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REVIEW
Why Are We So
Obsessed With
SBF’s Parents?
What’s
News
Business & Finance
 A U.S. subsidiary of China’s
biggest bank was the victim of
a ransomware attack on
Wednesday, threatening a tem-
porary logjam for some trades
in the Treasury bond market. A1
 Honda is giving many U.S.
factory workers an 11% pay
bump following major gains
secured by the UAW in De-
troit last month. B1
 The Nasdaq jumped 2%, its
best day in more than five
months, while the S&P 500
and Dow gained 1.6% and 1.2%,
respectively. All three indexes
finished the week higher. B1
 Las Vegas Strip casino
workers and three gambling
companies reached labor
contract deals, narrowly
avoiding a strike. B9
 Novo Nordisk said it
would invest more than $6
billion to boost production
capacity for its blockbuster
Wegovy obesity drug. B9
 Shares of TKO Group
slipped after former WWE
CEO Vince McMahon filed to
sell some $670 million worth
of stock in the company. B9
 Shares in Diageo sank af-
ter it warned that sales and
profit on liquor in the first
half of its fiscal year would be
weaker than expected. B10
World-Wide
 Israeli ground forces have
fought their way into northern
Gaza’s urban areas with a
speed that has surprised even
their own commanders, but
the most complex stages of
the war might still lie ahead. A1
 FBI agents seized New York
City Mayor Adams’ cellphones
and iPad Monday as a part of
a public corruption probe into
his political campaign. A3
 The B-21 Raider took its first
test flight, moving the futuris-
tic warplane closer to becom-
ing the nation’s next nuclear
weapons stealth bomber. A6
 The U.S. and China said
that Biden and Chinese
leader Xi will meet Wednes-
day for a summit. A10
 Germany is working on a
plan to send some asylum
seekers to Africa while their
cases are decided, marking a U-
turn for a country that has long
been open to migrants. A11
 The Big Ten Conference
barred Michigan football coach
Jim Harbaugh for the rest of
the regular season games amid
an NCAA investigation into
cheating allegations. A14
 Died: Karen Davis, cam-
paigner for the rights of
poultry, 79. A8
NOONAN
Kamala Harris
is Biden’s No. 2
problem A17
CONTENTS
Books....................... C7-12
Business& Finance B9-10
Food............................ D6,8
Gear & Gadgets. D12
Heard on Street....B12
Markets...................... B11
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
WSJ
THE WALL STREET JOURNAL WEEKEND
* * * * * * * SATURDAY/SUNDAY, NOVEMBER 11 - 12, 2023 ~ VOL. CCLXXXII NO. 113
For Veterans Day, a Thank You From the Rookies
DON CAMPBELL/THE HERALD-PALLADIUM/ASSOCIATED PRESS
SHOWING THE LOVE: Students at Hollywood Elementary School in Stevensville, Mich., demonstrated their appreciation for
those who served in the armed forces during a ceremony Friday to celebrate Veterans Day.
Abortion-Rights Backers Move
To Expand Ballot Push in 2024
BY LAURA KUSISTO
AND JIMMY VIELKIND
Fresh off another round of
victories in Tuesday’s elec-
tions, abortion-rights activists
are seeking to put the issue on
the ballot in numerous states
in 2024, a wild card that could
influence next year’s cam-
paigns for the White House
Disney Eyes EXCHANGE
Reducing
Its TV
Networks
BY JOE FLINT
AND JESSICA TOONKEL
Walt Disney Co. is examin-
ing whether its future should
include fewer television net-
works.
After Chief Executive Bob
Iger said last summer that
some of Disney’s TV networks,
which include ABC, FX and
National Geographic, might
not be core to the company,
executives set out to deter-
mine which channels have
long-term value and which are
expendable.
As part of the review, the
company has explored poten-
tial sales and discussed put-
ting some of its TV networks
into A+E Networks, its joint
venture with Hearst, accord-
ing to people familiar with the
Markets Digest..... B6 matter.
Opinion................ A15-17 Disney’s traditional TV net-
Sports.......................... A14
Style & Fashion D2-4
works were once cash cows
Travel.................... D10-11 but are suffering from viewer-
U.S. News..... A2-4,6,8 ship declines as streaming re-
World News... A10-12 places the cable bundle. The
company is exploring whether
> it can cut staff, programming
and marketing costs enough
to retain all of its TV net-
works.
Its stable of TV networks
includes ABC—which airs hits
Please turn to page A8
and control of Congress.
When Ohio voters this past
week passed a measure to pro-
tect abortion under the state
constitution, it gave abortion-
rights groups seven consecu-
tive victories in ballot initia-
tives since the Supreme Court
last year eliminated a consti-
tutional right to the procedure.
Those successes have come in
HOLIDAY GLOOM
Five signs that
shoppers aren’t going
to be spending big B1
A City’s Rock ’n’ Roll Fantasy
Meets Die-Hard Bureaucrats
i i
Local boosters want Shijiazhuang, China,
to become a hub for music; cue the discord
BY WENXIN FAN
SHIJIAZHUANG, China— From Shijiazhuang.”
Memphis has Elvis
Presley. Liverpool has
the Beatles. The north-
ern Chinese industrial
city of Shijiazhuang has
to make do with the
Omnipotent Youth So-
Rebel with a
ciety, a local indie-rock
clause
band that found na-
the innovators issue
WSJ. MAGAZINE
WSJ.com HHHH $6.00
Israeli
Forces
Race to
Root Out
Hamas
Military converges
on Gaza hospital in
new stage of fight
against militants
BY DAVID S. CLOUD
AND DOV LIEBER
In a little over a week, Is-
raeli ground forces have
fought their way into northern
Gaza’s urban areas with a
speed that has surprised even
their own commanders. But
complex stages of the war still
lie ahead.
As they move closer to the
center of Gaza City, Israeli
troops are encountering dug-
in Hamas fighters in larger
numbers who attack and then
pull back or disappear under-
ground, slowing the Israeli ad-
vance, soldiers and current
and former officials say.
“The further we went in,
the harder the battle became,”
said an Israeli captain who led
a reservist tank unit into
northern Gaza in the initial
days of the invasion and
fought into the heart of the
city.
One of Israel’s objectives—
politically diverse states, from states such as Colorado, Ne- Al-Shifa hospital in Gaza City’s
Kansas and Kentucky to Michi- braska and Nevada. western perimeter—could also
gan and California. Then there is New York, be its most challenging. Its
Now, well-funded and orga- where voters will consider an troops have converged in the
nized efforts would place abor- equal-rights amendment to the past day on the sprawling facil-
tion initiatives on the ballot in state constitution that in- ity, which Israel contends holds
Arizona, which is poised to cludes protections for abortion a major Hamas command bun-
figure heavily in next year’s Please turn to page A4 Please turn to page A12
presidential election, and Flor-
ida. There are also nascent ef-  No Labels group concerns  The Numbers: Challenges
forts to push referendums in some Democrats............... A4 with tallying the dead.... A2
Japan: the Land Where
Inflation Is Good News
Price increases triggered by the pandemic and Ukraine war
are helping end the long, bleak era of stagnant growth
BY MIHO INADA AND PETER LANDERS wages have begun inching up.
“It’s like a misfortune that turned into a
TOKYO—For a quarter-century, Japan tried blessing,” said Etsuro Honda, an economic
every trick in the central-banking book to adviser to the late Prime Minister Shinzo
boost prices and jolt its troubled economy Abe. “Thanks to these disasters, the defla-
back to life. The cure turned out to be pan- tionary mindset has disappeared.”
demic and war. For decades, Japanification has been short-
Higher energy and food costs triggered by hand for the economic curse of falling prices
the Ukraine war, coupled with Covid-era sup- and stagnant growth. Declining prices might
ply-chain snags, are bringing a surprise end sound like a good thing to Western consum-
to the long, bleak era of Japanification. Busi- ers hammered by inflation, but policy makers
nesses are increasing prices significantly, and Please turn to page A13
Hack of Bank Poses
i New Test for Treasurys
There is a new reason to ticipants said, but the fear
worry about the hardiness of wasn’t.
the market for U.S. govern- Treasury markets have
ment debt: hackers. been on edge this year. Trad-
tional fame from a song unfa- ers have raised concerns that
vorably titled “Kill That Guy By Eric Wallerstein, the world’s most liquid market
Rebecca Feng is becoming strained, while
Local boosters are and David Uberti worries about demand for U.S.
determined to build debt have driven a surge in
this city on rock ’n’ Cybercriminals held hostage yields.
roll, no matter the hur- this past week a New York unit The idea of hackers being
dles. The effort has of the world’s largest bank, In- able to interrupt trading adds
also run into discord dustrial and Commercial Bank to the angst, and it is also a
from unhappy resi- of China, disrupting trading in blow to Washington’s efforts
dents—and has to con- U.S. Treasurys. The impact was to tamp down a ransomware
Please turn to page A13 relatively minor, market par- Please turn to page A6
 .

A2 | Saturday/Sunday, November 11 - 12, 2023 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Josh Zumbrun

The Challenges With Tallying the Dead

T
he war in Gaza has highlight their own civilian 50-day war between Israel Mariupol, Popasna, Lysy- merly known as the British ing and possibly murdered.
cast a spotlight on losses for sympathy. and Hamas. The U.N.’s verifi- chansk and Severodonetsk, Medical Journal, which com- Media reports widely
the grim science of In a review of 66 casualty cation process resulted in a which are now all controlled pared data from both meth- claimed 10,000 Kosovo citi-
counting casualties studies, Khorram-Manesh similar estimate: 2,251. by Russia. ods over 50 years. zens had been massacred by
in the conflict. The and co-authors conclude that But it isn’t yet possible to Detailed verification can Yet numbers can be Serbian soldiers. An anony-
number of deaths from the the methods used in cross- compare the Palestinian take years. Last year, the wrong in both directions. It mous U.S. official told media
war between Hamas and Is- border wars to tally numbers with other conflicts U.N. completed an estimate was common to claim the numbers were “conser-
rael has become both a focus wounded and dead are “in- because estimates of those of civilian deaths in Syria’s 200,000 to 300,000 deaths vative in the extreme.” Ulti-
of concern and a source of sufficient for modern war- conflicts’ death tolls might civil war from 2011 to 2021: (including civilian and mili- mately, the North Atlantic
controversy, especially when fare.” They add that “inter- not be accurate. Many na- 306,000. tary) in Bosnia while Yugo- Treaty Organization inter-
compared with other wars, national organizations tions traditionally focused In some cases, detailed slavia was breaking up. vened to stop the conflict.
such as Russia’s invasion of responsible for collecting only on military casualties, verification might never Eventually, a team of re- Years later, however,
Ukraine. such data…face difficulties to and estimating civilian casu- come. The civil war in Ethio- searchers in Sarajevo went when Serbian leader Slobo-
Researchers who have access the conflict scene, re- alties can take years, said pia’s Tigray region is esti- through and attempted to dan Milosevic was on trial
studied civilian and military sulting in underreported, un- Taylor Seybolt, an associate mated by researchers at Bel- document their names. They for war crimes, the Interna-
casualties offer this impor- reliable or no-reported data.” professor at the University gium’s Ghent University to identified 97,207 victims, ac- tional Criminal Tribunal de-
tant caveat: Casualty counts The Health Ministry in the of Pittsburgh who coedited have killed between 311,000 cording to the book “Sex, termined the number of bod-
are often wrong and cannot Hamas-controlled Gaza Strip the book “Counting Civilian and 808,000 as of the end of Drugs, and Body Counts: The ies in mass graves was 2,788.
be easily compared from one says more than 11,000 have Casualties.” 2022. But while Gaza has Politics of Numbers in Global The discrepancy between the
conflict to another. died, most of them women captured the world’s atten- Crime and Conflict.” earlier claims and eventual

C
“True estimates at the time and children. It doesn’t dis- onsider the war in tion, Ethiopia vigorously bodies found was used to

‘I
of conflict are usually inaccu- tinguish between civilians Ukraine. The U.N.’s Of- avoided it, banning travel to t has long been popu- discredit a key witness
rate,” said Dr. Amir Khorram- and militants. The Biden ad- fice of the High Com- the region, blacking out me- lar in some circles to against Milosevic (who died
Manesh, a lecturer in surgery ministration has said it missioner for Human Rights dia, shutting down telephone argue that a drive for before the trial’s conclusion).
and disaster medicine at Swe- doesn’t trust the Gaza estimated 9,806 civilians and internet service, and ex- statistical accuracy in Even the lower figure was
den’s University of Gothen- Health Ministry to provide have died since Russia in- pelling humanitarian work- conflict environments is un- a grisly statistic. In an epi-
burg. “It is a component of accurate data. Nonetheless, a vaded on Feb. 24 last year. ers. necessary, misguided, or sode of the television show
the ‘fog of war’ where the un- U.S. official has said the One might be tempted to in- Because comprehensive even dangerous. What is “M*A*S*H,” Alan Alda’s
certainty of every aspect of overall death toll is likely fer that more people have lists of the dead are impossi- most germane are not facts character, Hawkeye, tells a
battle is confusing, unknown higher than currently cited. therefore died in Gaza than ble, researchers sometimes on the ground, so the argu- priest that war is worse than
and often inaccurate.” The United Nations doesn’t Ukraine. But that isn’t right. estimate the percentage of a ment goes, but rather the hell: “There are no innocent
The reasons for caution currently have figures of its First, Gaza’s figures in- population that died in a aims and objectives,” wrote bystanders in hell. War is
are many. The belligerents own. Previously, the U.N.’s Of- clude both military and civil- war by asking people after- co-author Kelly Greenhill, a chock-full of them.” By this
aren’t data agencies; they fice for the Coordination of ian deaths. Second, there are ward how many siblings they Tufts University professor. token, any deaths of inno-
are often motivated to play Humanitarian Affairs has huge omissions in the U.N.’s had and whether any died in But Greenhill recounts cent civilians are too many.
down civilian deaths at their gone into the field to review Ukraine estimate, about the war. On average this how this can go awry. During Counting them incorrectly
hands while playing up those and verify casualties from the which it is transparent. It method finds nearly three the Kosovo War in 1998-99, can distract from that.
at their enemy’s. They avoid conflict. In 2014, the Palestin- doesn’t include deaths in times as many victims as U.S. officials said it was pos-
disclosing military losses to ian Health Ministry said some of the war’s most im- verified lists do, according to sible that as many as  U.S. has fewer doubts on
protect morale, but they 2,310 people died during a portant urban battlegrounds: a 2008 study in BMJ, for- 100,000 Kosovars were miss- Gaza death toll................. A12

SZA Leads the Pack in Grammy Award Nominations With 9

BY ASHLEY WONG the band boygenius—their
first Grammy nods—and the
Olivia Rodrigo, Billie Eilish, seventh is for her collabora-
Jon Batiste and Taylor Swift tion with SZA on “Ghost.”
will go head-to-head once Luke Combs’s much-dis-
more at the Grammy Awards cussed cover of Tracy Chap-
on Feb. 4 in Los Angeles. man’s 1989 hit “Fast Car” was
But the singer leading in nominated for best country
the nominations announced music performance. When it
Friday morning was SZA, who topped the charts this sum-
ANNA WEBBER/GETTY IMAGES FOR SPOTIFY

AMY HARRIS/INVISION/ASSOCIATED PRESS

pulled in nine nods, including mer, the song revived a con-

album of the year for her versation about discrimination
sophomore album “SOS.” in country music, with some
Phoebe Bridgers and Victo- critics arguing a Black LGBTQ
ria Monét garnered seven artist such as Chapman
nominations each. Batiste, Ro- wouldn’t have been given the
drigo, Eilish and Swift, as well same airtime Combs’s cover
as Miley Cyrus, Brandy Clark was. Chapman’s song was
and boygenius, each got six, as nominated three times at the
did Swift-darling producer Grammy Awards in 1989, and
Jack Antonoff. SZA, left, was nominated for album of the year for ‘SOS.’ Phoebe Bridgers had seven nods, six for her work with boygenius. won for best female pop vocal
“SOS” is SZA’s first solo performance. Chapman has
album of the year nomina- feel better and empty,” SZA generation of artists. ments that women needed to nominated for her collabora- said that she approves of
tion. Last year, Batiste took said. “There’s no better sleep “There’s been times when “step up” to achieve greater tion on a remix of Swift’s Combs’s version, and Combs
home the coveted album of than empty-brain sleep, and not everyone could see them- recognition in the music in- “Karma”—and Gracie Abrams, has said the artist is receiving
the year award for his upbeat that can only come after I’ve selves in the nominations,” dustry. fresh off her opening set on royalties for the song.
pop collection “We Are.” been in the studio for 10 hours Mason said. Asked for comment on the Swift’s Eras Tour. Noah Ka- If Swift takes home the
SZA has 24 nominations and done something good in The Academy, which runs litigation, Mason referred to han, whose folksy ode “Stick award for album of the year—
across her career, including there.” the Grammys, was hit an Academy statement: “We Season” went viral on TikTok she is nominated for “Mid-
this year’s nine, but only one “I think she’s got a great Wednesday by lawsuit against continue to believe the claims last year, also got a best-artist nights”—she will be the first
win—last year’s award for shot at this,” Recording Acad- its former chief executive, Neil to be without merit and in- and first-time nod. artist to win it four times.
best pop duo with Doja Cat on emy President Harvey Mason Portnow. Filed by an unnamed tend to vigorously defend the Monét’s nominations are
“Kiss Me More.” The artist, Jr. said of SZA’s nominations. female instrumentalist, it ac- Academy in this lawsuit.” her first as a solo artist. She
known for brutally honest and Mason also noted that cuses Portnow of drugging Portnow didn’t respond to a was previously nominated as a Watch a Video
occasionally dark lyrics, told women comprise a majority of and raping her, and the Acad- request for comment. producer and songwriter for Scan this code
WSJ. Magazine earlier this this year’s leading nomina- emy of failing to properly in- First-time nominees and Ariana Grande and R&B sib- for a video on
year that songwriting helps tions, adding that he hopes an vestigate. Portnow resigned the category for best new art- ling duo Chloe x Halle. how SZA went
her work through issues. increasingly diverse pool of from the Academy in 2019 ist were filled with popular Six of Bridgers’ seven nom- from sneaker
“When I leave the studio, I nominees could inspire a new amid backlash over his com- names like Ice Spice—also inations are for her work with sales to stardom.

CORRECTIONS  AMPLIFICATIONS U.S.WATCH

In a U.S. News graphic on to Rodriguez’s half-brother, ELECTIONS VIRGINIA
Friday showing how the new who was in the U.S. Air Force,
federal income-tax brackets as his stepbrother.
Fentanyl, Threats Windmill-Blade
work for a married couple fil- Mailed to Offices Factory Canceled
ing jointly with adjusted gross Kylie Jenner and her sister While workers were count- A European company has
income of $300,000, the 22% previously had a mass-market ing ballots for primary elec- canceled plans to build blades
bracket starts at $94,300 and clothing line, Kendall & Kylie, tions in August, the elections for offshore wind turbines in
the 24% bracket starts at that was produced under a li- office in King County, Washing- coastal Virginia, the latest
$201,050. The graphic incor- cense. An article in Novem- ton, received a suspicious en- sign of struggle within the
rectly gave those figures as ber’s WSJ. Magazine about velope that turned out to con- U.S.’s nascent industry.
$71,100 and $106,750, respec- Jenner incorrectly said the tain trace amounts of fentanyl. Siemens Gamesa con-
tively. clothing line is still active. It happened again this firmed the cancellation Fri-
week, and not just in Wash- day. The proposed $200 mil-
A Mansion article on Fri- A photo collage with an ar- ington state, where the office lion factory at the Port of
day about a home in the ticle in November’s WSJ. Mag- was processing ballots from Virginia in Portsmouth would
Brentwood neighborhood of azine about Jerry Lorenzo and the general election and had have created more than 300
Los Angeles was accompanied the Fear of God fashion brand to be evacuated. Election of- jobs and aided the state in
by a headline that incorrectly incorrectly identified as au- fices in at least five states its aspirations to become a
described the neighborhood as thentic a photo of a counter- were sent threatening mail, hub for offshore wind proj-
near Los Angeles. feit Essentials hooded sweat- some containing the poten- ects amid the nation’s efforts
shirt and a counterfeit hooded tially deadly drug, authorities to tackle climate change.
An article about Alex Rod- sweatshirt purporting to be say. Inflation, higher interest
riguez in November’s WSJ. from Fear of God’s collabora- Election workers across rates and supply-chain issues
Magazine incorrectly referred tion with Zegna. the country have been be- have cut into the profitabil-
sieged by threats, harass- ity—and even viability—of
Readers can alert The Wall Street Journal to any errors in news articles by ment and intimidation since some offshore wind projects
emailing wsjcontact@wsj.com or by calling 888-410-2667. the 2020 election. in the U.S.
King County was one of at Siemens Gamesa said Fri-
least four counties in Wash- day that it had called off
THE WALL STREET JOURNAL ington with election offices building the Virginia factory
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THE WALL STREET JOURNAL.
Mass Shooting Changes Lawmaker’s Mind
Jared Golden seeks
ban on assault rifles
while still supporting
the right to own guns
BY BEN KESLING
WASHINGTON—The AR-15
was Jared Golden’s weapon of
choice for self-defense. He
knew how lethal the gun was,
and how easy to use, from his
days serving as a Marine, and
he kept one in his home in
Lewiston, Maine. He was con-
fident it would keep him safe.
Then last month, a gunman
used a weapon much like that
one to kill 18 people and
wound more than a dozen oth-
ers, not more than a five-min-
ute jog from the Democratic
U.S. representative’s home.
The next day, he came out
in support of a ban on assault-
style weapons.
“I have opposed efforts to
ban deadly weapons of war,”
Golden said at a news confer-
ence in Lewiston. “The time
has now come for me to take
responsibility for this failure,
which is why I now call on the
United States Congress to ban
assault rifles.”
It was a rare moment in
FBI Agents Seize New York City Mayor’s Devices
BY JAMES FANELLI
AND ERIN AILWORTH
Federal Bureau of Investi-
gation agents seized New York
City Mayor Eric Adams’s cell-
phones and iPad as a part of a
public-corruption probe into
his political campaign, accord-
ing to people familiar with the
matter.
In a statement Friday, a
lawyer for the campaign said
Adams’s devices were taken
from him after he attended an
event Monday night.
“The Mayor immediately
complied with the FBI’s re-
quest and provided them with
electronic devices,” said Boyd
Johnson, Adams’s campaign
attorney. “The mayor has not
been accused of any wrongdo-
ing and continues to cooperate
with the investigation.”
The seizure came about a
week after federal agents
searched the Brooklyn home
of Brianna Suggs, a fundraiser
for his campaign, indicating
that the federal investigation
is intensifying.
After the campaign learned
of the federal investigation, “it
was discovered that an indi-
vidual had recently acted im-
properly,” Johnson said. The
behavior was reported to in-
vestigators, he said, without
elaborating on the individual.
Some of the electronic de-
vices were returned to Adams,
a campaign spokesman said.
The campaign expected the
* * * * * *
politics: Politicians don’t often
publicly state they have
changed their minds on a sub-
ject, especially one as polariz-
ing as gun ownership. Perhaps
more unusual, Golden’s state-
ment came with an apology.
“To the people of Lewiston,
my constituents throughout
the second district, to the
families who lost loved ones,
and to those who have been
harmed, I ask for forgiveness
and support as I seek to put
an end to these terrible shoot-
ings,” Golden said.
At a recent interview in his
Washington office, which has
pictures of himself deployed
to Afghanistan as a Marine,
holding his government-issued
version of the AR-15, Golden
spoke of his change.
“I really think of gun own-
ership as about personal de-
fense, and I believe that the
Second Amendment is rooted
in self-defense,” he said. “I re-
ally believe that any law-abid-
ing and competent citizen
should have fairly easy access
to firearms.”
But Golden said he found
himself “posing what I viewed
as some pretty simple ques-
tions to myself” the day after
the shooting.
He kept his rifle locked
Mayor Eric Adams said that he has ‘nothing to hide.’
rest of the items also would be
returned, the spokesman said.
Adams, a former NYPD offi-
cer, said Friday: “As a former
member of law enforcement, I
expect all members of my
staff to follow the law and
fully cooperate with any sort
of investigation—and I will
continue to do exactly that. I
have nothing to hide.”
A spokeswoman for the FBI
and a spokesman for the Man-
hattan U.S. attorney’s office
declined to comment.
The New York Times re-
ported earlier Friday that Ad-
ams’s electronic devices were
seized, and previously re-
.
Saturday/Sunday, November 11 - 12, 2023 | A3
U.S. NEWS
“What do we do from here?
And what responsibilities do I
have as a leader of the com-
munity?”
Golden said he had long
been skeptical of the govern-
ment stepping in to decide
who should and shouldn’t
have weapons. He sees yellow-
and red-flag laws—which al-
low authorities to seize weap-
ons from people who pose a
danger to themselves or oth-
ers—as often messy and inef-
BEN KESLING/THE WALL STREET JOURNAL
fective. He argues that Second
Amendment rights are jeopar-
dized more by layering on
complex barriers to firearm
ownership than by banning
assault-style weapons.
His answer was to advocate
restricting the most lethal
types of weapons to everyone.
He decided that limiting
Rep. Jared Golden (D., Maine) says assault-style weapons have no place outside of warfare. AR-15s and similar weapons
was simpler and cleaner than
away in his home, he said. But ing an AR-15 slung over my The three-term congress- trying to figure out who
many mass shootings happen shoulder when I go to the gro- man, 41 years old, who repre- should and should not have
in public places such as the cery store, when I go to a res- sents a largely rural district such weapons.
Lewiston bowling alley and taurant?” Golden said he that twice backed former Major gun advocacy groups
bar where the Oct. 25 shoot- asked himself. Even if a well- President Donald Trump, said haven’t spoken out about
ings took place. To truly be trained and well-intentioned he was still a strong supporter Golden’s recent announcement.
ready to stop another shoot- person such as himself carried of gun rights but that assault- When asked how his
ing or defend himself against a rifle at all times, he said, the style weapons had no place change of position might af-
a similarly-armed assailant, he odds were remote of being at outside of warfare. fect his chances at re-election,
would need to carry the the right place at the right The final question that he he said he didn’t know. “And
weapon everywhere. time with the right angle to asked himself that day after that is not my focus anyways,”
“Am I going to start carry- take down an active shooter. the shooting, he said, was, he said. “And it shouldn’t be.”
that he has repeatedly traveled
to Turkey in part to attract
people and businesses back to
the city, which he noted has a
large Turkish population.
The mayor said he once
spoke to the Turkish president
at a nonprofit dinner at some
point when he was Brooklyn
borough president. He held
that post before becoming
mayor, from 2014 to 2021.
“He greeted me, said hello.
We exchanged pleasantries,”
MICHAEL M. SANTIAGO/GETTY IMAGES
Adams recalled. “I said hello.
And that was the extent of our
conversation.”
Adams, a Democrat, won
election in 2021, beating out a
crowded field of contenders.
His campaign has raised $2.5
million donations for his re-
election bid in 2025.
Suggs worked on his 2021
campaign and has been doing
ported that a warrant for the fundraising for his re-election.
Suggs home search indicated Adams said Wednesday
authorities were investigating that he was notified by his
whether Turkish nationals il- campaign team of the raid on
legally donated to Adams’s Suggs’s home, which
campaign using straw donors. prompted him to return to
Federal election laws pro- New York from Washington,
hibit foreign nationals from D.C., where he had planned to
making contributions in U.S. meet with White House offi-
elections. It also is illegal to cials. Adams said he didn’t
make a donation in another speak to her that day.
individual’s name. “I did not want to give any
The Wall Street Journal appearance of interference,”
hasn’t independently verified he said, later adding that he
the contents of the Suggs has retained the private law
search warrant. firm WilmerHale, and that the
Facing questions from re- lawyers there have been in
porters after the Suggs home touch with the agencies han-
search, Adams said Wednesday dling the inquiry.
 .

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

U.S. NEWS

Third-Party Candidates
Pose More Risk to Biden
When voters are given extra options, the president tends to bleed
the most support; Manchin could complicate matters further

President Biden and Donald Trump, the likely contenders for the White House next year, are

MICHAEL BROCHSTEIN/ZUMA PRESS

about evenly divided in polling. In a head-to-head race, many polls find an outright tie, with few
voters undecided.
NBC News polls (SEPT. 15-19)
Without a third-party candidate Tied MAJORITY
10% 20 30 40 50%
TRUMP
BIDEN
Sen. Manchin’s decision not to seek re-election raises questions about a possible presidential bid.
UNDECIDED

No Labels Stirs Concern

Trump now has a +3 margin
MAJORITY
With Green, Libertarian and No Labels offered
–7 50%
TRUMP

Among Some Democrats

BIDEN
UNDECIDED +3 –10
THIRD-PARTY +14
CANDIDATE
17% moved to undecided and third-party candidates. Biden lost more

Most voters, however, will have several with the group No Labels, which says it wants BY KEN THOMAS are basically looking for a Republican candidate atop the
choices beyond Trump and Biden—a fact that to fund a bipartisan ticket. Manchin an- home—as Joe Manchin is look- ticket might be more advanta-
is not reflected in many public opinion polls. nounced that he would abandon re-election WASHINGTON—No Labels, ing for a home,” said Philip geous to winning the 2024
When polls do offer a larger slate of options, plans for the Senate and instead explore the the moderate political group, Levine, a former Miami Beach, campaign.
Biden often loses the most support to those national appetite for “creating a movement to has been exploring the launch Fla., mayor who backs the Ryan Clancy, the chief strat-
additional candidates or to “undecided” sta- mobilize the middle and bring Americans to- of a third-party presidential group. egist for No Labels, said in a
tus, giving Trump an edge. gether.” ticket next spring. A potential Manchin didn’t address his briefing with reporters this
For Democrats, that prospect took on new Biden loses slightly more ground than No. 1 draft pick just signaled he future Friday during an ap- week that polling conducted
urgency Thursday as Sen. Joe Manchin, a Trump in several other polls in which voters might be available. pearance in Athens, Ga., at a during the summer in the top
Democrat from West Virginia, renewed specu- are presented both a two-candidate ballot and West Virginia Sen. Joe Man- University of Georgia sympo- eight battleground states found
lation that he would try to run for president then a ballot with four or more options. chin’s decision not to seek re- sium honoring the late Sen. that a ticket led by a Republi-
election to the Senate next year Johnny Isakson (R., Ga.). But can had a stronger path to vic-
CNN poll (OCT. 27-NOV. 2) has intensified questions about Manchin spoke of their biparti- tory and pulled more votes
Without third-party candidates MAJORITY whether he might seek the san work, themes that could from Trump’s column. But he
10% 20 30 40 50% presidency, either as an inde- form the basis of a future cam- said their process remains
TRUMP pendent candidate or through paign. He noted that after the fluid.
BIDEN No Labels’ effort. Jan. 6, 2021, attack on the U.S. “We certainly don’t have
UNDECIDED Trump leads by 4 Manchin, a deal-making Capitol, an evenly-divided Sen- any standard we’re laying
Democratic senator, has been ate was able to come together down yet about who’s going to
MAJORITY associated with No Labels for to produce “one be atop the
With Kennedy and West as additionally named candidates 50% more than a decade. The cen- of the most pro- ticket. But we’ll
–8
TRUMP trist group isn’t required to ductive times of be doing more
BIDEN disclose its donors because it is Congress in his- The moderate polling and re-
UNDECIDED –
–3 –1
–10 organized as a nonprofit rather tory.” group has been search over
than a traditional political Democrats time and that
RFK, JR. +16 party. It has been laying the have warned exploring a was certainly an
WEST 4
+4 Trump leads by 6
groundwork to field an alterna- that No Labels interesting data
tive presidential ticket if the could help elect
third-party point we saw
That is why many Democrats fear the effect nedy, stands out as a particular wild card be- 2024 campaign features a re- Trump and act presidential run. over the sum-
that third parties and independent candidates cause of how much support he draws. He match of President Biden and as a spoiler to mer,” he said.
could have on the president. might pull more votes away from Trump than former President Donald Biden’s re-elec- But gaining
Liberal intellectual Cornel West and Robert F. Biden, if he gains access to ballots. Trump, adding to fears among tion chances. ballot access
Kennedy Jr., known for his antivaccine advocacy, While Kennedy comes from America’s most Democrats of a third-party Former House Speaker Nancy could serve as a major hurdle
have said they would run as independents. To famous Democratic family, his advocacy spoiler candidate. Pelosi (D., Calif.) said during a for Manchin or any other poten-
appear on any state’s ballot, they will need to against vaccines and skepticism of government The 76-year-old West Vir- breakfast last week held by tial third-party candidate. Many
meet requirements the state sets, which usually regulators and public-health officials have ginia senator, in announcing Third Way, a centrist group states require the collection of
requires a signature-gathering effort. made him more popular among Republicans his decision, did little to quell that has opposed No Labels’ ef- thousands of signatures to get
Polling suggests that one candidate, Ken- than Democrats. speculation about any national forts, that No Labels “is peril- on the ballot, including signa-
ambitions, saying he would be ous to our democracy. I said tures from individual counties
Do you have a favorable or unfavorable view of Robert F. Kennedy Jr.? “traveling the country and that completely without any and congressional districts.
speaking out to see if there is hesitation.” Clancy said the timeline for
AMONG an interest in creating a move- Pelosi has warned that No No Labels to field a candidate
DEMOCRATS 21% Favorable Unfavorable 64%
ment to mobilize the middle Labels might prevent any pres- remains March or April 2024
AMONG
48% Favorable Unfavorable 28% and bring Americans together.” idential candidate from secur- but it would only pursue the
REPUBLICANS People close to Manchin said ing the necessary 270 electoral campaign if it sees a clear path-
Note: ‘No opinion’ answers not charted. no decisions had been made on votes and would throw the way to victory. But he reiterated
any national travel or a possi- election to the House of Repre- that polling shows broad num-
Several polls find that Kennedy draws more support from Trump than from Biden when voters ble presidential campaign. sentatives, giving each state bers of Americans interested in
are given a choice of those three candidates. But Manchin’s announce- delegation one vote for presi- alternatives to Biden and
ment has stirred interest dent and electing Trump. Trump and expressing open-
Quinnipiac poll (NOV. 1) among No Labels’ supporters. No Labels has pushed back ness to a third-party candidate.
Without a third-party candidate “He’s speaking for the great si- against those spoiler sugges- —Annie Linskey
MAJORITY
10% 20 30 40 50%
lent majority of Americans who tions, and said that putting a contributed to this article.
TRUMP
BIDEN
UNDECIDED
MAJORITY
More Votes cal and advocacy officer for
the American Civil Liberties
Union.
to trick voters into freezing in
place a legal framework that
conceals the amendment’s po-
With Kennedy as a third named candidate
TRUMP
BIDEN
–10 50%
On Abortion Advocacy groups are pin-
ning many of their ballot-ini-
tiative hopes on Arizona. That
tentially sweeping legal ef-
fects,” Moody wrote in a legal
brief filed last month.
UNDECIDED
RFK, JR.
–4
4
Biden gains 2 with RFK in mix.
–8
Are Planned state has some nearly ideal
conditions for abortion-rights
groups: restrictive abortion
In Nevada, abortion-rights
groups this fall filed a petition
to try to place a constitutional
laws on the books, a sympa- amendment strengthening
Still, many Democrats fear the effect that third parties and independent candidates could have Continued from Page One thetic governor and attorney protections for abortion on the
on the president. One reason: Trump’s core supporters are more committed to him than Biden’s access. While the state has general and a relatively ballot. Under state law, it
supporters are to the president, some measures show. broad abortion rights, New straightforward process for would also need to pass in two
York Democrats hope the ref- getting a measure on the bal- elections, in 2024 and 2026.
Is your vote more for Biden/Trump or more against Trump/Biden? erendum will boost them after lot. The state also has an elec- Voters so far have been
a poor showing in 2022 that torate receptive to messages most motivated in states
AMONG BIDEN
VOTERS 38% For Biden Against Trump 58% arguably cost the party control about personal freedom. where there was a real threat
of the U.S. House. “When you can put it in the of abortion restrictions. While
AMONG TRUMP
VOTERS 57% For Trump Against Biden 36% How those efforts fare could context of freedoms, then you California voters passed an
color races up and down the can build big winning coali- abortion-rights amendment
Note: ‘Some of both’ answers not charted. ballot, potentially giving Dem- tions,” said Tory Gavito, presi- last year, the issue didn’t ap-
ocrats a weapon to help ener- dent of Way to Win, a non- pear to have a galvanizing ef-
Recent history gives Biden a reason to fear both candidates and opted for third parties. gize their base and counter profit that helps get fect or spillover impact in a
third parties: In 2016, they drew an unusually Many Democrats are convinced that the shift voter disenchantment with the Democratic candidates elected. state where abortion access al-
large share of votes in swing states that Hillary hurt Clinton in several states that had tradition- economy and President Biden. Once a GOP bastion, Arizona ready was robust.
Clinton unexpectedly lost. ally backed their party. In those states, the num- Republicans, for has become a The same dynamic could
Voters that year held a largely negative view ber of voters who opted for third parties was their part, have political battle- play out in New York. Support-

$40M
of both Trump and Clinton, the Democratic larger than the number of votes Clinton would struggled to de- ground, with ers say that referendum would
nominee. An unusually large share rejected have needed to add to overtake Trump. velop a winning former Presi- make laws restricting abor-
message on dent Donald tions unconstitutional. State
Third party/write-in share Winning margin and independent candidate vote, 2016 abortion since Trump losing Sen. Liz Krueger, a Manhattan
of national votes the Supreme The approximate the state in Democrat who sponsored the
6.04 Trump’s winning margin Court’s ruling. 2020 after win- amendment, said she purpose-
Michigan
While Demo-
cost of recent ning it four fully chose to place the refer-
Votes for third-party/independent candidates
crats are eager ballot campaigns in years earlier. endum on the ballot in 2024.
3.75% to capitalize, some states. The state will “Voters in New York state
Wisconsin abortion-rights also have com- are going to the ballot box
groups don’t petitive races both for this constitutional
1.85 want to rush in for the U.S. amendment but also against
1.54
1.01
1.95
with efforts lacking resources Senate, House and the state people who don’t support
Pennsylvania to tee up ballot initiatives they legislature next year. these rights,” she said.
0% might lose. Initiative battles, In Florida, abortion-rights Iona University political sci-
2000 ’04 ’08 ’12 ’16 ’20 0 votes 100,000 200,000 300,000 which often require hundreds groups say they are on track ence professor Jeanne Shee-
of thousands of voter signa- with more than half of the han Zaino said other voter
The third parties are gathering signatures But already, third parties have gained tures, take an enormous in- number of signatures they concerns likely would be more
and taking other steps now to gain ballot ballot access in several battleground states— vestment of time and money, need ahead of a Feb. 1 dead- salient. “In New York, while
access, as are independents West and those most likely to decide the outcome of and competition for political line. State Attorney General you can scare people on cer-
Kennedy. The potential of these candidates to the election. They include Wisconsin, fundraising and voter atten- Ashley Moody, a Republican, tain things regarding their
become a factor in the election won’t be Michigan, Arizona, Nevada and North tion will be fierce in 2024. Re- has filed a challenge to the ini- right to choose and what’s
known until states decide which ones have Carolina. cent ballot campaigns in some tiative with the Florida Su- happening elsewhere, they’re
met the requirements to appear on the ballot. —Aaron Zitner and Stephanie Stamm states have cost upward of $40 preme Court, arguing its lan- not going to be as fearful of
million. guage is vague and confusing. that as they are on issues of
Methodology: NBC news survey of 1,000 registered voters conducted Sept. 15-19; margin of error +/– 3.1 percentage points (NBC poll, for/against “I think that would be a real Abortion proponents “have crime, security and things like
Biden/Trump); CNN poll of 1,514 respondents conducted Oct. 27-Nov. 2; margin of error +/– 3.1 percentage points (CNN poll); Wall Street Journal misread of the opportunity to proposed an amendment to inflation,” she said.
poll of 482 Democratic voters and 492 Republican voters, conducted Aug. 24-30; margin of error +/– 4.4 percentage points (RFK favorability);
Quinnipiac poll of 1,610 self-identified registered voters conducted Oct. 26-Oct. 30; margin of error +/– 2.4 percentage points (Quinnipiac poll); try to do it everywhere,” said the Florida Constitution using —Eliza Collins
Dave Leip’s Atlas of U.S. Presidential Elections (third party/write-in share, Trump’s winning margin, Independent votes) Deirdre Schifeling, chief politi- a misleading ballot summary contributed to this article.
 .

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | A5

 .

A6 | Saturday/Sunday, November 11 - 12, 2023 * ***** THE WALL STREET JOURNAL.

U.S. NEWS

Conservative School-Board Push Loses Steam

BY MATT BARNUM
AND SCOTT CALVERT
Conservative activists seek-
ing to take over school boards
around the country saw their
momentum slow in this week’s
elections after progressive
groups organized rival cam-
paigns targeting the normally
sleepy local races.
Over the past two years,
conservative groups such as
Moms for Liberty have flipped
control of some school boards
nationwide by critiquing what
they saw as excessive Covid-19
precautions and left-wing
teaching about race and gen-
der. Rallying around the ban-
ner of parental rights, the
groups have called for limits on
what is taught in classrooms or
offered in libraries and paren-
tal notification of students’
gender transitions, among
other changes.
Their success sparked a re-
sponse this election season by
progressive groups and candi-
dates who criticized library re-
strictions as book bans and de-
manded protections for gay,
lesbian and transgender stu-
dents. Those messages ap-
peared to resonate in some
communities on Election Day.
Roughly a third of candi-
dates endorsed by Moms for
Liberty won Tuesday or were
leading in contested races, ac-
cording to a Wall Street Jour-
nal analysis. This was down
from 45% in prior races.
Tiffany Justice, co-founder
of Moms for Liberty, said she
was pleased with the results,
even if most of the school
board candidates the group
backed lost, saying that most
were running for the first time.
Conservative candidates
fared poorly in several closely
watched races, including in
Pennsylvania, a swing state
where Democrats won majori-
ties in some suburban districts.
In Central Bucks, outside
Philadelphia, the five-candidate
Democratic slate swept the
race and Republicans lost their
6-3 majority. Democrats had
focused on two contentious
board policies—one allowing
parents to challenge school-li-
brary books with sexual con-
tent, and one barring teacher
advocacy, including the dis-
playing of objects such as rain-
bow gay-pride flags.
Re-elected Democrat Karen
Smith called the outcome “a re-
sounding rejection” of the poli-
cies, which she said will be re-
vised with input from all sides.
“We need to set a positive
example for kids. I will do ev-
erything I can to change the
tenor,” she said.
Venture capitalist Paul Mar-
tino, who pumped more than
$200,000 into the Central
Bucks race for the GOP slate
that included his wife, said on
Facebook that Republicans had
a bad night across Pennsylva-
nia. He also noted the Republi-
can board slate was outspent.
In Loudoun County, Va.,
where battles over Covid-19
masking policies and race-re-
lated instruction drew national
attention in recent years, can-
didates backed by the local
Democratic Party maintained a
majority of the nine seats, all
of which were on the ballot.
The results suggest that the
political potency of the conser-
vative parents’ rights move-
ment, which looked to be an
emerging force before Tues-
day’s elections, is an open
question heading into the 2024
presidential election.
Tuesday’s returns were a
“mixed bag” overall, said Doug
Kronaizl, who tracks school
board races for Ballotpedia, a
nonprofit elections site. The
conservative backlash against
how race and gender are
taught seems to have drawn a
backlash of its own, he said.
Thousands of school boards
across 21 states held elections
this week, many of them un-
contested or low-profile, ac-
cording to Ballotpedia. In a
number of the most conten-
tious races, progressives were
running against policies that
conservatives enacted in the
past two years, Kronaizl said.
—Sara Randazzo
contributed to this article.

Air Force’s New Nuclear Stealth Bomber Takes First Test Flight

The B-21 Raider took its
first test flight on Friday,
moving the futuristic war-
plane closer to becoming the
nation’s next nuclear weap-
ons stealth bomber.
The Raider flew in Palm-
dale, Calif., where it has been
under testing and develop-
ment by Northrop Grumman.
The Air Force is planning
to build 100 of the warplanes,
which have a flying wing
shape much like their prede-
cessor the B-2 Spirit but will
incorporate advanced materi-
als, propulsion and stealth
technology to make them
more survivable in a future
conflict. The plane is planned
to be produced in variants
with and without pilots.
“The B-21 Raider is in
flight testing,” Air Force
spokeswoman Ann Stefanek
said.
The B-21 Raider is the first
new American bomber air-
craft in more than 30 years,
and almost every aspect of
the program is classified.
Both Northrop Grumman and
the Air Force have tried to
protect the program’s details
to prevent China from gain-
DAVID SWANSON/REUTERS
ing access to the weapon’s
technology and building a
similar version, as it has with
other U.S. advanced weapons
systems like the F-35 Joint
Strike Fighter.
—Associated Press

100% BRITISH WOOL Treasurys’ U.S. Treasury bond holdings

$1.4 trillion
ICBC said Friday it was able
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SHAWL NECK New Test: 1.3

Japan cuted on Wednesday, as well
as repo financing that took

CARDIGAN
place on Thursday. BNY Mel-

Green Cyberattack 1.2 lon and DTCC were waiting

for assurances ICBC was safe
before reconnecting it to the

$295
Harris
Tweed
Continued from Page One
Baker scourge in recent years. Hack-
Boy Cap ers in previous incidents often
MH20 locked up companies’ com-
puter systems and demanded
millions of dollars in payment
to restore them.
MADE IN THE UK
from 1% Bankers and U.S. officials
BRITISH WOOL have long feared an incident
that could disrupt the plumb-
“The quality of the ing that enables trading and
product met my record-keeping in Treasury
expectation, and markets. The attack shows
I was extremely that wrongdoers aren’t just
pleased with the threatening to steal money,
fit. The sweater but hold up for ransom the fi-
is extremely nancial system’s flows of data
comfortable.” and information.
Ronnie, California
“A boundary has been bro-
ken. We haven’t seen some-
thing like this involving a
large bank before,” said Mar-
cus Murray, the founder of
Truesec, a cybersecurity com-
FREE pany.
Treasury Secretary Janet
UPS EXPRESS Yellen said officials are work-
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system, which could take until
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1.0 trades still unclear, market
participants said.
Clients who could were us-
0.9
ing other brokers and moving
Mainland China trades away from ICBC, the
0.8 people said. To accommodate
2018 ’19 ’20 ’21 ’22 ’23 incoming trades on ICBC’s be-
Note: Monthly data, through August half, BNY Mellon requested
Source: U.S. Department of the Treasury several extensions to repo-
market hours from the Fed on
Treasury market in the U.S. by Thursday.
Bank of New York Mellon, ICBC is a relatively minor
which sits in the middle of the player in the Treasury mar-
transactions. The bank re- kets, and the hack did little to
sorted to manually clearing halt trading for U.S. bonds.
trades. More than 358,000 Treasurys,
That meant clients whose worth roughly $822 billion,
trades are routed through changed hands on Thursday.
ICBC were in limbo, unable to That was more trades than any
determine which positions of the previous days that week,
were still open or which according to Financial Industry
trades have closed. Regulatory Authority data.
Some analysts conflated the The Securities and Ex-
hack on ICBC with a poorly re-
ceived sale of
change Commission has
pushed to force
30-year Trea- more of the
surys by the
The idea of trading tied to
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ment on Thurs- hackers being through DTCC’s
day, worrying Fixed Income

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applicable. **Full Refund & Exchange information available online. systems after the attack, and didn’t receive them in time to and Joe Wallace
it was unplugged from the settle a trade. contributed to this article.
 .

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | A7

America,

Today, we celebrate and thank our Veterans.

More than anyone, they know the true value

of home. After all, they left it to serve us.

And while most Veterans know they

can get a VA loan, only 3 in 10 know that means
they can buy a home with zero dollars down.

That’s right, zero dollars down.

So, starting today, we are taking on the mission

to tell every Veteran and their families.

We call it #missionzero.
And it’s the shared commitment to do our part.

But we need your help.

If you know a Veteran, tell a Veteran.

Share this message with those who’ve helped us,
and help them achieve the dream of homeownership.

SeanGiancola
Damian Eales Nathan Long Sean Giancola Almar Latour
CEO Realtor.com® CEO Veterans United Home Loans CEO New York Post CEO, Dow Jones & Publisher, The Wall Street Journal

Frank Siller Duane Sarmiento

CEO Tunnel to Towers Foundation Commander-in-Chief, Veterans of Foreign Wars

Realtor.com/Veterans

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A8 | Saturday/Sunday, November 11 - 12, 2023
Electric-Car Fires Prove Hard to Put Out
Vehicles combust
differently; blazes
last longer and have
tendency to reignite
BY JOHN KEILMAN
Firefighters called to extin-
guish an electric-vehicle fire
are discovering the surest ap-
proach is to stand back and
watch it burn.
Electric cars combust dif-
ferently than their gas-pow-
ered counterparts. Firefight-
ers and researchers said EV
fires last longer, are harder to
put out and have a tendency
to reignite.
First responders in Frank-
lin, Tenn., faced their first
burning EV in September, a
Nissan Leaf that ignited while
charging outside the car
maker’s North America head-
quarters. They spent hours
pouring 45,000 gallons of wa-
ter on the car, compared with
the 500 to 1,000 gallons that
fires involving gasoline-pow-
ered vehicles usually need,
Fire Marshal Andy King said.
“I think if we were faced
with a similar scenario next
time, we might need to let it
burn,” he said.
Nissan said it is investigat-
ing the cause of the fire.
It isn’t clear how frequently
EV fires take place, but as the
cars become a larger part of
the American fleet, some fire
departments see them as a
growing nuisance. Firefighters
in Florida’s North Collier Fire
Control and Rescue District
responded to six last year af-
ter a storm surge brought by
Hurricane Ian caused saltwa-
ter to get into EV battery
compartments, which can
cause short-circuits.
There are more than
170,000 vehicle fires in the
U.S. each year, but the Na-
Animal-Rights Activist Was Outspoken Friend of Fowl
BY JENNIFER LATSON
Around this time of year,
Karen Davis could be found in
Washington, D.C., handing out
leaflets proclaiming, “Turkeys
Are Too Neat to Eat.”
When she began campaign-
ing for the rights of poultry
more than four decades ago,
she was essen-
OBITUARY tially alone.
KAREN DAVIS Almost no one
1944-2023 gave chickens
or turkeys a
thought, ac-
cording to Ingrid Newkirk,
founder and president of Peo-
ple for the Ethical Treatment
of Animals.
Davis, who died of cancer
on Nov. 4 at age 79, became
one of the loudest voices on
their behalf—and was instru-
mental in changing the way
people perceive poultry.
“Chickens were almost like
cockroaches in public opinion;
people didn’t think they
counted,” Newkirk said. But
Davis “never missed an oppor-
tunity to show people that
these were intelligent, loving,
beautiful animals. She was
one of the original pioneers
who changed the conversation
around chickens.”
In 1990, when Davis
Disney Plots
Future of Its
Networks
Continued from Page One
such as “The Golden Bache-
lor”—and eight local television
stations, the Disney Channel,
Freeform, National Geographic
and FX, home to the American
Horror Story franchise.
So far, the executives’ work
has identified ABC, Disney
Channel and FX as the chan-
nels with the most value to
Disney, people involved in the
process said, because they all
produce content that is popu-
lar on Disney’s streaming plat-
forms Disney+ and Hulu.
Other assets including cable
networks Freeform and the
National Geographic channel
are less critical to Disney’s fu-
ture, the review found.
Disney’s review of its tradi-
tional TV assets has identified
opportunities to cut costs and
improve the business, Iger
Firefighters in Hillsborough Township, N.J., allowed an electric vehicle to burn itself out after it caught fire in a salvage yard last month.
tional Fire Protection Associa-
tion doesn’t break them out
by power source. Tesla esti-
mates its cars catch fire at a
rate much lower than U.S. ve-
hicles overall, and some inde-
pendent studies have reached
similar conclusions about EVs
in general.
First responders are still
trying to figure out how to
deal with EV fires. “When we
look at how much money is
going into battery plants, into
the EV transition, there hasn’t
been that carve-out to prepare
the fire service,” said Michael
O’Brian, fire chief of Michi-
gan’s Brighton Area Fire Au-
thority and chair of the Inter-
national Association of Fire
Chiefs’ battery committee.
Electric-vehicle fires usu-
ally start in the car’s lithium-
ion batteries, which can store
a massive amount of energy. If
a battery is poorly designed,
founded the nonprofit United
Poultry Concerns, other activ-
ists urged her to consider a
more sympathetic species,
such as pigs. “My reaction to
that was, well, all the more
reason to start an organiza-
tion for chickens, because they
obviously need a voice,” Davis
said in the 2006 documentary
“Animal People.”
That voice was heard in
protests, petitions and lobby-
ing efforts to end industry
practices she saw as inhu-
mane. One of her greatest suc-
cesses came in 2004, when,
after more than a decade of
lobbying from Davis and other
activists, the American Veteri-
nary Medical Association took
a public stand against “forced
molting,” in which commercial
egg producers deprive hens of
food and water to induce an
additional egg-laying cycle.
The revised industry guide-
lines improved the lives of
millions of chickens.
Davis wanted people to
stop mistreating, killing and
eating birds. But she also
wanted them to stop think-
ing—and speaking—ill of poul-
try. That is what prompted
her mid-1990s campaign
against NPR’s “This American
Life.” She believed its annual
ABC, which airs hits television such as ‘The Golden Bachelor,’ has been identified as one of Disney’s more valued channels.
said on CNBC Wednesday,
suggesting it might not unload
assets.
“We have been considering
various strategic options for
each of our networks, not nec-
essarily all together, but each
of them,” he said. “You have
to look at the business in
terms of its strategic value to
U.S. NEWS
or if it is damaged by shock or
internal spikes of lithium that
form over time, a process
known as “thermal runaway”
can begin, said chief scientist
Robert Slone of UL Solutions,
which tests and certifies bat-
teries.
The batteries contain flam-
mable chemicals and can re-
lease their own oxygen as
they burn, allowing EV fires to
reignite hours or even days af-
ter they appear to be
quenched. They also emit
toxic fumes that Tom Miller,
who teaches for the West Vir-
ginia University Fire Service
Extension and the National
Volunteer Fire Council, said
“make hydrogen cyanide look
like Pez.”
Genevieve Cullen, president
of the Electric Drive Transpor-
tation Association industry
group, said electric vehicle
fires aren’t more dangerous
Karen Davis said she protested, petitioned and lobbied on
behalf of chickens because ‘they obviously need a voice.’
Thanksgiving “Poultry Slam”
show—promoted as “stories of
what happens when humans
and fowls collide”—perpetu-
ated stereotypes about birds
that propagated the cultural
acceptance of their slaughter,
as she told host Ira Glass on
the show in 1998.
She persuaded Glass to
the company, too, not only its
financial value.”
Disney Entertainment Co-
Chairman Dana Walden or-
chestrated the review, which
is being captained by top lieu-
tenant Debra O’Connell, presi-
dent of networks and televi-
sion business operations.
O’Connell has scrutinized op-
than those involving gas-pow-
ered vehicles, but do require
their own tactics. “It’s a mat-
ter of training,” she said.
Motorists tempted to tackle
an EV fire themselves should
think twice, O’Brian said. A
fire extinguisher would likely
be incapable of tamping down
the flames from a battery
pack, he said, and the smoke
is highly dangerous. He said
drivers should pay attention
to any indications a problem
might be coming. “If the dash
is telling you, ‘Don’t drive the
car, pull over’—pull over and
stop driving the car,” he said.
Some departments take a
cautious approach. Firefight-
ers in Hillsborough Township,
N.J., allowed a Tesla that had
been in an accident to burn it-
self out after it ignited in a
salvage yard last month. The
Cosumnes Fire Department in
California did the same in May
RICHARD CUNDARI
visit her Virginia bird sanctu-
ary. He came away converted.
“In our earlier ‘Poultry
Slams,’ three or four times,
people referred to chickens as
stupid, as having no personal-
ity. In last year’s show, at one
point, I myself declared that if
chickens had a personality,
that personality seemed to be
erations across networks and
the ABC local stations seeking
cost savings and greater effi-
ciency, people familiar with
the effort said.
Some of Disney’s recent
moves underscore those find-
ings. When Disney forged a
new distribution agreement
with Charter Communications,
.
* *** THE WALL STREET JOURNAL.
HILLSBOROUGH TOWNSHIP STATION 37
with a Tesla near Sacramento. “fog stream,” which is a fine
That car’s owner, Bishal spray rather than a jet of wa-
Malla, said it began vibrating ter. That could lower the tem-
harshly as he drove onto a perature enough so a fire-
highway ramp. Thinking he fighter could hook a chain to
had a flat tire, he stopped and the car and drag it outside.
got out, only to see smoke bil- New products aimed at
lowing from the undercar- taming EV fires are coming
riage. Within minutes, he said, onto the market. The Louis-
the smoke became flames. ville Fire Department in Ken-
A responding fire engine tucky has a specialized nozzle
sprayed about 700 gallons of designed to slip under a car
water on the fire, but when it and spray water directly onto
was clear that the batteries the undercarriage, cooling the
were involved, Assistant Fire battery pack. Others use large
Chief Robert Kasparian told blankets meant to smother the
his firefighters to let it go. flames.
Tesla didn’t respond to a re- Audi has filed a patent ap-
quest for comment. plication for a battery that
Kasparian said letting an can extinguish its own fire. In-
EV burn isn’t always possible. dustrial conglomerate Honey-
He and his colleagues are try- well and energy company Nex-
ing to figure out how they ceris are creating early
would deal with an electric warning sensors for batteries,
car that combusts in the and 3M is working on materi-
owner’s garage. He said one als meant to contain thermal
idea is to hit the fire with a runaway.
that they’re a pain in the ass,” lege in 1968. She went on to
Glass said on the show. earn a doctoral degree in liter-
“Here’s one area where Karen ature from the University of
Davis is completely in the Maryland, where she taught
right, and I and my radio staff English for more than a de-
have been absolutely wrong.” cade. She married a fellow
Glass ultimately gave up English professor, the late
poultry altogether. “Every George Allan Cate. The mar-
time after that, every time I riage ended in divorce and the
ate a piece of chicken, I would pair had no children.
think back to her chickens, Davis soon found herself
and the shy ones and the out- preoccupied with a new cause:
going ones,” he said on “The animal rights. “Just as I be-
Late Show With David Letter- came obsessed with concen-
man” in 2007. tration camps in the early
Karen Elizabeth Davis was 1960s, so in the early 1970s I
born Feb. 4, 1944, in Altoona, began to agonize over the suf-
Pa., where her mother was a fering and abuse of nonhuman
French tutor and her father animals,” she wrote.
was an attorney—and a The fierceness of her advo-
hunter. Growing up, Davis and cacy occasionally ruffled feath-
her three younger brothers ers. “She was unyielding. But
were avid meat eaters, she because she was brilliant and
wrote. But she was also a well-read, she never pushed
highly sensitive child who was the envelope beyond credibil-
inconsolable whenever a baby ity,” said Marc Bekoff, a profes-
robin fell from its nest in her sor emeritus of ecology and
backyard. As a college student evolutionary biology at the
in the early 1960s, studying University of Colorado Boulder.
Russian and German history, Davis had been ill for two
she became so deeply dis- years, but she kept her prog-
turbed by accounts of concen- nosis private. “She didn’t
tration camps that she began want people worrying about
to fixate on the topic and her and interrupting her to
dropped out of school. see how she was doing,” said
With the help of a psychia- Franklin Wade, the vice presi-
trist, she overcame her obses- dent of United Poultry Con-
sion and graduated from col- cerns. “She had work to do.”
past, including before Iger re-
joined Disney late last year,
and the TV review reignited
those discussions.
Combining some Disney
networks with A+E’s lineup of
channels, such as the History
Channel and Lifetime, could
help the joint venture forge
better deals with cable compa-
nies and advertisers.
In addition to that joint
ownership of A+E Networks,
Hearst has a minority stake in
Disney’s flagship sports chan-
nel, ESPN, which Iger called
one of the building blocks of
the company’s future.
JOHN FLEENOR/DISNEY
Disney is separately seek-
ing a strategic partner for
ESPN and has had discussions
with leagues including the
National Basketball Associa-
tion and National Football
League, among others. The
it agreed to let the pay-TV company is also working to
company drop channels, in- transition ESPN to a stream-
cluding Freeform, Disney XD ing future.
and FXX. Excluding ESPN, Disney’s
Among the options Disney traditional TV networks saw
has discussed internally is po- revenue fall 9.1% for the Sep-
tentially folding certain chan- tember quarter to $2.62 bil-
nels into the existing joint lion. Operating income from
venture with Hearst. It has the networks was flat at $805
considered the move in the million during the period.
 .

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | A9

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A10 | Saturday/Sunday, November 11 - 12, 2023
Biden, Xi to Face Tough Issues at Summit
The two leaders are
expected to discuss
security, technology,
stabilizing relations
BY CHARLES HUTZLER
AND BRIAN SPEGELE
The U.S. and China made it
official, announcing that Presi-
dent Biden and Chinese leader
Xi Jinping will meet Wednes-
day for a summit that both
powers say they want to keep
their rivalry in check.
The summit in the San Fran-
cisco Bay Area will be the lead-
ers’ first face-to-face meeting
in a year. It comes after a pe-
riod of spiraling tensions over
technology, U.S. support for
Taiwan and other issues, and
follows months of maneuvering
by both governments to stabi-
lize ties.
In confirming the much-an-
ticipated meeting, senior Bi-
den administration officials on
Friday previewed a lengthy
Chinese Factories Push Exports, Raise Trade Tensions
BY STELLA YIFAN XIE
AND TOM FAIRLESS
Some Chinese factories,
saddled with overcapacity in a
struggling economy, are trying
to export their way out of
trouble and stoking new trade
tensions in the process.
Makers of electric vehicles,
solar panels and other prod-
ucts are cutting prices and try-
ing harder to muscle into over-
seas markets as they face
weakened demand at home,
upsetting competitors who see
threats to their bottom lines.
The tensions are most
acute in Europe, where Euro-
pean Union regulators in Sep-
tember unveiled an antisub-
sidy probe, reflecting concern
that China is flooding the re-
gion with low-cost electric ve-
hicles.
The U.S. recently announced
levies on tin-plate metal prod-
ucts from China and two other
countries, after determining
that their steelmakers were
selling at unfairly low prices.
India is investigating
whether China dumped a
range of goods, from chemi-
cals to furniture parts, into
the country at unfair prices.
Vietnam in September started
examining whether wind tow-
ers imported from China have
hurt domestic manufacturers.
Chinese officials have said
that the country’s manufac-
turers are competing fairly
and that their products are
gaining market share overseas
because they are attractive to
foreign buyers. Beijing de-
nounced the EU’s EV investi-
gation as a “naked protection-
JOURNALISTS DON’T
‘JUST WRITE STORIES.’
THEY RECORD HISTORY.
Learn more about the impact your
journalism career can have on the world.
Wall Street Journal reporter Erin Ailworth
and others share career advice at
dowjonesnewsfund.org/careers.
agenda of issues they expect
will come up, including the Is-
rael-Hamas war, North Korea
and China’s backing of Russia
during its war on Ukraine.
For substantive outcomes,
the U.S. and China look close
to reaching agreements on key
Washington asks, though Bi-
den administration officials
declined to confirm any prog-
ress. Both sides have moved
closer to resuming contacts
between their militaries. The
Pentagon has accused China of
making dangerous intercepts
of U.S. and allied craft to push
them out of the region.
The U.S. is also seeking Bei-
jing’s help in choking off ex-
ports of chemicals shipped to
Mexico where they are used by
drug cartels to make fentanyl.
For Beijing, Xi wants
breathing room in relations
with the U.S. as he tries to
deal with a weakened econ-
omy, stem an outflow of for-
eign capital and cope with
tightened American restric-
tions on technology transfers.
China’s share of global EV exports has been climbing. An EV production line in Zhejiang province.
ist act” that will disrupt the
global car supply chain.
China’s Ministry of Com-
merce, the Ministry of Indus-
try and Information Technol-
ogy and the National
Development and Reform
Commission—the country’s
top economic planner—didn’t
respond to questions from The
Wall Street Journal.
Prices of goods shipped
from China have fallen around
20% this year, according to
ABN AMRO. While some of
that drop reflects easing sup-
ply-chain bottlenecks, it is
also a sign that Chinese sell-
ers are discounting to pre-
serve or expand market share
during a period of weaker
global demand, according to
economists.
WORLD NEWS
President Biden and Chinese leader Xi previously met on the
sidelines of the G-20 summit in Bali in November 2022.
China also seeks assurances
on Taiwan, the self-ruled dem-
ocratic island that Beijing
claims. Chinese officials want
Biden to commit to opposing
Taiwan’s formal independence,
according to people briefed on
the preparations.
Beijing’s firmly held position
that the U.S. needs to do more to
accommodate China as a rising
power, reiterated repeatedly by
Local governments in China
have been subsidizing trips
abroad for companies to sell
more overseas, including char-
tering flights for them. They
are urging banks to lend to
companies that want to ex-
pand in countries participat-
ing in China’s Belt and Road
program.
Beijing has also called on
financial institutions to direct
credit to the manufacturing
sector.
In an August report, Gold-
man Sachs singled out several
products that are oversupplied
in China, including batteries,
excavators and some chemicals.
Weltmeister, a Chinese
electric-car brand owned by
Shanghai-based WM Motor
Technology, was operating at
India, China Fight for Influence Over Maldives
BY RAJESH ROY
NEW DELHI—The fierce ri-
valry between India and China
for influence in the Indian
Ocean is on display in the tiny
archipelago nation of Mal-
dives, better known for its
white sand beaches and crys-
tal clear waters than as a stra-
tegic military outpost.
The Maldives is awash with
Chinese loans, which have
helped fund new high rises on
an artificial island, roads and a
landmark bridge. Now Indian
loans and grants are behind a
$500 million bridge project
connecting three islands to the
capital city of Malé. “It is our
answer to the Chinese,” said
an Indian official with direct
knowledge of the country’s de-
velopment spending.
The money pouring into the
Maldives, a string of 26 atolls
about 350 miles from India’s
west coast, reflects a wider
fight for clout occurring be-
tween India and China across
South and Southeast Asia.
China, with its deep pockets,
has become the world’s big-
gest development financier,
much of it through its Belt
and Road Initiative. But India
is putting billions of dollars
toward infrastructure projects
and assistance in countries
such as Sri Lanka, Bangladesh
and Myanmar.
“New Delhi has been at-
tempting to counter Beijing’s
strategy by maintaining close
ties to bordering nations, with
* *****
aligned itself more with Russia.
Both governments have set
modest expectations for the
summit.
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
U.S.-China relations plum-
meted this past year, first
over disagreements about Tai-
wan and then over a Chinese
balloon that the Biden admin-
istration said was conducting
surveillance over North Amer-
ica before it was shot down.
High-level contacts, which
dwindled during the pan-
demic, then all but stopped.
Chinese-language commen-
taries by the official Xinhua
News Agency this week
praised the recent stabiliza-
Chinese officials and in Chinese tion of ties between the coun-
media, is one reason experts tries, but blamed the U.S. for
don’t expect a breakthrough. their deterioration this year.
Part of Beijing’s goal will be The root of the problem is
to drive home the message for that “the United States has
the U.S. that it doesn’t seek to deviated in its perceptions of
undermine global peace and China, of the world, and of it-
stability. That message never- self,” one of the Xinhua com-
theless faces skepticism by U.S. mentaries said.
officials, especially as China Getting Beijing to agree to a
clashes with its neighbors in summit involved complicated
the South China Sea and has diplomatic choreography. Part
Value of China’s automobile
exports, monthly
$20 billion
15
10
5 ber, an independent energy
0 prices fell by 50% within four
2019 ’20 ’21 ’22 ’23
CHINA DAILY/REUTERS
Source: CEIC
potential to help lower infla-
tion. JPMorgan estimates that
falling producer prices in China
will lower global core goods in-
flation outside the country by
a loss for years and at one 0.7 percentage point over the
point stopped production at second half of 2023.
one of its factories. That plant Many of China’s excess
restarted in June after the lo- goods are being snapped up
cal government provided fi- eagerly. Cheaper EVs, batter-
nancial support, the company ies and solar panels from
said. The factory was aimed at China can help the U.S. and
“expediting the delivery of other countries achieve their
overseas orders so as to ex- greenhouse emission reduc-
pand their global market tion goals.
share,” said Kang Yun, a com- China’s share of global EV
pany representative. exports grew from 4% in 2020
“With a weakening econ- to 21% in 2022, it said.
omy, China naturally looks for While many of those ex-
exports,” said Brad Setser, a ports are foreign brands that
scholar at the Council on For- produce in China, especially
eign Relations. “But any Tesla, Chinese brands, with
meaningful expansion of Chi- their lower sticker prices, are
nese exports beyond current becoming a bigger part of the
levels will crush production picture. Their share of total
elsewhere.” EU EV sales grew from 0.5% in
Excess Chinese production 2019 to over 8% so far in 2023,
also has upsides, including the according to Schmidt Automo-
The China-Maldives Friendship Bridge was inaugurated in 2018.
the exception of Pakistan, and Mohamed Muizzu, who is set
proposing its own access and to take office Nov. 17, is seen as
development agreements to di- part of the island’s pro-Beijing
minish Chinese influence,” said political camp, which had been
Derek Grossman, a defense an- out of power for five years.
alyst focusing on the Indo-Pa- Since U.S. ties with the ar-
cific at Rand, a U.S. think tank. chipelago are still limited—it
“However, local elections have only established an embassy
occasionally swung the pendu- in Malé this year—Washington
lum in China’s favor.” is likely to rely on India to en-
The Maldives sits in the sure that China doesn’t gain a
middle of major shipping lanes military foothold in the Mal-
connecting East and West dives, said Grossman.
Asia. It is also part of a contest In 2019, New Delhi got per-
for influence in the region that mission to base a radar-sur-
is seen as central to Washing- veillance system in the Mal-
ton’s strategy to remain domi- dives. The system tracks vessel
nant in the Indo-Pacific arena. movements and feeds into an
India, which has drawn close Indian Navy maritime-security
to the U.S., is the top military information-sharing hub near
power in the Indian Ocean. New Delhi that includes repre-
But India’s efforts recently sentatives from a dozen na-
were dealt a setback as the tions, said a security official
Maldives’s new president-elect and ex-Indian Navy official.
has vowed to oust Indian secu- Muizzu and his party
rity forces from the islands. tapped into sentiment among
.
THE WALL STREET JOURNAL.
of that involved Treasury Sec-
retary Janet Yellen, who Friday
ended two days of meetings
with Chinese Vice Premier He
Lifeng, a trusted Xi lieutenant,
aimed at airing economic and
national security issues.
Yellen was among a parade
of senior officials to Beijing to
open up discussions. In pivotal
meetings two weeks ago in
Washington, China’s most se-
nior foreign policy official,
Wang Yi, struck an “agree-
ment in principle” for a sum-
mit, officials said, but held
just shy of a full commitment.
A reason for the reluctance,
Chinese officials said, is con-
cern that the Biden adminis-
tration would do something
counter to Beijing’s interests—
such as making an arms sale
to Taiwan or putting sanctions
on a major Chinese company—
and that would embarrass Xi.
Chinese diplomats have
urged the U.S. to keep protesters
away from Xi’s motorcade, hotel
and the summit venue, accord-
ing to officials on both sides.
tive Research.
Western producers are
sounding alarms over cheap
renewable-energy products,
including wind turbines and
solar panels.
Chinese exports of solar
panels increased by around
one-third year over year in the
first half of 2023, to 114 giga-
watts, equivalent to the total
installed solar panel capacity
of the U.S., according to Em-
think tank.
In Europe, solar module
weeks starting late last year
even though market funda-
mentals were largely un-
changed during that period,
said Gunter Erfurt, chief exec-
utive officer of Meyer Burger
Technology, a Switzerland-
based manufacturer of solar
cells and modules.
To Erfurt, it was a sign
China was discounting at what
he called “unprecedented
speed” to grab market share.
Another industry econo-
mists are watching closely is
steel. China, the world’s biggest
producer, is likely to see de-
mand fall 1.1% this year from a
year earlier, in part because of
sluggish housing construction,
according to forecasts by the
China Iron and Steel Associa-
tion in July. Production contin-
ues to rise, it said.
China’s steel export prices
have plunged about 60% from
a year earlier, while its steel
exports volume went up 53%
in October compared with
2022, according to Frederic
Neumann, chief Asia econo-
mist at HSBC.
some voters who see the India
presence as an affront to Mal-
dives sovereignty, assisting his
victory over President Ibrahim
Mohamed Solih, the pro-India
incumbent.
“The people have decided
they don’t want the presence
WANG MINGLIANG/XINHUA/ZUMA PRESS
of foreign soldiers,” said
Muizzu at a victory rally in
October, without naming In-
dia. The two countries don’t
disclose the specific number of
Indian troops stationed there.
A spokesman for India’s
Foreign Ministry said last
month that India looks for-
ward to engaging with the
new administration.
A serving senior Maldivian
diplomat, who didn’t want to
be identified, said the new
leadership should avoid antag-
onizing a longtime ally such
as India. “India’s security con-
cerns in the Indian Ocean
can’t be overlooked,” he said.
The tug of war the Mal-
dives is witnessing is playing
out across the South Asian
countries that ring India. Un-
der Prime Minister Narendra
Modi, India has worked to
strengthen ties with key neigh-
bors, said Ashok Malik, chair of
the India practice at the Asia
Group, a strategic advisory
firm. “The competition be-
tween India and China in the
Indian Ocean region has un-
doubtedly become more ener-
getic,” he said. “The Modi gov-
ernment has sought to match
China’s projects and influence
by playing to India’s strengths.”
 .

THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, November 11 - 12, 2023 | A10A

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your tweens can
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A10B | Saturday/Sunday, November 11 - 12, 2023 NY * *** THE WALL STREET JOURNAL.
 .

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | A11

WORLD NEWS

Berlin Presses
Asylum-Seeker
Restrictions
A plan to process waits to decide claims and
creating issues about how to
migrants in third house asylum seekers. Britain,
countries is a shift for instance, spends roughly
£3 billion, equivalent to $3.7
for Germany billion, a year putting asylum
seekers in hotels.
BY BOJAN PANCEVSKI It has also led to a debate

BERLIN—Germany is work-
ing on a plan to send some
asylum seekers to Africa while
their cases are decided, mark-
ing a U-turn for a country that
has long been open to mi-
grants but is straining under a
surge in arrivals.
Berlin is considering ap-
proaching Kenya, Ghana, Sen-
egal, Morocco and others to
house some asylum seekers
while they await approval of
their applications, a process
that can sometimes take
years, according to several
German officials familiar with
the discussions. The plans,
which are still being negoti-
ated, could include perma-
nently resettling those who
fail to win refugee status in
those countries, officials said,
as well as motivating those
with some right to protection
in Germany to settle in third
countries.
The shift in Germany is
part of a broader move among
more industrialized nations
such as the U.S., the U.K. and
Italy to tighten their migra-
tion rules to reduce an in-
crease in the numbers of mi-
grants, especially those
seeking asylum. In the U.S.,
for instance, more than two
million people crossed the
border illegally in each of the
past two years—many of them
seeking asylum. The U.K. gov-
ernment is hoping to send
asylum seekers to Rwanda.
The surge has sparked po-
litical tensions in many coun-
tries and swamped asylum
systems, leading to yearslong
about whether many of those
who arrive genuinely need
protection or are economic
migrants using the interna-
tional asylum system, which
grants protection to those
fleeing persecution, as a loop-
hole for migration. While
many end up getting refugee
status, governments struggle
to deport those who lose
their cases.
Germany is on course to re-
ceive more than 300,000 asy-
lum applications this year, the
highest level registered since
Europe’s 2015-16 refugee cri-
sis, and between a quarter and
a third of all asylum applica-
Humanitarian Crisis Is Looming
Germany has begun to
crack down on immigration
in recent weeks, accelerat-
ing deportations, restricting
family reunification for ac-
cepted asylum seekers, and
reinstating border checks
with its European Union
neighbors. It will also re-
duce benefits for asylum
seekers and make some
benefits available through
a payment card to discour-
age migrants from wiring
money outside Germany,
and increase the share of
benefits paid out in kind.
Berlin only deports a
few thousand rejected ap-
plicants every year. Many
deportations fail either be-
cause migrants don’t have
Germany may get some 300,000 asylum applications this year. People waited at a registration center in Berlin last month.
tions filed in Europe.
The influx is costing the
country some €50 billion a
year, equivalent to $53 billion,
roughly the size of its defense
budget, and has sparked a
sharp rise in the ratings of the
far-right Alternative for Ger-
many, the country’s second
travel documents, disap-
pear or call in sick shortly
before their deportation, or
because their countries re-
fuse to take them back.
At a meeting between
Germany’s federal and
state governments this
week, local officials com-
plained that many commu-
nities can’t absorb more
migrants.
Policy makers have
about a year to shift the
migration paradigm by im-
plementing their new plans
if they want to avoid politi-
cal turmoil and a humani-
tarian crisis, said Gerald
Knaus, an immigration re-
searcher who advises the
government.
most popular political party.
Cutting this cost isn’t
straightforward because Ger-
man courts have ruled that
refugees are entitled to the
same welfare benefits as Ger-
man citizens.
Earlier this week, Chancel-
lor Olaf Scholz unveiled what
he called a “historic” deal be-
tween the three parties in his
coalition and the conservative
opposition on stricter migra-
tion measures, including ex-
ploring the idea of using third
countries to relocate some mi-
grants, speeding up asylum
procedures to turn back those
who fail to qualify, and re-
stricting benefits for refugees.
Scholz, his closest aides
and some of his key ministers
have been exploring deals to
reroute some refugee flows
through Africa for months and
are drafting offers to various
governments, officials with
knowledge of the plans told
The Wall Street Journal.
Officials have held initial
talks with countries such as
Kenya in the past but couldn’t
make them a concrete offer
because they lacked a man-
date from the coalition, which
includes the pro-asylum Green
Party.
Representatives of Kenya,
Ghana, Senegal and Morocco
didn’t respond to a request for
comment.
“Our common goal is to
push back this irregular immi-
gration,” Scholz told reporters
this week. Germany, he said,
must start to deport rejected
asylum seekers—about 50% of
all applicants—at a “grand
scale.”
Italy’s government also said
this week it struck a deal with
Albania to have asylum seek-
ers picked up at sea stay in
that Balkan country while
their applications are consid-
ered in Italy. Applicants who
are accepted would be moved
to Italy while the others could
be held up to 18 months be-
fore being repatriated to their
home country.
The U.K. government,
meanwhile, is fighting a legal
battle to be allowed to send
some asylum seekers to
Rwanda. British judges ac-
cepted the principle that
sending refugees to third
countries is legal but said
Rwanda didn’t have a suffi-
ciently developed asylum sys-
tem to deal with the requests.
The U.K.’s high court is ex-
pected to issue a final ruling
next week.
The German plan to relo-
CLEMENS BILAN/EPA/SHUTTERSTOCK
cate some asylum seekers to
Africa could involve the
United Nations High Commis-
sioner for Refugees overseeing
the process with funding from
Berlin and other Western na-
tions, officials said. U.N. in-
volvement would ensure that
any such agreement doesn’t
breach Germany’s legal obliga-
tions toward refugees and
withstands possible court
challenges.
Berlin also is working on
renewing a landmark deal
with Turkey that has limited
illegal migration transiting
through the country. Berlin
wants to be able to send back
large numbers of asylum seek-
ers who reach Germany via
Turkey in exchange for pay-
ments, and political and trade
concessions.
Scholz said efforts to re-
duce migration face obstacles,
including legal hurdles and
objections raised by third
countries that could act as a
temporary destination for
some migrants.
“At the end of the day it
will be largely dependent on
finding someone that is will-
ing to follow this through to-
gether,” Scholz said.
—Eric Sylvers
contributed to this article.

WORLD WATCH
ANTHONY BRZESKI/AGENCE FRANCE-PRESSE/GETTY IMAGES

FLOOD ZONE: Pedestrians walked in a flooded road in La Calotterie, northern France, after
the Pas-de-Calais region was once again hit by torrential rains.

