combo any
m er

that comes from the specialty
produce purveyor—and at a
much lower price, of course.
Another benefit of carrots
many plants make a defensive
move in order to prevent their
water content from freezing
and damaging their cells. The
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vegetables that do this; peel, and if they’re truly ba- delicate julienne. Leaving car- time, but I also like contrast-
“above-ground” vegetables bies, a gentle scrub will do the rots whole or splitting them ing the vegetable’s fresh fla-
such as artichokes, Brussels trick. Cut your carrot in what- lengthwise highlights their el- vor with pungent accents
sprouts, kale, cabbages and ever way your recipe de- egant natural shape. such as the capers and an-

is their year-round availabil- sugar content increases and many others do it, too. mands: thin coins (a name I’ve So many ingredients pair chovies in the salad recipe
here. In my recipe for carrot
and lamb stufato, an Italian
Grated Carrot 3/
4 cup finely 2 tablespoons 2. In a medium 5 minutes. After stew, the earthy vegetable
Salad With chopped fresh lemon mixing bowl, mix macerating, makes a good foil for the
co Fo

Capers, Italian juice, plus carrots, parsley whisk in lemon meat’s richness. When I’m in
Anchovies, parsley leaves more to and rinsed ca- juice until dress- the mood to double down on
Parsley and 3 tablespoons taste pers. Set aside. ing is emulsified. the sweetness of carrots, I’ll
Garlic capers 3. Make the 4. Pour dressing simmer them with butter,
Total Time 1 small clove 1. If using capers dressing: Chop over carrots and honey and Marsala wine until
30 minutes garlic in brine, rinse garlic, then finely toss thoroughly. they are delicately browned
Serves 6-8 3 anchovy fillets them thoroughly. mince along with Taste and add around the edges and infused
packed in oil, If using salted a pinch of salt. In more salt or with flavor. If you doubted
6 large, sweet finely chopped capers, rinse a small bowl, lemon juice as whether such a simple vege-
carrots, peeled 1/
4 teaspoon fine them, soak them combine minced needed. Let salad table could be dinner party
and julienned sea salt, plus in 1 cup cold wa- garlic, chopped rest in refrigera- worthy, this recipe will cer-
with a more to taste ter for 10 min- anchovies, 1/4 tea- tor at least 10 tainly sell you on the idea.
n-

mandoline or 6 tablespoons utes, and drain spoon salt and minutes before
grated in a extra-virgin before proceed- olive oil. Mix well serving. Serve  Find the recipe for a
food processor olive oil ing with recipe. and let macerate chilled. stufato of carrots and lamb
at WSJ.com/Food.
no

SLOW FOOD FAST / SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

Frittata With Ramps, Asparagus, Raclette and a Spring Salad

EMMA FISHMAN FOR THE WALL STREET JOURNAL, FOOD STYLING BY TYNA HOANG, PROP STYLING BY SOPHIE STRANGIO; MICHAEL HOEWELER (PORTRAIT)

MAYBE YOU’VE BEEN THERE: the farmers caveat: “Don’t add anything too watery.”
market visit that spins out of control. To further ensure the right, almost-cus-
That’s where this frittata comes in. “It’s tardy consistency, she adds a glug of heavy
what I make on spring weekends, when I cream to the eggs—or half-and-half, or milk,
come back with way too much stuff,” said if that’s what’s in the fridge. A nutty raclette
Tracy Malechek-Ezekiel, chef and co-owner lends luxurious ooze, but try a cheddar or
of Birdie’s in Austin, Texas. Gruyère sometime to sharpen things up.
The Chef Ms. Malechek-Ezekiel’s third Slow Food This is a homey take on the way Ms. Ma-
Tracy Malechek- Fast recipe calls for spring ramps and as- lechek-Ezekiel cooks at Birdie’s. “It’s French
Ezekiel paragus, but feel free to swap in whatever and Italian inspired,” she said. “It changes
produce you happen to have stockpiled, and with the weather, my mood and the season.
Her Restaurant riff as the seasons change. The chef had one So, it’s a vital approach.” —Kitty Greenwald
Birdie’s in Austin,
Texas
Total Time 30 minutes 6-8 cups arugula, watercress low and add butter. Once
What She’s Serves 4-6 or other spring salad melted, whisk in eggs and
Known For greens scrape down sides of pan.
Applying the rigor 12 large eggs 4 radishes, thinly sliced Once frittata sets at edges,
1/ 1/
of fine-dining to 2 cup heavy cream, half 2 cup roughly chopped soft after 3-4 minutes, top with
a freewheeling, and half or whole milk herbs such as parsley, grated cheese. Move pan to
family-run restau- Salt and freshly ground tarragon or dill center rack of oven and bake
rant. Menus that black pepper until frittata is just set,
are as inspired by 5 tablespoons olive oil 1. Preheat oven to 350 de- about 13 minutes. Remove
the weather as 2 cups asparagus cut grees. In a medium bowl, frittata from oven and let
they are by France into 1/2 -inch pieces whisk together eggs and rest at least 5 minutes.
and Italy. Bringing 4 ramps or scallions, cream. Season with salt and 3. In a small bowl, whisk to-
a little big-city thinly sliced pepper. In a 10-inch cast-iron gether lemon juice, honey,
hustle to Austin’s 2 tablespoons unsalted skillet or other heavy, oven- mustard and remaining oil. In
dining scene. butter safe pan, warm 11/2 table- a large mixing bowl, toss to-
1 cup Raclette or other spoons oil over medium heat. gether greens, radishes and
good melting cheese, Add asparagus and a pinch of soft herbs. Toss in enough
coarsely grated salt, and sauté until color vinaigrette to lightly coat.
1 tablespoon lemon juice brightens, about 3 minutes. Season with salt and toss
1/
2 teaspoon honey Add ramps, and sauté until again. Serve frittata slices
1/
4 teaspoon whole grain or wilted, about 2 minutes more. warm or at room tempera- SLICE OF LIFE For springtime and beyond, a convertible frittata:
Dijon mustard 2. Lower heat to medium- ture, with salad alongside. Pack in whatever looks best and freshest at the farmers market.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | D7

Alaska
BROADEN YOUR HORIZON

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Summer fun is just a

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WAVE AWAY
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PHOTO COURTESY OF REGENT SEVEN SEAS CRUISES

See Alaska in luxury this summer aboard Regent Seven Seas Explorer, one of the all-inclusive line’s newest ships. Regent’s superior service even follows
you ashore, where you can take exclusive port excursions as well as pre- and port-cruise overland trips.

Luxury Is the Key — From Ship to Shore

R
n-

egent Seven Seas offers something for every-
one — foodies, adventure seekers, culture
buffs, nature lovers and even something for
no
smaller groups. Ketchikan is a good example.” Foodies who leave the ship
there can choose between a cruise along the shores of the George Inlet
and a meal of freshly caught Dungeness crabs at a waterfront lodge or a
wildlife cruise that includes a visit to the Hump Island Oyster Company

farm, with oyster tastings.

