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* * * * * * TUESDAY, MAY 21, 2024 ~ VOL. CCLXXXIII NO. 119 WSJ.com HHHH $5.00
DJIA 39806.77 g 196.82 0.49% NASDAQ 16794.87 À 0.7% STOXX 600 523.89 À 0.2% 10-YR. TREAS. g 4/32 , yield 4.436% OIL $79.80 g $0.26 GOLD $2,433.90 À $21.70 EURO $1.0857 YEN 156.27
What’s FDIC
News Chairman
Business & Finance To Resign
 Red Lobster, the largest
seafood restaurant chain in
Under
the U.S., filed for bankruptcy
after failing to recover from
dwindling traffic it experi-
enced during the pandemic as
Pressure
menu prices crept higher. B1 Gruenberg plans exit
 Tech stocks helped lift the after successor is in
Nasdaq 0.7% to a record, while
the S&P 500, which traded at place; was criticized
MARYAM RAHMANIAN FOR THE WALL STREET JOURNAL
record levels before a late-ses- in harassment report

sion pullback, rose less than
0.1%. The Dow fell 0.5%. B11
BY REBECCA BALLHAUS
 The U.S. opposes a pro- AND ANDREW ACKERMAN
posed global wealth tax on
billionaires, Treasury Secre- Federal Deposit Insurance
tary Yellen said, rejecting an Corp. Chairman Martin Gruen-
idea floated by Brazil, France berg bowed to pressure to re-
and other countries. A2 sign from the bank regulator
after an external investigation
 The Starwood commer-
found widespread sexual ha-
cial real-estate fund is
rassment at the agency and
scrambling to escape a loom-
Mourners attend a ceremony Monday in Tehran for Iran’s late president, Ebrahim Raisi, who died in a helicopter crash. lawmakers of both parties crit-
ing cash crunch caused by
icized his leadership.
the number of investors who
Iran Wrestles With Succession

In an email to staff on Mon-
want their money back. B1
day, Gruenberg said he would
 Ryanair said it plans to resign once a successor had
buy back about $760.9 mil- been confirmed, avoiding a
.
lion worth of shares after scenario that would leave FDIC
After President Dies in Crash Vice Chairman Travis Hill, a
ly
an increase in the Irish low-
cost carrier’s earnings. B3 Republican, as the agency’s
acting chairman.
 Jamie Dimon acknowl-
“In light of recent events, I
edged that he would likely be
leaving his role as chief exec-
utive officer of JPMorgan in
fewer than five years. B5
BY SUNE ENGEL RASMUSSEN
The death of President

on
history of illness. There is no
publicly anointed heir-apparent.
Authorities on Monday said
Raisi’s death is unlikely to
alter Iran’s political course,
whether at home or abroad, or
Khamenei’s son, Mojtaba
Khamenei, 54, and Alireza
Arafi, 67, a member of the As-
am prepared to step down
from my responsibilities once a
successor is confirmed,” Gru-
enberg wrote to staff, accord-
 Li Auto forecast rising de- Ebrahim Raisi of Iran has elections for a new president to bring a meaningful change sembly of Experts, the group ing to an email reviewed by
us ,
mand for its vehicles in the dealt an unsettling blow to the would be held on June 28. The in its relations with the U.S. responsible for selecting a The Wall Street Journal.
l
second quarter after its first- country’s politics and raises vote would come as Iran’s Khamenei, who is Iran’s high- new supreme leader. Gruenberg, a Democrat who
e
al a
quarter profit was hurt by a questions regarding the suc- leaders are embroiled in a re- est political and religious au- The ascendance of Mojtaba has served at the agency for
steep rise in expenses. B2 cession of not just the presi- gional conflict with Israel and thority, is deeply skeptical of would go against the views of nearly 19 years, said he would
dency, but also the most pow- facing unrest at home as eco- the West, and cautioned previ- Ayatollah Ruhollah Khomeini, continue to fulfill his responsi-
ci on
 Grant Thornton will lay

erful position in the country— nomic woes intensify discon- ous presidents against engag- the founder of the Islamic Re- bilities in the meantime, “in-
off about 350 U.S. employ-
that of supreme leader. tent with clerical rule. ing in any form of diplomatic public, who likened dynastic cluding the transformation of
ees as the accounting firm
Raisi, who died in a helicop- Khamenei sought on Sun- negotiation. Raisi never strayed rule to the illegitimate monar- the FDIC’s workplace culture.”
moves closer to selling a
ter crash over the weekend day to play down the possibil- from that line. chy he had helped topple in The White House said Presi-
stake in its U.S. unit to a
along with Iran’s foreign minis- ity of upheaval. “The nation Raisi’s death has height- the 1979 revolution. Khamenei dent Biden would soon nomi-
er s
private-equity firm. B3
ter, was widely seen as a poten- doesn’t need to be worried or ened speculation about possi- Please turn to page A8 nate a new FDIC chairman and
 Grayscale CEO Michael tial successor to the current top anxious, as the administration ble candidates for the nation’s it expected the Senate to move
 Iranian president was a
m er
Sonnenshein stepped down figure, Ayatollah Ali Khamenei, of the country will not be dis- two top jobs. Among the peo- quickly to confirm the nominee.
and will be succeeded at the who is 85 years old and has a rupted,” he wrote on X. ple viewed as contenders are brutal hard-liner................ A8 Please turn to page A5
crypto manager by Gold-
man’s Peter Mintzberg. B11
Law Risks Keeping INSIDE ICC Arrest Warrants

m rp
World-Wide
 FDIC Chairman Martin

Gruenberg bowed to pressure Chocolate Pricey Sought for Leaders
co Fo
to resign from the bank regu-
Of Israel, Hamas
lator after an external investi-
gation found widespread sex-
ual harassment at the agency EU move to make cocoa more
and lawmakers of both par-
ties berated his leadership. A1
sustainable threatens to add to costs
BY DOV LIEBER attack on Israel.
 The ICC’s prosecutor sought
BY ALEXANDRA WEXLER able. Its success will deter- AND LAURENCE NORMAN If granted by the court, ar-
arrest warrants for Israel’s
mine whether chocolate will rest warrants for Netanyahu
prime minister, the country’s de-
ADZOPÉ, Ivory Coast—In become more expensive, on The International Criminal and Gallant could further com-
fense minister and the leaders
the central clearing of a top of some of its highest Court’s prosecutor is seeking plicate Israel’s ability to fight
of Hamas in an unprecedented
steep-sloped cocoa planta- price increases in the U.S. in arrest warrants for Israel’s the war. Israel would likely
move against a close U.S. ally
tion, surrounded by trees recent years. Prime Minister Benjamin Ne- face challenges when trying to
that could deal another blow to
n-
dripping with fat green pods, At the center of these ef- tanyahu, the country’s defense import weapons, and Netan-
Israel’s international standing
as it fights a war in Gaza. A1
Brice-Armel Konan raised his forts is a new European OBITUARY minister and the leaders of yahu and Gallant would also
smartphone toward the sky Union law that seeks to pro- Ivan Boesky, 1980s Hamas, an unprecedented face the prospect of arrest if
 The death of President and saved the coordinates of tect the world’s rainforests, move against a close U.S. ally they visit most countries aside
symbol of extravagance
no
Ebrahim Raisi of Iran in a his location in an app. which have shrunk dramati- that could deal another blow from the U.S., which isn’t un-
helicopter crash jarred the The farm, he calculated, cally in recent decades due to and corruption on Wall to Israel’s international stand- der the court’s jurisdiction. It
country’s politics and raises was 1.4 miles from the near- the expansion of land used to Street, 87. B1 ing as it fights a war in Gaza. could diminish Israel’s stand-
questions about the succes- est forest. “This one should grow cash crops like cocoa, The prosecutor said there ing on the world stage by
sion of the presidency and be low risk,” he said. palm oil and coffee, or to were “reasonable grounds to shrinking the spheres in which
that of the position of su- It’s a scene being repeated herd cattle. Because the EU is PERSONAL JOURNAL believe that” Netanyahu and they can operate.
preme leader. A1, A8 across the West African na- the world’s largest chocolate Fed up with students Defense Minister Yoav Gallant President Biden condemned
tion of Ivory Coast, the market, importing more than “bear criminal responsibility” the prosecutor’s decision as
 Lawyers for Trump called obsessed with phones,
world’s largest cocoa pro- half of the world’s cocoa for a series of “war crimes Please turn to page A6
their main witness, a lawyer one high-school
ducer, as it embarks on a gar- beans, the law will also apply and crimes against humanity,”
who went on to clash with
gantuan experiment meant to to global confection giants teacher quits. A11 committed since at least Oct.  Flight from Rafah leads to
the presiding judge and tes-
make chocolate more sustain- Please turn to page A10 8, the day after the Hamas-led scant relief ........................... A6
tified that former fixer Mi-
chael Cohen told him that
Hackers Got
the former president wasn’t
involved in a hush-money
payment to a porn star. A3 Musk Drives Spread Computer-Science Students
Trains Back
 The FDA cleared Neuralink
to implant its brain chip in a
second person, accepting the
On Line
Of Supersize CEO Pay Face Weaker Job Prospects
company’s proposed fixes for Computer science is hotter Computer-science majors
a problem that occurred in i i i BY THEO FRANCIS talization and financial goals, than ever at U.S. universities. enrolled at four-year
the first test participant. A3 drove a $1.4 billion gain for But students graduating this U.S. colleges
 The ship that caused the Mysterious code Elon Musk didn’t just upend him last year, at least on pa- month are discovering their de-
600,000
the auto business and space per. grees are no longer a surefire
collapse of Baltimore’s Fran-
cis Scott Key Bridge was re- disabled Polish missions. The billionaire is re- Since 2018, Musk received ticket to tech-industry riches.
shaping executive pay. no new equity awards or bo-
floated amid ongoing recov-
ery efforts at the port. A3 locomotives Musk’s multibillion-dollar nuses from Tesla and less than By Katherine Bindley, 400,000
pay package from 2018 set the $24,000 in total salary. His Corrie Driebusch
 Beijing hinted at potential It’s a nightmare for any tone for other high-end pay $1.4 billion gain reflects the in- and Lindsay Ellis
retaliation in response to the laptop user when the innards deals, despite being thrown crease during 2023 in the
EU’s investigations into Chi- go haywire and the device out by a Delaware court this value of options that vested In fact, many are finding it 200,000
nese companies and launched freezes up irreversibly—a di- year. More executives got out- during the year. It adds to $48 harder than they ever thought
an antidumping probe into saster called “bricking.” size pay packages, and those billion in gains on equity com- it would be to land a job.
chemical imports. A7 packages have been bigger in pensation over the preceding Tech giants that were ex-
By Jack Gillum in the years since Musk’s came to three years, Tesla securities panding aggressively just a few 0
CONTENTS Markets...................... B11 Washington and light. filings show. Tesla’s share years ago now have less need 2018 ’20 ’23
Arts in Review..... A13 Opinion................ A15-17
Business News....... B3 Personal Journal A11-12 Karolina Jeznach They have the potential to price has fallen nearly 30% for entry-level hires—or are Note: Data are cumulative
Crossword................ A13 Sports.......................... A14 in Warsaw keep growing for years. this year to about $177, erod- shedding jobs. They are also in- Sources: National Student
Equities........................ B8 Technology................ B4 “We’ve called them moon- ing the options’ value. creasingly turning their focus Clearinghouse Research Center
From Page One.. A10 U.S. News.............. A2-5 Now imagine it happening shot awards—awards with The pay package granting to artificial intelligence, a tech-
Heard on Street.. B12 World News.. A6-8,18
to a 175-ton passenger train. huge potential values that ex- Musk those options was re- nology many fear could reduce have a burgeoning supply of
It began with Dolnośląskie ecutives can earn if they meet scinded by the Delaware court the need for coders. Postings new grads to choose from. The
> Rail, which functions as a sort their targets,” said Brian in January, though the final on jobs website Indeed for soft- number of students in the U.S.
of MTA of southwest Poland. Bueno, a practice leader with judgment hasn’t been entered. ware-development roles, a majoring in computer and in-
Much of its rolling stock had pay consulting firm Farient Tesla reported the options as proxy for computer science, formation science has jumped
been made by the Polish com- Advisors in New York. outstanding and exercisable as have dropped 30% from pre- 40% in five years to more than
s 2024 Dow Jones & Company, Inc.
pany Newag. Musk’s 2018 package, which of the end of March, a late- pandemic levels. 600,000 as of 2023. The num-
All Rights Reserved Please turn to page A10 required meeting market-capi- Please turn to page A2 At the same time, companies Please turn to page A4
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Tuesday, May 21, 2024 * ***** THE WALL STREET JOURNAL.
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
Yellen
U.S.’s China Pivot Takes Fuller Form Rejects
T Global
ariffs President Bi- the manufacturer. This may
den announced last provide a pretext to block all
week aren’t eco- Chinese EVs from the U.S.
nomically signifi-
Tax on
S
cant. Symbolically, o the U.S. finally has a
they are huge. strategy for economic
The U.S. buys almost no
electric vehicles, steel or
semiconductors—all targets
of the tariffs—from China.
competition. Whether it
succeeds remains to be seen.
For one thing, it’s late.
China’s dominance in key
Billionaires
But, by adding to, rather markets has only grown BY ANDREW DUEHREN
than rescinding, tariffs im- since 2017. The world is now
posed in 2018 by Donald bracing for a “second China FRANKFURT—The U.S. op-
Trump, it signals that the de- shock” of cheap manufac- poses a proposed global
coupling of the Chinese and tured exports. wealth tax on billionaires,
U.S. economies is becoming And China’s capacity ex- Treasury Secretary Janet Yel-
irreversible. pansion is largely immune to len said, rejecting an idea
More important, the tar- tariffs because it’s driven by floated by Brazil, France and
iffs are the final piece of an self-sufficiency, not profit, other nations to tip the eco-
MICHAEL BROCHSTEIN/ZUMA PRESS

economic strategy for com- said Jimmy Goodrich, senior nomic scales away from the
peting with China. adviser for strategic technol- megarich.
This strategy is a three- ogy analysis to the Rand It is Brazil’s turn to lead
legged stool. The first con- Corp. the Group of 20 major econo-
sists of subsidies to build a The economic strategy has mies this year, and the coun-
viable technology manufac- also been distracted by poli- try has called on the group to
turing sector, from clean en- tics. Like Trump, Biden is ob- develop a coordinated ap-
ergy to semiconductors. The sessed with steel and its im- proach for taxing ultrawealthy
second is tariffs on Chinese President Biden announcing new tariffs on China last week at the White House. portance to rust-belt swing individuals who can move
imports that threaten those states. He raised tariffs on their money into low-tax ju-
efforts. The third is restric- Trump’s initial execution, The strategy that has ulti- to the world’s leading chip the metal even though the risdictions. The goal is to mir-
tions on access to money, though, was haphazard. He mately emerged is largely makers in recent months. U.S. already has plenty of do- ror a global minimum tax on
technology and know-how aimed his first major tariffs the work of Sullivan, accord- They include TSMC, mestic and allied alternatives corporations, which roughly
that could help China com- at allies instead of China, to ing to current and former which now says it will build to China. He didn’t raise tar- 140 countries signed up for in
pete. A fourth leg, a unified protect steel and aluminum administration officials. He three fabs in Arizona by iffs on drones, which increas- 2021 but has since run into
economic front with allies, instead of technology. sees trade, domestic eco- 2030. If TSMC follows ingly have national security roadblocks in the U.S. and
remains unrealized. He championed a Foxconn nomic policy and security as through, its customers such roles, for which the U.S. re- elsewhere.
On economic strategy, the Technology liquid-crystal dis- integrated. And, more than as Apple and Nvidia might ally does depend on China. Yellen said the U.S.
U.S. is something of a neo- play factory in Wisconsin anyone else, he has Biden’s one day both design and Finally, the U.S. and its al- wouldn’t support the talks on
phyte. China maps its path to that never materialized. He confidence, these people manufacture their chips in lies have struggled to form a the issue. She is due to meet
.
economic dominance in five- reversed his administration’s said. the U.S. instead of Asia. united front for competing this week with finance minis-
year plans. Japan’s postwar ban on the sale of sensitive Yet the strategy has bipar- Biden’s sweeping restric- with China. While Biden offi- ters from the Group of Seven
ly
economic rise was steered by technology to Chinese tele- tisan heritage, drawing heav- tions on the sale of advanced cials suspended Trump’s tar- advanced democracies, who
its powerful Ministry of Inter- com supplier ZTE. ily on initiatives that began chips and chip-making iffs on European Union steel are expected to discuss the
national Trade and Industry. under Trump. Last week’s equipment to China are mod- and aluminum, a deal to re- global wealth tax.
I on
The U.S. strategy emerged n 2019, then-candidate Bi- tariffs resulted from a review eled on restrictions Trump scind them altogether failed “We believe in progressive
piecemeal. As far back as den tweeted that he’d re- of Trump’s own investigation officials first used against in part because the EU taxation. But the notion of
2016, Obama administration verse Trump’s “irrespon- that led to the initial tariffs Huawei Technologies. Biden wouldn’t coordinate with the some common global arrange-
officials and alumni, includ- sible tariff war” with China. on China. officials don’t like to connect U.S. against Chinese steel. ment for taxing billionaires
ing Jake Sullivan, now Bi- It never happened. Inter- In 2020, after prodding by these restrictions, ostensibly Such divisions could with proceeds redistributed in
us ,
den’s national security ad- nally, Biden’s top advisers Trump officials, Taiwan aimed solely at security widen further should Trump some way—we’re not support-
l
viser, had begun questioning were divided. Treasury Sec- Semiconductor Manufactur- threats, to their broader eco- return to office and carry ive of a process to try to
e
al a
the bipartisan consensus fa- retary Janet Yellen champi- ing Co. said it would build a nomic strategy. Yet a connec- through with this threat to achieve that. That’s some-
voring free trade and en- oned lower tariffs and en- chip fabrication plant in Ari- tion plainly exists. hit all imports, including thing we can’t sign on to,” she
gagement with China. gagement with China. Trade zona. Around that time, a bi- The restrictions are a from allies, with tariffs. said.
ci on
In 2017, Trump came into ambassador Katherine Tai partisan bill to subsidize powerful incentive for tech China finally faces deter- Along with ministers from
office with an economic and advocated for tariffs. Others such plants was introduced companies to invest in the mined economic pushback Brazil and France, officials
national security team deter- gave priority to climate coop- in the Senate. U.S. or its allies instead of from the West, but it can from Spain, Germany and
mined to break with the sta- eration and cheap clean-en- Pushed by Biden officials, China. The White House, for take comfort that it isn’t uni- South Africa have discussed a
tus quo. They formally aban- ergy equipment. As tensions that bill became law in 2022. example, is engaged in an in- fied. plan that would require bil-
er s
doned engagement and with China grew, such as This enabled the Commerce vestigation into security lionaires to pay taxes worth at
designated China a strategic over a spy balloon, so did the Department to announce risks of “connected cars,”  Heard on the Street: Tariffs least 2% of their overall
m er
competitor. hurdles to re-engagement. some $29 billion in subsidies which share driver data with could hit EV prices.......... B12 wealth every year.
CEO Pay Stock-based compensation for 2023 Aggregate value of S&P 500
Group Opposes
Schwartz, including $180 mil-
lion in equity when he took
m rp
2023 awards at grant 2023 gains (unvested) pay packages over $50 million,
Prior-year gains (vested) Prior-year gains (unvested) by size of package the job in February 2023. Car-
Feels Effect Elon Musk

$4 billion
up to $300
Musk Package
A group of Tesla
lyle valued the award at $229
million as of Dec. 31, including
$22 million that vested during
Of Musk
(Tesla) million
shareholders that in- the year. Much of the rest
co Fo
cludes New York City vests if Carlyle shares, which