MEXICO FRANCE NORWAY

Apple Co-Founder
Suffered Stroke
Apple co-founder Steve
Wozniak said he suffered a
minor stroke while attending
a business conference in
Mexico City.
Wozniak told ABC News in
a text Thursday that he felt
dizzy Wednesday morning,
then experienced vertigo be-
fore going to the hospital
where an MRI revealed he
had had a “minor but real
stroke.”
Wozniak, 73 years old, had
been scheduled to speak at the
World Business Forum in Mex-
ico City, a two-day gathering.
Wozniak, who teamed up
with the late Steve Jobs to
found Apple in 1976, had
been scheduled as the con-
ference’s closing speaker
Wednesday afternoon.
Wozniak told the New
York Times that he was re-
leased from the hospital
Thursday, flew back to Cali-
fornia and was waiting for
dinner at home in Los Gatos.
“I’m back home and feeling
good,” Wozniak said.
Wozniak left Apple in 1985
to pursue a range of other in-
terests, but has remained a
fervent supporter of the com-
pany and a technology evan-
gelist. —Associated Press
Le Pen Is Criticized Charges Filed in
For Plan to March Oslo Pride Attack
French far-right leader Ma-
rine Le Pen has set off a ca-
cophony of criticism over her
plans to attend a weekend
march to protest rising anti-
semitism in France, with crit-
ics saying that her once-pariah
party has failed to shake off
its antisemitic heritage despite
growing political legitimacy.
Prime Minister Élisabeth
Borne, numerous political
parties and citizens are to at-
tend the Sunday march. Le
Pen has said that she and
her National Rally party also
will be there, in what some
see as an attempt to lever-
age the Israel-Hamas war to
make herself more palatable
to mainstream voters.
Party founder Jean-Marie
Le Pen, her father, was con-
victed repeatedly of antise-
mitic hate speech and played
down the scope of the Holo-
caust.
Daughter Marine—runner-
up in the last two presiden-
tial elections and likely a top
contender in 2027—has
worked to scrub the party’s
image, kicking her father out
and changing its name from
National Front to National
Rally.
—Associated Press
A Norwegian citizen origi-
nally from Iran was Friday
IN THE GARDEN
charged with aggravated ter- HENRI MARTIN
rorism for the 2022 deadly
shooting ahead of an LGBTQ Post-Impressionist master. Lush garden. Favorite subject.
festival in the nightlife dis- This original oil on canvas by French painter
trict of the capital, Oslo.
Henri Martin captures one of the artist’s favorite
Two people were killed
and nine seriously wounded subjects: the stately yet romantic pergola of his
in the shooting at three loca- sprawling 17th-century estate. Martin’s mastery
tions, chiefly outside the Lon- of light and color shines in his rendering of
don Pub, a popular gay bar, the lush garden and sun-drenched foliage.
on June 25, 2022. Other examples of Martin’s work can be found
Prosecutor Sturla Henriksbø in Musée d’Orsay and the Palais des Beaux-
said that Zaniar Matapour, 44,
fired 10 rounds with a machine
Arts in Paris. Circa 1925. Signed “Henri Martin” (lower right). Canvas:
gun and eight shots with a 30”h x 361/2”w. Frame: 381/2”h x 443/8”w. #31-8010
handgun into a crowd at a
street corner in the nightlife Scan to learn more
district where there were a to- about this painting
tal of 560 people. Before that,
he took “an oath of allegiance
to the Islamic State group.”
“The attack caused great
fear,” Henriksbø said.
Matapour was arrested
shortly after by bystanders,
and has since been held on
suspicion of being the
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the shooting but they haven’t
been charged as the investi-
gation is continuing.
—Associated Press

A12 | Saturday/Sunday, November 11 - 12, 2023
U.S. Has Fewer Doubts on Gaza Death Toll
Reliance on the
Palestinian data is a
partial shift by the
Biden administration
BY NANCY A. YOUSSEF
AND JARED MALSIN
The U.S. intelligence com-
munity has growing confi-
dence that reports on the
death toll from health authori-
ties in Hamas-controlled Gaza
are roughly accurate, U.S. offi-
cials said.
This reliance on the Pales-
tinian data is a partial shift by
the Biden administration,
which earlier in the war de-
scribed the numbers from
Gaza as untrustworthy.
After Hamas said an Israeli
airstrike killed 500 people in a
hospital compound in Gaza,
President Biden questioned
the accuracy of the Hamas
data. Israeli and U.S. intelli-
gence found that the blast was
most likely caused by a failed
rocket fired by Palestinian
militants. A Wall Street Jour-
nal video investigation made a
similar conclusion.
“I have no notion that the
A Race to
Root Out
Hamas
Continued from Page One
ker underneath the complex, a
claim Hamas has denied.
Between 50,000 and 60,000
people had been sheltering in-
side and around the grounds
of the hospital, according to
the Health Ministry in Hamas-
run Gaza, with 2,500 patients
in need of care. By late Friday,
fewer than 2,000 displaced
people and around 700 pa-
tients remained, physicians in
Gaza said.
Israel will take “every pre-
caution possible” to protect
the remaining civilians and
patients, according to Lt. Col.
Richard Hecht, a spokesman
for the Israel Defense Forces.
“But if we see Hamas terror-
ists we’ll kill them.”
An explosion Friday morning
shook the hospital grounds, set-
ting off a scramble among peo-
ple sheltering there. One per-
son died and several were
injured when Al-Shifa’s mater-
nity hospital was hit, the Gaza
Health Ministry said. Israel said
that a misfired projectile fired
by a “terrorist organization”
that it didn’t identify, not by its
forces, had caused the blast.
Israel’s strategy is to kill
enough Hamas fighters and
leaders to destroy the organi-
zation before it has to curtail
the operation, while Hamas’s
goal is a stalemate that will
enable it to survive, damaged
but still a force in Gaza, ana-
lysts say.
Israel is under growing in-
ternational pressure to prevent
civilian deaths and ease wors-
ening humanitarian condi-
tions—pressure that could force
a halt to the war before its aims
are achieved. The U.S. is back-
ing Israel’s goal of eliminating
Hamas, and Israeli officials say
they won’t accept a cease-fire
or even a formal pause in fight-
ing until some of the estimated
239 hostages taken from Israel
on Oct. 7 are released. But even
Israeli officials admit that mov-
ing quickly is critical.
“The main issue now is
time,” said Matan Vilnai, a for-
mer head of Israel’s southern
command who previously com-
manded Israeli forces in Gaza.
Hamas may be conserving its
forces for a more intense bat-
tle inside Gaza City, he added.
With the clock ticking, Is-
raeli commanders still face a
series of difficult decisions:
whether to attack bunkers
near or underneath hospitals
and other civilian facilities
that it claims Hamas is using
to shield itself from attack;
how to clear the tunnel system
where at least some of the
hostages may be; and whether
to shift its invasion next into
southern Gaza, where hun-
dreds of thousands of resi-
dents have fled to escape the
fighting. Hamas says it doesn’t
use civilians as shields.
When Israeli forces reach
the center of Gaza City
and halt their advance to root
out remaining Hamas fighters
and leaders, they may become
more vulnerable to ambushes
and suicide bombings, said Ed
Palestinians pray near the bodies of people killed in Israeli strikes in Rafah in the Gaza Strip.
Palestinians are telling the truth
about how many people are
killed,” Biden said at the time.
On Wednesday, Barbara
Leaf, assistant secretary of
state for Near Eastern Affairs,
testified on Capitol Hill that
An aerial view of Al-Shifa
hospital in Gaza City from
Tuesday. Israeli soldiers, right,
stood amid rubble in northern
Gaza. (As a condition of
embedding with the troops,
this photo was reviewed by
the Israeli military.)
Arnold, a research fellow at
the Royal United Services In-
stitute, a U.K.-based think
tank, and a former British
Army infantry officer.
“The idea that they can go
static is a vulnerability in the
plan,” he said. “You can very
easily be surrounded, and if
they miss a tunnel they can
easily be ambushed.”
Israel launched its military
campaign in response to
Hamas’s deadly Oct. 7 attacks
on civilian communities and
military bases in southern Is-
rael, which killed around 1,200
people, most of them civilians.
The death toll was revised
down from 1,400, Foreign Min-
istry spokesman Lior Haiat
said Friday. He added the
number could change again as
more bodies are identified. Is-
rael launched a punishing air
campaign focused on northern
Gaza and mobilized its re-
serves for a large-scale ground
invasion that began Oct. 27.
According to health authori-
ties in the Hamas-run enclave,
Israel’s campaign has killed
more than 11,000 people in
Gaza, the majority of them
women and children. The fig-
ures don’t distinguish between
IDF control Hamas control
Mediterranean Sea
Al-Shifa hospital Gaza City
Source: Le Beck International
WORLD NEWS
the total death toll in Gaza
could be higher. “We think
they are very high, frankly,
and it could be that they are
even higher than are being
cited,” she said.
The Office of the Director
civilians and combatants. Is-
raeli officials say several thou-
sand militants are among the
dead, including a Hamas bri-
gade commander and more
than 60 other midlevel leaders.
Hamas has killed at least 34
Israeli soldiers since the
ground incursion began and
injured more than 260, ac-
cording to the Israeli military.
The battle in Gaza City par-
allels in some ways the chal-
lenge the U.S. faced in 2017 in
northern Iraq, when as many
as 5,000 die-hards from Is-
lamic State, also known as
ISIS, made a last stand in Mo-
sul. Hundreds of thousands of
civilians were trapped in the
Area where IDF may be
conducting raids
Beit Hanoun
Jabalia
ISRAEL
2 miles
2 km
.
* ****** THE WALL STREET JOURNAL.
ment has said it is “unable to tions Secretary-General António
offer our independent confir- Guterres, have described Is-
mation of the number.” rael’s approach as excessive.
The Gaza death toll has fig- In response to Biden admin-
ured prominently in global de- istration doubts about the over-
bates about the Israeli response all toll, the Gaza Health Minis-
to Hamas’s Oct. 7 attack on Is- try in October released the
rael. Militants killed 1,200 peo- names of 6,747 people it said
ple and kidnapped more than had been killed in the war,
200 others, according to Israeli along with their identity card
authorities. The death toll was numbers and other information.
revised down from 1,400, Is- Biden administration offi-
raeli Foreign Ministry spokes- cials haven’t cast doubt on the
MOHAMMED ABED/AGENCE FRANCE-PRESSE/GETTY IMAGES
man Lior Haiat said Friday. ministry’s numbers since the
On Friday, Gaza health au- list was published.
thorities said that more than The U.S. has gathered some
11,000 people had been killed intelligence about the impact
during the war, most of them of Israel’s bombardment of
women and children. The fig- Gaza, including block-by-block
ures don’t distinguish be- images, but has been unable
tween militants and civilians. to collect enough independent
The scale of the Palestinian data to confirm the Palestin-
casualties has fueled public ian figure or draw its own
sympathy for Palestinians and conclusion on the overall toll,
sparked criticism of Israel’s the U.S. officials said.
military campaign, which Is- In conflicts since 2008, the
rael says is necessary to elim- figures provided by the Health
inate Hamas and protect the Ministry in Gaza haven’t devi-
country from further militant ated drastically from Israel’s
of National Intelligence and attacks. own postwar accounting of Pal-
White House declined to com- Israel says Hamas embeds estinian deaths in Gaza, though
ment. The White House and itself into civilian infrastruc- the two sides disagree over
the Pentagon have said that ture, using Gazans as human how many of the dead were ci-
thousands have died in Gaza shields. Hamas denies it uses vilians and not combatants.
but that they couldn’t specify people as human shields. —Vivian Salama
how many. The State Depart- Critics, including United Na- contributed to this article.
Jonathan Conricus, an Israeli
military spokesman.
Hamas’s top leaders in Gaza
have so far eluded Israel, in-
cluding Yahya Sinwar, who
had spent more than 20 years
in Israeli prisons, and Moham-
med Deif, a shadowy military
commander whom Israel has
repeatedly tried to assassi-
nate. On Friday, Israel said it
had raided the Gaza offices of
Sinwar’s brother.
Hamas attacks have em-
ployed small arms and rocket-
propelled grenade launchers
fired by defenders operating
alone or in small groups, ac-
cording to Israeli officers and
videos released by Hamas.
Hamas claims to have de-
stroyed hundreds of Israeli ar-
mored vehicles, but it hasn’t
provided evidence to back up
that claim, said Joe Truzman,
a research analyst at the
Foundation for the Defense of
Democracies.
Israeli officers say they
don’t plan to fight inside the
tunnels as passages are likely
to be booby-trapped. Instead,
Israeli forces are demolishing
tunnels as they find them. But
in recent days, military offi-
cials have talked about fight-
ing above and below ground.
FROM TOP: BASHAR TALEB/AGENCE FRANCE-PRESSE/GETTY IMAGES; RONEN ZVULUN/REUTERS
At least some of Hamas’s Is-
raeli hostages are likely being
held underground.
So far the IDF says it has
destroyed at least 130 tunnel
shafts, using airstrikes and
engineering corps on the
ground, said Jacob Nagel, a
former Israeli national secu-
rity adviser and senior fellow
at the Foundation for Defense
of Democracies.
The Israeli tank commander,
who can’t be identified under
rules set by the Israeli military,
said his platoon was attacked
with hidden bombs, antitank
missiles, rocket-propelled gre-
nades or RPGs, sniper fire and
drones by Hamas forces holed
up in civilian buildings, includ-
ing schools.
At one point, he said, they
city, used as human shields by said Zohar Palti, a former se- entered a school where they
ISIS in an attempt to discour- nior official in Israel’s Minis- found a model of an Israeli
age artillery shelling and try of Defense and now a fel- Merkava tank used by Hamas
bombing. low at the Washington forces for training. He suffered
The last neighborhoods of Institute for Near East Policy, a hand wound from an RPG as
Mosul were retaken by Iraqi a think tank. “We are starting his tank maneuvered toward a
forces after a campaign that to push on them very signifi- group of soldiers caught under
took almost nine months, cantly, but still they have a lot heavy sniper fire.
killed thousands of people and of capabilities,” he added, re- He was mobilized on Oct. 7,
displaced nearly a million ci- ferring to Hamas. left his five children and preg-
vilians. Though costly, the vic- Tens of thousands of Gaza nant wife at home, and imme-
tory was a turning point that residents have fled, many say- diately went to the Gaza bor-
eventually led to the collapse ing the fighting and shortages der area to help protect the
of Islamic State’s self-declared of food and water have made communities raided by Hamas
caliphate. it impossible to stay. The In- before the ground incursion
The U.S. intelligence com- ternational Committee of the began.
munity doubts that Israel can Red Cross said Friday that the There, he said, he got a
achieve its stated military goal health system in the Gaza firsthand glimpse of the car-
of eliminating the U.S.-desig- Strip has collapsed. nage left behind, including
nated terrorist group, a per- “Every day’s bombing is seeing families who had been
son familiar with the intelli- worse than the day before,” burned alive in their homes.
gence said. While the said Hazem Abu Ghalyoun, a He said he has nothing
campaign can damage Hamas Gaza resident, who said he against the people of Gaza,
and its infrastructure, it can- and his family took refuge in a but that the war was forced
not eliminate the ideology, the school but had to depart as upon them by Hamas’s attack.
person said. the fighting drew closer. “I feel as if they raped my
“I think a more realistic goal “We are forced to flee. We daughter, kidnapped my mother
is to buy security for a matter don’t want to leave, but what and slaughtered my brother,”
of years, but not forever,” a can we do? They bombed the he said. “We are fighting for
congressional official said. house next to us,” he said. our existence in this land. This
Israeli troops and armored Some Israeli officials said is a battle until the end.”
vehicles have sliced through the that despite the intense bat- —Nancy A. Youssef
center of the Gaza Strip, cut- tles so far, Hamas command- contributed to this article.
ting Gaza City off from the rest ers might be preserving the
of the enclave. Other troops core of their forces.
have pushed south along the “They may be hunkering Watch a Video
coast and from the northwest, down—sending out troops to Scan this code
encircling the urban grid where strike at armored vehicles and for a video on
most of Hamas’s fighters are then disengage and go back calls to end war
believed to be located. underground and hide—using by kin of Hamas
“It’s only the beginning,” delaying tactics,” said Lt. Col attack’s victims

THE WALL STREET JOURNAL.
Japan
Welcomes
Inflation
Continued from Page One
around the world have long
lived in fear that their econo-
mies would fall into the trap
that Japan’s did in the late
1990s.
Japan’s surprising escape is
proving a new lesson: It takes a
powerful shake to dislodge Ja-
panification, but it isn’t a hope-
less cause.
That message is relevant
these days to China, which
slipped back into deflation in
October. Consumers there are
tightening purse-strings in a
way that resembles Japan
three decades ago. Tokyo policy
makers say Japan should have
acted decisively early on rather
than waiting decades—a mes-
sage Beijing doesn’t appear to
be hearing, as it resists calls to
promote consumer spending
and unleash private enterprise.
Japan’s inflation is running
at 3% and wages are growing,
albeit more slowly than prices.
The Bank of Japan said on Oct.
31 that it expected 2.8% core
inflation in the fiscal year end-
ing March 2025, which would
be the third consecutive year of
above-target price rises.
Though the country isn’t out of
the woods yet, economists and
policy makers say it finally has
the chance to put deflation be-
hind it.
Rising prices
Chihiro Ohno, an actress and
part-time worker at a pottery
shop, for years had her eyes on
a pair of earrings. When she
checked recently, the earrings
had gone up to about $200,
50% more than the price she
remembered. A shop clerk told
her the price had been lifted a
few times recently and might
rise further.
Ohno, 27 years old, bought a
pair as a present for a friend.
“I’d like to go back to the shop
and buy it for myself as soon as
I can, once my salary in-
creases,” she said.
She is in line for a raise, said
her boss, pottery-shop owner
Hiroyuki Okami, 43. He recently
ratcheted up prices for the sec-
ond time in a year after cus-
tomers were willing to swallow
the first increase.
University of Tokyo econo-
mist Tsutomu Watanabe said
younger generations of Japa-
nese in particular got used to
flat prices and wages, and
those expectations were self-
reinforcing.
“Now people in their 20s,
30s or early 40s are getting
real experience of inflation, so
their inflation expectations are
changing,” Watanabe said. “I
think this inflation and the
wage increases are sustain-
able.”
Another lesson from Tokyo,
though not universally ac-
cepted, is about the role of gov-
ernment spending and tax cuts
alongside central-bank policy in
fighting Japanification. Hun-
dreds of billions of dollars of
extra government spending in
the past two years, including
direct cash payments to house-
holds, helped Japan get
through the pandemic and gave
consumers savings they can
spend today to boost the econ-
omy.
In the U.S., the $1.9 trillion
Bureaucrats
And Rock
Don’t Mix
Continued from Page One
tend with the city’s own bu-
reaucracy. Every music
performance in China needs to
be vetted, down to a band’s
costumes and lyrics, and offi-
cials have long acted more like
The Man than rock rebels.
They came up with the
idea—call it Shijiazhuang Rock
City—to boost tourism after a
postpandemic slump. The
push started this summer,
with more than 100 concerts
and other events to try to get
residents and out-of-towners
to malls and parks. In one ini-
tiative, local bands performed
on subway trains, generating
buzz —not all of it positive.
A widely viewed video
showed a guitar-and-vocal duo
performing a song about mun-
dane life in the city. They
were interrupted by an an-
noyed commuter. “Hey, are
* * * *
After decades of falling prices and stagnant growth in Japan, businesses are now increasing prices significantly.
Gross domestic product,
in current dollars
$30 trillion
U.S.
25
20
15
China
10
5
Japan
0 –2
1986 ’90 2000 ’10 ’20
*Adjusted to reflect purchasing power †Excludes fresh food and energy ‡Data adjusted for consumption tax increases in 1997, 2014 and 2019.
Sources: World Bank (GDP); Organization for Economic Cooperation and Development (wages); Japanese government (CPI)
American Rescue Plan Act
signed by President Biden in
March 2021 was inspired by
memories of the sluggish U.S.
recovery after the 2008 finan-
cial crisis, which included
Japan-like periods when infla-
tion was below the Federal Re-
serve’s target, despite interest
rates of zero.
The spending
has been
blamed, includ- ‘Thanks to
ing by some these disasters,
Democrats, for
helping push in- the deflationary
flation far above
the Fed’s 2%
mindset has
target. It also disappeared.’
shows the effi-
cacy of govern-
ment stimulus
in pushing prices up—and the
need to use the treatment with
care.
For the first few decades af-
ter World War II, as Japan rose
to become the world’s second-
largest economy, the scares
came from inflation, including
rates above 20% during the oil
crises of the 1970s.
The inflation rate stabilized
in the 1980s and cooled further
in the early 1990s after the col-
lapse of bubbles in real estate
and stocks. In 1995, Japan’s
working-age population started
declining. After a tax increase
and the Asian financial crisis in
1997, Japan fell into full-fledged
deflation, even though the cen-
tral bank lowered rates to zero.
While falling prices might
seem desirable to consumers,
economists generally agree de-
flation is bad. Economywide
price erosion typically comes
with lackluster corporate in-
vestment, wage cuts and a
you done?” the man said.
“Now sing a song that people
would like.”
Shijiazhuang has a decent
claim to being China’s premier
rock destination. The Omnipo-
tent Youth Society was formed
there in 1996. Two of China’s
oldest rock magazines, Popu-
lar Music and I Love Rock ’n’
Roll, were also founded there.
All have collided with Shiji-
azhuang’s bureaucrats. Local
officials shut down both mag-
azines in the past decade. One
moved to another city and the
other scrapped its final issue
and dismissed its staff.
Two years ago, the provin-
cial Communist Party Youth
League tweaked Omnipotent
Youth Society’s signature
song, “Kill That Guy From Shi-
jiazhuang,” about the hope-
lessness of one family’s life
trapped in the city. In the
hands of the league, the song
became “Unkillable Shijiaz-
huang Guy” and turned into
one of triumph for the city. In
the new version, lyrics like
“Lived like this for 30 years,
until the building collapses”
became “Twenty years of dra-
matic transformation, our
[city] is forging ahead.”
FROM PAGE ONE
Average wages*
$80,000
U.S.
60,000
OECD average
40,000
Japan
S. Korea
20,000
0 –2
1991 2000 ’10 ’20
mood of pessimism. No one cel-
ebrated when consumer prices
fell more than 25% in the U.S.
between 1930 and 1933, the
outbreak of the Great Depres-
sion.
Haruhiko Kuroda, who be-
came the Bank of Japan’s gov-
ernor in 2013, likened Japan’s
deflation to a
chronic disease.
Such diseases
“tend to cause
relatively little
pain to patients,
but for that rea-
son they can be
silent killers
that quietly ruin
the entire
body,” he said in
a 2016 speech.
In 1999, the Japanese cen-
tral bank was the first to adopt
a zero-interest-rate policy. It
also was the first to try quanti-
tative easing, in which it
bought extra government debt
from commercial banks in ex-
change for adding to those
banks’ deposits at the central
bank. The goal was to ease
credit conditions and encour-
age lending.
Kuroda thought it still
wasn’t enough, so he fired
what was called his bazooka—
greatly expanding purchases of
longer-term government bonds,
corporate debt and stock funds.
He vowed to achieve 2% infla-
tion within two years.
When the inflation target
proved elusive, he went further
with negative short-term inter-
est rates.
Both Kuroda and Shinzo
Abe, prime minister at the
time, believed bold pronounce-
ments might change the na-
Officials pulled the subse-
quent music video after a tor-
rent of mockery online.
As the city began promot-
ing rock this summer, officials
didn’t forgo their usual role of
monitoring the stage. In a July
concert outside of the official
program, the bassist in a rock
band called Police and Pea
was caught on video playing
in his underwear. After foot-
age circulated, the real police
shut down the venue and
slapped it with a $28,000 fine.
They also detained the bass
player for about a week.
The band issued a state-
The audience at a Rock Home Town show in September.
Consumer-price inflation in Japan
Recently... ...and since 1990‡
4%
3 3
All items
2 2
TARGET
1 1
Core-core
prices†
0 0
–1
2021 ’22
tion’s psychology. Inflation did
move into positive territory,
and Abe often spoke of the mil-
lions of new jobs created under
his administration. He spoke
less of the wages those jobs
were paying—hardly different
from a quarter-century earlier.
Ultimately, the Kuroda pep
talks didn’t change the nation’s
mindset.
Quantitative easing has also
come in for a rethink, as many
economists came to believe
that in both theory and prac-
tice it had a limited stimulative
effect.
Pandemic effect
The pandemic initially wors-
ened Japan’s deflation problem.
Then the war in Ukraine
pushed up the price of com-
modities, especially oil, natural
gas and grain, while a fall in
the yen’s value against the dol-
lar pushed up the cost of im-
Ayumi Kinoshita, who runs a Thai restaurant in Tokyo, has
increased her menu prices several times recently.
ment explaining that the bass
player, Ding Xiaolong, had
worn pink boxer shorts with a
piglet print on it as a costume
for the show, and that he was
wearing his actual underwear
beneath it.
Rock Duan, an editor of I
Love Rock ’n’ Roll magazine,
now a digital magazine and
record label based in the
nearby city of Baoding, com-
pared Ding’s arrest to execut-
ing a general at the beginning
of a crucial battle.
“The moment he was pun-
ished, the campaign was
dead,” Duan said.
.
Saturday/Sunday, November 11 - 12, 2023 | A13
Late last year, Kinoshita
raised wages for her staff by
5% to 8%, and she said she was
weighing another increase.
Okami raised prices for the
rest of his pottery products in
September. He plans to in-
crease wages for his dozen em-
ployees and buy more equip-
ment to expand production.
Some CEOs say inflation
means they have to invest in
workers and new equipment so
they can improve their prod-
ucts to justify higher prices.
Health club operator Renais-
sance has raised membership
fees for a typical plan twice
since the pandemic started, by
around 10% each time. It also
has renovated its sauna facili-
ties and started 24-hour opera-
tion at some gyms in response
to customer demand. In July,
the company raised workers’
KIMIMASA MAYAMA/EPA/SHUTTERSTOCK
pay by 5%, compared with 2%
to 3% raises in the prepan-
demic era.
Renaissance President
Toshiharu Okamoto said his
strategy for attracting more
customers has shifted from
competing on price to trying to
offer a better service, even if it
costs more.
The corporate icons of the
deflation era are shifting busi-
ness models. Retailer Daiso
grew big selling everything in
4% the store for 100 yen, which
with the yen’s fall is now
equivalent to about 70 cents.
These days more merchandise
sells for 300 yen. Fast Retail-
ing, operator of Uniqlo clothing
stores, has raised prices and
recently raised workers’ pay by
up to 40%.
Japanese companies, on av-
–1 erage, agreed to 3.58% pay in-
creases in annual negotiations
this past spring, the biggest in-
crease in three decades. Com-
’23 1990 ’95 2000 ’05 ’10 ’15 ’20 panies are boosting capital in-
vestment by a record sum.
That suggests the progress in
defeating Japanification is
ports in yen terms. In April translating into a more dy-
2022, the inflation rate in namic economy, which was the
Japan hit 2.5%, exceeding the goal all along. The economy
central bank’s 2% target. grew at a 4.8% annual clip be-
At first, companies apolo- tween April and June, and is
gized profusely for raising expected to keep growing
prices, and it seemed likely through next year.
they would stop as soon as the Still, Kazuo Ueda, the cur-
one-time hit eased. Okami, the rent Bank of Japan governor,
pottery-shop owner, said he says he isn’t sure the changed
was paying more to fire his mindset will stick, so he is
electric kiln and obtain clay, holding back from significant
glaze and other materials. So interest-rate increases. The
he raised prices for half his biggest worry is that wages,
products by 20% to 25% in Sep- while rising, have yet to catch
tember 2022, and held his up with inflation.
breath. Surprisingly, his cus- In a speech this week, Ueda
tomers acquiesced. said he was encouraged to see
Ayumi Kinoshita, who buys companies raising wages and
plates from Okami for a Thai prices, but “it is still unclear
restaurant she runs in Tokyo, whether the virtuous cycle will
increased her menu prices by a intensify.”
total of more than 20% on Etsuro Honda, the former
three occasions recently be- Abe adviser, said he was wor-
cause of higher costs, including ried Prime Minister Fumio
for the plates. “Most customers Kishida might increase taxes to
think it’s unavoidable,” she accompany higher defense
said. spending. “If you even talk
about raising taxes at this
stage, it has a chilling effect on
people’s psychology,” Honda
said.
Kishida, heeding such calls,
said on Nov. 2 that next year he
would carry out a one-time in-
come-tax cut of several hun-
dred dollars per household. It
TARO KARIBE FOR THE WALL STREET JOURNAL
is part of a $113 billion eco-
nomic stimulus package that
expands incentives for compa-
nies to raise wages.
“If there is even a slight ten-
dency” toward landing in defla-
tion territory, “the iron law is
to rev up the engine and get
out of there,” said Watanabe,
the University of Tokyo econo-
mist. “If this opportunity is
missed, another chance won’t
come anytime soon.”
The city boosters have sol- cal sound, but rather about
diered on, staging perfor-
mances in parks, malls, tourist
kindness and love.
And never mind rock’s his-
sites and inside a school. One
senior official told a Commu-
nist Party outlet in July it was
tory of rebellion. Xing Di, the
lead singer of Horizon, which
is sometimes called Shijiaz-
all in the service of building “a
charismatic city combining
music, entertainment, food
huang’s first rock band, ar-
gued that caution was key to
easing local officials into pro-
and tourism.” moting what is, at least in
The push starts with the China, an underground cul-
name of Shijiazhuang, which ture. “I advised them to find
can be translated as “Rock the positive elements in rock,
Home Town”—an association such as perseverance,” Xing
the city has played up on mer- said, highlighting John Len-
chandise. Other Chinese cities non’s message of love and har-
have staged their own events mony in his hit “Imagine.”
after pandemic lockdowns, Li Bingyu, manager of a
such as basketball tourna- state-owned company that
ments and festivals. helped to organize some offi-
Earlier this year, city offi- cial shows, underscored the
cials sat down with local mu- importance of ensuring art-
sicians and club owners to ists and their work are vetted
brainstorm ways to promote before they take to the stage.
rock in the city. One recurring “So far, the shows have
question, according to musi- been smooth,” she said in Sep-
ANDREA VERDELLI/BLOOMBERG NEWS
cians who participated: What tember. “Nothing too radical.”
is rock ’n’ roll? Shijiazhuang wrapped up
“The officials have little its first official rock season in
sense of what rock ’n’ roll is, October. Its mayor, Ma Yujun,
but that’s fine—they will learn vowed that the show must go
as they get more involved,” on. “We were on fire,” he said
Nie Yong, a member of local in a forum. “I’m waiting in
band Melon Seeds, said. He Shijiazhuang for your visit.”
told them rock was less about —Zhao Yueling contributed
anger or any particular musi- to this article.

A14 | Saturday/Sunday, November 11 - 12, 2023
BY LAINE HIGGINS
AND RACHEL BACHMAN
T
he Big Ten Conference
on Friday barred Michi-
gan coach Jim Harbaugh
from coaching the re-
mainder of the team’s
regular season games, an unprece-
dented sanction that follows allega-
tions against the Wolverines foot-
ball program of illegally attending
future opponents’ games to steal
play-signals.
The conference announced the
penalty as Michigan’s team was fly-
ing to State College, Pa., to play a
top-10 matchup against Penn State
on Saturday. The stakes could
scarcely be higher: Harbaugh is
coach of one of the nation’s top
teams as it enters the season’s crit-
ical final stretch.
It’s highly unusual for a confer-
ence, rather than the NCAA, to levy
a significant punishment on a
coach. The Big Ten said it was pe-
nalizing the school “for conducting
an impermissible, in-person scout-
ing operation over multiple years,
resulting in an unfair competitive
advantage that compromised the
integrity of competition.”
Big Ten commissioner Tony Pe-
titti laid out evidence that the
NCAA shared with the conference
in a 13-page letter to Michigan
dated Friday.
The Wolverines are 9-0, ranked
No. 3 in the College Football Playoff
standings, and are favorites to win
their first national title since 1997.
They have three regular-season
games left: Penn State on Saturday,
at Maryland on Nov. 18 and against
archrival and national No. 1 Ohio
State on Nov. 25 in Ann Arbor,
Mich.
The Big Ten stepped in against
the backdrop of an ongoing NCAA
investigation, coupled with pres-
sure from conference members to
respond to what they see as Michi-
gan potentially cheating to gain an
advantage during an ongoing sea-
son.
Connor Stalions, an analyst re-
portedly at the center of the alleged
sign-stealing scheme, resigned last
week. No other staff members at
Michigan have been publicly impli-
cated. Media reports have indicated
that Stalions bought tickets to
games of Michigan’s future oppo-
nents as a way of recording and de-
coding the signs those teams use
on the sidelines. Although it’s
widely practiced in professional
sports, in-person scouting is
against NCAA rules.
Harbaugh has said he has no
knowledge of Michigan illegally
stealing signals nor has he directed
anyone to participate in off-campus
scouting.
In his Friday letter, Petitti said
the punishment was “appropriate
and necessary” because the viola-
tions occurred during the 2023 sea-
son and cast doubt over the integ-
rity of future competitions.
In a statement Friday, a Michi-
gan spokesperson called the Big
Ten’s sanction a “hasty” violation
of due process and criticized the
The Rocket Scientist
Leading the Vikings
BY ANDREW BEATON
WHEN QUARTERBACK Joshua
Dobbs subbed in for the Minnesota
Vikings last week and led them to
a dramatic victory just days after
they traded for him, it amazed his
teammates whose names he barely
knew when he stepped onto the
field.
It also left his former col-
leagues dumbfounded—which isn’t
exactly easy to do considering
they’re rocket scientists.
“The quickness that he ab-
sorbed that playbook is astound-
ing,” says Scott Colloredo, NASA’s
Director of Engineering at Flor-
ida’s Kennedy Space Center.
Before Dobbs was a journey-
man-turned-sensation for the Vi-
kings, he majored in aerospace en-
gineering at the University of
Tennessee, where he was the rare
SEC football player to take gruel-
ing science classes while also pre-
paring to play in the NFL. Even
more remarkably, Dobbs has kept
up with the science while making
millions of dollars in the pros: he
has spent two offseasons moon-
lighting at NASA, where his bosses
give him rave reviews and say he
was just like any other engineer
working on the Artemis program,
except for how he made the foot-
ball fans in the office giddy with
excitement.
His co-workers these days are
even happier to have him in their
orbit.
After quarterback Kirk Cousins
tore his Achilles, the Vikings
traded a late-round draft pick to
acquire Dobbs from the Arizona
Cardinals, and the “Passtronaut”
was quickly shuttled into action
after Cousins’s backup suffered a
concussion. Dobbs proceeded to
Michigan Coach Jim Harbaugh
Is Suspended by the Big Ten
The penalty comes as the Wolverines, 9-0, face Penn State in a top-10 matchup on Saturday
Michigan football coach Jim Harbaugh has said he has no knowledge of the team illegally stealing signals.
conference for calling for it on Vet-
erans Day, a court holiday.
The university spokesperson
said Michigan intends “to seek a
court order, together with Coach
Harbaugh, preventing this disciplin-
ary action from taking effect.”
Michigan has retained Williams &
Connolly, a Washington D.C.-based
law firm, to represent it.
Tom Mars, an attorney repre-
senting Harbaugh, sent a 10-page
letter to the Big Ten arguing that
his client shouldn’t be punished for
alleged actions that haven’t been
directly tied to him.
The Big Ten’s penalty allows
Harbaugh to coach during the
week. Harbaugh could return to the
throw for two touchdowns, includ-
ing the game-winner with 22 sec-
onds left, and run for another in a
wild win over the Falcons.
Dobbs has now been on five
different teams within the past
year, but there are some people
who cheer for him no matter
where he goes. That’s because
they see Dobbs less as a quarter-
back and more of a champion of
science and math.
Robert Bond, a senior lecturer
in Tennessee’s aerospace engi-
neering department, remembers
his first meeting with Dobbs be-
cause of the bizarre request that
preceded it. Recruiting top high-
school football players wasn’t part
of his job description until the
coaching staff called him in to be
part of the sales pitch for a quar-
terback they were trying to
poach. “That was the first time
that I’ve been asked for that,”
Bond says.
Bond was brought in because of
Dobbs’s interest in the subject,
and it worked: Dobbs flipped his
commitment from Arizona State to
Tennessee, and Bond became his
academic adviser. The reason he
was a big man on campus, though,
was because of his play on the
field. Dobbs helped briefly revive
the football program, leading the
school to back-to-back nine-win
seasons in 2015 and 2016.
That put Dobbs on track to be
selected in the 2017 NFL draft, but
there was something he had to do
first: his senior project. Which is
why less than a week before the
Pittsburgh Steelers picked him in
the fourth round, he was hurling a
projectile that wasn’t a football.
Dobbs was part of a team of
Tennessee students participating
in the American Institute of Aero-
SPORTS
sideline for the Big Ten Champion-
ship game, if Michigan qualifies,
and/or a bowl game.
Days ago, Michigan detailed its
strong opposition to a possible
sanction in a 10-page letter from
athletic director Warde Manuel to
Petitti. In the letter, Manuel as-
serted that the Big Ten had not
done the investigatory work that
would need to precede any penalty.
“Stalions has not been inter-
viewed, nor has any member of the
coaching staff,” Manuel wrote.
A spokesman for the Big Ten
said that the conference felt that it
had enough evidence to determine
that Michigan violated the sports-
manship policy without having to
Joshua Dobbs led the Minnesota Vikings to a 31-28 win over the Atlanta Falcons on Nov. 5. Dobbs has been on
five different teams in the past year.
nautics and Astronautics’ Design/
Build/Fly competition, where the
participants had to launch a model
airplane they had built. The Ten-
nessee kids didn’t have much de-
bate about who was going to be
tasked with throwing their craft.
“We just happened to have an
NCAA quarterback on our team,”
Bond says.
“It couldn’t have been a better
competition topic for him,” adds
Merrie Scott, AIAA’s vice president
of community and partnership en-
gagement, who can’t think of an-
other future NFL player participat-
ing in the event.
While Dobbs faded from the
spotlight riding the bench in Pitts-
burgh, there was one person who
didn’t forget about his passion for
aerospace engineering. Down at
* ***
interview the team’s football
coaches. Should new evidence come
to light, the spokesman added, the
conference may impose additional
penalties.
The conference, under its
sportsmanship policy, has latitude
to punish programs even without a
finding that it violated NCAA rules.
That policy’s scope includes “integ-
rity of the competition” and says
that “an institution is responsible
for, and therefore, may be held ac-
countable for, the actions of its em-
ployees.”
Petitti, who took over as Big Ten
commissioner last April, is a lawyer
who was deputy commissioner and
chief operating officer at Major
the Kennedy Space Center, where
NASA astronauts are launched
into space, Colloredo may have
been Dobbs’s most ardent fan.
That’s because Colloredo also at-
tended Tennessee.
Colloredo eventually reached
out on LinkedIn—yes, Dobbs is an
NFL quarterback who maintains a
LinkedIn page so actively that it
has already been updated to say
he now works for the Vikings.
That message led to Dobbs visiting
the Kennedy Space Center and
later, in 2020 and 2021, spending
a few weeks at a time with NASA
for an externship.
His experience there and at
NASA’s Glenn Research Center in
Cleveland wasn’t merely a photo
op. He spent time on the ground
side of the space launch system
.
THE WALL STREET JOURNAL.
League Baseball during the Houston
Astros’ sign-stealing scandal sev-
eral years ago.
In a letter to Manuel dated Fri-
day, Petitti outlined the evidence
the conference had gathered from
the NCAA. During a Nov. 2 call with
NCAA officials including President
Charlie Baker, Petitti wrote, the
NCAA told the conference and the
university that the organization
“knew and could prove” that a
Michigan staff member “partici-
pated in and coordinated a vast off
campus, in-person advance scout-
ing scheme involving a network of
individuals.”
Petitti wrote that the conference
hadn’t received any information
that Harbaugh was aware of the
scheme. The sanction against him,
he wrote, would let athletes keep
competing while recognizing that
the head coach “embodies the Uni-
versity for purposes of its football
program.”
The Big Ten stepped
in against the
backdrop of an NCAA
investigation.
On Nov. 2, Michigan president
Santa Ono had emailed Petitti
warning that taking action before
completing an investigation would
violate conference rules.
“The best course of action, the
one far more likely to ascertain the
facts, is to await the results of the
NCAA investigation,” Ono wrote in
the email, sent the day before the
two men met last Friday in Ann Ar-
bor, Mich.
NCAA investigations often take a
year or more to be completed.
On top of the suspension, Har-
baugh is facing uncertainty in his
contract negotiations with the uni-
versity. Earlier in the fall, the 59-
year-old coach was negotiating an
extension with Michigan that would
have made him the highest paid
coach in the Big Ten. But once the
sign-stealing scandal came to light,
the university rescinded its offer, as
previously reported in The Wall
Street Journal.
Michigan’s football team is also
the subject of a separate NCAA in-
vestigation into whether the pro-
gram violated recruiting rules dur-
ing the pandemic. Harbaugh served
a school-imposed three-game sus-
pension at the beginning of the sea-
son related to that case, which re-
PAUL SANCYA/ASSOCIATED PRESS
mains open.
for the Artemis program, the
moon research venture. He worked
on what’s called the instrumenta-
tion group, which has critical
tasks such as detecting hazardous
gases on the launchpad. He was,
by Colloredo’s own assessment, a
“hard-core engineer.”
“We put him in with a group
that expected him to perform,”
Colloredo says. “He really stepped
up.”
Before Dobbs could step up for
the Vikings, he had been pin-
balling around the NFL. Before last
week’s trade he had been with the
DEBBY WONG/ZUMA PRESS
Steelers, Jaguars, Steelers again,
Browns, Lions, Titans, Browns
again and Cardinals. (He didn’t
skip any of the teams on his
LinkedIn page, no matter how
briefly he was with the club.)

THE WALL STREET JOURNAL.
Isolationism Makes a Perilous Moment More So
By Paul A. Gigot
I
recently looked back at
what my predecessor and
mentor, Robert Bartley, said
in 2002 upon his retirement.
He surveyed his 30 years as
Journal editor and the progress
that had been made. America had
won the Cold War, vanquished the
stagflation of the 1970s, and qui-
eted the social convulsions of the
1960s and ’70s.
“What I think I’ve learned over
30 years,” Bob wrote, “is that in
this society, rationality wins out,
progress happens, and problems
GETTY IMAGES (2)
have solutions. This, I like to think,
is what happens when a society in-
corporates the editorial credo of
my newspaper, free markets and
free people. In that kind of a soci-
ety, optimism pays.” He had cause
to claim vindication.
Twenty-one years later, I wish I
could say the same. Most of the
victories that Bob celebrated have
eroded or vanished. But then Bob
predicted that too. His book, “The
Seven Fat Years,” made clear that
peace and prosperity are contin-
gent, that the seven fat years in
the Bible followed seven lean
years. That the Belle Époque of the
early 20th century soon gave way
to World War I and Stalin, Hitler
and Tojo.
Western civilization needs
American leadership.
Some on the right want
to abdicate that role.
This is a lesson that conserva-
tives understand. Progressives—
God bless them—believe that the
arc of the moral universe is long
and bends toward justice, as Barack
Obama liked to quote Martin Lu-
ther King Jr. Sometimes it does,
but not without much human
agency. Progressives believe that
human nature can be molded like
soft clay. Conservatives, on the
other hand, believe in—well, we be-
lieve in human nature.
We know that things can get
worse, and they probably will. The
essayist Joseph Epstein reviewed a
book in the Journal some years ago
about pessimism, and the headline
summed up a certain conservative
disposition: Upbeat pessimism, he
called it. The world may get better,
but you better not count on it.
This is the disposition another
Journal editor, Vermont Royster,
explained when I interviewed him
for the 100th anniversary of the
Journal in 1989. I asked if after all
he had seen in his life he was an
optimist or pessimist. He said,
“Well, I’m a short-term pessimist,
but a long-term optimist. As long
as you define the long term as
500 years.”
With upbeat pessimism in mind,
I want to address one of our cur-
rent troubles, which is urgent but
also solvable. That is the decline of
America’s defenses—military and
political. This weakness has been
exposed in sharp relief in the last
two years, and it is worse than
most Americans know. We face an
array of adversaries more formida-
ble than at any time since World
War II, and we aren’t prepared for
the moment.
In 2019, in a visit to the White
House, I met with a senior foreign-
policy official. The conversation in-
cluded his concern about Iran prop-
ping up Venezuela’s dictatorship
with oil supplies. “Have you consid-
ered interdicting the tankers at
sea?” I asked.
“We have,” he said, but the near-
est ship we could find was a Dutch
frigate in the middle of the Atlan-
tic. “This isn’t Ronald Reagan’s
Navy.”
Pittsburgh Voters Stop a Soros-Backed Prosecutor Candidate
Pittsburgh
Stephen Zappala, a
lifelong Democrat,
has been the dis-
trict attorney in Al-
legheny County
since 1998. He won
CROSS
COUNTRY a seventh term
Tuesday with an
By Maggie
Hroncich
unusual strategy:
He ran as a Republi-
can.
In May, Mr. Zappala lost a Demo-
cratic primary to Matt Dugan by
more than 10 points. Mr. Dugan is a
George Soros-funded progressive
who promised to take Pittsburgh
and its surrounding area down the
same path taken by soft-on-crime
prosecutors in San Francisco and
Philadelphia. His campaign raked in
nearly $2 million from the Soros-
backed Pennsylvania Justice and
Public Safety PAC.
Fearing that the far-left Mr. Du-
gan would win the Democratic nod,
GOP officials got creative. There
* * * *
A 1940 antiwar rally.
Recently I spoke with a U.S. am-
bassador in Asia who, noting the
balance of military power against
China, said, “The way we have let
our defenses decline is criminal.”
The war in Ukraine has taught us
that our defense production lines
are inadequate. Our long-range an-
tiship missile stocks would run out
in a week in a war over Taiwan. We
trail Russia and China on hyper-
sonic weapons. Or consider one ex-
ample from the U.S. Navy.
The Navy’s attack submarines
are the best deterrent we have
against a Chinese invasion of Tai-
wan. The Navy says it needs 66
hulls, yet only 31 were “operation-
ally ready” this past fiscal year. To
satisfy the Navy’s needs, and meet
our commitments under the Aukus
accords, we would have to build an
average of at least 2.3 subs a year.
We are building 1.2. I could cite
many such examples.
The relevant questions are: How
did we get here? And what to do
about it?
The answer to the first question
is that we forgot the lesson of his-
tory. One of my military mentors
was Andy Marshall, the legendary
Pentagon strategist, who liked to
say that peace is best understood
as an interlude between wars. Rob-
ert Gates issued a similar warning
as he retired as defense secretary
in 2011 when he said that, when
wars end, the U.S. always makes
the mistake of drawing down de-
fenses and leaving ourselves vul-
nerable. We ignored him.
So what do we do about it? The
obvious initial answer is to spend
more on defense, and soon. But
that is the easy part; we know the
policy solution. The harder issue is
finding the political will to do it,
while persuading adversaries that
we are credible enough to restore
American deterrence. As we have
learned in Ukraine and now in the
Middle East, U.S. deterrence has
faded. And the world’s rogues are
on the march.
On this score, my worry is less
about the political left than some
of our friends on the right. Modern
progressives will always put the
welfare state above defenses be-
cause that is their governing model
and ideology. They believe in the
restraining power of international
treaties and arms control. They be-
lieve adversaries will be deterred
by America’s forbearance and good
example. They will never rebuild
our defenses without pressure from
the political right.
What worries me these days is
the lack of unity and resolve on the
right. That includes the return of
conservative isolationism. The pro-
ponents of this view would not
identify themselves with that term,
but the policies they espouse jus-
tify it.
Senators, think-tank leaders, Sil-
icon Valley billionaires with a pod-
cast, even presidential candidates
argue in some way or another in
favor of a U.S. retreat from the
world. They start by denying that
was no Republican candidate run-
ning for district attorney, so former
Gov. Tom Corbett and others urged
voters to write in Mr. Zappala’s
name. He won the nomination, set-
ting up a rematch with Mr. Dugan
in November’s general election.
Democrats enjoy a 2-to-1 regis-
tration advantage in Allegheny
County, so Mr. Dugan could have
expected to coast to victory. In-
stead, an unexpected coalition of
Republicans, Democrats and inde-
pendents formed behind Mr. Zap-
pala and stiff-armed the Soros
agenda.
“Tuesday should be a lesson to
my party that voters won’t be
afraid to buck the party when it
nominates candidates too far out-
side of the mainstream,” says Mr.
Zappala. Soft-on-crime policies may
be popular among Democratic pri-
mary voters, but Pittsburghers at
large didn’t appreciate an out-of-
state billionaire trying to influence
their election. Mr. Soros has di-
OPINION
defending Ukraine is in our inter-
ests. But listen and you can hear
where this goes. Next they say we
should consider withdrawing from
NATO or South Korea. They are
willing to support Israel, at least
for now, but that won’t last if it
means engaging more in the Mid-
dle East.
What is most striking is how
much this isolationism of the right
resembles the traditional isolation-
ism of the left. Isolationists in the
Vietnam era argued that America
wasn’t good enough for the world.
We were baby killers and imperial-
ists. This is the view of today’s pro-
Hamas left.
As Charles Krauthammer
pointed out 20 years ago, the con-
servative isolationism that flour-
ished in the 1930s argued the oppo-
site—that America was too good
for the world. Our republican val-
ues shouldn’t be tarnished by the
bloody intrigues of Europe or Asia.
But the new isolationists on the
The evacuation of the U.S. Embassy in Saigon, April 29, 1975.
right now agree with the left that
the U.S. doesn’t deserve to lead the
world. They say we are too de-
graded culturally and too weak fis-
cally to play the role we did during
the Cold War. They say we are too
woke and too broke.
T
here is an element of truth to
this critique. We are neither
as culturally united nor as
fiscally sound as we were in the
1980s. But this is not an adequate
excuse for an American retreat
from the world. And it cannot be
an excuse for failing to protect na-
tional security, the first obligation
of government.
The fiscal objection is simply
false. Defense spending is at an his-
toric post-World War II low as a
share of the economy. We can af-
ford to spend more on defense even
at our present level of national
debt. In two years alone the Biden
Democrats spent $11.6 trillion on
things other than defense. We can
make spending choices. Yet the
same conservatives who say we
can’t spend more on defense be-
cause we are broke also say we
can’t reform entitlements because
it is too difficult. This is political
surrender. It is exactly the corner
rectly or indirectly supported the
campaigns of Philadelphia’s Larry
Krasner, New York’s Alvin Bragg
and San Francisco’s recently ousted
Chesa Boudin.
Like those district attorneys, Mr.
Dugan promised to do away with
The Allegheny County
district attorney lost the
Democratic primary but
also ran as a Republican.
cash bail and take a “holistic ap-
proach” to criminal justice. Mr.
Zappala’s campaign was explicit:
Elect Mr. Dugan and Pittsburgh will
soon meet similar ruin.
Mr. Zappala has occasionally
stirred controversy. His office oper-
ates a network of more than 1,000
surveillance cameras and license-
plate readers in Pittsburgh that pri-
Saturday/Sunday, November 11 - 12, 2023 | A15
that Barack Obama and the left
have wanted to back us into.
As for being too woke, that bat-
tle is not lost. It is being fought by
parents in school districts across
the country. It is being fought by
those who resist the ESG agenda in
business. I suspect the shock of the
pro-Hamas protests on college
campuses will awaken more Ameri-
cans to the anti-American corrup-
tion of many of our universities.
We have also been here before
with the military. In the 1970s, af-
ter Vietnam, morale and recruiting
hit a low point. But an officer
corps that included Colin Powell
and Jack Keane helped to revive
the esprit and the reputation of
the armed forces. Within a decade
the military of dope and defeat
was the military of “Top Gun.” To-
day the Marines are still meeting
their recruiting quotas by resisting
identity politics and putting sacri-
fice and discipline first.
I must acknowledge another
problem here, and that is the leg-
acy of failed interventions abroad,
especially Iraq. Those of us who
supported that intervention prom-
ised more than the U.S. delivered—
more, it turned out, than we were
capable of delivering to societies
that didn’t want what we were
selling.
Based on what we knew at the
time, or what we thought we
knew, there is still a reasonable
defense for the overthrow of Sad-
dam Hussein. Iraq is no longer a
regional or global menace. The
Gulf Arabs have had to choose be-
tween Iran and a U.S.-backed Is-
rael, and they have been choosing
Israel. But the Iraq occupation was
botched, the cost was far too high,
and the political consequences
have been destructive.
I’ll admit my own role here. I
spent my 20s in Asia as a reporter
covering the democratic revolu-
tions in South Korea, Taiwan and
the Philippines. Those successes
filled me with too much optimism
about the potential for democratic
change. I knew too little about Arab
and Muslim society and so under-
estimated the challenges in Afghan-
istan and Iraq. Those troubled in-
terventions have now become a
political veto the way Vietnam once
was for the left. No more nation-
building, as they say.
But we are not nation-building
in Israel or Ukraine. Israel is trying
to preserve itself as a nation. Ukrai-
nians are fighting to preserve their
nascent democracy and join the
West. It is more than a little ironic
that the same people who criticize
the intervention in Iraq for seeking
to promote democracy now criti-
cize aid to Ukraine because it isn’t
a perfect democracy.
As Arthur Herman has pointed
out, in Israel and Ukraine we are
also defending Western civilization.
Israel is an outpost of the West, a
descendant of the heritage of Ath-
ens and Jerusalem, among neigh-
bors who would destroy it precisely
because of that heritage. Ukraine
aspires to be the same. In helping
vacy advocates and civil libertari-
ans have called “dystopian.” In 2021
the Pittsburgh Tribune-Review re-
ported on emails showing that Mr.
Zappala had ordered his deputies
not to offer plea deals to clients of
a well-known black attorney.
The campaign was ugly, with
Messrs. Zappala and Dugan spar-
ring on social media. “Matt Dugan
is dressing up for Halloween as
someone who gives a damn about
victims rights,” Mr. Zappala
tweeted Oct. 31. “He’s always been
on the side of the accused crimi-
nal.” Mr. Dugan fired back two days
later: “Racial disparity has long
been a problem under Steve Zap-
pala.” Allegheny County voters evi-
dently preferred the devil they
knew to a Soros-backed progres-
sive.
Despite running with an R next
to his name, Mr. Zappala says he’ll
remain a Democrat and is ready to
work with Pittsburgh’s Democratic
Mayor Ed Gainey and incoming pro-
.
them defend themselves, we are
defending our founding principles.
And we are helping them with
weapons, not with American
troops.
Different interventions overseas
need to be judged on their own
terms. For two decades the left had
its Vietnam Syndrome against U.S.
intervention abroad. Now the right
is developing an Iraq Syndrome
that is equally as mistaken.
Which brings me to the politics
of isolationism. History shows it is
a political loser for whichever
party adopts it. In the 1930s the
Republicans resisted what they
called foreign entanglements. Even
as Hitler rose in Germany and the
militarists rose in Japan, Sen. Ger-
ald Nye and other Republicans de-
voted their energy to investigating
U.S. weapons makers. They voted
for the Neutrality Acts of 1935,
1936 and 1937. They even opposed
Lend-Lease to Britain.
When the Japanese struck Pearl
Harbor, Republicans were discred-
ited politically for a decade. It
might have been longer if they
hadn’t nominated Dwight Eisen-
hower in 1952.
Democrats suffered a similar
fate after they became the party of
“come home, America” during and
after Vietnam. They slashed aid to
South Vietnam in 1975, and Saigon
fell within weeks. Democratic
hawks became Republican neocon-
servatives, and Republicans domi-
nated the White House for a gener-
ation until the end of the Cold War.
Republicans are inviting a simi-
lar fate now if they abandon
Ukraine to Russia. Or if they with-
draw from NATO. Or if they signal
to China that Taiwan is too distant
to defend. The disorder that results
from that abdication will be blamed
on those who refused to deter it—
and America will eventually be
drawn into conflicts as a result of
that disorder.
I am not arguing for willy-nilly
intervention around the world. We
must pick our spots. Prudence is a
conservative virtue abroad as much
as at home. We should also not
fight wars that we are not willing
to do what it takes to win. But
when friends ask for help to defend
themselves, we should make sure
we have the strength and weapons
to help them—and defend our-
selves in the bargain.
I
’ll end by addressing the popu-
lar new line of the new right.
Perhaps you’ve heard it: “Do
you know what time it is?” It’s in-
tended as an insult, as in: Stop in-
voking Ronald Reagan, old man,
and get with the 21st century. But
it’s the wrong question. The right
question is: What time do you want
it to be?
Do you want it to be the 1930s,
when America watched from afar
as dictators began to march? We
pretended we were safe, only to be
attacked with our guard down. It
took four years and 400,000 dead
Americans to win World War II.
This isn’t yet the 1930s, but they
will arrive soon enough on our
present course.
Or would you prefer this time to
be like the 1970s and 1980s, when
the American right united behind a
mission of rearmament, economic
revival and renewed national pur-
pose? When we won the Cold War
and ushered in two decades of
prosperity.
Don’t believe the pessimists who
say we can’t do it again. Stick with
the upbeat pessimists, who know
we can do it—if we rally the politi-
cal will to do it.
Mr. Gigot is the Journal’s edito-
rial page editor. This is adapted
from remarks Tuesday at the an-
nual Irving Kristol award dinner
hosted by the American Enterprise
Institute in Washington.
gressive County Executive Sara In-
namorato notwithstanding their
support for Mr. Dugan. “I don’t take
politics personally,” he says.
“When it comes to criminal-jus-
tice reforms, I was doing these
kinds of things before it became
cool,” says Mr. Zappala. He notes
his long support for drug and men-
tal-health courts to get nonviolent
offenders treatment and keep them
out of the justice system. “I have
been a reform prosecutor before
that term got taken over by these
radical politicians who politicize
things like cash bail and pretrial de-
tention.”
Tuesday was a bad day for Mr.
Soros and his approach to criminal
justice. Voters are telling Demo-
cratic Party leaders that they’re out
of touch on crime and punishment.
Is anybody listening?
Ms. Hroncich, a reporter for the
New York Sun, was a 2023 Robert
L. Bartley Fellow at the Journal.
 .

A16 | Saturday/Sunday, November 11 - 12, 2023 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Joe Manchin Experience Readers Reply to Noonan: If Not Now, When?

J
oe Manchin’s decision Thursday not to run matter, and they point to what happened this “Israel Needs a New Leader” (Dec- age of its convictions by finding its
for re-election to the Senate and instead past Tuesday. Democrats keep running on abor- larations, Nov. 4) may be Peggy Noo- own Churchill.
nan’s most wrongheaded column. JON BANKS
explore whether he can “mobilize the mid- tion rights and against Mr. Trump and the
First, she writes that after Hamas’s Pacific Palisades, Calif.
dle” in American politics has MAGA GOP, and they keep Oct. 7 attack, Israel’s “opponents felt
Democrats in a tizzy, and we The Senator may have a winning elections. They say an easing of their coldness.” Not so; Ms. Noonan says that after Oct. 7
can see why. it’ll work again next year. even before Israel had reacted, its op- Israel’s “invasion and bombardment
They’re one seat closer to
third-party opening But then why worry about ponents got even colder and more vi- of Gaza was a mistake.” Israel, she
losing their Senate majority in because Biden and Mr. Manchin? If the country cious, rejoicing in the penetration of writes, needed “an absorbing, a re-
2024. And they especially fear
that the West Virginia Demo-
Trump are so unpopular. will eventually come to see the
heroic benefits of Bidenomics,
Israel’s invincibility and seizing the
opportunity to demonize Israel.
girding. Sometimes you must wait,
build up your strength, broaden your
crat might run as a third-party then the appeal of a third- Second, Ms. Noonan says Israel resources, reach out to friends, let
presidential candidate on the party candidate will fade as shouldn’t have gone to war. After opportunities present themselves—
No Labels ticket, steal votes from President Bi- the election nears. The problem is that Demo- Hamas’s extreme sadism and horror everything shifts in life; some shifts
on Oct. 7, she must be unique in are promising.”
den, and elect Donald Trump. crats really don’t believe their own political ad-
thinking that a calm, wait-and-see Is- As far as I can tell, “regirding”
It’s revealing that Democrats are fretting vertising. The chances are increasing that vot- raeli response was even possible. isn’t a word, and she doesn’t state
even though Mr. Manchin is a long way from ers have reached a firm conclusion about Mr. Third, Ms. Noonan vilifies Israel’s what Israel was supposed to “absorb.”
running, and No Labels hasn’t decided whether Biden’s capacities and record, and they are leader. This is hardly an appropriate Her advice that Israel wait for un-
it will even field a ticket. Joe Lieberman, the No looking for an alternative. time to attack a vulnerable nation’s named opportunities to present them-
Labels founding chairman and former Demo- Many of those voters find Mr. Trump unac- confidence. selves is either a non sequitur or a
cratic Senator from Connecticut, has said the ceptable, and so Mr. Manchin might be a safe EM. PROF. STUART L. MEYER euphemism for doing nothing.
group won’t go forward to be spoilers. They harbor. All the more so if a No Labels ticket has Northwestern University, Kellogg Other than “appeasement,” no word
need to see a path to victory in the Electoral a GOP running mate who wouldn’t offend cen- Hollywood, Fla. fits Ms. Noonan’s suggestion. How can
College, which is a long shot. trist Democrats and independents. Someone Israel accept Hamas’s rule after its
I often appreciate Ms. Noonan’s massacre of more than 1,400 Israelis,
But Democrats have only themselves to like former Maryland Gov. Larry Hogan. Imag-
seasoned reasonableness and firm in accordance with its stated goal of
blame for this anxiety attack. They can, like ev- ine if Mr. Manchin made it to the presidential moral center. But her recommenda- causing Israel’s extinction?
eryone else, see the polls that show Mr. Biden’s debate stage. tion for Israel to wait and “absorb” PAUL SNITZER
approval rating even lower than Mr. Trump’s. The reality is that there will be more than the attack of Oct. 7, retaining the Devon, Pa.
That is some achievement. A second poll this one third-party candidate in 2024 no matter world’s sympathy, is wrong. Implicit
week, this time from Emerson, showed the for- what Mr. Manchin or No Labels do. Robert F. in it is the idea that only a weak, vic- Since the Oct. 7 attack by Hamas
mer President tied or leading the current Presi- Kennedy Jr. is already running as an indepen- timized Israel is worthy of and able to has been compared with the Japanese
dent in crucial swing states. This followed the dent, professor Cornel West is vowing to run garner outside sympathy. bombing of Pearl Harbor, perhaps Ms.
Siena College-New York Times poll last week- too, and this week Jill Stein said she’ll make an- Jews have been weak and victim- Noonan would like to know that
end that had Mr. Biden losing in five of six bat- other Green Party run. They all could bleed ized at many points in history, and Franklin Roosevelt delivered his “Day
tleground states. votes from Mr. Biden, though RFK Jr. might also the world’s sympathy wasn’t enough of Infamy” speech and Congress de-
to help. This is the raison d’etre for clared war on Dec. 8, 1941, the very
Democrats who talk to pollsters are scream- hurt Mr. Trump.
the state of Israel. The Israel Defense next day after the attack.
ing at the top of their lungs that they think Mr. If Democrats don’t want to take that risk, Forces is the only thing that stands SETH GOLDSTEIN
Biden, soon to be 81, is too old to run again. Ev- they can face the reality that Mr. Biden may be between perpetual victimhood and Holliswood, N.Y.
ery Democrat talks privately about the problem, the only candidate other than Vice President Jewish survival.
but no one but Rep. Dean Phillips has the nerve Kamala Harris who could lose to Mr. Trump. Critics don’t offer viable alterna- Why does Ms. Noonan think she is
to say so publicly. Mr. Phillips is so desperate They could urge the President to withdraw and tives to destroying Hamas and restor- qualified to tell Israelis who should
he’s decided to run against Mr. Biden while pro- focus on winning two wars. But if they won’t ing Israeli deterrence. There is a par- lead them? “Even if this [new] person
fessing to love the man and his agenda. do that, they should be prepared to enjoy the allel public-relations war that needs to isn’t ‘much better,’” she writes, “an
Instead, Democrats take the White House Joe Manchin experience they have done so be considered, but sympathy alone unknown variable might shake this
line that polls a year from Election Day don’t much to make possible. won’t prevent the next attack on Is- up in a way that benefits civiliza-
rael or Jews anywhere. tion.” Really? “Shake things up” when
TOM ROCKLAND Israel is in the middle of trying to de-
Biden Keeps the Billions Flowing to Tehran Boca Raton, Fla. fend itself against Hamas’s inhumane
attacks? She would probably change

Y
ou’d think the Biden Administration
would have realized by now that enrich-
ing the Iranian regime is a dangerous
mistake. You’d be wrong. Relaxed U.S. enforce-
ment of oil sanctions continued through Octo-
ber, refilling Supreme Leader Ali Khamenei’s
coffers even after the Oct. 7 slaughter and the
more than 40 attacks on U.S. troops by Iran’s
proxies in the weeks since.
Iran exported nearly 1.4 million barrels of oil
per day in October, sustaining its average for
2023. This is up 80% from the 775,000 barrels
per day Iran averaged under the Trump Admin-
istration’s “maximum pressure” strategy, ac-
cording to United Against Nuclear Iran, the
group of former U.S. Ambassador Mark Wallace
and Sen. Joe Lieberman, whose Tanker Tracker
generates the best public data we have.
The Iranian surge in oil exports since Presi-
dent Biden took over has brought Iran an addi-
tional $32 billion to $35 billion, according to the
Foundation for Defense of Democracies. The cal-
culations are tricky, but the cause of the Iranian
windfall is clear: As part of Mr. Biden’s quiet di-
plomacy with Iran, the U.S. has curtailed sanc-
tions enforcement. Customers and middlemen
have concluded the risk is low and the discount
on Iran’s oil is too good to pass up.
This transfer of funds to Iran is cumulatively
more significant than the President’s recent $6
billion ransom payment in return for five hos-
tages. And it keeps growing, even as the money
fails to moderate Iranian behavior. Instead it fi-
nances Iran’s aggression abroad via proxies
such as Hamas in Gaza, Hezbollah in Lebanon,
The FCC’s New Racial Broadband Rule
the Houthis in Yemen and the front groups in
Iraq and Syria that shoot at American bases al-
most daily.
In 2020 the State Department assessed that
Iran sends $100 million a year to Palestinian
terrorist groups, arming and training them to
attack Israel and murder its civilians as Hamas
did Oct. 7. Last year Hamas leader Ismail Hani-
yeh said that his group receives $70 million
from Iran, plus long-range rockets.
Citing an Israeli security source, Reuters re-
ports that Iran’s funding for Hamas ballooned
in the past year to $350 million. Hamas’s new
capabilities took Israel and the U.S. by surprise,
but they didn’t come from nowhere.
About 70% of Iran’s oil exports are to China,
which helps explain the blossoming Russia-
China-Iran axis challenging world order. Iran
sends China cheap oil and Russia new military
drones. It may export missiles too, now that the
Biden Administration allowed international
missile sanctions to lapse.
In return, Iran receives the money and diplo-
matic cover it needs to advance its war on the
U.S. and Israel. Russian military support in
Syria shields Iranian arms transfers, and the po-
tential for nuclear cooperation should keep
Western policy makers up at night.
If the Biden Administration wants to limit
the flow of oil money to Tehran, it knows what
to do: enforce the law and sanction the com-
plicit banks, purchasers, insurers, tankers, ports
and other players that facilitate the trade. Does
the President have the will to break from his
strategy of appeasement?
To win the war and eliminate
Hamas, Israel doesn’t need to keep
Prime Minister Benjamin Netanyahu.
Thankfully for the Allies in World
War II, Great Britain switched leaders
when it replaced Neville Chamberlain
with Winston Churchill. Israel would
be showing its strength and the cour-
Waiting for Somebody Else’s Carry-On Bags
Regarding “The Astrophysicist
Who Has a Better Way to Board Air-
planes” (Exchange, Nov. 4): The air-
lines took the wrong path a long time
ago. Failing to solve the problem of
bad baggage handling encouraged
carry-ons to the point that we now
have to pay to check a bag.
Meanwhile, carry-ons are a secu-
rity problem, and they make security
lines longer. Let’s reverse this: Focus
on fast checked-bag handling, make it
free and start charging passengers
for carry-ons.
LARS PETERSON
Palm Beach, Fla.
The Powell Doctrine and a Double Standard
Regarding your editorial “An Is-
raeli ‘Pause’ Would Help Hamas”
(Nov. 4): How quickly our government
has forgotten the Powell Doctrine of
entering a war only with overwhelm-
ing force and specific objectives. Pre-
vention of war is paramount, but
once it begins, the only choice is to
proceed swiftly and forcefully. Asking
Israel for a general pause is absurd.
horses in midstream, too.
CAROL ANN ANDERSON
Houston
If Oct. 7 isn’t reason enough for Is-
rael to go to war, what would be?
MARC EDELSTEIN
Miami
Passengers with no items in the
cabin storage bins should be allowed
to leave the plane first to get to the
baggage-claim area without delay.
This will help clear the plane aisles
for the remaining passengers who
must retrieve their items from the
overhead bins.
There is nothing more annoying
than trying to leave a plane speedily
without having stored anything in the
cabin and being blocked by a long
line of passengers pulling bags from
nearby and distant storage bins.
KEITH DUBAS
Bloomingdale, Ill.
“gas episode” the world hardly said
“boo.” Do we care to speculate on the
reason? One possibility is that Arabs
slaughtering their own is treated as a
nonevent, while Jews fighting for
their state’s survival are held to an
entirely different standard. That is
neither fair nor sensible.
RICHARD R. KAHN
Hackensack, NJ.

T
he Federal Communication Commis-
sion’s new Democratic majority is up
and running and firing in all directions.
Next week the Commission plans to vote on a
proposed “digital discrimination” rule. In the
name of equity, Democratic Commissioners will
make internet service worse.
The 2021 infrastructure bill instructed the
FCC to prevent “digital discrimination” of
broadband access “based on income level, race,
ethnicity, color, religion, or national origin.”
While the statutory language is broad, the
agency’s proposed rule stretches it further to
force broadband providers to prioritize identity
politics.
The FCC concedes that it has found “little or
no evidence” indicating “intentional discrimi-
nation by industry participants.” No problem.
The agency will still hold broadband providers
liable for actions or “omissions” that result in
a disparate impact on an identity group. That
means providers could be dunned if regulators
or third-party groups (read: progressive lob-
bies) identify statistical disparities in a long list
of “covered service elements” even if they don’t
intentionally discriminate.
The rule would give the FCC power to micro-
manage the industry. Marketing materials that
feature too many white people could be ruled dis-
criminatory. Companies could be forced to scrap
credit checks that cause more minorities to be
rejected for smartphone leasing plans.
Providers could even be punished for
charging the same prices to all customers
since their rates might have a disparate finan-
cial impact on minorities. The FCC could like-
wise prohibit low-cost wireless plans that in-
clude data caps because these are selected
more often by people with lower incomes. If
you think these are unlikely, you haven’t been
watching the left.
Wireless carriers might also be prohibited
from building out 5G networks in suburbs and
city downtowns before inner cities and rural
areas. Companies don’t have unlimited capital
so they typically prioritize network upgrades
in areas where they can earn a higher return
on the investment, which they then use to fi-
nance improvements in lower-income and ru-
ral areas.
Yet companies wouldn’t be allowed to invoke
profitability concerns in defense of practices
with a disparate impact. They would have to
prove that their policies are “justified by genu-
ine issues of technical or economic feasibility.”
They couldn’t claim that an alternative, alleg-
edly less discriminatory, policy would cause
them to lose money.
The FCC is arrogating to itself far more
sweeping power than its recently resurrected
“net neutrality” rule that seeks to regulate the
internet under Title II of the 1934 Communica-
tions Act. Like net neutrality, the digital dis-
crimination rule is legally vulnerable.
Twenty-eight Senate Republicans on Friday
sent a letter to Chair Jessica Rosenworcel ex-
plaining that the Supreme Court has consis-
tently held that the infrastructure law’s phras-
ing of “based on” indicates legislative intent to
condition liability on a showing of disparate
treatment, not disparate impact.
That’s true, but Senate Republicans are play-
ing catchup because they let the identity lan-
guage into the infrastructure bill. Industry
made a Faustian bargain by supporting the bill
because it included some $65 billion in subsi-
dies for broadband. The FCC is now seeking
Faust’s payment.
THOMAS M. DEMARCO
Oxford, Md.
Haley Has Ample Star Power
The world’s concern and empathy
In 2012, I attended a Mitt Romney
for the safety and treatment of inno-
campaign bus stop in Aiken, S.C.,
cent civilians during Israel’s counter-
where Gov. Nikki Haley was the open-
attack is commendable and under-
ing speaker (“For Nikki Haley, Oppor-
standable, even though it follows the
tunity Knocks Again” by Barton
invasion of Israel by a terrorist
Swaim, op-ed, Nov. 4). She rallied the
neighbor that slaughtered Israeli ci-
crowd with her sheer political talent.
vilians in a fashion that could make
Then she said, “I want to introduce
the Nazis seem humane.
the next president of the United
I find it borderline incomprehensi-
States, Mitt Romney.” He took the
ble, however, that when more than
230,000 innocent civilians were killed
stage and, within five minutes, put
the audience to sleep. The order of
in the Syrian uprising, but for the
speakers should have been reversed.
JOHN LAPAK
Melbourne, Fla.
The Tech Firm That Wasn’t
The WeWork debacle (“How We-
Work Rose and Went Broke,” Review
& Outlook, Nov. 8) confirms that intel-
Pepper ...
ligence and control of investment cap- And Salt
ital aren’t necessarily connected. How
THE WALL STREET JOURNAL
anyone could mistake an office-space
leasing company for a “tech company”
is beyond me. Co-working spaces (for-
merly known as executive suites) have
been around for many years. WeWork
put some bright lipstick on it and
added foosball. The investors de-
served to lose their shirts; greed and
stupidity got the better of them.
CASEY F. POWELL
Beverly Hills, Mich.
Letters intended for publication should
be emailed to wsj.ltrs@wsj.com. Please
include your city, state and telephone
number. All letters are subject to
editing, and unpublished letters cannot “Come see, there’s a comedy on about
be acknowledged.
building a fence around a garden.”