the Alaska Natives who operate local docks
and excursions.
For the first time, Regent Seven Seas guests can view Alaska from the
balcony suites and decks of the all-inclusive cruise line’s Explorer this
summer. When it was launched in 2016, the Explorer’s tagline was “the
most luxurious ship ever built.” It carries 746 guests and almost as many
crew members, features artworks by Pablo Picasso, and its two-bedroom
Regent Suite has its own spa, Steinway piano and, on one of its balconies,
a heated mini pool.
But Regent provides more than just luxury. Guests on this summer’s 33
cruises, mostly weeklong and sailing between Vancouver and Seward, can
take shore excursions that expand their interests, as well as pre- or post-
cruise land programs that better their enjoyment of Alaska or Canada.
And Regent’s parent company, Norwegian Cruise Lines Holdings (NCLH)
Ltd., which also owns Oceania and Norwegian Cruise Lines, is partnering
with and providing support to the Native Alaskans that operate many of
the state’s ports and attractions.
Ricardo Pinheiro, destination services senior manager of land pro-
grams for NCLH, says, “We want to be sure all guests have their best ex-
periences ashore. For Regent, we are always adding premium tours for
Adventure lovers can opt for an exciting ride on a floatplane to Neets
Bay where they will land on the water and hike to a secluded bear-viewing
area where they may see bears fishing for salmon. And guests interested in
Alaskan history and culture can visit a replica of a 19th century village in
Totem Bight State Historical Park, where members of the Tlingit and Haida
tribes explain the legends behind the carvings on their totem poles.
During the summer, many multigenerational family groups sail on
Regent cruises, and a couple of the Ketchikan shore excursions are perfect
for kids, parents and grandparents. A wildlife safari and beach bonfire in-
cludes a cruise of the Inside Passage, searching for whales and porpoises,
and a stop at Annette Island for a fireside meal of reindeer sausage, hot
dogs and s’mores. Older kids and their parents might prefer a Bering Sea
crab fisherman’s tour. Crews will pull up crab pots and spill their catches,
sometimes including octopus, into aquariums for viewing and touching.
Guests can also follow their interests onboard. Shawn Carter, the en-
richment programs manager for Regent and Oceania, says, “We have a
great variety of cultural anthropologists, botanists and marine biologists
who mix stories of their own lives into lectures about the wildlife and
peoples of Alaska. One of them, cultural anthropologist Terry Breen, talks
about how tourism has affected local communities in Alaska.”
Continued on Page D8

INSIDE Hike! That means get moving to an

Alaskan sled dog. You can learn to
Do bears swim? Kayakers on
UnCruise Adventures often spot
speak like a musher and actually
bears on nearby beaches, but
drive a team of sled dogs across a
guides keep them out of danger.
glacier near Anchorage.
PAGE D10 PAGE D12
PHOTO COURTESY OF ALPINE AIR ALASKA PHOTO BY DONNA DEWHURST

The Wall Street Journal news organization was not involved in the creation of this content.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D8 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

Alaska
BROADEN YOUR HORIZON

PHOTOS COURTESY OF REGENT SEVEN SEAS CRUISES

Juneau, Alaska’s capital city, looks especially inviting when viewed from

.
the balcony of your Regent suite (top). Your ideal vantage point for

ly
viewing the scenery of Alaska’s Inside Passage this summer may be the
Observation Lounge of Regent’s Explorer (below).

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Ready for adventure? A floatplane can transport you and your cruising partners
over Misty Fjord or into Neets Bay in Ketchikan, where you can land on the water
and hike to (safely!) see bears.
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group learns about the ar-

Continued from Page D7
ea’s history, visits a ranger
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cabin and will hopefully

CULINARY DELIGHTS see the highest moun-
Foodies on Regent can feast on Alaskan seafood. tain in North America.
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“In the spring and summer we have all sorts of salm- “According to locals, 30%
on available,” says Wolfgang Maier, senior director of the time Mount Denali
of culinary for Regent Seven Seas, “like sockeye, sil- is only partially visible, but
ver and pink salmon, that we prepare simply, pan if it fully appears, vehicles
fried or grilled. Alaskan halibut is a fantastic fish and slow or stop so guests can
co Fo

guests love it when we use it for fish and chips. We
try to use Alaskan produce for our berry pies and, of
course, we serve baked Alaska.”
Pinheiro and other NCLH employees spend
part of their time on the cruise ships. “Regent’s
passengers are surrounded by the best luxury, but
I’ve never seen people so energetic,” he observes.
“They range in ages from kids to 90-plus, and they
are up every morning, ready to see as many glaciers
as possible.”
n-
savor the view,” Andrusyshyn says.
“My wife Renee and I did see all of Denali dur-
ing our pre-cruise trip there with Regent last June,”
reports Tommy Parrett. “It was a beautiful view.
Another highlight was a lecture by a gentleman
who came to the lodge and talked about climb-
ing Denali years ago, when his group was the only
one on the mountain. Now, there are hundreds of
climbers each day. This was our first trip to Alaska,
but we have taken six other cruises with Regent.
excursions and shore attractions.
In recent years, NCLH has established a part-
nership with Huna Totem at three ports — Juneau,
Whittier and Hoonah — so Huna Totem can build
additional docks. The dock at Icy Point Strait near
Hoonah is finished, connecting travelers to 31
Native-owned attractions by two gondola systems.
“The gondolas create a better visitor experience and
align with our Tlingit values by removing 72 bus
trips each day, reducing pollution in our air and wa-
ters,” Dick comments.

“Many of our guests sign up for a pre- or post-
cruise land tour,” says Christina Andrusyshyn, se-
nior manager of land tours for Regent. On Alaska
sailings, Regent offers the Rocky Mountaineer
no
We like their land programs because if anything
goes wrong, it’s their job to get it fixed.” Approximately 60% of all tourism in Alaska is
generated through cruises. “We knew they were
BUILDING COMMUNITIES devastated by the shutdown of all cruises during

experience, which includes two days by train
through the Canadian Rockies with exclusive
tours of Banff, Lake Louise and Vancouver. Also
offered is the very popular Discover Denali tour,
she reveals. “Since Regent cruises are all inclusive
and our land tours are an extension of the cruise,
they will have more perks than other lines. For
example, most meals are included, as is door-to-
door luggage handling.”
Discover Denali includes riding in a railcar and
staying at the Grande Denali Lodge, where guests
enjoy a private lecture. In Denali National Park, the
Regent, Oceania and Norwegian Cruise Lines
are also enhancing the lives of Native people who
operate many of Alaska’s docks and shore attrac-
tions. With limited dock infrastructure at several
popular ports, additional ships often have to anchor
off-shore and tender — move by small boats — pas-
sengers into shore. “Riding a tender to shore is chal-
lenging for a lot of people, and others may not want
to wait in line,” explains Russell Dick, president and
chief executive officer of Huna Totem Corporation,
which represents more than 1,550 Alaska Native
shareholders and owns and operates many docks,
the pandemic,” says Andrea DeMarco, president of
Regent Seven Seas Cruises. “We provided much-
needed relief to Southeast Alaskan communities
heavily reliant on cruise tourism by making a cash
donation of $10 million.”
“Tourism is the lifeblood of my hometown,
Hoonah,” Dick asserts. “The community did not
have funds for some necessary services or to simply
open the school gym or pool for our children to play.
This donation brought life back to the town. We truly
appreciate our partnership with Norwegian Cruise
Line Holdings.”
PHOTOS COURTESY OF REGENT SEVEN SEAS

What’s it like to live in Alaska? You can find out, by strolling down the streets of
Ketchikan and talking to residents (left). Regent’s smaller ships get you so close to
Alaska’s Hubbard Glacier that you can hear the ice crack before it calves, or breaks off
into the sea (above).
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | D9

EX PLOR E

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ly
THE UNR IVALED™
on
The roar of the propeller drifts away as you’re overtaken by the extravagant scenery
below: Alaska, North America’s Last Frontier. Now, as the sun sets quietly upon the horizon,
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it illuminates the room: a meridian moment for the perfect day.

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A world this pure and beautiful is best enjoyed with an onboard experience that is equally
luxurious and serene. Join us and witness Alaska’s majesty from the unrivaled
ci on

space and consummate service found only aboard The World’s Most Luxurious Fleet™.

LUXURY IN ALASKA
LIMITED TIME OFFER — Up to 20% savings on 2023 Alaska Voyages*
er s

Book by April 29, 2023

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START YOUR JOURNEY AT RSSC.COM

CALL 1.844.473.4368 OR CONTACT YOUR TRAVEL ADVISOR
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Scan the QR code to learn *For full Terms and Conditions,

about our latest offers visit RSSC.com/legal
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or visit RSSC.com/specials
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D10 | Saturday/Sunday, April 1 - 2, 2023 * *** THE WALL STREET JOURNAL.