3 up to $250 Comptroller Brad Lander recently traded around $42,
Hock Tan
million is calling for investors to reach thresholds as high as
(Broadcom)
Continued from Page One vote against Elon Musk’s $71.80 through 2028.
April securities filing shows. up to $200 $46 billion pay package. Blackstone said its total re-
Brian Chesky million
The company said it intends to 2 The group wrote to turn of about 83% beat other
(Airbnb)
appeal and is asking share- other Tesla shareholders U.S. asset managers last year
up to $150
holders to re-approve the pay million arguing that the com- and its pay structure aligns
deal to reward Musk for the Nikesh Arora pany’s board was too executive incentives with
Tesla’s successes since 2018. (Palo Alto close to Musk and had those of investors.
Networks) 1
Other supersize pay pack- failed to properly evalu- Charter Communications
ages haven’t been as big, but ate the pay package. valued total pay for Richard
more CEOs are getting them. Sundar Pichai up to $100 Shareholders are set DiGeronimo, its president of
n-
In the past five years, three (Alphabet) million to vote June 13 on product and technology, at
dozen CEOs of S&P 500 com- 0 Musk’s pay package. $53.3 million, compared with
panies received pay packages $0 billion 0.5 1.0 1.5 2013-17 2019-23 The group of share- $89.1 million for CEO Chris
valued at $50 million or more, holders includes SOC In- Winfrey. Most of the pay for
Pay packages for select executives who aren’t CEOs of S&P 500 companies, 2023
no
up from nine in the five years vestment Group, union- both consisted of options and
before Musk’s, according to a Equity Cash Other owned Amalgamated stock vesting over five years,
Wall Street Journal analysis of Bank, United Church much of it only if the com-
data from MyLogIQ, a provider Jon Winkelried Funds, Nordea Asset pany’s shares rise 28% to 152%
(TPG CEO)
of public-company data and Management and Akade- from when the grants were
analysis. The total cost of mikerPension, a Danish made, the company said.
Harvey Schwartz*
those pay packages grew rap- (Carlyle Group CEO) pension fund. The group’s Such outsize pay packages
idly, quadrupling in the past combined stake couldn’t typically consist almost en-
five years from the earlier pe- Jonathan Gray immediately be learned. tirely of restricted stock or
riod, the Journal found. (Blackstone president) Lander, a Democrat stock options. Often, the num-
The Journal’s analysis in- elected in 2021, oversees ber of shares or options execu-
cluded CEOs on the job for at Richard DiGeronimo New York City’s public tives ultimately receive de-
least a year at more than 400 (Charter Communications pension funds. pends on meeting performance
S&P 500 companies reporting president, product and —Ben Glickman targets for some combination
technology) $0 million 50 100 150 200
pay through mid-May for fiscal of share price and financial or
years ending after June 30, *Schwartz started as CEO in February 2023. Source: MyLogIQ operating results.
2023. A separate analysis by The reported figures reflect
MyLogIQ showed a rise in S&P 500 pay package topped Broadcom said the company cash bonuses over five years, and leadership bonus” tar- their values at the time of
such pay packages. $150 million. Nine have done outperformed competitors un- the company said. geted at $30 million in stock grant, by the company’s calcu-
Last year, the seven high- so in the five years since. der Tan, its CEO since 2006. Palo Alto Networks said in and options that vests over lation, and can dramatically
est-paid CEOs in the S&P 500 Tan received other big pay Tan must stay on the job for securities filings that the value five years. The company said understate their potential. At
received them and two topped packages in recent years, in- five years and Broadcom’s of equity awards in Arora’s its shareholder returns ranked the same time, the opportunity
$150 million: Broadcom’s Hock cluding two valued at about share price must reach certain pay include a mix of shares among the top 1% of compa- for vast riches is offset by the
Tan, at $162 million, and Palo $60 million apiece in 2021 and targets after October 2025 for granted over three years. nies in the S&P 500 over the potential that executives real-
Alto Networks’ Nikesh Arora, 2022, and one in 2017 valued his equity awards to vest, Fair Isaac, which reported past decade and it gives prior- ize much less, or nothing.
at $151 million. In the five at just over $100 million. Broadcom said in its securities total pay of $66.3 million for ity to long-term pay aligned A $211 million pay package
years leading up to Musk’s Arora’s compensation in 2018 filings. He isn’t expected to get CEO Will Lansing, said it in- with shareholder returns. put Chad Richison of Paycom
2018 arrangement, just one totaled just over $125 million. additional equity grants or cludes a one-time “retention A few big pay packages go Software, a payroll processor,
to less-senior executives, or to at the top of the Journal’s
CEOs at companies outside the 2020 CEO pay ranking. This
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on Climate Change said that tion’s global warming impact. ties filings show. appeared less promising: Pay-
Carlyle Group, also outside com shares haven’t closed
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by the S&P 500, reported total above $554 and closed at
emailing wsjcontact@wsj.com or by calling 888-410-2667. pay of $187 million for Harvey $180.29 on Monday.
THE WALL STREET JOURNAL. * * * * * * Tuesday, May 21, 2024 | A3
U.S. NEWS
Tugboats
Haul Away
Bridge Ship
The containership that
caused the collapse of Balti-
more’s Francis Scott Key
Bridge nearly two months
ago was refloated amid ongo-
ing recovery efforts for one
of the nation’s busiest ports.
Tugboats pushed the Dali,
right, early Monday morning
at roughly 1 mile per hour to
transport the cargo vessel to
a local marine terminal, offi-
cials said. The 2.5 mile trip
took about three hours.
Clearing the Dali is an im-
portant part of the cleanup ef-
fort to fully reopen the Port of
Baltimore. About half of the
debris from the collision and
collapse of the bridge has
been cleared, officials said.
“Eight weeks since the col-
lapse of the Francis Scott Key
Bridge, the Dali has been
cleared from the channel, a
mark of progress and a prom-
ise kept,” President Biden said
CHIP SOMODEVILLA/GETTY IMAGES

Monday. “It took the grit of
workers and officials coming
together to get this done.”
Biden has said he wants
the federal government to
pay to fix the bridge, but it
isn’t clear how long such a
project would take.
The Dali, which was carry-
ing nearly 4,700 shipping con- 26. The ship lost electricity be- said last week. piers and brought the bridge Six workers who were re- member crew, with most hail-
tainers, was preparing for a fore and after leaving the Port After the vessel lost steer- down. The collision destroyed a pairing potholes on the Inter- ing from India, has since re-
27-day journey to Sri Lanka of Baltimore, the National ing and propulsion, it struck bridge used daily by tens of state 695 road deck the night mained on the Dali.
.
before the accident on March Transportation Safety Board one of the Key Bridge’s support thousands of cars and trucks. of the accident died. The 21- —Joseph De Avila
ly
Trump Trial Judge Clashes With Witness on
Exchange comes Trump,” Costello said Cohen ternoon rested their case, mer lawyer no new substantial online poll of top U.S. business upside down,” said Cohen, his
us ,
told him. Costello testified which included 19 witnesses blows. The Trump lawyer sug- leaders. Blanche said that voice breaking as he mentioned
l
after prosecutors that Cohen told him he made over a month of testimony. gested that one phone call be- within an alleged larger reim- his family. He appeared near
e
al a
rest case and Cohen the hush-money payment him- Merchan has told the lawyers tween Cohen and Trump could bursement for a hush-money tears for the first time in his
self, and that Trump had no to plan on making closing argu- have been about an event at payment, the Trump Organi- days on the stand.
wraps up testimony role in it. ments after Memorial Day. Cos- the Trump Organization’s zation paid tens of thousands Hoffinger also pushed back
ci on
Not long after Costello took tello will return to the stand Washington, D.C., hotel, not a extra for the IT matter to Co- at one of Blanche’s most dam-
BY CORINNE RAMEY the stand, Justice Juan Mer- Tuesday for further question- hush-money payment, as Co- hen, who admitted to pocket- aging jabs at Cohen. The de-
AND ERIN MULVANEY chan, the usually even-tem- ing by prosecutors. hen had claimed. ing the surplus without in- fense attorney had accused Co-
pered judge presiding over the Trump faces 34 felony Blanche argued that Cohen’s forming Trump’s company. hen of incorrectly remembering
NEW YORK—Lawyers for trial, sternly instructed the counts of falsifying business re- alleged retainer agreement “Did you ever have to plead the topic of an October 2016
er s
Donald Trump on Monday witness to stop rolling his cords for allegedly covering up with Trump—which prosecu- guilty to larceny?” asked phone call. Cohen had testified
called their main witness, a eyes. “If you don’t like my rul- a hush-money payment to porn tors say was part of a coverup, Blanche, his voice rising. he spoke to Trump about the
m er
lawyer who went on to clash ing, you don’t say ‘Jeez,’ ” the star Stormy Daniels. Prosecu- and didn’t entail legal work— “No, sir,” Cohen said. Daniels payment, but Blanche
with the presiding judge and judge said. tors say Trump and his co-con- was similar to arrangements After Blanche stepped argued Cohen might have spo-
testify that former fixer Mi- He then turned and glared spirators, including Cohen, that the lawyer had with con- down from the lectern, prose- ken to Trump’s bodyguard
chael Cohen denied the former at the witness. “Are you star- sought to silence Daniels on sulting clients, including AT&T. cutor Susan Hoffinger asked about a teenage prankster.
president’s involvement in a ing me down right now?” the the eve of the 2016 election to “That’s the way a retainer Cohen to clarify some of his The prosecutor indicated to
m rp
hush-money payment to a judge said, before ordering stop her from going public with agreement works, right?” answers to the defense attor- jurors that since Cohen had
porn star. those in the courtroom gallery her story of a sexual encounter Blanche said. “It’s not condi- ney’s questions, including why roughly 20 calls with Trump
Robert Costello, a former into the hallway. with the former president. tioned on the quantity of work he took money from the that month about the payment,
federal prosecutor now in pri- With the audience out of Trump has pleaded not that is done.” Trump Organization. the substance of that particular
vate practice, told jurors that the courtroom, Merchan guilty and denied the encoun- Cohen said that was correct. Cohen said he was angry call was unimportant. She
co Fo
in April 2018 he met with Co- threatened to remove Costello ter. AT&T didn’t respond to a re- that his bonus had been re- asked if Cohen had any doubt
hen at a Manhattan hotel. from the stand if he again Monday marked Cohen’s quest for comment. duced. “I just felt it was al- that Trump had given him final
Trump’s former fixer was tried to stare the judge down. last of four days on the stand. Blanche also told jurors most like self help,” he said. signoff for the payment.
manic at the time because he “I will strike his entire testi- During cross-examination, that Cohen had paid $20,000 Hoffinger elicited testimony “No doubt,” Cohen said
had been raided by federal au- mony. Do you understand Trump lawyer Todd Blanche to a small information tech- from Cohen about how he suf- forcefully.
thorities, Costello told the jury. me?” Merchan said. A Trump offered alternative explana- nology company, part of an at- fered more than he profited
“I swear to God, Bob, I lawyer said he did. tions for some phone calls tempt in 2014 to boost from his fallout with Trump.  Trial helps fuel Trump’s
don’t have anything on Donald Prosecutors earlier in the af- with Trump, but dealt the for- Trump’s ranking in a CNBC “My entire life has been turned fundraising........................... A4
n-
no
FDA Gives Musk’s Neuralink

NEURALINK (2)
Approval for Second Patient Noland Arbaugh used the Neuralink implant to control a cursor on a computer screen with
only his thoughts. Left, the company aims to implant 10 people with its device this year.
BY ROLFE WINKLER cursor on a computer screen serted into the brain’s motor Neuralink now hopes to im- open for Canada and will be A few weeks after disclos-
with only his thoughts. A quad- cortex to relay neural signals. plant a second participant opening for Britain in the ing the problem to Arbaugh,
The U.S. Food and Drug Ad- riplegic with no movement be- Arbaugh said that Neuralink sometime in June, according coming days. Neuralink was still trying to
ministration gave a green low his shoulders for the past has told him around 15% of the to the person familiar with the When Arbaugh learned figure out exactly what had
light to Elon Musk’s Neuralink eight years, Arbaugh suddenly threads inserted in his brain company, who said that more why his implant had stopped happened. But Arbaugh de-
to implant its brain chip in a was able to communicate with remain in place. But these have than 1,000 quadriplegics have responding to his thoughts, he scribed in the interview how
second person, signing off on friends, play games and inter- stabilized, he said, and soft- signed up for its patient regis- said, he asked if it could be the company’s engineers im-
the company’s proposed fixes act with his world in ways that ware changes made by the try, though fewer than 100 removed and fixed, or possi- proved the performance of his
for a problem that occurred in hadn’t seemed possible after company later helped him re- qualify for the study. bly replaced. A team that in- own device, altering how it
the first test participant. his accident. gain many of the device’s capa- And while some of those cluded three Neuralink staff decoded his brain signals.
The fixes include embed- But a month after his sur- bilities, which he has since people are eligible, Musk had just broken the news to It concentrated on clumps
ding some of the device’s ul- gery, he noticed the device was demonstrated in livestreams. posted on X on Thursday that him in his hotel a mile from of neurons providing a strong
trathin wires deeper into the no longer working as well. Since such a device had the company is still accepting Neuralink’s California head- signal and switched off many
brain, according to a person Most of the threads implanted never been implanted in a hu- applications. quarters. Arbaugh’s medical of the electrodes receiving
familiar with the company and in his brain had come loose and man before, Neuralink didn’t Neuralink aims to implant team said they didn’t want to weaker or no signals. In a blog
a document viewed by The were no longer reading the know how much the brain 10 people with its device this do another brain surgery and post, the company said it
Wall Street Journal. electrical signals needed to would move inside the skull, year and hopes to have a di- preferred to wait for more in- modified its recording algo-
As Neuralink prepares for translate his thoughts into cur- said Arbaugh. It found his brain verse set of recipients in order formation, he recalled. rithm “to be more sensitive to
its second test participant, the sor movements. “I was on such moved up to three times what to study a variety of behav- “I thought that I had just neural population signals.”
first, Noland Arbaugh, is a high and then to be brought the company expected, he said. iors. One challenge is that the gotten to, you know, scratch That improved things to
opening up about the impact down that low. It was very, To keep threads in place, people signing up to its pa- the surface of this amazing the point that Arbaugh said he
of the device on his life and very hard,” Arbaugh said in an one of Neuralink’s proposed tient registry skew white and technology, and then it was all has now surpassed the capa-
the emotional roller coaster he interview. “I cried.” solutions that the FDA has male, the person said. going to be taken away,” he bilities he’d had before the
experienced before, during Neuralink’s N1 implant is a signed off on is to implant Neuralink hopes to submit said. “But it only took me a threads retracted. “It makes
and after the device lost part container about the size of a them 8 millimeters into the applications to regulators in few days to really recover me very, very hopeful for the
of its functionality. U.S. quarter that holds elec- brain’s motor cortex, com- Canada and Britain in coming from that and realize that ev- future,” he added. “It seems
In the days after his January tronics and a battery. Its 64 pared with about 3-to-5 milli- months to start similar trials erything I’ve done up to that like we’ve learned a lot and it
implantation, Arbaugh used the external threads, each thinner meters for Arbaugh. in those countries, the person point was going to benefit ev- seems like things are going in
Neuralink implant to control a than a human hair, are in- With the FDA’s blessing, said. Its patient registry is eryone who came after me.” the right direction.”
A4 | Tuesday, May 21, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.
U.S. NEWS
Trump Trial Helps Fuel

Candidate’s Fundraising
BY JACK GILLUM
AND ANTHONY DEBARROS
Being a defendant in Man-

hattan criminal court might
mean bad news for Donald
Trump from a legal perspec-
tive. But it has been good for
his campaign coffers.
On April 15, the start of
Trump’s New York hush-
money trial, the former presi-
dent’s campaign raised more
than $361,000 in individual
donations—better than most
days in recent weeks. That
MARK PETERSON/PRESS POOL

fundraising contributed to
more than $76 million in total
contributions last month, ac-
cording to his campaign and
new data.
“What I’ve been FORCED to
endure would make any patri-
otic American SICK,” said one Donald Trump at the defense table Monday in Manhattan.
email on April 15, among a
flurry of fundraising appeals than $66 million on his legal- hedge-fund manager John
that helped fuel his campaign. related expenses. (New data Paulson. Biden took in more
“So I’m humbly asking for you show Trump spent at least $3 than $25 million from a late-
to PLEASE stand with me to- million more in legal fees in March fundraiser at Radio
day.” April.) City Music Hall in New York,
A PERFECT
Trump is revving up his Trump faces 34 felony where he was joined by for-
fundraising with fewer than counts of falsifying business mer presidents Barack Obama
six months left until the gen- records for allegedly covering and Bill Clinton.
eral election, according to fig- up a hush-money payment to Not all of that money is re-
MOMENT ures provided by his cam-

paign. Trump’s trial has
helped drive his first monthly
porn star Stormy Daniels.
Prosecutors say Trump and
his co-conspirators sought to
flected in Monday’s filings.
Both candidates employ a web
of affiliated committees and
TO HAVE FUN
win over President Biden, with silence Daniels on the eve of include donations to those as
.
his campaign and related com- the 2016 election to stop her well as money raised by their
mittees raising about $25 mil- from going public with her respective parties when an-
ly
lion more than Biden’s last story of a sexual encounter nouncing fundraising totals.
Connect to your favorite shows with our month, new data show. with the former president. Some of those committees re-
Still, Biden appeared to Trump has denied the charges. port activity just once per
extensive inflight enteainment system. on have more money left to spend Campaign fundraising quarter.
than his Republican chal- doesn’t guarantee a victory Independent candidate
lenger, reporting more than come Election Day. Trump re- Robert F. Kennedy Jr.’s cam-
$192 million on hand at the mains ahead of Biden in most paign committee ended April
end of April—comparable to battleground-state polls, and with $10.2 million in cash. His
us ,
his total from a month earlier. Biden has faced dissatisfaction committee raised $10.7 million
l
The Trump campaign didn’t from progressives on his ad- during April, $4.2 million
e
al a
provide the total cash on hand ministration’s handling of the more than it spent. Just over
for all its committees in April, war in Gaza. However, a po- $8 million of those receipts
but had at least $96.8 million tential guilty verdict in came via contributions from
ci on
between its campaign commit- Trump’s trial could sour some Kennedy’s running mate, Cali-
tee, a joint fundraising com- of his own supporters. fornia environmental attorney
mittee and the Republican Na- Both candidates have re- Nicole Shanahan.
tional Committee, filings with cently ramped up high profile Another independent, Cor-
the Federal Election Commis- fundraising events. Trump nel West, saw his campaign’s
er s
Products and services are subject to change depending on flight duration and aircra. sion showed. That doesn’t in- pulled in $50 million from an available cash drop to less
clude a supportive super PAC April event at the Palm Beach, than $19,000 at the end of
m er
that has already spent more Fla., home of billionaire April.
Info Science Stephanie Johnson, a career-

development lead with the
m rp
computer-science department
Students at the University of North Car-

KATE WARREN FOR THE WALL STREET JOURNAL
olina, said her students on av-

erage were applying to 150 or
Face Worry more jobs. Many were still

co Fo
waiting for offers in the spring.

Just a few years ago, they
might apply for 20 or 40 posi-
Continued from Page One tions—and get a final offer in
ber of bachelor’s degrees con- the fall.
ferred in those majors topped Johnson said she has seen
100,000 in 2021, according to more students focused on com-
the Department of Education, a panies where tech is a service
140% rise from 10 years earlier. Cornell student Jarin and not the product. She
Students who once had jobs Rahman looked beyond tech knows two students who were
and summer internships lined to find an internship. offered roles at big tech com-
up by Thanksgiving are now panies but declined.
broadening their searches. Bachelor’s degrees awarded
n-
“When I tell people I’m in each year in computer and

computer science, they’re, like, information science New expectations
‘Lucky you. You’re going to The pipeline is bursting with
make a lot of money. You can 100,000 comp-sci students who will
no
do anything you want,’” said need jobs in the next few years.
Ben Riesett, a 22-year-old who Computer and information sci-
80,000
graduated this month from ence is the fastest-growing
Catholic University of America. top-20 major in the U.S. at
“The truth is, when you start 60,000 four-year colleges, according to
looking right now, it’s impossi- the National Student Clearing-
ble to get hired.” house Research Center. It is the
Just a few years ago, Riesett 40,000 fourth-most-popular major
heard constantly that employ- overall. Between 2018 and
ers needed staff with his skill 2023, the number of students
set; now, his classmates with 20,000 majoring in computer and in-
jobs got them through friends formation science jumped from
or family, or from internships. about 444,000 to 628,000.
0
Riesett, in Washington, D.C., Pierce Avner, who just fin-
said he has applied to entry- 1970 ’80 ’90 2000 ’10 ’20 ished his junior year at the
level roles all over the country Source: Education Department University of Colorado, Boulder,
and received only a few re- said he applied online for hun-
sponses. the Labor Department. On the dreds of internships last year.
A PERFECT MOMENT
To be sure, comp-sci majors student jobs platform Hand- The majority never responded.
from top-tier schools can still shake, the number of full-time Of those that did, many sent
get jobs. Pay, projected to be at jobs recently posted for tech back a rejection note within 15
TO ENJOY DELIGHTFUL
about $75,000, is at the high companies is down 30% from seconds to a minute.
end of majors reviewed by the the year-ago period. This year, he took an old-
National Association of Col- fashioned route, hand-deliver-
leges and Employers, or NACE. ing about 20 applications to
FLAVORS
They are just not all going to Farther afield tech companies around Denver
Facebook or Google. Jarin Rahman, an informa- and Boulder. He also sent
“Job seekers need to reset tion-science major who just emails to alumni from the
their expectations,” said Tim completed her junior year at Theta Tau professional engi-
Herbert, chief research officer Cornell University, had long as- neering fraternity. He is set to Connect with our award-winning meals.
at CompTIA, a trade group that sumed she would try to land a intern at an aerospace com-
follows the tech sector. “New job at a large tech company. As pany this summer, one of the
grads may need to adjust a first-generation college stu- employers he found through
where they’re willing to work, dent, she thought it was the his fraternity networking.
in some cases what salary, best path. Alex Giang, a computer-sci-
perks or signing bonus they’ll But Rahman knows lots of ence major who just finished
receive, and the type of firm seniors who interned at big his junior year at Cornell, is
they’ll work for.” tech companies last summer preparing to start a software-
Salaries for this year’s grad- and didn’t get return offers. engineering internship at a
uates in computer science are With the tech industry appear- digital-advertising company.
expected to be 2.7% higher ing less stable than she antici- Applications to Uber, Airbnb,
than last year’s, the smallest pated, she started looking else- Tesla, Facebook, Apple and
increase of eight fields re- where. “It made me really Amazon.com didn’t pan out.
viewed by NACE. stressed out because I know Friends are adjusting, too.
In the past 18 months, job that I have to find a way to Their new mentality is: “If you
growth has remained flat for support my family,” she said. get a job, even if you don’t like
software publishers, a group of This summer, she will intern it, you need to take it because Products and services are subject to change depending on flight duration and aircra.
employers that includes soft- at a real-estate investment- you don’t know if you’re going
ware developers, according to management firm. to get anything else,” he said.
THE WALL STREET JOURNAL. * * * * * Tuesday, May 21, 2024 | A5
U.S. WATCH
ANGELA WEISS/AFP/GETTY IMAGES

FUR IN FASHION: Monday’s ‘Pet Gala’ in New York took outfits worn by Met Gala attendees and
redid them for dogs. A Leonberger named Superman wore a look inspired by Odell Beckham Jr.
CYBERSECURITY GUANTANAMO FLORIDA