THE WALL STREET JOURNAL.
Kamala Harris Is Biden’s No. 2 Problem
DECLARATIONS
By Peggy Noonan
W
here are we, one year
from the 2024 presi-
dential election?
The incumbent is
famously, historically
unpopular and has been for some
time, so it’s not a blip or event-re-
lated. He should help his party’s
prospects by stepping aside and let-
ting Democrats fight it out. He
won’t, we all sense this.
Republican hopefuls continue
their battle, but everyone knows
who’s way ahead in the polls. The
front-runner, however, faces criminal
trials on federal and state charges,
which may take place during pri-
mary season. We don’t know if that
will cast a shadow, or how broad or
long.
Meanwhile, Republicans
need to winnow the field
to Donald Trump, Nikki
Haley and Ron DeSantis.
We do know that we’re going on
December, the Iowa GOP caucuses
are on Jan. 15, and the New Hamp-
shire primary will follow soon after.
Things are going at a clip even if
they don’t seem to be. The debate
this week was all about the front-
runners after Donald Trump, Ron
DeSantis and Nikki Haley, two can-
didates different in stands, ap-
proach, talent, temperament and
appeal. Between the two of them
they’re a fair enough approximation
of their party. The other candi-
dates, having given their all, should
step aside, withdraw their names,
and throw their support to either
The Scenes of Genocide I Saw in Israeli Morgues
By Qanta A. Ahmed
A
fetal heartbeat flutters and
then stills, a bullet lodged in
the embryonic heart. The
mother survives the shooting and
her child’s stillbirth. A body that has
been decomposing for almost three
weeks lies on the autopsy table, rid-
dled with knife and bullet wounds.
Another is nearby, the man’s blue-
tooth receiver still clipped onto his
shirt. Death came as a surprise.
This is Israel. I arrived on Oct. 19
to spend 10 days as a human-rights
observer with the permission of the
nation’s Foreign Affairs Ministry and
help from Israel Defense Forces offi-
cer Kobi Valer. As an observant Mus-
lim, I felt a duty to come and bear
witness. What I saw will remain
with me forever.
Hamas waged its attacks in the
nation’s south, but hundreds of its
victims have since been moved
north. I encountered many of them
at the morgues at the Shura military
base near Ramle, some 15 miles
southeast of Tel Aviv. I toured the
Sammy Ofer Fortified Underground
Emergency Hospital in Haifa, visit-
ing the neonatal units whose tiny
patients had recently been relocated
in anticipation of further conflict. I
examined bodies and ashes, inciner-
ated teeth and bones. I saw toddlers,
teens and adults, young and old,
many of them bound, tortured and
burned alive.
One word continually came to
mind: genocide. No matter how it
emerges, the monster is easy to rec-
ognize. As a doctor, I had a rare and
panoramic view of the aftermath:
the targeted people’s long, agonizing
journey to death.
This isn’t the first time I have
seen Islamist jihadism or even Isla-
mist genocide. I’ve been to north-
western Pakistan and met child Tali-
ban operatives groomed for suicide
missions. I still attend to 9/11 first-
responders in New York. I’ve been to
post-ISIS Iraq to meet with Kurdish
and Yazidi survivors of genocide.
I’ve spoken with former ISIS child
soldiers and the Peshmerga veterans
of that brutal and bloody three-year
war.
The Oct. 7 genocide was different,
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Emma Tucker
Editor in Chief
Liz Harris, Managing Editor
Charles Forelle, Deputy Editor in Chief
Elena Cherney, News; Chip Cummins, Newswires;
Andrew Dowell, Asia; Taneth Evans, Associate
Editor; Brent Jones, Culture, Training &
Outreach; Alex Martin, Print & Writing;
Michael W. Miller, Features & Weekend;
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Paul A. Gigot
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Gerard Baker, Editor at Large
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* * * * Saturday/Sunday, November 11 - 12, 2023 | A17
OPINION
Ms. Haley or Mr. DeSantis. But it’s OK. Because everyone you
Let them duke it out in the clear. speak to—everyone—knows it’s your
That’s where a breakthrough is pos- job to be boring and gives you a
sible. Let one emerge as the leader pass.
of the not-Trump half of the party If this sounds like “Wow, no one
and go from there. should ever become vice president,
In a way both parties are being how insignificant,” no. You get a
held hostage, the Democrats by the mansion; you’re not under the most
needs of an old man who wants to intense daily scrutiny; people take
BRENDAN SMIALOWSKI/AFP VIA GETTY IMAGES
stay, the Republicans by an old man care of you. The boon and political
who wants back in. And both parties gift of the job is picking up chits and
are at the mercy of cults, the Repub- forging relationships for when you
licans’ one of personality and the run for president.
Democrats’ of policy. They can’t free You also get to help the adminis-
themselves from unpopular stands tration you presumably believe in,
on such issues as illegal immigra- and thus help the American people
tion. Both cults are self-limiting. with good policies. It’s a good job.
This is why the majority of the And all the American people ask of
American people, when polled, admit you is that you seem serious, well-
a second Trump-Biden race leaves versed, and possibly, beneath the
them depressed. Biden and Harris in October. boringness, wise, so that if some-
Joe Biden’s main problem, the thing bad were to happen they can
perception that he is too old for the assumed that by virtue of her first- level of the vice presidency it isn’t. feel secure that yes, you can do the
job, is guaranteed to get worse each ever status—first ever woman to Her attempts to turbocharge the job.
day. This makes his vice president hold the role, first ever black and In- role left the press free to judge her I don’t think Ms. Harris under-
more important than vice presidents dian-American—she should be bold, on different terms. Here it must be stood this, not the institutional his-
ever have been. When people con- remake the position, make her spe- said that many jobs in the top level tory of the job or why it has been
sider voting for Mr. Biden for the cial significance and importance of the federal government are hard, done by most of its holders with cer-
presidency they’ll know it is likely clear, be less an understudy than a but vice president isn’t one of them. tain hard boundaries. With her faith
they’re really voting for Kamala Har- co-star. But you can’t effectively Every morning you get up and put in her charm and ability to be warm
ris. This will only hurt Democratic change a thing unless you under- on clothing. You then often leave for and relatable, as they say, she forgot
fortunes, because she is uniquely un- stand it first. a trip—to the funeral of a head of to be modest or to imitate modesty.
popular. The practical path would be She meant to establish her place state, to the Detroit Economic Club But people do expect humility of
to make a change that reassures, to as the future president by showing for a speech, or a party fundraiser vice presidents, a grown-up sense
a veteran, highly regarded figure in off her charm and ease. Which is in Bismarck, N.D.—and what you that they know they’re the second
whom people might feel confidence. how she got in trouble with dra- talk about there is the administra- banana, that today they’re nothing
This wouldn’t be easy and would matic interviews, winging it with ad- tion’s policies and plans, its claim- but tomorrow they may be every-
give the president a black eye with libbed, mad-libbed arias in speeches, able successes. thing, as the first vice president,
some portion of his base, but black and taking on portfolios—immigra- It is a boring speech—vice presi- John Adams, said. But today is today
eyes heal in a year, and none of tion during an immigration crisis— dents’ speeches are always boring, so do your sturdy, boring job, and
those angered will be voting for Mr. that were important but not promis- are prepared to be such, because the learn more every day about the in-
Trump. ing, and in fact dangerous. In three people at the White House want the ner workings of this thing called the
I have been fascinated by Ms. years under bright lights she proved vice president to be boring. They federal government. Previous vice
Harris’s lack of success in her role herself insubstantial—not seeming want the vice president to be sub- presidents have been a mystery. Our
considering the impressiveness of to understand issues in any depth, stantive, but they don’t want any at- age is one of TikTok feeds, not mys-
her previous résumé—district attor- getting lost as she discussed them, tention off the president, or any dis- tery, but there is power in being a
ney, California attorney general, U.S. laughing in ways that said “please advantageous comparisons made. step away.
senator. I think she didn’t fully un- see me as a happy warrior.” Another reason vice-presidential The way to approach the vice
derstand the nature of the vice pres- In her previous life she never had speeches are boring is you wind up presidency is with low-key humility
idency and thought she did. I think to use the tools of seriousness. She repeating the same stuff—policies, and carefulness. You don’t take the
she let her political ego dictate her rose in a one-party state. Charm, plans, hopes. Another reason is that job and shape it to your persona;
calculations. She was surrounded by networking and picking your way you’re always speaking of serious, you take your persona and fit it into
friends and staff who had made a through the intraparty progressive not playful things—domestic chal- the job, which existed long before
study of her but not the job and who minefields was enough. But at the lenges, approaches to the world. you and ideally will exist long after.
more barbaric than anything before carnage, because ‘carnage’ is too pregnant women and the unborn. Its Two weeks after the attack,
it. The attacks were cloaked in the nice a word.” He looked at me with men intentionally captured hostages, Queen Rania of Jordan suggested
language and metaphors of Islam, yet a painful gaze. I found my own around 240 in total, reportedly from that the butchering of children had
corrupted with cosmic enmity for the words strangled in silence, except more than 40 countries. yet to be “independently verified” as
Jewish people, Judaism, global Jewry one: genocide. They had intent. Eyewitnesses I examined images of their remains
and the Jewish state. They revealed Article 6 of the 1998 Rome Stat- told me the terrorists came with in Ramle. The deceit felt as barbaric
again that Islamism is a virulent im- ute of the International Criminal tablets loaded with maps of the kib- as the atrocities. There is no con-
postor of Islam with intentions Court defines genocide as a crime butzim, blueprints and floor plans of text, no nuance, that justifies geno-
anathema to the faith. And there was against humanity in terms identical homes, names of families and spe- cide. Its intention is the same
no doubt of Islamism’s guilt: I saw cific knowledge of service records throughout the ages: the destruction
real-time footage generated by the and where Israeli veterans were liv- of a people.
Hamas commandos’ own GoPro cam- This wasn’t an emotional ing. Others told me that some of the Israel, the West and the Muslim
eras. I heard phone calls exclaiming terrorists spoke Hebrew and lured world must respond with necessary
the Shahadah—the Islamic declara- frenzy of killing like the the unwitting out of their safe moral clarity: Define the Oct. 7 at-
tion of faith—as they murdered, exe- pogroms of the 1880s. It rooms into certain death. tacks as genocide. Legally designat-
cuted, burned, pillaged and then This wasn’t like the pogroms of ing the horrors as such ought to be-
broadcast their crimes. was methodically planned. the 1880s, a frenzy of killing with come a priority, independent of the
There is a commonality I have rabid emotion. This was a methodi- war against Hamas, because the at-
found in the face of such destruc- cally planned genocide. No such cir- tacks need to be documented and
tion. People struggle to find the to the 1948 Convention on the Pre- cumstances apply to Israel’s opera- prosecuted as crimes against hu-
words to describe what happened. vention and Punishment of the tion in Gaza, and so the description manity. Doing so is a matter of Jew-
Israelis I met were still searching for Crime of Genocide. Its essential ele- must not be the same. The sovereign ish survival. The world has been si-
how to recount their experiences. ment is intent “to destroy, in whole state of Israel is destroying Hamas lent in the face of Jewish genocide
Some talked about a second Shoah, or in part, a national, ethnical, racial because Hamas is threatening Israel, before. When we now say never
a second Holocaust. One Israeli de- or religious group.” which is working to mitigate civilian again, we must mean it.
tective disagreed: “We can’t call this The Oct. 7 attack was premedi- losses. The country has a duty to
a holocaust—not because of the tated, organized and targeted, seek- prevent further genocide against its Dr. Ahmed is a physician who
numbers—but because the Nazis ing to destroy as many Israelis as people. Saying so doesn’t detract specializes in sleep disorders and a
were systematic and institutional- possible. Hamas tortured and immo- from the suffering of Palestinians senior fellow at the Independent
ized the killing, and we can’t call it lated its victims, including children, who are captives of Hamas. Women’s Forum.
To Save Disney, Bring Back the Takeover Market
Disney CEO Bob someone who believes they can up.) The constant trading and re- A tremendous example is in the
Iger faces a world make better use of some or all of pricing of assets in the markets works, the Biden administration’s
of problems, some Disney’s assets puts their money creates the liquidity that assures pouring of taxpayer money and car-
of which he set in where their theory is. But now a people that assets, once created, company money into electric cars
motion himself, problem arises: Joe Biden’s regula- can readily find a buyer. It in- the public won’t buy at a price that
and he doesn’t tors, as Mr. Iger himself has al- creases their incentive to create as- covers their cost.
know what to do luded, likely are deterring deals sets in the first place and to invest Mr. Iger may have the corporate
BUSINESS
about them despite that might otherwise be proposed. in their development. Share buy- chops to put Disney right but
WORLD
the pep talk he de- Disney is a focus not just be- backs are especially vilified but un- doubts are creeping in. His share-
By Holman W.
livered on Wednes- cause of its storied past, not just mysterious: They are basically ex- holders find themselves immured in
Jenkins, Jr.
day’s earnings call. because of its broad array of tempt- changes of things of equal value a new risk: a leader long associated
This is normal. ing assets like cruise ships and (cash for shares) that show man- with the company, responsible for
Listeners were hanging on the call theme parks, which naturally has agement not clinging to liquid re- many of its strategic choices, ro-
for any strategy signal via Hulu, via sharpies thinking about better com- mantically devoted to its current
ESPN, via its money-losing Disney+ binations. asset collection, and perhaps lack-
streaming efforts, via its declining Disney shares are held by a lot Even if a sale or breakup ing the heartlessness to initiate
cable channels, via its faltering of the public. Disney is the target of changes that would best serve
“Star Wars” and Marvel franchises. activist shareholders like Trian doesn’t result, a lively shareholders.
The most personal of his quanda- Fund Management, whose inclina- market for control inspires The dog that doesn’t bark on
ries, which brought him out of re- tion often is to push for asset dis- strategy calls is the obvious one of
tirement last year, is still his failure posals or sale of the company itself. new strategic ideas. selling the company, in whole or
to find a successor. (Apple is often mentioned as a po- part, even if it would be an admis-
If a CEO can’t be expected to tential buyer.) sion of defeat by Bob Iger 2.0. Say-
have all the answers, sometimes the Maybe Mr. Iger is secretly glad sources to spend on hidden empire ing the option should be on the ta-
markets will reveal one, when about the political environment. In building. ble isn’t saying it’s the right option.
which case he should be sending This strand of populist financial But if politics forecloses the possi-
bonbons to the administration’s know-nothingism, associated with bility, Disney and its board are
big-business basher in chief, Lina the conservative writer Oren Cass, trammeled in their effort to do best
Khan of the Federal Trade Commis- threatens to damage the dynamism by the owners.
Robert Thomson sion. But it’s not an advantage for of our economy. Disney is a proto- For one thing, given human na-
Chief Executive Officer, News Corp his shareholders or the economy. victim: Let’s vilify the money in- ture, deal proposals are a way to
Almar Latour Disney is a canary in a coal volved in certain categories of float radical strategic thoughts that
Chief Executive Officer and Publisher
mine. A disturbing seepage is at transaction so we can get our are otherwise unthinkable. Here’s
DOW JONES MANAGEMENT: work. Joining the Bernie Sanders hands on it and reallocate it to po- one having to do with a core prob-
Daniel Bernard, Chief Experience Officer;
Mae M. Cheng, EVP, General Manager,
left is a new strain of conservative litical purposes almost guaranteed lem in the streaming era: If produc-
Leadership; David Cho, Barron’s Editor in Chief; populism that has adopted the idea to be wasteful, trapping money in- ers are making content primarily
Jason P. Conti, General Counsel, Chief that such corporate transactions side mature or failing combinations for fixed subscriber revenues, home
Compliance Officer; Dianne DeSevo, Chief People
Officer; Frank Filippo, Chief Transformation are so much unproductive “paper rather than letting it flow to prom- runs no longer pay off and the in-
Officer; David Martin, Chief Revenue Officer, shuffling,” as if the money that ising new opportunities. centive to swing for them is short-
Business Intelligence; Elizabeth O’Melia, Chief changes hands in a merger, asset Consider it a step toward metas- circuited. Maybe the strategy for a
Financial Officer; Dan Shar, EVP, General
Manager, Wealth & Investing; Ashok Sinha, SVP, divestiture or share buyback is tasizing through society the soft company like Disney, then, is to get
Head of Communications; Josh Stinchcomb, EVP money taken away from investment budget constraint. The term, from out of streaming largely or alto-
& Chief Revenue Officer, WSJ | Barron’s Group;
to create jobs and give higher pay the analysis of socialism, refers to gether, becoming a supplier of Dis-
Sherry Weiss, Chief Marketing Officer
EDITORIAL AND CORPORATE HEADQUARTERS:
for employees. capital destruction, or fostering en- ney-branded content to streamers
1211 Avenue of the Americas, New York, N.Y., 10036 This is superficial, in fact an ex- terprises whose spending is perma- that’s better and more valuable
Telephone 1-800-DOWJONES ercise in reification fallacy. (Look it nently greater than their earnings. than they can make for themselves.
 .

A18 | Saturday/Sunday, November 11 - 12, 2023 * *** THE WALL STREET JOURNAL.

CHOOSE WISELY.
An open letter from the chair of Perdue Farms®

Hi, I’m Jim Perdue: concerned father, worried grandfather and chair of our fourth-generation family
chicken business. Here’s the deal: More than 20 years ago, we led the industry by listening to
consumers and stopped feeding antibiotics to our chickens. We want you to know the industry’s
largest poultry company is going back to feeding their chickens antibiotics. That means their
chickens are eating antibiotics almost every day of their lives, even if they aren’t sick.

This poultry company is trying to trick consumers into thinking that continuously feeding antibiotics
improves bird health and animal welfare, but that couldn’t be further from the truth. In my experience,
using antibiotics just allows other chicken brands to cut corners and ignore best practices. Antibiot-
ics are only the solution if you aren’t willing to put in the work to create a healthy living environment
where chickens don’t need antibiotics.

We’ve been committed to over 20 years of testing, learning and investing in practices to successfully
raise chickens in a healthy environment — an environment where chickens have access to sunshine
and the outdoors and are fed all-vegetarian chicken feed with no animal byproducts, so they don’t
need antibiotics. It may take more work and cost more money, but we wouldn’t have it any other way
because it’s the right thing to do, for the chickens and your family. So in addition to no hormones
or steroids, Perdue will remain no antibiotics ever. It’s on every package of Perdue chicken, and
it means what it says. Make sure your label says “no antibiotics ever.”

No shortcuts. No hormones or steroids. No antibiotics ever. You have a choice.

It’s Perdue’s promise to put the health of our chickens and your family above everything else.

Thank you,

Jim Perdue, Chair of Perdue Farms Inc.

(866) 866-3703

Get the facts about antibiotics in chicken and read our animal care report at
Perdue.com/KnowBetter

This ad was paid for by Perdue Farms Inc.

 EXCHANGE
.

Superbroker Not Difficult

KOBAL/SHUTTERSTOCK
Inside the world of How you can
a real-estate be a successful
rock star B3 perfectionist B5

BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | B1
DJIA 34283.10 À 391.16 1.15% NASDAQ 13798.11 À 2.0% STOXX 600 443.31 g 1.0% 10-YR. TREAS. À 1/32 , yield 4.627% OIL $77.17 À $1.43 GOLD $1,932.60 g $31.60 EURO $1.0686 YEN 151.52

UAW Urges
Honda,
Subaru
Workers to
Join Union
BY NORA ECKERT

The United Auto Workers is

mounting union-organization drives
at Honda Motor and Subaru by asking
workers to sign authorization cards
indicating that they would like to join
the union.
The union on Friday posted links
to social-media site X that included
online forms workers at Honda and
Subaru in the U.S. can fill out to ex-
press their support for UAW repre-
sentation.
Honda operates several manufac-
turing facilities in the U.S., including
plants in Ohio, Alabama and Indiana,
and employs at least 22,000 manufac-
turing workers. Subaru has about
6,000 workers at an assembly plant in
Lafayette, Ind.
A spokesman for Subaru of Indiana
Automotive said the company will be
providing workers with a pre-holidays
announcement in “response to cur-
rent industry circumstances.” A
Please turn to page B9

Nasdaq Sees
Best Day
Since May as
Stocks Rally
BY HANNAH MIAO

This Holiday Season Is Looking U.S. stocks climbed Friday, notch-

ing a winning week, led by the Nas-

Ho! Ho! Horrible!

daq Composite’s best day in more
than five months.
The tech-heavy index jumped 2%,
its biggest one-day percentage gain
since May 26. The S&P 500 rose
1.6%. The Dow Jones Industrial Aver-
age added nearly 400 points, or
1.2%. All three indexes finished the
It’s a bad signal for the economy that people aren’t spending money, but good for week higher, with the Nasdaq up
2.4%.
shoppers seeking discounts. Here are five signs of the coming slowdown. All 11 sectors of the S&P 500 ad-
vanced Friday, with information-
technology stocks rising the most.
BY SUZANNE KAPNER U.S. holiday-season sales growth prices. (Hint: There could be some steep Chip stocks rallied after Taiwan
12% discounting this year.) Semiconductor Manufacturing re-
2023 estimate “This holiday will be late breaking and ported a jump in October sales. Ad-
+1%

I
t is a giant question looming over
the entire U.S. economy: How
much will shoppers spend during
the make-or-break holiday sea-
son?
Early signs—from the number
of boxes loaded on railway cars to
rising consumer debt—signal a
weaker holiday season than the
PHOTO ILLUSTRATION BY DOUG CHAYKA; ISTOCKPHOTO
heavily deal reliant,” Chris Cocks, the
10 chief executive of toy maker Hasbro,
which makes such wish-list staples as
My Little Pony, Nerf blasters and Trans-
8
formers, told analysts recently.
The National Retail Federation expects
6 overall sales increases could be in line
with the slower pace we saw in the de-
cade leading up to the pandemic, from
vanced Micro Devices and Nvidia
rose. Broadcom clinched a record
high.
Friday’s gains followed a down-
beat Thursday that thwarted the
S&P 500’s shot at its longest win-
ning streak since 2004. The S&P 500
had risen for eight consecutive ses-
sions, while the Nasdaq had re-

past three, when pent-up demand com-
ing out of the worst of the pandemic
sparked shoppers’ spending.
A dud of a holiday season would be di-
sastrous for retailers. For economists, it
would be an ominous signal about the di-
rection of the economy. And for shop-
pers, forecasting offers a clue to when
and how deeply stores will start slashing
4 2010 to 2019, when the average annual corded nine straight positive trading
increase over that period was 3.6%. It ex- days.
2
pects November-December spending, not Federal Reserve Chair Jerome
including inflation, to rise 3% to 4%. By Powell on Thursday tapped the
contrast, sales rose 5.4% in 2022, 12.7% brakes on the stock market’s run,
0 in 2021 and 9.1% in 2020. saying at a conference that it was
2010 ’15 ’20 ’23 Others are even gloomier. Some eco- too early to declare victory against
Note: Data are adjusted for inflation. nomic and company forecasts call for al- price pressures and leaving the door
Source: Bain Please turn to page B4 open for further interest-rate in-
creases. A weak government sale of
longer-term debt, meanwhile,
Please turn to page B11

TAX REPORT | LAURA SAUNDERS

To Secure Your 2023 Tax Breaks, the Time to Act Is Now

Do the heavy lifting before January to reduce your IRS obligation in April

It’s time to shake
a leg on year-end
tax planning.
As usual, most
moves affecting
2023 taxes must
be completed be-
fore Jan. 1, just weeks away.
Here are areas to tackle now—
and a few that can slide.
 Check withholding and
estimated taxes. On Oct. 1, the
penalty on tax underpayments
their taxes long before the April
deadline. The due date is Dec. 31,
2023 for employees and Jan. 16,
2024 for those making quarterly
payments. The IRS has posted a
calculator to help employees fig-
ure the right amounts.
Need to pay more? Try to fill
the gap by withholding either
from your paycheck or your tax-
able IRA payout. Under little-
known tax rules, these moves
can wipe out or reduce under-
payment penalties, even if the
filers with adjusted gross in-
come of $150,000 or less, while
the 110% threshold applies to
those with more.
 Standard deduction, or
itemized? Filers can reduce
their taxable income either by
subtracting one overall
amount—the standard deduc-
tion—or by listing itemized de-
ductions for mortgage interest,
state and local taxes, charitable
donations, medical expenses and
ILLUSTRATION BY KIERSTEN ESSENPREIS

rose to a stiff 8% and may hold
there. This is worth avoiding, so
review your paycheck withhold-
ing or quarterly estimated
taxes—especially if your income
has been uneven or included a
windfall like a bonus.
To avoid underpayment penal-
ties, most filers must pay 90% of
catch-up payment is made late
in the year.
Taxpayers can also bypass
penalties by paying an amount
equal to either 100% or 110% of
their 2022 taxes, if they do it on
time. (IRS.gov/directpay is a
useful option.) In most cases,
the 100% threshold applies to
others on Schedule A. Before the
2017 tax overhaul nearly dou-
bled the standard deduction,
about 30% of filers itemized.
Now, less than 10% do.
The standard deduction is
$27,700 for married joint filers
and $13,850 for singles this year,
Please turn to page B5

B2 | Saturday/Sunday, November 11 - 12, 2023
THE SCORE | THE BUSINESS WEEK IN FIVE STOCKS
Warner Bros. Falls,
Take-Two Ramps Up
TAKE-TWO INTERACTIVE
 
SOFTWARE
Take-Two’s stock scored
TTWO gains on excitement for its
next big game. The video-
5.2% game publisher’s Rockstar
Games studio said on
Wednesday that it would release the
first trailer for its next “Grand Theft
Auto” game early next month. “Grand
Theft Auto” is one of the bestselling
videogame franchises of all time—its
popularity fueled by frequent updates.
The fifth and last installment of the
game, released in 2013, generated
more than $1 billion in sales in its first
three days of release. Take-Two shares
rose 5.2% Wednesday.
185 million
Units sold to retailers
of the most recent
installment of
“Grand Theft Auto,”
as of August
Warner Bros. Discovery posted a wider-than-expected quarterly loss.
WARNER BROS. DISCOVERY
 Warner Bros. Discovery
had a gloomier quarter
WBD than its rivals. The studio
and streaming company
19% posted a wider-than-ex-
pected third-quarter loss,
warning that it wouldn’t meet debt-
repayment targets if the TV ad mar-
ket fails to revive. The company
turned a profit in its streaming busi-
ness, but lost subscribers in the third
quarter. Warner Bros. shares slid 19%
Wednesday, its worst one-day perfor-
mance in more than two years.
UBER TECHNOLOGIES
 Uber and Lyft’s latest earn-
ings told a tale of two ride-
UBER share apps. Uber on Tues-
day beat earnings
3.7% expectations, reporting
enough positive earnings to
qualify the company to join the S&P
500. Uber said both its ride-hailing
and food-delivery businesses grew in
ERIC THAYER/BLOOMBERG NEWS
the third quarter. Rival Lyft on
Wednesday said it grew its third-quar-
ter revenue and trimmed its loss as
new Chief Executive David Risher cut
costs. But, Lyft reported slower growth
than Uber in rides booked. Uber shares
rose 3.7% Tuesday, while Lyft
shares lost 6% Thursday.
WSJ COMIC | DALE HRABI & KAGAN MCLEOD
A Piece of Work | The Extreme Office Makeover
AFFIRM HOLDINGS
The buy now, pay later
trend is paying off for Af-
AFRM firm. The financial-technol-
ogy company reported
14% higher-than-expected reve-
nue and a narrower loss
than a year earlier. In its fiscal first
quarter of 2024, Affirm logged 16.9
million active consumers, up from 14.7
million in the year-earlier period. Dur-
ing the pandemic, many U.S. consum-
ers flocked to BNPL payment options
provided by Affirm, Klarna and After-
pay, allowing people to pay for online
purchases in installments and avoid
new credit-card debt. Elevated interest
rates and high costs of living are help-
ing fuel BNPL’s continued popularity.
Affirm shares jumped 14% Thursday.
132%
Affirm shares’
year-to-date climb
Performance of Warner Bros.
Discovery this week
0%
–5
–10
–15
–20
–25
M T W T F
Source: FactSet
WYNN RESORTS
 Las Vegas Strip workers are
the latest group to ride this
WYNN year’s wave of labor orga-
nizing. The Culinary and
5.7% Bartenders unions reached
deals for about 35,000 hos-
pitality workers at Wynn Resorts,
MGM Resorts, and Caesars Entertain-
ment ahead of a Friday strike dead-
line. The unions reached a tentative
deal with the three gambling compa-
nies three hours before the deadline—
narrowly avoiding a walkout ahead of
a pivotal Formula One race week-
end. Wynn Resorts shares ended 5.7%
lower Friday.
—Francesca Fontana
EXCHANGE
KEYWORDS | CHRISTOPHER MIMS
The Rise of Artificial Intelligence
Is Causing the Decline of Truth
New tools can create fake videos and clone the voices of those closest to us
Creating and dissem-
inating convincing
propaganda used to
require the resources
of a state. Now all it
takes is a smart-
phone.
Generative artificial intelligence
is now capable of creating fake pic-
tures, clones of our voices, and
even videos depicting and distort-
ing world events. The result: From
our personal circles to political cir-
cuses, everyone must now question
whether what they see and hear is
true.
We’ve long been warned about
the potential of social media to dis-
tort our view of the world, and
now there is the potential for more
false and misleading information to
spread on social media than ever
before. Just as importantly, expo-
sure to AI-generated fakes can
make us question the authenticity
of everything we see. Real images
and real recordings can be dis-
missed as fake.
“When you show people deep-
fakes and generative AI, a lot of
times they come out of the experi-
ment saying, ‘I just don’t trust any-
thing anymore,’” says David Rand,
a professor at MIT Sloan who stud-
ies the creation, spread and impact
of misinformation.
The combination of easily-gener-
ated fake content and the suspicion
that anything might be fake allows
people to choose what they want
to believe, says Renee DiResta, a
researcher at the Stanford Internet
Observatory. That leads to what
she calls “bespoke realities.”
Examples of misleading content
created by generative AI are not
hard to come by, especially on so-
cial media. One widely circulated
and fake image of Israelis lining
the streets in support of their
country has many of the hallmarks
of being AI-generated—including
telltale oddities that are apparent
if you look closely, such as dis-
torted bodies and limbs. For the
same reasons, a widely shared im-
age that purports to show fans at a
soccer match in Spain displaying a
Palestinian flag doesn’t stand up to
scrutiny.
Such sign are easy to miss for a
user simply scrolling past, who has
* ***
an instant to decide whether to like
or boost a post on social media.
And as generative AI continues to
improve, it’s likely that such signs
will be harder to spot in the future.
“What our work suggests is that
most regular people do not want to
share false things—the problem is
they are not paying attention,”
says Rand.
With hard-to-spot fake content
proliferating, it’s no surprise peo-
ple are now using its existence as a
pretext to dismiss accurate infor-
mation. Earlier this year, for exam-
ple, in the course of a lawsuit over
the death of a man using Tesla’s
“full self-driving” system, Elon
Musk’s lawyers responded to video
evidence of Musk making claims
about this software by suggesting
that the proliferation of “deep-
fakes” of Musk was grounds to dis-
miss such evidence. They advanced
that argument even though the clip
‘This is how
authoritarianism arises
—when you erode trust
in institutions.’
of Musk was verifiably real. The
judge in the case said this line of
argument was “deeply troubling.”
More recently, many have
claimed, on TikTok and Twitter,
that a grisly image of a victim of
the attack on Israel by Hamas,
tweeted by Israeli Prime Minister
Benjamin Netanyahu, was created
by AI. Experts say there is no evi-
dence the image was altered or
generated by AI.
If the crisis of authenticity were
limited to social media, we might
be able to take solace in communi-
cation with those closest to us. But
even those interactions are now
potentially rife with AI-generated
fakes. The U.S. Federal Trade Com-
mission now warns that what
sounds like a call from a grand-
child requesting bail money may be
scammers who have scraped re-
cordings of the grandchild’s voice
from social media to dupe a grand-
parent into sending money.
Similarly, teens in New Jersey
.
THE WALL STREET JOURNAL.
were recently caught sharing fake
nude images of their classmates,
made with AI tools.
And while these are malicious
examples, companies like Alphabet,
the parent company of Google, are
trying to spin the altering of per-
sonal images as a good thing.
With its latest Pixel phone, the
company unveiled a suite of new
and upgraded tools that can auto-
matically replace a person’s face in
one image with their face from an-
other, or quickly remove someone
from a photo entirely.
Making pictures perfect is nifty,
but it also welcomes the end of
capturing authentic personal mem-
ories, with their spontaneous
quirks and unplanned moments.
Joseph Stalin, who was fond of
erasing people he didn’t like from
official photos, would have loved
this technology.
In Google’s defense, it is adding
a record of whether an image was
altered to data attached to it. But
such metadata is only accessible in
the original photo and some copies,
and is easy enough to strip out.
Not everyone agrees that arming
the public with easy access to AI
will exacerbate our current diffi-
culties with misinformation. The
primary argument of such experts
is that there is already vastly more
misinformation on the internet
than a person can consume, so
throwing more into the mix won’t
make things worse.
Even if that’s true, it’s not ex-
actly reassuring, especially given
that trust in institutions is already
at one of the lowest points in the
past 70 years, according to the
nonpartisan Pew Research Center,
and polarization—a measure of
how much we distrust one an-
other—is at a high point.
“What happens when we have
eroded trust in media, government,
and experts?” said Hany Farid, a
professor at the University of Cali-
fornia, Berkeley who specializes in
digital forensics and image analy-
ILLUSTRATION BY MITCH BLUNT
sis. “If you don’t trust me and I
don’t trust you, how do we re-
spond to pandemics, or climate
change, or have fair and open elec-
tions? This is how authoritarianism
arises—when you erode trust in in-
stitutions.”

THE WALL STREET JOURNAL.
$100 Million Home Sales and Lots of Hustle
A superbroker explains how a court verdict could upend the business for others; ‘I put my money where my mouth is’
BY E.B. SOLOMONT
I
f you’re Kurt Rappaport—a
real-estate agent to the
stars, with billionaires on
speed dial and $100 million
home sales under your
belt—there’s really only one way
to throw yourself a housewarming
party, and that’s by inviting Snoop
Dogg to DJ.
The 2022 event, at Rappaport’s
old Hollywood-style compound in
Los Angeles, was the culmination
of a five-year renovation. It epito-
mized the rarefied world of luxury
real estate in which Rappaport op-
erates, where A-list clients flip
$50 million homes and industrious
agents can make fortunes of their
own helping others buy and sell
real estate.
At 52, Rappaport is at the pin-
nacle of a gilded world of super-
brokers, featured in reality TV
shows like “Selling Sunset” and
“Million Dollar Listing.” Now a
landmark court verdict threatens
to upend the business after a fed-
eral jury in Missouri found the Na-
tional Association of Realtors and
large brokerages conspired to keep
commission fees artificially high.
The industry norm is 6%, split
evenly between the buyer and
seller’s agents. As a result of the
ruling, the federal trial judge
could mandate industrywide
changes to the way brokers are
paid.
At stake nationally is roughly
$100 billion that Americans pay
each year in real estate commis-
sions. By his own estimate, Rappa-
port sold $1.6 billion worth of real
estate last year, an amount that
almost certainly earned him tens
of millions of dollars in fees.
With a newfound ability to ne-
gotiate, home shoppers with ac-
cess to real-estate data may forgo
having two agents, or insist on
paying less. Rappaport predicts
agents could have to step up their
game—to work harder, work
smarter, develop thicker skin,
leave it all on the table, he says.
“There are a lot of people who
think it’s easy and they can just
take their friends to look at prop-
erties and that’s really not what
this business is about,” he says.
He’s confident that his own
niche at the high-end is secure.
“No one is buying a $50 million or
a $100 million house without hav-
ing someone represent them,” he
says. “We don’t get paid for our
time. We don’t get paid for the ef-
fort,” he said. “You get paid for
whether you win or lose, whether
you get the result. You can always
find someone who will charge less,
but will they get it done?”
Six-foot-2-inches tall with a
thicket of dark hair, Rappaport
grew up in Los Angeles as the only
child of parents who split when he
was young. After moving in with
his father, entertainment lawyer
Floyd Rappaport, the teenager hob-
nobbed with the rich and famous
FROM TOP: JESSE GRANT/GETTY IMAGES; SIMON BERLYN
at Spago and industry parties.
By his 20s, Rappaport was mus-
cling his way to the top of L.A.’s
glittering real-estate scene. After
dropping out of the University of
Southern California, he got an en-
try-level job at a production com-
pany, but quickly pivoted to real
estate, which he loved for its deal
making, architecture and design.
In 1994, when Rappaport was 22,
he listed Hollywood madam Heidi
Fleiss’s Beverly Hills-area home,
Hollywood’s Extra-Long Movies
Spark Calls to Add Intermissions
BY JOSEPH PISANI
AND SURYATAPA BHATTACHARYA
Movies are getting longer, testing
even the strongest of bladders.
Mar Luque, 22, a student in Cór-
doba, Spain, said she only made it
through Taylor Swift’s nearly three-
hour-long concert movie by sipping
her soda slowly. “I rushed to the bath-
room right after,” she said.
Hollywood has released a string of
unusually long movies in recent
months. “Oppenheimer,” about the
MELINDA SUE GORDON/APPLE/EVERETT COLLECTION
birth of the atomic bomb, ran for ex-
actly three hours, not counting the
previews. Then came Martin Scors-
ese’s three-hour-and-26-minute “Kill-
ers of the Flower Moon.”
The extended runtimes have
sparked calls from some moviegoers to
bring back intermissions, which disap-
peared decades ago in the U.S. and
U.K. One of those moviegoers is Gor-
don Matlock, who said he took two
breaks while watching “Killers of the
* * * *
Kurt Rappaport, above, at the 2022 LA Power Broker Awards. He is currently marketing the Bel-Air estate of
the late financier Gary Winnick, below, for a potentially record-setting $250 million.
priced just under $1.8 million. (Mi-
chael Douglas bought it.) Around
then, he also sold a $10 million
home to Sylvester Stallone, and a
slew of VIP clients followed. In
Flower Moon.”
“I’m 59 years old,” said the call cen-
ter supervisor from Morgan Hill, Calif.
“A lot of things in my body have
changed.”
He said intermissions would be nice
so he doesn’t miss important scenes.
But he won’t give up his movie-watch-
ing drinks. “I do need to keep hy-
drated,” he said.
Adding an intermission isn’t easy.
When theater owners enter an agree-
ment with distributors to showcase a
film, they are usually prohibited from
making any alterations to the original
content, including adding an intermis-
sion.
The Lyric, a theater in Fort Collins,
Colo., added an eight-minute intermis-
sion to “Killers of the Flower Moon”
after customers asked for it, said man-
ager Aaron Varnell. It lasted for one
weekend. One of the film’s distributors
found out and asked for it to stop, he
said. The same thing happened at Vue,
a European movie-theater chain. Its
U.K. theaters had a 10-minute inter-
EXCHANGE
1999, Rappaport and business
partner Stephen Shapiro launched
their own brokerage shop, West-
side Estate Agency. “I do the man-
agement,” Shapiro told real-estate
mission for the film for a week before
being told to stop, said Vue Interna-
tional’s founder and chief executive,
Tim Richards.
“Killers of the Flower Moon” was
distributed by Paramount Pictures and
Apple TV+.
For moviegoers who choose to take
their own break mid-film, missing cru-
cial plot points is a major concern.
Dan Gardner tried to fix that. He cre-
ated the RunPee app, which tells users
when they can take a bathroom break
without missing key scenes.
Gardner got the idea after watching
2005’s “King Kong,” which ran for
three hours and 21 minutes. “I was in
agony,” he said. “I held it for way too
long and I couldn’t enjoy the end of
the movie.”
According to RunPee, there have
been eight three-hour or longer mov-
ies in the past 14 years, with half of
them released in the past 12 months.
That includes James Cameron’s “Ava-
tar: The Way of Water” (three hours,
12 minutes) and “Babylon,” starring
Saturday/Sunday, November 11 - 12, 2023 | B3
trade magazine the Real Deal in
2020. “He sells.”
A turning point came in the
early 2000s. Rappaport was out to
dinner when an anonymous caller
‘Killers of the Flower Moon’ stars Robert De Niro and Leonardo DiCaprio.
Brad Pitt (three hours, nine minutes).
Gardner watches movies each week
and doesn’t leave his seat. He prepares
for long movies by adding more salt to
his lunch, which he says helps him re-
tain water. He doesn’t drink anything
at the theater. “That’s the kiss of
death,” he said.
Richards, the Vue founder, said U.K.
.
rang his cellphone. It was Oracle
co-founder Larry Ellison, who
wanted to see a beachfront prop-
erty in Malibu the next day. The
story, now industry lore, goes that
the listing agent wasn’t free but
Rappaport opened the door any-
way and Ellison bought the house
for $11.8 million in 2002. Rappa-
port has since brokered more than
30 sales for Ellison and trophy-
home collectors like him. In addi-
tion to Ellison, Rappaport’s repeat
clients include talk-show host and
serial home-flipper Ellen DeGe-
neres, and over the years he has
represented Ryan Seacrest, David
Geffen, Brad Pitt and Madonna.
Earlier this year, Rappaport bro-
kered Beyoncé and Jay-Z’s roughly
$200 million purchase of an
oceanfront Tadao Ando-designed
mansion in Malibu, a deal that set
a California sales record. He is
currently marketing the Bel-Air
estate of the late billionaire finan-
cier Gary Winnick for a potentially
record-setting $250 million.
The unrelenting grind reaps re-
wards, particularly at an elite
level.
In 2020, when Rappaport sur-
Kurt Rappaport
 Mission Impossible: Sold his
own Beverly Hills home to
Tom Cruise for $30.5 million.
 Housewarming: Snoop Dogg
was the DJ at his 2022
party.
 USC Dropout: He attended
University of Southern
California for two years.
 Flipper: He’s brokered more
than 30 deals for Oracle
co-founder Larry Ellison.
 Mr. Met: He considered
buying the New York Mets in
2020.
faced as a bidder to buy the New
York Mets, Forbes estimated he
was worth $250 million. The same
year, he paid $3.7 million for a
1909 Honus Wagner baseball card.
“Not only is it beautiful, but it’s
rare,” he told TMZ Sports, describ-
ing the baseball card the same
way one might view fine art or ar-
chitecture.
Rappaport has also parlayed his
winnings into his own portfolio of
luxury homes. In 2018, he sold a
15,000-square-foot Malibu man-
sion to Canadian billionaire Daryl
Katz for $85 million and his Holly-
wood Hills home to Tinder co-
founder Sean Rad for $26.5 mil-
lion. A year before selling the
Malibu house, Rappaport got mar-
ried there to model Sarah Hutch in
a star-studded affair featuring a
performance by Christina Aguil-
era. The marriage was short-lived;
after their 2018 split, Rappaport
married Zorana Kuzmanovic. They
live in the compound that was
completed in 2022.
Rappaport said some agents
spend their money on vacations or
cars, but not him. He has been
buying real estate himself ever
since he began selling it. “It’s not
just that I’m trying to make a
deal,” he said. “I put my money
where my mouth is. That’s how
you get wealthy. By owning, not
by being a broker.”
theaters had intermissions for all mov-
ies until the 1980s. Vue’s theaters in
Germany, the Netherlands and Italy,
which don’t have the same contracts
with distributors, still offer breaks on
all movies, he said. He hopes he can
convince the studios to allow them
again in the U.K. “The British also
want an intermission,” he said.

B4 | Saturday/Sunday, November 11 - 12, 2023
Signs Point
To Gloomy
Holidays
Continued from page B1
most no growth in holiday spend-
ing this year, particularly when
inflation is stripped out. The con-
sulting firm Bain expects infla-
tion-adjusted retail sales in No-
vember and December for stores
and e-commerce to rise 1%, the
slowest pace since the financial-
crisis holidays of 2008.
Shoppers can look forward to
more discounts as Christmas ap-
proaches, predicts Jordan Vo-
loshin, CEO of the upscale chain of
cookwares stores Sur La Table.
“October was very soft,” he
said. He expects sales will be con-
centrated on a few big days of dis-
counting like Black Friday and the
Saturday before Christmas.
Shoppers have been buying
fewer of the items that usually
dominate holiday gift lists like
sweaters and toys, as they spend
more to keep refrigerators stocked
and gas tanks full. They have also
been shifting dollars to travel and
entertainment.
U.S. imports of toys, games and
sports equipment
$40 billion
30
20
10
0 year at this time, as retailers
2019 ’20 ’21 ’22
Notes: January through September; not adjusted
for inflation
Source: Census Bureau
Still, consumers often have a
way of pulling through and mak-
ing those last-minute purchases. A
hot toy, for example, can emerge—
Tickle Me Elmo circa 1996, or Lit-
tle Live Pets Mama Surprise,
2022’s baby-making robots.
Here are the most important
clues that paint a revealing pic-
ture of how the season will unfold.
RAILROAD LOADS
LOOK LIGHT
Many businesses are planning for
a ho-hum holiday season by im-
porting less stuff. U.S. imports of
TVs and computer monitors, foot-
wear and toys—including games
and sports equipment—fell 20% or
more in the nine months through
September, compared with the
same period a year earlier, accord-
ing to the Census Bureau. Bicycle
imports are down 41%, and smart-
phones declined 16%.
Railroad operators said they
are receiving fewer loads from
ports to haul inland. United Par-
cel Service and FedEx have also
reported lower revenues this year
as consumers spend more on
travel and services rather than
on goods. FedEx executives said
in a recent earnings call that they
expect domestic parcel volumes
this year to be down 25%, lower
than what they had previously
anticipated.
The decline in imports shows
how business is reverting to pre-
pandemic levels after the buying
surges in 2021 and 2022.
STOCKROOM
CUPBOARDS ARE
STILL FULL
Stores and warehouses were over-
flowing with merchandise last
’23 struggled to match supply and de-
mand coming out of the pandemic.
Chains offered big discounts to
clear out the excess—good news
for consumers, but crushing for
retailers’ bottom lines.
Retailers spent most of this
year whittling down their stock-
piles, but some chains are still
bloated. Retailers’ inventory-to-
sales ratio in August was the high-
est since May 2020, according to
the U.S. Census Bureau.
Citi analyst Paul Lejuez said the
excess inventory raises the possi-
bility that some retailers could
run big sales as the season pro-
gresses, particularly if demand
falls short of their expectations.
U.S. selected imports in 2023, change from a year earlier*
Bicycles
Footwear
Apparel, knitted
Musical instruments
Toys, games
TVs, monitors
Furniture
Computers, peripherals
Hats
Apparel, not knitted
Smartphones
–40%
*Through Sept.
Notes: Tariff category names are simplified and may include components and related items.
EXCHANGE
Ratio of retail inventories to sales
WHO declares pandemic
1.75 times
1.50
1.25
1.00
2018 ’19 ’20 ’21 ’22
Source: U.S. Census Bureau via Federal Reserve
Bank of St. Louis
After stocking up on toys dur-
ing the pandemic, shoppers are
hitting the brakes this year. Toy
sales are down 8% through Sep-
tember, compared with the same
period last year, according to mar-
ket research firm Cirana. That fol-
lows three years of huge
growth—33% from 2019 to 2022.
Mattel CEO Ynon Kreiz said in
an interview that despite this
year’s toy slump, Mattel’s sales are
up on the strength of its Barbie,
Disney Princess and Disney Frozen
dolls as well as Hot Wheels and its
new RacerVerse line.
He said shoppers are returning
to normal habits after buying ear-
lier in the past few years. “Shop-
ping will move further to the back
–30 –20 –10
Source: Census Bureau
* ***
end of the year,” Kreiz said.
FEWER HOLIDAY
JOB OPENINGS
Usually retailers and manufactur-
ers staff up in late summer and
early fall in anticipation of the
holiday shopping rush. That didn’t
happen this year.
“I’ve never seen low unemploy-
ment and low demand for seasonal
employees in the 24 years I’ve
been in the staffing business,” said
’23
Art Papas, chief executive of Bull-
horn, which provides software to
staffing firms.
Why the disconnect? Employers
found it difficult to hire perma-
nent workers coming out of Covid,
so they added more part-timers.
Now that the labor market is nor-
malizing, they are shifting back to
permanent staff, said Nick Bunker,
economic research director for
North America at Indeed Hiring
Lab, which tracks employment
trends.
Some retailers are increasing
the number of hours part-timers
work, requiring them to hire fewer
of them. “Instead of two people
working 12 hours, you’ll have one
person working 24 hours a week,”
said Melissa Hassett, vice presi-
dent of client services at Man-
power, a staffing agency.
CONSUMERS’ CASH
CRUNCH
Consumers paid down their credit-
card debt in record numbers dur-
ing the pandemic. But some peo-
ple have run up hefty balances
again and are cutting back on
shopping this season.
In August, credit-card delinquen-
cies and defaults exceeded 2019 lev-
els for the first time since the pan-
demic. Mihir Bhatia, a consumer-
finance analyst at BofA, expects
delinquencies and defaults to con-
tinue rising for the next few quar-
ters. As card issuers tighten under-
0 writing standards, an increasing
number of lower-income consumers
won’t qualify for credit cards and
.
THE WALL STREET JOURNAL.
Stores are expected to increase
discounts as Christmas
approaches. Macy’s, above, in New
York on Black Friday last year.
Holiday-season retail-sector hiring
in October
250,000
200,000
150,000
100,000
50,000
0
2010 ’15 ’20 ’23
Source: Bureau of Labor Statistics
that could impede their spending
this holiday season, he said.
Walmart, Macy’s, Dollar General
and Dick’s Sporting Goods are
among the retail chains that said
in August that consumers are
slowing their spending on nones-
sential purchases.
Even high-income households
have reasons not to buy things.
The high yields that savings ac-
counts are offering are too good to
pass up for many affluent consum-
ers, evidenced by a recent spike in
funds flowing into money-market
accounts where some rates are
pushing past 5%, according to Citi
analyst Steven Zaccone.
BARGAIN HUNTERS
HAVE TIME
So far, the big discounts shoppers
enjoyed last year haven’t material-
ized. In September and October,
deals for clothing, shoes, toys,
electronics and appliances were
more modest than a year ago, ac-
cording to Particl, an e-commerce
product-development and pricing
database.
On the other hand, a growing
number of chains have been talk-
ing about rolling back prices or in-
creasing promotions on some
items, including Dollar General
and Levi Strauss.
Natalia Buia, a 35-year-old who
works in public relations, is look-
ing for big ticket items like furni-
FROM TOP: YUKI IWAMURA/AFP/GETTY IMAGES; JUTHARAT PINYODOONYACHET FOR THE WALL STREET JOURNAL
ture, appliances and TVs for her
new home. But the discounts
aren’t deep enough yet, the To-
ronto resident said, to tempt her
to buy. “I plan to wait until Black
Friday,” she said.
Last-minute shopping was long
a hallmark of the holiday season
but that changed during the pan-
demic when supply-chain bottle-
necks created scarcity and forced
people to buy earlier or risk hav-
ing items sold out.
That trend is also reversing
this year. With Christmas falling
on a Monday, procrastinators will
have plenty of time to stock up
on last-minute gifts the preced-
ing weekend. When the season is
back-end loaded, retailers tend to
get nervous and ramp up late
discounts.
—Esther Fung, Harriet Torry,
Anthony DeBarros and Ben
Glickman contributed to this
article.

THE WALL STREET JOURNAL.
There’s a story on
page 845 of Barbra
Streisand’s dishy new
memoir that is so un-
believably Babs that
it would be hard to
believe if it were
about anybody else.
It’s a Sunday night. She’s at
home watching the television pre-
miere of “The Prince of Tides,” the
1991 film she directed, produced
and starred in. And she can’t help
but notice that something is
wrong. Every time the movie goes
to commercial, the volume gets
cranked up way too loud. So she
calls NBC and asks to speak with
the network’s sound engineer.
Amazingly, she gets someone on
the phone. Then she persuades him
to lower the volume on the com-
mercials by two decibels.
“I guess this is what people
mean when they call me a perfec-
tionist,” she writes.
Many of the world’s most suc-
cessful people have something ele-
mental in common that explains
their success: They are perfection-
ists.
They are demanding. They are
control freaks. They are obsessive
about details. They want every lit-
tle thing to be right, partly because
they are single-minded, and mostly
because they can’t stand the idea
of big things going wrong. They
are, in their own way, Barbra
Streisand.
“My Name Is Barbra” is raw,
juicy, deeply personal, profession-
ally insightful and way too long.
It’s also a manual for how to suc-
ceed in any business by really, re-
ally trying.
Streisand’s book shows how per-
fect may be the enemy of good, but
perfectionism is often an ally of
greatness. The success of this
Emmy, Grammy, Oscar and Tony
winner has been driven as much by
her perfectionist tendencies as her
talent, like so many of the men
whose success has been mined for
business lessons.
Steve Jobs had such lofty stan-
dards for Apple’s products that he
delayed the original Macintosh
computer until he was satisfied
with the beauty of the circuit
boards that nobody would actually
see. Warren Buffett and Bill Gates
were once at a small dinner where
they were asked to name the single
most important factor behind their
accomplishments. They had the
same response: focus.
“It is unclear how many people
at the table understood ‘focus’ as
Buffett lived that word,” wrote Al-
ice Schroeder in “The Snowball,”
her Buffett biography. “This kind of
innate focus couldn’t be emulated.
It meant the intensity that is the
price of excellence. It meant the
discipline and passionate perfec-
tionism that made Thomas Edison
the quintessential American inven-
tor, Walt Disney the king of family
entertainment and James Brown
the Godfather of Soul.”
Streisand would have under-
stood perfectly if she were at that
table.
She becomes absorbed by her
movies, her music and basically
FROM TOP: CBS/GETTY IMAGES; COLUMBIA PICTURES/EVERETT COLLECTION
anything she might be working
on—like this book that’s heavy
enough to bench-press. The 970-
page volume that took her a decade
to finish is thicker than Walter
Isaacson’s biographies of Jobs and
Elon Musk, and she drops so many
names in this gossipy romp that an
index could fill another 970 pages.
But one of the poignant notes
that Streisand hits is about how
the ruthless perfectionism of men
is often celebrated and mytholo-
gized while hers was mocked and
criticized.
She bristles at this double stan-
dard. In the early 1990s, the
Don’t Miss
Out on 2023
Tax Breaks
Continued from page B1
and next year that rises to $29,200
and $14,600 respectively. Filers age
65 and older each get at least
$1,500 more.
Some taxpayers will want to
switch back and forth from stan-
dard to itemized to maximize over-
all deductions. If so, it can make
sense to “bunch” deductions either
by accelerating or delaying them
into years when you’ll itemize.
Often the best candidates for
bunching are charitable donations
(see below), but don’t overlook un-
reimbursed medical expenses.
They’re deductible above 7.5% of ad-
justed gross income, a hard thresh-
old to surmount. For those who do,
a wide variety of expenses can
BRANDON BELL/GETTY IMAGES
count, including Medicare premi-
ums, contact-lens solution and
home modifications like an elevator
or even a swimming pool.
 Optimize charitable donations.
Givers should focus on three key tax
* * * *
SCIENCE OF SUCCESS | BEN COHEN
DON’T RAIN ON HER
PERFECTIONISM
Perfect may be the
enemy of good, but
Barbra Streisand
details what makes
a successful
perfectionist in her
memoir.
woman who made “Yentl” gave a
speech in which she explained how
sexist language was used against
her, and she was so proud of it that
she reprints excerpts in the book:
 A man is commanding. A woman
is demanding.
 A man shows leadership. A
woman is controlling.
 If a man wants to get it right,
he’s admired and respected. If a
woman wants to get it right, she’s
difficult and impossible.
breaks for donations, as there’s no
$300 or $600 deduction for non-
itemizers this year.
One is to bunch gifts and itemize
deductions in some years but not
others. Example: Margaret is a sin-
gle filer, age 67, who gives $5,000 a
year to charity. But that and her
other deductions will come to less
than her 2023 standard deduction.
By making two years of donations
either this year or next, Margaret
could take the standard deduction
one year and itemize for the other
to maximize overall tax breaks.
Another is to donate appreciated
investments held longer than a year.
Donors can often take a deduction
for the full fair-market value of an
asset without owing tax on its
growth—although conditions and
limits apply.
Donors who bunch deductions or
give appreciated assets may want to
use a donor-advised fund, or DAF.
These enable the giver to take an
upfront deduction and wait till later
to direct donations to specific chari-
ties. Such funds are often conve-
nient but have fees.
Finally, taxpayers age 70½ and
older have a highly useful option:
qualified charitable distributions,
or QCDs, of traditional IRA assets.
Each IRA owner can transfer up to
$100,000 this year ($105,000 in
2024) directly to one or more
EXCHANGE
 If a man acts, produces and di-
rects, he’s multitalented. If a
woman does the same thing, she’s
vain and egotistical.
 A man is a perfectionist. A
woman is a pain in the ass.
She knows there is no such
thing as perfection. But she em-
braces her uncompromising pursuit
of unattainable ideals.
“When men are called perfec-
tionists, it’s a compliment,” she
said 10 years ago. “So now I say un-
abashedly that I’m a perfectionist.”
charities. The donation can count
toward their required minimum
payout, if any.
Donors using QCDs don’t get a
deduction, but the gifts don’t count
as taxable income, either. That can
help reduce income-adjusted Medi-
care premiums and other taxes—
and still allow the donor to take the
standard deduction.
 Watch for large mutual-fund
payouts. Investors holding mutual
funds in taxable accounts should
check whether their funds will make
large capital-gains payouts for 2023.
Mark Wilson, a financial adviser
who tracks large payouts at Cap-
GainsValet.com, expects large pay-
outs from fewer than 100 funds this
year. That compares with about 360
last year, when mar-
kets tumbled and
some managers sold
holdings to meet
redemptions.
Still, he says that
so far five funds
have announced pay-
outs greater than
30% of net asset
value, including the
BNY Mellon U.S. Eq-
uity Fund. Another
dozen will be making
payouts greater than
20% of assets, in- The list of EVs
Saturday/Sunday, November 11 - 12, 2023 | B5
‘I want my work to be the best
it can be,’ says Barbara
Streisand, shown circa 1966,
above, and on the set of ‘The
Prince of Tides,’ a movie she
produced, directed, starred in—
and called a TV network about.
Few people appreciated her per-
fectionism more than her late col-
laborator Marvin Hamlisch. The
composer and conductor met Strei-
sand on his first job, as the 19-
year-old rehearsal pianist for
“Funny Girl,” where he fetched
chocolate doughnuts for the 21-
year-old star. Yes, she was a per-
fectionist, he once said. And if you
wanted to work with her, you had
better be a perfectionist, too.
“Let’s assume you were working
for NASA and they’re going to be
putting a man on the moon,” he
told the Washington Post. “Every-
one has to do a perfect job. What
she is is the vessel that can get you
to the moon.”
Is it so wrong to try to get ev-
erything right?
Well, maybe. Perfectionism can
be counterproductive, says Thomas
Curran, a London School of Eco-
nomics psychologist and author of
the new, slimmer book “The Per-
fection Trap.” He says research
shows that perfectionists are not
cluding J.P. Morgan’s Tax Aware Eq-
uity fund and the DWS Equity 500
Index fund.
Usually investors have time after
the announcement to make strate-
gic moves before the payout. These
include harvesting losses elsewhere
to offset the gains or donating the
holding to charity for a deduction.
 Plan electric-vehicle purchases.
There are lots of factors to consider.
One is that buyers who wait until
2024 can receive a tax credit up to
$7,500 at purchase, while those who
buy this year can’t claim the credit
until they file 2023 tax returns.
On the other hand, the list of eli-
gible vehicles could shrink in 2024
after the IRS issues guidance on
certain provisions. One of them ex-
eligible for a tax break may shrink.
.
more successful—and many of
them wind up despondent they’re
not perfect enough. Also, some of
them claim to be perfectionists
when they’re really just office
jerks. Extreme perfectionism only
works for visionaries who are ex-
tremely talented, like Jobs or Strei-
sand, and the world is full of medi-
ocre perfectionists who just make
everyone around them miserable.
But there is a difference be-
tween being a perfectionist and
being conscientious, meticulous
and diligent, Curran says. The rot-
ten kind of perfectionism comes
from looking for other people’s ap-
proval because you feel like you’re
not good enough. Streisand’s brand
of perfectionism is the result of
wanting to improve and meet your
own internal expectations. It
seems egotistical, but it actually
requires checking your ego. Curran
says that’s the kind of perfection-
ism we want in the people running
Not everyone who claims
to be a perfectionist is
successful. Some are
really just office jerks.
our infrastructure, flying our
planes and operating in our hospi-
tals.
Or singing in our theaters. Strei-
sand was such a perfectionist that
she gave notes after every perfor-
mance of “Funny Girl” in 1964 and
1965, including the very last one,
when she caught a few specks of
dust on the artificial flowers.
That’s how much she cared: The
fake flowers weren’t fresh enough
for her liking.
When she left Broadway for Hol-
lywood, she negotiated final cut on
movies that she produced, like “A
Star Is Born,” using her money to
buy what she wanted: a say in ev-
ery decision.
Her favorite part of making a
movie was the editing process—a
chance to shape and chisel mate-
rial into the best version of itself—
and she hired teams in two shifts
from 9 a.m. until 3 a.m. so she
could work nearly around the
clock. Still, she can’t bring herself
to listen to her old records, be-
cause of the flaws that only she
can hear. “I’m afraid I’d want to
make changes,” she writes.
She’s not afraid to ask for
changes, though. Of course she’s
not. The first time she appeared on
“The Ed Sullivan Show,” the host
pronounced her name “Streis-land”
during rehearsals. It made her
want to scream instead of sing. So
right before she took the stage, she
whispered from behind the curtain:
“Strei-sand! Like sand on the
beach!” Fifty years later, when she
heard the way Siri pronounced her
name on the iPhone—Strei-zand—
she called Tim Cook himself. The
CEO of Apple played Genius Bar
employee and fixed the problem.
She could get away with this be-
cause she’s Barbra Streisand. But
even those who find her perfec-
tionism inspiring have said it can
also be annoying, and the 81-year-
old American icon admits that her
style is imperfect. Outright perfec-
tion is not just inhuman and cold
but downright impossible, she
writes.
“But the reality is that I want
my work to be the best it can be,”
she writes. “And I push and push
to make it that way. I did feel, as I
was getting older and, I hope,
wiser, that I was letting go of the
need for everything to be perfect.”
A perfectionist understands that
nothing can ever be perfect—and
that it’s worth trying anyway.
cludes vehicles with battery compo-
nents from certain countries, per-
haps including China. Income limits
of $150,000 for singles and
$300,000 for couples filing jointly
could also matter, so check the de-
tails if you’re close.
Note that many of these con-
straints don’t apply to leases, which
have become more popular as a re-
sult. Due to excess inventory, many
automakers and dealers are also
discounting prices.
 Take required IRA distributions.
Owners of traditional IRAs born in
1950 or earlier typically must take
required withdrawals for 2023 by
Dec. 31, 2023. The payouts are
based on the account value as of
Dec. 31, 2022.
Many heirs of traditional IRAs
whose owners died in 2020 or later
would normally have to take a re-
quired withdrawal this year. How-
ever, the IRS is allowing these heirs
to skip it for 2023.
 Know what can wait. Contribu-
tions to traditional IRAs, Roth IRAs,
and health-savings accounts for
2023 can typically be made until the
tax deadline of April 15, 2024 (April
17 in Maine and Massachusetts).
Some self-employed filers can make
2023 contributions to Solo 401(k)s
until Oct. 15, 2024.
 .

B6 | Saturday/Sunday, November 11 - 12, 2023 * **** THE WALL STREET JOURNAL.

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
34283.10 Trailing P/E ratio 25.00 20.84 4415.24 Trailing P/E ratio * 19.37 19.35 13798.11 Trailing P/E ratio *† 30.37 24.27 and commodities performed around the world for the week.
s 391.16 P/E estimate * 18.72 18.40 s 67.89 P/E estimate * 19.72 17.72 s 276.66 P/E estimate *† 26.43 22.31
Index Currency, Commodity, Exchange-
Dividend yield 2.11 2.00 Dividend yield * 1.60 1.68 or 2.05% Dividend yield *† 0.84 0.93 vs. U.S. dollar traded in U.S.* traded fund
or 1.15% or 1.56%
All-time high: S&P 500 Information Tech 4.76%
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 Nasdaq-100 2.85
Session high Nasdaq Composite 2.37
DOWN UP 65-day moving average
65-day 35000 4550 13900 S&P 500 Communication Svcs 2.21
t

Session open Close

moving average BOVESPA Index 2.04
Close Open 65-day moving average
t

13650 NIKKEI 225 1.93

34450 4450
Session low KOSPI Composite 1.74
S&P 500 1.31
33900 4350 13400
S&P 500 Consumer Discr 0.92
S&P 500 Industrials 0.84
33350 4250 13150
S&P BSE Sensex 0.84
IBEX 35 0.84
32800 4150 12900 WSJ Dollar Index 0.83
iShNatlMuniBd 0.81
32250 4050 12650 Dow Jones Industrial Average 0.65
Bars measure the point change from session's open Russian ruble 0.62
12400 Wheat 0.48
31700 3950
Sept. Oct. Nov. Sept. Oct. Nov. Sept. Oct. Nov. Soybeans 0.45
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
iSh 20+ Treasury 0.41
DAX 0.30
S&P 500 Financials 0.28
Major U.S. Stock-Market Indexes Trading Diary Shanghai Composite 0.27
Latest 52-Week % chg Volume, Advancers, Decliners iShiBoxx$InvGrdCp 0.26
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. Euro STOXX 0.23
Dow Jones Total volume* 867,061,753 8,506,614 S&P 500 Consumer Staples 0.22
Industrial Average 34310.36 33905.62 34283.10 391.16 1.15 35630.68 31819.14 1.6 3.4 5.2 Adv. volume* 612,841,849 3,810,542 Lean hogs 0.21
Transportation Avg 14446.78 14218.17 14426.49 160.25 1.12 16695.32 13298.36 -0.9 7.7 6.0 Decl. volume* 240,926,421 4,663,453 Chinese yuan 0.16
Issues traded 2,941 310 VangdTotIntlBd 0.12
Utility Average 841.14 833.34 837.98 2.78 0.33 1002.11 783.08 -9.6 -13.4 -2.9
Advances 2,095 139 -0.02 S&P/BMV IPC
Total Stock Market 43738.86 43107.31 43714.71 648.18 1.51 45969.67 37910.34 8.6 13.5 6.3
Declines 755 154 -0.02 S&P/ASX 200
Barron's 400 947.13 934.94 946.40 11.45 1.22 1036.97 881.58 -3.0 2.8 6.5
Unchanged 91 17 -0.03 CAC-40
Nasdaq Stock Market New highs 44 4 -0.17 VangdTotalBd
Nasdaq Composite 13802.53 13556.35 13798.11 276.66 2.05 14358.02 10213.29 21.9 31.8 6.1 New lows 105 26 -0.18 Indian rupee
Nasdaq-100 15535.20 15237.17 15529.12 341.22 2.25 15841.35 10679.34 31.4 42.0 10.1 Closing Arms† 1.19 1.47 -0.21 STOXX Europe 600
Block trades* 3,892 93 -0.26 iSh 1-3 Treasury
S&P
-0.38 Norwegian krone
500 Index 4418.03 4353.34 4415.24 67.89 1.56 4588.96 3783.22 10.6 15.0 7.6 Nasdaq NYSE Arca
-0.39 Swiss franc
MidCap 400 2439.80 2407.50 2439.62 30.35 1.26 2728.44 2326.82 -3.7 0.4 5.0 Total volume*4,722,142,301 285,484,487 -0.42 Indonesian rupiah
SmallCap 600 1117.72 1101.07 1114.51 11.27 1.02 1315.82 1068.80 -9.6 -3.7 3.8 Adv. volume*2,986,634,168 206,724,419 -0.43 Euro area euro
Decl. volume*1,674,919,938 78,060,906 -0.47 iShiBoxx$HYCp
Other Indexes
Issues traded 4,412 1,842 -0.49 iSh 7-10 Treasury
Russell 2000 1709.24 1684.20 1705.32 18.09 1.07 2003.18 1636.94 -9.4 -3.2 -0.6
Advances 2,595 1,532 -0.52 Nymex RBOB gasoline
NYSE Composite 15396.48 15207.58 15388.44 153.25 1.01 16427.29 14599.05 0.2 1.3 3.9 Declines 1,649 289 -0.58 iSh TIPS Bond
Value Line 518.10 511.26 517.98 5.06 0.99 606.49 498.09 -8.0 -3.4 0.05 Unchanged 168 21 -0.59 FTSE MIB
NYSE Arca Biotech 4646.13 4563.34 4639.09 -7.05 -0.15 5644.50 4544.40 -11.2 -12.2 -5.3 New highs 60 25 -0.59 Dow Jones Transportation Average
NYSE Arca Pharma 870.87 857.41 868.79 2.37 0.27 925.61 791.91 7.5 0.1 9.1 New lows 353 35 -0.62 South Korean won
KBW Bank 78.07 76.92 77.99 0.83 1.08 115.10 71.71 -29.1 -22.7 -4.4 Closing Arms† 0.88 2.15 -0.77 FTSE 100
PHLX§ Gold/Silver 108.52 106.95 107.89 -1.00 -0.92 144.37 103.31 -8.1 -10.7 -8.8 Block trades* 28,201 1,394 -0.86 S&P/TSX Comp
PHLX§ Oil Service 84.76 83.71 84.44 1.01 1.21 98.76 69.29 -3.4 0.7 35.2 * Primary market NYSE, NYSE American NYSE Arca only. -0.89 iShJPMUSEmgBd
PHLX§ Semiconductor 3600.40 3487.17 3591.74 139.40 4.04 3861.63 2453.49 30.4 41.8 14.0 †(TRIN) A comparison of the number of advancing and declining -0.96 S&P 500 Health Care
issues with the volume of shares rising and falling. An
Cboe Volatility 15.45 14.16 14.17 -1.12 -7.33 26.52 12.82 -37.1 -34.6 -17.0 -0.97 Mexican peso
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -1.06 Canadian dollar
-1.24 U.K. pound
International Stock Indexes Percentage Gainers... -1.31 Japanese yen
Latest Session 52-Week
-1.56 S&P MidCap 400
Latest YTD
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -1.83 S&P 500 Materials
Direct Digital DRCT 4.04 1.43 54.79 6.53 1.96 15.8 -2.13 S&P 500 Real Estate
World MSCI ACWI 666.26 3.89 0.59 10.1
Syntec Optics Cl A OPTX 5.57 1.62 41.01 19.50 3.65 -45.0 -2.35 Australian dollar
MSCI ACWI ex-USA 287.04 –2.96 –1.02 2.0
Fitell FTEL 2.80 0.67 31.46 5.26 0.93 ... -2.48 Comex copper
MSCI World 2900.76 21.78 0.76 11.5 Collective Audience CAUD 2.97 0.71 31.42 38.40 1.86 -70.6 -2.52 South African rand
MSCI Emerging Markets 948.32 –7.93 –0.83 –0.8 MicroAlgo MLGO 3.29 0.72 28.02 71.50 1.12 -62.2 -2.60 S&P 500 Utilities
Americas MSCI AC Americas 1669.46 23.92 1.45 14.6 VIZIO Holding VZIO 6.68 1.40 26.52 11.60 4.82 -41.0 -2.61 Hang Seng
Canada S&P/TSX Comp 19654.47 67.06 0.34 1.4 Telos TLS 3.82 0.78 25.66 5.39 1.53 -14.5 -2.78 Corn
0.06
Blink Charging BLNK 3.07 0.61 24.80 15.42 2.22 -79.3 -2.95 S&P SmallCap 600
Latin Amer. MSCI EM Latin America 2351.26 1.37 10.5
Global Mofy Metaverse GMM 13.51 2.61 23.94 15.47 4.55 ... -2.96 Comex gold
Brazil BOVESPA 120568.14 1534.00 1.29 9.9
Legacy Housing LEGH 22.25 3.80 20.60 25.30 16.38 28.6 -3.15 Russell 2000
Chile S&P IPSA 3162.01 –6.72 –0.21 –0.3
Cibus CBUS 14.73 2.43 19.76 38.85 6.60 113.5 -3.44 Bloomberg Commodity Index
Mexico S&P/BMV IPC 51258.24 187.21 0.37 5.8
Ouster Cl A OUST 4.93 0.81 19.66 19.20 3.21 -59.3 -3.82 S&P 500 Energy
EMEA STOXX Europe 600 443.31 –4.49 –1.00 4.3 Net Lease Office Prop NLOP 15.11 2.42 19.07 50.00 9.50 ... -4.15 Nymex crude
Eurozone 7.2
Amprius Technologies AMPX 3.21 0.48 17.58 11.11 2.60 -70.7 -4.25 Comex silver
Euro STOXX 439.68 –3.45 –0.78
Doximity DOCS 23.83 3.33 16.24 40.12 19.71 -31.8
Belgium Bel-20 3438.86 –40.05 –1.15 –7.1 -6.18 Nymex ULSD
Denmark OMX Copenhagen 20 2171.82 –15.46 –0.71 18.3 Percentage Losers -13.71 Nymex natural gas
Latest Session 52-Week *Continuous front-month contracts
France CAC 40 7045.04 –68.62 –0.96 8.8
Company Symbol Close Net chg % chg High Low % chg
Germany DAX 15234.39 –118.15 –0.77 9.4 Sources: FactSet (indexes, bond ETFs, commodities), Tullett Prebon (currencies).
2U TWOU 1.03 -1.35 -56.72 13.15 0.90 -87.8 THE WALL STREET JOURNAL
Israel Tel Aviv 1704.43 … Closed –5.1
Babcock & Wilcox Ents BW 1.05 -1.26 -54.55 6.83 1.02 -78.4
Italy FTSE MIB 28504.43 –139.65 –0.49 20.2
Airgain AIRG 1.68 -1.43 -45.97 8.50 1.63 -78.1 Methodology
Netherlands AEX 746.31 –2.85 –0.38 8.3 Plug Power PLUG 3.53 -2.40 -40.47 18.88 3.22 -80.3 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
Norway Oslo Bors All-Share 1506.98 –2.55 –0.17 10.6 Treace Medical Concepts TMCI 6.21 -3.79 -37.90 27.97 5.27 -74.6 reflect total returns). Commodities are represented by the continuous front-month
South Africa FTSE/JSE All-Share 71393.30 –2.3 futures contract. Bond exchange-traded fund performance may diverge from that of
–833.37 –1.15 Fortress Biotech FBIO 1.31 -0.77 -37.02 17.40 1.24 -89.2 their underlying index. Bond categories are represented by the following ETFs: U.S.
Spain IBEX 35 9371.69 –33.52 –0.36 13.9 Montauk Renewables MNTK 6.47 -3.77 -36.82 13.18 5.46 -47.4 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
Sweden OMX Stockholm 788.32 –9.35 –1.17 0.8 Groupon GRPN 8.83 -4.72 -34.82 16.25 2.89 -12.6 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 10555.35 –89.64 –0.84 –1.6 Green Dot Cl A GDOT 7.74 -4.06 -34.41 21.37 7.30 -60.1 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Turkey BIST 100 7771.34 –70.13 –0.89 41.1 FREYR Battery FREY 1.50 -0.57 -27.54 15.80 1.40 -89.1 Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Bonds: iShares National Muni; International Bonds: Vanguard Total International;
U.K. FTSE 100 7360.55 –95.12 –1.28 –1.2 Cano Health CANO 5.98 -2.24 -27.25 252.00 5.37 -97.4
Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
U.K. FTSE 250 17853.09 –184.76 –1.02 –5.3 Energous WATT 1.82 -0.64 -26.02 22.00 1.51 -91.5
Carbon Revolution CREV 41.00 -13.70 -25.05 197.99 6.30 310.4 Scan this code
Asia-Pacific MSCI AC Asia Pacific 155.87 –1.37 –0.87 0.1 Lyell Immunopharma LYEL 1.66 -0.54 -24.43 5.05 1.32 -63.5
Australia S&P/ASX 200 6976.50 –38.40 –0.55 –0.9 Aptose Biosciences APTO 2.45 -0.79 -24.38 11.55 2.14 -77.0 Get real-time U.S. stock quotes and
track most-active stocks, new highs/lows
China Shanghai Composite 3038.97 –14.31 –0.47 –1.6
Hong Kong Hang Seng 17203.26 –308.03 –1.76 –13.0
Most Active Stocks and mutual funds.
Volume % chg from Latest Session 52-Week
India S&P BSE Sensex 64904.68 72.49 0.11 6.7 Company Symbol (000) 65-day avg Close % chg High Low Available free at WSJMarkets.com
Japan NIKKEI 225 32568.11 –78.35 –0.24 24.8 Plug Power PLUG 221,284 936.8 3.53 -40.47 18.88 3.22
Singapore Straits Times 3106.68 –28.64 –0.91 –4.4 ProSh UltraPro Shrt QQQ SQQQ 155,818 15.7 17.28 -6.65 58.29 16.38
South Korea KOSPI 2409.66 –17.42 –0.72 7.7
Tesla TSLA 130,724 10.4 214.65 2.22 299.29 101.81 Currencies
ProShares UltraPro QQQ TQQQ 124,010 14.3 40.77 6.67 47.14 16.10
Taiwan TAIEX 16682.67 –62.98 –0.38 18.0 U.S.-dollar foreign-exchange rates in late New York trading
Direxion Dly SCOND 3 BL SOXL 94,515 36.2 20.60 12.02 28.75 8.74
Thailand SET 1389.57 –15.40 –1.10 –16.7 * 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 .00004111 24325 2.9
Argentina peso .0029349.8659 97.9 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .2039 4.9038 –7.2 Czech Rep. koruna .04358 22.949 1.7

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7245 1.3804 1.8 Denmark krone .1433 6.9782 0.4
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001100 909.18 7.2 Euro area euro 1.0686 .9358 0.2
Colombiapeso .000248 4030.05 –16.9 Hungary forint .002832 353.12 –5.4
A consumer rate against its 30-year mortgage, Rate Ecuador US dollar Iceland krona
1 1 unch .007035 142.15 0.4
benchmark over the past year Tradeweb ICE 6.00% Mexico peso .0567 17.6393 –9.5 Norway krone .0899 11.1231 13.4
Bankrate.com avg†: 8.02% 14%
Friday Close Uruguay peso .02507 39.8900 –0.2 Poland zloty .2413 4.1447 –5.4
5.00 Euro
Fidelity Bank Trust 6.25% t s
Russia ruble .01084 92.275 25.1
30-year fixed-rate 7 Asia-Pacific
8.00% Dubuque, IA 563-557-2300 Sweden krona .0919 10.8778 4.2
4.00 Australiadollar .6360 1.5723 7.2
t mortgage s Switzerland franc 1.1080 .9025 –2.4
Independent Bank 6.50% t
0 Yen China yuan .1372 7.2896 5.7
6.75 3.00 Turkey lira .0350 28.5587 52.8
Mc Kinney, TX 903-891-9999 One year ago Hong Kong dollar .1281 7.8086 0.03
Ukraine hryvnia .0277 36.1500 –1.9
s India rupee .01200 83.326 0.7
5.50 First National Bank 6.63% 2.00 –7 UK pound 1.2227 .8179 –1.1
WSJ Dollar Index Indonesia rupiah .0000637 15689 0.8
10-year Treasury Waverly, IA 319-266-2000 Middle East/Africa
Japan yen .006600 151.52 15.6
t note yield 4.25 1.00 –14
Macatawa Bank 6.75% Kazakhstan tenge .002137 467.92 1.1 Bahrain dinar 2.6525 .3770 –0.01
Zeeland, MI 616-748-9491 1 3 6 1 2 3 5 7 10 20 30 2022 2023 Macau pataca .1243 8.0480 unch Egypt pound .0324 30.8934 24.8
3.00 month(s) years Malaysia ringgit .2124 4.7080 6.9 Israel shekel .2589 3.8622 9.6
D J FMAM J J A S ON Texas Community Bank 6.88%
maturity New Zealand dollar .5890 1.6978 7.8 Kuwait dinar 3.2390 .3087 0.9
2023 Laredo, TX 956-722-8333 Pakistan rupee .00348 287.470 26.8 Oman sul rial 2.5974 .3850 unch
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0179 55.843 0.3 Qatar rial .2743 3.646 –0.6
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7351 1.3603 1.4 Saudi Arabia riyal .2666 3.7511 –0.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0007588 1317.87 4.4 South Africa rand .0534 18.7327 10.0
Sri Lanka rupee .0030539 327.45 –10.9
Federal-funds rate target 5.25-5.50 5.25-5.50 3.75 l 5.50 5.25 Yield (%) 52-Week Total Return (%) Taiwan dollar .03090 32.362 5.6 Close Net Chg % Chg YTD%Chg
Prime rate* 8.50 8.50 7.00 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .02776 36.020 4.0 WSJ Dollar Index 100.23 –0.04–0.04 3.80
SOFR 5.32 5.33 3.78 l 5.35 5.22
U.S. Treasury, Bloomberg 2062.200 4.860 4.730 5.120 3.610 –0.426 –5.218 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.61 0.61 0.26 l 0.62 0.40
2.84 l 2.25 U.S. Treasury Long, Bloomberg 2875.340 4.890 4.900 5.280 3.610 –6.262–14.268
Five-year CD, annual yield
30-year mortgage, fixed† 8.02
2.84
8.09
2.40
6.36
2.86
l 8.28 4.98 Aggregate, Bloomberg 1931.960 5.410 5.300 5.740 4.180 0.444 –4.920
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 7.27 7.31 5.54 l 7.42 4.78
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 1895.910 5.610 5.490 6.050 4.140 –0.884 –4.922
Jumbo mortgages, $726,200-plus† 8.08 8.13 6.35 l 8.33 5.00 DJ Commodity 978.33 -1.49 -0.15 1071.61 930.59 -8.66 -6.71
High Yield 100, ICE BofA 3332.913 8.522 8.321 9.101 7.022 7.836 0.733
Five-year adj mortgage (ARM)† 6.96 7.09 5.33 l 7.16 3.75 Refinitiv/CC CRB Index 273.36 -0.01 -0.004 290.29 253.85 -4.35 -1.58
New-car loan, 48-month 7.69 7.68 6.14 l 7.69 3.55 Muni Master, ICE BofA 558.303 3.887 4.030 4.311 2.757 2.984 –1.674 Crude oil, $ per barrel 77.17 1.43 1.89 93.68 66.74 -13.25 -3.85
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 781.402 8.386 8.281 8.842 7.102 6.046 –4.881 Natural gas, $/MMBtu 3.033 -0.008 -0.26 7.308 1.991 -48.41 -32.22
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. 1932.60 -31.60 -1.61 2048.00 1737.40 9.43 6.20
 .