Alaska
BROADEN YOUR HORIZON

CRUISE... YOU CAN’T LOSE

Visitors searching for extreme adventure this summer will find it atop the Knik Glacier, just east of Anchorage. You can fly there via Alaska Helicopter Tours and land on the PHOTO BY TOM BOLO/MAT-SU CVB
glacier, where the staff of Alaska Sundog Guiding will suit you up for a paddleboard glide over glacial waters.

A
by Julie Bennett Karen Yeates and her husband Matt Seattle. She recommends taking
took their sons, then ages 13 and 21, cruises that last at least 10 days.
laska could greet as many as and 17-year-old daughter on an Alaskan “A week for me is not relaxing

.
cruise the summer of 2019. “Because I enough,” she says.

1.6 million cruise passengers
this summer, reports the Cruise
Lines InternationalAssociation
(CLIA). If you are among them, or if you
us ,
ly
had been in the travel industry, my fam- Oceania’s 2023 Alaskan itiner-
ily had traveled all over the world,” Yeates aries include cruises lasting from
on says, “but they all say it was their most seven to 20 days, and some of them,
memorable trip.” such as its Glitz to Glaciers cruise
“I hand-selected Oceania because my in May, make stops in California.
kids found big ships overwhelming and Travel consultant Catherine Addé,
ultra-luxury lines too dressy, and my hus- with Travel Store in Pasadena, says

band owned restaurants for 15 years, so such trips are popular with her clien-
l

decide to skip cruising and fly directly to, say, they’re all really picky about food,” she ex-
e
tele who prefer not to fly any more.
al a

plains. “Well, almost four years later, they “Although I’ve lived in California
Anchorage, you and your travel partners can still talk about their Oceania meals.” all my life, there’s something lovely
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The family flew to Vancouver, British about disembarking from a ship in

still have a unique vacation — with a bit of Columbia, from their home in Charleston, PHOTO COURTESY OF OCEANIA CRUISE LINE San Francisco,” she observes.
South Carolina. When their ship, the Regatta, made Every Oceania cruise includes a roster of free shore
pre-planning. its first two stops in Wrangell and Sitka, other passen- excursions, plus the premium tours enjoyed by the
gers rushed off to join land tours. “But we just walked Yeates family — and that list is getting longer, says
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around town, breathing in the clean air and the beauty,” Sacha Radcliffe, manager of destination services and
Yeates reveals. shore excursions at Norwegian Cruise Lines Holdings
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However, in Skagway they (NCLH) Ltd., parent company of Oceania, Regent

followed hundreds of other and Norwegian. “We have a lot of guests returning to
cruisers onto one of Alaska’s Alaska multiple times,” Radcliffe says, “so we have to
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VISITANCHORAGE.NET most popular attractions, the offer them something different.”

White Pass and Yukon Route In 2023, Oceania offers more than 260 excursions in
Railway, originally built in Alaska, including the opportunity to escape the crowds
the late 19th century to carry on the new Go Green tour of Juneau that includes a sus-
miners during the gold rush tainable botanical garden in Tongass National Forest.
co Fo

days. In 1988, the narrow
gauge railroad reopened as a
tourist excursion through the
pristine Alaskan scenery. “It’s
a great tour and the kids loved culture might consider one or more of Oceania’s four
it,” she says.
BY AIR
OR BY SEA
In Juneau, they opted for
a helicopter tour of the area’s
n-
“People today are more conscious about the environ-
ment and NCLH is taking them to visit sustainable proj-
ects around the world,” Radcliffe explains.
Cruisers more interested in the state’s history and
Go Local tours, in which Alaska residents tell guests
about the histories of their communities. In Ketchikan,
a guide from the indigenous Tlingit tribe takes guests
on a walk through town and for a tour of its many to-
tem poles, telling stories about early businesses. A
walking tour of Sitka includes tales of the Russians

who settled there in the 1800s, and in Skagway, guests

many glaciers and a dog-sled will hear stories about the gold rush and the hucksters
ride across the snow and ice it attracted.
on Herbert Glacier. “It’s ex- Oceania’s Go Local tour of Wrangell is exclusive for
no

pensive [$629 per person in another reason — the town’s port is inaccessible to
2023] and there are five of larger ships. “I think of Wrangell as a beautiful, natural
us, but so worth it,” Yeates place without T-shirt shops,” Addé chuckles. This tour
says. It’s so popular, in fact, highlights Tlingit tribal houses and totems, plus a visit
that cruisers must book it to Petroglyph Beach to see ancient rock carvings.
and other exclusive tours,
like the Misty Fjords seaplane
tour and water landing from
THE DAY TRIPPERS
If you don’t have a week or 10 days for an Alaska
Ketchikan (about $340 per cruise, you can still enjoy the state’s top experiences
person), months ahead. by flying to Anchorage and taking day trips to watch
While most Alaskan cruis- whales, see moose, ride behind sled dogs and climb
es are one way — you board a into a glacier. Julie Saupe, president and CEO of Visit
ship in the lower 48 states and Anchorage, says, “We have visitor centers at Ted
fly home from Alaska, or vice- Stevens Anchorage International Airport and in down-
versa — Yeates and her family town Anchorage, where our team members can help
took one of Oceania’s round-
trip cruises and returned via Continued on Page D11

PHOTO COURTESY OF OCEANIA CRUISE LINE

This veranda suite on an Oceania ship is perfect for resting up for your next shore
excursion, or just staying inside and reading a book.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | D11

A Sample Itinerary For travelers who want a well-rounded

exposure to Alaska, Visit Anchorage
provides a sample itinerary:

Alaska 1
D

AY
BROADEN YOUR HORIZON
Continued from Page D10 Learn about Alaska’s history
Explore and indigenous cultures by visiting the
you choose a tour or even provide itineraries for you Alaska Native Heritage Center, a 20-minute drive
to get the most out of your time here. We can give in- from downtown Anchorage, where you can
formation on companies that provide services; we do peruse Native crafts, watch Native dances and
ceremonies, play Native games and stroll through
not book tours or make reservations ourselves.” You six authentic dwellings.
PHOTO BY JODYOPHOTOS
can find their comprehensive visitor guide online or
order a free printed copy on their website.
Like the cruise companies, Saupe is expecting a
busy summer season. “Last year, 1.8 million passengers
came through the Anchorage airport, which was less
than in 2019,” she says. “But hotel demand was higher
than records set in 2019, which leads us to believe we Look for wildlife
are attracting a greater percentage of independent trav- Roughly 1,500 moose live in and

PHOTO COURTESY OF OCEANIA CRUISE LINE

around Anchorage. Although they
elers who are spending more time in Anchorage.”
tend to nap midday, you might see

WATER IS THE WAY some in local parks and greenbelts

The most unusual glacier encounters are offered
through a partnership of Alaska Helicopter Tours and
Alaska Sundog Guiding and take place on the 25 mile-
long Knik Glacier, about 50 miles east of Anchorage.
in the early morning or evening. You
can also spot bald eagles within city
limits. Several whale-watching and
glacier-gazing cruises leave daily
from Seward and nearby Whittier. As
for bears, muskox, moose and wood D

2
“We have a fleet of 12 helicopters for glacier sightsee- AY
bison, you are sure to see them at
ing and landings,” says Mike Neely, manager of the he- the Alaska Wildlife Conservation
licopter operations for Alaska Helicopter Tours. Center, south of Anchorage.
The partnership also offers paddleboarding on
top of glaciers, as well as on the lakes and rivers gla- D D D

