P2JW079000-7-A00100-16DDF61078D
* * * * * * * TUESDAY, MARCH 19, 2024 ~ VOL. CCLXXXIII NO. 65
DJIA 38790.43 À 75.66 0.2%
What’s
News
Business & Finance
 The Bank of Japan said it
would end negative interest
rates after an eight-year ex-
periment, symbolizing a
broader shift away from un-
orthodox monetary easing. A9
 Electric-vehicle maker
Fisker paused production
for six weeks as it continues
deal talks with a large auto-
maker and works to keep
its business running. B1
 FedEx and Amazon dis-
cussed a tie-up for the re-
turn of packages to the de-
livery giant’s retail locations,
according to a person famil-
iar with the matter, although
a deal wasn’t reached. B1
 The NHTSA opened a probe
into a fatal wreck involving a
Ford SUV in which advanced-
driver assistance technology
may have been a factor. B1
 Tech giants helped lift
major U.S. stock indexes, with
the S&P 500, Nasdaq and
Dow advancing 0.6%, 0.8%
and 0.2%, respectively. B11
 Senior Goldman executive
Stephanie Cohen joined an
exodus of top female talent
from the firm to become chief
strategy officer at cloud-ser-
vices provider Cloudflare. B3
 Walt Disney won the en-
dorsement of a key proxy
adviser in its fight against
Nelson Peltz’s Trian Part-
ners, which is trying to get
two seats on its board. B2
 An appeals court tempo-
rarily halted new rules issued
by the SEC requiring public
companies to disclose their
climate-related risks. B5
 Joblessness in China rose
for the third straight month,
hitting 5.3% and reversing a
previous stretch of declines in
the unemployment rate. A9
World-Wide
 The Supreme Court seemed
likely to reject a bid by GOP-led
states to restrict the federal
government from urging social-
media companies to remove
allegedly misleading posts or
disinformation on their plat-
forms unless there is a threat
of official retribution. A1
 Lawyers for Trump said
he was unable to obtain a
bond to guarantee payment
of a $454 million civil-fraud
judgment against him, de-
spite trying to negotiate a
deal with some of the
world’s largest suretors. A3
 Congressional lawmakers
have resolved a snag over
border funding, setting the
stage for votes on annual
spending bills in a race against
the shutdown deadline. A9
 Netanyahu agreed to send
officials to Washington to dis-
cuss U.S. concerns over Israel’s
planned military operation in
Rafah, the White House said, as
Israel and Hamas began a round
of talks over hostages and a
cease-fire proposal. A6, A7
 Fresh from an election in
which he was the only viable
contender, Russia’s Putin vowed
that peace in Ukraine would
come only on his terms. A8
 Developments in Ukraine
have led defense officials and
scholars in Taiwan to con-
clude that the island would
need heavy weapons to repel
an attack by China. A9
 Pakistan conducted air as-
saults in Afghanistan aimed at
militants that it said have been
targeting its security forces in a
worsening wave of attacks. A8
 Died: James D. Robinson III,
88, former American Express
CEO, B1 ... Thomas P. Stafford,
93, Apollo 10 astronaut. A2
CONTENTS
Arts in Review..... A13
Business News...... B3
Crossword................ A13
Equities........................ B8
From Page One.. A10
Heard on Street.. B12
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ 16103.45 À 0.8% STOXX 600 503.94 g 0.2%
Talks on Rafah Set as Famine Fears Grow in Gaza
MAHMOUD ISSA/REUTERS
OUT OF REACH: Palestinians gather to receive aid Monday as evidence of widespread starvation was reported in the war-
ravaged enclave, and Israel agreed to send negotiators to the U.S. to discuss its planned military operation in Rafah. A6, A7
Sales of Hybrid Cars Accelerate
As Drivers Hesitate to Buy EVs
BY SEAN MCLAIN
AND RIVER DAVIS
Automakers have been work-
ing for years to transcend the
image of hybrid cars as stodgy
fuel sippers, remaking them
with sportier designs and extra
pep. Now, the once-niche hybrid
is the hottest car on the lot.
Hybrids, which combine a
gas engine with a battery-pro-
pelled motor to boost fuel effi-
ciency, have been a small but
steady slice of the U.S. car
market since the Toyota Prius
ushered in the technology
more than two decades ago. In
recent years, they have taken a
China Tries
To Woo
Foreigners,
But It Is
A Hard Sell
China’s government is roll-
ing out a charm offensive to
lure back foreigners, part of
an effort to shed years of pan-
demic-induced isolation that
is sapping the world’s second-
largest economy.
It’s a tougher sell than it
used to be.
By Liza Lin in
Singapore and
Yoko Kubota in Beijing
In recent months, China has
made it simpler and cheaper
for business travelers and
tourists to get visas and
scrapped visa requirements
for some entirely. It has ex-
tended tax incentives to make
life for foreign residents more
appealing. Chinese Premier Li
Qiang pledged further moves
to rebuild the “Invest-in-
China” brand at the country’s
annual legislative meetings
earlier this month.
The campaign marks an ef-
fort to restore the global ties
that helped power China’s de-
cades of record-breaking
growth, which Beijing severed
during the pandemic as Presi-
Markets...................... B11 dent Xi Jinping elevated secu-
Opinion................ A15-17
Personal Journal A11-12
rity above all else.
Sports.......................... A14 Now China is trying to re-
Technology................ B4 gain its allure for foreigners in
U.S. News.............. A2-4 a different era, with a slowing
World News........ A6-9
economy and tightening social
controls. A rising chorus in
> Washington portrays engage-
ment with China as suspect.
Please turn to page A9
 China’s economy shows
pockets of weakness...... A9
WSJ.com HHHH $5.00
10-YR. TREAS. g 9/32 , yield 4.339% OIL $82.72 À $1.68 GOLD $2,160.70 À $3.40 EURO $1.0872 YEN 149.16
Justices
Skeptical
Of GOP
Claims of
Censoring
Plaintiffs allege that
government pressure
led online platforms
to muzzle their views
BY JESS BRAVIN
AND JAN WOLFE
WASHINGTON—The Su-
preme Court seemed likely to
reject a bid by GOP-led states
to restrict the federal govern-
ment from urging social-me-
dia companies to remove al-
legedly misleading posts or
disinformation on their plat-
forms, unless there is a threat
of official retribution.
The Republican attorneys
general of Missouri and Loui-
siana, along with several indi-
viduals who complained that
online platforms such as Face-
book suppressed their views
against vaccines and lock-
downs during the Covid-19
pandemic at the government’s
demand, filed the First
Amendment suit in 2022.
Lower courts have largely
sided with the plaintiffs, find-
ing that Biden administration
officials’ content requests
amounted to government co-
ercion, but the high court dur-
back seat to fully electric vehi- 40% over five years, to about months of the year. That surge ing oral arguments on Monday
cles, as automakers introduced 70 for the 2024 model year, outpaced EV sales, which grew voiced more sympathy with
many EVs to challenge Tesla. Cox Automotive estimates. Hy- 13%, in both growth and vol- the administration’s defense.
But car brands have been brids now are available across ume. Hybrids flew off dealer The social-media compa-
methodically expanding their more vehicle sizes and body lots in 25 days on average, nies themselves aren’t in-
hybrid offerings—partly to styles than in past years: nearly three times faster than volved in the case, and liberal
help meet tougher tailpipe- larger SUVs, pickups, jeeps and EVs and twice as fast as gas- justices questioned whether
emissions rules—and for some, even sports cars. powered cars, according to re- any plaintiffs suffered harms
they have become a competi- “Hybrids now have very few search site Edmunds. that gave them a right to sue.
tive edge. Hybrid leader Toyota compromises compared to their The buzz surrounding bat- And justices across the spec-
Motor, for example, offers a gas alternatives,” said Andrew tery-powered vehicles also has trum expressed skepticism
hybrid version of nearly every Frick, head of Ford Motor’s gas fueled interest. Some EV-curi- that the government’s inter-
gas-powered model in its U.S. and hybrid vehicle business. ous shoppers are stopping actions with the platforms,
showrooms. In some cases, The hybrid version of the Ford short of going fully electric even if heated, amounted to
such as Toyota’s new Camry F-150 pickup, for example, is and are driving off in hybrids official restraint.
sedan or Sienna minivan, a hy- now more powerful than most Please turn to page A4 Please turn to page A2
brid is the only option. gas versions of the truck.
The number of hybrid mod- U.S. sales of hybrids  Ailing EV maker Fisker  A TikTok ban would spur
els on sale in the U.S. grew jumped 50% in the first two pauses output...................... B1 test of free speech........... A2
INSIDE ESPN Boss’s
Chaotic Race
To Remake Network
Cable TV’s collapse is forcing
JEFF DEAN/ASSOCIATED PRESS
sports giant out of its comfort zone
BY ISABELLA SIMONETTI What the league didn’t
AND ROBBIE WHELAN know: Pitaro’s team at ESPN
was quietly working on a to-
ESPN boss Jimmy Pitaro tally separate deal to join
was keeping a big secret. forces with rival media com-
U.S. NEWS PERSONAL JOURNAL In January, Pitaro and exec- panies on a sports-streaming
Trump says he can't College seniors use utives at ESPN-parent Disney service. When that venture
hosted a contingent of top was announced in February,
obtain a bond to unexpected tactics and NFL officials—including Com- the league was blindsided—
guarantee payment of connections to find
missioner Roger Goodell, and and furious at being out of the
a fraud judgment. A3 first jobs. A12 team owners Robert Kraft and loop.
Jerry Jones—at Disney’s Bur- As he gathered a few days
bank, Calif., headquarters to later at the Super Bowl in Las
discuss a potential deal. Vegas with his team and a
Overworked South Koreans On the table was a strategic
partnership that would involve
gaggle of sports celebrities,
Goodell complained to one as-
Unwind With Their Pet Rocks the NFL taking an equity stake
in ESPN and coordinating
sociate, “Why would Disney
treat a partner this way?”
i i i streaming and TV efforts, said An NFL spokesman de-
people familiar with the talks. Please turn to page A10
Bizarre fad of 1970s America gets a new life
in Asia; ‘kind of like talking to your dog’ Abortion Percentage of medication abortions
among all U.S. abortions
BY JIYOUNG SOHN world’s longest workweeks,
have a tradition of unwinding Pill Use 70%
SEOUL—Lee So-hee, a 30- in unusual ways. They have
year-old office worker, used to lain in coffins for their own
Jumps 60
live alone in Seoul. That mock funerals, checked into
changed in November when a prison to meditate and gath- Medication
50
friend gave her a rock. ered in a Seoul park each year abortions have
“If you really think of for a “space-out” contest. become more
your rock as a pet, I do Pet rocks are the latest common despite 40
think it makes things a new thing. Lee, a 30- the elimination of
bit less lonely and year-old researcher federal protections 30
more fun,” she said. at a pharmaceutical for the procedure,
Pet rocks, a kooky company, calls her new data show.
and best-forgotten pet rock—a girl, she The method has 20
Solid friendship
fad of 1970s Amer- said—Hongduggae. risen to account for
ica, are resurfacing in South She made it a winter blanket almost two-thirds 10
Korea. Unlike the stone-in-a- from an old towel. It came of abortions in the
box craze nearly five decades into her life during a demand- U.S., according to
ago, the sequel is more about ing stretch at work when she the Guttmacher 0
serenity than shtick. was working long hours in the Institute, which 2000 ’05 ’10 ’15 ’20 ’23
South Koreans, who endure lab, often late into the night. supports abortion Note: Abortions in formal healthcare settings
one of the industrialized Please turn to page A10 rights. A3 Source: Guttmacher Institute
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A2 | Tuesday, March 19, 2024 * ** ** * THE WALL STREET JOURNAL.

U.S. NEWS
A TikTok Ban Would Spur Court Test of Free Speech
BY JACOB GERSHMAN tional-security objectives of U.S. interests in preventing un- called the International Emer- on speech rights because Tik- option.”
the ban against the First due Chinese influence or ac- gency Economic Powers Act. In Tok users shut out from the More recently, Montana lost
The bipartisan TikTok leg- Amendment rights of TikTok cess to Americans’ data. For a separate Pennsylvania case, app could post and consume a court ruling that blocked its
islation that sailed through and its users. the ban’s free-speech infringe- another U.S. district judge, cit- the same content on other attempt to ban TikTok, with a
the House this past week gives The U.S. has long restricted ments to pass muster, the gov- ing similar legal grounds, sided platforms such as Instagram. judge ruling the state’s effort
the company and its Chinese- foreign ownership in radio and ernment will likely need to with a group of TikTok stars was likely illegal for several
controlled parent, ByteDance, television broadcasting, but demonstrate that less drastic that sued the Trump adminis- reasons, including because it
a stark choice: Sell the plat- Congress has never taken such measures wouldn’t work. tration with the company’s Blocked ban intruded on free-speech pro-
form’s U.S. operations or face drastic actions against an in- “It will really depend on support. Similar litigation unfolded tections. The app provided a
a ban. ternet platform used by mil- how the government explains Both judges said that while when the Trump administra- unique form of communication
TikTok, though, may go for lions of Americans to commu- the reasons for the law,” said then-President Donald Trump tion sought to ban WeChat, for some users, and Montana
option three: Sue the govern- nicate. David Greene, a lawyer with had broad emergency eco- China’s dominant multipurpose hadn’t justified its move to cut
ment. digital civil liberties nonprofit nomic powers, that authority app used by Chinese-speaking off the platform entirely, the
It isn’t guaranteed that the Electronic Frontier Foundation, was constrained when the gov- U.S. residents. A judge in Cali- judge said.
Senate will pass the Biden- Enforcement which opposes the ban. ernment was seeking to take fornia blocked that ban, saying Montana’s attorney general
backed legislation. But if the Though the legislation ByteDance, which declined actions that would restrict per- it wasn’t clear why less restric- has appealed that ruling to the
bill is approved, it would shut doesn’t authorize enforcement to comment, has had some sonal communications and in- tive alternatives, such as bar- Ninth U.S. Circuit Court of Ap-
down TikTok’s U.S. operations actions against U.S. residents court successes in the past, but formational materials. ring WeChat from government peals. The state defended the
unless sold to a non-Chinese who attempt to keep using the First Amendment concerns ha- Government lawyers in that devices, wouldn’t address U.S. statue as a “valid exercise of
owner. ByteDance would have app, judges in previous TikTok ven’t always been the reason litigation described China’s security fears. Montana’s police power that
six months to comply. litigation have recognized that judges sided with the company. control of TikTok as an unac- “There were a lot of lessons doesn’t implicate First Amend-
Since China has already sig- the app’s fans have constitu- That leaves the free-speech ceptable threat that could give learned” from the WeChat ment rights.”
naled its opposition to a forced tional free-speech rights in questions somewhat untested. the Chinese government access case, said Joel Thayer, a D.C.- Some lawmakers have ex-
sale, the fate of the video-app posting and consuming con- A federal judge in Washing- to Americans’ personal infor- based lawyer who runs the pressed concern that a bill spe-
juggernaut could ultimately be tent that would be harmed by ton, D.C., twice ruled against mation, enable it to spy on fed- Digital Progress Institute, a cifically aiming at TikTok could
decided by the federal courts. its shutdown. Commerce Department efforts eral employees and allow it to tech policy think tank that be constitutionally vulnerable
Any litigation could raise That means the govern- to ban TikTok during the participate in corporate espio- supports the TikTok ban that because courts could view it as
several legal issues, but at its ment’s legal defense of any ban Trump administration, decid- nage. They argued that the ban passed the House. “The onus a legislative attempt to punish
core, a court dispute would re- will have to do more than ing that it exceeded its author- was within Trump’s executive is on the government to dem- the company without due pro-
quire judges to weigh the na- show the legislation advances ity under a law from the 1970s authority and didn’t impinge onstrate that this is the only cess.

Hacked Health-Payment System Rebuilds Censorship named Facebook contact. “We

want to know that you’re try-
ing, we want to know how we

UnitedHealth began test-

ing its restored medical
Claims Met over the next several days.
More than 100 platforms op-
care’s pharmacy network ser-
vices have been restored as of
and decontaminating the in-
fected code,” McMahon said.
can help, and we want to
know that you’re not playing a
shell game with us when we
claims platform at its Change
Healthcare unit on Monday,
nearly four weeks after a cy-
Skeptically erated by Change Healthcare,
including claims management
services, have been offline
March 7, and it is working to
remediate outstanding issues.
Restoring systems has
A senior Biden administra-
tion official said the federal
government is in daily contact
ask you what is going on.”
Justice Samuel Alito said
the exchanges between offi-
berattack forced it to discon- since a ransomware attack by been challenging, said Dirk with UnitedHealth, sometimes cials and the platforms looked
the ALPHV/BlackCat ransom- McMahon, UnitedHealth’s multiple times during the day. Continued from Page One nothing like the arm’s-length
By James Rundle, ware gang on Feb. 21, hob- president and chief operating Ransomware recovery is For one, said Chief Justice relationship he understood
Catherine Stupp bling swaths of the healthcare officer, who is leading the difficult for companies of any John Roberts, “the government the media to maintain with
and Kim S. Nash sector that have been unable company’s response to the cy- size, but particularly for those is not monolithic.” Different the government.
to take in revenue. berattack. of the systemic importance individuals, agencies and The government is “treat-
nect systems. But getting Some key services have al- One hundred and fifteen that Change has in healthcare. branches of government can ing Facebook and these other
back to normal won’t be as ready been restored. United- services remained offline as It operates the largest clear- have different views, he said, platforms like they’re subordi-
simple as flipping a switch. Health said Change Health- of Monday afternoon, accord- inghouse for insurance claims and the media have contacts nates,” Alito said. “Would you
The insurance giant, which care’s electronic payments ing to Optum’s status page. in the U.S., processing around with a variety of official do that to the New York Times
owns Change Healthcare platform came back online “It’s doing some develop- 15 billion transactions a year sources. “That has to dilute the or The Wall Street Journal or
through its Optum subsidiary, Friday, and the company is ment, what I would call re- and touching one in three concept of coercion,” he said. the Associated Press?” he
said Monday it would release working with payers on im- building from safe environ- medical records, according to Justice Brett Kavanaugh of- asked Fletcher.
claims preparation software plementations. UnitedHealth ments, and some situations the Department of Health and fered a national-security anal- “These emails look un-
to thousands of customers said 99% of Change Health- where we are remediating Human Services. ogy to the government’s cam- usual,” Fletcher said. “I think
paign against disinformation the idea that there be back
—something that conservative and forth between the govern-
critics contend has targeted ment and the media isn’t un-
U.S.WATCH their opinions.
“It’s probably not uncom-
usual at all.”
Louisiana Solicitor General
mon for government officials Benjamin Aguiñaga, repre-
to protest an upcoming story senting the challengers, said
on surveillance or detention there were differences be-
policy and say, ‘If you run tween this case and the ordi-
that, it’s going to harm the nary give and take between
war effort and put Americans the government and the press
at risk,’ ” said Kavanaugh, that covers it.
who served in the George W. Here, he said, officials
Bush White House when sur- weren’t calling reporters or
veillance and detention poli- editors to complain about cov-
cies were front-page news. erage but rather pressing plat-
Deputy Solicitor General forms to remove messages
Brian Fletcher, representing from third parties who might
the Biden administration, never know about the conver-
quickly agreed. “That’s an ex- sations behind the scenes.
ample of a valuable sort of in- “That’s what’s so pernicious
terchange as long as it stays about this,” Aguiñaga said.
on the persuasion side of the Justice Ketanji Brown Jack-
line,” he said. Threatening a son pushed him further. “Sup-
tech company with retribution pose someone started posting
for failure to comply, like an about a new teen challenge
antitrust investigation, would that involved teens jumping
be a different story, he said. out of windows at increasing
But while the government elevations,” she said. Officials
claims a right to the bully “can’t call the platforms and
pulpit, lower courts have say we really think you should
MARK SCHIEFELBEIN/ASSOCIATED PRESS

deemed its practices censor- be taking this down?”

ship, finding “They abso-
that the some- lutely can call
times emphatic and say this is
efforts of White Liberal justices a problem,”
House, FBI and questioned Aguiñaga said.
public health But a further
officials to whether any step to ask that

FLOWER POWER: Cherry blossoms enter their peak bloom this week around the Tidal Basin and elsewhere in Washington, D.C.
warn platforms
such as Face-
plaintiffs the material be
r e m o v e d
book and Twit- suffered harms. crosses a con-
TEXAS which were struck down by the EPA from the use of chrysotile as- ter to take stitutional line,
Supreme Court. The Texas at- bestos, which are as soon as down certain he said.
Block on Migrant torney general has said the
Rule to Ban Use of is practicable for each use, posts violated In a separate
Law Is Extended state’s law mirrored federal law Chrysotile Asbestos while also providing a reason- free-speech rights. argument Monday that also
The Supreme Court on and “was adopted to address The Environmental Protec- able transition period as re- The government’s appeal is raised free-speech questions,
Monday indefinitely extended the ongoing crisis at the south- tion Agency issued a final quired by law. Exposure to as- one of a raft of Supreme Court some justices signaled sympa-
its block on a Texas law that ern border, which hurts Texans rule to prohibit ongoing uses bestos is known to cause lung cases involving online speech thy for claims by the National
would give police broad powers more than anyone else.” of chrysotile asbestos, the cancer, mesothelioma, ovarian this year. In February, the jus- Rifle Association that it was il-
to arrest migrants suspected The Biden administration first rule to be finalized under cancer and laryngeal cancer. tices heard tech industry chal- legally blacklisted by New York
of illegally entering the U.S. sued to strike down the mea- prior amendments in the Personal-injury claims in- lenges to Florida and Texas state government officials.
while the legal battle it sure, arguing it would usurp Toxic Substances Control Act. volving the substance can laws restricting content-mod- In the wake of the 2018
sparked over immigration au- core federal authority on im- Chrysotile asbestos, the mire companies in litigation eration practices, or the plat- massacre in Parkland, Fla.,
thority plays out. migration, hurt international only known form of asbestos for years. This year, Johnson & forms’ power to decide which that left 17 students and staff
The order signed by Justice relations and create chaos in currently used in or imported Johnson tentatively agreed to posts stay up. members dead, the New York
Samuel Alito didn’t set a dead- administering immigration law. to the U.S., is found in prod- pay about $700 million to set- Last year, a federal district State Department of Financial
line, instead extending the A federal judge in Texas ucts including asbestos dia- tle an investigation brought judge in Monroe, La., likened Services took actions to dis-
stay “pending further order.” struck down the law in late phragms, sheet gaskets, by states into the marketing government efforts to an “Or- courage banks and insurance
Opponents have called the February, but the Fifth Circuit brake blocks, aftermarket au- of its talcum-based baby pow- wellian Ministry of Truth” and companies from doing busi-
law, known as Senate Bill 4, Court of Appeals stayed that tomotive brakes and linings, der. The company has said its issued an order broadly barring ness with the NRA. Those acts
the most dramatic attempt by ruling, leading the federal gov- other vehicle friction prod- talc-based powders were safe, officials from communicating included sending out “guid-
a state to police immigration ernment to appeal to the Su- ucts and other gaskets. didn’t contain asbestos and with social-media companies ance” letters to the companies
since an Arizona law more preme Court. The EPA set compliance didn’t cause cancer. about online content. The Fifth warning about the reputa-
than a decade ago, portions of —Associated Press deadlines to transition away —Denny Jacob U.S. Circuit Court of Appeals, in tional risks of working with
New Orleans, later narrowed the NRA.
the injunction but agreed that The NRA sued, alleging it
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P2JW079000-2-A00300-1--------XA

THE WALL STREET JOURNAL. * * Tuesday, March 19, 2024 | A3

U.S. NEWS

Trump Says He
Can’t Satisfy
Fraud Payment
Civil judgment of
$454 million looms
as former president
appeals the case
BY JAMES FANELLI
AND CORINNE RAMEY
Donald Trump’s lawyers on
Monday said the former presi-
dent has been unable to obtain
a bond to guarantee payment
of a $454 million civil-fraud
judgment against him, despite
trying to negotiate a deal with
some of the largest suretors in
the world.
In a filing to a New York ap-
peals court, Trump said that
the judgment, ordered by a
state judge last month, was so
large that suretors wouldn’t ac-
cept real estate as collateral
and would require cash to
guarantee the bond. A private
company like the Trump Or-
ganization would need $1 bil-
lion in cash to obtain the bond
and to continue to operate, an
amount the company doesn’t
have, the filing said.
“Defendants’ ongoing dili-
gent efforts have proven that a
bond in the judgment’s full
amount is ‘a practical impossi-
bility,’” Trump’s lawyers wrote.
The legal drama places
Trump’s finances and his im-
age as a suc-
cessful business
tycoon in peril
less than eight The legal drama
months before places Trump’s
voters will de-
cide whether to finances and his
elect him for a
return trip to
image as a
tycoon in peril.
the
House.
Trump has
White
asked a New
York appellate court to waive
the bond requirement while he
appeals the judgment, arguing
that paying now would cause
him irreparable harm. If the
court turns down his request
and he is unable to obtain a
bond, New York Attorney Gen-
eral Letitia James, who sued
Trump in 2022, could begin en-
forcing the judgment at the be-
ginning of next week. James, a
Democrat, has said that if
Trump can’t come up with the
money, she will look to seize
his assets.
In a sworn statement filed
with the appeals court, the
The civil-fraud judgment is
perhaps the largest financial
headache facing Trump, who
recently clinched the Republi-
can presidential nomination.
Trump this month cleared an-
other financial hurdle by secur-
ing a nearly $92 million bond
from Chubb to guarantee a def-
amation judgment he owes to
writer E. Jean Carroll.
In addition to the monetary
penalties, Engoron ordered that
Trump be barred from running
his business for three years,
and his sons Eric Trump and
Donald Trump Jr. for two. The
judge also barred the company
from applying for loans with fi-
nancial institutions registered
in New York for three years. An
appeals judge put those penal-
ties on hold for now but de-
clined to block the financial
penalties. A panel of judges is
now reviewing the matter and
could rule as soon as this week.
James has opposed putting
the judgment on hold and said
there is no guarantee Trump
could pay later if his appeal Sculptures include ‘The Caring Hand,’ by Eva Oertli and Beat Huber, top; ‘WHAT IF…,’ by Sandrine Plante, above left; ‘Brick House,’
fails. “Defendants have never by Simone Leigh, above right; ‘108 Death Masks,’ by Nikesha Breeze, below; and ‘Reflection of Self 1’ by Lionel Smit, bottom.
demonstrated that Mr. Trump’s
liquid assets—which may fluc-
tuate over time—will be
enough to satisfy the full
amount of this judgment fol-
lowing appeal,” James’s office
wrote.
Even if James were to begin
the seizure pro-
cess, Trump
wouldn’t imme-
diately lose his
assets, lawyers
said. To seize
real estate, for
example, James
would need to
bring a foreclo-
sure action
against Trump
A 17-Acre Sculpture Park Depicts Slavery’s History
to obtain what-
ever equity he has in a prop- Visitors to the Freedom
erty, said Mark Zauderer, a Monument Sculpture Park in
partner at law firm Dorf Nel- Montgomery, Ala., wind a ser-
son & Zauderer. Any orders is- pentine path past art pieces
sued by courts during the pro- depicting the lives of en-
cess could be appealed, he said. slaved people in America and
“The collection process can historic exhibits, including
be painfully slow,” Zauderer two cabins where the en-
said. slaved lived, before arriving
Trump’s net worth is esti- at a towering monument.
mated at about $3 billion, but Stretching nearly four sto-
much of his wealth is tied up in ries into the sky, the National
hotels, resorts, golf courses and Monument to Freedom hon-
New York properties. The ors the millions of people
amount of liquid assets he has who endured the brutality of
isn’t clear. In a deposition last slavery. The monument is in-
year, he testified that he had scribed with 122,000 sur-
$400 million in cash. names that formerly en-
VASHA HUNT/ASSOCIATED PRESS (5)

general counsel for the Trump
Organization said the company
worked with four separate bro-
kers and reached out to 30
suretors. One suretor, Chubb,
considered issuing a bond in
exchange for a mix of cash and
real estate as collateral but ul-
timately balked at a deal, stat-
ing within this past week that
it would accept only cash as
collateral, the court submission
said.
The judgment stems from a
ruling by Justice Arthur En-
goron that found Trump falsely
valued parts of his real estate
empire for financial gain. The
judge imposed $355 million in
penalties, plus interest, mean-
ing Trump’s debt grows daily.
Trump has denied inflating
the value of his assets and
called James’s case politically
motivated. His lawyers have
said the financial penalties or-
dered by the judge are uncon-
stitutionally excessive.
In support of its request to
waive the bond, Trump’s legal
team submitted a sworn state-
ment by an executive of Lock-
ton Cos., an insurance broker
the Trump Organization hired
to help secure a bond package.
“While it is my understand-
ing that the Trump Organiza-
tion is in a strong liquidity po-
sition, it does not have $1
billion in cash or cash equiva-
lents,” the executive, Gary Giu-
lietti, said.
slaved people chose for
themselves, as documented
in the 1870 Census, after be-
ing emancipated at the Civil
War’s end.
The sculpture park is the
third site created by the
Equal Justice Initiative in
Montgomery, which is dedi-
cated to taking an unflinching dured its brutality. “really honest experience with housed enslaved families on
look at the U.S. history of Bryan Stevenson, the the history of slavery.” a cotton plantation, a whip-
slavery, racism and discrimi- founder of Equal Justice Ini- The 17-acre site is nestled ping post, chains used to hold
natory policing. tiative, said after opening the between the twisting banks trafficked people and replicas
The sculpture park, which first two sites that he felt of the Alabama River and rail- of a transport box car and
opens March 27, weaves art there was more to do. Most road tracks—the two trans- slaveholding pen. Interwoven
installations, historic artifacts plantation tourist attractions, portation mechanisms used to between the exhibits are
and personal narratives to he said, are centered on the bring people to the city’s slave first-person accounts by en-
explore the history of slavery lives of the family that did the markets in the 1800s. slaved people and formerly
in America and honor the enslaving. His goal was a The exhibits include two enslaved people.
millions of people who en- place for visitors to have a 170-year-old cabins that —Associated Press

Pills Now Account for Nearly Two-Thirds of Abortions in the U.S.

BY JENNIFER CALFAS
The fall of Roe v. Wade
nearly two years ago funda-
mentally changed when, how
and where women get abor-
tions. Medication abortions
have become more common
despite the elimination of fed-
eral protections for the proce-
dure, new data show.
Medication abortion rose
to account for nearly two-
thirds of abortions in the U.S.
in 2023, according to a report
released Tuesday by the Gutt-
macher Institute, a research
group that supports abortion
rights. In 2020, medication
abortion—a two-drug regimen
approved to terminate preg-
nancies up to 10 weeks of ges-
tation—accounted for 53% of
U.S. procedures.
Guttmacher’s report
showed that the number and
rate of abortions performed in
the U.S. climbed in 2023 even
with near-total bans on the
procedure in more than a
dozen states. Abortion clinics
Number of abortions in the U.S.*
1.50 million
1.25
1.00
0.75
0.50
0.25
0 battle is playing out, bricks-
1975 ’80 ’85 ’90 ’95 2000 ’05 ’10 ’15 ’20 ’23
*Data not available for 2021 and 2022
Source: Guttmacher Institute
have added staff, hours and
locations in states where
abortion is legal. Advocacy
groups have boosted funding
for traveling patients.
Guttmacher found more
than 642,000 medication
Proportion of out–of–state abortion patients of federal policy, “they will
find ways to get the health-
Colorado 2020 2023 care they need.
Access to medication abor-
Indiana tion has grown with policy
changes, including the expan-
Minnesota
sion of telehealth abortion
services. The Food and Drug
North Administration in 2021 re-
Carolina laxed restrictions on mifepris-
tone, one of two drugs used in
Illinois medication abortion, allowing
it to be delivered by mail-or-
South der pharmacies.
Carolina The Supreme Court this
month plans to hear oral ar-
New Mexico guments in a challenge to
those and other relaxed re-
Kansas strictions. While the court
0% 10 20 30 40 50 60 70 and-mortar pharmacies can
seek certification to dispense
the pill; CVS and Wal-
greens said this month that
abortions in 2023 were per- women seek abortion pills their pharmacies would do so.
formed through formal through community groups or The number of abortions in
healthcare providers. The abroad, according to Gutt- the U.S. increased to about
number of medication abor- macher. one million in 2023, according
tions is likely higher because “If people need health- to Guttmacher. The rate was
the estimate doesn’t include care,” said Amy Friedrich- higher last year than any year
self-managed abortions, when Karnik, Guttmacher’s director since 2012, and the number
was the highest since 2011,
the group said.
The findings reflect how
abortion providers and
funders have adapted to shift-
ing laws by increasing access
in states where abortion re-
mains legal and paying for
women from out of state to
get there.
Women from other states
make up more than half of pa-
tients in Kansas and New
Mexico and more than one-
third in Illinois and North
Carolina, according to Gutt-
macher.
Some women fly or drive
many hours to reach clinics in
states that border ones with
abortion bans and restric-
tions.
More abortions in these
states aren’t only because of
out-of-state patients, accord-
ing to Guttmacher. More tele-
health services, new protec-
tions for the procedure and
financial aid have also con-
tributed to higher abortion
numbers, the group said.
P2JW079000-6-A00400-16DDF61078D
A4 | Tuesday, March 19, 2024
Lawmakers Clear Spending-Deal Hurdle
Border pact sets up
votes on spending
bills, in a race against
shutdown deadline
BY KATY STECH FEREK
AND SIOBHAN HUGHES
WASHINGTON—Lawmak-
ers who are finishing writing
six annual spending bills have
resolved a last-minute road-
block over border funding,
setting the stage for Congress
to review and approve the leg-
islation on a tight timeline
that could take them to the
brink of a partial government
shutdown this weekend.
Congressional negotiators
from both parties late Monday
reached a deal on the provi-
sions within the Department
of Homeland Security’s fund-
ing bill, according to a person
familiar with the agreement.
Trump Defends ‘Bloodbath’ Comment Amid Political Storm
BY JOSEPH PISANI
AND SURYATAPA BHATTACHARYA
Donald Trump provoked a
political firestorm with the
word “bloodbath.”
The sound bite from a week-
end rally fueled headlines and
reverberated across social me-
dia. President Biden’s campaign
launched a new ad based on
the comment, which Democrats
had seized on to warn about
threats of civil unrest. And
Trump went on the offensive
against critics and the media.
“The Fake News Media, and
their Democrat Partners in the
destruction of our Nation, pre-
tended to be shocked at my use
of the word BLOODBATH,”
Trump said on his social-media
platform Truth Social. “I was
simply referring to imports al-
lowed by Crooked Joe Biden,
which are killing the automo-
bile industry.”
The Republican presidential
candidate made the comments
during a speech Saturday in
the Dayton, Ohio, area after
talking about tariffs.
“We’re going to put a 100%
tariff on every single car that
JANE HAHN FOR THE WALL STREET JOURNAL (2)
Hybrid
Auto Sales
Surging
Continued from Page One
instead, dealers and car execu-
tives said. The boom in de-
mand is happening despite
modest marketing compared
with EVs, and during a time of
relatively tame gas prices.
“I think there is a halo effect
from EVs,” said Doug Eroh,
president of Longo Toyota in El
Monte, Calif. Customers often
inquire about an EV but are
hung up on concerns about
driving range and charger
availability, Eroh said.
Another factor propelling
hybrid sales is the introduction
of several plug-in models in re-
cent years by Volvo Cars, BMW,
Hyundai Motor, Kia and Stel-
lantis-owned Jeep. Plug-in hy-
brids travel solely on electric
power, typically for 20 to 40
miles, before the gas engine
comes on.
For years, many auto execu-
tives played down their hybrid
That bill got caught in an 11th-
hour tangle with the White
House over border spending,
which has become a top issue
in many swing states during
the presidential-election year.
The legislation will need to
be drafted and circulated to
members in coming days. A
House rule requiring that
members have three days to
review most legislation could
push a vote right up against a
Friday deadline.
One GOP aide said that the
legislative text would likely be
published on Wednesday, rais-
ing the possibility of a short
partial shutdown over the
weekend, when most of the
government is already closed.
Lawmakers could also take an-
other approach, such as pass-
ing another stopgap spending
bill to allow more time to fin-
ish the final bills.
It is unclear whether nego-
tiators, in resolving the dis-
Democrats ‘Hate Israel,’ Trump Says
Donald Trump said the
Democratic Party “hates Is-
rael” and that Jewish Ameri-
cans who vote for Demo-
crats “hate” their religion,
recycling a claim he made as
president that such voters
are disloyal to their faith.
“I actually think they hate
Israel,” the former president
told Sebastian Gorka, a for-
mer adviser who hosts a
comes across the line and
you’re not going to be able to
sell those—if I get elected,”
Trump said. “Now if I don’t get
elected, it’s going to be a
bloodbath for the whole—
that’s going to be the least of
it. It’s going to be a bloodbath
for the country. That’ll be the
least of it. But they’re not go-
ing to sell those cars.”
Biden’s campaign quickly
linked the comments to the
2021 assault on the U.S. Capitol
and other instances of civil un-
rest during Trump’s presi-
offerings—or even bypassed
the technology altogether—to
invest heavily in fully electric
models as Wall Street cheered
all things EV.
Some are playing catch-up.
General Motors once dismissed
hybrids in favor of a more ag-
gressive electric-car push, but
now plans to introduce some
plug-in hybrid models in North
America. Nissan Motor said it
was examining ways to bring
hybrids it sells in other mar-
kets to the U.S.
Volkswagen North American
Chief Pablo Di Si has said VW
was looking at adding a plug-in
hybrid to its lineup of vehicles
in the U.S.
The snapback in hybrid de-
mand is a boon for Toyota,
which has been criticized by
environmental groups for stick-
ing with the gas-electric tech-
nology. The Japanese carmaker
has said EVs aren’t practical for
many customers, and hybrids
help reduce carbon emissions.
Early on, Toyota drew a fan
base of environmentally con-
scious buyers and celebrities
including Leonardo DiCaprio
and Natalie Portman. Hybrid
sales continued to grow but
were seen as cars for the green-
minded buyer, dealers said.
P W L C 10 11
pute, agreed to put additional
money into either enforcing
immigration laws, as Republi-
cans had wanted, or for
White House priorities that
Republicans have previously
viewed as deal
breakers.
Congressio-
nal negotiators
had at the end
of last week
been on the
verge of a deal
that would
have largely
continued
funding DHS at
the prior year’s
levels and on the prior year’s
priorities. Neither side liked
that approach, but it was
seen as expedient given the
longstanding Republican op-
position to providing funds
that the White House has
long sought to expand the
government’s capacity to pro-
conservative radio program,
in an interview posted late
Monday.
He added that Democrats
“see a lot of votes” among
those calling for a cease-fire
in the Israel-Hamas war.
“Any Jewish person that
votes for Democrats hates
their religion, they hate ev-
erything about Israel and
they should be ashamed of
dency. “It’s clear this guy wants
another January 6,” Biden
posted on X Sunday.
On Monday, Biden’s cam-
paign released a 45-second ad
with Trump’s bloodbath line.
The ad also includes comments
Trump made about Jan. 6 and
after the 2017 clash between
white nationalists and their op-
ponents in Charlottesville, Va.,
when Trump called both sides
“very fine people.”
Trump’s campaign said that
Biden and the media were
spreading “a desperate lie.”
Share of U.S. retail car sales
EV Hybrid
10%
8
6 ley said at an investor confer-
4 Hybrid prices also have
2 Hybrid
0 0
2022 2023
Note: Does not include sales from direct-to-consumer brands. Data for 2024 are as of February.
Sources: J.D. Power (sales); Edmunds (days)
Toyota set out to change
that perception. Starting
around 2018, it began launch-
ing new versions of its hy-
brids, aiming to make them
both better looking and more
powerful. For example, the
revamped Prius, unveiled in
2022, has about the same fuel
economy—57 miles a gallon—
as the previous generation
but delivers an additional 70
horsepower.
Designers also wanted to
give the Prius a sportier look,
12 H T G K R F A M 1 2 3 4 5 6 7
U.S. NEWS
cess migrants.
But the White House had
weighed in at the last minute
and threatened to veto the
entire package unless some
$1.56 billion in additional
funds for DHS
were included,
two aides said
Homeland on Sunday.
Security was the Earlier Mon-
day, a White
last unsolved House official
piece in six said negotia-
tions were on-
unpassed bills. going and they
were pushing
for funding
above 2023 lev-
els for DHS.
The late request irritated
House Republican leaders who
alleged that Biden administra-
tion officials unsettled a deal
just days before a deadline to
avoid a partial government
shutdown.
The DHS funding was the
themselves,” Trump said.
President Biden’s cam-
paign quickly condemned the
comments.
“The only person who
should be ashamed here is
Donald Trump,” James Singer,
a Biden campaign spokes-
man, said. He accused the
former president of “hateful
resentment.”
—John McCormick
Former Vice President Mike
Pence, who split with Trump af-
ter the Jan. 6 attack and has
said he wouldn’t endorse him
for president, said Trump was
“clearly talking about the im-
pact of imports devastating the
American automotive industry.”
Joe Scarborough maintained
that Trump “knew what he was
doing” with his comments.
“Americans aren’t stupid,” the
co-host of MSNBC’s “Morning
Joe” said. “He was talking about
a bloodbath. Sometimes a
bloodbath means a bloodbath.”
Chloe Flores, left, looks at a Toyota Tacoma with her father, Elias Flores, at a dealership in El
Monte, Calif., earlier this month. Khanh Le, above, finishes up his trade-in of a gas-powered
Highlander for a new Hybrid Highlander. Some EV shoppers are opting for hybrid models.
Plug-in Hybrid
Average number of days a vehicle sat on a dealer lot
before being sold
100 days
75
50
25
Jan. 2024 2019 '20
even if the features—such as
larger tires or a less aerody-
namic body—sacrificed a bit
of fuel economy. Toyota
wanted people to buy the
Prius because it was beautiful,
Toyota design chief Simon
Humphries said.
Other carmakers are also
leaning into their hybrids.
Beginning in 2021, the
Stellantis Jeep brand rolled
out a plug-in hybrid version
of its popular Wrangler,
backed by commercials fea-
8 9 O I X X * ** ** * THE WALL STREET JOURNAL.
final unresolved piece in the
six unpassed spending bills,
accounting for the remainder
of a $1.659 trillion spending
deal reached between House
Speaker Mike Johnson (R.,
La.) and Senate Majority
Leader Chuck Schumer (D.,
N.Y.)
Congress has so far ap-
proved $460 billion in spend-
ing for fiscal 2024, passing six
of 12 annual spending bills
earlier this month.
Lawmakers are under pres-
sure to pass the six spending
bills before an extension of
the previous fiscal year’s
funding levels expire on Fri-
day night, putting the De-
partment of Defense and a
handful of other agencies at
risk of a partial shutdown.
Such a shutdown could be
brief, one aide said, lasting
only a few days in a way that
could limit the effects of that
lapse on both federal workers
Donald Trump during his campaign rally in Ohio on Saturday.
EV
67 days
Plug-in hybrid
65
Gasoline
51
25
'21 '22 '23 '24
turing the cars forging
through muddy rivers.
Ford said it plans to qua-
druple hybrid sales over the
next five years and has had
trouble keeping pace with de-
mand for the hybrid version of
the Maverick, a compact
pickup truck it rolled out in
late 2021.
For consumers, the finan-
cial benefits of owning a hy-
brid are easier to understand
than those of EVs, dealers and
car executives said. EV shop-
and the public.
President Biden signed the
first package of six bills into
law on March 9, finalizing
funding for the Department of
Transportation and several
other agencies through the
end of the fiscal year. Leaders
of both parties claimed wins
in those bills, with Democrats
preserving funding for nutri-
tion and housing programs
and Republicans touting small
cuts to law enforcement agen-
cies that they saw as over-
reaching.
Congress funds the federal
government by passing 12 ap-
propriations bills each year,
splitting up the budget among
different agencies, commis-
sions and boards. Lawmakers
often miss the annual Sept. 30
deadline to pass these bills
into law, prompting them to
grant extensions.
—Catherine Lucey
contributed to this article.
KAMIL KRZACZYNSKI/AFP/GETTY IMAGES
pers have more to consider,
such as the expense of a home
charger, uncertainty about re-
sale values and the cost of
maintenance and repairs.
“Customers don’t have to
change their habit on hybrid,”
Ford Chief Executive Jim Far-
ence last month. “They can
immediately do the math.”
fallen relative to gas or diesel
models. For the 2024 model
year, the average sticker price
on hybrids was about 9% more
than the comparable internal-
combustion-engine vehicle,
down from a 43% premium in
2007, according to data from
private-equity firm Mobility
Impact Partners.
Randall Snider traded in
two gasoline vehicles, a pickup
and an SUV, for two Ford Mav-
erick hybrid pickups last year.
“My thought process was,
‘What’s the most economi-
cal?’” said C, a retired Orange
County resident.
He considered an EV but
didn’t think the additional
cost made sense.
“You might go on two vaca-
tions for the price difference
between a Maverick and a
Tesla,” Snider said.
P2JW079000-0-A00500-1--------XA

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A6 | Tuesday, March 19, 2024 * ** ** * THE WALL STREET JOURNAL.

WORLD NEWS
Israel Will Discuss Rafah Moves, U.S. Says
A full-scale operation
to dislodge Hamas Hospital Again
could worsen Gaza Is Under Fire
humanitarian crisis Footage shared by
the Ministry of Health in
WAS H I N GT O N — I s ra e l i Gaza showed smoke ris-
Prime Minister Benjamin Netan- ing around the Al-Shifa
yahu has agreed to send a team Hospital, with the sound
of officials to Washington to of gunfire and aircraft
discuss U.S. concerns about its buzzing overhead. Israeli
planned military operation in military vehicles were
southern Gaza that potentially around the complex
would put more than a million where health officials
civilians at risk, the White said a fire erupted and
House said, as Israel and Hamas several deaths and inju-
began a key round of talks over ries occurred.
hostages and a cease-fire plan. Amr Fawzi, a vascular
surgeon at Al-Shifa, said
By Vivian Salama, doctors couldn’t treat pa-
Omar Abdel-Baqui and tients, and that people
Summer Said couldn’t leave the com-
plex. “We don’t know how
President Biden warned Ne- to move around without
AGENCE FRANCE-PRESSE/GETTY IMAGES

tanyahu against an offensive the risk of being hit,”

in the city of Rafah in a phone Fawzi said in an interview
call on Monday, escalating his as he sheltered in the
pressure on Israel to rethink hospital. Israeli military
its war strategy and insisting bulldozers destroyed
it could still accomplish its parts of the complex used
goal of defeating Hamas, the by ambulances, he added.
U.S.-designated terror group The Ministry of
whose attack last October Health called on the
sparked the war. Palestinians flee after Israel launched airstrikes in central Gaza City. Israel says Hamas has resurfaced in northern Gaza. United Nations to pro-
“A major ground operation tect the hospital.
there would be a mistake, it steps by Biden and his allies operation. said in a post on X. tary moves occur. Hospitals are pro-
would lead to more innocent to pressure Netanyahu’s gov- This “raises questions Netanyahu has argued that Meanwhile, Israel and tected under international
civilian deaths, worsen the al- ernment to increase the flow about how to ensure a sus- Hamas has burrowed among Hamas began a key round of law, but they can lose
ready dire humanitarian cri- of humanitarian aid into Gaza tainable campaign against the civilian population in Ra- cease-fire talks in Qatar on their special status when
sis, deepen the anarchy in and to sign on to a U.S. post- Hamas, so that it cannot re- fah. He has vowed to proceed Monday. they are actively used for
Gaza, and further isolate Is- war plan that includes a new generate, cannot retake terri- with invasion plans, in defi- An Israeli delegation led by hostile acts. Hamas said
rael internationally,” national diplomatic push for an inde- tory,” Sullivan said. ance of the growing interna- intelligence agency Mossad’s its forces were engaged
security adviser Jake Sullivan pendent Palestinian state. Netanyahu’s office said the tional outcry over the soaring chief, David Barnea, landed in in clashes with Israeli
said, describing Biden’s mes- Biden earlier this month leaders discussed develop- civilian death toll and con- Qatar, where the mediators— forces near Al-Shifa.
sage to Netanyahu. “More im- declared that he might with- ments in the war, including Is- cerns over potential famine. from the U.S., Egypt and Qa- In November, the Is-
portantly, the key goals Israel hold U.S. weapons deliveries rael’s objective of eliminating Sullivan said the large tar—were expected to hold in- raeli military alleged
wants to achieve in Rafah can unless Israel takes steps to Hamas, freeing the hostages, numbers of people who have tense negotiations for as long Hamas was operating a
be done by other means,” Sul- protect civilians in Rafah. But humanitarian aid and “ensur- taken refuge in Rafah have as two weeks because of large command-and-control
livan added, not specifying Sullivan said that the presi- ing that Gaza never consti- “nowhere else to go,” adding gaps in their positions, an Is- center from Al-Shifa.
further. dent hadn’t made threats to tutes a threat to Israel.” It that most major cities in Gaza raeli official said. While many security
The White House salvo un- Netanyahu on Monday. didn’t mention Israel’s com- have “largely been destroyed.” The framework for a deal is analysts agreed that
derscored Biden’s deep dis- As an example of the flaws mitment to send an inter- An Israeli military operation around six weeks of a cease- there was evidence re-
agreements with Netanyahu— in Israel’s strategy, Sullivan agency delegation. Israel would disrupt aid deliveries, fire for some 40 hostages, ac- leased by the Israeli mil-
and the administration’s cited its military raid on the didn’t respond to a request for given that Rafah is a major cording to the Israeli official. itary of a Hamas armed
willingness to air the differ- Al-Shifa Hospital in northern comment. entry point for supplies com- Key sticking points for Israel presence at the hospital,
ences publicly, in hopes of Gaza on Monday, which Israeli Biden told Netanyahu there ing via Egypt, he said. And are Hamas’s demand that Is- most said they hadn’t
swaying Israel and as a re- troops first cleared of Hamas needed to be an “immediate Egypt has voiced “deep rael allow Gazans to return to seen a smoking gun
sponse to domestic critics operatives months ago before cease-fire” lasting several alarm” over any impending the north of the enclave, as showing it was a major
who say Biden hasn’t done withdrawing. But Hamas oper- weeks, to free hostages held operation and has raised well as control over which command center.
enough to rein in Netanyahu. atives returned to the com- by Hamas and permit more questions about its future re- Palestinian prisoners will be
It comes after other recent plex, requiring another Israeli aid into Gaza, the president lationship with Israel if mili- released as part of the deal.

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P2JW079000-4-A00700-1--------XA

THE WALL STREET JOURNAL. * * * * Tuesday, March 19, 2024 | A7

WORLD NEWS

More Than a Million Gazans

Are Estimated to Be Starving
BY MARGHERITA STANCATI nent and projected to occur be- cease-fire to allow aid into the take account of humanitarian
tween now and the end of May. strip, the IPC report warns. initiatives in the past week,
More than a million people The figures, released Mon- “There is a very small win- and was “a bad assessment,

MAHMOUD ESSA/ASSOCIATED PRESS

in the Gaza Strip, about half of day, present the most ominous dow left to prevent an outright based on an out-of-date picture
the enclave’s population, are assessment of Gaza’s hunger famine, and to do that we need that cannot provide a meaning-
experiencing famine-like con- crisis to date, a scenario com- immediate and full access to ful projection of future trends.”
ditions, according to new esti- pounding the human toll of the the north. If we wait until Nearly all goods enter the
mates by food-insecurity ex- war that has claimed tens of famine has been declared, it’s enclave through two crossings
perts who found evidence of thousands of lives and led to too late. Thousands more will in the southern Gaza Strip,
widespread starvation and a calls for an immediate cease- be dead,” said Cindy McCain, but only a small portion has
sharp increase in child mortal- fire on humanitarian grounds. executive director of the reached the north since the
ity in the war-ravaged enclave. Both in absolute numbers World Food Program, which start of the war. Palestinians wait for food at a refugee camp in northern Gaza.
The number of people facing and per capita, Gaza is experi- contributed to the IPC report. Israeli restrictions as well
catastrophic levels of hunger in encing the most acute hunger The situation is particularly as lawlessness and intense cross from its territory di- food. Parents are going full
Gaza has doubled from Decem- crisis in the world, according precarious in northern Gaza, fighting have impeded food rectly into northern Gaza for days without eating to save
ber, with the northern part of to the IPC. The speed and scale which largely has been cut off convoys heading to the north- the first time. what little they have for their
the strip meeting some of the at which the situation has de- from aid deliveries and com- ern strip, where about 300,000 Israel blames the United children, locals say.
criteria of a full-blown famine, teriorated has no recent prece- mercial goods since the war people are still estimated to Nations for not doing more to It is extremely rare for a
according to estimates by the dent, say food-insecurity ex- began over five months ago. At live. The bulk of the popula- effectively distribute aid. famine to be declared. Since the
Integrated Food Security Phase perts. In northern Gaza, about least 27 people have died from tion fled south in the early Families across the enclave, IPC was created two decades
Classification, or IPC, an initia- 30% of children under two malnutrition and dehydration weeks and months of the war. and especially in northern ago, there have been only two
tive that brings together ex- years old are acutely malnour- there in recent weeks, say Pal- Israel says it places no lim- Gaza, have resorted to coping official famines: in South Sudan
perts from the United Nations, ished, said the IPC report, com- estinian health authorities. its on the amount of aid, strategies such as skipping in 2017 and in Somalia in 2011.
relief agencies and research pared with 0.8% before the war. Eylon Levy, an Israeli gov- within permitted categories, meals, mixing flour with ani- —Abeer Ayyoub
groups. The IPC report said Conditions likely will worsen ernment spokesman, said in a from entering Gaza, and re- mal fodder to make bread, or and Stephen Kalin
famine in north Gaza is immi- without action, primarily a post on X that the report didn’t cently allowed deliveries to consuming wild or expired contributed to this article.

Gaza’s Thousands of War Amputees Struggle to Survive

BY CHAO DENG
AND MENNA FAROUK
Home Surgery:
When a rocket hit the court- A Kitchen Knife
yard of a school in the middle
of Gaza, Ibrahim Al-Raei said
And a Flashlight
he was helping neighbors shel- Palestinians say fight-
tering there pack their bags. ing has often prevented
FROM TOP: MAHMUD HAMS/AGENCE FRANCE-PRESSE/GETTY IMAGES; OMAR QATTAA/ANADOLU/GETTY IMAGES

The blast ripped off his right them from getting to

leg below the knee. hospitals. In January, a
His 70-year-old grandfather video of a surgeon
tied a shirt around his shat- washing the shattered
tered limb to stanch the bleed- leg of his 17-year-old
ing. There was no ambulance niece in the family’s
or car nearby, so Al-Raei was kitchen in Gaza City
put on the back of a bicycle. went viral in the Arab
His brother and a stranger world.
pushed the bike to the hospital. In it, Hani Bseiso dips
His life was saved that Jan- a sponge in a bucket of
uary day, but it was the begin- bleach and water to dis-
ning of an odyssey that would infect flaps of skin
take Al-Raei from hospital to hanging off the leg of
hospital in search of care. his niece, Ahed Bseiso.
The 16-year-old is one of He thought it was too
thousands of Palestinians who dangerous to take the
have lost a limb as a result of girl to the hospital be-
the war—an agonizing ordeal cause of continuing Is-
made all the more painful and raeli airstrikes. In an in-
nerve-racking by the hollow- terview, Hani Bseiso
ing out of emergency medical recalled looking at his
care in Gaza. Many amputees niece as she pleaded
are still fighting for their lives with him not to cut her
and struggling to get treat- leg.
ment from the few hospitals Above, a camp for displaced people in the southern Gaza city of Rafah; below, a 16-year-old amputee in a Gaza City hospital. He was speechless.
still operating. He had no anesthesia
The first hospital Al-Raei Gaza. The organization, based His next stop was Rafah In- but needed to cut
was taken to was being evacu- in the West Bank, said it donesian Field Hospital, where through the leg to find
ated as he arrived. Doctors hasn’t been able to update its doctors determined his ampu- the artery inside that
could only replace the shirt numbers this year because tated leg was infected. They was bleeding. He pro-
with a tourniquet and give telecommunications in Gaza opened it up and attached a ceeded to work with the
him one shot of morphine. He are often down and most hos- vacuum pump to treat his in- kitchen knife and a pair
would eventually be trans- pitals are no longer operating. flammation. Another major of medical scissors un-
ported to three other hospitals The Israeli campaign of air- surgery followed before doc- der the flashlight of a
to get the surgeries he needed. strikes has led to large num- tors could close the stump. mobile phone.
The teenager couldn’t sleep bers of crush injuries. Doctors After 25 days, his stump Once the uncle found
for days after the anesthesia and medical experts say the had yet to heal fully, but the the artery, he tied a cot-
wore off from his first hour- rough nature of the injuries staff said he was well enough ton thread around it. He
long operation, at Shuhada Al often makes salvaging tissue to be discharged. They gave and his niece then
Aqsa Hospital. “I was scream- and blood vessels difficult. his aunt some disinfectant and waited five days before
ing. The pain felt like electric- The severity of the injuries dressing changes. they were able to make
ity,” he said. has often been exacerbated by Instead of a prosthetic for it to the nearby Al-Shifa
If amputees survive, their the lack of available treat- his right leg, Al-Raei is now Hospital. He gave her
challenges will just be begin- ment. Shortages of antibiotics on crutches. Passionate about the last of his antibiot-
ning. Many will have greater mean infections turn deadly; soccer, the teenager has a ball ics and painkiller pills to
difficulty finding jobs. Child the lack of surgical teams that he tries to do exercises help her cope.
amputees are at greater risk means limbs can’t be properly erations cut off limbs that southern town of Rafah. with. Sometimes he kicks with “It was very shocking
of giving up on prosthetics, reconstructed. In the dozen or couldn’t be salvaged due to a At Abu Yousef Al-Najjar Hos- his right leg, forgetting his and surprising she en-
which can be more costly than so hospitals still partly func- lack of medical supplies, antibi- pital, the doctors saw the skin lower limb is no longer there. dured all of this,” said
for adults and painful if not tioning, doctors and other otics and specialized staff. at the site of his first operation Watching him has been partic- the uncle.
fitted properly. If lost limbs front-line healthcare workers Al-Raei’s first leg surgery was burned and bone was still ularly heartbreaking for his Ahed was later taken
prevent children from getting are overwhelmed. was only to take off the tour- protruding, according to his grandfather, who raised him. to two more hospitals in
to school, the result can follow Mohammed Obaid, a sur- niquet and form an initial aunt, Ghada Al-Raei. They cut “The occupation killed our Gaza before getting
them for the rest of their lives. geon specializing in limb recon- stump. He woke from the op- the bone so there was enough children’s dreams,” he said. evacuated to Egypt, ac-
The Palestine Red Crescent struction at Al-Awda Hospital eration to see displaced fami- skin to cover the stump. The family salvaged two of cording to a video inter-
Society estimated at the end in northern Gaza, said he has lies panicking and packing up Five days later, the staff at Al-Raei’s soccer jerseys from view she gave this
of December that some 12,000 performed 35 amputations dur- to leave because they believed Al-Najjar told him they could their destroyed house. Being month to an Egyptian
people, about 5,000 of them ing the war, most of them cases Israeli forces would enter the no longer care for him. They able to wear them cheers him media outlet.
children, had lost one or more in which the limb had already hospital. His family put him were short on painkillers and up. “I feel that my spirit
limbs because of the war in been blasted off. Six of the op- on a truck the next day to the other medical supplies. wasn’t broken,” he said.

NIGERIA
Gangs Abduct
MEXICO
Three Officers
HAITI
Rampage Leaves
WORLD WATCH
More Than 100 Killed in Attack At Least 12 Dead
Armed gangs attacked two A state police officer and Gangs attacked two up-
villages in Nigeria’s north- her two bodyguards were scale neighborhoods in Haiti’s
west over the weekend and killed in a highway attack in capital Port-au-Prince early
seized at least 100 people Mexico’s violent western Monday in a rampage that
from their homes, residents state of Michoacán, security left at least a dozen people
and a state official said Mon- officials said Monday. dead in surrounding areas.
day, in the latest mass ab- Michoacan’s state security Gunmen looted homes in
duction in the region. agency said on X, formerly the communities of Laboule
The gunmen attacked Twitter, that three members of and Thomassin before sun-
communities in Kaduna the state Civil Guard had died rise, forcing residents to flee
state’s Kajuru council area on in the line of duty Sunday as some called radio stations
Saturday and Sunday, said night. One of them, Cristal pleading for police. The
Usman Dallami Stingo, who García Hurtado, was a regional neighborhoods had remained
represents Kajuru in the police commander. Local press largely peaceful despite a
state legislature. reported that she had been de- surge in violent gang attacks
Kaduna is where nearly 300 capitated. The attack occurred across Port-au-Prince that
schoolchildren were abducted on the highway connecting began on Feb. 29.
JOHNSON SABIN/EPA/SHUTTERSTOCK

this month. The latest kidnap- Patzcuaro and Uruapan. Also on Monday, Haiti’s
pings, like the previous one, The Michoacán state pros- power company announced
have been blamed on bandit ecutor’s office, which is inves- that four substations in the
groups known for mass killings tigating, didn’t comment. capital and elsewhere “were
and kidnappings in Nigeria’s Michoacán has been hard destroyed and rendered com-
northwestern and central re- hit by gang turf wars, with pletely dysfunctional.” Swaths
gions. Most of the bandits pre- the Jalisco New Generation of Port-au-Prince were with-
viously were herders in conflict cartel fighting a local gang, out power, including the Cite
with local communities. the Viagras, for control. Soleil slum and a hospital. Women and children react after seeing the body of a relative on a street in Port-au-Prince,
—Associated Press —Associated Press —Associated Press Haiti, on Monday. Twelve bodies were found in the capital after gangs looted homes.
P2JW079000-0-A00800-14DDF63078D
A8 | Tuesday, March 19, 2024
Putin Ratchets Up
Rhetoric on Ukraine
Bolstered by vote,
Russian leader vows
any peace would
come on his terms
BY ANN M. SIMMONS
Fresh from an election in
which he was the only viable
contender, Russia’ President
Vladimir Putin came out
swinging against the West,
vowing that peace in Ukraine
would come only on his terms,
and warning that if NATO put
boots on the ground, it could
mean nuclear war.
Putin’s landslide victory in
the weekend’s carefully choreo-
graphed vote was widely antici-
pated. Credible rivals were
jailed, barred from the ballot,
or are dead. But the aftermath
has seen him kick up his rheto-
ric, and he is using it to suggest
that only an outright victory in
Ukraine would be acceptable to
Pakistani Strikes Target Militants Based in Afghanistan
BY SAEED SHAH
AND ESMATULLAH KOHSAR
Weeks after it carried out
airstrikes inside Iran, Pakistan
conducted air assaults in Af-
ghanistan Monday aimed at
militants that it says have been
targeting its security forces in
a worsening wave of attacks.
Tensions between Pakistan
and the Taliban regime have
increased since Afghanistan
fell to the militant group in
2021. Islamabad says the Paki-
stani militants, known as Teh-
reek-e-Taliban Pakistan, or the
TTP, are based over the border
in Afghanistan. The Taliban
denies that it hosts Pakistani
militants and other interna-
tional jihadists.
At ChildFund, hope is about helping kids everywhere grow up healthy, educated, skilled
and – above all – safe. Hope is about keeping children safe wherever they are: at home,
in school, online. Hope is about all of us – including children – writing our story together.
the Russian people—or, failing
that, a lopsided peace with
Moscow dictating the terms.
“We are for peace negotia-
tions…but it is not because the
enemy is running out of ammu-
nition,” Putin told a news con-
ference Monday, after officials
said he won an unprecedented
87% of the vote. “We are for it,
if they are truly serious [and]
in the long term they want to
build peaceful, good neighborly
relations between the two
states, and not take a pause for
1½ to two years to rearm.”
With Western nations dith-
ering on supplying more aid to
Ukraine, Putin has dangled the
prospect of a cease-fire, calcu-
lating that he would be bar-
gaining from a position of
power, political analysts said.
Ukraine is outmanned and
outgunned, its forces so de-
pleted that they only fire
roughly two shells for every 10
Russia fires, according to
Western intelligence estimates.
“Certain elements among
those in power in Afghanistan
are actively patronizing TTP
and using them as a proxy
against Pakistan,” said Paki-
stan’s Ministry of Foreign Af-
fairs. The ministry called the
TTP a threat to regional peace
and security.
Pakistan, which is facing
economic and political crises,
is telling its neighbors—in-
cluding rival India—that its
defenses are as strong as ever,
security analysts say.
“This is a signal from Paki-
stan that whichever neighbor
hits us, they will have to pay,”
said Ejaz Haider, a security
analyst based in the eastern
Pakistani city of Lahore.
The airstrikes were in re-
Hope is what we do.
WORLD NEWS
Putin’s bare minimum in
any peace deal now would be
to ensure that the Crimean
Peninsula, which Moscow
seized 10 years ago, would stay
under its control, along with
four areas in Ukraine’s east and
south that it claimed in 2022.
Ukrainian President Volod-
ymyr Zelensky has rejected the
start of any peace talks until
Russia removes troops from
his country, and has warned
that a cessation of hostilities
would allow Russia to rearm
and better attack Ukraine fur-
ther down the line.
In his post-election remarks,
Putin cautioned the West
against backing Ukraine, saying,
without providing evidence,
that Russia was aware that mil-
itary personnel from U.S.-led
North Atlantic Treaty Organiza-
tion countries were present in
Ukraine, and he claimed they
were dying there in large num-
bers. He warned that a full-scale
conflict between Russia and
sponse to an attack Saturday
that killed at least seven mili-
tary personnel, including a
relatively high-ranking officer,
a Pakistani se-
curity official
said. Pakistan
carried out The Taliban in
more than a Afghanistan
dozen airstrikes
and hit seven vowed to
militant hide-
outs in re-
retaliate against
sponse, the of- the air attacks.
ficial said.
The Tali-
ban’s army ex-
changed fire across the border
with Pakistani soldiers follow-
ing the early morning air-
strikes in eastern Afghanistan.
Pakistan carried out air-
ChildFund.org
Vladimir Putin on Monday attended a Moscow gathering marking the 10th anniversary of
Russia’s 2014 annexation of Crimea, which he called a ‘strategically important territory.’
NATO “cannot be ruled out,”
and if such were to occur, “the
world will be one step away
from a Third World war,” which
hardly anyone wants, he said.
Meanwhile, incremental
battlefield successes, such as
the capture of the eastern
Ukrainian town of Avdiivka in
February, after months of
grinding combat and huge
manpower losses, have helped
persuade Putin to keep the
strikes inside Iran in January
after Tehran used missiles and
drones to hit what it said were
Iranian militants operating
from Pakistan’s
territory. The
two countries
subsequently
sought to de-
escalate the sit-
uation and re-
ferred to their
relationship as
brotherly.
The Taliban,
however, has
vowed to retali-
ate over Monday’s strikes,
which Taliban spokesman Za-
biullah Mujahid called “reck-
less.” Pakistani planes bombed
targets in the eastern Afghan
THE WALL STREET JOURNAL.
fight going, analysts say.
The gains, though modest,
also allowed him to put on an-
other show of bravado later
Monday, this time with a con-
cert and rally on Moscow’s
Red Square to mark the annex-
ation of Crimea.
“Crimea is not only a stra-
tegically important territory, it
is not only our history, our tra-
ditions and the pride of Rus-
sia. Crimea is, first and fore-
provinces of Paktika and Khost,
killing five women and three
children, the spokesman said.
“Pakistan should not blame
Afghanistan for the lack of
control, incompetence and
problems in its own territory,”
Mujahid said. “Such incidents
can have very bad conse-
quences which will not be in
Pakistan’s control.”
The Pakistani security offi-
cial denied that civilians had
been killed.
In Washington, the State
Department said it regretted
the loss of civilian life caused
by the Pakistani airstrikes,
while condemning the attack
Saturday that killed the Paki-
stani soldiers.
“We urge the Taliban to en-
SERGEI ILNITSKY/EPA/SHUTTERSTOCK
most, people,” Putin told
thousands who gathered to lis-
ten to artists sing patriotic
songs, dance and recite poetry,
waving flags.
Watch a Video
Scan this code
for a video on
President
Putin’s news
conference.
sure that terrorist attacks are
not launched from Afghan soil
and we urge Pakistan to exer-
cise restraint and ensure civil-
ians are not harmed in their
counterterrorism efforts,” said
Vedant Patel, the State De-
partment’s deputy spokesman.
Pakistani officials said they
have grown frustrated after
more than two years of trying
to persuade the Taliban to
take action against the Paki-
stani militants. The Taliban
isn’t willing to condemn ter-
rorist attacks happening in
Pakistan, they said.
The Taliban’s diplomatic
isolation means it can’t afford
to alienate militant factions as
it fends off attacks from a
branch of Islamic State.
P2JW079000-7-A00900-1--------XA

THE WALL STREET JOURNAL. * * * * * * * Tuesday, March 19, 2024 | A9

WORLD NEWS

Unemployment in China Increases BOJ Ends

8 Years of
Negative
BY JASON DOUGLAS Unemployment rate in China, rable recovery. in December. On Monday, a The latest unemployment
monthly “Now is not the time for spokesman for the agency said figure is “definitely a con-
SINGAPORE—China’s econ- complacency,” said Ting Lu, it wouldn’t publish the new cern,” said Julian Evans-Prit-
omy has a new problem: rising 6.5% chief China economist at No- rate alongside the broader chard, head of China econom-
unemployment.
Joblessness in China rose
for the third straight month, 6.0
mura in Hong Kong.
The pickup in unemploy-
ment comes alongside evi-
measure of unemployment
each month but will release it
on its website days later.
ics at Capital Economics in
Singapore. “While the data
published today were decent
Interest
according to data published
Monday. At 5.3%, the official
jobless rate is back to where it
was in July after increases in
5.5
dence of a decline in average
working hours in China, which
economists often interpret as
a sign that people are under-
Together, these labor-mar-
ket signals point to pockets of
weakness in China’s economy,
which is feeling the benefits of
overall, it’s clear that the do-
mestic consumer remains
weak and the improvement is
largely being driven by ex-
Rates
December and January re- 5.0 employed, or working well be- government support for man- ports and state investment BY MEGUMI FUJIKAWA
versed almost half a year of low their potential. ufacturing but continues to funded by fiscal support.”
steady progress. A longstanding concern has wrestle with subdued con- China’s economy expanded TOKYO—The Bank of
The rise in the unemploy- 4.5 been youth unemployment, sumption and a drawn-out 5.2% in 2023, and Chinese Japan said Tuesday it would
ment rate was just one data which rose in June to more property slump. leaders at an annual gathering end negative interest rates af-
point in a batch of new eco- than 21%. China’s statistics Monday’s flurry of data re- earlier this month set a ter an eight-year experiment,
4.0
nomic figures released in Bei- agency stopped publishing inforced that split, with fig- growth target of 5% for 2024. symbolizing a broader shift
2021 ’22 ’23 ’24
jing. Most were positive. In- data for joblessness among 16- ures showing retail-sales Many economists consider away from unorthodox mone-
dustrial production rose Source: CEIC to 24-year-olds soon after, cit- growth slowed in January and that ambitious. Last year’s tary easing.
handsomely in January and ing methodological issues it February and property invest- performance was helped by a The Japanese central bank
February compared with a suggest the economy is bene- wanted to iron out. It began ment shrank, while industrial flattering comparison with set a target for short-term in-
year earlier, and investment fiting from modest govern- publishing a new version in production and investment in 2022, when growth slowed terest rates in a range of 0%
poured into factories. ment stimulus but that more January, which put youth un- buildings, factories and other sharply as China battled to 0.1%, carrying out its first
Economists said the data will be needed to ensure a du- employment at just under 15% fixed assets rose. Covid-19 with lockdowns. rate increase since 2007.
The decision marks the end
of a global era of negative in-

Taiwan Faces Tough Call on Weapons Choice

terest rates that began in the
2010s. Other central banks
that had introduced negative
rates in the 2010s, including
the European Central Bank
BY ALASTAIR GALE and Swiss National Bank,
have already moved back into
TAIPEI—David shouldn’t rely positive territory amid infla-
too much on slingshots to repel tion triggered by the Covid-19
Goliath. He’ll need plenty of pandemic and the war in
tanks and jet fighters, too. Ukraine.
That is the takeaway for de- The Bank of Japan, which
fense officials and scholars in had maintained a negative
Taiwan from the latest devel- policy rate since 2016, said it
opments in Ukraine, where would continue buying gov-
Kyiv has struggled to block ernment bonds and maintain
Russian advances while waiting accommodative financial con-
for allies to deliver more pow- ditions.
erful hardware. Ending negative rates was
The need for heavy weapons one of several moves the Bank
has been a point of contention of Japan took Tuesday to undo
between Taipei and Washing- the unconventional monetary
ton in discussing how Taiwan easing of the past decade and
would blunt a Chinese attempt a half.
to seize the island. It scrapped a policy ad-
For more than a decade, U.S. opted in September 2016 un-
officials have encouraged Tai- der which it set a target of
JOHNSON LAI/ASSOCIATED PRESS

wan to invest in small, rela- around zero for the yield on

tively cheap weapons such as 10-year Japanese government
shoulder-fired missiles, drones bonds.
and sea mines. The goal would The bank had already been
be to bring a Chinese amphibi- loosening its control over the
ous invasion force to a halt at 10-year yield, allowing it to
close range with thousands of move higher amid a surge in
small strikes. Military personnel stand guard during weapon-loading drills at an air base in Taiwan in 2022. global bond yields.
Such asymmetrical warfare And the BOJ said it would
is a favorite tactic of guerrillas U.S. weapons sales to Taiwan under the Biden and Trump no longer buy stocks, another
and weaker nations facing big administrations unusual tool it had adopted in
rivals. Ukraine’s initial suc- Using Other Forms of Defense 2010 in a bid to stimulate in-
cesses in using asymmetrical vestment and risk-taking.
weapons such as Javelin mis- Lee Hsi-min, Taiwan’s prioritize our existence,” After the global financial
siles in destroying Russian Trump top military officer from Lee said. crisis of 2008-09, the central
tanks and severing supply con- 2017 to 2019, started a Those on the other side bank had taken extraordinary
voys showcased the tactic. program to deploy tiny as- of the debate say that measures to lift the economy
More recently, however, Asymmetric sault boats that could hide missing in this picture is out of a long period of slug-
Ukraine has felt the want of Conventional in fishing harbors and consideration of other sce- gishness marked by flat or de-
America’s most powerful big- Munitions make hit-and-run style narios in which traditional clining prices.
Biden
ticket weapons—from F-16 jets missile attacks on any Chi- weaponry would play an Recently, conditions have
to M1 Abrams tanks, delivered nese invasion force. The important role. One such changed. Japan’s inflation rate
so far in only small quanti- program was scrapped af- scenario is a blockade, a has stood above the central
ties. Ukraine had trouble last $0 billion 2 4 6 8 10 12 ter Lee left office. strategy documented in bank’s 2% target for the past
year breaking through fortified Lee said Taiwan’s $14 Chinese military texts and two years, while the Nikkei
positions established by Rus- Backlog of U.S. arms sales to Taiwan billion military budget viewed as more likely than Stock Average hit a record for
sian troops. wasn’t enough to bring the a sudden invasion in a re- the first time in 34 years.
Taiwan fears the same fight to Beijing in all do- cent survey of 52 American BOJ Gov. Kazuo Ueda and
Conventional*
plight if China amasses forces mains, and the focus and Taiwanese scholars. other policymakers have
around the island in a block- should lie in countering the A Chinese blockade shown growing confidence
Asymmetric
ade, or if Beijing’s military es- amphibious invasion force would use ships and air- that a virtuous cycle of higher
tablishes a firm beachhead on that China would ulti- craft to cut Taiwan off prices and higher wages is fi-
Taiwan. In such scenarios, Munitions mately need to seize Tai- from fuel and other sup- nally starting to work in
small, short-range weapons wan’s beaches and air- plies, seeking to pressure it Japan.
could be less effective at de- $0 billion 2 4 6 8 10 12 fields. “We have to to submit without a fight. Japan’s largest labor union
grading the enemy, and Taiwan said last week that major
*Includes F-16 fighters and Abrams tanks
would need bigger hardware, Note: Data are as of November 2023. companies are planning to
Taiwanese defense officials and raise pay by an average of
analysts say. search organization. pressure, has put more empha- in preparation for a longer con- Tsai Ing-wen, Taipei edged 5.28% this year, the largest in-
“The asymmetrical approach Figuring out the right weap- sis on asymmetrical weapons flict against Beijing. If he closer to U.S. thinking about crease since 1991.
advocated by some people ons mix is among the most chal- such as Harpoon antiship mis- agrees, President-elect Lai asymmetrical weapons. It After the midday break,
would put the whole of Taiwan lenging tasks for Taiwan’s next siles, Himars rocket launchers could push the U.S. to deliver stepped up orders for several Japan’s benchmark Nikkei 225
into a meat grinder,” said I- president, Lai Ching-te, who and mines. more quickly on previously types such as 400 land-launched Stock Average was down 0.4%
Chung Lai, a former ruling- takes office in May. The Taiwanese military has agreed orders for weapons Harpoon missiles, though the to 39578.99. The yen was
party foreign-affairs official For the past few years, Tai- long favored heavy weapons such as M1 Abrams tanks. U.S. has struggled to deliver down against the dollar to
now at Taiwan Thinktank, a re- wan’s procurement, under U.S. such as tanks and jet fighters Under the current president, them quickly. ¥149.66 to the greenback.