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | B7

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 March'24 354.00 373.25 342.25 366.75 14.25 2,166 March'24 1.1225 1.1262 1.1210 1.1232 .0009 691
Soybeans (CBT)-5,000 bu.; cents per bu. Interest Rate Futures Australian Dollar (CME)-AUD 100,000; $ per AUD
Contract Open Nov .6362 .6367 .6340 .6356 –.0013 290
Nov 1328.00 1335.00 1325.25 1333.50 5.75 347 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Open High hi lo Low Settle Chg interest
Jan'24 1345.75 1349.75 1337.00 1347.50 4.00 288,756 Dec 117-060 118-040 116-180 117-170 19.0 1,579,950 Dec .6373 .6374 .6346 .6363 –.0013 190,503
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Meal (CBT)-100 tons; $ per ton. Mexican Peso (CME)-MXN 500,000; $ per MXN
March'24 117-220 118-300 117-140 118-120 19.0 1,318
Nov 3.6240 3.6245 3.5900 3.5835 –0.0515 1,395 450.50 451.10 445.00 449.40 –.50 126,969 Nov .05608 .05666 .05582 .05663 .00052 8
Dec Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec 3.6325 3.6445 3.5820 3.5870 –0.0535 101,171 Jan'24 436.20 436.80 430.90 434.90 –1.30 141,819 Dec .05580 .05643 .05542 .05633 .00052 227,341
Dec 113-050 114-010 112-220 113-120 13.0 1,339,633
Gold (CMX)-100 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. March'24 112-310 114-000 112-230 113-120 13.0 13,218 Euro (CME)-€125,000; $ per €
Nov 1959.60 1959.60 1935.40 1932.60 –31.60 25 Dec 50.63 51.69 50.49 51.20 .75 113,460 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Nov 1.0669 1.0693 1.0658 1.0681 .0012 2,273
Dec 1964.10 1965.60 1936.90 1937.70 –32.10 281,793 Jan'24 50.00 50.91 49.90 50.55 .78 118,679 Dec 107-180 107-295 107-085 107-135 –3.5 4,599,341 Dec 1.0684 1.0709 1.0672 1.0696 .0012 672,628
Jan'24 1971.10 1971.10 s 1948.00 1948.00 –32.30 996 Rough Rice (CBT)-2,000 cwt.; $ per cwt. March'24 107-255 108-085 107-200 107-250 –3.5 33,015
Feb 1984.30 1985.70 1956.90 1957.70 –32.20 139,900 Nov 16.90 16.90 16.90 16.90 .23 322 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Index Futures
April 2004.90 2004.90 1976.10 1976.80 –32.40 27,343 Jan'24 16.51 16.80 16.44 16.74 .22 8,381 Dec 105-045 105-112 104-285 104-315 –4.2 5,921,192
June 2023.20 2024.70 1995.90 1996.60 –32.30 16,763 Wheat (CBT)-5,000 bu.; cents per bu. March'24 105-142 105-250 105-097 105-127 –4.5 63,337 Mini DJ Industrial Average (CBT)-$5 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 581.75 583.00 570.75 575.25 –5.50 161,417 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 33980 34373 33913 34338 394 98,825
Nov 974.90 –30.30 1 March'24 607.75 608.25 596.25 599.25 –7.00 140,466 Dec 101-100 101-122 101-067 101-071 –2.5 4,140,331 March'24 34272 34681 34238 34657 399 762
Dec 997.00 1003.50 t 950.00 978.80 –30.30 19,062 Wheat (KC)-5,000 bu.; cents per bu. March'24 101-218 101-243 101-182 101-189 –3.0 28,649 Mini S&P 500 (CME)-$50 x index
Dec 647.00 648.25 638.75 640.00 –7.25 76,941 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 4364.50 4435.50 4354.25 4430.50 68.25 2,155,740
Platinum (NYM)-50 troy oz.; $ per troy oz.
March'24 658.00 659.50 650.00 650.75 –7.50 76,500 Nov 94.6725 94.6725 94.6700 94.6700 .0000 502,139 March'24 4412.75 4483.00 4402.00 4478.75 68.75 33,179
Nov 838.60 –18.00 115
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Jan'24 94.6450 94.6500 94.6400 94.6450 .0050 393,811 Mini S&P Midcap 400 (CME)-$100 x index
Jan'24 863.50 864.70 t 843.10 845.60 –17.20 75,709
Nov 229.300 231.250 227.775 229.725 .725 4,200 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Dec 2419.00 2448.90 2412.60 2446.80 30.10 39,605
Silver (CMX)-5,000 troy oz.; $ per troy oz. Aug 94.6550 94.6550 94.6550 94.6550 .0000 10,899 March'24 2464.20 29.90 2
Nov 22.620 22.620 22.245 22.215 –0.616 197 Jan'24 224.925 227.550 223.625 226.425 1.500 24,086
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 94.5950 94.6050 94.5850 94.5950 .0000 1,540,246 Mini Nasdaq 100 (CME)-$20 x index
Dec 22.705 22.800 22.230 22.281 –0.624 73,980 Dec 15254.75 15612.75 15207.25 15596.25 340.25 265,724
Dec 174.900 174.900 173.150 174.175 –.175 72,774
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Currency Futures March'24 15433.00 15809.25 15401.25 15791.75 343.25 4,258
Feb'24 175.300 175.300 173.650 174.650 .175 96,029
Dec 75.59 77.73 75.31 77.17 1.43 232,157 Mini Russell 2000 (CME)-$50 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥
Jan'24 75.65 77.71 75.36 77.15 1.40 273,245 Dec 1694.40 1717.10 1687.40 1711.50 18.60 551,735
Dec 71.775 73.125 70.625 71.900 .450 61,509 Nov .6607 t
.6613 .6598 .6597 –.0013 796
Feb 75.47 77.51 75.20 76.93 1.36 119,775 March'24 1710.90 1734.80 1705.70 1729.30 18.60 1,504
Feb'24 75.375 76.700 74.550 75.575 .375 59,286 Dec .6646 t
.6650 .6633 .6634 –.0013 266,595
March 75.18 77.24 75.03 76.68 1.30 106,953 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. June 1746.90 18.20 8
Canadian Dollar (CME)-CAD 100,000; $ per CAD
June 74.59 76.39 74.40 75.90 1.20 149,413 Nov 522.00 522.00 514.00 514.00 –11.50 896 Nov .7248 .7251 .7218 .7241 … 85
Mini Russell 1000 (CME)-$50 x index
Dec 72.70 74.27 72.52 73.84 1.09 158,801 Jan'24 535.50 538.00 530.00 536.00 .50 5,085 Dec 2393.20 2420.70 2386.10 2419.30 36.00 6,847
Dec .7247 .7254 .7221 .7245 .0001 204,648
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Milk (CME)-200,000 lbs., cents per lb. British Pound (CME)-£62,500; $ per £ U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 2.7178 2.7900 2.6980 2.7431 .0240 62,552 Nov 17.09 17.12 17.08 17.08 –.04 3,624 Nov 1.2213 1.2237 1.2188 1.2219 –.0002 1,834 Dec 105.76 105.96 105.60 105.73 –.06 41,097
Jan'24 2.6718 2.7401 2.6537 2.6975 .0234 64,680 Dec 17.04 17.05 16.83 16.89 –.15 6,309 Dec 1.2228 1.2240 1.2183 1.2221 –.0002 206,763 March'24 105.38 105.50 105.24 105.34 –.06 752
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Cocoa (ICE-US)-10 metric tons; $ per ton. Swiss Franc (CME)-CHF 125,000; $ per CHF
Dec 2.1642 2.2046 2.1537 2.1895 .0287 80,818 Dec 3,942 4,012 s 3,942 3,991 42 52,777 Dec 1.1116 1.1150 1.1096 1.1120 .0009 57,344 Source: FactSet
Jan'24 2.1383 2.1801 2.1287 2.1663 .0297 88,637 March'24 3,974 4,035 s 3,971 4,014 42 132,897
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec 3.038 3.077 t 2.989 3.033 –.008 151,015 Dec 178.00 178.75 172.95 174.50 –4.30 42,980
Jan'24 3.327 3.343 t 3.273 3.284 –.049 248,355 March'24 172.80 173.95 168.90 170.55 –3.65 82,858 Bonds | wsj.com/market-data/bonds/benchmarks
Feb 3.305 3.305 t 3.225 3.233 –.056 74,582 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March
April
3.088
2.975
3.105
2.990
t 3.045
2.937
3.048 –.052
2.946 –.043
168,743
99,497
March
May
27.75
26.40
27.87
26.48
27.20
25.85
27.29
25.93
–.49 439,525
–.48 149,065
Global Government Bonds: Mapping Yields
May 3.042 3.056 3.001 3.016 –.040 78,855 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Jan 45.28 … 2,636
Agriculture Futures March 45.27 … 2,518 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Corn (CBT)-5,000 bu.; cents per bu. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Dec 76.28 77.75 75.53 77.32 .80 61,060
Coupon (%) Maturity, in years Latest(l)-2 0 2 4 6 8 10 Previous Month ago Year ago Latest Prev Year ago
Dec 468.00 469.00 t 461.75 464.00 –4.00 509,630 March'24 79.19 80.17 78.02 79.50 .29 82,064
March'24 482.75 483.75 t 477.00 479.00 –3.75 441,040 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 5.000 U.S. 2 5.060 s l 5.022 4.982 4.324
Oats (CBT)-5,000 bu.; cents per bu. Jan 373.00 375.40 368.25 371.65 2.50 7,039 4.500 10 4.627 t l 4.629 4.654 3.828
Dec 334.00 354.50 325.00 346.75 13.75 2,305 March 365.00 365.00 360.00 359.95 1.15 995
0.250 Australia 2 4.306 s l 4.237 3.959 3.175 -74.3 -79.6 -114.9
3.000 10 4.635 s l 4.538 4.467 3.730 -0.6 -8.4 -9.0
Exchange-Traded Portfolios | WSJ.com/ETFresearch 0.000 France 2 3.404 s l 3.381 3.380 2.147 -164.6 -165.2 -217.6
3.500 10 3.297 s l 3.242 3.350 2.499 -134.4 -138.0 -132.1
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 3.100 Germany 2 3.068 s l 3.012 3.073 2.000 -202.1 -232.4
-198.2
iShSelectDiv DVY 106.55 0.63 –11.7
Friday, November 10, 2023 Closing Chg YTD 2.600 10 2.719 s l 2.651 2.781 2.012 -192.2 -197.1 -180.8
ETF Symbol Price (%) (%) iSh7-10YTreaBd IEF 91.18 0.11 –4.8
Closing Chg YTD iShShortTreaBd SHV 110.25 0.03 0.3 3.600 Italy 2 3.780 s l 3.753 3.892 2.554 -128.0 -177.0
ETF Symbol Price (%) (%) iShCoreUSAggBd AGG 93.96 0.23 –3.1
-127.0
iShTIPSBondETF TIP 103.64 0.04 –2.6
CnsmrDiscSelSector XLY 161.40 1.66 25.0 iShEdgeMSCIMinUSA USMV 73.92 0.86 2.5 iSh20+YTreaBd TLT 87.99 0.56 –11.6 4.200 10 4.567 s l 4.519 4.739 3.997 -7.4 -10.3 17.8
ConsStaplesSPDR XLP 68.96 0.70 –7.5 iShEdgeMSCIUSAQual QUAL 137.80 1.62 20.9 iShUSTreasuryBd GOVT 22.02 0.09 –3.1
DimenUSCoreEq2 DFAC 26.41 1.34 8.8 iShGoldTr IAU 36.64 –1.08 5.9 iSh0-3MTreaBd SGOV 100.43 ... 0.3 0.100 Japan 2 0.113 t l 0.116 0.057 -0.057 -493.7 -491.7 -438.1
iShiBoxx$IGCpBd LQD 102.17 0.50 –3.1 JPMEquityPrem JEPI 53.80 0.88 –1.3
EnSelSectorSPDR XLE 83.41 1.10 –4.6 0.800 10 0.857 s l 0.842 0.774 0.246 -378.4 -378.0 -357.3
FinSelSectorSPDR XLF 33.91 1.13 –0.8 iShMBS MBB 88.59 0.28 –4.5 JPM UltShIncm JPST 50.09 0.02 –0.1
HealthCareSelSect XLV 126.27 0.60 –7.1 iShMSCIACWI ACWI 94.31 1.15 11.1 PacerUSCashCows100 COWZ 48.43 1.21 4.7 0.000 Spain 2 3.524 s l 3.490 3.504 2.221 -152.5 -154.3 -210.3
IndSelSectorSPDR XLI 102.55 1.44 4.4 iShMSCI EAFE EFA 69.10 0.45 5.3 ProShUltPrQQQ TQQQ 40.77 6.67 135.7
InvscNasd100 QQQM 155.64 2.20 42.1 iSh MSCI EM EEM 38.35 0.71 1.2 SPDRBbg1-3MTB BIL 91.58 0.01 0.1 3.550 10 3.755 s l 3.704 3.905 3.005 -88.6 -91.8 -81.4
InvscQQQI QQQ 378.39 2.25 42.1 iShMSCIEAFEValue EFV 48.23 0.58 5.1 SPDR DJIA Tr DIA 343.01 1.15 3.5
iShNatlMuniBd MUB 103.59 0.34 –1.8 SPDR Gold GLD 179.51 –1.09 5.8 3.500 U.K. 2 4.676 s l 4.621 4.559 3.062 -37.4 -41.2 -126.1
InvscS&P500EW RSP 140.76 1.17 –0.3
SPDRPtfDevxUS SPDW 31.05 0.42 4.6
iShCoreDivGrowth DGRO 49.69 1.14 –0.6 iSh1-5YIGCorpBd IGSB 49.87 0.14 0.1 4.250 10 4.332 s l 4.274 4.436 3.296 -30.9 -34.8 -52.3
iShCoreMSCIEAFE IEFA 64.44 0.50 4.5 iSh1-3YTreaBd SHY 81.00 0.02 –0.2 SPDRS&P500Value SPYV 42.43 1.39 9.1
iShCoreMSCIEM IEMG 48.02 0.69 2.8 iShRussMC IWR 68.50 1.24 1.6 SPDRPtfS&P500 SPLG 51.83 1.59 15.2 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iShRuss1000 241.25 1.46 14.6 SPDRS&P500Growth SPYG 61.27 1.71 20.9
iShCoreMSCITotInt IXUS 60.16 0.53 3.9 IWB
281.87 1.93 31.6 SPDR S&P 500 SPY 440.61 1.56 15.2
iShCoreS&P500 IVV 442.67 1.56 15.2 iShRuss1000Grw IWF
iShCoreS&P MC IJH 243.47 1.24 0.7 iShRuss1000Val IWD 150.29 1.04 –0.9 SchwabIntEquity
SchwabUS BrdMkt
SCHF
SCHB
34.08
51.01
0.47 5.8
1.51 13.8
Corporate Debt
iShCoreS&P SC IJR 91.43 1.05 –3.4 iShRussell2000 IWM 169.11 1.12 –3.0
iShCoreS&PTotUS ITOT 96.39 1.50 13.7 iShS&P500Grw IVW 70.72 1.76 20.9
SchwabUS Div SCHD 69.44 0.97 –8.1 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
SchwabUS LC SCHX 52.02 1.54 15.2
iShCoreTotalUSDBd IUSB 43.65 0.18 –2.8 iShS&P500Value IVE 158.10 1.39 9.0
SchwabUS LC Grw SCHG 77.22 2.05 39.0
expectations
SPDR S&PMdCpTr
SPDR S&P Div
MDY
SDY
445.96
114.19
1.23 0.7
0.70 –8.7
Investment-grade spreads that tightened the most…
Borrowing Benchmarks | WSJ.com/bonds TechSelectSector
VangdInfoTech
XLK
VGT
179.52
445.69
2.61 44.3
2.64 39.5 Issuer Symbol Coupon (%) Yield (%) Maturity
Spread*, in basis points
Current One-day change Last week
VangdSC Val VBR 156.29 1.05 –1.6
EDP Finance EDPPL 6.300 5.80 Oct. 11, ’27 122 –12 n.a.
Money Rates November 10, 2023 VangdExtMkt
VangdDivApp
VXF
VIG
139.71
159.06
1.19
1.37
5.2
4.7
Walt Disney DIS 2.650 5.50 Jan. 13, ’31 89 –10 95
VangdFTSEAWxUS VEU 52.07 0.52 3.8
Key annual interest rates paid to borrow or lend money in U.S. and VangdFTSEDevMk VEA 43.83 0.53 4.4 Daimler Truck Finance North America DTRGR 5.400 5.90 Sept. 20, ’28 124 –10 n.a.
VangdFTSE EM VWO 39.38 0.69 1.0
international markets. Rates below are a guide to general levels but VangdFTSE Europe VGK 58.33 0.47 5.2 PepsiCo PEP 7.000 5.26 March 1, ’29 59 –9 66
don’t always represent actual transactions. VangdGrowth VUG 288.48 1.96 35.4
VangdHlthCr VHT 228.28 0.53 –8.0 Banco Santander SANTAN 6.938 6.56 Nov. 7, ’33 192 –9 n.a.
Week —52-WEEK— VangdHiDiv VYM 102.65 1.04 –5.1
Inflation Latest ago High Low VangdIntermBd BIV 72.21 0.19 –2.8 PacifiCorp BRKHEC 7.700 5.94 Nov. 15, ’31 130 –8 n.a.
Sept. index Chg From (%) VangdIntrCorpBd VCIT 76.03 0.34 –1.9
Switzerland 2.25 2.25 2.25 1.00 Credit Agricole ACAFP 5.514 6.02 July 5, ’33 138 –7 146
level Aug. '23 Sept. '22 VangdIntermTrea VGIT 57.01 0.02 –2.5
Britain 5.25 5.25 5.25 3.00 VangdLC VV 201.95 1.56 15.9 HSBC Holdings HSBC 4.375 6.19 Nov. 23, ’26 136 –7 149
U.S. consumer price index Australia 4.35 4.10 4.35 2.85 VangdMegaGrwth MGK 242.65 2.00 41.0
VangdMC VO 206.88 1.18 1.5
All items 307.789 0.25 3.7 Secondary market VangdMC Val VOE 130.27 1.03 –3.7 …And spreads that widened the most
Core 310.817 0.23 4.1 VangdMBS VMBS 43.61 0.18 –4.2
Fannie Mae VangdRealEst VNQ 75.59 0.93 –8.4 Ascension Health ASCHEA 3.945 5.89 Nov. 15, ’46 95 29 n.a.
International rates 30-year mortgage yields
VangdRuss1000Grw VONG 72.52 1.91 31.6
International Business Machines IBM 3.450 5.57 Feb. 19, ’26 80 8 78
VangdS&P500ETF VOO 404.86 1.56 15.2
Week 52-Week 30 days 6.952 6.962 7.495 5.244 VangdST Bond BSV 75.21 ... –0.1 JPMorgan Chase JPM 4.125 5.90 Dec. 15, ’26 106 8 113
Latest ago High Low 60 days 6.973 6.979 7.554 5.250 VangdSTCpBd VCSH 75.20 0.09 0.0
VangdShortTrea VGSH 57.56 ... –0.4 Toyota Motor Credit TOYOTA 1.900 5.48 Jan. 13, ’27 82 6 n.a.
Notes on data: VangdSC VB 183.42 1.15 –0.1
Prime rates U.S. prime rate is the base rate on corporate 5
VangdTaxExemptBd VTEB 48.59 0.25 –1.8 John Deere Capital … 4.950 5.24 July 14, ’28 62 70
U.S. 8.50 8.50 8.50 7.00 loans posted by at least 70% of the 10 largest VangdTotalBd BND 69.68 0.19 –3.0
Canada 7.20 7.20 7.20 5.95 U.S. banks, and is effective July 27, 2023. Other VangdTotIntlBd BNDX 48.33 0.09 1.9 MassMutual Global Funding II MASSMU 4.500 5.63 April 10, ’26 80 5 77
prime rates aren’t directly comparable; lending VangdTotIntlStk VXUS 53.63 0.52 3.7
Japan 1.475 1.475 1.475 1.475 practices vary widely by location. Complete UnitedHealth UNH 1.250 5.31 Jan. 15, ’26 52 4 n.a.
VangdTotalStk VTI 217.46 1.49 13.7
Money Rates table appears Monday through
Policy Rates Friday.
VangdTotWrldStk VT 94.72 1.17 9.9
AstraZeneca AZN 3.375 5.46 Nov. 16, ’25 41 3 n.a.
VangdValue VTV 137.63 1.06 –2.0
Euro zone 4.50 4.50 4.50 2.00 Sources: Bureau of Labor Statistics; FactSet WisdTrFRTrea USFR 50.40 –0.02 0.3
High-yield issues with the biggest price increases…
Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Dividend Changes Liberty Interactive LINTA 8.500 34.06 July 15, ’29 37.500 1.50 31.000
Amount Payable / Amount Payable / Howmet Aerospace HWM 6.750 6.07 Jan. 15, ’28 102.460 0.84 n.a.
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
American Airlines AAL 3.750 7.87 March 1, ’25 95.000 0.52 n.a.
Increased Kinross Gold KGC 2.3 .03 Q Dec14 /Nov30
Manulife Financial MFC 4.7 .2645 Q Dec19 /Nov22 ZF North America Capital ZFFNGR 4.750 6.20 April 29, ’25 98.000 0.50 97.097
Annaly Cap Pfd. G NLYpG 10.0 .6208 /.61361 Q Dec29 /Dec01
Becton Dickinson BDX 1.6 .95 /.91 Q Dec29 /Dec08 Nuvei NVEI 2.2 .10 Q Dec07 /Nov20 Telecom Italia Capital TITIM 7.721 8.70 June 4, ’38 91.973 0.47 90.150
Cogent Communications CCOI 5.8 .955 /.945 Q Dec08 /Nov24 Osisko Gold Royalties OR 1.4 .0435 Q Jan15 /Dec29
Lancaster Colony LANC 2.1 .90 /.85 Q Dec29 /Dec04 PartnerRe Pfd. J PREpJ 6.8 .30469 Q Dec15 /Nov30 Deutsche Bank DB 4.500 7.18 April 1, ’25 96.530 0.40 n.a.
Logan Ridge Finance LRFC 4.3 .30 /.26 Q Nov30 /Nov20 RB Global RBA 1.8 .27 Q Dec21 /Nov30 Transocean RIG 7.500 11.12 April 15, ’31 82.036 0.33 83.250
National Bankshares NKSH 6.1 .78 /.73 SA Dec01 /Nov20 Rogers Communications B RCI 3.5 .3624 Q Jan02 /Dec08
CSC Holdings CSCHLD 5.250 16.66 June 1, ’24 94.250 0.25 96.125
Initial Scorpio Tankers STNG 2.4 .35 Q Dec15 /Nov30
SiriusPoint 8% Pfd. B 7.9 .50 Q Nov30 /Nov15
Natl Storage 6% Pfd. B NSApB .375 Dec29 /Dec15
SSR Mining
SPNTpB
SSRM 2.4 .07 Q Dec11 /Nov13
…And with the biggest price decreases
Stocks Torm TRMD 22.5 1.46 Q Dec05 /Nov22 Transocean RIG 6.800 10.52 March 15, ’38 72.750 –0.50 76.000
StoneX Group SNEX 3:2 /Nov27 Vinci Partners Invt VINP 6.9 .17 Q Dec07 /Nov22
Sensata Technologies ST 5.000 6.28 Oct. 1, ’25 97.750 –0.47 99.048
Foreign Vox Royalty VOXR 2.2 .011 Q Jan12 /Dec29
Autoliv ALV 2.7 .68 Q Dec13 /Nov28 Intesa Sanpaolo ISPIM 5.710 7.57 Jan. 15, ’26 96.325 –0.30 96.189
Special
Brookfield BN 0.9 .07 Q Dec29 /Nov30
Crescent Capital BDC CCAP 9.6 .09 Dec15 /Nov30 Bath & Body Works BBWI 5.250 6.91 Feb. 1, ’28 94.000 –0.25 94.524
Brookfield Reinsurance BNRE ... .07 Q Dec29 /Dec14
SharkNinja SN ... 1.08 Dec11 /Dec01 –0.15
Coca-Cola Europacific CCEP 3.2 1.23 SA Dec05 /Nov17
TransDigm Group TDG ... 35.00 Nov27 /Nov20
Regal Rexnord RRX 6.050 6.85 Feb. 15, ’26 98.338 98.528
Enerflex EFXT 1.7 .0181 Q Jan10 /Nov21
Euroseas ESEA 8.4 .50 Q Dec16 /Dec09 Sources: FactSet; Dow Jones Market Data *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.
Franco-Nevada FNV 1.1 .34 Q Dec21 /Dec07 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Note: Data are for the most active issue of bonds with maturities of two years or more
GeoPark GPRK 5.7 .134 Q Dec11 /Nov27 S2:1: stock split and ratio; SO: spin-off. Source: MarketAxess

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
AMTD IDEA AMTD 0.59 -3.5 ArcutisBiotherap ARQT 1.80 -4.8 CareMax CMAX 1.25 -14.3 EMX Royalty EMX 1.62 -2.4 GainTherap GANX 2.56 2.6 iRobot IRBT 28.23 -1.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American ARKRestaurants ARKR 14.84 0.5 ArqitQuantumWt ARQQW 0.05 -2.3 CarismaTherap CARM 2.38 -9.5 ESSTechWt GWH.WS 0.05 7.9 GameStop GME 12.35 -1.3 IssuerDirect ISDR 15.95 -14.2
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest ATIF ATIF 0.77 1.0 ArrayTech ARRY 13.34 1.7 cbdMD PfdA YCBDpA 0.81 -3.2 EaglePharm EGRX 9.02 -2.8 Gaucho VINO 0.70 -5.2 JE Cleantech JCSE 0.68 -2.3
session. % CHG-Daily percentage change from the previous trading session. Ayro AYRO 1.50 -6.4 AscentSolar ASTI 0.75 -4.9 Charles&Colvard CTHR 0.28 -7.4 Earlyworks ELWS 0.50 -9.8 Genasys JNVR 0.71 -1.3
GNSS 1.62 -3.6 Janover
Aaron's AAN 6.72 2.3 AslanPharm ASLN 1.01 -0.5 Chevron CVX 141.73 0.7 EastsideDistilling EAST 1.08 -12.2 GeneDx WGS 1.25 -13.6 JanuxTherap JANX 5.65 3.2
Friday, November 10, 2023 AbleViewGlobal ABLV 1.60 -2.3 Astrotech ASTC 7.57 -5.3 ChickenSoupA CSSE 0.26 -10.3 Ebix EBIX 3.14 -2.5 GeneralMotors GM 26.30 0.8 JazzPharm JAZZ 115.97 3.2
52-Wk % 52-Wk % 52-Wk % AcelRxPharm ACRX 0.44 -1.5 AtaraBiotherap ATRA 0.21 -4.2 Chimerix CMRX 0.88 -1.1 EdgewiseTherap EWTX 5.12 -3.7 Geron GERN 1.71 -0.6 JowellGlobal JWEL 1.25 -11.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AcrivonTherap ACRV 4.11 -4.7 AtlantaBravesC BATRK 33.95 ... Clarus CLAR 4.77 1.6 1847Holdings EFSH 0.50 -7.2 Getaround GETR 0.17 -4.5 KaivalBrands KAVL 0.21 -11.4
AcropolisInfrWt ACRO.WS 0.03 -14.3 AtlantaBravesA BATRA 36.78 -0.6 CleanEnerFuels CLNE 3.06 -4.5 ElectriqPower ELIQ 0.50 -14.5 Glatfelter GLT 1.37 0.7 KaryopharmTherap KPTI 0.67 2.2
FTAI Aviation FTAI 41.48 2.7 Parsons PSN 62.97 1.2
ActiniumPharm ATNM 4.31 -5.6 aTyrPharma LIFE 1.10 -2.6 ClearPtNeuro CLPT 4.05 -17.7 ElevationOnc KVACW 0.03 -5.1
Highs FTI Consulting FCN 221.67 2.1 Progressive PGR 161.72 ... AcumenPharm ABOS 1.81 2.2 AvenueTherap ATXI 0.20 -2.3 CleverLeaves CLVR 1.72 -9.5 Emeren
ELEV
SOL
0.37 -10.0 Globavend
2.35 -0.8 GlucoTrack
GVH
GCTK
1.55 2.7 KeenVisionAcqnWt
0.13 -4.5 KezarLifeSci KZR 0.70 -3.7
FairIsaac FICO 1002.74 3.5 RCM Tech RCMT 25.00 14.3 Adaptimmune ADAP 0.47 -14.1 AvidBioservices CDMO 4.97 -3.6 CogentBio COGT 6.71 -3.8 EmergentBiosol EBS
AAR AIR 65.12 2.5 1.88 -7.0 GoldResource GORO 0.26 -8.9 Kidpik PIK 0.36 2.6
FederalSignal FSS 65.68 1.3 RamacoRscsA METC 17.71 9.3 AdaptiveBiotech ADPT 2.61 -18.2 BAIYU BYU 1.63 -1.5 CognitionTherap CGTX 0.90 6.5 EnantaPharma
Adobe ADBE 598.14 3.4 ENTA 8.08 -0.8 GorillaTechWt GRRRW 0.01 -23.5 KintaraTherap KTRA 0.33 -3.0
FormFactor FORM 38.04 9.9 ReinsGrp RGA 162.18 4.4 Addentax ATXG 1.03 -5.4 BP Prudhoe BPT 3.42 -3.3 CoherusBioSci CHRS 1.43 -0.6 EnphaseEnergy ENPH
Agric&NatSolns ANSCU 10.08 0.1 73.49 3.2 GrafTechIntl EAF 2.20 2.1 Kirkland's KIRK 1.50 -0.7
Garmin GRMN 116.64 1.1 RepublicSvcs RSG 157.89 0.9 AddexTherap ADXN 5.10 6.9 Babcock&Wilcox BW 1.02 -54.5 CollectiveAudience CAUD 1.86 31.4 EnsysceBio
AlphaStarAcqn ALSA 11.66 -0.1 ENSC 0.80 -5.9 GreenDot GDOT 7.30 -34.4 Klaviyo KVYO 24.35 1.5
Gartner IT 412.41 2.6 RoperTech ROP 518.60 1.5 Aditxt ADTX 4.08 -4.3 Babcock&WilcxNt26 BWSN 17.50 -10.1 CommunityHlthcr CHCT 25.18 1.6 Envela
ApolloGlbNts53 APOS 26.65 0.2 ELA 3.02 -3.6 GreenPlains GPRE 25.33 -0.6 Kubient KBNT 0.20 -8.9
GenieEnergy GNE 24.90 -0.3 SAP SAP 145.15 1.9 AeriesTech AERT 1.50 -22.0 BabcockWilcoxPfdA BWpA 9.15 -29.5 CompassMinerals CMP 23.40 0.3 1.97 ...
AultAllPfdD AULTpD 19.99 1.4 Envestnet ENV 34.19 0.1 Greenlane GNLN 0.50 -2.2 Largo LGO
GlobalIndl GIC 36.45 1.7 SIMPPLE SPPL 6.54 7.3 Agenus AGEN 0.61 -13.7 BabcockWilcoxNts BWNB 16.00 -15.2 CompassTherap CMPX 1.50 -3.7 LarimarTherap LRMR 2.18 4.3
AvePoint AVPT 8.32 10.5 EnvirotechVeh EVTV 0.92 11.7 GrowGeneration GRWG 1.77 4.7
GoldenHeaven GDHG 24.63 11.2 SLM Pfd B SLMBP 68.56 2.6 agilon health AGL 11.29 -3.0 BatteryFutureA BFAC 9.60 -1.2 CompleteSolaria CSLR 0.95 -9.9 Lazard LAZ 26.31 -3.1
BGC BGC 6.32 1.9 Enviva EVA 0.61 8.6 HallofFameWt HOFVW 0.00 -66.7
Griffon GFF 44.05 2.4 SWK9%Nts2027 SWKHL 25.15 -0.1 Agriforce AGRI 1.00 -10.2 Beachbody BODY 0.15 3.5 CompoSecureWt CMPOW 0.39 -43.9 Leslie's LESL 4.39 4.3
BarrettBus BBSI 105.79 1.0 EsportsEnt GMBL 0.04 -5.3 Hanryu HRYU 0.95 -32.0
HamiltonIns HG 15.39 ... ServiceNow NOW 636.43 2.4 Airgain AIRG 1.63 -46.0 BeautyHealth SKIN 3.45 -3.2 Compugen CGEN 0.54 -3.0 LexiconPharm LXRX 0.92 -2.4
BellRing BRBR 46.46 3.0 EstrellaImmuno ESLA 1.28 0.1 Hasbro HAS 42.66 -0.3
Hilton HLT 162.27 2.2 SpokHoldings SPOK 16.35 2.3 Albemarle ALB 113.18 2.1 BestBuy BBY 62.30 2.0 ComputerPrograms CPSI 10.40 -6.3 Lottery.com LTRY 1.53 -6.4
BlockHR HRB 45.09 3.4 5.26 6.0 Strats Allst GJT GJT Everbridge EVBG 18.50 3.7 HealthCatalyst HCAT 6.60 -2.9
Inter INTR 22.50 3.7 Alector ALEC 4.40 -7.1 BicycleTherap BCYC 13.06 -5.4 Conduent CNDT 2.40 1.6 Lucid LCID 3.62 1.2
BlueOwlCapital OBDC 14.39 1.6 JaguarGlbGrwI A JGGC 12.00 7.5 Synopsys ExelaTech XELA 2.59 -3.0 HeartcoreEnts HTCR 0.36 -9.0
SNPS 520.51 2.7 Allakos ALLK 1.70 2.9 BigLots BIG 3.47 -0.8 Conifer CNFR 0.73 -6.4 LucyScientific LSDI 0.20 -15.1
BluegreenVac BVH 73.81 0.2 KLA KLAC 536.14 5.5 TIM FGFinancial FGF 1.00 5.8 HudbayMinerals HBM 3.94 1.7
TIMB 17.86 0.6 AllarityTherap ALLR 0.45 -0.1 BioCardiaWt BCDAW 0.05 -24.1 ConnexaSports CNXA 0.43 -11.3 Luxfer LXFR 7.95 -1.8
Broadcom AVGO 958.95 5.1 Kadant KAI 249.09 1.0 TargetGlbl I A FG FGH 1.10 -10.5 Hurco HURC 19.36 -0.6
TGAA 12.19 0.1 Allbirds BIRD 0.67 -6.9 BioCryst BCRX 4.83 -0.6 CoreCard CCRD 15.11 1.7 LuxUrbanHtlsPfdA LUXHP 22.00 -2.1
Buenaventura BVN 9.00 3.4 KellyServices A KELYA 19.90 1.3 TelefonicaBras FGI Industries Wt FGIWW 0.12 -22.0 HycroftMining HYMC 0.18 -18.1
VIV 10.23 1.6 AllegiantTravel ALGT 54.87 0.4 Biogen BIIB 221.39 0.1 CorEnergyInfr CORR 0.48 -4.0 MAG Silver MAG 9.61 -2.0
CARGOTherapeutics CRGX 15.73 -3.1 KellyServices B KELYB 19.40 2.6 Tradeweb FLJ FLJ 0.13 -9.0 ICU Medical ICUI 78.28 1.0
TW 93.46 1.0 AllianceBernstein AB 26.55 -2.0 Biolase BIOL 1.07 -19.6 CorMedix CRMD 2.94 6.6 MDJM MDJH 1.18 -11.3
CadenceDesign CDNS 262.46 2.0 LennoxIntl LII 396.78 2.2 TraneTech FMC FMC 49.49 2.3 ITTechPkg ITP 0.28 -0.3
TT 226.16 2.0 AlliedGaming AGAE 0.76 0.2 BioNexusGene BGLC 0.32 -10.1 Corteva CTVA 43.35 -2.2 MDU Rscs MDU 18.04 1.1
Cadre CDRE 31.36 0.5 LexeoTherap LXEO 11.15 -0.6 TransDigm FoxoTech FOXO 0.33 -3.9 Identiv INVE 4.72 10.6
TDG 996.25 2.0 AllogeneTherap ALLO 2.31 -0.6 BioraTherap BIOR 1.38 -4.7 Credicorp BAP 118.50 2.7 MiraPharm MIRA 1.33 2.0
CardinalHealth CAH 104.59 1.3 FREY 1.40 -27.5 iHeartMedia IHRT 1.87 -8.0
Light&Wonder LNW 86.87 11.2 Uber UBER 52.10 3.1 AlloVir ALVR 1.31 1.1 BitBrother BETS 0.03 -9.4 CrownElectrokin CRKN 0.20 -2.3 FreyrBattery MP Materials MP 14.81 -2.2
CarrolsRestr TAST 8.05 -0.5 Linde LIN 400.37 2.3 UnvlTechInst FreyrBatteryWt FREY.WS 0.09 -44.8 Illumina ILMN 89.00 -8.0 MachNaturalRscs MNR
UTI 9.67 2.0 Alpha&Omega AOSL 20.03 2.6 BlockchainCoinWt BCSAW 0.01 -19.2 Cutera CUTR 1.38 -9.2 16.11 0.4
CECO Env CECO 19.91 2.7 LogitechIntl LOGI 81.85 0.8 VSE 1.16 -4.8 BogotaFinl 6.98 0.9 Cyngn 0.17 -10.6 FaradayFuture FFIE 0.77 -16.1 Indivior INDV 15.77 -12.5 Magnachip
VSEC 60.05 1.8 Alset AEI BSBK CYN MX 6.82 -0.9
CheckPoint CHKP 142.24 2.7 M-tronInds MPTI 32.98 12.5 VaronisSystems AltamiraTherap CYTO 0.11 -11.3 BoneBiologics BBLG 0.49 -4.2 DakotaGold DC 2.33 -0.8 FibroGen FGEN 0.33 -2.6 InflaRx IFRX 1.14 -3.0 MalibuBoats
VRNS 35.86 0.7 MBUU 42.20 1.4
Cintas CTAS 534.07 1.4 ManhattanAssoc MANH 214.43 3.6 Vertex AltisourceAsset AAMC 2.73 10.7 BranchOutFood BOF 1.46 -2.8 DavisCommodities DTCK 1.56 -17.7 FirstSeacoastBncp FSEA 6.47 2.3 Ingevity NGVT 36.66 1.4 Mangoceuticals MGRX 0.43 -4.2
VERX 28.12 0.2
ConsldWater CWCO 36.70 10.7 Marsh&McLen MMC 200.68 1.3 AmericanRebel AREB 0.33 14.2 BrightGreen BGXX 0.30 -2.1 DenaliTherap DNLI 15.92 -5.2 FirstSolar FSLR 129.22 1.0 Inotiv NOTV 1.61 -5.1 MarinSoftware MRIN 0.27 1.4
Woodward WWD 135.26 2.2
Copart CPRT 48.93 4.4 McKesson MCK 469.97 1.6 AmSharedHosp AMS 2.16 1.2 BrightMindsBio DRUG 1.20 -3.2 DesktopMetal DM 0.77 -5.4 Fisker FSR 3.68 1.3 InovioPharm INO 0.32 -3.7 MarineProducts MPX 9.21 1.3
XPO XPO 83.35 3.0
Costco COST 577.89 2.5 Microsoft MSFT 370.10 2.5 AmicusTherap FOLD 9.70 4.4 BrilliantEarthA BRLT 2.10 -13.7 Diageo DEO 135.63 -11.7 5EAdvMatls FEAM 1.70 -9.9 Inpixon INPX 0.06 -2.3 MarriottVacations VAC 75.19 -0.1
YunhongGreenCTI YHGJ 2.99 2.0
Crane CR 102.93 1.1 MoneyLion ML 31.93 12.4 AmylyxPharm AMLX 11.91 1.8 CARGOTherapeutics CRGX 14.50 -3.1 DianaShipping DSX 3.03 -0.6 FlowersFoods FLO 19.64 -6.9 Inseego INSG 0.25 -6.5 MaxeonSolar MAXN 4.98 1.2
CRWD 196.95 2.9
CrowdStrike
Daktronics DAKT 10.42 4.8
MontereyCapA
Morningstar
MCAC 10.81
MORN 266.54 2.1
...
Lows AnaptysBio ANAB
AntelopeEnterprise AEHL
13.96 -4.1 CH Robinson
1.56 0.9 CNH Indl
CHRW
CNHI
79.21 -0.2 DigitalBrands
9.84 -1.9 DimenGlbxUS
DBGI
DFGX
3.60 -1.3 ForesightAuto
50.22 -0.2 ForteBiosci
FRSX
FBRX
1.40 2.8 InspireMedical
0.41 -9.3 InspireVeterinary
INSP
IVP
124.03 -0.9 MedicalProp
0.52 -19.8 MesaLabs
MPW
MLAB
4.10 -8.6
83.75 -0.7
DellTechC DELL 73.79 1.7 Myomo MYO 2.13 12.1 ACELYRIN SLRN 7.68 -2.4 ApogeeTherap APGE 14.19 -4.8 CompassPath CMPS 5.22 -2.4 DineBrands DIN 42.00 -1.2 FortressBiotech FBIO 1.24 -37.0 InstilBio TIL 0.33 ... MetaMaterials MMAT 0.09 0.8
Duolingo DUOL 217.16 4.2 NatlHealthcare NHC 72.14 1.7 ADC Therap ADCT 0.46 0.4 AppliedUV AUVI 0.21 -4.3 CPS Tech CPSH 2.37 -1.7 DolphinEnt DLPN 1.40 ... FreeportMcM FCX 32.83 1.3 IntegraResources ITRG 0.69 -1.6 MetallaRoyalty MTA 2.70 -4.3
ESAB ESAB 77.40 1.0 NewMarket NEU 501.76 0.8 Adtran ADTN 4.91 8.4 AptevoTherap APVO 0.15 -24.0 CS Disco LAW 5.14 1.5 DragonflyEnergy DFLI 0.64 1.9 FusionFuelGreen HTOO 0.51 -9.0 IntelliaTherap NTLA 22.76 -3.3 micromobilitycomWt MCOMW 0.01 -14.9
EmpireStateReal250 FISK 10.51 3.4 OReillyAuto ORLY 989.69 0.8 ALSPOrchidI Wt ALORW 0.00 -29.6 Aptorum APM 1.38 -4.2 CanoHealth CANO 5.37 -27.3 DunxinFinl DXF 0.28 -10.5 FutureFinTech FTFT 0.71 -7.8 InVivoTherap NVIV 0.68 -14.3 MiddlesexWater MSEX 61.56 -2.6
Escalade ESCA 19.00 -0.3 OverseasShip OSG 5.06 3.7 AMN Healthcare AMN 59.50 -0.2 Arcimoto FUV 0.55 ... CapricorTherap CAPR 2.68 1.4 Durect DRRX 0.47 -7.1 FutureFuel FF 5.27 -7.5 iRhythmTechs IRTC 70.24 -0.3 MineralysTherap MLYS 6.40 -12.8
F&GAnnuities FG 38.55 -2.1 OxusAcqnA OXUS 11.13 0.1 AMTD Digital HKD 3.67 -1.6 ArcusBiosci RCUS 13.11 -1.5 CardiffOncology CRDF 0.94 2.0 EDAP TMS EDAP 4.51 -4.6 GabelliEqPfdG GABpG 20.67 -0.3 IridiumComm IRDM 34.21 -3.6 Continued on Page B9
 .

B8 | Saturday/Sunday, November 11 - 12, 2023 * ***** THE WALL STREET JOURNAL.