Water Systems Told High Court Rejects Former Pitcher Held
To Fortify Defenses Ex-Detainee Appeal In Child-Sex Sting
Cyberattacks against wa- The Supreme Court Monday Former Boston Red Sox
ter utilities across the coun- rejected an appeal by a Cana- pitcher Austin Maddox was
try are becoming more fre- dian-born former Guantanamo arrested in Florida as part of
quent and more severe, the detainee who was seeking to an underage sex sting, author-
A PERFECT
Environmental Protection wipe away his war crimes con- ities said Monday.
Agency warned Monday as it victions, including for killing a Maddox was one of 27 peo-
issued an enforcement alert U.S. soldier in Afghanistan. ple arrested as part of a mul-
MOMENT
urging water systems to take Omar Khadr had waived his tiagency operation late last
immediate actions to protect right to appeal when he month, Jacksonville Sheriff
the nation’s drinking water. pleaded guilty in 2010 to T.K. Waters said. They are ac-
About 70% of utilities in- charges that included murder. cused of soliciting sex over
TO BE CREATIVE
spected by federal officials in His lawyers argued that a sub- the internet from people who
.
the past year violated stan- sequent ruling by the federal they believed were children,
ly
dards meant to prevent cyber appeals court in Washington officials said.
threats, the agency said. called into question whether James Hill, a defense attor-
Connect to productivity with our Some water systems are Khadr could have been ney for Maddox, said he in-
falling short in basic ways, the charged with the crimes in the tends to fight the allegations
solid Wi-Fi service. on alert said, including failure to first place. A divided three- against him and will enter a
change default passwords or judge panel ruled that despite plea of not guilty should for-
cut off system access to for- the appellate ruling, Khadr mal charges be filed.
mer employees. Because water gave up his right to appeal. Maddox, 33, began commu-
utilities often rely on computer Khadr was 15 when caught nicating with an undercover
us ,
software to operate treatment by U.S. troops after a firefight agent pretending to be an un-
l
plants and distribution sys- at a suspected al Qaeda com- derage girl on April 28, an ar-
e
al a
tems, protecting information pound that resulted in the rest report said. He expressed
technology and process con- death of an American special his intent to have sex with the
ci on
trols is crucial, the EPA said. forces medic, Army Sgt. First girl even after she told him
Possible impacts of cyber- Class Christopher Speer. that she was 14, officials said.
attacks include interruptions Khadr, suspected of throwing Maddox agreed to meet the
to water treatment and stor- the grenade that killed Speer, girl at a prearranged location,
age; damage to pumps and was taken to Guantanamo where he was arrested by law
valves; and alteration of and ultimately charged with enforcement officers, authori-
er s
Products and services are subject to change depending on flight duration and aircra. chemical levels to hazardous war crimes by a military com- ties said. He is being held in
amounts, the agency said. mission. jail on a $300,000 bond.
m er
—Associated Press —Associated Press —Associated Press
Gruenberg regulators to coordinate on a

raft of tougher rules in the
agency as well as allegations of
his own temper.
m rp
wake of a series of large bank Rep. Ayanna Pressley, a
To Resign failures this spring. The plans

aim generally to boost the re-
silience of the banking system
Massachusetts Democrat, said
she didn’t have confidence that
Gruenberg could continue to
From FDIC and include efforts to boost big lead and described the
co Fo
banks’ financial buffers to ab- agency’s policies for address-

sorb potential losses. ing harassment as a “cataclys-
The weeks leading up to mic failure.”
Continued from Page One Gruenberg’s Monday an- Gruenberg took responsibil-
“The president of course ex- nouncement have been fraught ity for the culture and apolo-
pects the administration to re- for the chairman. gized, while vowing to make
flect the values of decency and On May 7, the law firm changes at the agency.
integrity and to protect the Cleary Gottlieb released a 234- Following the hearings,
rights and dignity of all em- page report that described a where Brown was critical of
ployees,” deputy press secre- “patriarchal, insular, and risk- the report’s findings but didn’t
tary Sam Michel said. averse culture” at the agency call for Gruenberg’s ouster, it
Democratic insiders said where management responses looked likely that Gruenberg
they expected any nominee to misconduct have been “in- would hold on to his job.
n-
would be a woman previously sufficient and ineffective.” It But on Monday, Brown is-
confirmed by the Senate by a included examples of miscon- sued his statement calling for
healthy margin. duct, including one employee Gruenberg to step down once a
Gruenberg’s announcement who said she was sexually ha- successor was confirmed. It
no
came hours after the chairman rassed for six years by a wasn’t clear what shifted for
of the Senate Banking Commit- more-senior examiner who Brown. The Democrat is up for
tee called for new leadership at sent her text messages of par- re-election this year in a com-
the FDIC, becoming the most petitive race.
powerful Democrat to seek Sheila Bair, a Republican who
chairman Gruenberg’s ouster served as FDIC chair from 2006
after a report, commissioned in to 2011, also Monday called for
response to a Wall Street Jour- Gruenberg to resign. “This con-
nal investigation, found wide- troversy is hurting him and his
spread allegations of sexual ha- agency,” she wrote on X.
rassment, discrimination and Lawmakers in both parties
bullying pervaded the agency. last week called for additional
Sen. Sherrod Brown of Ohio hearings focused exclusively on
MICHAEL BROCHSTEIN/ZUMA PRESS
said that after reviewing the the agency’s culture. The GOP-
report and hearing from addi- led House Financial Services
tional FDIC employees, “I am Committee has been conduct-
left with one conclusion: there ing its own investigation into
must be fundamental changes the allegations.
A PERFECT
at the FDIC. Those changes be- Gruenberg, 71, was nomi-
gin with new leadership, who nated by Biden in 2022 to lead
must fix the agency’s toxic cul- the agency for a second term.
MOMENT TO
ture and put the women and FDIC chief Martin Gruenberg He first joined the FDIC board
men who work there—and at a House hearing last week. in 2005 after spending years
their mission—first.” He called on Capitol Hill, where he
for Biden to nominate a new tially clothed women, includ- served as senior counsel to for-
RENEW
chair and for the Senate to act ing one that included the mer Sen. Paul Sarbanes, a
quickly to confirm them. words, “get naked Bitch.” Maryland Democrat.
The push for Gruenberg to The law firm was hired late Some of his efforts to over-
stay in his role until a succes- last year after the Journal in- haul the agency’s culture had
sor is confirmed drew skepti- vestigation first revealed that already sparked tension on the Connect to a beer version of yourself
cism on Capitol Hill and from a toxic culture at the agency FDIC board. He told lawmakers
some FDIC employees, who had driven many female bank last week that he expected to with our custom designed amenity kits.
said the announcement could examiners to quit. send out solicitations soon for
allow Gruenberg to continue in Investigators also confirmed an independent monitor of the
his role for months while alle- the Journal’s reporting that agency’s cultural transforma-
viating some of the political multiple employees, including tion efforts, which Cleary Gott-
pressure on Democrats in an senior leaders, had experienced lieb recommended. Jonathan
election year. “extremely difficult and vola- McKernan, a Republican on the
Sen. Tim Scott, the top Re- tile” interactions with Gruen- FDIC’s board, said any monitor
publican on the Senate Banking berg and that the chairman was hired by the chairman
Committee, criticized the perceived as “someone who wouldn’t be independent.
planned timeline. “This draw-it- was angry and upset and who The FDIC supervises thou-
out strategy makes it clear that could not control his temper.” sands of banks around the
this administration is prioritiz- Then, last week, Gruenberg country and, along with other
ing their political agenda over faced two rocky hearings on regulators, crafts rules for the
protecting workers,” he said. Capitol Hill, where he was industry. The independent fed-
Gruenberg’s planned depar- grilled by lawmakers in both eral agency also insures depos- Products and services are subject to change depending on flight duration and aircra.
ture could complicate steps by parties over his handling of ha- its and handles the resolution
the FDIC and other banking rassment allegations at the of failing banks.
P2JW142000-2-A00600-1--------XA
A6 | Tuesday, May 21, 2024 * * THE WALL STREET JOURNAL.
WORLD NEWS
Flight From Rafah Leads to Scant Relief
Many thousands
huddle in tents on
a beach with little
food or clean water
BY CHAO DENG
AND FATIMA ABDULKARIM
When Ahmad Shweikh and

his family moved into a tent
near the Mediterranean Sea
this month, the young father
discovered the nearest toilet
was about 500 yards away,
with a wait time of half an
hour. So Shweikh dug a hole in
front of their tent for his fam-
ily to use instead.
Water flowed from a nearby
pipe in the ground once every
few days. When it did, Sh-
weikh would rush over with
other families. He considered
himself lucky if he could fill a
bucket to ration for drinking,
cooking and cleaning.
MOHAMMED SABER/EPA/SHUTTERSTOCK
“We want nothing but to

live with dignity,” he said.
Hundreds of thousands of
people fleeing Israel’s military
operation in the southern
Gaza border city of Rafah have
ended up farther north, in-
cluding on a stretch of beach
with little in the way of ame-
nities or humanitarian aid. Displaced from Rafah as the Israeli army presses its military operations there, Palestinians are ending up in places like this new camp west of Khan Younis.
Tents are so tightly packed to-
gether that the sand is barely or sanitation facilities. Al-Mawasi as akin to abetting largest one, with 160 beds and the Red Cross opened a 60- Adam Badran, a recent uni-
.
visible. Families cook over Aid workers caution that the forced displacement of the a local medical staff of more bed field hospital, which it versity graduate, was living in
open fires, burning trash in shipments that began Friday population, although in prac- than 650. Its hospital consists said would provide care to Gaza City before fleeing to Al-
ly
lieu of fuel. Garbage is piling via a temporary U.S. military- tice they have sought to proof 36 tents and prefabricated roughly 200 patients a day. Mawasi with his family. Bad-
up, and sewage has few places built pier aren’t enough to vide help where possible. containers converted into op- Aid workers are trying to ran said he can barely move
to go except out to sea. meet Gaza’s needs. During the The Israeli military body erating theaters. It sees about better reconfigure their opera- inside their tent without
Many Palestinians say they
tried to follow Israeli military
orders pointing them to a “hu-
manitarian area” that stretches
past two weeks, Israel has se-
verely curtailed aid via land.
Some families received
white tents from the govern-
on
responsible for facilitating the
flow of aid into Gaza, known
as Cogat, didn’t respond to re-
quests for comment.
1,400 patients a day. Many
people come seeking not only
medical care but water, diapers
and baby formula, which the
tions, but struggle to track
where people are heading.
U.N. aid official Olga
Cherevko said the biggest
bumping into someone or
something. Outside, he and his
neighbors have dug holes to
use as toilets; privacy comes
from the Al-Mawasi coastal re- ments of the United Arab Before the war, Al-Mawasi staff can’t always provide. need is water, given the sear- in the form of walls made
us ,
gion to the east-west midpoint Emirates and Saudi Arabia. catered to local tourists with a “Most of the hospitals in ing temperatures. Islam He- from cloth and sheet metal.
l
of the Gaza Strip. Images from But most said they had to pay dozen or so beachside houses Rafah have closed down, put- jazi, who moved to Al-Mawasi “I feel as though we have
e
al a
satellite-products provider private vendors hundreds of and pristine stretches of sand. ting a lot of strain on us and from Rafah, counted about 30 been thrust back to the Stone
Maxar Technologies show a dollars, or construct coverings In October, the Israeli military our resources,” said Javed Ali, people in line for water on a Age, forced to rely on the most
buildup of tents in and around with plastic tarps. instructed people in northern IMC’s emergency response recent weekday. The line basic means of survival” said
ci on
Al-Mawasi and in the central The Israeli military has said Gaza to head south; on its fli- leader in Gaza. barely moved and sand often Badran, who before the war
Gaza city of Khan Younis. the expanded humanitarian ers, Al-Mawasi was labeled a In March, the U.N. agency contaminated the water. Local planned a career in information
Philippe Lazzarini, commis- zone that includes Al-Mawasi humanitarian zone. for Palestinian refugees vendors on donkey carts pro- technology. Even his temporary
sioner-general for the U.N.’s would receive more food and As people started to arrive, opened a health clinic in Al- vided cleaner water—for a job—painting houses—feels like
agency for Palestinian refu- water, but didn’t elaborate on foreign medical teams began Mawasi, while UK-Med, a non- price. A 500-liter tank of wa- a privilege now, he said.
er s
gees, warned on Saturday that who would provide that aid. setting up field hospitals. In- profit, started a small field ter now fetches the equivalent —Abeer Ayyoub and
the areas people are fleeing to The U.N. and aid groups see ternational Medical Corps, a hospital. In recent days, the of $20, up from just a few dol- Stephen Kalin
don’t have safe water supplies providing aid in places such as U.S.-based nonprofit, runs the International Committee of lars two weeks ago. contributed to this article.
m er
Prosecutor
m rp
Seeks ICC
Undeniable Warrants
co Fo
Elegance Continued from Page One

ADEL HANA/ASSOCIATED PRESS
“outrageous,” as some U.S.

DEBBIE HILL/PRESS POOL
lawmakers called for action to

be taken against the court and
40 CARATS OF SAPPHIRES IN A its officials if the arrest war-
PARADE OF ROYAL STYLE rants proceed.
“And let me be clear: what-
ever this prosecutor might im-
ply, there is no equivalence— Israeli Prime Minister Benjamin Netanyahu, left, and Yahya
none—between Israel and Sinwar, a Hamas leader, are both named in the application.
n-
Hamas,” Biden said. “We will

always stand with Israel brew, Netanyahu vowed that he He accused the Israeli govern-
against threats to its security.” wouldn’t allow the ICC moves ment of enacting policies
For Hamas, the stakes are far against him to stop Israel from aimed at intentionally starv-
lower. The leaders named in the prosecuting the war in Gaza ing Gazan civilians. Israel has
no
application for arrest warrants until Hamas is fully toppled. He strongly opposed such claims
include the heads of the mili- said the ICC’s decision was in- and said it is seeking to allay
tant group’s armed wing, Yahya dicative of a type of “new anti- the humanitarian crisis under
Sinwar and Mohammed Deif, semitism” that had also been difficult wartime conditions.
who are believed to be hiding in visible at recent anti-Israel pro- More than 35,000 people
$
895
Compare at $1,295
tunnels inside Gaza. Ismail
Haniyeh, the head of Hamas’s
political wing and also named
tests in Western universities.
“As the prime minister of
Israel, I reject with contempt
have been killed in Gaza since
the start of the war there last
year, most of them civilians,
in the application, is based in the comparison of the prose- according to Palestinian offi-
Qatar and isn’t welcome in cutor in The Hague between cials. The numbers don’t say
most Western countries. democratic Israel and the how many were combatants.
Still, in tying Israeli and mass-murderers of Hamas,” The ICC prosecutor said
Hamas leaders together in his Netanyahu said. that it had reasonable grounds
application for the arrest “I promise you one thing,” to believe Hamas leaders Sin-
warrants, the court’s prosecu- he said. “The attempt to tie war, Deif and Haniyeh bear
tor, Karim A.A. Khan, created Israel’s hands will fail.” criminal responsibility for war
an equivalence between Is- Gallant’s office declined a crimes and crimes against hu-
rael, a democratic state, and request for manity commit-
Hamas, which has been desig- comment. ted on the terri-
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tribunal based in The Hague ment. But, said Blinken, they Under ICC procedures, a
established to hold high-rank- abruptly canceled the trips three-judge panel will review
ing individuals accountable and announced the charges on Khan’s request and issue ar-
for grave violations of hu- cable television. rest warrants if it finds rea-
manitarian law when domes- “These and other circum- sonable grounds for the prose-
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THE WALL STREET JOURNAL. Tuesday, May 21, 2024 | A7
WORLD NEWS
Europe Resists Beijing

Considers
Blaming Russia Retaliation
For Suspect Acts Against
Lack of hard evidence
in sabotage cases
tacted Norwegian counterparts
about their suspicions. Norwe-
EU Probes
gian authorities contemplated
HEIKKI SAUKKOMAA/LEHTIKUVA/REUTERS
stops nations from forcing the ship into one of China hinted at potential
their harbors for inspection, retaliation in response to the
accusing Moscow but ultimately decided they European Union’s investiga-
lacked clear evidence. A Nor- tions into Chinese companies,
BY BOJAN PANCEVSKI wegian coast-guard ship shad- and launched a probe into
owed the ship as it passed sen- chemical imports.
European investigators in- sitive marine infrastructure. The Chinese commerce min-
creasingly see Russian finger- “Only a week or two later istry on Sunday launched an an-
prints around recent acts of we would have had enough ev- tidumping probe into imports of
suspected sabotage on strate- idence to stop and search the Finnish officials at a press conference last October on the investigation into the cutting of a polyoxymethylene copolymer—
gic infrastructure but are ship, but by then it was al- gas pipeline between Finland and Estonia, which linked it to a ship operated by a Russian crew. a widely used plastic in auto
struggling to respond. ready too late,” said one Nor- parts and electronics—from the
Reacting to clandestine wegian official. at rail and maritime facilities. “If the current strategy is in Authorities believe Moscow U.S., the EU, Japan and Taiwan.
threats is difficult because ev- German prosecutors last fact to avoid attribution in is using civilian equipment for The move comes as China’s
idence around the suspected month detained two dual Rus- cases where significant evi- spying and sabotage. In recent trade tensions with the U.S.
attacks—including a severed High bar to clear sian-German nationals sus- dence points to Russia,” said years, Russia has employed its and the EU have escalated in
undersea gas pipeline, cuts in Detecting potential attacks pected of spying for Moscow Benjamin L. Schmitt, a senior vast commercial fishing fleet recent months.
a vital internet connection and is increasingly difficult be- with the goal of disrupting fellow at the University of and marine-research ships for EU leaders are weighing
the disruption of a rail net- cause Russia, since launching Western military assistance to Pennsylvania who specializes intelligence gathering in the steep tariffs on Chinese-made
work—often isn’t conclusive. its full-scale 2022 invasion on Ukraine through sabotage. Ger- in European energy security, Arctic, an area crucial for its electric vehicles and wind tur-
Potential culprits in big cases Ukraine, has turned more to many’s population of roughly “this will only degrade deter- strategic nuclear-submarine bines under a new antisubsidy
include commercial shipping civilians and commercial ves- 83 million people includes a rence and invite further attacks deterrence that is based there, law, potentially closing off a
or fishing vessels that have sels to survey and possibly at- Russian community of nearly against critical infrastructure.” said an official for Norway’s se- market for Chinese companies.
been engaged in apparently le- tack critical infrastructure four million, and Moscow’s More governments are go- curity service PST. Some of the China has sufficient coun-
gitimate maritime transport such as undersea connections, spymasters are targeting them ing public with warnings. vessels are modern ships, more termeasures and will likely hit
or trawling for fish near sensi- offshore energy facilities, for recruitment, security offi- On Tuesday, Norway’s secu- than 300 feet long, equipped back if the EU continues to
tive seabed installations that transport networks and mili- cials said. rity agency plans to publish a with sonar and other technol- take actions against Chinese
were destroyed at about the tary installations, say people Ordinary civilians are re- major report that is expected ogy that allows them to scan companies, according to a Sat-
same time. They rarely have familiar with the cases. cruited via social media and to analyze the threat of Rus- the seabed, the official said. urday post by a social-media
direct connections to Russian Some governments also are through the chat functions of sian sabotage in the country, Since the start of the account affiliated with China
authorities, investigators say. refraining from blaming Mos- popular online games, investi- which borders Russia and hosts Ukraine war, such vessels have Central Television, the coun-
.
European governments cow for fear of escalating ten- gators said. Recruits some- critical North Atlantic Treaty mapped critical subsea infra- try’s state broadcaster.
have charged some Russians sions beyond control. The sus- times aren’t aware that they Organization military assets. structure around Europe and Last week, the Biden ad-
ly
and Moscow proxies in smaller pected attacks often fall below operate on behalf of Russia. identified potential targets in ministration sharply increased
incidents and are getting more the threshold of what would be Polish officials in February case of a full-blown confronta- tariffs on Chinese goods, in-
vocal in accusing Moscow of considered warlike acts of ag- detained a man working for NATO warning sent tion with NATO, several offi- cluding on electric vehicles,
waging hybrid warfare, but
are stopping short of accusing
Russia of specific attacks. In
the most brazen suspected in-
gression because they involve
civilian vessels, with operators
who willingly talk with investi-
gators and claim innocence.
on Russian intelligence who they
said planned to commit acts of
sabotage, including setting
fire to facilities in the western
Britain’s cyberintelligence
agency GCHQ is “increasingly
concerned about growing links
between the Russian intelli-
cials said. U.S. officials see
similar threats to subsea ca-
bles in the Pacific Ocean.
In Germany, officials and
steel and aluminum products,
and solar cells. The White
House has said the new tariffs
would apply to $18 billion in
cidents, a lack of clear proof Investigators and prosecu- city of Wroclaw, a big supply gence services and proxy groups investigators say they suspect products from China.
us ,
has prompted officials to leave tors must meet European jus- hub to Ukraine. In 2023, a Pol- to conduct cyberattacks—as Russia could have been behind China has criticized such
l
cases open or declare probes tice systems’ high bar for crimi- ish court sentenced six men to well as suspected physical sur- an attack on the railroad that moves as protectionism aris-
e
al a
inconclusive. nal evidence, while authorities prison on espionage charges. veillance and sabotage opera- temporarily halted all rail traf- ing from the West’s dwindling
Last fall, Finnish investiga- grapple with enforcing national- Some officials believe that tions,” its director, Anne Keast- fic in the north of the country competitiveness. Chinese
tors linked a Chinese-regis- security laws against potential one of Moscow’s objectives is Butler, said last week. in October 2022. “It smells leader Xi Jinping pushed back
ci on
tered ship, operated by a Rus- culprits benefiting from West- to spread fear and distrust NATO issued an exception- like Russia. It looks like Rus- against those concerns during
sian crew, to the cutting of the ern democracies’ freedoms. through disruptions. These of- ally blunt statement this month sia,” said a senior investigator. his trip to Europe this month.
Balticconnector natural-gas To prevent attacks, Euro- ficials believe that a more accusing Russia of waging “an The attack didn’t cause more While the social-media post
pipeline to mainland Europe. pean governments have put prudent course than respond- intensifying campaign of…sab- public concern because it only didn’t provide specifics about
As the probe advanced and the the systems protecting critical ing by accusing Russia and otage, acts of violence, cyber disrupted traffic for about what moves China is consider-
er s
ship, the Newnew Polar Bear, infrastructure on high alert, potentially spreading fear is to and electronic interference, four hours, the person said. ing, it hinted that Beijing
sailed around Scandinavia back added security personnel and remain quiet, though this ap- disinformation campaigns, and —Max Colchester could target the agriculture
m er
toward Russia, the Finns con- put more cameras and sensors proach has drawn criticism. other hybrid operations.” contributed to this article and aircraft sectors.
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WORLD NEWS
Iran President Was