Beijing Registration numbers for foreign citizens living in China Still, those flights are a
fraction of the number before
2020. And even a significant
Now, he said, “people don’t see
that there’s an upside.”
Chinese authorities recently
between China and the world.
The last time the govern-
ment released detailed figures

Tries to Woo
South Korea increase in round-trip routes doubled a fine imposed on the on long-term foreign residents
won’t address the fundamen- Beijing arm of New York- was 2021, when the country
tal changes discouraging for- based due-diligence firm published its once-a-decade

Foreigners Japan
2019
2023
eign interest in China, said
current and former expatri-
ates, diplomats and business
Mintz Group, whose local staff
were detained in an office raid
last year that rattled the for-
census. Data from other sources
show that expatriates from
some of the world’s biggest
U.K. consultants. eign business community. The economies have dwindled in re-
Continued from Page One The trend marks a stark government accuses Mintz of cent years. In 2023, the number
And there is lingering distrust reversal for China, once seen conducting “foreign-related of registered South Koreans fell
in the country’s government around the world as a land of statistical investigations” 30% from 2019 to 216,000, gov-
France
stemming from the zero-Covid opportunity. without approval, an allega- ernment data show. Registered
policies and a nationwide “If you’re a foreigner with a tion the company disputes. Japanese citizens in China de-
anti-espionage campaign. 0 thousand 80 160 240 320 family and looking to grow Economists said that foreign clined by 13% in the same pe-
One U.S. business executive Note: Official registration data, except for the U.K., which is an estimate
your career, you no longer executives bring advanced riod to 102,000, according to of-
said he was unsettled in Sources: Overseas Korean Agency; Japanese and French Foreign Ministries; need to be in China, now that knowledge and skills that China ficial figures.
mid-2023 when a group of nine British Chamber of Commerce destination is Southeast Asia, still needs. Meanwhile, foreign A U.S. Embassy spokesper-
police officers showed up at his India or the Middle East,” said capital and investor interest son said it doesn’t track citi-
door in Beijing one evening, de- the same period. ends, I’m usually the only Cameron Johnson, a supply- have grown increasingly impor- zen numbers in China. Even
manding to examine his pass- The severity of the chal- white guy,” said Graeme Allen, chain consultant in Shanghai. tant as the government scram- so, demand for adult passport
port and confirm his employer. lenge is apparent in Shanghai, an Irish national who runs an As people have departed, so bles to restore confidence in an renewals sharply decreased in
The officers didn’t give a reason a glimmering financial center Irish-themed bistro in the city. has money. Foreign investment economy struggling with slug- China versus prepandemic lev-
for the visit, he said. “It’ll take a that once teemed with for- To be sure, Allen and others flows into China dropped 8% to gish growth and a property- els, the spokesperson said.
long time to restore the broken eigners of all stripes. The say there seems to have been about $157 billion last year, the market downturn. The U.S. government has
trust over the last couple of number of new foreign-worker an uptick in foreign visitors re- first decline in 10 years, China’s For multinationals, the in- played a role in discouraging
years,” the executive said. permits fell to 50,000 in 2022 cently, with many arriving to commerce ministry said in Jan- ability to persuade executives foreign engagement with
China handed out 711,000 from about 70,000 in 2020, attend international exhibitions uary. China is increasingly seen to be stationed in China can China. The State Department
residence permits to foreigners according to official data. that have reopened in China. A as a source of risk. lead to disconnects with head- has kept China on its “recon-
last year, down 15% from pre- The city is still struggling major bottleneck is also ex- “Back in the day, China was quarters and struggles ensur- sider travel” list since March,
pandemic 2019, according to to recover its cosmopolitan pected to ease soon with the the place where things hap- ing a company’s values are citing the risk of detention
the National Immigration Ad- flair nearly two years after a number of weekly round-trip pened. Upwardly mobile execu- maintained in the country. In and arbitrary enforcement of
ministration. Short-term visitor Covid lockdown persuaded flights by Chinese carriers be- tives were fighting to come to the longer term, longtime ex- local laws. Meanwhile, U.S.
numbers, which include busi- many expatriates to flee. tween the U.S. and China set to China,” said Sean Stein, a se- patriates said, the lack of for- business ties to China have
ness travelers, dropped even “When we go out to restau- increase to 50 at the end of nior adviser at Covington & eign interest could deplete the come under increasing scru-
more, falling two-thirds over rants and malls on the week- March from 35 currently. Burling’s Public Policy Practice. population of bridge builders tiny in Congress.
P2JW079000-2-A01000-1--------XA
A10 | Tuesday, March 19, 2024
Relax After
Work With
A Rock
Continued from Page One
“I’d occasionally complain
to my rock about what a tire-
some day I had at work,” she
said. “Of course, it’s an inani-
mate object that can’t under-
stand you. But it’s kind of like
talking to your dog, and can
feel relaxing in some ways.”
American advertising exec-
utive Gary Dahl masterminded
the American pet-rock fad de-
cades ago. By the end of 1975,
more than one million Pet
Rocks had been sold, having
become a popular gag gift and
attracting national media at-
tention. But the phenomenon
Boss’s Race
To Remake
ESPN
Continued from Page One
nied that Goodell made the
comment.
Pitaro, who as ESPN’s chair-
man was an architect of the
sports-streaming joint venture,
got on the phone with NFL offi-
cials, telling one that the ven-
ture “will be good for the league
and for fans.”
Six years into his tenure atop
the sports-media company, the
54-year-old is racing to reinvent
ESPN’s business and fend off
the biggest threats it has faced
in decades. That means stretch-
ing the company beyond its
comfort zone.
Volatility in the media world
forced Pitaro to pursue multiple
streaming strategies at once,
despite the risk of keeping a
powerful league partner in the
dark. He’s gambling that ESPN
will build a big enough digital
business to fill the financial hole
being created as millions of
Americans continue to cut the
cable-TV cord.
Last year, Pitaro struck a
deal to launch ESPN Bet, a gam-
bling app that is a departure for
the family-focused Disney, in a
bid to draw in new audiences.
ESPN’s workplace has been
volatile, too: The push for youn-
ger viewers led him to sign a
huge deal with YouTube star
Pat McAfee, an edgy, F-bomb-
throwing host, that has back-
fired with some staff, leaving
the impression he gives talent
too much leeway.
ESPN’s cable business has
shrunk to the point where it can
no longer be the foundation for
the future. Since 2011, the num-
ber of U.S. households paying
for cable packages that include
ESPN has fallen by about 29
million, reflecting a cable-TV in-
dustry collapse.
In its fiscal year ended Sept.
30—the first year Disney broke
out ESPN’s financials—the divi-
sion’s revenue was up 2% but
profits fell 2%. In the past, ESPN
had been the largest part of a
media networks division whose
profits steadily increased most
years, making it the company’s
most reliable financial engine.
“That’s a different environ-
ment to manage in than the
previous periods of incredible
growth that ESPN has experi-
enced, right?” said Connor
Schell, a former top program-
ming executive at ESPN. “And
that’s a hard job.”
Holding on to valuable live-
sports rights—including ESPN’s
package of NBA games—has be-
come tougher in that financial
landscape, and amid competi-
tion for those rights from new
rivals such as Amazon Prime
Video and Apple TV+. ESPN’s
current NBA deal expires after
the 2024-25 season and the net-
work is in discussions to renew
it. Buying a smaller slate of
games is one option.
Pitaro is considered one who
might succeed Disney CEO Bob
Iger in 2026, when Iger’s con-
tract expires and he has said he
expects to step down. How Pi-
taro handles the next two years
and the streaming joint venture,
expected to launch in the fall,
will go a long way in determin-
ing his chances.
Pitaro has earned a reputa-
tion as one of Iger’s most loyal
lieutenants in a Disney career
spanning 14 years. He took on
top roles in interactive and con-
sumer products before moving
to ESPN.
One thing not on his résumé:
experience in Hollywood, a
strength held by some other
contenders inside Disney.
“Do I think he’s the front-
fizzled the following year.
After Dahl died in 2015, his
gimmick earned a place in the
“What Were They Thinking?”
section of the Strong’s Na-
tional Museum of Play in
Rochester, N.Y., dedicated to
the “oddest, wackiest, and
most puzzling toys of all
time.” Dahl probably would
have been overjoyed to see his
whimsical idea take off half-
way around the world, said
Michelle Parnett-Dwyer, a mu-
seum curator.
The South Korean version
isn’t related to Dahl’s original
brand, but online sellers say
that’s where the idea came
from. For centuries, East
Asian societies including
South Korea have prized orna-
mental stones that resemble
natural landscapes, which
symbolize stability and eter-
nity, said Kim Jin-kook, a pro-
fessor at Korea University’s
Research Institute of Korean
runner? No,” said an entertain-
ment executive who has known
Pitaro for years. “But you gotta
at least give him a strong look.”
Discuss, then align
People who have worked
with Pitaro describe him as a
relentless consensus builder. His
willingness to admit what he
doesn’t know has won over col-
leagues, said Schell, the former
content executive.
Pitaro likes to toss around a
management motto: “Discuss,
debate, decide, align.” The idea
is that, no matter how thorny
the issue, everyone eventually
needs to get on the same page.
Pitaro’s critics, including
some former staffers and asso-
ciates, said the real world is
rarely as neat as that motto
suggests. He needs to be more
forceful to get things done and
has trouble saying no, including
to talent, they said. Others said
Pitaro dwells too long on tough
decisions, pointing to ESPN’s
yearslong effort to find a part-
ner in the sports-wagering
world in order to launch the
ESPN Bet app.
Pitaro’s boosters said he
showed patience to find what
they called the right sports-bet-
ting deal for ESPN and pointed
to an array of rights deals he
has struck with leagues includ-
ing the NFL, NHL and MLB to
retain key sports content.
They said he showed tough-
ness as a negotiator by walking
away from a longstanding part-
nership with the Big Ten colle-
giate conference after deciding
the financials didn’t add up.
Pitaro grew up in Scarsdale,
an affluent New York suburb,
with a father who was a con-
tractor and mother who man-
aged a computer system in a
store. His sister is the general
counsel of Major League Base-
ball, and his wife, Jean Louisa
Kelly, is an actress whose cred-
its include “Mr. Holland’s Opus”
and “Top Gun: Maverick.”
After playing running back
and wide receiver for Cornell
University’s football team and
getting a law degree at St.
John’s University, Pitaro started
his sports media career at Ya-
hoo. He was introduced to Iger
in 2010 by Sheryl Sandberg, the
former Facebook executive and
Disney board member, who has
been friends with Pitaro for
years. He joined Disney as co-
president of its interactive unit,
carrying out large-scale layoffs
that helped the struggling divi-
sion reach profitability.
Pitaro always dreamed of
running ESPN. When the top
job became available in late
2017, Pitaro beat out other in-
ternal contenders.
A big part of the job is man-
aging a cable-TV business that’s
in decline but whose profits are
still critical for Disney. While its
growth has flattened out, ESPN
still generated $2.8 billion in
operating income in 2023, a big
reason the entertainment giant
could sustain $2.5 billion in
losses in the streaming unit
that includes Disney+.
ESPN risked irritating NFL Commissioner Roger Goodell, left, by leaving the league out of the loop on a new streaming joint
venture. A deal with edgy YouTube star Pat McAfee, right, in a bid for younger viewers has backfired with some.
FROM PAGE ONE
Studies. “Rocks don’t change,
and give people a sense of sta-
bility.”
Pet rocks got little atten-
tion in the country until
around 2021, when a popular
TV actor showed off his do-
mesticated stone. Members of
K-pop groups such as Seven-
teen and Enhypen have show-
cased their pet rocks on social
media.
The rocks, smooth and
round, typically sell for be-
tween $7.50 and $11, not in-
cluding extras such as glasses,
caps or scarves. People perch
them on cushions and nests.
Some rocks come with faces
drawn on. Others have them
drawn on by owners.
Ko Hyun-seo, a 28-year-old
farmer in the city of Gimje,
knew what look he wanted to
give his oval stone, which he
named “Is Real.” Inspired by a
popular animated dinosaur, Ko
gave it beady eyes and a curli-
ESPN boss Jimmy Pitaro, shown at Yankee Stadium in 2019, has been remaking the sports giant.
ESPN’s TV ratings were up
2% in 2023 and 8% the year be-
fore, according to the company,
even though the number of
households that have the chan-
nel keeps declining due to cord-
cutting. Quality games on
“Monday Night Football” have
helped, while studio shows like
“First Take” and “Get Up” also
posted strong gains.
About a year ago, Pitaro or-
dered the network to lay the
groundwork for
a direct-to-con-
sumer ESPN
service featuring ESPN’s cable
all the program- business can no
ming from the
flagship TV longer be the
channel. There
were major
foundation for
risks. How the future.
would cable dis-
tributors who
pay to carry the
ESPN TV channel react? What if
the plan accelerated the death
of cable without replacing its
riches? Pitaro batted around
those issues with his team and
pressed ahead.
At Iger’s behest, ESPN last
summer began exploring poten-
tial strategic partners who
could help advance those
streaming plans. Former Disney
CEO Bob Chapek had pursued
similar discussions during his
tenure, holding talks with com-
panies including sports-mer-
chandise firm Fanatics and Hol-
lywood agency titan Endeavor,
people familiar with the situa-
tion said.
Disney retained Kevin Mayer,
its former head of strategy, and
Tom Staggs, a former Disney
CFO and parks chief, to advise
on the new round of strategic
talks.
cue eyebrow. His rock has a
farmer’s straw hat.
Ko said the rock gives him
a sense of comfort. “Every day
when I come home, I check on
the rock to make sure it’s do-
ing OK.”
The original Pet Rock
brand, now co-owned by three
media executives, was revived
in 2008. The originals popped
up in 2022 movies, “Minions:
The Rise of Gru” and “Every-
thing Everywhere All at
Once,” and will star in a com-
ing animated series on Netflix,
according to brand co-owner
Anthony Gentile.
Gentile said the company
recently tested the market for
the Pet Rock in India, and is
working on further innova-
tion, including an “AI Pet
Rock” that can talk to its own-
ers in more than 40 lan-
guages, including Korean.
Sellers in South Korea say
the local version is a rock-
ESPN pursued discussions
with major sports leagues, in-
cluding the NFL. The idea was
that the NFL would offload me-
dia businesses such as its NFL
Network and RedZone channels
in exchange for an equity stake
in ESPN. The two sides would
also look to coordinate efforts in
streaming, and ESPN would
likely get access to more NFL
games.
By the time Goodell and the
owners—Kraft
of the New Eng-
land Patriots
and Jones of the
Dallas Cow-
boys—were vis-
iting Disney in
January, talks
had heated
up. But the NFL
had no idea that
Pitaro and his
team were
working on another streaming
idea in addition to a stand-alone
ESPN service.
Pitaro had begun to think
there was an opportunity to
give consumers an option be-
yond that single ESPN stream-
ing service, which is continuing
in development and will likely
cost around $30 a month.
He imagined a bigger sports
platform in partnership with
other media companies. The
idea was that while some peo-
ple might only need ESPN pro-
gramming, others might want
to see games carried on other
channels and would be willing
to pay more for that.
Executives at other compa-
nies, including Fox Corp. CEO
Lachlan Murdoch and Warner
Bros. Discovery chief David
Zaslav, had been thinking along
similar lines, and before long
* * THE WALL STREET JOURNAL.
solid business now. Yeo In-
ha’s company, Chess Peace,
fills 150 to 200 pet-rock or-
pet rock on TV and decided to
give it a try. She named it
“Bang-bang-i,” inspired by a
ders a month. In addition to
standard gray ones, it sells a
rose-quartz “love stone” to
Korean word for jumping in
happiness. “There was some
sense of serenity, knowing
bring good energy and a
“dream stone” for those who
want to tell a rock their life
that this natural rock had
weathered a lot over the
course of time to reach its
goals. current state,” she said.
Onyangsuksan, which sells Choi Hye-jin, a 39-year-old
landscaping stones, intro- Seoul homemaker, hadn’t
duced a “rock companion” set thought much of pet rocks un-
late last year with little idea til she picked up a stuffed
how popular it might be, said cloth trinket in the shape of a
Kim Myeong-seong, whose rock at a tourist shop next to
family owns the business. one of South Korea’s famed
Koo Ah-young, a 33-year- rock formations.
old office worker in Seoul, She named it “Ulsanbawi,”
was feeling a bit burned out after the rock formation. She
at work. She had changed has brought it to concerts and
teams, was adjusting to a new autograph-signing events
role and had a lot to learn. of her favorite singer, who
She didn’t want to dump her now recognizes her because of
problems on friends or family, it, she said.
and a dog or cat would have “I’ve had a lot of good
been too much responsibility. things happen to me through
She remembered seeing a my rock,” she said.
joint venture performs will be
a major piece of Pitaro’s leg-
acy as ESPN’s top executive. If
the price point is too high and
it fails to win over enough
consumers, ESPN will have to
find new ways to establish it-
self in the streaming world. If
the service is successful, it
could reshape the sports-me-
dia landscape and improve Pi-
taro’s chances of winning Dis-
ney’s top job.
On Friday, ESPN said Pete
Distad, a former top executive
at Apple, will serve as chief
executive of the new joint
venture.
As ESPN plotted a streaming
strategy, Pitaro was also con-
cerned with making the net-
work more appealing to digital-
savvy audiences.
ESPN signed a five-year deal
CELESTE SLOMAN FOR THE WASHINGTON POST/GETTY IMAGES
worth more than $85 million to
license “The Pat McAfee Show,”
a daily broadcast that went on
ESPN’s air in September while
simulcasting on YouTube. Pitaro
knew there were risks in allow-
ing McAfee’s profanity-laced,
casual-bro-chat brand of sports
talk onto the network.
That became apparent in a
chaotic few weeks early this
year. McAfee brought NFL star
Aaron Rodgers on for regular
appearances, and in one tele-
cast Rodgers made a controver-
sial remark about comedian
the rivals were in deep talks. Jimmy Kimmel—falsely insinu-
On Feb. 6, a day before Dis- ating that he had ties to the late
ney reported quarterly earnings, sex offender Jeffrey Epstein.
The Wall Street Journal broke The comment threatened to
the news that the three compa- land the network in hot water.
nies were launching a joint ven- Frustrated, Pitaro told McAfee
ture to pool their sports pro- that such incidents needed to
gramming and offer it in a be avoided, and other network
bundle of 14 channels including officials emphasized that con-
ESPN, ABC, Fox, TNT and TBS. spiracy theories by guests
That service is likely to cost in should be fact-checked in real-
the zone of $50 a month. time, according to people famil-
Pitaro called Goodell shortly iar with their exchange.
before the company’s press re- It seemed like the issue was
lease went out, which the NFL resolved when McAfee said on a
didn’t see as a legitimate heads Jan. 10 telecast that Rodgers’s
up, according to people familiar regular appearances were over
with the matter. Irritating the for the rest of the NFL season.
NFL, which decides which net- But the next day, Rodgers was
works carry games and can be a back on the show.
major ally for ESPN in the
streaming business, was risky.
McAfee had told Pitaro that
he intended to bring back Rod-
Disney executives said confi- gers for major breaking news,
dentiality agreements prevented and the exit of Bill Belichick as
them from sharing information the Patriots’ head coach met
about the sports joint-venture that threshold, so he invited
with league partners. Rodgers back.
But Pitaro was still expecting
a heads up—and didn’t get one.
Follow-up calls In the parlance of Pitaro’s man-
Pitaro, who has made culti- agement motto, he wasn’t
vating good relations with the “aligned” with McAfee.
NFL a priority during his ten- Around the same time, McA-
ure, sought to smooth things fee used his show to air com-
over in follow-up calls with plaints about ESPN colleagues
Brian Rolapp, the league’s top and called out one executive,
media executive. He empha- Norby Williamson, by name,
sized that the new sports ven- saying he was behind leaked
ture could reach a lot of people ratings for McAfee’s program.
who don’t subscribe to cable. ESPN privately reprimanded
“The NFL’s relationship with McAfee for speaking ill of a col-
ESPN is as strong as it has been league on air. Publicly, the com-
in years and much of the credit pany issued a statement of sup-
for that goes to Jimmy’s leader- port to both McAfee and
ship,” an NFL spokesman said Williamson.
in a statement. As it continues While McAfee’s TV ratings
talks with ESPN, the NFL is also lag behind “First Take,” the
exploring other strategic part- morning sports program that is
nerships, a person familiar with ESPN’s No. 1 talk show, many
the matter said. viewers watch on YouTube. The
How the new streaming show has logged more than 340
million YouTube views since
McAfee started in September,
60% from viewers 18 to 34 years
old, helping to lift ESPN’s You-
Tube viewership 12%.
Some people close to ESPN
said Pitaro went too easy on
FROM LEFT: GEORGE WALKER IV/AP; CANDICE WARD/GETTY IMAGES
McAfee—indicative, they say, of
how he gives stars too much
leeway. Other ESPN network
personalities and staffers have
been suspended over the years
for making offensive comments.
In 2010, for example, anchor
Tony Kornheiser was suspended
for two weeks after he called a
SportsCenter anchor’s outfit
“horrifying” on his radio show.
Pitaro prefers to deal with
any flare-ups with talent pri-
vately and doesn’t see suspen-
sions as the only effective form
of discipline, a person close to
him said.
P2JW079000-0-A01100-1--------XA
PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved.
BY VERONICA DAGHER
E
verything about the way
Americans buy homes
was already changing.
On Friday it got a total
remodel.
The traditional
means of paying real-estate agents
is set to be retired this summer,
after a legal settlement by the Na-
tional Association of Realtors. No
longer will the seller necessarily
pay 6% of the sale price to split
between buyer and seller agents.
It is more upheaval to the math
of buying. Home-insurance costs
have soared, and because interest
rates haven’t fallen as many buyers
had hoped, your money buys less
house than it did a few years ago.
One thing that hasn’t changed
much: Homeownership is a stretch
for many people. About 20% of
homes for sale in February were
affordable for the typical house-
hold, according to real-estate bro-
kerage Redfin.
Despite this, consumers are
more upbeat about housing than
at any time since early 2022, when
the Federal Reserve was just start-
ing to lift interest rates, according
to mortgage giant Fannie Mae.
Here’s a money game plan for
home buyers wading into this
year’s housing market:
1. Know commissions
The NAR reached a nationwide
settlement of claims that the in-
dustry conspired to keep agent
commissions high, it said on Fri-
day. As a result, the commissions
most home sellers have paid real-
estate agents for decades will soon
be more negotiable.
Buyers might have to pay for
their own agent out of pocket if
they want one to represent them.
That could be a particular imposi-
tion for first-time home buyers
without much cash.
Currently, the buyer’s agent is
paid through the commission
charged to a seller, which often
ranges from 5% to 6% of the pur-
chase price. At a 6% commission,
the buyer’s and seller’s agents
would split $24,000 on the sale of
a $400,000 house.
Those commissions could range
between 3% to 4% after the settle-
ment, according to Jaret Seiberg,
an analyst at TD Cowen.
Starting in July, most home
buyers will have to sign agree-
ments saying how much their
agents will be paid. If sellers
don’t want to cover those costs,
buyers might have to foot the bill.
It is still unclear what the com-
pensation model will be like going
forward.
2. Reasonable rates
Set reasonable expectations for
your mortgage rate, even if you
have excellent credit.
The average rate on a 30-year
fixed mortgage was 6.74% last
week, according to Freddie Mac.
Interest will make up a large
share of buyers’ monthly housing
payments. Someone who could af-
ford a roughly $2,000 monthly
payment could buy a house worth
GETTY IMAGES
roughly $266,000 today versus
about $388,000 around three
years ago, said Greg McBride,
New York Has Left
Less Room for Visits
BY ALLISON POHLE
F
inding lodging in New York City
has grown more complex, and
often more costly, in the six
months since the city began its
crackdown on Airbnbs and other
short-term rentals.
The number of available short-
term Airbnbs has plunged by over
15,000, according to an analysis by
market-research firm AirDNA. Trav-
elers considering an Airbnb stay say
they are wary of rules
requiring them to
share living quarters
with their hosts and Airbnb hosts say
aren’t sure if the their bookings
place they are consid-
ering is legal. And vis- have fallen off
itors turning to hotels
are encountering high
under the city’s
prices due, in part, to crackdown.
less competition.
“I look at all these
hotels and what I
want isn’t at the price I want,” says
MICHAEL BUCHER/THE WALL STREET JOURNAL
Rebecca Norman, who plans to
travel to New York from the U.K.
with her husband and three children
this October. Her search for a hotel
room with a pullout couch averaged
about $4,400 for a five-night stay.
Airbnb rental hosts with regis-
tered, legal listings say their book-
ings have fallen off, forcing them to
drop rates.
Several major destinations, fac-
Housing’s New Math
Real-estate agent commissions are latest in string of market upheavals
chief financial analyst at Bankrate.
Shopping around for a mortgage
is one of the few ways today’s buy-
ers can lower their mortgage rates.
Compare offers from three to five
lenders, including a credit union.
Don’t focus solely on the inter-
est rate, said McBride at Bankrate.
Compare lenders by annualized
percentage rate, or APR, since this
incorporates the rate and fees
charged for the loan, he said.
3. Early insurance
Home insurance is usually far
down the home buying to-do list.
Average 30-year fixed
mortgage rate
8%
7 80
6 75
5 70
4 65
3 60
2 55
2010 ’15
Sources: Freddie Mac via St. Louis Fed (mortgage rate); Fannie Mae
ing housing shortages, are watch-
ing the fallout. Christian Klossner
is executive director of New York
City’s Office of Special Enforce-
ment, which oversees the short-
term-rental regulations. He said his
office’s main goal is to uphold laws
that protect housing, as well as
residents and travelers.
In addition to hotels, one clear
winner in the Big Apple battle is
New Jersey, where Airbnb units in
Manhattan-adjacent Jersey City and
Hoboken are attract-
ing travelers.
Last September,
city officials began
requiring most
short-term rental op-
erators to obtain li-
censes, a move that
led thousands of
Airbnb hosts across
the five boroughs to
pull their listings
from the platform.
The number of short-term units—
available for under 30 days—listed
on Airbnb dropped to about 3,280
in February from about 21,500 in
August, according to AirDNA.
To qualify to offer a legal listing,
hosts can’t rent an entire apart-
ment or home, even if they own it,
like most Airbnb hosts do. They can
host no more than two guests and
must be present during the stay.
New York City hotels experienced
THE WALL STREET JOURNAL.
But in many parts of the country,
you now need to know upfront if
an insurer will cover your house,
and how much it will cost.
Roughly 45% of U.S. homes
have at least one severe or ex-
treme climate risk, according to
Realtor.com. With natural disas-
ters rising, homeowners are
spending more, often on larger de-
ductibles, said Emily Irwin, head
of advice relations for Wells Fargo.
Mark Barnes, a real-estate
agent in South Carolina, recently
worked with clients who assumed
they would be able to get home in-
Fannie Mae’s index of consumer
perceptions toward housing
85
’20 ’22 ’23 ’24
 Kat Casey, a resident of Queens, N.Y., says New York City’s strict rules
around Airbnb have caused future bookings to drop 50% from last year.
a strong 2023 that is continuing into
this year, says Jan Freitag, national
director for hospitality market ana-
lytics for CoStar, a data firm. City ho-
tels charged $393 a night on average
in December, a peak time to visit, ac-
cording to figures from CoStar, up
from $355 in December 2022.
In December 2023, entire homes
or apartments listed on Airbnb and
Vrbo for under 30 days averaged
about $404 a night, compared with
$365 a night the previous year, ac-
cording to AirDNA. Private rooms
averaged $157 in December 2023,
compared with $160 in December
2022, the AirDNA data show. The
data account for under 1,600 proper-
surance in Charleston with the
same insurer they used for the
Colorado residence they were
moving from.
When the carrier told them it
was no longer writing policies in
their desired neighborhood, the
couple spent weeks finding an in-
surer that would, Barnes said.
The average annual cost of U.S.
homeowners insurance was $1,759
in February, up 23% from the prior
year, according to Bankrate, a con-
sumer financial-services company.
You may also use insurance
costs as a negotiation tactic if you
know insurance challenges in the
area are making it difficult for the
seller to find a buyer, said Nancy
Batchelor, a real-estate agent in
Miami Beach, Fla.
Batchelor was recently able to
score a $12,000 closing credit for
one of her clients when the annual
insurance premium they were
quoted on the house was about
$12,000 more than the prior
owner’s policy.
4. New construction
Existing-home sales last year
were at their lowest level since
1995. With owners holding on to
their homes and their 3% mort-
gages, new construction is having
a moment.
About 32% of homes for sale in
the fourth quarter of 2023 were
ties listed both this February and the
year before—a small number largely
because of the city’s crackdown.
Less competition for guests from
Airbnb is one of several reasons be-
hind higher hotel prices, Freitag and
other lodging analysts say. Other
factors include the use of some
16,500 hotel rooms to house migrant
arrivals, as well as taxes and devel-
opment-related regulations, says Vi-
jay Dandapani, president and CEO of
the Hotel Association of New York
City, a lobbying organization.
Hotels can legally advertise rooms
on Airbnb and are finding customers
there. Yotel New York Times Square
tripled its bookings coming from
Tuesday, March 19, 2024 | A11
 Your money buys less house
than it did a few years ago.
new construction, compared with
about 18% in the fourth quarter
of 2021, according to Redfin.
Builders are also throwing in
sweeteners to lure buyers, such as
offering below-market mortgage
rates.
New homes typically sell before
they are finished and buyers can
customize the finishes and appli-
ances. That was a draw for Chase
and Tyler Edwards, who are build-
ing a house in Ohio.
“We won’t have to deal with
renovating a kitchen,” Chase said.
Being the first owner could
also mean finding construction
issues, said Jason Katz, a
financial adviser at UBS in New
York. It is important to have a
home inspection.
5. Have a plan
Transactions get a lot more com-
plicated for buyers who also need
to sell their homes, especially
when it can be far easier to sell
than to buy.
Whether you are moving to a
bigger home or downsizing, you
might need to carry both homes
for some time.
If the sale doesn’t close until
after the purchase, have a plan to
bridge the financial gap, said Ir-
win at Wells Fargo.
This year, selling and buying
together may mean trading in a
low mortgage rate for a high one.
Do the math and make sure you
can afford your new monthly
payments.
Airbnb after the regulations went
into place. It logged a 36% increase
in occupancy compared with the
same period the year before, general
manager Jorge Tito says.
A market of unregistered listings
has proliferated on third-party sites
in the past six months, says Nathan
Rotman, Airbnb policy lead. They
have appeared on sites like Craigslist
or in Facebook groups.
The boom in Airbnbs began after
the city had long struggled with a
shortage of affordable rental units.
A wave of new rental units ap-
peared on the New York City market
in September but were snapped up
quickly, says Jonathan Miller, author
of the NYC rental reports from real-
estate company Douglas Elliman.
“Even with the additional Airbnb
units that became traditional rent-
als, it still wasn’t enough to keep
rent increases in check,” he says.
Kat Casey and her husband
bought a two-family home, which
includes an owner-occupied duplex
and rental unit, in Astoria, Queens,
in 2021. They planned to raise their
three children in the duplex and
post the rental unit on Airbnb for
weekend stays. They listed the unit
on Airbnb in early 2023 and in-
tended for the additional income to
help with maintenance and renova-
tion costs for the 1930s home.
Guests now stay in a private
room in a shared unit. With the
two-guest limit, the families they
previously hosted can no longer
stay. Casey says future bookings
are down 50% from last year.
“There’s a lot more cancellations,
a lot more questions and a lot more
anxiety with guests than previ-
ously,” she says.
P2JW079000-0-A01200-1--------XA
A12 | Tuesday, March 19, 2024
How College Seniors Find Hire Power
Landing a first job can involve unexpected connections and tactics, along with seeking out industries others might miss
BY LINDSAY ELLIS
F
irst, the bad news: Col-
lege seniors are facing
tough competition for
jobs after graduation.
Now, some good:
Many companies are still
hiring. And unlike recent years,
when numerous employers
wrapped campus hiring in the fall,
this year lots of businesses are re-
cruiting into spring and summer,
college career officers say.
College seniors who’ve locked
in jobs after graduation say they
did so by going above and beyond,
tapping unexpected connections,
industries and tactics to secure
their roles.
That’s a change from years
when companies fought each other
to snap up campus talent. Compa-
nies are expecting to hire about
2% fewer graduating seniors this
year, according to a survey of
more than 250 employers by the
National Association of Colleges
and Employers.
As of February, about 25% of
college seniors had accepted full-
time jobs and were no longer look-
ing for work, according to a new
survey by Veris Insights, an ana-
lytics and research firm. Last year,
more than a third of seniors polled
had locked in jobs.
White-collar job cuts have the
Class of 2024 competing with laid-
off young hires in tech, consulting
and other sectors, who have a year
or two of experience.
“It’s so easy to get discour-
aged,” said Nicola Setterdahl, 22, a
finance major from Glen Ellyn, Ill.
“When you don’t have your own
full-time offer, there’s that nagging
MY RIDE BY A . J. BAIME
High Speed Is Sweet
For This 16-Year-Old
Kayla Yaakov, 16, a professional
motorcycle racer who lives in
Gettysburg, Pa., and competes in
the MotoAmerica Supersport
series, on her Ducati Panigale V2,
as told to A.J. Baime.
M
otoAmerica is the pinnacle
of American motorcycle rac-
ing. At the recent Daytona
200, we had world-level riders. The
guy who won, Josh Herrin, is some-
one I have known for much of my
life; I grew up racing at his com-
pound in Dublin, Ga., so to get to
race against him, at this level, was
pretty cool. [Yaakov finished in 11th
place at the Daytona 200 on March
9, out of 35 riders who hailed from
such places as Brazil, Germany and
Australia.]
This is my first season in Mo-
toAmerica’s Supersport class. I be-
lieve I am the only girl on the grid.
I believe I’m the youngest, too. My
competitors are pretty cool with it.
A lot of guys don’t want to be
beaten by a girl, and being a rookie
this year, I have some added un-
derdog pressure. But, at the end of
the day, we are all racers. We all
know what it takes to get to this
level.
I started racing when I was 3, in
go-karts. My dad raced cars and
bikes, so I was introduced to it at a
young age. I remember seeing a
news article about my dad racing
voice in the back of your head.
Why don’t you have one yet?”
Setterdahl landed an analyst
job at Goldman Sachs after four
interviews and three months spent
submitting applications to an ar-
ray of employers.
Last fall she devoted up to 10
hours a week to find a job that
would combine her interests in
business and sustainability.
The University of Illinois at Ur-
bana-Champaign senior contacted
people on LinkedIn with interest-
ing work paths, setting up Zoom
calls to ask about their careers.
During classes, she scrolled job
postings. At home, she and two
roommates sat together on their
laptops, submitting applications
and hyping each other up before
interviews.
Setterdahl submitted her ré-
sumé cold to Goldman Sachs in
the fall, after an internship with
Percentage of undergraduates who have accepted
a full-time job offer and are no longer applying,
for months leading up to graduation
Class of 2023 Class of 2024
Sept. Oct.
Source: Veris Insights online surveys, most recent of 360 students in their final year of school, conducted Jan. 17-Feb.
21, 2024; margin of error: +/–5 pct. pts.
motorcycles, and I decided that is
what I wanted to do. I made the
jump to bigger bikes when I was 10,
won amateur national champion-
ships when I was 12, and had to wait
until I was 14 to race professionally
in Junior Cup in MotoAmerica.
Though I do have a professional
racing license, I am still waiting to
get my driver’s license. I have my
permit so I can drive with my dad,
but I can’t drive alone. It’s all pretty
crazy when you look at it that way.
Up until my freshman year, I was
able to go to public school. Then
the traveling got to be too much, so
I do school online.
This year, I am riding the Ducati
Panigale V2 with a team called Ra-
hal Ducati Moto, run by IndyCar
driver Graham Rahal, who is a
hugely important figure in motor
sports. Ducati has been the biggest
PERSONAL JOURNAL.
about opportunities, partly be-
cause of staff trims in many hu-
man-resources departments.
Instead, they’re urging stu-
dents to try other contacts who
can make introductions, such as
recent graduates the candidates
know from Greek life or athletics,
they say.
Another tip: Look where other
new graduates don’t, says career
 Nicola Setterdahl, 22, locked in coach Yuliya Mykhaylovska, a for-
a job at Goldman Sachs in the fall. mer entry-level recruiter at ven-
ture firm Greylock. Instead of
brand-name companies that get
JP Morgan Chase. A month later, spammed with résumés, find those
she got an email asking for an in- companies’ vendors and apply
troductory call, and strove to there, she says.
prove her passion for sustainabil-
ity in her interviews. Random opportunities
When the offer came, “I That tactic got Jack Rutstein, 21,
screamed out loud,” Setterdahl his job offer.
said. When Rutstein started at DeP-
The first job after college has a auw University in 2020, he wanted
lasting impact on earning potential, to work in sports management.
and higher stakes than previously The communications major took
thought. an internship selling group tickets
Roughly half of graduates end for Indiana Pacers basketball
up in jobs where their degrees games last year. Impressed by his
aren’t needed, and most of them hustle, one buyer told Rutstein
stay in similar positions for the about his industry, HR technology,
next decade, new research shows. where hiring was brisk.
Campus career officers and re- Rutstein applied to HR-tech
cruiters are advising grads not to internships at big and small firms,
count on corporate recruiters to from Salesforce to Paradox, a
reply to their emails or reach out Scottsdale, Ariz.-based recruiting
platform. He interned at Paradox
and will join full time after
graduation.
“I think I could sell anything,”
30% Rutstein said.
Paradox is still hiring this
spring for entry-level roles, said
Lauren Kordalski, who leads early-
careers hiring there. It’s not hard
20
to explain the company’s hiring
software, which uses AI to sched-
ule interviews and answer candi-
dates’ questions, to students.
10 Kordalski tells them: “The pro-
cess you’re going through is exactly
what we’re trying to improve.”
Tapping connections
0 As a freshman, Erika Wilson was
Nov. Dec. Jan. Feb. rejected for a marketing internship
at a wine-and-beverage company in
New Jersey, but a line in her ré-
Kayla Yaakov, 16,
made her debut in
elite pro American
motorcycle racing on
March 9 on her
Ducati Panigale V2.
brand in this series recently, so I am stability. It’s incredibly intense on
happy to be on board. The bike has track. You can be only a half a sec-
a twin-cylinder engine with a lot of ond off the top rider per lap, and
torque, which helps you accelerate you’ll be in 15th place. Everyone
at the bottom end races so tightly together. That
of the power makes the racing enjoyable, not
curve. only from my point of view, but the
The bike has fans’. You’ll have 15 riders in a pack
six gears with a going about 180 mph.
quick shifter. You On the bike, there is a lot to
have to engage think about. Obviously, you have to
the clutch when think about throttle management
you start from a and braking, but also trying to con-
standstill, but af- serve your tires so you can put
ter that, you can yourself in the right spot to try to
shift gears up and gain your best position in the last
down without us- laps. You’re worried about all the
ing the clutch and riders around you, and making sure
without losing you don’t get yourself into trouble.
THE WALL STREET JOURNAL.
 A connection made while selling
Indiana Pacers basketball tickets
helped Jack Rutstein, 21, find a
full-time job.
sumé—“aspiring changemaker”—
stood out to an employee who re-
viewed it. That person connected
her with an entrepreneur seeking
an intern to work on research and
social advocacy.
Wilson, 22, stayed in touch
with the entrepreneur throughout
her time in school.
In December, she graduated a
semester early from the University
of Richmond and will start at
BlackRock as a full-time HR ana-
lyst following a summer intern-
ship last year.
Between schooling and her new
job, the entrepreneur helped Wil-
son land a job fundraising for Pa-
tricia Campos-Medina, a New Jer-
sey candidate for the U.S. Senate.
“It was really empowering to
tap on a connection that I made a
couple years ago,” she said.
Fast first impressions
Other college seniors say they’re
striving to show they’ll adapt well
to the workplace, or passing what
recruiters call the “airport test”: If
my flight home from a business
trip got delayed, would I want to
be stuck in the terminal with you?
Luke Apenburg, a mechanical
engineering major at Cedarville
University in Ohio, says he won
FROM LEFT: KEVIN SERNA FOR THE WALL STREET JOURNAL; MATT KRYGER
over future colleagues at General
Dynamics last fall, regaling them
with tales of his summer job spent
fixing sinks and toilets at a sum-
mer camp in the Adirondacks.
Apenburg, 22, also shared why
he’d had to take the camp job: An
emergency brain surgery as a fall-
semester junior had pulled him
out of contention for that sum-
mer’s internships.
Explaining his résumé and tell-
ing these stories helped him build
relationships face-to-face and ulti-
mately land the job, he said.
“That goes further than much
else,” he said.
The bike has different preset
electronic mappings, or modes. So
you can hit a button and have a dif-
ferent throttle percentage input or
different engine braking. You hit the
button, and the bike will electroni-
LAWREN SIMMONS FOR THE WALL STREET JOURNAL (2)
cally map itself according to your
race strategy in that moment.
Because I’m the youngest rider
and the only girl, there was a lot of
publicity at Daytona. I am super ex-
cited. Our team principal, Ben Spies,
has played a big part in my training.
I have to be a role model for other
girls who want to become profes-
sional racers, and I hope that I can
live up to that. It is something you
have to earn, especially in this
sport.
P2JW079000-0-A01300-1--------XA

THE WALL STREET JOURNAL. Tuesday, March 19, 2024 | A13

ARTS IN REVIEW

A
New York  Jeremy Strong in Sam Gold’s
s Dr. Thomas Stock- production, which features a new
mann, the much-antag- version of the play by Amy Herzog.
onized protagonist of
Henrik Ibsen’s “An En-
emy of the People,” and But Mr. Ryan is amusingly
perhaps the first theat- pompous as the slippery Aslaksen,
rical whistleblower, Jeremy Strong forever preening himself on his be-
gives a performance of sustained, loved virtue, moderation, while Da-
contained intensity that keeps this vid Patrick Kelly is mischievously
intimate, refreshing revival contin- funny as Thomas’s father-in-law.
ually absorbing. Ms. Pedretti gives a touching per-
Mr. Strong, a breakout star of formance as the devoted Petra.
the series “Succession,” portrays a (Another incidental instance illumi-
man who uncovers potentially nating the play’s relevance: Petra, a
deadly bacteria in the waters feed- teacher, bemoans the fact that she
ing the soon-to-open spa in the has to “lie” to her students.)
town where he lives. His perfor- Purists may question Ms. Her-
mance is infused with a quietly zog’s fresh interpretation of
forceful gravity, in contrast to the Thomas, who in this version is less
more fiery approach of some ac- ornery and scorching in his denun-
tors. This is in part due to the bold, ciation of those who oppose him;
economical and supremely intelli- even in his celebrated speech exco-
gent new adaptation by Amy Her- riating the disapproving townsfolk
zog, and the direction of Sam Gold. (audience members are recruited
Thomas receives the news to represent them), Mr. Strong,
about the spa waters with a sense taking his cue from Ms. Herzog,
of dismayed sorrow—not the I- seems befuddled by his rejection,
told-you-so jubilation of the origi- and afterward his designation as
nal text. Ms. Herzog’s Thomas, as an “enemy of the people.” Thomas
interpreted by Mr. Strong with a is notably less contemptuous, and
thoughtful softness that only under less an advocate for a rigid meri-
duress flares into disillusioned an- tocracy, than Ibsen’s original.
ger, clearly has the interests of the THEATER REVIEW | CHARLES ISHERWOOD But Mr. Strong is powerfully af-
town and the health of future spa- fecting and at times bitterly funny

A Doctor’s Conscience
goers at heart; he keeps his ego in drawing a portrait of a much-
under check. wronged man who puts his ideals
The same cannot be said for his ahead of even his family’s welfare,
brother, Peter (Michael Imperioli, of while also illustrating how deeply
“The Sopranos”), the town’s mayor painful it is for Thomas to accept
and chairman of the spa, who Jeremy Strong stars in Ibsen’s ‘An Enemy of the People’ on Broadway his new, dark view of humanity. In
seethes when he learns of Thomas’s another departure, Ms. Herzog
discovery. When Thomas, with the ends the play not with Thomas’s
support of the newspaper publisher embedded in the play. will not survive on a dead planet!”) armchair psychologists whether clarion insistence that “the stron-
Hovstad (Caleb Eberhardt), his as- Due to Peter’s machinations, That noted, Ibsen’s play has re- this may be in part due to Ms. Her- gest man in the world is he who
sistant Billing (Matthew August Thomas loses the support of his al- mained a staple of the repertory zog being his wife.) The play re- stands most alone.” Instead
Jeffers) and the printer Aslaksen lies as his scientific bona fides are for reasons that go beyond topical- mains set in 19th-century Norway, Thomas and Petra have a tender
(Thomas Jay Ryan), insists he must undermined. There is an obvious ity. It is a disturbing drama about reflected in the period songs, the exchange that seems to intention-
go public with the parallel to the man- how self-interest can easily lead to set design and the superb cos- ally evoke Chekhov.
news, Peter sets in ner in which doc- the corruption of almost anyone’s tumes by David Zinn. Free shots of Another small grace note from
motion plans to stop tors’ recommenda- morals, with Thomas fighting a aquavit dispensed onstage during a Ms. Herzog: Thomas, who previ-
him from dissemi- Mr. Strong’s tions about Covid-19 lonely battle against what he sees 10-minute pause may be a too- ously couldn’t remember the name
nating it. performance have been assailed as rank ignorance, greed and the lighthearted flourish, but this of the family maid, finally retrieves
Although she by many. This may spread of virulent disinformation, doesn’t impinge on the play itself. it after his humiliation and ostra-
makes some auda- is infused explain the timing of multiplying like bacteria. Thomas As Peter, Mr. Imperioli strides cism, suggesting that his own hu-
cious choices—elimi-
nating the character
with a quietly the revival; the play
was last produced
is fired by the conviction that a
healthy society cannot exist with-
the stage with the gait of a man to
whom others will offer obeisance,
manity has not been diminished
but strengthened by his ordeal.
of Thomas’s wife, es- forceful gravity. on Broadway rela- out individual integrity. but his performance registers as
sentially folding it tively recently, in Mr. Gold, whose revivals have stiff and lacking in nuance. Playing An Enemy of the People
into that of his de- 2012. (It is certainly often displayed a heavy directorial Hovstad, who changes from being a Circle in the Square, 235 W. 50th St.,
voted daughter, Pe- no coincidence that hand (“Macbeth” with Daniel staunch supporter of Thomas and a New York, $99-$499, 800-447-7400,
tra (Victoria Pedretti)—Ms. Herzog protesters interrupted a preview Craig, “King Lear” with Glenda firebrand, burn-the-rich liberal to closes June 16
EMILIO MADRID

does not distort the text to super- shouting about climate-change de- Jackson), here blessedly eschews toeing Peter’s party line with whip-
impose contemporary relevance. nial. “I object to the silencing of flashy contrivances, allowing the lash-inducing speed, Mr. Eberhardt Mr. Isherwood is the Journal’s
She doesn’t need to, because it is scientists!” one yelled. “Broadway text to speak for itself. (I’ll leave to seems a trifle too laid-back. theater critic.

The WSJ Daily Crossword | Edited by Mike Shenk

ARTS CALENDAR 1 2 3 4 5 6 7 8 9 10 11 12 13 26 Indian bread
cooked on a
HAPPENINGS FOR THE WEEK OF MARCH 19 14 15 16 griddle
27 Huffy state
17 18 19
BY WSJ ARTS IN REVIEW STAFF novel about a man who menting a decade of its ac- 29 “Shark Tank”
hops a train and winds up tivism, happenings and 20 21 22 airer
Film as part of a traveling circus creative disobedience.
31 Protractor
“Ghostbusters: Frozen gets the Broadway-musical 23 24 25 26 27
Empire” (March 22) treatment in this production “Damien Hirst: To Live For-
measure
There’s something with music and lyrics by Pig- ever (For a While)” (Museo 28 29 30 31 32 33 32 Aussie
strange in your neighbor- Pen Theatre Co. and a book Jumex, Mexico City, March springer
hood . . . again. This fifth in- by Rick Elice. Tony nominee 23-Aug. 25) 34 35 36 37
stallment in the spooky- Jessica Stone (“Kimberly This comprehensive sur-
33 USN rank
meets-funny franchise Akimbo”) directs. vey provides an overview of 38 39 40 41 42 43 35 NATO letter
returns to New York and re- the artist’s career from 1986 after Romeo
unites the original Ghost- Music to 2019, a profile of the bad 44 45 46
busters. Bill Murray, Dan Adrianne Lenker, “Bright boy of the Young British
38 Member of
Aykroyd and Ernie Hudson Future” (March 22) Artists movement whose 47 48 49 50 51 52 53 54 the fam
are back, and the rest of the The lead vocalist and gui- preserved shark has become 39 Small
cast includes Paul Rudd, Car- tarist of Big Thief returns on an iconic—and controver- 55 56 57 58 batteries
rie Coon, Finn Wolfhard, this solo studio album, an in- sial—part of the contempo-
Mckenna Grace, Patton Os- trospective collection that rary canon. 59 60 61 62 40 Word after
walt and Kumail Nanjiani. champions hopefulness in a field or road
cruel world. Videogames 63 64 65 66 67 41 Homer’s
“Immaculate” (March 22) “Princess Peach: Show- neighbor
Sydney Sweeney is every- Art time!” (Nintendo Switch, 68 69 70
where these days: HBO, “Whitney Biennial 2024: March 22) 42 Doctor or
SNL, an illustrious Italian Even Better Than the Real The first game featuring 71 72 73 Dame, e.g.
convent. That last is the set- Thing” (Whitney Museum of the titular Mario-world mon- 43 Phone bill
ting for the new psychologi- American Art, New York, arch as the protagonist in add-on
cal horror film in which Ms. March 20-Aug. 11) nearly a decade, this action- METHODOLOGY | By Sean Ziebarth
Sweeney plays an American The most significant—and adventure has Peach and a 48 Like pixelated
Across 24 2013 film 59 “How do 6 Mend one’s
who joins the remote nun- photos
1 Arthur in the in which these people ways
nery only to discover dark, Scarlett pull that off?” 49 “Let me!
otherworldly secrets there. International 7 Dodge City
Johansson (and a hint to lawman Pretty
Tennis Hall of
is heard solving the please!”
TV Fame 8 “Dropped”
starred clues) 50 Squeal on
“3 Body Problem” 5 Guitar 25 Levels garment
(Netflix, March 21) feature 63 Largest city in 52 Desert gully
28 Depressing 9 Make
The hit sci-fi novel by the Arab
9 Out-of- request? concessions 53 Products of
Cixin Liu gets a long- world
awaited adaptation from pocket 30 •George Bush 10 “Now it certain mills
prescription 66 Sunburn salve
“Game of Thrones” creators Sr. and Jr. makes 54 Makes sound
David Benioff and D.B. cost 67 Ill-mannered sense” asleep
34 Tour carrier
Weiss and writer Alexander 14 Julia of fellow
Woo (“True Blood”). The 36 Contrary 11 Ranch sight 57 Sharpens
Broadway’s 68 TikTok clip
cast in this first-contact conjunction 12 “The Joy Luck 60 Purple boba
“Nine”
story includes Benedict 69 Decisive Club” author choice
37 Pewter
Wong, Jovan Adepo, John 15 Father of defeat Tan
 Sea Shimooka in ‘3 Body Problem.’ component 61 Sty fare
Bradley, Jonathan Bryce and Regan,
70 Surname in a 13 Fashionable
Liam Cunningham. Goneril and 38 •Newborn 62 “Yeah, sure!”
longest-running—survey of team of Toads working to Brontë book handbag
Cordelia twins
“Road House” (Prime Video, contemporary American art, save a theater threatened by 71 Division mark initials 63 Walgreens
March 21) now in its 81st edition, fea- the evil sorceress Grape and 16 Attention- 44 Dinghy driver rival
seeking 72 Chooses 21 “Yeah”
The 1989 Patrick Swayze tures 71 artists and collec- her band of minions, the 45 It might be 64 Fall ill
film gets a remake with tives who grapple with Sour Bunch. utterances 73 Cornhole shot 22 Foment, as
electric
Jake Gyllenhaal stepping truth, identity and artifice. 17 “Heavens!” trouble 65 Film’s Lupino
into the lead and playing a Last Call 46 Pumpkin, Down
18 Hairdo pecan or Previous Puzzle’s Solution
former MMA fighter who “Velvet Terrorism: Pussy “Dana Frankfort: Life and 1 Fragrances A S A P S T A B B A D
works security at a dive bar Riot’s Russia” (The Polygon Death” (Olympia, New York, Hendrix peach
A M I N O H E R O N A C E
in the Florida Keys. Billy Gallery, North Vancouver, through March 23) picked 2 World’s
47 •Sears and largest hot
D O N T T H I N K S O Y I N
Magnussen, Jessica Wil- British Columbia, March 22- The Houston-based 19 Choice of U R G E A P E I P O D S
Roebuck desert E E L J U S T B E C A U S E
liams, Lukas Gage, Arturo June 2) painter’s solo show features some
51 Signs of E M U S AM E R
Castro and Conor McGregor Created by Maria Alyokh- a collection of new works audiophiles 3 Needing a T A M E D T Y R A S P U D
round out the cast. ina and curated with Ragnar capturing her luminous, ges- sorrow feeding S T A N D Y O U R G R O U N D
Kjartansson and Ingibjörg tural style that frequently in- 20 •Da Vinci and K E N T O G L E O N T O E
55 Animal track 4 Musk of X
Theater Sigurjónsdóttir, this is the corporates textual elements. Beethoven O L G A N A S A
56 Hole puncher T H E R E I S A G O D T Y E
“Water for Elephants” (Im- first survey of the influential 23 Timetable 5 Candle S A L S A L O P C R A G
perial Theatre, New York, feminist art collective that For additional Arts Calendar abbr. 58 Score at home feature A B E D O S O M E T H I N G
NETFLIX

opens March 21) has long been a thorn in of- listings visit wsj.com. Write R I G S A U N A M A S K S
Sara Gruen’s bestselling ficial Russia’s side, docu- to brian.kelly@wsj.com ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. S T Y F E E D I R K S
P2JW079000-0-A01400-1--------XA

A14 | Tuesday, March 19, 2024 THE WALL STREET JOURNAL.

SPORTS
He Got Fired. But He’s Still Coaching.
BY ANDREW BEATON AND BEN COHEN

T
here might not be anybody in
America who had a weirder
week at work than Dan Long Beach State and Coach Dan Monson decided to part ways after a disastrous finish to the
Monson.
The men’s basketball coach at season. Then he agreed to finish out the campaign—and led his team to the NCAA tournament.
Long Beach State was getting his
team ready for the conference tour-
nament last week when he told his
boss that he was prepared to resign
if they lost. The school’s athletic di-
rector had a similar but slightly dif-
ferent idea: He wanted Monson to
resign that day.
They eventually agreed to let
Monson coach for the rest of the
season before leaving his job, not
expecting the season to last more
than another day or two. Then the
Beach won three games in a row to
win the Big West Conference tour-
nament.
Most coaches get fired when
their teams don’t make the NCAA
tournament. This coach got fired—
and then his team made the NCAA
tournament.
“I didn’t know if Thursday was
going to be the last game, I didn’t
know if Friday was going to be the
last game, I didn’t know if yester-
day was going to be the last game,”
Monson said from a Selection Sun-
day watch party at his house. “The
best way you can describe it is
March Madness.”
After one of the craziest weeks
in a month known for being nuts,
Long Beach State was rewarded
with a No. 15 seed and a chance to
keep their season alive—and keep
their coach employed—when they
play No. 2 seed Arizona on Thurs-
day. Another win would be incredi-
bly unlikely, but no
more unlikely than ev- Dan Monson celebrates after Long Beach State’s win in the Big West
erything else that’s Conference tournament. Long Beach State plays Arizona on Thursday.
happened to the Beach
since the school parted
ways with a coach who ence tournament as a token of ap- ers were exhausted. He decided to
still keeps coming to preciation after 17 years—and to in- perk them up by telling his team
work. (Yes, their nick- spire the team to rally around him. what would happen if they won
name really is the “While it’s not ideal,” Smitheran their next game, from the Selection
Beach.) said, “Dan has been tremendous in Sunday party to a chance to play
It turns out Monson, how he has responded.” together in the NCAA tournament.
62, is no stranger to The coach says he disagreed That’s when he broke down.
improbable runs. Or with the timing of the decision, but “I got emotional,” he says. “And
awkward exits. not the decision itself. In fact, when they just started cheering and clap-
He shot to basket- the school announced in a press re- ping and saying, ‘We got you,
ball fame in 1999, when lease that Long Beach State and Coach.’”
he took Gonzaga to the Monson had “agreed to mutually By winning the Big West title,
Elite Eight as a No. 10 part ways,” he remained magnani- he even triggered one of the incen-
seed. The unknown mous and wished “nothing but the tives in his contract, the rare exam-
school that had been to best for a special university and a ple of a school awarding a perfor-
the NCAA tournament tremendous group of student-ath- mance bonus to someone after
only once before has letes.” pushing him out the door. Monson
been a national power- “I am also personally excited for can keep earning more with each
house ever since. He what lies ahead for the Monson win in the NCAA tournament.
went from Gonzaga to family and myself,” he said then. The past week has been so un-
Minnesota, where he What lay ahead was more excit- expectedly crazy that Smitheran
inherited a program ing than Monson or anyone else now finds himself being asked an-
reeling from an academic-fraud could have imagined. other unexpected and crazy ques-
scandal and helped clean up the son after early road wins over ma- the Beach didn’t play well in the Monson says it was difficult to tion: Would he consider hiring back
mess. But after a single trip to the jor conference programs like conference tournament. He thought break the news to his players, but it the coach he just fired?
NCAA tournament, it wasn’t exactly Michigan and Southern California. the team’s players needed a new was gratifying how they responded “That’s a hard question to an-
FROM TOP: RONDA CHURCHILL/ASSOCIATED PRESS; ZAK KRILL/GETTY IMAGES

a surprise when the local paper ran
a front-page story in March 2006
reporting that Monson wasn’t ex-
pected back the following season.
It also wasn’t exactly true. Mon-
son did come back the following
season, though he resigned quickly
after five straight losses.
It wouldn’t be the last time he
continued to do his job even after
he was publicly sacked.
Monson was hired by Long
Beach State in 2007 and has made
the public research university in
California his home ever since. He
coached the Beach to the NCAA
tournament in 2012 and was opti-
mistic about getting back this sea-
(As it happens, Long Beach State
was the team that spoiled Bronny
James’s college debut with LeBron
James sitting courtside.)
By late February, the team was
near the top of the Big West. But
after an injury to the Beach’s star
player, Monson’s team lost five
straight games to end the regular
season—and his time at Long Beach
State.
The night after that final loss,
the coach texted athletic director
Bobby Smitheran, asking for a
meeting to discuss his future.
With his contract expiring in
April, Monson says he told Smith-
eran that he planned to resign if
voice in the locker room and it was
time for him to pursue another
challenge. Smitheran didn’t want to
wait to see how the team played in
the conference tournament, Mon-
son says. He’d already made up his
mind. The school wanted Monson
out that day.
“Well, I can’t resign today, be-
cause I’m not going to quit on these
players,” Monson recalls saying.
Smitheran says the realities of
the job compelled him to move
quickly: He wanted to identify a re-
placement who could start recruit-
ing players in college basketball’s
transfer portal. He allowed Monson
to keep his job through the confer-
when he became a lame duck. He
says the players viewed the move
as a vote of no-confidence that they
could actually win the conference
tournament. He also says he no-
ticed his players listening to him
more once he was a loss away from
no longer being their coach. Getting
fired was the greatest motivational
tactic he’d never considered.
“Our preparation was on a dif-
ferent level,” he says.
They crushed UC Riverside in
the first game of the Big West tour-
nament and upset No. 1 seed UC Ir-
vine in the semifinals. In a film ses-
sion before the final against UC
Davis, Monson sensed that his play-
swer,” he said. “In my mind, we’ve
made a decision. That’s a decision
we’re going to stand by.” At least
for now. “I think I’ve learned that
you should never say never.”
As for Monson, he says he wants
to coach somewhere else next sea-
son. But he’s not thinking about
that yet. He’s still coaching some-
where right now.
“If someone would have told me
at the beginning of the season that
I can go to the NCAA tournament
with these guys [but] not be the
head coach at Long Beach State
anymore, I would have jumped at
that,” Monson says. “That’s a great
deal.”