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. -0.79 37.26 28.66 FoxA FOXA 1.7 13 30.13 0.45 -20.29 94.97 59.12 McCormickVtg MKC.V 2.4 27 65.50 1.00 37.65 74.51 48.94 Seagate STX 3.9 dd 72.42 0.42
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX -1.30 34.42 26.20 FoxB FOX 1.9 12 28.08 0.38 -21.67 94.39 59.13 McCormick MKC 2.4 27 64.93 0.38 66.31 217.51 116.08 Seagen SGEN ... dd 213.72 0.78
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -12.51 161.25 116.40 Franco-Nevada FNV 1.1 34 119.40 -0.67 1.62 299.35 245.73 McDonald's MCD 2.5 24 267.79 0.88 -8.97 84.12 63.75 Sempra SRE 3.4 16 70.34 0.77
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -13.12 34.37 21.88 FranklinRscs BEN 5.2 13 22.92 -0.08 s 25.10 469.97 331.75 McKesson MCK 0.5 19 469.29 7.43 -16.20 74.66 52.89 ServiceIntl SCI 2.0 18 57.94 0.67
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations t -11.37 46.73 32.83 FreeportMcM FCX 1.8 23 33.68 0.44 29.64 282.73 167.00 Medpace MEDP ... 32 275.36 5.63 s 63.48 636.43 353.62 ServiceNow NOW ... 82 634.76 15.00
5.20 27.71 14.82 FreseniusMed FMS 2.4 16 17.19 0.11 -9.06 92.02 68.84 Medtronic MDT 3.9 26 70.68 0.59 15.19 68.74 52.47 Shell SHEL 3.8 8 65.60 0.79
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -13.12 10.18 5.41 FullTruck YMM ... 32 6.95 0.09 62.41 1451.56 815.86 MercadoLibre MELI ... 71 1374.39 33.01 7.76 283.80 205.43 SherwinWilliams SHW 0.9 27 255.75 3.35
42.58 72.20 35.91 Futu FUTU ... 16 57.96 0.68 -8.62 119.65 97.33 Merck MRK 2.9 56 101.39 -0.99 -4.37 36.64 24.99 ShinhanFin SHG 5.5 4 26.71 0.46
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 1.93 1.70 0.80 MetaData AIU ... dd 1.06 ... 76.72 71.43 32.35 Shopify SHOP ... dd 61.34 0.97
s-New 52-week high. standards vj-In bankruptcy or receivership or GHI 173.20 330.54 108.32 MetaPlatforms META ... 29 328.77 8.22 -1.83 133.08 100.17 SimonProperty SPG 6.6 17 115.33 1.54
t-New 52-week low. lf-Late filing being reorganized under the -16.42 77.36 48.95 MetLife MET 3.4 22 60.49 1.18 -20.72 7.95 3.32 SiriusXM SIRI 2.3 14 4.63 -0.06
19.08 87.83 53.00 GE HealthCare GEHC 0.2 21 69.52 1.21 -27.77 1615.97 928.50 Mettler-Toledo MTD ... 26 1044.11 19.56 19.26 56.53 38.02 SkechersUSA SKX ... 15 50.03 0.39
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -1.64 39.05 26.55 GFLEnvironmental GFL 0.2 dd 28.75 0.27
four quarters. requirements. assumed by such companies. 10.41 94.30 67.69 MicrochipTech MCHP 2.3 17 77.56 3.86 -1.21 123.69 85.06 Skyworks SWKS 3.0 15 90.03 3.53
-2.08 39.74 31.22 GSK GSK 4.0 9 34.41 -0.05 50.78 76.10 48.43 MicronTech MU 0.6 dd 75.36 1.79 27.22 76.94 55.41 SmithAO AOS 1.8 37 72.82 1.45
FD-First day of trading. t-NYSE bankruptcy 25.06 67.57 40.21 GXO Logistics GXO ... 32 53.39 1.00 s 54.14 370.10 219.35 Microsoft MSFT 0.8 36 369.67 8.98 -8.85 33.09 21.52 Smith&Nephew SNN 3.0 48 24.51 0.20
31.68 248.54 174.44 Gallagher AJG 0.9 48 248.27 1.50 259.67 535.21 132.56 MicroStrategy MSTR ...395 509.18 15.11 -31.38 163.07 107.33 Smucker SJM 3.9 dd 108.74 -0.39
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -13.13 55.13 43.54 Gaming&Leisure GLPI 6.5 17 45.25 0.26 -21.83 176.36 115.56 MidAmApt MAA 4.6 25 122.72 2.94 26.48 13.89 7.86 Snap SNAP ... dd 11.32 0.08
s 26.36 116.64 88.40 Garmin GRMN 2.5 21 116.62 1.26 -10.22 162.02 109.59 Middleby MIDD ... 14 120.21 1.55 18.18 297.25 220.21 Snap-On SNA 2.8 15 270.04 4.62
Friday, November 10, 2023 YTD 52-Week Yld Net s 22.46 412.41 292.60 Gartner IT ... 35 411.63 10.28 24.14 9.04 4.91 MitsubishiUFJ MUFG 2.2 9 8.28 0.19 11.75 193.94 119.27 Snowflake SNOW ... dd 160.40 4.05
% Chg Hi Lo Stock Sym % PE Last Chg -10.03 23.92 15.45 GenDigital GEN 2.6 9 19.28 0.28 14.79 3.70 2.21 MizuhoFin MFG 2.8 9 3.26 0.07 t -41.30 112.35 45.94 SOQUIMICH SQM 10.4 4 46.87 -0.42
YTD 52-Week Yld Net 2.87 156.95 79.86 Generac GNRC ... 41 103.55 0.71 6.50 48.11 26.17 Mobileye MBLY ... dd 37.34 1.20 50.54 11.70 4.24 SoFiTech SOFI ... dd 6.94 0.09
% Chg Hi Lo Stock Sym % PE Last Chg 58.31 19.55 7.53 Carnival CCL 0.0 dd 12.76 0.45 -1.84 256.86 202.35 GeneralDynamics GD 2.2 20 243.55 3.45 -61.00 217.25 62.55 Moderna MRNA ... dd 70.05 0.54 12.66 100.94 74.81 Sony
59.39 17.67 6.74 Carnival CUK 0.0 dd 11.46 0.38
SONY 0.5 16 85.94 4.21
76.29 117.96 59.85 GeneralElec GE 0.3 13 115.27 2.18 8.44 364.91 256.19 MolinaHealthcare MOH ... 22 358.08 5.71 -4.64 75.80 61.56 Southern SO 4.1 25 68.10 0.06
ABC 24.85 60.04 40.28 CarrierGlobal CARR 1.4 37 51.50
22.99 284.18 202.13 CaseysGenStores CASY 0.6 22 275.93
1.07
0.74
-22.15 90.89 60.33 GeneralMills GIS 3.6 16 65.28
t -20.18 43.63 26.30 GeneralMotors GM 1.3 4 26.85
-0.25
0.20
14.46 70.90 48.48 MolsonCoorsB TAP 2.8 51 58.97 0.79 17.02 87.59 56.26 SoCopper SCCO 5.7 19 70.67 0.85
14.85 189.15 82.74 monday.com MNDY ... dd 140.12 4.57 -31.21 40.38 21.91 SouthwestAir LUV 3.1 32 23.16 -0.19
-5.44 92.16 74.40 AECOM ACM 0.9 85 80.31 2.17 0.05 293.88 204.04 Caterpillar CAT 2.2 14 239.68 5.53 -25.79 47.50 27.74 Genmab GMAB ... 33 31.45 0.29 3.71 78.59 60.75 Mondelez MDLZ 2.5 21 69.12 0.18 11.11 7.69 4.57 SouthwesternEner SWN ... 1 6.50 -0.02
-45.41 29.89 11.43 AES AES 4.2 dd 15.70 0.07 15.91 131.05 96.52 Celanese CE 2.4 6 118.51 2.12 8.91 34.33 25.77 Gentex GNTX 1.6 18 29.70 0.48 91.47 439.00 137.70 MongoDB MDB ... dd 376.89 11.58 70.75 148.50 72.17 Splunk SPLK ... dd 147.00 0.45
13.26 82.72 60.20 Aflac AFL 2.5 11 81.48 0.58 65.80 206.85 80.25 CelsiusHldg CELH ...117 172.50 -1.86 -21.53 187.72 126.35 GenuineParts GPC 2.8 15 136.16 1.12 42.69 595.98 336.63 MonolithicPower MPWR 0.8 55 504.58 22.52 116.57 182.00 70.18 Spotify SPOT ... dd 170.98 0.70
-16.36 145.53 109.81 AGCO AGCO 1.0 8 116.00 1.92 71.36 8.46 3.98 Cemex CX ... 22 6.94 0.12 -8.65 6.34 4.20 Gerdau GGB 0.5 5 4.82 0.22 8.89 60.47 47.13 MonsterBev MNST ... 37 55.28 0.20 13.25 104.21 71.27 StanleyBlackDck SWK 3.8 dd 85.07 0.82
20.66 351.23 230.00 Ansys ANSS ... 53 291.50 7.08 19.23 198.98 147.10 Cencora COR 1.0 23 197.57 1.26 -11.57 89.74 72.87 GileadSciences GILD 4.0 16 75.92 0.94 23.67 363.19 272.70 Moody's MCO 0.9 42 344.57 4.69 43.30 69.02 46.35 Stantec STN 0.8
-6.90 22.02 14.97 CenovusEnergy CVE 1.8 11 18.07 0.55 31 68.70 5.66
-20.91 49.30 30.67 APA APA 2.7 8 36.92 0.56 -1.83 58.70 26.24 GitLab GTLB ... dd 44.61 1.34 -11.40 100.99 69.42 MorganStanley MS 4.5 13 75.33 1.14 5.17 115.48 89.21 Starbucks SBUX 2.2 29 104.33 2.10
30.46 9.03 5.99 ASE Tech ASX 5.2 15 8.18 0.33 -12.36 87.84 60.83 Centene CNC ... 16 71.87 0.41 9.93 129.69 92.27 GlobalPayments GPN 0.9 33 109.18 1.94 s 22.88 266.54 163.28 Morningstar MORN 0.6161 266.14 5.43 -12.85 94.73 62.78 StateStreet STT 4.1 10 67.60 1.08
21.02 771.98 529.01 ASML ASML 0.8 32 661.28 27.02 -9.57 31.52 25.42 CenterPointEner CNP 2.9 22 27.12 0.36 -3.56 72.50 48.12 GlobalFoundries GFS ... 20 51.97 1.16 -23.32 57.46 31.44 Mosaic MOS 2.4 9 33.64 0.02 11.59 136.46 90.55 SteelDynamics STLD 1.6 7 109.02 0.32
-15.05 21.53 13.43 AT&T T 7.1 dd 15.64 0.01 -4.16 9.16 5.67 CentraisElBras EBR 0.6 27 7.60 0.08 3.29 210.00 135.41 Globant GLOB ... 50 173.70 -4.62 20.69 311.53 245.76 MotorolaSol MSI 1.1 31 311.02 2.22 36.48 20.71 13.71 Stellantis STLA 7.6 3 19.38 0.30
-14.41 115.83 89.67 AbbottLabs ABT 2.2 32 93.97 0.42 2.03 79.66 55.62 CeridianHCM CDAY ...2705 65.45 0.48 -3.24 123.85 102.23 GlobeLife GL 0.8 12 116.64 1.75 -0.16 51.28 32.80 MurphyOil MUR 2.6 9 42.94 0.88 7.92 254.00 163.53 Steris STE 1.0 36 199.32 -1.41
-14.24 168.11 130.96 AbbVie ABBV 4.5 38 138.59 0.55 -21.07 262.00 161.65 CharlesRiverLabs CRL ... 19 171.99 2.52 17.15 87.85 67.44 GoDaddy GDDY ... 38 87.65 0.87 30.23 382.04 231.65 MurphyUSA MUSA 0.5 15 364.04 -1.99 59.21 36.30 13.71 Stevanato STVN 0.2 48 28.61 1.03
-11.19 89.85 66.49 AcadiaHealthcare ACHC ... dd 73.11 0.88 20.85 458.30 302.21 CharterComms CHTR ... 13 409.81 5.35 23.38 17.78 8.89 GoldFields GFI 3.6 17 12.77 -0.18 -11.57 231.54 149.54 NICE NICE ... 37 170.06 3.71 17.43 55.85 34.59 STMicroelec STM 0.5 9 41.77 1.31
19.81 330.44 242.80 Accenture ACN 1.6 30 319.69 5.47 s 12.60 142.24 117.18 CheckPoint CHKP ... 20 142.05 3.74 -5.20 389.58 289.36 GoldmanSachs GS 3.4 16 325.51 4.73 -25.74 16.18 7.00 NIO NIO ... dd 7.24 -0.23 11.91 306.93 216.55 Stryker SYK 1.1 41 273.62 2.78
s 77.46 598.13 318.60 Adobe ADBE ... 54 597.22 19.48 14.03 590.00 481.99 Chemed CHE 0.3 36 582.05 2.68 1.55 4.03 2.64 Grab GRAB ... dd 3.27 -0.02 -16.52 48.21 34.38 NNN REIT NNN 5.9 18 38.20 -0.02 15.84 10.58 6.04 SumitomoMits SMFG 3.1 11 9.29 0.15
38.07 134.94 75.02 AdvDrainageSys WMS 0.5 19 113.18 2.13 14.44 179.04 135.00 CheniereEnergy LNG 1.0 3 171.62 0.95 15.77 87.94 65.23 Graco GGG 1.2 26 77.87 1.23 -7.61 24.83 14.05 NOV NOV 1.0 15 19.30 0.43 -19.78 163.83 102.74 SunComms SUI 3.2 63 114.72 0.33
83.09 132.83 60.05 AdvMicroDevices AMD ...935 118.59 5.10 -0.95 62.08 42.96 CheniereEnerPtrs CQP 5.5 5 56.33 -1.01 42.43 811.60 534.01 Grainger GWW 0.9 22 792.25 12.38 43.15 46.82 30.25 NRG Energy NRG 3.3 dd 45.55 0.48 2.63 53.21 43.53 SunLifeFinancial SLF 4.7 13 47.64 0.22
-0.40 5.68 4.02 Aegon AEG 4.7 ... 5.02 0.08 -16.19 106.25 69.68 ChesapeakeEner CHK 2.8 2 79.09 -1.40 -2.70 27.56 20.07 GraphicPkg GPK 1.8 10 21.65 0.23 30.84 6525.00 4295.51 NVR NVR ... 13 6035.29 198.77 4.57 37.23 27.59 SuncorEnergy SU 4.7 7 33.18 0.66
14.64 69.50 49.58 AerCap AER ... 6 66.86 1.01 t -20.36 189.68 141.73 Chevron CVX 4.2 11 142.95 1.01 4.82 10.96 6.50 Grifols GRFS 0.01273 8.91 -0.09 18.12 225.57 150.90 NXP Semicon NXPI 2.2 17 186.67 6.34 23.53 53.96 40.81 Sunoco SUN 6.3 10 53.24 0.07
131.95 27.16 8.62 AffirmHldgs AFRM ... dd 22.43 -2.43 -46.17 52.88 16.53 Chewy CHWY ...174 19.96 0.07 -11.60 200.85 107.25 GpoAeroportuar PAC 7.1 13 127.13 0.37 -15.06 69.22 46.88 Nasdaq NDAQ 1.7 23 52.11 0.69 224.03 357.00 69.02 SuperMicroComp SMCI ... 25 266.03 1.15
-27.52 160.26 96.80 AgilentTechs A 0.8 28 108.47 0.73 52.84 2175.01 1344.05 Chipotle CMG ... 50 2120.58 25.47 -6.37 314.48 165.00 GpoAeroportSur ASR 2.3 12 218.14 3.96 1.09 74.48 56.41 NationalGrid NGG 5.5 5 60.98 0.51 20.02 11.60 7.46 Suzano SUZ 4.0 3 11.09 0.25
-9.48 61.15 43.22 AgnicoEagleMines AEM 3.4 9 47.06 -0.25 18.56 175.20 117.05 ChordEnergy CHRD 3.1 6 162.20 1.78 45.60 95.88 56.02 Guidewire GWRE ... dd 91.09 1.49 -24.30 7.79 4.29 NatWest NWG 7.8 4 4.89 0.02 -10.01 40.88 26.59 SynchronyFinl SYF 3.4 5 29.57 0.42
-13.88 328.56 251.63 AirProducts APD 2.6 26 265.46 1.47 0.83 231.37 183.40 Chubb CB 1.5 13 222.44 3.61 -2.98 304.86 215.96 HCA Healthcare HCA 1.0 11 232.82 5.26 28.44 80.53 58.08 NetApp NTAP 2.6 14 77.14 1.32 s 62.49 520.51 312.25 Synopsys SNPS ... 78 518.83 13.66
38.19 154.95 81.91 Airbnb ABNB ... 14 118.15 2.63 -1.89 41.58 34.28 ChunghwaTel CHT 3.2 23 35.90 -0.36 -16.21 71.76 55.95 HDFC Bank HDB 1.0 18 57.32 1.15 56.79 114.78 63.25 NetEase NTES 1.5 20 113.88 0.91 -11.92 87.21 62.23 Sysco SYY 3.0 19 67.34 0.65
31.40 111.80 70.65 AkamaiTech AKAM ... 33 110.77 0.98 11.30 100.52 73.21 Church&Dwight CHD 1.2 51 89.72 0.07 3.68 66.19 37.12 HF Sinclair DINO 3.3 5 53.80 1.30 51.67 485.00 271.56 Netflix NFLX ... 45 447.24 12.09
t -46.06 334.55 113.18 Albemarle
2.12 23.88 19.14 Albertsons
ALB 1.4 4 116.98 2.38
ACI 2.3 11 21.18 -0.06
12.51 150.45 101.89 ChurchillDowns CHDN 0.3 25 118.94
-13.44 54.25 39.94 Ciena CIEN ... 30 44.13
2.49
0.87
2.79 33.90 25.22 HP
18.84 42.47 27.77 HSBC
HPQ 4.0 12 27.62
HSBC 7.1 5 37.03
0.60
0.06
-10.27 129.29 89.04 Neurocrine NBIX ... 57 107.17 -4.98 TUV
-22.21 54.24 25.06 NewFortressEner NFE 1.2 17 33.00 -0.69
6.32 86.20 62.72 Alcon ALC 0.3100 72.88 0.11 -11.51 340.11 240.50 Cigna CI 1.7 17 293.21 4.30 -17.94 53.52 32.16 H World HTHT 0.0 73 34.81 0.20 94.92 69.97 24.17 NewOrientalEduc EDU ... 41 67.87 0.25 -10.06 49.51 32.52 TC Energy TRP 7.5 dd 35.85 -0.11
-34.33 172.65 90.73 AlexandriaRlEst ARE 5.2 69 95.66 1.08 -2.60 130.66 95.01 CincinnatiFinl CINF 3.0 9 99.73 0.64 1.12 9.05 6.33 Haleon HLN 1.3 28 8.09 ... 8.14 14.22 5.81 NY CmntyBcp NYCB 7.3 2 9.30 0.13 0.58 111.57 86.30 TD Synnex SNX 1.5 14 95.26 2.18
-6.06 121.30 69.31 Alibaba BABA ... 18 82.75 0.02 s 18.13 534.07 423.06 Cintas CTAS 1.0 40 533.48 7.15 -2.69 43.85 27.84 Halliburton HAL 1.7 13 38.29 0.49 34.26 45.33 31.46 NYTimes A NYT 1.0 37 43.58 0.47 10.32 146.59 111.94 TE Connectivity TEL 1.9 21 126.65 2.55
-8.90 413.20 176.34 AlignTech ALGN ... 41 192.13 4.79 10.39 58.19 43.92 CiscoSystems CSCO 3.0 17 52.59 0.59 -2.45 79.44 64.25 HartfordFinl HIG 2.5 10 73.97 0.64 t -27.54 55.41 33.59 Newmont NEM 4.7 dd 34.20 0.25 -10.77 22.08 15.47 Telus TU 6.3 42 17.23 -0.02
-1.68 128.36 95.94 Allegion ALLE 1.7 16 103.49 2.36 -6.96 53.23 38.17 Citigroup C 5.0 7 42.08 0.58 -36.42 28.43 15.24 HealthpeakProp PEAK 7.5 17 15.94 0.21 18.11 23.17 15.73 NewsCorp B NWS 0.9 85 21.78 -0.34 17.28 45.81 28.47 Ternium TX 8.1 ... 35.84 0.78
-12.03 57.52 45.15 AlliantEnergy LNT 3.7 18 48.57 -0.04 -36.07 44.82 22.77 CitizensFin CFG 6.7 6 25.17 0.15 7.61 182.18 147.69 Heico HEI 0.1 58 165.33 2.81 14.95 22.32 15.57 NewsCorp A NWSA 1.0 81 20.92 -0.37 11.32 138.16 98.32 TFI Intl TFII 1.3 19 111.59 1.97
-3.89 142.15 100.57 Allstate ALL 2.7 dd 130.32 1.33 17.57 86.58 53.56 CivitasRscs CIVI 11.7 8 68.11 0.51 10.99 144.25 114.81 Heico A HEI.A 0.2 46 133.02 2.43 -34.04 88.61 47.15 NextEraEnergy NEE 3.4 15 55.14 0.42 s 51.59 17.86 10.20 TIM TIMB 3.9 19 17.66 0.11
4.42 35.78 21.59 AllyFinancial ALLY 4.7 7 25.53 -0.14 41.32 178.33 109.36 CleanHarbors CLH ... 24 161.27 5.74 -19.78 89.72 60.01 HenrySchein HSIC ... 19 64.07 1.91 -9.32 131.31 88.66 Nike NKE 1.3 33 106.11 -0.89 14.57 93.78 72.92 TJX TJX 1.5 27 91.20 0.14
-31.88 242.97 148.10 AlnylamPharm ALNY ... dd 161.89 -2.63 2.73 22.83 13.61 Cleveland-Cliffs CLF 0.0 25 16.55 0.11 -17.31 276.88 183.74 Hershey HSY 2.5 21 191.48 2.86 -8.83 28.95 22.86 NiSource NI 4.0 17 25.00 0.18 15.67 118.04 67.31 TKO TKO 0.6 62 79.26 -5.64
51.09 142.38 85.57 Alphabet C GOOG ... 26 134.06 2.37 -4.90 178.21 114.69 Clorox CLX 3.6194 133.46 1.14 -0.16 167.75 113.82 Hess HES 1.2 27 141.59 1.39 24.90 55.34 33.41 Noble NE 3.4 15 47.10 0.19 5.44 153.36 124.92 T-MobileUS TMUS 1.8 23 147.61 0.72
50.28 141.22 84.86 Alphabet A GOOGL ... 25 132.59 2.35 39.53 76.07 37.56 Cloudflare NET ... dd 63.08 0.90 -1.04 32.43 25.63 HessMidstream HESM 8.3 15 29.61 0.22 -24.78 5.11 3.05 Nokia NOK 2.4 5 3.49 0.04 13.98 44.43 24.74 TPG TPG 4.4 dd 31.72 0.66
-12.45 48.11 39.06 Altria MO 9.8 8 40.02 -0.09 -10.83 64.99 51.55 Coca-Cola KO 3.2 23 56.72 0.06 ... 18.14 13.65 HewlettPackard HPE 3.0 20 15.96 0.34 7.73 4.47 3.38 Nomura NMR 2.6 13 4.04 0.06 -15.07 134.64 87.43 T.RowePrice TROW 5.3 13 92.62 -1.29
70.90 145.86 81.43 Amazon.com AMZN ... 75 143.56 2.96 32.72 745.53 455.47 CocaColaCon COKE 0.3 14 680.00 3.70 s 28.05 162.27 123.74 Hilton HLT 0.4 33 161.80 3.54 -5.30 253.40 202.57 Nordson NDSN 1.2 26 225.11 3.64 30.81 110.69 72.24 TaiwanSemi TSM 1.5 18 97.44 5.82
... 3.23 2.40 Ambev ABEV 4.0 15 2.72 0.01 9.87 66.79 49.80 Coca-ColaEuro CCEP 3.2 16 60.78 0.15 -3.58 87.88 64.02 Hologic HOLX ... 39 72.13 4.93 -20.10 261.71 183.09 NorfolkSouthern NSC 2.7 22 196.88 3.07 42.01 153.84 96.00 TakeTwoSoftware TTWO ... dd 147.88 1.56
-23.85 12.78 8.45 Amcor AMCR 5.5 14 9.07 0.08 15.32 72.70 54.25 CognizantTech CTSH 1.8 16 65.95 1.30 -7.68 347.25 274.26 HomeDepot HD 2.9 18 291.59 3.72 -20.10 100.25 62.44 NorthernTrust NTRS 4.2 13 70.70 1.30 -12.24 17.15 13.19 TakedaPharm TAK 4.1 31 13.69 0.10
-11.74 99.75 78.38 Amdocs DOX 2.2 18 80.23 0.03 162.56 114.43 31.55 CoinbaseGlbl COIN ... dd 92.92 0.06 38.15 36.82 22.35 HondaMotor HMC 2.2 8 31.58 0.66 -15.09 549.87 414.56 NorthropGrum NOC 1.6 15 463.27 2.18 -26.16 47.48 25.99 Tapestry TPR 5.0 7 28.12 -0.16
-14.23 92.44 69.71 Ameren AEE 3.3 17 76.27 0.17 -4.26 82.09 67.62 ColgatePalm CL 2.5 39 75.43 0.29 -12.87 220.96 174.88 Honeywell HON 2.3 23 186.71 3.03 8.96 99.94 75.68 Novartis NVS 2.4 25 93.54 0.31 15.05 90.64 64.85 TargaResources TRGP 2.4 22 84.56 0.87
-5.05 23.07 15.99 AmericaMovil AMX 2.0 12 17.28 0.35 19.85 47.45 32.83 Comcast A CMCSA 2.8 12 41.91 1.03 -28.65 49.73 30.70 HormelFoods HRL 3.4 20 32.50 -0.01 49.53 104.00 54.85 NovoNordisk NVO 0.7 42 101.19 1.16 -27.31 181.70 102.93 Target TGT 4.1 15 108.33 1.54
-7.23 19.08 10.86 AmerAirlines AAL 0.0 5 11.80 0.05 63.09 192.33 111.28 ComfortSystems FIX 0.5 23 187.68 2.42 37.65 132.30 79.74 DR Horton DHI 1.0 9 122.70 2.02 109.34 8.62 3.39 NuHoldings NU ...604 8.52 0.26 76.78 22.78 11.09 TechnipFMC FTI 0.9 dd 21.55 0.65
-18.17 100.32 69.38 AEP AEP 4.5 18 77.70 0.44 16.23 12.70 8.45 SABESP SBS 1.8 14 12.39 0.07 2.24 19.41 14.51 HostHotels HST 4.4 16 16.41 0.16 15.79 182.68 129.47 Nucor NUE 1.3 8 152.62 1.46 -6.48 49.34 31.42 TeckResourcesB TECK 1.0 11 35.37 0.92
4.49 182.15 140.91 AmerExpress AXP 1.6 14 154.38 2.01 27.09 2.70 1.82 EngGr-Cmg CIG 7.4 6 2.58 0.05 17.75 110.94 83.92 HoulihanLokey HLI 2.1 26 102.63 0.60 49.48 39.63 23.34 Nutanix NTNX ... dd 38.94 1.62 -4.28 448.71 364.98 TeledyneTech TDY ... 23 382.80 6.36
-21.00 149.93 105.22 AmericanFin AFG 2.6 11 108.45 1.67 18.42 4.40 2.80 EngGr-Cmg C CIG.C 5.3 8 3.60 0.03 25.73 51.34 34.80 HowmetAerospace HWM 0.4 32 49.55 0.79 -26.67 85.16 52.23 Nutrien NTR 4.0 12 53.55 -0.74 -19.86 276.43 177.63 Teleflex TFX 0.7 23 200.05 1.15
15.79 37.97 28.79 AmHomes4Rent AMH 2.5 33 34.90 0.42 -28.14 41.30 25.16 ConagraBrands CAG 5.0 12 27.81 -0.13 23.37 340.06 219.77 Hubbell HUBB 1.7 23 289.52 4.51 33.30 58.98 36.70 nVentElectric NVT 1.4 18 51.28 1.34 -20.89 6.82 4.33 Ericsson ERIC 3.6 dd 4.62 0.01
0.92 64.94 45.66 AIG AIG 2.3 12 63.82 0.97 -2.03 135.68 91.53 ConocoPhillips COP 2.0 11 115.61 1.46 48.35 581.40 257.50 HubSpot HUBS ... dd 428.92 13.80 230.74 502.66 138.84 NVIDIA NVDA 0.0117 483.35 13.85 s 42.94 10.23 6.49 TelefonicaBras VIV 4.5 19 10.22 0.16
-13.25 235.57 154.58 AmerTowerREIT AMT 3.4120 183.79 1.95 -6.25 100.92 80.46 ConEd ED 3.6 13 89.35 0.10 -3.73 558.35 423.29 Humana HUM 0.7 20 493.11 -2.07 9.80 4.53 3.38 Telefonica TEF 6.0 12 3.92 0.04
-18.97 162.59 114.25 AmerWaterWorks AWK 2.3 26 123.50 -0.77
-11.59 33.90 24.81 AmericoldRealty COLD 3.5 dd 25.03 -0.08
3.27 273.65 208.12 ConstBrands A STZ 1.5 29 239.32
41.25 125.62 71.16 ConstellationEner CEG 0.9 23 121.77
0.37
1.14
-0.31 209.21 163.66 JBHunt JBHT 1.0 23 173.82
-27.16 15.74 9.13 HuntingtonBcshs HBAN 6.0 7 10.27
2.06
0.08
OPQ -4.70 29.58 21.66 TelekmIndonesia TLK 3.7 14 22.73
9.12 47.70 30.49 TempurSealy TPX 1.2 17 37.46
0.09
0.96
8.03 358.02 275.09 Ameriprise AMP 1.6 14 336.36 4.52 -0.42 399.62 301.45 Cooper COO 0.0 60 329.28 3.60 -0.33 241.72 188.51 HuntingIngalls HII 2.3 17 229.93 1.79 -14.11 41.00 31.25 OGE Energy OGE 4.9 16 33.97 0.03 -1.45 38.00 24.69 Tenaris TS 0.0 6 34.65 0.83
7.93 164.75 131.52 Ametek AME 0.7 27 150.80 3.34 s 60.06 48.93 29.61 Copart CPRT ... 38 48.73 2.04 19.39 127.80 88.01 HyattHotels H 0.6 24 107.99 2.09 -2.04 71.57 55.91 ONEOK OKE 5.9 12 64.36 0.53 -10.99 9.29 4.03 TencentMusic TME ... 18 7.37 -0.08
1.78 291.60 211.71 Amgen AMGN 3.2 19 267.31 3.25 62.87 33.32 18.75 Core&Main CNM ... 15 31.45 -0.28 3.61 24.80 19.34 ICICI Bank IBN 0.5 17 22.68 0.17 8.03 111.35 59.61 ON Semi ON ... 14 67.38 3.03 0.88 119.20 81.08 Teradyne TER 0.5 29 88.12 3.19
13.75 90.28 72.00 Amphenol APH 1.0 28 86.61 1.55 -2.94 23.26 14.01 CorebridgeFin CRBG 4.7 7 19.47 0.66 -33.11 8.76 4.78 ICL Group ICL 3.2 7 4.89 ... s 16.85 989.69 767.27 OReillyAuto ORLY ... 26 986.22 8.08 74.26 299.29 101.81 Tesla TSLA ... 69 214.65 4.67
5.05 200.10 154.99 AnalogDevices ADI 2.0 23 172.32 5.19 -13.34 37.10 25.26 Corning GLW 4.0 41 27.68 0.61 5.09 564.74 372.50 IdexxLab IDXX ... 44 428.73 9.98 -3.19 75.78 55.51 OccidentalPetrol OXY 1.2 13 60.98 0.40 6.37 173.27 131.19 TetraTech TTEK 0.7 27 154.44 0.73
-18.13 30.27 14.91 AngloGoldAsh AU 1.3172 15.90 -0.74 t -25.91 68.10 43.35 Corteva CTVA 1.5 33 43.55 -0.96 7.89 14.99 11.00 ING Groep ING 5.8 ... 13.13 0.19 -0.82 91.50 46.77 Okta OKTA ... dd 67.77 1.47 -4.82 11.45 7.08 TevaPharm TEVA ... dd 8.68 -0.09
-0.72 67.09 51.66 AB InBev BUD 1.0 19 59.61 -0.24 11.41 17.50 10.13 Cosan CSAN 2.2 dd 14.55 0.45 -4.35 241.86 167.42 IQVIA IQV ... 33 195.98 4.07 38.36 438.05 277.49 OldDomFreight ODFL 0.4 35 392.63 7.03 -10.91 188.12 139.48 TexasInstruments TXN 3.5 19 147.19 3.92
-19.31 24.43 14.52 AnnalyCap NLY 15.3 dd 17.01 0.15 3.07 92.36 65.12 CoStar CSGP ... 80 79.65 2.04 26.77 103.96 75.82 ITT ITT 1.1 20 102.81 2.27 15.65 29.89 23.30 OldRepublic ORI 3.5 9 27.93 0.29 -30.00 2739.00 1266.21 TexasPacLand TPL 0.8 32 1641.00 -17.45
-16.97 38.70 19.91 AnteroResources AR ... 9 25.73 -0.46 s 26.42 577.88 447.90 Costco COST 0.7 41 577.12 13.85 -61.42 54.58 16.04 IcahnEnterprises IEP 30.7 dd 19.54 0.51 13.56 34.77 25.61 OmegaHealthcare OHI 8.4 33 31.74 0.84 14.56 118.16 90.38 TexasRoadhouse TXRH 2.1 24 104.19 1.31
11.29 347.37 280.89 Aon AON 0.7 25 334.04 2.26 9.77 29.89 22.25 CoterraEnergy CTRA 3.0 9 26.97 0.17 31.96 268.07 181.92 Icon ICLR ... 41 256.34 5.76 -7.15 99.23 72.20 Omnicom OMC 3.7 11 75.74 0.76 7.51 81.39 61.27 Textron TXT 0.1 16 76.12 1.24
49.34 29.57 18.15 APi Group APG ... 71 28.09 0.95 14.37 13.46 7.33 Coty COTY 0.0 23 9.79 0.02 -16.03 246.23 183.76 IDEX IEX 1.3 24 191.72 1.47 56.76 37.08 15.91 OnHolding ONON ...192 26.90 -0.08 -18.57 609.85 415.60 ThermoFisher TMO 0.3 29 448.43 4.16
33.19 93.18 55.16 ApolloGlbMgmt APO 2.0 18 84.96 0.71 4.15 20.25 12.66 Coupang CPNG ... 64 15.32 0.15 5.53 264.19 214.66 IllinoisToolWks ITW 2.4 23 232.49 3.99 23.58 43.25 27.51 OpenText OTEX 2.0 28 36.63 0.61 14.77 138.85 109.03 ThomsonReuters TRI 1.5 27 130.92 -0.79
88.70 207.40 100.20 AppFolio APPF ... dd 198.85 0.03 t -9.68 160.15 118.50 Credicorp BAP 5.5 7 122.53 3.17 t -51.35 248.87 89.00 Illumina ILMN ... dd 98.37 -8.61 38.33 127.54 76.57 Oracle ORCL 1.4 34 113.07 0.89 -22.61 133.91 85.34 3M MMM 6.5 dd 92.81 1.11
43.46 198.23 124.17 Apple AAPL 0.5 30 186.40 4.23 s 86.45 196.95 92.25 CrowdStrike CRWD ... dd 196.31 5.55 14.94 63.07 44.22 ImperialOil IMO 2.3 8 56.02 1.26 19.53 13.08 9.62 Orange ORAN 4.9 19 11.81 0.08 t -21.74 27.00 13.82 Toast TOST ... dd 14.11 0.19
54.73 155.26 93.67 ApplMaterials AMAT 0.8 20 150.68 7.51 -29.49 153.98 84.72 CrownCastle CCI 6.5 27 95.64 0.02 -34.71 86.29 50.27 Incyte INCY ... 28 52.44 -0.08 10.25 101.56 74.29 Orix IX 3.0 10 88.77 1.64 60.94 84.57 43.81 Toll Bros TOL 1.0 6 80.34 1.93
315.86 45.10 9.14 Applovin APP ...149 43.79 4.11 -2.18 96.35 75.61 CrownHoldings CCK 1.2 19 80.42 0.55 43.52 23.64 13.29 Informatica INFA ... dd 23.38 0.56 4.75 91.33 73.32 OtisWorldwide OTIS 1.7 25 82.03 1.38 73.40 307.54 140.66 TopBuild BLD ... 14 271.36 8.04
14.31 133.79 101.46 Aptargroup ATR 1.3 30 125.72 1.33 -9.49 48.93 33.17 CubeSmart CUBE 5.4 22 36.43 -0.17 -7.66 20.57 14.71 Infosys INFY 1.4 23 16.63 0.27 -12.07 59.10 32.07 Ovintiv OVV 2.7 4 44.59 0.61 -25.95 117.66 78.35 Toro TTC 1.6 23 83.82 1.63
-18.47 124.88 71.01 Aptiv APTV 0.0 10 75.93 3.12 -9.60 265.28 203.18 Cummins CMI 3.1 11 219.02 3.58 30.79 70.65 50.75 IngersollRand IR 0.1 36 68.34 1.31 45.72 147.00 83.98 OwensCorning OC 1.7 10 124.30 2.58 -8.28 70.67 54.69 TorontoDomBk TD 4.8 10 59.40 0.43
-4.43 33.01 23.55 Aramark ARMK 1.5 14 28.52 0.67 24.25 210.21 156.76 Curtiss-Wright CW 0.4 23 207.48 1.65 4.55 113.46 89.54 Ingredion INGR 3.0 11 102.39 0.98 33.71 112.77 59.67 PDD PDD ... 27 109.04 0.71 7.25 68.83 54.94 TotalEnergies TTE ... 8 66.58 1.54
-16.48 32.48 21.30 ArcelorMittal MT 1.7 4 21.90 -0.18 41.88 186.28 113.19 CyberArkSoftware CYBR ... dd 183.95 2.08 -47.31 335.91 125.82 Insulet PODD ... 93 155.10 2.22 3.20 18.19 14.32 PG&E PCG ... 19 16.78 0.29 36.92 195.65 132.35 ToyotaMotor TM 2.0 9 187.00 2.78
36.91 90.65 55.62 ArchCapital ACGL ... 11 85.95 1.28 47.03 40.07 24.73 Intel INTC 1.3 dd 38.86 1.06 -23.75 170.28 109.40 PNC Finl PNC 5.1 8 120.43 1.07 -11.75 251.17 185.00 TractorSupply TSCO 2.1 19 198.54 3.46
-21.92 98.12 69.31 ADM ADM 2.5 10 72.50 0.34 DEF 13.85 95.59 68.23 InteractiveBrkrs IBKR 0.5 15 82.37 0.35 58.75 133.09 52.24 POSCO PKX 1.6 27 86.47 -0.62 42.78 91.85 41.20 TradeDesk TTD ...248 64.01 -12.80
57.44 112.15 66.04 AresMgmt ARES 2.9 50 107.75 2.06 7.01 118.79 94.16 ICE ICE 1.5 36 109.78 1.23 2.44 152.89 120.33 PPG Ind PPG 2.0 22 128.81 1.44 s 43.62 93.45 56.56 Tradeweb TW 0.4 54 93.25 0.88
29.11 550.76 333.07 argenx ARGX ... dd 489.12 7.39 -16.13 122.41 90.14 DTE Energy DTE 3.9 16 98.57 0.07 -13.28 31.74 22.20 PPL PPL 3.8 24 25.34 0.14 s 34.14 226.16 162.04 TraneTech TT 1.3 27 225.48 4.49
-16.26 249.55 182.09 Danaher DHR 0.5 25 197.00 1.48 26.38 79.41 55.99 InterContinentl IHG 1.9 21 73.73 0.52
70.45 216.29 108.91 AristaNetworks ANET ... 34 206.84 -4.80 5.77 153.21 120.55 IBM IBM 4.5 20 149.02 2.40 26.30 152.09 115.44 PTC PTC ... 74 151.61 2.86 s 57.63 996.25 598.00 TransDigm TDG 0.0 45 992.50 19.43
... 69.00 46.50 Arm ARM ... ... 52.27 0.69 8.51 173.06 131.90 Darden DRI 3.4 19 150.10 1.94 33.77 90.05 64.33 Paccar PCAR 1.2 11 88.26 2.28 -7.12 82.75 42.09 TransUnion TRU 0.8 dd 52.71 -0.39
-32.86 77.65 38.97 DarlingIngred DAR ... 10 42.02 -0.70 -31.57 118.34 62.11 IntlFlavors IFF 4.5399 71.74 0.20
15.27 147.42 101.01 ArrowElec ARW ... 6 120.54 3.55 -4.45 41.89 29.00 IntlPaper IP 5.6 15 33.09 -0.17 21.67 159.18 122.20 PackagingCpAm PKG 3.2 18 155.63 -0.06 -9.35 194.51 157.33 Travelers TRV 2.4 18 169.96 1.37
-18.82 251.85 161.32 AspenTech AZPN ... dd 166.74 3.33 41.02 118.02 61.34 Datadog DDOG ... dd 103.65 3.42 206.39 20.24 5.92 PalantirTech PLTR ...304 19.67 1.40 45.10 76.05 40.69 Trex TREX ... 35 61.42 1.05
11.14 116.97 67.88 DaVita DVA ... 13 82.99 -1.32 -13.00 40.95 27.20 Interpublic IPG 4.3 12 28.98 0.34
30.39 167.81 104.49 Assurant AIZ 1.7 17 163.06 1.83 35.88 558.64 369.94 Intuit INTU 0.7 63 528.89 14.35 81.68 265.90 132.22 PaloAltoNtwks PANW ...200 253.51 10.92 -17.23 62.40 39.57 Trimble TRMB ... 31 41.85 0.62
-6.83 76.56 61.73 AstraZeneca AZN 2.2 33 63.17 -0.92 58.52 634.00 326.10 DeckersOutdoor DECK ... 27 632.74 3.19 -20.04 29.51 13.40 ParamountA PARAA 1.3 dd 15.68 0.01 -1.42 43.59 25.19 Trip.com TCOM ... 25 33.91 0.24
-12.77 450.00 345.55 Deere DE 1.4 11 373.99 4.37 4.58 358.07 222.65 IntuitiveSurgical ISRG ... 65 277.49 5.09
37.00 215.77 113.86 Atlassian TEAM ... dd 176.29 5.45 6.88 36.53 28.49 InvitatHomes INVH 3.3 58 31.68 0.47 -28.32 25.93 10.51 ParamountB PARA 1.7 dd 12.10 -0.03 -31.70 51.26 25.56 TruistFinl TFC 7.1 7 29.39 0.24
-0.59 125.28 101.00 AtmosEnergy ATO 2.9 18 111.41 0.12 s 82.74 73.79 35.96 DellTechC DELL ... 28 73.50 1.26 44.14 428.16 281.19 ParkerHannifin PH 1.4 23 419.45 8.11 20.18 79.70 42.78 Twilio TWLO ... dd 58.84 2.84
3.65 49.81 30.60 DeltaAir DAL 1.2 6 34.06 0.58 22.74 48.75 32.69 IonisPharm IONS ... dd 46.36 -0.95
12.69 233.69 179.61 Autodesk ADSK ... 52 210.58 5.90 19.24 64.48 48.92 IronMountain IRM 4.4 63 59.44 0.57 s 35.35 62.97 40.61 Parsons PSN ... 50 62.60 0.73 29.87 426.83 301.69 TylerTech TYL ...113 418.70 5.42
26.22 103.99 73.66 Autoliv ALV 2.7 20 96.66 2.02 11.64 82.02 64.23 DescartesSystems DSGX ... 59 77.76 1.94 -0.11 129.70 104.09 Paychex PAYX 3.1 26 115.43 1.41 -24.58 68.75 44.94 TysonFoods TSN 4.1 50 46.95 0.55
-2.00 13.57 8.85 DeutscheBank DB 2.9 5 11.29 0.11 28.24 6.15 4.21 ItauUnibanco ITUB 2.2 9 6.04 0.12
-4.34 274.92 201.46 ADP ADP 2.5 27 228.49 1.97 -44.84 374.04 146.15 PaycomSoftware PAYC 0.9 29 171.16 3.40 31.44 26.97 17.61 UBS Group UBS 2.2 3 24.54 0.03
9.58 2750.00 2277.88 AutoZone
4.14 198.66 153.07 Avalonbay
AZO ... 20 2702.34 23.38
AVB 3.9 26 168.20 1.83
-25.83 73.98 42.59 DevonEnergy
-16.95 139.55 74.75 DexCom
DVN 7.6 8 45.62
DXCM ...104 94.05
1.48
1.65 JKL -23.13 235.00 139.40 Paylocity
-23.10 92.62 50.25 PayPal
PCTY ... 58 149.32
PYPL ... 16 54.77
0.22
0.49
-15.41 45.46 30.95 UDR
29.97 107.57 75.01 UFP Inds
UDR 5.1 24 32.76
UFPI 1.2 12 103.00
0.77
2.46
-29.32 44.77 27.46 Avangrid AGR 5.8 22 30.38 0.17 t -20.75 191.93 135.63 Diageo DEO 2.8 18 141.21 -18.75 -54.11 67.09 24.01 JD.com JD 2.3 13 25.76 0.01 6.12 12.03 9.29 Pearson PSO 2.3 24 11.96 0.04 -10.84 68.29 43.62 U-Haul N UHAL/B 0.3 13 49.02 -0.04
-12.00 25.25 16.63 Avantor AVTR ... 35 18.56 0.17 15.30 171.40 119.01 DiamondbkEner FANG 2.1 9 157.71 2.13 9.19 159.38 123.11 JPMorganChase JPM 2.9 9 146.43 2.14 -6.19 36.93 28.15 PembinaPipeline PBA 6.3 20 31.85 0.02 -12.36 70.57 48.07 U-Haul UHAL 0.0 14 52.75 0.34
-0.50 195.95 158.93 AveryDennison AVY 1.8 30 180.09 2.25 -6.41 152.61 98.01 Dick's DKS 3.6 10 112.58 0.41 88.06 141.38 64.74 Jabil JBL 0.2 21 128.26 2.63 29.79 180.84 105.97 PenskeAuto PAG 1.9 9 149.17 1.20 24.93 44.52 32.84 US Foods USFD ... 24 42.50 1.21
14.50 251.26 153.55 AvisBudget CAR ... 4 187.70 -1.27 28.40 135.66 86.33 DigitalRealty DLR 3.8 45 128.75 1.14 -15.70 192.35 136.57 JackHenry JKHY 1.4 30 147.99 -1.22 36.51 71.82 43.19 Pentair PNR 1.4 20 61.40 0.70 63.75 6.98 3.23 UWM UWMC 7.4 dd 5.42 0.12
16.88 33.68 24.86 AxaltaCoating AXTA ... 28 29.77 0.51 -14.64 122.50 79.04 DiscoverFinSvcs DFS 3.4 6 83.51 0.64 11.55 141.16 109.00 JacobsSolns J 0.8 23 133.94 1.70 t -18.44 348.67 180.93 Penumbra PEN ...175 181.44 -2.44 s 108.57 52.10 23.90 Uber UBER ...104 51.58 1.53
31.34 231.71 162.39 AxonEnterprise AXON ...111 217.94 2.24 1.60 118.18 78.73 Disney DIS 0.0 69 88.27 -2.07 62.93 31.93 17.25 JamesHardie JHX 0.0 26 29.23 -0.38 -7.61 196.88 155.83 PepsiCo PEP 3.0 28 166.92 0.76 -60.70 304.75 103.00 Ubiquiti UI 2.2 16 107.49 2.27
-12.40 48.38 36.15 BCE BCE 7.5 21 38.50 -0.15 -26.06 69.45 38.11 DocuSign DOCU ... dd 40.98 0.94 t -24.55 160.96 115.97 JazzPharm JAZZ ...199 120.20 3.68 4.45 64.34 52.32 PerformanceFood PFGC ... 23 60.99 0.87 36.11 19.94 10.98 UiPath PATH ... dd 17.30 0.71
-6.41 71.52 54.28 BHP Group BHP 5.8 11 58.07 0.77 23.50 91.02 65.18 DolbyLab DLB 1.2 39 87.12 1.56 3.59 40.68 28.34 JefferiesFinl JEF 3.5 24 33.93 0.59 41.17 15.49 8.43 PermianRscs PR 1.5 15 13.27 0.31 -16.92 556.60 368.02 UltaBeauty ULTA ... 16 389.71 0.86
3.23 80.41 60.33 BJ'sWholesale BJ ... 18 68.30 0.99 -52.11 260.07 101.09 DollarGeneral DG 2.0 12 117.94 -0.06 -16.64 181.04 144.95 J&J JNJ 3.2 28 147.25 -0.17 43.00 16.55 8.88 PetroleoBrasil PBR 23.3 3 15.23 0.03 -3.79 55.99 45.99 Unilever UL 3.8 14 48.44 -0.10
0.43 41.38 32.30 BP BP 4.3 4 35.08 0.40 -19.34 170.36 102.77 DollarTree DLTR ... 21 114.08 0.47 -19.92 70.43 47.90 JohnsonControls JCI 2.9 17 51.25 1.00 52.42 15.30 7.86 PetroleoBrasilA PBR.A 25.1 3 14.16 0.02 2.13 240.48 183.69 UnionPacific UNP 2.5 20 211.49 1.26
31.89 79.42 55.47 BWX Tech BWXT 1.2 32 76.60 1.33 -26.68 63.94 39.18 DominionEner D 5.9 23 44.96 0.09 -12.01 188.61 119.46 JonesLang JLL 0.0 30 140.23 1.88 t -42.47 54.93 29.02 Pfizer PFE 5.6 16 29.48 -0.20 0.77 58.23 33.68 UnitedAirlines UAL ... 4 37.99 0.67
-7.38 160.88 86.50 Baidu BIDU ... 16 105.94 0.78 9.27 409.95 285.84 Domino's DPZ 1.3 26 378.51 8.82 -15.08 34.53 24.87 JuniperNetworks JNPR 3.2 24 27.14 0.36 -11.37 105.62 87.23 PhilipMorris PM 5.8 17 89.70 -0.10 17.30 8.97 6.48 UnitedMicro UMC 5.8 9 7.66 0.26
16.29 37.58 26.12 BakerHughes BKR 2.3 21 34.34 0.42 1.95 66.96 57.05 Donaldson DCI 1.7 21 60.02 0.98 4.40 48.28 35.20 KB Financial KB 4.4 5 40.36 0.27 8.99 125.19 89.74 Phillips66 PSX 3.7 7 113.44 2.81 -20.55 197.80 133.68 UPS B UPS 4.7 14 138.11 -0.22
-4.56 62.14 42.81 Ball BALL 1.6 25 48.81 0.17 79.17 93.19 45.93 DoorDash DASH ... dd 87.47 2.94 -0.30 65.87 47.70 KBR KBR 1.0 dd 52.64 0.11 -7.34 86.03 69.56 PinnacleWest PNW 5.0 17 70.46 -0.56 28.45 492.33 325.15 UnitedRentals URI 1.3 13 456.53 19.05
41.10 8.52 5.42 BancoBilbaoViz BBVA 4.9 6 8.48 0.07 -2.79 160.66 127.25 Dover DOV 1.5 18 131.63 0.84 36.90 64.77 45.03 KKR KKR 1.0 27 63.55 1.25 27.97 31.87 20.60 Pinterest PINS ... dd 31.07 -0.19 -21.58 49.95 27.27 US Bancorp USB 5.6 10 34.20 0.29
8.53 3.15 2.12 BancoBradesco BBDO 4.8 10 2.80 0.19 -1.81 60.88 47.26 Dow DOW 5.7 27 49.48 1.12 s 41.70 536.14 355.88 KLA KLAC 1.1 24 534.25 27.86 2.26 262.42 177.26 PioneerNatRscs PXD 6.0 11 233.56 1.71 37.13 35.76 20.40 US Steel X 0.6 8 34.35 0.37
0.10 23.50 17.83 BancodeChile BCH 7.8 7 20.84 0.30 26.47 73.17 51.11 DrReddy'sLab RDY 0.6 18 65.45 0.68 -27.39 26.26 13.13 Kanzhun BZ ...128 14.79 0.03 29.68 16.05 11.16 PlainsAllAmPipe PAA 7.0 11 15.25 0.11 -19.87 283.09 204.44 UnitedTherap UTHR ... 12 222.84 1.12
12.06 6.63 4.76 BancSanBrasil BSBR 4.1 ... 6.04 0.16 207.55 36.37 10.69 DraftKings DKNG ... dd 35.03 0.22 -14.03 245.00 158.38 KarunaTherap KRTX ... dd 168.93 -0.21 26.61 16.70 11.79 PlainsGP PAGP 6.8 19 15.75 0.13 2.08 553.00 445.68 UnitedHealth UNH 1.4 23 541.21 2.21
14.52 21.81 14.21 BcoSantChile BSAC 5.2 14 18.14 0.33 18.90 28.68 18.71 Dropbox DBX ... 17 26.61 0.36 -22.48 70.11 47.62 Kellanova K 4.3 21 51.82 -0.18 9.33 423.97 295.95 Pool POOL 1.3 24 330.54 1.51 t -5.53 50.08 22.20 UnitySoftware U ... dd 27.01 1.77
30.85 4.09 2.58 BancoSantander SAN 2.7 6 3.86 0.07 -14.29 106.43 83.06 DukeEnergy DUK 4.6 56 88.27 0.31 ... 27.80 17.82 Kenvue KVUE 4.2 23 19.15 -0.07 44.91 220.00 135.00 Primerica PRI 1.3 14 205.51 3.58 44.10 166.57 103.32 UnivDisplay OLED 0.9 36 155.69 6.14
-4.98 30.89 21.55 BanColombia CIB 4.1 9 27.12 0.46 s 197.39 217.16 64.73 Duolingo DUOL ... dd 211.53 8.51 -13.15 38.94 27.66 KeurigDrPepper KDP 2.8 23 30.97 0.07 -17.10 96.17 65.17 PrincipalFinl PFG 3.9 11 69.57 0.67 -7.57 158.57 113.69 UniversalHealthB UHS 0.6 14 130.23 1.97
-16.43 38.60 24.96 BankofAmerica BAC 3.5 8 27.68 0.15 0.16 78.74 62.80 DuPont DD 2.1 7 68.74 0.91 -37.14 20.30 8.54 KeyCorp KEY 7.5 9 10.95 ... 10.30 76.86 41.80 ProcoreTech PCOR ... dd 52.04 2.04 5.90 52.15 36.27 UnumGroup UNM 3.4 7 43.45 0.07
-14.15 102.79 73.98 BankMontreal BMO 4.4 10 77.78 0.34 31.88 55.87 35.39 Dynatrace DT ... 88 50.51 1.16 -27.37 189.45 118.57 KeysightTech KEYS ... 20 124.25 2.34 -0.10 158.38 135.83 Procter&Gamble PG 2.5 25 151.41 1.06 -12.16 35.07 26.62 VICI Prop VICI 5.8 12 28.46 0.35
0.31 52.26 39.65 BankNY Mellon BK 3.7 11 45.66 0.62 42.25 227.50 141.89 EMCOR EME 0.3 18 210.68 1.59 -10.98 147.87 116.32 KimberlyClark KMB 3.9 23 120.84 0.72 s 23.65 161.72 111.41 Progressive PGR 0.2 35 160.39 0.04 -7.22 269.50 204.88 VailResorts MTN 3.7 34 221.15 3.94
-12.72 55.91 39.80 BankNovaScotia BNS 7.3 9 42.75 0.06 12.56 33.45 25.10 ENI E 4.2 10 32.26 0.46 -15.49 23.27 16.34 KimcoRealty KIM 5.4 25 17.90 0.20 -7.26 136.67 96.64 Prologis PLD 3.3 33 104.55 1.27 -14.02 19.31 12.22 Vale VALE 8.0 7 14.59 0.34
-13.97 9.44 6.23 Barclays BCS 5.5 ... 6.71 0.05 -5.27 150.05 98.52 EOG Rscs EOG 3.0 9 122.70 1.40 -9.07 19.36 15.89 KinderMorgan KMI 6.9 15 16.44 0.23 -7.47 110.96 75.37 PrudentialFinl PRU 5.4 60 92.03 1.14 -3.30 152.20 104.18 ValeroEnergy VLO 3.3 4 122.67 2.75
-11.41 20.75 13.82 BarrickGold GOLD 2.6448 15.22 -0.08 -28.19 385.96 197.99 EPAM Systems EPAM ... 29 235.36 -1.66 26.65 5.60 3.40 KinrossGold KGC 2.3 26 5.18 -0.22 -20.27 34.37 19.90 Prudential PUK 1.8 16 21.91 0.03 2.29 225.49 157.00 VeevaSystems VEEV ... 50 165.08 -1.52
-26.34 49.55 27.30 Bath&BodyWks BBWI 2.6 10 31.04 0.27 15.67 45.23 28.11 EQT EQT 1.6 5 39.13 -0.28 36.66 457.73 250.90 KinsaleCapital KNSL 0.2 31 357.39 -0.07 0.55 65.46 53.71 PublicServiceEnt PEG 3.7 11 61.61 0.58 -5.53 53.15 39.33 Ventas VTR 4.24173 42.56 0.48
-35.61 56.92 31.01 BaxterIntl BAX 3.5 dd 32.82 -0.01 -14.25 80.98 33.86 EastWestBncp EWBC 3.4 6 56.51 0.83 -4.85 64.35 45.73 Knight-Swift KNX 1.1 21 49.87 0.27 -12.64 316.48 233.18 PublicStorage PSA 4.9 22 244.78 -1.83 ... 89.00 65.51 Veralto VLTO ... 20 70.55 0.92
-7.73 287.32 218.82 BectonDicknsn BDX 1.6 47 234.65 2.41 13.43 188.85 144.40 EastGroup EGP 3.0 43 167.95 1.25 37.92 23.30 12.40 Philips PHG 0.0 dd 19.79 0.09 80.91 86.16 41.72 PulteGroup PHM 0.8 7 82.37 1.46 0.89 229.72 188.44 VeriSign VRSN ... 30 207.26 3.22
-9.47 280.62 156.56 BeiGene BGNE ... dd 199.11 9.56 -5.29 92.21 68.89 EastmanChem EMN 4.1 16 77.13 0.96 -25.69 8.85 5.92 KoreaElecPwr KEP 0.0 dd 6.42 -0.05 35.69 40.50 22.14 PureStorage PSTG ... dd 36.31 0.91 34.87 249.26 167.81 VeriskAnalytics VRSK 0.6 70 237.93 2.43
40.42 55.37 33.75 BentleySystems BSY 0.4 96 51.90 1.51 41.33 240.44 150.86 Eaton ETN 1.6 30 221.82 3.44 -19.21 42.80 30.68 KraftHeinz KHC 4.9 14 32.89 -0.06 -23.70 51.18 34.74 Qiagen QGEN ... 26 38.05 0.02 -9.37 42.58 30.14 Verizon VZ 7.4 7 35.71 0.09
-6.09 76.99 55.50 Berkley WRB 0.6 14 68.15 0.74 -3.91 52.23 37.17 eBay EBAY 2.5 8 39.85 -0.08 -1.55 50.41 42.62 Kroger KR 2.6 20 43.89 ... 1.13 114.59 80.62 Qorvo QRVO ... dd 91.66 4.23 29.39 387.42 282.21 VertexPharm VRTX ... 28 373.65 5.08
13.49 373.34 292.42 BerkHathwy B BRK.B ... 10 350.56 2.38 22.22 191.41 140.13 Ecolab ECL 1.2 41 177.90 2.21 -16.06 59.38 41.49 LKQ LKQ 2.7 13 44.83 0.42 12.98 139.94 101.47 Qualcomm QCOM 2.6 19 124.21 4.11 206.22 43.13 11.95 Vertiv VRT 0.0 64 41.83 1.86
13.48 566570 442363 BerkHathwy A BRK.A ... 10 531886 3661.01 11.94 13.08 8.59 Ecopetrol EC 18.5 4 11.72 0.08 5.74 257.64 179.00 LPL Financial LPLA 0.5 16 228.57 1.61 22.15 212.82 134.61 QuantaServices PWR 0.2 37 174.07 4.50 -17.34 12.40 8.74 Viatris VTRS 5.2 6 9.20 0.14
-4.17 68.01 50.84 BerryGlobal BERY 1.7 11 57.91 0.57 0.16 74.92 58.82 EdisonIntl EIX 4.6 20 63.72 0.55 -12.51 232.38 160.25 L3HarrisTech LHX 2.5 23 182.17 1.41 -15.10 158.34 119.59 QuestDiag DGX 2.1 20 132.82 1.18 ... 93.00 4.59 VinFastAuto VFS ... dd 6.07 -0.42
t -20.06 93.32 62.30 BestBuy BBY 5.7 11 64.12 1.24 -13.94 94.87 60.57 EdwardsLife EW ... 27 64.21 -0.44 1.23 222.41 179.58 LabCorp.ofAmerica LH 1.4 27 204.78 0.50 t -77.29 33.84 3.64 QuoinPharm QNRX ... dd 3.87 -0.19 4.77 19.13 8.44 Vipshop VIPS ... 7 14.29 0.14
-30.63 90.63 51.79 Bio-Techne TECH 0.6 38 57.49 0.63 47.96 84.04 46.18 Elastic ESTC ... dd 76.20 2.70 63.08 726.52 397.06 LamResearch LRCX 1.2 23 685.43 35.17 18.04 250.06 202.13 Visa V 0.8 30 245.25 3.61
-27.69 509.62 261.59 Bio-RadLab A
t -18.82 319.76 221.39 Biogen
BIO ... dd 304.04 -2.74
BIIB ... 22 224.79 0.14
15.75 225.22 162.01 ElbitSystems ESLT 1.1 32 189.87
8.68 140.30 108.53 ElectronicArts EA 0.6 37 132.78
-0.22
1.48
-1.53 111.49 77.20 LamarAdv
5.27 117.38 79.39 LambWeston LW
LAMR 5.4 23 92.96
1.2 14 94.07
0.98
-0.29
RS 48.62 36.50 21.18 Vistra VST 2.5 10 34.48 -0.08
21.91 181.14 109.00 VMware VMW ... 45 149.66 0.56
-18.85 117.77 76.02 BioMarinPharm BMRN ...110 83.98 0.26 -10.67 544.01 412.00 ElevanceHealth ELV 1.3 18 458.25 5.19 -0.67 65.58 41.42 LasVegasSands LVS 1.7 54 47.75 -0.14 9.25 254.50 195.18 RBC Bearings RBC ... 41 228.72 7.07 -6.32 12.53 8.93 Vodafone VOD 10.0 2 9.48 -0.02
-33.72 188.99 88.00 BioNTech BNTX 0.0 9 99.56 0.24 -9.95 100.62 76.94 EmersonElec EMR 2.4 dd 86.50 1.30 -12.22 98.30 51.95 LatticeSemi LSCC ... 38 56.95 2.61 3.99 68.25 51.07 RB Global RBA 1.8 65 60.14 -6.93 12.98 78.11 58.83 VoyaFinancial VOYA 2.3 11 69.47 1.29
... 42.96 35.83 Birkenstock BIRK ... 44 40.65 0.75 -14.58 42.12 31.03 Enbridge ENB 8.0 30 33.40 0.03 2.77 157.91 117.79 Lear LEA 2.4 13 127.46 2.13 31.10 36.39 25.94 RELX RELX 1.9 33 36.34 0.37 20.87 229.75 159.76 VulcanMatls VMC 0.8 34 211.66 2.86
-6.16 785.65 596.18 BlackRock BLK 3.0 19 665.00 13.18 5.08 72.06 51.15 EncompassHealth EHC 1.0 18 62.85 -0.73 29.07 77.32 42.91 LegendBiotech LEGN ... ... 64.43 0.22 0.31 107.40 78.52 RPM RPM 1.9 25 97.75 1.74
32.96 116.78 71.72 Blackstone
s 23.17 45.09 28.83 BlockHR
BX 3.4 41 98.64 1.79
HRB 2.8 13 44.97 1.47
7.85 26.26 17.65 Endeavor EDR 1.0 dd 24.31
10.70 14.15 11.37 EnergyTransfer ET 9.5 12 13.14
-0.13
0.12
-1.56 110.91 76.58 Leidos
35.03 133.24 82.73 Lennar A
LDOS
LEN
1.5 99 103.55
1.2 9 122.20
1.04
2.57
-18.53 104.91 68.56 RTX
9.42 135.75 96.32 RalphLauren
RTX
RL
2.9 38 82.22
2.6 15 115.62
-0.21
-0.97
WXYZ
-18.05 89.97 38.85 Block SQ ... dd 51.50 0.45 t -70.57 339.92 73.49 EnphaseEnergy ENPH ... 20 77.98 2.42 50.88 121.08 68.30 Lennar B LEN.B 1.3 8 112.83 2.23 75.01 68.54 34.77 Rambus RMBS ... 24 62.69 3.37 -14.35 101.11 75.47 WEC Energy WEC 3.9 19 80.31 0.68
26.70 14.04 9.70 BlueOwlCapital OWL 4.2164 13.43 0.20 45.63 114.47 62.24 Entegris ENTG 0.4 72 95.52 4.91 s 65.79 396.77 232.00 LennoxIntl LII 1.1 26 396.61 8.68 31.57 37.88 22.61 RangeResources RRC 1.0 6 32.92 -0.19 4.89 204.06 152.32 WEX WEX ... 28 171.65 2.60
3.23 243.10 168.52 Boeing BA 0.0 dd 196.65 3.32 -14.12 120.78 87.10 Entergy ETR 4.7 14 96.61 -0.22 81.18 47.33 16.22 LiAuto LI ... 44 36.96 -0.69 -5.94 126.00 82.00 RaymondJames RJF 1.7 13 100.50 1.40 -29.25 84.13 50.28 W.P.Carey WPC 7.9 15 54.13 -0.15
52.55 3251.71 1899.31 Booking BKNG ... 21 3074.23 63.97 7.71 27.95 23.14 EnterpriseProd EPD 7.7 11 25.98 0.09 8.47 96.88 68.67 LibertyBroadbandC LBRDK ... 18 82.73 0.65 -21.08 68.85 45.03 RealtyIncome O 6.1 38 50.06 -0.11 -11.64 64.07 41.13 WPP WPP 5.7 15 43.44 -0.66
20.55 130.34 87.99 BoozAllen BAH 1.5 57 126.00 1.40 -4.86 240.35 159.95 Equifax EFX 0.8 44 184.91 0.54 9.29 97.05 68.15 LibertyBroadbandA LBRDA 0.0 18 82.90 0.62 -8.10 166.00 97.18 RegalRexnord RRX 1.3 dd 110.26 3.51 12.74 119.70 91.89 Wabtec WAB 0.6 27 112.53 1.17
-8.59 47.05 31.63 BorgWarner BWA 1.4 10 32.37 0.35 17.14 821.63 632.45 Equinix EQIX 2.2 83 767.27 10.26 -15.32 22.09 15.01 LibertyGlobal A LBTYA ... dd 16.03 0.31 -3.28 68.56 54.72 RegencyCtrs REG 4.4 28 60.45 1.04 -44.43 42.29 20.14 WalgreensBoots WBA 9.2 dd 20.76 0.31
-22.40 79.42 46.18 BostonProps BXP 7.5 43 52.44 0.25 -7.68 38.83 25.23 Equinor EQNR 2.7 6 33.06 0.85 -12.51 22.78 16.27 LibertyGlobal C LBTYK ... dd 17.00 0.13 10.73 853.97 668.00 RegenPharm REGN ... 23 798.94 -1.32 17.21 166.61 136.09 Walmart WMT 1.4 32 166.19 2.27
11.43 55.38 40.95 BostonSci BSX ... 63 51.56 0.13 -7.42 33.24 21.89 Equitable EQH 3.3 8 26.57 0.56 ... 69.48 55.08 LibertyFormOne A FWONA ... 32 60.58 2.23 -29.87 24.33 13.71 RegionsFinl RF 6.3 6 15.12 0.10 6.86 16.34 8.82 WarnerBrosA WBD ... dd 10.13 0.49
-29.66 81.44 49.49 BristolMyers BMY 4.5 13 50.61 0.20 1.64 74.40 60.47 EquityLife ELS 2.7 41 65.66 0.67 ... 78.58 60.95 LibertyFormOne C FWONK ... 36 67.85 2.05 s 14.12 162.18 120.99 ReinsGrp RGA 2.1 12 162.15 6.88 -6.77 38.76 23.62 WarnerMusic WMG 2.1 40 32.65 0.15
-23.71 42.36 28.92 BritishAmTob BTI 9.4 7 30.50 -0.35 -7.56 69.45 52.57 EquityResdntl EQR 4.9 30 54.54 0.83 ... 26.90 22.24 LibertySirius C LSXMK ... 13 25.43 0.33 31.99 295.98 191.45 RelianceSteel RS 1.5 11 267.21 2.74 -1.52 146.12 125.83 WasteConnections WCN 0.9 41 130.54 0.04
-7.15 24.27 19.40 BrixmorProp BRX 5.2 19 21.05 0.20 11.92 313.87 199.49 ErieIndemnity ERIE 1.7 37 278.36 0.26 ... 26.86 22.19 LibertySirius B LSXMB ... 13 25.27 -0.07 13.94 227.16 173.25 RenaissanceRe RNR 0.7 7 209.92 2.70 9.49 173.71 148.31 WasteMgt WM 1.6 30 171.77 1.71
s 71.25 958.95 502.00 Broadcom AVGO 1.9 30 957.52 46.14 -29.46 49.89 32.07 EssentialUtil WTRG 3.6 19 33.67 -0.20 ... 27.00 22.01 LibertySirius A LSXMA ... 13 25.45 0.38 -11.30 41.55 23.39 RentokilInit RTO 1.6 37 27.33 0.28 -25.30 353.70 231.90 Waters WAT ... 23 255.92 2.84
32.05 189.69 131.83 BroadridgeFinl BR 1.8 31 177.12 0.94 -0.60 248.80 195.03 EssexProp ESS 4.4 26 210.65 3.08 s 48.16 86.87 53.77 Light&Wonder LNW ...411 86.82 8.75 -12.85 212.17 110.45 Repligen RGEN ... 73 147.56 0.57 50.93 406.08 243.38 Watsco WSO 2.6 25 376.43 5.49
8.30 36.50 26.76 BrookfieldAsset BAM 4.1 8 31.05 0.16 -53.75 283.62 102.22 EsteeLauder EL 2.3 76 114.75 -0.57 63.38 629.97 309.20 EliLilly LLY 0.8110 597.71 6.39 s 22.33 157.89 120.58 RepublicSvcs RSG 1.4 31 157.79 1.44 29.15 192.93 141.70 WattsWater WTS 0.8 23 188.85 1.23
1.91 38.48 28.25 Brookfield BN 0.9 dd 32.06 -0.14 -47.20 149.91 58.20 Etsy ETSY ... 26 63.24 1.22 29.66 210.86 139.92 LincolnElectric LECO 1.5 22 187.34 3.28 -31.00 243.52 132.24 ResMed RMD 1.3 23 143.60 0.18 87.27 100.93 38.61 WeatherfordIntl WFRD ... 20 95.36 0.60
-17.62 38.20 21.03 BrookfieldInfr BIP 6.0 75 25.53 -0.35 16.12 410.74 306.02 Everest EG 1.8 7 384.68 4.51 s 22.58 400.37 302.17 Linde LIN 1.3 33 399.84 8.86 6.29 78.30 59.55 RestaurantBrands QSR 3.2 24 68.74 0.14 -16.88 56.10 31.03 WebsterFin WBS 4.1 8 39.35 0.69
-14.67 36.16 21.77 BrookfieldRenew BEPC 5.7 6 23.50 -0.18 -21.48 65.39 46.92 Evergy EVRG 5.2 17 49.41 0.08 25.42 329.00 185.00 LithiaMotors LAD 0.8 7 256.79 2.52 -39.74 150.17 79.50 Revvity RVTY 0.3 14 84.49 0.33 -0.97 48.84 35.25 WellsFargo WFC 3.4 9 40.89 0.49
27.87 74.57 52.82 Brown&Brown BRO 0.7 28 72.85 1.02 -35.83 87.71 52.03 EversourceEner ES 5.0 16 53.80 -0.44 25.49 101.74 64.25 LiveNationEnt LYV ... 60 87.52 1.38 -17.48 66.71 41.56 RexfordIndlRealty REXR 3.4 43 45.09 0.55 31.17 89.69 62.62 Welltower WELL 2.8233 85.98 1.34
-10.71 74.42 53.52 Brown-Forman A BF.A 1.4 37 58.72 -1.15 20.70 100.77 40.73 ExactSciences EXAS ... dd 59.76 0.12 -7.73 2.63 1.88 LloydsBanking LYG 6.1 ... 2.03 ... -8.06 80.52 58.27 RioTinto RIO 6.1 12 65.46 1.00 12.73 185.23 117.12 WescoIntl WCC 1.1 9 141.14 3.85
-13.19 74.76 52.59 Brown-Forman B BF.B 1.4 36 57.02 -1.36 30.92 22.80 15.32 Exelixis EXEL ... 75 21.00 -0.02 -8.56 508.10 393.77 LockheedMartin LMT 2.8 16 444.87 2.41 -16.44 35.73 11.68 Rivian RIVN ... dd 15.40 0.07 45.17 415.73 219.24 WestPharmSvcs WST 0.2 46 341.65 5.61
-15.42 84.84 53.79 Bruker BRKR 0.3 27 57.81 0.57 -8.79 44.37 35.71 Exelon EXC 3.7 18 39.43 0.18 12.96 65.92 52.85 Loews L 0.4 11 65.89 0.64 4.28 89.78 64.65 RobertHalf RHI 2.5 17 76.99 0.87 42.63 47.14 29.73 WesternDigital WDC 0.0 dd 45.00 0.82
91.62 156.85 59.39 BuildersFirst BLDR ... 11 124.32 3.11 35.48 124.95 82.39 Expedia EXPE 0.0 21 118.68 5.01 s 31.02 81.85 50.26 LogitechIntl LOGI 1.4 34 81.56 0.64 1.11 13.23 7.57 Robinhood HOOD ... dd 8.23 0.30 1.90 29.04 23.79 WesternMidstrm WES 8.4 10 27.36 0.15
4.77 116.59 87.86 BungeGlobal BG 2.5 8 104.53 0.66 11.00 128.04 102.75 ExpeditorsIntl EXPD 1.2 22 115.35 1.62 -2.33 237.21 181.85 Lowe's LOW 2.3 19 194.60 4.11 35.00 47.65 24.88 Roblox RBLX ... dd 38.42 0.37 18.96 138.39 98.05 Westlake WLK 1.6 13 121.98 3.02
-35.53 239.94 115.66 BurlingtonStrs BURL ... 32 130.71 -0.05 -19.07 170.30 101.19 ExtraSpaceSt EXR 2.0 22 119.11 1.01 t -44.36 17.81 3.62 Lucid LCID ... dd 3.80 0.04 19.00 11.95 6.63 RocketCos. RKT 0.0 dd 8.33 0.47 8.73 39.30 26.84 WestRock WRK 3.2 dd 38.23 0.13
8.44 359.33 275.79 CACI Intl CACI ... 20 325.95 0.46 -5.94 120.70 98.02 ExxonMobil XOM 3.7 10 103.75 0.79 29.12 419.86 286.57 lululemon LULU ... 52 413.67 7.09 0.33 348.52 248.71 Rockwell ROK 1.9 22 258.43 2.57 -2.74 36.00 27.65 Weyerhaeuser WY 2.5 35 30.15 0.40
-4.51 89.58 64.63 CBRE Group CBRE ... 39 73.49 1.44 10.83 167.89 127.05 F5 FFIV ... 24 159.05 3.13 13.00 102.05 79.20 LyondellBasell LYB 5.3 13 93.82 1.97 -11.93 50.16 36.55 RogersComm B RCI 3.5 28 41.25 -0.10 9.98 52.76 36.14 WheatonPrecMet WPM 1.4 36 42.98 0.05
31.72 13.41 8.24 CCC Intelligent CCCS ... dd 11.46 0.47 t -58.94 134.38 49.49 FMC FMC 4.5 13 51.24 1.13 10.26 13.24 4.71 RoivantSciences ROIV ... dd 8.81 0.26 6.02 36.32 27.80 Williams WMB 5.1 16 34.88 0.04
18.53 215.81 160.66 CDW
-6.65 112.44 60.08 CF Industries
CDW 1.2 26 211.67 3.17
CF 2.0 7 79.53 -0.75
s 39.09 221.67 152.42 FTI Consulting FCN ... 33 220.88
12.91 474.13 377.89 FactSet FDS 0.9 38 453.02
4.61
4.47
MN 99.78 98.44 38.26 Roku
5.09 45.04 32.19 Rollins
ROKU
ROL
... dd 81.31
1.6 46 38.40
-0.27
0.54
29.10 164.47 109.44 Williams-Sonoma WSM 2.4 10 148.36
-1.79 258.93 195.29 WillisTowers WTW 1.4 25 240.21
0.84
2.05
15.92 107.66 82.62 CGI A GIB ... 20 99.84 0.37 s 66.51 1002.74 568.38 FairIsaac FICO ... 59 996.70 34.00 -18.41 172.59 108.53 M&T Bank MTB 4.4 7 118.35 1.00 s 19.69 518.60 416.77 RoperTech ROP 0.5 44 517.15 7.41 -18.80 53.46 34.40 WillScotMobile WSC ... 25 36.68 1.62
t -12.67 108.05 79.21 CH Robinson CHRW 3.1 25 79.96 -0.16 26.82 60.93 45.70 Fastenal FAST 2.3 30 60.01 0.88 15.54 51.35 32.43 MGM Resorts MGM 0.0 13 38.74 0.53 6.25 123.65 94.34 RossStores ROST 1.1 26 123.33 0.96 -2.36 5.31 4.32 Wipro WIT 0.2 18 4.55 0.04
29.11 221.76 166.54 CME Group CME 2.0 26 217.11 0.73 -8.39 115.08 85.27 FederalRealty FRT 4.7 27 92.56 1.03 140.26 29.92 6.77 MinisoGroup MNSO 1.5 32 25.78 0.03 -9.97 104.72 77.90 RoyalBkCanada RY 4.7 11 84.65 0.48 -15.41 26.93 19.95 WoodsideEnergy WDS 10.7 6 20.48 -0.27
-12.21 65.72 49.87 CMS Energy CMS 3.5 22 55.60 0.86 42.05 270.95 162.61 FedEx FDX 2.0 16 246.03 4.84 7.06 36.80 31.34 MPLX MPLX 9.7 10 35.16 -0.13 92.01 112.95 47.91 RoyalCaribbean RCL 0.0 30 94.91 2.31 s 39.80 135.26 88.30 Woodward WWD 0.7 41 135.06 2.88
-7.85 45.42 36.17 CNA Fin CNA 4.3 10 38.96 -0.06 25.97 171.06 111.85 Ferguson FERG 1.9 18 159.94 3.13 11.16 185.57 122.57 MSA Safety MSA 1.2192 160.28 0.93 -4.96 147.82 101.64 RoyalGold RGLD 1.4 30 107.13 1.00 3.89 33.09 24.46 WooriFinl WF 7.7 3 28.60 0.31
t -37.98 17.98 9.84 CNH Indl CNHI 4.0 6 9.96 -0.19 58.51 340.31 209.88 Ferrari RACE 0.6 49 339.56 3.67 10.55 572.50 450.00 MSCI MSCI 1.1 43 514.26 8.04 -31.12 44.47 25.92 RoyaltyPharma RPRX 2.9 68 27.22 -0.19 37.46 252.72 141.22 Workday WDAY ... dd 230.01 4.56
55.08 60.00 38.33 CRH CRH 0.4 15 59.86 1.47 16.80 45.51 31.84 FidNatlFinl FNF 4.4 18 43.94 0.30 -86.72 43.50 1.05 MSP Recovery LIFW ... dd 5.31 -1.31 6.99 50.64 32.13 RyanSpecialty RYAN ... 94 44.41 -0.30 7.63 81.00 63.69 WyndhamHtls WH 1.8 22 76.75 1.07
-0.90 34.38 27.60 CSX CSX 1.4 16 30.70 0.53 -22.76 79.32 46.91 FidNatlInfo FIS 4.0 dd 52.41 0.63 -6.34 68.92 46.71 MagnaIntl MGA 3.5 15 52.62 0.74 43.20 112.75 73.05 Ryanair RYAAY ... 10 107.06 -0.16 3.66 117.86 72.73 WynnResorts WYNN 1.2 dd 85.49 -5.16
-27.37 104.83 64.41 CVS Health CVS 3.6 10 67.68 0.94 -23.62 38.05 22.11 FifthThirdBncp FITB 5.6 7 25.06 0.24 s 76.57 214.43 113.42 ManhattanAssoc MANH ... 81 214.36 7.53 s 40.61 145.15 101.78 SAP SAP 1.1 62 145.10 2.65 45.89 27.71 10.30 XP XP 10.5 18 22.38 0.84
s 62.82 262.46 154.88 CadenceDesign CDNS ... 75 261.56 5.11 85.33 1512.07 505.84 FirstCitizBcshA FCNCA 0.5 2 1405.47 20.14 4.82 20.40 17.07 ManulifeFinl MFC 4.7 9 18.70 0.11 17.62 428.65 321.14 S&P Global SPGI 0.9 51 393.97 6.29 s 149.65 83.35 29.02 XPO XPO ...288 83.11 2.44
12.87 25.04 18.73 CAE CAE 0.0 33 21.83 0.43 t -10.59 232.00 129.22 FirstSolar FSLR ... 30 133.92 1.39 ... 42.95 23.36 Maplebear CART ... ... 25.21 0.73 -21.88 312.34 185.23 SBA Comm SBAC 1.6 48 218.99 0.59 -15.56 72.99 53.73 XcelEnergy XEL 3.5 19 59.20 0.50
4.09 60.27 38.33 CaesarsEnt CZR ... 13 43.30 1.18 -15.83 43.31 32.18 FirstEnergy FE 4.6 39 35.30 -0.09 -7.31 33.19 20.57 MarathonOil MRO 1.6 9 25.09 0.29 -3.00 64.69 52.20 SEI Investments SEIC 1.5 17 56.55 0.62 53.52 23.62 6.82 XPeng XPEV ... dd 15.26 -0.63
-20.95 127.60 82.81 CamdenProperty CPT 4.5 42 88.44 1.33 17.62 163.95 118.11 FirstService FSV 0.6 49 144.14 0.33 24.69 159.65 104.32 MarathonPetrol MPC 2.3 5 145.13 3.33 3.40 21.73 18.26 SK Telecom SKM 5.2 10 21.29 0.13 -10.95 118.58 87.59 Xylem XYL 1.3 40 98.46 1.64
87.47 43.11 21.22 Cameco CCJ 0.2 94 42.50 0.28 20.22 130.74 97.25 Fiserv FI ... 25 121.51 2.13 1.69 1560.00 1186.56 Markel MKL ... 10 1339.72 -3.37 1.40 64.52 46.61 SS&C Tech SSNC 1.8 22 52.79 0.75 12.30 16.19 6.79 YPF YPF 0.0 2 10.32 0.36
-28.78 57.77 37.94 CampbellSoup CPB 3.7 14 40.42 -0.22 -0.10 220.19 144.57 FiveBelow FIVE ... 36 176.70 0.82 -20.06 399.78 200.01 MarketAxess MKTX 1.3 34 222.94 -3.92 7.03 38.83 31.01 STAG Indl STAG 4.3 34 34.58 0.25 -1.66 143.25 115.53 Yum!Brands YUM 1.9 24 125.95 1.24
-6.85 48.84 34.35 CIBC CM 6.7 10 37.68 0.16 25.88 278.35 175.08 FleetCorTech FLT ... 18 231.21 2.46 32.72 210.98 145.37 Marriott MAR 1.1 21 197.60 3.21 88.82 443.85 204.02 Saia SAIA ... 31 395.92 12.84 -18.83 64.70 41.48 YumChina YUMC 1.2 24 44.36 1.22
-6.04 129.89 103.96 CanNtlRlwy CNI 2.1 20 111.70 1.35 21.58 28.90 19.15 Flex FLEX ... 15 26.09 0.44 s 21.13 200.68 151.86 Marsh&McLen MMC 1.4 29 200.45 2.56 61.12 238.22 126.34 Salesforce CRM ...134 213.63 3.62 -10.23 30.05 19.64 ZTO Express ZTO 0.0 17 24.12 0.43
16.30 68.30 48.81 CanadianNatRscs CNQ 4.2 14 64.58 1.03 13.66 116.03 68.29 Floor&Decor FND ... 31 79.14 1.48 34.29 463.41 317.94 MartinMarietta MLM 0.7 26 453.87 2.82 93.08 32.41 8.86 Samsara IOT ... dd 24.00 0.44 -19.59 351.74 194.59 ZebraTech ZBRA ... 23 206.18 3.66
-5.24 85.40 68.92 CdnPacKC CP 0.8 21 70.68 -2.12 52.28 125.54 74.65 FomentoEconMex FMX 1.2 12 118.96 0.22 47.46 67.99 33.75 MarvellTech MRVL 0.4 dd 54.62 2.13 -5.18 57.82 42.23 Sanofi SNY 3.0 13 45.92 0.45 13.94 57.19 31.10 Zillow C Z ... dd 36.70 0.54
12.50 123.09 83.93 CapitalOne COF 2.3 8 104.58 0.69 -15.22 15.42 9.63 FordMotor F 6.1 6 9.86 0.16 20.36 63.85 45.74 Masco MAS 2.0 15 56.17 0.68 -38.69 159.89 55.25 SareptaTherap SRPT ... dd 79.45 0.30 13.81 55.68 30.23 Zillow A ZG ... dd 35.52 0.33
s 35.45 104.59 68.53 CardinalHealth CAH 1.9171 104.12 1.31 3.95 81.24 44.12 Fortinet FTNT ... 35 50.82 1.15 13.42 418.60 336.02 Mastercard MA 0.6 34 394.38 6.42 -23.17 18.70 11.56 Sasol SSL 6.0 15 12.07 -0.15 -17.32 149.25 102.00 ZimmerBiomet ZBH 0.9 47 105.42 1.30
13.95 289.12 203.66 Carlisle CSL 1.3 19 268.52 7.25 0.85 46.28 36.30 Fortis FTS 4.4 18 40.38 -0.35 -1.35 71.84 42.04 MatadorRscs MTDR 1.4 8 56.47 1.05 -0.30 62.12 42.73 Schlumberger SLB 1.9 19 53.30 0.56 15.54 194.99 140.76 Zoetis ZTS 0.9 34 169.32 -1.31
1.07 38.32 25.20 Carlyle CG 4.6 53 30.16 0.23 2.46 79.90 62.70 Fortive FTV 0.5 28 65.83 0.49 -28.42 54.60 27.85 MatchGroup MTCH ... 17 29.70 0.81 -34.65 86.63 45.00 SchwabC SCHW 1.8 18 54.41 0.25 -8.39 89.67 58.87 ZoomVideo ZM ...138 62.06 1.41
4.07 87.50 52.10 CarMax KMX ... 22 63.37 0.86 6.81 77.14 49.51 FortuneBrands FBIN 1.5 18 61.00 0.85 3.64 22.64 15.36 Mattel MAT ... 80 18.49 -0.21 -12.59 88.84 34.87 Sea SE ...120 45.48 1.88 56.43 177.69 84.93 Zscaler ZS ... dd 175.04 4.34

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TtlRtnBdI 9.06 ... -1.1 BluCh 159.49 +3.08 42.8 RisDv A 85.35 +1.06 4.2 StkIdx NA ... NA IntlEqIdxInst NA ... NA TotBdAdml 9.18 +0.02 -0.5 ExtndIstPl 261.45 +2.98 6.1
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Fidelity BluChpGr K6 24.65 +0.46 42.7 Guggenheim Funds Tru Old Westbury Fds LrgCpGrIdxInst 49.05 +0.94 32.4 TotIntBdIdxAdm 19.31 ... 3.5 IdxIntl 17.20 +0.07 5.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e 500IdxInstPrem153.45 +2.38 16.6 Contra 15.64 +0.24
31.2 TotRtnBdFdClInst 22.45 +0.01 0.5 LrgCpStr 16.10 +0.22 10.4 VANGUARD ADMIRAL TotIntlAdmIdx r 28.78 +0.13 5.2 MdCpGrAdml 83.07 +1.08 7.9
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Contrafund K6 21.80 +0.33 29.6 CpInc 9.22 +0.026.8 Harbor Funds Parnassus Fds 500Adml 407.93 +6.33 16.6 TotStAdml 105.86 +1.58 15.0 MdCpVlAdml 67.50 +0.72 -2.1
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r ExtMktIdxInstPre 66.77 +0.76 6.1 GroCo 30.29 +0.55
34.6 CapApInst 88.92 +1.71 41.7 ParnEqFd 54.11 +0.81 15.8 BalAdml 42.24 +0.40 8.6 TxMCapAdml227.85 +3.54 16.3 SmValAdml 67.16 +0.74 0.1
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not FidSerInt 8.45 -0.01 2.4 InvGrBd 9.53 +0.010.1 Harding Loevner PGIM Funds Cl Z CAITAdml 10.97 ... 0.8 TxMIn r 14.06 +0.06 6.1 TotBd2 9.07 +0.02 -0.6
available due to incomplete price, performance or cost data. NE-Not released by Lipper; IntlEq 24.30 +0.12 3.8 TotalReturnBond NA ... NA CapOpAdml r167.68 +2.28 14.8 USGroAdml 133.71 +2.18 TotIntlInstIdx r115.08 +0.52 5.2
FidSerToMarket 14.49 +0.21 15.0 LowP 41.20 +0.372.8 32.0
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Invesco Funds A DivAppIdxAdm 43.16 +0.58 6.3 ValAdml TotItlInstPlId r115.11 +0.52 5.2
GrowthCompanyK6 20.40 +0.36 32.6 Magin 11.68 +0.22
22.3 PIMCO Fds Instl 53.70 +0.57 -0.1
EqIncA 9.83 +0.07 1.6 AllAsset NA ... NA EMAdmr 32.78 +0.16 2.5 WdsrllAdml 72.33 +1.01 TotSt 105.84 +1.58 14.9
IntlIdxInstPrem 44.08 +0.14 7.0 NASDAQ 175.73 +3.56 33.2 10.3
Friday, November 10, 2023 Invesco Funds Y TotRt NA ... NA EqIncAdml 81.56 +0.73 -1.6 WellsIAdml 57.32 +0.25 VANGUARD INSTL FDS
LgCpGwId InstPre 27.53 +0.54 32.5 OTC 17.10 +0.33
33.3 -0.8
Net YTD Net YTD Net YTD DevMktY 36.37 +0.19 4.0 PIMCO Funds A ExplrAdml 88.85 +1.18 2.3 WelltnAdml 69.70 +0.68 DevMktsIndInst 14.08 +0.06 6.1
MidCpInxInstPrem 26.55 +0.32 2.8 Puritn 22.00 +0.24
12.3 6.9
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret JHF III DispVal
SAIUSLgCpIndxFd 18.36 +0.29 16.6 SAIUSMinVolIndFd 18.08 +0.209.2 IncomeFd NA ... NA ExtndAdml 105.95 +1.21 6.1
WndsrAdml 70.24 +0.74 3.7 DevMktsInxInst 22.01 +0.10 6.1
AB Funds SmCpA 57.78 +0.44 3.0 EmgMktVa 27.61 +0.09 7.2
DispValMCI 25.45 +0.32 4.2 PIMCO Funds I2 GNMAAdml 8.79 ... -1.5 ExtndInst 105.94 +1.21 6.1
SeriesBondFd 8.58 +0.01 -0.7 SAIUSQtyIdx 18.31 +0.31 20.7 John Hancock VANGUARD FDS
MuniIncmShares 10.38 ... -0.4 TxExA 11.85 ... 0.7 EmMktCorEq 21.13 +0.11 7.2 SeriesOverseas 11.82 +0.04 8.8 SrsEmrgMkt 16.59 +0.13 6.2 Income NA ... NA GrwthAdml 148.51 +2.88 36.0
DivdGro 35.05 +0.22 0.3
GrwthInst 148.52 +2.88 36.0
BondR6 12.82 +0.02 -0.2 HlthCareAdml r 83.29 ... -4.2 InPrSeIn 9.19 ... -0.2
AB Funds - ADV WshA 54.29 +0.76 8.3 IntlCoreEq 13.98 +0.08 6.0 SerLTTreBdIdx 5.24 +0.02 -8.1 SrsGlobal 13.01 +0.045.3 PIMCO Funds Instl IntlVal 38.06 +0.16 6.5
JPMorgan I Class
LgCpGrAdv 87.37 +1.43 25.0 Artisan Funds IntSmCo 17.47 +0.08 2.3
SmCpIdxInstPrem 21.24 +0.23 -1.8 SrsGroCoRetail 18.35 +0.33 33.3 IncomeFd NA ... NA HYCorAdml r 5.16 ... 5.5
LifeCon 19.66 +0.11 4.8
InstIdx 369.07 +5.73 16.6
CoreBond NA ... NA InfProAd 22.56 +0.01 -0.3 InstPlus 369.07 +5.73 16.6
American Century Inv IntlVal Inst 44.00 +0.15 14.0 IntSmVa 19.60 +0.12 6.4
TMktIdxInstPrem121.70 +1.82 15.1 SrsIntlGrw 15.63 +0.11 9.6 Price Funds LifeGro 38.84 +0.35 8.9
LgCo 30.15 +0.47 16.6
EqInc NA ... NA IntlGrAdml 93.87 +0.61 3.8 InstTStPlus 76.11 +1.14 15.0
... NA BlChip 145.39 +2.84 40.5
Ultra 72.65 +1.45 31.7 Baird Funds TotalMarketIndex 15.38 +0.23 15.2 SrsIntlVal 10.94 +0.089.1 LifeMod 29.02 +0.21 6.8
LgCpGwth NA
American Funds Cl A AggBdInst 9.31 +0.02 -0.3 US CoreEq1 32.95 +0.48 11.9
TtlIntIdxInstPr 12.30 +0.04 5.0 TotalBond 9.06 +0.010.7 JPMorgan R Class DivGro 67.08 +0.80 5.6 ITBondAdml 9.78 +0.02 -0.4
PrmcpCor 30.57 +0.42 12.5
MidCpInst 56.59 +0.67 2.6
AmcpA 35.40 +0.56 18.0 CorBdInst 9.61 +0.01 0.2 US CoreEq2 29.61 +0.42 10.3
USBdIdxInstPrem 9.86 +0.02 -0.7 Fidelity SAI CoreBond NA ... NA Growth 84.53 +1.46 37.2 ITIGradeAdml 8.12 +0.02 1.0
STAR 25.69 +0.20 7.2
MidCpIstPl 279.09 +3.31 2.6
AMutlA 48.45 +0.48 1.4 BlackRock Funds US Small 38.66 +0.44 0.8
TotalBd CorePlusBd NA ... NA LgCapGow I 62.85 +1.16 36.9 LarCapAd 102.01 +1.57 17.3 SmCapInst 87.87 +0.98 1.1
HiYldBd Inst 6.72 +0.01 7.3 US SmCpVal 39.40 +0.45 1.6
Fidelity Advisor I 8.57 +0.01 0.7
MidCap 93.64 +1.04 5.6 LTGradeAdml 7.27 +0.04 -2.9 TgtRe2020 26.68 +0.13 5.2 SmCapIstPl 253.62 +2.81 1.1
BalA 30.13 +0.30 5.8 Total Bd 0.5 U.S.TreBdIdx 8.42 +0.01 Lord Abbett I
US TgdVal 27.47 +0.32 1.5 9.04 +0.01 -0.9
2.8 MidCpAdml 256.17 +3.04 2.6 TgtRe2025 17.74 +0.11 6.4 STIGradeInst 9.94 ... 2.7
BondA 10.86 +0.01 -1.6 BlackRock Funds III ShtDurInc p 3.79 ... 3.0 NHoriz 47.63 +0.58
Fidelity Freedom Fidelity Selects 1.0 TgtRe2030 33.62 +0.24 7.2
USLgVa 6.5 MuHYAdml STIPSIxins 23.69
41.11 +0.51 0.7 10.03 ... ... 2.6
CapIBA 61.88 +0.37 0.3 iShS&P500IdxK518.37 +8.02 16.6 FF2030 6.2 Semiconductors r 22.93 +0.87 Metropolitan West R2025 15.57 +0.11
Dodge & Cox 15.53 +0.10 57.3 MuIntAdml 13.15 +0.01 0.9 TgtRe2035 20.89 +0.16 8.0 TotBdInst 9.18 +0.02 -0.5
CapWGrA 56.16 +0.60 10.4 BlackRock Funds Inst
FF2040 9.5 Softwr TotRetBdI 8.62 ... NA R2030 23.48 +0.18 7.4
Balanced 95.66 +0.63 5.1 9.70 +0.09 26.40 +0.60 34.4 MuLTAdml 10.32 ... 0.5 TgtRe2040 36.98 +0.32 8.8 TotBdInst2 9.07 +0.02 -0.6
EupacA 51.66 +0.29 5.7 EqtyDivd 18.28 +0.15 3.3 Freedom2030 K 15.54 +0.11 6.3 Tech TRBdPlan 8.08 ... NA R2040 26.75 +0.27 9.5
GblStock 13.80 +0.14 9.4 26.27 +0.63 47.3 MuLtdAdml 10.62 ... 1.6 TgtRe2045 25.00 +0.23 9.6 TotBdInstPl 9.18 +0.02 -0.5
FdInvA 67.97 +0.99 14.8 StratIncOpptyIns 9.06 ... 2.4 MFS Funds Putnam Funds Class A
Income 11.94 +0.02 0.9 Freedom2035 K 13.53 +0.10 7.9 First Eagle Funds MuShtAdml 15.60 +0.01 2.3 TgtRe2050 41.57 +0.40 10.0 TotIntBdIdxInst 28.98 ... 3.5
GwthA 61.19 +1.01 23.6 TotRet 9.49 +0.01 NA IIE 30.62 +0.07 8.8 PutLargCap p 29.61 +0.30 5.9
Intl Stk 46.21 +0.34 7.2 Freedom2040 K 9.71 +0.08 9.5 GlbA 61.21 +0.33 5.6 PrmcpAdml r154.22 +2.32 17.9 TgtRe2060 42.70 +0.41 10.0 TotStInst 105.88 +1.58 15.0
HI TrA 9.02 ... 5.4 Calamos Funds MFS Funds Class I Schwab Funds
Stock 225.36 +2.84 6.5 Idx2030InsPre 17.80 +0.12 6.1 Franklin A1 RealEstatAdml107.19 +1.10 -5.4 TgtRet2055 46.37 +0.45 10.0 ValueInst 53.70 +0.57 -0.1
ICAA 47.89 +0.77 17.3 MktNeutI 14.64 +0.02 7.4 DoubleLine Funds GrowthI 170.30 +3.18 28.8 1000 Inv r 95.24 +1.46 NA
Idx2035InsPre 20.13 +0.15 7.7 IncomeA1 2.16 +0.01 0.2 SmCapAdml 87.87 +0.97 1.1 TgtRetInc 12.54 +0.05 4.1 WCM Focus Funds
IncoA 21.93 +0.13 -0.9 Columbia Class I ValueI 46.90 +0.45 -0.5 S&P Sel 68.50 +1.07 NA
TotRetBdI 8.38 +0.01 -1.0 Idx2040InsPre 20.68 +0.18 9.1 FrankTemp/Frank Adv SmGthAdml 72.07 +0.81 2.7 WellsI 23.66 +0.10 -0.8 WCMFocIntlGrwIns 20.87 +0.13 6.2
DivIncom I 29.27 +0.39 2.7 Edgewood Growth Instituti Natixis Funds TSM Sel r 74.96 +1.13 NA
N PerA 53.87 +0.61 13.9 Idx2045InsPre 21.54 +0.20 9.4 IncomeAdv 2.14 +0.01 0.3 STBondAdml 9.86 ... 1.9 Welltn 40.37 +0.40 6.8 Western Asset
Dimensional Fds LSGrowthY 22.62 +0.34 38.9 TIAA/CREF Funds
NEcoA 51.30 +0.76 17.9 EdgewoodGrInst 39.06 +0.68 24.8 Fidelity Invest FrankTemp/Franklin A STIGradeAdml 9.94 ... 2.6 WndsrII 40.77 +0.57 10.2 CoreBondI NA ... NA
5GlbFxdInc 10.14 ... 4.2 Federated Hermes Int Northern Funds EqIdxInst NA ... NA
NwWrldA 71.47 +0.59 7.5 Balanc 25.34 +0.25 13.2 Growth A 118.88 +1.82 16.3 STIPSIxAdm 23.67 ... 2.6 VANGUARD INDEX FDS CorePlusBdI NA ... NA
 .

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | B9

BUSINESS & FINANCE

Las Vegas Strip Workers Reach Drugmaker

To Invest
Tentative Deal With Wynn Resorts $6 Billion
BY KATHERINE SAYRE
To Boost
Las Vegas Strip casino work-
ers and three gambling compa-
Production
nies struck labor contract deals
this past week after months of BY DOMINIC CHOPPING
negotiations, narrowly avoiding
a strike ahead of the high- Novo Nordisk, the Danish
stakes Formula One race week- pharmaceutical giant that
end in the city. makes the blockbuster We-
The Culinary and Bartenders govy obesity drug, said it will
unions had set a Friday strike invest more than $6 billion to
deadline to reach deals for boost production capacity.
about 35,000 workers at MGM Most of the new capacity
Resorts, Caesars Entertain- will be dedicated to manufac-
ment and Wynn Resorts. The turing active pharmaceutical
unions represent housekeepers, ingredients, including for We-
bartenders, servers, bellmen govy and Ozempic, used to
and other hospitality workers in treat diabetes and obesity.
Las Vegas. The tentative agree- Novo Nordisk has been
ments for five-year contracts struggling to meet surging de-
affect workers at 18 casinos in- mand for these drugs and has
TY ONEIL/ASSOCIATED PRESS

cluding flagship properties Cae- been forced to limit supply of

sars Palace, the Bellagio and lower-strength doses of We-
Wynn. govy in the U.S. as it seeks to
The unions reach a tentative safeguard supplies for current
deal with Caesars on Wednes- patients.
day, followed by MGM Thursday With the limited supply of
and Wynn three hours before Wegovy, obesity patients have
the Friday strike deadline. been turning to Novo Nor-
Wynn shares fell more than 9% The tentative agreements affect workers at 18 casinos including flagship properties Caesars Palace, the Bellagio and Wynn. disk’s Ozempic diabetes drug
Friday morning. as an alternative because both
Casinos on the Strip have to pack hotels and restaurants. for hotel-room attendants and dented wave of labor union ac- while auto workers in Detroit medications share the same
been preparing for the Las Ve- A strike could have paralyzed job protections around technol- tions across the U.S. this year. also walked off the jobs with active ingredient, which in
gas Grand Prix on Nov. 16-18, in- Las Vegas at a critical moment, ogy. The exact terms of the con- Empowered workers have won tough demands. Workers in turn has led to Ozempic short-
cluding converting the famous putting the squeeze on compa- tracts weren’t released. The Cu- many of their demands includ- healthcare, airlines and other ages affecting patients who
gambling thoroughfare into a nies to get a deal done. The linary and Bartender unions ing large pay bumps. In Holly- industries have also taken simi- use it for treating their diabe-
Formula One racetrack. Casino unions said the agreements in- negotiate together. wood, unions for writers and lar actions. tes.
companies offer pricey pack- clude historically high wage in- The monthslong negotiations actors brought film and TV pro- —Dean Seal The company earlier this
ages for visiting fans expected creases, workload reductions have unfolded amid an unprece- ductions to a halt with strikes, contributed to this article. month reported strong sales
and profit gains thanks to the
success of both drugs but said

WWE Parent Declines After

it expects continued periodic
supply constraints and related
drug-shortage notifications as
it continues to invest and

McMahon Files to Sell Stock

gradually expand supply ca-
pacity.
The new investment will in-
crease the company’s ability
to meet future market de-
BY WILL FEUER hon, who is executive chair- the most recent one available. mands, with construction of
man of TKO, plans to offer 8.4 After the sale, he would the new facilities in Kalund-
Shares of TKO Group million shares at a price of still be TKO Group’s largest borg, Denmark, to be finalized
slipped after former WWE $79.80 a share. TKO has individual shareholder, exclud- gradually from the end of
Chief Executive Vince McMa- agreed to buy about $100 mil- ing Endeavor Group, according 2025 through 2029, it said Fri-
hon filed to sell some $670 mil- lion worth of the shares. to FactSet. McMahon, the for- day.
JOE CAMPOREALE/USA TODAY SPORTS/REUTERS

lion worth of stock in the WWE TKO executives, including mer CEO of WWE, left the Over the past two years,
and UFC parent company. CEO Ari Emanuel and Chief Op- company in 2022 and returned Novo Nordisk has outlined 40
Shares of TKO Group fell erating Officer Mark Shapiro, earlier this year to pursue a billion Danish krone (equiva-
more than 6% on Friday. also agreed to buy some of the sale of the business. lent to $5.7 billion) in produc-
TKO Group started trading shares. Company executives In a series of articles last tion investments in Denmark.
in September after entertain- agreed to collectively purchase year, the Journal revealed that It has also added around 1,100
ment company Endeavor about $3 million of the shares. McMahon had for decades paid employees related to these in-
Group agreed to buy WWE The 8.4 million shares that to suppress allegations of sex- vestments.
and merge it with its UFC McMahon filed to sell account ual misconduct. The revelations Earlier this year, it con-
mixed-martial arts league. for about 29% of his stake in and the findings of a WWE firmed that it is awaiting ap-
TKO Group disclosed in a the company, according to a board investigation led to his provals for a new production
Vince McMahon is looking to sell $670 million worth of stock. regulatory filing that McMa- regulatory filing from August, brief retirement after 40 years. site in Funen, Denmark.

UAW Eyes UAW in Detroit last month.

The base wage increase is
effective in January, according
Motor also raised wages for
most U.S. factory employees by
9% and shortened the time it

Honda and to a memo viewed by The Wall

Street Journal. The Japanese
automaker is also cutting the
takes to reach top pay, saying it
regularly assesses the competi-
tion to ensure its pay and bene-

Subaru time it takes to reach the top

wage in half to three from six
years, a change that is similar
to one won by the UAW in its
Continued from page B1 negotiations with GM, Ford and
Honda spokesman didn’t imme- Stellantis.
diately respond to a request for A Honda spokesman con-
comment regarding the autho- firmed the details of the memo
rization cards. Friday. Since 2021, Honda has
The distribution of these added more
cards marks a formal escalation than 10 new
of organizing efforts at these benefits and
nonunion companies following programs, in-
weeks of UAW President Shawn cluding child-
Fain saying the labor group’s care reimburse-
fits remain in line with the
broader industry.
In this round of bargaining,
the UAW won not only a 25%
base wage increase for its
members at GM, Ford and Stel-
lantis, but also cost-of-living in-
creases, improved retiree bene-
fits and the right to strike over
plant closures.
These union
workers also se-
Fain has made cured a shorter,
clear that he three-year pro-
gression to a
TONY DEJAK/ASSOCIATED PRESS

sights are set beyond General ment and
Motors, Ford Motor and Chrys- student-loan re-
ler-parent Stellantis. payment, he
According to the National said. The
Labor Relations Board, the spokesman de-
UAW would need at least 30% clined to say
of workers to sign these cards how much pro-
before the union can petition duction employees earn cur-
the agency to hold a formal rently.
unionization vote. In the memo, Honda said
Fain and other union leaders worker compensation is based
have vowed to reverse the on achieving competitive pay,
union membership’s decades- and company leaders will con-
long decline and build on the tinue to monitor market condi-
momentum gained from secur- tions to attract and retain em-
ing significant contract wins in ployees. The move by Honda,
Detroit. an automaker whose U.S. facto-
The Wall Street Journal ear- ries aren’t unionized, shows
lier reported that Honda is giv- how quickly the wins achieved
ing many U.S. factory workers by the UAW in negotiating new
an 11% pay bump and making labor contracts with the Detroit
other improvements for these automakers are rippling
employees, a move that follows throughout the car business.
major gains secured by the Earlier this month, Toyota
plans to try to top pay rate of
$42 an hour,
organize the down from the
nonunion plants. previous eight
years.
UAW-repre-
sented workers
at all three car companies are Honda is giving many U.S. factory workers an 11% pay bump and making other improvements.
currently voting on the tenta-
tive agreements, a process that dress. impact their business in a tight ultimately will be made by its
could take a few weeks. The The union has made several labor market. These automak- workers and that the company
deals must be approved by a unsuccessful attempts in the ers have long spent less on la- has “a history of stable employ-
simple majority to be ratified. past to organize these factory bor costs, a gap that auto exec- ment and income for our em-
The UAW’s Fain has made workers, including twice trying utives in Detroit have ployees.”
clear that he plans to leverage to win over employees at highlighted as putting their op- In addition to Asia-based au-
these victories to try to orga- Volkswagen’s plant in Chatta- erations at a competitive disad- tomakers such as Honda and
nize the nonunion plants nooga, Tenn. The UAW lost its vantage. Toyota, electric-vehicle leader
owned by the foreign car com- most recent effort in 2019 by a Fain, the 55-year-old union Tesla is also a potential target
panies. few dozen votes. leader, said Toyota’s wage for a UAW organizing cam-
“When we return to the bar- Executives at the foreign car bump was a sign that they paign. Some employees at the
gaining table in 2028, it won’t companies have closely moni- knew the union was “coming company’s plant in Fremont,
just be with the Big Three, but tored union negotiations in De- for them.” Calif., sought to organize sev-
with the Big Five or Big Six,” troit during the strike, con- A Toyota spokesman said eral years ago with the help of
Fain said in a recent video ad- cerned it might eventually that the decision to unionize the UAW.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
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52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Continued From Page B7 52-Wk % 52-Wk % PlatinumGrpMtls PLG 0.97 -4.3 Rallybio RLYB 2.75 -5.6 ScreamingEagleWt SCRMW 0.05 -14.3 SpiritAirlines SAVE 8.77 -5.7 TernsPharm TERN 3.26 -5.1 View VIEW 1.90 -9.4
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Playstudios MYPS 2.38 -2.0 Reading A RDI 1.74 -4.9 SeelosTherap SEEL 0.14 -10.2 SpringWorks SWTX 18.34 -2.9 TerraPropNts2026 TPTA 16.81 -4.9 VishayPrecision VPG 27.97 -0.6
Stock Sym Hi/Lo Chg NuburuWt PlaystudiosWt MYPSW 0.15 -1.6 Reading B RDIB 10.13 -5.9 Seer SEER 1.46 -3.4 StaarSurgical STAA 32.48 2.4 TheseusPharm THRX 2.08 -1.4 VislinkTech VISL 2.40 -5.8
BURU.WS 0.01 -28.3 PLBY Group PLBY 0.50 -25.4
PlugPower PLUG 3.22 -40.5 RealGoodFood RGF 1.44 5.9 SenesTech SNES 0.22 -31.3 Starbox STBX 0.31 -7.6 TianRuixiang TIRX 0.65 -5.3 VistaGold VGZ 0.30 -3.2
Minim MINM 0.71 -7.0 Nuburu BURU 0.18 -44.0 PainReform PRFX 2.00 -4.3
PortageBiotech PRTG 1.47 -3.9 reAlphaTech AIRE 4.17 -11.1 SensataTech ST 30.56 2.2 Stem STEM 2.82 -9.0 TigoEnergy TYGO 1.80 -10.5 Vitru VTRU 11.30 2.5
ModelN MODN 20.90 -15.5 NuCana NCNA 0.39 -1.2 PanAmerSilver PAAS 13.13 -2.8
PowerREIT PW 0.65 -3.1 Recruiter.com RCRT 1.04 2.0 SensusHealthcare SRTS 1.79 -14.4 StrataSkinSci SSKN 0.32 -13.2 Toast TOST 13.83 1.4 VivosTherap VVOS 2.74 -5.8
MotusGI MOTS 3.29 12.7 Nuwellis NUWE 0.54 1.6 PasitheaTherap KTTA 0.30 -1.0
PresidioPropPfdD SQFTP 12.75 -3.8 Regis RGS 0.37 0.5 ServiceProperties SVC 6.85 1.7 SunPower SPWR 3.69 -1.8 TonixPharm TNXP 0.43 -0.2 Vroom VRM 0.73 -4.0
MullenAuto MULN 0.19 -12.0 OMNIQ OMQS 0.46 -4.3 PassageBio PASG 0.60 -10.4
ProFrac ACDC 7.75 0.4 RelianceGlobal RELI 1.00 -20.4 17Educ&Tech YQ 0.59 -2.4 SunshineBioWt SBFMW 0.07 -22.7 TopgolfCallaway MODG 9.96 -2.9 vTvTherap VTVT 0.35 -6.8
MyMD Pharm MYMD 0.32 4.6 OceanBiomedicalWt OCEAW 0.04 -30.6 PaxMedica PXMD 1.85 -19.7
ProSomnus OSA 0.35 -3.5 RenttheRunway RENT 0.43 8.9 Shapeways SHPW 2.06 -6.4 Sunworks SUNW 0.31 -10.1 Vuzix VUZI 2.50 -17.3
OcularTherapeutix OCUL 2.00 -1.4 PebblebrookHotel PEB 11.44 0.2 Traeger COOK 2.05 -11.9
NGM Biopharm NGM 0.74 -5.8 Weibo WB 11.05 -1.1
OmegaFlex OFLX 64.30 -0.5 PediatrixMedical MD 9.05 -0.8 ProtaraTherap TARA 1.12 ... RevanceTherap RVNC 5.78 -13.6 SharpsTech STSS 0.38 -1.0 SutroBioph STRO 2.03 -7.6 TravereTherap TVTX 5.25 2.6
NanoStringTech NSTG 1.08 -9.6 WestrockCoffeeWt WESTW 0.92 -27.0
180DegreeCap TURN 3.73 1.3 Penumbra PEN 180.93 -1.3 Pulmatrix PULM 1.67 -6.0 Rezolute RZLT 0.72 -10.6 ShoalsTech SHLS 12.11 3.6 Synaptogenix SNPX 0.23 -10.7 TreaceMed TMCI 5.27 -37.9
NanoViricides NNVC 1.02 -0.9 WestrockCoffee WEST 6.88 -11.6
Ontrak OTRK 0.60 -13.1 PepGen PEPG 3.72 -5.2 PureCycleTechWt PCTTW 0.93 1.8 Sai.TechGlobal SAI 0.84 -15.2 ShockwaveMed SWAV 157.00 -1.2 SyntecOptics OPTX 3.65 41.0 TreviTherap TRVI 1.18 -3.3
NektarTherap NKTR 0.43 -4.2 WideOpenWest WOW 2.81 -10.0
NetScout NTCT 20.07 1.0 Organon OGN 10.92 -0.2 PermianBasin PBT 15.05 8.0 PureCycleUn PCTTU 4.80 -9.4 S&W Seed SANW 0.63 -3.8 Sibanye-Stillwater SBSW 4.64 -3.9 TelaBio TELA 4.26 -19.4 TuanChe TC 0.30 -5.1
Workhorse WKHS 0.36 1.0
Newmont NEM 33.59 0.7 OriginAgritech SEED 2.36 -5.4 Personalis PSNL 0.89 8.5 PurpleInnovation PRPL 0.55 -31.1 SMXSecurityMatters SMX 1.18 -4.0 SigmaLithium SGML 21.20 -2.0 TFF Pharm TFFP 0.21 -8.6 TurnstoneBiologics TSBX 1.79 -4.9 XenonPharm XENE 28.55 -3.9
Next.e.GO EGOX 0.49 -4.1 OriginMaterials ORGN 0.72 -18.3 PetVivo PETV 1.02 -7.2 QualigenTherap QLGN 0.65 6.0 SOBR Safe SOBR 0.41 -5.2 SingularGenomics OMIC 0.31 -28.7 TOP Ships TOPS 5.51 -1.8 2U TWOU 0.90 -56.7 XilioTherap XLO 1.37 -10.6
Nextdoor KIND 1.32 -1.4 OriginMatlsWt ORGNW 0.04 6.4 Pfizer PFE 29.03 -0.7 QuidelOrtho QDEL 57.54 2.0 Sagimet SGMT 2.51 -7.7 60DegreesPharmWt SXTPW 0.06 -14.3 T2Biosystems TTOO 4.70 -10.9 UnitySoftware U 22.20 7.0 YatsenHolding YSG 0.76 -1.4
NineEnergy NINE 2.21 4.0 OrlaMining ORLA 2.85 -0.7 PhibroAnimal PAHC 9.59 -1.5 QuoinPharm QNRX 3.64 -4.7 SangamoTherap SGMO 0.30 -9.7 SiyataMobile SYTA 0.50 -3.0 TXO Partners TXO 17.25 1.4 UrbanOne D UONEK 3.39 -2.5 Yield10Bio YTEN 0.21 4.0
Nordstrom JWN 13.09 0.4 OrmatTech ORA 60.46 -2.8 Phunware PHUN 0.14 -12.4 QwestNts2057 CTDD 10.04 -2.6 SangomaTechs SANG 2.53 -5.9 SleepNumber SNBR 9.39 -1.6 TandemDiabetes TNDM 13.82 -2.6 VandaPharm VNDA 3.30 0.9 ZimIntShipping ZIM 7.20 -1.5
NorthwestNat NWN 35.72 0.2 OrthofixMed OFIX 9.70 -5.9 PhunwareWt PHUNW 0.03 -52.4 RaptTherap RAPT 10.47 2.3 Satellogic SATL 0.71 -2.3 SnowLakeRscs LITM 0.58 -11.6 TargetHosp TH 11.36 -5.7 VentyxBiosciences VTYX 2.32 -7.2 ZevraTherap ZVRA 3.91 -1.2
Novocure NVCR 10.95 -3.0 PEDEVCO PED 0.80 -0.6 PiedmontLith PLL 25.53 -4.8 RE/MAX RMAX 8.76 2.0 SaversValue SVV 10.16 -11.9 SOQUIMICH SQM 45.94 -0.9 TargetHospWt THWWW 1.55 -22.6 VerticalAerospace EVTL 0.79 -5.5 ZuraBio ZURA 4.10 0.2
NuSkinEnts NUS 16.15 -0.5 PHINIA PHIN 23.78 1.6 PineappleEner PEGY 0.57 -11.0 RailVision RVSN 0.24 -9.5 ScinaiImmun SCNI 0.60 -1.0 SonomaPharm SNOA 0.12 -15.3 TelesisBio TBIO 0.50 -22.5 Vicor VICR 35.81 0.6 ZyVersaTherap ZVSA 0.07 -10.9
 .

B10 | Saturday/Sunday, November 11 - 12, 2023 * *** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Nvidia Develops New AI Chips to Avoid Curbs on China

BY RAFFAELE HUANG The new chips comply with thresholds that would have re- in the technological competi- impact on the company, al- last month.
AND ASA FITCH U.S. rules that prevented quired an export license. tion between the geopolitical though Chief Financial Officer The new chips for China
Nvidia from shipping more ad- Nvidia is set to send sam- rivals, with both sides focused Colette Kress said in June that come in three configurations,
Nvidia is working on a new vanced semiconductors to the ples of the new chips to poten- on developing domestic AI chip in the long run, broad restric- called the H20, the L20 and the
lineup of artificial-intelligence country without a license, ac- tial buyers for testing in the designs and manufacturing. tions would lead to a “perma- L2, according to the perfor-
chips customized for China as cording to performance specifi- coming weeks, according to The rise of AI systems such nent loss of opportunities” for mance specifications sent to
the semiconductor giant tries cations sent to distributors. people familiar with the mat- as OpenAI’s ChatGPT has the U.S. chip industry. one distributor.
to maintain access to a huge It would be the second time ter. Distributors have been added urgency to calls for The new chips may help The H20 would be the most
market while adjusting to Nvidia has marketed versions asked to gauge interest among more controls on chips made Nvidia make up for more than powerful of the three, and
shifting U.S. regulations. of its AI chips for China after customers, and those who pre- by Nvidia that are essential in $5 billion in orders that were would fall short of processor
After U.S. restrictions cut U.S.-imposed restrictions. In viously placed orders for now- producing these systems. put in jeopardy by the new performance thresholds that
off chips that Nvidia had previ- response to an earlier round of banned chips will get priority, Nvidia’s sales have skyrocketed rules. Nvidia had planned to would require a U.S. export li-
ously developed for the market, curbs last year, Nvidia released the people said. this year amid seemingly insa- rush out deliveries of chips cense, according to an analysis
the company told distributors versions of its top-of-the-line The U.S. is clamping down tiable demand for its products, during a grace period for the by Bernstein Research. The L20
in China early this past week A100 and H100 AI chips for on AI chip exports to China sending its valuation above the newest restrictions, but the and L2 would be lower-perfor-
that three new chips could be- China, dubbed the A800 and over concerns about their use $1 trillion level. Commerce Department, which mance chips, and would be be-
come available as soon as the H800. Those chips were in cyberwarfare, espionage and Nvidia had previously said oversees export controls, cut low a threshold on the amount
end of this year, according to tweaked so they fell below per- the country’s military develop- new restrictions won’t have a that period short and made the of computational power for a
people briefed on the matter. formance and data-transfer ment. AI is increasingly central significant immediate financial rules effective immediately late given size of chip.

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BUSINESS OPPORTUNITIES COMMERCIAL REAL ESTATE

UCC Public Sale Notice

Attn: Business Owners who want to Sell/Transfer to NEXT-GEN in 2024… Please take notice that CBRE (“CBRE”), on behalf

ZENG HUI/XINHUA/ZUMA PRESS

of the Secured Party, offers for sale at public auction
on December 28, 2023 at 1:00 p.m. (New York time)
Keep at least 17% more cash and save up to an additional $9 million in taxes! conducted both via Zoom (or a similar online platform)
and in-person at the offices of Gibson, Dunn & Crutcher
Do you follow main street’s “that’s-the-way- “Corporate Finance Solutions got me $1.4m LLP, 200 Park Avenue, New York, New York 10166, in
connection with a Uniform Commercial Code sale, 100% of
we’ve-always-done-it” (mistaken) tactics? more after tax in the next generation transfer to the limited liability company membership interests (the
my insiders; my attorney and accountant were “Interests”) in SB 3401 Payton Place LLC, a Delaware
If so, you probably experience unnecessary tax limited liability company (the “Mortgage Borrower”),
astounded.” which is the sole owner of the property located at 3401
overpayments, risk, liquidity issues, and other W. Payton Place, Lot 5A, Arlington Heights, IL 60005.
John M., Southern Mechanical Services, Inc. The Interests are owned by SB AD Residential II, LLC,
complications… without even knowing it. “We resisted the next-gen transition until a Delaware limited liability company (the “Pledgor”),
having its principal place of business at 1 Prudential The company said it is emphasizing affordability and value.
Instead, wouldn’t you like to use the Corporate Finance Solutions showed us how Plaza, 130 East Randolph, Suite 2100, Chicago, IL 60601.

to increase the cash transfer by more than $2m
“time- tested, tried-and-true” strategies the and lowering the tax bill by at least $3 million at
BIG public companies use… all legal, legitimate, the same time, preserving my key employees,
effective, and fully defendable?
and allowing me to participate in the future
Sleep Number
The Secured Party, as lender, made a loan (the “Loan”)
to the Mortgage Borrower. In connection with the Loan,
the Pledgor has granted to the Secured Party a first
priority lien on the Interests pursuant to that certain
Pledge and Security Agreement, dated as of November
30, 2021, made by Pledgor in favor of the Secured Party.