Brutal Hard-Liner
BY SUNE ENGEL RASMUSSEN reputation as a hard-liner with
little patience for political dis-
Ebrahim Raisi rose to power sent. Before becoming presi-
as Iran’s eighth president, dent, he was known to Iranians
overseeing the country’s wors- for his role in a 1988 commis-
ening relationship with the sion that condemned thousands
West and a harsh crackdown of political prisoners to death.
on civil rights at home during For many Iranians, Raisi’s
the largest protest movement legacy will be tainted by that
in decades. He was 63. part of his past, said Abbas
Raisi, a conservative cleric Milani, director of the Hamid
and decadeslong confidant of and Christina Moghadam Pro-
AZIN HAGHIGHI/MOJ NEWS AGENCY/ASSOCIATED PRESS
Supreme Leader Ali Khamenei, gram in Iranian Studies at

came to power in Stanford University. “During
OBITUARY the 2021 elec- his presidency the economy fell
EBRAHIM tions. His victory to new lows and the killing ma-
RAISI came after mod- chine continued unabated.”
1960-2024 erate and liberal Raisi was born into a cleri-
forces were side- cal family. He joined an Is-
lined, and marked lamic seminary at the age of
the consolidation of anti- 15. In the early 1980s, he mar-
Western hard-liners. ried Jamileh Alamolhoda, the
Raisi took office as a politi- daughter of a powerful cleric.
cal novice. Iran’s previous pres- Raisi studied in the early
idents had longstanding politi- 1990s under Khamenei and
Rescue workers on Monday carried the body of a passenger on the helicopter that crashed on Sunday in Varzaghan, Iran. cal ambitions and pursued their didn’t stray far from his posi-
own agenda while in office. By tions. Khamenei rewarded him
Crash Raises New Challenges

contrast, Raisi largely was seen with promotions. When Raisi
as a proxy for Khamenei. lost his first attempt at the
“Raisi was more of an ap- presidency in 2017, Khamenei
paratchik than a visionary appointed him head of the
leader,” said Mehrzad Borou- powerful judiciary. Their rela-
jerdi, author of an encyclope- tionship led some to believe
New elections after new presidential elections are Mora, the European Union of- nor denied the allegation. dia on Iranian politics, and the he was being groomed to suc-
required to take place within ficial who had chaired nuclear The U.S., the EU, NATO and vice provost and dean of Col- ceed Khamenei as supreme
president’s death 50 days, and an Iranian offi- talks, a person familiar with France’s Foreign Ministry all lege of Arts, Sciences, and Ed- leader.
pose another test cial said on Monday that the the plans said. sent condolences to the victims ucation at Missouri University As president, Raisi helped
new president would get a Iran’s neighbors and allies of the crash and their families. of Science and Technology. steer Iran away from diplo-
for Iran leaders full four-year term, rather sent condolences to Tehran, “The United States ex- “Among his notable accom- macy with the West. His gov-
.
than serving out the remain- including Russian President presses its official condolences plishments was the rap- ernment also strengthened
The death of Iranian Presi- der of Raisi’s mandate, which Vladimir Putin, Chinese leader for the death of Iranian Presi- prochement with Saudi Ara- ties with China and Russia, as
ly
dent Ebrahim Raisi in a heli- was due to end in 2025. Au- Xi Jinping and Turkish Presi- dent Ebrahim Raisi, Foreign bia,” he said. “However, his part of Iran’s pivot to the east.
copter crash on Sunday de- thorities on Monday said dent Recep Tayyip Erdogan. Minister Amir-Abdollahian, administration’s brutal sup- Raisi’s government oversaw
prived Supreme Leader elections would be held on Lebanon, Iraq and Pakistan and other members of their pression of the ‘Women, Life, an intensified crackdown on
Ayatollah Ali Khamenei of a
longtime ally as Tehran angles
By Laurence Norman,
June 28.
The deaths of Raisi, 63, and
Amir-Abdollahian, 60, are un-
likely to result in any signifi-
ondeclared periods of mourning.
Pro-Iranian militias were
quick to weigh in on the
deaths, with Iran’s most pow-
delegation,” State Department
spokesman Matthew Miller
said. “As Iran selects a new
president, we reaffirm our sup-
Freedom’ movement in 2022,
strict enforcement of hijab
laws, support for Russia in the
war against Ukraine, and con-
Iranians, including during the
nationwide 2022 protests,
triggered by the death in po-
lice custody of Mahsa Amini,
Sune Engel Rasmussen, cant change in the country’s erful regional proxy, Hezbol- port for the Iranian people and flicts with Israel cast a long who was arrested for allegedly
us ,
Benoit Faucon foreign policy, including Teh- lah, praising Raisi in religious their struggle for human rights shadow over his presidency.” violating the country’s Islamic
l
and Aresu Eqbali ran’s support for Palestinian terms, calling him “a big and fundamental freedoms.” Raisi didn’t serve in the mili- dress code. He presided over
e
al a
Islamic militant group Hamas, brother, a strong supporter Other Western officials took tary during Iran’s eight-year mass imprisonments of jour-
for regional dominance which is fighting Israeli forces and a staunch defender of our a different stance. “President long war with Iraq in the 1980s, nalists, political activists and
through armed militias that in Gaza, or in its development issues and the nation’s issues.” Raisi’s regime has murdered another contrast to some of his dual citizens. Under Raisi, Iran
ci on
are fighting the U.S. and Israel. of its nuclear program. Hamas, which has received thousands at home, and tar- predecessors. Instead, he had a also stepped up detentions of
Raisi’s death was announced But a leadership transition money and weapons from geted people here in Britain and long career in the judicial sys- foreign nationals.
early Monday, after state tele- amid the current turmoil in Iran, praised Raisi and the across Europe,” said Britain’s tem, including as a prosecutor, Raisi is survived by his wife
vision reported that a helicop- the Mideast is an additional other officials for their sup- Security Minister Tom Tugend- during which time he earned a and two children.
ter carrying him and Foreign challenge for Iran to navigate. port, which included Iranian hat. “I will not mourn him.”
er s
Minister Hossein Amir-Abdol- Last week, senior U.S. and praise of the terror group’s at- Some Iranians expressed
lahian had made a “difficult Iranian officials held talks in tack on Israel in October, grief at the death of the presi-
m er
landing” in northwestern Iran. Oman about regional tensions which Israel said claimed dent. At Valiasr Square in
The military said the cause of and Iran’s nuclear program, nearly 1,200 lives. Tehran, several thousand Isla-
the crash was under investiga- people familiar with the meet- “We express our shared mists and government sup-
tion. Iranian state news media ings said. It came after Iran feelings of sadness and pain porters voiced determination
reported it resulted from a directly attacked Israel for the with the brotherly Iranian to remain loyal to the system
m rp
“technical failure.” first time, launching some 300 people, and our complete soli- and said they weren’t con-
Khamenei announced five missiles and drones at the darity with the Islamic Repub- cerned about the country’s
days of national mourning and country. Most were inter- lic of Iran, in this painful and fate with Khamenei still at the
appointed Mohammad Mokh- cepted by a U.S. and Israeli co- gravely afflicted incident, helm. Some were in tears.
ber, first vice president, as the alition in the region. which claimed the lives of a “Raisi was the people’s
IRANIAN PRESIDENCY/ZUMA PRESS
co Fo
new interim head of the exec- The helicopter crash did group of the best Iranian lead- humble servant,” said a 57-
utive branch. have some immediate impact ers,” the group said. year-old teacher in Tehran.
Ali Bagheri-Kani, who has on Iran’s diplomatic activity. There was no comment Others appeared jubilant,
close family ties with Khame- Bagheri-Kani, who held indi- from Israel. Iran had blamed honking horns in cars with
nei and previously led Iran’s rect talks with U.S. officials Israel for the 2019 killing of upbeat music in reaction to
delegation in nuclear talks last week mediated by Omani Mohsen Fakhrizadeh, widely the news.
with the West, was appointed officials, canceled a meeting regarded as the father of —Dov Lieber
acting foreign minister. set to take place in Geneva on Iran’s nuclear-weapons pro- and Shayndi Raice
Under Iran’s constitution, Wednesday with Enrique gram. Israel neither confirmed contributed to this article. Ebrahim Raisi, 63, came to power in the 2021 elections.
Tehran comments by Iranian officials

about the option of pursuing a
Raisi was a longtime loyalist
of Khamenei and a hard-line
power centers: the office of
the supreme leader and the
tionary Guard to wield influ-
ence because of his lack of
nology. “He wants to convey
the message that the regime’s
n-
nuclear weapon. cleric himself, with a history of Revolutionary Guard. personal ambition and politi- stability is not dependent on
To Address Western officials will also

watch who succeeds Foreign
Minister Hossein Amir-Abdolla-
using the legal system and se-
curity forces to silence dissent.
His predictability was part of
“As the president, Raisi was
not the most important deci-
sion maker in Iran,” said Dina
cal experience. Observers also
speculated that his presidency
was a test run of sorts, an at-
individuals below him.”
On Monday, Khamenei ap-
pointed the country’s first
no
Succession hian, who died alongside Raisi

in the crash, which Iranian
state news media reported was
his appeal for Khamenei, who
over the past
decade helped
Esfandiary, Iran expert and
senior adviser
for the Interna-
tempt to build him a popular
base before assuming the
highest office. Khamenei him-
vice president, Mohammad
Mokhber, as caretaker presi-
dent, in accordance with the
the result of “technical failure.” engineer Raisi’s tional Crisis self was president before be- constitution. A three-man
Continued from Page One The most-likely successor is his rise to the top. Raisi’s death is Group. “But his coming supreme leader. council consisting of the vice
said last year that a hereditary deputy, Ali Bagheri-Kani, who His death is unlikely to death, at a time Mojtaba, the supreme president, the head of the ju-
government was un-Islamic. was appointed acting foreign unlikely to when Iran faces leader’s son, doesn’t hold an diciary and the speaker of
The Iranian leadership minister on Monday. Bagheri- change the change Iran’s turmoil inside official position in Iran, but is Parliament met on Monday as
never discusses potential suc- Kani is an experienced diplo- course of Iran’s and outside the believed to wield vast influ- a first step to organize elec-
cessors in public, leaving the mat and known particularly domestic or
domestic or country, causes ence in the intelligence appa- tions within 50 days.
question of who will run the among Europeans as a sincere foreign policy, foreign policy. a real headache ratus and the Basij, a paramil- The coming polls present a
country after Khamenei dies a interlocutor with a genuine whether it is for the govern- itary group under the challenge for the leadership,
matter of speculation. connection to Khamenei, albeit Tehran’s nu- ment, which Revolutionary Guard that has which has historically pointed
The country has only once acting within a system that has clear program must now focus been used to suppress public to high voter participation as
before selected a new supreme turned away from diplomacy. or support for militias in the on ensuring a stable transition protests. Those ties make him a sign of its legitimacy. Raisi
leader, when Khamenei suc- The foreign minister has lim- Middle East that fight Israel and elections.” a controversial pick, particu- was elected in 2021 with a re-
ceeded Khomeini in 1989. ited power, and Bagheri-Kani’s and U.S. interests. Policies re- Some speculated that Raisi larly among reformists and cord-low turnout, largely be-
Khamenei was selected by a previous attempts to revive the lated to Iran’s national secu- was positioned for the presi- moderates, and his ascen- cause of widespread apathy
close group of people who had international nuclear deal were rity are primarily determined dency because he would make dancy to the role of supreme among Iranians with the lack
been trusted by Khomeini. foiled by higher-ups. by the nation’s two main a good vessel for the Revolu- leader could cause rifts within of real choice on the ballot,
The Iranian president is the the political elite. and this year’s parliamentary
country’s second-in-command. Arafi, another often-men- elections set a new low for
Previous presidents have to tioned potential successor to participation.
some extent been able to pursue Khamenei, is less publicly As president, Raisi oversaw
personal agendas and the inter- known but has held several a crackdown on nationwide
ests of their constituencies, but prestigious religious positions protests that erupted in 2022
the supreme leader has final say since the early 2000s. After be- after the death of a young
on all important decisions. ing picked by Khamenei to head woman in police custody posed
Before he died in 2017, for- the Al-Mustafa International one of the most serious chal-
mer President Akbar Hashemi University, the main institution lenges to the Iranian leader-
Rafsanjani, who was instru- used by Iran to spread Shiite ship since the 1979 revolution.
mental in selecting Khamenei teachings across the world, “The significance of the
in 1989, advocated replacing Arafi became the Friday prayer presidency is connected to
the position of supreme leader leader in the religious center of popularity, which Raisi totally
with a leadership council— Qom. He is now the director of lacked,” said Ali Fathollah-
MARYAM RAHMANIAN FOR THE WALL STREET JOURNAL
something some observers all Islamic seminaries in Iran, Nejad, director of the Center
said could increase the influ- one of the most influential reli- for Middle East and Global Or-
ence of Iran’s Islamic Revolu- gious roles in the country. der, a Berlin-based think tank.
tionary Guard Corps, the elite The immediate task for “He has probably been the
military unit tasked with de- Khamenei now is to rally Ira- least powerful president of the
fending the system against nians and ensure stability Islamic Republic’s history.”
domestic and foreign enemies. when he dies.
Western governments are “From Khamenei’s perspec-
watching closely, given Iran’s tive, the last thing you want Watch a Video
support for Hamas in Gaza, to see is further destabiliza- Scan this code
Tehran’s own direct conflict tion ahead of the succession,” for a video of a
with Israel, highlighted by a said Mehrzad Boroujerdi, an helicopter crash
risky missile barrage in April, Iran expert at Missouri Uni- in which Iranian
and increasingly frequent Mourners gathered in Tehran on Monday after the death of Iranian President Ebrahim Raisi. versity of Science and Tech- leader was killed.
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#Dadication
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fatherhood.gov
FROM PAGE ONE
Hackers Fix Without warning, nearly all

of the refurbished trains began
“selectively, but permanently”
and soon after, a trio of hack-
ers reported for duty. A collec-
tion of coders with normal
shifts. They coordinated with
partners not over Slack, but
via the 1990s-era Internet chat
pened to pinpoint boundaries
on a map around Newag’s
competitors.
With minutes to spare un-
der the railway’s deadline, the
hackers came up with pro-
Disabled failing, said the railway’s law-

yer, Mirosław Eulenfeld.
Dolnośląskie worried that the
day jobs who come together in
their off hours to defend cy-
berspace from malicious in-
system IRC.
“The reality is, we just
slept less,” said Jakub
It was an electronic leash
that seemed to tether any re-
pair work to the manufac-
grammatic workarounds that
revived the locomotives.
“In a true MacGyver-like
Locomotives region would be paralyzed if

more trains stalled.
SPS technicians tried tin-
trusions, they consider them-
selves “white-hat” hackers. To
the extent that anybody knew
Stępniewicz, who goes by the
nom de pirate “MrTick” and
whose day job helps prevent
turer. And it was a problem,
the hackers say, that extended
to other trains across Poland.
fashion, the boys succeeded,”
said Mieczkowska, adding that
they finished the job with 43
kering with the trains’ me- about them, it was because aircraft collisions in the avia- One train on a different rail- minutes left in the time allot-
Continued from Page One chanical systems to no avail. It Dragon Sector often partici- tion industry. way even had code that sig- ted by SPS’s contract with the
After ferrying millions of became apparent that the pates in global “capture the The three found that about naled a mechanical breakdown railway. “I was crying.”
passengers over the years, faults stemmed from the main flag” competitions, which a dozen of the trains’ comput- even though the system was Dragon Sector presented
about a dozen of the railway’s computer, which wouldn’t let solve complicated cybersecu- ers had software code in them working fine. their findings to fellow hack-
trains needed to be refur- the engines start. They were rity-related puzzles. that, in certain circumstances, “What Newag did,” Eulen- ers earlier this year at the an-
bished. Dolnośląskie gave flummoxed. They weren’t known for could trigger them to shut feld said, “was truly gangster- nual Chaos Communication
Newag a shot at the job, but “None of us could focus,” their expertise in locomo- down. like.” Congress in Germany. Al-
also solicited other bids. The said Monika Mieczkowska, the tives. The code, for instance, Newag didn’t respond to in- though their presentation was
railway decided it stood to daughter of SPS’s owner, with Still, they threw themselves could detect when the trains quiries seeking comment. In a full of technical findings—“We
save at least one million złoty a deadline to deliver the trains into the challenge. For several were stopped for long peri- previous statement, Newag reverse-engineered based on
($255,118) by going with a quickly looming. While on a weeks between May and Au- ods—usually a sign a train had denied the software sub- traffic dumps and a Windows
Newag competitor known as family vacation in Spain, she gust 2022, Dragon Sector was in a rail yard for repairs. terfuge, arguing its code was DLL”—it drew chuckles from a
SPS. By April 2022, the main- came up with the idea of goo- worked across Europe under After a different broken “clean” and that SPS ginned sympathetic audience.
tenance was supposed to gling “Polish hackers.” the rail operator’s tight dead- train was returned from up a “conspiracy theory for Meanwhile, at least, most
make the trains good as new. She emailed a group that line. In the final week, they Newag, the group discovered the media” to avoid paying of the trains in Poland are
Or so everyone thought. called itself “Dragon Sector,” pored over code in 24-hour GPS coordinates in it just hap- contract penalties. running again.
CLOCKWISE: ANDREW CABALLERO-REYNOLDS/BLOOMBERG (2); CYRIL MARCILHACY/BLOOMBERG NEWS
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Left, workers cut cocoa pods from trees on a farm in Azaguie, Ivory Coast. Top right, a farmer cuts into a pod to collect the beans. Bottom right, chocolates at Alain Ducasse’s factory in Paris
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Chocolate clearing of forests for cocoa

production and restore areas
Clearing Away Lindt & Sprüngli have already
warned that they will have to
a few days later.
The farm that Konan of the
ci on
that had been degraded. Ivory Coast lost more than 9.4 million acres of tree cover from lift prices further this year. Rainforest Alliance remapped
2001 to 2023, equivalent to a 26% decrease since 2000.
Threatens to Since then they have worked
to map cocoa farms—many of
them mom-and-pop operations Tree cover Tree cover loss, 2001–23
Those increases, which Monde-
lez said could reach double dig-
its, will come on top of a 12%
is part of Société Coopérative
Agricole Adzopé Nord, or So-
caan, a cooperative that sells to
Stay Pricey with less than 5 acres—along National parks IVORY rise in the price of U.S. choco- cocoa-trading and processing
er s
with organizations like the COAST late candies in 2023 and a 14% giant Cargill. It has about 3,400
Rainforest Alliance, which has increase in 2022, according to members in and around the
m er
offered its own, separate certi- MALI data from Circana, a Chicago- town of Adzopé.
Continued from Page One fication process in Ivory Coast BURKINA based market-research firm. At Socaan’s offices recently,
like U.S.-based Mars, the maker since 2009. FASO Farmers have traditionally Konan and Adou Adou Con-
of M&M’s, or Switzerland- By 2022, the 36 signatory responded to cocoa shortages stant, the cooperative’s head of
based Nestlé. companies, which account for by clearing forests to make way sustainability, studied maps
m rp
Starting from Dec. 30, choc- 85% of global cocoa use, said for more farmland. That’s not covered in dots that represent
olate makers that sell or pro- they had mapped 567,264 Comoé
an option under the new EU member farms. Most of the
duce in the EU will have to farms in Ivory Coast and were National legislation. dots were green, meaning there
show that the cocoa they use able to trace about 85% of their Park Failure to map all the farms was low risk of deforestation or
wasn’t grown on land cut from directly sourced beans in Ivory in Ivory Coast and other cocoa- encroachment on a protected
co Fo
forests since the end of 2020. Coast and Ghana. IVORY COAST producing countries could take area. There were a couple of
In practice, it means that each That effort doesn’t translate Mont Sangbé more beans out of the market, orange dots, for medium risk.
National Park
morsel of cocoa that makes its easily to the EU initiative. Bouaké worsening the shortages. The few clumps of red dots
way into the bloc will need to There is no central database “This is the Titanic heading were closest to forests or pro-
be linked to the GPS coordi- for the various mapping initia- Marahoué towards the iceberg,” said Ed- tected areas, indicating high
National Park
nates of the farm where it was tives. Some farms may have Daloa ward George, founder of Lon- risk. Socaan sends representa-
Yamoussoukro
harvested. been mapped multiple times don-based Kleos Advisory, tives to those areas for addi-
GHANA
That’s where people like Ko- while others have never had which advises investors on Af- tional on-the-ground monitor-
nan, who helps monitor cocoa their coordinates recorded. Adzopé rican commodities markets. ing, as well as education about
farm data in Ivory Coast for Another snag is the level of Taï National “There’s a full-on crisis. Prices deforestation.
the Rainforest Alliance, a non- detail of the required GPS lon- Park could remain painfully high.” Constant says around 93% of
profit based in New York and gitude and latitude coordi- LIBERIA Abidjan member plantations are
Amsterdam, and his smart- nates. The EU deforestation mapped and part of a certifica-
Mapping risk
n-
phone come in. Such nonprof- legislation requires cocoa San-Pédro tion program, like Rainforest
its, along with industry groups, farms to provide GPS coordi- Gulf of Guinea Cocoa currently accounts for Alliance. New members provide
governments and chocolate nates that have at least six dig- 10% of Ivory Coast’s GDP and GPS coordinates to the co-op,
companies, are racing to help its after the period, such as 25% of jobs, said Finance Min- often using smartphones do-
no
farmers record the data they 6.113647, -3.850584. Previously, Source: Global Forest Watch Emma Brown/THE WALL STREET JOURNAL ister Adama Coulibaly. nated by Cargill. “The mapping
need in time. farmers and organizations un- Growing cocoa is done al- is a challenge,” Constant said.
Ivory Coast’s cocoa and cof- der the Rainforest Alliance’s executive of the International outstrips supply for a fourth most completely by hand, with On benches lined up under
fee regulator says it has certification program shared Cocoa Organization, which rep- consecutive season. the aid of a machete. A 2021 trees in front of the offices of
mapped just over 80% of the GPS coordinates with only four resents 52 cocoa-importing and Hedge funds and other spec- study by Wageningen Univer- Société Coopérative Fraternité
country’s estimated 1.55 million decimal points. exporting countries. “There ulative traders have piled into sity and Research in the Neth- d’Adzopé, or Scafra, another
cocoa farms. That leaves some That means potentially tens will be a lot of documentation the market, betting that short- erlands showed that between cooperative in Adzopé, about
300,000—or about 2,000 a of thousands of farms that and bureaucracy.” ages would send prices higher. 30% and 58% of cocoa farmers two dozen farmers gathered to
day—to be mapped or other- have been mapped will have to Net long positions in cocoa fu- in Ivory Coast and Ghana hear from the Rainforest Alli-
wise accounted for by Oct. 1, be mapped again—quickly. tures—or bets that prices will earned a gross income below ance’s Gouda as he explained
the start of the cocoa season. “We did this job in three Speculators pile in rise—were at their highest in the World Bank extreme pov- the need for their plots to be
“You walk a lot. In the heat. years,” said Jean-Marc Gouda, For consumers, the EU law about a decade at the end of erty line, which at the time was remapped to six digits.
Sometimes in the rain,” said a team manager at the Rainfor- couldn’t have landed at a worse January, according to data $1.90 a day. “Don’t be afraid,” he said.
Konan, an agricultural techni- est Alliance. “The challenge is time. Unseasonably hot and dry from the Commodity Futures Farmers have only just be- None of the farmers present
cian by training whose grand- to tell them to do it again in six weather during the rainy sea- Trading Commission. gun to see the benefit from at the meeting had heard about
father farmed cocoa and cof- months.” son and wet weather during Prices for cocoa recently higher prices, because the Ivo- the new EU requirements to
fee. “Sometimes you have no The EU also requires larger the dry season as well as co- touched a record high of nearly rian and Ghanaian govern- combat deforestation.
signal.” farms to submit GPS coordi- coa-tree diseases have hit har- $11,500 a metric ton on the fu- ments sell crops a year ahead “We are worried about a
nates of their entire borders, vests across West Africa, the tures market in New York, of time. On April 2, Ivory Coast policy that is going to start in
rather than just a single point source of 70% of the world’s about four times as high as raised the price it pays farmers six months, and at the same
Confusion reigns within the farm, and provide a cocoa beans. Stockpiles this they were a year ago. by 50%, to 1,500 West African time, we don’t have any details
The EU initiative is part of a digital representation of the season are expected to be the Chocolate companies includ- CFA francs ($2.49) a pound. on what we need to do,” said
growing movement to make farms’ boundaries. Officials say lowest in 45 years, as demand ing Mondelez International and Ghana raised its prices by 58% Kpomin Minrienne Kole Edi,
raw materials—including agri- they might use satellite images the chief executive of Scafra.
cultural products and minerals and on-the-ground inspections To increase harvests now,
used in smartphones and elec- to check the supplied data is farmers will have to invest
tric cars—traceable, with the accurate. more in things like fertilizer
goal of reducing the potential Many farmers are only now and pesticides, industry experts
harm they inflict on the envi- finding out about the new EU say. And instead of simply
ronment and local populations. requirements. clearing new land for crops,
Ivory Coast was once cov- Even if the mapping is com- farmers will have to use good
ered in dense rainforest. But pleted in time, the system agricultural practices like prun-
over the past 60 years, 90% of where companies will need to ing and replacing aging trees
the country’s forest cover has upload the GPS data is still un- with new seedlings. To motivate
disappeared, making it one of der development, raising con- farmers to do that, industry ex-
the countries with the highest cerns over a last-minute perts say, cocoa prices need to
annual rates of deforestation in scramble to log millions of co- remain higher for longer.
ALEXANDRA WEXLER/THE WALL STREET JOURNAL
the world over that period, ac- ordinates. “Nobody really expects the
cording to the United Nations. The Ivorian government has price to go down quickly any-
Ivory Coast and neighboring said it would be ready to com- time soon,” said Antonie Foun-
Ghana, the world’s No. 2 cocoa ply with the EU law in time. tain, managing director of the
producer, are both working to Still, at a global cocoa confer- Voice network, an association
stem the loss of forest cover. ence in Brussels last month, in- of civil society organizations
In 2017, on the sidelines of a dustry groups urged the Euro- working in sustainable cocoa
U.N. climate conference in Ger- pean Commission, the EU’s based in the Netherlands. “The
many, the two governments executive arm, to delay imple- sector is finally at the point
signed a plan with some of the mentation of the new law. where we’re acknowledging
world’s largest cocoa and choc- “This regulation will have a that we need to pay more for
olate companies to halt the cost,” said Michel Arrion, chief Brice-Armel Konan records the GPS coordinates of a cocoa farm on his phone. sustainable cocoa.”
PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, May 21, 2024 | A11
 Biology teacher Mitchell