BY JARED DIAMOND
AND KEVIN MCALLISTER If You’re Looking for Madness, ‘Edge of Your Seat’ scores for 10 years’
worth of the first round of NCAA March
Madness games
THE OPENING ROUND OF MARCH
Madness is the craziest time on
the American sports calendar, with
These Are the Matchups to Watch LESS EXCITING MORE EXCITING

32 elimination games crammed 10 seed vs. 7 seed 0.41

into two wild days—any of which
could turn into an instant classic.
That said, we understand that
people have jobs, families and
other commitments that might
prevent them from consuming col-
lege basketball nonstop during the
workweek. So The Wall Street
Journal is here to help you priori-
tize what to watch—by using a lit-
tle math.
The Journal analyzed the first
round of the NCAA tournament
over the past 10 years to deter-
mine which games tend to be the
most thrilling. The result was a be-
spoke statistic called the “Edge of
Your Seat” score, which is calcu-
lated using five metrics:
The amount of time where the two
teams are within one score.
The amount of time elapsed at
points where there is a lead change
or tie.
The number of points scored.
The size of the largest comeback
by the winning team.
The unlikeliness of the result based
on seeding and ESPN pregame win
probabilities.
After crunching the numbers,
it’s clear there is an ideal option
PETER K. AFRIYIE/ASSOCIATED PRESS
9 vs. 8 0.17
12 vs. 5 0.15
11 vs. 6 0.09
13 vs. 4 0.01
–0.09 14 vs. 3
–0.33 15 vs. 2
–0.39 16 vs. 1
Source: WSJ analysis of ESPN data
Rosie Ettenheim/ THE WALL STREET JOURNAL
day. No. 7 Texas faces either Colo-
rado State or Virginia at 6:50 p.m.
on Thursday, while No. 7 Florida
will take on the Colorado-Boise
State winner at 4:30 p.m. Friday.
The Edge of Your Seat rankings
has another use as well. It also re-
veals which teams, on average,
played in the most and least excit-
ing games this season, which could
help determine when would be a
good time to turn off the TV and
go do…anything else.
Dayton forward Nate Santos drives to the basket against Duquesne during the Atlantic 10 tournament. Houston, the No. 1 seed in the
South and a serious championship

for anyone short on time but des-
perate for drama: Focus on the
matchups between the 7 and 10
seeds. They are, on average, the
most exciting first-round games,
according to the Edge of Your Seat
score.
That leaves fans with four
choices this year. At 4:30 p.m. ET
on Thursday, seventh-seeded Day-
ton takes on No. 10 Nevada in Salt
Lake City. Dayton hasn’t been in
the tournament since 2017, though
the Flyers looked like a possible
No. 1 seed in 2020, before the tour-
nament was canceled because of
the pandemic.
No. 7 Washington State, a tour-
nament team for the first time
since 2008, is taking on No. 10
Drake, the Missouri Valley Confer-
ence champions, at 10:05 p.m.
Thursday.
Though Drake is the underdog,
the Bulldogs have a hidden home-
court advantage with the game
taking place in Omaha, Neb., just
two hours from their campus in
Des Moines, Iowa.
The other two 7-10 games re-
main unknown, pending First Four
contests on Tuesday and Wednes-
contender, had the most boring
season of any Division I team by
Edge of Your Seat score, largely be-
cause the majority of the Cougars’
games were massive blowouts.
Houston plays Longwood at
9:20 p.m. ET on Friday. Plan ac-
cordingly.
P2JW079000-0-A01500-1--------XA
THE WALL STREET JOURNAL.
OPINION
Joe Biden’s ‘Unease’ on Abortion
Kamala Harris
just made his-
tory. On
Thursday she
became the
first vice pres-
ident to visit
MAIN
STREET an abortion
clinic, stop-
By William
ping by a
McGurn
Planned Par-
enthood loca-
tion in Minnesota to tout the
Biden administration’s proud
support. Probably it also
marked the first time Ms. Har-
ris was the administration’s
voice of clarity.
Abortion is President Bi-
den’s top issue going into the
November election. As he has
made clear, there isn’t a single
abortion he would restrict, and
he opposes the Hyde Amend-
ment’s limits on using tax dol-
lars to pay for them. In politi-
cal terms, there is no more
absolute pro-choice stance.
He has abandoned the
limits he supported as
a senator—and it isn’t
enough for advocates.
Yet amid all the headlines
about Republican extremism,
no one ever points that out.
Except Megan Crowley. She
did so in an article for Real-
ClearPolicy that ran under the
headline “Dear Mr. President,
My Life Is Worth Living.”
She brought up Kate Cox, a
Texas woman the president in-
voked at the State of the
Union. Ms. Cox sought an
abortion after her unborn child
was diagnosed with Trisomy
18. Doctors told her that the
child wouldn’t live long even if
Biden Weakens America’s Global Clout
With Niger’s
gross domes-
tic product at
a miserable
$545 per per-
son in 2022,
the United
GLOBAL
Nations ranks
VIEW
the land-
By Walter
locked coun-
Russell Mead
try as one of
the five least-
developed nations on the
planet.
Over the weekend Niger’s
government responded to
American accusations that it
was negotiating to sell ura-
nium to Iran by ending mili-
tary cooperation with the U.S.
The decision is another win
for Vladimir Putin’s effort to
extend Russian power, a wel-
come boost to Iran, and a seri-
ous blow to America’s plans
for combating the return of ji-
hadist violence across a swath
of Africa.
It is also one more sign
that the Biden administration
is losing its ability to shape
international events.
In blowing off President Bi-
den, Niger’s military junta is
joining a global trend. Mr. Pu-
tin renews his threats of nu-
clear use, rejects talk of diplo-
macy and hints at even
greater ambitions as he grinds
out bloody conquests in
Ukraine. Iran is helping one of
its proxies close the Red Sea
while another fires missiles
and rockets into Israel. North
Korea is beefing up its nuclear
and conventional forces. China
is massively boosting defense
Ban DEI Quackery in Medical Schools
By Greg Murphy
And Stanley Goldfarb
T
he ideology of “diversity,
equity and inclusion” is
dangerous everywhere,
but especially in medical edu-
cation. Its influence has be-
come entrenched nationwide.
Accrediting institutions are
pushing all of America’s 158
accredited medical schools to
train future physicians in po-
litical activism, wasting pre-
cious time and resources that
could be spent on rigorous
coursework and preparation
for medical practice. The re-
sult will likely be future physi-
cians less qualified to meet pa-
tients’ needs.
To restore medical education
to its life-saving mission, Con-
gress should ensure that tax-
payer dollars don’t fund its de-
cline. One of us, Rep. Murphy,
will introduce the Educate Act
on Tuesday. It would eliminate
all federal funding, including
born, and that Ms. Cox
might not be able to get
pregnant again if she
carried the baby to term.
Ms. Crowley acknowl-
edged Ms. Cox’s predica-
ment was heartbreaking.
But she lamented that
Mr. Biden’s empathy was
stunted by the assump-
tion that “Kate’s child—
and any child diagnosed
with Trisomy 18—could
never live a happy life.”
Echoing Hubert Hum-
phrey’s line that the test
of government is how it
treats people in the dawn
of life, the twilight of life
and the shadows of life,
Ms. Crowley puts it this
way in an email:
“The mark of a great society
is what it does to protect the
weakest and most vulnerable
among us,” she writes. “Absent
from this abortion debate is
any explicit acknowledgment
of the value and dignity of ev-
ery person born with a genetic
disease or a disability. We de-
serve a chance. We are part of
the richness of a truly diverse
and inclusive society. Our lives
are worthy of birth, and wor-
thy of living.”
Ms. Crowley was diagnosed
at 15 months with a genetic
disorder called Pompe disease,
and doctors told her parents
to go home and enjoy what lit-
tle time they would have with
her. Instead, her father
founded a biotech company to
come up with a cure for Me-
gan and her brother, Patrick, a
story told in the 2010 film
“Extraordinary Measures”
starring Harrison Ford. Ms.
Crowley is now 27. Though re-
liant on a wheelchair, ventila-
tor and feeding tube, she lives
a full and happy life, including
graduating from Notre Dame
spending while pressing its
advantages across the Indo-
Pacific and into the Western
hemisphere. From Haiti to Su-
dan, warlords and gang bosses
thumb their noses at Ameri-
can diplomatic efforts to re-
store stability.
The administration’s declin-
ing power to deter our adver-
saries is the biggest problem
for American foreign policy,
for world peace and, poten-
tially, for Mr. Biden’s re-elec-
tion. Like a scarecrow that no
longer keeps hungry birds
from pecking at the corn,
Team Biden is losing the abil-
ity to prevent hostile powers
from picking at the founda-
tions of the American-led
world order.
It isn’t all Mr. Biden’s fault.
American foreign policy has
been on a losing streak since
the 2003 invasion of Iraq, and
some bills for past foolishness
are coming due on his watch.
Under presidents of both par-
ties, we haven’t kept pace
with China’s military buildup
even as we allowed the indus-
trial infrastructure that sup-
ports our military power to
decay. Mr. Putin attacked
Georgia in 2008 and Ukraine
in 2014. The U.S. and its Euro-
pean allies failed to respond
effectively in either case.
Internal American politics
continue to diminish Amer-
ica’s global clout. The possibil-
ity that Donald Trump will re-
turn to the White House in
2025 and reverse many Biden-
era policies undercuts Team
Biden’s credibility with friends
student loans, for medical
schools that engage in the worst
DEI practices. Schools would
have to agree to the following:
• No racist teaching. Medi-
cal schools teach about “inter-
sectionality,” “colonization”
and “white supremacy” while
promoting the idea that people
A new bill would deny
money to institutions
that engage in the
worst practices.
are either “oppressors” or “op-
pressed.” These concepts push
medical students to treat pa-
tients differently based on
race, sex or “gender identity.”
In 2021 two physicians pro-
posed giving preferential
treatment to “Black and Latinx
heart failure patients” at
Brigham and Women’s Hospi-
and holding down a job.
In today’s abortion debate,
America’s Megan Crowleys are
all but invisible. Because ac-
knowledging the complexity of
another human life is at odds
with abortion priorities. These
priorities have shifted in the
two years since Dobbs v. Jack-
son Women’s Health Organiza-
tion, in which the Supreme
Court overturned Roe v. Wade,
the landmark 1973 ruling that
legalized abortion. Not content
with recent victories at the
polls, some Democrats now
push party leaders to speak of
abortion as a positive as op-
posed to a sad and regrettable
necessity.
These activists aren’t happy
with Joe Biden. Notwithstand-
ing his policies, Politico, the
Washington Post and the Asso-
ciated Press each ran stories
noting what the Post called his
“skittishness” on abortion—es-
pecially about using the word.
At the State of the Union, for
example, instead of reading
“because Texas law banned
abortion” as it appeared in his
prepared text, he ad-libbed
and foes alike. And polls
pointing to rising isolationist
sentiment in the U.S. have
many foreign leaders believing
that America is a diminishing
force in global affairs.
But if the erosion of Amer-
ica’s deterrent power isn’t all
Mr. Biden’s fault, his policies
aren’t reversing the decline.
Step one for renewed
respect is a serious
defense budget. Step
two: Kill some crows.
From the catastrophically bun-
gled withdrawal from Afghani-
stan to the delay in sending ad-
vanced weapons to Ukraine in
the face of Mr. Putin’s threats,
Mr. Biden’s White House takes
step after step that cumula-
tively teach friends and foes to
see the U.S. as a declining
power that is easily cowed and
in retreat.
The shockingly inadequate
fiscal 2025 defense budget re-
quest the administration re-
leased last week is an incite-
ment to our enemies to step
up their war plans. Team Biden
is telling the world that Amer-
ica is cutting defense in real
terms even as threats of war
mount on every side. In his
most recent State of the Union
address, Mr. Biden compared
2024 to 1941 as a year of criti-
cal danger for freedom world-
wide. In 1941, Franklin D. Roo-
sevelt more than quadrupled
tal, a teaching hospital of Har-
vard Medical School.
• No racial discrimination.
Medical schools increasingly
offer scholarships, classes and
programming designed for—
and sometimes available only
to—students of specific races.
This includes “affinity groups”
students can join voluntarily,
as well as classes that segre-
gate students for the sake of
learning.
• No loyalty oaths. Medical
schools routinely require appli-
cants and faculty to write DEI
statements as a condition of ac-
ceptance or employment. Such
requirements violate freedom
of speech and eviscerate merit.
Schools reject candidates for
not being “progressive” enough
while choosing others for their
devotion to DEI.
• No DEI offices. Most med-
ical schools have a depart-
ment, team or office dedicated
to DEI. These bureaucracies
exist to spread a divisive ide-
“because Texas law
banned her ability to
act.”
“By not saying the
word ‘abortion,’ it im-
plies that it’s taboo or
something to be
ashamed of,” Kellie
Copeland, executive di-
BRENDAN SMIALOWSKI/AFP VIA GETTY IMAGES
rector of Pro-Choice
Ohio, told the AP. “It’s
stigmatizing and harm-
ful. The president should
do better.”
How far we are from
Mario Cuomo, creator of
the “personally opposed”
dodge that pro-choice
Catholic Democrats used
for years. Or even Bill
Clinton’s “safe, legal and
rare,” which his wife, Hillary,
walked away from in her 2016
run for president. Now an 81-
year-old Catholic president has
repudiated every limit on
abortion he once voted for as a
senator to do the abortion
lobby’s bidding—and it still
isn’t enough.
Perhaps Mr. Biden’s critics
are right. Maybe the American
people have overcome the
qualms they once had about
abortion. Certainly that’s one
read of the post-Dobbs elec-
toral results. It explains why
Donald Trump is talking about
moderating the GOP position.
Plainly the politics are shift-
ing, and Mr. Biden is less cause
than symptom. He is where he
is on abortion for the same
reason he is on any issue—be-
cause he’s drifted with his
party. But where Democratic
leaders once thought they
needed Cuomo- and Clinton-
like nuance and euphemism,
the generation exemplified by
Ms. Harris are more honest
about what it is they really
want: abortion on demand.
Write to mcgurn@wsj.com.
defense spending. Nothing
could be further from the Bi-
den plan.
A declining real defense bud-
get is one of many signals of re-
treat the White House is broad-
casting to the world. We have
made clear to Mr. Putin that his
nuclear threats over Ukraine
weaken our resolve rather than
stiffen our spine. North Korea
believes it has nothing to fear
from the U.S.
Then there is the Middle
East. The Red Sea is nearly
closed. Gaza is in flames. A
quasi-war simmers on Israel’s
northern border. Iranian mili-
tias gather strength in Iraq as
Iran’s ally Bashar al-Assad
tightens his grip on Syria. Iran
aids Russia’s aggression in
Ukraine while simultaneously
strengthening ties with crimi-
nal groups and rogue regimes
in the Western hemisphere.
As China thinks about the
consequences of blockading
Taiwan, it is carefully watch-
ing how Team Biden handles
Iran. So far, it sees little to
fear.
Crows cluster where scare-
crows fail. If Team Biden
wants a world with fewer
challenges to the American or-
der, it must restore respect for
American power, competence
and will. Step one would be to
submit a serious defense bud-
get to the Congress, one that
demonstrates American re-
solve to support our friends
and deter our adversaries in
key global theaters.
Step two is to kill some
crows.
ology across campus, from the
curriculum to extracurricular
activities.
In addition to denying fed-
eral money to schools that en-
gage in these practices, the Ed-
ucate Act would prevent
accrediting organizations, such
as the Liaison Committee on
Medical Education and the As-
sociation of American Medical
Colleges, from requiring DEI
education at medical schools.
Lawmakers and the public
should recognize DEI for what
it is: a dangerous and conta-
gious philosophy. Until Con-
gress takes action, this ideol-
ogy will continue to corrupt the
institutions that train physi-
cians. Medicine and the people
it’s meant to serve will suffer.
Dr. Murphy is a practicing
urologist. A Republican, he
represents North Carolina’s
Third Congressional District.
Dr. Goldfarb, a nephrologist, is
chairman of Do No Harm.
Tuesday, March 19, 2024 | A15
BOOKSHELF | By Julian Baggini
Confronting That
Queasy Feeling
Anxiety: A Philosophical Guide
By Samir Chopra
Princeton, 208 pages, $27.95
I
magine your happiest moments and you will probably
think of a time in which you were blissfully free from
anxiety. Given a choice, most of us would prefer not to
be anxious. But if Samir Chopra is correct, that yearning is
misplaced. “To be anxious is to be human” and “to be hu-
man is to be anxious,” he writes. “Anxiety is not always a
pathology to be eradicated but often an ineluctable and in-
dispensable part of ourselves.” If we treat anxiety as an
interloper, rather than a companion, we only make it worse.
“We will always be anxious, but we do not have to be anx-
ious about being anxious.”
In “Anxiety: A Philosophical Guide,” Mr. Chopra builds
his case on the pillars of four traditions of thought that in
their various ways see anxiety as an inevitable part of the
human condition. The first and oldest is Buddhism, which
teaches that a feeling of dissatisfaction with life, dukkha, is
the root of all mental suffer-
ing. In the 19th and 20th cen-
turies, Mr. Chopra notes, Eu-
ropean existentialists saw
anxiety as the necessary con-
sequence of human freedom:
Realizing that we have to
choose our moral values and
fashion our own futures in-
duces a kind of vertigo as we
feel the burden of responsibil-
ity for our fates.
Freudian psychoanalysis of-
fers yet another account. As
Mr. Chopra’s summary has it:
“Anxiety is a signal to us that
we harbor repressed emotions,
desires, and sexuality.” Finally, there is the idea of “materi-
alist alienation,” advocated by both Karl Marx and Herbert
Marcuse. This theory identifies the sources of anxiety in
the material and economic conditions of society rather than
in the individual psyche: Ordinary people are anxious when
they lack ownership and control over the sources of their
livelihoods.
Some of these theories are more convincing than others.
Take the Freudian suggestion that agoraphobia (a fear of
public places) is the displacement of anxiety rooted in a
forbidden desire, “perhaps the sexual desire of a lustful son
for his mother.” This and another psychoanalytic idea—that
anxiety is some kind of “resurrected fear” of “the most
primal of human events, our birth”—are best left in the
dustbin of intellectual history.
Although Mr. Chopra, a philosophy professor emeritus at
Brooklyn College, notes many overlaps and commonalities
in the four approaches, their differences make them incon-
sistent as a set. It isn’t clear that they are centrally con-
cerned with anxiety at all. Dukkha in Buddhism isn’t usually
understood to refer to anxiety but rather to a state of dis-
content. Mr. Chopra acknowledges that one of his key exis-
tentialist figures, Nietzsche, never uses the term. Alluding
to Marx’s alienated labor, Mr. Chopra asks: “What does
such alienation feel like?” His answer: “Like anxiety, for it
is anxiety.” One can’t help feeling that the confidence with
which he asserts this equation is misplaced.
It is as though Mr. Chopra interprets everything through
the lens of anxiety and as a result either magnifies its sig-
nificance or sees it where it is not. He says, for example,
that from his own experience he has concluded that being
“indecisive, distracted, insecure, or anxious . . . amounted
to the same thing.” But for many people those conditions
are very different. It doesn’t help that Mr. Chopra is a se-
rial user of the “presumptive we”: using the first-person
plural to speak for all of us when he is really speaking for
some or sometimes only himself. The most baffling example
comes when he invites us to “think of the crippling melan-
cholia that afflicts us when we look at a photograph of our
lovers before they met us.” It’s safe to say that some people
have never felt this affliction.
Anxiety is part of the human condition.
If we treat it as an interloper, rather
than a companion, we only make it worse.
Mr. Chopra candidly confesses to be especially prone to
anxiety. What one might call “automorphism”—seeing oth-
ers in the images of ourselves—seems to have led him to
overestimate how deep and widespread anxiety is. But not
everyone who realizes he is living in a world without cer-
tainty or objective meaning finds it “unbearable in its hor-
ror,” “nauseating” or “terrifying.” Calmer souls who read
this book might end up anxious that they are not as anx-
ious as a well-rounded, normal human being should be.
At times Mr. Chopra writes of anxiety as though it were
a key to self-definition, saying, at one point “thus does anx-
iety inform me of who I am.” Tell me your anxieties and I’ll
tell you who you are may sound profound, but replace “anx-
ieties” with “dreams,” “loves,” “hopes” or “values” and it is
just as true.
Even philosophy in Mr. Chopra’s view springs not from
wonder, as Aristotle and Plato claimed, but from anxiety.
However, neither those giants of thought nor others who
followed them for centuries had much to say about it. That
“anxiety is a basic human affect and signature of human
consciousness” is made somewhat problematic, he con-
cedes, by the fact that it only emerged as “an explicitly
named and identified problem in the nineteenth century.”
Still, Mr. Chopra is right to want to normalize the anxi-
ety that people really do feel, saying that it is wrong to
think that mental health consists in being anxiety-free. His
basic therapeutic advice—not to push anxiety away but “to
see what it ‘points to’ ”—is also spot-on. And his book is a
good primer on the major philosophers of anxiety, or at
least its close relations. Anxiety may not be as fundamental
to the human experience as Mr. Chopra believes, but it is
undoubtedly a component of modern life and deserves care-
ful attention.
Mr. Baggini is the author of “How to Think Like a
Philosopher.”
Kierkegaard on Anxiety
“He who is educated by anxiety is educated by
possibility, and only he who is educated by possibility is
educated to his infinitude. . . . Whoever has truly been
brought up by possibility has grasped the terrible as well
as the joyful.”
—Søren Kierkegaard, “The Concept of Anxiety”
P2JW079000-0-A01600-1--------XA

A16 | Tuesday, March 19, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Democrats Turn Against Israel Buffett’s Right: GAAP Is ‘Worse Than Useless’

I
sraeli Prime Minister Benjamin Netanyahu Last Monday’s release of a U.S. intelligence In “Warren Buffett Minds the accounting for leases, deferred taxes
said on Sunday that “no international pres- assessment casting doubt on the political viabil- GAAP” (op-ed, March 14), Donald Gra- and revenue recognition also obscure
ham notes that Berkshire Hathaway’s the actual performance of businesses
sure will stop us from realizing all of the ity of Mr. Netanyahu’s wartime leadership and
earnings “are drowned by stock-mar- and nonprofits.
goals of the war: Eliminating predicting “large protests” ket gains and losses.” That’s precisely Fortunately, our little insurance
Hamas, freeing all of our hos- Biden agrees with against him was highly un- the point: Berkshire is more an invest- agency has an option Mr. Buffett does
tages and ensuring that Gaza usual. That’s how the U.S. once
never again constitutes a
Schumer and puts a treated enemy dictatorships,
ment fund than an operating company.
Therefore, GAAP’s mark-to-market ac-
not: reporting our financial results
through Other Comprehensive Basis of
threat to Israel.” That this is domestic twist on the not allied democracies. counting presents the most accurate Accounting protocol. Although I doubt
interpreted as a challenge to Mr. Biden has also en- measure of how the company per- the theoreticians at the FASB give a
President Biden speaks vol-
‘two-state solution.’ dorsed Sen. Chuck Schumer’s formed in a given year. Should one hoot about Mr. Buffett’s position, I
umes about the shift in U.S. extraordinary declaration last wish to review operating earnings, the wish him well in his advocacy. Mine
policy toward Israel. week that Israelis must de- company’s lesser part, that informa- hasn’t been effective.
The joke around Jerusalem is that while Mr. pose the elected Mr. Netanyahu. Other Demo- tion is in the report. ROBERT K. BACON
ROBERT O’DONNELL Tallahassee, Fla.
Biden once worked to help Israel after Oct. 7, crats are piling on.
Atherton, Calif.
he’s now working on the “two-state solution”: Even more serious are delays in U.S. weap- Mr. Buffett refers to Berkshire’s
Michigan and Nevada. Israelis notice that the ons transfers, leaked threats to cut off arms, Finally, someone of Mr. Buffett’s GAAP reported earnings as “worse
President rarely speaks of defeating Hamas and sotto voce Biden Administration efforts to stature is showing that the Financial than useless.” But Mr. Buffett did not
anymore. Instead, he bashes Israel under the discourage other countries from exporting Accounting Standards Board has no acknowledge that GAAP rules inten-
cover of bashing its Prime Minister. weapons to Jerusalem. Ammunition supplies clothes. I have been a certified public tionally omit accounting for the trans-
This dance is Mr. Biden’s way of catering to are a major concern, but Israel’s existential accountant in Florida for 45 years. For fer of enterprise cleanup costs to tax-
the anti-Israel left without alienating the bulk nerve has been touched, and it doesn’t need a the past 40 years, I’ve managed an payers. For example, government-
of U.S. voters who would find it unconscionable timid Biden Administration to give it the green employee-owned independent insur- funded capping of oil wells, climate-
to turn on the Israeli people in wartime. What light on Rafah. Israel is now producing more of ance agency. change mitigation and toxic site
Henry Kissinger once said about Israel having its own munitions, and the mood is that it will I have ongoing and sometimes cleanup are enterprise costs trans-
heated conversations with our ac- ferred to taxpayers not reported un-
no foreign policy, only domestic politics, Israe- fight with its fingernails if it has to. counting firm about how recent der GAAP as enterprise costs.
lis are now saying about America. How else to Mr. Netanyahu doesn’t treat the U.S. as an changes to “generally accepted ac- While some refer to this as “privat-
explain Mr. Biden’s “red line” on Rafah, Hamas’s unapproachable black box, which spits out a counting principles” distort the opera- izing profit and socializing losses,” I
final stronghold? presidential policy and that’s final. He knows tion of a business. see it as “taxpayers funding private
Mr. Netanyahu says, “You cannot say you U.S. public opinion can be influenced to con- Mark to market is only one exam- enterprises cleanup costs.” GAAP in-
support Israel’s goal of destroying Hamas and strain the President’s power. If Mr. Biden thinks ple. It distorts the results of Berkshire come reporting rules must be
then oppose Israel when it takes the actions he’s the only one with leverage here, in advance Hathaway, according to Mr. Buffett, amended to report all enterprise in-
necessary to achieve that goal.” To leave Hamas of a U.S. election, he’s wrong. but also affects banks, charitable foun- come and costs.
in power in Rafah is to lose the war, and to re- Behind this spat is the dawning of knowledge dations, insurance companies and DAVID LAUFER
place Hamas with Fatah is to lose the peace. in Israel that perhaps the U.S. can’t be relied on. other organizations holding market- CEO, Laufer Specialty I-Risk LLC
able securities. Recent rules regarding Oxnard, Calif.
That’s an Israeli consensus, not “Bibi.” As a Thursday column in the Yediot Ahronot
Israeli officials say the U.S. military under- newspaper notes, “Even if the radical wing does
stands that Rafah must fall, but Biden officials not take over, it is already a permanent force that
don’t. Yet none of their political solutions for no Democratic Party leader can ignore.”
Gaza can succeed if Hamas battalions remain in- There is more hope in Israel for a Trump Ad-
The Outlook for Indiana Farms Is Pretty Grim
tact. There will be no politics if Hamas can put ministration, but also wariness. For now the Re- I couldn’t believe my eyes reading working against us with a proposal for
bullets in the heads of its Palestinian rivals. publicans who would abandon Ukraine still speak Blake Hurst’s “As Rural America De- a 100-million-gallon per day water
To condemn Israel, Mr. Biden trots out the up for Israel. Will that always be true? clines, There Are Still Plenty of Farm- pipeline in the works to carry water
Hamas figure of more than 30,000 casualties in At present the U.S. doesn’t appear willing to ers” (op-ed, March 11). As a fifth-gen- from our area south to Lebanon and
Gaza. Why doesn’t he mention that Israel says help Ukraine stave off defeat or Israel clinch eration corn and soybean farmer near Indianapolis for industrial develop-
more than 13,000 of them were Hamas fighters? victory. The world is watching, and the key for Lafayette, Ind., I respectfully disagree ment that won’t benefit our area’s ag-
with Mr. Hurst on the state of the riculture.
The resulting combatant-to-civilian casualty ra- the Middle East isn’t to see that Israel can com-
American farmer. I agree with Mr. Hurst that farmers
tio of around 1 to 1.3 attests to Israeli accuracy promise with the Palestinians, but that it can Every day we are deluged with auc- continually rise to the challenge of in-
and restraint, but that isn’t what they want to carry U.S. support all the way to victory against tion pamphlets for farmland that is creasing production with fewer acres,
hear in Dearborn, Mich. Iran-backed terrorism. selling for triple the price of the same but we aren’t magicians. Children of
land 10 to 15 years ago. These inflated families that have farmed for genera-

A Simple Idea for Speedier Government prices can’t be cash flowed by corn
and soybean production by any
stretch of the imagination. We are
tions have a hard time saying no when
someone comes knocking at the door
with a big fat check. Maybe these is-

T
he slow gears of government frustrate
business, but they turn a little more
quickly if you threaten to starve the ma-
chine. Take a look at Pennsylvania, where end-
less waits for permits cleared up as soon as
agencies were forced to return the fees.
Gov. Josh Shapiro launched the policy last
year with a pledge to whip the bureaucracy into
shape. He ordered every state agency to adopt
a strict timeline for issuing permits, and cre-
ated a single office for businesses and individu-
als to apply. Then came the hard ball. He added
a program called PAyback that requires the
state to refund application fees if it fails to is-
sue permits on time.
The program has been running for less than
six months, and the state’s top business regula-
tor announced early results last week. The De-
partment of Environmental Protection, which
decides when developers can break ground, has
reduced its backlog for new permits by 41%. In-
dividual workers are benefiting too. Car sales-
men, pharmacists and real-estate brokers are
getting licenses in less than half the time it
used to take.
The threat of revenue loss was enough to put
a spring in the step of sluggish bureaucrats,
Letitia James Turns the Screws on Trump
even before they lost any revenue. Pennsylvania
secretary of state Al Schmidt told the state Sen-
ate that all 55,000 permits approved since No-
vember were issued within the specified time.
Applicants got what they came for quickly, and
no refunds have been issued.
The quick reform is no surprise because
these fees are big business for state agencies.
Each aspiring nurse in the state hands over a
$70 permit fee along with a $95 initial licens-
ing fee, for example. For that price, the gov-
ernment stamps credentials that the appli-
cants have already demonstrated in a state-
approved course.
Permitting delays are particularly painful
for developers, where long waits for state ap-
proval can stall major projects. The water util-
ity in Johnstown, a small city in Pennsylvania’s
southwest, received a state permit in November
to upgrade a dam nearly five years after it first
applied. Local officials say the cost of the up-
grades rose about 20% while their application
was processed.
It shouldn’t take threats to speed up these
approvals, but give credit to Gov. Shapiro for
providing incentive for responsive, rather than
rapacious, government.
constantly inundated with pressures
from housing developers, solar farms
and wind farms.
Even our own beautiful state is
Francis, Just-War Theology and the Crusades
Pope Francis’s lack of regard for
just-war theology is not the first
time that this has occurred in Cath-
olic history (“Pope Francis Waves a
White Flag at Vladimir Putin” by
George Weigel, op-ed, March 14).
Today it manifests as expounding
the virtues of surrender, but in the
Middle Ages the reverse happened.
In 1095, in his speech at the
Council of Clermont, Pope Urban II
introduced the idea of bellum sa-
crum—a war that was not only just,
but justifying. War could thus be a
positive, meritorious act.
Economy Feels Bad Because
One Side Wants It That Way
In his March 11 letter “Why So
Many Are Upset With Our Economy,”
Julian Blake states that GDP and un-
employment and inflation rates “often
seem at odds with what real people
experience every day.” He argues a
sues haven’t reached Mr. Hurst in Mis-
souri, but they will be there soon.
CHRISTY WELCH
Lafayette, Ind.
The thousands of armed pilgrims
who poured into the Middle East in
the two centuries after Clermont cut
a bloody swath from the Red Sea to
the Bosporus. So great was their
brutality that their actions continue
to sour relations between the East
and the West.
Today, thousands of Russian sol-
diers pour into Ukraine, brutalizing
Orthodox and Greek Catholics from
the Donbas to Crimea, and the pope
tells the Ukrainians to give up. The
legacy of his theology of surrender
and appeasement will be the same
unchristian result as Urban II’s—op-
pression and blood.
ETHAN R . BASILE
Indianapolis
Mansour Abbas Leads Gaza?
Perhaps Tunku Varadarajan has
stumbled on a solution for the estab-
lishment of a transitional government

N
in Gaza (“Mansour Abbas Is an Arab
ew York Attorney General Letitia quests to reduce the bond even though a court- single-digit unemployment rate or low
and a Proud Israeli,” op-ed, March
James’s use of lawfare to take down appointed independent monitor overseeing his inflation rate doesn’t reflect nuance.
13). In the secure areas of Gaza, Man-
Donald Trump is getting uglier by the businesses eliminates the risk he could dispose He’s right. That’s why the Bureau of
sour Abbas could head a committee
day. She is now threatening to of or transfer his assets to Labor Statistics reports dozens of cat-
of Arab Israelis setting up the bu-
seize the former President’s The $464 million bond make the judgment harder for egories of unemployment and con-
sumer-price-index data, including
reaucracy needed to distribute food
assets after effectively deny-
ing him the ability to appeal
to appeal effectively the state to enforce.
As we wrote last month,
with food and energy added. The
and medicine as well as authorize re-
pairs to water, sanitation and electric
agency has done this for decades.
the grossly inflated civil-fraud denies him due process. the judgment is overkill. None What is really at play is that one
utilities.
judgment against him. of Mr. Trump’s business part- Because there is the risk of Hamas-
side of the political spectrum is des-
inspired attacks, Mr. Abbas and his
Mr. Trump’s lawyers wrote ners lost money lending to perate to find flaws in a U.S. econ-
team would need U.S., Saudi, Euro-
Monday in a court filing that they’ve been un- him or claimed to have been deceived by his er- omy that has created high levels of
pean Union, Spanish or other military
able to obtain a bond to guarantee last month’s roneous financial statements. No witness dur- economic prosperity and freedom for
protection. Israeli Defense Forces
$464 million judgment. Defendants are re- ing the trial said his alleged misrepresentations the American people out of fear that
protection would detract from their
quired to post bonds to appeal verdicts. Mr. changed its loan terms or prices, and there was the current administration will win in
mission.
November.
Trump’s lawyers say securing the full bond no evidence that he profited from his alleged He and his group could start be-
R. A. DE PORRES-RAS
would be “impossible” since most of his assets deceptions. Oak Brook, Ill.
fore Hamas is totally destroyed. In a
are illiquid. Nonetheless, state trial judge Arthur En- world of delay and bad alternatives,
One way to satisfy the bond would be to bor- goron ordered him to “disgorge” $355 million perhaps this is a way to start.
row against his real-estate holdings. But Mr. in “ill-gotten gains.” This sum was based on the Don’t Let Gaza Become Iraq MICHAEL RAAB
Sanibel, Fla.
Trump’s lawyers say that only a handful of in- interest-rate savings that a financial expert re-
In “Israel Will Defeat Hamas in Ra-
surance companies have “both the financial ca- tained by Ms. James estimated Mr. Trump net- fah” (op-ed, March 15), Ophir Falk has
pability and willingness to underwrite a bond ted from his legerdemain. But this calculation
of this magnitude,” and “the vast majority are seems dubious since banks said they didn’t alter
it exactly correct. Letting up on
Hamas when it is essentially cornered
Pepper ...
unwilling to accept the risk associated with their loan terms. in Rafah would be a huge error—one And Salt
such a large bond.” The judge also tacked on profits that Mr. comparable to President George H.W.
THE WALL STREET JOURNAL
What’s more, his lawyers say that none of Trump putatively made on properties for which Bush’s infamous mistake in the first
the insurers that Mr. Trump’s team approached he submitted false financial statements without Gulf war when he stopped pursuing
“are willing to accept hard assets such as real demonstrating that the latter enable the for- Saddam Hussein and his troops,
estate as collateral for appeal bonds.” This isn’t mer. He also added “pre-judgment interest” which led to the huge costs of the
surprising given the recent write-downs in dating back to the day Ms. James launched her Iraq war.
Better to finish off Hamas now.
commercial real estate and enormous uncer- investigation in 2019. This makes Mr. Trump li-
They will regroup and cause untold
tainty about their valuations, especially in able for alleged wrongdoings before he was damage in the future if they aren’t
places like New York. Insurers may also fear Ms. even charged. All of this provides plausible taken out now.
James’s legal retribution if they provide the grounds for appeal. CRAIG LUTTES
bond to Mr. Trump. Whatever his transgressions, defendants are Lawrence, Kan.
Thus in order to appeal the judgment, Mr. entitled to due process, which includes the right
Trump could have to unload property in a fire to appeal. Ms. James is trying to short-circuit
Letters intended for publication should
sale. If he were later to win on appeal, his law- the justice system to get Mr. Trump, as she be emailed to wsj.ltrs@wsj.com. Please
yers rightly argue that he would have suffered promised she would during her 2018 campaign. include your city, state and telephone
an enormous, irreparable loss. Anyone who does business in New York ought number. All letters are subject to
Ms. James no doubt knows she has Mr. Trump to worry about how Ms. James could likewise editing, and unpublished letters cannot “He’s got an annoying air
be acknowledged.
in a bind. She and courts have opposed his re- twist the screws on them. of conspicuous presumption.”
P2JW079000-0-A01700-1--------XA
THE WALL STREET JOURNAL.
Covid Lessons Learned, Four Years Later
By Scott W. Atlas
And Steve H. Hanke
F
our years ago this week Vice
President Mike Pence an-
nounced the White House’s
“15 days to slow the spread”
campaign. What followed
was the unprecedented use of lock-
downs, school closings and other
sweeping measures to mitigate
Covid-19. Four years later, we know
what many of us suspected then: None
of those policies were successful, and
many were gravely damaging.
The Covid health benefits of man-
datory lockdowns were tiny. Lock-
downs in the U.S. prevented between
4,000 and 16,000 Covid deaths. In an
average year 37,000 Americans die
from the flu, according to the Centers
for Disease Control and Prevention.
Mandatory lockdowns had
almost no benefit—but did
significant economic and
health-related damage.
Lockdowns also failed to reduce in-
fections more than a trivial amount,
in part because people voluntarily al-
ter their behavior when a bad bug is
in the air. Coercive government poli-
cies generated few benefits—and
massive costs.
Public-health agencies exacerbated
the damage by failing to keep their
heads and follow standard pandemic-
management protocols. Before 2020,
it was recognized that communities
respond best to pandemics when gov-
ernment measures are only minimally
disruptive. During Covid, however, of-
ficials junked that practice by green-
lighting restrictive practices and in-
America Isn’t Nazi Germany, but It Looks a Little Like 1933
FREE
EXPRESSION
By Gerard Baker
L
ast year we learned that Amer-
ican men supposedly spend an
inordinate amount of time
thinking about the Roman empire.
Since the source of this information
was a series of viral TikTok videos,
we have to take it with a pinch of
salt. Perhaps it will emerge that it
was some cunning plan by the Chi-
nese Communist Party to remind the
American male that the U.S. is
merely the latest in a long line of
empires set for decline and fall, a so-
cial-media memento mori for Amer-
ica’s global leadership.
For my part—for more obvious
contemporary reasons—I have been
thinking a lot lately about the Third
Reich.
Like all English schoolboys I was
taught about interwar Germany from
an early age. Supplementing our his-
tory books on the Nazi horrors was
an endless diet of films and TV
shows that variously documented
and caricatured Adolf Hitler and his
regime. The effect was always to un-
derscore the historical singularity of
When Local Officials Gag Dissenters With Handcuffs
By Anya Bidwell
And Patrick Jaicomo
T
he First Amendment guaran-
tees the right to criticize the
government. We like to believe
that we don’t arrest our political op-
ponents in America. But sometimes
we do. The Supreme Court will hear
oral arguments Wednesday in Gon-
zalez v. Trevino, a case that consid-
ers whether government officials
can be held accountable when they
use arrests to punish critics for
speech.
In 2019, Sylvia Gonzalez, then 72,
was elected to the City Council in
her small town, Castle Hills, Texas.
Ms. Gonzalez spearheaded a citizens’
petition calling for the removal of
the poorly performing city manager.
Ms. Gonzalez alleges in her law-
suit that to teach her a lesson, the
city manager’s allies—the mayor and
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Lachlan Murdoch
Executive Chairman, News Corp
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Chairman Emeritus, News Corp
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Paul A. Gigot
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tentionally stoking fear. That response
overlaid enormous economic, social,
educational and health harms on top
of those caused by the virus.
Those harms are captured, in part,
in excess deaths—the number beyond
what would have been expected with-
out a pandemic. Non-Covid excess
deaths from lockdowns, the shut-
down of non-Covid medical care, and
societal panic are estimated at nearly
100,000 between April 2020 and at
least the end of 2021. The number of
lockdown and societal-disruption
deaths since 2020 is likely around
400,000, as much as 100 times the
number of Covid deaths the lock-
downs prevented.
The best measure of health perfor-
mance during the pandemic is all-
cause excess mortality, which cap-
tures the overall number of deaths
relative to the expected level, encom-
passing Covid and lockdown-related
deaths. On this measure Sweden—
which kept most schools open and
avoided strict lockdown orders—out-
performed nearly every country in
the world.
A recent study published in the
Proceedings of the National Academy
of Sciences found that the U.S.
“would have had 1.60 million fewer
deaths if it had the performance of
Sweden, 1.07 million fewer deaths if
it had the performance of Finland,
and 0.91 million fewer deaths if it had
the performance of France.” In Amer-
ica, states that imposed prolonged
lockdowns had no better health out-
comes when measured by all-cause
excess mortality than those that
stayed open. While no quantifiable
relationship between lockdown se-
verity and a reduction in Covid health
harms has been found, states with se-
vere lockdowns suffered significantly
worse economic outcomes.
Closing hospitals and cutting off
the Nazis—and of course their Ger-
manness. It all helped develop the
comforting thought that there was
something so uniquely wicked about
their life and times that “never
again” was less of an exhortation
than a confident forecast.
But with time comes a more sub-
tle appreciation of the enduring uni-
versalities of political culture. The
interwar Germans and their leaders
weren’t another species, or labora-
tory-created monsters sent to tyran-
nize humanity. They were ordinary
men and women. It is their very or-
dinariness, the commonalities they
shared—and still share—with the
rest of us that should terrify us. It is
for the banality of their evil, in Han-
nah Arendt’s famous description,
that many of these otherwise normal
people must be understood.
With that in mind, and looking for
clues about the direction of our
darkening world, I have been catch-
ing up on the period with the help of
some famous histories—among them
Richard Evans’s brilliant trilogy and
American journalist William Shirer’s
gripping eyewitness account, “The
Rise and Fall of the Third Reich.”
It isn’t the obvious historical geo-
political parallels with the present
that interest me, though there are
plenty: a major land war in Europe
police chief—schemed to have her
arrested. Ms. Gonzalez was charged
under a misdemeanor statute for
misplacing a government docu-
ment—the very petition she had
championed. The alleged conspira-
tors had Ms. Gonzalez arrested, and
off to jail she went, her mug shot
splashed across local media. A
month later, the local prosecutor
dismissed the charges.
In September 2020 the Institute
for Justice filed the federal suit on
Ms. Gonzalez’s behalf against the
city of Castle Hills, the mayor, the
police chief and a special detective.
The district court rejected the defen-
dants’ claim of qualified immunity,
which protects government officials
from liability for constitutional vio-
lations unless an earlier decision has
“clearly established” the law under
similar circumstances. But the Fifth
U.S. Circuit Court of Appeals re-
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
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OPINION
All-Cause Excess Death by Country, January 2020-23
U.S.
U.K.
Spain
France
South
Korea
Germany
Sweden 3.5
Source: Proceedings of the National Academy of Sciences
access to non-Covid healthcare gener-
ated a fear of entering medical facili-
ties. That was a profound mistake, as
was encouraging the false belief that
hospitals were too busy to treat peo-
ple who needed care. Healthcare utili-
zation rates were at low levels be-
tween 2020 and 2022. In spring 2020,
nearly half of the nation’s some
650,000 chemotherapy patients didn’t
get treatment, and 85% of living organ
transplants weren’t completed. One
study found that there were 35.6%
fewer calls for cardiac emergencies
after March 10, 2020, compared with
the year prior. Emergency-room visits
were down between 40% and 50%, ac-
cording to an estimate in May 2020.
That doubtless contributed to ob-
served non-Covid excess deaths and
may continue to do so, as Americans
suffer from undetected cancers and
other long-term conditions. Health-
care uptake is still lower than pre-
pandemic levels.
The economic costs of lockdowns
were also staggering. According to
the Bureau of Labor Statistics, as
many as 49 million Americans were
out of work in May 2020. This shock
as an expansionist dictator seeks to
annex a neighbor, the rise of nation-
alist political movements across the
world, the chilling return of antise-
mitic hate, the challenge to Western
hegemony from the emergence of a
rival Pacific power. My interest is
primarily in the human factor. In
what conditions do civilized people
become eager progenitors of a re-
gime that ends up murdering tens of
millions of people?
Trump’s firebrand words
and the left’s obsession
with race are reminiscent
of far darker times.
To be clear, I don’t think, as hyper-
ventilating polemicists argue all the
time, that America is walking into a
replay of 1933 under You Know Who.
The conditions of Germany then were
so far removed from what obtains in
the U.S. today that constantly invok-
ing Hitler blinds us to the real les-
sons of the time. Weimar Germany
was a fledgling democracy trauma-
tized by catastrophic defeat in war,
hyperinflation and depression. An
electoral system almost designed to
versed the lower court’s ruling and
held that Ms. Gonzalez’s free-speech
rights didn’t overcome the town offi-
cials’ qualified immunity.
It didn’t matter, the appeals court
declared, if Ms. Gonzalez’s speech
motivated the mayor and his allies
to orchestrate her arrest. All that
mattered was that the city officials
managed to find probable cause for
some crime—when Ms. Gonzalez
placed her petition in her binder
during a City Council meeting, in
possible violation of a broad Texas
statute.
While the judges were reluctant
to toss out Ms. Gonzalez’s claims,
they explained that the Supreme
Court’s decision in Nieves v. Bartlett
(2019) tied its hands. In that case,
the justices ruled that those arrested
in retaliation for exercising their
constitutionally protected speech
can’t sue the arresting officers so
Notable & Quotable: Walking
Peter Nicholas, Courtney Kube and
Carol E. Lee reporting for NBC News,
March 17:
At times, Biden gets suggestions
that conflict with one another. Some
advisers have told him he should
walk faster out of concern that his
gait feeds impressions that he’s too
old. And yet the White House is suf-
ficiently worried about him tripping
that he has taken to boarding Air
Force One via a shorter staircase
through the belly of the plane, forgo-
ing the iconic image of the president
waving from the main doorway high
above the tarmac.
12.7%
10.5
8.2
8.1
8.1
7.5
had health consequences. A National
Bureau of Economic Research study
found that the lockdown unemploy-
ment shock is projected to result in
840,000 to 1.22 million excess
deaths over the next 15 to 20 years,
disproportionately killing women
and minorities.
Perhaps the worst policy error was
prolonged school closings. Learning
loss for children, especially in poor
families, is already showing up in re-
duced standardized-test scores.
These losses will affect earnings for
decades. By one estimate today’s chil-
dren will lose $17 trillion in lifetime
earnings owing to school closings.
They may also suffer shorter life ex-
pectancy, which is linked to income
and educational attainment.
While school closings had no off-
setting public-health benefits, the at-
tendant isolation led to massive in-
creases in psychiatric illness, self-
harm, obesity and substance abuse.
Healthy children were always at van-
ishingly small risk from Covid, and
nearly all of them were infected at
some point anyway, according to CDC
data. Like a regressive tax, these
generate paralyzing political instabil-
ity invited both acts of political vio-
lence and executive authoritarianism.
Above all, Weimar and its institutions
were still teenagers when they suc-
cumbed so meekly to Hitler’s putsch.
The American republic is 247 years
old and counting.
But there are still lessons for our
current political culture. We can see
in contemporary extremists of both
left and right echoes of the tactics the
Nazis deployed—especially the way in
which they mobilize language.
Take how Shirer explains the suc-
cess of national socialism, tracing its
roots in Hitler’s early years and writ-
ings. Amid the vomit of hatred and
paranoia that characterizes most of
his autobiographical Mein Kampf,
consider how this passage resonates
today: “All great movements are
popular movements, volcanic erup-
tions of human passions and senti-
ments, stirred either by the cruel
Goddess of Distress or by the fire-
brand of the word hurled among the
masses; they are not lemonade-like
outpourings of literary esthetics and
drawing room heroes.”
This is an essential political
truth—arguments, ideas and theories
are no match for the ability to chan-
nel the raw power of popular senti-
ment, which can be raucous and sav-
long as the officers can identify
probable cause for the arrest.
Nieves involved a retaliation claim
by a man who was arrested for dis-
orderly conduct at a raucous winter
festival in Alaska. He yelled at offi-
cers trying to keep the peace and
The Supreme Court will
decide if bureaucrats have
legal immunity when they
order critics arrested.
encouraged other attendees not to
cooperate with police. Concerned
with the need to allow in-the-field
police to make time-pressured deci-
sions, the court announced that the
existence of probable cause for ar-
rest will generally defeat a First
“He’s probably a little mad at him-
self for not being more forceful with
the staff,” a person familiar with in-
ternal discussions said.
Privately, Biden questions whether
he should trust his gut instincts over
the guidance coming from the array
of advisers tending to his political in-
terests, this person added.
“The man’s been successful for de-
cades in Congress and became vice
president and president,” said a fifth
person, who formerly served in the
Biden administration. “If you try to
change the person, you’re making a
mistake. Let the president go out
there and do his thing.”
Tuesday, March 19, 2024 | A17
harms were severest for lower-in-
come and minority students.
One result of the government’s
Covid response is that Americans
have lost faith in public-health insti-
tutions. To earn back their confi-
dence, Congress and the states
should rewrite their statutes regard-
ing public-health emergencies. Legis-
latures should place strict limitations
on the powers conferred to public-
health executives, in addition to im-
plementing sunset clauses that re-
quire legislative majorities to extend
them. Congress should likewise set
term limits for all senior positions in
U.S. health agencies.
The CDC, the Food and Drug Ad-
ministration and the National Insti-
tutes for Health should be fully trans-
parent about their deliberations.
They should publish transcripts of
their formal discussions on digital fo-
rums for public consumption. Con-
gress should also restate that the
CDC’s guidance is strictly advisory
and that the agency doesn’t have
power to set laws or issue mandates.
The U.S. should halt all binding
agreements with the World Health
Organization until it also enhances
transparency and accountability.
Most important, these institutions
must acknowledge that lockdowns,
school closings and mandates were
egregious errors that won’t be re-
peated. Until they do, the American
people should continue to withhold
their trust.
Dr. Atlas is a senior fellow at Stan-
ford’s Hoover Institution. He served
as an adviser to the president in
2020. Mr. Hanke is a professor of ap-
plied economics at Johns Hopkins
University. They are co-authors, with
Casey Mulligan and Phil Kerpen, of
the recent report “Covid Lessons
Learned.”
age. The history of the Republican
Party in the past 10 years has been
exactly this: the triumph of “the fire-
brand of the word” over the “lemon-
ade-like outpourings of drawing
room heroes.”
But there are also warnings about
the left from those interwar years. In
“The Third Reich in Power,” the sec-
ond book in Evans’s trilogy, he exam-
ines how the National Socialist gov-
ernment went about literally
implementing the totalitarian idea
that sought to harness every aspect
of life to the regnant ideology. So in
science, we had “Aryan physics” and
“Nazi mathematics.” The latter em-
phasized geometry over algebra be-
cause it was thought to be closer to
the supposed model of perfection of
their race.
This mad—but dangerous—dero-
gation of scientific truth to an ideol-
ogy of human racial identity sounds
disturbingly close to what our domi-
nant “progressive” ideologues are
doing on campuses and in public
spaces when they tell us that math is
racist and seek to silence dissenting
ideas.
We aren’t Nazi Germany. But his-
tory is full of examples of how ordi-
nary people can be driven by exigent
circumstances and manipulative
leaders into some very dark places.
Amendment retaliation claim.
As Ms. Gonzalez’s case shows,
that rule is a dangerous weapon out-
side the context of on-the spot polic-
ing. In the hands of thin-skinned bu-
reaucrats, the rule lets petty tyrants
silence critics by throwing them in
jail.
Ms. Gonzalez’s case isn’t the only
recent example. In Newton, Iowa, in
2022, the mayor had 22-year-old
Noah Petersen arrested for criticiz-
ing him and police at a City Council
meeting. In Laredo, Texas, in 2017
local officials had citizen-journalist
Priscilla Villarreal arrested for ask-
ing a police officer for nonpublic in-
formation. And, in Marion, Kan., in
2023 the police chief orchestrated
the raid of a local newspaper that
was investigating him. All these offi-
cials used broadly written criminal
statutes and probable cause to sus-
pect minor criminal violations as
pretexts to punish critics.
The Supreme Court has an oppor-
tunity to end this maneuver. It can
clarify that the special protection
Nieves devised to shield in-the-field
police officers making on-the-spot
arrests doesn’t provide cover for bu-
reaucrats concocting retaliation
schemes.
People—including those in
power—often take criticism person-
ally. That’s why it is especially vital
for the justices to remind the nation
that freedom of speech includes the
freedom to speak about those in
power without fear of arrest.
Ms. Bidwell and Mr. Jaicomo lead
the Institute for Justice’s Project on
Immunity and Accountability. They
represent Ms. Gonzalez before the
Supreme Court.
P2JW079000-0-A01800-1--------XA

A18 | Tuesday, March 19, 2024 THE WALL STREET JOURNAL.

P2JW079000-6-B00100-1--------XA
BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 5149.42 À 0.63%
Troubled EV
Maker Fisker
Pauses Output
Company continues
talks with a large
automaker about
a potential deal
BY DEAN SEAL AND SEAN MCLAIN
Fisker is pausing produc-
tion for six weeks as it contin-
ues deal talks with a large au-
tomaker and works to keep the
business running.
The embattled electric-vehi-
cle maker disclosed the stop-
page Monday amid a series of
updates on its efforts to avoid
potential bankruptcy, saying
the pause will allow it to align
inventory levels and focus on
strategic and financing initia-
tives.
After warning last month
that there was “substantial
doubt” about its ability to stay
in business, Fisker hired re-
structuring advisers to assist
with a possible bankruptcy fil-
ing, The Wall Street Journal
reported last week.
Fisker’s share price over the
past year
$8
6 year discussed FedEx accept-
4 share of the business, a per-
2 1
0 –500
April 2023
Sources: FactSet (share price); S&P Capital IQ (losses)
Executive
Reimagined
Amex as
Financial
Emporium
BY JAMES R. HAGERTY
James D. Robinson III, who
transformed American Ex-
press into a financial-services
supermarket but left the com-
pany in 1993 after a high-pro-
file clash with its directors,
died Monday in Roslyn, N.Y.
He was 88 years old and
had been under treatment for
pneumonia.
The courtly son of a promi-
nent banking family in At-
lanta, Robinson was regularly
in the headlines as he assem-
bled and then began disman-
tling a finan-
OBITUARY c i a l
JAMES D. conglomerate
ROBINSON III in the 1980s
1935-2024 and early
1990s. He and
his wife, Linda
Gosden Robinson, a public-re-
lations adviser, were a fixture
at high-society events and in
gossip columns.
Both of them were involved
in the 1988 takeover battle for
control of the cookie and
cracker giant RJR Nabisco,
which inspired the book and
movie “Barbarians at the
Gate.”
American Express owned
one of the investment banks
advising RJR Nabisco, and
Linda Robinson was an inter-
mediary in talks among the
bankers and corporate titans.
They lived on Park Avenue
in Manhattan and had a 35-
acre property in Connecticut,
the former home of the late
designer Angelo Donghia,
where Linda Robinson kept
horses.
James Robinson presided
over a board whose members
included Henry Kissinger and
Please turn to page B5
S&P FIN À 0.50%
* * * * * *
S&P IT À 0.51%
Fisker said Monday it has
secured $150 million in financ-
ing by selling $166.7 million
worth of notes to an existing
investor at a 10% discount.
The company said the fund-
ing was contingent on a num-
ber of preconditions, including
filing its delayed annual report
with regulators and continuing
negotiations with a carmaker
on a joint manufacturing
agreement.
Fisker’s cash on hand had
fallen to $89.1 million as of
March 15 from $325 million at
the end of December.
The company is also con-
tinuing to negotiate with a
large automaker for a potential
transaction, which could in-
clude an investment in Fisker,
joint development for one or
more EV platforms or a North
American manufacturing deal.
Fisker shares sank 16%
Monday. They have fallen 91%
Please turn to page B2
 XPeng plans cheaper EV
brand...................................... B11
Quarterly net losses
$0 million
–100
–200
–300
Monday
$0.148 –400
4Q 2023
–$463.6M
’24 2021 ’22
Ford Technology Is Probed in Deadly Crash
BY RYAN FELTON
U.S. auto-safety regulators
have opened an investigation
into a recent fatal wreck in-
volving a Ford Motor SUV that
is suspected to have involved
the automaker’s advanced-
Stellantis said new standards have led to a double-digit percentage drop in warranty claims.
Facing a Rise in Quality Issues,
Manufacturers Chase Perfection
Recalls announced by the
Consumer Product Safety
Commission
300
250
200
150
100
50
0
2018 ’20
Source: CPSC
DJ TRANS g 0.52%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.12%
FedEx has sought to boost parcel volumes, leading to its discussions last year with Amazon about a retail partnership.
Amazon, FedEx Explored Returns
Deal Amid a Parcel Market Slump
BY ESTHER FUNG
AND DANA MATTIOLI
After a high-profile split,
FedEx and Amazon.com have
explored doing more business
with each other.
The two companies last
ing returns of Amazon pack-
ages at its retail locations,
bringing the delivery giant a
son familiar with the matter
said. Amazon has partnerships
with a number of companies,
including FedEx rival United
Parcel Service, to handle the
millions of returns it has an-
nually.
’23 The two sides didn’t reach
a deal, but the developments
come as FedEx has sought to
driver assistance technology.
The National Highway Traf-
fic Safety Administration dis-
closed the probe Monday, add-
ing the incident in Texas to a
list of special investigations
into auto crashes that are po-
tentially linked to partially au-
BY JOHN KEILMAN
Imagine a world in which
312 every product that leaves a
factory is flawless, every time.
That is the goal of zero-de-
fect manufacturing, an idea
gaining traction among indus-
try executives. Surging recalls
and high-profile problems like
the door plug that blew off a
Boeing jet midflight in Janu-
ary have cast a harsh light on
the quality of American manu-
facturing. But some compa-
nies say a combination of
technology, training and focus
can eliminate errors.
Ford Chief Executive Jim
’23 Farley has said the automaker
must reach “a zero defect des-
2–YR. TREAS. yield 4.734%
Tuesday, March 19, 2024 | B1
NIKKEI (Midday) 39596.29 g 0.36% See more at WSJ.com/Markets
BING GUAN/BLOOMBERG NEWS
boost parcel volumes amid an drop-off point for packages U.S. parcel volumes
industry slump and Amazon prior to being purchased by 6 billion parcels
seeks to improve the experi- UPS and now no longer does Amazon
ence its customers have in re- so. It doesn’t accept drop-offs
turning items. of Amazon returns. 5
The talks with FedEx hap- Ties between FedEx and UPS
pened last spring, around the Amazon began to fray in 2019
same time that Amazon intro- when FedEx said it would end 4
duced a fee for some custom- delivery contracts to move
ers who bring their returns to Amazon’s boxes. Since then
UPS stores. FedEx has tried to fill its 3 FedEx
In October, UPS signed a trucks and planes with parcels
$465 million deal to buy from other companies.
Happy Returns, which has At that time FedEx saw 2
partnerships with several re- Amazon as a growing compet-
tailers and thousands of re- itive threat since the e-com-
turn drop-off sites in its net- merce giant was developing
work. The deal enabled UPS to its own delivery capabilities.
reduce its exposure to Ama- Amazon’s ground network, for 0
zon and handle returns from example, uses local contrac-
2019 ’20 ’21 ’22 ’23
other online retailers. tors to get parcels to custom-
Happy Returns included ers, similar to FedEx. Note: FedEx’s fiscal year ends May 31
FedEx Office locations as a Please turn to page B2 Sources: the companies; WSJ calculations
tomated driving features. driver told police the Honda report said the Ford had “par-
Around 10 p.m. on Feb. 24, a
2022 Ford Mustang Mach-E
SUV struck the rear of a Honda
was at a “complete stop with
no lights on” in the road at the
time, the report said.
tial automation” engaged at
the time of the crash.
Automakers in recent years
CR-V that was stationary in a
traffic lane on Interstate High-
way 10 in San Antonio, accord-
The Honda driver was taken
to a hospital, where he was
pronounced dead later that
have introduced features that
take control of braking, speed
and other aspects of driving in
ing to a police report. The Ford night, the report added. The Please turn to page B2
Lemon Releases
Heated Interview
With Musk Online
BY ALYSSA LUKPAT ground rules.
“I challenge you, Elon, to
Don Lemon released the watch the whole interview and
GIULIANO BERTI/BLOOMBERG NEWS
contentious interview with tell the world why this isn’t
Elon Musk that he alleged led what you claim you want on
the billionaire to cancel X,” Lemon said.
Lemon’s deal with X, saying he Lemon said in the episode
didn’t know what had gone released Monday morning, “Af-
wrong. ter months of begging me,
Musk and Lemon discussed wooing me to offer some ex-
the Tesla CEO and X owner’s clusive content on his plat-
drug use, his thoughts on con- form, Elon Musk decided to
tent moderation and his plans scrap the deal.”
for X. Before cutting to the The former CNN host, who
prerecorded interview, Lemon was tapped in January to host
opened the first episode of a show on X, said his plan was
“The Don Lemon Show” by always to release the show on
saying the conversation had no Please turn to page B4
tination,” telling investors last
year the company has used as-
INSIDE
sembly-line artificial intelli-
gence and extensive test
drives to catch problems in
Super Duty trucks. Stellantis,
ERIC RISBERG/ASSOCIATED PRESS
similarly targeting zero de-
fects, said new standards have
led to a double-digit percent-
age drop in warranty claims.
Companies in industries as
varied as pharmaceuticals and
snack foods have announced
zero-defect goals. Brewer Sci-
ence, a Missouri-based maker BUSINESS NEWS TECHNOLOGY
of chemicals and materials Another female Nvidia unveils
used in semiconductors, said
it has reduced impurities to
Goldman Sachs leader its latest chips at
less than one part per billion heads for the door. ‘AI Woodstock.’
through exhaustive measure- B3 B4
Please turn to page B10
P2JW079000-6-B00200-16D5D63078D

B2 | Tuesday, March 19, 2024 * ** ** * THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Ford Motor............................A1,B1
Advanced Micro Devices.B4
Airbnb.............................................A11
Akero Therapeutics............B12
Alphabet.......................................B11
Amazon.com................................B1
American Express..................B1
Apple................................B3,B4,B11
B I
Bang & Olufsen.......................B2
Berkshire Hathaway............B4
Blackstone..................................B12
Blackwells Capital..................B2
Boeing.......................................B1,B3
Bristol-Myers Squibb..........B5
Brewer Science.........................B1
P
Disney Wins Key Endorsement in Proxy Fight
G Parker Hannifin.....................B10 Walt Disney won the en-
General Motors........B2,B3,B5 Q dorsement of a key proxy ad-
Goldman Sachs........................B3
Quantum Capital....................B5 viser in its fight against Nel-
Groq...................................................B4
S son Peltz’s Trian Partners,
H SambaNova Systems.........B4 which is trying to get two
Havi.................................................B10 Schneider Electric...............B10 seats on its board.
Shell...................................................B4 Glass Lewis, one of the
Intel....................................................B4 Shopify............................................B3
SL Green Realty...................B12 two major proxy advisers
International Business
Machines...................................B3 Spirit AeroSystems............B10 along with ISS, recommended
K
Stellantis.........................................B1 that Disney shareholders
Super Micro Computer.....B4 vote for the company’s direc-
Kroger...............................................B3
T tor nominees and not for
L Tesla...................................A1,B1,B11 Trian’s candidates, which in-

JOE BURBANK/ORLANDO SENTINEL/ZUMA PRESS

Brookfield....................................B12
BYD...................................................B11
ByteDance....................................A2
C U
Cerebras.........................................B4
China Evergrande................B10
Cloudflare......................................B3
Coca-Cola.......................................B5
Cohen & Steers.....................B12
D-F
Didi Global..................................B11
Elevance Health......................B3
EnCap Investments..............B5
FedEx.................................................B1
Fisker.................................................B1
Liberty Energy..........................B5 Tokyo Gas.....................................B5
Lowe’s..............................................B4
clude Peltz.
Toyota Motor.............................A1
M Trian Partners...........................B2 Glass Lewis said Disney al-
ready has a credible plan un-
Madrigal Pharmaceuticals
.............................................................B12 United Airlines..........................B3 derway and it struggles to
Meta Platforms.......................B4 UnitedHealth..............................A2 see Trian’s ideas as a net
Microsoft.......................................B4 United Parcel Service..........B1 gain for investors.
N-O V It also advised sharehold-
ers not to vote for three can-
NGP Energy Capital Verizon CommunicationsB4
Management..........................B5 W didates put forth by a smaller
Nomad Proppant Services activist investor, Blackwells
Walt Disney................................B2
............................................................... B5
Nvidia......................................B4,B11 X Capital. —Cara Lombardo
OpenAI............................................B4 Xiaomi............................................B11
Ovintiv.............................................B5 XPeng..............................................B11

INDEX TO PEOPLE Reddit Fans Look for Piece of IPO

A Haijun, Xia.................................B10 Picciotti, Daniella.................B10 BY HANNAH MIAO falls, which may anger Red- friends and family. Users on WallStreetBets and
Alvarez-Demalde, Francisco Hammack, Beth.......................B3 Pitaro, Jimmy.............................A1 AND SARAH E. NEEDLEMAN dit’s powerful super-users who Eligible users have through other subreddits have made
............................................................... B4 Huang, Jensen..........................B4 Prince, Matthew......................B3
participate in the offering. Monday to apply for as many posts and comments in recent
Arya, Vivek..................................B4 I Q
Kevin Xu owes a lot to Red- Small investors are so po- as 1,000 shares in a directed weeks encouraging others to
B Iger, Bob......................................A10 Quaadman, Tom......................B5 dit. tentially volatile that Reddit share program facilitated by avoid the IPO and even short
Blitz, Steven..............................B11 J R He started investing during listed them as a risk factor in Morgan Stanley’s E*Trade. Reddit’s stock. In short selling,
Buffett, Warren.......................B4 Janulaitis, Victor.....................B4 Reeves, Jenn............................B10
Bunker, Nick................................B4 the pandemic and gained a its IPO filing. Professional The shares will then be allo- investors bet that a stock will
Johnson, Eric..............................B4 Reilly, Terence.........................B10
C following sharing his day-trad- money managers tend to hold cated based on availability. decrease in value, so they bor-
K S
Carpenter, Chad.....................B12
ing exploits in Reddit’s irrev- stocks for longer, while indi- Daniel Jeffers, a semiretired row shares and sell them at
Kirby, Scott..................................B3 Sandberg, Sheryl..................A10
Chapek, Bob.............................A10 Kommu, Srikanth.................B10 erent WallStreetBets commu- vidual investors are thought fiction writer in Ridgecrest, Ca- market price. If the stock price
Seiberg, Jaret...........................A11
Clark, Dave...................................B2 Kraft, Robert...............................A1 Si, Paul Di.....................................A4
nity. Xu made millions trading to be prone to selling at the lif., will reach his 12th Reddit continues to decline, short sell-
Cohen, Stephanie...................B3 L Sibold, Bill...................................B12 stocks, quit his job at Google first sign of weakness. “Cake Day”—the anniversary of ers can buy the shares back at
D Larson, Adam............................B5 Sirota, Dimitri............................B4 and created an investing-fo- Reddit would know. In 2021, the date when someone created a lower cost and flip a profit.
Dittmar, Andrew.....................B5 Lau, Kelvin..................................B11 Solomon, David........................B3 cused app called AfterHour. WallStreetBets devotees an account—in April. The 67- Charles Beyer preregistered
E Litteral, Mary..........................B10 Staggs, Tom.............................A10 Now, he has the opportunity sparked wild year-old plans for access to Reddit’s IPO and
Englander, Steve...................B11 M T to own a slice of Reddit. The swings in shares to buy up to considered snagging as many
Esposito, Jim..............................B3 Mayer, Kevin............................A10 Teär, Kristian..............................B2 social-media platform is mak- of GameStop $1,000 of Red- as 500 shares but ultimately
F McBride, Greg..........................A11 Tuttle, Matthew.....................B11 ing its stock-market debut this and AMC Enter- ‘Things are dit’s IPO shares decided not to request any. The
Farley, Jim.............................A4,B1
Fisker, Henrik.............................B2
McDonald, Mike....................B12
McMahon, Dirk........................A2
X
Xiaopeng, He............................B11
week and is offering a chunk of tainment, ush- definitely feeling in a show of 48-year-old consultant created
shares in its initial public of- ering in a new support—and in his Reddit account in 2010.
Freitag, Jan................................A11
Murdoch, Lachlan................A10
Musk, Elon............................B1,B4 Y fering to users. Xu requested era of “meme meme-y again,’ hopes of profit. Beyer worries about the lack
G
Gu, Hongdi Brian..................B11
P Yan, Hui Ka...............................B10
Z
690 shares, which Reddit aims
to price at $31 to $34 each.
stock” trading.
“Things are
says one He admits he
isn’t the best at
of a lockup period on shares
purchased by Reddit users,
Paul, Aamir...............................B10
H Peltz, Nelson..............................B2 Zaslav, David...........................A10 “Reddit made me who I definitely feel- investor. predicting hot among other concerns. Inves-
am,” said Xu, 33 years old, ing meme-y stocks. tors could be looking to make a
who lives in the Bay Area. “I again,” Xu said. “Years ago, I quick flip, which could put
believe in investing in prod- “Reddit is was being neg- downward pressure on the
Watch a Video: China’s Temu Is ucts that you use.” poised to capture a lot of that ative about Google’s IPO,” he stock price. Reddit’s drop in val-
Redefining E-Commerce in the U.S. Everyday people don’t typi- attention.” said. “That turned out to be uation from a few years ago also
cally get the chance to partici- Reddit said it is seeking to really, really wrong.” troubled him. He said he doesn’t
pate in an IPO. Those shares raise as much as $748 million Still, Jeffers said he won’t want to be a “bag holder” if the
are usually reserved for big in one of the buzziest IPOs of recommend buying Reddit stock price plunges.
investors. If Reddit’s stock the year. The company is aim- stock to anyone. The com- “If they thought the IPO
pops after its debut, investors ing for a valuation of up to pany’s volunteer moderators was going to be gangbusters,
who buy at the IPO price $6.4 billion, down from $10 have protested some of its pol- why would they want to sell to
could rake in huge gains. billion based on an August icies and decisions in the past retail?” said Beyer, who lives
But investing in any IPO 2021 fundraising round. Red- by taking their subreddits pri- near Chicago. He is considering
can be risky—and Reddit’s dit is offering 22 million vate, and he is concerned that purchasing shares after Reddit
pitch to users could end up shares, with up to 8% set aside future retaliation could turn begins trading publicly.
backfiring. Shareholders could for users, certain board mem- off advertisers. “It’s a very —Corrie Driebusch
KAITLYN WANG/WSJ

suffer major losses if the stock bers and some employees’ touchy community,” he said. contributed to this article.

In just over a year, Temu, a Chinese-founded

Ford Tech systems on roads in the U.S.,
and it is the first known inci-
dent involving Ford’s technol- Danish Electronics
e-commerce company, became the most-
downloaded app in the U.S. Scan this code to
watch a video on how its continued growth
Probed in ogy to have garnered the at-
tention of federal regulators.
The NHTSA has in recent Firm Cuts Outlook
is changing online shopping in the U.S.
Fatal Crash years stepped up its interest in
partially automated driving
technology, and has focused BY DOMINIC CHOPPING our key markets in Europe and

Amazon, passed UPS as the largest non-

governmental carrier of par-
cels in the U.S. It had eclipsed
Continued from page B1
certain situations, with some
heavily on systems used in
Teslas. The agency has
launched multiple probes of
Bang & Olufsen, its sales
dented by a sluggish recovery
in our single biggest market,
China,” said Chief Executive
Kristian Teär. “This is impact-

FedEx Had FedEx in 2020, The Wall

Street Journal reported.
The risks of relying on one
allowing for hands-free driv-
ing. Ford offers a system
called BlueCruise that is in-
the electric carmaker’s Autopi-
lot system, and has been look-
ing at the tech used in fully au-
in key European markets and
the lack of a significant recov-
ery in China, cut its full-year
ing our sales and are the pri-
mary reasons we are adjusting
our outlook for the financial

Deal Talks customer are well known. UPS

has said it wants to reduce its
exposure to Amazon but the
tended for hands-free use on
most U.S. highways and is
available on the Mach-E, but it
tonomous cars operated by
General Motors’ Cruise unit.
The National Transportation
guidance.
The Danish consumer-elec-
tronics com-
year.”
Bang & Olufsen also released
preliminary fig-
partnership still drives a sub- wasn’t clear whether the Mus- Safety Board said Friday that it pany said late ures ahead of
Continued from page B1 stantial part of its business. tang involved in the crash was was investigating the use of Sunday that its fiscal third-
After the breakup announce- Amazon accounted for 11.8%— equipped with it. Ford’s advanced driver-assis- revenue in the Recovery in quarter earn-
ment, Dave Clark, Amazon’s or about $11 billion—of UPS’s Ford said it was recently tance system in the Feb. 24 fiscal year end- Bang & ings due next
then-senior vice president of revenue last year, up from made aware of the incident crash. The NTSB said it was in- ing May 31 is month, with
operations, called it a “con- 11.3% in the year prior. and extends its sympathies to vestigating the crash “due to expected to be Olufsen’s key revenue of 614
scious uncoupling at its finest.”
The breakup was a gamble
Amazon represented 1.3% of
FedEx’s total revenue in 2018,
those involved.
“The complete facts of this
its continued interest in ad-
vanced driver-assistance sys-
down 5% to 8%,
compared with
markets proved million Danish
kroner, equiva-
for FedEx at the time, and since or less than $1 billion. FedEx event are not yet clear,” the au- tems and how vehicle opera- its previous sluggish. lent to $89.7
then, Amazon’s daily shipping still delivers items for some tomaker said. “Ford reported tors interact with these guidance of a million, down
needs have only increased. Am- merchants that sell items this incident to NHTSA as soon technologies.” rise toward the 2% from a year
azon accounts for nearly 40% of through Amazon’s marketplace as we were made aware, and NTSB investigators will ex- lower end of a earlier in the lo-
U.S. e-commerce sales, the larg- but use their own warehouses. we are actively researching all amine the wreckage and collect range of 0% to 9%. cal currency.
est share, according to esti- FedEx is now fighting for available information.” information about the events Its pre-items earnings be- The company’s EBIT before
mates from eMarketer. business amid a downturn in The NHTSA said it generally leading to the collision, the or- fore interest and tax margin is special items swung to 11 mil-
Amazon’s heavy invest- demand after a pandemic- doesn’t comment on open in- ganization said. now seen at 0% to 2% versus lion kroner from a loss of 43
ments in its logistics network fueled surge. Daily package vestigations. The NHTSA has enforce- previous guidance of 0% to 6%. million kroner in the previous
have helped it become less re- volumes for FedEx have fallen The probe is the latest inci- ment authority over automak- “We do not see the expected year, corresponding to a mar-
liant on the likes of FedEx and year over year for several dent to draw federal scrutiny ers, while the NTSB issues improvement in macroeco- gin of 1.8% compared with the
UPS. In 2022, Amazon sur- quarters in a row. of advanced-driver assistance safety recommendations. nomic conditions in some of year-earlier minus-6.8%.