Retools Marketing
growth of the company.” The Secured Party is offering the Interests for sale in
It’s possible if you take advantage of them before connection with the foreclosure on the pledge of such
Jordan P, Intl. Laser Company Interests. The Loan is also secured by a mortgage on real
The Tax Cut and Jobs Act (“TCJA”) of 2016 sunsets property owned by the Mortgage Borrower or otherwise
in 2026 AND work with an experienced expert Mitch Levin, MD, CWPP, CAPP, affecting the property (the “Mortgage Loan”) and if
the secured debt is not paid in full that mortgage will
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who has a proven track-record for success. acquires the Interests. Secured Party may, prior to the
sale described herein, assign all of its right, title and
For over 35 years, Corporate Finance Solutions Speaker, Business Coach, and interest in and to the Loan to an affiliate of Secured BY MEGAN GRAHAM sheet, according to executives.
Party, and in the case of such assignment the assignee
has done over 311 transactions, representing $3.4 Harvard GSAS 1978 shall be considered the “Secured Party” for all purposes That means moving the fo-
hereunder.
billion in assets… saving clients over $77 million Ready to act now?! The sale of the Interests will be subject to all applicable Bed and mattress brand cus away from promoting
in taxes in 2022 alone and creating $1 billion+ in Only a few, VIP client openings remain to third party consents and regulatory approvals, if any,
as well as the terms of sale prepared by the Secured
Sleep Number said it retooled overall smart bed systems,
new client wealth.
work directly with Mitch…Results Guaranteed! Party (the “Terms of Sale”). Without limitation to the its marketing approach to em- which consumers had become
foregoing, please take notice that there are specific
requirements for any potential successful bidder in phasize affordability and com- less willing to spend on, exec-
Space is limited, so call today for your FREE consultation to see if you qualify… connection with obtaining information and bidding on
the Interests, including, but not limited to, execution of petitive value after a startling utives said, and instead en-
Call: (888) 885-5656 and leave message, or Email: Mitch.Levin@CoFinSol.com a confidentiality agreement. slip in consumer demand con- couraging consumers to pur-
The Interests are being offered as a single lot, “as-
“Wall Street Strategies for your Main Street Business.” is, where-is”, with no express or implied warranties, tributed to a 13% year-over- chase whatever setup fits
representations, statements or conditions of any kind
made by the Secured Party or any person acting for or year net sales drop and an their budget. That might mean
on behalf of the Secured Party, without any recourse earnings miss. buying only a bed, for exam-
Not Ready Yet? Scan this: whatsoever to the Secured Party or any other person
acting for or on behalf of the Secured Party and each The company, which re- ple, instead of the bed with a
bidder must make its own inquiry regarding the
Interests. The winning bidder shall be responsible for ported third-quarter earnings base.
the payment of all transfer taxes, stamp duties and
similar taxes incurred in connection with the purchase on Tuesday, said though the “As soon as Labor Day
RESIDENTIAL REAL ESTATE ANNOUNCEMENTS
of the Interests.
The Secured Party reserves the right to credit bid, set a
broader bedding industry has didn’t come in anywhere close
minimum reserve price, reject all bids (including without been operating at recessionary to where we expected, we
limitation any bid that it deems to have been made
by a bidder that is unable to satisfy the requirements levels for two years, it was went back to the consumer”
imposed by the Secured Party upon prospective bidders
still surprised to see that de- for interviews on why they
PTA / PTO in connection with the sale or to whom in the Secured
Party’s sole judgment a sale may not lawfully be made), mand “abruptly changed” in hadn’t purchased from Sleep
WALK A THON terminate or adjourn the sale to another time, without

auction
ONLINE further notice, and to sell the Interests at a subsequent August and September as con- Number yet or had bought
sale, and to impose any other commercially reasonable
RFID LAP COUNTER conditions upon the sale of the Interests as Secured sumer purchasing power de- from a competitor, Chief Mar-
Party may deem proper. The Secured Party further clined. keting Officer Kevin Brown
RENTAL $495.00 reserves the right to restrict prospective bidders to
those who will represent that they are purchasing the “Consumer behavior shifted said in an interview.
INFO@ORBITER.COM Interests for their own account for investment not with
a view to the distribution or resale of such Interests, to from spending selectively to The information the com-
verify that any certificate for the Interests to be sold
scrutinizing their spending, pany gathered suggested con-
THE FRENCH QUARTER ESTATE bears a legend substantially to the effect that such
interests have not been registered under the Securities and price-to-value took on sumers believed Sleep Num-
Act of 1933, as amended (the “Securities Act”), and may
NEW ORLEANS BUSINESS OPPORTUNITIES not be disposed of in violation of the provisions of the heightened importance in ber’s prices were too high for
Securities Act and to impose such other limitations or
conditions in connection with the sale of the Interests their purchasing decisions,” their budgets, Brown said.
as the Secured Party deems necessary or advisable in
order to comply with the Securities Act or any other said Shelly Ibach, the com- The company began a new
alliance mortgage fund applicable law.
All bids (other than credit bids of the Secured Party)
pany’s chair, president and marketing campaign by mid-
must be for cash, and the successful bidder must be CEO, during a call to discuss September and launched an-
8%-9% Return
prepared to deliver immediately available good funds
as required by the Terms of Sale and otherwise comply
with the bidding requirements and the Terms of Sale.
Interested parties seeking additional information
the latest results.
“Our marketing, digital and
other iteration earlier this
week. The company said the
REAL ESTATE SECURED concerning the Interests, the requirements for obtaining sales promotional strategies course shift has resulted in
information and bidding on the interests and the Terms
FIXED INCOME FUND of Sale should execute the confidentiality agreement were not optimized to address improved sales in October.
SEEKING RIA’S & which can be reviewed at the website https://tinyurl.
com/UCCPaytonPlace (case sensitive). For questions and this increase in [value seek- Piper Sandler analysts re-
ACCREDITED INVESTORS inquiries, please contact Tyler Barr at
CBREUCCsales@cbre.com.
ing] and price-sensitive con- marked in a research note this
CALL: sumer behavior,” Ibach said. past week that the company’s

866-700-0600
“Despite consumers’ contin- “drastic Q3 miss” was result-
Seeking $1.3 Million ued strong desire for our ing in “drastic measures.”
ALLIANCE PORTFOLIO 24-Month First Trust Deed product, perceived affordabil- “Certainly, mattress de-
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656
www.AlliancePortfolio.com Secured by Historic Lighthouse ity of the Sleep Number smart mand is weak, but [Sleep
ONLINE AUCTION BEGINS MON. DEC. 11TH RE Broker • CA DRE • 02066955 Broker License ID bed became a real barrier.” Number]’s strategic missteps
25% LTV
Sleep Number is recalibrat- over the last several years
IMMEDIATE 11% PREPAID INT ing its sales and marketing as have placed the company in a
TRAVEL well as reducing costs and precarious financial situa-
strengthening its balance tion,” they wrote Tuesday.

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day.
Crew said Friday that the
worsening conditions in Latin
America caught Diageo’s team
in the region off guard and
that “the operating environ-
ment is likely to remain chal-
lenging.”
Diageo expects growth in
global sales and operating
profit to improve gradually in
January-June, versus the six
months to December. (It fo-
cuses on organic growth,
which strips out the effects of
deals).
It is similarly optimistic
about sales in North America.
Diageo also faces trouble
elsewhere. In China it said its
imported spirits business—es-
sentially everything other
than baijiu—is seeing less mo-
mentum. Meanwhile sales
have taken a hit in Israel and
Lebanon because of the con-
flict in the region.

THE WALL STREET JOURNAL.
SUSAN HAIGH/ASSOCIATED PRESS
Developers of wind and solar plants are finding it harder to get financing. Wind turbines under assembly in New London, Conn.
Rising Costs Present New
Hurdles for Clean Energy
Higher interest rates
and equipment
prices drive green
energy projects up
BY LUIS GARCIA
Rising financing costs and
prices for equipment make it
harder to develop clean-en-
ergy projects as industry in-
vestors increasingly weigh the
risks of providing capital
against the benefits of reduc-
ing carbon emissions, invest-
ment firm executives say.
“The irrational exuberance,
all the excitement about clean
energy, is clearly getting
squeezed out” of a market
that can no longer afford it,
said David Foley, a senior
managing director at Black-
stone who leads the asset
manager’s energy group. He
joined other financiers in dis-
cussing the topic at the Super-
Return Energy conference in
New York this week.
Financing costs
Foley pointed to significant
drops in stock indexes track-
ing clean energy as well as the
shares of companies in vari-
ous industry subsectors dur-
ing the past 12 months
through October. Rising costs
partly stem from interest
rates that have surged over
Biotech Firms Tap Saudis for Funding
BY BRIAN GORMLEY
Some biotechnology start-
ups are raising capital from
Saudi Arabia as U.S. venture
funding retreats and Middle
East countries seek to boost
their life-sciences industries.
Chicago-based Flashpoint
Therapeutics recently raised
seed financing led by Beta Lab,
a new venture firm based in
Riyadh, and biomedical start-
ups including Insilico Medi-
cine have secured funding
from Prosperity7 Ventures, the
venture fund of Aramco Ven-
tures, a subsidiary of Saudi
Arabia’s national oil company.
Saudi Arabia, whose na-
tional oil company posted re-
cord profits in 2022, seeks to
diversify its economy. It is
well-positioned to establish a
globally competitive biotech
hub, said a report by Strat-
egy&, a part of the Pricewater-
houseCoopers network. The re-
port cited developments such
as the streamlining of regula-
tory frameworks for clinical
trials, testing and bioethics.
Other Middle Eastern coun-
tries such as the United Arab
Emirates are making similar
efforts in biotech.
“The region’s become much
more relevant within the bio-
tech ecosystem,” said Ali Siam,
chief business officer of
Rubedo Life Sciences, a lon-
gevity-focused biotech startup
in Sunnyvale, Calif., that partic-
ipated in a February longevity
conference in Saudi Arabia.
Saudi Arabia plans to in-
vest more than $1 billion an-
nually in aging treatments
through Hevolution Founda-
tion, a nonprofit established
* * * *
the past 18 months to the
highest level in a generation,
pushing up financing costs.
“It’s definitely a much more
challenging capital-raising en-
vironment for both public and
private [clean-energy] compa-
nies,” Foley said.
Developers of wind and so-
lar plants are finding it more
difficult to secure financing
than at any time in the past
decade, Himanshu Saxena,
chairman and chief executive
at Lotus Infrastructure Part-
ners, said during a separate
panel. Lotus, based in Green-
wich, Conn., invests in both
traditional and clean-energy
infrastructure.
But he and other financiers
said the difficulties facing de-
velopers go beyond higher in-
terest rates on debt.
Investors in renewable-
power projects often predicate
their commitments on devel-
opers signing long-term power
supply contracts with electric-
ity consumers. But factors
such as inflation and supply-
chain bottlenecks that drive
equipment costs higher make
such contracts riskier, Saxena
said.
He cited offshore wind
projects in the U.S. whose de-
velopers have walked away
from contracts that no longer
cover mounting costs, ending
agreements despite facing
millions of dollars in termina-
tion fees.
in 2021 that expects to put
much of its initial grant fund-
ing to work in U.S. universi-
ties and startups.
Fundraising from foreign
backers can raise ethical or
geopolitical concerns, particu-
larly during the current period
of heightened global conflict.
Saudi Arabia, a U.S. ally, is
among the Middle Eastern
countries the State Depart-
ment cited in March for hu-
man-rights abuses, including
extrajudicial killings and arbi-
trary arrest and detention.
When considering inves-
tors, entrepreneurs should
evaluate whether the source of
capital would violate their own
ethics or those of employees
and business partners, said
Kirk Hanson, a
senior fellow at
the Markkula
Center for Ap- Slowing U.S.
plied Ethics at venture
Santa Clara
University, who investment
has advised en-
trepreneurs and
sends startups
venture capital- to oil-rich nation.
ists on ethical
matters. “Every
startup man-
ager needs to raise questions
about the source of their
funds,” he said.
Some entrepreneurs said
Saudi Arabia is undergoing a
rapid socioeconomic transfor-
mation and that joining its
life-sciences sector contrib-
utes to that shift.
Saudi Arabia in 2016
launched Vision 2030, a plan to
modernize government, indus-
try and society. This includes an
effort to transform its health-
care system by innovating in ar-
MARKETS
“Especially for projects that
are going through long-dated
development cycles, it is start-
ing to be very hard to manage
your costs,” Saxena said.
Project developers can mit-
igate risks by getting custom-
ers to agree to paying higher
prices if costs rise, he added.
As an example, he mentioned
a wind-power plant that Lotus
built in Ohio, with General
Motors under contract to buy
the power.
“In the second phase [of
the project], the cost was 50%
higher than building the first
phase, and that happened over
a four-year period,” Saxena
said. General Motors agreed to
pay a higher price for the
plant’s power.
Renewable energy
But not all buyers on the
other side of power-supply
agreements are willing to pay
higher prices for renewable
energy to help reduce carbon-
dioxide emissions, said John
Moon, a managing director at
Morgan Stanley. He oversees
the investment bank’s private-
equity deals in the energy in-
dustry.
“There are customers who
are willing to pay substan-
tially more to internalize the
negative [effects] of CO2
emissions into the power
price,” Moon said. “The prob-
lem is there are a lot more
eas such as disease prevention
and widening access to care.
“You cannot fix human rights
abuses by ignoring the country,”
said Alex Zhavoronkov, founder
and co-chief executive of New
York- and Hong Kong-based In-
silico. He spoke at the recent
Future Investment Initiative
conference in Riyadh—nick-
named “Davos in the Desert”—a
gathering of business, academic
and policy professionals.
Insilico, which discovers
drugs using artificial intelli-
gence, in 2022 raised Series
D2 venture financing led by
Prosperity7 and signed an
agreement with Saudi Arabia’s
Ministry of Investment to help
Saudi Arabia build its biotech
industry, including by sharing
its software
platform and
expertise with
local biotechs.
Insilico also
has established
a generative AI
and quantum-
computing re-
search-and-de-
velopment
center in Abu
Dhabi, the capi-
tal of the United Arab Emir-
ates. Its Middle East presence
is important to its long-term
future because relationships it
is forming will pay dividends
as the company expands,
Zhavoronkov said.
“In this region, people
value relationships, they don’t
change partners every day,”
he said. “It takes a very long
time to build up a relation-
ship, but then that relation-
ship lasts a long time.”
Saudi Arabian investors
people who say yes, they are
[willing], and then when you
get to the table they are un-
willing to do it.”
Electricity-price volatility
also presents an increasingly
common hurdle for developers
of renewable-energy projects
as weather-dependent wind
and solar sources account for
a rising portion of power sup-
plies, Saxena and Moon said.
That also could hurt develop-
ers of other types of clean-en-
ergy projects, such as hydro-
gen-fuel producers, that don’t
generate their own renewable
power, as electricity repre-
sents a large share of produc-
tion costs, according to Sax-
ena.
“Investors and developers
that have the purview of the
[clean-energy] food chain are
going to be better placed to
reduce inefficiencies in the
system than people just taking
one distinct piece,” such as
those who want only to be a
hydrogen developer, Saxena
said. “That business is going
to get harder because you
need to be able to control
more pieces to make the num-
bers work.”
Higher project costs force
government agencies and
commercial consumers to rec-
ognize the reality that output
prices must generate returns
for investors in the green-en-
ergy infrastructure they are
financing, the panelists said.
move quickly when they see
opportunity, said Chad Mirkin,
director of the International
Institute for Nanotechnology
at Northwestern University.
Mirkin visited Riyadh in April
to accept the King Faisal
Prize, launched by the philan-
thropic King Faisal Foundation
to recognize achievement in
Islamic studies, science, medi-
cine and other disciplines.
While there, he said he
toured universities and met
with officials including the
minister of investment and
minister of communications
and information technology.
He said those meetings led
within six months to invest-
ments from Beta Lab in two
companies founded around
technology from his lab,
Flashpoint Therapeutics, and
3-D printing company Azul 3D.
“The U.S. venture market is
stressed and becoming a lot
more conservative. That
makes it at the very least a
slower process, if not an un-
tenable one,” Mirkin said.
Beta Lab, which invests in
life sciences and AI startups
globally, launched in late 2022
and expects to make five to 10
investments annually for the
next two to three years.
Flashpoint, which is initially
developing a treatment for
HPV-positive head-and-neck
cancer patients, has signed a
deal to explore a potential col-
laboration with King Faisal
Specialist Hospital & Research
Center, according to Chief Ex-
ecutive Adam Margolin.
Beta Lab has a network
with hospitals and investors in
the region that can help Flash-
point, Margolin said.
Saturday/Sunday, November 11 - 12, 2023 | B11
U.S. Stocks
Cap Week
With Gains
Continued from page B1
pushed up bond yields and
weighed on stocks.
The bond market stabilized
on Friday, with the benchmark
10-year Trea-
FRIDAY’S sury yield set-
MARKETS tling at
4.627%, from
4.629% the day prior.
“Markets will continue to
be very choppy until we get
better clarity of what the next
policy action is,” said Amanda
Agati, chief investment officer
for PNC Asset Management
Group.
After Fed officials kept
rates unchanged at their pol-
icy meeting earlier this month,
traders had priced in higher
odds that the central bank
could start cutting rates early
next year, according to CME
Group’s federal-fund futures.
Traders now see a greater
probability of the Fed holding
rates steady through at least
the first half of the year.
“It’s a really strange dance
between the Fed and the mar-
Index performance this past week
2.5%
Nasdaq Composite
2.0 S&P 500
Dow Jones Industrial Average
1.5
1.0
0.5
0
–0.5
10-minute intervals
–1.0
Mon. Tues.
Source: FactSet
Analysts Assessing
Risks of Private Credit
BY BEN FOLDY
A boom in private credit has
been moving a huge portion of
corporate borrowing away
from public view, taking it from
the world of banks and the
bond market and into the more
opaque realm of private funds.
Now analysts are piecing to-
gether clues showing how risky
those loans might be.
A recent analysis by S&P
Global Ratings used the firm’s
confidential credit assess-
ments for clients to offer a
rare view of roughly 2,000 pri-
vate corporate borrowers with
more than $400 billion in debt
between them. Without identi-
fying the companies, the firm
ran stress tests to see how
they might fare in varying
economic scenarios.
The findings offer a glimpse
into the private-credit market,
which grew in popularity after
the financial crisis in 2008-09
and surged more recently after
conventional lenders pulled
back following this year’s bank-
ing crisis.
Much of that private lend-
ing has gone to smaller, less-
profitable companies that are
already loaded with debt.
With the market growing, the
Securities and Exchange Com-
mission recently approved
new rules for private fund
managers.
The S&P analysis offers a
snapshot of the market in the
meantime. It looked at midsize
companies with corporate debt
pooled in collateralized loan
obligations. Since slices of
many of those loans are also
directly held by private credit
funds, S&P said the sample
represents a sizable portion of
the private credit market.
S&P used the confidential
“credit estimates” that it pro-
vides to collateralized-loan
managers for companies with
private debt in CLOs. The esti-
mates are akin to credit ratings
and tend to be updated about
every six months on average.
The tests showed that many
of the companies that have
turned to the private credit
markets would struggle with
any financial stress if the Fed-
eral Reserve’s interest-rate pol-
icy was to persist.
“If rates stay higher for lon-
ger—or higher forever—then
these companies are not
equipped,” said Ramki Muth-
.
ket,” said Ronald Temple, chief
market strategist at Lazard.
“But we should expect that
dance to continue,”
Investors brushed off the
University of Michigan’s pre-
liminary November survey re-
sults, released Friday, which
showed weak consumer senti-
ment and higher inflation ex-
pectations. At a press confer-
ence following the Fed’s most-
recent meeting, Powell said
the University of Michigan
survey was just one reading
the central bank uses to track
inflation expectations.
Earnings reports weighed
on some stocks. Shares of
News Corp, parent of The Wall
Street Journal, fell 1.7% after
the company reported a slight
revenue gain. Illumina shares
sank 8% after the maker of
gene-sequencing products of-
fered a gloomier outlook for
sales and profit. The Trade
Desk dropped 17% after the
ad-tech company offered reve-
nue projections that were far
lower than analysts expected.
Shares of Plug Power fell
more than 40% Friday after
the upstart hydrogen producer
and fuel-cell maker warned it
will struggle to stay afloat in
the next year without raising
additional cash.
In oil markets, Brent crude
gained 1.8% on Friday to
$81.43 a barrel.
Wed. Thurs. Fri.
ukrishnan, head of U.S. lever-
aged finance at S&P Global. He
said companies would struggle
to pay their debt.
Just 46% of the companies
in the analysis would generate
positive cash flow from their
business operations under
S&P’s mildest stress scenario,
in which earnings fell by 10%
and the Fed’s benchmark rates
increased by another 0.5 per-
centage point, the ratings firm
said. Private credit sponsors
would be left facing difficult
choices over which companies
to keep supporting, Muth-
ukrishnan said.
“It needs to make economic
sense for them to throw good
money after bad, and they have
a whole lot of companies in
their portfolio,” he said.
S&P has been lowering
scores on several of its credit
estimates, a move similar to a
downgrade on a rated bond.
The firm lowered its scores
for 87 companies into its “ccc”
territory from the start of the
year through the end of Au-
gust, a heightened rate similar
to that at the start of the
pandemic.
The firm said the down-
graded companies often had
capital structures it viewed as
“unsustainable absent favor-
able economic and financial
conditions, or upcoming loan
maturities without a definite
plan to extend, refinance, or re-
deem the debt.”
Separately, analysts at Bank
of America said they expect the
rate of private debt defaults to
reach 5% next year if interest
rates remain high.
Some recent higher-profile
bankruptcies involved compa-
nies that used private credit.
The orthodontics company
SmileDirectClub filed for bank-
ruptcy in September, after bor-
rowing $255 million in a pri-
vate loan last year. Bed Bath &
Beyond took out a $375 million
private loan last year before fil-
ing for bankruptcy in April.
S&P’s analysis wasn’t all
gloom. The firm found that
many of the companies appear
to have some runway left. Un-
der current conditions, the
companies in S&P’s sample had
a median liquidity of nearly 2½
times as much cash and other
assets available to cover their
needs, including maturing debt.
Companies also have some
time for rates to come down.

B12 | Saturday/Sunday, November 11 - 12, 2023
A record number of Americans
have been planning a foreign vaca-
tion. They should take their stock
portfolios along with them.
Keeping too much of your
money where you live is a classic
financial error called home-coun-
try bias—but it has been a lucky
mistake lately. Not diversifying has
paid off.
Doing the wrong thing and get-
ting the right result is no reason
to keep doing it, though. In fact, it
makes this an especially good time
to diversify and look at the other
three-quarters of the world’s econ-
omy. Foreign stocks look like a
bargain.
“If you’ve been 100% the U.S.
the last 15 years, drink some
Champagne, pat yourself on the
back, but it’s probably the wrong
choice now,” says Meb Faber, chief
executive of Cambria Investment
Management, an independent ad-
visory firm.
He points out that in 2009 valu-
ations of foreign and domestic
stocks were very similar and that
most years in history guessing
which would do better was “basi-
cally a coin flip.” Yet during the 15
years through this October, own-
ing a basket of U.S. stocks tracked
by index provider MSCI left buyers
with nearly six times their money
before taxes. If they had followed
standard financial advice and put
some of it into stocks from the
rest of the developed world like
those in Germany, Japan, Britain
or Australia, they would have
earned a pedestrian total return of
155% on that part of their portfo-
lio. Emerging markets, long touted
for their rapid economic growth,
would have been even worse, re-
turning a measly 143%.
Since 1970, though, there have
been six stretches when foreign
developed-market stocks trounced
their U.S. counterparts. In the
most extreme example, during a
six-year span in the 1980s, foreign
stocks beat American ones by 374
percentage points, according to
JPMorgan.
It has never been easier to di-
versify, including through low-cost
exchange-traded index funds. The
downsides are minor: Foreign divi-
dends might not be treated as gen-
erously in a taxable account. In-
vestors also assume some foreign-
currency risk. But U.S.
Blackstone is among the companies seeing more demand for private credit.
Private Equity Now
Features Less Equity
Giants like Apollo, Blackstone
and KKR made their names in the
business of private equity. But to-
day, the thing that investors seem
most excited about is growth in
their private credit businesses.
Recent flows of money into
what are now known as alterna-
tive-asset managers have often
tilted away from classic private-
equity buyouts. Real-estate funds
have also been hit by worries
about things like commercial-
property values.
But private credit, which offers
many floating-rate instruments
whose yields rise with rates, as
well as other yield-generating al-
ternatives to traditional fixed in-
come, has seen a surge of atten-
tion.
“The greatest demand today is
for private-credit solutions,”
Blackstone President Jonathan
Gray told analysts in October.
Recent share performance of al-
ternative managers reflects this,
too. Apollo and Ares Management
both have more than two-thirds of
MICHAEL NAGLE/BLOOMBERG NEWS
their assets under management in
investments described as “credit”
or “yield.” Their shares are top
performers in the group over the
past year, up 38% and 34%, respec-
tively, in the past 12 months.
The question now, though, is
whether investors might start to
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
Your Money Needs to
Go on a Vacation
By ignoring foreign markets, American savers could crimp future returns and
face more volatility. Here’s why it’s an especially good time to diversify.
multinationals that dominate the
S&P 500 like Apple and Tesla have
that problem too. Meanwhile, for-
eign giants like Switzerland’s
Nestlé or Japan’s Toyota have
massive U.S. sales. And commodity
producers like Anglo-Dutch oil gi-
ant Shell or Australian miner BHP
Group sell their products in dollars
anyway.
“These borders are increasingly
meaningless,” says Faber.
Americans are lucky. Just as
U.S. tourists can get by only speak-
ing English abroad, the domestic
market is so enormous at about
60% of global value that financial
homebodies hurt themselves less
look for private-credit growth to
slow—especially if interest rates
stop rising and benefiting float-
ing-rate private-credit loans. Al-
ready there has been an uptick in
realization of past investments.
And those looking toward future
returns may see now as the right
time to get into private-equity or
real-estate opportunities, since
times of stress are often when the
best bets are placed.
But there are things happening
that might keep the momentum
going for private credit for a while
longer. For one, the fates of these
asset classes aren’t entirely sepa-
rate. One part of private credit is
so-called direct lending, which can
involve funding buyouts. A re-
bound in buyout deals creates
more lending activity.
There is also the potential of
even more growth coming from
outside of direct lending—which is
probably what many think of
when they think of “private
credit”—including things that
yield less but also carry less de-
fault risk than loans to heavily in-
debted companies.
Apollo Chief Executive Marc
Rowan noted on its earnings call
that some forms of private credit
could be treated by investors less
as alternative investments and
more like fixed income. This
ON
THE
than those from any other country.
Consider the sad fate of a Japa-
nese investor who embraced the
country’s go-go market in the late
1980s. A measure of valuation
called the cyclically-adjusted
price-to-earnings ratio was 4.4
times as high as for U.S. stocks in
March 1989, according to Barclays
Indices. Japan’s bubble burst the
following year and now it looks
like a bargain—40% cheaper than
U.S. stocks. The benchmark Nikkei
225 Index is only around four-
fifths of its peak 34 years later.
Japan isn’t the only place inves-
tors’ money goes farther. U.S.
stocks fetched 17.8 times expected
would broaden their appeal. “The
vast, vast majority of what we’re
interested in private credit is ac-
tually investment grade,” he said.
Some of those types of invest-
ments can be assets for the insur-
ance and retirement companies
that managers now own or part-
ner with.
There is also the rapidly ex-
panding opportunity to step in for
banks, which need to slim down
ahead of rising capital require-
ments and pressures on their
earnings. Harvey Schwartz, the
CEO of Carlyle Group, cited his
experience as the chief financial
officer of Goldman Sachs during
prior big regulatory changes in
banking when talking about the
private-credit opportunity for
banklike assets. “You’ll see a
flurry of activity, but I really think
this is a process that really plays
out [over] two, three, four or five
years,” he told analysts this past
week.
Ares, for example, manages
more than $32 billion in what it
calls “alternative credit.” KKR said
that as of the end of the third
quarter, it had nearly $50 billion
of assets under management in its
asset-based finance strategies,
which create private alternatives
to traditional securitizations.
These are examples of the kinds of
private credit that could step in
for what banks do.
For private-equity firms, credit
has been the story of the past
year. It might be the story of the
next few years too.
—Telis Demos
Share-price performance of
alternative-asset managers,
past year
50% Apollo
Ares
40 KKR
Blackstone
30
20
10
0
–10
–20
Jan. 2023 Nov.
Source: FactSet
* ***
earnings for the next 12 months on
Nov. 1, according to Yardeni Re-
search. The U.K. and Germany
each trade at just 10 times. Spain
and Italy are even cheaper at 9.4
and 7.5 times, respectively. Emerg-
ing markets offer a veritable bar-
gain bin for the brave with Israel
at 8.3 times, Brazil at 7.3 times,
Pakistan at 5.3 times and Turkey
at 5 times.
A natural reason to balk at
sending your money to foreign
shores is that, well, they are for-
eign—you probably know much
less about them. Even Americans
who can afford the luxury wares of
France’s largest listed company,
Luxury Shoppers Have
Begun to Sober Up
After three years of frenzied spending, some
high-end brands face a painful transition
Shoppers are leaving middle-of-
the road luxury brands to gather
dust but continue to spend on the
best. That’s not great for luxury
companies that own a mixed bag,
such as Richemont.
Shares in the Swiss group,
which owns expensive jewelry
makers Cartier and Van Cleef &
Arpels as well as a string of more
obscure labels, dropped 5.2% on
Friday after it released disappoint-
ing quarterly results. Like many
European luxury companies,
Richemont saw a late-summer
slump in demand. Sales at con-
stant exchange rates rose 5% over
the three months through Septem-
ber, compared with gains of 19%
the quarter before.
Currency moves are becoming a
headache for the sector. The dollar
has weakened against the euro
this year, so fewer Americans are
shopping overseas. In 2022, U.S.
tourists went on a spending spree
in cities like Paris and Milan to
take advantage of cheaper prices
compared with back home.
A strong Swiss franc also hurt
Richemont, which has a large cost
base in Switzerland but does much
of its business in euros and dol-
lars. This dragged down operating
margins compared with what the
company achieved this time last
year.
As the luxury reporting season
draws to a close, it’s clear that
luxury shoppers have sobered up
after three years of frenzied
spending. For posh brands, “the
transition is proving volatile and
painful,” says Luca Solca, luxury
goods analyst at Bernstein.
Consumers are still shelling out
for more classic and timeless
brands, such as Hermès or Louis
Vuitton. But they are passing on
fashion-oriented labels.
For Richemont, this trend
means that demand is resilient for
its top jewelry brands such as
Cartier, but weak for fashion la-
bels such as Chloe and Dunhill.
Sales of the company’s watches
.
THE WALL STREET JOURNAL.
LVMH Moët Hennessy Louis Vuit-
ton, might have no clue about
French tax policy or takeover
rules.
Resist the temptation, though,
to pick an active manager flashing
brochures of its intrepid portfolio
managers touring exotic locales
and figuring it all out for you.
They are even less likely than ac-
tive U.S. fund managers to be
worth the expense. In 2022, 68% of
international stock funds and 76%
of emerging-market stock funds
failed to even beat their index, ac-
cording to S&P Dow Jones Indices.
It is every investor’s nightmare
to pick up the newspaper and read
about a company she owns run-
ning into financial difficulties.
There might be a cheaper way to
blunt the risk, though: Invest in
quality stocks. BlackRock calcu-
lates that a basket of international
stocks with high return on equity
and low earnings variability and
debt-to-equity beat their lower-
quality counterparts a whopping
98.8% of the time over five-year
rolling periods between July 1990
and April 2023. There are several
index ETFs that focus on domestic
or international quality.
It has been a great decade plus
for American investors who ig-
nored standard advice and kept all
of their portfolio at home. Better
lucky than smart, as they say on
Wall Street. Now it’s time to
spread some of that windfall
abroad.
—Spencer Jakab
/ ratio
Cyclically-adjusted P/E
by market
100
U.S.
80
Japan
Europe
60
40
ILLUSTRATION BY JARRED BRIGGS
20
0
1990 ’95 2000 ’05 ’10 ’15 ’20
Source: Barclays
Demand for some—but not all—
high-end watch brands has fallen.
Richemont’s sales,
change from a year earlier
25%
Jewelry
20
15
Watches
10
5 Fashion/
leather
goods
0
–5
1Q 2023 2Q*
*Lastest fiscal quarter ended Sept. 30
Source: the company
have also slowed as shoppers opt
for more exclusive, privately
JEANNE FRANK/BLOOMBERG NEWS
owned brands Rolex or Patek Phi-
lippe over Richemont’s Vacheron
Constantin and Panerai.
The luxury industry has a new
squeezed middle. Until the trend
has run its course, investors are
safer sticking with brands from
the top shelf. —Carol Ryan
 REVIEW
Golf Phenom
Will Rose Zhang be the
Tiger Woods of the
women’s tour? C14
CULTURE | SCIENCE | POLITICS | HUMOR
Why Are We So Obsessed With
Sam Bankman-Fried’s Parents?
ILLUSTRATION BY JOHN CUNEO
uring the trial for
disgraced crypto-
wunderkind Sam
Bankman-Fried, the
courtroom artist did
an inspired, almost
abstract evocation
of his parents at the
moment of the crushing verdict. His
father is bent over, white head in his
hands, his mother is covering her
face; the shadowing of their dark
clothes merges them into a single
mountain of unspeakable grief. Jour-
nalists in the room were equally riv-
eted by their reaction, writing about
Barbara Fried “crumpling” and Joe
Bankman “doubling over” and of them
“holding each other up.” Covering their
faces would not shield them from the in-
tense scrutiny aimed in their direction.
As Stanford law professors, they are an
unlikely couple to be watching their son
remove his tie and shoelaces as he is
taken off to jail. Fried taught legal ethics,
and Bankman has focused on financial
regulation—details that would seem a lit-
tle heavy-handed in their irony if they
were in a novel someone was writing.
The wildest dreams and worst night-
Inside
HISTORY
Hoarder
Ridley Scott, director of
the new movie ‘Napo- Help
leon,’ is the latest in a Virtual reality setups
long line of artists and can help us toss real
junk. Joe Queenan’s
writers fascinated by the worry: accumulating
French emperor. C3 virtual clutter. C5
THE WALL STREET JOURNAL.
The operatic family saga
showed us not just the
deranging effect of parental
love but the limits of
privilege and good
intentions in saving our
children from themselves.
BY KATIE ROIPHE
mares of a certain type of parent are en-
tangled in the SBF story. Their child suc-
ceeded beyond their expectations and
rebelled slightly by entering the world of
finance, but upheld their beliefs by giving
away huge portions of that money, but
then flouted those expectations again by
becoming a convicted criminal.
Even as the evidence against him
mounted, his mother’s fierce faith in him
was absolute. As she told Sheelah Kolhat-
kar of the New Yorker in a lengthy piece
last September, the whole family cares
SCIENCE
Scientific journals
are retracting
papers in record
numbers. Is the
peer-review
process broken? C5
.
Training Ground
How rugby prepared a
group of West Point
cadets for war Books C7
* * * * Saturday/Sunday, November 11 - 12, 2023 | C1
“about only one thing, which is
Sam’s innocence.” She was so cer-
tain of his innocence that she didn’t
even ask him if he did the things he
is accused of. Over the course of the
ordeal, she lost 10 pounds.
It was astonishing to think of
these very smart people sitting
through the trial and continuing to
believe their son is innocent in the
face of overwhelming evidence to
the contrary. Avid trial watchers
were gripped by the immensity of
the self-deception, by how com-
pletely impossible it seemed for
them to see their son with anything
like rational judgment. Bankman
said, “I think most parents would much
rather die, frankly, than see their child ac-
cused of such horrible things.”
Part of the fascination of the trial was
Please turn to the next page
Katie Roiphe is director of the Cultural
Reporting and Criticism Program at
New York University and writes the
“Personal Space” column for The Wall
Street Journal. She is the author, most
recently, of “The Power Notebooks.”
HEALTH
Owning a dog
can lower stress,
prevent allergies
and help you
recover faster
from illness. C4
 .

C2 | Saturday/Sunday, November 11 - 12, 2023 * *** THE WALL STREET JOURNAL.

REVIEW

For Parents, a
Cautionary Tale
In the SBF Saga
Continued from the prior page
the inevitable confrontation be-
tween parental love and harsh re-
ality. There was, in the press and
the public, a hunger for Bankman
and Fried to process that their son
had committed the crimes he was
accused of, which, of course, they
may never do. In the Verge, a re-
porter actually asserted, “What-
ever delusions they may have had
about their son’s innocence dissi-
pated over the course of trial,” but
there is no evidence that this is
true.
The spectacle raises the unset-
tling question: Can any parent see
their child clearly? One wonders if
the idées fixes we have about our
children—“Sam will never speak an
untruth. It’s just not in him,” Fried
said—are often delusions or fanta-
sies. If we are all this blinkered or
blind on the subject of our sons and
daughters. If we will follow them to
You can do all the
right things, correctly
identify and nurture
your child’s strengths,
infuse in them morally
upstanding values,
and they can still crash
and burn.
any dark place they go. Sam was
pretty conspicuously and flagrantly
lying on the stand, but his parents
may never believe that.
The story of SBF’s parents shows
us how deranging parental love is.
The values they held were upended.
Their entire selves were reorganized
by this calamity. They have been
forged into different human beings.
Bankman and Fried’s friends and
colleagues are often quoted calling
them “ethically fastidious” or
“deeply ethical,” but these ethics
seemed to fall away in the face of
their son’s improbable success. The
couple had not become partners in
big law firms; they had chosen a
less lucrative, more intellectually
stimulating, principled path. And
yet, the proximity to enormous, diz-
zying sums of money seemed to stir
their imaginations.
risk-management
team? Why didn’t
Bankman see what
was going on or
pressure Sam to put
lawyers with regula-
tory experience in
place to make sure
everything was
above board? One
answer that suggests
itself is that he was
blinded by the huge,
disorienting amounts
of money; he didn’t
want to see what
was going on.
Bankman told the
New Yorker that he
and Fried signed the
deed to a $16 million
oceanfront Bahamas
house “in error.” But
for Stanford law
professors to sign a
document like that
by mistake stretches credulity. Ac- him: the house on
cording to their representatives, the Stanford cam-
they later had the company assure pus nestled in the
them that it would take ownership, redwoods and cac-
but the excitement of the fabulous tuses; the crowded
property seems to have temporarily dinners with aca-
addled their judgment. There is also demics debating
the now infamous email in which philosophical tenets
Bankman complains to his son (“Gee and discussing the
Sam, I don’t know what to say news over plates of
here”) about his $200,000 salary, pasta; the math
saying he was expecting a million camp in summers,
dollars. This does not sound like “math circle” on
someone leaning toward the austere Saturdays; the en-
intellectual pleasures of principled, richment classes
academic life. before school. They
One has to imagine that the cel- must have felt that
ebration of Sam’s wild and bewil- their resources,
dering success contained within it their intelligence,
a feeling of relief. There had to be their dedication to
points in Sam’s childhood where causes outside
his parents were worried about themselves would
him. He had no friends. He did not protect this slightly
seem to be neurotypical (Sam had unusual child.
to teach himself to smile so other But now they,
people wouldn’t be put off by him, like the rest of us, Top: the courtoom sketch of Barbara Fried and Joseph Bankman reacting to the
according to Michael Lewis’s new are reading head- verdict in their son’s fraud trial, Nov. 2. Above: Sam Bankman-Fried departs the
book). He was dangerously bored lines like “How Sam courthouse in Manhattan after a bail hearing, July 26.
by school. He played too many vid- Bankman-Fried’s
eogames. They must have worried Elite Parents En-
about how he would find a place in abled His Crypto Empire.” Their son Did they ignore some warning signs or Fried did wrong as parents, some
the world, if someone could love is facing a maximum of over 100 about his challenges? Did the philo- way in which they could have acted
him or he could love someone else, years in prison, and it seems unlikely sophical back and forth at the din- differently to save their brilliant but
if he would ever have friends. One that they will see him sitting around ner table detach him from certain dangerously arrogant son. Say, lim-
moment where Fried broke down a dinner table again, let alone hold- realities? Did they fail to impress iting his screen time or communi-
was when the prosecution showed ing his first child. upon him the consequences of his cating more clearly that rules apply
a photograph of her son and his One fascination of this operatic utilitarian ideas—to instill the prin- to everyone, even the children of
FROM TOP: JANE ROSENBERG/REUTERS; JUSTIN LANE/EPA/SHUTTERSTOCK

Even before SBF was appearing
on the cover of magazines as one of
the world’s youngest billionaires,
the father began working for his
son’s companies. Bankman liked to
say that he was “the adult in the
room,” but he was also the lawyer in
the room. Former employees were
quoted by Bloomberg saying that
SBF “consulted his dad constantly,”
and he was on several group chats
charting the demise of FTX.
There was talk in the trial about
how the company didn’t have a
“risk-management team,” but aren’t
your parents supposed to be your
friend Gary Wang at happier times
at college, before Wang betrayed
him by testifying for the govern-
ment.
One can imagine Bankman and
Fried reassuring each other about
young Sam late at night: He’s so
smart, he’ll be fine. They were the
kind of parents who believe in the
transcendent power of intelli-
gence, that it operates as its own
kind of protective charm or salva-
tion. He would find his way be-
cause of that.
They also must have had faith in
the ability of their world to protect
family saga is what it reveals about
the ultimate futility of privilege and
the limits of our ability to truly save
or even help our children. You can
do all the right things, correctly
identify and nurture your child’s
strengths, infuse in them morally
upstanding values, and they can still
crash and burn. What we are seeing
in this story is the failure of good
intentions, or good values or sub-
stantial resources to protect a young
person.
The chatter surrounding his par-
ents necessarily involves a lot of
speculation and armchair critique.
ciple that the ends don’t always jus-
tify the means—because they were
so proud of his precocity? Was their
sin the blinding pride they took in
their extraordinary child? Did they
give him too great a sense of his
own specialness? Should they have
made absolutely sure he understood
the difference between the video-
games he was constantly playing
and the money he was moving
around in real life? Did they allow
him out into the world with too
much confidence?
Many of us long to discover some
fatal misstep, something Bankman
Stanford professors.
Yet we may only find how help-
less parents are to ensure the happi-
ness or even basic well-being of
their child. “Saving Sam is the major
project of our lives,” Fried said, and
it is also the project at which they
will most spectacularly fail.
Scan this code for a
podcast series giving
you the rundown on
all the twists and
turns in the trial of
Sam Bankman-Fried.

A 1960s of Venus, is also used in

Tenn’s story as a verb, as in
other imaginary worlds. The
1968 book “The Making of Star

Sci-Fi “I griggoed his impatience.”

When Tenn’s story was later
Trek” noted the prevalence of “I
Grok Spock” buttons among fans

Coinage
anthologized, he recalled of Mr. Spock, the half-Vulcan sci-
asking Heinlein if “grok” ence officer portrayed by Leon-
was inspired by “griggo,” ard Nimoy on the original televi-
WORD ON
THE STREET Gets an AI and Heinlein responded,
“It’s possible, very possi-
sion series.
“Grok” moved into 1960s
BEN
ZIMMER Namesake ble.”
“Grok” is all over
“Stranger in a Strange
countercultural circles as well.
As chronicled in Tom Wolfe’s
“The Electric Kool-Aid Acid
Land,” appearing dozens Test,” the writer Ken Kesey,
LAST WEEKEND, Elon Musk an- of times in the text, in- leader of a drug-fueled commu-
nounced that his artificial-intelli- cluding in such forms as nity called the Merry Pranksters,
gence startup, xAI, was launch- “grokked,” “grokking” and found inspiration in Heinlein and
ing a chatbot with “a bit of wit” a human born and raised on make the chatbot available to X’s “ungrokkable” (as in “the un- was given to say things like,
and “a rebellious streak,” known Mars is brought to Earth as an Premium+ subscribers.) grokkable vastness of the “Grok the groovy Pranksters.”
as Grok. As Musk explained, Grok adult and displays psychic pow- Musk’s commandeering of ocean”). The word even appears But “grok” also found favor in
is modeled on the Hitchhiker’s ers. Heinlein’s term for his AI venture in the cover illustration of the nerdier subcultures, particularly
Guide to the Gal- Musk, whose longstanding ob- is just the latest chapter in the 1968 paperback reissue, bridging among computer programmers

[Grok]
axy, a snarky
manual for inter-
stellar travelers
that the humor-
ist Douglas Ad-
ams concocted for his classic
1979 novel of the same name.
The origins of the chatbot’s
name, however, lie in an entirely
different work of science fiction.
“Grok,” a verb meaning “to un-
derstand deeply or intuitively,”
session with Mars led him to
found the company SpaceX with
the express purpose of colonizing
the Red Planet, appears to be
aware of Heinlein’s landmark
work. On the social-media plat-
form X, Musk posted the title
“Stranger in a Strange Land” on
Sunday with no further com-
ment. (X, known as Twitter be-
fore Musk acquired it last year,
will be providing Grok with “real-
long-running story of “grok,” one
of the most successful lexical
items to originate from the
world of science fiction.
When Heinlein penned
“Stranger in a Strange Land,” he
was hardly the first writer in the
sci-fi genre to invent such a
planet-straddling word. William
Tenn, in his 1949 story “Venus
and the Seven Sexes,” came up
with a Venusian term somewhat
the minds of a man and woman.
In the novel, the protagonist Val-
entine Michael Smith uses the
Martian word “grok” to mean
“drink,” but by sharing a drink of
water with someone, Smith cre-
ates a deep psychic bond. Thus,
“grok” is explained as having a
more profound meaning, “to un-
derstand so thoroughly that the
observer becomes a part of the
observed.”
and hackers. In “The Hacker’s
Dictionary,” published in 1983 by
a group of computer scientists,
“grok” is defined as, “To under-
stand, usually in a global sense;
especially, to understand all the
implications and consequences
of making a change.” The hacker
lineage of “grok” is likely an im-
portant one to Musk, though
whether the Grok chatbot is
truly capable of grokking its hu-
JAMES YANG

was coined by Robert Heinlein time knowledge of the world,” similar to Martian “grok.” Science-fiction enthusiasts man interlocutors may be a
for his 1961 novel “Stranger in a according to the launch an- “Griggo,” described as one of the were quick to pick up on Hein- question that is best reserved for
Strange Land.” In Heinlein’s tale, nouncement, and Musk plans to basic senses of the native Plookh lein’s coinage, even applying it to science fiction.

THE WALL STREET JOURNAL.
EVERYDAY MATH
EUGENIA CHENG
Finding a
Rare Use for
Trigonometry
I RECENTLY NEEDED
to measure the angle
of my computer key-
board, because I cur-
rently have it propped
up in a rather makeshift manner,
and I wanted to find a more perma-
nent solution. I didn’t have a pro-
tractor handy, unlike when I was in
high school and carried one at all
times. But then I realized it was a
rare chance to apply some trigo-
nometry.
Trigonometry can seem like an
endless slew of meaningless formu-
las that high-schoolers are made to
memorize for no obvious reason.
Many people opine that they’ve
never used it in their daily lives. Nor
had I, until now.
Here’s how I employed it for my
keyboard: I knew that instead of
measuring its angle directly with a
protractor, I could measure the hori-
zontal distance it took up on my
desk and then the vertical distance
to its highest point. I don’t remem-
ber many trigonometric formulas,
but I do know that the gradient, or
steepness, of a slope is calculated by
dividing the vertical distance by the
horizontal distance.
From trigonometry you may
dimly remember the tan, or tangent,
function, which translates between
an angle and its associated gradient;
if you take the tan of an angle, you
get the gradient. Conversely, if you
know the gradient you can use the
inverse tan function to find the an-
gle. (I can do that on a scientific cal-
culator, but of course most people
don’t have one of those handy ei-
ther; you can also just ask a phone
app or the internet for help.)
This is also how gradient signs
work for roads. It would be hard to
use a protractor to measure the an-
gle of slope for a road, so instead
the slope is typically indicated by a
percentage, which measures how
much the vertical distance increases
as a proportion of the horizontal
distance covered. So a 10% slope
means that for every 10 feet you
travel horizontally, you go up 10% of
that, or 1 foot.
It is perhaps counterintuitive, be-
cause a 100% slope means that for
every foot you travel horizontally,
you also travel a foot vertically,
which means the angle of the slope
would be 45 degrees. But a 50% gra-
dient doesn’t translate to half of
that angle: It means that you travel
half a foot vertically for every foot
horizontally, which translates to an
angle of around 27 degrees.
Trigonometry used to be much
more important than it is now, for
example for navigation. Before the
days of GPS, sextants were used by
TOMASZ WALENTA
sailors to measure the angle of the
sun or stars relative to the horizon,
and trigonometry could then be
used to calculate the ship’s position.
Nowadays most of us navigate using
a map on our phone rather than a
sextant. Trig persists as an impor-
tant area of study in math class,
though the occasions for it—like
when you need to find the angles in
a triangle based on its sides—are
rather limited in daily life.
At a deeper level, the value of trig
is not so much about solving those
specific problems as about the prin-
ciple of translating concepts from
one point of view to another. Angles
are proportions of a circle, while
lengths and distances are about
straight lines. Trig translates be-
tween a straight-line point of view
and a circular point of view. That’s
where its importance lies.
In my daily life, trigonometry sur-
prised me by helping to solve my
keyboard problem, but the skill of
being able to understand the rela-
tionship between different points of
view applies much more widely.
* * * *
Napoleon Still Has
Star Power
A new movie directed by Ridley Scott is the latest in a long line of stories
inspired by the brilliant and destructive emperor of France.
BY DAVID A. BELL
A
lways him! Every-
where him!” When
Victor Hugo pub-
lished his poem
“Him” (“Lui”) in
1827, no one could doubt the iden-
tity of the “him” in question. Six
years after Napoleon Bonaparte’s
death, and just 12 after his final
defeat at Waterloo, his presence
still loomed massively over the
Western world. Today, that pres-
ence is fainter, but the French em-
peror remains a source of fascina-
tion and controversy, as shown by
the buzz surrounding Ridley
Scott’s film “Napoleon,” which will
be released on Nov. 22, with
Joaquin Phoenix in the title role.
When Hugo wrote his poem,
and for decades afterward, opin-
ions about Napoleon tended to
divide along the lines first set
during his rule. It could hardly
have been otherwise, given his
enormously disruptive impact on
the Western world. Here was a
man who in 1799, when just 30
years old, seized dictatorial
power in a coup and five years
later crowned himself emperor of
the French.
Thanks to a series of brilliant
military victories, he expanded
the borders of France to their
greatest extent ever seen while
reducing much of the rest of con-
tinental Europe to a series of cli-
ent states. Napoleonic rule swept
away traditional noble and cleri-
cal privileges and brought far-
reaching changes to law and civil
administration. His wars cost mil-
lions of lives and ended in
France’s defeat and occupation.
Most inhabitants of the coun-
tries that had fought him long re-
garded him as a tyrannical mon-
ster: the “Corsican Ogre,” or even
an incarnation of the Antichrist,
as the Russian Orthodox Church
formally designated him. But
many in France, and even some
political radicals in the states he
fought, saw Napoleon as a cham-
pion not just of French national-
ism but of the secularism and
civic equality associated with the
French Revolution.
REVIEW
Even some of his fiercest oppo-
nents found it difficult to suppress
their sheer fascination for the
man, mixed with notes of admira-
tion. Napoleon himself, in final ex-
ile on the British island of St. Hel-
ena, remarked “What a novel my
life has been,” and it would be
hard to disagree. A junior artillery
officer from a family unknown be-
yond his small, poor native island,
he rose to carve out the greatest
empire seen since the Romans,
only to fall just as dramatically.
By the end, his story seemed
like something out of myth: Icarus,
soaring too close to the sun; Pro-
metheus, exiled to an ocean rock,
gnawed at by British vultures. The
writer François-René de Chateau-
briand excoriated Napoleon as a
tyrant but also wrote lyrically that
“to fall from Bonaparte and the
Empire into what followed them is
to fall from reality into nothing-
ness, from the summit of a moun-
tain into an abyss…What person
can evoke interest other than
him?” As Hugo concluded his poem
about Napoleon, “You dominate
our age; angel or demon, what
does it even matter?”
Throughout the 19th century,
great writers were drawn irresist-
ibly to this man who seemed to
have pushed outward the limits of
human possibility. Stendhal and
Goethe, Lermontov and Pushkin,
Napoleon (Joaquin Phoenix) crowns Josephine (Vanessa Kirby) in
the new film directed by Ridley Scott.
Saturday/Sunday, November 11 - 12, 2023 | C3
Joaquin Phoenix stars
in the new film
‘Napoleon,’ which will
be released Nov. 22.
Heine and Hegel all devoted bril-
liant pages to him. Nietzsche, in a
memorable aphorism, called him “a
synthesis of Unmensch and Über-
mensch” (monster and superman).
Walter Scott wrote a biography;
Ralph Waldo Emerson, one of his
greatest essays (“Napoleon, or the
Man of the World”). Tolstoy fea-
tured him as a character in “War
and Peace.” For Thomas Carlyle,
Napoleon exemplified the idea that
“the History of the world is but the
Biography of great men.”
But the popularity of the
“great man theory” has faded
In his final
exile on
St. Helena,
Napoleon
remarked, ‘What
a novel my life
has been.’
since Carlyle’s day. Already Tol-
stoy undercut the idea of Napo-
leon as a colossus changing the
direction of history, terming him
rather a “blind instrument” of
larger historical forces. In “War
and Peace,” Napoleon often ap-
pears less as a tragic character
.
than a comic one, at one
point “uttering little snorts
and grunts” while a valet
rubs down his “plump hairy
chest.” Although swarms of
popular biographies contin-
ued to appear in the 20th
century, the period’s great-
est historians tended to
look elsewhere for their
subject matter.
Where do things stand to-
day? The contemporary
French Republic has mostly
refused to celebrate Napo-
leon, although it maintains
his magnificent tomb in the
church of the Invalides in
Paris. Charles de Gaulle—an-
other French general turned
domineering chief executive,
but one who never abjured
republicanism—declared that
“Napoleon exhausted the
goodwill of the French,
abused their sacrifices and
covered Europe with graves,
ashes and tears.”
In 2004, nationalist critics
blasted then-President
Jacques Chirac for refusing
to commemorate the bicen-
tennial of the Battle of
Austerlitz, the greatest
French military victory of all
time (and, to judge from the
trailer, one of the principal
scenes in the new film). But
Chirac replied that Napoleon
had sounded the death knell
for the revolutionary First
Republic with his 1799 coup.
He imprisoned political op-
ponents, imposed harsh cen-
sorship on the press, re-
stored monarchy and waged
constant, aggressive warfare.
This was not a person that
modern France should be cel-
ebrating. The best recent
novelistic portrayal of Napo-
leon’s wars, a trilogy by Pat-
rick Rambaud, likewise
stresses their horrors, not
their glory.
More recently, critics at-
tacked the French govern-
ment even for sponsoring
exhibitions about Napoleon
on the bicentennial of his
1821 death. The principal ac-
cusation now concerns Na-
poleon’s reestablishment of
slavery in France’s colonies.
After men and women of Af-
rican descent in the Carib-
bean seized freedom for
themselves in the early
1790s, the First Republic for-
mally proclaimed the aboli-
tion of slavery, but Napoleon re-
versed the decision. In what
became the independent state of
Haiti, his forces were defeated, but
elsewhere they succeeded in re-
turning free people to bondage,
where they languished until the
second, final abolition during the
Revolution of 1848.
Many of these same critics
have attacked Ridley Scott for de-
voting a big-budget biopic to Na-
poleon rather than, for instance,
to the Haitian freedom fighters
Toussaint L’Ouverture or Jean-
Jacques Dessalines. Scott himself
clearly has mixed feelings about
his chosen subject, whom he has
compared to Hitler.
But despite the many dark
chapters of Napoleon’s career, the
fascination remains hard to resist.
The pro-Brexit English biographer
Andrew Roberts once scorned the
emperor for trying to create an
early version of the European
Union. But in the course of writ-
ing Napoleon’s life, Roberts fell
under his subject’s spell and
ended up titling the book (in its
British edition) “Napoleon the
Great.” During the long series of
Napoleon bicentennials between
the 1990s and 2021, at least two
dozen other new biographies ap-
peared in English alone.
And Napoleon has been an inex-
haustible screen subject, featured
in hundreds—perhaps thousands—
of films since the invention of the
medium. Two of them are cine-
matic classics: Abel Gance’s epic of
1927 and Sacha Guitry’s of 1955,
both titled “Napoleon.” Others
FROM TOP: KEVIN BAKER/SONY PICTURES; AIDAN MONAGHAN/SONY PICTURES
have bombed, including Sergei
Bondarchuk’s massively expensive
1970 “Waterloo” (which used thou-
sands of Soviet soldiers as extras)
and a laughably bad 2002 French
miniseries starring Christian Cla-
vier, a comic actor previously best
known for portraying an oafish
medieval peasant. Now we will
have to see where the latest “Na-
poleon” falls in this long—and no
doubt unfinished—filmography.
David A. Bell teaches history at
Princeton University and is the
author of “Napoleon: A Concise
Biography.”
 .

C4 | Saturday/Sunday, November 11 - 12, 2023 * *** THE WALL STREET JOURNAL.

REVIEW

death from cardiovascular disease.

How Dogs Help Us Lead Across various age groups, multi-

ple studies have found that our heart
rate, blood pressure and stress levels

Longer, Healthier Lives

tend to be lower when there’s a dog
around. A 1995 study by health re-
searcher Erika Friedmann and col-
leagues examined the impact of a
dog’s presence when young people
age 9 to 16 were asked to read aloud.
Research shows that canine companions can help with stress, allergies and even The kids’ heart rate and blood pres-
cardiovascular disease, in part by giving us a reason to focus on the future. sure readings were lower when the
dog was present, which the research-
ers interpreted to mean that it made
the environment feel less threaten-
ing and more friendly.
The presence of other people
doesn’t always have the same benefi-
cial effects as the presence of
pooches. In a 2002 study by social
psychologist Karen Allen and col-
leagues, adults were placed in men-
tally and physically stressful situa-
tions. They were asked to perform
mental arithmetic and endure a “cold
pressor” test, in which their hand
was immersed in ice water to induce
a stress response.
The participants endured these
tests alone, with their spouse or
friend present, with their dog or cat
present, or with both a human and
an animal companion. In all of the
scenarios, the people who had their
pets present had lower baseline
heart rates and blood-pressure lev-
els. During the stressful situations,
their blood-pressure and heart-rate
increases were smaller, and they re-
covered faster, when their pets were
present.
Of course, having a dog isn’t
enough to prevent people from de-
veloping cardiovascular diseases. But
when serious problems do arise,
dogs can help us recover better. Re-
search by Mary Herrald of New Mex-
ico State University and colleagues
found that among people who have
BY JEN GOLBECK In a 2018 study by biostatistician Al- dog helps kids develop a greater tol- their pain and generally improved heart attacks, those who have dogs
AND STACEY COLINO exandra Sitarik and colleagues, re- erance for certain germs and air- their moods. As Janevic noted in an are significantly more likely to com-

D
ogs seem to make us
healthier than we
would be without
them. Social psycholo-
gist Bruce Headey con-
ducted a survey of Australian dog-
owners and found that they take
fewer trips to the doctor and sleep
better than non-dog-owners. They
are also less likely to be on heart
medications.
It’s not that dog-owners are natu-
rally healthier; bringing a dog into
your life somehow brings these ben-
efits along. James Serpell, a profes-
sor of animal ethics at the University
of Pennsylvania, conducted a study
in the U.K. that followed pet owners
through the 10 months after they ad-
opted their pet. Among dog and cat
owners, there was a significant re-
duction in minor health problems
such as headaches, difficulty sleep-
ing, indigestion and sinus trouble in
the first month, and these changes
lasted for the study’s duration. Their
scores on measures of general health
searchers collected dust samples
from 54 family homes—half of which
had a dog and half of which didn’t—
when the dog was initially brought
into the home and a year later. By
the one-year mark, the presence of a
dog in the home was associated with
“a higher percentage of variation in
bacterial dust composition,” includ-
ing traces of Moraxella, Porphyromo-
nas, Capnocytophaga, Fusobacte-
rium, Streptococcus, and Treponema
bacteria.
This isn’t a bad thing. On the con-
trary, what’s come to be called the
“Microbiota Hypothesis” suggests
that dust from homes with dogs may
influence the development and re-
sponse of the human immune system
by changing the composition of the
gut microbiome in ways that reduce
risk for allergies and asthma. A con-
siderable body of research has found
that young children who grow up
with dogs in their households are
less likely to develop allergies, ec-
zema or asthma, which often occur
together as part of what’s called the
borne allergens, thus preventing po-
tential allergies from developing.
Scientists believe this may be why
kids raised with dogs have fewer al-
lergies than those from pet-free
homes. A 2018 paper by Bill Hessel-
mar of the University of Gothenburg
in Sweden and colleagues examined
data from more than 1,000 children,
age 7 to 8, and found that among
those who grew up
without pets, 49%
went on to develop al- One survey
lergies. The rate
dropped to 43% for found that
kids with one pet and dog-owners
24% for those with
three pets.
take fewer
When it comes to trips to the
pain, having a dog
doesn’t make you im-
doctor and
pervious, but it can sleep better.
make the discomfort
more bearable. This is
partly because having a canine com-
panion provides a continuous source
of meaning, connection and support.
Research led by Mary Janevic of
interview, “Engaging in pet care can
give a sense of daily purpose and
routine that keeps a person going,
even when they are having a pain
flare-up. In this way, pets can be
thought of as a natural resource for
chronic pain self-management.”
These findings were echoed in a
2020 study by April DuCasse and
colleagues at Florida A&M Univer-
sity, which found that
people with chronic
pain reported that
their pets improved
their mood, sense of
hope, activity levels,
comfort and function-
ality. Besides having a
positive impact on
their human’s quality
of life, the research
found that canine com-
panions provided some
of the participants
with “a reason to live and focus on
the future” and “support that miti-
gates their suffering and enables
them to live a more meaningful life.”
plete cardiac rehab, which typically
involves physical therapy and educa-
tion about how to manage risk fac-
tors and avoid everyday sources of
stress. What’s more, research by epi-
demiologist Mwenya Mubanga and
colleagues found that people who
have dogs survive longer after hav-
ing heart attacks or ischemic
strokes.
Besides having specific effects on
health, your relationship with your
dog may alter your attitude toward
health and life in general. If you
want to be around as long as possi-
ble to take care of your beloved ca-
nine companion, you may feel in-
spired to improve your lifestyle and
stress-management habits. You may
feel motivated to take better overall
care of yourself, whether that means
taking your medication as directed,
exercising regularly or going to bed
earlier. Even if you’re not inclined to
do these things for your own well-
being, you may do them for the sake
of your beloved pooch.
PHOTO ILLUSTRATION BY WINNIE AU

also improved, and dog-owners in-
creased their physical activity con-
siderably.
Some of the health benefits of liv-
ing with a canine occur deep down
inside us. No matter how tidy your
home may be, there’s some dust in
the air, on the floor and on surfaces.
allergic triad.
The theory, according to aller-
gists, is that early exposure to dog
dander could induce a high-dose tol-
erance to allergens. By stimulating
their immune system not to react to
dog dander and other microbes car-
ried by canines, growing up with a
the University of Michigan School of
Public Health examined how older
adults with chronic pain felt their
pets affected them. Participants re-
ported that their dogs motivated
them to get up and get moving,
which helped alleviate their pain.
The pets distracted people from
Research also suggests that hav-
ing a dog is associated with lower
blood pressure and cholesterol lev-
els, a reduced risk of Type 2 diabetes
and reduced physiological responses
to stress. These effects may partly
explain why dog ownership is associ-
ated with a 31% decreased risk of
Jen Golbeck is the founder of the
social-media platform “The Golden
Ratio,” and Stacey Colino is a sci-
ence writer. This essay is adapted
from their new book, “The Purest
Bond: Understanding the Human-
Canine Connection,” published on
Nov. 14 by Atria Books.

EXHIBIT

American
Hands at Work
FOR OVER A DECADE, photographer Christopher Payne has
been documenting people, processes and products at U.S. facto-
ries. The subjects in his new book “Made in America” (Abrams) Manufacturers at work
range from cutting-edge facilities that produce quantum comput- on a Boeing 767 (left)
ers and vaccines to the Bollman Hat Company factory in Adam- and a hat (below).
stown, Pa., where workers use steam to
shape felted hats in a process only slightly
changed since the 19th century. A former
architect, Payne brings an eye for struc-
ture and beauty to work on every scale
from medicine vials to airplane hangars.
Some of Payne’s industrial photo-
graphs were made on assignment, but
more often he simply emails a factory
and asks to take pictures. What matters
to him isn’t the prestige or perceived
value of the finished product but the
complex activities behind it. He has pho-
tographed at Tesla, John Deere and
Whirlpool, in factories so vast that one
can’t see from end to end, and at small
specialty hardware stores with no public-
facing storefronts.
As robots and AI take on more tasks,
CHRISTOPHER PAYNE (2)

the future of work in factories like these

is uncertain. Years from now, Payne’s
photographs may be considered classic
documents of a bygone era in American
manufacturing. —Pia Peterson Haggarty
 .

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | C5

REVIEW

The Nature paper about the room

temperature superconductor was
the third major retraction in 14
months of studies involving physi-
cist Ranga Dias at the University of
Rochester, including another in Na-
ture and one in Physical Review
Letters. Neuroscientist and former
Stanford University president Marc
Tessier-Lavigne had three papers
withdrawn this year, one by the
journal Cell and two by the journal
Science.
And Harvard Business School
professor Francesca Gino had three
papers retracted this year after an

‘If we can’t trust

the journals, we
do need to think
about alternative
systems.’
PETER ARMITAGE
Physicist,
Johns Hopkins University

investigation by the university, in-

cluding two published in Psychologi-
cal Science and one in the Journal of
Personality and Social Psychology. A
fourth paper that Harvard cited for
faulty data had already been pulled
by the Proceedings of the National
Academy of Sciences in 2021.

What’s Wrong With

Each of these papers had passed
peer review. And in each case, the
retractions were spurred by scien-
tists who, on their own, dug into the

Peer Review?
studies after publication and found
that the underlying data was lack-
ing. One suggestion for fixing peer
review that comes up frequently is
to pay reviewers. But journals are
reluctant to add additional costs,
A series of high-profile retractions has raised questions about the process used by scientific said Holden Thorp, editor in chief of
the Science family of journals: “It’s
and medical journals to decide which studies are worthy of publication. very hard to think through the eco-
nomics of how that’s going to
work.”
BY NIDHI SUBBARAMAN mitage, a Johns Hopkins University “One of the func- Another is to bring

T
physicist. “I think what it says is tions I think they some of the data-
he latest in a series of that if we can’t trust the journals, think they have is to checking in-house,

high-profile retractions we do need to think about alterna-
of research papers has
people asking: What’s
wrong with peer review?
Scientific and medical journals
use the peer-review process to de-
cide which studies are worthy of
publication. But a string of ques-
tionable or allegedly fabricated re-
search has made it into print. The
problems were exposed only when
outside researchers scrutinized the
work and performed a job that many
believe is the responsibility of the
journals: They checked the data.
The number of retractions has
been rising for years. The website
Retraction Watch cataloged more
than 5,400 retractions for 2022, up
from about 120 in 2002. On Tues-
day, a paper claiming the discovery
of a room-temperature supercon-
ductor was retracted by the journal
Nature after physicists flagged
problems with the study and Nature
conducted its own investigation.
The journal’s decision to retract
the paper validated the barrage of
criticism it had received almost im-
mediately upon publication. But it
didn’t assuage critics of the peer-re- ing mistakes,” she said.
view process.
“Every serious scientist I know
who looked at this paper thought it
shouldn’t have been published from
the very beginning,” said Peter Ar-
tive systems.”
Magdalena Skipper, editor in
chief of Nature, contends that the
role of peer review is misunder-
stood. Typically, reviewers are
working scientists tapped by journal
editors to critique submissions and
recommend whether they should
appear in print. Their reviews are
almost always provided for free as a
service to the scientific community.
And to facilitate candid assess-
ments, their identities are usually
concealed.
Journal editors sift through sub-
missions looking for studies that
will significantly advance their field,
then assign reviewers to evaluate
the most promising ones for
strength of conclusions and rigor of
experimental methods. But journal
editors acknowledge that errors or
fraud can escape notice because re-
viewers don’t audit underlying data
sets.
That’s not their job, according to
Skipper. “I would not want to think
of my peer reviewers on the papers
as some kind of police squad catch-
Researchers who take it upon
themselves to parse peer-reviewed
papers and expose problematic data
believe that the journals are shirk-
ing a fundamental responsibility.
increase the chance
of what we’re reading
is true and of high
quality,” said John
Carlisle, an anesthesi-
ologist and editor at
the British journal
Anaesthesia who has
been flagging bad
data in medical stud-
ies for nearly two de-
cades. “I don’t see
how they can turn
around and say, ‘Well,
it’s not our job to ac- Scientific journals retracted papers by former Stanford
tually check the president Marc Tessier-Lavigne (left) and physicist Ranga Dias.
data.’”
While only a small
fraction of the millions of studies
published every year are retracted,
when questionable research does
make it into the pages of a presti-
gious journal, the consequences can
be severe and long-lasting.
The paper that famously—and in-
correctly—linked autism to vaccines
in 1998 wasn’t retracted by The
Lancet until 2010. In the interim, it
sowed the seeds for decades of
powerful vaccine distrust that ex-
perts said likely drove vaccine hesi-
tancy even during the Covid-19 pan-
demic.
Scientists and journal editors say
that several factors tax the system.
More papers than ever are being
published, overloading journal edi-
tors and reviewers. The most signif-
icant papers are often the most
novel—and therefore more difficult
to review, because the material cov- looking for signs it was falsified.
ers new and untested ground. And
researchers under pressure to ad-
vance their careers are eager to
supply the kind of notable findings
that attract the attention of jour-
nals, tempting some researchers to
cut corners or fabricate results.
“Having a Nature paper is the
kind of thing that gets you tenure at work. “Why are the publishing
most universities,” said Melinda
Baldwin, a historian of science at
the University of Maryland, College
Park, who studies publishing.
ILLUSTRATION BY ANGIE WANG; WINNI WINTERMEYER FOR THE WALL STREET JOURNAL (TESSIER-LAVIGNE); LAUREN PETRACCA FOR THE WALL STREET JOURNAL (DIAS)
while continuing to
rely on outside re-
viewers to assess the
scientific design and
arguments in new
work. “Most journals
should be checking
more than they are
now,” said Simine
Vazire, a psychology
researcher at the Uni-
versity of Melbourne
and the incoming edi-
tor in chief of Psy-
chological Science.
She plans to add sci-
entists to her staff to
check data and statis-
tics in new submissions.
As an editor at Anaesthesia, Carl-
isle routinely audits patient data
underlying clinical trial studies,
One in three papers has enough
false data to make him disbelieve
the results.
“If I was paid per hour, I’d be a
very rich man,” he said, adding that
it should be the obligation of jour-
nals, not unpaid reviewers, to en-
sure the quality of published
houses earning millions of dollars?”
Carlisle said. “Why are people pay-
ing the journals unless the journals
are doing the job?”

A ‘Virtual’ tifying items over-

due for the trash
heap and remov-
pull the declutter-
ing trigger but
does not actually
strapping on their VR helmet.
Another alluring possibility is
something I’d call “aspirational
Solution ing them—virtu-
ally, that is.
result in immedi-
ate, on-the-spot
hoarding.” In return for ditching
all their space-consuming, mice-

MOVING For the Having gotten a

TARGETS
JOE
Hoarder in
QUEENAN
Your Life
VR setups RESEARCHERS AT STANFORD
Medicine think they have found
may help a way to help chronic hoarders
lots of us get rid of stuff they don’t need:
virtual reality.
get rid of This is real, so to speak.
actual junk Working from the assumption
—until the that hoarding is a damaging
psychological condition, and not
virtual just an annoying habit, the re-
stuff piles searchers got previously incorri-
up, too. gible pack rats to take videos
and photos of their treasured
possessions. From those, Stan-
ford University engineering stu-
dents and a VR company cre-
ated custom 3-D virtual
environments. The participants
glimpse of what
their homes might
look like emanci-
pated from all the
excess baggage,
the hoarders—ac-
cording to find-
ings in the latest
issue of the Journal of Psychiat-
ric Research—were finally able
to unload the actual possessions
they had identified as extrane-
ous junk.
Virtual decluttering seems
like a fantastic idea to me. I
hoard concert tickets going back
to the 1960s, disintegrating old
programs from the 1984 U.S.
Open, nasty 1978 rejection let-
ters from obscure literary maga-
zines. I hoard board games my
kids used to play a quarter-cen-
tury ago, tattered T-shirts I can-
not bring myself to part with
and grainy photos of places I
cause I don’t have the space on
my walls. I don’t even like a lot
of them anymore.
My situation is not unusual.
Lots of us have homes filled to
overflowing with stuff we don’t
need, but letting go is hard. Vir-
tual reality could help us realize
how these loads of rubbish are
obscuring our fields of vision
and preventing us from getting
things done. Or in some cases,
tripping us and leading to nasty
falls.
So far, the Stanford approach
merely allows hoarders to “re-
hearse” decluttering by walking
decluttering. It is
only practice for
the main event.
To many, this
might seem like
prolonging the ag-
ony. But there are
other intriguing
possibilities here.
One thought, to streamline
things, is to take the videos of
people’s possessions, store them
in an attractive 3-D format and
then bring in professional de-
clutterers to throw out every-
thing. Whenever hoarders want
to go back and look at their
purged treasures, they can strap
on VR helmets and revisit the
past.
Hoarders could even empty
their houses of all those obso-
lete appliances, unfashionable
clothing and unreadable books,
put the houses up for sale, move
into less expensive condos and
infested flotsam and jetsam,
they could make VR versions of
things they don’t actually pos-
sess—but would like to. They
could saunter around the Metro-
politan Museum, or the Smith-
sonian, or Cooperstown and
make videos of prized objects to
go into their VR environments,
and it would seem like this is
the stuff they actually own.
Unfortunately, this might lead
to the problem of “virtual
hoarding.” Hoarders would
amass closets full of videos and
photos of the wonderful things
they don’t really own. These
piles of videos or photos would
spill out into the living room.
The virtual objects would even
clutter their virtual space. At
this point, someone would have
to come in and help pathological
hoarders work their way
through all the virtual junk they
had virtually hoarded.
MARK MATCHO

could then navigate their clut- cannot even remember visiting. around the room and pinpoint- then walk around and pretend I’m not sure the folks at Stan-
tered rooms using VR headsets I also hoard lots of framed art- ing objects that deserve the old that they are still surrounded by ford have thought this whole
and hand-held controllers, iden- works I will never, ever hang be- heave-ho. This prepares them to their possessions—simply by thing through.

C6 | Saturday/Sunday, November 11 - 12, 2023
When American Words
Invaded the Greatest
English Dictionary
Slips of paper with peculiar regional terms like ‘huckleberry’
and ‘cottondom’ crossed the Atlantic to Oxford and into the
pages of a 70-year lexicographical project.
BY SARAH OGILVIE
M
ost people think of
the 20-volume Ox-
ford English Dic-
tionary as a quint-
essentially British
production, but if you pore care-
fully over the first edition, com-
piled between 1858 and 1928, you
will find thousands of Ameri-
can words.
There are familiar words de-
scribing nature particular to the
U.S., like prairie, skunk, coyote
and chipmunk, but also more re-
condite ones, like catawba (a spe-
cies of grape and type of sparkling
wine), catawampous (fierce, de-
structive) and cottondom (the re-
gion in which cotton is grown).
Today, Americanisms are easy for
modern lexicographers to find be-
cause of the internet and access to
large data sets. But all of
the American words in that first
edition found their way to Ox-
ford in an age when communica-
tion across the Atlantic was far
more difficult.
The OED was one of the world’s
first crowdsourced projects—the
Wikipedia of the 19th century—in
which people around the English-
speaking world were invited to
read their country’s books and sub-
mit words for consideration on 4-
by-6-inch slips of paper. Until re-
cently, it wasn’t known how many
people responded, exactly who
they were or how they helped. But
in 2014, several years after work-
ing as an editor on the OED, I was
revisiting a hidden corner of
the Oxford University Press base-
ment where the dictionary’s ar-
chive is stored, and I came across
a dusty box.
Inside the box was a small black
book tied with cream-colored rib-
bon. On its pages was the immacu-
late handwriting of James Murray,
the OED’s longest-serving editor. It
was his 150-year-old address book
recording the names and addresses
of people who contributed to the
largest English dictionary ever
written.
There were six address books in
all from that era, and for the past
eight years I have researched the
people listed inside. Three thou-
sand or so in total, they were a
vivid and eccentric bunch. Most
were not the scholarly elite you
might expect. The top four contrib-
utors globally, one of whom sent in
165,061 slips, were all connected
with psychiatric hospitals (or “lu-
natic asylums” as they were called
at the time); three were inmates
and one was a chief administrator.
There were three murderers and
VIDHYA NAGARAJAN
the owner of the world’s largest
collection of pornography who, yes,
sent in sex words, especially re-
lated to bondage and flagellation.
You can’t go a page or two in
Murray’s address books without
seeing a name that he had under-
lined in thick red pencil. These are
the Americans: politicians, sol-
diers, librarians, homemakers,
booksellers, lawyers, coin collec-
tors and pharmacists. They ranged
from luminaries like Noah Thomas
Porter, who edited Webster’s Dic-
tionary and became president of
Yale University, to unknowns such
as 21-year-old Carille Winthrop At-
wood, who loved the classical
world and lived in a large house
The Oxford
English
Dictionary
editor’s bosses
pressured him
to leave out
Americanisms.
He ignored them.
with several other young women in
a fashionable area of San Fran-
cisco. The most prolific Ameri-
can contributor was Job Pierson, a
clergyman from Ionia, Mich., who
owned the state’s largest private li-
brary and sent in 43,055 slips fea-
turing words from poetry, drama
and religion.
Murray marked the American-
isms with a “U.S.” label, including
casket (coffin), comforter (eider-
down), baggage (luggage), bis-
cuit (scone) and faucet (tap). He
was often at pains to add details:
For pecan tree, he included that it
was “common in [the] Ohio and
Mississippi valleys.” He noted that
candy, not quite an American-
ism, was “in [the] U.S. used more
widely than in Great Britain, in-
cluding toffy and the like.”
Some American contributors in-
volved in certain causes sought to
make sure that their associated
words got into the dictionary, like
Anna Thorpe Wetherill, an anti-
slavery activist in Philadelphia,
who hid escaped slaves at her
home. Her contributions in-
cluded abhorrent and abolition.
Others turned to their hobbies.
Noteworthy Philadelphian Henry
Phillips, Jr., an antiquarian and pi-
oneer of the new language Espe-
ranto, ensured that the diction-
ary had a generous coverage of
words relating to coins and nu-
mismatics: electrum (coins made of
an alloy of gold and silver with
traces of copper) and gun
money (money coined from the
metal of old guns).
Francis Atkins, a medical doctor
at a military base in New Mexico,
read books relating to Na-
tive American cultures and sent
in sweat-house (a hut in which hot
REVIEW
air or vapor baths are taken)
and squash (the vegetable), a word
borrowed from the Narragan-
sett asquutasquash. He also con-
tributed ranching words: rutting
season (mating season), prong-
horn (an antelope) and bison (a
wild ox).
Others had their favorite au-
thors. Anna Wyckoff Olcott, one of
27 contributors from New York
City (she lived on West 13th Street
in Manhattan), took responsibility
for providing entries from the
works of Louisa May Alcott. Those
included the term deaconed, from
“Little Women,” defined in the
OED as “U.S. slang” meaning the
practice of packing fruit with the
finest specimens on top. (“The
blanc-mange was lumpy, and the
strawberries not as ripe as they
looked, having been skilfully ‘dea-
coned.’”)
In Boston, Nathan Matthews ad-
vised the OED for six years before
becoming the city’s mayor and the
person who spearheaded Boston’s
subway system, the first in the U.S.
But it was his brother, the histo-
rian and etymologist Albert Mat-
thews, who was the second-highest
ranking American contributor,
sending in 30,480 slips from his
reading of American historical
sources including Benjamin Frank-
lin, George Washington, John Ad-
ams, Henry Wadsworth Longfellow
and Washington Irving.
Albert Matthews in particular
enabled the OED to include words
that no Brit would have ever have
heard or needed to use. He sent
in stockaded, whitefish and a
rare American use of suck, mean-
ing “the place at which a body of
water moves in such a way as to
suck objects into its vortex.” His
reading of Daniel Denton’s “A Brief
Description of New York” (1670)
provided evidence for persim-
mon, possum, raccoon skin, pow-
wow (spelled at the time “pawow”)
and the first time that huckle-
berry ever appeared in print: “The
fruits Natural to the Island are
Mulberries, Posimons, Grapes great
and small, Huckelberries.”
In the archives, I found letters
from Murray’s bosses at Ox-
ford University Press pressuring
him to leave out American
words: “Americanisms should not
be inserted unless found in
American or English authors of
note.” He ignored them. Murray’s
radical vision was for a diction-
ary of English comprised of words
spoken and written in all parts of
the world—including the U.S.
Sarah Ogilvie, a linguist and lexi-
cographer, is the author of “The
Dictionary People: The Unsung
Heroes Who Helped Create the
Oxford English Dictionary,” re-
cently published by Knopf.
* *** THE WALL STREET JOURNAL.
The Surprising
Link Between
Thunderstorms
And Asthma
As severe weather events become more
common, public health systems will face a
challenge in treating respiratory illnesses.
BY ANUPAM B. JENA
AND CHRISTOPHER M. WORSHAM
THIS SUMMER WAS defined
by record-breaking heat and
dramatic storms across the U.S.
Injuries and delays in medical
care brought on by flooding,
power outages and dangerous
road conditions are among the
more conspicuous health ef-
fects of storms, but they can
also lead to a less obvious
health problem: asthma.
In 2016, the city of Mel-
bourne, Australia, experienced
an alarming mass asthma event
immediately following a thun-
derstorm. In the 30 hours fol-
lowing the storm, area hospi-
tals saw 3,365 more medical
visits for breathing problems
than would be expected based
on the average for the previous
three years, an increase of
672%. At the peak of the crisis,
calls for ambulances were com-
ing in once every 4.5 seconds.
The city’s emergency and
healthcare systems were over-
whelmed, resulting in 10 deaths
and spurring new programs to
prepare for future episodes of
“thunderstorm asthma.”
What happened? It’s hard to
know for certain, but studies of
over a dozen documented dra-
matic thunderstorm-related
asthma events in the past sev-
eral decades—mostly in Austra-
lia, Europe and the Middle
East—show that the most dra-
matic breakouts tend to occur
when pollen counts are high.
One prevailing theory holds
that storm winds sweep pollen
from plants on the ground into
the sky, where the humidity
can break it into smaller parti-
cles that are more easily in-
haled deep into the lungs. As
these particles spread, people
who are allergic to pollen
breathe them in, triggering in-
flammation and tightening of
the airways—an asthma attack.
To investigate the relation-
ship between thunderstorms
and respiratory illness, we took
a big-data approach. Working
with economist Eric Zou of the
University of Michigan and
others, we reviewed the re-
cords of millions of recorded
lightning strikes in the U.S.
from 1999 to 2012 and corre-
lated them with health data
from over 46 million Medicare
recipients age 65 or older. In a
study published in JAMA Inter-
nal Medicine in 2020, we found
that emergency visits for respi-
ratory illnesses increased
around the time of thunder-
storms, particularly among
people with asthma and
chronic obstructive pulmonary
disorder (COPD), both reactive
airway diseases. All told, we
estimated that 52,000 addi-
tional respiratory visits oc-
curred nationwide in the sev-
eral days surrounding major
storms during the 13-year
.
study period. There was no
storm-related increase in
emergency visits for several
other medical conditions, sug-
gesting that the storms had
specifically respiratory effects.
Unlike in Melbourne, how-
ever, we found that emergency
visits increased most on the
days before a thunderstorm,
rather than during or after it.
This may be best explained by
weather patterns that will be
familiar to anyone who got
pummeled by thunderstorms
this summer.
In the days and hours lead-
ing up to a storm, ground tem-
peratures rise and humid air
stagnates on the ground, lead-
ing to a rise in pollutant levels,
such as the fine particulate
matter known as PM2.5, con-
sisting of small smoke particles
from industrial and vehicle
emissions. A build-up of pollut-
ants in stagnant air is a known
trigger of breathing problems in
people with asthma and COPD.
When the humid air eventu-
ally rises and a thunderstorm
begins, temperatures drop,
causing air quality to improve
as the storm subsides. Dra-
matic outbreaks of thunder-
storm asthma like the one in
Melbourne are much rarer by
comparison and may be caused
by increased pollen exposure
during or after a thunderstorm.
In a future of rising global
temperatures, where thunder-
storms and severe weather
events are expected to become
more frequent, people with
asthma, COPD or pollen aller-
gies should be prepared for
possible breathing problems.
Keep prescribed inhalers on
hand and heed any public
health warnings to stay inside
as temperatures rise or air
quality deteriorates. Staying in-
side during a storm may help
ILLUSTRATION BY JAN BUCHCZIL; GETTY IMAGES
avoid environmental triggers.
This is just one example of
how climate change will make
today’s public health problems
worse. During periods of severe
weather, even small increases
in heat-related illness, heart
and lung disease, infectious
diseases and mental health
problems could add up, causing
a “perfect storm” that could
overwhelm health systems. Cli-
mate change will require prep-
arations in nearly every aspect
of modern life, from managing
rising sea-levels to ensuring a
strong national defense. Our
research suggests that shoring
up our healthcare system is a
key part of protecting our es-
sential infrastructure.
Anupam B. Jena and Christo-
pher M. Worsham are research-
ers at Harvard Medical School
and the authors of “Random
Acts of Medicine: The Hidden
Forces That Sway Doctors, Im-
pact Patients and Shape Our
Health.”
 BOOKS
.