Rutherford says phones in the class
have made it too hard to teach.
they would clutch it, and I would

say that’s what an alcoholic would
do if you tried to take away their
bottle,” he says.
He voiced his frustration to
teachers and administrators. Other
teachers agreed something needed
to be done about phones, and some
shared methods they’d tried.
Sahuaro High’s principal, Ro-
berto Estrella, says he wants to
develop a more consistent school-
wide approach so that students
know what to expect in every
classroom. Teachers and staff in
June will start developing a
schoolwide plan for student phone
use for the fall, he says, but it
won’t involve a ban.
Banning phones outright would
require school board approval and
parent buy-in. Parents in many
districts have been pushing back
against phone bans.
Rutherford gave notice in Feb-
ruary that he wouldn’t return next
year. He’s hoping to land a job
with an online college-prep school
or at a vocational program for
high-school students. His goal is to
teach teens who are more moti-
vated and better able to set aside
their phones during instruction.
His detox challenge

In Rutherford’s last month at Sa-
Fed Up With Students Obsessed huaro High, he has challenged his

students to a digital detox.
.
They’re supposed to cut their
phone use and replace that time
ly
with a non-screen hobby. The as-
With Phones, One Teacher Quits on signment, including a written re-

port reflecting on the experience,
counts as a lab grade.
The initial results have surprised
Mitchell Rutherford faced a crisis of confidence as smartphones took over his high-school classroom him. “Some of my kids who care
the least about grades
are coming up and
us ,
turned a corner. showing me how much

l
FAMILY But the students’ quietude they’ve reduced their

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& TECH
al a
masked deeper discontent. Stu- screen time,” he says.

JULIE dents would put on headphones in Before the detox Is-
JARGON class and tune out, saying it abel Richey, a senior in
ci on
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helped ease their anxiety, he says. Rutherford’s AP biol-
“There was this low-energy apathy ogy class, was spend-
itchell Rutherford and isolation.” ing six hours a day on
has taught biology By October, half his students her phone, most of it
at a public high were failing his class. They didn’t watching TikTok. “I
er s
school for 11 years. want to be at school, they told would go on my phone

He’s quitting after him, and didn’t care about their at the beginning of ev-
m er
this semester be- grades. Rutherford himself grew ery class and never get
cause he’s tired of trying to en- anxious and depressed. “I was be- off,” she says.
gage students who are lost in their ginning to think I was the prob- She’s now down to
phones. lem,” he says. about an hour a day,
Schools are losing teachers for He became convinced the real and has read nine nov-
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a variety of reasons, and phones culprit was phones. The school’s  Rutherford scattered reminders in the classroom to try to get his els since starting the detox. She
are one of them. Dozens of teach- policy says phones shouldn’t be students engaged, and he asked them to leave their phones in a basket. does homework in long chunks,
ers have told me they spend more out during class, but enforcement without breaking to watch TikTok
time policing kids’ phone use than is left to teachers. Before the pan- every 10 minutes. She says she’s in
they do teaching. For Rutherford— demic, students would usually put A millennial and digital native, their phones, he took his students a better mood and feels less stress.
co Fo
a 35-year-old teacher at Sahuaro phones away when asked. Rutherford used to think technol- on nature walks, taught them “I can completely understand
High School in Tucson, Ariz.—see- “Now, you can ask them, bug ogy had a place in the classroom mindfulness and meditation tech- why Mr. Rutherford is tired of try-
ing kids checked out robbed him them, beg them, remind them and and that students could be taught niques and taught a unit on the im- ing to get through to students,”
MATT MARTIAN FOR THE WALL STREET JOURNAL (3)
of the joy of teaching. try to punish them, and still noth- to manage their phone use. This portance of sleep. “I was employing she says.
Behavioral problems and absen- ing works,” he says. year showed him the grim truth. all the tools in the tool belt, and The students’ embrace of the
teeism have been problems since A growing number of teachers, more than half the class didn’t detox challenge has given Ruther-
students returned to Sahuaro High psychologists and lawmakers say Using all the tools seem to be trying at all,” he says. ford hope, and some regret about
after pandemic closures. Back smartphones and social media are On the first day of class last Au- Rutherford says he was careful leaving.
then, Rutherford left campus ex- sapping kids’ motivation and well- gust, he asked students to place not to blame his students for their “Part of me feels like I’m aban-
hausted, but he felt kids were re- being. The argument that technol- their phones in a basket. Half of phone dependency. He explained to doning these kids. I tell kids to do
learning how to socialize. ogy is creating mental-health them did. By the third day, only a them that the apps were designed hard things all the time and now
At the start of this school year, problems for teens has become quarter did. Eventually, the basket to be addictive and taught units on I’m leaving?” he says. “But I de-
the students seemed better be- controversial, with skeptics de- remained empty. the neurobiology of addiction. cided I’m going to try something
n-
haved, leading Rutherford and fel- scribing the fuss over smart- In an effort to show kids how “I would walk up to kids and else that doesn’t completely con-
low teachers to think they had phones as a moral panic. much better they’d feel without say, ‘Give me your phone,’ and sume me and drain me.”
no
Tweens Go Crazy conditioning is on full his teen clients. The

blast, because the company gives some of
sweatshirt “feels like I’m them free clothes and
wearing a blanket all pays others within a
For These Hoodies day.” Though, the Florida

heat has her doubting
her choices sometimes.
range of $1,000 to
$5,000 to create sev-
eral posts about its
“When I walk to school clothes.
BY CHAVIE LIEBER County who has promoted the in the morning, I’m like, “It’s definitely harder
I
brand on social media. ‘Why am I doing this?’” to get brand deals for
n the fall, when Stella Vander- The sweatshirts sell for $59.99 White Fox was co- teens, and in some in-
hook walked into her weekly mu- and feature baggy shoulders and founded by husband- stances, it’s even part
sical-theater class in Newport the brand name splashed across the and-wife duo Georgia of a strict policy not to
Beach, Calif., she couldn’t help but back in big bubble-letter font. Teens and Daniel Contos, who work with minors,” said
notice that everyone was wearing often pair their White Fox hoodies are both in their early Goldfarb. “But White
the same oversize sweatshirt. with matching White Fox $49.99 30s. Through a brand Fox and a few other
“I thought, that is the cutest sweatpants. For some, these sweat- representative, they de- skin care brands are
thing ever, I need to own one of suits have taken on a status akin to clined to be interviewed. very interested in this
those,” Stella, 13 years old, said. the Juicy Couture tracksuits popular On its website, the demographic.”
The seventh-grader now has four in the early aughts. But while company describes itself Julia Kropiwnicki, a
White Fox hoodies, Juicy’s sets were as a “trendsetting brand 14-year-old in Chicago,
the colorful sweat- tight and often mid- continuing to take over said she learned about
shirts that have be- riff-baring, White wardrobes across the White Fox hoodies after
come a status symbol White Fox Fox’s designs are world.” It operates as an seeing influencers post
for Gen Z’s youngest recently made it meant to fit big. e-commerce business, about them on TikTok
and Gen Alpha’s old- “They are ‘hoodies and has influencer-gift- last fall. She now has a
est members. Though to a list of that hoodie,’” said ing showrooms in Sydney and Los  The Australian fast-fashion blue sweatshirt with pink stitching
the Australian fast- Lisi, using a popular Angeles. It launched its U.S. website brand has become a status symbol from the brand, which she pairs
fashion brand has
top 10 trends for internet phrase for a in 2020, when its American cus- for Gen Z’s youngest and Gen with its matching pants.
been around since teenage girls. good sweatshirt. tomer base grew to be as large as Alpha’s oldest members. Last year, Julia said she saw one
2013, selling strappy “They aren’t tight or its Australian market, which the or two White Fox hoodies at school,
dresses, crochet mini- fitted, and the hood brand told WWD was because of its heavy presence on TikTok is what but now the halls are flooded with
skirts and crop tops, is stiff.” Instagram and YouTube marketing. has boosted the clothes for tweens them. “Right now, the trend at
it has recently developed a reputa- White Fox recently made it to a Celebrities like the model Sofia and teens recently. The company school is being comfy,” she said.
tion among young shoppers as a list of top 10 trends for teenage Richie Grainge and the Kardashians posts nine times more content on “It kind of makes you look like a
destination for everyday loungewear. girls in a biannual trend survey have posted photos wearing clothes TikTok than the average fashion football player a little bit,” Simone
From Sephora aisles to middle- from investment bank Piper Sand- from White Fox. As it competes for brand, according to social-media- Beckoff, a 12-year-old in Bergenfield,
school hallways, packs of tweens ler, along with Stanley tumblers and the next generation of shoppers, management company Dash Hud- N.J., said of the intentionally bulky
wearing White Fox sweatsuits have Nike Jordans. the brand has tapped young social- son, with an average 36 TikToks a style. “You just have to scrunch the
become a common sight. And the The sweatshirts are so popular media influencers, including 23- week compared with the fashion in- sleeves down, and then it doesn’t
company has built an army of teen- that girls are wearing them year- year-old Alix Earle and 16-year-old dustry’s average four posts a week. look as bad.”
age influencers to grow its presence. round, regardless of the tempera- twins Sienna and Keira Walker, to Mike Goldfarb, founder and chief Bonnie Beckoff, a 41-year-old so-
“I’d say 50% of the girls at the ture. Nessa Gulko, a 16-year-old ju- promote its clothing and build executive of the Montreal agency cial worker and Simone’s mother,
mall are wearing White Fox,” said nior in Boca Raton, Fla., owns three brand awareness. Talent Nation, works with about said she didn’t see the hype around
WHITE FOX
Lisi German, a 16-year-old high- White Fox hoodies. She likes to While White Fox works with in- 30 teen influencers. He said White White Fox. “They look like any other
school junior in California’s Orange wear them to school, where the air fluencers on Instagram and YouTube, Fox had struck deals with half of sweatshirt,” she said.
A12 | Tuesday, May 21, 2024 THE WALL STREET JOURNAL.
PERSONAL JOURNAL.
BY VERONICA DAGHER
Demand Rises for Home Staging

H
ome sellers are spend-
ing more to spruce up
their place, figuring
that even if they can With buyers harder to find, agents say properties that are staged usually sell quicker and for more
find a buyer willing to
take on a 7% mortgage
rate, an ugly sofa might scare
them off.
Requests to hire home-staging
companies increased 10% in the
first quarter compared with last
year on Thumbtack, an online
platform that connects home-
owners with local service profes-
sionals. The average cost to stage
a home rose 18% to $1,816, com-
pared with the year before the
pandemic, Thumbtack said.
Though there is no firm science
on the return on investment sellers
get for these makeovers, real-estate
agents say staged homes usually
sell quicker and for more money
than unstaged ones. Good staging
helps buyers visualize themselves
in the home and look past quirks
and other flaws, they say.
Still, staging can delay sale
timing for a home, eats into a
seller’s profits and can complicate
the moving process. Given many
buyers are staying out of the mar-
ket thanks to higher mortgage
rates and home prices, however, it
may be worth the effort.
Stage bill
There are a range of options and
prices for staging a home. On the
low end, sellers may declutter and
hide family photographs and pay a
stager a flat fee of a few hundred
dollars for a one-time consulta-
tion. Sellers can
.
also pay tens of
thousands of dol-
ly
lars a month to  The staging by  Unstaged homes typically don’t
hire a staging Jason Saft made sell as quickly as those that are
company to tem- the space brighter staged, agents say. But the costs
porarily redeco-
rate their entire
house.
The median
on and more modern.
Ben Dixon, a
for staging a property are climbing.
the space with furniture and ob-

cost of staging real-estate agent jects such as mirrors that made it
us ,
was $400 when in New York City, look bigger. Paintings and artifi-
l
the sellers’ agent recently recom- cial plants created a homier feel.
e
al a
personally staged mended clients They listed the apartment for

the home, accord- hire a stager for $995,000 and sold for $1.05 mil-
ing to a 2023 re- their vacant one- lion in one week, Dixon said.
ci on
port by the Na- bedroom apart-

tional Association ment. The unit Less to move
CLOCKWISE FROM TOP: AYSIA MAROTTA FOR THE WALL STREET JOURNAL; SHANNON DUPRE; MACKAY DIXON; DOMAINE; FRANCISCO ROSARIO
of Realtors. had previously Living in a house while it is staged
Most staging been listed for can be a headache. But staging
contracts are for three months at can give you a jump-start on de-
er s
60 days, said Shell Brodnax, chief Another option is to stage just homes that are vacant, have worn- $975,000 with another agent and cluttering and moving, especially
executive of the Real Estate Stag- the living room and primary bed- out furniture or have a very spe- received no offers. if you plan to donate some pieces.
m er
ing Association, a nonprofit profes- room, said Ong. cific look. The apartment’s ceilings ap- About two years ago, Teresa
sional association for home stagers. “For buyers, seeing a space A fifth of buyers’ agents said peared low and the unit appeared and Benjamin Stonestreet spent
Agreements typically include fees that isn’t as well maintained can that staging a home increased the smaller and older in person than it $5,000 to stage the first floor and
for staging, labor and delivery and lead to questions around what else offers between 1% and 5%, com- seemed in the prior agent’s virtu- primary bedroom of their Silver
inventory rental, she said. might be wrong under the cov- pared with other similar homes on ally staged pictures, Dixon said. Spring, Md., home. The staging
m rp
Bliss Ong, a real-estate agent in ers—if your sofa has a big stain, the market that weren’t staged, ac- Dixon’s clients paid about company recommended the couple
Seattle, said the stagers she works what’s going on with the fur- cording to NAR. Roughly the same $10,000 and signed a three-month put some of their couches and
with have raised prices 25% to 30% nace?” said Nick Dietz, owner of a share of sellers’ agents said stag- contract with a stager. The staging chairs in storage and added lamps,
in the past year. These increases home styling and interior-design ing helped the home sell faster. company painted and decorated side tables and art to the family
have often been steepest when sell- company in Saga- room and hand
co Fo
ers opt for high-end furniture. ponack, N.Y. towels and ac-
Her clients recently received a cents to seven
quote for around $4,000 for 60 Does it pay? bathrooms.
days of staging for their entire Real-estate agents Teresa said the
1,900-square-foot four-bedroom said staging is es- staging made
home. Ong said that quote is in the pecially useful for them start the
low to medium price range. moving process
sooner and helped
Budget options  The sellers of them decide that
One way to cut the cost is to this New York City they’d rather give
choose virtual staging, which uses apartment had no away certain
software to show what the space offers after three items instead of
could look like, but makes no ac- months. It sold paying for a stor-
n-
tual changes in reality. This costs quickly once it was age unit.
about $100 a room, Ong said. The staged. Real-estate Her home sold
risk is that buyers may feel disap- agents can enhance for $1.5 million,
pointed when the pictured decor the light and colors about 11% over
no
doesn’t match the reality. in the new photos. the asking price.
When to When the 2.99% in-

troductory rate expires
in November, the credit
cluding its interest rate and fees.
Fidelity Investments says the
401(k) plans it administers typically
Treat Your line’s interest rate will
match the 401(k)
charge a $75 loan origination fee,
plus an annual loan-maintenance fee
401(k) Plan loan’s rate, Ayala said.