Fisker Halts the company’s strategy was

intended to better weather the
financial pressures other new

EV Output EV companies face. Instead of

owning its own assembly
plant and employing factory

For 6 Weeks workers, Fisker pays other

manufacturers to build the
cars. The decision was sup-
posed to keep Fisker’s operat-
Continued from page B1 ing costs lower and boost
this year. profitability.
The Manhattan Beach, Calif., In a separate filing, Fisker
startup has struggled with disclosed that it didn’t file its
MARIO TAMA/GETTY IMAGES

sluggish sales growth that left annual report for 2024 with
it with around 5,000 unsold the Securities and Exchange
vehicles at the end of last Commission on time and is
year. working to get it filed as
Fisker is the latest EV quickly as possible.
startup to face the possibility Fisker also disclosed that it
of running out of cash. Elec- The Fisker Ocean all-electric sport-utility vehicle. didn’t make a required $8.4
tric-truck maker Lordstown million interest payment on
Motors and electric-van com- seen their market values makers face additional chal- certain bonds. The company
pany Arrival have both filed plummet as the young compa- lenges amid cooling sales said it would take advantage
for bankruptcy protection. nies struggled to increase growth for battery-powered of a 30-day grace period for
Auto startups that once their manufacturing and models, particularly in the U.S. that payment while it works
commanded multibillion-dollar losses piled up. The startup’s chief execu- out a plan with stakeholders
valuations from investors have Now, Fisker and other EV tive, Henrik Fisker, has said and enhances its liquidity.
P2JW079000-2-B00300-1--------XA
THE WALL STREET JOURNAL.
Goldman Loses Another Leader
The bank has been
contending with a
string of departures
of female partners
BY ANNAMARIA ANDRIOTIS
Stephanie Cohen, one of the
most senior executives at
Goldman Sachs, is joining an
exodus of top female talent
from the Wall Street firm.
Cohen has been tapped for
the new role of chief strategy
officer at cloud-services pro-
vider Cloudflare, according to
people familiar with the mat-
ter.
Goldman has been grappling
with a string of departures of
female partners, with many
getting better offers elsewhere,
The Wall Street Journal re-
ported last week. Chief Execu-
tive David Solomon is planning
to host several women part-
ners for a dinner Monday at
which the paucity of women in
the firm’s highest ranks is ex-
pected to be discussed.
Cohen, who joined Goldman
in 1999 and was named part-
ner in 2014, has been running
platform solutions, one of the
firm’s three major divisions.
She is one of two women with
a revenue-producing role on
the firm’s 25-person manage-
ment committee. The other is
Beth Hammack, who has been
United Airlines CEO Affirms That Its Planes Are Safe
BY ALISON SIDER
United Airlines Chief Exec-
utive Scott Kirby took the un-
usual step of writing to cus-
tomers to reassure them that
the airline is focused on safety
after a string of recent inci-
dents.
United has been in the spot-
light in recent weeks after a
number of problems on flights.
On Friday, one of its Boeing
737 jets was found to be miss-
Download now
* *
Stephanie Cohen, who ran one of Goldman Sachs’s major divisions, is departing for Cloudflare.
with Goldman for roughly 30
years and is retiring and be-
coming a senior director.
The Journal reported that
Cohen, who has been on leave
for personal reasons since
June, wasn’t expected to re-
turn. Until now, it wasn’t
known where she was headed.
Other top executives head-
ing for the doors lately include
Jim Esposito, who has been co-
head of global banking and
markets.
Cohen was an investment
banker for almost 20 years
ing a panel after it landed Fri-
day in Medford, Ore. A wheel
dropped from a United plane
as it took off from San Fran-
cisco on March 7, damaging ve-
hicles in an airport employee
parking lot. The following day,
another United plane slipped
into the grass as it rounded a
corner onto a taxiway in Hous-
ton.
“While they are all unre-
lated, I want you to know that
these incidents have our atten-
More real estate
professionals list
properties with
Realtor.com than
any other site
BUSINESS NEWS
specializing in industrial com-
panies, and she also built Gold-
man’s business focusing on
private-equity purchases and
sales.
She was promoted to chief
strategy officer in 2017 and in
2020 was tapped to co-head
consumer and wealth manage-
ment, the first time in years a
woman would run a major di-
vision at Goldman and a move
viewed internally as poten-
tially putting her on track to
become CEO one day.
Under her watch, the wealth
tion and have sharpened our
focus,” Kirby wrote Monday.
United will review the details
of each case to inform safety
training and procedures, he
said.
The Federal Aviation Ad-
ministration has said it is in-
vestigating the incidents, as it
typically does.
Some of the other recent
United flight problems have
been the sort of episodes that
rarely attract much notice,
Don’t all apps give you
complete and accurate
information on every listing?
Not really.
Based on an Aug. 2023 proprietary survey among real estate professionals.
Tuesday, March 19, 2024 | B3
comprised Goldman’s con-
sumer-lending businesses.
Soon after, Goldman began
pulling back on those con-
sumer efforts and disclosed
billions in losses.
While Cohen has been on
leave, Goldman sold specialty-
lender GreenSky and has
moved to unload its General
Motors credit-card partner-
ship. The Journal reported late
last year that Apple and Gold-
man were moving toward end-
ing their partnership.
During her leave, Cohen
sought career advice from peo-
BRENDAN MCDERMID/REUTERS
ple including Cloudflare CEO
Matthew Prince, according to a
person familiar with the mat-
ter. Goldman took Cloudflare
public in 2019, and the execu-
tives were introduced by Solo-
mon around that time. In re-
cent months, Prince suggested
Cohen join his firm, which pro-
team worked to refer clients to vides cybersecurity, web-per-
the investment-banking divi- formance and other services to
sion, including those who were companies including L’Oréal,
interested in selling their com- IBM and Shopify.
panies. The consumer piece “She could have gone any-
was more complex. By the time where and we’re honored that
she inherited it, it had high- she’ll be joining us,” Prince
level critics within the com- said.
pany and deep flaws, including Cloudflare created a new
an unprofitable Apple credit- position for Cohen in which
card partnership. her goals will include leverag-
In the fall of 2022, Goldman ing her relationships and in-
unveiled a reorganization and vestment-banking expertise to
created the platform solutions connect with boards and CEOs
division. Cohen was tapped to and help expand Cloudflare’s
lead the division, which mostly business with large companies.
such as hydraulic leaks. But the officials say that travel demand
number of issues in close suc- still appears robust, particu-
cession has drawn attention: larly heading into spring break
There have been roughly nine and the summer travel season.
that the FAA has said it is look- But the incidents have come
ing into since the start of at a time of heightened con-
March, according to state- cern about aviation safety. Boe-
ments posted on its website. ing and its manufacturing pro-
When communicating with cesses have come under
customers, airlines typically fo- intense scrutiny after a door
cus on exciting destinations, plug blew out from a brand-
comfortable amenities, and new 737 MAX plane midflight
cheap tickets, not their safety in January. There were a num-
records. Analysts and airline ber of close calls between
Kroger
To Sell
Specialty
Pharmacy
BY BEN GLICKMAN
Kroger plans to sell its spe-
cialty-pharmacy business to
an Elevance Health subsid-
iary, the company said on
Monday..
The grocery-store chain
will sell the business to Carel-
onRx, a pharmacy benefit
manager owned by Elevance.
Terms of the transaction
weren’t disclosed. Kroger said
the deal was expected to close
in the second half of 2024 and
wouldn’t affect 2024 guidance.
Kroger is announcing the
sale as it looks to close its
merger with competitor
Albertsons, which continues
to face opposition from regu-
lators. The Federal Trade
Commission sued to block the
$25 billion deal last month,
arguing it would lead to
higher food prices and hurt
union workers’ bargaining
power.
Kroger said Monday that
the specialty-pharmacy busi-
ness is separate from the com-
pany’s in-store retail pharma-
cies and The Little Clinic
business. Kroger will keep
control of those assets.
planes on U.S. runways last
year. And the industry is ab-
sorbing a massive influx of
new employees who were hired
as it ramped back up from the
pandemic over the last three
years.
United was already planning
an extra day of in-person train-
ing for all pilots starting in
May, and a new centralized
training curriculum for newly
hired maintenance technicians,
Kirby wrote Monday.
P2JW079000-4-B00400-1--------XA

B4 | Tuesday, March 19, 2024 * ** * THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Nvidia Draws Thousands to Chip Reveal

CEO Huang appears Huang gave more detail about
Nvidia’s next generation of AI
with tech luminaries chips, the successors to the
at an event dubbed wildly successful H100, which
has been in short supply since
‘AI Woodstock’ AI demand took off starting in
late 2022. The new chips,
BY ASA FITCH code-named Blackwell, are
much faster and larger than
SAN JOSE, Calif.—The their predecessors, Huang said.
Nvidia frenzy over artificial They will be available this
intelligence has come to this: year, the company said. UBS
Chief Executive Jensen Huang analysts estimate Nvidia’s new
unveiled his company’s latest chips may cost as much as
chips on Monday in a sports $50,000, about double what
arena at an event one analyst analysts have estimated the
dubbed the “AI Woodstock.” earlier generation cost.
of power over about 90 days.
Using the older model chips,
that process would take 8,000
GPUs using 15 megawatts over
the same amount of time, he
said.
Huang also touched on his
vision for some more far-flung
technologies, including drug
discovery, genomics and hu-
manoid robots. Nine different
humanlike robots flanked the
CEO on stage near the end of
his speech.
With investments in AI sky-
rocketing, Nvidia’s quarterly
sales have more than tripled

JUSTIN SULLIVAN/GETTY IMAGES

Customers, partners and
fans of the chip company de-
scended on the SAP Center, the
home of the National Hockey
League’s San Jose Sharks, for
Huang’s keynote speech at an
annual Nvidia conference that,
this year, has a seating capac-
ity of about 11,000.
Professional wrestling’s
WWE Monday Night RAW
event took place there in Feb-
ruary. Even Apple’s much-
watched launch events for the
iPhone and iPad didn’t fill a
venue this large.
At the center of the tech
world’s attention is Huang, who
has gone from a semiconductor
CEO with a devoted following
among videogame enthusiasts
Nvidia CEO Jensen Huang delivered his keynote address in an NHL arena on Monday.
to an AI impresario with broad-
enough appeal to draw thou-
sands to a corporate event.
“I hope you realize this is
not a concert,” Huang said as
he took the stage, warning the
audience that a tech-heavy
presentation was coming.
The tech luminaries speak-
ing at the conference include
executives from OpenAI, Elon
Musk’s xAI, Meta Platforms,
Google and Microsoft. A
broader slice of corporate us-
ers of Nvidia’s AI chips—
L’Oréal, Lowe’s, Jaguar Land
Rover, Shell, Verizon Commu-
nications—also were sending
representatives.
This week’s event is the first
in-person version since 2019 of
the Nvidia conference, officially
known as GTC, short for GPU
Technology Conference. The
While Nvidia’s earlier chips
were “fantastic,” Huang said
as he showed off the new
hardware on stage, “we need
bigger GPUs. So ladies and
gentlemen, I’d like to intro-
duce you to a very big GPU.”
In a highly technical pre-
sentation, Huang gave exam-
name is a reference to Nvidia’s ples of the different ways the
graphics-processing unit chips new chips can be used by cus-
that have become the computa- tomers developing and using
tional workhorses of the gener- AI systems. He also introduced
ative AI boom, doing the com- new network switches de-
plex math needed to fuel signed for AI uses and super-
language bots like OpenAI’s computer systems that incor-
ChatGPT. Prepandemic, Huang porate the new chips.
made his big address at nearby Huang said the new chips
San Jose State University’s in- could train the latest large AI
door sports venue. models using 2,000 Blackwell
In his address on Monday, GPUs using just 4 megawatts
over the past year to $22.1 bil-
lion. Its stock is also up three-
fold in that period, sending its
market value above $2 trillion
and making it the third-largest
listed U.S. company, behind
only Apple and Microsoft.
On Monday, the company’s
stock closed up less than 1% at
$884.55 just as Huang’s ad-
dress at the GTC event began.
Nvidia has few competitors
and a commanding market
share in AI computation—
more than 80% of it, according
to some estimates—thanks to
more than a decade of invest-
ment before demand exploded.
Its success has lifted some of
its partners, including Super
Micro Computer.

Startup Wants to Protect AI Data

Unemployment rate for IT Software developer salaries,
professionals* monthly change
6% 10%

5 BY MARC VARTABEDIAN
8

4 A data- and cybersecurity

6 startup has raised $60 million
in a growth round, part of a
3 wave of funding for companies
4 that protect the information
2 that gets fed into generative AI
systems.
2 New York-based BigID said
1
the round, led by Riverwood
Capital with participation by
0 0 Silver Lake Waterman and Ad-
March 2023 ’24 2020 ’21 ’22 ’23 ’24 vent International, values the
*Based on analysis of Labor Department data
company at over $1 billion.
Sources: Janco Associates (IT unemployment); Indeed (salaries) BigID generates nearly $100
million in yearly revenue, the

Machine Learning company said.

Captivated by the promise
of generative AI, companies

Upends Tech Jobs

are beginning to use it to le-
verage their massive data re-
positories to increase produc-
BIGID

tivity and unlock new business

BY BELLE LIN
The rise of artificial intelli-
gence is affecting job seekers
in tech who, accustomed to
high paychecks and robust de-
mand for their skills, are facing
a new reality: Learn AI and
don’t expect the same pay
packages you were getting a
few years ago.
Recently laid-off informa-
tion-technology workers aren’t
quickly finding new roles be-
cause of a mismatch between
the skills they have, and how
much they expect to be paid,
said Victor Janulaitis, chief ex-
ecutive of consulting company
Janco Associates, which bases
its findings on data from the
Labor Department.
“They want a job for
$200,000, and they’re not
finding it because they don’t
have the skills,” Janulaitis
said. “If they were an ac-
counts receivable project
manager, and they don’t know
anything other than that,
they’re going to have a hard
time finding a job.”
Jobs in areas like telecom-
munications, corporate sys-
tems management and entry-
level IT have
declined in re-
cent months,
The average
ment rate for IT professionals
dropped to 4.3% in February
from 5.5% in January, but it is
higher than the 3.9% U.S. un-
employment rate, Janco found.
A combination of AI skills
shortages and a difference in
salary expectations will likely
lead to fewer IT jobs created
this year, Janulaitis said, fore-
casting the IT job market in
the U.S. will shrink by 20,000
to 30,000 jobs in 2024. The IT
sector grew by 700 jobs in
2023—a drastic slowdown
from the 267,000 jobs added
in 2022.
There are signs that jobs on
the path to replacement by au-
tomation and AI—especially in
entry-level IT services and
data-center operations—aren’t
coming back.
“There’s not a CIO alive that
would say automation is not
important,” said Eric Johnson,
chief information officer of
PagerDuty, a provider of digi-
tal operations management
tools. The question, he said, is
whether workers replaced by
automation can shift into
higher-value activities.
In February, salaries for
software developers declined
on a month-to-
month basis for
the first time
lines. But that data is at higher
risk of being hacked and ma-
nipulated—an encroachment
known as data poisoning—in-
vestors and entrepreneurs say.
Worldwide, venture funding
for startups offering cyberse-
curity for artificial intelligence
applications, including large
language models, jumped 81%
last year to $224 million, ac-
cording to analytics firm Pitch-
Book Data. Behind the surge is
a broad belief that security
must move in lockstep with AI
advancements.
In a report published last
year, venture firm Menlo Ven-
tures surveyed more than 450
Lemon Posts
Interview
With Musk
Continued from page B1
as many platforms as possible.
He posted the more-than-hour-
long interview on YouTube,
Spotify and X. It was added to
X about 45 minutes later than
planned because Lemon said
the episode wasn’t loading.
The cybersecurity company’s co-founders, Dimitri Sirota, left, and Nimrod Vax, right.
enterprise executives in the tools such as OpenAI’s Chat- tirely by the need to protect
U.S. and Europe and found that GPT, said BigID Chief Executive their AI data troves. BigID will
half of respondents cited data- and co-founder Dimitri Sirota. use the capital to accelerate
privacy concerns as a primary “It puts us in a unique place product development and scale
barrier for generative AI adop- to help organizations deal with go-to-market capabilities glob-
tion, the second most common some of the cleaning and com- ally.
worry in the poll after un- pliance and curation problems Francisco Alvarez-Demalde,
proven return on investment. for preparing their data for co-founder and managing
Since its founding in 2016, AI,” Sirota said. “So we want partner of Riverwood Capital,
BigID has offered general cy- to double down.” said the threats facing corpo-
bersecurity services such as This is the first quarter for rate data are evolving quickly.
compliance, privacy and gover- which BigID will see revenue Riverwood, which has invested
nance. But as companies have attributable to the work it in data-security companies for
engaged more with AI, BigID does securing AI data, he said. roughly 10 years, is backing
has expanded its offerings to The firm, he added, has some BigID partly because it is nim-
help companies protect the deals with Fortune 100 compa- ble enough to adapt to future
data they intend to use with AI nies, deals driven almost en- threats, he added.
LSD, cocaine, ecstasy, mush-
rooms and ketamine was wor-
rying leaders at Tesla and
SpaceX.
“From a standpoint of Wall
Street, what matters is execu-
tion,” Musk said. “For inves-
tors’ standpoint, if there is
something I’m taking I should
keep taking it.”
In another exchange, Musk
said he wanted to expand on
X’s role as a source for real-
time information with differ-
ent viewpoints. It led to a de-
bate about Lemon’s political
leanings. Musk told Lemon,
“My sense is you’re sort of
CINDY ORD/GETTY IMAGES

while roles in
cybersecurity, salary potential
AI and data
science con- for generative
tinue to rise,
according to
AI skills is
Janco’s data. $174,727.
The average to-
tal compensa-
tion for IT
workers is about $100,000,
making the position a target
for cost-cutting.
When companies were flush
with capital, many overhired
and overpaid IT workers, Jan-
ulaitis said. Now, with higher
inflation and interest rates,
“The chickens are coming to
roost, and they’re saying,
‘Wait a second, we don’t need
those positions,’ ” he said.
There is reason for IT work-
ers to be concerned. Layoffs in
the tech sector are continuing
at a steady drumbeat, with
Cisco planning to cut 5% of its
workforce, DocuSign cutting
6% of staff, and Expedia an-
nouncing 9% staff reductions
in February. The unemploy-
since the start
of Indeed’s pay
data in 2019.
Postings for
coding
have fallen by
jobs
67% from
March 2022 to
the end of Feb-
ruary, said Nick
Bunker, Indeed’s head of eco-
nomic research for North
America.
Generative AI remains at
the top of many companies’
technology priorities—putting
workers with any skills in large
language models in highest de-
mand, and commanding the
highest salaries, Bunker added.
The average salary potential
for generative AI skills is
$174,727, according to Indeed.
Jobs related to generative
AI have grown 30-fold from
last year, Indeed’s data shows.
AI job listings overall are up
42% following the public re-
lease of ChatGPT in late 2022,
according to University of
Maryland researchers.
He said last week that Musk
told him the deal with X was
canceled hours after they fin-
ished the interview. Musk said
in a statement posted to X last
week that Lemon “lacked au-
thenticity” and “his approach
was basically just ‘CNN, but on
social media.’ ”
An X spokesman didn’t im-
mediately return a request for
comment Monday.
Musk during the interview,
which was filmed at Tesla’s
headquarters in Austin, Texas,
denied that he abused ket-
amine and was under the in-
fluence when he posted con-
troversial material on X.
“I don’t drink, I don’t really,
no,” Musk replied.
The entrepreneur said he
only took medically prescribed
ketamine to help with depres-
sion.
“I can’t really get wasted
because I can’t get my work
done,” he said.
The Wall Street Journal re-
ported in January that Musk’s
use of illegal drugs including
center left, I don’t know, you
tell me.”
“Well, did you ever watch
me on CNN?” Lemon asked.
“I saw segments,” Musk
said.
Lemon asked Musk about Former CNN host Don Lemon said Elon Musk canceled show.
the theory that X has become
a place for people to air con- “I think we have a responsi- gresswoman Tulsi Gabbard
servative conspiracy theories. bility to adhere to the law,” and sports commentator Jim
Musk said, “Old Twitter was Musk said, adding, “I think Rome. Former Fox News host
fundamentally a tool of the far once you start getting, going, Tucker Carlson has also posted
left.” beyond the law now you’re videos and interviews on X.
Musk, who took over the putting your thumb on the When asked about a recent
company formerly known as scale and we don’t want to put meeting with 2024 Republican
Twitter in 2022, is a prolific our thumb on the scale.” presidential nominee Donald
user of the platform, writing During their nine-minute Trump, Musk denied that the
posts even at odd hours. Some exchange on content modera- former president had asked
of his posts, including an anti- tion, Musk told Lemon, “So him for a donation. He didn’t
semitic one, have pushed away Don you love censorship is have any plans to endorse a
advertisers. Musk in the inter- what you’re saying.” candidate until potentially the
view didn’t seem eager to lure “No, I don’t love censor- final stretch of the election, he
them back, saying, “If they’re ship,” Lemon said. added.
going to force censorship on “Then why are you asking?”
the company before advertis- Musk said.
ing then obviously I find that X has been trying to offer Watch a Video
unacceptable.” more video and long-form con- Scan this code
Lemon asked if Musk be- tent on the platform. In Janu- for a video of
lieved X had a responsibility to ary, the company announced Don Lemon’s
moderate hate speech on the Lemon’s show, along with interview with
platform. shows by former Hawaii con- Elon Musk.
P2JW079000-5-B00500-1--------XA
THE WALL STREET JOURNAL.
Shale Deals
Lift Buyout
Companies
Asset sales by some
private-equity firms
fueled distributions
to funds’ investors
BY LUIS GARCIA
Some private-equity firms
backing oil-and-gas producers
cashed in on rising consolida-
tion in the U.S. shale industry
last year, selling assets for an
expected $30.55 billion and fu-
eling distributions to inves-
tors—a contrast with the
dearth of exit deals plaguing
buyout shops focused on other
sectors.
EnCap Investments, for ex-
ample, distributed $7.8 billion
to investors in its funds fo-
cused on oil and gas, a record
for the Houston firm, thanks
partly to the sale last June of
three producers in the Mid-
land Basin of West Texas to
energy company Ovintiv in a
$4.28 billion deal, according to
an investor letter viewed by
WSJ Pro Private Equity.
Another energy-focused
firm, Quantum Capital Group,
disbursed about $3.1 billion
last year, slightly less than a
$3.8 billion record set in 2022,
said people familiar with the
matter. In January, Houston-
based Quantum distributed
around $900 million more
mostly from the December
sale of Rockcliff Energy, the
people said. Quantum sold the
gas producer in East Texas to
a unit of Japanese utility To-
kyo Gas for $2.7 billion.
Also notching a distribu-
tions record, NGP Energy
Capital Management in Dallas
surpassed the roughly $1.5 bil-
lion it paid out in 2021 with
asset sales last year from its
main oil-and-gas-focused
Appeals Court Halts SEC’s
Climate-Disclosure Rules
BY PERRY CLEVELAND-PECK
AND DYLAN TOKAR
A U.S. appeals court tempo-
rarily halted new rules issued
by the Securities and Ex-
change Commission requiring
public companies to disclose
climate-related risks.
The Fifth U.S. Circuit Court
of Appeals granted a request
for an administrative stay on
the climate-disclosure rules
just over a week after oil-
field-services companies Lib-
erty Energy and Nomad
Proppant Services filed a
lawsuit challenging them.
The New Orleans-based
court didn’t explain the rea-
soning behind the order. Fri-
day’s action prohibits the SEC
from enforcing its rule while
the court considers arguments
by Liberty Energy and Nomad
Proppant Services against it.
The stay is the first in what
is likely to be a protracted
battle over the rule as law-
suits with similar arguments
work their way through courts
around the U.S.
The climate rule “directly
or indirectly regulates signifi-
cant aspects of the country’s
economy under the guise of
Watch a Video: Can Modular Building Solve
The Construction Industry’s Labor Shortage?
Scan this code for a video: For years, the U.S. has faced a construction-
worker shortage and an affordable-housing crisis. Now, home builders can
fast-track projects with modular construction, trimming timelines by as
much as 50%. WSJ’s Jamie Leventhal visits a factory to see the building
blocks of modular construction in action.
* * * * *
funds, according to investor
letters and people familiar
with the matter.
“It’s not surprising at all
that some private-equity firms
that invest in the oil-and-gas
sector had a banner year for
distributions,” said Andrew
Dittmar, a director at energy
data analytics company En-
verus. He pointed to several
multibillion-dollar exits such
firms scored last year.
Publicly traded oil-and-gas
companies looking to expand
triggered a wave of mergers
among themselves as well as
purchases of private-equity-
backed assets in recent years,
reviving dealmaking after a
long pause following excessive
spending during the shale
boom from around 2008 to
roughly 2018.
A need for new areas to
drill, particularly in the pro-
lific Permian Basin in West
Texas and New Mexico, fueled
a surge in sales to producers,
according to industry lawyers
and analysts.
Sales by private-equity
firms of U.S. oil-and-gas assets
announced last year rose
about 10% to $30.55 billion
from $27.68 billion the year
before, according to Enverus.
Deals involving Permian as-
sets alone and by all types of
buyers and sellers surpassed
$100 billion last year to a re-
cord, according to consulting
firm Wood Mackenzie.
“Public energy companies
that went through a period of
deleveraging themselves are
now in a position where they
have to refresh their produc-
tion runway and need more
assets,” said Adam Larson, a
partner at Kirkland & Ellis
who focuses on deals and pri-
vate equity in the energy and
infrastructure sectors.
requiring detailed (and wildly
speculative) disclosures about
‘climate-related risks’ and
‘greenhouse gas’ emissions,”
the companies argued in their
filing to the court for the
emergency stay.
Shortly after the SEC ruling
on March 6, a coalition of 10
states, including Georgia,
West Virginia and Alaska,
filed a legal challenge.
West Virginia Attorney
General Patrick Morrisey, a
Republican, said at a news
conference at the time that
the rule was “illegal and un-
constitutional.”
Last week, the U.S. Cham-
ber of Commerce, which rep-
resents a cross-section of in-
dustries, said it also had filed
a lawsuit seeking to halt im-
plementation of the new SEC
rules.
“The agency is attempting
to micromanage how compa-
nies make key determinations
about materiality,” said Tom
Quaadman, executive vice
president of the chamber’s
capital-markets group, refer-
ring to the risks and opportu-
nities that matter to investors.
“These changes will only cre-
ate more confusion and un-
Tuesday, March 19, 2024 | B5
BUSINESS & FINANCE
Robinson, thropic and social circles.
The younger James Robin-
son graduated from the
Who Led Woodberry Forest School in
Virginia and then earned a
degree in industrial manage-
Amex, Dies ment from the Georgia Insti-
tute of Technology in 1957. He
served in the Navy as a dis-
bursing officer at a nuclear
Continued from page B1 submarine base in Hawaii be-
former President Gerald Ford. fore enrolling at Harvard
That board was known for its Business School, where he
loyalty to Robinson, but sup- earned an M.B.A. degree in
port for him dwindled as the 1961.
company’s diversification fal- After working for the Wall
tered. After leading the com- Street firms Morgan Guaranty
pany for 16 years, he resigned Trust and White Weld, he
in 1993, at age 57, from his joined American Express in
post as chairman under pres- 1970.
sure from directors and in- In the late 1980s, American
vestors. Express was enmeshed in a
“I decided to pull up stakes public dispute with Edmond
and get out of town,” Robin- J. Safra, who sold a bank to
son told The Wall Street American Express in 1983. Sa-
Journal at the time. He said fra, who was later seen as a
he wanted to spare Harvey rival of American Express in
Golub, his successor as chief banking, accused that com-
executive, any confusion over pany of spreading false and
who was in charge. negative stories about him,
picked up by a variety of
news organizations.
Diversification
JONATHAN ALCORN/BLOOMBERG NEWS
Robinson apologized to Sa-
Robinson rose to chief ex- fra in 1989. “Your reputation
ecutive of American Express as a pre-eminent banker has
in 1977 and quickly began rei- been achieved with enormous
magining the prestigious effort over a lifetime, and so
credit-card and travelers- I appreciate even more how
check company, which traced painful it must have been for
its history to the establish- you to endure these baseless
ment of a freight-forwarding attacks,” Robinson said in a
service in 1850. letter to Safra.
His attempt to diversify ble,” he told Forbes in 1981. American Express joined Robinson served as a direc-
into publishing, with a 1979 But American Express pulled Sears Roebuck, Prudential In- tor of Coca-Cola, Bristol-My-
bid for McGraw Hill, was out of cable TV in 1985. surance and others in the ers Squibb and General Mo-
summarily rejected by that He was among many busi- club of disillusioned pursuers tors. He also was a trustee of
company. He also failed in a ness leaders who embraced of financial empires. the Memorial Sloan Kettering
bid to acquire the Book of the the idea that one company Unlike some of those em- Cancer Center and the Brook-
Month Club. could be a platform for sell- pire builders, however, Ameri- ings Institution. He headed a
Instead, American Express ing all kinds of financial can Express survived. “The fundraising campaign for
invested in a cable-television products. “Once you get a company had significant Spelman College in Atlanta.
joint venture with Warner railroad track, you want to growth during my tenure and An early marriage to Bettye
Communications. In 1981, put as much across it as you clearly since,” Robinson told Bradley ended in divorce. In
American Express acquired can,” he told the New York the Journal in 2006. “I stand 1984, he married Linda Gos-
the securities firm Shearson Times. on my record.” den, who had served as a
Loeb Rhoades, headed by San- The typical consumer, he He later was a co-founder press secretary for the Repub-
ford Weill. said in a speech, “may have a of RRE Ventures, a venture- lican National Committee and
Over the next few years he stockbroker in California, a capital firm, alongside his son director of public affairs for
bought Trade Development banker in New York, an insur- James D. Robinson IV and the Transportation Depart-
Bank, Lehman Brothers Kuhn ance agent in Maryland and a Stuart Ellman. ment. She survives him, along
Loeb and Investors Diversi- real-estate agent jetting back with four children, six grand-
fied Services, a financial- and forth from Chicago to children and a sister, Frances
planning and insurance com- Boston. All on the American A banker’s son Robinson Huber.
pany. Express card, of course.” James Dixon Robinson III Robinson disarmed critics
Robinson suggested that Most of those acquired fi- was born Nov. 19, 1935, in At- with an insouciant charm. “I
the American Express card nancial services proved disap- lanta. His father, James D. Rob- guess I’ve had to take care of
would let people buy products pointing, however, and Amer- inson Jr., headed First National some fairly momentous deci-
through television sets and ican Express reverted to a Bank of Atlanta. His mother, sions, huh?” he said in a 1990
computer terminals. focus on plastic payment Josephine Crawford Robinson, interview with the Journal. “I
“The synergy is incredi- cards. was prominent in philan- do the best I can.”
dog•ged
dermine investor confidence
in our public company sys- /'dôg d/
tem.”
The SEC on Monday de- adjective
clined to comment. At the
time of the original ruling, an
SEC spokeswoman said the
Despite spending my early life in a shelter, there’s no dog more
agency would “vigorously de- determined than me. Thanks to the National Disaster Search Dog
fend” the rules in court.
The SEC rules aim to stan-
Foundation, if you’re ever trapped under rubble after a disaster,
dardize climate-related com- I’ll find you. That’s my job, and what I was born to do. You’ll never find
pany disclosures about green-
house gas emissions, weather-
a dog more dogged.
related risks and how
companies are preparing for THE NATIONAL DISASTER SEARCH DOG FOUNDATION
the transition to a low-carbon Strengthening disaster response in America by rescuing dogs and partnering them
economy. with first responders to save lives. Be Part of the Search™ today. Call (888) 4K9-HERO,
They come after a two-year visit SearchDogFoundation.org, or write to SDF, 6800 Wheeler Canyon Road,
process involving intense lob- Santa Paula, CA 93060.
bying from some of the big-
gest industries and influential
climate groups. The SEC has
faced criticism from corpora-
tions and Republican lawmak-
ers who say it is reaching be-
yond its authority.
“These rules will enhance
the disclosures that investors
have been relying on to make
their investment decisions,”
SEC Chair Gary Gensler said
at the time of the ruling.
He added that they would
give investors consistent and
reliable disclosures about cli-
mate risks.
Victor
Active Search Dog
Rescued from Redding, CA.
Photographed by Shaina Fishman
at SDF’s National Training Center.
VOLUMETRIC BUILDING COMPANIES
P2JW079000-3-B00600-1--------XA

B6 | Tuesday, March 19, 2024 * ** THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

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Metal & Petroleum Futures July 339.20 341.70 335.90 336.30 –2.80 120,270 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
Contract Open
Soybean Oil (CBT)-60,000 lbs.; cents per lb. March 106-075 106-105 106-040 106-055 –4.2 576 March .05981 .05993 .05964 .05964 –.00021 65,921
May 49.54 49.80 48.14 48.70 –.72 225,694 June 106-167 106-192 106-120 106-135 –4.5 5,833,114 June .05896 .05908 .05844 .05849 –.00051 309,165
Open High hi lo Low Settle Chg interest
July 50.01 50.29 s 48.70 49.27 –.65 153,949 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Copper-High (CMX)-25,000 lbs.; $ per lb. March March
March 4.1050 4.1460 s 4.0940 4.1145 0.0020 2,206
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 101-308 .5 141 1.0890 1.0906 1.0881 1.0891 … 110,204
May 17.85 17.86 17.74 17.77 –.05 8,483 June 102-037 102-050 102-021 102-032 –1.0 3,654,002 June 1.0932 1.0947 1.0907 1.0911 –.0021 641,228
May 4.1210 4.1640 s 4.1020 4.1300 0.0055 157,486 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Sept 14.59 14.60 14.55 14.58 … 2,144
Gold (CMX)-100 troy oz.; $ per troy oz. March 94.6725 t 94.6700 94.6700
94.6725 234,680 Index Futures
Wheat (CBT)-5,000 bu.; cents per bu.
March 2146.20 2160.40 2146.20 2160.70 3.40 820 April 94.6700 t 94.6700 94.6700 –.0050
94.6750 483,513
May 531.25 544.00 527.00 542.75 14.25 201,909 Mini DJ Industrial Average (CBT)-$5 x index
April 2159.90 2167.20 2149.20 2164.30 2.80 236,050
July 546.25 558.25 542.50 557.50 13.50 116,539 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. June 39139 39337 39089 39223 70 92,119
May 2169.10 2176.30 s 2160.00 2174.50 2.90 785 Dec 94.6475 94.6475 94.6450 94.6450 1,223,771
Wheat (KC)-5,000 bu.; cents per bu. Sept 39642 39694 39461 39596 122 44
June 2181.40 2188.70 2170.80 2185.90 2.80 239,302 May 568.00 578.75 563.50 573.75 7.50 114,826 June'24 94.8450 94.8550 t 94.8200 94.8350 –.0150 1,123,623 Mini S&P 500 (CME)-$50 x index
Aug 2198.00 2207.40 2190.70 2205.60 3.00 32,020 July 562.00 571.50 557.50 567.50 7.75 84,014 June 5185.75 5240.25 5181.75 5214.75 32.00 2,045,170
Oct 2218.40 2225.60 2210.40 2224.90 3.00 7,725 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Currency Futures Sept 5241.50 5297.25 5238.50 5272.50 33.25 10,619
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 250.025 251.400 249.950 251.200 1.925 4,205 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini S&P Midcap 400 (CME)-$100 x index
March 1035.60 –47.90 5 June 2961.00 2973.70 2951.30 2952.90 –7.30 37,962
May 256.500 259.300 256.500 259.125 3.125 18,332 March .6710 .6716 .6697 .6702 –.0010 92,585
June 1090.50 1091.50 1030.00 1041.30 –49.00 19,525 Cattle-Live (CME)-40,000 lbs.; cents per lb. June .6805 .6811 .6791 .6801 –.0005 264,857
Mini Nasdaq 100 (CME)-$20 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. June 18073.50 18381.00 18062.25 18231.50 172.75 251,258
April 187.375 188.750 187.200 188.575 1.325 73,320 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Sept 18310.00 18600.50 18285.00 18454.50 175.75 794
March 918.50 –22.70 9 June 183.625 185.450 183.625 185.400 1.800 118,390 March .7385 .7396 .7380 .7389 .0003 51,751
June .7394 .7406 .7390 .7400 .0004 175,689
Mini Russell 2000 (CME)-$50 x index
April 941.60 942.80 918.60 921.20 –22.30 47,921 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 2064.10 2076.40 2047.10 2049.80 –13.50 480,258
Silver (CMX)-5,000 troy oz.; $ per troy oz. April 86.700 87.325 86.325 86.825 –.100 38,201
British Pound (CME)-£62,500; $ per £
Sept 2088.00 2095.60 2069.00 2071.00 –12.60 40
March 1.2734 1.2746 1.2727 1.2736 –.0002 41,928
March 25.160 25.245 25.105 25.091 –0.109 286 June 102.100 103.475 102.100 103.025 .550 83,687
June 1.2742 1.2754 1.2723 1.2736 –.0009 193,309
Mini Russell 1000 (CME)-$50 x index
May 25.400 25.535 25.150 25.265 –0.116 116,756 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Swiss Franc (CME)-CHF 125,000; $ per CHF June 2864.10 2869.10 2853.50 2856.10 17.00 6,335
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 602.50 610.00 596.00 607.00 4.50 7,766 March 1.1322 1.1335 1.1300 1.1305 –.0010 23,692
U.S. Dollar Index (ICE-US)-$1,000 x index
April 81.03 83.09 s 81.01 82.72 1.68 66,311 July 614.00 618.50 611.00 618.00 4.00 1,435 March 103.46 103.48 103.38 103.46 .05 2,401
June 1.1427 1.1445 t 1.1365 1.1370 –.0055 66,353
Milk (CME)-200,000 lbs., cents per lb. June 103.06 103.29 102.97 103.24 .17 21,799
May 80.58 82.50 s 80.56 82.16 1.58 331,884 Australian Dollar (CME)-AUD 100,000; $ per AUD
June 80.10 81.89 s 80.10 81.61 1.47 213,699 March 16.44 16.46 16.41 16.44 .01 4,091 March .6559 .6574 .6554 .6565 .0001 67,472
April 16.01 16.30 15.95 16.16 .15 6,694 June .6578 .6591 .6569 .6573 –.0008 206,765 Source: FactSet
July 79.63 81.19 s 79.58 80.96 1.35 145,036
Sept 78.40 79.64 s 78.34 79.46 1.16 103,607 Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec 76.44 77.42 s 76.26 77.28 0.93 189,763 May 8,179 8,493 s 7,824 8,172 154 76,315
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
April 2.7267 2.7963 2.7242 2.7882 .0612 50,386
July 7,396 7,735 s
Coffee (ICE-US)-37,500 lbs.; cents per lb.
7,179 7,517 293 48,792
Bonds | wsj.com/market-data/bonds/benchmarks
March 181.85 –1.00 22
May 2.6960 2.7666 2.6951
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
2.7617 .0659 76,189
May 182.75 186.15 181.40 181.75 –1.20 96,399 Tracking Bond Benchmarks
April 2.7106 2.7678 s 2.7090 2.7573 .0365 63,934 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
May 22.20 22.35 21.94 22.16 .04 288,528 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
May 2.6970 2.7540 s 2.6948 2.7454 .0386 100,288
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. July 21.81 21.98 21.63 21.82 .06 199,876 highs and lows for different types of bonds
April 1.689 1.762 1.684 1.703 .048 121,134 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Total Total
May 40.75 … 2,096 return YTD total Yield (%) return YTD total Yield (%)
May 1.824 1.884 1.801 1.833 .044 403,230
June 2.066 2.130 2.058 2.089 .051 94,684
Cotton (ICE-US)-50,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High
May 93.88 96.20 93.80 94.57 .63 123,482
July 2.406 2.465 2.393 2.420 .050 145,810 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
July 93.40 95.55 93.40 94.26 .67 72,115
Sept 2.507 2.561 2.475 2.520 .046 124,146
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 2023.12 -1.8 U.S. Aggregate 4.980 4.200 5.740 1990.34 -2.2 Mortgage-Backed 5.190 4.290 6.050
Oct 2.599 2.650 2.565 2.610 .046 108,368
May 370.45 371.30 360.45 360.45 –10.00 6,201
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1965.67 -2.2 Ginnie Mae (GNMA) 5.210 4.350 6.020
July 365.45 365.50 355.60 355.60 –10.00 1,169
Agriculture Futures -2.2 Fannie mae (FNMA) 5.180 4.280 6.050
3074.69 -1.4 U.S. Corporate 5.420 4.990 6.430 1170.32
Corn (CBT)-5,000 bu.; cents per bu. Interest Rate Futures
May 437.00 440.50 434.00 436.00 –.75 612,241 2979.00 -0.4 Intermediate 5.340 4.890 6.350 1809.57 -1.8 Freddie Mac (FHLMC) 5.130 4.240 6.190
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
July 449.25 452.50 446.25 448.75 –.25 355,918 Muni Master
March 125-000 125-140 124-160 124-190 –21.0 6,988 4072.80 -3.4 Long term 5.580 5.160 6.600 586.65 -0.3 3.253 2.801 4.311
Oats (CBT)-5,000 bu.; cents per bu.
June 126-210 127-010 125-290 126-020 –24.0 1,577,870
May 366.25 366.50 358.00 358.50 –7.25 2,398 586.41 -2.1 Double-A-rated 4.990 4.320 5.760 417.62 -0.2 7-12 year 2.880 2.404 4.097
July 358.25 361.00 356.00 357.00 –3.25 353 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Soybeans (CBT)-5,000 bu.; cents per bu. March 118-190 118-280 118-040 118-070 –17.0 14,634 828.74 -1.2 Triple-B-rated 5.630 5.250 6.700 474.91 -0.2 12-22 year 3.574 3.294 4.742
May 1198.50 1206.00 1186.75 1187.75 –10.50 345,700 June 118-190 118-280 118-030 118-060 –17.0 1,479,173
High Yield Bonds ICE BofA 448.23 -0.2 22-plus year 4.185 4.020 5.274
July 1212.50 1220.25 1201.25 1202.25 –10.25 193,807 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Soybean Meal (CBT)-100 tons; $ per ton. March 109-190 109-220 109-115 109-115 –8.0 182 530.43 0.9 High Yield Constrained 7.842 7.620 9.560 Global Government J.P. Morgan†
May 334.90 338.10 331.30 331.90 –2.80 214,415 June 110-010 110-055 109-245 109-260 –8.5 4,297,865
522.67 3.1 Triple-C-rated 12.921 12.616 15.457 535.26 -1.6 Global Government 3.350 2.740 3.810

3564.88 0.6 High Yield 100 7.298 7.030 9.101 785.75 -2.1 Canada 3.620 2.880 4.260
Cash Prices | wsj.com/market-data/commodities Monday, March 18, 2024 463.02 1.5 Global High Yield Constrained 7.673 7.567 9.440 351.63 -1.3 EMU§ 3.095 2.669 3.790
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 352.64 1.9 Europe High Yield Constrained 6.275 6.207 8.022 647.55 -1.9 France 3.020 2.540 3.630
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
U.S Agency Bloomberg Fixed Income Indices 456.14 -2.5 Germany 2.550 2.020 3.030
months.
1771.70 -0.5 U.S Agency 4.890 4.130 5.390 276.77 -0.8 Japan 1.150 0.710 1.300
Monday Monday Monday
Copper,Comex spot 4.1145 Wheat,No.2 soft red,St.Louis-u 5.3375 1569.31 -0.3 10-20 years 4.880 4.120 5.370 496.67 -2.4 Netherlands 2.740 2.260 3.320
Energy Iron Ore, 62% Fe CFR China-s *100.2 Wheat - Hard - KC (USDA) $ per bu-u 6.1275
3335.82 -3.3 20-plus years 4.970 4.300 5.740 788.37 -2.9 U.K. 4.310 3.530 4.880
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 77.800 Steel, HRC USA, FOB Midwest Mill-s *800.0 Wheat,No.1soft white,Portld,OR-u 5.4750
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.850 Battery/EV metals 2696.95 -1.0 Yankee 5.270 4.720 6.110 847.50 -0.1 Emerging Markets ** 7.444 7.206 8.842
Food
BMI Lithium Carbonate, EXW China, =99.2%-v,w 15125
Metals Beef,carcass equiv. index
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13550
choice 1-3,600-900 lbs.-u ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4413 292.10
Engelhard industrial 2158.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3920 select 1-3,600-900 lbs.-u 280.64
Handy & Harman base
Handy & Harman fabricated
2158.15 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 538 Broilers, National comp wtd. avg.-u,w
Butter,AA Chicago-d
1.2831
2.8200 Global Government Bonds: Mapping Yields
2395.55 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 150.00
LBMA Gold Price AM *2170.35 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
LBMA Gold Price PM *2163.45 Burlap,10-oz,40-inch NY yd-n,w 0.7800 Cheddar cheese,blk,Chicago-d 145.00
Krugerrand,wholesale-e 2200.74 Cotton,1 1/16 std lw-mdMphs-u 0.9157 Milk,Nonfat dry,Chicago lb.-d 114.50 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Maple Leaf-e 2221.91 Cotlook 'A' Index-t *98.45 Coffee,Brazilian,Comp-y 1.8383 Country/ Spread Under/Over U.S. Treasurys, in basis points
Yield (%)
American Eagle-e Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.0833 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
2221.91
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.1650
Mexican peso-e 2559.38 4.625 U.S. 2 4.734 s l 4.721 4.654 3.846
Flour,hard winter KC-p 17.50
Austria crown-e 2077.20 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a. 4.000 10 4.339 s l 4.303 4.294 3.395
Austria phil-e 2221.91
Bran,wheat middlings, KC-u,w 80 Hogs,Iowa-So. Minnesota-u 85.80 0.250 Australia 2 3.882 s l 3.878 3.875 3.043 -86.1 -85.9 -78.2
Silver, troy oz. Pork bellies,12-14 lb MidUS-u n.a.
Corn,No. 2 yellow,Cent IL-bp,u 4.0600 3.000 10 4.123 t l 4.143 4.205 3.404 -17.5 -2.6
Engelhard industrial 25.2500 Pork loins,13-19 lb MidUS-u 1.1861 -22.0
Corn gluten feed,Midwest-u,w 108.3
Handy & Harman base 25.0760 Steers,Tex.-Okla. Choice-u 186.00 2.500 France 2 2.914 s l 2.899 2.831 2.597 -183.8 -122.8
Corn gluten meal,Midwest-u,w 406.0 -182.9
Handy & Harman fabricated 31.3450 Cottonseed meal-u,w Steers,feeder,Okla. City-u,w 300.75
338 3.500 10 2.894 s l 2.877 2.873 2.694 -144.1 -73.6
LBMA spot price *£19.7800 -144.9
Hominy feed,Cent IL-u,w 120
(U.S.$ equivalent) *25.2200 Fats and Oils 2.500 Germany 2 2.958 s l 2.951 2.814 2.376 -178.5 -144.9
Meat-bonemeal,50% pro Mnpls-u,w 305 -178.6
Coins,wholesale $1,000 face-a 19850 Oats,No.2 milling,Mnpls-u 4.2350 Degummed corn oil, crude wtd. avg.-u,w n.a. 2.200 10 2.461 s l 2.442 2.408 2.110 -188.2 -187.6 -132.1
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 35.75 Grease,choice white,Chicago-h 0.3750
LBMA Platinum Price PM *945.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. 3.600 Italy 2 3.425 t l 3.442 3.376 3.050 -131.8 -129.5 -77.5
Platinum,Engelhard industrial 935.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 360.70 Soybean oil,crude;Centl IL-u,w 0.4917 4.200 10 3.682 t l 3.699 3.879 4.059 -66.1 -61.9 62.8
Palladium,Engelhard industrial 1075.0 Soybeans,No.1 yllw IL-bp,u 11.5600 Tallow,bleach;Chicago-h 0.4350
Aluminum, LME, $ per metric ton *2218.5 Wheat,Spring14%-pro Mnpls-u 8.0075 Tallow,edible,Chicago-u n.a. 0.200 Japan 2 0.188 t l 0.193 0.142 -0.078 -455.5 -454.3 -390.3
0.600 10 0.763 t l 0.793 0.730 0.273 -358.0 -352.5 -315.8
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark 2.800 Spain 2 3.118 s l 3.117 3.012 2.747 -162.5 -161.9 -107.8
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/15 3.250 10 3.248 s l 3.242 3.298 3.216 -107.6 -21.5
Source: Dow Jones Market Data -109.5
0.125 U.K. 2 4.304 t l 4.337 4.620 3.236 -44.0 -39.9 -58.9
4.250 10 4.194 t l 4.202 4.114 3.287 -14.9 -11.6 -14.4
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Corporate Debt
iShiBoxx$IGCpBd LQD
Monday, March 18, 2024 Closing Chg YTD 107.63 –0.17 –2.7
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
ETF Symbol Price (%) (%) iShMBS MBB 91.56 –0.12 –2.7
Closing Chg YTD iShMSCIACWI ACWI 108.26 0.41 6.4 expectations
ETF Symbol Price (%) (%) iShCoreMSCIEAFE IEFA 73.29 –0.01 4.2
CommSvsSPDR XLC 80.70 2.05 11.1 iShCoreMSCIEM IEMG 51.25 0.20 1.3
iShMSCI EAFE
iSh MSCI EM
EFA
EEM
78.87
40.84
–0.03
0.17
4.7
1.6
Investment-grade spreads that tightened the most…
CnsmrDiscSel XLY 179.02 0.76 0.1 iShCoreMSCITotInt IXUS 67.13 0.07 3.4 Spread*, in basis points
iShMSCIEAFEValue EFV 53.30 –0.07 2.3
DimenUSCoreEq2 DFAC 31.09 0.26 6.4 iShCoreS&P500 IVV 516.85 0.71 8.2 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShNatlMuniBd MUB 107.66 0.01 –0.7
EnSelSectorSPDR XLE 91.14 0.35 8.7 iShCoreS&P MC IJH 58.34 –0.22 5.2
iSh1-5YIGCpBd IGSB 51.03 0.02 –0.5
FinSelSectorSPDR XLF 40.87 0.57 8.7 iShCoreS&P SC IJR 105.73 –0.32 –2.3
iSh1-3YTreaBd SHY 81.50 0.01 –0.7 Siemens Financieringsmaatschappij SIEGR 4.200 5.20 March 16, ’47 62 –110 n.a.
GrayscaleBitcoin GBTC 59.58 –3.28 72.1 iShCoreS&PTotUS ITOT 113.00 0.48 7.4
iShRussMC IWR 81.47 0.16 4.8
HealthCrSelSect XLV 144.82 –0.01 6.2 iShCoreTotUSDBd IUSB 45.15 –0.13 –2.0
iShRuss1000 IWB 282.87 0.64 7.9 Toyota Motor Credit TOYOTA 4.800 5.13 Jan. 5, ’34 80 –108 83
InvscNasd100 QQQM 179.99 0.95 6.8 iShCoreUSAggBd AGG 97.00 –0.10 –2.3
iShRuss1000Grw IWF 332.96 0.87 9.8
InvscQQQI QQQ 437.48 0.95 6.8 iShEdgeMSCIMinUSA USMV 82.38 0.23 5.6 Vodafone VOD 4.375 5.67 Feb. 19, ’43 110 –104 n.a.
iShRuss1000Val IWD 174.22 0.21 5.4
InvscS&P500EW RSP 164.19 0.27 4.0 iShEdgeMSCIUSAQual QUAL 162.39 0.56 10.4
iShRuss2000 IWM 201.25 –0.57 0.3 –99
iShCoreDivGrowth DGRO 56.87 0.19 5.7 iShGoldTr IAU 40.85 0.12 4.7 Wells Fargo WFC 5.375 5.74 Nov. 2, ’43 117 n.a.
iShS&P500Grw IVW 83.48 0.91 11.2
iShS&P500Value IVE 182.26 0.20 4.8
General Motors GM 6.250 6.17 Oct. 2, ’43 159 –95 171
iShSelectDiv DVY 119.37 0.13 1.8
ADVERTISEMENT iSh7-10YTreaBd IEF 93.54 –0.12 –3.0
Bank of America –88
iShShortTreaBd SHV 110.33 0.01 0.2
BAC 5.875 5.33 Feb. 7, ’42 77 80

The Marketplace –64

iShTIPSBond TIP 106.22 –0.09 –1.2
Tennessee Gas Pipeline … 7.000 5.38 Oct. 15, ’28 103 n.a.
iSh20+YTreaBd TLT 92.66 –0.30 –6.3
iShUSTreasuryBd GOVT 22.52 –0.09 –2.3 UnitedHealth UNH 2.000 4.98 May 15, ’30 63 –54 73
To advertise: 800-366-3975 or WSJ.com/classifieds iSh0-3MTreaBd SGOV 100.53 0.01 0.3
JPM EqPrem JEPI 57.15 0.30 3.9
JPM UltShIncm JPST 50.34 0.02 0.2 …And spreads that widened the most
PacerUSCashCows COWZ 56.08 0.02 7.9
ProShUltPrQQQ TQQQ Sumitomo Mitsui Trust Bank SUMITR 5.200 5.18 March 7, ’29 86 206 87
COMMERCIAL REAL ESTATE PUBLIC NOTICES 59.39 2.82 17.1
SPDRBbg1-3MTB BIL 91.64 0.01 0.3
SPDR DJIA Tr DIA 387.73 2.9 MetLife MET 4.875 5.50 Nov. 13, ’43 92 115 n.a.
0.19
SPDR Gold GLD 200.03 0.16 4.6
51
NOTICE OF SECURED PARTY PUBLIC AUCTION OF NOTICE OF PUBLIC SALE OF COLLATERAL SPDRPtfDevxUS SPDW 35.36 0.06 4.0
Royal Bank of Canada RY 5.150 5.28 Feb. 1, ’34 94 110
100% OF THE LIMITED LIABILITY COMPANY INTERESTS
PLEASE TAKE NOTICE, that in accordance with SPDRS&P500Value SPYV
IN FPG COLONNADE GP, LLC and 99.5% OF THE LIMITED
applicable provisions of the Uniform Commercial Code,
48.65 0.24 4.3
UBS UBS 4.550 5.36 April 17, ’26 63 46 74
PARTNERSHIP INTERESTS IN FPG COLONNADE, LP SPDRPtfS&P500 SPLG 60.31 0.62 7.9
PLEASE TAKE NOTICE that, in accordance with as enacted in Delaware, K-Bio Investment, LLC, as
SPDRS&P500Growth SPYG 72.24 0.95 11.0
applicable provisions of the Uniform Commercial Code as Investor Representative (“Investor Representative” or General Motors Financial … 5.400 5.44 April 6, ’26 70 40 71
enacted in New York, ACF L5-M, LLC, a Delaware limited SPDR S&P 500 SPY 512.86 0.59 7.9
“Secured Party”) will offer for sale, at public auction,
liability company (together with its successors and SchwabIntEquity SCHF 38.51 0.03 4.2 25
assigns, individually and/or collectively, as the context
all of the assets (the “Collateral”) of Keystone Bio, Inc. Bank of America BAC 3.500 5.10 April 19, ’26 36 41
(“Debtor”). The public auction will be held on April 4, SchwabUS BrdMkt SCHB 59.87 0.54 7.5
may require, “Secured Party”), will sell (i) 99.5% of the
limited partnership interests held by FPG COLONNADE 2024 at 12:00 p.m. (CST), via Zoom, at the following SchwabUS Div SCHD 78.72 0.20 3.4 Morgan Stanley MS 3.625 5.01 Jan. 20, ’27 49 23 55
MEZZ, LLC, a Delaware limited liability company meeting link: https://hklaw.zoom.us/j/87800995664?p SchwabUS LC SCHX 61.05 0.64 8.2
(“Debtor”), in and to FPG COLONNADE, LP, a Delaware wd=mO7bdEtIsptkGbLbeR8P26LlNd0AaA.1, Meeting ID: SchwabUS LC Grw SCHG 91.66 0.85 10.5 Toronto–Dominion Bank TD 5.523 5.08 July 17, ’28 74 22 75
limited partnership (“LP Borrower”) and (ii) 100% of the 878 0099 5664, Password: 919196, and the Collateral SPDR S&PMdCpTr MDY 532.82 –0.24 5.0
limited liability company interests held by Debtor, in and will be sold to the highest qualified bidder; provided, SPDR S&P Div SDY
to FPG COLONNADE GP, LLC, a Delaware limited liability
company (“GP Borrower”), the interests in the LP
however, that Secured Party reserves the right to cancel TechSelectSector XLK
127.54
206.30
–0.07
0.49
2.1
7.2 High-yield issues with the biggest price increases…
Borrower and the GP Borrower being referred to herein the sale in its entirety, or to adjourn the sale to a future
VangdSC Val VBR 183.77 –0.23 2.1 Bond Price as % of face value
as the “Collateral”, to the highest qualified bidder at a date. The sale will be conducted by Holland & Knight,
VangdExtMkt VXF 168.61 –0.21 2.5 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
public sale. The public sale will take place beginning at LLP, as counsel to the Investor Representative. The
10:00 a.m. Eastern Daylight Time (New York) on April Collateral may be sold in one or more lots as Secured VangdSC Grwth VBK 251.72 –0.07 4.1
2, 2024, both in person and remotely from the offices Party may determine in its discretion, and may be VangdDivApp VIG 179.52 0.20 5.4
Hughes Satellite Systems … 5.250 12.66 Aug. 1, ’26 85.250 0.39 n.a.
of Paul Hastings LLP, 200 Park Avenue, New York, New subject to certain additional inclusions and exclusions VangdFTSEAWxUS VEU 58.00 0.09 3.3
York 10166, with access afforded in person and remotely
via Zoom or other web-based video conferencing and/ to be negotiated with Secured Party. Interested parties VangdFTSEDevMk VEA 49.46 0.02 3.3 Transocean RIG 7.500 9.00 April 15, ’31 92.250 0.38 90.250
or telephonic conferencing program selected by Secured who intend to bid on the above Collateral must contact VangdFTSE EM VWO 41.69 0.22 1.4
Party. Remote log in credentials will be provided to Secured Party’s counsel to receive the Terms of Sale VangdFTSE Europe VGK 66.30 –0.58 2.8 Bath & Body Works BBWI 6.750 6.80 July 1, ’36 99.610 0.27 99.688
registered bidders. Secured Party’s understanding is and bidding instructions. Interested parties who do not VangdGrowth VUG 341.17 0.91 9.7
that the principal asset of the LP Borrower is the parcel contact the Secured Party’s counsel not less than three 0.24
of real property commonly known as 15301, 15303 and VangdHlthCr VHT 265.63 –0.08 6.0 Teva Pharmaceutical Finance Netherlands … 3.150 6.18 Oct. 1, ’26 93.000 93.245
business days prior to the sale will not be permitted to
15305 North Dallas Parkway, Addison, Texas, currently VangdHiDiv VYM 117.09 0.15 4.9
enter a bid. Attention: Tyler Layne, Holland & Knight,
occupied by and operated as the Colonnade Office Park.
LLP, 511 Union Street, Suite 2700, Nashville, TN 37219.
VangdInfoTech VGT 517.98 0.47 7.0 Dish DBS … 5.875 14.34 Nov. 15, ’24 94.875 0.13 95.250
The Collateral will be sold to the highest qualified VangdIntermBd BIV 74.64 –0.11 –2.3
bidder; provided, however, that Secured Party reserves Upon execution of a standard confidentiality and non-
the right to cancel the sale in its entirety, or to adjourn disclosure agreement, additional documentation and VangdIntrCorpBd VCIT 79.69 –0.10 –2.0 Hat Holdings I … 3.750 7.10 Sept. 15, ’30 82.849 0.10 83.316
the sale to a future date by announcement made at the information will be available. VangdIntermTrea VGIT 58.07 –0.10 –2.1
time and place scheduled for the public sale. The sale
will be conducted by a NYC Division of Consumer Affairs
VangdLC
VangdMegaGrwth
VV
MGK
236.20
284.90
0.62
0.98
8.3
9.8
…And with the biggest price decreases
Licensed Auctioneer or such other person designated
by the Secured Party. The Collateral will be sold as a VangdMC VO 242.83 0.20 4.4
Dish DBS … 7.750 30.88 July 1, ’26 63.938 –1.03 69.000
single lot, and will not be divided or sold in any lesser VangdMBS VMBS 45.15 –0.15 –2.6
amounts. The public sale of the Collateral shall be VangdRealEst VNQ 85.23 –3.5
subject to the further terms and conditions set forth in
0.05
Liberty Interactive LINTA 8.250 19.76 Feb. 1, ’30 61.000 –0.50 62.797
the “Terms of Public Sale” (including without limitation
terms and conditions with respect to the availability of
THE VangdRuss1000Grw
VangdS&P500ETF
VONG
VOO
85.75
472.95
0.89
0.63
9.9
8.3 Telecom Italia Capital TITIM 7.200 7.61 July 18, ’36 96.750 –0.25 98.000
additional information, bidding requirements, deposit
amounts, bidding procedures, and the consummation MARKETPLACE VangdST Bond
VangdSTCpBd
BSV
VCSH
76.34
76.97
–0.01
0.01
–0.9
–0.5 Occidental Petroleum OXY 7.500 5.65 May 1, ’31 110.687 –0.23 111.330
of the public sale), which are available online at www.
TheColonnadeDallasUCCSale.com and by contacting VangdShortTrea VGSH 57.88 –0.02 –0.8
Jones Lang LaSalle Americas, Inc., 330 Madison Avenue, ADVERTISE TODAY VangdSC VB 219.71 –0.14 3.0 –0.15
New York, New York 10017, Attn: Brett Rosenberg,
Navient NAVI 6.750 6.23 June 25, ’25 100.610 100.649
tel. (212) 812-5926, email Brett.Rosenberg@jll.com. (800) 366-3975 VangdTaxExemptBd VTEB 50.63 0.04 –0.8
Interested parties who do not contact the Secured Party
VangdTotalBd BND 71.93 –0.12 –2.2 American Airlines AAL 3.750 6.65 March 1, ’25 97.375 –0.13 97.625
and qualify prior to the public sale will not be permitted For more information visit: VangdTotIntlBd BNDX 48.80 ... –1.1
–0.10
to enter a bid or participate at the public sale either in VangdTotIntlStk VXUS 59.60 0.02 2.8 OneMain Finance OMF 6.875 5.66 March 15, ’25 101.150 101.300
person or remotely. PAUL HASTINGS LLP, Attorneys wsj.com/classifieds VangdTotalStk VTI 255.00 0.51 7.5
for Secured Party, Attn: Eric R. Allendorf, Esq., 200
Park Avenue, New York, New York 10166, Tel: (212) VangdTotWrldStk VT 108.54 0.37 5.5 *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.
318-6383, Fax: (212) 303-7083, E-mail: ericallendorf@ © 2024 Dow Jones & Company, Inc. VangdValue VTV 158.79 0.22 6.2 Note: Data are for the most active issue of bonds with maturities of two years or more
paulhastings.com All Rights Reserved. WT FRTrea USFR 50.42 0.02 0.4 Source: MarketAxess
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B8 | Tuesday, March 19, 2024 * ** THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
38790.43 s 75.66, or 0.20% Trailing P/E ratio 26.99 21.40 5149.42 s 32.33, or 0.63% Trailing P/E ratio * 23.83 17.62 16103.45 s 130.27, or 0.82% Trailing P/E ratio *† 30.65 25.37
High, low, open and close for each P/E estimate * 18.76 17.04 High, low, open and close for each P/E estimate * 21.35 17.93 High, low, open and close for each P/E estimate *† 28.65 24.72
trading day of the past three months. Dividend yield 1.87 2.17 trading day of the past three months. Dividend yield * 1.44 1.73 trading day of the past three months. Dividend yield *† 0.82 0.89
All-time high 39131.53, 02/23/24 All-time high 5175.27, 03/12/24 All-time high: 16274.94, 03/01/24

Current divisor 0.15265312230608

39000 5400 16400

38000 5200 15900

37000 5000 15400

Session high 36000 4800 14900

DOWN UP
Session open Close 65-day moving average
t

35000 4600 14400

Close Open
t

65-day moving average Session low 34000 4400 65-day moving average 13900

Bars measure the point change from session's open

33000 4200 13400
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
* Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,098,232,987 20,862,160
Industrial Average 38898.41 38760.79 38790.43 75.66 0.20 39131.53 32030.11 20.3 2.9 5.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 604,587,878 9,582,117
Transportation Avg 15577.97 15412.11 15417.58 -81.05 -0.52 16695.32 13444.01 12.0 -3.0 2.9 Most-active issues in late trading Decl. volume* 482,167,778 11,079,151
Utility Average 858.28 846.44 853.35 3.06 0.36 975.39 783.08 -8.4 -3.2 0.3 Volume After Hours Issues traded 2,917 314
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 51457.14 51177.33 51211.98 265.84 0.52 51544.11 39381.56 29.5 7.2 7.5 Advances 1,430 130
SPDR S&P 500 ETF Trust SPY 21,437.3 512.92 0.06 0.01 513.15 425.48
Barron's 400 1131.01 1125.51 1125.75 -0.63 -0.06 1141.48 881.58 24.5 5.0 5.5 Declines 1,386 162
Altria Group MO 12,168.4 44.51 -0.01 -0.01 44.69 44.45
Unchanged 101 22
Nasdaq Stock Market VanEck Gold Miners GDX 8,927.3 29.69 -0.05 -0.17 29.74 29.67 New highs 141 13
Nasdaq Composite 16247.59 16094.17 16103.45 130.27 0.82 16274.94 11669.96 37.9 7.3 7.1 iShares Core S&P 500 ETF IVV 8,693.1 516.99 0.14 0.03 517.26 516.00 New lows 39 7
Nasdaq-100 18124.32 17973.09 17985.01 176.76 0.99 18302.91 12562.61 43.2 6.9 12.0 iShares Bitcoin Trust IBIT 7,855.0 38.57 0.43 1.13 38.58 38.13 Closing Arms† 0.95 0.50
Hewlett Packard Ent HPE 5,585.7 17.19 0.13 0.76 17.19 16.95 Block trades* 4,986 234
S&P
Direxion Dly Semi 3 Bear SOXS 4,611.8 3.66 0.07 1.95 3.67 3.56 Nasdaq NYSE Arca
500 Index 5175.60 5145.47 5149.42 32.33 0.63 5175.27 3936.97 30.3 8.0 9.6
JetBlue Airways JBLU 4,535.8 6.95 0.01 0.14 6.95 6.90
MidCap 400 2934.49 2917.42 2918.02 -5.74 -0.20 2968.54 2326.82 20.9 4.9 3.7 Total volume*5,025,046,272 309,427,226
SmallCap 600 1291.63 1281.83 1282.45 -5.29 -0.41 1339.63 1068.80 11.6 -2.7 -1.7 Percentage gainers… Adv. volume*2,686,182,014 158,363,641
National CineMedia NCMI 268.0 4.73 0.51 12.09 5.00 4.10 Decl. volume*2,297,859,451 116,998,132
Other Indexes
Euronav EURN 78.1 16.40 0.92 5.94 16.44 15.48 Issues traded 4,450 1,915
Russell 2000 2044.07 2024.57 2024.74 -14.59 -0.72 2084.74 1636.94 16.0 -0.1 -3.7
RE/MAX Holdings Cl A RMAX Advances 1,897 1,190
NYSE Composite 17922.14 17846.09 17882.32 34.23 0.19 18018.63 14675.78 21.0 6.1 4.7 77.3 7.77 0.38 5.14 7.77 7.39
Declines 2,373 693
Value Line 594.92 591.83 592.26 -0.92 -0.15 602.24 498.09 10.4 -0.3 -2.8 Fox Factory Holding FOXF 54.8 49.65 2.05 4.31 49.65 46.99
Unchanged 180 32
NYSE Arca Biotech -0.16 Redwire RDW 56.6 3.65 0.14 3.99 3.65 3.35
5230.83 5186.16 5196.75 -8.09 5511.46 4544.40 0.6 -4.1 -1.9 New highs 105 77
NYSE Arca Pharma 1016.17 1009.20 1010.50 -0.70 -0.07 1029.37 804.86 24.5 11.0 13.7 ...And losers New lows 129 10
KBW Bank 98.63 97.43 98.53 0.48 0.49 99.81 71.71 24.1 2.6 -7.2 dLocal DLO 593.6 16.30 -1.88 -10.34 18.33 14.07 Closing Arms† 0.68 1.34
PHLX§ Gold/Silver 120.32 119.19 119.36 -1.14 -0.95 144.37 102.94 -5.0 -5.0 -5.5 Comtech Telecomm CMTL 51.6 4.20 -0.40 -8.70 4.70 4.20 Block trades* 30,663 1,850
PHLX§ Oil Service 87.98 87.02 87.55 0.06 0.06 98.76 69.29 17.4 4.4 15.6 StoneCo Cl A STNE 2,123.6 15.97 -1.50 -8.59 18.09 14.25 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4856.40 4751.39 4757.60 -0.11 -0.002 5165.83 2906.29 52.7 13.9 16.9 Beyond Meat BYND 191.4 7.88 -0.43 -5.17 8.33 7.67 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 14.85 14.26 14.33 -0.08 -0.56 24.15 12.07 -40.7 15.1 -12.8 Codexis CDXS 122.4 3.09 -0.16 -4.92 3.25 3.09 Arms of less than 1 indicates buying demand; above 1
§ Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 771.48 3.86 0.50 6.1 ShiftPixy Global Mofy Metaverse
PIXY 6.80 3.40 100.00 115.09 3.02 -93.3 GMM 0.97 -1.97 -67.00 15.47 0.85 ...
MSCI ACWI ex-USA 327.12 0.95 0.29 3.3 Nuvei NVEI 28.68 7.02 32.41 43.81 13.32 -30.0 Sonder Holdings SOND 3.40 -2.10 -38.18 17.60 2.33 -79.2
MSCI World 3380.67 17.64 0.52 6.7 Brand Engagement Network BNAI 13.75 3.19 30.21 19.75 5.65 37.0 TRxADE HEALTH MEDS 19.50 -9.30 -32.29 44.56 3.69 251.5
MSCI Emerging Markets 1038.07 3.33 0.32 1.4 NuScale Power SMR 10.10 2.25 28.66 11.21 1.81 17.4 Solowin Holdings SWIN 7.70 -3.30 -30.00 72.55 1.84 ...
Americas MSCI AC Americas 1946.67 11.22 0.58 7.3 Elicio Therapeutics ELTX 6.40 1.40 28.00 24.39 2.96 28.1 Jin Medical International ZJYL 3.13 -1.25 -28.54 25.49 0.24 ...
Canada S&P/TSX Comp 21837.18 –11.97 –0.05 4.2 Pop Culture Group CPOP 3.27 0.67 25.77 10.90 0.91 -61.1 Envoy Medical COCH 3.66 -1.34 -26.80 11.72 0.75 -63.3
Latin Amer. MSCI EM Latin America 2499.31 –8.51 –0.34 –6.1 Carbon Revolution CREV 21.00 4.30 25.75 197.99 6.30 105.3 Molecular Templates MTEM 2.07 -0.68 -24.73 9.45 2.00 -59.0
Brazil Bovespa 126954.18 212.37 0.17 –5.4 Airship AI Holdings AISP 13.47 2.72 25.30 13.87 1.34 34.6 AgeX Therapeutics AGE 16.90 -5.42 -24.27 35.20 10.91 -24.4
Chile S&P IPSA 3602.18 –5.22 –0.14 3.9 ChromaDex CDXC 2.99 0.59 24.58 3.58 1.25 91.7 CareMax CMAX 4.24 -1.30 -23.47 126.00 3.72 -94.9
Mexico S&P/BMV IPC 56228.40 … Closed –2.0 Auddia AUUD 2.67 0.49 22.48 38.50 2.02 -88.8 Tevogen Bio Holdings TVGN 4.85 -1.32 -21.39 21.09 4.08 -54.3
EMEA STOXX Europe 600 503.94 –0.86 –0.17 5.2 CervoMed CRVO 21.99 3.99 22.17 22.96 4.14 144.7 Titan Pharmaceuticals TTNP 7.33 -1.96 -21.10 16.90 5.00 -51.9
Eurozone Euro STOXX 508.63 –0.04 –0.01 7.3 Bit Origin BTOG 5.54 1.00 22.03 11.40 1.25 -37.3 GigaCloud Technology GCT 34.21 -8.94 -20.72 45.18 4.93 578.8
Belgium Bel-20 3673.19 –11.01 –0.30 –0.9 Soho House SHCO 6.01 1.04 20.93 8.48 4.35 -5.9 Laird Superfood LSF 2.57 -0.64 -19.94 3.48 0.65 221.3
Denmark OMX Copenhagen 20 2717.70 0.73 19.0 Canopy Growth CGC 3.71 0.63 20.45 20.20 2.76 -80.1 GeneDx Holdings WGS 9.66 -2.35 -19.57 17.16 1.16 -42.0
19.61
France CAC 40 8148.14 –0.20 8.0 Hempacco HPCO 2.81 0.45 19.07 7.90 1.94 -56.1 Dogness International DOGZ 7.50 -1.77 -19.09 23.60 2.79 -54.5
–16.21
Germany DAX 17932.68 –0.02 7.1
Israel Tel Aviv 1928.54
–3.97
21.80 1.14 3.4
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33940.96 0.93 0.003 11.8 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 853.76 1.98 0.23 8.5
Norway Oslo Bors All-Share 1509.16 9.34 0.62 –0.7 Fisker FSR 288,077 351.7 0.15 -15.57 7.22 0.14 SilverBox III Cl A SBXC 543 7765 10.49 0.19 11.32 9.95
South Africa FTSE/JSE All-Share 72430.46 –560.24 –0.77 –5.8 Verb Technology VERB 245,888 2497.1 0.36 -18.59 5.11 0.11 Invsc S&P EM Low Vol EELV 10,016 7682 23.92 -0.77 24.48 21.78
Spain IBEX 35 10596.70 –0.01 4.9 Direxion Dly Semi 3 Bear SOXS 152,031 18.0 3.59 ... 23.22 2.76 WT U.S. Qual Growth Fd QGRW 2,395 4698 40.62 1.17 41.45 27.02
–1.21
Sweden OMX Stockholm 4.7 Trinity Place Holdings TPHS 141,412 9797.6 0.18 122.72 0.71 0.08 Lixiang Education ADR LXEH 4,556 3760 6.20 15.03 6.51 0.40
945.70 –9.09 –0.95
ProSh UltraPro Shrt QQQ SQQQ 140,984 9.3 11.05 -2.73 35.51 10.28 Brand Engagement Network BNAI 563 1765 13.75 30.21 19.75 5.65
Switzerland Swiss Market 11623.63 –52.50 –0.45 4.4
Turkey BIST 100 8718.11 –110.59 –1.25 16.7 Canoo GOEV 107,856 2812.7 2.90 49.48 19.50 1.22 Finward Bancorp FNWD 152 1585 23.70 -0.17 31.99 17.29
U.K. FTSE 100 7722.55 –4.87 –0.06 –0.1 Tesla TSLA 107,350 -0.3 173.80 6.25 299.29 152.37 FlexShares Real Assets ASET 75 1154 30.48 0.06 31.09 26.98
U.K. FTSE 250 19486.53 –26.38 –0.14 –1.0 Solidion Technology STI 90,437 3273.8 2.72 56.32 13.85 0.37 Xtrkrs Harvest CSI 500 ASHS 82 1132 27.53 2.07 33.64 22.02
SPDR S&P 500 ETF Trust SPY 88,152 13.6 512.86 0.59 518.22 389.40 TDCX ADR TDCX 2,881 1027 7.17 0.14 10.42 4.22
Asia-Pacific MSCI AC Asia Pacific 176.21 1.62 0.93 4.0
SoundHound AI SOUN 85,590 78.5 8.24 -7.52 10.25 1.49 Richmond Mutual Bncp RMBI 170 1018 12.73 2.25 12.98 8.61
Australia S&P/ASX 200 7675.80 5.52 0.07 1.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3084.93 30.29 0.99 3.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 16737.12 16.23 0.10 –1.8
India S&P BSE Sensex 72748.42 0.14 0.7
Scan this code
104.99
Japan NIKKEI 225 39740.44 1032.80 2.67 18.8 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3171.93 –1.03 –0.03 –2.1 track most-active stocks,
South Korea KOSPI 2685.84 19.00 0.71 1.2 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 19879.85 197.35 1.00 10.9 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1385.94 –0.10 –0.01 –2.1
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004044 24725 1.9
CREDIT MARKETS Argentina peso .0012852.4852 5.5 Europe
Brazil real .1990 5.0255 3.6 Czech Rep. koruna .04309 23.205 3.7

Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race
Canada dollar
Chile peso
.7389 1.3534 2.2
.001055 947.95 8.3
Denmark krone
Euro area euro
.1458 6.8581 1.2
1.0872 .9198 1.5
U.S. consumer rates Selected rates and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000257 3888.72 0.3 Hungary forint .002754 363.10 4.6
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007302 136.94 0.7
A consumer rate against its 5-year CDs Mexico peso .0594 16.8306 –0.8 Norway krone .0938 10.6555 4.7
benchmark over the past year 6.00% Uruguay peso .02596 38.5201 –1.4 Poland zloty .2516 3.9754 1.0
Bankrate.com avg†: 2.83% 14% Sweden krona .0958 10.4332 3.3
Tradeweb ICE Asia-Pacific
America First FCU 4.20% Monday Close 5.00 Switzerland franc 1.1263 .8879 5.5
Australiadollar .6561 1.5242 3.9
Federal-funds 6.00% Riverdale, UT 801-627-0900 t 7 WSJ Dollar Index Turkey lira .0310 32.3089 9.6
t s China yuan .1389 7.1982 1.2
t target rate 4.00
Hong Kong dollar .1279 7.8193
Ukraine hryvnia .0255 39.1500 2.6
Quontic Bank 4.30% 0.1
5.00 One year ago UK pound 1.2728 .7857 0.04
0 India rupee .01206 82.943 –0.3
New York, NY 800-908-6600 3.00 Middle East/Africa
s Indonesia rupiah .0000635 15742 2.3
4.00 Popular Direct 4.45% –7 s Euro Japan yen .006704 149.16 5.8 Bahrain dinar 2.6536 .3769 –0.03
2.00
Five-year CD yields Miami Lakes, FL 800-274-5696 Yen Kazakhstan tenge .002222 450.06 –1.2 Egypt pound .0212 47.1038 52.3
t 3.00 1.00 Macau pataca .1240 8.0663 0.2 Israel shekel .2737 3.6531 1.4
First Internet Bank of Indiana 4.55% –14
Malaysia ringgit .2119 4.7185 2.7 Kuwait dinar 3.2530 .3074 0.1
Indianapolis, IN 888-873-3424 1 3 6 1 2 3 5 7 10 20 30 2023 2024
2.00 New Zealand dollar .6085 1.6434 3.8 Oman sul rial 2.5976 .3850 ...
First National Bank of America 4.55% month(s) years
AM J J A S O ND J FM Pakistan rupee .00359 278.875 –0.8 Qatar rial .2737 3.653 0.3
East Lansing, MI 800-968-3626 maturity Philippines peso .0180 55.555 0.3 Saudi Arabia riyal .2666 3.7504 0.01
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7468 1.3391 1.5 South Africa rand .0528 18.9431 3.5
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007476 1337.65 3.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0032730 305.53 –5.7
WSJ Dollar Index 98.23
Close Net Chg % Chg YTD%Chg
0.12 0.12 2.50
Federal-funds rate target 5.25-5.50 5.25-5.50 4.50 l 5.50 5.25 Taiwan dollar .03156 31.681 3.2
Yield (%) 52-Week Total Return (%) Thailand baht .02779 35.990 4.7 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 7.75 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR
Money market, annual yield
5.31
0.49
5.31
0.49
4.55
0.46 l
l 5.40
0.64
5.30
0.39
U.S. Treasury, Bloomberg 2133.420 4.550 4.330 5.120 3.610 –1.104 –2.992 Commodities
Monday 52-Week YTD
Five-year CD, annual yield 2.83 2.83 2.76 l 2.87 2.39 U.S. Treasury Long, Bloomberg 3072.150 4.560 4.350 5.280 3.630 –8.569 –8.361 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.19 7.24 6.75 l 8.28 3.93 Aggregate, Bloomberg 2023.120 4.980 4.760 5.740 4.200 0.706 –2.697
15-year mortgage, fixed† 6.54 6.00 7.42 4.18 DJ Commodity 988.74 5.70 0.58 1035.63 930.59 1.71 3.23
6.67 l Fixed-Rate MBS, Bloomberg 1990.340 5.190 4.940 6.050 4.290 –0.189 –3.215
Jumbo mortgages, $766,550-plus† 7.27 7.31 6.79 l 8.33 3.98 Refinitiv/CC CRB Index 287.24 2.61 0.92 290.29 253.85 12.57 8.87
High Yield 100, ICE BofA 3564.875 7.298 7.233 9.101 7.030 12.783 2.529
Five-year adj mortgage (ARM)† 6.44 6.47 5.64 l 7.16 3.28 Crude oil, $ per barrel 82.72 1.68 2.07 93.68 67.12 22.29 15.45
Muni Master, ICE BofA 586.645 3.253 3.182 4.311 2.801 3.465 –0.221
New-car loan, 48-month 7.86 7.86 6.75 l 7.88 3.83 Natural gas, $/MMBtu 1.703 0.048 2.90 3.575 1.576 -23.39 -32.26
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 847.500 7.444 7.305 8.842 7.206 9.428 –1.704
banks.† Excludes closing costs. Gold, $ per troy oz. 2160.70 3.40 0.16 2182.50 1816.60 9.17 4.77
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
P2JW079000-3-B00900-1--------XA

THE WALL STREET JOURNAL. * * * Tuesday, March 19, 2024 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and EvercoreA EVR 187.94 -1.33 HomeDepot HD 371.91 -1.32 LibertySirius A LSXMA 29.64 -0.09 NewsCorp A NWSA 25.45 -0.06 PureStorage PSTG 50.60 0.64 Spotify SPOT 254.15 -0.74 Uber UBER 75.70 -0.37
Nasdaq Stock Market listed securities. Prices are consolidated from trades Everest EG 388.11 -3.01 HondaMotor HMC 36.43 0.37 LibertySirius C LSXMK 29.64 -0.07 NextEraEnergy NEE 60.17 0.09 Qiagen QGEN 44.14 0.10 StanleyBlackDck SWK 88.13 -0.02 UiPath PATH 23.06 0.31
reported by various market centers, including securities exchanges, Finra, Evergy EVRG 51.76 0.16 Honeywell HON 196.76 -0.93 Light&Wonder LNW 99.42 -0.39 Nextracker NXT 59.16 -0.33 Qorvo QRVO 111.28 -0.57 Stantec STN 85.68 0.83 UltaBeauty ULTA 532.33 -3.65
electronic communications networks and other broker-dealers. The list EversourceEner ES 58.96 0.04 HormelFoods HRL 34.35 0.21 EliLilly LLY 762.66 8.49 Nike NKE 98.74 -0.90 Qualcomm QCOM 166.92 -0.28 Starbucks SBUX 91.01 0.89 Unilever UL 48.52 -0.42
comprises the 1,000 largest companies based on market capitalization. ExactSciences EXAS 58.86 1.15 DR Horton DHI 151.51 -0.18 LincolnElectric LECO 248.93 0.52 NiSource NI 26.65 0.15 s QuantaServices PWR 243.81 1.06 StateStreet STT 72.49 -0.01 UnionPacific UNP 244.36 0.23
Underlined quotations are those stocks with large changes in volume Exelon EXC 36.60 0.12 HostHotels HST 20.65 0.14 Linde LIN 466.11 -2.12 Nokia NOK 3.48 -0.21 QuestDiag DGX 128.14 -0.14 s SteelDynamics STLD 139.97 2.07 UnitedAirlines UAL 43.55 -0.07
compared with the issue’s average trading volume. Expedia EXPE 133.21 -0.26 HoulihanLokey HLI 122.64 -1.63 LithiaMotors LAD 283.66 1.70 s Nomura NMR 6.33 0.19 s Stellantis STLA 28.48 -0.02 UnitedMicro UMC 8.11 0.09
ExpeditorsIntl EXPD 117.23 -2.63 HowmetAerospace HWM 66.74 0.50 s LiveNationEnt LYV 104.38 0.61 Nordson NDSN 263.65 0.45 R S Steris STE 230.00 -0.05 UPS B UPS 151.69 -1.68
Boldfaced quotations highlight those issues whose price changed by 5% or ExtraSpaceSt EXR 138.07 -1.26 Hubbell HUBB 399.61 4.46 LloydsBanking LYG 2.50 0.01 NorfolkSouthern NSC 256.22 0.39 Stevanato STVN 29.45 -0.53 UnitedRentals URI 683.61 8.03
more if their previous closing price was $2 or higher. RBC Bearings RBC 260.74 -1.71
ExxonMobil XOM 112.30 1.03 HubSpot HUBS 599.85 -1.25 LockheedMartin LMT 433.20 -2.62 NorthernTrust NTRS 81.95 0.49 StifelFinancial SF 73.74 -0.32 US Bancorp USB 42.47 0.39
s Loews RB Global RBA 75.10 -0.16
Footnotes: F5 FFIV 187.35 -0.55 Humana HUM 347.19 -0.96 L 76.97 ... NorthropGrum NOC 462.39 0.64 STMicroelec STM 44.58 -0.21 US Steel X 38.87 0.02
RELX RELX 43.20 0.07
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most FMC FMC 66.06 1.01 JBHunt JBHT 191.20 -2.72 LogitechIntl LOGI 88.16 -6.56 NorwegCruise NCLH 19.65 0.25 Stryker SYK 354.08 1.85 UnitedTherap UTHR 233.97 -1.81
RPM RPM 115.56 -0.13
recent four quarters. FTI Consulting FCN 207.98 2.36 HuntingtonBcshs HBAN 13.02 -0.03 Lowe's LOW 243.48 -1.25 Novartis NVS 95.92 -1.35 RTX RTX 93.46 0.53 SumitomoMits SMFG 11.63 0.11 UnitedHealth UNH 487.05 -3.77
Fabrinet FN 198.40 -1.62 HuntingIngalls HII 290.59 1.57 lululemon LULU 459.57 -5.37 NovoNordisk NVO 132.89 0.52
RalphLauren RL 182.99 1.39 SunComms SUI 130.40 -0.59 UnitySoftware U 26.07 -0.02
Stock tables reflect preliminary closing values as of 4 p.m. ET and FactSet FDS 477.66 1.70 HyattHotels H 156.12 2.52 LyondellBasell LYB 99.85 -0.06 s NuHoldings NU 11.79 0.18 SunLifeFinancial SLF 54.53 -0.10 UnivDisplay OLED 159.51 -0.11
changes in the official closing prices from 4 p.m. ET the previous day. RangeResources RRC 32.14 0.10 UniversalHealthB UHS 177.30 3.40
FairIsaac FICO 1222.74 10.93 ICICI Bank IBN 25.95 0.13 Nucor NUE 189.80 1.32 s SuncorEnergy SU 36.34 0.26
s Fastenal FAST 75.70 0.67 IdexxLab IDXX 529.81 0.04 M N Nutanix NTNX 64.78 1.64
RaymondJames RJF 120.96 0.20
RealtyIncome O 52.21 0.02 SuperMicroComp SMCI 1000.68-68.15 s UnumGroup UNM 51.91 -0.20
FederalRealty FRT 99.79 0.67 s ING Groep ING 15.57 0.22 M&T Bank MTB 140.93 0.40 Nutrien NTR 53.81 0.05 RegalRexnord RRX 173.52 0.85 Suzano SUZ 12.14 -0.06 VICI Prop VICI 28.94 0.01
Monday, March 18, 2024 Net Net FedEx FDX 253.18 -0.11 IQVIA IQV 253.87 1.16 nVentElectric NVT 70.64 0.68 SynchronyFinl SYF 41.75 -0.03 VailResorts MTN 223.23 4.51
Stock Sym Close Chg Stock Sym Close Chg MGM Resorts MGM 44.12 1.24 RegencyCtrs REG 59.38 0.30
Net Ferguson FERG 206.76 -0.77 ITT ITT 126.48 -0.52 MKS Instrum MKSI 120.21 -1.00 NVIDIA NVDA 884.55 6.18 RegenPharm REGN 959.92 -4.55 Synopsys SNPS 560.63 10.60 Vale VALE 12.12 0.16
Stock Sym Close Chg Bio-RadLab A BIO 333.43 -0.08 s Cummins CMI 286.12 11.28 Ferrari RACE 426.53 1.99 IcahnEnterprises IEP 17.16 -0.31 MPLX MPLX 40.34 0.04 RegionsFinl RF 19.18 0.13 Sysco SYY 80.66 -0.26 s ValeroEnergy VLO 166.29 2.59
Biogen BIIB 219.40 0.09 s Curtiss-Wright CW 244.73 1.86 FidNatlFinl FNF 48.92 -0.36 Icon ICLR 332.51 -2.25 MSA Safety MSA 183.13 0.05 O P Q ReinsGrp RGA 184.14 -1.14
Vaxcyte PCVX 68.04 -1.66
A B C BioMarinPharm BMRN 83.81 -0.06 CyberArkSoftware CYBR 260.92 1.94 FidNatlInfo FIS 69.30 0.18 s IDEX IEX 240.56 0.59 MSCI MSCI 550.39 5.65 ONEOK OKE 77.79 0.79 Reliance RS 320.71 0.07 T U V VeevaSystems VEEV 228.43 1.45
FifthThirdBncp FITB 35.77 0.53 s IllinoisToolWks ITW 264.86 -2.06 Ventas VTR 42.77 0.29
BioNTech BNTX 92.99 0.51 MagnaIntl MGA 52.51 -0.01 ON Semi ON 73.82 -1.05 RenaissanceRe RNR 235.40 -2.00 TAL Education TAL 11.85 -0.17 Veralto
AECOM
AES
ACM 91.59 0.01
AES 14.88 -0.13
Birkenstock BIRK 46.40 -0.69 D E F FirstCitizBcshA FCNCA 1549.44 6.54 Illumina ILMN 130.14 2.41 ManhattanAssoc MANH 247.00 ... s OReillyAuto ORLY 1113.83 0.65 RentokilInit RTO 30.69 0.17 TC Energy TRP 40.28 0.07 VeriSign
VLTO 87.03
VRSN 190.13
0.53
-0.12
BlackRock BLK 800.25 -2.27 FirstHorizon FHN 14.80 0.12 ImperialOil IMO 67.64 0.26 ManulifeFinl MFC 24.07 -0.08 OccidentalPetrol OXY 63.20 0.55 Repligen RGEN 194.25 4.32
Aflac AFL 84.49 0.12 DTE Energy DTE 109.48 1.00 FirstSolar FSLR 149.48 2.06 Incyte INCY 57.34 -1.03 TD Synnex SNX 102.70 -0.90 VeriskAnalytics VRSK 235.73 1.21
Blackstone BX 123.43 -1.54 Maplebear CART 37.25 1.45 Okta OKTA 105.88 -0.22 RepublicSvcs RSG 187.58 1.27 TE Connectivity TEL 140.00 0.84 Verizon
AGCO AGCO 115.39 -1.04 Danaher DHR 251.47 2.07 FirstEnergy FE 38.21 0.26 Informatica INFA 34.85 0.60 VZ 39.93 0.44
Block SQ 80.86 0.69 MarathonOil MRO 26.59 0.08 OldDomFreight ODFL 418.74 -2.37 ResMed RMD 190.96 0.91 Telus TU 16.52 -0.04 VertexPharm VRTX 411.38
Ansys ANSS 335.27 7.39 Darden DRI 172.87 0.91 FirstService FSV 168.25 0.06 Infosys INFY 19.17 -0.06 3.69
BlueOwlCapital OWL 17.43 0.12 MarathonPetrol MPC 193.48 -0.36 OldRepublic ORI 29.08 -0.20 RestaurantBrands QSR 80.58 1.57 Ternium TX 39.89 0.18 s Vertiv
APA APA 32.34 0.34 Datadog DDOG 120.87 0.45 s Fiserv FI 152.15 2.52 IngersollRand IR 91.21 0.74 VRT 77.14 3.01
Boeing BA 179.84 -2.69 Markel MKL 1509.75-13.29 OmegaHealthcare OHI 30.83 0.07 Revvity RVTY 104.16 -0.74 TFI Intl TFII 151.07 -0.01 Viatris
ASE Tech ASX 11.03 0.22 DaVita DVA 137.02 0.37 FiveBelow FIVE 205.90 4.33 Ingredion INGR 115.37 0.62 VTRS 11.76 -0.18
Booking BKNG 3450.93 36.95 MarketAxess MKTX 219.47 1.02 Omnicom OMC 92.75 0.49 RexfordIndlRealty REXR 51.10 -0.31 TIM TIMB 18.47 -0.07 VinFastAuto VFS 4.93
ASML ASML 941.34 1.13 Dayforce DAY 67.58 1.49 FleetCorTech FLT 299.42 3.78 Insulet PODD 171.68 5.82 -0.09
BoozAllen BAH 144.49 -0.30 Marriott MAR 248.52 4.45 OnHolding ONON 33.10 -0.13 RioTinto RIO 62.27 0.09 TJX TJX 96.22 -1.33 Vipshop VIPS 17.16
AT&T T 17.30 0.25 DeckersOutdoor DECK 908.86 -0.94 Flex FLEX 27.39 0.45 Intel INTC 42.71 0.07 -0.06
BorgWarner BWA 32.07 -0.05 Marsh&McLen MMC 206.90 0.56 OntoInnovation ONTO 175.74 0.31 Rivian RIVN 11.40 0.36 TKO TKO 80.81 1.02 Visa V 285.05 2.01
AbbottLabs ABT 112.44 -3.05 BostonProps BXP 62.83 0.23 Deere DE 385.31 1.92 Floor&Decor FND 118.68 -2.01 InteractiveBrkrs IBKR 107.94 0.50 RobertHalf RHI 78.45 -0.40
MartinMarietta MLM 596.76 0.49 OpenText OTEX 38.60 0.12 T-MobileUS TMUS 161.15 -0.66 Vistra VST 62.48 0.92
AbbVie ABBV 178.49 0.61 BostonSci BSX 67.24 1.01 DellTechC DELL 106.63 -0.37 FlutterEnt FLUT 214.45 -1.62 ICE ICE 134.40 -0.24 MarvellTech MRVL 67.20 0.33 Oracle Robinhood HOOD 18.21 0.06
AcadiaHealthcare ACHC 78.15 0.36 DeltaAir DAL 43.44 0.32 FomentoEconMex FMX127.92 -0.06 InterContinentl IHG 104.24 -0.41 ORCL 127.80 2.26 TPG TPG 43.94 -0.19 Vodafone VOD 8.61 -0.21
BristolMyers BMY 51.59 -0.75 Masco MAS 73.88 -0.28 Orange ORAN 11.52 0.04 Roblox RBLX 36.20 -3.04 T.RowePrice TROW 115.03 0.17 VulcanMatls VMC 269.42 2.56
Accenture ACN 372.67 -1.93 BritishAmTob BTI 31.07 0.77 DescartesSystems DSGX 92.67 0.37 FordMotor F 12.18 0.12 IBM IBM 191.69 0.62 Mastercard MA 478.89 3.06 Orix IX 109.53 2.34 RocketCos. RKT 12.26 -0.05 TaiwanSemi TSM 136.64 0.21
s AcuityBrands AYI 262.64 4.10 DeutscheBank DB 14.63 -0.19
Adobe ADBE 513.86 21.40
Broadcom AVGO 1237.24 1.74
BroadridgeFinl BR 199.48 -0.72 DevonEnergy DVN 47.47 -0.15
Fortinet
Fortis
FTNT 67.55 0.83 IntlFlavors IFF 83.81 0.96
FTS 39.57 -0.15 IntlPaper IP 34.94 -1.41
MatadorRscs MTDR 66.50 -0.06 Oshkosh OSK 116.40 1.24
MatchGroup MTCH 35.13 1.58 s OtisWorldwide OTIS 98.04 -0.46
Rockwell ROK 278.17 -2.71
RogersComm B RCI 42.21 -0.37
TakeTwoSoftware TTWO 144.62 0.71 W X Y Z
AdvDrainageSys WMS 162.59 -0.69 DexCom DXCM 134.72 4.26 Fortive FTV 85.22 -0.13 Interpublic IPG 32.43 0.04 TakedaPharm TAK 14.56 0.09
AdvMicroDevices AMD 190.65 -0.41
BrookfieldAsset BAM 40.55 -0.37
Diageo DEO 145.89 -2.82 FortuneBrands FBIN 78.99 -1.12 Intuit INTU 630.39 4.87
McCormickVtg MKC.V 68.70 1.71 Ovintiv OVV 50.60 0.14 RoivantSciences ROIV 9.87 -0.27 Tapestry TPR 46.69 -0.15 WEC Energy WEC 81.02 0.24
Aegon AEG 5.78 0.02
Brookfield BN 40.98 -0.02
DiamondbkEner FANG 190.06 0.12 FoxB FOX 27.00 0.11 IntuitiveSurgical ISRG 392.62 -3.66
McCormick MKC 68.12 -0.05 OwensCorning OC 157.67 -2.12 Roku ROKU 63.37 -0.62 s TargaResources TRGP 107.36 1.39 WEX WEX 233.28 1.08
BrookfieldInfr BIP 29.13 -0.31 McDonald's MCD 278.58 -0.56 s Rollins ROL 46.66 0.31 W.P.Carey WPC 55.42 -0.57
s AerCap AER 86.26 0.43 Dick's DKS 213.04 1.56 FoxA FOXA 29.71 0.16 InvitatHomes INVH 34.62 -0.34 PDD PDD 128.71 4.97 Target TGT 167.59 3.37
BrookfieldRenew BEPC 23.37 -0.47 McKesson MCK 529.71 -3.93 RoperTech ROP 546.16 -1.19 s TechnipFMC FTI 24.58 0.08 WPP WPP 44.82 -0.14
AffirmHldgs AFRM 34.21 0.50 DigitalRealty DLR 142.21 1.35 Franco-Nevada FNV 116.62 2.14 IronMountain IRM 79.68 1.07 PG&E PCG 16.06 -0.19
Brown&Brown BRO 85.01 0.07 Medpace MEDP 390.92 -5.84 RossStores ROST 144.31 -0.81 Wabtec WAB 141.55 1.73
AgilentTechs A 146.09 -1.39 DiscoverFinSvcs DFS 120.38 0.14 FranklinRscs BEN 26.86 -0.04 ItauUnibanco ITUB 6.90 0.02 PNC Finl PNC 149.60 0.82 TeckResourcesB TECK 44.40 -0.47
Brown-Forman A BF.A 53.70 -1.33 Medtronic MDT 83.66 0.09 RoyalBkCanada RY 99.27 -0.07 WalgreensBoots WBA 20.69 -0.13
AgnicoEagleMines AEM 55.30 -0.64 Disney DIS 113.85 1.90 s FreeportMcM FCX 44.48 -0.13 POSCO PKX 82.30 0.92 TeledyneTech TDY 414.68 -0.44
t Brown-Forman B BF.B 52.43 -1.29 MercadoLibre MELI 1509.05 9.54 RoyalCaribbean RCL 128.26 -0.66 Walmart WMT 60.86 0.18
AirProducts APD 245.61 0.98 Bruker BRKR 92.02 -0.08 DocuSign DOCU 58.12 1.35 FreseniusMedCare FMS 19.03 -0.01 J K L Merck MRK 121.44 -0.08
PPG Ind
PPL
PPG 139.07 1.21
PPL 26.90 0.26
RoyalGold RGLD 110.19 -1.35
Teleflex
Ericsson
TFX 216.47 1.08
ERIC 5.33 -0.41
WarnerBrosA WBD 8.48 -0.06
Airbnb ABNB 161.86 1.22 BuildersFirst BLDR 195.30 -0.19 DolbyLab DLB 83.76 -0.06 FullTruck YMM 7.19 -0.27 MetaPlatforms META 496.98 12.88 RoyaltyPharma RPRX 30.05 -0.04 WarnerMusic WMG 33.33 0.39
AkamaiTech AKAM 107.87 0.62 DollarGeneral DG 155.75 3.80 JD.com JD 27.85 0.40 PTC PTC 183.66 1.85 TelefonicaBras VIV 10.25 -0.14 s WasteConnections WCN 171.74
BungeGlobal BG 96.69 1.13 Futu FUTU 56.98 2.73 MetLife MET 72.55 0.16 RyanSpecialty RYAN 55.33 -0.17 0.81
Albemarle ALB 124.58 2.44 DollarTree DLTR127.25 -0.17 s JPMorganChase JPM 192.66 2.36 PVH PVH 128.81 -2.11 Telefonica TEF 4.23 -0.01 s WasteMgt WM 211.67
BurlingtonStrs BURL 219.61 1.58 Mettler-Toledo MTD 1306.17-18.28 s Ryanair RYAAY 143.80 1.84 1.14
Albertsons ACI 20.82 0.02 CACI Intl CACI 368.22 -4.46 DominionEner D 48.51 0.67 G H I Jabil JBL 124.18 1.03
JackHenry JKHY 170.40 -0.55
MicrochipTech MCHP 88.08 -0.56
s Paccar PCAR 120.34 2.01
PackagingCpAm PKG 180.98 -1.93
SAP SAP 186.77 -1.54
TelekmIndonesia TLK 25.05 -0.22 Waters
TempurSealy TPX 52.59 -0.42 Watsco
WAT 347.27 -5.63
Alcon ALC 84.13 -0.85 CAVA CAVA 62.05 -2.11 Domino's DPZ 442.79 1.57 MicronTech MU 93.78 0.53 S&P Global SPGI 421.75 -1.06 WSO 410.09 5.89
AlexandriaRlEst ARE 123.44 -0.31 Donaldson DCI 72.93 -0.80 GE HealthCare GEHC 90.61 1.20 JacobsSolns J 147.92 -1.05 PalantirTech PLTR 24.00 0.51 Tenaris TS 38.53 -0.08 Wayfair W 60.23
CBRE Group CBRE 93.05 -0.16 Microsoft MSFT 417.32 0.90 SBA Comm SBAC 213.26 -2.22 -0.72
Alibaba BABA 73.52 0.10 DoorDash DASH 129.58 -0.97 GFLEnvironmental GFL 34.03 0.25 JamesHardie JHX 39.25 0.36 MicroStrategy MSTR 1502.76-279.60 PaloAltoNtwks PANW 285.24 3.08 TencentMusic TME 10.38 0.05 WeatherfordIntl WFRD 112.82
CDW CDW 245.02 -0.49 SEI Investments SEIC 68.74 0.11 -0.09
AlignTech ALGN 316.14 1.79 Dover DOV 174.42 -1.11 GSK GSK 42.14 -0.05 JazzPharm JAZZ 123.41 2.51 ParamountA PARAA 21.60 -0.79 TenetHealthcare THC 100.38 1.58 WebsterFin WBS 47.95
CF Industries CF 85.98 2.56 MidAmApt MAA 129.79 -0.55 SK Telecom SKM 22.10 0.04 -0.08
Allegion ALLE 131.34 0.95 Dow DOW 56.74 -0.30 Gallagher AJG 253.69 0.52 JefferiesFinl JEF 43.60 0.15 Middleby MIDD 151.00 -2.39 ParamountB PARA 11.20 -0.01 SS&C Tech SSNC 62.67 0.65 Teradyne TER 102.86 -0.20 WellsFargo WFC 57.77 0.26
CGI A GIB 115.81 -0.84
AlliantEnergy LNT 48.61 0.22 DrReddy'sLab RDY 75.49 0.25 Gaming&Leisure GLPI 45.07 -0.07 J&J JNJ 156.76 -1.42
MitsubishiUFJ MUFG 10.32 0.16 ParkerHannifin PH 536.26 0.84 Saia SAIA 560.75-17.33 Tesla TSLA 173.80 10.23 Welltower WELL 92.30 0.95
CH Robinson CHRW 73.38 -0.56
s Gap GPS 24.69 1.10 JohnsonControls JCI 63.16 -0.03
Allstate ALL 163.01 0.81 CME Group CME 218.89 1.39 DraftKings DKNG 43.52 1.74 MizuhoFin MFG 4.00 0.05 Parsons PSN 81.10 -0.47 Salesforce CRM 300.51 6.18 TetraTech TTEK 176.98 -1.75 WescoIntl WCC 161.98 1.85
AllyFinancial ALLY 37.98 0.36 Dropbox DBX 23.97 0.15 Garmin GRMN 146.01 0.26 JonesLang JLL 183.29 -0.39 Mobileye MBLY 28.94 1.20 Paychex PAYX 120.54 0.26 Samsara IOT 36.95 1.19 TevaPharm TEVA 13.32 -0.11 WestPharmSvcs WST 395.72 8.10
CMS Energy CMS 58.30 0.48
AlnylamPharm ALNY 147.41 -1.86 DukeEnergy DUK 94.94 0.23 Gartner IT 474.75 3.78 JuniperNetworks JNPR 36.71 0.49 Moderna MRNA 104.26 0.41 PaycomSoftware PAYC 191.61 1.91 Sanofi SNY 47.83 -0.46 TexasInstruments TXN 169.21 -3.31 WesternDigital WDC 59.31 -0.48
CNA Fin CNA 44.15 -0.16
Alphabet A GOOGL147.68 6.50 CNH Indl CNHI 12.36 0.02 Duolingo DUOL 216.53 0.19 GenDigital GEN 21.21 -0.05 KB Financial KB 55.43 -1.45 MohawkInds MHK 119.24 1.41 Paylocity PCTY 168.65 2.07 SareptaTherap SRPT 123.97 0.92 TexasPacLand TPL 1670.10 3.61 WesternMidstrm WES 34.41 -0.12
Alphabet C GOOG148.48 6.31 DuPont DD 73.52 0.09 s GeneralDynamics GD 277.60 2.39 KBR KBR 60.01 -0.25 s MolinaHealthcare MOH 410.35 5.90 PayPal PYPL 64.23 1.38 Schlumberger SLB 53.43 0.56 TexasRoadhouse TXRH 152.00 -0.26 s Westlake WLK 143.74 -3.05
CRH CRH 84.28 0.88
Altria MO 44.51 0.64 CSX CSX 37.31 0.34 Dynatrace DT 45.52 -0.09 GeneralElec GE 169.91 1.02 KE Holdings BEKE 14.11 0.08 MolsonCoorsA TAP.A 68.00 5.26 Pearson PSO 12.90 -0.02 SchwabC SCHW 67.40 0.36 s Textron TXT 93.12 0.21 WestRock WRK 48.39 -0.21
Amazon.com AMZN 174.48 0.06 CVS Health CVS 77.57 0.17 elfBeauty ELF 196.86 -2.51 GeneralMills GIS 67.74 0.98 KKR KKR 95.15 -1.55 MolsonCoorsB TAP 67.45 -0.02 PembinaPipeline PBA 34.92 -0.07 ScienceApplicat SAIC 128.40-14.24 ThermoFisher TMO 580.05 -4.10 Weyerhaeuser WY 34.15 -0.18
Ambev ABEV 2.51 0.01 CadenceDesign CDNS 300.93 2.49 s EMCOR EME 330.84 2.34 GeneralMotors GM 40.82 0.13 KLA KLAC 690.70 6.80 monday.com MNDY 223.22 6.22 PenskeAuto PAG 152.96 -0.34 Sea SE 57.85 -0.28 ThomsonReuters TRI 156.75 -0.60 WheatonPrecMtls WPM 44.16 -0.26
Amcor AMCR 9.42 -0.06 CaesarsEnt CZR 39.83 0.66 ENI E 30.93 -0.29 Genmab GMAB 29.69 -0.25 Kanzhun BZ 19.12 -0.09 Mondelez MDLZ 71.31 0.56 Pentair PNR 80.64 0.01 Seagate STX 85.39 -0.62 3M MMM 104.80 -0.20 Williams WMB 37.22 0.22
Amdocs DOX 91.03 -1.17 CamdenProperty CPT 97.46 -1.03 EOG Rscs EOG 123.57 0.78 Gentex GNTX 36.10 0.39 Kaspi.kz KSPI 114.05 1.40 MongoDB MDB 356.37 0.93 Penumbra PEN 234.36 12.21 Sempra SRE 70.60 0.59 Toast TOST 23.51 -0.04 Williams-Sonoma WSM 285.26 1.49
AmerSports AS 15.06 -0.07 Cameco CCJ 41.95 0.84 EPAM Systems EPAM 292.70 -6.19 GenuineParts GPC 153.47 -0.19 Kellanova K 54.77 1.21 MonolithicPower MPWR 674.30-12.69 PepsiCo PEP 171.26 6.60 ServiceIntl SCI 72.50 0.03 TollBros TOL 119.58 -0.73 WillisTowers WTW 273.82 1.87
Ameren AEE 71.97 0.39 CampbellSoup CPB 43.32 0.61 EQT EQT 33.40 -0.03 GileadSciences GILD 73.26 -0.43 Kenvue KVUE 20.20 -0.14 MonsterBev MNST 60.79 0.34 PerformanceFood PFGC 75.61 -0.63 ServiceNow NOW 755.80 11.89 TopBuild BLD 407.50 -2.30 WillScotMobile WSC 45.05 -0.64
AmericaMovil AMX 18.71 -0.09 CIBC CM 49.60 0.36 EagleMaterials EXP 249.88 0.31 GitLab GTLB 55.24 1.82 KeurigDrPepper KDP 29.51 0.63 Moody's MCO 384.08 -0.08 s PermianRscs PR 16.55 0.07 SharkNinja SN 57.62 -0.33 Toro TTC 88.93 -0.78 Wingstop WING 339.55 -8.10
AmerAirlines AAL 14.11 0.15 CanNtlRlwy CNI 130.08 1.46 EastWestBncp EWBC 74.72 -0.49 GlobalPayments GPN 130.55 0.67 KeyCorp KEY 14.44 -0.04 MorganStanley MS 87.96 -0.42 PetroleoBrasil PBR 14.59 0.05 Shell SHEL 66.14 0.28 TorontoDomBk TD 59.26 -0.80 Wipro WIT 6.05 -0.08
AEP AEP 82.16 0.05 CanadianNatRscs CNQ 73.41 0.81 EastGroup EGP 175.72 -0.51 GlobalFoundries GFS 52.10 0.22 KeysightTech KEYS 149.71 -0.09 Morningstar MORN 301.95 -2.27 PetroleoBrasilA PBR.A 14.41 -0.03 SherwinWilliams SHW 335.27 0.61 TotalEnergies TTE 68.10 0.81 Wix.com WIX 138.52 2.95
AmerExpress AXP 220.97 2.51 CdnPacKC CP 89.87 0.19 EastmanChem EMN 92.30 ... Globant GLOB 207.02 -9.57 KimberlyClark KMB 124.23 -0.24 Mosaic MOS 32.22 0.12 Pfizer PFE 27.72 -0.22 ShinhanFin SHG 36.76 -0.62 ToyotaMotor TM 238.66 4.04 WoodsideEnergy WDS 19.37 -0.11
s AmericanFin AFG 130.15 -2.30 CapitalOne COF 136.27 0.72 Eaton ETN 298.75 0.85 GlobeLife GL 116.62 0.59 KimcoRealty KIM 19.11 0.23 s MotorolaSol MSI 340.03 -4.16 PhilipMorris PM 95.33 1.06 ShockwaveMed SWAV 277.11 3.11 TractorSupply TSCO 255.72 -1.43 Woodward WWD 147.52 -0.62
AmHomes4Rent AMH 35.85 -0.43 CardinalHealth CAH 110.16 -0.45 eBay EBAY 51.35 -0.85 s GoDaddy GDDY 119.42 2.23 KinderMorgan KMI 17.64 0.04 MurphyUSA MUSA 413.25 -8.54 Phillips66 PSX 156.76 -2.27 Shopify SHOP 77.52 0.37 TradeDesk TTD 78.35 1.63 WooriFinl WF 35.12 -0.62
s AIG AIG 75.34 -0.93 s Carlisle CSL 367.14 -4.34 s Ecolab ECL 228.12 1.99 GoldFields GFI 14.41 -0.27 KinsaleCapital KNSL 515.81 -0.31 NICE NICE 238.84 1.04 Pilgrim'sPride PPC 33.76 0.07 SimonProperty SPG 151.95 1.18 Tradeweb TW 103.82 -0.37 Workday WDAY 272.60 4.33
AmerTowerREIT AMT 195.91 -1.43 Carlyle CG 45.01 0.43 Ecopetrol EC 10.80 -0.23 GoldmanSachs GS 384.37 -2.84 Knight-Swift KNX 52.62 -1.52 NIO NIO 5.54 -0.04 PinnacleWest PNW 72.08 1.10 SimpsonMfg SSD 195.27 -1.97 s TraneTech TT 291.77 0.36 WynnResorts WYNN 98.84 -0.25
AmerWaterWorks AWK 117.23 0.09 CarMax KMX 79.83 -0.91 EdisonIntl EIX 68.96 0.16 Grab GRAB 3.17 ... Philips PHG 20.67 -0.39 NNN REIT NNN 41.36 -0.10 Pinterest PINS 33.98 -0.21 SiriusXM SIRI 4.03 -0.02 TransDigm TDG 1181.00 8.80 XP XP 25.23 -0.14
s Ameriprise AMP 424.36 4.87 Carnival CCL 16.19 -0.07 EdwardsLife EW 92.85 0.54 Graco GGG 92.01 -1.43 KoreaElecPwr KEP 9.09 -0.20 NOV NOV 18.57 0.01 PioneerNatRscs PXD 251.95 1.99 SiteOneLandscape SITE 170.14 0.13 TransUnion TRU 77.84 0.89 XPO XPO 122.08 -0.58
s Ametek AME 182.08 0.56 Carnival CUK 14.68 -0.01 ElancoAnimal ELAN 15.78 0.06 Grainger GWW 994.49 0.12 KraftHeinz KHC 34.92 0.55 s NRG Energy NRG 65.00 1.07 s PlainsAllAmPipe PAA 17.07 0.18 SkechersUSA SKX 60.18 -0.73 Travelers TRV 221.92 0.99 XcelEnergy XEL 52.04 0.05
Amgen AMGN 270.90 2.03 CarrierGlobal CARR 57.10 0.05 Elastic ESTC 101.60 0.52 GraphicPkg GPK 27.11 -0.53 Kroger KR 56.19 0.13 NVR NVR 7630.84 64.97 PlainsGP PAGP 17.55 0.12 Skyworks SWKS 103.09 -0.98 Trex TREX 94.64 0.24 XPeng XPEV 9.82 0.18
AmkorTech AMKR 31.04 -0.21 Carvana CVNA 80.79 1.21 ElbitSystems ESLT 200.64 0.54 GpoAeroportuar PAC 147.69 -1.22 LKQ LKQ 51.22 -0.29 NXP Semicon NXPI 236.62 -0.92 Pool POOL 397.30 -2.01 SmithAO AOS 85.86 -1.23 Trimble TRMB 62.45 0.38 Xylem XYL 127.49 0.22
Amphenol APH 109.59 0.51 CaseysGenStores CASY 305.17 -0.26 ElectronicArts EA 132.48 -1.79 GpoAeroportSur ASR 302.89 -2.38 s LPL Financial LPLA 269.75 1.31 Nasdaq NDAQ 60.29 0.61 Primerica PRI 246.16 -0.72 Smith&Nephew SNN 26.67 -0.34 Trip.com TCOM 44.25 0.83 s YPF YPF 19.26 1.20
AnalogDevices ADI 191.22 -3.98 Catalent CTLT 55.96 -0.26 ElevanceHealth ELV 511.30 -1.78 Guidewire GWRE 113.54 0.88 L3HarrisTech LHX 210.93 -1.93 Natera NTRA 90.12 0.60 PrincipalFinl PFG 82.25 -0.30 Smucker SJM 122.68 0.61 TruistFinl TFC 34.93 0.07 Yum!Brands YUM 136.27 -0.57
AngloGoldAsh AU 21.17 -0.84 s Caterpillar CAT 351.90 4.93 s EmersonElec EMR 111.06 0.47 HCA Healthcare HCA 327.17 5.20 LabCorp.ofAmerica LH 209.54 0.33 NationalGrid NGG 67.21 -0.68 ProcoreTech PCOR 79.01 0.41 Snap SNAP 11.06 -0.13 Twilio TWLO 60.71 1.05 YumChina YUMC 41.20 -0.75
AB InBev BUD 60.06 -0.74 s Celanese CE 162.31 2.26 Enbridge ENB 35.52 ... HDFC Bank HDB 56.01 0.78 LamResearch LRCX 925.28 15.19 NatWest NWG 6.24 -0.01 Procter&Gamble PG 161.21 -0.17 Snap-On SNA 287.33 -1.87 TylerTech TYL 416.33 0.02 ZTO Express ZTO 21.67 -0.14
AnnalyCap NLY 19.48 ... CelsiusHldg CELH 89.54 -3.36 EncompassHealth EHC 75.99 1.24 HF Sinclair DINO 59.33 -0.01 LamarAdv LAMR 116.18 0.09 NetApp NTAP 101.80 -0.55 s Progressive PGR 206.41 1.53 Snowflake SNOW 156.31 -0.66 TysonFoods TSN 56.09 -0.06 ZebraTech ZBRA 285.97 0.11
AnteroResources AR 25.60 -0.21 Cemex CX 8.31 -0.06 Endeavor EDR 24.74 -0.27 HP HPQ 29.94 -0.48 LambWeston LW 102.86 0.80 NetEase NTES 105.76 -1.17 Prologis PLD 128.14 -0.88 SOQUIMICH SQM 50.17 -0.15 UBS Group UBS 31.55 -0.38 Zillow C Z 47.67 -0.04
Aon AON 319.78 0.79 s Cencora COR 239.31 1.08 s EnergyTransfer ET 15.56 0.22 HSBC HSBC 38.42 0.21 LasVegasSands LVS 50.61 -0.42 s Netflix NFLX 618.39 12.51 s PrudentialFinl PRU 113.08 0.24 Sony SONY 89.03 1.65 UDR UDR 36.81 -0.36 Zillow A ZG 46.66 0.44
APi Group APG 37.78 -0.27 CenovusEnergy CVE 18.96 0.38 EnphaseEnergy ENPH 111.19 3.46 H World HTHT 39.00 -0.09 LatticeSemi LSCC 75.80 0.15 Neurocrine NBIX 139.44 0.34 Prudential PUK 20.10 -0.41 Southern SO 69.42 0.33 U-Haul UHAL 65.11 -0.60 ZimmerBiomet ZBH 125.96 0.79
ApolloGlblMgmt APO 110.28 -0.13 Centene CNC 77.02 1.55 Entegris ENTG 135.06 -0.94 Haleon HLN 8.12 -0.19 Lear LEA 140.41 0.23 NewOrientalEduc EDU 91.62 -0.24 PublicServiceEnt PEG 64.03 0.25 s SoCopper SCCO 102.60 -0.40 U-Haul N UHAL/B 63.91 -0.94 Zoetis ZTS 170.69 -1.88
AppFolio APPF 221.47 0.01 CenterPointEner CNP 27.94 0.07 Entergy ETR 102.61 0.65 Halliburton HAL 37.71 -0.02 LegendBiotech LEGN 64.66 0.64 Newmont NEM 34.42 0.54 PublicStorage PSA 277.58 0.54 SouthwestAir LUV 28.01 -0.34 US Foods USFD 53.21 -0.80 ZoomVideo ZM 66.23 0.27
Apple AAPL 173.72 1.10 CentraisElBras EBR 8.23 -0.36 EnterpriseProd EPD 28.77 0.13 HartfordFinl HIG 99.65 0.58 Leidos LDOS 126.35 -1.57 NewsCorp B NWS 26.36 -0.08 PulteGroup PHM 110.18 -0.72 SouthwesternEner SWN 7.04 -0.01 UWM UWMC 6.79 0.05 Zscaler ZS 195.94 1.91
s AppliedIndlTechs AIT 192.69 3.21 CerevelTherap CERE 42.56 0.23 Equifax EFX 255.07 2.13 Hasbro HAS 53.29 -0.02 Lennar B LEN.B 141.09 0.23
ApplMaterials AMAT 200.73 2.08 CharlesRiverLabs CRL 262.13 3.16 Equinix EQIX 860.65 10.26 HealthpeakProp DOC 17.32 0.08 Lennar A LEN 156.61 0.04
s AppLovin APP 68.15 5.02 CharterComms CHTR 296.18 5.53 Equinor EQNR 26.63 0.37 Heico HEI 188.02 0.83 LennoxIntl LII 472.61 0.53
Aptargroup ATR 139.26 -1.74
Aptiv APTV 77.81 0.57
CheckPoint CHKP 166.48 1.89
Chemed CHE 649.04 2.05
s Equitable EQH 35.59 0.37
EquityLife ELS 65.07 -0.36
Heico A HEI.A 150.98 0.68 LeviStrauss LEVI 18.28 0.09
HenrySchein HSIC 74.18 -0.40 LiAuto LI 33.15 -4.62
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
Aramark ARMK 31.41 0.30 CheniereEnergy LNG 160.67 -0.62 EquityResdntl EQR 62.38 -0.65 Hershey HSY 197.05 3.51 LibertyBroadbandC LBRDK 58.18 0.81
ArcelorMittal MT 26.45 0.03
ArchCapital ACGL 91.40 -0.48
CheniereEnerPtrs CQP 48.24 -0.29
ChesapeakeEner CHK 83.48 0.01
ErieIndemnity ERIE 411.28 -5.51
EssentialUtil WTRG 35.76 -0.24
EssexProp ESS 237.60 -1.47
Hess HES 150.20 -0.66 LibertyBroadbandA LBRDA 57.83 0.76
HessMidstream HESM 35.31 0.13 s LibertyLiveA LLYVA 40.00 0.33
HewlettPackard HPE 17.06 0.33 s LibertyLiveC LLYVK 41.35 0.47
Money Rates March 18, 2024
ADM ADM 60.41 1.10 Chevron CVX 155.41 -0.14
EsteeLauder EL 147.82 -1.93 Hilton HLT 206.50 1.84 LibertyFormOne A FWONA 59.59 -1.26
AresMgmt ARES 130.17 -1.94
argenx ARGX 361.54 -9.74
Chewy
s Chipotle
CHWY 16.84 -0.55
Etsy ETSY 66.07 -0.19 Hologic HOLX 76.35 0.44 LibertyFormOne C FWONK 67.75 -1.36
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
CMG 2773.53 17.14
AristaNetworks ANET 289.32 11.59 Chubb CB 257.64 1.35 guide to general levels but don’t always represent actual transactions.
Arm ARM 129.75 2.78 ChunghwaTel CHT 38.51 0.06
AscendisPharma ASND 147.06 -1.64 Church&Dwight CHD 104.26 -0.08 Week —52-WEEK— Week —52-WEEK—
Inflation
AspenTech AZPN 196.57 1.65
Assurant AIZ 178.39 -2.77
ChurchillDowns CHDN 115.61 -1.76
Ciena CIEN 49.50 -0.52 Dividend Changes Feb. index Chg From (%)
Latest ago High Low Latest ago High Low
AstraZeneca AZN 65.85 -0.46 s Cigna CI 352.63 0.58 Japan 1.475 1.475 1.475 1.475
Atlassian TEAM 197.01 2.58 CincinnatiFinl CINF 118.22 -0.87 level Jan. '24 Feb. '23 Federal funds
Amount Payable /
AtmosEnergy ATO 115.41 0.86 Cintas CTAS 624.96 -2.42 Policy Rates Effective rate 5.3300 5.3300 5.3500 4.6000
Company Symbol Yld % New/Old Frq Record U.S. consumer price index
Autodesk ADSK 255.18 0.94 CiscoSystems CSCO 49.27 0.34
Autoliv ALV 119.00 -1.03 Citigroup C Euro zone 4.50 4.50 4.50 3.00 High 5.6500 5.5500 5.6500 4.9100
58.63 1.02 Increased All items 310.326 0.62 3.2
Low 5.3200 5.3300 4.5800
ADP ADP 241.85 -0.24 CitizensFin CFG 33.68 0.19 Switzerland 2.25 2.25 2.25 1.50 5.3100
AutoZone AZO 3101.97-22.36 CivitasRscs CIVI 73.00 1.58 Colgate-Palmolive CL 2.3 .50 /.48 Q May15 /Apr22 Core 315.419 0.57 3.8
Britain 5.25 5.25 5.25 4.00 Bid 5.3100 5.3200 5.3300 4.5800
Avalonbay AVB 182.55 -1.27 CleanHarbors CLH 191.29 3.45 Townsquare Media Cl A TSQ 7.2 .1975 /.1875 Q May01 /Apr05
Australia 4.35 4.35 4.35 3.60 Offer 5.3300 5.3300 5.3700 4.6000
Avangrid AGR 35.68 0.06 Cleveland-Cliffs CLF 20.07 0.31 Trinity Capital TRIN 13.4 .51 /.50 Q Apr15 /Mar28
Avantor AVTR 25.47 0.39 Clorox CLX 148.85 -1.31 UDR UDR 4.6 .425 /.42 Q Apr30 /Apr10
International rates
AveryDennison AVY 214.47 -1.21 Cloudflare NET 94.64 3.04 Overnight repurchase Treasury bill auction
AxaltaCoating AXTA 33.29 -0.09 Coca-Cola KO 60.13 0.25 Reduced Week 52-Week U.S. 5.32 5.35 5.48 4.58 4 weeks 5.280 5.280 5.840 3.190
AxonEnterprise AXON 308.45 0.80 CocaColaCon COKE 833.60 3.14 Granite Point Mtg Trust GPMT 15.7 .15 /.20 Q Apr15 /Apr01 Latest ago High Low
BCE BCE 34.20 -0.20 Coca-ColaEuro CCEP 71.31 0.39 13 weeks 5.245 5.250 5.345 4.675
BHP Group BHP 55.88 0.21 CognizantTech CTSH 75.09 -0.24 U.S. government rates
BJ'sWholesale BJ 76.40 1.31
Foreign Prime rates 26 weeks 5.130 5.100 5.350 4.620
Coherent COHR 59.59 0.83
BP BP 37.79 0.30 CoinbaseGlbl COIN 239.62 -2.74 Arcos Dorados Holdings A ARCO 2.2 .06 Sep27 /Sep24 U.S.
Q 8.50 8.50 8.50 7.75 Discount
BWX Tech BWXT 99.81 0.36 ColgatePalm CL 88.27 -0.18 City Office REIT CIO 9.5 .10 Apr24 /Apr10 Canada
Q 7.20 7.20 7.20 6.70
Baidu BIDU 104.77 0.91 Comcast A CMCSA 43.12 0.35 City Office REIT Pfd A CIOpA 9.2 .41406 Apr24 /Apr10
Q
5.50 5.50 5.50 4.75 Secondary market
BakerHughes BKR 32.39 0.07 ComfortSystems FIX 309.54 0.97 Hello Group ADR ... .52 Apr30 /Apr12
Ball BALL 64.78 0.70 SABESP SBS 15.07 -0.19
MOMO A Fannie Mae
Imperial Petroleum Pfd A IMPPP 9.3 .54688 Apr01 /Mar26
Q
BBVA BBVA 11.29 -0.10
BancoBradesco BBDO 2.54 ...
ConagraBrands CAG 28.22 0.15
Confluent CFLT 31.53 0.72 InterContinental Htl ADR
KE Holdings ADR
IHG
BEKE
1.4
2.2
1.04
.30888
May14 /Apr05
SA
Apr24 /Apr05
Key Interest Rates 30-year mortgage yields
30 days 6.455 6.132 7.495 5.496
BancodeChile BCH 23.40 0.01 ConocoPhillips COP 120.26 0.22
BancSanBrasil BSBR 5.69 -0.03 ConEd ED 88.99 0.05 Marvell Technology MRVL 0.4 Q .06 May01 /Apr12 Data are annualized on a 360-day basis. Treasury yields are per annum, 60 days 6.470 6.132 7.554 5.500
BcoSantChile BSAC 20.00 -0.20 ConstBrands A STZ 266.35 -1.29 Seanergy Maritime Hldgs SHIP 1.1 Q .025 Apr10 /Mar25 on actively traded noninflation and inflation-indexed issues that are
s BancoSantander SAN 4.46 0.04 ConstellationEner CEG 168.84 3.32 Seanergy Maritime Hldgs SHIP 1.1 .075 Apr10 /Mar25 adjusted to constant maturities. Data are from weekly Federal Reserve
BanColombia CIB 33.16 0.85 Cooper COO 100.82 0.11
Seapeak 8.5% Pfd. B SEALpB 8.4 Q .5313 Apr12 /Mar28 Other short-term rates
BankofAmerica BAC 36.01 0.60
Apr12 /Mar28 release H.15.
Copart CPRT 56.09 -0.04
BankMontreal BMO 93.92 0.07 s Core&Main CNM 50.69 -0.23 Seapeak 9% Pfd. A SEALpA 8.8 Q .5625
Week Ended 52-Week Week Ended 52-Week Week 52-Week
BankNY Mellon BK 54.94 0.53 s CorebridgeFin CRBG 25.79 0.38 TE Connectivity TEL 1.9 Q .65 Jun07 /May24 Latest high low
BankNovaScotia BNS 49.69 -0.11 Corning GLW 32.33 -0.18 Mar 15 Mar 8 High Low Mar 15 Mar 8 High Low ago
TE Connectivity TEL 1.9 Q .65 Sep06 /Aug23
Barclays BCS 9.08 -0.06 Corteva CTVA 54.71 -0.38 Weibo ADR WB ... .80 May13 /Apr12 Federal funds (effective) 6-month 5.37 5.35 5.58 4.82
BarrickGold GOLD 15.63 -0.13 s CoStar CSGP 96.15 0.97 1-year 5.01 4.94 5.46 4.34 Call money
Bath&BodyWks BBWI 46.37 0.74 Costco COST 731.54 5.91 Wheaton Precious Metals WPM 1.4 Q .155 Apr15 /Apr03
5.33 5.33 5.33 4.57 2-year 4.62 4.54 5.14 3.88 7.25 7.25 7.25 6.50
BaxterIntl BAX 41.54 -0.07 CoterraEnergy CTRA 26.55 0.13
Special 3-year 4.39 4.31 4.97 3.63
BectonDicknsn BDX 237.72 1.01 Coty COTY 12.09 -0.25
FutureFuel FF 3.1 2.50 Apr09 /Mar26
Commercial paper Commercial paper (AA financial)
BeiGene BGNE 168.50 -1.50 Coupang CPNG 18.23 0.10 5-year 4.21 4.12 4.86 3.43
BellRing BRBR 60.78 0.79 Crane CR 129.77 0.60 Overseas Shipholding A OSG 4.0 .06 Apr11 /Mar28 Nonfinancial 7-year 4.22 4.13 4.90 3.40 90 days 5.31 5.32 5.54 4.74
BentleySystems BSY 48.87 0.08 Credicorp BAP 173.01 0.41 1-month 5.32 5.31 5.34 4.76 10-year 4.21 4.13 4.87 3.35
Berkley WRB 84.99 -0.52 Crocs CROX 129.96 1.79 Note: Dividend yields as of 3:30 p.m. ET 2-month 5.32 5.32 5.37 4.76 Secured Overnight Financing Rate
BerkHathwy B BRK.B 408.41 0.28 CrowdStrike CRWD 321.06 5.41 Sources: FactSet; Dow Jones Market Data 20-year 4.46 4.39 5.20 3.71
3-month 5.32 5.32 5.40 4.85 5.31 5.31 5.40 4.55
BerkHathwy A BRK.A 617880-253.66 CrownCastle CCI 104.35 -1.42 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and
BestBuy BBY 77.13 -0.89 Crown Holdings CCK 77.43 -0.29 Financial Treasury yields (secondary market)
Bio-Techne TECH 71.88 -0.64 CubeSmart CUBE 42.77 -0.01 ratio; SO: spin-off. 1-month 5.32 5.33 5.43 4.81 Value 52-Week
2-month n.a. 5.51 4.95 1-month 5.29 5.28 5.62 3.59 Latest Traded High Low
n.a.
3-month 5.30 5.28 5.53 4.74 3-month 5.25 5.24 5.35 4.59
6-month 5.12 5.10 5.34 4.61 DTCC GCF Repo Index
New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Discount window primary credit
5.50 5.50 5.50 4.75
TIPS Treasury
MBS
5.334
5.337
31.000 5.504 4.585
36.250 5.689 4.624
AtmusFiltration ATMU 27.70 2.7 ChromaDex CDXC 3.58 24.6
5-year 1.85 1.74 2.55 1.10
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE BancoBBVA BBAR 8.05 2.7 ChurchillCapVII CVIIU 10.80 1.1 Treasury yields at constant 7-year 1.88 1.78 2.47 1.10 Notes on data:
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low BancoMacro
BancoSantander SAN
BMA 45.83
4.47
4.9
0.9
Cigna CI
CollegiumPharm COLL
354.16 0.2
39.90 0.7
maturities 10-year 1.91 1.82 2.45 1.10 U.S. prime rate is the base rate on corporate
in the latest session. % CHG-Daily percentage change from the previous trading session. BankofAmPfd2 BMLpH 21.91 0.4 ConcordAcqnIIIWt CNDB.WS 0.26 ... 1-month 5.52 5.51 5.81 3.74 20-year 2.02 1.93 2.49 1.26 loans posted by at least 70% of the 10 largest
bioAffinityTechWt BIAFW 0.86 35.9 Core&Main CNM 51.69 -0.5 3-month 5.48 5.47 5.62 4.75 Long-term avg 2.12 2.02 2.59 1.46 U.S. banks, and is effective July 27, 2023. Other
Monday, March 18, 2024 BrandEngagement BNAI 19.75 30.2 CorebridgeFin CRBG 26.01 1.5
BrandEngageWt BNAIW 0.25 59.9 CoStar CSGP 100.38 1.0
prime rates aren’t directly comparable; lending
52-Wk % 52-Wk % 52-Wk % BrookfldBRP4.875Nt BEPI 17.64 0.5 CoyaTherap COYA 10.69 -2.7 Notes on data: practices vary widely by location; Discount rate
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg BrookfieldOakPfdB OAKpB 23.16 0.4 Cummins CMI 287.94 4.1
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates is effective July 27, 2023. Secured Overnight
Caleres CAL 39.50 -0.6 Curtiss-Wright CW 245.29 0.8 Financing Rate is as of March 15, 2024. DTCC
AerCap AER 86.61 0.5 AppliedIndlTechs AIT 194.37 1.7 CareTrustREIT CTRE 24.00 2.1 CymaBayTherap CBAY 32.48 ... on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by
Highs AirshipAI
AirshipAIWt
AISP
AISPW
13.87
2.09
25.3
66.1
AppLovin APP
AquestiveTherap AQST
68.82
6.23
8.0
-9.5
Carlisle CSL
CasellaWaste CWST 97.04
373.12 -1.2
0.4
DXP Ents
DieboldNixdorf DBD
DXPE 51.99 5.5
35.55 0.1
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
GCF Repo Index is Depository Trust & Clearing
Corp.'s weighted average for overnight trades in
AcresCmclRlty ACR 11.82 0.9 AkebiaTherap AKBA 2.05 11.2 Argan AGX 49.95 1.0 CatchaInvtA CHAA 12.18 -0.8 DigitalHlthWt DHACW 0.19 28.9 primary credit rate is charged for discounts made and advances extended under the Federal applicable CUSIPs. Value traded is in billions of
AeonBiopharma AEON 17.17 3.4 AlphaTimeAcqn ATMCU 11.25 1.1 ArisWater ARIS 13.98 -1.0 Caterpillar CAT 353.34 1.4 DirectDigital DRCT 35.88 -11.2 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. dollars. Federal-funds rates are Tullett
AeonBioWt AEON.WS 3.00 29.6 AmerEquity AEL 56.15 -0.1 ArmadaAcqnI AACI 11.96 0.5 CavcoIndustries CVCO 383.10 -1.4 EMCOR EME 336.54 0.7
AG Mortgage PfdA MITTpA 20.09 0.6 AmericanFin AFG 132.79 -1.7 Arq ARQ 5.98 2.7 Celanese CE 163.82 1.4 ESAB ESAB 104.14 2.9 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Prebon rates as of 5:30 p.m. ET.
ASP Isotopes ASPI 4.72 15.9 AIG AIG 76.52 -1.2 AstriaTherap ATXS 16.20 1.0 Cencora COR 240.86 0.5 Eastern EML 30.51 -1.6 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor
AXIS Capital AXS 63.89 ... Ameriprise AMP 427.74 1.2 AtheneDeb2064 ATHS 25.55 0.2 CervoMed CRVO 22.96 22.2 Ecolab ECL 229.56 0.9
AcaciaResearch ACTG Ametek Atkore EllingtonFinlPfdC EFCpC 24.96 1.7 Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet;
4.99 5.6 AME 183.71 0.3 ATKR 180.87 -0.5 CherryHillPfdB CHMIpB 24.58 -0.1
AcuityBrands AYI 265.21 1.6 Annexon ANNX 7.00 -6.0 AtlanticusNts29 ATLCZ 25.50 ... Chipotle CMG 2813.99 0.6 Continued on Page B10 please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd.