3 4 5

AY
Ride
AY

AY

cier meltwater makes each summer. It’s not easy. Take Take a drive along
a hike Turnagain Arm the rails
Longtime Sundog guide Kate Evans says participants
pull dry suits over their warm clothing and jump into
the 33-degree glacial pools “to be sure their suits The Visit Anchorage Official It’s a 50-mile stretch of scenery and activities. You can Trains from the historic Alaska
Guide lists scores of hikes stop at Girdwood and ride a tram up a mountain, pan for Railroad Depot can take you past
don’t leak. Our guides teach them how to stand up

.
with directions to their gold or relax in the new Nordic Spa at the Alyeska Resort. glaciers, greenery and wildlife
on their paddle boards, although some would rath- trailheads.

ly
into quaint towns.
er kneel or sit, and show them how to move across
the azure waters. During a recent summer, the melt-
waters formed a river that wove through the ice, so
paddleboarders would move past walls of ice 50-feet
high. And when the water is flat and clear, they can
paddle right over crevasses dozens of feet deep.”
on Take to the skies
Glacier paddleboarding is $999 per person. For Anchorage has a variety of helicopter and seaplane
us ,

companies that provide “flightseeing” tours of glaciers

the same price, you can climb your way up glaciers
l

and other scenery. Some, like Alpine Air Alaska, include

or down into them. “When glaciers melt, the water
e
glacier landings and dogsledding, says marketing di-
al a

on top finds a weakness in the ice and creates a large rector Christina Gerber. For $579 per adult and $529
hole, called a moulin,” Evans explains. “Some are 200- for children 12 and under, you can take a short heli-
ci on

feet deep and during ice climbing tours, we can lower copter ride from Girdwood to the Punch Bowl Glacier,
climbers down into them. We use a pulley system to where a group of Iditarod mushers will introduce you to
pull them back out; some want to come up right away, D their dogs.

6
AY

“The mushers will teach you the basics of dog

but we had one climber who went down 150 feet.”
mushing before you begin your one-to-two kilometer
These extreme glacier experiences are so popu-
er s

ride on the snow — about a mile. So hold on tight and

lar Neely suggests booking them two to three weeks let the awe sink in,” Gerber says. And reserve early.
in advance. PHOTO COURTESY OF ALPINE AIR ALASKA
m er
m rp

IT’S YOUR HEART

co Fo

THAT TAKES YOU PLACES

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CONTACT YOUR TR AVEL ADVISOR
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D12 | Saturday/Sunday, April 1 - 2, 2023
Alaska
BROADEN YOUR HORIZON
Let the Adventures Begin
by Julie Bennett
D
reaming of whales and glaciers, but lack the time for a leisurely cruise to Alaska?
No problem, because with UnCruise Adventures of Juneau, you can fly to
Alaska and start viewing scenery and wildlife the moment you leave the dock.
Dan Blanchard, owner and CEO of the 27-year-old
company, says, “We are the opposite of the huge cruise
ships that carry thousands of passengers. The largest of
our eight ships carries 86 guests, and the smallest ac-
commodates only 22.” Instead of standing in line be-
hind strangers, he adds, you’ll be kayaking or hiking
with people who are likely to become your new friends.
Most guests fly into Juneau, the quirky capital of
Alaska, which has no road access, but others arrive by
ferry from Sitka or Haines. “Our guests are all ages, but
most are in their 50s to 70s and always prefer visiting
National Parks to other types of vacations,” he says. “In
the summer we get multigenerational family groups
who want to share adventures together.”
WINGING IT
The all-inclusive cruise company has no set agenda
for those outings. “I live in Juneau and when guests
arrive for a cruise, I meet them at the dock with a bro-
on
chure that I toss into the air,” Blanchard chuckles. “We
us ,
check the weather, listen to reports of where other
l
boats are seeing whales or bears and take off. There’s
e
al a
a half-dozen hot spots for whales in Southeast Alaska.
I want the best possible trip for our guests, which
ci on
means adjusting to wildlife. After all, nature does not
follow our schedule — we follow hers.”
Blanchard can’t guarantee a bear sighting on one of
this summer’s seven- or 12-day cruises, “but it’s more
er s
common to see a bear when we enter wilderness areas
than not. Guests often see them onshore when kayak-
m er
m rp
co Fo
n-
no
ing or at the mouths of streams during
the salmon runs.”
David Farrow, of Gaithersburg,
Maryland, started cruising in Alaska
with UnCruise in 2017 and cruised
again with them in 2021. “On one
cruise, the skipper took us to a fish
hatchery that attracts bears and we could take all the
photos we wanted from a safe distance from where
the bears were feasting,” he says.
“I chose UnCruise’s small boats because there’s
never more than about 90 people on the ship, includ-
ing the crew, and I can have interactions with all of
them,” Farrow says. “The crew is amazing and the
guides all bring something different to the nightly
programs. One guide is a sled dog musher in the win-
ter who presented a slideshow with her dogs. Another
guide is into mushrooms. I’ve gotten to know a lot of
them because I’ve taken other UnCruise trips, includ-
ing one that just ended in the Sea of Cortez.”
CHOOSE YOUR ADVENTURE
Farrow’s not alone. Blanchard says about 75% of
the line’s first-time Alaska guests sign up for future
cruises from Belize, the Galapagos, Baja California,
Hawaii and other locations. Somewhere between 20%
to 25% return for a second trip in Alaska. In fact, his
ships are filling quickly for this summer’s prime sea-
son, mid-June to late August, but there’s room in the
shoulder seasons in May and September.
* *** THE WALL STREET JOURNAL.
You never know
when you will spot
a whale from the
lower deck (left) or see
bears while kayaking
(right) and that’s the
charm of UnCruise
Adventures, whose
small ships travel
where the wildlife is.
But you can be sure
every day deserves an
evening toast.
PHOTOS COURTESY OF
UNCRUISE ADVENTURES
Like traditional cruise lines, UnCruise Adventures
helps its passengers book land-based excursions before
or after their cruises. Instead of riding in luxury vans,
its guests can opt to take a $45 ride on a Blue Bus from
downtown Juneau to the Mendenhall Glacier. Or they
can paddle up to glaciers that reach the water in eight- or
.
12-person canoes. Pricier excursions are also available,
ly
such as a helicopter ride to a glacier where you can mush
behind a team of sled dogs for $629 a person.
UnCruise Adventures arranges what may be one
of the most expensive and joy-filled day trips in all of
Alaska — Pack Creek bear viewing at the Stan Price
Wildlife Sanctuary. For $940 per person, lunch, rain
gear, guides and all equipment included, visitors fly
in a floatplane from Juneau, then take a short hike to
the Stan Price State Wildlife Sanctuary where they can
view brown bears in the wild. This area has one of the
highest populations of brown bears per square mile
on the planet. According to its website, the sanctuary
contains no restrooms, fresh water, food vending ma-
chines or lodging facilities.
Julie Bennett is a freelance writer specializing in
franchising, small business and lifestyle issues.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | D13

EATING & DRINKING

PARTY TRICK

Stew
Season

GRAYDON + HERRIOTT FOR THE WALL STREET JOURNAL, FOOD STYLING BY REBECCA JURKEVICH, PROP STYLING BY AMY WILSON
Forever
With a warming pot on
the stove, you’re free to
chill with your guests

BY ODETTE WILLIAMS

IT’S SPRING, but

the rainy spell in
the Northeast
and snow in L.A.
have got me
thinking we have
one last slow-cook hurrah in us be-
fore we bundle away our socks.
I’m surprised to be peddling an
old-school stew for an early-spring
party, but recently a friend served
one, with a baguette and bottle of
wine, and the simplicity of the SIMMER LOVIN’ On a chilly spring evening, a cozy stew is just what your dinner guests want—and a low-lift option for the host.
meal just set my world right. The
menu exuded confidence. No and aromatics, sear the meat, de-
cheese plate, appetizer or dessert. glaze the pot, add the stock, slow- Socks-On, finely diced 11/2 pounds Yukon ing beef. Set aside. dates and browned
Just good friends and a meal that cook the meat, take a load off while Old-School 2 bay leaves Gold potatoes, 3. Add onions, bay beef. Reduce heat to
made everyone feel at home. it simmers, then pop the veggies in Spring Stew 2 tablespoons fresh cut into 1-inch leaves and thyme to low, cover and sim-