The couple might then
borrow against his
of $25. If you’re borrowing $10,000
for just one year, that $100 com-
bined fee amounts to an extra 1% of
Like a Bank wife’s 401(k) savings
to pay off the debt.
your loan balance. That raises the
cost of borrowing to about 10.5%.
They would forgo the Fees vary for a home-equity line
opportunity for market of credit. In many cases, lenders
BY ANNE TERGESEN gains, but if interest don’t charge closing costs on helocs,
AND VERONICA DAGHER rates remain about the said Holden Lewis, home and mort-
T
same, they would elim- gage specialist at NerdWallet. When
he textbook advice when it inate the credit-line they do, the fees can range from 2%
comes to borrowing money debt accruing interest to 5% of the Heloc’s credit limit.
from your 401(k) is don’t do it. at more than 9%. The most common fees on a per-
It’s time to rethink that response. sonal loan are late and origination
The reason is twofold. Higher in- said he liked that his 401(k) loan check or collateral and don’t have Taking taxes into account fees. An origination fee may be 1%
terest rates have made the compar- got him the money within days and an impact on your credit score, even When taxes are considered, 401(k) to 10% of your loan amount, and
ative math on these loans more fa- with minimal paperwork. if you default. loans lose some luster, said Wei Hu, lenders typically deduct the fee be-
vorable as home equity, personal He figures he has many years Borrowers repay themselves with head of research at Edelman Fi- fore sending you the funds, he said.
loans and credit cards have become until retirement and isn’t worried interest, typically over up to five nancial Engines, the 401(k) indus-
more expensive. In addition, the about having $2,500 out of the years at a rate their employers set. try’s largest provider of managed What happens if you can’t
9.5% interest rate many 401(k) bor- market for a short time, especially The rate is currently 9.5% in many accounts. pay back a 401(k) loan
rowers are now required to pay since the 401(k) loan is helping him plans—the prime rate plus 1 per- When you repay a 401(k) loan, The biggest risk of taking a 401(k)
themselves reduces the risk that build home equity. centage point. you pay the interest from your af- loan is a layoff. While 8% of actively
borrowers will miss out on market To be fair, there are still signifi- That rate is better than what ter-tax salary. But since you will employed workers default on their
returns while repaying their loans. cant downsides to these loans you would get on many other types also owe income tax on your with- loans, the rate rises to 62% for peo-
And the loans are getting more given that you are picking the of loans. Personal loans often drawals in retirement, you will pay ple who leave their jobs, says Alight
popular as more Americans get pocket of your future self. Among charge from 10.7% to 40%, depend- tax twice on the interest payments, Solutions, a 401(k) administrator.
deeper in debt. Overall, 13% of peo- the risks, those who lose their jobs ing on a borrower’s credit score, and said Hu. He calculates double taxa- Many 401(k) plans require a bor-
ple with 401(k) accounts had loans or are unable to pay the loans back credit-card rates average 20.7%, action reduces the benefit of paying rower to repay the remaining bal-
against their retirement savings at can default, which triggers income cording to Bankrate. yourself interest on a 401(k) loan ance, often within 30 to 90 days, or
the end of last year, up from 12% taxes and penalties on the remain- Francisco Ayala, a financial planner from 9.5% to an after-tax 6.65% for face default. Someone in default
the year before, according to Van- ing balance. in Phoenix, said he and his wife re- those in the 30% tax bracket. must pay income tax on the re-
guard Group, which administers cently considered a 401(k) loan but maining balance, plus a 10% penalty
plans for five million Americans. How 401(k) loans work ended up taking a home-equity line of Check the fees if under age 59½.
Peter Harrison, 29 years old, bor- Most 401(k) plans offer employees credit at an introductory rate of 2.99% With most types of loans, the key Around 75% of large 401(k) plans
rowed $2,500 last summer to cover the option to borrow up to half to renovate their home. Ayala said he metric to focus on is the annual let former employees continue loan
some of the closing costs on his their balance, or $50,000, whichever would rather have his wife keep her percentage rate, or APR. This figure repayments from their bank ac-
WSJ
$282,000 Portland, Ore., condo. He is less. The loans require no credit 401(k) invested in the markets. represents the loan’s total cost, in- counts, according to Alight.
ARTS IN REVIEW
BY DAVID MERMELSTEIN CULTURAL COMMENTARY traversing centuries, largely from
A Maestro’s Farewell
W
Bach to the present day. Though
New York he is a sincere advocate of new
ith all the hoopla music, his taste in such fare often
surrounding Gus- fails to impress. This season,
tavo Dudamel’s works by Steve Reich, Joel Thomp-
ascension as mu- Jaap van Zweden brought a fresh energy to the New York Philharmonic son and Tan Dun, none especially
sic director of the memorable, appeared on two dif-
New York Philhar- ferent bills; there was also a port-
monic in 2026, the departure at manteau piece titled “The Ele-
the end of this season of Jaap van ments,” with contributions from
Zweden, the orchestra’s current Kevin Puts, Edgar Meyer, Jake
maestro, isn’t generating the at- Heggie, Jennifer Higdon and Jessie
tention it should. Montgomery. And American music
Much has changed at the Phil- generally may not be a forte. A
harmonic since Mr. van Zweden, a performance of Copland’s great
63-year-old Dutchman, arrived in Third Symphony in the fall was
September 2018. Most obviously, disappointing, lacking essential re-
the gut renovation of the orches- pose and clear structure, and oc-
tra’s sonically challenged Lincoln casionally ear-splittingly loud.
Center home, David Geffen Hall, But in the core repertory—par-
which reopened in October 2022 to ticularly the big orchestral works
generally favorable reviews. And of the 19th century, primarily Ger-
about a quarter of the current ros- manic—Mr. van Zweden is among
ter of musicians received appoint- the era’s most compelling expo-
ments from Mr. van Zweden. The nents, injecting often searing en-
ensemble’s playing, across all in- ergy and freshness into works that
strumental choirs, sounds richer many concertgoers may love but
and more flexible than it did behave heard countless times. Last
fore his tenure. So what Mr. Du- October, for example, following a
damel stands to inherit largely performance of the “Emperor”
bears Mr. van Zweden’s stamp. Concerto with Leif Ove Andsnes
Accounts differ as to why Mr. and the premiere of Mr. Reich’s
van Zweden is departing so soon. “Jacob’s Ladder,” Mr. van Zweden
He has said that the choice was en- led Schubert’s “Unfinished” Sym-
tirely his own. Others suggest that phony with gripping tension in the
his famously fiery temper and de- first movement and gorgeous
manding work ethic alienated him stateliness in the second. And, in
from the orchestra. Everyone, March, he granted Mendelssohn’s
though, agrees that the Covid-19 “Scottish” Symphony a warmth,
pandemic did not help matters. For spaciousness and transparency it
more than a year, the conductor seldom enjoys. The account
had no in-person contact with the wanted for nothing, and it put to
musicians, and live subscription shame a performance of the piece I
.
concerts didn’t resume for 18 heard a year earlier with the Vi-
months following lockdown. enna Philharmonic under Christian
ly
Mr. van Zweden’s final series of Thielemann.
local performances as the Philhar- touchingly magnanimous gesture, chemistry between one conductor  Mr. van Zweden, who is now Few podiums are as prestigious
monic’s music director starts on provides showcases for several and various orchestras can vary concluding his final season as as the New York Philharmonic’s, so
Thursday, with con-
certs through May
28 featuring Sofia
Gubaidulina’s Viola The conductor
on
members of the or-
chestra. Then, June
6 through 8, Mah-
ler’s “Resurrection”
widely. When Mr. van Zweden suc-
ceeded Alan Gilbert at the Philhar-
monic, the ensemble needed an in-
jection of excitement. And that is
music director of the orchestra.
similar frisson coursed through

expecting Mr. van Zweden to go on
to “bigger and better things” rings
hollow. But in addition to whatever
permanent posts he accepts—re-
Concerto and Mo- led compelling Symphony brings exactly what Mr. van Zweden several works on his first pro- cently the Seoul Philharmonic and,
us ,
zart’s Requiem. A matters to a mighty brought, having spent the preced- grams as the Philharmonic’s music starting in 2026, the Orchestre
l
free concert at the performances close, at least in ing decade as music director of the director six years ago, notably Bee- Philharmonique de Radio France in
e
al a
Cathedral of St. Manhattan. (Mr. van Dallas Symphony Orchestra, raising thoven’s “Emperor” Concerto with Paris—he will surely never want
John the Divine on
of familiar Zweden and the Phil- that group to unprecedented artis- the pianist Daniil Trifonov as solo- for invitations as a guest conduc-
Memorial Day offers repertoire. harmonic reunite in tic and technical heights. ist. And I felt corresponding satis- tor. With luck, he will return often
ci on
works by Wagner, China in late June His debut with the Philhar- faction routinely throughout the to Geffen Hall to remind both the
Copland and and early July and in monic, in April 2012, concluded six discrete programs I’ve heard orchestra and its audiences what
Brahms. And a pro- Vail, Colo., between with an extraordinary performance this season. made his term here so special.
DARIO ACOSTA
gram from May 30 through June 1 July 17 and 20.) of Mahler’s First Symphony— Naturally, Mr. van Zweden, like
features scores by Mozart, Shosta- All major conductors have advo- tightly articulated, deeply expres- all conductors, has his strengths Mr. Mermelstein is the Journal’s
er s
kovich and Brahms that, in a cates and detractors, and the sive and full of arresting detail. A and weaknesses across repertory classical music critic.
m er
The WSJ Daily Crossword | Edited by Mike Shenk

ARTS CALENDAR 1 2 3 4 5 6 7 8 9 10 11 12 13 19 Brashly
m rp
HAPPENINGS FOR THE WEEK OF MAY 21

arrogant
14 15 16 21 Russell
of “The
17 18 19 Americans”
BY WSJ ARTS IN REVIEW STAFF alongside Sterling K. Brown This immersive show ex-
co Fo
and Simu Liu in this dysto- plores the origins of Holly- 20 21 25 Demonstrates
Film pian sci-fi story about a ren- wood filmmaking in the early patience
“Furiosa: A Mad Max Saga” egade AI robot that’s out to 20th century through the 22 23 26 Slender
(May 24) destroy humanity. Here’s story of the predominantly woodwind
Director George Miller re- hoping you’ve been nice to Jewish families that crafted 24 25 26 27 28 29
turns us to the post-apoca- ChatGPT. the studio system and 28 Coxswain’s
lyptic badlands of his widely turned the city into the in- 30 31 32 33 34 sport
praised “Mad Max: Fury Music ternational heart of cinema. 29 Pharmacy
Road” with this prequel that Twenty One Pilots, 35 36 37 stock,
sees the title character, “Clancy” (May 24) Art familiarly
played here by Anya Taylor- For nearly a decade the “Larry Bell: Improvisa- 38 39 40 41 30 “Dracula”
Joy (and in the earlier film alt/rap-rock duo has pursued tions” (Phoenix Art Mu- author
by Charlize Theron), kid- a series of concept records seum, May 22-Jan. 5, 2025) 42 43 44
Stoker
n-
napped by a warlord (Chris set in the dystopian city of A titan of the Light and
Hemsworth) and struggling Dema on the world of Space movement gets a ret- 45 46 47 48 49 50 31 O.K. Corral
to survive and find her way Trench. This album, the last rospective that spans the six surname
back home. in that project, follows the decades of his career and in- 51 52 53 54 32 In charge
no
cludes his instantly recogniz-

55 56 57 33 Gloat
able glass cubes, sculptures
and standing walls as well 37 Kind and
as his lesser-known mixed- 58 59 60 generous
media collages. It will also 39 Containers
debut a newly commissioned 61 62 63
for koi
large-scale work.
40 Most
Videogames ROGUES IN LOVE | By Jeanne D. Breen accessible
“Senua’s Saga: Hellblade II” Across 27 Network 55 Brands 7 Valhalla 41 Crash
(Windows, Xbox Series X|S, that airs compete bigwig investigator?
May 21) 1 Compact or
coupe Silent Sunday for it in 8 Like 1950s 43 Stun with
The long-awaited sequel Nights supermarkets sound
to the boundary-pushing 5 One of three records
2017 release continues to in a water 30 Stuffed toy in 57 In ___(stuck) 9 Sneaker 46 Do
explore the varied thematic molecule a 1990s fad 58 Crack, as a brand exhaustive
terrain of that game—Celtic 34 Mine product founded in research
 Anya Taylor-Joy in ‘Furiosa: A Mad Max Saga.’ 9 ___Triomphe case
culture, Norse mythology, Germany 48 Causing
14 Pear or apple 35 Scoundrels 59 Grandson of
psychosis, death and destiny quaking
“The Garfield Movie” title character as he returns —in an action-adventure discard 36 2016 Summer Adam and Eve 10 Dahl who
Olympics host created 49 “Superfudge”
(May 24) to Trench after escaping and story that incorporates 15 Kerfuffle 60 Frosty Willy Wonka
Lovers of lasagna and gaining special abilities. fighting and puzzle-solving author Judy
16 Guarantees 37 Like many fine coating
haters of Mondays will as players try to stay alive wines and 11 Pennsylvania 50 Will of “Blue
the failure of 61 About 28% of township for
eagerly open the cat door Opera and save their friends in cheeses the 2024 U.S.
Bloods”
for this animated film based Spoleto Festival (Various Viking Iceland. 17 Big ___ which a type
38 Class with Congress 52 Crude cartel
on Jim Davis’s famed feline. Locations, Charleston, S.C., (nickname of covered
This latest take on the May 22-June 9) Last Call of Red Sox crayons 62 Minimal wagon is 53 Windmill
orange tabby is voiced by The annual performing- “The Lost Mirror: Jews and great David 39 Intellectual change named part
Chris Pratt and the story arts festival returns. Among Conversos in the Middle Ortiz) property 63 Alternatives 12 Letters 54 Bus. sch.
follows the kitty as he joins the highlights this year: the Ages” (Museu Nacional 18 Tropical protectors to polos following class
with his father (Samuel L. world premiere of Layale d’Art de Catalunya, Barce- trees with 42 Exit velocity Elizabeth 55 JFK-to-MIA
Jackson) and dopey dog Chaker’s opera “Ruinous lona, through May 26) Down
brilliant stat Warren’s direction
frenemy Odie (Harvey Gods,” based loosely on the An illuminating exhibition 1 Humane org.
scarlet 43 Churls name 56 Follower of
Guillén) for a high-stakes myth of Demeter and Per- examines how medieval for furry
flowers 13 Twisty letter boo or yoo
heist. sephone; the world premiere Spanish art helped fuel prej- 44 Twisty fish friends
of “The Song of Rome,” udice against Jews prior to 20 Classic
Campbell’s 45 Blissful spot 2 Many a Previous Puzzle’s Solution
TV Denis O’Hare and Lisa Peter- their expulsion in 1492. Prais-
A N D R E TW I T D O C
“Tires” (Netflix, May 23) son’s theatrical spin on “The ing the show, our critic noted variety 47 “Things Fall Mormon
C O R E R O A T H A V A
Raunchy comedian Shane Aeneid”; and a new cello that “The artworks gathered 22 Mitchell of Apart” author 3 Like some TWO P A R T Y S Y S T E M
Gillis co-stars in this show concerto by composer Nath- together for ‘The Lost Mir- NBC News Chinua disappointing L I P S E E N P U R E
he co-created about the alie Joachim with guest so- ror’ bear silent witness to I S P G AM E A N I MA L S
23 Louts 51 One way to responses K E E P U P I O N T O O
marketing antics of a small loist Seth Parker Woods. the cultural vicissitudes and fall in love, E R R O R E A S T B E T S
auto shop where business is the dogmatic zealotry that 24 Malevolent 4 Greek O’s
and, in P U N C H L I N E
WARNER BROS. PICTURES
sputtering and the employ- Exhibitions turned a pluralistic society Tolkien another sense, 5 Free from MA S S E L S E O G R E S
ees rarely stay in gear. “Hollywoodland: Jewish into a bastion of intolerance.” creature turmoil A C E B O A E N S U R E
what each set P R E S E N T T I M E S MA
Founders and the Making 25 Some Asian of circled 6 Dora, Daffy or O P A L U MM I S I T
“Atlas” (Netflix, May 24) of a Movie Capital” For additional Arts Calendar Dumbo, e.g. B A L L O O N P A Y M E N T
cookware letters shows
Jennifer Lopez stars as a (Academy Museum, listings visit wsj.com. Write A G O F U E L I N T E L
counterterrorism analyst Los Angeles) to brian.kelly@wsj.com. ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. T E N T I D Y P O S S E
SPORTS
JASON GAY contributed in critical ways: stay-
The Wolves Are Shocking Everyone

ing positive, passing out of double
teams, and unleashing a full-court,
second-half shutdown of Nuggets
guard Jamal Murray.
The Kid was more than alright,
Minnesota is headed to the Western Conference finals after pulling off a stunning upset it turned out.
Please know: Minnesota re-
mains a talented if goofy team,
still capable of harebrained mis-
takes. A Wolves game is not com-
plete without multiple mental
blunders and inexplicable shot at-
tempts. Their head coach, Chris
Finch, remains marooned in a
sideline chair because of a knee in-
jury. (Shout-out to stand in Micah
Nori.)
Minny’s a little messy. And yet
they believe.
Timberwolves fans are going
nuts, and good for them. You’d be
half bonkers, too, if you’d endured
all they have endured, for far too
long, staying loyal to a 1989-90 ex-
pansion franchise through screw-
ball drafts and bad trades and far
more ping-pong balls than playoff
seasons. The Wolves have reached
the conference finals only once be-
fore—exactly 20 seasons ago,
when original savior Kevin Garnett
vaulted them over Sacramento.
Minnesota
Timberwolves fans
are going nuts, and
good for them.
That 2003-04 season was the

first time Minnesota won an NBA
.
playoff series. Until this spring, it
was also the last time.
ly
Twenty years in the Anthony Edwards and the Timberwolves are set to face Kyrie Irving It’s only going to get crazier
wilderness. and the Dallas Mavericks in the Western Conference finals. from here.
That’s how There’s not a team left in this
long it took for
the Minnesota
Timberwolves to
claw their way out. Not a
on of the Western Confer-
ence Finals Wednesday
in Minneapolis.
35-year history.
Game 7 was a come-from-be-
hind marvel, the kind of game
NBA Final Four—in the East, we’ve
got Boston and Indiana—with a
thirst like Minnesota’s. The Jour-
nal’s Robert O’Connell already
year, or five, or a lonely de- “Bring ya ass!” the you’ll tell the grandkids about, fre- chronicled the 156 people who ran
us ,
cade plus. For a full genera- Wolves star and resi- quently, to the point the grandkids to get a $20 tattoo commemorat-
l
tion, this northbound bas- dent pot-stirrer ad- will get a little sick of hearing ing beloved Wolves sixth-man Naz
e
al a
ketball franchise was one monished the Minne- about how the Timberwolves Reid.
of the sorriest outfits in all sota skeptic Charles bricked their way through the first Has a $20 tattoo ever been a
of sports—habitual road- Barkley. half with an anemic 38 points and better life decision? Reid was
ci on
FROM TOP: KEVIN JAIRAJ/USA TODAY SPORTS; DAVID ZALUBOWSKI/ASSOCIATED PRESS

kill, an easy out, an orga- BYA! Put it on a found themselves down 20 early in spectacular in Game 7, adding to
nizational mess, a lazy bumper sticker. the third quarter. the folklore.
punchline, take your pick. Carve it into the Terrible friend I am, I texted a Dallas brings its own surprise
In the NBA, things Minnesota state Wolves fan: This is over. party train, having knocked out
could always be worse. seal. I’m sure they’re This all goes to show: nobody top-seeded Oklahoma City, the Slo-
er s
You could be playing for— already making T- knows. I certainly don’t. Minne- venian star Luka Doncic overcom-
or rooting for—the Minne- shirts and hats. sota-Denver was a seven-game se- ing two bad knees and a sore back
m er
sota Timberwolves. Outsiders like me are ries in which the first six contests to lift the Mavericks to the upset.
I’m here to tell you that still a little stunned. The were one-sided blowouts and it Edwards vs. Kyrie Irving will be a
these Wolves are not those Wolves? took until the finale to get a clas- treat. Dynamic role players
Wolves. Rising for a few sea- The Wolves are not sic, right up until the dagger, abound. (On a minor graphic de-
sons now, these Wolves turn stunned. These Timberwolves— when the tormented wonder Karl- sign note, there will be logo confu-
m rp
out to be happy-go-lucky kill- these Loups de Bois, to use the Anthony Towns jammed home a sion, as both teams have strangely
ers, which they proved in wip- formal Rudy Gobert—are a miss to seal the miracle. similar blue and white franchise
ing out the defending NBA brassy, brazen collection of Even a rough night from Ed- emblems. Don’t smirk! It’s confus-
champion Denver—in Denver—in never-been-theres and almost- wards couldn’t undo the Wolves. ing!)
a rollicking seven-game series been-theres who have worked Hailed early in the series as Mi- I can’t wait—but Minnesota’s
co Fo
with multiple plot twists and hard to get here, and now stand chael Jordan’s air apparent, Ed- waited forever.
road upsets. four wins away from the first fi- wards clunked his way through a The Wolves actually did it.
Dallas is next, with Game 1 nal in this forlorn franchise’s 6-for-24 shooting night, and yet he They’re out of the wilderness.
It’s the Most Expensive

Team in Sports—but the
Best Player Came for Free
n-
BY JOSHUA ROBINSON sential piece for the England na-