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
SeriesBondFd 8.85 -0.01 -1.7 SrsBlChGroRetail +0.13 14.0 LgCpGwth
17.80 68.81 +0.55 14.4 MidCap 105.36 +0.19 5.3 MuShtAdml 15.75 ... 0.5 Welltn 42.67 +0.10 3.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesOverseas 13.90 -0.02 7.2 SrsEmrgMkt 17.70
+0.03 2.1 JPMorgan R Class NHoriz 58.28 -0.06 3.7 PrmcpAdml r 165.68 +0.97 6.0 WndsrII 45.47 +0.20 6.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SerLTTreBdIdx 5.52 -0.02 -5.1 SrsGlobal +0.01 3.6 CoreBond
14.35 10.12 -0.01 -1.2 R2030 24.87 +0.05 3.9 RealEstatAdml 120.74 -0.06 -3.5 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SmCpIdxInstPrem 25.09 -0.18 0.2 SrsGroCoRetail 22.25
+0.15 14.3 CorePlusBd 7.13 ... -1.0 Putnam Funds Class A SmCapAdml 105.27 -0.13 3.0 ExtndIstPl 315.68 -0.60 2.6
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes TMktIdxInstPrem 141.64 +0.74 7.5 SrsIntlGrw 18.53
+0.03 8.2 Lord Abbett I PutLargCap p 33.41 +0.12 8.6 SmGthAdml 88.52 -0.05 4.2 IdxIntl 19.14 +0.02 3.2
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TotalMarketIndex 17.88 +0.10 7.6 SrsIntlVal 12.34
+0.05 5.7 ShtDurInc p 3.84 ... 0.8 Schwab Funds STBondAdml 10.00 ... -0.4 MdCpGrAdml 98.87 +0.24 4.6
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TtlIntIdxInstPr 13.58 +0.02 3.3 TotalBond 9.40 ... -1.1 Metropolitan West 1000 Inv r 110.57 +0.64 8.0 STIGradeAdml 10.16 ... 0.1 MdCpVlAdml 78.28 +0.18 4.3
tracked. NS-Fund didn’t exist at start of period. USBdIdxInstPrem 10.18 -0.01 -1.7 Fidelity SAI TotRetBdI 8.94 -0.01 -1.9 S&P Sel 79.17 +0.50 8.3 STIPSIxAdm 23.90 +0.01 0.4 SmValAdml 78.97 -0.15 2.1
Fidelity Advisor I TotalBd 8.89 -0.01 -1.1 TRBdPlan 8.38 -0.01 -2.0 TSM Sel r 87.05 +0.46 7.5 TotBdAdml 9.47 -0.01 -1.8 TotBd2 9.36 -0.01 -1.7
Total Bd 9.38 -0.01 -1.2 U.S.TreBdIdx 8.62 -0.01 -1.8 MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.52 ... -0.7 TotIntlInstIdx r 128.01 +0.15 3.2
Monday, March 18, 2024 Fidelity Freedom Fidelity Selects IIE 34.46 -0.02 4.6 EqIdxInst 36.19 +0.19 7.5 TotIntlAdmIdx r 32.01 +0.04 3.2 TotItlInstPlId r 128.04 +0.15 3.2
Net YTD Net YTD Net YTD FF2030 17.14 +0.02 3.4 Semiconductors r 29.69 +0.06 22.4 MFS Funds Class I IntlEqIdxInst 22.86 ... 4.6 TotStAdml 124.12 +0.65 7.5 TotSt 124.08 +0.65 7.4
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2035 15.19 +0.03 4.5 Softwr 28.58 +0.27 3.3 GrowthI 197.57 +1.66 14.8 LrgCpGrIdxInst 56.99 +0.51 9.9 TxMCapAdml 266.74 +1.50 7.9 VANGUARD INSTL FDS
FF2040 11.10 +0.03 5.8 Tech 31.81 +0.16 11.6 ValueI 50.38 +0.09 5.8 VANGUARD ADMIRAL TxMIn r 15.88 +0.01 3.7 BalInst 46.30 +0.13 3.8
AB Funds Artisan Funds US CoreEq2 34.68 +0.10 6.8 First Eagle Funds 500Adml 476.50 +2.99 8.3 USGroAdml 162.41 DevMktsIndInst 15.90 +0.01 3.6
MuniIncmShares NA ... NA IntlVal Inst 47.59 -0.25 3.5 US Small 44.37 -0.18 ... Freedom2030 K 17.13 +0.03 3.5 Natixis Funds +1.30 10.7
Freedom2035 K 15.17 +0.03 4.5
GlbA 66.14 +0.20 4.8 LSGrowthY 25.86 +0.29 11.3 BalAdml 46.30 +0.14 3.9
ValAdml 61.96 +0.17 6.3 DevMktsInxInst 24.85 +0.01 3.7
AB Funds - ADV Baird Funds US SmCpVal 44.50 -0.22 -1.0 Franklin A1 CAITAdml 11.42 -0.01 0.1 ExtndInst 127.92 -0.24 2.6
LgCpGrAdv NA ... NA AggBdInst 9.66 -0.01 -1.5 US TgdVal 31.51 -0.15 -1.2 Freedom2040 K 11.10 +0.02 5.8 Northern Funds WdsrllAdml 80.66 +0.35 6.0
IncomeA1 2.31 ... 0.6 StkIdx NA ... NA CapOpAdml r 189.71 +0.94 5.9 GrwthInst 175.59 +1.60 9.7
American Century Inv CorBdInst 9.99 ... -1.2 USLgVa 47.75 +0.15 7.2 Idx2030InsPre 19.41 +0.03 2.6 WellsIAdml 60.01 -0.01 0.1
FrankTemp/Frank Adv Old Westbury Fds DivAppIdxAdm 48.72 +0.09 5.4 InPrSeIn 9.27 -0.01 -1.2
Ultra 81.88 +0.75 9.9 BlackRock Funds Dodge & Cox Idx2035InsPre 22.26 +0.04 3.5
IncomeAdv WelltnAdml 73.67 +0.18 3.7
2.29 ... 0.6
LrgCpStr NA ... NA
EMAdmr 34.76 +0.09 1.8 InstIdx 426.14 +2.68 8.3
American Funds Cl A HiYldBd Inst 7.03 +0.01 1.3 Balanced 103.52 +0.27 2.3 Idx2040InsPre 23.22 +0.06 4.6
EqIncAdml WndsrAdml 74.24 +0.09 2.5
FrankTemp/Franklin A
Parnassus Fds
87.49 +0.16 4.4 InstPlus 426.15 +2.68 8.3
AmcpA 41.24 +0.20 8.2 BlackRock Funds III GblStock 15.36 +0.06 2.9 Idx2045InsPre 24.32 +0.07 5.0 DynaTech A 150.96 +1.17 12.9 ExplrAdml 106.96 ... 3.6
VANGUARD FDS
InstTStPlus 88.51 +0.46 7.5
AMutlA 53.27 +0.11 4.9 iShS&P500IdxK 605.22 +3.80 8.3 Income 12.45 -0.01 -1.3 Idx2050InsPre 24.36 +0.07 5.0 ParnEqFd 59.55 +0.50 8.1 DivdGro 38.92 -0.01 4.6
Growth A 133.51 +0.55 8.9 ExtndAdml 127.92 -0.24 2.6 MidCpInst 66.45 +0.16 4.4
PGIM Funds Cl Z
BalA 33.22 +0.11 4.2 BlackRock Funds Inst Intl Stk 49.88 +0.06 1.5 Fidelity Invest RisDv A 93.52 +0.01 5.7 GroIncAdml 99.29 +0.64 10.1 IntlVal 41.47 -0.03 2.8 MidCpIstPl 327.72 +0.78 4.4
Balanc TotalReturnBond 11.81 -0.01 NA
BondA NA ... NA EqtyDivd 20.09 +0.05 4.7 Stock 255.78 +1.22 5.0 28.35 +0.11 5.3 Guggenheim Funds Tru GrwthAdml 175.57 +1.59 9.7 LifeCon 20.67 +0.03 1.5 RealEstaInstl 18.69 -0.01 -3.5
CapIBA 67.02 +0.05 1.9 StratIncOpptyIns 9.35 -0.01 0.1 DoubleLine Funds BluCh 197.73 +1.51 14.1 PIMCO Fds Instl LifeGro 43.23 +0.12 4.3
TotRtnBdFdClInst 23.33 -0.03 -1.1 HlthCareAdml r 91.13 +0.01 3.4 SmCapInst 105.26 -0.14 3.0
CapWGrA 63.85 +0.25 6.5 TotRet 9.81 ... NA TotRetBdI 8.66 -0.01 -1.3 BluChpGr K6 30.41 +0.25 13.3 Harbor Funds AllAsset NA ... NA
HYCorAdml r 5.36 0.2 LifeMod 31.32 +0.06 2.9
... SmCapIstPl 303.83 -0.39 3.0
EupacA 58.28 +0.16 6.6 Calamos Funds Edgewood Growth Instituti Contra 18.73 +0.16 16.5 CapApInst 108.68 +0.82 12.6 TotRt NA ... NA InfProAd 22.76 -0.02 -1.2 PrmcpCor 33.82 +0.13 6.6 STIGradeInst 10.16 ... 0.1
FdInvA 77.57 +0.36 8.7 MktNeutI 14.38 +0.01 1.6 EdgewoodGrInst 48.98 +0.31 12.0 ContraK 18.79 +0.16 16.5 Harding Loevner PIMCO Funds A InfTechIdx STAR 27.61 +0.05 2.8
265.18 +1.24 7.0 STIPSIxins 23.92 +0.01 0.4
GwthA 69.47 +0.43 10.0 Columbia Class I Fidelity CpInc 9.85 +0.01 3.2 IntlEq 26.38 -0.05 1.7 IncomeFd NA ... NA IntlGrAdml 106.39 +0.27 4.5 TgtRe2020 27.31 +0.04 1.6 TotBdInst 9.47 -0.01 -1.7
HI TrA 9.52 ... 1.5 DivIncom I 32.24 +0.07 6.0 500IdxInstPrem 179.23 +1.12 8.3 GroCo 36.35 +0.24 13.9 Invesco Funds Y PIMCO Funds I2 ITBondAdml 10.10 -0.01 -1.8 TgtRe2025 18.83 +0.03 2.4 TotBdInst2 9.36 -0.01 -1.7
ICAA 54.25 +0.32 7.9 Dimensional Fds Contrafund K6 26.75 +0.23 16.2 InvGrBd 9.86 -0.01 -1.5 DevMktY 39.20 +0.04 1.5 Income NA ... NA ITIGradeAdml 8.50 ... -1.1 TgtRe2030 36.56 +0.08 3.0 TotBdInstPl 9.47 -0.01 -1.7
IncoA 23.81 +0.02 2.3 EmgMktVa 29.97 +0.06 1.8 ExtMktIdxInstPre 80.09 -0.15 2.6 LowP 46.11 ... 4.6 JHF III DispVal PIMCO Funds Instl LarCapAd 119.26 +0.74 8.2 TgtRe2035 22.92 +0.05 3.6 TotIntBdIdxInst 29.30 +0.01 -0.7
N PerA 59.93 +0.30 7.2 EmMktCorEq 22.84 +0.07 1.9 FidSerToMarket 16.87 +0.09 7.5 Magin 14.03 +0.08 14.0 DispValMCI 28.92 -0.02 5.7 IncomeFd NA ... NA LTGradeAdml 7.78 -0.02 -3.3 TgtRe2040 40.93 +0.11 4.1 TotStInst 124.14 +0.64 7.5
NEcoA 58.59 +0.35 8.6 IntlCoreEq 15.80 +0.01 3.1 GrowthCompanyK6 25.83 +0.17 15.1 NASDAQ 204.31 +1.66 7.4 John Hancock Price Funds MidCpAdml 300.80 +0.72 4.4 TgtRe2045 27.91 +0.09 4.7 ValueInst 61.96 +0.17 6.3
NwWrldA 78.38 +0.13 4.5 IntSmCo 19.62 +0.02 1.6 IntlIdxInstPrem 49.52 +0.03 4.6 OTC 20.37 +0.20 11.4 BondR6 13.33 -0.01 -1.2 BlChip 168.44 +1.54 12.8 MuHYAdml 10.70 -0.01 0.7 TgtRe2050 46.68 +0.15 5.0 WCM Focus Funds
SmCpA 66.83 -0.02 0.9 IntSmVa 21.93 +0.03 3.3 LgCpGwId InstPre 32.43 +0.29 9.9 Puritn 25.00 +0.08 7.3 JPMorgan I Class DivGro 75.27 +0.16 6.3 MuIntAdml 13.67 -0.01 ... TgtRe2060 47.99 +0.15 5.0 WCMFocIntlGrwIns 25.36 +0.04 11.4
TxExA 12.40 -0.01 ... LgCo 34.24 +0.22 8.3 MidCpInxInstPrem 31.41 +0.05 4.9 SAIUSMinVolIndFd 19.92 +0.05 6.7 CoreBond 10.10 -0.01 -1.4 Growth 96.15 +0.83 11.0 MuLTAdml 10.93 ... 0.1 TgtRet2055 52.09 +0.17 5.0 Western Asset
WshA 60.70 +0.21 6.5 US CoreEq1 38.76 +0.15 7.5 SAIUSLgCpIndxFd 21.37 +0.14 8.3 SAIUSQtyIdx 21.03 +0.19 8.6 EqInc 23.94 +0.04 4.5 LgCapGow I 73.34 +0.63 11.5 MuLtdAdml 10.83 ... 0.3 TgtRetInc 13.15 +0.01 1.0 CorePlusBdI NA ... NA
P2JW079000-2-B01000-1--------XA

B10 | Tuesday, March 19, 2024 * * THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Evergrande Faces Financial-Fraud Penalty

China says key unit
inflated sales, profit;
lifetime securities
ban set for founder
BY REBECCA FENG
China Evergrande Group
faces a potential fine of more
than half a billion dollars after
Chinese regulators found its
most-important subsidiary had
fraudulently boosted sales and
profit in the years before the
property company’s spectacu-
lar collapse.
The securities regulator
also is banning Evergrande’s
founder and former chairman,
Hui Ka Yan, from the financial
markets for life, according to a
filing late Monday by Hengda
Real Estate, the company’s
main operating vehicle inside
China.
The China Securities Regu-
latory Commission found
Hengda had substantially in-
flated crucial reported finan-
cials in 2019 and 2020, and re-
lied on those misleading
figures to sell bonds. It judges
sales were overstated by a to-
tal of 564.1 billion yuan over
the two years, or the equiva-
lent of $78.4 billion.
The alleged overstatements
were larger in the second year,
making up 79% of total re-
ported operating income and
87% of profit, Hengda said.
The regulator believes the unit
committed financial fraud by
improperly recognizing reve-
nue in advance, it said.
As well as Hui, the regula-
tor is banning former Ever- search, a Hong Kong-based ac- Xu Jiayin, founded Evergrande
grande Chief Executive Xia Ha- counting research firm, que- in the mid-1990s and was once
ijun from the securities market ried Evergrande’s historic one of the world’s richest men.
for life. It will fine both men. profitability, highlighting He was put under investiga-
It also will penalize several changes to the company’s pol- tion in September for sus-
other Evergrande executives. icy on when it recognized rev- pected crimes. Xia, the former
The securities commission also enue from apartment sales. CEO, was ousted in July 2022.
found fault with Evergrande’s Evergrande later said the Evergrande, which had run
disclosures, including its late report lacked substance, and up liabilities of more than
publication of financial results. its published financial state- $300 billion, defaulted in late
Hui and Xia couldn’t imme- ments were vetted by outside 2021, helping spark a broader
diately be reached for com- auditors. It said accounting property crisis in the world’s
ment. Evergrande didn’t im- policies were switched because second-largest economy. In
mediately respond to a request of its liquidity crisis and staff January of this year, a Hong
for further comment. losses. Kong court ordered Ever-
Late last year, GMT Re- Hui, who is also known as grande to liquidate.

Stanley Aims to Replicate U.S. Oil Export Destinations, Ranked U.S. crude exports, monthly Top importers in 2023 of U.S. crude oil

Water-Bottle Hype for Men 5 million barrels a day

Netherlands

China
652,000 barrels a day

452,000
4
BY KATIE DEIGHTON he cares about how he’s put tweens and has caused fren- South Korea 409,000
together. He’s into grooming zies in stores.
Stanley has spent the past and how he looks,” Reeves Stanley’s latest release is a Canada 339,000
few years turning a vacuum- said. He wants water bottles collection of cooler bags and a 3
insulated water bottle into one that are a little sleeker and carryall holder for its 40- U.K. 264,000
of the most-desired womens- subtler than the brightly col- ounce Quencher bottle, slated
wear accessories. Now it is ored flasks coveted by Stan- for release in April. The wear- Singapore 262,000
2
widening its focus to include ley’s female audience, she said. able coolers were developed in
the customer it was first de- The bid for diversification response to women’s com- Taiwan 220,000
signed for more than 110 years comes as Stanley looks to hold plaints that the market’s offer-
1 Spain 202,000
ago: men. on to the brand equity it ac- ings were too clunky.
The company, which is crued in a remarkably short The Stanley customer only Italy 177,000
owned by Chi- time. became known internally as a
cago-based Stanley’s an- “she” in 2020, when Terence 0 India 165,000

$750M
Havi, next year nual revenue Reilly, former chief marketing
2014 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23
plans to release jumped to officer of Crocs, joined as
new products about $750 mil- president. Reilly, who liked to Source: Energy Department
geared toward lion in 2023 say his team turned Crocs
guys beyond its Stanley’s annual from $73 mil- “from a meme to a dream,” Add another record to the data. lin’s invasion of Ukraine. The
current male lion in 2019, learned the Quencher was be- U.S. oil industry’s banner Tankers are increasingly transatlantic trade has
audience of
revenue in 2023, and scores of coming popular among a 2023: average daily exports headed from the Gulf Coast turned the Netherlands into
outdoor enthu- up from $73 million articles have group of women in Utah, a few for the year surpassed 4 mil- toward a fuel-hungry Europe the top destination for U.S.
siasts. in 2019. been written in of whom ran a shopping blog lion barrels, according to that has forsworn most Rus- crude.
The new the past year called the Buy Guide, accord- newly released government sian supplies since the Krem- —David Uberti
Stanley man to explain how ing to one of the blog’s co-
might not re- a company founders.
quire a steel canteen to take originally targeting construc-
into the wilderness, but he tion workers became one of
might want a sleek water bot- the trendiest brands. Much of
The group, along with a fe-
male Stanley sales-account
manager, suggested the com-
Companies’
tle to take from the office to the success comes down to the
the gym to date night in a recent rise of the brand’s 40-
wine bar, according to Jenn ounce Quencher, which it in-
pany start selling its cups in
colors outside of black, white
and its signature green, and it
Lofty Goal:
Reeves, Stanley’s vice presi- troduced in 2016. The $45
dent of global brand market- metal cup with a straw and a
ing. handle has become a status
did. Sales rose while the com-
pany began to lean more on
real women to spread the
Zero Defects
“He’s not a fashionista, but symbol among women and word about its products.
Continued from page B1
ment and testing. Chief Oper-
ating Officer Srikanth Kommu
said its definition of defects is

THIS LAMP IS A SIGHT FOR SORE EYES

SCHNEIDER ELECTRIC

growing more stringent.

“I couldn’t read the paper anymore. I would
scan the headlines and could barely finish
the articles. So when I saw the ad, I had
nothing to lose. And the KIS lamp did
all that it said-eliminating eyestrain
and fatigue.”
––Jack D. Woodland Park, N.J.
The Keep It Simple Lamp
MyLight has combined classic
lamp design with a revolutionary
light source. The combination
delivers exponentially
more light for
reading or any The
other task. KIS Lamp
and LampLight
Underlighting light source
is overrated
In your lamps, the new
“retrofit” CFL and LED bulbs
do not produce the same
amount of task light as ordinary
bulbs. Just as we’ve gotten
older and our eyesight
has declined, OUR LIGHT
HAS FAILED US.
The newsletter Warranty
Week found that in 2022, ve-
hicle makers spent record
amounts on warranty claims.
The first light source Recalls announced by the fed- Schneider Electric says employees are encouraged to speak up.
eral Consumer Product Safety
designed for lamps Commission hit a six-year The company had relied on in- are taken into account.
This advanced LED technology high in 2023. Sedgwick, a firm spections but refocused on The regimen of Schneider
will deliver up to 10 times more that assists companies with prevention. Martin’s quality Electric, which makes prod-
light than the single bulb you recalls, found recalls jumped director, James Halpin, wrote ucts for the energy industry,
last year among pharmaceuti- that errors plunged. includes torque wrenches that
are now using – for only cal and food manufacturers. Many U.S. companies ad- indicate when the correct ten-
32 watts! Battered by quality issues, opted the practices, but Rob- sion is reached and AI tools
Its patented LED bulb array Spirit AeroSystems—which ert Leachman, a professor of that find anomalies. Aamir
The Lamplight makes fuselages for Boeing— industrial engineering and op- Paul, president of North Amer-
light source may appear to be “upside has begun a program that erations research at the Uni- ica operations, said employees
focuses light
down”– but the 4 bulb spread
exactly " Swing arm aims to simplify the manufac- versity of California, Berkeley, are encouraged to speak up—
where it’s extends 6”. of light is actually down and turing process. The company said the effort stalled when anonymously, if they prefer.
needed.
out, perfect for task light. will use drill templates that businesses began outsourcing Daniella Picciotti, a quality
are color-coded, with the ap- work to low-cost regions. auditor and the incoming chair
! 6” propriate tool, preset at the The technology and pro- of the American Society for
correct speed, matching that cesses adopted in pursuit of Quality, said companies usu-
Floor Lamps
TM
available in
11”
color. Spirit also will automate zero defects can be expensive, ally focus on critical parts,
Satin Brass manual tasks, and scanners though some companies, such with others inspected via sam-
(SHOWN),
Gun Metal
will search for deviations in as industrial-parts maker pling. That makes catching ev-
Bronze and
the final product while captur- Parker Hannifin, have said erything a challenge, she said,
Brushed Silver ing every inch of the fuselage. their initiatives save money. and even well-run systems can
The zero-defects philoso- Mary Litteral, who trains com- be undone by new suppliers,
! 15” phy took shape in the early panies in zero-defect princi- materials or employees.
Height of 1960s when defense contrac- ples, said the cost of poor “The risk of failure is inher-
floor lamp tor Martin sought to eliminate quality can equate to at least ent,” she said. “It’s always go-
adjusts from errors from Pershing missiles. 10% of sales once all factors ing to be there.”
43” to 59”
Seeing is Believing New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
US PATENTS
The patented KIS lamp and Continued From Page B9 52-Wk % 52-Wk % CarParts.com PRTS 1.64 -7.2 MethodeElec MEI 11.26 -7.1
10,378,698 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ChickenSoupPfdA CSSEP 0.41 -26.4 Microvast MVST 0.54 -1.6

10,422,488
Lamplight projects a massive Stock Sym Hi/Lo Chg NatlHealthInv NHI 60.93 0.8 Tronox TROX 17.05 5.3
ChromocellTherap CHRO
CitigroupPfdJ CpJ
3.03 -5.4
24.96 ...
MicroVision
MolecularTemp MTEM
MVIS 1.77 -7.0
2.00 -24.7
Netflix TurningPoint
amount of illumination on EmersonElec EMR 112.08 0.4 NewtekNts2024
NFLX 627.41 2.1
NEWTL 25.20 0.7 TurtleBeach
TPB
HEAR
28.26 0.6
16.97 8.7
CitizensFinlSvc CZFS
CoeptisTherap COEP
40.71 -2.9
0.32 -10.4
MonogramOrtho MGRM
MontanaTech AIRJ
1.92 -5.7
8.40 -7.8
YOU NEED: your reading material. Reader
EnergySvsofAmerica ESOA
EnergyTransfer ET
8.76 -3.4
15.56 1.4
NexPointPfdA
Nomura
NREFpA 22.10 1.1
NMR 6.34 3.1
USCopperIndex CPER
UnumGroup UNM
25.94 0.2
52.43 -0.4
EngGr-Cmg C CIG.C
CompassMinerals CMP
2.61 -3.3
17.86 -4.4
MontaukRenew MNTK
Movano MOVE
3.67 -12.4
0.41 3.1
enGeneWt ENGNW 5.91 15.7 NuHoldings VaalcoEnergy EGY 5.81 4.2
• A quantity and bulbs and all components are Equitable
FTAI Aviation FTAI
EQH 35.88 1.1
61.09 -1.1
NuScalePower
NU
SMR
11.80 1.6
11.21 28.7 ValeroEnergy VLO 167.33 1.6
CompleteSolaria CSLR
Concentrix CNXC
0.40 -16.3
59.23 0.4
MullenAuto
MustangBio
MULN
MBIO
5.13 -6.2
0.90 9.5
NuvPfd&Incm NPFI 25.36 0.1 Valvoline VVV 44.60 1.4 Conmed CNMD 75.16 -1.3 MyMD Pharm MYMD 2.79 -1.4
quality of light unconditionally guaranteed Fastenal FAST
FidelisInsurance FIHL
76.74 0.9
19.17 1.8
Nyxoah
OReillyAuto
NYXH 20.00 17.8
ORLY 1125.34 0.1
VelocityFinl
VerbTechWt
VEL
VERBW
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CrownElectrokin CRKN 0.06 -3.2 NACCO Inds NC 28.61 -0.7
CureVac CVAC 3.19 -2.7 NLS Pharm NLSP 0.22 -12.7
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Fortrea
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152.42 1.7
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OldNatlBncpPfdA
OAKU 10.68 0.2
ONBPP 25.80 0.9
Vertiv
Vimeo
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79.66 4.1
5.77 3.7
DestinationXL DXLG 3.55 -5.1 Nature'sMiracle NMHI 1.20 -11.7
DouglasDynamics PLOW 22.56 -1.9 NavitasSemi NVTS 4.48 2.0
FreeportMcM FCX 45.47 -0.3
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Palomar PLMR 86.26 1.2 EigerBioPharma EIGR 5.10 -0.6 Oragenics OGEN 1.26 0.7
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212.25 0.5
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PGSS.WS 0.47 -11.7
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P2JW079000-6-B01100-1--------XA
THE WALL STREET JOURNAL.
Alphabet Powers Stock Indexes Higher
Gains come despite
investors scaling
back their bets on
interest-rate cuts
BY SAM GOLDFARB
A big day for Alphabet and
other tech stocks helped lift
major indexes, getting markets
off to a strong start ahead of
the Federal Reserve’s rate deci-
sion this week.
Alphabet shares surged
4.6%, and Apple shares rose
0.6%, after a Bloomberg report
that Google’s Gemini artificial-
intelligence engine could be
used in Apple’s iPhone. Nvidia
shares ticked up
MONDAY’S 0.7% ahead of
MARKETS the company’s
unveiling of its
latest generation of computing
chips.
Tesla’s stock jumped 6.3%,
though it was still down 30%
for the year.
The gains helped lift the
S&P 500 0.6%, while the tech-
heavy Nasdaq Composite ad-
vanced 0.8% and the Dow Jones
Industrial Average added 0.2%.
All three indexes had slipped
last week after inflation data
came in hotter than expected.
Fed May Lag Behind
ECB on Rate Cuts
BY PAUL HANNON
The central banks of rich
countries are preparing to
lower their key interest rates,
but a series of surprisingly
hot inflation readings suggests
the Federal Reserve may be a
laggard.
In many rich countries, in-
flation rates have been in de-
cline since the final months of
2022, and central bankers are
becoming more confident that
they will reach their targets
and stay there but have yet to
be confident enough to make
the first move.
Toward the end of 2023,
some investors convinced
themselves that the first cuts
would be delivered about now.
After quite a bit of pushback
from central bankers, many
now regard June as the month
when the rate cycle will turn.
The European Central Bank
has been sending strong sig-
nals that back
up that expec-
tation. Earlier
this month, ‘The great
ECB President disinflation has
Christine
Lagarde ex- stalled and
plained to re-
porters the
looks to be
data were mov- reversing.’
ing in the right
direction, but
April would
probably be too soon to be
sure.
By June, policymakers
would have much more infor-
mation to digest. If that
wasn’t clear enough, over the
following days a number of
ECB policymakers said that
they expect to cut in June and
are now thinking about the
follow-through.
So if the rate cut party is
due to start in three months,
the ECB looks highly likely to
be there. What is becoming
less certain is that it will be
joined by the Fed.
Data releases over recent
weeks have pointed to infla-
tion rates that are stickier
than expected. Figures re-
leased Thursday showed pro-
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* * * * * *
Index performance on Monday
1.75%
1.50
1.25
1.00
0.75
0.50
0.25
Five-minute intervals
0 the Shanghai Composite was
10 a.m. 11 noon
Source: FactSet
It wasn’t just tech stocks
that fared well. Nine out of the
11 sectors of the S&P 500 fin-
ished in the green. The Russell
2000, however, edged down
slightly, reflecting some weak-
ness in shares of smaller com-
panies.
“The big thing that we’re
seeing is that the market is not
afraid of Fed hawkishness,”
said Steve Englander, head of
global G-10 FX research and
North America macro strategy
ducer prices rose 0.6% in Feb-
ruary from the prior month,
topping the 0.3% increase ex-
pected by economists.
“The great disinflation has
stalled and looks to be revers-
ing,” wrote TS Lombard econ-
omist Steven Blitz in a note to
clients.
This shouldn’t be hugely
surprising. The U.S. economy
was much stronger than ex-
pected in 2023 and doesn’t
look to be slowing much in
what we have seen of 2024. By
contrast, the eurozone econ-
omy has essentially flatlined
since Russia’s invasion of
Ukraine in early 2022 and
doesn’t seem set for a strong
revival this year.
Consumer spending has
grown much more strongly in
the U.S. than in the eurozone,
where much of the boost to
prices came from the surge in
energy prices that followed
the invasion. In short, the Fed
still has good
reason to be
wary of easing
whatever re-
straint on de-
mand its rate
rises have de-
livered, while
the ECB has
more reason to
worry that re-
stricting de-
mand for too
long will result in a hard land-
ing for the battle-scarred eu-
rozone economy.
So far this century, the Fed
has cut before the ECB when
rates have headed lower. And
some economists wonder if
the ECB would risk an infla-
tion-boosting depreciation of
the euro by moving first. It
would make the ECB’s job eas-
ier if the Fed were also to cut
in June, and it may yet do so.
But should the Fed not be
ready when June comes
around, it seems unlikely to
restrain the ECB, since it
doesn’t make much sense to
condition eurozone monetary
policy on developments in an-
other economy that has
moved along a different path.
MARKETS
Nasdaq Composite
S&P 500
Dow Jones Industrial Average
1 p.m. 2 3
at Standard Chartered.
The Fed on Wednesday is
widely expected to keep inter-
est rates steady at the conclu-
sion of its two-day policy meet-
ing. But investors have some
concern about what the central
bank could signal about the
prospects for rate cuts later
this year after two straight
months of firmer-than-ex-
pected inflation data.
Along with its rate decision,
the Fed will release its dot
XPeng within the next month plans to launch a new electric-vehicle brand in the price range of about $14,000 to $21,000.
XPeng’s Hong Kong Shares Soar
As EV Maker Plans Cheaper Brand
BY SHERRY QIN
XPeng’s shares rose after
the Chinese electric-vehicle
maker disclosed plans to
launch a cheaper mass-market
brand amid intensified compe-
tition in China’s EV market.
The automaker’s Hong
Kong-listed shares finished
Monday’s trading 7.1% higher
at 40.50 Hong Kong dollars, or
about $5.18. Its American de-
positary shares advanced 2%
to $9.83.
The Guangzhou, China-
based startup plans to launch
a new brand within the next
month offering cars in the
price range of 100,000 yuan to
150,000 yuan, or about
$14,000 to $21,000, said He
Xiaopeng, XPeng’s chairman
and chief executive, at an in-
PRESTON JESSEE
4 off 0.1%. S&P 500 futures were
Apple shares rose on a report of an AI advance in iPhones.
plot, in which officials anony-
mously forecast where they
think rates will be over the
next few years.
The Fed’s last dot plot in De-
cember showed a median fore-
cast of three 0.25 percentage
point rate cuts this year, re-
flecting a view that slowing in-
flation could allow for easier
monetary policy. This time,
some analysts such as Eng-
lander believe that the forecast
will shift to two cuts in 2024.
dustry meeting on Saturday,
according to its official
WeChat account.
XPeng said it will “gradu-
ally launch a series of new
models under the brand with
different levels of intelligent
driving capabilities.”
The company’s current
models are mainly priced in
the range of 200,000 yuan to
300,000 yuan.
“The CNY100,000-
CNY150,000 price range has
great market potential,” He
said in a Weibo post on Satur-
day.
Competition in China’s EV
market is heating up as car-
makers, led by BYD, continue
to slash prices, while smart-
phone giant Xiaomi is slated
to break into the market.
Last August, XPeng said it
SEC Is Sued Over Dealer Rule
BY PETER RUDEGEAIR
AND ANDREW ACKERMAN
The hedge-fund industry
sued Wall Street’s top regula-
tor on Monday to challenge a
new rule increasing scrutiny
on firms that are voluminous
buyers and sellers of stocks
and U.S. government bonds.
The lawsuit opposes a re-
cent broadening in the defini-
tion of what the Securities
and Exchange Commission
considers to be a “dealer” of
securities. That change meant
that the most active high-
speed trading firms and hedge
funds in certain markets
would face new costs on their
businesses, including addi-
tional capital and registration
Tuesday, March 19, 2024 | B11
higher-for-longer interest rates
did weigh on bond prices.
The yield on the benchmark
10-year U.S. Treasury note set-
tled at 4.339%, according to
Tradeweb, edging up from
4.303% Friday to mark its high-
est closing level of the year.
Front-month ICE Brent
crude for May delivery gained
$1.55, or 1.8%, to $86.89 a bar-
rel.
Overseas, the Stoxx Europe
600 fell 0.2%. At midday Tues-
day, Japan’s Nikkei 225 was
JAE C. HONG/ASSOCIATED PRESS
down 0.4% ahead of the Bank
of Japan’s interest-rate deci-
sion. Hong Kong’s Hang Seng
Index was down 0.8%, while
down 0.1%.
Matthew Tuttle, chief execu- AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
tive officer of Tuttle Capital All bids are awarded at a single price at the market-
Management, said he wasn’t clearing yield. Rates are determined by the difference
between that price and the face value.
betting against stocks at this
point but was exercising cau- 13-Week 26-Week
tion ahead of the Fed meeting. Applications $213,845,663,400 $193,272,663,100
He expects that “there won’t Accepted bids
" noncomp
$76,173,287,400 $70,159,663,500
$2,359,895,700 $2,048,396,300
be any bullish surprise out of " foreign noncomp $50,000,000 $100,000,000
that meeting” but there could Auction price (rate) 98.674181 97.406500
(5.245%) (5.130%)
be a negative surprise. 5.389% 5.340%
For the year, the S&P 500 is Bids at clearing yield accepted 80.99% 44.78%
912796ZW2 912797KL0
up 8%.
Both issues are dated March 21, 2024. The 13-week
While stocks were resilient bills mature on June 20, 2024; the 26-week bills
Monday, speculation about mature on Sept. 19, 2024.
HECTOR RETAMAL/AGENCE FRANCE-PRESSE/GETTY IMAGES
would acquire ride-hailing gi- loss of 3.89 billion in the third
ant Didi’s smart auto develop- quarter yuan despite a jump
ment assets for 5.83 billion in vehicle sales. The EV maker
Hong Kong dollars and part- is set to report fourth-quarter
ner with Didi to launch a results Tuesday after the mar-
smart EV model under a new ket close.
brand targeting the mass-mar- He said after the company’s
ket segment. third-quarter results that
Separately, the EV maker changes made in 2023 would
also plans to introduce an ar- “yield more positive results in
tificial-intelligence model to 2024.” Meanwhile, Co-Presi-
its vehicles in the second dent Hongdi Brian Gu said the
quarter, and seeks to invest company expects to report
3.5 billion yuan in AI research stronger free cash flow for the
and development and hire fourth quarter, “marking the
4,000 more employees in starting point of our journey
2024. towards long-term scalable
The model will be the in- profitability.”
dustry’s first mass-produced However, Daiwa analyst
car to deploy in-vehicle AI and Kelvin Lau said he doesn’t ex-
an in-vehicle cognitive engine, pect XPeng to turn profitable
XPeng said. in 2024. “More positive re-
XPeng, which has yet to sults may mean only narrow-
turn a profit, reported a net ing loss,” he said.
requirements. The hedge-fund groups said
Three plaintiffs represent- in the lawsuit that the new
ing the industry—the Alterna- dealer definition is hazy and
tive Investment Management overly broad and that the SEC
Association, the Managed admitted as much by exempt-
Funds Association and the Na- ing mutual funds and entities
tional Association of Private like the Federal Reserve Bank
Fund Managers—argued in a of New York. The groups also
complaint filed in federal argued that the rule will inval-
court in Texas that the SEC idate some of their business
exceeded its authority and ap- models.
proved a rule that was arbi- The complaint marks the
trary and capricious. third time the hedge-fund in-
An SEC representative said dustry has taken the SEC to
in an email that it will vigor- court in less than a year. Prior
ously defend the challenged lawsuits concerned newly ad-
rules in court. SEC Chair Gary opted SEC rules governing
Gensler said last month that short selling, securities lend-
the dealer rule was intended ing and the disclosures and
to bring regulations up to terms that hedge funds pro-
speed with market develop- vide to pension funds and
ments. other investors.
P2JW079000-0-B01200-1--------XA
B12 | Tuesday, March 19, 2024
End of Japan’s Negative Rates Will Be Slow
Long-term effects of positive Japanese rates could be profound—on everything from mortgage rates to U.S. government finances
Japan’s stocks have reached lev-
els that haven’t been seen for 34
years. The country is likely to hit
another milestone soon: Its central
bank could raise interest rates for
the first time in 17 years as soon
as Tuesday.
Higher—and positive—Japanese
rates won’t reshape markets over-
night. But the effects could be pro-
found, particularly if U.S. growth
heads structurally lower for any
reason, further narrowing the
yield advantage of many U.S. as-
sets. Japan is the single largest
overseas holder of U.S. Treasurys,
a major overseas lender, and an
export heavyweight whose corpo-
rate earnings—and stocks—have
been significantly supported by
the ultracheap Japanese yen. More
Japanese capital staying at home
could affect the price of every-
thing from U.S. mortgages to in-
frastructure finance in the devel-
oping world.
For much of the past two
years, Japan has swum against
ANDREW CABALLERO-REYNOLDS/AGENCE FRANCE-PRESSE/GETTY IMAGES
Covid-19 drained many occupants from office buildings, but that doesn’t mean owners are desperate to sell.
America’s Office-Space
Fire Sale Has Barely Begun
If offices are in such hot water,
where are all the forced sellers?
Office-building owners have
been under pressure since the
Covid-19 pandemic hollowed out
their buildings in early 2020.
According to data from real-es-
tate consulting firm Colliers, the
U.S. vacancy rate has risen from
11% in late 2019 to 17% today,
higher than at any point in the
2008 global financial crisis.
But forced sales are still sur-
prisingly rare. In 2023, 3.5% of all
office deals in the U.S. involved a
distressed seller, based on analysis
by MSCI Real Assets. The most re-
cent numbers available show the
share slipping to 2.7% in January.
Distressed sales increased much
faster in the financial crisis.
A strong economy is helping to
delay the day of reckoning, as
most tenants are still paying the
rent. Pressure is building slowly as
leases expire. Many companies are
reducing their space by 30% to
40% when their contracts end.
Lenders are eager to kick the
can down the road. They don’t
want to force bor-
rowers to sell build-
ings into a weak
commercial real-es- Office loans are
tate market, which more complex
would lead to pun-
ishing losses. today than they
This might ex-
plain why debt ma-
were during the
turities aren’t trig- 2008 crisis.
gering the kind of
distress that some
property watchers
expected. Of the $35.8 billion of
office loans that came due in the
commercial mortgage-backed se-
curities market last year, only one-
quarter were paid off in full, ac-
cording to data from real-estate
analytics firm CRED iQ.
Other loans were extended or
sent to a special servicer—a third
party that tries to find the best
outcome for the debt, which may
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
global monetary tides, maintain-
ing its ultralow-rate regime. But
now, as most other major central
banks are about to cut rates, the
Bank of Japan is poised to break
the trend again. Domestic media
reported over the weekend that
Japan’s central bank will end its
negative rates, which have been
in place since 2016, during its
policy board meeting on Monday
and Tuesday.
The decision would come after
mounting evidence that the job
market is on a strong footing, af-
ter years of stagnant wage
growth. Unions secured an aver-
age salary increase of 5.28%, ac-
cording to the first-round results
of Japan’s annual spring wage ne-
gotiations, the Japanese Trade
Union Confederation said last
week. For the entire decade ended
in 2022, the final annual increase
never exceeded 2.4%.
Much likely won’t change in the
short term. The Bank of Japan will
probably pace its rate increases
Distressed sales, share of total
U.S. office deals
15.0%
12.5
10.0
7.5
5.0
2.5
0 fice landlords face a $72.7 billion
2007 ’10 ’15 ’20
Source: MSCI Real Assets
include modified payment terms
or foreclosure.
Office loans are more complex
today than they were during the
2008 crisis, which is delaying dis-
tressed sales. As there are more
lenders involved—especially on
the big buildings owned by insti-
tutional investors—getting every-
one to agree to foreclose or sell a
property is difficult.
For instance, of
the roughly 600 de-
faulted CMBS office
loans sent to a spe-
cial servicer over the
past two years, lend-
ers have realized a
loss on just five, ac-
cording to CRED iQ
analysis. In these
cases, the buildings
went into foreclosure
and were sold off.
Opportunistic investors are
crawling out of the woodwork
with offers of debt. Reven Capital
is trying to raise $1 billion in a
blind-pool initial public offering
for an office-focused distressed
lender.
“It’s 1929 for offices,” says
Reven founder Chad Carpenter. He
thinks distressed-debt funds will
ON
THE
Japan’s outstanding foreign
portfolio investment, quarterly
¥600 trillion
500
400
300
200
100
0 That could damp enthusiasm for
2014 ’15
Note: ¥1 trillion = $6.7 billion
Source: Japan’s Ministry of Finance
slowly. The past couple of years
have, if anything, reaffirmed its
reputation for moving slowly and
deliberately. Moreover, while infla-
tion is still high by Japanese stan-
dards—2.2% in January—it has
be able to lend at very favorable
terms as banks have pulled back.
Blackstone, Brookfield, Cohen
& Steers and Manhattan landlord
SL Green Realty also are bullish
about distressed real-estate lend-
ing. Ironically, Blackstone and
Brookfield are handing back keys
to some of their offices.
Distressed-debt investors
might slow the pace of forced
sales in a handful of cases, but
the office sector’s need for fi-
nance will soon massively out-
strip supply. CBRE thinks U.S. of-
refinancing shortfall between
now and the end of 2025.
The lack of distressed sales
might be a sign of wishful think-
ing. Some borrowers and their
lenders are likely holding out for
lower interest rates. Cheaper debt
might limit the price cuts they
need to accept when they sell.
There also are hopes that some
office demand might come back. It
wasn’t long ago that remote work
was considered a fad: The value of
offices bought in 2021 was the
second-highest since 2008, based
on MSCI Real Assets data.
There are costs to holding out,
though. It is expensive to insure
and maintain offices that could
end up obsolete.
And when a flood of distressed
assets does hit the market, it will
put further pressure on office val-
ues that have already fallen 35%.
Offices will be “the buying op-
portunity of our generation,” pro-
vided investors pick the right loca-
tions, says Mike McDonald, a
senior managing director at real-
estate firm JLL. Ultrawealthy fam-
ilies and local property developers
are among the earliest investors
gearing up to buy cheap buildings.
A flood of “For Sale” signs
looks inevitable, but they are tak-
ing longer than expected to ar-
rive.
—Carol Ryan
cooled from the peaks of last year.
Japanese bond yields have
picked up, but they are substan-
tially lower than in the U.S. The
rate differential between 10-year
government bonds in the U.S. and
Japan stands at 3.5 percentage
points. That is significantly lower
than the 4.2-percentage-point gap
of a few months ago, but still way
higher than the 1.5 percentage
points of three years ago.
Even so, a narrowing rate gap—
especially if the Fed cuts rates
later this year, as seems likely—
will support the Japanese yen.
rip-roaring Japanese stocks. They
’20 ’23
would become more expensive in
dollar terms for foreign investors,
which have been significant driv-
ers of the rally.
A stronger yen also would hit
profits at some Japanese compa-
nies, especially big exporters.
Likewise, gradual interest-rate
increases in Japan probably won’t
change investment flows much in
Potential Blockbuster
Is a Reminder That
Ozempic Can’t Do It All
Remember when Wall Street de-
cided that sleep apnea, diabetes,
knee problems and liver disease
were all going away? Starting in
the summer of 2023, many health-
care stocks took a dive as inves-
tors worried that drugs like Ozem-
pic and Zepbound were coming for
all of those markets, given their
link to obesity.
One company slammed by that
anxiety was Madrigal Pharmaceu-
ticals, maker of a treatment for a
fatty-liver disease known as
NASH, which on Thursday got
Food and Drug Administration
approval.
Madrigal shares soared more
than 200% in December 2022 after
it released positive late-stage re-
sults for its once-daily pill. Inves-
tors and the medical community
were excited by the results be-
cause developing a drug for NASH,
or nonalcoholic steatohepatitis,
has long been a tortuous and
fruitless struggle for the industry.
An FDA approval seemed within
reach.
But then came a growing evi-
dence that a new class of obesity
drugs known as GLP-1s lead to sig-
nificant improvement for NASH
patients. If such drugs can reduce
the excess fat stored in the liver,
the bear thesis went, there might
not be as big an opportunity for
companies that target liver inflam-
mation and scarring. It didn’t help
that the company didn’t team up
with or get acquired by a larger
drug company last year, as many
investors hoped.
Now, Madrigal is back on the
upswing after receiving regulatory
approval. Madrigal’s stock rose
11% on Friday to close above $270.
(It rose 4.8% to close at $283.23
on Monday.) But in the Ozempic
era, the excitement is tempered by
the knowledge that the field will
become competitive. The stock is
well below the $312 high it set in
early 2023. In an interview, Madri-
gal Chief Executive Bill Sibold dis-
missed concerns that GLP-1s will
hurt Madrigal’s growth prospects.
“This is the first product in a
space with an unmet need that is
extremely high,” said Sibold.
“There will be competitors, but I
The Ozempic era brought more competition for fatty-liver-disease drugs.
THE WALL STREET JOURNAL.
the short term. But it could be a
different story down the road if
the shift back to positive rates
proves sustainable.
Japanese individuals and com-
panies have been big investors
abroad in search of higher yield
for decades.
The country’s foreign-portfolio
investments stood at the equiva-
lent of $4.2 trillion at the end of
last year. A big chunk of that
comes from Japanese pension
funds and insurers, which would
suddenly have more-attractive
options at home. Japanese inves-
tors, for example, hold around
$1.1 trillion of Treasury bonds,
making them the largest foreign
owner.
Japanese investors have been
scouring the globe for better re-
turns for as long as most investors
can remember. If that starts to
change, the effects will be felt
nearly everywhere—sooner or
later.
—Jacky Wong
think we’re going to be the foun-
dational therapy for NASH for
years to come.”
While there might be millions
of Americans suffering from
NASH, known as a silent killer be-
cause many people don’t have any
symptoms, Madrigal is focusing its
commercial efforts on about
300,000 patients who are diag-
nosed and in treatment. The drug,
Rezdiffra, will cost just under
$50,000 per year before rebates,
amounting to a multibillion-dollar
opportunity. Analysts polled by
Visible Alpha are forecasting that
annual sales will reach $4 billion
by 2031.
There is plenty of work ahead.
Madrigal hired more than 150 peo-
ple to focus on the commercial
side, from securing reimburse-
ment from payers to marketing
the drug, Sibold said. Significant
sales figures aren’t yet likely this
year.
Rezdiffra seems like a poten-
tially effective drug, but it won’t
work for everyone. At 12 months,
liver biopsies showed that be-
tween one-quarter and about one-
third of patients experienced
NASH resolution and no worsen-
ing of liver scarring compared
with 9% to 13% of those who re-
ceived a placebo and counseling
on dieting and exercise. But with
no other drugs approved for
NASH, it is fair to assume that a
good portion of the 14,000 gastro-
enterologists and hematologists in
the country will take an interest in
prescribing the drug. Allowing pa-
tients to go untreated can lead to
cirrhosis and liver cancer.
There are other potential com-
petitors on the way from compa-
nies like Akero Therapeutics and
89bio with drugs that focus on
targeting NASH directly through a
class of drugs known as FGF21, de-
pending on how their larger stud-
ies shake out.
GLP-1s are going to be part of
the treatment landscape, too, and
they are likely to reduce the long-
term pool of patients. But human
biology is complex and there are
no magic bullets. Madrigal will
have plenty of room to grow.
—David Wainer
CARSTEN SNEJBJERG/BLOOMBERG NEWS
P2JW079000-0-S00100-1--------XA
THE WALL STREET JOURNAL.
A special report by Barron’s magazine, a Dow Jones publication
W E A LT H & A S S E T M A N A G E M E N T G R O U P
TOP 1200 FINANCIAL ADVISORS 2024
Long-Distance Financial Advisors:
Why They’re Here to Stay
Thanks to technology, more people are looking further afield for an advisor
who suits their specific needs—and maybe costs less.
BY STEVE GARMHAUSEN
C
olin Overweg, a financial advisor in Rochester, Mich.,
has an unusual business model: He doesn’t do in-
person meetings with clients or prospective clients.
He says it is so convenient and efficient for both
parties to connect online via videoconferencing that
“even if they live down the street, we’re not meeting
in person for business.”
Overweg’s approach is working out just fine. Through his six-year-
old virtual practice, Advize Wealth, Overweg, 30, manages $17 million
of assets for 109 clients. You might think of Overweg as an exemplar
of a movement toward remote financial advice. Although in-person
meetings aren’t going away, more business is being done between
clients and advisors in different ZIP Codes—often in other parts of
the country.
The trend, enabled by technological advances and accelerated by the
Covid-19 pandemic, opens up new possibilities for clients and practi-
tioners alike, including those that Barron’s recognizes as the country’s
Top 1,200 financial advisors. Although it is unlikely that any of these
ranked advisors has gone completely virtual like Overweg, you would
be hard-pressed today to find advisors who don’t serve at least some of
their clients remotely.
“I think we’re seeing a big delinking between geography and advisor-
client relationships,” says Jed Finn, head of wealth management at
Morgan Stanley, which employs roughly 15,000 advisors throughout
the country. “People want the best advisor for them and are comfortable
seeing them however they want to interact.”
Remote client-advisor relationships help remove geographic barriers.
They save time for each party. And they provide flexibility: If something
important comes up, client and advisor can jump on a quick Zoom call
and easily share and discuss financial documents rather than arrang-
ing a get-together or fumbling with email attachments or, worse, fax
machines.
Even clients who have worked with their advisors since before the
Zoom era now often favor virtual meetings, just because they’re so
Reprinted from the March 11, 2024, issue of Barron’s
Tuesday, March 19, 2024 | S1
MARCH 19, 2024
A M E R I CA’ S T O P
1200FINANCIAL
ADVISORS
ILLUSTRATIONS BY ROSIE BARKER
convenient. Advisors say that in-person meetings help to build trust,
which is why most try to get together with clients in person at some
point. But they’re no longer required to get a business relationship off
the ground and keep it humming.
Videoconferencing tools like Zoom, Skype, and Google Meet provide
clear video, screen sharing, and real-time collaboration. Electronic-
signature software like DocuSign is ubiquitous. High-security
file-sharing services allow the safe exchange of confidential trust and
estate documents. And account-aggregation software allows advi-
sors and their clients to simultaneously see a comprehensive view of
clients’ finances on their respective computer screens.
“Our clients had to embrace it [during the pandemic], which made it
easier for us to use it with them,” says Dan Ludwin, president of Salo-
mon & Ludwin, a $1.2 billion-asset advisor firm in Richmond, Va. “And
now I have clients who live a mile from here who won’t come in.”
Pamela Krueger can attest to how rapidly Covid changed consumer
attitudes toward virtual advisor relationships. The CEO of Osterville,
Mass.–based Wealthramp, a business that connects clients with advi-
sors, says that before Covid, about 30% of her incoming clients described
themselves as comfortable working with advisors outside their geogra-
phy. Now, as many as 70% describe themselves that way, she says. “After
Covid, the switch was flipped.”
A major advantage to hiring a remote advisor could be fees. Krueger
says advisors with a virtual-only business model definitely have the
ability to charge lower fees than their conventional rivals. Larger advisor
firms with significant fixed costs such as office space might not have
much savings to pass on. But some smaller firms are offering significantly
lower fees—allowing them to compete more effectively with larger rivals,
according to Krueger. “I call this trend the great equalizer,” she says.
But the biggest benefit of the remote-relationship trend might be the
ability to find the best advisor for one’s personal situation and needs re-
gardless of geographic location. “Even though people think that advisors
Continued on the following page
P2JW079000-0-S00200-1--------XA

S2 | Tuesday, March 19, 2024 THE WALL STREET JOURNAL.

TOP 1200 FINANCIAL ADVISORS 2024

Continued from the previous page

are all the same, there are huge differences,”

Krueger says.
Your community might not have an advisor
with expertise in special-needs planning. You
might need an expert in impact investing, or in
financial planning for professional athletes. The
very best advisor for clients with such needs
might not be nearby, but in the era of remote
relationships, it might not matter, says Krueger.
But Krueger understands that some people
just need to know they can meet with their
advisor directly. She will work with clients
to explore their resistance to remote relation-
ships but says she doesn’t press the issue,
because comfort is indispensable for success-
ful relationships.
So, which kinds of consumers does remote
advice make the most sense for? Perhaps not
surprisingly, younger consumers appear most
open to it. In a recent survey from Comparison
Adviser, a Redmond, Wash., firm that matches
consumers with financial-services providers,
more than 70% of respondents in their 30s
and 40s indicated they’re open to remote
advice—from both human advisors and robo-
advisors. Sixty-four percent of respondents in
their 50s and 53% of those age 60 or older
said they were open to remote advice.
“Some in the elderly population are less
trusting in technology,” says study author
Sean Canonica. “They didn’t grow up with the
internet and are really rigid in how they view
the world.”
But there are good reasons for older people
to embrace remote advice relationships, he
says. It’s a good solution for those who no
longer drive or for those who are immuno-
compromised, for example.
Younger people tend to be more tech-savvy,
and if they are early in their wealth-building
journey and don’t yet have a lot of investible
assets, accepting a remote relationship may
be the only way they can work with a human
advisor, Canonica says.
Clients with multigenerational planning
needs, on the other hand, might prefer to
work with advisors in person, he says. That’s
because many people are more comfortable
having sensitive discussions about passing
wealth down to their heirs across an advisor’s
conference table or in their own home.
“We can meet any client in the country and there, end to end,” says Gindi. remote,” says Finn. “In fact, I think more and
‘There Had to Be a Better Way’ bring them on board seamlessly, whether we’re Another brake on the possible expansion more people are back in the office because they
The degree to which practitioners are actively sitting together in person or not,” says Denholm, of remote advice has to do with mentorship, need the mentorship of more-senior folks.”
seeking out new clients in distant places varies adding that accommodating all clients’ meeting says Finn. Although the remote model can give How popular might remote advisor
from advisor to advisor and from firm to firm. preferences is important: “If they want to meet advisors the ability to work from home—or relationships become? Ludwin acknowl-
Well-established advisors at big, prestigious remote, we’ll meet them remote, and if they their car or a coffee shop—it doesn’t provide edges that his business has added just a few
firms often enjoy a healthy stream of referrals want to meet in person, we’ll meet in person.” the cultural immersion and person-to-person relationships so far, but says it’s early days.
from their existing clients, which means they Right now, 81% of IronBridge’s clients are training that can help advisors be successful. “It doesn’t sound like much,” he says. “But
don’t have to invest as much in marketing. in Texas, down from 97% pre-Covid. Like “We’ve got no intention of ever going fully tsunamis start small, too.” B
Few advisors turn away distant clients who many advisors, “we have multiple clients that
are interested in their services—especially if we’ve never met in person,” says Denholm.
they’re wealthy. So far, those remote clients have come mostly
But for hungry young advisors—especially via referrals. But Denholm and his six-person Heads of State
those with tech skills—the lure of remote busi- team have been setting up digital marketing Here are the No.1–ranked advisors from each state plus the District of Columbia.
ness development can be stronger. capabilities that will allow them to target ZIP
Team Assets
When Overweg started in the advisor Codes throughout the country. Advisor Firm State (million)
business in 2015, he’d drive back and forth Denholm feels it’s important to meet clients Michael Warr Morgan Stanley Private Wealth Management Ala. $4,373
across Michigan meeting with potential cli- in person at least every year or two, even
Ryan Callaway Ameriprise Financial Alaska 1,330
ents. “If they told me no, I’d get back in my car if it’s just for lunch or coffee or dinner, and
and have a sad face for the next hour driving not to discuss business. Personal meetings Charlie Maxwell Cresset Ariz. 39,596
home,” he says. “It was just so radically ineffi- strengthen the connection between advisor Joseph Young Merrill Wealth Management Ark. 881
cient that there had to be a better way.” and client, he says. “Everything else can be Mark T. Curtis Morgan Stanley | Graystone Consulting Calif. 296,349
Before long, he was driving to clients’ done remotely,” he adds. Shawn Fowler Morgan Stanley Private Wealth Management Colo. 14,226
homes, installing Zoom on their comput- Like Ludwig, Denholm thinks the growing
Jeff Erdmann Merrill Private Wealth Management Conn. 12,023
ers, and showing them how to use it. “Two acceptance of remote advisory relationships
years later, the pandemic hit and we weren’t Kimberlee Orth Ameriprise Financial Del. 2,870
will bring increased competition. “But the
allowed to meet anyway,” he says. “But that increased opportunity is way higher than the Marvin McIntyre Morgan Stanley Private Wealth Management D.C. 5,698
was maybe the best thing that could have increased competition,” he says. Brian Pfeifler Morgan Stanley Private Wealth Management Fla. 12,257
happened for my business.” Advisors can also use remote employees to Robert Balentine Balentine Ga. 7,153
Today, 35% of Overweg’s clients are in Mich- assist in running their practices. One example Matthew Megorden UBS Wealth Management Hawaii 949
igan; 35% are in California, where he recently is Morgan Stanley’s “virtual engagement asso-
Robert Brian King RBC Wealth Management Idaho 1,032
lived for a few years; and 40% are in 15 other ciate” program, in which people who are
states. Most of his prospective new clients find newer to the industry help established advisors Paul Tashima UBS Private Wealth Management Ill. 36,763
him on social-media platforms: He has made with digital marketing support and financial John Cate Merrill Wealth Management Ind. 21,683
more than 400 TikTok and Instagram videos. planning, explains Morgan Stanley’s Finn. Bryan Boesen Morgan Stanley Wealth Management Iowa 2,236
Although Overweg doesn’t mind meeting “They become distributed members of Brenna Saunders Creative Planning Kan. 2,885
clients for lunch or a round of golf, he says advisors’ teams, and the advisors may never
William Watson Ameriprise Financial Ky. 1,846
virtual business meetings are better. Most of meet those people in person,” says Finn. The
his and his clients’ relevant information is on Curtis Eustis Merrill Private Wealth Management La. 1,795
remote-support individuals are available to
their computers, after all. To make changes to step in when, say, an associate at a practice Brian Clement RBC Wealth Management Maine 773
a 401(k) or discuss other employee benefits, goes on parental leave. “It provides us with an Kent Pearce Merrill Wealth Management Md. 2,596
clients have to log in to their own accounts. ability to minimize the disruption to advisors’ Raj Sharma Merrill Private Wealth Management Mass. 5,914
“It’s easier to have our own screens,” he says. practices,” Finn explains.
Charles C. Zhang Zhang Financial Mich. 5,531
“I can take remote control of their computer or At Wells Fargo Advisors, remote meet-
Robert Metcalf UBS Private Wealth Management Minn. 3,995
share my screen via Zoom.” ings continue to become more common, says
Meetings are recorded, and Overweg uses Sol Gindi, the unit’s leader. “We’re definitely Melanie Dowell Morgan Stanley Wealth Management Miss. 1,888
the notes to develop video summaries, which seeing increased use of remote technology and Matt Bret UBS Wealth Management Mo. 3,911
he sends to clients after meetings. Neither client remote meetings—that didn’t stop just because James B. Stack Stack Financial Management Mont. 1,766
nor advisor needs to drive or find parking. “It’s the Covid pandemic was declared over,” he Jim Siemonsma Mariner Wealth Advisors Neb. 2,378
just much more productive,” he says. says. “It’s part of our repertoire now.”
Randy Garcia The Investment Counsel Co. Nev. 1,615
Overweg’s virtual business model costs But opinions among the company’s advi-
him less than the traditional one with rented sors are mixed. Some advisors have embraced Sean Doyle Merrill Wealth Management N.H. 844

office space, a waiting room, and a reception- remote technology and are thinking about David Briegs Merrill Wealth Management N.J. 2,274
ist. And that, he says, creates another benefit: how they can use it to grow their businesses. Michael Stevens Merrill Wealth Management N.M. 1,489
“I can pass along those lower fees to the client Others simply love doing business face-to-face, Lyon Polk Morgan Stanley Private Wealth Management N.Y. 39,813
and still remain extremely profitable.” says Gindi. They may do some Zoom meetings,
Mitchell Wickham UBS Private Wealth Management N.C. 18,674
But even if advisors aren’t seeking out but especially when clients are facing big
Troy Nelson Edward Jones N.D. 946
clients in faraway ZIP Codes, consumers’ financial decisions, they prefer to be in the
newfound comfort with remote relationships same room, he explains. Valerie Newell Mariner Wealth Advisors Ohio 5,385
means they can be converted from prospects to Meanwhile, in the area of business Matthew Monger Merrill Wealth Management Okla. 950
clients more easily. Ludwin, for example, says development—otherwise known as bringing Rebecca DeCesaro J.P. Morgan Wealth Management Ore. 2,193
new business captured this way has increased on new clients—relatively big accounts aren’t Rob Thomas Mariner Wealth Advisors Pa. 2,928
by about 5% in the past couple of years. being landed virtually. “I’m seeing that most
Malcolm Makin Professional Planning Group R.I. 1,592
At the same time, Ludwin knows that it has of the big wins, with the larger clients and the
become easier for distant competitors to go af- sophisticated clients, are still coming face-to- Rick Migliore Merrill Private Wealth Management S.C. 9,282