.
I know why it made me feel that during the homestretch. To make this gluten- thyme leaves, cubes the Dutch oven, mer until meat is

ly
way. Growing up, I would go to my My childish palate would have free, use chickpea plus more for Crème fraîche, for along with a little oil, tender, about 1½
Grandfather Bill’s for dinner on been appalled at my adult self’s flour in place of all- garnish serving (optional) if needed. Reduce hours. Stir occasion-
Sunday night. A dead addition of dates to purpose. 1 cup red wine heat to medium-low ally, skimming any
ringer for Robert
Mitchum, Bill made a
mean stew. He also
kept his comb and cash
on
this recipe, but rest
assured, they melt
right down and be-
come a subtly sweet
Total Time 3 hours
Serves 4

1/
4 cup all-purpose
2 tablespoons red-
wine vinegar
1 quart beef stock
1/
2 cup water
1. In a mixing bowl
combine, flour, salt
and a few generous
cranks of pepper.
heat and gently fat as needed.
cook until onions are 5. Add squash and
soft and translucent, potatoes, cover pot
5 minutes. and continue to sim-
us ,

in his shirt pocket, had counterpoint to the flour 2 tablespoons Toss in beef to coat. 4. Pour in wine and mer until vegetables
baking pans so sea- salty elements. Use
l

2 teaspoons Worcestershire 2. Heat oil in a large vinegar to deglaze are tender, 30-40
e
soned they were nubby well-marbled stew kosher salt sauce Dutch oven over pot. Use a wooden minutes more. If pot
al a

and not easy to clean, meat and a full-bod- Freshly ground 3 Medjool dates, medium-high heat. spoon to scrape up appears dry, add a
and would always, al- ied red wine that black pepper pitted and Sear half the beef, browned bits from little more beef
ci on

ways be sitting down you’d want to drink. 1 pound beef stew chopped, or 2 turning, until the bottom. Gently stock or water. Taste
drinking a beer when Billy Boy might have meat, cut into tablespoons browned on all simmer until liquid and season as
we arrived. That’s the raised an eyebrow at 1-inch cubes brown sugar sides, 5-7 minutes. reduces slightly, 5 needed. Serve with
host’s incentive for the finishing dollop of 1/
3 cup extra-virgin
1/
2 pound butternut Transfer browned minutes. Add the a dollop of crème
serving a stew: It’s In this or any stew, use crème fraîche, but I olive oil squash, cut into beef to a bowl and beef stock, water, fraîche and garnish
er s

pretty hands-off. Sim- a wine good enough to think it brings the 1 yellow onion, 1-inch cubes repeat with remain- Worcestershire, with thyme leaves.
ply sauté the onions drink. dish into today.
m er
m rp
co Fo
n-
no

FRESH TAKE Rosemary lends zing to this zero-alcohol drink.

DRINKEASY

A Mighty Mocktail
There may be no booze, but you certainly
won’t miss it. This drink delivers quite a kick.

SPRING CLEANING can be jars with water and a sprig

LAURA MURRAY FOR THE WALL STREET JOURNAL, FOOD STYLING BY MAGGIE RUGGIERO, PROP STYLING BY STEPHANIE DE LUCA

rewarding in any event. But of rosemary, producing a

recently, a pantry purge
yielded an unexpected divi-
dend: cocktail-hour inspira-
tion. Taking a cue from a
Prohibition-era classic called
the Bee’s Knees, I simmered
the dregs of various honey
syrup with a delicious bite.
Shaken with lemon juice
and—continuing the clean
theme—a zero-proof gin al-
ternative, the resulting tip-
ple satisfies just like the real
thing. —Sarah Karnasiewicz