tional team at the European
THE ABSURD COLLECTION of tal-
no
Championship.
ent that lifted the Premier League “He can do whatever he
trophy on Sunday—a group of daz- wants,” Guardiola said. “He’s a re-
zling players plucked from nearly ally top-class player.”
a dozen countries—cost Manches- How a club with the Gulf-
ter City some $1.4 billion to as- backed wealth of Manchester City
semble. For yet another season, it wound up with possibly the big-
was the most expensive squad in gest bargain in world soccer is de-
professional sports. pressing proof for the rest of the
But the club’s player of the Premier League that City doesn’t
year, the one who lit up the team just work richer than most clubs.
and scored the goals that finally It also works smarter.
sealed the title, was a guy it That’s because Foden embodies
picked up for free. the all-encompassing strategy
Discovered in the town of City’s brain trust has been work-
Stockport, less than 10 miles from ing on for over a decade, ever
City’s stadium, Phil Foden is the since it landed in the Northwest of
homegrown superstar who cost England. Years before Guardiola Phil Foden celebrates with the Premier League trophy after Manchester City clinched the title.
one of the richest clubs in soccer moved there in 2016, many of his
exactly nothing to sign. He first former FC Barcelona colleagues If Guardiola seems like he has done the same. But both coaches and Foden needed to show he
joined the club with the Under-9s, were already in place. Begiristain brought Foden along slowly, it’s know that Foden’s preference is to could master it.
rose through the youth academy, joined in 2012 and set about re- only because he’s been so deliber- play through the center, pulling “Being an attacking player at
and made his professional debut modeling the youth academy along ate. But Foden’s numbers show the strings of an entire attack. The City, you want that responsibility
at 17. the lines of Barça’s La Masia, soc- just how fast he has risen. This problem for Foden is that he hap- to try and score goals and assist
Six years later, Foden’s silver- cer’s answer to a Swiss finishing season, he became the youngest pens to be on a pair of extremely my teammates,” Foden said. “I put
ware collection now includes an school. Englishman to reach 50 appear- crowded rosters. that pressure on myself and I like
Under-17 World Cup with England, Man City knew it was going to ances in the Champions League. “Because of the players we that pressure.”
six Premier League titles, one spend lavishly in the transfer mar- Before that, he also became the have,” Begiristain said, “he has His chance arrived early this
Champions League, and two FA ket, but in the long-term Be- youngest player Guardiola has been sacrificing himself for the season, when playmaker Kevin De
Cups—he can add a third when giristain understood it also needed ever coached to reach 50 career team by playing in wide areas.” Bruyne was sidelined for four
City faces Manchester United in its own hothouse of talent. Not goals—ahead of a former Pep pu- That is now on the verge of months with a hamstring injury.
the FA Cup final. only did homegrown players save pil named Lionel Messi. changing for good. The first step Ahead of schedule, Foden sud-
“He is 23 years old and he has hundreds of millions on transfer “You have the sense, when he in Foden’s recent surge was finess- denly got his wish to play through
won trophies like an animal,” says fees, they also helped City comply has the ball and he’s attacking the ing his running technique during the middle.
City sporting director Txiki Be- with complex league rules on ros- last line that he’s going to score,” the Covid lockdown. The next one “One of the secrets at the high
giristain, who has overseen ter construction. Guardiola said. “Now he is scoring was realizing that in order to play level is adapting to the chaos,”
Foden’s development since he was Plus, they might end up grow- goals and winning games. And more centrally, he no longer Guardiola said.
a preteen. “His progression has ing a soccer prodigy along the when you do this, you reach an- needed to speed up. Foden had to Foden didn’t disappoint. On top
been unbelievable.” way. other level as a player.” learn how to slam on the brakes. of 19 league goals, he delivered
City manager Pep Guardiola Growing up in the modern City Foden is so versatile that he “Right now, he’s best suited on eight assists, and was a no-brainer
long ago dubbed Foden his player system, shaped by Guardiola and occasionally becomes a headache the wings,” Guardiola said in 2022. for award voters, becoming the
of the season, weeks before the his acolytes, gave Foden access to for his coaches. He can comfort- Through the middle of the field, fifth consecutive City player to
MARK COSGROVE/ZUMA PRESS
Premier League officially handed a world of soccer that generations ably play in at least five different “there has to be the pausa.” win the league’s Player of the Sea-
him that distinction this month. A of English players before him positions. Until this season, Guar- Guardiola was referring to the son prize.
shifty dribbler who can shoot from never could have imagined. In ef- diola deployed him mostly on the special feel that playmakers have The difference is that the oth-
anywhere, he scored 27 goals in 51 fect, this 5-foot-7 kid from Stock- wing to blow past defenders and for changing the pace and flow of ers had cost Man City an average
appearances across all competi- port had the closest thing to a swing dangerous balls into the a passing move. It’s a central tenet of $75 million apiece. Foden is the
tions, without being a striker. This Barcelona education without set- penalty area. England manager of Barcelona’s style—the split-sec- player of the year that the club
summer, Foden is set to be an es- ting foot in Spain. Gareth Southgate has generally ond pause to freeze a defense— grew for free.
OPINION
The Invisible Hand Strikes Back BOOKSHELF | By Meghan Cox Gurdon
These days it
isn’t only the
Democratic
placed by pundits, think tank-
ers and politicos—conserva-
tives included—who argue
mestic manufacturing pre-
ferred treatment. Both suffer
from a want of modesty and a
class Americans have been left
behind isn’t supported by the
evidence.
Life Lessons
left that has
harsh words
for the free
market. The
that free markets worked in
the past but have seen their
day. These critics point to the
threat from communist China,
profound lack of appreciation
for unintended consequences.
Advocates of Republican in-
dustrial policy say they’ll
“Blue-collar people today
are economically much better
off than they were in, say, the
1950s or 1970s,” Mr. Gregg
From Poppy
MAIN
STREET Republican
right has
which unlike the old Soviet
Union is also a formidable
avoid the mistakes the Demo-
crats make, without ever re-
says. “Their inflation-adjusted
average overall income and
Character Matters
By William
soured on it global market competitor that ally explaining how. They benefits are considerably By Jean Becker
McGurn
too. From doesn’t play by the rules. seem to believe intervention higher, their houses are big- Twelve, 368 pages, $30
T
D o n a l d But capitalism, Mr. Gregg on such a scale can somehow ger, and they have access to
Trump’s across-the-board tar- says, is better not only when be done without waste, fraud labor-saving technologies here’s something bittersweet about time capsules,
iffs to Marco Rubio’s indus- everyone plays fairly. Even their grandparents those repositories of objects from the past stowed
trial policy, up goes the cry: when nations cheat, protec- couldn’t even envisage.” away in innocence of how history will unfold or how
Reaganomics is dead! tionist retaliation harms those Bradley Prize winner “The paradox of markets,” future generations will regard their contents.
This is why the Bradley who impose it—such as tariffs Mr. Gregg adds, “is that peo- Not many years have passed since George Herbert Walker
Foundation’s decision to that raise the price of foreign Samuel Gregg stands ple pursuing their rational Bush left the world, and his epoch (1924-2018) was not so
award Samuel Gregg its an- steel. While those tariffs may athwart the populist self-interest unintentionally unlike ours in material respects, yet to read about him in
nual prize is so counterrevolu- make things better for U.S. produce many benefits for Jean Becker’s “Character Matters” is to feel that one is
tionary. An Australian by birth steel producers, they make economic tide. others, while dirigiste policies opening a parcel from a much earlier time. The qualities
and American by choice, Mr. things worse for the many intended to help people often that distinguished the 41st president—the kindness, humility
Gregg is an Oxford-educated more Americans who consume hurt them. Minimum wages, and good sportsmanship that made people admire him even
scholar at the American Insti- steel, from construction com- or cronyism. Those who re- to take one example, seek to when they disagreed with him—seem in such rare supply to-
tute for Economic Research. panies to car buyers. Some spond as Mr. Gregg does—that help the poor but price them day that they are like historical artifacts.
In articles, books and debates critics liken tariffs to trying to “basic economic truths about out of labor markets, often Ms. Becker, who became Bush’s chief of staff after he left
he makes the case that the in- defeat your enemy by block- the human condition don’t robbing them of entry-points the White House in 1993 and who chronicled his post-
visible hand not only delivers ading your own ports. change”—are mocked as into the workforce.” presidency in “The Man I Knew” (2021), has compiled
better results than the popu- “The way to beat China is “market fundamentalists” or The great surprise is that anecdotes and remembrances
list alternatives, it’s also supe- not to become more like “zombie Reaganites.” for all its alleged moral fail- from all sorts of men and
rior morally. On Tuesday night China,” Mr. Gregg says. “It’s to But that’s just name-call- ings, capitalism somehow far women who had dealings
in Washington, he will be hon- make our economy even more ing. “Conservatives like outperforms all its rivals. with “Poppy” Bush, as he
ored at a gala emceed by the competitive.” He points out Sen. Rubio and progressives Then again, maybe it’s not so was known. Former col-
Journal’s Kim Strassel. that when people were com- like Sen. [Elizabeth] Warren surprising from a system in leagues testify to his de-
“Popular understanding of plaining about corporate in- pushing industrial policy which success depends on cency and sense of fun. An
capitalism today is driven by versions—U.S. firms reincor- should recognize that it’s fa- meeting other people’s needs. underling recalls his tender
mythological narratives,” Mr. porating overseas to avoid tally flawed by conceptual er- In a free market for autos, heart and tendency to weepi-
Gregg says. “Capitalism’s de- taxes—Hillary Clinton pitched rors that don’t magically dis- Ford would be building cars ness. A gardener at his family
fenders also have to address imposing exit taxes to punish appear because we live in the Americans want to buy—not estate in Maine remembers how
the narratives.” One thing them for leaving. Instead, the 2020s rather than the 1980s,” cars Joe Biden prefers. he treated her with respect, as
these narratives often miss is 2017 corporate tax cuts made he says. “Markets produce the an equal.
something economists from America more competitive Feeding the Republican cry growth that gets us out of The composite picture that
.
Adam Smith to F.A. Hayek ac- and eliminated much of the that free-market policies are poverty,” Mr. Gregg says. “But emerges from “Character
knowledged: The free market incentive for inversions. passé is the idea that Ameri- they also encourage virtues Matters” is one of surpassing
ly
depends on virtues it rewards Ditto for industrial policy. can workers today are worse that make us better people integrity, of a good-natured and
but can’t create itself. Right now we are in the thick off than they were before. while simultaneously working principled man who was at ease with himself and able to put
These days full-throated of the Democratic version. Certainly many Americans are with, rather than against, hu- others at ease. Having been born into a moneyed, politically
capitalist champions such as
Mr. Gregg are as rare as a
Trump supporter at National
Public Radio. They’ve been re-
President Biden’s Green New
Deal perversely encourages
China’s electric-car industry.
The GOP version is to give do-
on
struggling in the Biden econ-
omy. But the idea that the
market is to blame for their
problems or that working
man nature. All these things
make markets morally supe-
rior to all the alternatives.”
Write to mcgurn@wsj.com.
prominent New England family, Bush was imbued from child-
hood with a strong sense of duty and personal modesty and
a high esteem for public service. After Japan bombed Pearl
Harbor, he put off college, enlisted in the U.S. Navy, became
one of the youngest bomber pilots in the service and flew 58
us ,
combat missions.
l
America Hits the Global Snooze Button It must be said that most of us, if asked to supply sto-
e
al a
ries or memories of a person who has died, especially a

famous one, will steer clear of anything disobliging. Those
“This is 1938,” war protesters are mercilessly want to escalate crises own regional plans. who disliked George H.W. Bush—whether in his roles as
ci on
historian Tim- pursued, and schools teach around the globe without To avoid this, some argue president, vice president, CIA director and congressman or
othy Snyder hatred of the West. Mean- triggering an overwhelming that the U.S. should simulta- in his private life—are unlikely to have been approached for
said at a while, Mr. Putin appointed the response as, for example, neously confront our adver- their thoughts on the man. “Character Matters” therefore
weekend con- man behind Russia’s recent Japan did by bombing Pearl saries across all three the- represents a curated group of admirers and is not the place
ference in Es- gains in drones and micro- Harbor in 1941. Against this aters. But we lack the military to go for harsh insights or juicy gossip. No one in the book
er s
tonia. He electronics, Andrei Belousov, pressure, they reason, the dis- resources for such a strategy. tries to make Bush out as a saint (Ms. Becker says he could
GLOBAL
warned that a to modernize the military in- organized allies will retreat, Even if we had the necessary be “stubborn, single-minded, and sometimes exhausting”),
VIEW
m er
Ukrainian de- dustrial base. conciliate and appease. capabilities, American public but he does seem to have been an excellent fellow. His
By Walter
feat would China’s war preparations So far, that bet has paid opinion isn’t yet united or fo- points of excellence are what make the book worth reading.
Russell Mead
shift the cal- are much more advanced than off. Russia is winning its un- cused enough for an effort as In matters of dignity and courtesy, it is hard to imagine a
endar to 1939. most Americans understand. even contest with the West. serious and consuming as the better mentor.
Many Americans still don’t A recent report by Mackenzie Iran, despite the sudden death Cold War. Count on the revi- A few stories stand out. In 1941, while an upperclass-
m rp
fully grasp how serious the in- Eaglen of the American Enter- of President Ebrahim Raisi, is sionists to use everything in man at Andover, Bush came upon another boy twisting the
ternational situation has be- prise Institute estimates that on a roll in the Middle East. their propaganda tool kit to arm of a new student behind his back. “Leave the kid
come. Iran has set the Middle measured by purchasing postpone America’s awaken- alone,” he ordered. Recalls ambassador and businessman
East ablaze, Russia is advanc- power parity China is nearly ing—and extend their hour of Bruce Gelb, the unfortunate victim in this scene, “the guy
ing in Ukraine, and China is matching America’s global de- In an increasingly opportunity. dropped me like a hot potato.” For Mr. Gelb, Bush would
co Fo
pursuing pressure campaigns fense spending. Although its Security analysts generally always be a hero.
against Japan, Taiwan and the civilian economy is suffering, alarming world, the believe that relatively modest Robert Gates, who ran the CIA under Bush, describes his
Philippines. Beijing is doubling down on West can’t afford to defense increases by Washing- boss as being immensely loyal and caring and “oblivious
Even more challenging the greatest military buildup ton could stabilize the mili- to rank” when it came to private relationships. On occasion
times lie ahead. While Wash- in history. rest for much longer. tary balance. That, plus a mix Bush would pretend to knock off work early so that his
ington and its allies try to That isn’t all. China is of more forceful American di- uber-conscientious national security adviser, Brent
calm things and return the stockpiling key commodities plomacy and deeper coopera- Scowcroft, could visit his ailing wife, Jackie. “Brent would
world to something like nor- to prevent interruptions in China’s relentless campaign of tion with key allies, might halt make a beeline for the hospital,” Mr. Gates writes, “and,
malcy, the revisionists are trade that would accompany small-scale menacing acts, the slide to war. once he had gone, I’d sound the all clear, and the President
strengthening their coopera- a war. It is driving for self- known as “gray-zone aggres- Team Biden, unfortunately, would return to work.”
tion and mobilizing their soci- sufficiency in energy and sion,” is eroding America’s would rather starve the mili-
eties and economies for war. food. Under proposed legisla- power in the Far East. tary and embrace the diplo-
Iran’s sputtering economy tion, high-school and college The goal is to trap America macy of retreat. There is an Remembering George H.W. Bush: modest,
n-
has powered its war machine students would face the pros- between two losing choices. off-ramp for every provoca- good-natured, with a sense of duty. At 20
for years. Neither U.S. sanc- pect of compulsory military We can focus all our efforts tion, a search for a “diplo-
tions nor the costs of support- training. and energies on one theater— matic solution” to every mili- he was flying combat missions in the Pacific.
ing proxy militias across the The revisionists have ei- China, Ukraine or the Middle tary attack.
no
Mideast have prevented Teh- ther developed or stumbled East—or we can attempt to This can’t last. Our adver-
ran from developing a nuclear onto a coherent and, so far, stop everything everywhere. saries have ambitious goals. “President Bush was a model of reaching out to those
program and a massive drone successful strategy. The eco- Neither approach solves our We face an increasingly suc- who disagreed with him or criticized him,” writes New
industry. Russia and China are nomic and potentially the mil- problems. If we ignore cessful and ambitious assault York Times columnist Maureen Dowd in one of the
moving in the same direction. itary might of America and its Ukraine and the Middle East on the U.S.’s international po- reminiscences Ms. Becker provides. Ms. Dowd’s mockery in
The war in Ukraine was a allies far surpasses what the to focus on China, then Rus- sition. Either we and our al- print vexed and infuriated the president, no less so when it
wake-up call for Russia. Once revisionists can bring to the sia and Iran can undermine lies recover our military was later directed at his son George W. Despite his annoy-
Kremlin hopes of an early vic- table. Yet the U.S. and its al- our alliances and shift the might and political will, or ance, the elder Bush stayed in touch with Ms. Dowd. He
tory disappeared, Moscow put lies are politically and mili- geopolitical balance in their our foes will fatally under- would sign a typewritten letter that ended with “Love,”—
Russia’s society and economy tarily unprepared for war in favor. If we focus on Russia’s mine the edifice of American then scratch out the word and replace it with “not quite
on a war footing for the long the short to medium term. war in Ukraine, then China power and the international there yet.”
term. Dissent is quashed, anti- The revisionists therefore and Iran can advance their order that depends on it. Dr. John Eckstein relates how he and his wife often
dined out with the Bushes when George H.W. and Barbara
came to the Mayo Clinic in Arizona for their annual
Suddenly Democrats Care About the Border checkups. The Ecksteins marveled at the graciousness of
their famous friends, who were untiring in their willingness
to chat and take photos with fellow diners. Every year
By John Thune national emergency at the colleagues’ long records of en- border. They aren’t motivated before the dreaded prostate exam, Dr. Eckstein recalls,
T
southern border, halting bor- abling illegal immigration. by national security. They’re President Bush would ask: “John, do we really have to do
railing in the polls and der-wall construction, ending In this Congress alone, Sen- concerned about their own po- this?” The doctor would reply: “Yes, sir—we do.” Bush
desperate less than six the Remain in Mexico policy, ate Democrats have banded to- litical vulnerability. They’ve would change into a hospital gown that opened at the back
months before Election and discouraging Immigration gether to protect taxpayer- recognized, albeit too late, that and eventually need to walk down a long hallway holding
Day, President Biden and Sen- and Customs Enforcement funded flights for illegal the chaos of an open border is the fabric closed behind him. Other visitors, Dr. Eckstein
ate Democrats are trying from apprehending illegal im- immigrants to different states a political liability. says, would be excited to greet the president: “With that,
something new: their best immigrants. in the U.S. and keep federal dol- If Mr. Schumer devotes he would release the back of his gown to shake the hand of
personations of Republicans. lars flowing to sanctuary cities. floor time to debating border the happy patient!”
The architects of the Biden Democrats blocked votes on a legislation, he should expect In an author’s note, Ms. Becker laments the fractious
border crisis—the worst in Biden and Schumer litany of common-sense bor- some difficult conversations nature of contemporary American politics: the anger, the
American history—suddenly begin to see their der-security and enforcement ahead—the same kinds of con- umbrage-taking, the ferocious partisanship. “Too many of
want the American people to measures, including a proposal versations we would have had us have forgotten the art of agreeing to disagree,” she
know they’re on the case. After political vulnerability. from Sen. Marsha Blackburn in the Senate if every Demo- writes, “and then maybe go get a beer and talk about
three-plus years of mismanag- (R., Tenn.) that would have let crat hadn’t voted to dismiss sports or the weather.” She offers these varied
ing border security, resulting state and local law enforcement the impeachment of Homeland reminiscences of George H.W. Bush as a reminder that “it
in more than nine million en- The president this month detain criminal illegal aliens Security Secretary Alejandro wasn’t always this way” and in doing so has created a time
tries through the southern ordered the removal of crimi- until ICE can deport them. Mayorkas without a trial. capsule well worth cracking open. The book casts a
border, Majority Leader Chuck nals and potential terrorists. They even stopped legislation It’s abundantly clear that thousand points of light on its subject, we might say, and
Schumer is telegraphing that This is a switch from the pol- from Sen. Ted Budd (R., N.C.) the American people want an the light has a way of bouncing back on the reader.
he may force Senate floor icy he started shortly after his that would deem assaulting a end to lawlessness at the
votes related to the border. inauguration, and the new or- law-enforcement officer a de- southern border. They want Mrs. Gurdon, a Journal contributor, is the author of
That’s his prerogative as der was made only after hun- portable offense. the president to do his job and “The Enchanted Hour: The Miraculous Power of Reading
leader, but I don’t expect any- dreds of people on the terror- Not one Senate Democrat defend America’s borders. The Aloud in the Age of Distraction.”
one to buy this political the- ist watchlist were encountered supported H.R. 2, House Re- bad political bet that Mr. Biden
ater. For starters, Mr. Biden in between ports of entry on publicans’ signature border bill, and Mr. Schumer are making is
has authority to take action at
the border and to do so today.
his watch. Vote for me, and I’ll
clean up the historic mess I
after Senate Republicans twice
forced it to be considered.
that voters will hire the arson-
ists to put out the fire.
George H.W. Bush on Civics
It’s the same authority he used made is hardly an effective But now Democrats need “I take as my guide the hope of a saint: In crucial
to issue a multitude of execu- campaign pitch, and a few voters in Montana, Ohio, Ne- Mr. Thune, a South Dakota things, unity; in important things, diversity; in all things,
tive actions relaxing border se- meaningless Senate votes vada and Pennsylvania to be- Republican, is Senate minority generosity.”
curity, including rescinding the won’t erase my Democratic lieve they’re serious about the whip. —George H.W. Bush, in his inaugural address
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The ICC Disgraces Itself Over Israel The Democratic Party Forces Jews to Choose
T
he International Criminal Court has lost ICC isn’t giving a win only to Hamas. Regarding Ammiel Hirsch’s op-ed Rabbi Hirsch would have made a
more than the plot. In requesting arrest While Gaza is a war zone and ICC staff are “Democrats Take Jewish Voters for more compelling argument had he in-
Granted” (May 17): A dozen years cluded that many American Jews
warrants on Monday for Israeli Prime busy in Ukraine, the prosecutor has had no way
ago, a professor of history was lectur- have been concerned for years about
Minister Benjamin Netanyahu to conduct a serious investiga-
and his defense chief, alongside Giving Hamas a brief tion. Mr. Khan had assured ing his mostly Jewish audience on
the presidential campaign. American
the white supremacist and antisemitic
rhetoric that has been a staple of the
a trio of Hamas leaders respon-
sible for Oct. 7, the ICC has lost
victory will be the U.S. Senators that an inquiry
would take months, and it
Jews, he admonished us, should vote far-right Republicans. This has moved
for America’s interests, not Israel’s. toward the center of the GOP since
sight of the crucial distinction court’s epitaph. would hear from the Israelis. That seemed fair, I thought, and I in- Donald Trump ran for and took office.
between the death squad and ICC staff were supposed to nocently asked him for examples of Jews are now on the receiving end
the bomber pilot, on which the land in Israel for preliminary where these interests diverged. There of antisemitism from the far left and
possibility of just war depends. President Biden discussions on Monday. Instead, Mr. Khan an- followed a long, uncomfortable si- far right, and, sadly, from an increas-
is right to call the court’s action “outrageous,” nounced his move on CNN. lence, for, in fact, no such divergence ing number of those who consider
but the grotesque false equivalence demands The ICC lacks jurisdiction. Israel, like the existed on the issues that matter. themselves mainstream in both par-
That’s still true today. For example, ties. As a result of the GOP and Dem-
more than tough words. U.S., never signed the treaty that created it. To
accepting a nuclear Iran and enabling ocratic track records on antisemitism,
On one side are Israel’s democratic leaders, permit prosecutions of Israel, the court twisted Iranian regional hegemony isn’t in neither party should count on enthu-
waging a war to reclaim hostages and root out its rules to summon a State of Palestine, with America’s interest. Neither is allow- siastic support from Jews in this
terrorists in Gaza. On the other side is Hamas, borders defined by fiat, which it could call a ing Hamas and other annihilationist election cycle. Yes, Mr. Trump, we
which precipitated the war with its mass mur- member state. groups to terrorize Israel. Facilitating should “have our heads examined” if
der, rape and kidnapping on Oct. 7, and whose The ICC is supposed to intervene as a “court a Palestinian state that overwhelm- we unconditionally support either
officials pledge to do it “again and again.” of last resort,” in the absence of national judi- ingly endorses Hamas’s atrocities and party right now.
Lumping them together is a slander for the his- ciaries able to hold leaders to account. Think of a global jihad against the West is also RICH KLEIN
tory books. Imagine some international body Hamas, whose courts are rubber stamps. Israel contrary to the American interest. Fort Lee, N.J.
prosecuting Tojo and Roosevelt, or Hitler and has an independent court that is renowned for Unfortunately, the Democratic Party Mr. Klein was head of media rela-
Churchill, amid World War II. of Presidents Obama and Biden has tions for the Anti-Defamation League.
its activist, antigovernment tilt.
rejected the common values and in-
The defects in the ICC’s allegations against The ICC’s disregard for procedure exposes terests that the Israeli and the Ameri- Rabbi Hirsch says he resides in
Israel are many. Prosecutor Karim Ahmad Khan its bias, and if the warrant request is an effort can peoples still share. New York, but he must live on a dif-
alleges “starvation of civilians as a method of to undermine Mr. Netanyahu’s government, it When President Biden withholds ferent planet. He cites “Martin Luther
warfare.” Hamas lists 31 Gazans whom it claims won’t work. The opposition leader has already vital military hardware and intelli- King Jr.’s dream of a society that
died of malnutrition and dehydration in seven rallied to condemn the ICC’s “complete moral gence, he shatters the myth that both judges people not by the color of their
months of war. That’s out of 2.3 million whom failure.” parties are equally committed to Is- skin but by the content of their char-
Egypt won’t let out over its border. Mr. Biden denounced the ICC’s move Mon- rael’s security. He explodes the long- acter.” This is a good and noble ideal,
Israel has facilitated the entry of 542,570 day, but will he back it up? In 2021 he rescinded standing notion that U.S. Jews can be but one that has been long discarded
tons of aid, and 28,255 aid trucks, in an unprec- President Trump’s executive order threatening loyal to the Democrats and their pro- by the left and is rarely mentioned
edented effort to supply an enemy’s civilians, sanctions against anyone involved in ICC ac- gressive agenda without compromis- any more in mainstream America.
ing their commitment to Israel. DAVID EITEL
even while Hamas steals the aid and tries to tions against an American, Israeli or other non-
Jewish voters do have to choose— Cumming, Ga.
frustrate delivery. Israel has begged Egypt for consenting ally. Congress has long authorized but not between Israeli and American
two weeks to let in aid at Rafah, while Egypt re- a President “to use all means necessary and ap-
.
interests. They have to choose be- In 2020 Mr. Biden told a black disc
fuses. Is this the behavior of an Israeli govern- propriate” to resist such ICC actions. tween Israeli and American interests jockey, “If you have a problem figur-
ly
ment bent on starving Gazans? The ICC’s budget, coming largely from Japan, on the one hand, and anti-Israel and ing out whether you’re for me or
The ICC claims Israel is “intentionally direct- Germany, France, the U.K., Italy and South Ko- anti-American interests on the other. Trump, then you ain’t black.” Will we
ing attacks against a civilian population,” an- rea, should be in jeopardy. How can these coun- That shouldn’t be a difficult choice. soon be hearing the same about Jews?
on
other allegation that’s upside-down. “Israel has tries host or train with U.S. troops while fund-
done more to prevent civilian casualties in war ing a body that threatens to prosecute them
than any military in history,” John Spencer, without jurisdiction?
STANLEY SPATZ
Hollywood, Fla.
GEORGE GALAKATOS
Monterey, Calif.
chair of urban warfare at West Point, has said, Mr. Khan was warned of the consequences
us ,
“setting a standard that will be both hard and of subordinating the law in pursuit of Israel.
How the U.S. Loses Africa to Putin’s Russia
l
potentially problematic to repeat.” If nations The judges who will consider his arrest war-
e
can’t wage just wars, evil prevails, meaning the rants are being asked to sign the ICC’s epitaph.
al a
Walter Russell Mead’s “Why Putin would increase the figure several
Seeks to Dominate Africa” (May 14) as- times over) than it did to strengthen
serts that Vladimir Putin’s success in democracy and human rights. Only
Helping Iranians After Raisi’s Death
ci on
Africa is due in part to America’s fo- $33 million went to promoting politi-
T
cusing too much on supporting democ- cal competition via stronger demo-
he tragedy of modern Iran is that the leadership bent on destroying Israel, dominat- racy and human rights and not enough cratic institutions and $21.6 million
death of President Ebrahim Raisi in a ing the Middle East, and marginalizing the U.S. on security partnerships. Evidence on protecting human rights.
helicopter crash on Sunday isn’t likely in the region. shows that the inverse is true. U.S. policy has failed to thwart
er s
to change much about how the country is led. U.S. security-assistance spending Kremlin and Chinese expansion pre-
Raisi’s death is a reminder, however, that the
in Africa dwarfs allocations for de- cisely because it has focused too
Though nominally elected, Raisi was part of the U.S. and the West could do more to help Iran’s
m er
mocracy. In 2017-18, the U.S. report- much on near-term security gains.