ter clients in his geography. That’s one reason face,” Gindi says. David Hillard RBC Wealth Management S.D. 1,573
the firm is raising its communications game, Wells doesn’t actively encourage or dis- John Montgomery Rockefeller Capital Management Tenn. 1,681
he says—for instance, using cloud-based Mic- courage its advisors from developing business Richard Szelc Neuberger Berman Texas 2,435
rosoft Power BI to present otherwise dry data remotely, says Gindi. But he notes that Wells
Jeff Roundy Merrill Wealth Management Utah 1,671
as “dynamic, graphical moving information.” Fargo Advisors has a presence in all 50
Tim Stotz Morgan Stanley Wealth Management Vt. 2,406
states, and Wells Fargo has more than 4,000
Personal Meetings Are a Plus retail bank branches. If a branch banker finds Joseph Montgomery The Optimal Service Group | Wells Fargo Advisors Va. 34,982
Jim Denholm worked at big Wall Street firms a customer who might need wealth manage- Phil Scott J.P. Morgan Wealth Management Wash. 2,560
until 2017, when he founded IronBridge Private ment, they can refer that person to an advisor Christopher Hall Hall Financial Advisors W.Va. 1,387
Wealth, in Austin, Texas. The $300 million- in the same area. Michael Klein Baird Wis. 13,519
asset advisory practice was set up with remote “Many of our advisors actually like to oper-
Dagny Maidman J.P. Morgan Wealth Management Wyo. 3,845
capabilities to serve clients across the U.S. ate in their own market because everything’s
P2JW079000-0-S00300-1--------XA
THE WALL STREET JOURNAL.
METHODOLOGY
A Return to Growth
BY MATT BARTHEL
A
fter a short pause due to weak
stock and bond markets in
2022, America’s Top 1,200
advisors returned to growth
mode in 2023.
The average assets under management
for the Top 1,200 advisory teams rose 21%,
to $4.6 billion, in the year ended on Sept. 30,
2023. Year-over-year asset growth in the
high-single digits has been the norm for the
Top 1,200 in the 16 years that Barron’s has
conducted this state-by-state ranking. The
peak Covid years were an anomaly, with
the Top 1,200 teams growing at first by
almost 40% in 2020-21, then shrinking by
7% in the succeeding year.
About 15% of the Top 1,200—174
advisors—are new to the ranking this year,
Sandy
Dalton
UBS
BY STEVE GARMHAUSEN
PHOTOGRAPH BY NATALIE BEHRING
A
s a 40-year-veteran investment
advisor, UBS’ Sandy Dalton has
seen lots of economic and mar-
ket trends, so her opinion on the
impact of artificial intelligence is
worth considering. “We’re going through an in-
dustrial revolution with the rollout of AI,” says
the No. 3–ranked advisor in Idaho and founder
of an eight-person, $1.1 billion-asset team, “and
it’s an exciting time to be an investor.”
Speaking with Barron’s, Dalton, who started
her career as a certified public accountant,
explains how a routine physical in 1984 led
to her first client. She describes the four P’s
that guide her team’s work, and what she does
when clients bring up another P—politics.
Dalton, who is based in Boise, Idaho, also
reveals how she wound up with a team—a
multigenerational one, with members ranging
in age from their 20s to 70s—despite once
feeling unqualified to build one.
Barron’s: Where are you from, and how
did you get into the financial advice
business?
Sandy Dalton: I’m a native Idahoan. I majored
in accounting at Virginia Tech, graduated
summa cum laude, and received a top award
for performance on the nationwide CPA
exam. So, I was really focused. I joined Price
Waterhouse in Phoenix right out of college.
It was my dream job. But after a couple of
years, it became evident that there weren’t any
women partners at Price Waterhouse, and that
level is where I’d wanted to be.
So, I moved back to Boise and joined Merrill
Lynch. I loved the thought of having control
over my own destiny—that the harder and
smarter I worked, the luckier I’d get. I felt I
had unlimited potential in this business. I
was married with two young children—I later
had a third—and the job gave me flexibility
over my schedule. I started like most people
did 35 or 40 years ago: I’d cold-call. I was
very organized and focused. I still have all my
sheets from those days on how many people
I contacted, how many follow-ups I had, how
many appointments. I worked really hard. But
again, I had flexible hours, so I enjoyed family
life, too.
Do you remember your first client?
Actually, I do. Back in those days, we
had to have physicals [when we started at
Merrill], and he was one of the doctors. He
had a rollover because he had worked at a
university [and had a workplace account]
similar to a 401(k). He said, “I need to do
something with this. Can you help me?” We
struck up a great conversation. I still have his
widow as a client.
Can you describe how your team, now
eight people, came together?
Well, 15 years ago, Bill Bahney, who was a
longtime Merrill Lynch manager, wanted out of
management. He joined us in 2008 and helped
me put together a team, because that wasn’t
an intuitive thing for me to do. Similar to that,
Chuck Powers joined our team as a partner
about a year ago, after having been a longtime
manager. He has added a whole new dimen-
sion to our practice because he has a lot of
experience in helping entrepreneurs sell their
companies. That’s an enormous area of growth,
as baby boomers have built these fantastic busi-
nesses and now need to pass them on.
BARRON’S SPECIAL REPORT
and several advisors made large ranking gains.
Catherine Evans, of J.P. Morgan in San Fran-
cisco, rose 64 spots to No. 44 in California; Joni
Abalos, of Merrill Lynch in Houston, gained 48
spots to No. 36 in Texas; and William Schoff, of
UBS in Rochester, N.Y., jumped 38 spots to No.
68 in New York.
The best advisors succeeded during the
Covid years because their teams were struc-
tured to adapt to unforeseen circumstances.
That lesson has been absorbed, and teams con-
tinue to grow in size and sophistication—good
news for clients, because it generally translates
into better customer service and less reliance
on one key person to answer all your questions.
Over the past 10 years, the average size of
a Barron’s Top 1,200 Advisor team has grown
25%, to 13 to 14 people. At the same time,
“I loved the thought of having control over my
own destiny—that the harder and smarter I worked,
the luckier I’d get. I felt I had unlimited potential
in this business.”
One of the things that’s unique is that the
eight of us range in age from 24 to 77. We have
a team member in every decade—20s, 30s,
40s, 50s, 60s, and 70s—a melting pot of ages
and experiences. Different team members
identify more closely with different clients.
We follow four P’s at our practice. The first
is our purpose, which we take very serious-
ly: helping clients realize their dreams. The
second P is that we give a private-banking
level of service. We had a client who was
overnighting a check to a friend in Georgia to
help her make a house payment so she didn’t
lose the house. But when the client went to
send it, it turned out that the UPS driver had
come a little early. We looked everywhere to
try to find the UPS driver, and finally drove
out to the airport, ran down a driver, and
said, “Please, please, can you help us?” She
took it and made sure that check got delivered
overnight.
Our third P is planning for every client we
can. We have a Certified Financial Planner on
our team who sits down and makes sure we
understand what our clients’ dreams are and
how we can help them move in the direction
of those dreams.
The fourth P is performance. We’ve got to
deliver good investment performance. Part
of the joy of our work is participating in the
financial markets. We manage stock portfo-
lios on a discretionary basis, which is a little
unique and a lot of fun.
the number of partners on these teams has
expanded to three to four people.
These are important developments in an
industry where many advisors are on the cusp
of becoming senior citizens and are expected
to retire in coming years. The average age of a
Top 1,200 advisor has risen in 11 of the past 12
years to about 56.
Most of the Top 1,200 advisory teams trace
their origins back to the efforts of a lone-wolf
advisor who built the practice from nothing.
Indeed, the wealth management industry
thrives today specifically because of the foun-
dational efforts of many of the advisors named
in this ranking.
Founding advisors who have built their
teams in a thoughtful way have begun gradu-
ally handing off their practices to their teams.
It’s an emotionally fraught and financially
complex effort for entrepreneurial types who
have developed intense bonds with their
clients and built businesses worth millions.
For investors using this Top 1,200 ranking
to find an advisor, it’s important to under-
stand the key role a lead advisor plays on a
team. They are at the core of a team’s culture,
investment approach, and work ethic. But
many of them are also in the twilight of
their careers. In those cases, knowing the
What are your clients most concerned
about these days?
Since the pandemic, it seems like we’ve had
global mayhem all the time. Clients are reading
bad news every morning, and they seem more
fearful than they used to be, less trusting of
everything. But they also rely more on us now.
This business isn’t just investing and planning.
We act almost as psychologists, too. People
often don’t have anybody to talk to; even their
spouses are busy doing their own thing. We
listen, and we always try to add a positive spin.
We’re going through an industrial revolution
with the rollout of AI, and it’s an exciting time
to be an investor. We try to focus on the good
things out there.
What is your expectation for the stock
market this year?
We like to look longer term, but even through
2024, we’re bullish. We still think the market
could end this year higher by 10%. That
doesn’t mean we won’t take a hit, because
we’ve had a powerful move up. We could very
well have a 5% to 10% correction, and we’re
prepared for that at any time. But we still think
there are a lot of opportunities. The way our
economy works, the way companies operate,
how employees work—it’s all being radically
transformed thanks to AI. The need for labor
will be much less, and I know people worry
about that. But the reality is that we don’t have
enough workers anyway.
Tuesday, March 19, 2024 | S3
personnel who will take the team forward
is crucial.
How We Do It
The Top 1,200 is Barron’s largest advisor
ranking, and it’s actually 51 individual
rankings—one for each state plus
Washington, D.C., with the number of
advisors represented in each determined
by its relative population and wealth.
Advisors who wish to be considered
for the ranking complete a 100-plus-
question survey about their businesses,
and this year’s ranking had just shy of
6,600 applicants.
Like all of Barron’s advisor rankings, this
Top 1,200 list uses both quantitative and
qualitative measures. Client assets man-
aged by an advisor, along with the growth
of those assets, are a good signifier of the
general health of a practice. We also use an
advisor’s revenue numbers as a proxy for
client satisfaction—clients vote on the way
advisors are serving them with the fees
they’re willing to pay. Last, we evaluate a
range of qualitative elements, including
regulatory records, advanced credentials
and designations on a team, and the nature
and structure of an advisor’s team. B
What are some of the best investment
opportunities you see in the market
right now?
We’re always long-term bullish, especially
in this environment of rapid change and
innovation, with the greatest companies in the
world right here in the U.S. In our managed
stock portfolios, we’ve been almost exclusively
in the U.S., as opposed to international. And
we’ve been in large-cap growth, very heavily
in technology. That has provided outstanding
performance for us. As that sector matures,
we’ve been rebalancing where we can. We
see a lot of opportunity in smaller companies:
They’re cheap relative to price-to-book values.
But we’re still largely staying in the U.S. There
are a lot of great opportunities.
Getting back to the AI revolution, it is
increasing productivity and cutting costs on
balance sheets and income statements in a
big way. So, you’ve got earnings going up and
costs going down. That doesn’t mean we won’t
get a correction at some point. That’s the na-
ture of the market—stocks go up an escalator
and down an elevator.
What would you say is your biggest
business challenge at present?
Staying focused, perhaps, because it’s so easy
to get distracted by problems. Regulation has
become more intense. And it seems like every
day we have some new, huge piece of news that
can easily distract us. The elections are coming
up, and people want to tell us who they like and
who they don’t like. So, it’s staying focused on
our clients and our four P’s.
When clients want to talk politics, how do
you manage that? Do you just politely nod
your head?
We do. We try really hard not to get into
politics. And investors can confuse politics
with the market. But the market largely
does what the market is going to do based on
companies’ earnings. Politics don’t always
flow over to the performance of the stock
market. So, we try to listen and be sympathetic
with whatever their concerns are. But we try
not to get into politics. Even if you agree with
the person, the conversation goes on and on,
and then there will be a next one.
You’ve been in the business for 40 years.
What’s your succession plan?
I get asked that more and more. I could walk
away today and the team would keep going
and growing and having fun coming to work.
My partners Mike, Chuck, and Ben certainly
are the successors.
These days, I largely only do what I want
to do; I hand off a lot of the things that I’m not
interested in. But I like to come in and be with
the team.
Can you share a piece of advice for young
advisors who want to have a successful
career?
The financial markets are dynamic and
fascinating. It’s so fun to come in and see
what’s going to happen today and tomorrow.
But remember that it’s a people business. I
came from the CPA background, so investing
was probably my natural inclination, but you
have to enjoy people, hearing their stories
and wanting to help. Being involved with the
community is big, because you meet so many
wealthy people. That’s not why you do it, but
it certainly is a benefit.
How does your team contribute to your
community?
We’re very community-focused; it’s not just a
cliché. We’re on a lot of boards, ranging from a
homeless shelter to a school in Kenya to Opera
Idaho to the Catholic Diocese Finance Council.
We give back a lot of the money that we’ve
made. During Covid, our team gave $400,000
to schools, homeless shelters—wherever we
could help our community. Our clients are
really community-focused, as well. They give a
lot of money, and we encourage it. If they have
a stock that went up 2,000%, we’ll tell them to
donate some of that. And they do.
Thanks, Sandy. B
P2JW079000-0-S00400-1--------XA
S4 | Tuesday, March 19, 2024
Jeff
Leonard
Raymond James
BY AMEY STONE
PHOTOGRAPH BY JOSHUA CORBETT
M
any advisors are turning away
from mutual funds in favor of
exchange-traded funds and
separately managed accounts
to build client portfolios.
But not Jeff Leonard, founder and managing
partner of Leonard & Martens, a 25-year-
old Anchorage, Alaska, practice under the
Raymond James umbrella with $1.2 billion in
assets under management.
Leonard has tried SMAs and found they
confused clients, who thought he was making
the trades. He says that although index ETFs
are fine for younger investors, open-end
mutual funds can offer his mostly retired
client base some protection from severe
market downdrafts.
Leonard tells Barron’s about his favorite
James
Stack
Stack Financial Management
BY GREG BARTALOS
PHOTOGRAPH BY MICHELLE MISHINA
W
hen Jim Stack, the found-
er and CEO of Whitefish,
Mont.–based Stack Finan-
cial Management, founded
his $1.8 billion firm three
decades ago, little did he know that he would
become a pioneer of sorts.
Working with remote clients is new terrain
for many advisors, but Stack’s firm has been
comfortably doing so since long before the pan-
demic. “Today, 89% of our clients are outside
our state of Montana, half of whom we’ve never
met,” Stack says. “We didn’t know if we could
pull that off 30 years ago.”
Speaking with Barron’s, Stack explains how
his firm is successfully serving clients from
far and wide and discusses where he sees
opportunity—and danger—in the market.
Barron’s: What has helped you attract
and retain so many clients outside
Montana?
James Stack: When we founded SFM, it was
based on two principles: “safety first” money
management and concierge client service. We
established a code of excellence that every
client-relations specialist, every advisor, and
every portfolio manager follows. Some of that is
very simplistic, like answering every phone call
within two rings. A call never goes to a message
during office hours. And when a client calls,
they get to talk to any advisor or any wealth
manager they want to. In essence, we have to
hand-hold as if we were sitting in the client’s
living room talking to them personally.
Tell me about your clients.
Our clients are generally more seasoned than
the average investor. Many of them have been
managing their own portfolios, and they have
a high respect for risk. A lot of what they’re
TOP 1200 FINANCIAL ADVISORS 2024
funds, why he still likes high-yield cash
accounts, and his new commitment to
physical fitness.
Barron’s: Let’s start with your market
outlook.
Jeff Leonard: We definitely aren’t market
timers, but we do follow trends, and I think
we’re in store for a pretty good year. Inflation
has come down, unemployment is still low,
earnings are still strong, and consumers are still
spending. It’s an election year, and markets tend
to do well when an incumbent is running. All
bets are off after the election. But for a number
of reasons, we’re pretty optimistic.
What about fixed income?
We’re putting the fixed-income piece of the
pie a little heavier in cash. We use a Fidelity
institutional money-market fund that pays
5.35%. Right now, 10-year Treasuries yield
about 4.2%, and we think rates are going to
stay high for a while. We know rate cuts are
coming, and bonds will perform well when that
happens. So we will start dollar-cost averaging
more into bonds gradually, but we’ve waited a
long time to see cash pay 5.35%.
How do you build portfolios?
We’re asset allocators and mostly use actively
managed, low-cost institutional mutual funds.
There are some really good mutual fund
managers, and the costs have come down over
the years. With the institutional share classes,
they may cost only 10 or 15 basis points [0.10
or 0.15 percentage point] more than an index
calling about are concerns we share.
What are some of those concerns?
We’re dealing with a stock market that is
in uncharted territory. We have never had
recession warning flags flying as high as they
are now—like the leading economic index
down for 23 consecutive months. That’s the
second-longest in its 60-year history. The only
time longer was the financial crisis. And yet,
we aren’t in recession.
Drilling deeper, what other risks do you
see?
There are three inherent systemic risks today.
One is valuation. No matter what valuation
metrics you look at, we’re in the 90th percen-
tile, which means that stocks have been more
overvalued less than 10% of the time. This isn’t
a low-risk market in terms of price.
fund. For that extra 10 basis points, you’re
getting an active overlay.
So, you think active management leads to
better returns?
If you buy the S&P 500 index ETF, for
instance, for every new dollar that comes in,
you’re in effect buying the overvalued portions
of the market. That’s fine if you’re 30 years old,
but a lot of my clients are older retirees.
Consider Tesla. In November 2021, Tesla
peaked, and around that time our large
growth mutual fund was selling shares of the
stock. But if you were putting money in an
S&P 500 index fund then, Tesla would be the
largest holding, and you’d be buying at the
top. I just feel like you’re swaying in the wind
a little bit on the downside, so I like to have
that overlay of an active manager.
Do you remember the fund?
I think it was AB Large Cap Growth [ticker:
APGYX], which is our favorite large-cap
institutional fund.
What are some of your other favorite
funds?
Janus Henderson Enterprise [JMGRX] is a
growth-based mid-cap fund, and it’s excellent.
Our current favorite international equity fund
is MFS International Growth [MQGIX].
What about ETFs? A lot of advisors see
advantages.
We have started a due-diligence process on
actively managed ETFs, not the passive kind. To
The second risk one can’t overlook is the
concentration of performance in the big-cap
momentum stocks, the Magnificent Seven, the
AI-driven frenzy. That’s bringing back a lot of
the same feelings to market historians that they
saw in the dot-com bubble of the late ’90s.
The third risk is the potential bubble in real
estate. Commercial real estate is already in a
severe decline. Vacancies are running at 20%.
There’s $1.2 trillion in mortgages on commer-
cial real estate that has to be refinanced this
year and next at much higher rates. And we
have a residential real estate problem. Wheth-
er it’s a bubble or not, unaffordability is worse
than it was in 2005.
What sectors are you avoiding?
We’re avoiding high-risk areas including finan-
cials that have exposure to commercial or even
residential real estate. We wouldn’t be adding
THE WALL STREET JOURNAL.
your point, there are tax advantages with ETFs,
and recently we’ve seen Capital Group roll out
actively managed ETFs that really focus on the
tax efficiency. We’re in a due-diligence process
with those, and I could see a time soon where
we would use them in some of our taxable
accounts.
Separately managed accounts are also
increasingly popular among advisors.
We did try that, but it’s almost too much
transparency. We started having clients
call and ask, “Jeff, why are you selling that
stock?” My response would be, “That’s the
professional managers doing their job.” I’d try
to explain that it’s like a transparent mutual
fund, but it was getting the focus off of what
we do, which is planning and asset allocation.
How is your team structured?
There are seven of us: two partners, client
service associates, and what we call service
advisors. Prospects and referrals come to
us based on our firm name, and we really
approach it as a team. We don’t want to be
overseeing advisors who are out building their
own books of business.
Have you thought about going
independent?
We own the business, and Raymond James
provides an umbrella. I don’t have to worry
about books and records, or have a chief
compliance officer on staff. They don’t dictate
investments, and they don’t have a say in
how we build our business. There would
potentially be a financial benefit, but I feel like
what we have now is the best of both worlds.
What would be a reason to go
independent?
Well, for instance, I’d need to go independent
if I wanted to choose private equity or real
estate investments for my clients. As it is now,
I use the funds that Raymond James has made
available. But that’s just not really the makeup
of our business. We’re pretty traditional
stocks, bonds, mutual funds, and ETFs.
What is it like to practice in Alaska?
When I go to conferences, a lot of people
say, “Is there really money in Alaska?” I say,
“Yeah, we have some pretty good clients with
money here in Alaska.”
In our last interview, three years ago, you
said you needed to unplug more. How is
that going?
I’m making progress. I’ve never really had a
commitment to physical fitness, and when I
started having some back and shoulder pain,
my doctor recommended Pilates. Now I’m
getting into it, and for the first time in my
adult life, I’m starting to make being fit an
objective. So, I’m in a better place than I was
with regard to smelling the roses and focusing
on myself.
Thanks, Jeff. B
to the big-cap momentum tech stocks. We hold
Microsoft in both of our portfolio strategies,
but we wouldn’t be taking new positions in any
of the big-cap momentum stocks because they
will be at the highest risk, as they were in 2002
when a bear market started.
Which parts of the market do you like?
We like consumer staples such as Walmart,
which we have in both of our major portfo-
lios. We like healthcare, and we’re seeking
out value stocks, namely those selling at an
attractive intrinsic price to earnings or price to
cash flow. Industrials, utilities, and energy are
areas where valuations tend to be resilient in a
recession. In this environment, as I said, think
safety first. Boring is better if it allows you to
sleep at night.
Thanks, Jim. B
P2JW079000-0-S00500-1--------XA
THE WALL STREET JOURNAL.
Kelly Rae Haskell
Edward Jones
BY ROSS SNEL
PHOTOGRAPH BY DAN KOECK
F
inancial advisor Kelly Rae Haskell
is optimistic that the stock market
will move higher this year, although
it might encounter periods of
turbulence along the way. “Given
the magnitude and the speed of the rally that
has transpired over the past four months,
markets could see a choppier phase in the
near term,” says Haskell, who has worked at
Edward Jones for 23 years. “But we’d view
those pullbacks as compelling opportunities
for investors.”
The leader of a five-person team in
Aberdeen, S.D., Haskell also tells Barron’s
how her father influenced her career and
which characteristics she looks for when
hiring team members.
Barron’s: What is your view
on the economy, and what risks
do you see?
Kelly Rae Haskell: The combination of
rising corporate profits, ongoing economic
growth, and a less-restrictive Federal
Reserve policy later this year is a favorable
backdrop for market performance. That said,
I don’t think it’s going to preclude periods of
volatility and corrections. Those corrections
are common after a strong market rally
like the one we’ve seen over the past four
months. But I would think that any economic
slowdown would be moderate. I think the
bull market will remain intact for the year.
Now, as far as risks go, a notable one is a
possible reacceleration in inflation, which
would force the Fed to keep monetary policy
restrictive for longer than expected. But that
isn’t our base-case scenario.
How are you adjusting portfolios to
account for your bullish outlook?
With the economy likely continuing to chug
along and interest rates lower, we would see
opportunities for investors to invest some of
their cash and [certificate of deposit] money
in longer-term investments, both equities
and bonds. On the bond side, investors can
complement those short-term investments
with longer-duration fixed income in
the investment-grade space. In equities,
segments of the market that have been left
Joey Small
Ameriprise Financial
BY ANDREW WELSCH
PHOTOGRAPH BY HOUSTON COFIELD
BARRON’S SPECIAL REPORT
behind—such as mid- and small-cap stocks
and value-style investments—may start to
catch up.
Can you talk about specific sectors
you like?
While the technology and communication-
services sectors have been the clear
leaders lately, we continue to feel that
market leadership will broaden in the year
ahead. So, we are currently overweight
communication services and the consumer-
discretionary sector, but as part of a well-
diversified strategy. We think investors
can also look for opportunities in cyclical
areas like industrials, as well as mid-cap
stocks, because those typically do better in a
lower-rate and a sustained-economic-growth
environment.
Where are you from, and how did you get
into the financial advice business?
I am South Dakota born and raised. I
went to the University of Sioux Falls and
graduated early, at the age of 20. After that,
I spent three years trading on the floor of
the Chicago Stock Exchange, which was a
blast. After three years, I was drawn back to
Aberdeen to begin pursuing my career as a
financial advisor with Edward Jones. My dad
was a big part of that. He has been a financial
advisor with Edward Jones for over 40 years
and is still practicing. Watching him build
those relationships with clients over the
years inspired me in how I built my business
and in getting my Certified Financial
Planner and Chartered Financial Consultant
designations.
How have you taken advantage of
Edward Jones’ recent policies allowing
the creation of teams?
We were actually one of the first Edward
Jones offices to add the associate financial
advisor role, in 2022, and the registered
branch associate role, in 2021. Having those
additional roles in a bigger team has helped
increase capacity and client service and
allowed me to focus more on strategy,
coming up with more-complex solutions for
clients and utilizing my designations more,
so that has been great.
You lead an all-women team. How did
that come about?
Yes, I have a very skilled team of ladies,
and every one of them is South Dakota born
and raised. The fact that we’re all females
was actually not by design. However, I am
really intentional about the traits that I look
for in individuals when I invite them to
join my team. I look for empathy. I look for
somebody who can connect really well with
a variety of different personalities. I look
for intelligence. I look for somebody with
a growth mind-set because, as you know,
this industry is constantly changing. And I
A
mong the most important services
that advisor Joey Small provides
clients is a long-term perspective.
“Often, clients can only see what
they’re dealing with immediately
because they’re busy living life,” says Small,
who started his career in the transportation in-
dustry and runs an independent practice with
Ameriprise Financial in his hometown of Little
Rock, Ark. “But I can see a lot [more] because
I’m looking from a 30,000-foot view.”
Over his 24 years at Ameriprise, Small
has grown his team to 18 people, including
himself, and amassed 1,500 clients. He spoke
with Barron’s about his approach to financial
planning and his advice for investors nearing
retirement.
Barron’s: How did you get into the
business?
Joey Small: I had been working in
transportation, but I always wanted to work
in this business. When I was in school, I was
a good student. But I became a great one once
I started studying finance because I became
passionate about it. And when I got into
business, it just took off. I loved it, especially
the financial-planning aspect.
That’s kind of how we started. I hired my
first assistant probably within the first six
months. I ended up hiring another guy, Ryan
Bartholomew, who was working as a bank
teller. He is still with me 24 years later.
What are your clients’ top concerns these
days?
Obviously, it’s a political year, but we tell
them not to worry about it. Just go vote.
They’re very excited about bonds because
it’s the best market we’ve seen in years.
Money-market accounts, too. They’re excited
about what they can earn on cash. I haven’t
seen yields like this since I started my career.
That’s a big difference for a client.
What is your outlook for equity markets?
I think they will be fine, though you’ll see
some volatility. It has been interesting to
see the growth rally we’ve seen over the
past months. I think you will see more
diversification across asset classes. It won’t
be just the Magnificent Seven. We like value
stocks and international.
What is your practice like?
We work with clients typically with between
$500,000 and $5 million. But we still have
quite a few clients with between $100,000
and $500,000. Today, we find that a lot of
clients who need our help are in the higher
tax brackets. All our business comes from
referrals.
Tuesday, March 19, 2024 | S5
look for people with a strong work ethic. And
from there, I feel like I can teach them the
business.
What sort of clients do you serve?
Being in South Dakota, we serve a wide
variety of investors, but many of them are
farming families and small-business owners.
One of my favorite parts of the job is getting
to work with multiple generations of clients.
Many of our clients are here in South Dakota,
but because family members move and
because of referrals, we have clients all over
the U.S., which is a privilege.
Thanks, Kelly Rae. B
How do you start when you have a new
client?
The first thing we do is make sure we are the
right fit for them. Then, we will have a meeting
to find out what they are trying to accomplish.
We’ll take in all their data, ask what their
goals are, and think about whether they may
be missing anything. We then do a deep dive
into every part of their life. It’s not just about
managing money. The way I always explain it
is that my job is that I’m your chief financial
officer, but you are the CEO. You make the
decisions. My job is to offer ideas and guidance
on how to get to where you want to get to.
The other big thing is that we will tell you
what you need to hear, not what you want to
hear. This will help you make the best deci-
sions. And it’s not just about the money. The
more I know about you, the more we can help
you have success and achieve the things you
want in life.
You and your team serve about
1,500 people. How do you maintain
relationships with that many clients?
We are constantly reaching out to clients.
They typically get four appointments a year,
which are 45 minutes to an hour long. I have
clients in about 26 states. We’ll fly out to
meet many of them. Some are clients who
have moved from here to elsewhere. My staff
reaches out to four clients each week just to
say hello and ask how they are doing. We also
do a lot of educational events online, and we
do some client appreciation events in person.
That way we see them outside of work, which
is really nice, and our clients get to know our
other clients. It creates a kind of family event.
What advice would you give to young
investors just starting out?
Consistently put money in your retirement
accounts and diversify. That will pay off big.
Take advantage of whatever match you get.
How about for clients nearing or entering
retirement?
I tell them to be mindful of where their
money will be coming from and what they’ll
be getting from Social Security. And then
be mindful of what life will be like living
on a fixed income. That can require a mind-
set change. There are some people who are
workaholics. You need to have a plan for what
you are going to do in retirement.
What do you do for fun outside of work?
I really like to travel, but if I am home and
have spare time, I want to be playing golf or at
the lake.
Thanks, Joey. B
P2JW079000-0-S00600-1--------XA

S6 | Tuesday, March 19, 2024 THE WALL STREET JOURNAL.

TOP 1200 FINANCIAL ADVISORS 2024

America’s Top 1200

Financial Advisors
Rankings are based on assets under management, revenue generated for advisors’ firms,
and a variety of quality-of-practice measures, including advisors’ compliance records.
For more information about the rankings, please email rankings@barrons.com.

CLIENT TYPES

High Ultrahigh Team Typical Typical

2024 2023 Retail Net Worth Net Worth Assets Account Net Worth
Rank Rank Advisor Firm City (Up to $1 mil) ($1 mil-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)
ALABAMA
1 1 Michael Warr Morgan Stanley Private Wealth Mgmt Tuscaloosa • • • $4,373 $15 $40
2 2 Tony Smith Stonegate Investment Group Birmingham • • • • 4,492 2 50
3 12 Christopher Compton Stonegate Investment Group Birmingham • • • • 4,492 2 50
4 8 Brian Woodke Merrill Wealth Mgmt Birmingham • • • • 1,603 6.6 10
5 N Palmer Whiting Merrill Wealth Mgmt Mobile • • • • 959 2.1 5
6 3 Jeff Roberts Ameriprise Financial Birmingham • • • 883 0.7 1.5
7 4 Robert Runkle Morgan Stanley Wealth Mgmt Montgomery • • • • 1,466 2.5 3.5
8 11 S. Wesley Carpenter Merrill Wealth Mgmt Fairhope • • • • 736 2.5 3.8
9 9 Alistair Harding-Smith Morgan Stanley Wealth Mgmt Birmingham • • • 1,917 5 10
10 5 Camper O’Neal Merrill Wealth Mgmt Birmingham • • • • • • 997 8 10
11 6 Mark Mantooth Morgan Stanley Wealth Mgmt Huntsville • • • 1,198 3.5 10
12 N Bobby Aycock Morgan Stanley Wealth Mgmt Birmingham • • • 1,044 5 8

ALASKA
1 5 Ryan Callaway Ameriprise Financial Anchorage • • $1,330 $1 $1
2 1 Jeff Leonard Raymond James Anchorage • • • • 1,155 2.5 3.5
3 3 Tammy Head UBS Wealth Mgmt Anchorage • • • • • • 874 5 10
4 N Sarah Springer Baird Anchorage • • • 970 2 5
5 4 Kenneth Jones Merrill Wealth Mgmt Anchorage • • • 834 3.4 10.2
6 N Peter Jurasz Merrill Wealth Mgmt Juneau • • 578 2.5 10

ARIZONA
1 N Charlie Maxwell Cresset Scottsdale • • • • $39,596 $25 $50
2 1 Trevor Wilde Wilde Wealth Management Group Scottsdale • • • 2,770 2 3
3 2 Steven Schultz UBS Wealth Mgmt Phoenix • • • 2,063 10 15
4 7 Eddie Dulin Mariner Wealth Advisors Scottsdale • • • 1,489 2.1 9
5 4 David Stahle Merrill Wealth Mgmt Gilbert • • • • • 2,752 5 10
6 3 Robert Bancroft Morgan Stanley Private Wealth Mgmt Scottsdale • • 2,732 35 55
7 10 Todd Reeg Baird Scottsdale • • • • • 1,025 4 6
8 6 Michael Butt Morgan Stanley Wealth Mgmt Scottsdale • • • 1,415 3.1 3.9
9 5 Kevin Ehlers Ameriprise Financial Peoria • • 976 1.5 2
10 8 Glenn Pahnke RBC Wealth Mgmt Scottsdale • • • • 1,102 5 6
11 9 Brian Friedman Merrill Wealth Mgmt Phoenix • • • • 2,043 5 12
12 12 Christopher Downs Merrill Wealth Mgmt Gilbert • • • 1,206 1 2
13 14 Joe Di Vito RBC Wealth Mgmt Phoenix • • • • 709 5 8
14 15 Henry Villeda Merrill Wealth Mgmt Phoenix • • • • • • 55,976 70 250
15 17 James Marten Merrill Wealth Mgmt Phoenix • • • • 2,774 3 6
16 16 Michael Hudak Merrill Private Wealth Mgmt Phoenix • • 3,104 10 20
17 11 Paul Groves Morgan Stanley Private Wealth Mgmt Scottsdale • • • 4,070 35 50
18 N Sean Waltz Merrill Wealth Mgmt Phoenix • • • • 1,009 5 7.5
19 20 Nayan Ranchhod Ameriprise Financial Scottsdale • • • 628 1 5
20 N Matthew MacLean Ameriprise Financial Peoria • • 964 1.5 2.3
21 24 Mitchell Stillman Wells Fargo Advisors Scottsdale • • • 751 0.8 3
22 23 Steve Rabin Ameriprise Financial Gilbert • • • 972 1.5 3
23 19 Brian Crawford Millennium Private Wealth Tucson • • • 1,065 1.2 2.5
24 27 Scot Benefiel Merrill Wealth Mgmt Scottsdale • • • 554 5 10
25 N Richie Schmock Rockefeller Capital Mgmt Scottsdale • • 923 40 150
26 N Brad Howell UBS Wealth Mgmt Phoenix • • 455 4 20
27 21 Jennifer Hersh Merrill Wealth Mgmt Scottsdale • • • 513 2 5
28 28 Charles Pisoni RBC Wealth Mgmt Scottsdale • • 532 2.1 4.2
29 N Trent Longnecker Merrill Wealth Mgmt Phoenix • • • • • 851 2.5 6
30 N Seth Henrie Morgan Stanley Private Wealth Mgmt Scottsdale • 4,065 25 75

ARKANSAS
1 3 Joseph Young Merrill Wealth Mgmt Jonesboro • • • $881 $5 $10
2 1 Joseph Small Ameriprise Financial Little Rock • • 612 0.7 1
3 2 Hardy Winburn UBS Wealth Mgmt Little Rock • • • • 857 3 5
4 4 John Engskov Merrill Wealth Mgmt Little Rock • • • 2,546 10 15
5 6 Robby Bader Raymond James Springdale • • • 786 4 6
6 N Jackson Rhoades FSIS Group | Raymond James Mountain Home • • • • • 572 0.5 0.8

CALIFORNIA
1 2 Mark T. Curtis Morgan Stanley | Graystone Consulting Palo Alto • • • • $296,349 $5 $25
2 1 Gregory Vaughan Morgan Stanley Private Wealth Mgmt Menlo Park • • • • 45,582 75 150
3 4 Karen McDonald Morgan Stanley Wealth Mgmt Palo Alto • • • • 289,861 3 10
4 6 Troy Griepp Morgan Stanley Private Wealth Mgmt San Francisco • • • • 15,469 30 50
5 8 Mark Douglass Morgan Stanley Private Wealth Mgmt Menlo Park • • • • 45,582 75 150
6 3 Spuds Powell Kayne Anderson Rudnick Investment Mgmt Los Angeles • • 52,780 13 25
7 5 Andy Chase Morgan Stanley Private Wealth Mgmt Menlo Park • • • 25,352 35 50
8 9 Dorian McKelvy Morgan Stanley Wealth Mgmt Menlo Park • • • • 10,159 8 15
9 13 Drew Freides UBS Private Wealth Mgmt Los Angeles • • • 7,321 35 50
10 20 Michael Breen Merrill Private Wealth Mgmt San Francisco • • 17,802 50 100
11 15 Richard Jones Merrill Private Wealth Mgmt Los Angeles • • • 27,579 50 75
12 16 Eric Gray Merrill Private Wealth Mgmt Los Angeles • • 25,908 50 80
13 18 Matthew Babrick J.P. Morgan Wealth Mgmt Los Angeles • • • 5,850 55 90
14 17 David Hou Evoke Advisors Los Angeles • • • 3,947 30 50
15 11 Drew Zager Morgan Stanley Private Wealth Mgmt Los Angeles • • 17,742 80 150
16 N Thomas Tournat Merrill Private Wealth Mgmt Los Angeles • • • 27,579 50 75
17 7 Francis X. Malone Morgan Stanley Private Wealth Mgmt Los Angeles • • • 63,955 25 75
18 12 Alan Whitman Morgan Stanley Wealth Mgmt Pasadena • • • 2,943 5 17
19 35 Lisa Detanna Raymond James Beverly Hills • • • • 6,019 10 20
20 10 Jon Neuhaus Morgan Stanley Private Wealth Mgmt Los Angeles • • • 63,950 25 75
21 27 Tom Palecek Summit Trail Advisors San Francisco • • • 3,434 48 75
22 14 Shane Brisbin Morgan Stanley Private Wealth Mgmt San Francisco • • 7,717 50 75
23 31 Elaine Meyers J.P. Morgan Wealth Mgmt San Francisco • • 7,957 45 100
24 28 Michael Kanigher UBS Private Wealth Mgmt Los Angeles • • 7,321 35 50
25 21 Dana Jackson Morgan Stanley Private Wealth Mgmt Menlo Park • • • 5,540 50 100
26 19 Craig Chiate UBS Private Wealth Mgmt Century City • 6,059 35 50
27 47 Rick Gordon J.P. Morgan Wealth Mgmt San Francisco • 4,770 20 45
28 48 Hugh Beecher J.P. Morgan Wealth Mgmt San Francisco • • 4,770 20 40
29 N David Bahnsen The Bahnsen Group Newport Beach • • • • • 4,569 7.5 10
30 34 Brian Firring Wells Fargo Advisors Beverly Hills • 7,410 50 150
31 N Cheryl L. Young Rockefeller Capital Mgmt Los Gatos • • 3,188 7 15
32 23 Chris Clifford UBS Private Wealth Mgmt San Francisco • 2,090 25 50
33 25 Laila Pence Pence Wealth Mgmt Newport Beach • • • 2,652 2.5 5
34 22 Jesse Bromberg Morgan Stanley Wealth Mgmt San Francisco • • • 2,799 9.1 15
35 33 Jim Berliner Westmount Asset Mgmt Los Angeles • • • 5,012 7.5 15
36 49 Bruce Munster Merrill Private Wealth Mgmt Los Angeles • • 3,388 45 100
37 N Duncan Rolph Miracle Mile Advisors Los Angeles • • • 4,959 5.5 15

N=not ranked
P2JW079000-0-S00700-1--------XA

THE WALL STREET JOURNAL. Tuesday, March 19, 2024 | S7

BARRON’S SPECIAL REPORT

CLIENT TYPES

High Ultrahigh Team Typical Typical

2024 2023 Retail Net Worth Net Worth Assets Account Net Worth
Rank Rank Advisor Firm City (Up to $1 mil) ($1 mil-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)
CALIFORNIA (continued)
38 75 Greg Onken J.P. Morgan Wealth Mgmt San Francisco • • • $5,166 $20 $32
39 58 Tracey Gluck J.P. Morgan Wealth Mgmt Los Angeles • • • 2,505 15 30
40 40 John Cardente Merrill Private Wealth Mgmt San Francisco • • 20,839 250 650
41 41 Gabriel Jay UBS Private Wealth Mgmt Walnut Creek • • • • 2,065 5 7
42 24 Ned Gibbons Morgan Stanley Private Wealth Mgmt Menlo Park • • 4,500 40 60
43 38 Seth Haye Morgan Stanley Wealth Mgmt Westlake Village • • • 1,853 7 15
44 108 Catherine Evans J.P. Morgan Wealth Mgmt San Francisco • • • 1,980 10 25
45 53 Philippe Hartl Merrill Private Wealth Mgmt Los Angeles • • 8,479 35 100
46 74 Steven Soja J.P. Morgan Wealth Mgmt San Francisco • • • 1,671 10 15
47 63 Debbie Jorgensen Merrill Wealth Mgmt San Francisco • • 2,362 25 55
48 37 Karl Wolfslau Morgan Stanley Wealth Mgmt Long Beach • • 2,332 1 3
49 N Vicken Ekmekjian CIBC Private Wealth San Francisco • • • 1,631 26.8 50
50 30 Tim Emanuels Morgan Stanley Private Wealth Mgmt San Francisco • • • 13,860 25 50
51 55 Darren Edwards Morgan Stanley Private Wealth Mgmt Los Angeles • • • 2,523 25 50
52 N Marcus Fagersten UBS Private Wealth Mgmt San Francisco • • 9,360 10 25
53 90 Tripp Taylor Neuberger Berman San Francisco • • • • 1,510 20 50
54 64 Chad Evans Morgan Stanley Wealth Mgmt Newport Beach • • 17,324 250 1000
55 56 Thomas Van Dyck RBC Wealth Mgmt San Francisco • • • • 3,213 20 25
56 29 Rich Petit Morgan Stanley Private Wealth Mgmt Menlo Park • • • 13,860 25 50
57 39 John Shadden Morgan Stanley Private Wealth Mgmt Long Beach • • • • • 4,676 10 20
58 50 Sean Yu Morgan Stanley Private Wealth Mgmt Pasadena • • • 1,975 15 70
59 N Valerie Garcia Houts Merrill Wealth Mgmt San Francisco • • • • • • 55,976 70 250
60 N Inna Kelly Morgan Stanley Wealth Mgmt San Francisco • • 1,782 20 30
61 54 Scott McEwan Morgan Stanley Wealth Mgmt Newport Beach • • • • • 6,692 5 30
62 70 Lisa Reed Neuberger Berman Los Angeles • • 1,099 7.3 10
63 57 Sam Schoner J.P. Morgan Wealth Mgmt San Francisco • • • 3,153 8 15
64 65 Alex Shahidi Evoke Advisors Los Angeles • • • 14,006 20 25
65 N Thomas Hutson-Wiley Merrill Wealth Mgmt San Francisco • • • • • • 55,976 70 250
66 68 Colin Higgins Summitry Foster City • • 2,103 1.6 10
67 93 Mark Sear Evoke Advisors Los Angeles • • 1,841 30 50
68 N William Bonelli Morgan Stanley Wealth Mgmt La Jolla • • • 1,922 10 20
69 52 Mike Burbank Morgan Stanley Private Wealth Mgmt San Francisco • • 3,123 50 100
70 36 Gerard Zell Morgan Stanley Private Wealth Mgmt Menlo Park • • 4,500 40 60
71 72 Carolyn Taylor Weatherly Asset Mgmt Del Mar • • 1,123 3.1 7
72 77 Gail Reid Ameriprise Financial Glendale • • • • 1,946 3 5
73 85 Adam S. Goldstein Ameriprise Financial Calabasas • • • 2,813 1 3.5
74 62 George Papadoyannis Ameriprise Financial San Mateo • • • 2,265 2.5 6.5
75 78 Andrew Palmer Evoke Advisors Los Angeles • • 2,763 20 25
76 42 Michael Baumer Morgan Stanley Private Wealth Mgmt San Francisco • • 7,456 50 75
77 N Robert Carmichael RBC Wealth Mgmt Walnut Creek • • • 1,235 5 10
78 71 James Demmert Main Street Research Sausalito • • • • • 1,750 7 38
79 N Justin Tipp J.P. Morgan Wealth Mgmt San Francisco • • • 2,688 3.3 10
80 N Shawn Sladek Merrill Wealth Mgmt Walnut Creek • • 1,734 3 5
81 82 William Wheatley Merrill Wealth Mgmt Newport Beach • • • 1,257 3 4
82 N Brian Parker EP Wealth Advisors Torrance • • 1,233 1.2 4
83 N Joseph McCullough Morgan Stanley Private Wealth Mgmt Los Angeles • • • • 17,856 25 75
84 44 L. Greg Fullmer Morgan Stanley Private Wealth Mgmt Los Angeles • 1,611 25 75
85 69 Ryan McClellan UBS Private Wealth Mgmt Los Angeles • • 34,759 30 50
86 N Dan McCormick Morgan Stanley Private Wealth Mgmt Menlo Park • • • • 25,352 50 100
87 91 Justin Vaicek Merrill Private Wealth Mgmt Newport Beach • • • 2,257 25 50
88 N Mark Varo Merrill Private Wealth Mgmt Beverly Hills • • • 4,008 15 50
89 51 Jack Wong Morgan Stanley Wealth Mgmt Mountain View • • • 1,510 10 15
90 59 Jeffrey Traum Morgan Stanley Private Wealth Mgmt Menlo Park • • • 3,721 20 50
91 79 Aric Zamel UBS Private Wealth Mgmt Beverly Hills • • • • 2,083 10 20
92 45 James Greenfield Morgan Stanley Private Wealth Mgmt San Francisco • • • 3,535 15 30
93 67 Andrew Basch Morgan Stanley Private Wealth Mgmt Los Angeles • • • 3,526 10 20
94 N Ash Chopra Syon Capital San Francisco • • • 2,012 60 100
95 60 Darren Pfefferman Morgan Stanley Private Wealth Mgmt San Diego • • • 2,259 15 35
96 102 Michael Allard CalBay Investments Danville • • • 1,011 1.5 4.5
97 96 John Acker UBS Private Wealth Mgmt Los Angeles • • • 1,905 5 10
98 80 Philip Walters Wells Fargo Advisors Beverly Hills • • • 4,976 10 40
99 100 Vivek Thoppay Merrill Wealth Mgmt San Jose • • 1,027 5 10
100 87 Micah Scheinberg Alex. Brown | Raymond James Century City • • 2,100 17.5 50
101 103 Pedro Marti Rockefeller Capital Mgmt Los Angeles • • 1,344 5 75
102 118 Daniel Murphy Morgan Stanley Wealth Mgmt Palo Alto • • • 188,273 5 10
103 83 Anthony Jones Morgan Stanley Private Wealth Mgmt San Francisco • • • • 10,016 30 50
104 98 Mark Hebner Index Fund Advisors Irvine • • • • 1,438 3.6 3.6
105 95 Jennifer Garcia Wells Fargo Advisors Encino • • 1,263 20 25
106 86 Grant Lee Morgan Stanley Private Wealth Mgmt San Francisco • • 4,588 15 25
107 92 Matthew Sheehan Morgan Stanley Private Wealth Mgmt Menlo Park • • 4,008 10 25
108 76 Tony daRoza Merrill Private Wealth Mgmt San Francisco • • 2,077 25 40
109 N John Krambeer Validus Capital El Segundo • • 1,576 15 50
110 66 James Klein Morgan Stanley Private Wealth Mgmt Los Angeles • • • 5,258 20 35
111 99 Brett Berry J.P. Morgan Wealth Mgmt Menlo Park • • • • 1,168 10 25
112 109 Braydon Hamilton UBS Private Wealth Mgmt La Jolla • • 1,535 10 20
113 106 Matthew Gallo Merrill Wealth Mgmt Walnut Creek • • • 1,029 1.7 4
114 117 Jason Hayes Merrill Wealth Mgmt San Francisco • • • 1,366 10 15
115 105 Mark Udis Certuity Manhattan Beach • • 4,126 50 50
116 88 Anouchka Balog Morgan Stanley Wealth Mgmt Laguna Niguel • • • 1,070 5 15
117 110 Sonny Kothari Merrill Wealth Mgmt Brea • • 1,313 3.5 6
118 114 David Jasper UBS Private Wealth Mgmt San Francisco • • • 2,048 50 50
118 94 Victoria Bailey Morgan Stanley Private Wealth Mgmt Menlo Park • • • • 5,468 50 150
120 115 Michael Evans UBS Private Wealth Mgmt San Francisco • • • 2,048 50 50

COLORADO
1 1 Shawn Fowler Morgan Stanley Private Wealth Mgmt Denver • $14,226 $47 $96
2 2 Jonathan Beukelman UBS Private Wealth Mgmt Denver • • • 5,219 15 30
3 3 Maxwell Bull Morgan Stanley Private Wealth Mgmt Denver • 14,226 47 96
4 4 Wally Obermeyer Obermeyer Wood Investment Counsel Aspen • • 2,120 5 20
5 5 Scott Thisted Merrill Private Wealth Mgmt Denver • • 3,388 25 25
6 6 Melissa Corrado-Harrison UBS Private Wealth Mgmt Denver • • 1,457 45 65
7 7 Donna Di Ianni Merrill Wealth Mgmt Aspen • • • 1,949 25 45
8 N Michael Caplan Invictus Private Wealth Denver • • • • 1,025 4 5
9 9 Joseph Brienza UBS Private Wealth Mgmt Denver • • • • 2,649 45 100
10 N Steve Booren Prosperion Financial Advisors Greenwood Village • • • 1,400 3 10
11 8 Scott Sparks Sparks Financial Denver • • • 1,186 3 10
12 11 Joseph Janiczek Janiczek Wealth Mgmt Denver • • • 1,029 4 7
13 14 Mark Brown Brown & Company Denver • • 706 7 15
14 12 Gary Cooper UBS Private Wealth Mgmt Denver • • 2,207 10 25
15 16 Drew Lautrup Merrill Wealth Mgmt Denver • • • 818 7.5 10
16 N Craig Kinard UBS Private Wealth Mgmt Denver • • • 1,169 4 7
17 18 David Surofchek Morgan Stanley Wealth Mgmt Colorado Springs • • • 2,178 3 5
18 13 Ali Flynn Phillips Obermeyer Wood Investment Counsel Aspen • • 2,120 5 20

CONNECTICUT
1 1 Jeff Erdmann Merrill Private Wealth Mgmt Greenwich • $12,023 $40 $60
2 2 William Greco UBS Wealth Mgmt Hartford • • • 4,859 8.5 11.5
3 3 Brian Hetherington Merrill Private Wealth Mgmt New Canaan • • 4,378 40 60
4 6 Matthew Somberg Gottfried & Somberg Wealth Mgmt Glastonbury • • • • • • 1,850 3 6
5 11 Charles J. Noble III Janney Montgomery Scott New Haven • • • 1,507 6 12
6 12 Ken Steeves Creative Planning Orange • • • 1,712 4 25
7 9 Thomas Vacheron Merrill Private Wealth Mgmt Fairfield • • 2,420 10 30
8 8 Bryan Stepanian Alex. Brown | Raymond James Greenwich • • • 2,500 50 250
9 7 Harold Trischman Morgan Stanley Wealth Mgmt Greenwich • • • • • • 3,132 5 15
10 13 Robert Paolucci Principle Wealth Partners Madison • • 2,200 6 8
11 N Carl Zuckerberg RZH Advisors Stamford • • 1,503 8.5 16
12 5 Thomas Frame Morgan Stanley Private Wealth Mgmt Greenwich • • 1,960 8 15
13 4 Peter Chieco Morgan Stanley Wealth Mgmt Greenwich • • • 3,395 7 15
14 10 Rob Giannetti Merrill Private Wealth Mgmt Greenwich • • • • 12,023 40 60
15 14 Jeffrey Corliss RDM Financial Group | Hightower Westport • • • 1,000 3.5 7
16 28 David Goodwin Merrill Wealth Mgmt Hartford • • • 1,177 6.5 10
17 20 Matthew Lasko UBS Private Wealth Mgmt Stamford • • • • 11,055 15 30
18 17 Teresa Jacobsen UBS Private Wealth Mgmt Stamford • • • 1,424 10 25

N=not ranked
P2JW079000-0-S00800-1--------XA

S8 | Tuesday, March 19, 2024 THE WALL STREET JOURNAL.

TOP 1200 FINANCIAL ADVISORS 2024

CLIENT TYPES

High Ultrahigh Team Typical Typical

2024 2023 Retail Net Worth Net Worth Assets Account Net Worth
Rank Rank Advisor Firm City (Up to $1 mil) ($1 mil-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)
CONNECTICUT (continued)
19 N Frank Lockwood UBS Wealth Mgmt Stamford • • • $1,603 $10 $10
20 18 Thomas Hutchison Merrill Wealth Mgmt New Haven • • • 1,986 3 5
21 29 Chad Czerwinski UBS Wealth Mgmt Hartford • • • 1,977 7 20
22 19 Jason Cerniglia Ameriprise Financial Mystic • • • 1,847 1.4 4
23 21 Joshua Kampf Merrill Wealth Mgmt New Haven • • • 1,986 3 5
24 104 N.Y. Ira Millman Morgan Stanley Wealth Mgmt Westport • • • 1,394 12.5 30
25 N Nancy Daoud Ameriprise Financial Oxford • • • 1,581 1.8 6
26 N Jenny Harrington Gilman Hill Asset Mgmt New Canaan • • 766 1.3 5
27 22 Jon Newman Ameriprise Financial Greenwich • • 377 2 10
28 15 Vincent Mancuso Morgan Stanley Wealth Mgmt Greenwich • • • 3,385 7 15
29 27 Will Gourd UBS Private Wealth Mgmt Stamford • • • 2,638 25 40
30 33 Andrew Worthington UBS Wealth Mgmt Hartford • • 2,028 6 7
31 N Dennis Stanek Jr. RBC Wealth Mgmt Farmington • • • • • • 858 7 12
32 24 John Goodwin Morgan Stanley Private Wealth Mgmt Stamford • • • 3,066 40 75
33 30 Andrew Shantz UBS Private Wealth Mgmt Stamford • • 2,189 35 75
34 36 Elizabeth Angelone Merrill Wealth Mgmt Greenwich • • • 1,580 6.3 9.3
35 35 Ashley Martella UBS Wealth Mgmt Hartford • • • 2,028 5 7
36 N Matthew Tackman Merrill Wealth Mgmt Ridgefield • • • 1,203 2.5 4

DELAWARE
1 1 Kimberlee Orth Ameriprise Financial Wilmington • • • $2,870 $7.8 $18.6
2 3 Donald DeWees Jr. Wells Fargo Advisors Greenville • • • • 1,096 4 7
3 2 Thomas Weisenfels Merrill Wealth Mgmt Wilmington • • • 683 1.5 3.5
4 4 Thomas Rice Merrill Wealth Mgmt Wilmington • • • 1,559 3.5 7
5 N Michael Porter Janney Montgomery Scott Greenville • • • • 1,061 2.5 7.5
6 N Michael Koppenhaver Merrill Wealth Mgmt Dover • • • 551 2 3

DISTRICT OF COLUMBIA
1 1 Marvin McIntyre Morgan Stanley Private Wealth Mgmt Washington • • • • • $5,698 $10 $25
2 6 Keith Apton UBS Private Wealth Mgmt Washington • • 5,345 10 30
3 11 Nick Francia UBS Private Wealth Mgmt Washington • • 5,345 10 30
4 13 Tom Rietano Merrill Private Wealth Mgmt Washington • • 2,485 20 25
5 2 John M. Williams Morgan Stanley Private Wealth Mgmt Washington • • • • 3,756 20 35
6 3 Jonathan Legg Morgan Stanley Private Wealth Mgmt Washington • • 2,038 75 100
7 10 Gregory Marcus UBS Private Wealth Mgmt Washington • • 971 30 75
8 16 Jason Goldstein Raymond James Washington • • • • 4,200 35 55
9 9 John McKnight Merrill Wealth Mgmt Washington • • 2,803 6.5 10
10 12 James New UBS Private Wealth Mgmt Washington • • 2,932 12 20
11 15 Richard Harris Alex. Brown | Raymond James Washington • • • • • 3,750 7.5 25
12 19 Rod von Lipsey UBS Private Wealth Mgmt Washington • • 1,360 20 30
13 5 Brett Anthony Morgan Stanley Wealth Mgmt Washington • • • • 5,695 12 25
14 4 Michael O’Neill Morgan Stanley Private Wealth Mgmt Washington • • 3,079 25 35
15 20 William Finnerty UBS Private Wealth Mgmt Washington • • • 766 15 30
16 18 Frederick Shreves Wells Fargo Advisors Washington • • • • 4,362 4 10
17 N Justin Gaither Merrill Wealth Mgmt Washington • • • 1,914 6.5 8
18 7 Barry Haffner UBS Private Wealth Mgmt Washington • • 1,095 5 7.5
19 17 Dexter Walker Morgan Stanley Private Wealth Mgmt Washington • • 1,859 15 25
20 14 H.L. McLaughlin III Morgan Stanley Wealth Mgmt Washington • • • • 5,651 12 25
21 N Ronya Corey Merrill Wealth Mgmt Washington • • 897 3 10
22 N Grantham Myers UBS Private Wealth Mgmt Washington • • 902 22 26
23 24 Robert Allred UBS Private Wealth Mgmt Washington • • • 718 3 5
24 22 Donald A. Caron Jr. Morgan Stanley Private Wealth Mgmt Washington • • • 1,365 7.5 10

FLORIDA
1 1 Brian Pfeifler Morgan Stanley Private Wealth Mgmt Palm Beach • • • $12,257 $75 $100
2 2 Scott Siegel Morgan Stanley Wealth Mgmt Boca Raton • • • 7,886 20 50
3 N Thomas Moran Moran Wealth Mgmt Naples • • • 4,158 5 25
4 3 Kevin Peters Morgan Stanley Wealth Mgmt Palm Beach • • 8,056 16.6 91
5 5 Adam Carlin Morgan Stanley Private Wealth Mgmt Coral Gables • • 5,558 20 25
6 4 Deborah Montaperto Morgan Stanley Private Wealth Mgmt Palm Beach • 39,813 100 150
7 7 Salvatore Tiano J.P. Morgan Wealth Mgmt Jupiter • • • • • • 3,482 20 40
8 13 Andrew Vahab J.P. Morgan Wealth Mgmt Boca Raton • • 3,872 12.5 30
9 6 John Elwaw Morgan Stanley Wealth Mgmt Miami • • 3,049 5 25
10 8 Dominic Casanueva Merrill Wealth Mgmt Lakewood Ranch • • • • 10,109 1.5 3
11 38 Michael Beckerman Merrill Private Wealth Mgmt Coral Gables • • 3,242 50 75
12 30 N.Y. Michael Sawyer Morgan Stanley Private Wealth Mgmt Miami • • 25,828 40 80
13 10 Ed Ventrice UBS Private Wealth Mgmt Boca Raton • • 2,949 15 30
13 10 Michael Bober UBS Private Wealth Mgmt Boca Raton • • 2,949 15 30
15 12 Peter Bermont Raymond James Coral Gables • • • • • 3,335 10 30
16 17 Michelle Mayer Merrill Private Wealth Mgmt Naples • • 2,069 40 75
17 4 Minn. Brad Wheelock RBC Wealth Mgmt Naples • • • • 1,804 3.5 6
18 14 Roy Apple J.P. Morgan Wealth Mgmt Palm Beach Gardens • • 2,845 10 20
19 19 Mark Thorndyke Merrill Wealth Mgmt Naples • • • 2,584 7 15
20 16 Joseph Matina UBS Private Wealth Mgmt Naples • • 2,067 10 25
21 N Joseph Small Small World Wealth Mgmt | Northwestern Mutual Fort Myers • • • 1,323 0.8 2
22 44 Nick Sadowsky UBS Private Wealth Mgmt Boca Raton • • 4,278 50 100
23 22 Margaret Starner Raymond James Coral Gables • • 1,510 5 7
24 24 Trevor Fried Morgan Stanley Wealth Mgmt Fort Lauderdale • • • 1,375 3 5
25 20 Jason Stephens UBS Private Wealth Mgmt Naples • • 1,692 15 25
26 25 James McLaughlin Princeton Wealth Advisors | Raymond James Vero Beach • • • 2,454 3 5
27 30 Michael McCain Clarity Wealth Naples • • • 3,828 10 15
28 34 Eric Glasband RBC Wealth Mgmt Boca Raton • • 1,595 9.2 16.2
29 N Eric Propper CIBC Private Wealth West Palm Beach • • • 1,419 27.9 50
30 21 Don d’Adesky Raymond James Boca Raton • • • • 6,084 25 25
31 15 Sean Fetterman Morgan Stanley Wealth Mgmt Boca Raton • • 2,046 15 30
32 33 Keith Rowling Merrill Wealth Mgmt Palm Beach • • • 1,645 10 25
33 31 Douglas Braff UBS Private Wealth Mgmt West Palm Beach • • • • 11,207 5 10
34 N Jeremy Paul Perigon Wealth Mgmt Boca Raton • • • • 3,686 2 20
35 61 Saroj Kasturi Ameriprise Financial Palm Coast • • • 2,868 0.4 0.9
36 11 N.J. Frank Seminara Morgan Stanley Private Wealth Mgmt Palm Beach • • 2,952 15 20
37 36 John Olson Merrill Private Wealth Mgmt West Palm Beach • • 2,481 8 15
38 29 Andrew Schultz Morgan Stanley Private Wealth Mgmt Miami Beach • • 1,493 15 40
39 18 Linda Stephans Morgan Stanley | Graystone Consulting Palm Beach • • • • 8,028 150 100
40 60 Andrew Plum UBS Private Wealth Mgmt West Palm Beach • • 1,240 15 25
41 49 Christopher Aitken UBS Private Wealth Mgmt Ponte Vedra Beach • • 1,230 25 50
42 39 Randy Hallier Creative Planning St. Petersburg • • • 1,299 2.1 5
43 59 Chris Garvin UBS Private Wealth Mgmt Fort Lauderdale • • 1,802 5 10
44 57 Robert Dwyer Merrill Wealth Mgmt Punta Gorda • • • • 10,059 3 5
45 N Eric Diton The Wealth Alliance Boca Raton • • • • 1,699 3 6
46 28 Marc Fischer Morgan Stanley | Graystone Consulting Naples • • • • • • 4,083 45 45
47 45 William Merriam Merrill Wealth Mgmt Jacksonville • • • • • • 1,442 2 5
48 23 Rod Aronson Morgan Stanley Private Wealth Mgmt Palm Beach • • • • 2,729 25 40
49 42 Jose Cabrera Raymond James Coral Gables • • • • 6,084 25 25
50 47 Adam Palmer Morgan Stanley | Graystone Consulting Tampa • • • • • • 8,951 9 12
51 48 Thomas Ruggie Ruggie Wealth Mgmt Tavares • • • 1,094 1.5 3
52 40 Louise Armour J.P. Morgan Wealth Mgmt Palm Beach Gardens • • • 1,631 10 25
53 26 Manish Mehta UBS Private Wealth Mgmt Winter Park • • • 1,773 5 7
54 70 Joel Manings Merrill Wealth Mgmt St. Petersburg • • • 995 1.9 2.5
55 N Garrett Burke Merrill Private Wealth Mgmt Heathrow • • 1,848 1 10
56 N Brendan Burke Merrill Private Wealth Mgmt Heathrow • • 1,848 1 10
57 55 Bobby Kolev Morgan Stanley Wealth Mgmt Aventura • • • • 3,828 50 100
58 68 Kurt Sylvia J.P. Morgan Wealth Mgmt Palm Beach Gardens • • • 1,215 15 45
59 50 Jeff Hausinger All Seasons Wealth Tampa • • • 785 1.2 3
60 62 Mark Donohue J.P. Morgan Wealth Mgmt Palm Beach Gardens • • • • 1,191 10 25
61 51 Scott Owens Morgan Stanley | Graystone Consulting Tampa • • • • 7,850 8 10
62 71 David Barcomb Merrill Wealth Mgmt Sarasota • • • • 1,316 10 15
63 66 Shon Flaharty Flaharty Asset Mgmt Clearwater • • • • 915 0.8 5
64 39 Ill. Michael Cohen Morgan Stanley Wealth Mgmt Naples • • 2,014 1 2
65 53 Gregory O’Hare Merrill Private Wealth Mgmt Palm Beach Gardens • • 1,195 25 40
66 N Daryl Emerson Merrill Wealth Mgmt Winter Park • • • 1,159 2 3
67 74 Erick Ellsweig Merrill Wealth Mgmt West Palm Beach • • 2,423 4 7
68 78 Daryn Pingleton Merrill Wealth Mgmt West Palm Beach • • • 1,289 4 5

N=not ranked
P2JW079000-0-S00900-1--------XA

THE WALL STREET JOURNAL. Tuesday, March 19, 2024 | S9

BARRON’S SPECIAL REPORT

CLIENT TYPES

High Ultrahigh Team Typical Typical

2024 2023 Retail Net Worth Net Worth Assets Account Net Worth
Rank Rank Advisor Firm City (Up to $1 mil) ($1 mil-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)
FLORIDA (continued)
69 64 Michael Silver Baron Silver Stevens Financial Advisors Boca Raton • • • • • $905 $1.5 $4
70 72 Rachel Barzilay Merrill Wealth Mgmt Boca Raton • • • 1,296 6 10
71 79 Matthew Lytell Riverwalk Wealth Advisors | Northwestern Mutual Tampa • • • 1,030 2.5 6
72 63 Kevin Johnson Morgan Stanley Private Wealth Mgmt Naples • • • 1,845 35 65
73 52 Thais Piotrowski Ameriprise Financial Boca Raton • • • • 1,072 5 10
74 N Matt Kilgroe Cyndeo Wealth Partners St. Petersburg • • • 1,800 4 5
75 43 Eric Applewhite Morgan Stanley Wealth Mgmt Boca Raton • • • 3,215 2 5
76 75 Michael Romanchuk Merrill Wealth Mgmt Miami • • • 1,399 12 25
77 73 Douglas Simon Raymond James Palm Beach Gardens • • 991 12.6 16
78 69 George Perez GenTrust Miami • • 3,006 10 10
79 77 Kevin Hammer Merrill Wealth Mgmt Delray Beach • • • 1,290 5 7
80 23 Conn. Thomas Mantione UBS Private Wealth Mgmt Vero Beach • • 2,189 35 75
81 76 William LaPato Merrill Wealth Mgmt Boca Raton • • • 725 5 8
82 N Dale Cebert Ameriprise Financial The Villages • • 790 0.5 1
83 N Adam Rosenfeld Merrill Private Wealth Mgmt Miami • • 910 35 300
84 58 Aimee Cogan Morgan Stanley Wealth Mgmt Sarasota • • • • 1,636 10 20

GEORGIA
1 3 Robert Balentine Balentine Atlanta • • • • $7,153 $24.5 $30
2 1 Rod Westmoreland Merrill Private Wealth Mgmt Atlanta • • 4,625 25 60
3 5 Craig Savage William Blair Atlanta • • • • 7,659 10 30
4 N Kelly Westmoreland Merrill Private Wealth Mgmt Atlanta • • 4,625 25 60
5 2 James Hansberger Morgan Stanley Private Wealth Mgmt Atlanta • • • • 2,800 25 50
6 4 Brian Frank Morgan Stanley Private Wealth Mgmt Atlanta • • 2,540 10 25
7 26 Thomas Epperson Rockefeller Capital Mgmt Atlanta • 2,500 50 100
8 6 David Higgins Rockefeller Capital Mgmt Atlanta • • 1,950 61 100
9 8 Justin Ryan Rockefeller Capital Mgmt Atlanta • • 2,300 57 125
10 14 Michael Hines Consolidated Planning Corporation Atlanta • • • 1,446 3 4.5
11 7 Andrew Harbour Morgan Stanley Wealth Mgmt Atlanta • • • • • 12,205 5 10
12 N Earle Dodd UBS Private Wealth Mgmt Atlanta • • 14,800 350 700
13 N Scott Thompson CIBC Private Wealth Atlanta • • 1,987 37 245
14 9 Michael Merlin Rockefeller Capital Mgmt Atlanta • • 1,792 10 25
15 12 Donna Joyner Merrill Wealth Mgmt Alpharetta • • 1,160 15 25
16 N Wen Nottebohm Cresset Atlanta • 6,166 20 50
17 N Brian Jenkins J.P. Morgan Wealth Mgmt Atlanta • • 3,708 30 47
18 11 Buck Wiley III Merrill Private Wealth Mgmt Atlanta • • • • 2,471 20 25
19 18 Todd Urowsky UBS Private Wealth Mgmt Atlanta • • • 3,342 10 15
20 15 Ryan Smith Northwestern Mutual Atlanta • • • 1,051 3 5
21 21 David Skid Morgan Stanley Wealth Mgmt Atlanta • • • 1,767 10 10
22 27 Andy Zager UBS Private Wealth Mgmt Atlanta • • • 1,840 4 5
23 22 Kevin Higginbotham Merrill Wealth Mgmt Atlanta • • • • • 105,476 15 40
24 23 Jay Jowers Merrill Private Wealth Mgmt Atlanta • 2,363 35 45
25 N Mark King UBS Private Wealth Mgmt Atlanta • • • 946 25 40
26 N James Kaufman Merrill Wealth Mgmt Atlanta • • • 105,476 10 30
27 13 Saul Levy Morgan Stanley Wealth Mgmt Atlanta • • 2,764 10 20
28 19 Graham Roberts Morgan Stanley Wealth Mgmt Atlanta • • • • 2,400 10 20
29 28 Bill Pahl UBS Private Wealth Mgmt Atlanta • • • 2,369 10 15
30 16 Bert Ponder Merrill Private Wealth Mgmt Atlanta • • • • 2,363 15 35

HAWAII
1 1 Matthew Megorden UBS Wealth Mgmt Honolulu • • • $949 $3 $7
2 N Eric Fujimoto Ameriprise Financial Honolulu • • • • 1,070 2 7
3 3 Peter Backus Morgan Stanley Wealth Mgmt Honolulu • • • 3,769 5 10
4 2 Wang Kar Lee Morgan Stanley Wealth Mgmt Honolulu • • • • • • 1,873 2 4
5 4 Alan Kodama Pacstar Financial Group Honolulu • • 336 0.3 1.5
6 N Gregg Takara Morgan Stanley Wealth Mgmt Honolulu • • • • • 1,298 3 5

IDAHO
1 2 Robert Brian King RBC Wealth Mgmt Eagleo • • $1,032 $5 $10
2 1 Dale Miller Morgan Stanley Private Wealth Mgmt Coeur d’Alene • • 3,263 13.5 15
3 3 Sandy Dalton UBS Private Wealth Mgmt Boise • • • • 1,105 8 12
4 5 Justin Samples Ameriprise Financial Boise • • • • 1,221 1 2
5 4 Bruce Davidson Wells Fargo Advisors Boise • • • • 929 5 20
6 6 Uwe Ruttke Merrill Wealth Mgmt Boise • • • 1,016 4.5 9

ILLINOIS
1 3 Paul Tashima UBS Private Wealth Mgmt Chicago • • $36,763 $100 $500
2 2 Thomas Wilson William Blair Chicago • • • 6,275 15 25
3 1 John Cultra William Blair Chicago • • 4,773 18 28
4 N Tom Bridges CIBC Private Wealth Chicago • • • • 4,122 4.3 8.7
5 6 David Mabie Chicago Capital Chicago • • 2,829 4.7 10
6 7 Peter Lee Summit Trail Advisors Chicago • • • 3,308 25 65
7 4 Steven Hefter HLM Capital Management Group Highland Park • • 2,651 12 30
8 10 Cam McKinney William Blair Chicago • • • • 5,310 30 50
9 12 John Cimaroli William Blair Chicago • • • • 5,310 30 50
10 5 Brian Hahn Neuberger Berman Chicago • • 2,241 10 25
11 14 Scott Magnesen Morgan Stanley Wealth Mgmt Oak Brook • • • 5,526 2 3.5
12 9 Raj Bhatia Merrill Private Wealth Mgmt Chicago • • • • 2,108 15 25
13 11 Steve Jesanis William Blair Chicago • • • • • 2,821 6 25
14 18 Daniel Grant William Blair Chicago • • 2,264 15 25
15 17 Daniel Fries Merrill Wealth Mgmt Chicago • • • 1,738 3 5
16 8 Andrew Griffo Morgan Stanley Wealth Mgmt Chicago • • • • 44,465 10 20
17 16 Carlette McMullan William Blair Chicago • • • • 1,734 5 15
18 13 James Whitney Morgan Stanley | Graystone Consulting Chicago • • 4,657 50 100
19 19 Louise Lane William Blair Chicago • • • • 1,685 5 10
20 26 Louis Paster UBS Private Wealth Mgmt Chicago • • 36,763 100 500
21 24 Matthew Dillig The Dillig Bowen Group | Hightower Northbrook • • • 1,950 35 50
21 25 David Wright Merrill Private Wealth Mgmt Chicago • • • • 3,124 25 35
23 15 Michael Gallagher Morgan Stanley Wealth Mgmt Chicago • • • • 8,670 2.5 5
24 N Christopher DeMonte Cresset Chicago • • • 2,965 20 50
25 23 Benjamin Klein Merrill Wealth Mgmt Northbrook • • • 1,222 5 10
26 29 Sharon Oberlander Merrill Wealth Mgmt Chicago • • • 1,949 5 12
27 22 David Brown William Blair Chicago • • • 1,160 1 10
28 30 Patrick Baldwin Merrill Private Wealth Mgmt Chicago • • 5,766 25 35
29 32 Michael Marcovici Merrill Private Wealth Mgmt Chicago • • 5,766 25 35
30 20 Kristina Van Liew Morgan Stanley | Graystone Consulting Chicago • • • • 8,028 150 100
31 31 Jay Maltby UBS Private Wealth Mgmt Chicago • • 3,275 10 15
32 49 Jason Beckwith Merrill Wealth Mgmt Chicago • • • 1,302 5 7.5
33 35 Thomas Kane Merrill Private Wealth Mgmt Chicago • 7,187 35 75
34 N Chris Baldwin Merrill Private Wealth Mgmt Chicago • • 3,530 25 50
35 33 F. Michael Covey III Merrill Private Wealth Mgmt Chicago • 7,187 35 75
36 27 Ajay Desai UBS Private Wealth Mgmt Chicago • • • 2,374 30 100
37 43 Tony Hoban William Blair Chicago • • 1,687 15 25
38 45 Thomas Marx William Blair Chicago • • • • 1,246 6 12
39 N Joe Lamberti Merrill Private Wealth Mgmt Chicago • • 2,486 15 25
40 42 Joseph Kartheiser Morgan Stanley Private Wealth Mgmt Chicago • • • 3,025 15 25
41 N Joseph Scandariato Merrill Wealth Mgmt Chicago • • • 1,966 6 12
42 N Ari Paxinos Merrill Private Wealth Mgmt Chicago • • 2,486 15 25
43 51 Tom Kilborn Merrill Wealth Mgmt Northbrook • • • 1,249 5 8
44 50 Douglas Mabie Baird Chicago • • • • 914 5 10
45 47 Russell McLean McLean Wealth Mgmt | Wells Fargo Advisors FiNet Oak Brook • • • 1,360 3 6
46 N Kevin Spahn Spahn Financial | Northwestern Mutual Lombard • • • 1,317 3 8
47 28 Kathleen Roeser Morgan Stanley Wealth Mgmt Chicago • • • • 1,930 10 18
48 57 John Hammond Merrill Wealth Mgmt Northbrook • • • 1,297 6.5 10
49 40 Brian Marshall William Blair Chicago • • • • 969 3 5
50 N Trevor Mathias Morgan Stanley Wealth Mgmt Chicago • • • 1,149 4 5
51 58 Jacqueline Moss William Blair Chicago • • 1,088 30 40
52 52 John Stevenson Jr. Wells Fargo Advisors Quincy • • • • • 1,558 2 3
53 60 Rod Loewenthal UBS Private Wealth Mgmt Northbrook • • 1,150 6 8
54 53 Robert Siracusano Wells Fargo Advisors FiNet Naperville • • • 864 3.5 5
55 59 Brett White Ameriprise Financial Oakbrook Terrace • • 1,299 0.8 2.3

N=not ranked
P2JW079000-0-S01000-1--------XA

S10 | Tuesday, March 19, 2024 THE WALL STREET JOURNAL.