Fool’s Gold Monday or the room tempera-

This mocktail Spirit of Gin ture. Syrup can
offers all the be stored in a
oomph of its old- 1. Make the sealed container
school inspiration, honey-rosemary in the refrigerator
the Bee’s Knees. syrup: In a small for 2 weeks.
Total Time 40 saucepan, com- 2. Make the cock-
minutes Makes 1 bine honey and tail: Fill a shaker
cocktail water, and bring with ice. Add 3/4
to a simmer over ounce honey-
1 cup honey medium heat. Stir rosemary syrup,
1 cup water to dissolve honey, lemon juice and
3 sprigs fresh then add 2 sprigs non-alcoholic gin.
rosemary rosemary. Re- Shake vigorously
3/
4 ounce lemon move from heat until cold, then
juice and steep 30 strain into a
11/2 ounces non- minutes. Discard coupe. Garnish
alcoholic gin, rosemary and let with a sprig of
such as Ritual, syrup cool to rosemary.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D14 | Saturday/Sunday, April 1 - 2, 2023
PHILIP DURRANT, STYLING BY OLIVIA GREGORY (ASHBY); NICK GLIMENAKIS (JOO); GUY SHIELD (ILLUSTRATION)
Dine With Dash
How to avoid the five decorating goofs—from unpalatable wall colors to
stingy rugs—that design pros see in rooms meant to fire up appetites
BY NINA MOLINA
D
INING ROOM DÉCOR gone awry can kill appetites.
Whether your guests are flinching from an eerie portrait
their chairs face or squeezing into too-tight seats, bad
decorating can take the joy out of even the most well-con-
cocted meal.
Los Angeles-based designer David Netto believes dinner guests are
rarely eager to enter these stuffy rooms. “So what a dining room must
have, above all, is atmosphere,” he said. Here, interiors pros detail five
mood crushers in dining rooms, and palate-pleasing alternatives.
Blinding Lights
Ample light helps diners distinguish
between mashed yams and pota-
toes, but cruelly aggressive bulbs
inspire squinting, not conviviality.
“Nothing will kill the vibe of a din-
ner party faster than harsh over-
head lighting,” said Marina Medina,
a Vancouver-based interior de-
signer. No one feels good under
5000K LED bulbs, says Susane Jory,
a designer in London, Ontario, “and
few of us look good bathed in it.”
Instead Kelly Finley, a designer at
DIGESTION IMPOSSIBLE / DESIGNERS RECALL MEAL-SPOILING DECORATING GAFFES
no
After All, It’s a Window Wall
Want a little separation without losing luscious
sunlight? Interior panes are an elegant compromise.
THE OPEN FLOOR PLAN lost con-
siderable appeal once the din of
WFH video calls began echoing
through it. As Americans have
grown more interested in walls,
but no less interested in airiness,
a new-old solution has emerged:
interior windows. These apertures
let light jump from room to room
while creating a soothing sense
of separation.
When renovating her historic
1902 home in Grand Rapids, Mich.,
interior designer Jean Stoffer found
100-year-old storm windows there.
As part of a new wall pierced by a
wide doorway, they proved a handy
way to introduce a distinct but not
too darkening division between her
grand living room and kitchen-seat-
ing area. She then painted the win-
dows’ wood sashes black, in keep-
ing with the home’s exterior
windows. “The style of an interior
window should be the same as or
DESIGN & DECORATING
ERROR, ERROR ON THE WALL
on
us ,
l
e
al a
ci on
er s
Joy Street Design in Oakland, Ca-
m er
lif., relies on “recessed lighting on
a dimmer, a chandelier with soft
lightbulbs and wall sconces” for a
softer shine. Mark Eckstrom votes
m rp
for the old-timey romance of can-
dlelight. Said the co-founder of
Studio Eckström, in Omaha, Neb.,
“Every guest at your table should
have faces aglow.”
co Fo
Tasteless Walls
Think of a dining room’s walls as a
platter on which dinner is served.
n-
complementary to the home’s exte-
rior windows,” Ms. Stoffer advised.
Vintage windows have advan-
tages. Designers in search of hand-
some frames have more leeway
when they needn’t factor in heat
retention and element resistance.
Retrouvius, a salvage company and
design studio in London, often re-
purposes exterior windows no lon-
ger up to code, to add “an instant
historical reference” in older build-
ings, said co-founder Adam Hills.
Wedging even a small transom
window above a door frame can
brighten darker spaces like laundry
and powder rooms. Assuming the
doorway is a standard 80 inches
tall, you need a ceiling height of at
least 9.5 feet, said Stephanie Sabbe
of Sabbe Interior Design, in Nash-
ville, Tenn. Any lower, and your
transom will look squished.
Costs for an interior window
vary greatly. On one end of the
* *** THE WALL STREET JOURNAL.
LET’S TALK Abundant textiles
improve acoustics in a room by
London designer Sophie Ashby.
Sound-Bouncing Surfaces
When you ponder your dining
room’s décor, remember that
happy repasts aren’t silent. Poor
acoustics can turn animated chat-
ting into cacophony, said Olle Lun-
dberg, a San Francisco designer.
“Hard surfaces like stone flooring,
plaster walls and large windows
all bounce the sound back into the
space, creating reverberation,”
warned Mr. Lundberg.
‘Nothing will kill the
vibe of a dinner party
faster than harsh
overhead lighting,’ said
one interior designer.
Instead For a more discussion-
friendly space, Mr. Eckstrom pre-
scribes a blend of softer materials
like drapery, carpet, tapestries or
a tablecloth “that help absorb
echoes and promote conversa-
tion.” Mr. Lundberg goes further,
has on complexions: “Sorry, but endorsing the idea of covering
nobody looks good in a yellow or walls with fabric or draping it
chartreuse room.” And Brian del from the ceiling. Many textiles
Toro, a New York City interior de- come in “large formats and can
signer, warns against surfaces with often be installed seamlessly,”
“overly active patterns, colors he said.
which are too bright or distract-
.
ing, and combinations of the two, Prissiness
ly
which aren’t soothing.” You won’t feel inspired to plop
Instead Save the pattern-on-pat- down at your dining table for a
tern alchemy for the powder room, casual brunch if it’s surrounded
Sterile white dishes with a hospi-
and pursue colors like terracotta,
rose and aubergine that Mr. Eck-
strom says “stimulate appetite and
reflect well on guests’ skin.” But
by austere crystal chandeliers and
dusty mahogany sideboards. Mr.
del Toro finds that most dining
rooms skew too formal, dark and
tal vibe often don’t flatter food. know that naked walls don’t make “limited,” appealing only for an
Nor do chaotically patterned ones. people feel comfortable and socia- evening dinner.
Similarly, when it comes to walls, ble either. “Every seat should have Instead “Most of us lead rela-
some color can help, but Mr. Eck- a view—a window, art, sculpture, tively informal lives,” said Mr. del
strom returns to the effect décor wallpaper, mirror, flowers,” he said. Toro, who likes dining rooms ca-
sual enough for sipping a
smoothie or morning latte. Chris
Goddard, an interior designer in
Springdale, Ark., said he’s partial
to installing weathered wood ta-
bles that, while inherently chil-
laxed, can be “dressed to the
nines for a festive dinner.”
Failures of Scale
In a dining room, ill-fitting furni-
ture is more than an eyesore—it
can result in stubbed toes and
dry-cleaning bills. “If you’ve
placed a giant table in a small
room,” said Ms. Jory, “your guests
will invariably be wearing the
soup as you squeeze behind them
with the gazpacho.”
Intriguing art makes a room by Manhattan designer Jae Joo more hospitable. Even the size of a carpet can
throw a wrench in the roast.
“Rugs that are too small pinch
the overall vignette,” said Jessica
Lynn Williams, founder of
 “Once I saw a favorite color, it “I was once seated Hendley & Co, in Newburgh, N.Y.,
light fixture that wasn’t a great choice in a dining room who adds you should never force
hung so low and so for a dining space with a table that your guests to scooch their chairs
close to the edges of and that we could was too small. The awkwardly over the edge of a too-
the table that even bring it in through chairs were covered tiny rug.
the older kids in that other avenues—dé- in Fortuny, but not Instead An occupied chair should
family complained cor, rugs, wallpaper. even the chicest ideally have 3 feet of space behind
about bonking their We ended up not choice of fabric it for proper circulation and flow,
heads against it!” taking him on be- could keep my knees said Meg Lavalette, founder of
—Noz Nozawa, cause he couldn’t get from bumping Lava Interiors in New York City.
interior designer, past the red for the against the person And carpets should accommodate
San Francisco dining room, but it who was sitting next sliding chairs—without giving
was so bad.” to me.” them any lip. Laura W. Jenkins, an
“I tried to convince —Shaolin Low, —Michelle interior designer in Atlanta, says
[a client that] even interior designer, Nussbaumer, interior that when it comes to light fix-
though red was his Honolulu designer, Dallas tures and rugs, she prefers to err
on the side of a little too big.
spectrum, explained Ms. Stoffer, is
a simple wooden-sash window
with minimal millwork set into a
non-load-bearing partition wall
that’s, say, 6 feet wide in a room
with an 8-foot ceiling. A skilled car-
penter can turn such a project
around for roughly $1,500. Ditto for
a standard transom.
Meanwhile, if you’re planning to
install a custom steel window with
complicated moldings into a bigger
existing wall with mechanicals in it,
you’ll need an engineer and other
tradespeople. Cost: in the tens of
thousands of dollars.
If all this glass seems like an
overshare waiting to happen, know
that light and modesty can coexist.
To brighten a windowless bath-
room in a Brooklyn home, Mr. Wor-
rell cut an aperture in the wall be-
tween bed and bath, then filled it
with a translucent but not trans-
STOFFER PHOTOGRAPHY INTERIORS
parent glass. “In the bath, you get
daylight from the bedroom’s win-
dows, while in the bedroom, you
see only a shadowy figure,” he ex-
plained. The result is less edgy
than it sounds, he said. “There’s a
ROOM WITH A VIEW OF A ROOM In her 1902 home in Grand Rapids, bit of play with voyeurism, but it’s
Mich., interior designer Jean Stoffer repurposed vintage storm windows. discreet.” —Lauren Joseph
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 1 - 2, 2023 | D15

GEAR & GADGETS

Bike Safe,
Bike Smart
Continued from page D1
people I talked to always wear 2
one. Most also ride with front-
and taillights, both to be more
visible and ensure they can spot
hazards.
After buying a helmet, I
borrowed a bike and tried 1
projecting confidence in a small
loop in my neighborhood. I’m
sure I resembled a giraffe calf,
awkwardly shifting my weight to
find balance. But for the most
part, car drivers gave me a wide
berth. It felt a lot less scary than
I’d imagined.
For advice more-specific to 3 4
New York, I took a lesson with
Bike New York, a not-for-profit

SERGE BLOCH (ILLUSTRATIONS); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JACQUELINE DRAPER FOR THIS REPRESENTS, MODEL: JOSEPH OXLEY
that hosts free classes for cyclists
of all ages and experience levels.
Rich Conroy, director of educa-
tion, taught me how to make sure
my bike was in good shape before
I rode, watched me practice a
graceful stop (the trick is to press
down on your brakes gradually, 5
not too hard or too quickly), and
showed me how to deploy my
bike’s gears to crush hills.
The most useful lesson, how-
ever, was the “power start.”
When stopped at a light, put the
foot of your dominant leg on the