A Hero of Gettysburg The Way She Was

From college Barbra Streisand,
professor to in meticulous detail
Civil War legend C8 C12

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | C7

The Team That Went to War

A cadre of players took lessons learned on the pitch and carried them onto the battlefield
Brotherhood he hadn’t even considered West Point.
By Martin Pengelly Yet by the time he graduated, Miller
was so motivated that he wanted to
Godine, 300 pages, $29.95
complete Ranger School before going to
BY MARK YOST Oxford. Ranger School is one of the

O
toughest infantry schools in the Army,
N SEPT. 12, 2001, we all a must-have for advancement in the
woke up to a different officer ranks. Miller also chose to go
world. This was espe- through the course during one of the
cially true of our men hottest times of the year in rural Geor-
and women in uniform. gia, where most of the course is held.
Many had joined the service during “They found Zac Miller’s body on the
relative peace, and few could have Tricolor Road Land Navigation Course
imagined the decadeslong global war on at Fort Benning on Monday, July 1,
terror that was about to unfold. The 2002, at eight o’clock in the evening,”
following spring, the U.S. Military Acad- Mr. Pengelly writes. “He had been miss-
emy at West Point’s class of 2002 ing for six hours and twenty-one min-
became the first cohort since the Viet- utes.” The official cause of death was
nam era to graduate into an active war. hyperthermia, or heat exhaustion.
More than 200 cadets would join the Joe Emigh, who was from Fullerton,
infantry and take on the bulk of the Calif., and played center, had gone on to
fighting in Iraq and Afghanistan. artillery school at Fort Sill in Oklahoma
“Brotherhood” looks at the experi- after West Point. In early September
ence of the war through the eyes of the 2002, he drowned in Lake Conroe in
school’s small cadre of rugby players. Texas. His old teammates were some of
The author, Martin Pengelly, is a British the first people Joe’s father called with
expatriate who works in the Guardian the news.
newspaper’s Washington bureau; he Within a few months, the rugby
once played amateur rugby in England, team had lost both Miller and Emigh. It
including in a 2002 game against the held a joint memorial service. Some of
Army rugby team that he would come the players recall the advice of the
to write about 20 years later. “It was a Catholic priest: “You are going to see
night out of the ordinary,” the author their parents. And I would encourage
recalls of that matchup, “a hard game you not to feel awkward about it.
against hard men being groomed to Because they will want to hear stories
fight hard wars.” about their boys. They will want to
These men were exceptionally well- hear stories about their sons. Because
prepared for any conflict on the battle- these guys lived their lives here with
COURTESY OF CPT. PETE CHACON AND GODINE

field, Mr. Pengelly tells us, thanks to you. And you have stories they will
their experiences on the rugby pitch. not know. They will want to know
Rugby is a lot like American football— them, because they will want to know
moving a ball downfield, crashing their kid was loved.”
violently into each other—but without Then there’s Gurbisz. His death in
the padding or helmets. “Faster than Iraq was especially tragic because he
football and harder than soccer,” is how had overcome so much adversity early
Kurt Vonnegut described it. in his Army career. He’d wanted to be
“The ‘brothers’ of West Point’s 2002 an infantry officer, but a bad knee kept
rugby team came from diverse back- him from completing the two-mile run.
grounds and grew into a team bound TRAINED TO KILT West Point Rugby, class of 2002. Instead, he was assigned to a transpor-
together by common purpose, mutual tation company, the guys who were
trust, and affection,” Gen. H.R. Mc- just a little different. “In America, since people. And I’d say the rugby team was “We got a tough game tomorrow,” is targeted as much as anyone by impro-
Master, West Point class of ’84 and a the college game sprung up in the six- definitely, like, my people.” Rugby gave all he’d need to tell the team captain. vised explosive devices in Iraq. Gurbisz
former rugby player himself, writes in ties and seventies,” Mr. Pengelly writes, Mr. Greene “an escape from the “Make sure that these guys are doing ran his unit like an infantry company,
the book’s introduction. “They cared “rugby has been a sport of the outsider, academy” for a few hours a day. the right thing.” making his soldiers train in marksman-
not from whence their teammates came the eccentric, the nonconformist. The James Gurbisz’s story is compelling And while rugby may have been a ship, small-unit tactics and map
nor for any identity categories into hardest of hard drinkers. A home for both for the hooker’s extraordinary game, it was preparing these men for reading. The unit’s nickname was,
which they might fit. They earned waifs and strays but also for type-As.” bravery and his exemplary life of self- the battlefield. “I thought we should be appropriately, Top Flite.
respect from one another based on Zac Miller, from Stoneboro, Penn., less dedication. Writing about Gurbisz’s using this vehicle to give cadets an On Nov. 4, 2005, Top Flite was
their character and athletic prowess.” played flanker and would go on to win Eatontown, N.J., upbringing, Mr. advanced experience in leadership be- assigned to escort a convoy along Route
Mr. Pengelly’s back-and-forth narra- a Rhodes scholarship. He didn’t come Pengelly observes: “The neighborhood Irish, once described as “the most
tive—one page you’re in Iraq, the next from a military family but “loved the is so sylvan, you expect to hear radios dangerous highway in Iraq, five miles of
you’re in high school with the future idea of the challenge,” his mother says. by raised windows, broadcasting Ike ‘We all went combat bomb-blasted road . . . a white-knuckle
cadets—weaves together multiple And he didn’t play rugby in high warning the nation about the military- ride.” The insurgents knew that “truck
in-depth biographies to form a highly school—he played football. His father industrial complex.” Gurbisz’s sister,
arms,’ a winger recalled. commanders sat in passenger seats,”
readable account of who these men remembers that he had an acronym: Kathleen, recalls him as someone who The coach was proud Mr. Pengelly writes. “They knew convoy
were, where they came from, how “WIN. ‘What’s Important Now.’ If he was “super-disciplined, willing to push ‘we weren’t going into commanders rode in the second
they played the game and how they was at football practice, that’s what was to the point of exhaustion” both Humvee.”
fought the longest war in U.S. military important. If he was at the college tak- academically and athletically. His high- finance or something.’ Gurbisz’s demise is heart-wrenching.
history. “Their stories shed light on ing classes, that’s what was important.” school coach remembers him as “the But having learned who he was, most
something that few Americans under- Mo Greene, another Pennsylvanian, heart of any team, owner of the dirtiest readers will agree that while he would
stand: an ethos grounded in honor, played fly half before serving 10 combat uniform, runner of the most punish- fore they went out into the army, where have preferred to come home to his
courage and loyalty that binds warriors tours with Army special forces. Mr. ment laps for answering back, instiga- they had to be a good leader, a platoon high-school sweetheart, Tori, he would
to one another,” Gen. McMaster writes. Greene had planned to play football at tor of parties after victories and extra leader,” said Col. Mahan. “I think Coach have been proud that he died leading
They “internalized this ethos at West West Point, but the coach decided that, training after defeats.” Mahan was particularly proud that we his men, trying to make a difference in
Point, exhibited it on the rugby pitch, at 5 feet 10 inches and 160 pounds, Mr. By their fourth year at West Point, all went combat arms,” Pete Chacon, a a conflict that was thrust upon him at
and carried it with them onto battle- Greene wasn’t what they were looking the players had grown from boys to winger, said. “We weren’t going into such a young age. All his rugby team-
fields abroad.” for. Then he found rugby. “An outsider men. More importantly, they had finance or something.” mates felt that way, and we’re better off
All of the West Point cadets were would probably look at the cadets and grown from followers to leaders. So The first of three members of the for having these men among us.
among the most capable individuals say we’re all kind of cut from the same much so that Mike Mahan, West 2002 rugby squad to die was Miller, the
their high schools had to offer, but the cloth. But when you’re in that world, Point’s rugby coach at the time, didn’t Rhodes scholar. His parents recall that Mr. Yost writes about military history
ones who gravitated toward rugby were you know, there’s obviously tribes of have to micromanage them anymore. as late as his junior year of high school, for the Journal.

lution, most of them frustrated lawyers
How Paris and journalists, had justified their coup
with pamphlets and legal preambles.
domestic arrangements. This Between 1732 and 1744, the
information was transmitted with
varying accuracy by a “multimedia
king’s mistresses included “three
(some said four) of the daughters

Talked Itself The people of Paris, who had set the

ball rolling by sacking the Bastille on
July 14, 1789, left few written clues as
Into Revolt to their thoughts. It may well be the
case that, as Thomas Carlyle thought,
human beings “do nothing but enact
The Revolutionary Temper history.” This does not explain the
By Robert Darnton script or the motives of the actors.
Norton, 576 pages, $45 “The Revolutionary Temper: Paris,
1748-1789” is Robert Darnton’s
BY DOMINIC GREEN explanation. A Harvard historian and an
system” that included café conver-
sations, underground gazettes,
of the Marquis de Nesle.” The
public, Mr. Darnton writes, consid-
ered this “a form of incest.” Even
Updates about politics
the king considered it “sinful,”
though that did not stop him.
In 1745, he transferred his
were shared in café affections to Madame de Pompa-
meetings, cheap dour; the Parisians liked her even
gazettes, street less, because she was a bourgeoise.
Louis’s confessor denied him
songs and reports by absolution. Unable to take commu-

T
acclaimed author whose books include ‘oral newsmongers.’ nion, he could not exercise the
IME BEGAN again in “The Great Cat Massacre” and “The royal touch, the “sacred power”
France on Oct. 5, 1793. Forbidden Best-Sellers of Pre-Revolu- thought to cure scrofula. As their
That was when the tionary France,” Mr. Darnton is one of king was unshriven, the Parisians
HERITAGE IMAGES/GETTY IMAGES

evolutionary government the foremost Anglophone interpreters seditious rumors, street songs and were afraid that the pope would
decreed that Sept. 22, of French culture in the decades before the nouvellistes de bouche (“oral deny their jubilé, a period of collec-
1792, the day on which it had dissolved 1789. In “The Revolutionary Temper,” he newsmongers” in Mr. Darnton’s tive penitence that came once
the old monarchy, was to be known as searches for that most elusive of histori- translation) who gathered under every 25 years.
the first of Vendémiaire, Year 1. The cal subjects, a state of mind. Drawing on the Tree of Cracow in the garden The noblest of “man’s whole
new calendar still had 12 months, but an ingenious array of archival materials of the Palais-Royal. terrestrial possessions,” Carlyle
each month now had 30 days and three to create a sequence of tableaux, he Paris divided socially between wrote in his history of the
10-day weeks. The days would be traces the emergence of a popular the little people (le menu peuple) HISTORY An 1883 work by Germaine Dawes French Revolution, are his
named for aspects of rural life rather mentality that was “ready to destroy and les grands, who moved portraying a ‘child of the people’ in 1789. symbols, especially (in the con-
than for saints. Nov. 22, formerly St. one world and construct another.” between Paris and Versailles. text of the time) the “realized
Cecilia’s Day, became the day of the Before Parisians could enter the This division produced two registers a schism between the church and the Ideals” of the church and the throne.
turnip. Jan. 21, 1793, the day of the main stage of history, they had to learn of political information: the inside throne. The information system Louis XV, having tarnished the throne,
execution of Louis XVI, was the day of their lines. By the 1740s, Mr. Darnton scoops of the politiques, or well- turned this into a schism between meddled with popular feeling about
moss: 2 Pluviôse. writes, the city was “saturated with informed elite, and the hearsay of the Louis and the little people. The news the church by rejecting the austere
They called this the Age of Reason. information” about religion, politics, “world of artisans and shopkeepers.” cycle was long in those days, and this and politically charged Jansenist
What were they thinking? The radicals international relations, the royal court In the 1730s, the comings and goings extended the problems of politicians reform movement and suppressing
who would rise to the top of the revo- at Versailles and Louis XV’s complex within Louis XV’s bedchamber caused caught in a scandal. Please turn to page C8

C8 | Saturday/Sunday, November 11 - 12, 2023
‘It was imperative to strike before we were struck in this hand-to-hand fight, which we could not probably have withstood.’
Hail the Professional Hero
On Great Fields
By Ronald C. White
Random House, 512 pages, $35
BY RANDALL FULLER
‘T
HE COLLEGE COLONEL,” a poem
by Herman Melville, describes
the return of a Civil War veteran
soon after the end of hostilities
at Appomattox. The colonel’s
regiment is “but a remnant half-tattered, and bat-
tered, and worn.” The same can be said for the sub-
ject of the poem. An idealistic college student who
enlisted at the start of the war, he now returns
home with a maimed arm, with a missing leg and—
this is Melville’s point—with a different sort of edu-
cation than the one he received in college:
But all through the Seven Days’ Fight,
And deep in the Wilderness grim,
And in the field-hospital tent,
And Petersburg crater, and dim
Lean brooding in Libby, there came—
Ah heaven! what truth to him.
The poem could very well describe the
unusual career of the subject of Ronald White’s
“On Great Fields: The Life and Unlikely Heroism
of Joshua Lawrence Chamberlain.” Chamberlain,
who played a decisive role in the Union victory
at Gettysburg, has been the subject of several
previous biographies and was also a central
protagonist in Michael Shaara’s beloved 1974
novel, “The Killer Angels.”
A lifelong resident of Maine, Chamberlain
seemed destined for a career in religion or the
academy. Gifted in languages and deeply pious, he
attended Bowdoin College and then Bangor Theo-
logical Seminary before accepting a teaching posi-
tion at Bowdoin. Mr. White, who previously wrote
biographies of Abraham Lincoln and Ulysses S.
Grant, points out that Chamberlain was also drawn
to a military career, and when war broke out, he
decided not to take the two-year sabbatical in
Europe to study languages that was part of his
contract at Bowdoin. Instead, in 1862, at 33, he
enlisted in Maine’s 20th Regiment. Within a year
he would be promoted to colonel.
Civil War memoirs often stress the tedium and
intermittent terror that characterized military life,
and Chamberlain’s first months in service were no
different. His regiment was held in reserve or
quarantined with smallpox during several impor-
tant early battles. Not until Gettysburg, in July
1863, did Chamberlain and his troops see sus-
tained action. Defending a strategically important
position on a small hill known as Little Round Top
and ordered to hold it “at all costs,” Chamberlain
made a snap decision after he realized his men
PORTLAND PRESS HERALD/GETTY IMAGES
had used up nearly all their ammunition. As the
Alabama’s 15th Regiment scrambled toward the, he
ordered his troops to attack with bayonets—an es-
pecially bloody form of combat. His “citizen sol-
diers—lumbermen, fishermen, farmers and shop-
keepers,” as Mr. White writes, charged to victory
in what went down as one of the most famous epi-
sodes of the war. Chamberlain’s decision led to the
capture of 101 Confederate soldiers. More impor-
BOOKS
tant, by holding the Union’s left flank he contrib-
uted to the North’s triumph.
During the siege of Petersburg, nearly a year
later, Chamberlain was seriously wounded for the
first time. A bullet passed through both hips and
nicked his bladder and urethra; the wound caused
extreme pain and frequent infections for the rest
of his life. He was injured again the following year,
this time in Gen. Grant’s final advance, where
Chamberlain nearly lost an arm when a bullet
passed through it. Another bullet struck a mirror
frame and a packet of field orders that he kept in
his breast pocket, then traveled around his rib
cage and exited his back.
Despite these wounds, Chamberlain was back in
action within a few weeks, just in time to preside
over the surrender of Confederate troops at Appo-
mattox. As the defeated infantry paraded past the
triumphant Union forces, Chamberlain, now a ma-
jor general, ordered his troops to “shoulder
arms”—a sign of respect for the defeated foe. Em-
ulating his hero Grant, he hoped to begin the pro-
cess of reconciliation. Yet when he offered words
of encouragement to a Confederate general, Mr.
White reports, he was met with a bitter retort that
suggested the difficult peace that lay ahead: “You
may forgive us, but we won’t be forgiven. There is
a rancor in our hearts which you little dream of.
We hate you, sir.”
After the war, Chamberlain sought
to make peace with defeated
Confederates. ‘You may forgive
us, but we won’t be forgiven,’
one told him. ‘We hate you, sir.’
The author is good at tracing Chamberlain’s
early life and his transformation from junior pro-
fessor of rhetoric to unlikely war hero. He is some-
what more understated about the difficulties
Chamberlain experienced once he returned to ci-
vilian life. Henry Adams described the widespread
sense of alienation and maladjustment experienced
by young men who had left home to fight in the
great conflict: “The war was about to end and they
were to be set adrift in a world they would find al-
together strange.”
In the years immediately following the war,
Chamberlain struggled with his own re-entry into
family life and society. One sign of the war’s perva-
sive grip on him, Mr. White notes, is the gold and
diamond bracelet he commissioned Tiffany to cre-
ate for his 10th wedding anniversary. A gift to his
wife, Fanny, his design included the engraved
names of the 24 battles in which he had partici-
pated—and no mention of his married life. By 1868
the couple apparently were living separately. In an
era noted for its reticence, Chamberlain neverthe-
less wrote Fanny to complain that a friend was
“freely telling people” that Fanny had said he
“abused you beyond endurance—pulling your hair,
striking, beating & otherwise personally maltreating
you, & that you were gathering up everything you
could find against me to sue for a divorce.” It is tell-
ing that he did not deny any of these accusations.
* ***
LION OF THE ROUND TOP
Joshua Lawrence Chamberlain
(1828-1914).
By the time he wrote this letter, Chamberlain
had entered politics. He served four one-year
terms as governor of Maine, twice receiving the
highest percentage of votes in state history. After
his time in office, which he found tedious, he be-
came president of Bowdoin, an even more frustrat-
ing job. Battling the academy’s resistance to
change, Chamberlain for 12 long years engaged in
an endless round of fundraising. He also tried with
some success to introduce a more scientific curric-
ulum, though Bowdoin’s longstanding religious ties
offered a challenge; he introduced a wider selec-
tion of courses and initiated one of the earliest
American graduate schools. But when he intro-
duced mandatory militia drilling—he thought the
discipline would be good for the characters of his
all-male students—the campus nearly erupted in
revolt. He resigned from Bowdoin in 1883.
Chamberlain’s later years were spent in a rest-
less search for purposeful employment. He prac-
ticed law in New York and served as the titular
head of various businesses in Florida, hoping his
name would attract investors. By 1900 or so, he
had given up on these efforts, realizing at last that
the leadership skills he had demonstrated in the
war did not translate into the hurly-burly of the
Gilded Age. In 1898, at age 69, he offered his ser-
vices to the U.S. government by volunteering to
command forces in the Spanish-American War. Mr.
White gently informs us that he “received a polite
no from Secretary of War Russell A. Alger.”
As it turned out, Chamberlain was most happy
delivering speeches about his wartime experiences
and reliving his three years in the Union army. A
gifted rhetorician, he was widely sought as a
speaker; Mr. White calls him an “interpreter” who
drew on Wellington as well as Grant, Dante as well
as Lincoln. He published articles about his battles,
attended commemorative ceremonies at Gettys-
burg and was elected president of the Society of
the Army of the Potomac.
Historians of the postwar years describe a pe-
riod in which white Northerners and Southerners
slowly reunited at the expense of the African-
American citizens freed by the conflict. Those who
had fought on opposing sides conveniently brack-
eted Jim Crow in their gestures of brotherhood and
shared valor. Chamberlain’s life conforms to this
dynamic. His goal of healing the Union meant, for
him, affording dignity to defeated Southern sol-
diers. About the black people whose fates were so
tied to the outcome of the war and whose entrance
into free society was far more treacherous than his
return to Maine, he was almost entirely silent.
“But for me,” Mr. White concludes, “Chamber-
lain remains a hero nonetheless, a leader commit-
ted to magnanimity in the divided nation of his
time. As bitterness rose in the years following the
Civil War, Chamberlain worked to foster reconcili-
ation between North and South.” Perhaps it is un-
fair to judge historical figures on whether they
were able to transcend the strictures and preju-
dices of their times. Yet if Chamberlain’s life is ex-
emplary in many ways, it also shows just how dif-
ficult it was to enact the heroism he displayed at
Gettysburg in peacetime society.
Mr. Fuller is Herman Melville Distinguished Professor
of American Literature at the University of Kansas.
.
THE WALL STREET JOURNAL.
—JOSHUA LAWRENCE CHAMBERLAIN
The Mood
Of the French
Revolution
Continued from page C7
their rivals in the Jesuit order. His in-
tellectual antagonists offered the new
ideals of the Enlightenment as an al-
ternative order. “The French nation
reasons freely, which they never did
before, upon matters of religion and
government,” Lord Chesterfield wrote
to his son from Paris in 1753. “In
short, all the symptoms, which I have
ever met with in history, previous to
great changes and revolutions in gov-
ernment, now exist, and daily in-
crease, in France.”
When ordinary Parisians learned
about the scandalous ideas of Diderot,
Voltaire and Rousseau from the news-
mongers under the Tree of Cracow,
they acquired the attitudes of the com-
ing age. Through the press, they
tracked the journey from Vienna of the
future Louis XVI’s Austrian wife, Marie
Antoinette. In June 1770, the streets of
Paris were decked, and debtors
released from prison, for a nine-day
celebration, with free wine, bread and
sausages for all, and then a fireworks
display. One of the first rockets mis-
fired and detonated the rest. The
disappointed crowd stampeded, and
rioters attacked coaches. The Gardes
Françaises charged into the crowd. The
police estimated that 367 people were
killed. By the time the news reached
the Gazette de Leyde, the international
newspaper published at Leiden in the
Netherlands, exaggerated reports had
the toll at more than 3,000 killed or
seriously wounded.
Mr. Darnton defines the “revolution-
ary temper” as a “frame of mind fixed by
experience in a manner that is analogous
to the ‘tempering’ of steel by a process of
heating and cooling.” Each time a scan-
dal raised the temperature, it settled at a
new high. By 1789, the Parisians were fa-
miliar with violence and verbal hyper-
bole. They were sensitive to the rising
price of bread and the falling status of
the monarchy; in the “flour war” of 1775,
they rioted because they believed they
were being starved by a “famine plot.”
They were obsessed with Marie Antoi-
nette’s foreign advisers and private ex-
penditure and were convinced that the
ministers who tried to fix the deficit
were out to fill their own pockets. After
Jacques Necker, the director of royal fi-
nances, exposed the “king’s secret” (the
budget for 1781) the state finances be-
came a subject of public debate.
Mr. Darnton maps the irreversible
alterations of the public mood. The Pari-
sian imagination drifted from the
certainties of the ancien régime and
toward the modern information order
that Carlyle identified with philosophes,
encyclopédistes and the “innumerable
number of ready Writers, profane Sing-
ers, Romancers, Players, Disputators,
and Pamphleteers, that now form the
Spiritual Guidance of the world.” The
old French state, the wit Nicolas Cham-
fort had quipped, was “an absolute
monarchy tempered by songs.” The new
one became an absolute nightmare,
untempered by compassion.
The massacres began as soon as the
“flood tide of revulsion” broke its banks
in 1789. They intensified in the Terror
that began in 1792, along with other
symptoms of departure from reality,
such as a heightened citing of Rousseau.
The calendar was remade, and the world
measured in the decimal system, but the
price of bread kept rising. The delirium
of the revolution—its fraternity,
savagery and its struggle to realize im-
possible ideals—would have been
perfect material for pamphlets, poems,
songs and gossip, had anyone dared
under the Terror. The new melody was
martial; the new lyric was “La Marseil-
laise”; the new ruler would be a Caesar
from Corsica. Eventually, the last day of
Republican dating would be 10 Nivôse,
Year 14—Dec. 31, 1805—the day of
plague.
Mr. Green is a Journal contributor and
a fellow of the Royal Historical Society.
PHOTO JOSSE/LEEMAGE/GETTY IMAGES
CHIEF MISTRESS Jeanne
Antoinette Poisson, Madame de
Pompadour.
 .

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | C9

BOOKS
‘A disorder had come into the ship’s organism, and it had to work itself out, either for good or for bad.’ — R E A R A D M . L I V I N G STO N H U N T

A Midshipman’s Mad Mutiny

Sailing the Graveyard Sea
By Richard Snow
Scribner, 304 pages, $29
BY GERARD HELFERICH

I
N THE 248-year history of
the United States Navy, there
has never been a mutiny
aboard one of its ships.
Perhaps the closest brush
with insurrection came in 1842, not
amid the terror of battle but during a
peacetime training cruise on the
brig-of-war Somers. In “Sailing the
Graveyard Sea,” Richard Snow, the
former editor in chief of American
Heritage, deftly recounts that mortal
episode, which helped to set the Navy
on a modern course.
The Somers affair centers on the
antipathy between two headstrong
men, and Mr. Snow offers a compel-
ling psychological portrait of the
antagonists. The ship’s captain, Cmdr.
Alexander Slidell Mackenzie, was
THE MARINERS’ MUSEUM AND PARK

born in 1803 to a prosperous family

in New York City. At age 11 he joined
the Navy as a midshipman, partici-
pating in patrols for latter-day
pirates in the Caribbean and off the
coast of Africa. By spring 1842, when
he took charge of the Somers, Cmdr.
Mackenzie had earned a reputation
for piety, patriotism, lack of humor AT SEA The U.S. brig-of-war Somers, ca. 1842-50, from a lithograph by Nathaniel Currier. Beneath the flag are two mutineers who have been hanged.
and liberality with the lash.
Among his junior officers was Drawing on contemporary about how he and a few confederates convinced that unidentified conspira- performed their duty to the service
18-year-old Philip Spencer. Born in accounts, Mr. Snow vividly evokes the could seize the ship, do away with the tors were at large, Cmdr. Mackenzie and their country.” When Cromwell’s
Canandaigua, N.Y., Philip was the son myriad trials faced by the so-called other officers and launch a cruise of called a council of his officers, who widow and Secretary of War Spencer
of John Canfield Spencer, the secre- saplings, many of whom were away pillage across the Caribbean. interrogated witnesses over two days sought to initiate a criminal indict-
tary of war. To his father’s exaspera- from home for the first time. “Their After the brig left Madeira, off the and then recommended death for all ment, Cmdr. Mackenzie requested a
tion, Philip, though intelligent, was a abrupt immersion into an entirely coast of Morocco, the crew’s morale three prisoners. With the full crew court-martial instead, and was again
lackadaisical student who preferred new world—a dark, cramped, clut- and discipline seemed to ebb. On the mustered, Spencer, Small and acquitted.
pirate tales over textbooks. After tered world in nervous and often evening of Nov. 25, as the Somers Cromwell were hanged on Dec. 1. Relieved as captain of the Somers,
three years of college in which he violent motion—was wrenching,” the rode the trade winds home, Spencer Afterward, discipline was said to Cmdr. Mackenzie led only one other
remained a freshman, the elder Spen- confided to the purser’s steward, show a marked improvement. ship, during the Mexican War. He died
cer enrolled him in the Navy, where James Wales, that he had recruited 20 On Dec. 14, after a cruise of three of a heart attack on Sept. 13, 1848, at
the boy showed an enthusiasm for After the brig left men for his mutiny. Wales informed months, the Somers dropped anchor age 45. The Somers had sunk two
insubordination, drunkenness and First Lt. Guert Gansevoort, who imme- in New York. Two weeks later, the sec- years earlier, during a storm off Vera-
brawling. On hearing that Spencer had
Madeira, off the coast diately reported to Cmdr. Mackenzie. retary of the Navy convened a court of cruz, with the loss of nearly half its
been assigned to the Somers, Cmdr. of Morocco, the crew’s From circumstantial evidence, they inquiry, setting in motion nearly four 80-man crew. But its ignominy lived
Mackenzie tried to engineer the mid- morale and discipline concluded that seaman Elisha Small months of proceedings that riveted on, Mr. Snow writes, sending “a
shipman’s transfer, but the application and boatswain’s mate Samuel Crom- the nation. Quoting at length from the current of shame through the Navy
was denied in deference to his father. seemed to ebb. well were also part of the conspiracy. transcripts, Mr. Snow considers the for more than a generation.” In the
The Somers, built as a training Called before the captain, Spencer evidence and the ethics in detail. Was end, the near-mutiny helped to propel
ship, measured only 100 feet long by claimed that he had spoken in jest, the midshipman’s so-called plot sim- the service into the modern age, by
25 feet wide, with 10 cannons aboard. author writes. It was also a world of but Cmdr. Mackenzie was not ply the fantasy of a bored, sullen 18- exposing the failings of its apprentice
Spanking new, the brig was fast, physical danger and iron discipline, persuaded. The three supposed ring- year-old? Was the ship, just a few system and bolstering the case for a
“something of a thoroughbred,” Mr. where offenses such as impertinence, leaders were shackled on deck. The days from the friendly port of St. proper naval academy, which was
Snow writes, “low and slim, with her slovenliness and the catch-all “skulk- original plan was to take them to the Thomas, in the Virgin Islands, really founded at Annapolis, Md., in 1845,
two tall masts raked steeply aft and ing” could earn a flogging. U.S. for trial, but suspecting imminent in imminent peril? Was the captain three years after the Somers’ ill-
her bowsprit raised skyward like a As the Somers sailed toward rebellion, the captain reconsidered. justified in exceeding his authority, to starred voyage.
poised rapier.” She left New York on Africa, Spencer grew more sullen and Under naval regulations, the safeguard his vessel and crew?
Sept. 12, with the mission of making more outspoken in his criticism of the harshest punishment that any ship’s On Jan. 28, 1843, on what would Mr. Helferich’s most recent book
sailors of her young apprentices. Of captain. He also gave voice to the captain could order was a dozen have been Spencer’s 19th birthday, the is the historical novel “Hot Time,”
the 120 officers and crew, 90 were pirate fantasies he had entertained lashes for a crewman and arrest and court announced its verdict: The cap- published under the pen name
still in their teens. since childhood, speculating aloud suspension of duty for an officer. But tain and other officers had “honorably W.H. Flint.

lications, the latter a scholar at the But Mr. Ruffini is a competent and
Everyone American Enterprise Institute—are men
of the center-left, and their contentions
engaging writer, and his overarching
point is an excellent one: The growth of

Switch accept liberal premises. This is particu-

larly true of the first part of their
argument (there are two). To oversim-
this or that demographic group—think
of professionals, women and minorities
in that supposedly emerging Demo-
Places plify: Beginning in the 1970s with cratic majority—is less important than
JUSTIN SULLIVAN/GETTY IMAGES

Jimmy Carter, and then in the ’90s with partisan shifts within the group,
Bill Clinton and the Democratic Leader- whether or not it’s growing.
BY BARTON SWAIM ship Council, Democrats abandoned And the non-college-educated de-

I
unions, embraced free trade and loose mographic, growing or not, is rapidly
N 2002, John B. Judis and Ruy immigration policies, and staffed their switching its allegiance. “The politics
Teixeira published a book whose administrations with Wall Street of America is the politics of the rank-
thesis seemed calculated to executives who championed relatively and-file worker and the non-graduate,”
tempt liberals into thinking tight money policies and financial RED AND BLUE Coal miners at a Mitt Romney campaign speech in Ohio, 2012. Mr. Ruffini writes. “This doesn’t just
they’d discovered electoral fairy deregulation. American manufacturing mean a blue-collar construction worker
dust. “The Emerging Democratic Major- collapsed, Democrats became the party During the Clinton and Obama years, Where have the Democrats gone? who voted for Obama and then Trump,
ity” argued that four demographic of the wealthy and educated, and an im- unions took a back seat to “Hollywood, Mad, that’s where. but the supermajority of workers
groups were trending strongly toward poverished working class was left aban- Silicon Valley, and Wall Street, together “Party of the People” (Simon & across white-collar, blue-collar, and
the center-left: professionals, women, doned by its party and vulnerable to the with various environmental, civil rights, Schuster, 336 pages, $30), by the service industries who hold positions
minorities and blue-collar workers. The appeals of cultural reaction. and feminist groups.” In the 2020s, the Republican pollster Patrick Ruffini, where a college diploma is not a re-
election of Barack Obama in 2008 There’s some truth in that interpre- authors observe, the party is dominated addresses the same phenomenon— quirement, didn’t work from home
seemed to confirm their thesis, and tation, but some of it reads like a con- by a host of left-progressive organiza- working-class voters’ defection—but during the pandemic, and aren’t agitat-
soon young Democratic strategists and clusion in search of evidence. The idea tions and companies that cater to hyper- from the other party’s viewpoint. Mr. ing for their employer to take a stand
pundits had reduced Messrs. Judis and that trade barriers could have preserved educated urban progressives: the ACLU, Ruffini, too, begins his book with a politically.”
Teixeira’s nuanced and complex argu- American manufacturing from Europe’s Black Lives Matter, MSNBC, Vox, the confession. After Mitt Romney lost in Mr. Ruffini cautiously offers evidence
ment to the formulation “demography is resurgence and the rise of East Asia is New York Times, the Ford Foundation 2012, an assemblage of Republican strat- that, as Republicans shed their image as
destiny.” In other words: We win, no fanciful. If Democrats had wanted to and the Center for American Progress, egists produced a report—the press cardigan-wearing members of the coun-
matter what! keep manufacturing at home, they among many others. called it an “autopsy”—in which they try club and Chamber of Commerce,
Subsequent elections, especially Messrs. Judis and Teixeira think concluded that the GOP lost because it black Americans are slowly moving to-
the midterm years of 2010 and 2014, unions were done in by an alliance took a hard line on immigration and ward the GOP. That sort of shift is
in which the GOP made large gains in The Democrats have between “business Republicans” and failed to appeal to Hispanic voters. Mr. already happening among Latinos, as
Congress, suggested that things Clintonian Democrats. In my view they Trump’s 2016 campaign seemed per- Ron DeSantis’s Florida gubernatorial re-
weren’t going to be so simple. Donald
become the party of the did themselves in by making demands versely to reject the report’s counsel. election in 2022 strongly suggests. For
Trump’s victory in 2016, in which the college-educated; that made sense in 1950 but amounted Beltway Republicans like Mr. Ruffini all the talk of the “white” working class,
white working class abandoned the working-class voters to economic suicide a half-century later. were sure he would lose. the actual working class is as racially
Democrats in droves, exploded the The authors’ contention, however, that Reflecting on his mistake soon after- diverse as any university classroom.
thesis entirely. look to the Republicans. the left’s media, nonprofits and founda- ward, he writes: “I began to realize that Mr. Ruffini insists he is a pollster, not
In “Where Have All the Democrats tions have made the Democratic Party my background and life experiences a think tanker, and doesn’t get exercised
Gone?” (Holt, 336 pages, $29.99), odious to the average non-college- themselves were the problem. They had about the right’s internecine arguments
Messrs. Judis and Teixeira freely should have kept taxes low and regula- educated voter seems unassailably true. blinded me to an accurate understand- over philosophy and policy. “The
confess that they failed to foresee the tion minimal. They did the opposite. Today’s media-driven conventional ing of the American electorate. . . . I current working-class realignment is
working-class defection, but they’re Bye-bye, Maytag. wisdom holds that the GOP has moved only saw the swing voters that might be happening under the umbrella of a pro-
right to note that the rest of their argu- In the book’s second half, Messrs. dramatically to the right. This is to con- repulsed by Trump, not those drawn to capitalist, moderate-to-conservative
ment held. Professionals, women and Judis and Teixeira explain how a fuse the admittedly absurd tactics of him. And it was all because of a fatal, politics of aspiration,” he writes. His
minorities have grown and largely “shadow party” has moved the Demo- congressional Republicans over the past reality-blinding flaw I shared with buoyance may be justified. A less buoy-
hewed Democratic. The newer book crats to the left. Shadow party is their decade with political extremism. Sub- almost everyone in politics and the ant observer might reasonably worry
purports to describe why and how the term for the activist organizations, think stantive extremism exists almost totally media: I graduated from college.” that a working-class Republican elector-
Democratic Party lost its core constitu- tanks, foundations, publications, donor on the Democratic side. The last four Most American adults do not, in fact, ate, detached from the eggheads whose
ency—the average working man—and networks, commentators and academics chapters of Messrs. Judis and Teixeira’s hold college degrees. “Party of the job it is to formulate conservative
fell under the sway of knowledge-class who shape the formal party’s positions book chronicle the Democratic Party’s People” is full of granular discussions of principles, will find demagoguery more
progressives and radical activists. and outlook. “The labor movement used embrace of “antiracism,” open-borders demographic trends, bar graphs and dot interesting than principle.
Messrs. Judis and Teixeira—the to play a dominant role in the Demo- anarchy, trans ideology and climate pol- charts, slopes and intercepts. Some of
former a journalist long associated with crats’ shadow party and kept it rooted in icies that would—and still may—destroy the analysis—as long as we’re airing Mr. Swaim is an editorial page
the New Republic and other liberal pub- working-class concerns,” they write. the American economy. confessions here—I had to take on faith. writer for the Journal.
 .

C10 | Saturday/Sunday, November 11 - 12, 2023 * *** THE WALL STREET JOURNAL.

BOOKS
‘Truth is in “the discarding of words.” It lies “outside words.” ’ —YA SU N ARI KAWAB ATA

Quiet Revolution confronted the war with a directness

The Rainbow
By Yasunari Kawabata he would later abandon. A heart-pierc-
ing confession arrives when Mizuhara’s
Vintage, 224 pages, $17
daughter Momoko, who is a bit of a
BY BRAD LEITHAUSER lost soul, introduces a man met on the

Y
street to her sister: “This is Aoki’s
ASUNARI KAWABATA brother. Aoki was my . . . lover. He died
was not the first mod- in Okinawa, in the war.”
ern Japanese novelist to In contrast to “The Rainbow,” Kawa-
be translated into Eng- bata’s later fiction represented a steady
lish, but for many Amer- pulling away from the here-and-now. In
ican readers he introduced a nation’s 1965’s “Beauty and Sadness,” the last
literary sensibility. When he was novel he saw to publication, the tolling
awarded the Nobel prize in 1968, he of the past, as embodied by the colos-
became the first Japanese laureate, an sal bell at Kyoto’s Chion-in temple, has
ascendancy that coincided with a crest- far more resonance and reality than
ing wave of exports from his country to the wristwatches and alarm clocks that
the West—steel and cars and transistor oversee the life of its Tokyo-based
radios, movies and toys and art. It’s no hero.
surprise that Kawabata was viewed as
a benchmark: Here it was, the modern
Japanese novel. The minimalist writer
The first to arrive was “Snow Coun-
try,” in 1956, followed by “Thousand
Yasunari Kawabata
Cranes,” in 1958. Both novels were rendered the changes
translated by Edward G. Seidensticker, of postwar Japan with
whose introduction to “Snow Country”
sought to assist Western readers who an elegant spareness.
might find its trappings—country inns
and geishas, kimonos and sake cups—
disorienting. Seidensticker pointed out Having read most everything of his
Kawabata’s ties to Japanese poetry: that has been translated, I sometimes
This was prose of a sere, haiku-like del- find puzzling my own devotion to
icacy and suggestiveness, with much Kawabata. It’s certainly not rooted in
implied and little specified. his depths of portraiture, his handling
Japan’s wartime defeat and rapid of action, his bonhomie, his sense of
transformation mirrored experiences humor. Yet if his tone is elegiac, one
Kawabata had earlier in his own life. never doubts the deep spiritual ache of
Born in Osaka in 1899, orphaned by the this softspoken observer, or the nonpa-
age of 4, he was raised by his paternal reil splendors of the receding world he
grandparents, both of whom had died would memorialize.
by the time he was 15. He briefly Perhaps the prime pleasure in his
moved in with his mother’s family, but books is rooted in language—a plea-
soon, reinventing himself as a student sure that can be felt despite the obsta-
in Tokyo, was on his own. In short or- cles of translation between two such
der, he found himself a comfortingly different narrative traditions. His is
KEYSTONE-FRANCE/GETTY IMAGES

stable family in the house of literature.
Kawabata took up fiction writing.
What’s most striking about his “chil-
dren”—his characters—is the detach-
ment he shows them. You might say he
respects their privacy, leaving most of
their intimacies undisclosed. They are
stylized figures moving through styl-
ized landscapes. They are, typically,
loners. Often, their most profound link-
ages are not to other people but to the
glories of the natural world—bamboo
groves, camellia blossoms, hills and
valleys and rainbows.
“The Rainbow” is in fact the English
title of Kawabata’s 1950 novel, in a new
translation by Haydn Trowell, set dur-
ing the last years of the postwar occu-
pation of Japan. In some ways it’s a
typical Kawabata offspring: A gentle
watercolor wash of melancholia over-
shadows the book’s to-ings and fro-
ings. In the war’s aftermath, Kawabata
famously declared that henceforth he
could write nothing but elegies. But
even his prewar books focused primar-
ily on what was departing rather than
arriving. Life is fragile, he constantly
reminds us, and our hold upon it pre-
RECOGNITION Yasunari Kawabata in 1968, after receiving the Nobel Prize for Literature.
carious. In “The Rainbow,” as in so
many of his novels, there is much dis-
cussion of suicide. (It appears likely,
but not certain, that Kawabata took his
own life when he died in 1972 at the
age of 72. He’d already silenced himself
by ceasing publication after receiving
his Nobel.)
In significant ways, however, this
fine novel is full of surprises. While the
war is the spiny watershed in the land-
scape of Kawabata’s fiction, shaping
the downward path many of his plots
follow, his novels rarely address it di-
rectly. Yet in “The Rainbow” political
issues run close to the surface—its
characters speak openly of the atomic
bomb and the dangers of conflicts in
Korea. It chronicles a topsy-turvy era
when, as Kawabata’s narrator remarks,
“the houses of former nobles were be-
ing transformed into inns and restau-
rants.”
The protagonist of “The Rainbow,”
Mizuhara Tsuneo, is a typical Kawabata
hero, possessing both an artistic career
(he is an eminent architect) and a tan-
gled romantic life (his three daughters
are by three different women). Typical,
too, are his backward-looking profes-
sional qualms (“his doubts that mod-
ern architecture, compared to that of
the past, would endure as a testament
to beauty”) and the webs of familial se-
crecy that keep his daughters ignorant
of one another. Yet the sympathy and
solidity with which the young women
are etched is unusual in Kawabata’s
oeuvre, and the book’s nifty, suspense-
ful plotting is rare, too, in a writer of-
ten more concerned with ambience
than events. The reader watches in fas-
cination as the lives of the three half-
sisters, for all their separations of ge-
ography and blood, increasingly come
to interweave.
Numerous translations of Kawabata
have appeared since “Snow Country”
and “Thousand Cranes” arrived in the
1950s, slowly clarifying just what an iso-
lated and peculiar benchmark he pro-
vided. He was never offering us the
modern Japanese novel. His was a
highly personal, indeed quirky, take on
his country as it propelled itself through
and beyond the ravages of war.
“The Rainbow” adds a valuable
layer to the portrait of the artist re-
vealed by his work. It shows us a tem-
perament in transition, as Kawabata
perishable linguistic cargo, and doubt-
less much is lost whenever one of his
novels sails across the Pacific. And yet
an unignorable spiritual urgency reli-
ably survives the journey. His works
speak of a domain all the brighter for
being descried at one remove, the way
pine trees may be, as one of this
novel’s character’s finds, “more vivid in
hue reflected on the river than they
were in the world above.”
In his Nobel acceptance speech,
Kawabata declared: “The single flower
contains more brightness than a hun-
dred flowers.” He was a minimalist,
whose work embraces minimalism’s
hopeful assumption that, in the right
hands, a string of minute details—a
phrase, an unspoken gesture, a linking
of gazes—may unlock a multitude of
meanings. Look closely, listen carefully,
is the first tacit message of Kawabata’s
novels. The second is, Let my story
burrow inward. There is more here
than meets the eye and ear.
Mr. Leithauser is the author, most
recently, of “Rhyme’s Rooms: The
Architecture of Poetry.”

The Other Diplomats in the Embassy

IN 1963, Alice McDermott Charlene and Patricia’s proj- history has judged her very Beth.) They share their home traumatic. The characters,
reminds us in her novel “Abso- ects begin modestly, as they presence in Saigon to be with Isabel’s gay brother, Robbie, most of them Chinese-
lution” (FSG, 324 pages, $28), push their friends to buy their ethically wrong, so she is who has acted as a kind of Band- Americans, are returning to
both the president of the United children bespoke Vietnamese anxious about even attempting Aid to the failing marriage but is society in the aftermath of a
States, John F. Kennedy, and the Barbie accessories (hand- to evoke sympathy for her life now planning to move out. (The tragedy that would seem to
president of Vietnam, Ngo Dinh stitched by a Vietnamese house- there. “You have to remember talismanic gay brother in “By make such a return impossible
Diem, were Catholics. This fact keeper, of course), using the pro- the times,” she is prone to Nightfall” is named Ethan; in —in some cases, the suicide of a
holds a holy significance for the ceeds for gifts for hospitalized pleading, and the fear of “The Snow Queen,” it’s Barrett.) child. But what is markedly
engineer and military consultant children. In time, as they begin sounding hopelessly out of touch Set over three separate days in unusual about Ms. Li’s writing is
Peter Kelly and his wife, Patricia, visits to a leper colony and in- lends something tentative to the 2019 and 2021, and involving the that it rarely sinks into despair.
FICTION Catholic newlyweds who move volve themselves in the under- tragic effects of the Covid Despite their background
SAM SACKS to Saigon that year. To these ground adoption market, their THIS WEEK pandemic, the novel flashes upon matter, the stories burble along
true believers, the two countries’ altruism becomes more forward the pair’s regrets and dreams for with a facade of affability,
anticommunist alliance is and more morally questionable. Absolution transformation. cheerfully documenting the
“divinely ordained,” and the Charlene’s aggressive do-good- By Alice McDermott It is, as noted, a formula that interactions of everyday
downfall of both leaders—Diem ing is impressive but high- Mr. Cunningham has applied to routines. The incongruous mood
was assassinated in a CIA- handed in the colonialist man- Day great success. But the apology may reflect a survival instinct,
funded coup and Kennedy was ner. Patricia’s motives are By Michael Cunningham bug appears to have bitten him, what one mother thinks of as
killed only weeks later—augurs ambiguous, too. She was raised too. The characters’ meditations the defense mechanism of
for evil times ahead. in the Catholic tradition of ser- Wednesday’s Child are now accompanied by the “skimming on life’s surface.”
Wives But “Absolution” is not vice to the less fortunate, yet an By Yiyun Li requisite handwringing about Or it may be a kind of learned
of U.S. about the politics of American unstable personal yearning for “white lady problems” and stoicism. Staying positive is like
intervention in Vietnam. It the baby she has been unable to “decadent unhappiness.” Mr. having imaginary friends,
staff in instead concentrates on the bear inflames her interest in narrative—many provocative Cunningham even works in a dig argues a woman in “Such
Vietnam parallel story of those American Vietnamese children. things almost happen but in the at his own touchstone influence, Common Life.” “If I decide I
during wives whose diplomatic mission Ms. McDermott explores end are left largely hypothetical. Virginia Woolf, by including a have optimism, there I have it.”
the is to oversee a household staff, such vagaries with grace This practice of begging the classroom scene in which a It is, then, a fragile optimism,
host garden parties, provide for and consideration. Patricia’s reader’s indulgence rather than student complains (inaccurately) and Ms. Li’s art is in revealing
1960s their husbands’ relaxation and thoughts always return, with simply telling a story is common that “modernists were all rich glimpses of the shadows
venture uphold Western standards of great sensitivity, to the problem in fiction today, but it is even white people.” The ironic underneath it without hauling
into the spousal comportment. The novel of goodness, which can appear more noticeable in writing as distancing is lethal to a writer them to the surface, like
is narrated mostly by Patricia, inextricable from self-interest delicate and lovely as Ms. who relies so much on sensory darkness glimpsed beneath a
restive who in old age relives her mem- or mere docility. Of her many McDermott’s. immersion. I usually begin Mr. crust of ice. Naivete and
country. ories in a letter to the daughter temptations in Vietnam, the Michael Cunningham’s novel Cunningham’s books rolling my avoidance come to seem like
of her friend Charlene. If, in simplest would be to fall back “Day” (Random House, 288 eyes at his cossetted characters dynamic, if insufficient, qualities.
1963, Patricia is the earnest naïf to her assigned role as an pages, $28) returns to the but finish them thoroughly won “Oh, when children are out in the
of the claque of housewives, obedient housewife, who is not author’s preferred milieu of over, enchanted by the magic of world, parents are fated to
Charlene is the wild card. expected to grapple with artistic white Manhattanites. the prose. With “Day,” which doubt; yet when no doubt is
Sardonic, streetwise, bossy and dilemmas of conscience. Here again is a discontented feels flatter and more ballasted left for them, nothing good is
tenacious, she lures Patricia into These engaging reflections middle-aged couple, named Isabel by present sensibilities, my left, either,” she writes. In
a series of charitable schemes are mixed with, and to some and Dan. (In 2010’s “By Nightfall” skepticism never dispersed. this strange and distinctive
that take them far outside the extent diluted by, a ubiquitous they were called Peter and The stories in Yiyun Li’s collection, garrulity is a cover for
gated confines of their Saigon note of apology. Patricia knows Rebecca; in 2014’s “The Snow collection “Wednesday’s Child” a deeper speechlessness and
neighborhood. —as does the reader—that Queen,” they were Tyler and (FSG, 241 pages, $27) are post- hope is a disguise for fatalism.

THE WALL STREET JOURNAL.
The First to Take the Plunge
How to Be
By Adam Nicolson
FSG, 368 pages, $32
BY TIMOTHY FARRINGTON
L
IKE HORSE breeders
and Hollywood studio
executives, the early
Greeks saw the world
mostly as combinations
and adaptations of past hits.
Hesiod’s “Theogony,” for example,
pitched Okeanos—the river that sup-
posedly ran round the rim of the
world—as “Earth meets Sky,” and
imagined Sleep, Death and Blame as
spinoffs of dark Night. In this epic
creation story, written around the
eighth century B.C., the familiar
Olympian gods, such as Zeus and
Athena, are knit together with
Titans, nymphs and half-personified
forces (Desire, Deceit) into a giant
family tree. The personal isn’t politi-
cal, it’s cosmic.
Then, around 600 B.C., on the west-
ern coast of what is now Turkey,
emerged the first in a chain of thinkers
who sought to explain the universe in
nonmythical terms. Among these “pre-
Socratics” or “phusikoi” (“natural-
ists”), as Aristotle called them, we can
trace the first stirrings of systematic
philosophy and science. They consid-
ered existence as a unified whole, ad-
dressing metaphysics as well as phys-
ics: How was the world made, and how
many different ingredients did it take?
What is essential and what is acciden-
tal? Can things be created or de-
stroyed? The spark for this intellectual
revolution isn’t clear, but in “How to
Be: Life Lessons From the Early
Greeks,” Adam Nicolson offers a cir-
cumstantial theory: what he calls the
“harbor mind,” the openness and flexi-
bility cultivated by life in a port city.
Assigning such importance to place
is a characteristic move for Mr. Nicol-
son, an elegant and erudite British
writer who grew up partly in his
grandparents’ castle, Sissinghurst,
and as a teenager was given a set of
Scottish islands. “Places give access
to minds,” he believes, and his earlier
books have charted the cultural, his-
toric and scientific contours of the
landscapes that nourished the trans-
lators of the King James Bible; Cole-
ridge and Wordsworth; the Blooms-
bury group; and him. His “Why
Homer Matters” (2014), which is far
more enjoyable than its oat-bran title,
argues that Homer’s “poetry embod-
ies the air of incorporated time, as
rounded as something that for centu-
ries has rolled back and forth on the
stony beaches of Greece . . . where the
Homeric ghosts can still be heard.”
With “How to Be” he has set him-
self a difficult task. The pre-Socratics
Utopia and
Other Sites
Of Note
A Strange Life: Selected
Essays
By Louisa May Alcott
Notting Hill, 168 pages, $21.95
BY MEGHAN COX GURDON
I
N THE ANNALS of irresponsi-
ble utopianism, few names
stand out like that of Bronson
Alcott. This dreamy 19th-
century son of New England
was a high-minded Transcendentalist
and visionary teacher, and, as a
husband and father, a terrible pro-
vider. Bronson’s propensity to run up
debts and alienate supporters sank
his young family into poverty. Had it
not been for the guts and integrity of
his wife, Abigail, the couple’s four
girls would have starved. Had it not
been for the busy and lucrative pen of
their second daughter, Louisa May,
the Alcott family might have disap-
peared into the footnotes of history.
As it is, they remain a subject of fasci-
nation, for Louisa (1832-88) would
produce not only the novels “Little
Women” (1868) and “Little Men”
(1871) but also short stories and bril-
liant nonfiction sketches.
Louisa was 10 when her father
dragged the family off to live on
sunshine and good vibes at a vegetar-
ian commune that he co-founded with
an exacting fellow traveler named
Charles Lane. The experiment at
Fruitlands, in rural Massachusetts,
was almost comically pious and
frugal. (“Witty onlookers called its
residents ‘fruitcakes,’ ” biographer Liz
Rosenberg has written.) For seven
* * * *
‘Nothing is more active than thought, for it travels over the universe.’
BRAIN WAVES ‘Tomb of the Diver’ ceiling-fresco detail, ca. 470 B.C.
survive only in short fragments: a few
on scraps of papyrus, the rest quoted
or paraphrased by later authors. The
texts are abstract and often difficult.
But Mr. Nicolson does his best to
argue for their continuing influence.
He also evokes the conditions—if not
the definite causes—of the revolution
that began “on the mobile edges” of
the Greek world, among “merchants
in ideas, people from communities in
which exchange was the medium of
significance.”
In ports like Miletus,
cultures mixed and
traders met, as did
philosophers and other
‘merchants in ideas.’
Before getting to Miletus, the port
that was home to the earliest pre-
Socratics, Mr. Nicolson takes a run-
ning start with a chapter on the “Od-
yssey.” It is the “first poem to
describe the world we know,” he
writes, set in a “society more about
cleverness than about heroism and
dominance.” Odysseus’ wiles, Penel-
ope’s time-wasting tricks to fend off
her crowd of suitors: These are the
sorts of things “we”—Mr. Nicolson
seems to be thinking of worldly resi-
dents of liberal democracies—relate
to, unlike the antics of the honor-
bound hotheads in the “Iliad.” Digging
months, a tiny band of idealists
dressed in brown linen dined on such
spartan fare as unleavened bread,
water and porridge.
Such industry as anyone displayed
was practiced by Abigail Alcott, who
alone among the Fruitlands adults
seems to have had some conscience
about the welfare of its children. A
painful anecdote illuminates the near-
criminal idealism of her husband. In
that exceptionally cold winter of 1843,
a neighbor gave the communards a
load of firewood. Rather than use it to
warm his household, Bronson regifted
the precious fuel to a local family
with a baby. We can imagine his
wife’s distress: She also had a baby.
At the time there was little comedy
in the Fruitlands ordeal; not so three
decades later, when Louisa May Alcott
turned those hard times into a
sparkling satirical essay, “Transcen-
dental Wild Oats” (1873). This gem is
one of the brightest in “A Strange
Life,” a snug collection of Alcott’s
writings edited by Ms. Rosenberg
(whose young-adult biography of
Alcott appeared in 2021) with a pref-
ace by Jane Smiley.
In Alcott’s account of communal
GRANGER
life, she adopts a tone of mocking
good humor that never tips into sour-
ness or sarcasm. Appropriately, she
styles her trusting father as Brother
Lamb, her mother as Sister Hope
(“unconverted but faithful to the
end”) and the dictatorial Charles Lane
as Brother Lion. It’s difficult to do jus-
tice here to her tone and control of
her subject, for “Transcendental Wild
Oats” unrolls not as a series of scenes
but as a single woven carpet of comi-
cal ironies. Still, a few passages—on
the virtuous working of Fruitlands
soil without benefit of animals—give
a glimpse of the delightful pattern.
Alcott writes: “The band of broth-
ers began by spading garden and
field; but a few days of it lessened
their ardor amazingly. Blistered hands
BOOKS
into the academic literature, he
adopts a relatively late date (the mid-
seventh century B.C.) for the point at
which the text of the “Odyssey” was
fixed. This allows him to interpret the
work in the light of that era’s enrich-
ing, destabilizing surge of trade
between Greece and the proverbially
luxurious lands to the east. This
influx, he suggests, helped overturn
traditional certainties, and the “Odys-
sey,” with its emphasis on the need to
improvise rather than rely on settled
wisdom, “marks the beginning of the
autonomous self.”
Thales, the first of the pre-Socrat-
ics, held that the world is, or was
created from, water (the Greek text
isn’t clear). Miletus, his hometown, is
today a dusty burg. Over the centu-
ries, its site has crept along the banks
of the River Maeander to outpace
accumulating silt. Mr. Nicolson thinks
this process may have inspired
Thales’ focus on water’s protean
power: “If you can accept that all is
water, you can begin to think beyond
the ordinariness of things,” he writes.
The beauty and centrality of the
liquid is “Thales’ great gift to us.”
(The author, it’s worth noting, is an
avid sailor who had the idea for this
book while diving in an Aegean har-
bor to disentangle his boat’s anchor.)
In Thales’ work, Mr. Nicolson iden-
tifies a “kind of invitation to mental
freedom,” but in his persona the au-
thor sees reason to doubt the utility
of philosophy. Thales is the prototype
of the absent-minded professor,
and aching backs suggested the expe-
diency of permitting the use of cattle
till the workers were better fitted for
noble toil by a summer of the new
life.” Later she observes: “The garden
was planted with a generous supply
of useful roots and herbs; but, as
manure was not allowed to profane
the virgin soil, few of these vegetable
treasures ever came up.”
‘WRECKS OF HUMANITY’ Wounded Union soldiers at a hospital in
Fredericksburg, Va., in 1964. Alcott volunteered as nurse during the Civil War.
The same arch spirit infuses “How
I Went Out to Service” (1874), in
which Alcott recounts her effort at 18
to help support her family. Hired as
a lady’s companion, Louisa finds
herself the drudge in a hilariously
Gothic household dominated by a
sanctimonious gourmand who styles
himself “a frail reed.” The genius of
the piece is the narrator’s imperfect
self-knowledge; the older Alcott
smiles at the innocence of her youn-
ger self while leaving it to other
characters to reveal the full preda-
tory nature of her employer.
Saturday/Sunday, November 11 - 12, 2023 | C11
—THALES OF MILETUS
famously clever and famously foolish.
An ancient anecdote had him staring
so hard at the heavens that he fell
into a well, drawing laughter from a
passing Thracian servant girl. Thrace,
a region spanning parts of modern
Bulgaria, Turkey and Greece, was a
prime source of slaves. Mr. Nicolson
pauses to consider this seemingly
trivial comic scene as both a reminder
of the stark centrality of slavery to
Greek society and a disquieting com-
ment on the value of airy speculation.
Is philosophy a tainted luxury made
possible by exploitation?
But Mr. Nicolson’s winning enthu-
siasm barely flickers in the face of
such doubts, as he examines how
subsequent writers contributed to his
twin ideals of adventurous self-
realization and harmonious integra-
tion. What about Anaximenes of Mile-
tus, who considered the essential
component of the universe to be air?
“We are as the world is,” Mr. Nicolson
concludes. “The air enters us when
we are born and leaves us as we die.”
Sappho, the great poet of private pas-
sion? She is a “celebrant of ecstatic
jointness” who “paraded multiplicity.”
Sappho’s pluralist worldview
“could not have emerged from an
autocratic state,” Mr. Nicolson insists.
She’s not only the one whose work he
enlists to vindicate urban(e) life. Her-
aclitus, the cryptic sage who sug-
gested that ever-changing fire was
common to all things? This dynamic
view of life, Mr. Nicolson writes, held
that “like a harbor city, reality
The longest entry in “A Strange
Life” is an essay about Alcott’s time
as a volunteer nurse in the Civil War.
As Ms. Rosenberg explains in an
introduction, “Hospital Sketches” pro-
vided a rare account of the war from
a nurse’s perspective, and its 1863
publication made Alcott’s name.
“Hospital Sketches” has a looser
feel than the book’s other elements,
which creates a curious sense of
closeness; it’s as though Alcott were
writing us a letter rather than
offering a polished, impersonal
account. The essay plays for comedy
at the start, as the author, soon to be
“Nurse Periwinkle,” flies about the
house getting her things together.
Thence follows a colorful travelogue
as she journeys by train from Boston
to Washington. Her story gains
gravity when horse-drawn ambu-
lances pull up to the hospital and dis-
gorge men and boys left “wrecks of
humanity” after the Battle of Freder-
.
embraced change.” Empedocles’ work,
meanwhile, tells us that “in any city,
love and strife must live within each
other’s embrace,” and Parmenides
bids us to live in both “the washed
spirit of intellectual perfection” and
the “burning, brilliant, beautifying
bazaar of life on earth.” True enough,
but it’s easy to see almost any place
as motivation for such ideas—change
is everywhere—and down at the
docks you’ll find as many cautious old
salts as daring adventurers.
“The core of being is interplay, and
its give and take of quick and still,”
Mr. Nicolson wrote in “Life Between
the Tides” (2021), in a phrase that
could serve as a keynote for his
works. Here he can seem too quick to
find in the varied figures of pre-
classical Greece a stable synthesis of
opposites that flatters our own
cosmopolitan preferences. But his
exploration of the period is wonder-
fully rich. He shows us ancient coins,
scientific graphs, beautiful statuary,
ruined temples and the “bony clarity
of the coast.” He parses ancient texts
and invokes the Alexandrian poet
Constantine Cavafy, the mid-20th-
century philosopher Karl Popper and
the classicist Martin West, great
expositor of Eastern influence on
HERITAGE IMAGES/GETTY IMAGES
Greece. “How to Be” teaches many
lessons, but most of all that we
should savor the strange and stimu-
lating legacy of this lesser-known era.
Mr. Farrington is a former editor at
Harper’s and the Journal.
icksburg. Alcott writes: “The sight of
several stretchers, each with its
legless, armless, or desperately
wounded occupant, entering my ward,
admonished me that I was there to
work, not to wonder or weep; so I
corked up my feelings, and returned
to the path of duty.”
Nurse Periwinkle keeps her sense of
humor, though, even when she’s
assigned the job of scrubbing soldiers
free of the muck of war. Had the
request been “to shave them all, or
dance a hornpipe on the stove funnel,”
Alcott confesses, “I should have been
less staggered; but to scrub some
dozen lords of creation at a moment’s
In Alcott’s account
of her father’s ill-fated
experiment in communal
life, she adopts a tone of
mocking good humor.
notice, was really—really.” Girding her-
self, she begins bathing a dirt-
encrusted Irishman, and they both
laugh. Soon she’s scrubbing away “like
any tidy parent on a Saturday night,”
as she puts it. “Some of them took the
performance like sleepy children, lean-
ing their tired heads against me as I
worked, others looked grimly scandal-
ized, and several of the roughest
colored like bashful girls.”
“A Strange Life” is a thorough
pleasure. Modest in size and design—
it’ll fit in a pocket—the book puts em-
phasis where it belongs: on the vigor-
ous prose of one of America’s most
charming and memorable stylists.
Mrs. Gurdon, a Journal contributor,
is the author of “The Enchanted
Hour: The Miraculous Power of
Reading Aloud in the Age of
Distraction.”
 .

C12 | Saturday/Sunday, November 11 - 12, 2023 * *** THE WALL STREET JOURNAL.

BOOKS
‘I arrived in Hollywood without having my nose fixed, my teeth capped or my named changed.’ —BARBRA STREISAND

A Star Is Boring
My Name Is Barbra among those who looked beyond Ms.
By Barbra Streisand Streisand’s self-declared deficiencies.
Her recollections of these romances
Viking, 992 pages, $47
are candid but respectful. And now it
BY JOANNE KAUFMAN can be told: Clint Eastwood once com-

F
plimented her ears, but that’s as far
IRST, THERE’S its sheer as things got.
heft. At nearly 1,000 For 40 years, Ms. Streisand says,
pages, Barbra Streisand’s editors, including Jacqueline Onassis,
memoir, “My Name Is asked her to write an autobiography.
Barbra,” is longer than She steadfastly declined because of
the combined recollections of Prince her desire to live in the present rather
Harry (“Spare”), Britney Spears (“The than dwell in the past. It should come
Woman in Me”) and Henry Winkler as a surprise to exactly no one that,
(“Being Henry”). Hello, gorge us. having finally acceded, Ms. Streisand
Then there’s its breadth. Granted, charged full-bore into yesteryear. In
Ms. Streisand, now 81, is the enduring so doing, she failed to remember her
pop voice of her generation, not to reaction to the overemoting Mr.
mention a Broadway and Hollywood Patinkin in the early days of the
star, movie director, producer and “Yentl” shoot: Sometimes less is
composer, and political and social more. There are, invariably, four ex-
activist. She has met and worked with amples when two would do the job.
many famous people, befriended No beading on a dress goes unat-
some of them, campaigned for a few
(notably Bill and Hillary Clinton), and
thus has lots of ground to cover. A Streisand spends dozens
winner of Emmys, Grammys, Oscars
and a Tony, Ms. Streisand is a woman
of pages on a single
of many talents. film she starred in.
Curating memories of the way she But ‘The Way We Were’
BILL EPPRIDGE/THE LIFE PICTURE COLLECTION/SHUTTERSTOCK

was—well, that isn’t one of them.

Born Barbara, she grew up in the is hardly ‘Citizen Kane.’
Brooklyn projects with an emotionally
distant mother, a nasty stepfather, a
determination to become an actress tended. How nice to read Katharine
and a persistent ringing in her ears. Hepburn’s warm letter of congratula-
Years later it was diagnosed as tinni- tions to Ms. Streisand when the two
tus, a condition that continues to of them shared the best-actress Oscar
plague her. “It’s enough to drive you in 1969. But is it really necessary for
crazy. . . . That’s probably one reason Ms. Streisand to include her reply?
why I need to keep busy all the time. “My Name Is Barbra” doesn’t have
I have to take my mind off it to try to an index, so there are no shortcuts
distract myself. . . . I long for silence,” for impatient readers. If, for exam-
she writes. ple, fans in Detroit wonder how Ms.
This plaintive observation would could just take out the middle a . . . . the title role. Then again, it does album”; “back to the Oscars”; “back Streisand felt about her 1961 engage-
have packed a greater punch had it That was different and unique.” sound like quite an eventful shoot. We again to 1970.” ment at the Caucus Club, a famed lo-
not been buried in an avalanche of But the chapters that focus on Ms. learn that Ms. Streisand’s co-star, Ms. Streisand careers between ir- cal boîte, they’ll have to start from
minutiae about Ms. Streisand’s grade- Streisand’s early years are a template Mandy Patinkin, expected to have an ritating disingenuousness—“I don’t page 1 and hope for the best. (Check
school crushes, her pastries of choice for the rest of the book. There may be affair with her. Or so the author find myself that fascinating,” she pages 65-68.) It’s a lot to absorb. The
at the local bakery, her ideal bagel gold there, but readers will have to claims. And we learn, rather less writes—and surprising self-aware- audio version of the book, recorded
toppings, her preferred beverage at pan diligently. She expends 30 pages interestingly, that it was hard to ness. “I had never looked for jobs in by Ms. Streisand and featuring music
the drugstore and her favorite treats on “The Way We Were,” the 1973 film shoot the climax of a song on a roll- the chorus,” she notes. “Frankly, I clips and dozens of supposedly ex-
at the movie theater. Still, she has an in which she starred with Robert Red- ing ship just as the sun was setting. don’t think it even occurred to me. temporaneous asides, runs for more
unbeatable description of Good & ford. She chafes at camera angles, at “The Prince of Tides” (1991), Ms. Working my way up slowly didn’t than 48 hours. Even her most de-
Plenty, cylinders of licorice coated in the injudicious position of a hanky Streisand’s second movie as both figure into my plan.” voted followers will be crying uncle
a pink and white candy shell. They during a key moment, at dialogue that star (she plays a psychiatrist) and She takes due note of her negativ- or, more to the point, Yentl.
were, she writes, “like eating jewelry.” was excised, motivation that she director, goes on for 70 pages and ity, her need for control, her ease at
Ms. Streisand finds a nice groove thought was fuzzy and scenes that features a good bit of not-always-on- cutting people out of her life when Ms. Kaufman writes about art and
in her account of her first great suc- should never have been cut. Readers point and less-than-profound free- they have disappointed her and her culture for the Journal.
cess: a gig, in 1960, at the Greenwich may be forgiven for wondering if lance analysis. “I think some people need to question everything. “I must
Village nightclub the Bon Soir—a two- somehow Ms. Streisand was confusing become therapists because they have have been very annoying to have
Editor’s note: The Wall Street Journal
week booking that was extended and this mediocre romantic drama with problems themselves and they’re around.” Bob Merrill, the “Funny Girl”
Bestseller List, with data provided by
extended. She was making a name for “Citizen Kane.” trying to find answers.” Perhaps be- lyricist, likely shared that view. “Isn’t
Circana BookScan, will no longer ap-
herself in more ways than one. Never Meanwhile, “Yentl” (1983), an ad- lieving that digression is the better it people who don’t need people who
pear in this space. Readers will now
fond of Barbara, she’d had a eureka aptation of the Isaac Bashevis Singer part of valor, Ms. Streisand fre- are the luckiest people in the world?”
find expanded coverage of new fiction
moment when considering the sign short story “Yentl the Yeshiva Boy,” quently goes off on such tangents in his young leading lady asked him.
and nonfiction books. We welcome
that would advertise her appearance gets a Talmudic 100 pages. Ms. Strei- “My Name Is Barbra,” only to return Anthony Newley, Pierre Trudeau,
reader comments at books@wsj.com.
at the club: “It occurred to me that I sand, a first-time director, also played to the subject at hand: “back to the Andre Agassi and Omar Sharif were

FIVE BEST ON LIFE ON THE ROAD

Jeff Tweedy
The author, most recently, of ‘World Within a Song’

An Immense World the road. It’s nice, even when you’re bus moaned and wailed through the
By Ed Yong (2022) traveling with people you love, to be pitch-black French countryside and I

1
reminded that others have been cowered in my bunk, as yet unaf-
As a kid I had a beloved teddy exploring and drawing lessons from flicted, I thought about this book,
bear we kept in a glass jar (due this land for centuries. Steinbeck which chronicles Ernest Shackleton’s
to a dust allergy and possibly makes it both timely and timeless, attempted and ultimately disastrous
the universe’s eagerness to with lines like, “once a journey is journey to the South Pole beginning
introduce me to the joys of meta- designed, equipped, and put in in 1914. Remembering the depriva-
phor), so I’m no stranger to anthro- process, a new factor enters and tions and hopelessness of Shackleton
pomorphization. We’re predisposed takes over. A trip, a safari, an explo- and his crew’s experience, locked in
to think that other beings—human ration, is an entity, different from all ice for more than 13 months, gave
and nonhumans alike—are looking other journeys. It has personality, me comfort. Somehow, the entire
out with a perspective close to our temperament, individuality, unique- group survived. Oh, and Shackleton
JOHN BULMER/POPPERFOTO/GETTY IMAGES

own. Not so. It turns out that the ness. A journey is a person in itself; made it home, too.
sensory perceptions of other animals no two are alike. And all plans, safe-
are often wildly different from our guards, policing, and coercion are
own. For example, we learn in Ed fruitless. We find after years of Pilgrim at Tinker Creek
Yong’s “An Immense World” that the struggle that we do not take a trip; a By Annie Dillard (1974)

5
mantis shrimp possesses four times trip takes us. Tour masters, sched-
as many color receptors as humans, ules, reservations, brass-bound and More than any other book
yet ecologists think they only per- inevitable, dash themselves to I’ve ever read, “Pilgrim at
ceive 12 colors. Go figure. The point wreckage on the personality of the Tinker Creek” helps me
is: We barely understand the tiniest trip. Only when this is recognized VIA CHICAGO A rainbow over Route 66, October 1967. understand how to pay
sliver of what it’s like to be in some- can the blown-in-the glass bum relax attention, which I think is maybe the
one or something else’s, let’s say, and go along with it.” tains multitudes and man needs only something may be the only point most important skill or muscle I
shoes. We can understand a bit more pick one thing he likes and feast he’s ever really tried to make. have as an artist and a human.
if we try really hard and break out exclusively on a stream dedicated to Annie Dillard’s story is set in
the scientific equipment. But it will The Philosophy of Modern it. There’s twenty-four hours of Virginia’s Roanoke Valley, where she
always be important to remember Song blues, surf music, left-wing whining, Endurance spent all of a year exploring the nat-
that the majority of another being’s By Bob Dylan (2022) right-wing badgering, any stripe of By Alfred Mark Lansing (1959) ural world around her. She turns the

3 4
experience is theirs and theirs alone. belief imaginable. There are stories comings and goings of ants and bee-
The only thing I love as much as interesting as lemming suicides One time while my band tles into riveting poetry. Or, I guess I
as Bob Dylan’s music is Bob and totally true, like the fact that Wilco was on tour in Europe, should say, she reveals the riveting
Travels With Charley Dylan’s love of other people’s whale songs have inexplicably low- roughly half of our entire poetry of ants and beetles. It’s really
By John Steinbeck (1962) music. Whether it’s his ered in pitch 30 percent since the entourage was laid low by both—the beauty in “Tinker Creek”

2
“Theme Time Radio Hour” that aired sixties. But these stories are buried some horrifying truck-stop-begotten is the collaboration between Ms.
I’ve spent a good chunk of from 2006 to 2009, or “The Philoso- on animal documentary channels, foodborne illness. On a 20-hour bus Dillard and our world through the
my life traveling across the phy of Modern Song,” I always feel where they will probably never cap- ride. In the middle of the night. It creatures and landscapes she
U.S. in tour buses. John like I have a lot to gain from learn- ture the general public’s imagina- was pure carnage. There were peo- encountered that year. When I
Steinbeck’s account of driving ing what he thinks about songs. tion.” That’s definitely a heaping ple crawling on the bus floor, getting hike—but also every day, in any con-
from New York to California and Even when he’s being inscrutable, helping of “wait, what?” But reading sick in their bunks, and worse. It text—I aspire to her level of interest
back again with his dog Charley has which—let’s face it—happens a lot in Mr. Dylan’s words is always worth was like a Bosch painting except you in and care for her surroundings,
given me a sense of kinship while on this book. “Today, the medium con- the travail. After all, getting lost in could hear it and smell it. And as the both inanimate and living.
 .