TOP 1200 FINANCIAL ADVISORS 2024

CLIENT TYPES

High Ultrahigh Team Typical Typical

2024 2023 Retail Net Worth Net Worth Assets Account Net Worth
Rank Rank Advisor Firm City (Up to $1 mil) ($1 mil-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)
ILLINOIS (continued)
56 34 Brad DeHond Morgan Stanley Private Wealth Mgmt Chicago • • • $3,313 $45 $50
57 38 David Wilkinson Morgan Stanley Private Wealth Mgmt Chicago • • 1,220 35 40
58 N Steven Lopez Merrill Private Wealth Mgmt Chicago • • 2,175 25 50
59 36 Mark Birringer Alex. Brown | Raymond James Chicago • • 2,029 25 40
60 41 Ted Davis Morgan Stanley Wealth Mgmt Chicago • • 1,009 2.5 3

INDIANA
1 2 John Cate Merrill Wealth Mgmt Indianapolis • • • $21,683 $450 $1,000
2 1 Wm. Craig Dobbs Morgan Stanley | Graystone Consulting Indianapolis • 37,007 203.6 252.2
3 4 Martin Gregor Merrill Private Wealth Mgmt Indianapolis • • • 5,503 30 60
4 3 Eric Payne Merrill Wealth Mgmt Indianapolis • • 2,696 5 8
5 6 Ronald Mencias Merrill Wealth Mgmt Indianapolis • • 2,696 5 8
6 7 Christopher Moore Ameriprise Financial Fort Wayne • • 1,245 2.3 4.3
7 9 Daniel Finley Merrill Wealth Mgmt Fort Wayne • • • • 1,451 2 5
8 17 Jonathan Klausner Morgan Stanley Wealth Mgmt Indianapolis • • • 2,739 6 12
9 8 Brian Austin Ameriprise Financial Indianapolis • • 1,732 1.2 2.1
10 13 Eric Brunton Merrill Wealth Mgmt Indianapolis • • • • 15,897 3.3 4.5
11 5 John Perry Morgan Stanley Private Wealth Mgmt Indianapolis • • • 2,175 20 30
12 14 John Schutz Baird Evansville • • 728 0.8 2
13 10 Chris Cooke Cooke Financial Group Indianapolis • • • • 2,425 5 8
14 10 Brian Cooke Cooke Financial Group Indianapolis • • • • 2,425 5 8
15 15 K. Gregory Akers Merrill Wealth Mgmt Indianapolis • • • • 1,825 3 5
16 12 Scott Saxe Saxe Pinkston Financial Group |
Wells Fargo Advisors FiNet
Evansville • • • 1,031 2 3

17 16 John Duffy Morgan Stanley Wealth Mgmt Indianapolis • • • • 2,730 6 8

18 N Terry Wheeler Merrill Wealth Mgmt Evansville • • • 1,870 1.5 2.5

IOWA
1 1 Bryan Boesen Morgan Stanley Wealth Mgmt Des Moines • • $2,236 $10 $20
2 N Ed McGill McGill Junge Wealth Mgmt | Northwestern Mutual Clive • • • • 1,153 2.5 6.6
3 3 Timothy Finucan Edward Jones Webster City • • • 840 1 4
4 4 Jeffrey Brandt Ameriprise Financial West Des Moines • • 1,415 1 4
5 2 Matt Fryar Fryar Private Wealth | Wells Fargo Advisors FiNet West Des Moines • • 1,032 5 6
6 5 Eli Wynes United Iowa Financial Iowa City • • • • • 912 0.5 1

KANSAS
1 1 Brenna Saunders Creative Planning Overland Park • • $2,885 $30.1 $100
2 3 Trey Barnes Mariner Wealth Advisors Overland Park • • • 3,658 1.1 10
3 2 Timothy Sutton Creative Planning Overland Park • • • 1,564 2.6 15
4 6 Jay Beebe Creative Planning Overland Park • • • 1,834 3.9 12
5 5 Jake Kern Mariner Wealth Advisors Overland Park • • • 3,658 1.1 6
6 N Jessica Culpepper Creative Planning Overland Park • 2,641 32.2 80

KENTUCKY
1 4 William Watson Ameriprise Financial Owensboro • • • $1,846 $0.8 $2.3
2 8 Douglas Kisker Ameriprise Financial Crestview Hills • • • • 1,763 2.3 2.5
3 3 Travis Musgrave Merrill Wealth Mgmt Lexington • • • 1,040 5 8
4 5 Mitch Settle Baird Owensboro • • • 970 1 1.8
5 2 Thomas Perrone Morgan Stanley Wealth Mgmt Louisville • • • • • 1,643 1.3 1.5
6 N Lawrence Nagel Merrill Private Wealth Mgmt Louisville • • • • 2,375 20 40
7 12 Pamela Thompson Mariner Wealth Advisors Louisville • • 660 1.2 6
8 10 Dan Foutch Baird Glasgow • • • • 956 1.3 2.5
9 7 Shannon Vitale Baird Bowling Green • • • 1,824 0.4 1
10 11 Mark Switow UBS Private Wealth Mgmt Louisville • • 11,055 8.5 24
11 N Kellie Sheryak UBS Private Wealth Mgmt Louisville • • 6,046 5 10
12 9 Morgan Fister Morgan Stanley Wealth Mgmt Lexington • • • 1,289 3 5

LOUISIANA
1 1 Curtis Eustis Merrill Private Wealth Mgmt New Orleans • • • $1,795 $10 $27.5
2 2 James Spiro Morgan Stanley Wealth Mgmt New Orleans • • • 2,857 1 5
3 N Kevin Murphy Ameriprise Financial Shreveport • • 956 0.5 1.5
4 3 Scott Hardie Merrill Wealth Mgmt New Orleans • • • • • 1,723 4 6
5 4 Jacque Kuchta UBS Wealth Mgmt New Orleans • • • 938 3.5 7
6 5 Don Celestin Morgan Stanley Wealth Mgmt Mandeville • • • • 1,056 2.5 5

MAINE
1 1 Brian Clement RBC Wealth Mgmt Portland • • • • $773 $3 $7
2 5 Robertson Breed F.L.Putnam Investment Mgmt Portland • • • • • 713 3 7
3 6 Melissa Duffy White Pine Wealth Mgmt | Hightower Falmouth • • • 703 2 3.5
4 N Christopher Rogers Raymond James Portland • • • 971 3 5
5 N Gary Bergeron Morgan Stanley Wealth Mgmt Portland • • • • 771 2 5
6 N Andrew Thomas Morgan Stanley Wealth Mgmt Portland • • • 1,156 3 5

MARYLAND
1 2 Kent Pearce Merrill Wealth Mgmt Towson • • $2,596 $10 $20
2 1 Robert Scherer Morgan Stanley | Graystone Consulting Potomac • • • • • 14,487 25 25
3 3 Joseph Jacques Jacques Financial Rockville • • 1,796 1.3 3
4 4 Peter Dunne Merrill Wealth Mgmt Bethesda • • • • • 5,747 80 175
5 5 Jeff Leventhal Hightower Bethesda Bethesda • • 1,950 5 10
6 9 Barry Garber Alex. Brown | Raymond James Hunt Valley • • • 4,256 15 25
7 7 E. Geoffrey Sella SPC Financial Rockville • • 1,206 0.3 1.5
8 13 Thomas Lee Lee, Sipe & Associates Rockville • • • 1,165 2.4 3.2
9 11 Ross Charkatz Morgan Stanley | Graystone Consulting Potomac • • • • • • 14,460 25 25
10 6 Ted Smith Morgan Stanley Private Wealth Mgmt Baltimore • • 3,121 50 75
11 N Bruce Wall Merrill Wealth Mgmt Bethesda • • • 5,747 80 80
12 18 Ann Marie Etergino RBC Wealth Mgmt Chevy Chase • • • • • 1,725 10 25
13 16 Gregory Baker Merrill Wealth Mgmt Bethesda • • • 1,349 1 5
14 19 Richard Wagener Wagener Lee Wealth Advisors Columbia • • • • • 903 2 5
15 8 Brett Clifford Morgan Stanley Private Wealth Mgmt Baltimore • • • 3,062 30 75
16 15 David Giulieri Morgan Stanley Wealth Mgmt Bethesda • • • 1,874 3 10
17 23 Ryan Bowman Morgan Stanley Wealth Mgmt Rockville • • • • 3,675 3 10
18 20 Adam Rorrer Morgan Stanley Wealth Mgmt Bethesda • • • • • • 1,570 4.2 10
19 N Beth Rosenwald RBC Wealth Mgmt Baltimore • • • 770 3 7.5
20 24 Michael Riley RBC Wealth Mgmt Rockville • • • 823 2.1 5
21 10 James Meek Morgan Stanley | Graystone Consulting Baltimore • • • • 2,435 20 30
22 N William Orr Merrill Private Wealth Mgmt Frederick • • • • 1,209 20 25
23 N Jim Holzapfel Morgan Stanley Wealth Mgmt Hagerstown • • • • 2,290 1.5 3.5
24 N Matthew Clark William Blair Baltimore • • • • 882 5 10

MASSACHUSETTS
1 3 Raj Sharma Merrill Private Wealth Mgmt Boston • • $5,914 $15 $20
2 1 Peter Princi Morgan Stanley | Graystone Consulting Boston • • • 9,100 10 20
3 5 Susan Kaplan Kaplan Financial Services Newton • • 2,578 4 10
4 2 Kevin Grimes Grimes & Company Westborough • • 4,489 4 8
5 6 Thomas Bartholomew Bartholomew & Company Worcester • • • 4,348 4 10
6 10 Daniel Wilson Ameriprise Financial Auburndale • • 4,483 1 5
7 4 Devin Condron Morgan Stanley Private Wealth Mgmt Boston • • 5,574 25 75
8 12 Charles S. Bean III Heritage Financial Services Westwood • • • 2,396 2.5 4
9 7 Brian Strachan Morgan Stanley Private Wealth Mgmt Boston • • • 2,416 10 25
10 8 Victor T. Livingstone Morgan Stanley Private Wealth Mgmt Boston • • • • 6,356 75 100
11 9 John Lechner Morgan Stanley Private Wealth Mgmt Boston • • 6,969 25 100
12 11 Richard F. Connolly Morgan Stanley Private Wealth Mgmt Boston • • • • • • 9,631 5 7.5
13 26 Christopher Dillon UBS Private Wealth Mgmt Boston • • • 2,316 10 15
14 14 David Javaheri Morgan Stanley Wealth Mgmt Wellesley • • 2,681 7.5 15
15 17 Gary McGuirk Merrill Private Wealth Mgmt Boston • • 2,975 42 55
16 24 Carl Cafaro Merrill Wealth Mgmt Newton • • 5,291 18 25
17 16 Andrew Zimmerman Merrill Wealth Mgmt Boston • • 1,997 15 25
18 N Ramzi Nuwayhid Merrill Private Wealth Mgmt Boston • • 1,946 35 40

N=not ranked
P2JW079000-0-S01100-1--------XA

THE WALL STREET JOURNAL. Tuesday, March 19, 2024 | S11

BARRON’S SPECIAL REPORT

CLIENT TYPES

High Ultrahigh Team Typical Typical

2024 2023 Retail Net Worth Net Worth Assets Account Net Worth
Rank Rank Advisor Firm City (Up to $1 mil) ($1 mil-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)
MASSACHUSETTS (continued)
19 20 Ira Rapaport New England Private Wealth Advisors Wellesley • • $2,481 $7 $9
20 18 Peter Noonan J.P. Morgan Wealth Mgmt Boston • • • 2,442 15 50
21 N Frederick Keator Keator Group Lenox • • • 860 2.5 8
22 25 Mary Mullin Merrill Wealth Mgmt Boston • • 1,465 7 15
23 13 Raju Pathak Morgan Stanley Wealth Mgmt Boston • • 1,725 7.5 15
24 21 Terrence McMahon Morgan Stanley Private Wealth Mgmt Boston • • 6,969 25 100
25 22 Stephen Kelliher Morgan Stanley Wealth Mgmt Norwell • • • • • • 4,840 10 10
26 15 William Sullivan UBS Private Wealth Mgmt Boston • • 1,174 25 50
27 30 Richard Miller Ameriprise Financial Wellesley • • • 1,602 0.7 2
28 29 Mark Winthrop Winthrop Wealth Westborough • • • 2,328 3.5 5
29 N Eric Breemen Merrill Wealth Mgmt Wellesley • • • 1,807 5 8
30 N Debra Brede D.K. Brede Investment Mgmt | GW & Wade Needham • • • 1,458 3 4

MICHIGAN
1 1 Charles C. Zhang Zhang Financial Portage • • • $5,531 $4 $6
2 3 David Kudla Mainstay Capital Mgmt Grand Blanc • • • 3,515 2 5
3 4 Timothy Long Merrill Wealth Mgmt Grand Rapids • • • • • • 6,504 6 10
4 5 Philip Appel Merrill Wealth Mgmt Bloomfield Hills • • 3,259 7.2 9
5 6 Dana Locniskar Merrill Private Wealth Mgmt Bloomfield Hills • • 4,010 15 50
6 7 Leo Stevenson Merrill Wealth Mgmt Wyandotte • • • 1,126 1.5 2.5
7 10 Aaron Romain Merrill Wealth Mgmt Farmington Hills • • • • 2,172 1 5
8 9 Melissa Spickler Merrill Wealth Mgmt Bloomfield Hills • • • 1,604 2 5
9 N Jason Klein Ameriprise Financial Portage • • 1,013 0.3 0.9
10 17 Bruce Ballard Merrill Wealth Mgmt Farmington Hills • • • 2,350 6 10
11 11 Brian Brice Morgan Stanley | Graystone Consulting Birmingham • • • • 5,555 5 10
12 30 Gautam Muthusamy Arcadia Capital Saline • • • 1,115 2 5
13 15 William Mackay Merrill Wealth Mgmt Grand Rapids • • • • • 6,504 2 5
14 29 Abraham Post Merrill Wealth Mgmt Bloomfield Hills • • • 1,139 6.5 10
15 21 Jay McGill Merrill Wealth Mgmt Auburn Hills • • • 1,045 3 5
16 19 Michael Rosloniec Morgan Stanley | Graystone Consulting Grand Rapids • • • • • 7,352 82 110
17 14 Marie Vanerian Merrill Wealth Mgmt Bloomfield Hills • • • • 2,697 10 20
17 27 Scott Bernecker Merrill Wealth Mgmt Grand Rapids • • • • • • 1,893 10 15
19 24 Jon Vigi UBS Private Wealth Mgmt Birmingham • • • • • 897 10 25
20 N Derek Ashcraft Merrill Private Wealth Mgmt Bloomfield Hills • • • 1,289 5.5 9.5
21 13 David Brazen Ameriprise Financial Troy • • 2,576 2 4
22 18 Timothy Brice Morgan Stanley | Graystone Consulting Birmingham • • • • 5,209 5 10
23 26 James Kruzan Kaydan Wealth Mgmt Fenton • • 693 1.8 3
24 28 John Mizzi Merrill Wealth Mgmt Dearborn • • • 774 1 1.8
25 N Mark Rogers Morgan Stanley Wealth Mgmt Farmington Hills • • • • • • 2,106 2 5
26 22 Chris Wilker Morgan Stanley Wealth Mgmt Troy • • • 842 2 5
26 N Gary Jbara Morgan Stanley Wealth Mgmt Farmington Hills • • • • • • 2,111 2 5
28 20 Eric Furlotte Ameriprise Financial Farmington Hills • • • 2,576 2 4
29 N Nicole Christians Merrill Wealth Mgmt Bloomfield Hills • • 636 2 5
30 N W. Rob Juergens Merrill Wealth Mgmt Ann Arbor • • • 808 2 3

MINNESOTA
1 1 Robert Metcalf UBS Private Wealth Mgmt Wayzata • • $3,995 $75 $100
2 2 Richard S. Brown JNBA Financial Advisors Bloomington • • • 2,086 1.5 3
3 N Judy Fredrickson UBS Private Wealth Mgmt Wayzata • • 3,995 35 100
4 3 Louis Close UBS Private Wealth Mgmt Wayzata • • 3,698 15 25
5 5 Charlie Kelley Compass Capital Mgmt Minneapolis • • • • 1,791 5 10
6 7 Krystal Julius Merrill Wealth Mgmt Wayzata • • • 1,218 3 5
7 9 Jesse Bull UBS Private Wealth Mgmt Wayzata • • 1,582 15 25
8 11 Joseph Loftus UBS Wealth Mgmt Minneapolis • • • 1,229 15 25
9 10 Aaron Howe RBC Wealth Mgmt Wayzata • • • 948 3 8
10 12 Michael Slaggie Slaggie Capital Group Winona • • • • 1,851 1 2.5
11 8 Michelle Young Ameriprise Financial Edina • • 1,411 1.8 3.2
12 6 Christina Boyd Merrill Wealth Mgmt Wayzata • • 907 6 12
13 N Travis Bezella Creative Planning Bloomington • • • 1,181 1.7 5
14 N David A. Olson Morgan Stanley Wealth Mgmt Rochester • • • • 892 3.8 7.5
15 15 Robert Swiller UBS Wealth Mgmt Minneapolis • • • 945 2 10
16 21 Royal Jaros Ameriprise Financial Apple Valley • • 981 1 2
17 16 Rhett Neuman RBC Wealth Mgmt Stillwater • • • 789 2.5 5
18 17 Theresa Ward Merrill Private Wealth Mgmt Minneapolis • • 2,029 5 10
19 18 Derek Cherne UBS Private Wealth Mgmt Wayzata • • 1,584 10 25
20 24 William Sukup Wealth Enhancement Group Woodbury • • • 585 1.5 2.3
21 N Chris Lee Wells Fargo Advisors Bloomington • • • 976 2 5
22 22 Jacob Creydt UBS Wealth Mgmt Bloomington • • • • 1,604 5 8
23 20 Michael Erpelding Erpelding Wealth Mgmt | Northwestern Mutual Edina • • • 1,140 0.8 2
24 23 Chris Watkins UBS Private Wealth Mgmt Minneapolis • • • 3,698 15 25

MISSISSIPPI
1 1 Melanie Dowell Morgan Stanley Wealth Mgmt Ridgeland • • • • $1,888 $4 $7
2 2 Bill Rush Mosby UBS Wealth Mgmt Jackson • • • • 1,643 2.5 4
3 4 Steve Sharp Wells Fargo Advisors Jackson • • • • 2,564 2 3
4 3 Arthur Finkelberg Raymond James Ridgeland • • • 616 2 3
5 N Todd Tauzin Tauzin Wealth Mgmt | Northwestern Mutual Ridgeland • • • • 465 1.6 7
6 5 Bill Geary Raymond James Jackson • • • 1,417 2 6

MISSOURI
1 N Matt Bret UBS Wealth Mgmt Kansas City • • • • $3,911 $1 $2.5
2 2 Bud King UBS Private Wealth Mgmt St. Louis • • 1,702 8 40
3 1 Michael Moeller Moeller Investment Group Chesterfield • • • • 2,490 3 5
4 4 Mark Wilkins UBS Private Wealth Mgmt Clayton • • 1,171 36 75
5 3 Diane Compardo Moneta Group Clayton • • 2,605 15 25
6 8 James Hise Merrill Private Wealth Mgmt Kansas City • • 1,809 16 21
7 N Niall Gannon Morgan Stanley Private Wealth Mgmt Clayton • • • 1,492 25 25
8 6 Scott Underwood Socium Advisors | Northwestern Mutual St. Louis • • • • 1,321 3 7
9 5 Seth Murray Ameriprise Financial Springfield • • 2,136 1 2
10 12 Bradford Koeneman Moneta Group Clayton • • • 870 8 10
11 14 Donald Swanson Edward Jones Joplin • • • 602 0.6 1.3
12 7 Kathleen Youngerman Morgan Stanley Private Wealth Mgmt St. Louis • • • 537 40 50
13 13 Brian Pultman Correct Capital Wealth Mgmt St. Louis • • • • 740 2 3
14 10 Shawn Williams Merrill Private Wealth Mgmt Frontenac • • • 1,852 10 25
15 9 Ron Penney Ameriprise Financial Springfield • • 2,136 1 2
16 18 Ed Holt Edward Jones St. Louis • • • 496 0.9 1
17 15 Gordon Hamilton III Morgan Stanley Wealth Mgmt Kansas City • • • 1,866 1.5 1.5
18 17 Robert Millner Morgan Stanley Wealth Mgmt Clayton • • 1,514 2 5

MONTANA
1 1 James B. Stack Stack Financial Mgmt Whitefish • • • $1,766 $2 $5
2 2 William Royer UBS Wealth Mgmt Billings • • • • • 1,344 2.5 7
3 6 Charles Wagner Merrill Wealth Mgmt Billings • • • • 2,620 2.5 5
4 3 Jared Losing Ameriprise Financial Missoula • • • 1,141 0.4 2.2
5 4 Todd Vralsted UBS Wealth Mgmt Billings • • • • 1,344 2.5 7
6 N Joshua Hedge Merrill Wealth Mgmt Billings • • • • 2,620 2.5 5

NEBRASKA
1 1 Jim Siemonsma Mariner Wealth Advisors Omaha • • • $2,378 $1.2 $3
2 2 Ryan Swartz Creative Planning Omaha • • • 3,874 3.9 15
3 3 Andrew Robinson Morgan Stanley Wealth Mgmt Omaha • • • 3,296 4.8 8.5
4 4 Jason Dworak UBS Private Wealth Mgmt Lincoln • • 1,542 15 30
5 6 Tim Harrison Harrison Financial | Northwestern Mutual Omaha • • • 906 2 7.7
6 5 John Garlock RBC Wealth Mgmt Omaha • • • • • 1,395 3.3 5.5

NEVADA
1 2 Randy Garcia The Investment Counsel Co. Las Vegas • • • $1,615 $5.30 $15
2 1 Mark Binder UBS Private Wealth Mgmt Las Vegas • 6,059 35 50

N=not ranked
P2JW079000-0-S01200-1--------XA

S12 | Tuesday, March 19, 2024 THE WALL STREET JOURNAL.

TOP 1200 FINANCIAL ADVISORS 2024

CLIENT TYPES

High Ultrahigh Team Typical Typical

2024 2023 Retail Net Worth Net Worth Assets Account Net Worth
Rank Rank Advisor Firm City (Up to $1 mil) ($1 mil-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)
NEVADA (continued)
3 3 Keith Tanabe Merrill Wealth Mgmt Henderson • • • • • • $6,677 $8 $20
4 4 Phillip Scott Merrill Wealth Mgmt Reno • • • 1,075 3 11
5 N Steve Russell Wells Fargo Advisors Incline Village • • • 1,706 7 25
6 6 Geoffrey Lee Ameriprise Financial Henderson • • • 930 1.3 3

NEW HAMPSHIRE
1 6 Sean Doyle Merrill Wealth Mgmt Manchester • • • $844 $2 $2.5
2 4 Brian Doyle Doyle & Loughman Wealth Mgmt |
Wells Fargo Advisors FiNet
Hanover • • • 1,265 5 10

3 1 Brent Kiley Ameriprise Financial Bedford • • 2,788 1 2.5

4 2 Robert Bonfiglio Ameriprise Financial Bedford • • 2,789 1 2.5
5 N Stephen Spector Steward Partners Global Advisory Portsmouth • • • 623 2.5 5
6 5 John Habig Morgan Stanley Wealth Mgmt Portsmouth • • • 492 1.3 3.5

NEW JERSEY
1 1 David Briegs Merrill Wealth Mgmt Bridgewater • • • $2,274 $3 $4
2 2 Michael Ricca Morgan Stanley Wealth Mgmt Florham Park • • • 5,675 10 15
3 5 Mark Lippman Wells Fargo Advisors Linwood • • • 2,820 2.5 4
4 4 Daniel Schwartz UBS Private Wealth Mgmt Paramus • • 2,713 10 25
5 12 Michael Bonevento ICGnext | LPL Financial Wall • • • 2,100 3.5 10
6 6 Andy Schwartz Bleakley Financial Group Fairfield • • • • 1,812 5 10
7 3 Scott Mahoney Morgan Stanley Private Wealth Mgmt Morristown • • 1,920 20 43
8 9 Christopher Cook Merrill Wealth Mgmt Florham Park • • 2,109 5 10
9 8 Neil McPeak Wells Fargo Advisors Linwood • • • • • 1,751 2.5 7
10 10 Mark Fendrick UBS Wealth Mgmt Mount Laurel • • • 2,260 5 12
11 20 John Micera RBC Wealth Mgmt Florham Park • • • • 1,961 6.9 15
12 33 Jack Riley UBS Wealth Mgmt Warren • • 3,489 15 25
13 22 L. Marc Shegoski UBS Wealth Mgmt Princeton • • • • 5,385 58 63
14 28 Goran Bojovski Merrill Wealth Mgmt Iselin • • • • 16,799 2.5 5
15 16 Jack Burke Merrill Wealth Mgmt Florham Park • • 6,877 9 15
16 25 Michael Taggart J.P. Morgan Wealth Mgmt Morristown • • • 855 10 20
17 24 Michael Gara RBC Wealth Mgmt Princeton • • • 5,284 4 7
18 39 Greg Makowski CFS Investment Advisory Services Totowa • • • • 1,960 2 5
19 40 Harris Nydick CFS Investment Advisory Services Totowa • • • • 1,960 2 5
20 17 Yash Dalal Morgan Stanley Wealth Mgmt Paramus • • • 1,097 6 10
21 18 Mark Tobias Morgan Stanley Wealth Mgmt New Brunswick • • • 1,047 5 10
22 7 Gary Tantleff UBS Wealth Mgmt Warren • • 6,690 11 10
23 26 V. Peter Traphagen Jr. Traphagen Investment Advisors Oradell • • • 1,467 1.5 2.5
24 15 Richard Udine Morgan Stanley Wealth Mgmt Mount Laurel • • • • 4,782 4 5
25 21 Bruce Pomerantz Wells Fargo Advisors Short Hills • • • 1,995 3 5
26 N Michael James UBS Private Wealth Mgmt Paramus • • 2,527 25 50
27 27 Ken Schapiro Condor Capital Wealth Mgmt Martinsville • • • 1,548 2.4 3.5
28 31 Raymond Chase UBS Private Wealth Mgmt Florham Park • • • 1,931 7.5 10
29 48 August Zenzius Merrill Wealth Mgmt Paramus • • • 901 3 5
30 43 Michael Axelrod Bleakley Financial Group Fairfield • • 760 4 7
31 14 Mary Guza Morgan Stanley Wealth Mgmt Florham Park • • • 5,258 10 15
32 47 Patricia Bell Merrill Wealth Mgmt Short Hills • • 741 5 8
33 34 Christine McGinley UBS Wealth Mgmt Mount Laurel • • • 1,175 9 18
34 45 Jeffrey Browne Merrill Wealth Mgmt Mount Laurel • • • 901 3.5 5
35 30 Anthony Valente Morgan Stanley Wealth Mgmt Shrewsbury • • • • 2,496 1 2
36 N Benjamin Kaplowitz Merrill Wealth Mgmt Toms River • • • 861 5 10
37 29 Matthew Foley Merrill Private Wealth Mgmt Paramus • • • 2,400 50 100
38 44 David Comito Merrill Wealth Mgmt Florham Park • • • 2,114 2.5 5
39 37 James Maltese Merrill Wealth Mgmt Iselin • • • 1,851 3 5
40 46 Steven Rothman UBS Wealth Mgmt Red Bank • • • 610 2 3.5
41 42 William Munn Ameriprise Financial Paramus • • • 805 0.8 3
42 32 Lawrence DeLuise Merrill Private Wealth Mgmt Paramus • • • 2,400 50 100
43 36 Bruce Barth Merrill Wealth Mgmt Short Hills • • • • 1,470 2.3 3.5
44 N Jack Cooney Bleakley Financial Group Fairfield • • • 732 2.5 5
45 23 Mark Cortazzo Wealth Enhancement Group Parsippany • • • 823 2.5 7.5
46 N Karl Kreshpane UBS Wealth Mgmt Paramus • • 1,064 3.7 7.5
47 N Jason Feder UBS Wealth Mgmt Red Bank • • 718 4.8 8.5
48 35 Francis Bitterly Morgan Stanley Wealth Mgmt Red Bank • • • 763 3 7

NEW MEXICO
1 1 Michael Stevens Merrill Wealth Mgmt Albuquerque • • • $1,489 $3 $4
2 2 Michael Blackwell Morgan Stanley Wealth Mgmt Albuquerque • • • 1,125 2.8 3.5
3 N Jon Bull J.P. Morgan Wealth Mgmt Santa Fe • • • 626 3.5 14
4 4 Kathryn Thompson Merrill Wealth Mgmt Albuquerque • • • 1,489 3 4.5
5 5 Christopher Cates RBC Wealth Mgmt Albuquerque • • • 1,315 3 5
6 3 Charles Reardon Morgan Stanley Wealth Mgmt Albuquerque • • • 1,514 2 4

NEW YORK
1 1 Lyon Polk Morgan Stanley Private Wealth Mgmt New York • $39,813 $100 $150
2 2 Richard Saperstein Treasury Partners New York • • • 21,565 25 30
3 21 Justin McCarthy Mariner Wealth Advisors New York • • • 5,210 2.8 7.5
4 6 Jason Katz UBS Private Wealth Mgmt New York • • • 4,759 15 40
5 5 Scott Stackman UBS Private Wealth Mgmt New York • • 8,916 75 300
6 4 Ron Basu Morgan Stanley Private Wealth Mgmt New York • • 12,787 25 100
7 8 Seth Finkel Neuberger Berman New York • • • 3,593 7.5 20
8 18 Jonathan Kuttin Ameriprise Financial Hauppauge • • • 11,288 1.3 5.5
9 12 Scott Wilson Morgan Stanley Private Wealth Mgmt New York • • 9,398 25 50
10 N Nicholas Kavallieratos Morgan Stanley Wealth Mgmt New York • • • • • 12,835 15 35
11 9 Adam Epstein UBS Private Wealth Mgmt New York • • • 4,326 30 50
12 10 Frank Marzano GM Advisory Group Melville • • 6,397 20 30
13 16 Stephanie J. Stiefel Neuberger Berman New York • • • 3,077 15 45
14 15 Noel Weil Merrill Private Wealth Mgmt New York • • 18,319 50 100
15 3 Ron Vinder Morgan Stanley Private Wealth Mgmt New York • • 12,204 75 350
16 13 Jordan Mayer J.P. Morgan Wealth Mgmt New York • • • 8,781 32 75
17 N R. Christopher Errico UBS Private Wealth Mgmt New York • • 3,892 10 50
18 14 Holly Newman Kroft Neuberger Berman New York • • • • 3,823 16 20
19 24 William Peterson Neuberger Berman New York • • • 2,672 4.5 16
20 22 Glenn Degenaars J.P. Morgan Wealth Mgmt New York • 5,129 35 70
21 7 Jim Detterick Morgan Stanley | Graystone Consulting New York • • • 64,238 12 20
22 26 Leigh Cohen Merrill Private Wealth Mgmt New York • • 8,486 25 35
23 28 Russell Rabito UBS Private Wealth Mgmt New York • • • 5,802 27 35
24 25 John Barrett Merrill Wealth Mgmt New York • • • • 2,870 20 60
25 20 Robert Stolar Morgan Stanley Private Wealth Mgmt New York • 4,697 75 150
26 11 Martin Halbfinger UBS Private Wealth Mgmt New York • • • 4,210 20 35
27 33 Virginia Guy Neuberger Berman New York • • 2,049 5.5 20
28 32 Gerard Klingman Klingman & Associates New York • • 3,696 15 18
29 37 Jonathan Kass Merrill Wealth Mgmt New York • • 8,825 7.5 18
30 41 Daniel O’Connell Merrill Wealth Mgmt Garden City • • • • • • 2,371 10 23
31 38 Jason Babb J.P. Morgan Wealth Mgmt New York • • 5,129 10 20
32 19 Richard Zinman Morgan Stanley Private Wealth Mgmt New York • 3,611 50 100
33 39 Joseph Karas Morgan Stanley Private Wealth Mgmt New York • • • 3,871 25 45
34 44 David Magrone Merrill Private Wealth Mgmt New York • 5,323 75 150
35 17 Christopher Wimpfheimer J.P. Morgan Wealth Mgmt New York • • • • 7,917 50 100
36 45 Brian Bennett UBS Private Wealth Mgmt New York • • 1,657 3.5 15
37 52 Elizabeth Weikes J.P. Morgan Wealth Mgmt New York • • 5,056 25 50
38 27 Shawn Rubin Morgan Stanley Private Wealth Mgmt New York • • 2,178 12 35
39 56 Robert Dyer Merrill Private Wealth Mgmt New York • • 2,189 45 61
40 61 Michael Chrys Merrill Wealth Mgmt Latham • • • • 5,642 10 15
41 42 Michael Poppo UBS Private Wealth Mgmt New York • • • • 1,632 10 12
42 35 Bruce Burrows Morgan Stanley Private Wealth Mgmt Garden City • • • • 27,548 10 30
43 43 John Longo Morgan Stanley | Graystone Consulting New York • • • 25,058 100 50
44 55 Charles Balducci Merrill Wealth Mgmt New York • • 3,980 12.7 30
45 50 Robert Waldele Merrill Wealth Mgmt New York • • • 5,406 30 50
46 80 David Katz Merrill Wealth Mgmt New York • • 2,250 25 50
47 34 Evan Steinberg Morgan Stanley Private Wealth Mgmt New York • • 5,098 8 15
48 N Daniel Kilmurray UBS Private Wealth Mgmt New York • • • 6,893 10 25
49 40 Joshua Malkin Morgan Stanley Private Wealth Mgmt New York • • • • 3,745 25 50

N=not ranked
P2JW079000-0-S01300-1--------XA

THE WALL STREET JOURNAL. Tuesday, March 19, 2024 | S13

BARRON’S SPECIAL REPORT

CLIENT TYPES

High Ultrahigh Team Typical Typical

2024 2023 Retail Net Worth Net Worth Assets Account Net Worth
Rank Rank Advisor Firm City (Up to $1 mil) ($1 mil-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)
NEW YORK (continued)
50 36 Ryan Lewis Morgan Stanley Private Wealth Mgmt New York • • $64,238 $40 $100
51 74 Jay Canell J.P. Morgan Wealth Mgmt New York • • 7,200 35 50
52 75 Neil Canell J.P. Morgan Wealth Mgmt New York • • 7,200 35 50
53 58 Lewis Altfest Altfest Personal Wealth Mgmt New York • • • 1,514 2 5
54 31 Mihir Patel Morgan Stanley Private Wealth Mgmt New York • • 2,910 10 25
55 66 Harold Elish UBS Private Wealth Mgmt New York • • • • 2,967 6 8.5
56 60 Anthony Maddalena Morgan Stanley Wealth Mgmt Purchase • • • 2,603 1.8 10
57 64 Patrick Fruzzetti Rose Advisors | Hightower New York • • 1,363 7 25
58 84 John Sargent Rockefeller Capital Mgmt New York • • • 2,475 75 350
59 71 W. Corby May Merrill Wealth Mgmt Garden City • • • • 1,938 7 15
60 63 Peter Svarre Merrill Wealth Mgmt New York • • 2,126 12 30
61 59 Courtney Moore Merrill Private Wealth Mgmt New York • • • • • 9,486 75 100
62 87 Michael Bapis Rockefeller Capital Mgmt New York • • • 1,512 6.5 25
63 62 Steven Strzelecki Morgan Stanley Wealth Mgmt Garden City • • • • 26,812 10 25
64 54 Charles Day UBS Private Wealth Mgmt New York • • 1,222 15 20
65 46 David Beyer Morgan Stanley Wealth Mgmt New York • • 2,866 10 25
66 70 Leo Marzen Bridgewater Advisors New York • • 1,750 5 10
67 69 Geri Eisenman Pell Ameriprise Financial Rye Brook • • 1,567 2.3 6.9
68 106 William Schoff UBS Wealth Management Rochester • • • • 3,254 5 25
69 82 Emily Rubin UBS Private Wealth Mgmt New York • • 2,405 25 50
70 81 Allen Saunders UBS Private Wealth Mgmt New York • • 1,223 10 20
71 90 Alyssa Moeder Merrill Private Wealth Mgmt New York • • 5,150 25 150
72 77 Rich Abrams UBS Private Wealth Mgmt New York • • • 3,805 2 8
73 76 Peter Arbes Neuberger Berman New York • • • 1,227 3.9 8
74 94 Richard Salvino Merrill Private Wealth Mgmt New York • • 5,150 25 150
75 57 Anthony Dertouzos Morgan Stanley Private Wealth Mgmt New York • • 1,643 20 50
76 51 John Vessa Morgan Stanley Wealth Mgmt New York • • • 4,366 5 10
77 89 Lyle Casriel UBS Private Wealth Mgmt New York • • 8,916 75 300
78 73 Doug Mellert Merrill Wealth Mgmt New York • • • • • 6,127 10 25
79 88 William Einstein UBS Private Wealth Mgmt New York • • 6,893 5 10
80 91 Lori Van Dusen LVW Advisors Pittsford • • • 2,012 15 35
81 79 Louise Gunderson UBS Private Wealth Mgmt New York • • 5,527 8 25
82 78 Todd DiScala Merrill Wealth Mgmt New York • • • • • 6,127 10 25
83 N Nicholas Finn UBS Private Wealth Mgmt New York • • • 1,932 20 50
84 65 John Adelman UBS Private Wealth Mgmt New York • • • 2,440 10 30
85 102 Steven Cannata Merrill Wealth Mgmt New York • • • • 22,650 0.9 2.5
86 68 Craig Pastolove Morgan Stanley Private Wealth Mgmt New York • • • 3,077 16 25
87 N Neil Mitchell Morgan Stanley Private Wealth Mgmt New York • • • 3,652 60 80
88 105 Andrew P. Kraus Merrill Private Wealth Mgmt New York • • • 18,638 45.5 54
89 95 Robert McGinty Merrill Private Wealth Mgmt New York • • • 18,638 45.5 54
90 103 Chris Sebastian Merrill Wealth Mgmt Buffalo • • • 1,768 3 5
91 112 Lawrence Liebers Merrill Wealth Mgmt New York • • 1,797 12.5 25
92 100 Glenn Arthurs UBS Wealth Mgmt Buffalo • • • • 3,146 3.5 6
93 N David Bieber Morgan Stanley Private Wealth Mgmt New York • • • • 1,825 15 30
94 92 Eric Snyder Merrill Wealth Mgmt New York • • 3,980 12.7 30
95 99 Greg DelMonte Stifel New York • • • • 1,815 1 10
96 109 Todd Silaika Merrill Wealth Mgmt Clifton Park • • • 2,163 2.4 4.5
97 N Hillary Cullen UBS Private Wealth Mgmt New York • • • • • 3,358 20 40
98 101 Maria Brisbane Merrill Private Wealth Mgmt New York • • • 1,069 30 80
99 72 Dennis Cutrone Morgan Stanley Private Wealth Mgmt New York • • • 3,643 35 45
100 N Benjamin Feldman Park Avenue Capital New York • • 2,400 3 10
101 48 Jonathan Adamsky UBS Private Wealth Mgmt New York • • • 3,558 7 15
102 N Linda Modico UBS Private Wealth Mgmt New York • • • • 3,290 50 100
103 N Christopher Malof UBS Wealth Mgmt Buffalo • • • 3,146 10 20
104 111 Roger Tulcin Neuberger Berman New York • • • 975 4.3 10
105 96 Susan Kingsolver Morgan Stanley Private Wealth Mgmt New York • • 2,592 20 75
106 115 Paul Lewis UBS Private Wealth Mgmt New York • • • 2,440 10 30
107 113 Jacqueline Willens UBS Private Wealth Mgmt New York • • • 1,111 5 10
108 97 Ira Mark Morgan Stanley Wealth Mgmt Jericho • • • 3,237 7.5 25
109 98 Ahmet Terzioglu Morgan Stanley Wealth Mgmt Rochester • • • 1,925 5 10
110 N John Voltaggio Morgan Stanley Private Wealth Mgmt New York • 4,841 75 150
111 85 Anna Winderbaum Morgan Stanley Private Wealth Mgmt New York • 2,322 50 100
112 86 Joseph Lerner Morgan Stanley Private Wealth Mgmt New York • 2,322 50 100
113 120 Thomas Sullivan Merrill Wealth Mgmt Garden City • • 2,800 3 10
114 83 Andrew Hart Morgan Stanley Private Wealth Mgmt New York • • • 9,206 25 100
115 N Crystal Ho Morgan Stanley Private Wealth Mgmt New York • • 9,317 25 50
115 107 Harvey Kadden Morgan Stanley Private Wealth Mgmt New York • • 1,967 7 25
117 N Jim Harris Morgan Stanley Wealth Mgmt Syracuse • • • 1,034 2.5 5
118 110 John Coyle Morgan Stanley Private Wealth Mgmt Garden City • • 1,775 20 25
119 53 Jeffrey Klotz UBS Private Wealth Mgmt New York • • • • 3,558 8 25
120 117 Scott Kleiner Morgan Stanley Private Wealth Mgmt New York • • 2,470 25 50

NORTH CAROLINA
1 1 Mitchell Wickham UBS Private Wealth Mgmt Charlotte • $18,674 $20 $40
2 2 Greg Cash UBS Private Wealth Mgmt Charlotte • 18,674 20 40
3 3 William Oliver Wells Fargo Advisors Charlotte • • 2,588 10 20
4 5 John McCardell Merrill Wealth Mgmt Charlotte • • • 9,282 7.5 15
5 4 Brett Hoge Truist Investment Services Winston-Salem • • • • 2,400 5 15
6 7 David Rakestraw Truist Investment Services Raleigh • • 2,492 6 25
7 14 Jack Taylor Truist Investment Services Raleigh • • • 1,700 4 10
8 6 Michael Lappin UBS Wealth Mgmt Raleigh • • 1,693 7 20
9 11 Patrick Rush OneDigital Greensboro • • 909 1.5 2.5
10 8 George Seamen Merrill Wealth Mgmt Raleigh • • • 1,451 4.5 6
11 18 Rick Fisher Fisher Wealth Mgmt Burlington • • 1,040 1 2
12 12 Kelly Graves Wealth Enhancement Group Charlotte • • • 896 2 3
13 N Kristopher Carroll Wealth Enhancement Group Charlotte • • • 1,499 2.5 3.5
14 17 Bob McCarthy RBC Wealth Mgmt Raleigh • • 2,147 5 20
15 16 Mike Absher Absher Wealth Mgmt Chapel Hill • • • 785 2.1 3.5
16 13 Kathleen Malone Wells Fargo Advisors Charlotte • • 2,612 7 15
17 19 Brook Biddy Wells Fargo Advisors North Wilkesboro • • • 2,214 4 10
18 10 Lee Bryan III Alex. Brown | Raymond James Winston-Salem • • • • • 2,211 20 25
19 N Juan Sandoval UBS Wealth Mgmt Charlotte • • • 700 1.4 6
20 15 Mark Walker Ameriprise Financial Charlotte • • • 993 1 2
21 20 Bill Smith UBS Wealth Mgmt Raleigh • • 1,693 7 20
22 9 Adam Landau Morgan Stanley Private Wealth Mgmt Charlotte • • • 1,134 20 100
23 22 Kim Hoffman Edward Jones Wilson • • 618 2 5
24 23 Lee Morris Morgan Stanley | Graystone Consulting Raleigh • • • 8,752 60 75
25 28 Robert Edmonds Ameriprise Financial Greensboro • • • 627 0.6 0.7
26 29 John Patterson Wealth Enhancement Group Charlotte • • • 596 1.4 3
27 26 R. Neil Stikeleather Merrill Wealth Mgmt Charlotte • • • 581 0.8 2.5
28 30 Thorne James Merrill Wealth Mgmt Raleigh • • • 758 2.6 3.7
29 N Ian McDade Merrill Private Wealth Mgmt Charlotte • • • 897 13 25
30 N Keith Norman Merrill Wealth Mgmt Winston-Salem • • • 1,493 3.5 4

NORTH DAKOTA
1 1 Troy Nelson Edward Jones Bismarck • • $946 $2 $3
2 2 Joel Bird Ameriprise Financial Bismarck • • 6,942 1 1.6
3 3 Greg Tschetter Edward Jones Minot • • • • 467 0.6 1.1
4 N Tom Heilman Merrill Wealth Mgmt Fargo • • • 602 2 3.5
5 5 Thomas Reule Edward Jones Devils Lake • • 320 0.5 1
6 N Patrick McGrath Morgan Stanley Wealth Mgmt Fargo • • • 441 7.5 10

OHIO
1 1 Valerie Newell Mariner Wealth Advisors Cincinnati • • • $5,385 $3 $7.5
2 2 David Singer Merrill Private Wealth Mgmt Cincinnati • • 7,096 25 30
3 3 Randy Carver Carver Financial Services Mentor • • 2,296 1.1 1.8
4 4 David Ellis UBS Private Wealth Mgmt Cincinnati • • 2,376 5 5
5 6 Stephen Fish UBS Wealth Mgmt Cincinnati • • • 2,490 5 10
6 5 Craig Findley Venture Visionary Partners Sylvania • • • 4,513 5 7.5
7 9 Blair Cornell UBS Wealth Mgmt Miamisburg • • • 1,592 3 5
8 18 Kevin Bruegge Merrill Private Wealth Mgmt Cincinnati • • 7,096 25 30
9 10 Joel Guth Gryphon Financial Partners Columbus • • • 1,527 3.9 5.4

N=not ranked
P2JW079000-0-S01400-1--------XA

S14 | Tuesday, March 19, 2024 THE WALL STREET JOURNAL.

P2JW079000-0-S01500-1--------XA

THE WALL STREET JOURNAL. Tuesday, March 19, 2024 | S15

BARRON’S SPECIAL REPORT

CLIENT TYPES

High Ultrahigh Team Typical Typical

2024 2023 Retail Net Worth Net Worth Assets Account Net Worth
Rank Rank Advisor Firm City (Up to $1 mil) ($1 mil-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)
OHIO (continued)
10 16 Joseph Chornyak Janney Montgomery Scott Columbus • • • • $1,410 $3.5 $5
11 7 Thomas Robertson Morgan Stanley | Graystone Consulting Columbus • • • • • 9,960 2 5
12 8 Brian Edwards Morgan Stanley Wealth Mgmt Columbus • • • 1,825 3 10
13 20 Sidney Jones Merrill Wealth Mgmt Canfield • • • 1,826 5 7
14 N William McCarthy UBS Wealth Mgmt Cincinnati • • • 3,314 5 10
15 12 Brady Fineske TFO Wealth Partners Maumee • • • • 4,121 5 20
16 11 Paul Carbetta Ameriprise Financial Powell • • • 2,331 0.9 2.7
17 N Jeffery Chaddock Ameriprise Financial Columbus • • • • • 3,135 1.8 3.5
18 23 Elizabeth Armitage Merrill Wealth Mgmt Cincinnati • • • 1,565 2.5 5
19 21 John Krieger Merrill Wealth Mgmt Pepper Pike • • • 1,327 3.8 6
20 26 J.R. Randall Morgan Stanley Wealth Mgmt Cincinnati • • • 1,198 2.5 4
21 25 Sean O’Reilly Merrill Wealth Mgmt Cincinnati • • 1,430 6 12
22 22 Luke Wiley UBS Wealth Mgmt Cincinnati • • • 997 2.5 3.5
23 15 Michael Chasnoff Truepoint Wealth Counsel Cincinnati • • 4,559 5 7
24 N Stephen Mangum Merrill Wealth Mgmt Columbus • • • 1,874 3 7.5
25 N Timothy Dumont UBS Wealth Mgmt Cincinnati • • • 3,314 5 10
26 24 Jeffrey Stewart Morgan Stanley Wealth Mgmt Dublin • • • • 1,476 5 10
27 30 Michael Beers Morgan Stanley Wealth Mgmt Columbus • • • 2,734 5 12.5
28 28 Gary Young UBS Wealth Mgmt Cleveland • • • 835 3 5
29 N David Himich Morgan Stanley Wealth Mgmt Toledo • • • 766 3 5
30 27 Owen McBride UBS Wealth Mgmt Cleveland • • • • 3,193 3 7.5

OKLAHOMA
1 2 Matthew Monger Merrill Wealth Mgmt Tulsa • • • • $950 $2.5 $6
2 1 James Johnson Morgan Stanley Private Wealth Mgmt Oklahoma City • • • 998 20 100
3 5 Jana Shoulders Mariner Wealth Advisors Tulsa • • • 2,497 3.1 9
4 3 Steve Jelley Merrill Wealth Mgmt Tulsa • • • • 1,300 5 10
5 4 Jeffrey Blumenthal Wells Fargo Advisors Oklahoma City • • • 1,223 4 8
6 N Robert Duenner Morgan Stanley Wealth Mgmt Tulsa • • • 1,220 1 1
7 7 Donald Jackson UBS Wealth Mgmt Tulsa • • • 574 1 2
8 6 Matt R. Cain Merrill Wealth Mgmt Tulsa • • • • 2,732 5 7
9 8 Jeff Galvin Morgan Stanley Wealth Mgmt Tulsa • • • 1,038 5 10
10 10 Jim Eagleton Eagleton Brown Investment Group |
Wells Fargo Advisors FiNet
Tulsa • • • • 1,416 0.6 1.5

11 N James Wood Merrill Wealth Mgmt Oklahoma City • • • 786 3.4 7.5
12 11 Donald Lehman Merrill Wealth Mgmt Tulsa • • • • 2,732 5 7

OREGON
1 1 Rebecca DeCesaro J.P. Morgan Wealth Mgmt Portland • • $2,193 $7 $9
2 N Jeffrey Yandle J.P. Morgan Wealth Mgmt Portland • • • 2,193 7 9
3 8 Dale Donaldson Ameriprise Financial Lake Oswego • • • 714 0.5 2
4 6 Edward Lang UBS Wealth Mgmt Portland • • 672 4.2 10
5 5 William Kiefel Merrill Wealth Mgmt Lake Oswego • • • 788 2 10
6 7 Joshua Ulmer Morgan Stanley | Graystone Consulting Portland • • • 2,392 28.1 40
7 9 Glen Clemans CGC Financial Services Lake Oswego • • • 743 0.6 0.9
8 N Julia Carlson Financial Freedom Wealth Mgmt Group Newport • • 432 0.5 1.3
9 10 James Beatty UBS Private Wealth Mgmt Lake Oswego • • • 2,231 5 15
10 N Daniel Ruediger Ameriprise Financial Portland • • • • 867 2.5 7.5
11 4 Justin Buell Wells Fargo Advisors Portland • • • 1,066 4 10
12 11 Rob Shick Baird Portland • • • 510 4 6

PENNSYLVANIA
1 1 Rob Thomas Mariner Wealth Advisors State College • • • $2,928 $0.4 $1
2 3 Johanna Walters Merrill Wealth Mgmt Blue Bell • • 5,779 12.5 15
3 4 Peter Rohr Merrill Private Wealth Mgmt Philadelphia • 5,774 35 90
4 5 Patti Brennan Key Financial West Chester • • • 1,849 2 4
5 7 Robert Fragasso Fragasso Financial Advisors Pittsburgh • • • • 2,144 0.9 2
6 6 Dane Burkholder Ameriprise Financial Lancaster • • • 3,595 0.8 3.5
7 2 Grant Rawdin Wescott Financial Advisory Group Philadelphia • • • • • 3,539 7.5 22
8 9 James Rimmel UBS Wealth Mgmt Pittsburgh • • • 2,030 2 5
9 8 John J. Parker Sr. Wells Fargo Advisors Philadelphia • • • 1,772 6 10
10 32 Andrew Jugan Ameriprise Financial Pittsburgh • • • 5,470 1.3 3
11 10 Michael Henley Brandywine Oak Private Wealth Kennett Square • • 1,508 4.3 5.5
12 15 Alan Cohn Sage Financial Group Conshohocken • • • • 2,850 4.3 6
13 17 Stephen Bealer Merrill Wealth Mgmt Wyomissing • • • 2,758 4 6
14 11 Derek Jancisin Merrill Private Wealth Mgmt Pittsburgh • • • • 3,132 7.5 10
15 13 Virgil Kahl Spring Ridge Financial Group Wyomissing • • 1,154 1 2
16 22 Michael Hirthler Jacobi Capital Mgmt Pittston • • • 2,158 3 5
17 30 John Minnich Merrill Wealth Mgmt Wyomissing • • • 2,758 4 6
18 24 Bradford Bernstein UBS Private Wealth Mgmt Philadelphia • • • 5,751 10 25
19 16 Megan Bailey Merrill Wealth Mgmt Blue Bell • • 5,779 7.5 10
20 40 Jay Beaulieu Wells Fargo Advisors Radnor • • 2,881 10 15
21 18 Peter Strope UBS Wealth Mgmt Canonsburg • • • 1,142 3.5 8
22 28 Thomas Seiler Raymond James Newtown • • 1,240 25 50
23 19 Jack Hafner J.P. Morgan Wealth Mgmt Philadelphia • • 1,559 40 50
24 38 Richard Corcoran Morgan Stanley Private Wealth Mgmt West Conshohocken • • 2,128 35 75
25 34 Gregory Hayes Merrill Wealth Mgmt Yardley • • • • 1,402 2.5 5
26 23 Edward Blumenthal Janney Montgomery Scott Philadelphia • • • • • • 2,283 2 3
27 27 David Kron Kron & Polis Financial Group | Wells Fargo Advisors Philadelphia • • 1,262 3.5 7.5
28 25 Mark Eskin Janney Montgomery Scott Philadelphia • • • • • • 2,283 2 3
29 26 Samuel Spanos Raymond James Beaver • • • 1,056 0.8 1
30 31 George Mastrogiorgos Ameriprise Financial Exton • • • 1,909 1 2
31 29 Lon Jury Ameriprise Financial Lancaster • • 1,797 0.3 0.8
32 37 Michael Greenly UBS Private Wealth Mgmt Philadelphia • • 1,106 25 58
33 14 Peter Sargent Janney Montgomery Scott Yardley • • • 1,039 2.5 5
34 33 Michael Duckworth Merrill Private Wealth Mgmt Pittsburgh • • 2,023 25 40
35 36 David Ebner Merrill Wealth Management Philadelphia • • • 1,938 40 40
36 12 Eric Salmansohn Morgan Stanley Wealth Mgmt Philadelphia • • 1,590 3.8 10
37 N Jeffrey Martinides Merrill Wealth Mgmt Yardley • • • 837 5 25
38 39 Barbara Hudock Hudock Capital Group Williamsport • • 716 1 3
39 N Kimberly St. Pierre Ameriprise Financial Plymouth Meeting • • 1,373 1 5
40 20 John Solis-Cohen Wells Fargo Advisors Radnor • • • 1,047 8 12
41 N Michael Malz Morgan Stanley Wealth Mgmt Allentown • • • • 2,683 3 5
42 42 Robb Boland RBC Wealth Mgmt Philadelphia • • • 1,303 5 20
43 N Christian Aguirre Merrill Wealth Mgmt Doylestown • • • 1,157 2.5 4.5
44 43 Craig Schwartz Wells Fargo Advisors Philadelphia • • • • 893 2.5 5
45 N Christopher DiMedio Merrill Wealth Mgmt Yardley • • • 1,856 12 15
46 44 Greg Sarian 2/13 Strategic Partners | Hightower Wayne • • 1,402 4.5 12
47 47 Carl Gordinier Merrill Wealth Mgmt Wayne • • • • 1,768 4 8
48 N Joel Freedman Morgan Stanley Wealth Mgmt West Conshohocken • • • 1,246 5 7.5

RHODE ISLAND
1 1 Malcolm Makin Professional Planning Group Westerly • • $1,592 $1.5 $3
2 3 Nick Loring Loring Advisory Group Greenville • • • • 614 0.5 2
3 6 John Zitzmann Morgan Stanley Wealth Mgmt Providence • • • 1,006 5 8
4 5 Edythe De Marco Merrill Wealth Mgmt Providence • • • 1,406 3.3 4.9
5 2 Denise Roberts Morgan Stanley Wealth Mgmt Newport • • • 738 2.8 5
6 4 Marc Verga Morgan Stanley Wealth Mgmt Providence • • • 1,050 5 10

SOUTH CAROLINA
1 1 Rick Migliore Merrill Private Wealth Mgmt Columbia • • • • • $9,282 $10 $15
2 3 Cheryl Holland Abacus Planning Group Columbia • • 1,582 5 12
3 13 Ohio Peter Motta Merrill Private Wealth Mgmt Hilton Head • • 4,234 10 50
4 2 Robert Vingi Wells Fargo Advisors Charleston • • • 2,406 10.2 23
5 4 Ronnie Dennis Merrill Private Wealth Mgmt Columbia • • • 9,282 20 50
6 8 John Bennett Merrill Wealth Mgmt Mount Pleasant • • • 738 1.8 5
7 9 George Starnes G3 Wealth Advisors | Northwestern Mutual Columbia • • • • 794 2.8 5
8 12 Kirk Lloyd Merrill Private Wealth Mgmt Columbia • • • • 3,402 10 15
9 N Brian Noone Merrill Wealth Mgmt Mount Pleasant • • • 5,394 10 15
10 5 W. Clark Gallivan UBS Private Wealth Mgmt Greenville • • 738 4.5 6
11 N Paul Vannatta Merrill Wealth Mgmt Charleston • • • • 1,431 2.5 6
12 10 Bert Arrowood UBS Wealth Mgmt Greenville • • • • 1,402 4 10

N=not ranked
P2JW079000-0-S01600-1--------XA

S16 | Tuesday, March 19, 2024 THE WALL STREET JOURNAL.

TOP 1200 FINANCIAL ADVISORS 2024

CLIENT TYPES

High Ultrahigh Team Typical Typical

2024 2023 Retail Net Worth Net Worth Assets Account Net Worth
Rank Rank Advisor Firm City (Up to $1 mil) ($1 mil-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)
SOUTH DAKOTA
1 1 David Hillard RBC Wealth Mgmt Rapid City • • • • $1,573 $3 $5
2 2 Todd Nelson Merrill Wealth Mgmt Sioux Falls • • • 3,012 1 5
3 4 Gordon Wollman Cornerstone Financial Solutions Sioux Falls • • 512 0.8 1.5
4 3 Nathan Quello Raymond James Sioux Falls • • • • • 821 2 3
5 5 Kelly Rae Haskell Edward Jones Aberdeen • • 398 1.2 2.5
6 6 Jon Hauger Edward Jones Dakota Dunes • • • 548 1.5 3

TENNESSEE
1 N John Montgomery Rockefeller Capital Mgmt Franklin • • $1,681 $15 $25
2 7 Charles Kirby UBS Private Wealth Mgmt Nashville • • • 2,690 50 60
3 4 Matthew Miller Merrill Private Wealth Mgmt Brentwood • • 1,767 25 75
4 3 Brett Bartman RBC Wealth Mgmt Nashville • • • • • 2,248 10 15
5 11 Brock Kidd Raymond James Nashville • • • 963 5 15
6 2 Tim Roberson Merrill Wealth Mgmt Brentwood • • • 3,084 5 15
7 8 Timothy Pagliara CapWealth Advisors Franklin • • • 1,252 3.5 6.7
8 1 Jay Williams UBS Private Wealth Mgmt Memphis • • 1,692 155 970
9 9 Brent Trentham Ameriprise Financial Alcoa • • 1,893 0.6 1.2
10 17 Stephen Weatherly Merrill Private Wealth Mgmt Memphis • • 772 6 20
11 10 Stanton Jacobs UBS Wealth Mgmt Oak Ridge • • 635 1.5 3
12 12 Malcolm Liles Baird Nashville • • • 1,811 7.5 15
13 18 David Adams Adams Wealth Partners | Raymond James Nashville • • • • 725 5 10
14 14 Elias Hassan Baird Murfreesboro • • • 1,062 5 7
15 13 Gregory Herman LBMC Investment Advisors Brentwood • • • 1,750 3.5 12
16 16 Trey Smith Truist Investment Services Nashville • • • 914 4.5 25
17 6 Eric Klindt Merrill Private Wealth Mgmt Nashville • • • • 2,333 20 30
18 N Arthur Mayernick Northwestern Mutual Nashville • • • 1,155 1 5

TEXAS
1 2 Richard Szelc Neuberger Berman Dallas • • $2,435 $18 $25
2 4 William Corbellini Merrill Private Wealth Mgmt Dallas • • • 5,049 30 35
3 8 Kevin Blonkvist RBC Wealth Mgmt Midland • • • • 3,524 20 55
4 6 Ryan Long UBS Private Wealth Mgmt Dallas • • 5,527 10 25
5 3 Charles McKinney Morgan Stanley Private Wealth Mgmt Dallas • • 3,500 150 250
6 9 Brent Anderson Morgan Stanley Private Wealth Mgmt Houston • • • 4,135 25 50
7 13 Frederick de Groot Merrill Wealth Mgmt The Woodlands • • • 3,105 7 11
8 10 Van Pearcy Van Pearcy’s Wealth Services Team Midland • • • 2,146 2.5 10
9 5 Charles Jones Ameriprise Financial Dallas • • 1,355 3.3 6.3
10 12 Dwight Emanuelson Merrill Private Wealth Mgmt Dallas • • • 5,049 30 35
11 7 Scott Tiras Ameriprise Financial Houston • • • 1,501 4 7
12 14 Tommy McBride Merrill Wealth Mgmt Dallas • • 1,531 5 15
13 15 Darrell Pennington Ameriprise Financial Houston • • 1,436 1.5 2.5
14 16 Mark Moore UBS Private Wealth Mgmt Austin • • 2,355 8 18
15 27 Charla McIntyre Fields Ameriprise Financial Hurst • • • 2,069 1.5 3.2
16 22 Sean Fitzpatrick Raymond James Houston • • • 2,048 3 5
17 19 Brian Tramontano Merrill Wealth Mgmt San Antonio • • • 1,194 3 4.5
18 21 Jeffery Price Merrill Wealth Mgmt Southlake • • • 1,413 2.5 4.5
19 23 Gil Baumgarten Segment Wealth Mgmt Houston • • 1,382 15 25
20 N Evan Troop J.P. Morgan Wealth Mgmt Dallas • • • 8,624 100 500
21 17 R. Scot Smith Morgan Stanley Wealth Mgmt Dallas • • • • 1,305 3.5 8
22 25 Langston Turner UBS Private Wealth Mgmt Houston • • 3,110 25 50
23 33 Bonner Barnes Corda Investment Mgmt Houston • • • 1,449 1.2 2
24 24 Stephen Engro Beacon Financial Group Dallas • • • 1,001 1.7 3
25 36 Doug John Requisite Capital Mgmt Dallas • • • • 1,579 30 50
26 32 Richard Piatas Merrill Wealth Mgmt Frisco • • • 4,825 7.5 25
27 N Jennifer Marcontell Ameriprise Financial Mont Belvieu • 1,432 1.8 2.7
28 26 Steve Nagel Merrill Private Wealth Mgmt Frisco • • 1,868 8 10
29 28 J. Michael Fox Merrill Wealth Mgmt Houston • • • 1,334 4 8
30 34 Audree Begay Ameriprise Financial Houston • • • 1,985 2.6 2.7
31 35 Craig Massey Merrill Private Wealth Mgmt Houston • • • 4,732 100 150
32 38 Nestor Vicknair Merrill Wealth Mgmt Houston • • 6,735 8 12
33 59 Darren Fenz Merrill Wealth Mgmt Houston • • 1,677 3.5 5
34 20 William Gouldin Morgan Stanley Wealth Mgmt Houston • • • 1,656 5 20
35 31 Howard Lorch Wells Fargo Advisors Houston • • • 3,454 5 15
36 84 Joni Abalos Merrill Wealth Mgmt Houston • • 1,677 3.5 5
37 30 Ira Kravitz UBS Private Wealth Mgmt Plano • • • 1,205 5.5 8
38 55 Scott Cohen CD Wealth Mgmt Dallas • • • 931 1.7 12
39 37 Richard Ashcroft Baird Houston • • 2,300 4 5
40 66 Bradley Bruce mFORCE Capital Fort Worth • • 1,484 5 15
41 47 Jason Tarver Merrill Wealth Mgmt Frisco • • • 3,003 9.2 12
42 39 Gregory Glosser RBC Wealth Mgmt Dallas • • 1,183 3 10
43 43 R. Craig Rathjen UBS Private Wealth Mgmt Houston • • • • 2,543 50 90
44 18 Ron Kern Morgan Stanley | Graystone Consulting San Antonio • • • 5,179 25 30
45 58 J. Dow Crocker Raymond James Dallas • • • 1,485 7.5 15
46 29 Lewis Metzger Morgan Stanley Wealth Mgmt Houston • • • 1,923 5 6
47 N Maxwell Pearl J.P. Morgan Wealth Mgmt Dallas • • • • • • 8,624 8 15
48 51 Champ Warren Merrill Private Wealth Mgmt Houston • • • 3,843 25 50
49 50 Reed Smith Merrill Private Wealth Mgmt Houston • • • 3,843 25 50
50 49 Will Murphy Wells Fargo Advisors The Woodlands • • • 982 7.5 25
51 64 Greg McDonald UBS Private Wealth Mgmt Midland • • • • 2,378 10 20
52 62 Dan Michel UBS Private Wealth Mgmt Midland • • • • 2,378 10 20
53 76 Rob Bertino UBS Private Wealth Mgmt Dallas • • 813 40 75
54 52 William Hrynyshyn UBS Private Wealth Mgmt San Antonio • • • 696 1.8 3.6
55 N Todd Dahlin Merrill Wealth Mgmt Dallas • • • 1,014 2 4
56 74 Charles Johansen Merrill Wealth Mgmt The Woodlands • • • 2,337 5 8
57 61 Gail Utter Wells Fargo Advisors Sherman • • • 764 1.8 4.5
58 N Jared Holden Merrill Wealth Mgmt Houston • • • • 1,462 2 5
59 80 Stephen Tosha Merrill Wealth Mgmt Dallas • • • • 892 2 2.5
60 56 Mark Gladstein Merrill Wealth Mgmt Houston • • 1,959 4 15
61 73 Brian Petrauskas Merrill Wealth Mgmt The Woodlands • • • • 2,337 5 8
62 N Melinda Johnston Merrill Wealth Mgmt Fort Worth • • 1,404 3 5
63 41 William Leven Merrill Private Wealth Mgmt Houston • • • 772 31 41
64 44 Charles Lewis Wells Fargo Advisors Waco • • • • • • 967 2 3
65 65 Brian Sauer UBS Private Wealth Mgmt Houston • • • 3,053 15 30
66 75 Dan Nelson Merrill Private Wealth Mgmt San Antonio • • • • 2,565 17 20
67 N William Sammons Morgan Stanley | Graystone Consulting San Antonio • • • • 5,179 25 30
68 77 F. Michael Wood Jr. Merrill Private Wealth Mgmt San Antonio • • • • 2,565 17 20
69 70 Kenny French Sr. Edward Jones Victoria • • • 673 1 1.5
70 72 Elizabeth Lockwood UBS Private Wealth Mgmt Houston • • • 3,053 15 25
71 81 Ted Smith Merrill Wealth Mgmt Fort Worth • • • 816 1 5
72 N Malia Morales Merrill Private Wealth Mgmt Houston • • 3,260 30 50
73 N Laurie Mathews Merrill Wealth Mgmt Beaumont • • 1,055 2 2.5
74 48 James Woldert Morgan Stanley Wealth Mgmt Houston • • 1,107 10 20
75 42 Kevin Dickey Morgan Stanley Private Wealth Mgmt Dallas • • 1,732 25 40
76 83 Jay Gerrie Merrill Wealth Mgmt Austin • • • 1,292 2.5 7.5
77 N Steven Ogle RBC Wealth Mgmt San Antonio • • • 697 2.5 7
78 78 Charles Neuhaus Wells Fargo Advisors Houston • • • 968 20 40
79 88 Matthew Kardesch Ameriprise Financial Houston • • • 821 1 3
80 90 Mark Elias UBS Private Wealth Mgmt Houston • • • • 779 15 25
81 40 David Novelli Morgan Stanley Private Wealth Mgmt Houston • • • • 1,797 25 35
82 67 Alan Yonack Morgan Stanley Wealth Mgmt Dallas • • 860 5 15
83 86 Timothy Hickman Merrill Wealth Mgmt The Woodlands • • • 878 5 20
84 87 Myrteel Ward Morgan Stanley | Graystone Consulting San Antonio • • • 5,179 30 45
85 71 Donald Peterson UBS Private Wealth Mgmt Dallas • • • • 2,323 10 50
86 85 Alvaro Gonzalez Merrill Wealth Mgmt McAllen • • 700 20 50
87 57 Donald Whitehead Morgan Stanley Wealth Mgmt Houston • • • 1,095 3 6
88 68 Kapil Mathur Morgan Stanley Wealth Mgmt Sugar Land • • 1,536 2.5 10
89 N Brad Bishop UBS Private Wealth Mgmt Houston • • • 685 2 5
90 82 J. Craig Falls Enclave Advisors Austin • • • 900 20 50

UTAH
1 3 Jeff Roundy Merrill Wealth Mgmt Salt Lake City • • • $1,671 $10 $15
2 1 John Van Wagoner Merrill Private Wealth Mgmt Salt Lake City • • 1,197 10 25

N=not ranked
P2JW079000-0-S01700-1--------XA

THE WALL STREET JOURNAL. Tuesday, March 19, 2024 | S17

BARRON’S SPECIAL REPORT

CLIENT TYPES

High Ultrahigh Team Typical Typical

2024 2023 Retail Net Worth Net Worth Assets Account Net Worth
Rank Rank Advisor Firm City (Up to $1 mil) ($1 mil-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)
UTAH (continued)
3 4 Michael Peirce UBS Private Wealth Mgmt Salt Lake City • • • • $1,034 $13 $16
4 2 Dane Runia Morgan Stanley Private Wealth Mgmt Provo • • 1,598 70 85
5 5 Jack Broderick Stifel Park City • • 1,010 10 15
6 6 Paul Shoemaker Morgan Stanley Wealth Mgmt Salt Lake City • • • 1,601 4 15

VERMONT
1 1 Tim Stotz Morgan Stanley Wealth Mgmt Colchester • • • • • $2,406 $4 $5.3
2 4 Jared Hendler UBS Private Wealth Mgmt South Burlington • • 737 25 30
3 2 Brian Pelkey Morgan Stanley Wealth Mgmt Colchester • • • 1,444 3 5
4 3 Timothy O’Brien UBS Wealth Mgmt South Burlington • • • 520 1.5 3.5
5 6 CJ Charlebois Melendy Ameriprise Financial Williston • • 502 1.3 2.5
6 5 Christopher Dubie Morgan Stanley Wealth Mgmt Colchester • • • • 1,572 2 3

VIRGINIA
1 2 Joseph Montgomery The Optimal Service Group | Wells Fargo Advisors Williamsburg • • • • • • $34,982 $8 $15
2 1 Stephan Cassaday Cassaday & Co. McLean • • • 4,662 1.5 2
3 3 Jeffrey Grinspoon VWG Wealth Mgmt Vienna • • 1,870 5 7
4 4 Lowell Pratt Burney Co. Reston • • 2,426 1.5 3
5 11 James Bogart Bogart Wealth McLean • • 2,418 1.7 4.3
6 5 Barry Glassman Glassman Wealth Services Vienna • • • 1,800 6 9
7 6 David Karp Cresset Reston • • 39,976 30 45
8 10 Kelly Campbell Campbell Wealth Mgmt Alexandria • • 992 1.4 2.5
9 9 Dalal Salomon Salomon & Ludwin Richmond • • • 1,392 3.5 5
10 13 Michael Joyce Agili Richmond • • 1,050 3.1 5
11 8 Ryan Sprowls Alexandria Wealth Mgmt | Wells Fargo Advisors Alexandria • • 1,377 2 10
12 7 Tristan Caudron Caudron Megary Blackburn Wealth Mgmt |
Wells Fargo Advisors
Alexandria • • • 1,620 2 4

13 12 Susan Kim Ameriprise Financial Vienna • • 1,811 1.8 4

14 15 Nolan Stokes Northwestern Mutual Fairfax • • • 1,274 3 12
15 17 Neil Goetzman Goetzman Nau Financial | Raymond James Alexandria • • 991 3 5
16 N Gregory Smith Raymond James Reston • • • 2,732 2.5 5
17 14 Allan Strange Janney Montgomery Scott Richmond • • • • • 1,946 1.5 3
18 18 Scott Garnett UBS Wealth Mgmt Richmond • • • 796 1 2
19 22 John Lewis Truist Investment Services Richmond • • 2,151 5 10
20 28 James Somers Merrill Private Wealth Mgmt Virginia Beach • • 1,775 50 100
21 16 Philip Campbell Merrill Wealth Mgmt Norfolk • • • • 1,179 4.5 12
22 N Simon Hamilton Raymond James Reston • • • 2,732 2.5 5
23 19 Garret Alcaraz Wells Fargo Advisors Virginia Beach • • • • • • 1,774 3 4
24 N John Gill Raymond James Virginia Beach • • • 1,238 3.1 5
25 23 Brett Hayes Hayes Nystrom Sarrett Wealth Mgmt Group Richmond • • • • 2,072 3 3
26 26 Jeffrey Eveland Merrill Wealth Mgmt Leesburg • • • 664 2.5 3
27 24 Brian Ford RBC Wealth Management Richmond • • • • 962 3 5
28 25 Jamie Cox Harris Financial Group Richmond • • 675 1 2
29 N Edward Shanahan Northwestern Mutual Reston • • • 2,335 0.7 2.5
30 20 Brude Stoever Stoever & Palmore Investment Group Richmond • • • • 1,206 5 5

WASHINGTON
1 1 Phil Scott J.P. Morgan Wealth Mgmt Bellevue • • $2,560 $10 $50
2 4 Dean Braun Morgan Stanley Private Wealth Mgmt Seattle • 7,755 25 40
3 5 Michael Matthews UBS Private Wealth Mgmt Bellevue • • • 2,387 15 30
4 3 Erik Morgan Freestone Capital Mgmt Seattle • • • 8,636 4.4 5.8
5 6 Cameron Ragen Baird Seattle • • 3,002 2.5 8
6 23 Jens Pascucci Merrill Wealth Mgmt Seattle • • • • 2,824 10 50
7 2 Randall Linde Ameriprise Financial Renton • • • 5,062 1.4 3
8 7 Terry Cook Parcion Private Wealth Bellevue • • 1,971 49 65
9 30 Michael Maroni Merrill Wealth Mgmt Bainbridge Island • • • 3,013 3 5
10 10 Jay Kirkpatrick Merrill Private Wealth Mgmt Spokane • • • 3,742 10 15
11 12 Matthew Van Beek Merrill Wealth Mgmt Seattle • • • • 3,120 5 20
12 9 Lowry West Morgan Stanley Private Wealth Mgmt Seattle • • 2,949 25 50
13 13 Michael Hershey J.P. Morgan Wealth Mgmt Bellevue • • • 1,438 10 25
14 15 Lawrence Hood Pacific Portfolio Consulting Seattle • • • • 4,369 8 15
15 26 Tait Lane Merit Financial Advisors Issaquah • • • 1,002 0.6 2.5
16 8 Erin Scannell Ameriprise Financial Mercer Island • • • 7,225 3 8
17 14 Kevin Fitzwilson Coldstream Wealth Mgmt Bellevue • • • 1,509 3.6 3.6
18 N Jason Weese Merrill Private Wealth Mgmt Bellevue • • 1,372 25 75
19 16 Stacy Oster UBS Wealth Mgmt Bellevue • • 964 10 15
20 17 Corina Davis Merrill Wealth Mgmt Seattle • • • 1,071 3 7
21 21 Will Strong Baird Seattle • • • • 2,972 6 10
22 25 Matt Riesenweber Cornerstone Wealth Strategies Kennewick • • • • 963 1 2.4
23 N Carlos Lopez Creative Planning Bellevue • • • 1,087 2.6 7
24 N Dan Becraft Morgan Stanley Wealth Mgmt Seattle • • • • 1,623 7 10
25 20 David Midgley Morgan Stanley Private Wealth Mgmt Seattle • 3,351 35 50
26 29 James Ferguson Merrill Private Wealth Mgmt Bellevue • • 2,073 20 40
27 24 Jack Almo Morgan Stanley Private Wealth Mgmt Seattle • • • • 2,020 30 50
28 18 Jason Therrell UBS Wealth Mgmt Everett • • • 1,704 10 20
29 19 Jeffrey Crosby Ameriprise Financial Kirkland • • • 2,437 2.9 3.9
30 22 Paul Jackson Morgan Stanley Wealth Mgmt Bellevue • • 1,695 8 15

WEST VIRGINIA
1 1 Christopher Hall Hall Financial Advisors Parkersburg • • • • $1,387 $1 $1.5
2 2 David Houchins Truist Investment Services Charleston • • • • 1,413 4 6
3 3 Michael Shalhoup Merrill Wealth Mgmt Charleston • • 1,866 6 9
4 4 David Miller RBC Wealth Mgmt Huntington • • • 1,419 0.8 3
5 6 J. Michael Goodwin Morgan Stanley Wealth Mgmt Charleston • • • • • • 5,657 2 5
6 5 Jason Thompson Morgan Stanley Wealth Mgmt Charleston • • • • 805 2.5 5

WISCONSIN
1 1 Michael Klein Baird Milwaukee • • • • • $13,519 $27 $35
2 2 Andrew Burish UBS Wealth Mgmt Madison • • • 4,868 3 4
3 4 Bryan Sadoff Wealth Enhancement Group Milwaukee • • • 1,643 2.5 4
4 5 Michael Sadoff Wealth Enhancement Group Milwaukee • • • 1,643 2.5 4
5 3 Thomas Parks Morgan Stanley | Graystone Consulting Milwaukee • • • 18,847 70 70
6 7 Matthew Heckmann Northwestern Mutual Middleton • • 1,225 2.5 6
7 6 Tyson Ray FORM Wealth Advisors Lake Geneva • • 817 1 2.5
8 8 David Spano Annex Wealth Mgmt Elm Grove • • 4,645 0.8 1.5
9 10 Philip Dallman Baird Milwaukee • • • • • 13,519 27 35
10 13 Chris Calvelli Baird Milwaukee • • • 4,734 8 10
11 11 Vince Cimino Wealth Enhancement Group Clinton • • 727 0.2 0.5
12 9 Jason Maas UBS Wealth Mgmt Madison • • • 4,868 3 4
13 15 Andrew Epstein Baird Milwaukee • • • 4,734 8 10
14 16 Chris Doughty Gentian Financial Mequon • • • 646 1.5 2.5
15 N Greg Sommersberger Baird Mequon • • • • • • 743 2.5 5
16 N Jerod Spaeth Northwestern Mutual Milwaukee • • • 1,182 0.8 3
17 14 Michael Smith Ameriprise Financial Stevens Point • • 766 0.9 1.5
18 12 Jerry David Prescient Financial Solutions Milwaukee • • • 1,368 2 5

WYOMING
1 1 Dagny Maidman J.P. Morgan Wealth Mgmt Jackson • • • $3,845 $25 $100
2 2 Lester Brunker UBS Private Wealth Mgmt Teton Village • • 443 12 16
3 N Jeffrey Vincent Vincent Financial Services Riverton • • • 375 1.3 3
4 3 Kevin Murphy Stifel Casper • • • • • 660 2.5 5
5 4 Randy Halfpop The Compass Wealth Group Cheyenne • • • 430 0.8 2
6 6 Ryan Scott Edward Jones Rock Springs • • 296 1.8 2.8

N=not ranked
P2JW079000-0-S01800-1--------XA

S18 | Tuesday, March 19, 2024 THE WALL STREET JOURNAL.

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