.
ground, and keep the other on the

ly
pedal, held parallel with the bot-
tom tube. When the light turns

More than once, I’ve

had to raise my voice to
on
us ,

get the attention of a

l

driver who was scrolling

e
al a

through TikTok.
ci on

green, push off the ground hard,

then down on the pedal. You’ll
zoom.
er s

Since my lesson, I’ve encoun-

tered some unexpected annoy-
m er

ances like construction and tricky

intersections. More than once, 6
I’ve had to raise my voice to get
the attention of a driver who was
m rp

seemingly scrolling through Tik-

Tok. But I’ve avoided tragedy. I
zipped down to a coffee shop to
meet a friend. I corralled a group
into crossing the Manhattan
Bells and Whistles want to keep a patch kit
and bike pump on hand.
electricity. This makes the
Beacon a light you’ll never
A few accessories to help keep you (and your bike) safe The Topeak Mini is bitty have to recharge. Bonus: it
and light (only 6 ounces), has a USB port for juicing
1 | Agreeable Alerter If you are designed with an extra 3 | Theft Protection While but has a fold-out foot pad up your phone. $350, Sine-
co Fo

Bridge, with the promise of
dumplings in Chinatown. Even
pedaling to Bike Plant, a shop by
my house, to buy gloves felt like
an adventure.
Of course, New York’s bike in-
frastructure is relatively good.
You can easily navigate from bike
lane to bike lane. This wasn’t the
case circa 2000. “Biking in New
York City used to look like a cross
between a ‘70s disaster film and
haven’t used a bell since
your tricycle days, get one—
it’s an easy way to signal
your presence to pedestri-
ans and drivers. The Spur-
cycle Bell is remarkably
resonant, which means
people will even hear it
from inside their SUVs.
$59, Spurcycle.com
2 | Hard Hat Many new hel-
n-
internal liner, which can mini-
mize the amount of rota-
tional forces your head expe-
riences in a crash. Helmets
with this feature will have a
yellow sticker that says
“MIPS” on the side. I’ve also
been using an attached EVT
Helmet Mirror, which im-
proves my spatial awareness,
though it’s no substitute for
looking back. $70, Giro.com;
you can certainly use a reg-
ular location tracker like the
Tile Sticker with your bike,
the Knog Scout offers simi-
lar capabilities in a stealth-
ier package. It’s fully water-
proof and can produce an
extremely loud sound if you
deem your bike lost. $60,
US.Knog.com
4 | Pump It Up In the case
that makes it easy to use.
$40, REI.com
5 | Infinite Illumination
Front and rear lighting help
you both see and be seen.
The Sinewave Beacon 2 is a
front light that works in
conjunction with a Dynamo
hub, which, when installed
to your wheel, captures
some of the energy you use
waveCycles.com
6 | Major Key It’s a bad
idea to leave your bike un-
locked in the city, obviously.
The Kryptonite New-U New
York Lock features a double
deadbolt. For thieves to get
your bike, they would have
to saw through each arm
individually. Most won’t
bother with the hassle.

‘Mad Max,’” said Janette Sadik- mets like the Giro Register $40, EfficientVelo.com of a flat tire, you’ll always to pedal and converts it to $148, REI.com
Khan, currently a principal at
Bloomberg Associates, a philan-
thropic consulting firm. Then
no