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | C13

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

1. Lidiane Jones will
A. 2040 Cell Blocks Cell Blocks

become the new
B. 2055 Divide the grid
CEO of Bumble
C. 2070 into square or
Inc. What does
D. 2100 rectangular blocks, For previous
she run now? each containing weeks’ puzzles,
one digit only. and to discuss
6. Once worth $47 Every block must

A. Slack strategies with
billion, WeWork filed contain the number

B. Salesforce other solvers, go
for Chapter 11. Who of cells indicated by

C. Match Group to WSJ.com/
was its biggest investor? the digit inside it.

D. Etsy puzzles.

A. Blackstone
Killer Sudoku
2. Gov. Andy Beshear won
B. Cohen & Steers
re-election in Kentucky, beating
C. SoftBank Level 2 Suko
back a strong GOP challenge—
D. Vornado Realty
from whom?
7. Hollywood actors ended their

A. Daniel Jones
strike with a tentative agree-

B. Daniel Cameron
ment. How much did their union

C. James Cameron Killer Sudoku Level 3
say the pact is worth?

D. Cameron Mitchell As with standard

A. $100 million Sudoku, fill the
3. Eli Lilly’s drug Mounjaro was
B. $1 billion grid so that every
column, every row
approved for weight loss in the
C. $10 billion Guessing Game
and every 3x3 box
U.S. What will it be called for
D. $100 billion
contains the digits J A M P E A R S H A R S H M A S S E
that use? U S A A T T I C O WE T O I N C A S
1 to 9. Each set of
M T N N OM O R G U E Q U E S T I O N S
8. Miami was the site of an- cells joined by P R O T O N T E A R S D I E T S O D A

A. Condensify dotted lines must
other GOP presidential debate. S O F A R S E E M P I N G E T S Y

B. Satiate add up to the F R A T E R N I T Y R O G U E
Who wasn’t among the

C. Rybelsus target number in A P U MAW S N O MO E S T H E R
moderators? W I GWAM V I B E S C H I C K

D. Zepbound its top-left corner. A Q U A P A R S E R OM Y A R T O O

A. Lester Holt Within each set R U E S E R U P T S WO O D L O T
of cells joined by D E W B R O G U E C U L T U R E I V S
4. A $2 million coal mine in
B. Megyn Kelly O F A S O R T I N E E D A S N I T
Wyoming might contain a $37
C. Kristen Welker dotted lines, a digit
H I R E R M A T H E R D O C O G R E
billion treasure. What is it?
D. Hugh Hewitt cannot be repeated. U P D A T E T E A K U L S T E R
G A S T A X R I F T O G L E H O N
B O R D E R C O L L E A G U E

A. Uranium I R I S T O E D P A D S A S H E S
9. Per a recent study, what Suko

B. Lithium M O N A L I S A F E U D S S L E A Z E
sleep factor correlates with Place the numbers S U S P E C T F O U L P L A G U E G I N

C. Cobalt
significantly less premature 1 to 9 in the spaces A S T O N R E A R S E L L E S U N O

D. Rare earths D E A R S A N K L E S T O R E E E R
death? so that the number
in each circle is equal
5. A new Census Bureau projec-
A. Sleeping alone to the sum of the Acrostic
FROM TOP: JOSH EDELSON/AGENCE FRANCE-PRESSE/GETTY IMAGES; ISTOCK

tion says America’s population
B. Sleeping eight hours four surrounding Samuel Butler, “The Note-Books”—“Inspiration is
will start to shrink—by what a night never genuine if it is known as inspiration at the
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

spaces, and
year?
C. Consistent times in each color total time. True inspiration always steals on a person;
going to bed and is correct. its importance not being fully recognized for
waking up some time. Men of genius always escape their

D. A mattress own immediate belongings, and indeed generally
incline that raises their own age.”
head above feet
A. Safety zone; B. André Watts; C. Midshipman;
D. “Upon my word”; E. Easter egg; F. Loyalists;
G. Bill Irwin; H. “Urinetown”; I. Triangles;
J. Lie in wait; K. Eumenides; L. Rin Tin Tin;
M. Toscanini; N. “He Got Game”; O. Ernestine;
Answers are listed P. Naugahyde; Q. “Once again...”; R. Tip O’Neill;
below the crossword S. Esperanto; T. Baritones; U. Offensive;
solutions at right. V. Open range; W. Kissimmee; X. Soporific

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

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 48 Truffle hunter
20 21 22 49 Important age 1
50 “Stand” band
23 24 25
51 “Melancholia”
2
director von Trier
26 27 28
52 Textile worker
3
29 30 31 32 33

34 35 36 37 38 39 40
53 “Now it makes
sense!”
4
41 42 43 44 45 46 47 56 Basics 5
59 Shade
48 49 50 51 52 53
61 Tea brand 6
54 55 56 57 64 Ready for
58 59 60 61 62 harvesting 7
65 Sea of
63 64 65 66 67 68 Knowledge 8
69 70 71 72 73 74 75 76 77 setting

78 79 80 81 82 83 84
66 “The Wizard ___” 9
(long-running
85 86 87 88 comic strip) 10
67 Focus of a series
89 90 91 of 1979 Madison
Square Garden
11
92 93 94 95 96 97 98

99 100 101 102 103 104 105

concerts
68 Queens and
12
106 107 108 109 110 111 112 113 114
knights, e.g.
13
69 Not-so-tentative
115 116 117 taste
Twister | by Patrick Berry
118 119 120 70 Smidgen
71 Banister Answers fit into this grid in two 5 What sunscreen is applied Beethoven bagatelle
121 122 123 ways, Rows and Twists. Rows
support to (2 wds.) dedicatee
75 Fiver contain two answers clued in order;
Permutations | by Mike Shenk in Row 7, the black square is the
Game with a circular Montana Tech’s city
76 French article board Item seen in photos of
dividing point between answers.
Across 48 Acting career? 95 Transmitted 8 Surface for the 77 Peter, Paul and
Each set of Twist answers fills one 6 Blowhard Churchill
1 Perfume’s 52 “Out of Africa” 96 Canadian pump Senators Mary: Abbr.
of the grid’s long shaded or Bit of tomfoolery B Person who might check
dominant scent author choice 9 Hobbyist, e.g. 79 Walk-on part? unshaded paths, starting at one you out (2 wds.)
8 “Hold on!” 54 “You can’t make 99 Resort facility 10 Boring thing 81 Sports pointer corner and spiraling inward. The
7 Arcade sensation from
14 “Meet the Press” me!” 102 Seriously injure 11 Offensive 82 Rx stuff answers within each set are clued Russia Actresses Headey and Olin
host Kristen 55 When stadiums 103 Seine tributary comment 83 Minor quarrel in order, but you must determine Experience best forgotten Many a flower girl
are filled 12 Change your which set goes in which path. At
20 Alone, say 104 The Golden Bears 84 Arg. neighbor 8 Loosen, as a boot What a sharp mind is
57 Even of the NCAA story, maybe least two squares in each path
21 “Will you let me 86 Ancient “The Ten often compared to
try?” 58 Complete range 106 Statue from 13 Movie palaces must be skipped in order to make
88 Rutherford Commandments” director (2 wds.)
22 Word appearing 59 Glossary entry a depraved 14 Turkey dangler for whom the Twist answers fit. Skipped
17 times on a 60 Corona, e.g. sculptor? 15 First lady of the rutherfordium squares can appear in the middle of 9 Ancient capital of Egypt Made slow progress
Monopoly board 62 Many a le Carré 110 T-bone, e.g. 1940s and 1950s is named a Twist answer or between two More mawkish Carrying a weapon
23 Antarctic native character 115 Turn up 16 “Shazam!” star 90 Smart speaker Twist answers. The resulting
in charge of the from Apple empty square will be filled by the 10 “Life Itself” C Swap out
63 Kid who keeps 116 Litigant who Zachary
coffee? asking “May I? won’t drop the 93 Kitchen gadgets crossing Row. When the puzzle is autobiographer Inscriptions on
17 Prepared for
25 House of the May I? May I?”? suit? prayer 94 Frank McCourt complete, the letters in the skipped Item of footwear not Scandinavian stones
spirits? 69 Tentative taste 118 Weather map 18 Bills in Bilbao book squares will spell some nice words tailored to the human foot Civil War general
26 Conventioneer, line (reading left to right) and some (2 wds.)
72 Bestselling 19 Words with car 95 Comparative Doubleday
e.g. Canadian singer 119 Soccer stadium or cop words tiresome words (reading top to
chant bottom).
11 “I’m busy right now!” Romanov family member
27 Individual most of all time 24 Diminutive 97 Naturally bright
likely to talk back 73 Corp. money 120 Let off the hook Case sent to a with many impostors
28 Drain of strength 98 So-so range?
to the control minders 121 Banister specialist, e.g. Bowlful served with
tower? 31 Surfaces 99 Bilbao setting
74 Cockpit array supports Rows 12 Basic gist tortilla chips (2 wds.)
29 Lower in the 35 Get fit 100 Intrinsically
78 Pound sound 122 Ill-fated Like harebrained ideas
country 36 Mouthed off 101 Bolt 1 “Get bent!” speaker on Free tickets
80 Battleship in a 123 Speaker
30 Okla. or Dak., component 37 Fabric with gold 103 Name on “The Simpsons” 13 Professor plum? D Work as a mixologist
Sergei Eisenstein
before statehood fibers “Citizen Kane” Termini Profiteer outside a
movie Down posters
Plant used in Christmas
32 Like bucks, bulls 83 Vegas lock 38 Call at the plate 2 Extinguish, in a way stadium displays
1 “Dear Mama” 105 Shady place
and boars 39 Column with an
33 SFO scanners
85 Response to a rapper
107 General feeling Milano whose tweet Twists “The Constant Gardener”
knock 2 Pickup capacity, angle
34 They score a 40 Treat for winter 108 Afrobeat relaunched the “Me Too” A BBC children’s series author John (2 wds.)
87 Plucking, cutting, sometimes
point in cribbage packaging, etc.? birds musician Kuti movement featuring Po, Dipsy, Tinky Tony- and Oscar-winning
3 Like many a
37 Prom ride 89 Heisman Trophy miniature golf 42 Hosp. workers 109 City near Provo 3 Area that includes China, Winky and Laa-Laa actor José
38 Afternoon winner Tim hole 43 Profusion of 111 Hit the road Mongolia and Japan Warm and nurturing Enters without knocking
dramas, Tebow, e.g. 4 Air Jordan seller ploys 112 Get your ducks (2 wds.) Get cracking (2 wds.)
informally 90 Lamarr of 5 God with a pair 45 Goddess of in ___
Plant in the pepper family
Get the solutions to this week’s Journal Weekend Puzzles in next
s

41 Brief, say “Algiers” of raven fertility 113 Sticky mud

43 Memory 91 Peter of “9-1-1” messengers 46 Renegade, e.g. 114 “Picnic”
4 If there’s no other choice Saturday’s Wall Street Journal. Solve crosswords and acrostics
problems 92 Moves with 6 Look after 47 Tennis star playwright (3 wds.) online, get pointers on solving cryptic puzzles and discuss all of the
44 Board of inquiry? stealth 7 Advantage Murray 117 But, in Latin Bring joy to puzzles online at WSJ.com/Puzzles.
.
 OFF DUTY
.

The Cranberry The 145th

Variations ’90s-Inspired
Can a classic, Trend of 2023
seasonal recipe Warm, neutral,
be improved? We coffee-inspired
gave it a try. D6 makeup hues D3
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | D1

DOWNHILL
BATTLE

MAX-O-MATIC; GETTY IMAGES

The 100 Best Ski Resorts in the U.S. and Canada

What’s your ideal BY JEN ROSE SMITH AND TOM CORRIGAN time when you’d much rather be skiing. tious experts or regional loyalists in mind.
To help you cut to the chase, we pored over The winners showcase just how varied
winter escape?

F
Our team crunched
mountains of data to
get an authoritative
ranking, plus the
best for every skill
level, families, beer
fans and more.
OR AVID SKIERS, the first
crisp days cue the desire for a
snowy escape. The basic rec-
ipe: Take one mountain, add
fresh powder and serve with
a mug of hot cocoa. (Or beer;
individual daydreams may
vary.) But with countless resort towns to
choose from, where to start? It’s easy to disap-
pear down a rabbit hole of online reviews, rival
passes and dubious snowfall claims, wasting
mountains of metrics at hundreds of North
American resorts, from skiable acres and
snowfall to hot-tub density and the concentra-
tion of craft breweries. After setting parame-
ters to exclude resorts that are too small or
just not snowy enough, we used raw data from
weather and review aggregator OnTheSnow to
create three subcategories: snow, terrain and
après. We then combined those results with
data focused on categories of skiers to yield
even more tailored lists, with families, ambi-
North American skiing has become. Though a
famed Canadian megaresort snagged the top
spot in our overall ranking, there’s no one-
size-fits-all option. Our trail analysis points
beginners to a historic Colorado resort, while
East Coasters seeking prime conditions closer
to home might want to plot their path to the
New England peak that topped the sub-rank-
ing for snowfall. Read on and get planning.
 Head to D10 and D11 for the full results.

Inside

HER CUP RUNNETH OVER FOR GOD’S SAKE, FOCUS! THE CUTEST WAY TO TRAVEL SERIOUSLY?
Toni Tipton-Martin on cocktails from Choosing glasses is the most important Honda debuts a foldable, battery-powered Let us declare, as soberly as possible, that
vintage African American cookbooks D8 style decision. Don’t goof it up. D4 micro-scooter. Dan Neil says: Awww! D12 sophisticated décor can still be...fun! D9
 .

D2 | Saturday/Sunday, November 11 - 12, 2023 NY * *** THE WALL STREET JOURNAL.

STYLE & FASHION

© Verdura. All rights reserved.

Excessively GOOD
Dressed?
This classic 1970s men’s style guide
offers timeless layering tips—except
when it lurches into lunacy

BY DALE HRABI AND JAMIE WATERS

S
OME MEN aspire to style. Others aim
no higher than merely being clothed,
thus avoiding a chill, a demotion or
a short, vivid prison term on charges
of indecency. Sooner or later, style-
minded sorts grapple with the concept of “layer-
ing,” asking simple questions like, “Can one
wear a V-neck sweater over a V-neck T-shirt
and not appear sad and inept?” (No.)
For more complex questions such as, “Can
one wear 14 sweaters at once, plus a tie, a cra-
vat and a woolly beret without collapsing un-
der the weight?” dashing men of the 1970s
turned to “Dressing Right,” a now-cult book
by former GQ columnist Charles Hix.
CU R B - LI N K PEN DANT EA
EARCLI
RCLI PS This collectible style guide, first published
18k gold, $11,500 in 1978, offered tips on achieving a look
sometimes called “Heavy Duty Ivy.” In an un-
precedented way, this approach layered classic
74 5 F I F T H AV E N U E , 12 T H F LO O R preppy clothes with more formal elements and
212 . 7 5 8 . 33 8 8 • V E R D U R A .C O M outdoor gear. Much of the book’s wisdom still ap-
plies today: Daiki Suzuki, the designer behind the

Original gouache by Duke Fulco di Verdura
brand Engineered Garments, has credited it with
shaping his spring 2024 menswear collection. But
some of the book’s more ambitious outfits appear
bonkers in retrospect. Here, a few of its hits and
messy misses.
F. MARTIN RAMIN/THE WALL STREET JOURNAL; DRESSING RIGHT BY CHARLES HIX. COPYRIGHT (C) 1978 BY CHARLES HIX. REPRINTED BY PERMISSION OF ST. MARTIN’S PRESS, AN IMPRINT OF ST MARTIN’S PUBLISHING GROUP.
OPEN SEASON | This guy’s layering feels easy and unforced because
the pieces are left unbuttoned. Closing yourself up in sealed layers
adds Michelin-Man bulk. A belt-defined waist also averts an overly
swaddled look and an actually functional scarf—substantial, not wispy—
earns its place in the mix. Bed-head hair underlines the unfussiness.

DROOP DREAMS |
Cary Grant might
MAYBE have partially ap-
proved of this. He,
too, was known to
knot a silk scarf
beneath a sturdy
shirt collar (a
combo that’s enjoy-
ing a revival). But
throwing a saggy,

Exceptional gifts
mutant cowl-neck
turtleneck over it

for the chefs on your list.

undermines the
Grantian élan. A
neat, textured V-
neck sweater
might have looked
less…exhausted.

MERRY? SCARY |
What’s worse than HMM...
a festive Christ-
massy sweater?
BAD One festive Christ-
massy sweater ca-
sually draped over
another. Someone
get this man a
jacket! While the
‘BRIGHTS ENERGIZE’…PAINFULLY | The intended message top half here is af-
here? That you’ll earn points for introducing bold color into fected and stupid,
more subdued layering. The result, though, looks like the bottom is af-
Save on our full range of “Brideshead Revisited” as reconceived by Ronald McDonald. fected but cool.
award-winning cookware during While this master class in offensive dressing keeps its lay- Tucking nubby
ers open, too (see “Open Season,” above), the elements pants into chunky
our Give, Gather, Cook Event. don’t cohere. That red waistcoat seems to have countless striped knit socks
buttons. The yellow track pants sport a lumpy elasticized and boots conveys
hestanculinary.com waistband. And the effort required to attempt sex appeal in outdoorsy swagger
that flopsy hat has left the model desperately smirking. that feels timeless.

713 MADISON AVE, NEW YORK CITY


THE WALL STREET JOURNAL.
STYLE & FASHION
BRONZE ARTIST Hailey Bieber confidently poses in latte makeup in Paris in September.
Beauty’s New Brew
‘Latte makeup’ is percolating. How to get the ’90s-inspired look.
BY JAYME CYK
A
NYONE who
lived through
the 1990s (or
has watched
Apple TV+’s
docuseries “The Super
Models”) no doubt remem-
bers the decade’s taste for
brown makeup. To emulate
era-defining faces such as
model Linda Evangelista
and R&B star Brandy—both
particularly partial to mo-
cha-hue lips—women em-
braced earthy maquillage en
masse. Today, amid an am-
ber wave of ’90s-style nos-
talgia, makeup brands are re-
visiting such tones, but the
look du jour is an evolution,
not a reproduction.
Fans of “latte makeup,” as
it’s been dubbed, include ce-
FEDERICA DEL PROPOSTO (ILLUSTRATION); GETTY IMAGES (2)
lebrities such as models Hai-
ley Bieber and Lori Harvey,
and actress Shay Mitchell—
as well as legions of Gen-Z
TikTok users. The look kicks
the original ’90s trend up a
notch with added dimension
and luminosity. “Neutral
tones and monochromatic
shades are elevated and so-
phisticated,” said New York
makeup artist Delina Medhin
of fall’s coffeehouse palette.
* * * * NY
“Plus, latte makeup has Heed that advice when se-
a sexy vibe.” lecting a bronzer (like the
Begin brewing your latte Chanel cream formula below)
look with a healthy helping to warm up your canvas.
of moisturizer, advised Los For eyes that rival the
Angeles makeup artist Carola Starbucks siren’s, experiment
Gonzalez. Then, apply a with nude and brown shad-
dewy-finish foundation in ows (we like Fenty Beauty by
your go-to shade. From there, Rihanna’s Eyeshadow Stick)
you’ll want to add warm hues and smudge as needed to
that complement your color- avoid severe lines. “The ’90s
ing. Darker-skin individuals [version] is more harsh lines,
should seek out makeup with whereas modern latte
orange undertones, suggested makeup is glowy, blended
Gonzalez. “For medium skin and softened,” said Jessica
tones, I would use golds, and Dang, 42, a New York well-
for lighter skin tones, use ness entrepreneur who dis-
something more champagne.” covered the look on TikTok.
3
2
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CONCOCT YOUR LATTE LOOK
1. Matte Revolution Lipstick, $35, Char-
lotteTilbury.com 2. Fenty Beauty by Rihanna
Longwear Eyeshadow Stick, $25, Ulta.com
3. Bronzing Cream, $60, Chanel.com 4. Make
Up For Ever Artist Color Pencil, $22, Nord-
strom.com 5. Danessa Myricks Cream Pig-
ment, $20, Sephora.com 6. Bobbi Brown
1 Crushed Oil Infused Lip Gloss, $33, Ulta.com
.
Saturday/Sunday, November 11 - 12, 2023 | D3
THROWBACK LATTE Actress
and musician Brandy in her
signature brown lips in 1998.
For a seamless finish, don’t
be afraid to use the same
product, like Danessa
Myricks Colorfix Pigment, on
your eyes, lips and cheeks,
Medhin instructed.
That said, your latte
should never be one-note.
Don’t forget to bring addi-
tional dimensions to your
skin with colors other than
brown, Medhin said. “If you
look at an image of Hailey
Bieber, you can see she’s
wearing a little bit of pink on
the lips mixed with a brown-
Senator Excelence
Latte makeup comes Perpetual Calendar
amid an amber wave
of ’90s nostalgia.
ish tone. She still has pink on
the cheeks, too.” Adding in
pinks, peaches or purples
(whatever looks most natural
on your skin), especially when
it comes to blush and lips,
makes latte makeup appear
more natural, said Medhin.
She advocates combining
brown and pink lip pigments
and defining your pout with a
brown liner (like the Make Up
For Ever pencil, below). “If
you go too brown, it starts to
look heavy and dated,” SINCE 1946
warned Dang, especially if
you have a light complexion.
Los Angeles producer
Ilona Klaver, 37, also consid-
ers today’s latte makeup
more “elevated” than its ’90s
forebear—even if it still
achieves a moody result. “It
[makes you] feel done-up in
a neutral way, without look-
ing over the top,” she said. In
other words, without looking
overly caffeinated.
4
5
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D4 | Saturday/Sunday, November 11 - 12, 2023
BY JAMIE WATERS
F
OR THE PAST
six years a pair
of round, gold
glasses has
shown me the
world. But the lenses have
grown so scratched and
cloudy that it feels like I’m
peering through a fog. The
other morning, I tried to pay
for a coffee with my driver’s
license. Enough was enough.
I needed fresh frames, fast.
Still, I wasn’t about to
choose my replacements
willy-nilly. A style metamor-
phosis was at stake. Since
glasses so prominently guard
the windows to our souls,
they arguably define our
look and vibe more than any
other item. Skimp on sweat-
ers and sneakers if you must,
but don’t settle for ho-hum
‘What frames are
just different enough
to get compliments?’
frames. New specs “redefine
who you are,” said Julie
Ragolia, a fashion editor and
stylist based between Paris
and New York. “You have to
think about, ‘What will my
new face look like?’”
Ask yourself other search-
ing questions too: Do I want
my glasses to be a support-
ing act or a scene-stealer?
How big is too big? And if I
fall for a pair of fun, chunky
frames, am I legally bound to
attend gallery openings and
use words like “oeuvre”?
Cue weeks of traipsing to
optical stores across Man-
hattan—and quizzing their
resident experts—in search
of “the Ones.” I popped avia-
tors, cat-eyes and Stanley
Tucci’s go-to black Moscot
frames on my beak; ringed
my peepers with marble, calf
leather and titanium.
The number one lesson I
picked up? Ensure your
glasses fit you. No duh,
M Y S T Y L E I S M Y S I G N AT U R E
74 5 FI F TH AVEN U E , N EW YORK • 212 702 9040 • B ELPERRON .COM
Looking for the Ones
Glasses can define your style. But what makes a great, flattering pair of frames?
right? Wrong: So many peo-
ple’s frames are ill-fitting,
said Charlotte Jones, owner
of Charlotte Jones Opticians
in the Garment District.
The nose-bridge or pads
should sit properly on your
schnoz; the bent end of the
arm must hang on your ear.
Your eyes should be as close
as possible to centered in the
lens, said Erik Sacher, co-
founder of Soho’s Silver Lin-
ing Opticians. Slightly above
center is fine, he said. Frames
shouldn’t exceed the width of
your face to the degree that
STYLE & FASHION
people looking through your Though wire frames,
lenses can see “a lot of air” on women’s aviators and subtle
either side of your head, said men’s cat-eyes are especially
Sacher. Beware: Overly wide trendy now, said Sacher, few
glasses can make eyes appear styles are objectively uncool.
close together or crossed, said (Except for rectangular
George Lee, an optician and frames as squished as slits,
the store manager at Oliver which should be illegal.)
Peoples in Midtown. “Look at the whole pic-
Those with prescriptions ture,” said Marilyn Blumen-
stronger than about minus gold, a sales associate at
4 should take extra care to Moscot in the Lower East
avoid huge frames, said Side who tells me she’s been
Sacher, since their lenses selling specs “longer than you
will be thicker and (among have walked the earth.” Con-
other things) their faces can sider your facial features—
look distorted. but do so with a heap of salt.
Very broadly speaking, said
Adam Cassel, an optician and
the manager at Studio Optix
in Midtown, “If you have a
Pair
square-shaped face, we want
of
to soften that with rounder
C ouronne C uffs , E mErald
edges. If you have a rounder
face, round glasses would em-
phasize that, so we try to bal-
ance things with angles.
But I’m not going to say, ‘This
is your face shape, and that
means you can [only] wear
this shape.’” He suggests get-
and
ting two frames: a fun pair
and a safer everyday option.
22K Virgin g old , $222,000
Don’t fret too much about
eyebrows, as long as you
can’t spot a whole brow in-
side the lens—an unforgiv-
able sin, according to the
pros. Better to focus on your
eyes. To bring mine out, op-
ticians told me to try glasses
in similar colors to my irises.
I tried not to take offense
when they kept handing me
swamp-green frames. Look
for hues that offer “a nice
amount of contrast” against
your skin, said Cassel. Softer,
faded tones tend to comple-
ment paler skin, while
bolder, saturated hues shine
on darker complexions,
said Jones.
Soyoung Lee, chief curator
at the Harvard Art Museums
in Cambridge, Mass., went ul-
tra-bright with her frames—
lime-green cat-eyes by Alain
Mikli. “They have a bit of
funk,” said Lee, 52. “To me,
this color [projects] fun and a
sense of humor.” She’s yet to
tire of them after five years,
GLASSES DON’TS / THREE OF THE WORST MISTAKES PEOPLE MAKE
Way too big
The most-common of-
fender, according to several
pros: frames so wide that
they basically fall off your
face. This doesn’t look cool;
it makes your eyes look
close together.
* *** THE WALL STREET JOURNAL.
perhaps because the smallish
frame tempers the zesty hue.
Eugene Pierce, who works in
risk management at UBS in
New York, takes a sizable risk
with his glasses, favoring
Fanta-orange frames by Bel-
gian brand Theo Eyewear. The
55-year-old teams them with
Savile Row suits and Charvet
ties. “Life is too short to wear
boring glasses,” he said.
Other stylish folks choose
frames with subtler points of
distinction. Stewart Bean, 36,
a New York graphic designer,
appreciates the raw-looking
IN THE FRAMES The writer wearing the specs he bought.
Eyevan Glasses, $395, Silver Lining Opticians, 212-274-9191
matteness of his tortoiseshell
pair by Anne & Valentin,
while Nicole Fearon, 33, a
medical-office manager in
Austin, picked her gold
Warby Parkers for their
gently octagonal shape. “This
will probably sound vain,”
she said, “but I think about it
as: ‘What frames are just dif-
ferent enough for somebody
Too camouflaged
When a frame’s shade too
closely resembles your skin
tone, the effect can be limp,
said optician Adam Cassel.
Choose frames in a color
that offers “a nice amount
of contrast,” he added.
.
SPECS DRIVE A range of
attractive styles, clockwise
from top left: Eyevan Aviators,
$450, Silver Lining Opticians,
212-274-9191; Silver Aviators,
$599, Mykita.com; Black
Glasses, $320, Moscot.com;
Buffalo Horn Glasses, $950,
Jacques Marie Mage Black
Glasses, $725, Studio Optix,
212-765-4444; Clear Glasses,
$320, Moscot.com;
Tortoiseshell Glasses, $424,
OliverPeoples.com; Gray
Glasses, $659, Mykita.com;
Theo Eyewear Aviators, $630,
Studio Optix; Bruno
Chaussignand Gold Glasses,
$490, Silver Lining Opticians
to compliment them?’”
I’m with her. I can’t pull
off sherbet-colored glasses,
but I want compliments. So I
sought out designs in just-
left-of-center shapes and
shades, finding a sweet spot
in the $300-$600 category. I
zeroed in on frames in grays,
greens and honeys, or with
contrasting arms and bridges,
and contemplated getting
gradient-tinted lenses, like
the stylist Ragolia does.
Blumengold told me to
seek input from one, and
only one, person I trust
when making a decision. Any
extra voices muddy things.
(And when sending that
trusted person references,
ask the salesperson to snap
a pic. Never take selfies—
they magnify glasses, making
you appear bug-eyed.)
I duly installed my part-
ner as the Simon Cowell for
my glasses’ auditions. He
wasted no time in making
pronouncements. According
to him, in various frames, I
resembled: a “serial killer”
(silver aviators); a “big bug”
(thick green frames); and, in
a wide pair with a ramrod-
straight line across the tops
of the lenses and nose, a
“car dashboard.”
Then I found what I’d been
looking for. This pair, a $395
acetate design by Japanese
brand Eyevan, calmly assert
their presence with a semi-
chunky, angular form, yet
F. MARTIN RAMIN/THE WALL STREET JOURNAL (2); GROOMING BY ROY LIU
won’t loudly announce them-
selves when I enter a room.
When I tried them on, my
partner, taking his new role
to heart, declared, “You’re a
posh Englishman in a board-
room—by a fireplace.” Re-
ally, though, I felt like my-
self. Only sharper. In these
smoky gray frames, my
swampy eyes sing.
Teeny tiny
“People buy glasses where
the bridge is way too narrow
for their [nose],” said Silver
Lining Opticians co-founder
Jordan Silver. Also bad:
When petite frames’ arms
don’t hook around the ears.
MARCOS CHIN
 .

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | D5

FOR EVENT INFORMATION, VISIT F1LASVEGASGP.COM

 .

D6 | Saturday/Sunday, November 11 - 12, 2023 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

Cranberry Cut butter into sit 5 minutes at
Sauce Galette about 15 pieces, room tempera-
Active Time 1 add and pulse ture on a large
hour Total Time 20 times. Com- sheet of parch-
51/2 hours (in- bine vinegar and ment. Place a
cludes chilling) water. Add 1/4 cup second large
Serves 6 of this mixture sheet of parch-
to dough and ment on top of
22/3 cups (340 pulse 7 times. dough. With a
grams) all- Add remaining rolling pin, roll
purpose flour liquid and pulse dough into a cir-
1 tablespoon 7 times. cle 1/4 inch thick.
granulated 3. Transfer dough 7. Slide dough
sugar to a work surface circle on its
1/
4 teaspoon fine and gather into parchment onto
sea salt a ball. Halve a baking sheet.
1 cup plus 2 dough equally Strain and discard
tablespoons and roll each half excess liquid from
F. MARTIN RAMIN/THE WALL STREET JOURNAL, FOOD STYLING BY KIM RAMIN; ISTOCK (CRANBERRIES, CRÈME FRAÎCHE)

(255 grams) into a ball. cranberry sauce.

cold unsalted 4. Wrap one ball Fill dough circle
butter in plastic wrap, with cranberry
1 tablespoon then aluminum sauce, leaving a
apple cider foil, and place in a 11/2 inch border all
vinegar sealable freezer around. Fold bor-
1/
2 cup ice water bag. Transfer to der up and over
2 cups Port freezer. (Dough sauce and lightly
cranberry will keep 10 press folds to-
sauce (recipe weeks in freezer. gether. Refriger-
below) Thaw overnight ate 30 minutes.
1 egg in refrigerator Meanwhile, pre-
2 teaspoons before using.) heat oven to
whole milk 5. Place second 425 degrees.
1 tablespoon dough ball on a 8. In a small bowl,
turbinado or sheet of parch- whisk together
raw sugar ment. With the egg and milk.
1/
2 cup crème heel of your hand, Brush galette bor-
fraiche press dough into ders with egg
1 cup heavy a small circle. wash. Sprinkle
cream Wrap in plastic with turbinado
HAVE IT YOUR WAY A delicious Port and refrigerate at sugar. Bake until
cranberry sauce not only suits the 1. Place metal least 3 hours and crust is golden, 50
ceremonial bird; it also provides an blade of a food up to 48. minutes. Serve
easy filling for a festive galette. processor in 6. Remove dough warm or at room
freezer for 20 from refrigerator, temperature.

Yes, You Cranberry

minutes. unwrap and let 9. Use a stand
2. With chilled mixer or electric
blade in place, in beaters to whip
food processor, creams together
combine flour, until billowy. Pass
sugar and salt. crème Chantilly
Go ahead and have a little fun with the classic Thanksgiving sauce. The effortless recipe Pulse to integrate. at the table.
lends itself to reinvention. And while you’re at it, why not get a dessert out of it, too?

BY ALEKSANDRA CRAPANZANO constant. When a recipe sim- sugar and orange zest, and so ritual and the taste-memories Unfortunately, cranberry with all the warming spices

M
ORE than
perhaps any
other meal
of the year,
Thanksgiv-
ing dinner remains—for many
of us, at least—pretty much a
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cade or so. My cranberry I never make it any other day
sauce is one such recipe. of the year, even though I
I’ve made the same one for crave it routinely. It’s not
at least a dozen years. It’s as about depriving myself or my
simple as cranberries, Port, family; it’s about nurturing
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inherent in it. sauce doesn’t freeze well, as we associate with autumn and
This fall, though, I ended the texture disintegrates. its holidays. Orange juice and
up with a 5-pound bag of deli- How much to make, then? zest keep it lively, and vanilla
cious frozen cranberries from As a rule of thumb, 24 ounces and brown sugar round it off
Fresh Meadows Farm in of berries will feed a dozen in a gentle balancing act. It’s
southeastern Massachusetts— guests. But why not make 2 the most kid-friendly of the
far more than I need for pounds and have leftovers for three recipes included here,
Thanksgiving. So I decided to turkey sandwiches? Or, make and an easy one to replicate
experiment, which is easy to your go-to sauce plus an excit- over the winter months when
do because cranberry sauce is ing experiment. Follow the ba- dinner is roast chicken or
more technique than recipe. sic method laid out here and lunchbox turkey sandwiches
Here’s what you need to know: it’s a low-risk proposition. need a little cheerful color.
For starters, fresh and fro-
zen cranberries work equally
When I tried mixing the
arils from a pomegranate into
If you make my Port cran-
berry sauce, consider dou-
well. What matters is the a bowl of cranberry sauce, bling the recipe to extend to a
source. Choose cranberries
free of pesticides, and always
those ruby-colored seed pods
bestowed a welcome juicy
winter Pavlova or an Eton
mess of meringue and
rinse them in abundant water, freshness and a slightly tart whipped cream. Cranberry
then pick through and discard bite to offset the sweetness in sauce makes a sensational
any that are tight and shriv- the sauce. The arils do not stand-in for the more-typical
eled or have burst. If I find a
very pale one, I’ll toss it, as it
likely isn’t ripe. Cranberry sauce is more of a
Next, place the cranberries
in a saucepan. They should technique than a recipe. Here’s
come up the sides about a what you need to know.
third of the way. You then
want to cover the berries
with whatever liquid you are
using, whether cider, wine or cook well, so they must be summer strawberries.
juice. They should be just added cool, raw and last-min- If I have leftover pie dough
submerged rather than ute, once the cranberry sauce too, I’ll make a galette a day
drowning. Now add your has come to room tempera- or two after Thanksgiving—
choice of sugar—white, brown ture or been chilled. Firm, though you can certainly
or raw all work well, as does cool arils wake up the palate, serve yours the day of. The
honey—and flavorings, such particularly pleasing when the sauce makes a wonderful fill-
as spices, citrus zest or roots rest of the meal is warm and ing, and the free-form nature
like ginger or turmeric. rich. A dash of pomegranate of a galette lets you use as
Bring the mixture to a sim- molasses, meanwhile, can be much or as little dough as you
mer and continue to cook for added while the sauce cooks, have. For best results, scoop
approximately 20 minutes. for a slightly bittersweet com- vanilla ice cream directly onto
The cranberries will pop and plexity. A touch of rose water a galette warm from the oven,
burst, and the sauce will or a sprinkle of fresh or dried creating rivers of swirling va-
thicken and glisten. Remove
from heat and let the sauce
rose petals will add a pretty
floral dimension.
nilla in the jewel-red sauce
and a slice of pure comfort.
come fully to room tempera- Pastry chef Toni Weiburg
ture before storing it in a of Union Square Café in Man-  Find two more smart twists
glass jar in the refrigerator hattan makes a crowd-pleas- on the classic cranberry sauce
until needed, up to one week. ing cranberry sauce charged recipe at WSJ.com/Food.
Port Cranberry Sauce
Total Time 25 minutes
Serves 10
2 pounds fresh
cranberries, rinsed
and picked over
1 (750 ml) bottle ruby Port
13/4 cups sugar
Zest of 1 orange (optional)
1. In a heavy bottomed
saucepan over medium
heat, combine all ingredi-
ents and bring to a boil.
When cranberries pop and
start to burst, reduce heat
and simmer until sauce
has thickened and reached
the consistency you like,
15-20 minutes. Let cool to
room temperature.
2. Serve immediately or re-
frigerate up to 1 week.
Bring back to room tem-
perature before serving.
 .

THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, November 11 - 12, 2023 | D7

 .

D8 | Saturday/Sunday, November 11 - 12, 2023 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

AT MY BAR

Toni Tipton-
Martin
The award-winning author serves her festive
drinks with a chaser of scintillating storytelling

BY KARA NEWMAN

I
AM A JOURNALIST first and foremost,” said Toni Tipton-Martin.
The editor in chief of Cook’s Country magazine, Tipton-Martin is also
a leading authority on African American foodways and the author of
award-winning books on the topic. Her latest, “Juke Joints, Jazz
Clubs, and Juice: Cocktails from Two Centuries of African American
Cookbooks” (Nov. 14, Clarkson Potter) focuses on the potable, bringing to
light a fascinating history in recipes from Black bartenders and cooks.
To immerse herself in the world of cocktails, this inveterate re-
searcher relied on two “next-generation barmasters”: her son Brandon,
who trained at several bars and restaurants, and Tiffanie Barriere, aka
the Drinking Coach, a well-known bartender, educator and consultant.
“My plan is to publish a series of single-subject books that highlights the

ARTURO OLMOS FOR THE WALL STREET JOURNAL

various work of cooks in the African American community,” Tipton-Mar-
tin said. Next up: a volume of desserts. In the lead-up to the hectic holi-
day-entertaining season, she made time to welcome us into her Houston
home for a Claret Cup cocktail and a chat at the bar.

The bar tool I can’t live without is: My refrigerator is always stocked
a muddler. It’s theatrical. I can get with: lemons and limes. A
out my fruits and spirits and talk to squeeze of citrus really
people while I’m muddling. It’s a balances out a cocktail.
very social instrument. There’s a It provides another
section in the book about the West dimension, the way a
African tradition of macerating cit- pinch of salt can HER NAME IS MUDDLE Toni Tipton-Martin at home in Houston. Right, from top: Claret Cup in
rus fruit. The ancestors were mud- draw out something process; a stein from Germany; citrus, the great cocktail balancer. Inset: treasured references.
dling, drawing out the aromatics new in dishes.
from the skin and the rinds, or pul- the Atlantic slave about it before I pour you a drink in it: not Noir. A Martini—I like someone
verizing the whole thing. Now it’s My bar is always trade. This Brazilian my grandmother’s stemware, special else to mix it, and I ask for it dry. Be-
part of the historical story I get to stocked with: red wine, style provides another gifts of cut crystal, beer steins my fa- fore creating the book I found it
tell while I’m making the drinks. bubbles and whiskey. When I conversation piece. ther brought home from Germany hard to order drinks out. I was still
was president of the Southern Food- when my brother was stationed learning. Now that it’s completed,
The cocktail books I turn to again ways Alliance, friends there taught On weekends, I typically mix: fruit- there. I went through a phase of col- I’m eager to see how my interpreta-
and again are: “The Ideal Bartender” me to be a bourbon connoisseur. based drinks, anything I can muddle. I lecting Depression-era glass, too. My tions compare to others.
by Tom Bullock, published in 1917, and don’t typically drink on weeknights. grandmother had a whiskey decanter
“Julian’s Recipes” by Julian Anderson, The most underrated ingredient is: It’s important to talk about modera- in the shape of Popeye. His pipe is A drink I love is: a Paloma, because
published in 1919. They help us under- cachaça, a Brazilian rum. I actually tion here. There’s a misrepresentation broken after all these years, but he’s grapefruit juice is not overly sweet.
stand these authors’ fluency in cock- wouldn’t say underrated; I’d say up- of African Americans as drunkards. In hanging in there. If a bartender is mixing it with gin-
tail making, and the way they made and-coming. Other rums are made the book we included a section on ger ale, I’ll ask for club soda or selt-
these drinks their own. I like to stay from molasses, a byproduct of sugar- zero-proof drinks to make sure people The best feature of my home zer instead, because I don’t want all
very close to them in my creativity. If I cane processing; cachaça is made know you can celebrate with modera- drink-mixing setup is: the old-fash- that sugar.
need some modern help, then I take a from fresh-pressed juice. It has a tion, or without alcohol at all. ioned wet bar. We renovated it with
peek at what [rapper] T-Pain has said unique flavor that pairs with liqueurs a new backsplash but kept the origi- A drink trend I am over is: hibiscus
in the book “Can I Mix You a Drink?” you can float on top of your daiquiri. The first thing people notice about nal sink and faucet. tea. It’s a very popular beverage that
(2021). I get to see how the next gen- Talking about rum and African Ameri- my home bar is: the vintage glass- appears on a lot of menus in cocktail
eration is interpreting ancestral ways. can history is painful, as it relates to ware. I will be telling you stories The worst feature is: also the wet form, particularly around the June-
bar, for some people. They might teenth holiday. I’ve certainly been a
think I should modernize the old fix- participant in that trend. But I’m
Claret Cup well here, too. Cham- 1 ounce (2 tablespoons) syrup. Let fruit macerate, tures and the sink. But the fact that more excited by the new ideas peo-
Cups are wine-forward pagne and plenty of fruit Abricotine or apricot 30 minutes. I can have a little corner of my ple are coming up with for celebrat-
drinks often served in a make it festive. “Served in brandy 2. Add Abricotine, Cura- house dedicated to mixology, and ing Juneteenth with the customary
pitcher or punch bowl. In- small tea cups, this cock- 2 ounces (1/4 cup) çao and claret, and stir for the storytelling I can do there, red drinks. We’ve all leaned on hibis-
spired by recipes in “The tail is good as a prelude Curaçao 1 minute. Cover and re- makes me happy. It doesn’t matter cus because it was there, and it had
Federation Cook Book” to Thanksgiving dinner,” 2 (750 ml) bottles claret frigerate for 3 hours. if it’s overly fancy. the historical connection [to West
(1910) and “The American Tipton-Martin advised. of choice 3. Strain mixture through Africa]. But now I’m seeing more
Waiter” (1914), this cup Active Time 15 minutes 2 (750 ml) bottles a fine-mesh sieve, press- When I entertain, I like to: have a reclamation of watermelon; I’m see-
starts with claret, aka a Total Time 3 3/4 hours (in- Champagne or other ing on pulp with a spoon make-your-own cocktail bar. I might ing berry drinks. Cups and punches
red-wine blend; Cabernet cludes macerating and sparkling white wine to extract fruit juice. Pour have a station with different fruits are starting to emerge as people are
Sauvignon or Merlot work chilling) Serves 30 2 cups sparkling water into a punch bowl along and syrups, and encourage people to talking about the ancestral mixolo-
1 large block of ice with Champagne and adapt a drink according to their taste. gists more. I’m excited about where
1 tablespoon granulated 1 grapefruit, thinly sliced sparkling water. Stir Adapting isn’t appropriation unless red drinks are headed.
sugar into half-moons gently. Add ice block and you’re benefiting financially from my
2 tablespoons warm garnish with grapefruit intellectual property. If we’re sharing Another obsession of mine apart
water 1. In a large bowl, com- slices. To serve, ladle into ingredients and recipes and methods, from drinks is: baking. I love to bake.
3 oranges, sliced bine sugar and warm wa- Champagne flutes, punch that’s just normal recipe exchange. I I bake when I’m happy, I bake when
2 lemons, sliced ter, stirring until sugar cups or tea cups. like to have that discussion—where I I’m sad. I bake when I’m distracted
1 pineapple, dissolves. Add orange, —Adapted from ‘Juke got this recipe, how I changed it, how and am supposed to be writing. It’s
peeled, cored, lemon and pineapple Joints, Jazz Clubs, and you can change it. my number-one procrastination tech-
and sliced slices, and stir to thor- Juice’ by Toni Tipton- nique when I’m on deadline.
into rings oughly coat fruit with Martin (Clarkson Potter) When I’m traveling, I tend to drink: —Adapted from an interview
the same things I drink at home. Pi- by Kara Newman

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

Fall Chicory-and-Herb Salad With Warm Goat-Cheese Toasts

EMMA FISHMAN FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY STEPHANIE DE LUCA; MICHAEL HOEWELER (PORTRAIT)

“IT CLICKED right away,” said Juan Cassal- we head into peak chicory season.
ett of this salad, the first Slow Food Fast “It’s best with a mix of frisée and radic-
recipe from him and his wife, Jill Mathias. chio,” Mathias said of the chicory part of the
Simple as the recipe may be, the devel- equation. “The frisée is a bit sweet and ra-
opment process was anything but. In prep- dicchio is bitter.” Sliced radishes and soft
aration for opening Chez Nous in Charles- herbs provide texture and fragrance. The
The Chefs ton, S.C., Mathias, the executive chef, and mustard dressing imparts an edge.
Juan Cassalett and Cassalett, her right-hand at the time, de- The warm goat-cheese toasts make this
Jill Mathias veloped some 1,200 dishes. “It was nerve- salad a meal. To ensure a nice crunch,
racking!” Mathias confessed, but ulti- toast your sourdough slices before cover-
Their Restaurants mately worth it. Over a decade later, this ing them with thick rounds of chèvre.
Chez Nous and combination of chicories, herbs and warm Then bake them until the cheese goes
Malagón, in goat-cheese toasts still features frequently oozy, with a touch of browning. A final
Charleston, S.C. on the daily changing menu at Chez drizzle of honey is optional but highly rec-
Nous—particularly at this time of year, as ommended. —Kitty Greenwald
What They're
Known For Intimate
restaurants serving Total Time 20 minutes 3 tablespoons minced oil, whisking until emulsified.
appealingly rustic, Serves 4 chives, mint, tarragon Season with salt to taste.
considered classics. and/or parsley 3. Place goat-cheese rounds
Nailing the timeless 3 tablespoons olive oil, plus 3 radishes, thinly sliced on toasted bread slices,
flavors of France, more for drizzling 1 tablespoon honey, to evenly covering each slice.
Italy and Spain. 4 (1/2 -inch-thick) slices garnish (optional) Return baking sheet to oven’s
sourdough bread top rack and bake until
1 tablespoon red wine 1. Preheat oven to 450 de- cheese browns in spots and
vinegar grees. Drizzle some olive oil melts slightly, 8-10 minutes.
1/
2 teaspoon Dijon mustard over the sourdough, lightly 4. In a large bowl, toss radic-
Salt and freshly ground coating both sides, and ar- chio and/or frisée with herbs
black pepper range slices on a baking and radishes. Season with
10 ounces fresh goat sheet. Toast on oven’s top salt and pepper. Toss in
cheese, cut into 1/2 -inch- rack until golden and crisp, enough dressing to lightly
thick rounds about 10 minutes. coat. Halve toasts and season
2 heads radicchio or 1 head 2. Make the dressing: In a with black pepper. Serve
frisée, or a combination small bowl, whisk together warm toasts alongside salad.
3 tablespoons minced vinegar and mustard. Slowly Drizzle honey, if using, over LEAF SKILLS This salad will accommodate most any variety of
fresh dill drizzle in 3 tablespoons olive toasts and salad. chicory, though radicchio and frisée balance each other especially well.
 .

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2023 | D9

DESIGN & DECORATING

A (RELATIVELY) QUIET PLACE
In the living room, a neutral KNOW WHEN TO HOLD ’EM
backdrop balances out bolder To provide breathing
furnishings that weave in hues room in the central
from surrounding rooms. living area of a colorful,
1935 San Diego home,
Mill Valley, Calif.-based
interior designer Corine
Maggio leaned on
neutral elements. These
include a geometric cof-
fee table fashioned from
stained banana bark,
a tufted deep-green
leather sofa and nubby,
cream bouclé armchairs.
“It’s a quiet respite
from the other more en-
ergized spaces,” the de-
signer explained. Which
isn’t to say that she en-
tirely banished brighter
colors. To make the
space cohere with the
rest of the home, she
used artwork and
candy-hued accessories
to bring in the brave
LAURA RESEN, STYLED BY YEDDA MORRISON

hues found in other

rooms. A playful bench
that spells out “amore”
in lipstick red strikes a
particularly droll, sculp-
tural note. “It’s a total
statement,” Maggio
said—without taking
up too much visual
real estate.

Playing
MAKE HISTORY DELIGHT IN DETAILS
In the primary suite, the Even in a home with big spirit, small details can have surpris-
clients’ request for a “cave- ing impact. Consider the delicate floral wallpaper from Paris-

House
like” bedchamber gave
Maggio license to embrace
cocooning color. Anchoring
the bunker: a scalloped
bed upholstered top-to-
bottom in a vintage-look
botanical print from U.K.
brand Clarke & Clarke. It
How to achieve décor that’s not echoes the palette down-
self-serious but doesn’t feel stairs while amping up Old
World drama. Above, an
clownish? See this colorful enveloping swath of imita-
Spanish Revival in San Diego. tion tin-tile wallpaper dis-
covered at Home Depot
crawls down the walls—
BY KATHRYN O'SHEA-EVANS and affordably evokes
based company Antoinette Poisson that Maggio’s client se-
lected to line the jewel-box interior of the primary bath’s WC.
“It’s so beautiful,” the designer said. “And the colors work well
with the adjoining bedroom, so it was really serendipitous.”
Outside, in a capacious walk-in shower, planes of classic hex
tile rendered in sleek emerald zellige and soft white and black
marble continue the hues without adding busyness. Nearby, a
basket-weave light fixture commissioned from Maison Sarah
Lavoine, a French company the homeowner adores, strikes a
note of off-kilter charm. Said Maggio: “That was just a way
to add something more fun.”

I
the layered look of an
N SAN DIEGO, sunshine infuses old European apartment,
homes so often—some 266 days a says Maggio, especially
year, on average—that aggressively after it was painted a
colorful interiors can easily come off glossy bronze.
as garish. What if you yearn for a fun,
vivid look, but don’t want to live in the
Mickey Mouse Clubhouse? That was the di-
lemma facing a family that recently hired Mill
Valley, Calif., designer Corine Maggio to re-
vamp their 1935 Spanish Revival house in the
city’s Point Loma neighborhood. Above all,
the clients—an active couple with two high-
school and college-age boys—craved a space
that felt bold and hopeful, without a whiff of
fussiness. “Aesthetically, they really wanted
something happy,” Maggio explained.
Adding to the challenge was an open-plan
layout in which the living areas bled into
each another—making a disciplined ap-
proach to hue a must. To create colorful
zones that played well together but never
veered into “elementary school” vibes, Mag-
gio took cues from European interiors that
feature gutsy but slightly muted Old World
hues. Happily, the mother of the family, who
spends a lot of time in France, had tucked
stacks of relevant reference materials into
Maggio’s inspiration files. “The colors she
was drawn to all had a relative softness to
them,” Maggio said.
The designer created another through-line
by repeating the same hues—mostly shades ANCHOR WITH ORGANICS
of indigo, brick and ochre—so they ebb and In the den, where the family’s sons play videogames with pals, “tex-
flow throughout the space. For instance, the ture, texture, texture” served as the unifying theme. “The clients re-
exact same blue-banded custom draperies ally wanted this to be a place where everyone would want to hang
make appearances in the office, sitting room out, so it had to be ultra cozy,” Maggio explained. A bulbous orange
and den, which unifies the spaces subtly suede sofa might seem like a risky move, but the designer says its
without being boringly monotonous. “It ties earthy undertones keep the look from skewing clownish. The other
the rooms together,” said Maggio. “But their grounding elements: a pair of amoeboid braided abaca tables and a
personalities are still so distinct.” delicate pendant light fashioned from brass, fabric and rattan. On
Here, the designer shares a look at the the ceiling, a canopy of palm-leaf wallpaper weaves in whimsy while
finished space, plus more strategies for cre- making the space—already softened by a stain-resistant faux sheep-
ating chic, kaleidoscopic rooms even grown- skin rug—even snugglier. While adventurous, the palette feels “rela-
ups can love. tively neutral” because the colors are rooted in nature, Maggio said.

SEEK EQUILIBRIUM
At nearly 400 square
feet, the scale of the
family’s kitchen could
easily overwhelm if
too much color landed
there. Maggio kept it
Sublime...
feeling bright but bal-
anced by confining
emphatic color to one Luxury Barge
element: a clutter-
concealing wall of
Cruises
powder-blue Shaker
cabinets behind a
white quartz island.
Nearby, a simple back-
splash of white zellige
tile brings the volume
down. A terrazzo floor
rendered in shades of
sand and seashells
adds playfulness
while an upholstered P.O. Box 2195, Duxbury, MA 02331
banquette and curli- 800-222-1236 781-934-2454
cue bistro chairs layer www.fcwl.com
on softness and Euro-
pean charm.

D10 | Saturday/Sunday, November 11 - 12, 2023
#1
MITCH WINTON (WHISTLER BLACKCOMB)
HOT WAX Après-ski entertainment at Whistler Blackcomb in British Columbia includes daredevil athletes somersaulting through flaming hoops.
Medal-Worthy
Mountains
#1 BEST OVERALL
Whistler Blackcomb, British Columbia
Sprawling across 8,171 skiable acres, the
more than 200 marked runs at North Amer-
ica’s biggest resort offer wraparound views
of the jagged summits of British Columbia’s
Fitzsimmons Range. Throw in annual snow-
fall you could lose a giraffe in, nearly a mile
of vertical drop and some of the best après
in the biz, and it’s no surprise that dual-
mountain Whistler Blackcomb Resort snags
the top spot in our ranking. Choose-your-
own-adventure terrain serves every level.
Even tentative skiers can savor time above
the tree line on Whistler’s scenic Burnt Stew
Trail. Expert terrain ranges from 16 alpine
bowls to steep chutes with iconic status;
short, uphill hikes earn powdery descents
on Shale Slope, Whistler Bowl and West
Cirque. Those looking to up their technique
can book private lessons with Olympic ath-
letes, including Whistler local and gold med-
alist Ashleigh McIvor. Sundays bring spec-
tacular (and free) performances featuring
Factor in annual snowfall you could lose a giraffe in, nearly a mile
of vertical drop and some of the best après in the biz, and it’s no
surprise that Whistler Blackcomb snags the top spot.
pyrotechnics, music and world-class athletes
soaring through giant flaming hoops.
Walk-up day pass $157-$218 (C$215–299);
84 miles to Vancouver International Airport
#16 BEST FOR FAMILIES
Deer Valley Resort, Utah
For families with generous budgets, this
ritzy skier-only resort edges out the compe-
tition with versatile terrain split equitably
across difficulty levels, meaning you can
carve up double-black glades while your
#2
Palisades Tahoe not only came in as the runner-up overall, but is the best in the U.S..
ADVENTURE & TRAVEL
newbie partner runs bunny-slope laps with
the kids. Luxury confers undeniable perks:
The mountain has a rep for top-notch
grooming, and daily caps on skier numbers
have kept slopes uncrowded compared to
nearby hills, even before a planned expan-
sion that will more than double the resort’s
skiable terrain, with 110 new runs due as
soon as the 2025–2026 season. Seeking a
few moments away from family? Deer Valley
scores high on our après-ski ranking, too:
Park kids with the on-mountain childcare
and find adults-only respite (and craft cock-
tails) at vintage-themed Royal Street Bar.
Walk-up day pass $289; 39 miles to Salt
Lake City International Airport
#37
BEST ON THE EAST COAST
Jay Peak Resort, Vt.
None of the eastern resorts cracked our top
10—or even the top 30. Their numbers just
can’t compete. But by wringing a lion’s
share of precipitation from passing weather
systems, border-hugging Jay Peak secures
best-in-the-east status. Though the remote
resort lacks the animated atmosphere of
Vermont resorts like Stowe and Killington,
Jay’s thrilling terrain courts true aficiona-
dos. No over-grooming here: Despite a com-
pact, 385-skiable-acre footprint, snow-trap-
ping tree runs offer a sense of discovery.
(Magnificent, at-your-own-risk backcountry
expands the scope considerably.) Intermedi-
ate skiers will find plenty to explore as
well, including upper-mountain blue runs
with views across the Green Mountains.
Visitors can savor a cultural immersion as
twangy Québécois accents abound on days
when Canadians outnumber Americans.
Attache ta tuque.
Walk-up day pass $109–129, with at-par
pricing for Canadians; 66 miles to Patrick
Leahy Burlington International Airport
* ***
#16
Kid-friendly terrain at Deer Valley Resort.
#2 BEST ON THE WEST COAST
Palisades Tahoe Ski Resort, Calif.
Sierra Nevada snowfall blankets the all-you-
can-ski buffet that is Palisades Tahoe, whose
6,000 skiable acres of steep runs, mellow
glades and chill groomers are the best on
the U.S. West Coast. Expansive options
mean experts can swoop treeless bowls be-
fore dropping into the pines, while begin-
ners can play safely in areas designated for
first timers. Contributing to that diversity:
the 2011 addition of Alpine Meadows to the
original Olympic Valley area where the 1960
Winter Games were held. A 2.4-mile, base-
to-base gondola finally connected them last
season, making it easier to ski the two areas
in one day. Connoisseurs of the buttery-
smooth late-season conditions known as
“corn snow” revere Palisades Tahoe as one
of the best places for spring skiing. The lifts
generally keep whirring well into May, when
pond-skimming events—in which skiers and
snowboarders attempt to plane across a
body of water—draw crowds.
Walk-up day pass $199–279; 49 miles to
Reno-Tahoe International Airport
#8 BEST FOR BEGINNERS
Winter Park Resort, Colo.
Newbies often fear they’ll blunder into a har-
rowing descent that offers no safe escape. This
resort’s abundance of easygoing terrain helps
relieve those anxieties. Nearly a quarter of the
runs at Colorado’s oldest continually operat-
ing resort are designated for beginners. A ski
and ride school in the resort’s Winter Park
Territory (the mountain is sectioned into
seven named zones called “territories”) offers
packages for first timers that bundle rentals,
lift tickets and half-day classes. Parents might
appreciate that the school equips young stu-
dents with GPS devices, which makes it easier
for instructors to keep track of them and lets
parents play-by-play each turn together with
their kids while sharing cocoa and marshmal-
lows after a day on the slopes.
Walk-up day pass $69–259; 87 miles to Den-
ver International Airport
#11 BEST FOR
INTERMEDIATE SKIERS
Heavenly Ski Resort, Calif./Nev.
Not too easy, not too difficult: This South
Lake Tahoe ski resort is the Goldilocks solu-
tion for skiers seeking just-right difficulty
levels in the Sierra Nevada. Intermediate
trails account for the majority of runs
across 4,800 skiable acres, and skiers look-
ing to challenge themselves will find glades
with plenty of room to plant turns between
pines, hemlocks and firs. The high-speed
North Bowl Express quad lift unveiled last
season speeds access to the moderate
Olympic Downhill run, which at 5.5 miles is
Please turn to the next page
.
THE WALL STREET JOURNAL.
The 100 Best
Ski Resorts in
The U.S. and
Canada
We crunched the numbers,
from snowfall to après
options. Happy trails!.
1 | Whistler Blackcomb, British Columbia
2 | Palisades Tahoe Ski Resort, Calif.
3 | Jackson Hole Mountain Resort, Wyo.
4 | Snowbird Ski Resort, Utah
5 | Mt. Bachelor, Ore.
6 | Aspen Snowmass, Colo.
7 | Mammoth Mountain Ski Area, Calif.
8 | Winter Park Resort, Colo.
9 | Big Sky Resort, Mont.
10 | Breckenridge Resort, Colo.
11 | Heavenly Ski Resort, Calif. / Nev.
12 | Park City Mountain Resort, Utah
13 | Northstar California Resort, Calif.
14 | Steamboat Resort, Colo.
15 | Crystal Mountain Resort, Wash.
16 | Deer Valley Resort, Utah
17 | Lake Louise Ski Area, Alberta
18 | Vail Ski Resort, Colo.
19 | Snowbasin Resort, Utah
20 | Copper Mountain Resort, Colo.
21 | Big White Ski Resort, British Columbia
22 | Alta Ski Area, Utah
23 | Telluride Ski Resort, Colo.
24 | Kirkwood Mountain Resort, Calif.
25 | Mt. Hood Meadows, Ore.
26 | Keystone Resort, Colo.
27 | Beaver Creek Resort, Colo.
28 | Wolf Creek Ski Area, Colo.
29 | Grand Targhee Resort, Wyo.
30 | Sun Valley Resort, Idaho
31 | Timberline Lodge, Ore.
32 | Solitude Mountain Resort, Utah
33 | Banff Sunshine Village, Alberta
34 | Crested Butte Mountain Resort, Colo.
35 | Alyeska Resort, Alaska
36 | Fernie Alpine Resort, British Columbia
37 | Jay Peak Resort, Vt.
38 | Loveland Ski Area, Colo.
39 | Sugar Bowl Resort, Calif.
40 | Stowe Mountain Resort, Vt.
41 | Brighton Resort, Utah
42 | Mt. Baker Ski Area, Wash.
43 | Arapahoe Basin Ski Area, Colo.
44 | Killington Resort, Vt.
45 | Smugglers’ Notch Resort, Vt.
46 | Schweitzer Mountain Resort, Idaho
47 | Sierra-at-Tahoe Resort, Calif.
48 | Purgatory Resort, Colo.
49 | Taos Ski Valley, N.M.
50 | Whitefish Mountain Resort, Mont.
51 | Sun Peaks Resort, British Columbia
52 | Stevens Pass Ski Resort, Wash.
53 | Silverton Mountain, Colo.
54 | Kicking Horse Mountain Resort,
British Columbia
55 | Bridger Bowl Ski Area, Mont.
56 | Revelstoke Mountain Resort,
British Columbia
57 | Bear Valley Resort, Calif.
58 | Sugarbush Resort, Vt.
59 | White Pass Ski Area, Wash.
60 | Lookout Pass Ski Area, Idaho
61 | Sugarloaf, Maine
62 | Castle Mountain Resort, Alberta
63 | SilverStar Mountain Resort,
British Columbia
64 | Silver Mountain Resort, Idaho
65 | Powder Mountain Ski Resort, Utah
66 | Mont Tremblant Ski Resort, Quebec
67 | Panorama Mountain Resort,
British Columbia
68 | Mt. Rose - Ski Tahoe, Nev.
69 | The Summit at Snoqualmie, Wash.
70 | Brian Head Resort, Utah
71 | Tamarack Resort, Idaho
72 | Whiteface Mountain Resort, N.Y.
73 | Homewood Mountain Resort, Calif.
74 | Whitewater Ski Resort,
British Columbia
75 | Mount Snow Ski Resort, Vt.
76 | Sundance Mountain Resort, Utah
77 | 49 Degrees North Mountain
Resort, Wash.
78 | Dodge Ridge Mountain Resort, Calif.
79 | Monarch Mountain, Colo.
80 | Red Lodge Mountain, Mont.
81 | Alpental, Wash.
82 | Red Mountain Ski Resort,
British Columbia
83 | Okemo Mountain Resort, Vt.
84 | June Mountain, Calif.
85 | Brundage Mountain Resort, Idaho
86 | Boreal Mountain Resort, Calif.
87 | Mont-Sainte-Anne, Quebec
88 | Mt. Hood Skibowl, Ore.
89 | Ski Santa Fe, N.M.
90 | Stratton Mountain Resort, Vt.
91 | Cypress Mountain Resort,
British Columbia
92 | Sunday River, Maine
93 | Mount Wash. Alpine Resort,
British Columbia
94 | Arizona Snowbowl Ski Resort, Ariz.
95 | Bogus Basin, Idaho
96 | Le Massif Ski Area, Quebec
97 | Bretton Woods Ski Area, N.H.
98 | Ski China Peak, Calif.
99 | Lost Trail Ski Area, Mont.
100 | Diamond Peak Ski Resort, Nev.
 For more detailed rankings and an
explanation of our methodology, go to
WSJ.com/travel

THE WALL STREET JOURNAL.
VISIT BEND (BEER); KERI BASCETTA (POOL)
SLURP! Deep in Oregon beer country, Mt. Bachelor offers easy access to dozens of breweries.
Continued from page D10
the longest ski trail on the mountain. Hov-
ering between bluebird skies and the sap-
phire-colored lake below, Heavenly is also
a middle way for skiers who can’t commit
to just one sport. The season can extend
into May, when you can follow a morning
of skiing with an afternoon spent sailing
or paddleboarding past Lake Tahoe’s coves
and beaches.
Walk-up day pass $159–259; Epic 1-day pass
with Heavenly access $88–98; 56 miles to
Reno-Tahoe International Airport
#4 BEST FOR ADVANCED SKIERS
Snowbird Ski Resort, Utah
Vertiginous drops, steep moguls and spicy
double blacks put experienced skiers to the
test at Snowbird, a Wasatch Range rip-
roarer where two-thirds of the runs are con-
sidered advanced. Even the 1.6-mile tram up
11,000-foot Hidden Peak is bracing. Skiers
look down at Great Scott, a famously diffi-
cult run pinwheeling right beneath it at a
45-degree pitch. Fierce terrain is just the
beginning: A lofty elevation means all the
precipitation (436 inches, on average)
mounds into featherweight fluff-piles and
pillowy landings that are the stuff of pow-
der-hound dreams. For next-level challenges,
venture out of bounds with the experts. New
at Snowbird this year are multiday packages
from Powderbird, bundling guided Wasatch
heli-skiing with rooms at the Cliff Lodge,
spa time and resort access.
Walk-up day pass $175–206; 29 miles to Salt
Lake City International Airport
#5 BEST FOR BEER LOVERS
Mt. Bachelor, Ore.
Focusing too much on terrain and snowfall
risks overlooking a ski-trip essential: post-
trail beers. By cross-referencing more tradi-
tional data with the number of surrounding
breweries, we deduced that Oregon’s Mt.
Bachelor is the best destination for anyone
keen to make a snow-and-suds odyssey. The
nearby Bend Ale Trail includes more than
30 brewery stops, from craft beer veterans
like Deschutes Brewery to the eclectic Crux
Unscientific Bonus: Resorts
For People Who Don’t Ski
Because for some, the appeal is off the mountain
For many, the real appeal of a ‘ski weekend’ is everything that happens off the slopes.
Some travelers insist ski resorts’ best en-
ticements lie beyond the slopes. “I’m all
about après ski without the skiing,” said
Jill Robbins, 57, of San Antonio, who re-
nounced the sport midway through a di-
sastrous first lesson at Colorado’s Key-
stone Resort. “I like winter weather and
snow and the idea of drinking hot buttered
rum and hot chocolate by a roaring fire.”
“I adore the ski-culture vibe,” agreed
Heide Brandes, 50, of Oklahoma City. “I
never quite learned how to ski, but I do
love snowshoe hikes, cross-country stuff,
goofy snow tubing.” Brandes suggests
like-minded travelers check out the low-
key Angel Fire Resort in New Mexico,
with its two-lane tubing hill and a Nordic
center where snowshoers and cross-coun-
try skiers can explore 7.5 miles of trails.
Not every winter resort is suited to
non-skiers, said Anthony Luczkow, a
GETTY IMAGES
mountain travel expert for travel agency
Ski.com, who encourages clients to con-
* * * *
ADVENTURE & TRAVEL
#5
#30
Soaking opportunities in heated pools, natural springs and hot tubs abound in Sun Valley.
Fermentation Project. Skiing holds its own
amid the hops scene. Mt. Bachelor has
4,323 skiable acres and a marathon six-
month season to enjoy the 368 inches of av-
erage snowfall. If you can’t tear yourself
from the mountain, rest assured that it, too,
has beer. Debuting this year in a rustic
cabin is the Boneyard Backcountry Bar, a
collaboration with local brewery Boneyard
Beer featuring outdoor seating and fire pits.
Walk-up day pass $84–224; 38 miles to Red-
mond Municipal Airport
#6 BEST IN COLORADO
Aspen Snowmass, Colo.
For many skiers, the Rocky Mountain State’s
double-shot of feathery snow and craggy
peaks remains the last word in winter bliss,
and our best-in-Colorado resort delivers a
4-in-1 deal. Tickets to Aspen Snowmass
grant access to Aspen Mountain, Aspen
sider towns with off-mountain amenities.
“Aspen is always a good go-to because
it’s going to offer easy access to activities,
great dining and shopping,” Luczkow said.
With its base villages, fat biking, snow-
shoeing and slope-side spas, Vail fits the
bill for skiers and non-skiers alike, too.
Those seeking more adventurous trips
can book wilderness-adjacent spots such as
Jackson Hole Mountain Resort in Teton Vil-
lage, Wyo. “It still has great dining and
great shopping, but what it really offers is
access to Yellowstone National Park and
Grand Teton National Park,” Luczkow said.
Snow-drifted roads mean uncrowded parks,
and visitors on snowmobile tours or in en-
closed “snowcoaches” can more easily spot
wildlife like wolves and bison. Follow snowy
sessions of watching wildlife and geysers
with whiskey and country tunes at legend-
ary Teton Village bar the Mangy Moose—
proof that for an ideal après experience,
there really is no skiing required.
.
Saturday/Sunday, November 11 - 12, 2023 | D11
THE BEST RESORTS FOR MULTI-MOUNTAIN PASS HOLDERS
As walk-up lift tickets push $300, even occasional skiers can wring value from Ikon or
Epic Passes, the two multi-mountain passes that now dominate the industry and grant
access to dozens of participating mountains around the world. Procrastinators be
warned: Booking before fast-approaching seasonal cutoff dates is a must. Wondering
which one to choose? Below are our top-ranked North American mountains for each.
Multi-pass math Ikon Passes with no blackout dates are currently $1,309, subject to
change, and are sold through mid-December. Epic Passes with no blackout dates are
$969 through Nov. 18, when prices rise; pass sales generally end in late November or
early December.
TOPS FOR IKON PASS HOLDERS TOPS FOR EPIC PASS HOLDERS
1. Palisades Tahoe, Calif. 1. Whistler Blackcomb, British Columbia
2. Jackson Hole Mountain Resort, Wyo. 2. Breckenridge Ski Resort, Colo.
3. Snowbird Ski Resort, Utah 3. Heavenly Ski Resort, Calif.
4. Mt. Bachelor Ski Resort, Ore. 4. Park City Mountain Resort, Utah
5. Aspen Snowmass Ski Resort, Colo. 5. Northstar California Resort, Calif.
6. Mammoth Mountain Ski Area, Calif. 6. Vail Ski Resort, Colo.
7. Winter Park Resort, Colo. 7. Telluride Ski Resort, Colo.
8. Big Sky Resort, Mont. 8. Kirkwood Mountain Resort, Calif.
9. Steamboat Ski Resort, Colo. 9. Keystone Resort, Colo.
10. Crystal Mountain, Wash. 10. Beaver Creek Resort, Colo.
annual snowfall lingers late in the season.
Après-ski options are diversified, too: Chan-
nel the spirit of local Hunter S. Thompson
over burgers and whiskey at his old-timey
former haunt J-Bar one day, and the next,
join the fur-clad crowd for raclette, caviar
and Champagne from French Alpine Bistro-
Crêperie du Village.
Walk-up day pass $203–293; 2 miles to As-
pen/Pitkin County Airport, 220 miles to
Denver International Airport
#30 BEST FOR HOT-TUBBERS
Sun Valley Resort, Idaho
If you’re seeking the steamy epicenter of
American hot-tub culture, consider Sun Val-
ley, Idaho, where a love for convivial poaching
runs deep. Our analysis of 2023 real estate
listings in Sun Valley found that 73% included
hot tubs. That surfeit boosts your odds of
scoring a rental with a private tub, but, for
dedicated soakers, Sun Valley, with its sim-
mering geothermal activity, offers wilder
bounty, too. If you have a sense of adventure
(and, preferably, a four-wheel-drive vehicle),
seek out Sawtooth National Forest’s French-
man’s Bend Hot Springs. In between soak ses-
sions, pencil in time at the resort’s two ski ar-
eas: beginner-friendly Dollar Mountain, and,
Highlands, Buttermilk and Snowmass, and it for the more ambitious, Bald Mountain, which
would take days to explore their combined offers spectacular bowls and an impressive
5,680 skiable acres. This year, a new high- 3,400-foot vertical.
speed quad lift at Aspen Mountain adds 153 Walk-up day pass at Bald Mountain
acres of freshly accessible chutes and $125–224, Walk-up day pass at Dollar
glades, including north-facing, high-altitude Mountain $75–135; 14 miles to Friedman
terrain where the resort’s 303-inch average Memorial Airport
UNDER
DISASTROUS CIRCUMSTANCES,
HE COULD FIND A MISSING
CHILD IN THE WRECK AGE.
HARD TO BELIEVE NO ONE
WANTED THIS COURAGEOUS
DOG
Ridge
Discovered in a shelter
in Tooele County, Utah.
From shelter dog to search dog, help us write the next underdog story.
Your donation helps us train dogs like Ridge to strengthen
America’s disaster response system.
Donate Now. Call (888) 4K9-HERO or visit SearchDogFoundation.org.
UNDERDOGS OVERCOME. Not a real disaster site.
 .

D12 | Saturday/Sunday, November 11 - 12, 2023 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

SMALL WONDER The Honda
Motocompacto is a lightweight,
compact, foldable electric scooter.

2024 HONDA MOTOCOMPACTO

Price, as tested Length/width/

$995 (including height 29.2/3.7/
charger) 21.1 inches
Powertrain Curb weight 42
battery-electric, pounds
front-wheel 0-15 mph
drive 7 seconds
Power/torque Top speed 15 mph
440W/5 lb-ft Range 12 miles

inches above the pavement, is less for see-

ing than for being seen. It has a bell. It is
most emphatically not street-legal. Lordy. I
can’t even imagine.
And yet in many ways the Motocompacto
is self-evidently superior to conventional ur-
HONDA

ban scooter upon which literally millions of

young people rely every day. First, it’s safer
RUMBLE SEAT / DAN NEIL to sit than stand. Its compactification makes
it convenient to carry, and therefore to own,
not rent by the mile. The wheels are retract-

The Petite Charm of an

able; the handlebars and kickstand disap-
pear between the polycarbonate panels,
along with the detachable saddle. The kick-
stand has a small welded loop to secure it

Electric Micro-Scooter
FOUNDED IN 1959, American Honda
Motor Company moved into its current
headquarters in Torrance, Calif., in 1990.
But it took until last month for them to fix
up the lobby.
The atrium-style space now displays
some of Honda’s historical collection: game-
changing cars, such as the Accord and Civic;
life-changing motorcycles (CB 750, Gold
Wing); outboard motors, lawn mowers and
the tiniest, most adorable gas-powered gen-
erators evah, designed to run itty-bitty
’60s-era TVs.
Suffice to say, Honda knows cute when it
sees it. So when an employee in Torrance
presented managers with his after-hours
passion project—a foldable battery-powered
micro-scooter with a form factor like a
SIM card—it was approved for production
“instantly,” said Honda spokesperson
Andrew Quillin.
Thus was born the Honda Motocompacto
($995, as tested), a last-mile micro-mobility
solution light enough to lift and carry (42
pounds) or merrily roll along beside you, on
or off the train. Convenient to store beside
or under a desk, the Motocompacto has a
built-in charger that allows its wee battery
to be replenished on household current in
3.5 hours, for a nominal range of 12 miles.
What’s so instantly right about the Mo-
tocompacto design? Like the shoebox-sized
generators in Honda’s gallery, the Motocom-
pacto has the ineffable charm of a small ma-
chine (½-hp) assigned a big job—a Mighty
Mite. Also, in its softly futuristic, modular
design, I spy a certain cosplay effect: This is
what Imperial stormtrooper cadets would
ride to calculus class.
I observed that the madcap
Motocompacto was making
people happy on sight.
Now on sale, the Motocompacto is only
available in NASA white—that is to say,
with literal white space to be filled in, deco-
rated or rented out as the owner likes. I
was invited to think of the way kids person-
alize their laptops and phones. And yet it
looks pretty compelling as is. One day hu-
mans may ride these on Mars. They too
will look goofy.
Wearing a tailored suit and a polo-style
helmet, I gave the Motocompacto a good
thrashing around Honda’s campus last week,
and it returned the favor. The front-wheel
integrated motor puts out a whopping 0.7-
hp, so stand back, children. Top speed is 15
mph, officially, but I could only get it to 14
mph. I asked the Honda rep about the dis-
crepancy and he gave me an up-and-down
look. Oh, right.
I might have covered 3 miles, with the
thumb-actuated throttle pinned. I don’t rec-
ommend curb-jumping. The only elasticity
in the chassis comes from the solid rubber
tires and the allegedly rubberized seat. The
remaining vertical loads travel undamped
up the spine to the rider’s clenched molars.
Still, it’s light, quiet and nimble, effort-
less to slalom around bollards on pedestrian
plazas—or pedestrians, for that matter.
For a moment I saw myself from the out-
side, laughing madly and weaving between
bemused Honda employees. Oh dear. It’s fi-
nally happened: I’m eccentric. I began to
doubt my own recognizance. And yet I also
observed that the madcap Motocompacto
was making people happy on sight.
Engineered in Ohio and built in China, the
Motocompacto—even the name is hilari-
ous—is designed to negotiate the liminal ur-
ban spaces of sidewalks, plazas and bike
lanes, cohabitating with bikes and pedestri-
ans. An LED headlight, positioned about 16
with a chain or cable.
The folded product has a comfortable
soft-plastic handle on a webbed strap, as
any good card table would.
The Motocompacto name recalls a folding
micro-scooter of the 1980s, the two-stroke
Motocompo, which was sold as an accessory
to certain Honda cars, stored in the trunk.
Oh man, I bet that reeked. What is that be-
guiling scent you’re wearing, darling?
Advantage: electric.
Honda—the global giant and its American
subsidiary—has been slow to embrace elec-
trification. The Motocompacto coincides
with the launch of the company’s first mod-
ern EV automobiles, the 2024 Honda Pro-
logue and Acura ZDX, which share GM’s Ul-
tium platform. Honda has said it will bring
30 new EV products to the market by 2030,
with global sales volumes of 2 million units.
It calls the Motocompacto a “fun and inno-
vative facet of the larger Honda electrifica-
tion strategy.”
Behold, the littlest brand icon.
Postscript: Some readers noted that my
recent review of Michael Mann’s “Ferrari”
neglected to list “Ford vs. Ferrari” (2019)
among the better racing films. It wasn’t en-
tirely an oversight. As a lifelong student of
automotive history, I knew this chapter a lit-
tle too well. Indeed, many of the tales felt
too oft told and some characters—Matt Da-
mon’s Carroll Shelby—etched in hero wor-
ship. I’d had a couple of professional en-
counters with Mr. Shelby over the years. He
was more interesting than that.

Respond to the Thread duty domestic machine, the

aptly named Heavy Duty 4452.
Though only 15.5-inches wide,
How the advantages of next-gen sewing it combines a metal chassis
machines are wooing the young with a motor 50% more pow-
erful than that of a typical
THIS SEPTEMBER, Colin Mer- But when the Brooklyn, N.Y.- home machine, and can stitch
edith, a 29-year-old in Vancou- based UX designer tried feed- through thick fabrics without
ver, Canada, went on a six-day ing it trendy technical fabrics, breaking a sweat. Its diamond-
camping trip with his brother. it balked. “It was just freaking tipped needles can even sew
Surviving a week in the Cana- out. Broken needles. Chaos,” through leather, a big flex.
dian wilderness, especially he said. Upgrading to a newer
with a sibling, calls for forti- Singer machine that can han- YOUTUBE U
tude. More impressive: Mere- dle ripstop nylon solved the Singh jokes that he sharp-
dith, a freelance clothing de- issue. Bonus: It comes with an ened his sewing skills where
signer with clients like Rapha, app that aids setup. most millennials learn most
made his tent, sleeping bag Such features have made things: “the university of You-
and clothes on his home sew- sewing machines more Tube.” Sewing machine com-
ing machine. friendly to the young, who of- panies got the memo—many
Sewing, as a hobby, evokes ten post their projects on so- release video tutorials on so-
grandmas more than campers. cial media sites like Instagram cial media channels and ac-
Indeed, many learn the basics and TikTok. Meredith says companying apps, detailing
from an older relative. At generational disillusionment how to get the most out of
some point, with mass con- specific machines. The New
though, a lot of sumption and IN STITCHES High-tech, app-enabled machines have young Americans making their own clothes Home Janome Arctic Crystal,
would-be tailors fast fashion also for example, comes with a
discover that old- fuels the trend. SCREEN TIME dated version of Chen’s ma- HEAVY METAL YouTube series that walks
school models After all, you Amy Chen, 28, a Brooklyn- chine, the Brother CS7000X, Those who plan to work with you through its many func-
leave room for im- would be hard based brand consultant, has solves many of these prob- technical or heavyweight fab- tions, including its four ad-
provement. When pressed to find a been sewing on the same lems by adding a highly legi- rics should find a sewing ma- justable presser feet for snag-
he started sewing slower way to get Brother machine since high ble LCD screen; its intuitive, chine with a metal body, says free sewing. The free tutorials
this year, Am- Singer Heavy Duty clothes. Below, school. Yet many of its fea- uncluttered interface lets you Meredith. Unfortunately, these are like a full season of Proj-
ardeep Singh, 32, 4452 Sewing three more ad- tures still stump her. She de- use all the machine’s features, often-beastly models can be ect Runway, without the irk-
got away with us- Machine, $310, vantages newer scribes its user interface as like 70 built-in stitch types, too hulking for apartments or some reminder that you just
SOL COTTI

ing just such a Singer.com machines offer “so bad…like trying to decipher more easily. And without be- small starter homes. An ex- need to “make it work.”
family machine. next-gen sewers. ancient Egyptian.” The up- ing fluent in hieroglyphs. ception: Singer’s latest heavy- —Molly Collett

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