the streets were filled with pot-

holes, glass and loose gravel. In
2007, she became the NYC DOT
commissioner, with a mandate to
reshape the streets to be safer
and more friendly to pedestrians,
buses and cyclists.
Ms. Sadik-Khan said she aimed
to create connected networks of
bike paths, so that you could go
from path to path on your way
anywhere, minimizing the amount
of time you had to bike in the
flow of car traffic. Since she left
the department in 2013, the city
has continued this work. New
York now has over 1,500 miles of
dedicated bike lanes. The prolifer-
ation has dramatically increased
cycling traffic, but NYC DOT data
collected between 2000 and 2018
indicates the infrastructure im-
provements have reduced the risk
of severe injury and death to cy- Members of the Bahati Foundation brave a highway in Los Angeles.
clists by 80%.
Similar changes might be com-
ing to streets near you in the
Pedaling “Ride defensively. When
passing through intersec-
bicycle skills coach,
Santa Cruz, Calif
wake of the pandemic biking
boom. According to estimates
Pointers tions, for instance, slow
down and try to make “Learn to regularly look
from StreetLight Data, a mobility Advice care of avid eye contact with drivers.” back while riding in a
analytics research firm, at least cyclists from all over —Mark Lowe, 49, physician straight line. Practice it
15 U.S. cities saw a staggering
North America assistant, Arvada, Colo. until you master it.”
50% year-over-year growth in bi- —Veon McReynolds, 71,
cycling between September 2019 “Get out and ride with a “Rely on your city’s retired college professor/
and the same month in 2020, in- group or local club.” map of safe, bike infra- administrator, Houston
cluding centers like Omaha, Neb., —Samuel Bland, 29, structure rather than
Little Rock, Ark., and Birming- software developer, Google Maps..” “Don’t be cutting off pe-
ham, Ala. Louisville, K.Y. —Charles Montgomery, destrians—we’re on the
Streets in some cities have author ‘Happy City’ (2013), same team.”
been closed to car traffic. All the “Make sure you are Vancouver, Canada —Robin Graven-Milne,
while, splashy bike-lane projects rested. If you don’t feel owner of Bike Plant,
are under way in places like Prov- good, you won’t ride well.” “Communicate. Learn to Brooklyn, N. Y.
idence, R.I., and Bloomington, Ind. —Sheryl Porter, 52, make hand signals for
I’m ready to try them all. Espe- stay-at-home mom, your intentions.” —Responses edited
cially now that it’s spring. Grand Prairie, Texas —Lorri Lee Lown, 57, for clarity
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D16 | Saturday/Sunday, April 1 - 2, 2023
SPEED METAL GM’s Hummer
pickup weighs more than 9,000
pounds and can go from 0 to 60
mph in about 3 seconds.
GMC
RUMBLE SEAT / DAN NEIL
An All-Electric Pickup That
Accelerates Like a Porsche
IN THE WORDS of guitarist David
St. Hubbins, there’s a fine line be-
tween stupid and clever. Parked
squarely over the line is the 2022
GMC Hummer EV Edition 1, General
Motors’ all-electric off-road truck.
Whatever mean tweet you could
compose about GM’s colossal elec-
tric sport-utility truck (SUT), I’m
here for it. This 9,063-pound, 1,000-
hp, six-figure spectacle of modern
automaking comes equipped with
everything but a sense of decency.
And yet I caution against snap
judgments and easy dismissals. The
Hummer truck might be dumb as a
hammer, but as hammers go, it’s
pretty ingenious.
These things are still rare. De-
liveries began in December 2021
but production at GM’s new Fac-
tory Zero was paused in Novem-
ber, with a reported 5,000 pro-
duced. In the meantime GM has
teed up production of the Hummer
EV SUV as well as the GMC Sierra
Denali EV pickup, all using the
new BT1 electric skateboard and
modular Ultium battery pack.
I finally managed to rent an Edi-
tion 1 last week, in Florida, at the
height of spring break, which
might not have been my first
choice. When I got to Daytona
Beach, with the intention of driving
on the famous strand, the streets
were near-’bout roaring with
young wastrels in hot cars and
hitched-up pickups, or else rapping
their rage-addled motorbikes from
Don’t Flip Out…Convertible
Sunglasses Are Back
New styles from emergent adventuring companies
have made the dated, yet practical, design feel fresh
SUNGLASSES HAVE always played
two roles: to shield your eyes from
damaging UV rays, and to make you flip-ups with a sense of currency.
look cool. Just what constitutes
“cool” has fluctuated with the de-
cades—remember our early-2000s
obsession with bedazzled frames?
But few designs have more ques-
tionable associations than flip-up,
clip-on shades, despite their ability
to cleverly block or let in sunlight
via a hinge attachment. While avia-
tor sunglasses evoke Tom Cruise in
“Top Gun” and understated black
frames conjure icons like Joan Did-
ion and Jackie O., the closest thing
the flip-up has to an avatar is the
nerdy, well-meaning Dwayne Wayne
of “A Different World.”
The style nevertheless has dis-
creetly endured.
Oliver Peoples—
the Los Angeles
brand known for
chic, vintage-in-
spired eyewear—
has sold flip-up-
shades and clip-
ons for some of its  More traditional, still
popular frames for striking. Moscot Fliptosh
years. More re- (from $390, Moscot.com)
cently, emergent
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.
GEAR & GADGETS
light to light. None of these de-
on
lightful people seemed like they
were going to sleep anytime soon.
Lucky me. I had stumbled upon
the Hummer’s aspirational sensi-
us ,
bility. Among these sunburned
ballers and players-in-waiting,
l
e
America’s future super-consumers,
al a
the truck arrived like an absolute
A-list star. Wow. The kids went
ci on
bonkers. The mayor of Daytona
Beach might as well have given me
the keycard to the city.
After two days in the eye of this
Instagrammed hurricane—and a
er s
couple of easy stoplight victories
over the fast and the curious—I
m er
started wanting to believe in GM’s
strategic vision for the Hummer
brand, which means to advance ve-
m rp
2022 GMC HUMMER EV EDITION 1 PICKUP
co Fo
n-
no
outdoor optics companies have
been doing their best to reinvest
No longer just a way to shade
prescription specs, sleek new ver-
sions come permanently clipped to
their own lens-less frames with
more subtle hinges. When you’re
hiking or working out, popping the
hood can provide a nice airflow
boost and playfully force passersby
to do a double-take.
A Reworked Classic
Smith Optics launched in the 1960s
with ski goggles, but began making
sunglasses for athletes in 1978. Its
popular wraparounds provided com-
plete protection from sun, snow and
wind, but were prone to fogging up.
This year, the com-
pany remixed and
released a flip-up
version of one of
these from its ar-
chive. The updated
Smith XC is con-
struct modern ma-
terials and lenses
treated with color-
ful ChromaPop, an
extremely 2023
hicle electrification through the
power of male idiocy.
Consider the name, reviving a
brand that embodied the most
knavish sensibilities of American
auto culture in the 2000s. Or ob-
serve its Soviet-style proportions:
18 feet long, 86.7 inches wide with
the mirrors folded and 79.1 inches
tall—with adjustable pneumatic
suspension able to lift the belly of
the beast another 5.8 inches, to a
maximum 15.9 inches.
The truck’s arrival at a hotel va-
let stand is a daunting, prodigious
moment. Guests start looking
around for virgins to sacrifice.
Sure, if strict reason ruled, GM’s
first proper electric pickup would
have been smooth-skinned and
UPLIFTING Vibrant colors and sleek shapes have made contemporary flip-up sunglasses genuinely covetable.
From top: Smith XC (from $169, SmithOptics.com), Pit Viper Flip-Off ($100, PitViper.com).
technology that sharpens contrast.
Explicitly Sporty
The cult following of Pit Viper, the
Salt Lake City sunglasses brand
known for tongue-in-cheek market-
ing, has grown significantly over
the last few years after its partner-
ships with athletes like former NFL
star Rob Gronkowski and several
Nascar drivers. The company
* ***
aerodynamically efficient. Instead,
it looks kickass and amazing! Coldly
technical, chiseled and chamfered,
with a mouthful of skid plate and
35-inch mudders that churn in cav-
ernous wheel wells like machinery
you don’t want to fall into.
Naturally, given its Borg-cube
shape, the drag factors are high
and, consequently, energy con-
sumption goes from bad to terrible
the faster you go. The estimated
range is 329 miles. The renter re-
ported he had gone over 400 miles
by keeping below 55 mph. But at a
Florida-friendly 80 mph, the real-
world range looked more like 270
miles. The wind noise is so high
you can barely hear the hip-hop
blasting from the next vehicle.
Price $110,295
Powertrain Fully electric, with three
AC synchronous motors (one in
front, two in the rear), direct drive,
205 kWh kWh liquid-cooled lithium-
ion battery pack, 800V system, 11.5-
kW onboard charger
Power/torque 1,000 hp/1,200
pound-feet maximum combined
Length/wheelbase/width/height
216.8/135.6/86.7/79.1 inches
Curb weight 9,063 pounds
0-60 mph 3 seconds
EPA-estimated range 329 miles
Charging 11 kW onboard charger;
DC fast charger, 20-80% in 42 mins
launched two styles of flip-up last
fall, including the Flip-Off which
has become a hit in the freeskiing
and mountain biking world. Avail-
able in four frame colors, it has a
hinge that opens and closes with a
distinct snap for a delightfully em-
phatic transformation.
Daily Drivers
Nonathletes can also enjoy the util-
THE WALL STREET JOURNAL.
Ideally, it would be easier to see
out of. As it is, the truck’s high
sills and squinting greenhouse cre-
ate a veritable panopticon of blind
spots. For that reason it is, and
must be, bristling with cameras, 9
in total. Small price to pay for
looking so dope.
As a preview of future solutions
from GM, there is lots to love. The
sober and sophisticated cabin de-
sign, the material choices, the
spare but modern switchgear, the
smart and snappy graphical envi-
ronment—the interior gets four
stars. Fit and finish was excellent.
Compared with the underbaked
In many ways I found the
Hummer truck strangely
impervious to criticism.
Rivian R1T I tested, the Hummer
looked like it was assembled in a
NASA clean room.
Among the more beguiling fea-
tures: four huge removable roof
panels of blue-tinted glass. It’s like
a bro terrarium.
It’s certainly athletic for earth-
moving equipment. Three electric
motors, one between the front
wheels and two between the rear,
direct a combined maximum of
1,000 hp and 1,200 pound-feet to
the ground. With the launch-assist
engaged the truck can huck itself
to 60 mph in as little as 3 seconds,
according to GM. And thus some-
thing the weight of a well-equipped
.
ambulance will accelerate like a
ly
top-line Porsche 911. Progress!
I was never so premeditated.
Whenever I needed to overtake, I
just willed it so. Within the space
of a couple inches of pedal travel,
the Hummer EV will squat luridly
then seem to fire itself out of its
own superconducting railgun.
The famous beach was closed
for traffic but I found some well-
groomed acreage in an out-of-the-
way construction zone in which to
disport. Before wading into the
soft, foot-deep sand, I engaged
Terrain mode, which fully liberates
the rear steering system, allowing
a sharper steering angle. This is
the mischief mode: All you need to
do is crank the wheel hard and
floor it, and the truck will augur
itself into a tidy circular hole in
the ground.
In many ways I found the Hum-
mer truck strangely impervious to
criticism. The biggest knock is its
alarming 4.5-ton curb weight,
nearly a third of which is battery.
That is definitely not optimum.
Due to the pack’s mass, the truck’s
payload capacity is that of a mid-
size truck and the braking dis-
tances are like that of small civil-
ian aircraft. It took Car and Driver
504 feet to whoa one of these
down from 100 mph.
But better, lighter, more com-
pact, more energy-dense batteries
are coming. Everything else about
the Hummer is ready and waiting,
and kind of terrific.
In the meantime, stay off
wooden bridges.
F. MARTIN RAMIN/THE WALL STREET JOURNAL
ity of flip-up sunglasses, with
many pairs elegant enough for
regular wear. Take the Fliptosh
from eyewear designer Moscot,
based in New York City. The frame
itself, which can take prescription
lenses, is chunky yet chic. But the
nondetachable flip-up, with its
subtly green-tinted lenses, makes
them special.
—Brigid Mander