clerical leadership led by Supreme Leader Aya- beleaguered citizens. The ultimate threat to the edly spent $110 million to build a Robust democratic institutions and
tollah Ali Khamenei, who will probably choose regime is its own people, who rise up periodi- base for U.S. drones in Niger. Yet in vibrant civil society make it difficult
his ultimate successor. cally in protest only to be brutally put down 2020, the U.S. spent a mere $3.8 mil- for China and Russia to exert influ-
The regime may for a time be preoccupied with mass arrests and killings. lion to strengthen democracy, gover- ence and co-opt elites. Shunting de-
m rp
with internal debates, since Raisi was a leading The U.S. could help spread a persistent mes- nance and human rights in Niger. The mocracy has opened the door to Mr.
contender to succeed the 85-year-old Mr. sage of support for those brave protesters, as same disparity applies for the Putin in Africa.
Khamenei. The Supreme Leader’s son, Mojtaba it did against the Soviet Union during the Cold broader continent. In fiscal year PATRICK QUIRK
Khamenei, may now be the favorite. But the War. This means helping dissidents communi- 2022, the U.S. spent 49% more on International Republican Institute
hardliners today rule up and down the line. cate inside Iran and letting them know their peace and security assistance (exclud- Bethesda, Md.
co Fo
ing Pentagon Title 10 funds to train Mr. Quirk served on the secretary of
It’s possible the regime may sound a more cause has global support. It means trying to un-
and equip host-nation forces, which state’s policy planning staff, 2018-19.
conciliatory note for a time as it tries to manage dermine the regime from within.
this internal transition. It may even look to Both the Obama and Biden Administrations
sound reasonable on its nuclear program. But have instead tried to court the regime in the
if the regime’s history is a guide, that will be forlorn hope that its leaders want to behave like
It Matters Where Your Coffee Is Being Farmed
only a short-term feint and its foreign policy a normal country. But they don’t. They want to Regarding “Soon You May Be footprint. An early study from Viet-
won’t change. spread revolution as they pursue a nuclear Drinking Synthetic Coffee” (Exchange, nam has shown that coffee farms ap-
Western leaders have searched since the weapon that would make them far more power- May 4): Coffee farmers are also part plying sustainable practices can be-
1979 Iranian revolution for some “moderate” ful and difficult to deter. That’s the reality to of climate solutions. Practices like come carbon negative, removing more
leader to do business with, but it’s always come keep in mind as Iran replaces one revolutionary planting shade trees and covering the carbon from the air than they emit.
to naught. Tehran has a revolutionary Shiite leader with another. soil with mulch are helping farms The synthetic coffee of tomorrow
adapt to climate change. They im- isn’t a magic bean for today. It is our
n-
prove soil quality, safeguard biodiver- responsibility to support smallholder
Biden to Graduates: America Hates You sity and reduce the farm’s carbon coffee farmers as they adapt to a
changing climate and increasing
T
global demand. Smallholder coffee
he polls say President Biden has lost bration for you and your families the President Voters Look Back Only So
no
farms are an essential source of in-

support among black Americans, and of the United States sends you off with a mes- come for 12.5 million families. While
the White House appears to have settled sage that your countrymen who are white want
Far in Search of Inflation some farmers struggle due to the
on a strategy to win them back: spread more ra- you to fail. Is this what President Biden thinks Your editorial “Why Biden is Losing small size of their farms and low pro-
cial division. That’s the main message from the of America? on the Economy” (May 11) suggests ductivity, coffee farming has lifted
President’s dishonorable commencement ad- Apparently it is. He also told the graduates that voters will punish President Bi- millions of families out of poverty.
den for the inflation that occurred un- WILLIAM WARSHAUER
dress Sunday at storied Morehouse College in that Republicans don’t want blacks to vote. “To-
der his watch as it did in the case of CEO, TechnoServe
Atlanta. day in Georgia, they won’t allow water to be President Jimmy Carter. But there’s a Washington
Mr. Biden naturally offered the 2024 gradu- available to you while you wait in line to vote difference: Inflation steadily increased
ates a list of what he sees as his accomplish- in an election. What in the hell is that all about? during the Carter years but has de-
ments for black Americans. He indulged in his I’m serious. Think about it. And then the con- clined in Mr. Biden’s. A Match Not Made in Heaven
familiar gilded personal history as a civil- stant attacks on black election workers who My research with Prof. Jim Doti
As good as this combination
rights crusader. He gave the impression that count your vote,” he said. shows that it’s not inflation over the
sounds on paper (“Trump and Haley:
the Delaware Democratic Party was a racist op- Yes, think about it. The 2022 Senate race in four-year presidential term that mat-
A Perfect Match,” op-ed by Gordon
eration until Sen. Joe Biden came along. At the Deep South state of Georgia featured two ters most to voters, but the last nine
Sondland, May 16), a reconciliation of
least that’s the somewhat forgivable politics black men as the major-party nominees. The months. On that score, Mr. Carter
Nikki Haley with Donald Trump
of self-aggrandizement. Democrat won after the election reforms that saw 8.6% inflation, higher than the
would undermine trust in both. Ms.
2.8% we project for Mr. Biden. His is
Less forgivable was the President’s attempt Mr. Biden caricatures as racist. Haley didn’t run against Mr. Trump
close to the average inflation of 2.7%
to stir resentment among the graduates on Mr. Biden also turned the Jan. 6 Capitol riot preceding the 17 elections between
on policy but made her campaign into
what should be a day to appreciate what they into a racial event: “Insurrectionists who storm an assault on his character. Her day
1956 and 2020. When it comes to in-
accomplished and to inspire hope for the future. the Capitol with Confederate flags are called may come, but it certainly isn’t today.
flation, Joe Biden is no Jimmy Carter.
Here’s what Mr. Biden said instead: ‘patriots’ by some. Not in my house. Black po- DALE FRUMAN
PROF. TOM CAMPBELL
Export, Pa.
“You started college just as George Floyd was lice officers, black veterans protecting the Capi- Chapman University
murdered and there was a reckoning on race. tol were called another word, as you’ll recall.” Orange, Calif.
It’s natural to wonder if democracy you hear The riot was a disgrace for which hundreds Mr. Campbell was a member of
about actually works for you. have been severely punished, but that day Congress (R., Calif.), 1989-93, 95-01. Pepper ...
“What is democracy if black men are being wasn’t driven by racial hatred. And Salt
killed in the street? All of this is a long way from the Joe Biden
“What is democracy if a trail of broken who promised Americans in 2020 that he would A Political Drug Addiction THE WALL STREET JOURNAL
promises still leave black—black communities unite the country. But it may reflect his political It’s interesting that Bertha Madras
behind? desperation. The reason he has lost the support (“What You Aren’t Hearing About
“What is democracy if you have to be 10 of millions of blacks and Hispanics is the same Marijuana,” Weekend Interview by
times better than anyone else to get a fair shot? reason he is trailing in the polls to the man he Allysia Finley, May 11) notes the ad-
diction potential of marijuana. I have
“And most of all, what does it mean, as we’ve defeated in 2020.
observed that marijuana is highly ad-
heard before, to be a black man who loves his It is because his economic policies have failed dictive for state and local govern-
country even if it doesn’t love him back in equal to deliver the gains he promised. It’s because the ments that tax it.
measure?” inflation ignited by his overspending has caused ROBERT P. PALMER
Thanks for the uplift, Mr. President. Since real wages to decline across his Presidency. It’s Alexandria, Va.
Mr. Biden is asking questions, is this what he because the world is a mess and he seems to
wants these young graduates to believe about have no idea what to do about it.
Letters intended for publication should
their country—that American democracy is de- He can’t run on that record, so he is trying be emailed to wsj.ltrs@wsj.com. Please
fined by its racial animosity, as if they still live to change the subject by dividing Americans include your city, state and telephone
in the Jim Crow South? with racial demagoguery. It’s not a message number. All letters are subject to “She was successful in her
As others have noted, imagine working hard worthy of a President, though it looks like it’s editing, and unpublished letters cannot attempt to cross the road.
be acknowledged.
for four years to graduate and on a day of cele- the best Mr. Biden has to offer. The 8 lane highway, not so much.”
OPINION
Iran’s Succession After Ebrahim Raisi

By Shay Khatiri and put him under house arrest. A leader or a council wouldn’t end
T
year later, in 1989, Khomeini died those protests. That would take re-
he sudden death of Iran’s without an heir apparent. gime change or a crackdown.
President Ebrahim Raisi Different power brokers gathered The U.S. should take advantage of
will have little immediate to form a search committee for the such unrest. After the 2015 nuclear
effect on the regime. A for- next supreme leader. Mr. Khamenei, deal failed to modify the regime’s
mer president once de- at the time the president, became in- behavior, even most Democrats
scribed his job as “the system’s logis- terim supreme leader. The search abandoned hope that the regime will
tics officer.” The next president, like committee then settled on him to as- reform itself. Everyone needs to take
previous ones, will enforce the poli- sume the position permanently. They this analysis to its logical conclusion
cies dictated by Supreme Leader Ali viewed him as a buffoon and a weak- to accept that indigenous regime
Khamenei and by the Islamic Revolu- ling, easily manipulated. change, supported by the U.S., is the
AHMAD AL-RUBAYE/AFP/GETTY IMAGES

tionary Guard Corps. But Mr. Raisi’s What followed will be a caution- only solution to the Iran problem.
death at 63 isn’t trivial. He was one ary tale for picking Mr. Khamenei’s Mr. Khamenei is the glue that holds
of the two candidates often cited to successor. Mr. Khamenei drew a the regime together. His death would
succeed Mr. Khamenei and his ab- charismatic image of himself. He create a vacuum to exploit.
sence will affect the succession when eliminated his rivals, exercised abso- If the Islamic Republic survives, a
the supreme leader, who is 85, dies. lute rule and became the most pow- supreme leadership council would
erful man in Iran. Learning from this be a positive development for U.S.
experience, opposing factions will interests. Such a council would end
When the supreme leader find it difficult to compromise on a the charismatic leadership that has
candidate when the position again Mourners outside the Iranian Embassy in Baghdad. been crucial in rallying conservative
dies, instability is likely. becomes vacant. youth to fight for the regime’s sur-
The U.S. should prepare There are three major power bro- ary grievance against the shah’s who is likely to rule for decades. As vival. It would expose the regime to
kers in Iran: the IRGC, the clergy and monarchy was its hereditary charac- Mr. Khamenei evaluates candidates internal divisions, a house divided
to take advantage of it. the people. The IRGC is the wealthi- ter, which Mr. Khamenei as a young to succeed Raisi as president, the against itself.
est. The clergy has ideological legiti- revolutionary condemned. This will IRGC is doing the same to find the When Mr. Khamenei dies, the U.S.
macy among the 10% to 20% of Irani- count against his son’s claim. Before next supreme leader. We should ex- should be prepared to support the
The Islamic Republic’s founder ans who support the regime and are becoming president, Raisi was a pect to meet an IRGC-affiliated cleric protest movement. The absence of a
and first supreme leader, Ayatollah religious. However imperialist the Is- product of the judicial system, which soon who will condemn the “immo- supreme leader and internal regime
Ruhollah Khomeini, thought he had lamic Republic might be, it is fore- is in charge of investigating and rality” of Iranian youth and the im- divisions will make a crackdown
arranged for a smooth succession. most a theocracy. The people are the prosecuting crimes as well as trying perialism of the U.S. and Israel. more difficult. The longer protests
Hossein-Ali Montazeri was Kho- largest faction but have no power them. Raisi served a term as the na- The likeliest outcome following go on, and the more intense they
meini’s loyal student in the Qom within the system. They do, however, tion’s prosecutor-general. He gath- Mr. Khamenei’s death is a council of are, the harder it will be for the re-
seminary and had played a major have a fearsome capacity to disrupt ered enough dirt on other political leaders—three men leading the regime to deliberate and settle on a
role in elevating his teacher to be- domestic order and perhaps even players to be able to get what he gime so none can become a cult fig- single candidate while struggling to
come the head of the school. When topple the regime. wanted through blackmail—and ure, and all three factions will get a enforce domestic order. The U.S.
Khomeini was sent to exile, Montaz- None of the three sides will agree would have been able to convince candidate that will appeal to them. should use covert methods, too, to
eri became his “plenipotentiary rep- to a compromise when Mr. Khamenei the regime’s apparatus to elevate But the Iranian people wouldn’t ac- prolong the succession process. If
resentative” in Iran. After the revo- departs the scene. Until this week, him. We should be mindful of this in cept such a council. Even the more America misses this opportunity to
lution, Khomeini announced Monta- the IRGC favored Raisi to be elevated considering whether a conspiracy reform-minded clerics would be un- prevent the triumph of another uni-
zeri as his deputy and successor. to supreme leader. The powerful caused his demise. acceptable to a youthful and liberal tary supreme leader, it might have
.
In the late 1980s, however, Mon- Qom seminary favors Mr. Khamenei’s With his death, the IRGC has lost population, only a minority of whom to wait for decades.
tazeri became disillusioned with the son Mojtaba. The people want to do its darling. It will now move to find identifies as Shiite Muslims accord-
ly
regime’s tyranny. Eventually, he fell away with the entire system. someone new to elevate. It is hard to ing to surveys. Mr. Khamenei’s death Mr. Khatiri is a vice president and
out of favor for dissent, and Kho- Raisi had significant advantages believe that the corps would simply or resignation would spark protests senior fellow of the Yorktown Insti-
meini stripped him of his positions over his main rival. One revolution- assent to a suboptimal candidate inside Iran, and a new supreme tute.
on
The CFPB’s Pyrrhic Supreme Court Victory
us ,
By Hal Scott victory may turn out to be a stunning been “drawn from the Treasury” and surplus to the Treasury stopped. As sury.” This means the agency can’t
l
S
defeat. therefore the law redirecting it com- of last Wednesday, the Fed’s “de- rely on the Appropriations Clause—
e
al a
en. Elizabeth Warren took a vic- Ms. Warren, then a Harvard Law plies with the Appropriations ferred asset” accounting entry, repre- or last week’s decision by the high
tory lap last week after the Su- School professor, proposed the CFPB Clause. senting the cumulative amount by court—to justify the legality of its
preme Court struck down a in 2007. Congress established the bu- In 2017, the year the CFPB promul- which the Fed’s costs have exceeded continued operations.
ci on
challenge to the funding scheme for reau as part of the Dodd-Frank Act of gated the Payday Lending Rule, the its income, equals $169 billion. Its general operations may now be
her brainchild, the Consumer Finan- 2010. It is charged with protecting Fed had a surplus of $80.6 billion, far The Fed can operate with the neg- illegal, including current enforcement
cial Protection Bureau. “When you’re consumers of financial products from in excess of the $602 million it pro- ative capital that the deferred asset of all its rules. Major regulations pro-
as good as @CFPB is at doing its job unfair or deceptive practices. vided to the CFPB. The Fed continued represents because it can create mulgated since at least 2023 could
to protect consumers, you can expect Dodd-Frank devised a unique to run surpluses in excess of CFPB for money. But the Fed has estimated also be invalid. So could major regu-
er s
that giant banks, payday lenders, and funding mechanism for the bureau—a another five years. From January that it won’t make back these losses lations now under consideration,
Republican politicians will come after standing source of funding outside until mid-2027. Only when it does such as the Credit Card Penalty Fee
m er
it and try to shut it down,” she the ordinary annual appropriations will it resume remitting profit to the Rule (which would cap late fees) and
tweeted on Friday. “But yesterday, process. Each year the bureau may The Constitution allows Treasury. the Nonsufficient Funds Fee Rule
the Supreme Court followed the law, requisition from the earnings of the Nonetheless, the Fed has contin- (which would prohibit charges for
and the @CFPB is here to stay!” Federal Reserve System the amount the Federal Reserve’s ued to fund the CFPB, deepening its many declined-payment transac-
Not so fast. It’s true that CFPB v. determined by the bureau’s director profits to fund the bureau. losses, to the tune of $721 million in tions).
m rp
Community Financial Services Associ- to be reasonably necessary to carry 2023. This funding is supposed to This CFPB shutdown could be ac-
ation of America, a 7-2 decision writ- on its duties, subject to certain limits. But the Fed has no profits. come from Fed earnings, and unless complished through a new round of
ten by Justice Clarence Thomas, up- The court held that this funding the term “earnings” is understood to litigation—or if Donald Trump be-
held the bureau’s 2017 Payday mechanism passed constitutional mean revenue without regard to comes president again, he could or-
Lending Rule. The justices held that muster. The Appropriations Clause through August 2022, the Fed made cost—a strained interpretation, even der it himself. Meanwhile the Fed it-
co Fo
the Constitution’s Appropriations requires that any money “drawn regular remittances to the Treasury in government accounting—the CFPB self should itself have to justify how
Clause authorizes Congress to fund from the Treasury” be pursuant to totaling $77.2 billion, again far in ex- would seem to have no valid claim it can fund an agency when the Fed
the bureau with profits from the Fed- “appropriations made by law.” Jus- cess of the $642 million it provided now to any money from the Fed. has no real earnings. Justice Thomas
eral Reserve. But for nearly two years tice Thomas observes that under the to the CFPB that year. Even if the Fed can justify its pay- may have given Ms. Warren a pyrrhic
the Fed has been losing money be- Federal Reserve Act, “surplus funds But as the central bank raised ment based on the Dodd-Frank stat- victory.
cause of rising interest rates. That in the Federal Reserve System would rates to fight inflation, the earnings ute, the constitutional problem re-
calls into question the legitimacy of otherwise be deposited into the gen- on its assets shrank relative to the mains. Since the Treasury no longer Mr. Scott is an emeritus professor
the CFPB’s funding since September eral fund of the Treasury.” Since the cost of servicing its liabilities. In Sep- receives any surplus from the Fed, at Harvard Law School and director
2022—and all regulations issued dur- money would otherwise have gone tember 2022 the Fed’s costs began to central-bank funding can no longer of the Committee on Capital Markets
ing that period. The CFPB’s dramatic to the Treasury, it counts as having exceed its income, and remittances of be considered “drawn from the Trea- Regulation.
Higher Ed Has a Progressive Disease. Can It Be Reversed?

n-
claim victim status, indoctrinated by deemably racist and that his political too. As Mr. Biden was crudely propa- one died. An entire critical academic
teachers who for decades have been opponents are bringing back Jim gandizing at Morehouse College, I year was saved for a generation of
no
peddling a dishonest education inimi- Crow, banning black history books was at the University of Notre Dame students.
FREE cal to American ideals. And all this is and denying water to black people to see my daughter graduate from It was a characteristically inde-
EXPRESSION paradoxically facilitated by the con- waiting in line to vote. the nation’s leading Catholic univer- pendent decision, an independence
By Gerard Baker tinuing munificence of wealthy If this is what our colleges have sity. reflected in the school’s continuing
A
Americans, who are unimaginably become, maybe we should junk the America’s class of 2024 has had commitment to intellectual diversity.
s the academic year winds successful thanks to the application whole thing: starve higher education more than the usual challenges of I have seen three daughters graduate
down, you could be forgiven of those same American ideals but so of money, purge the ranks of the ad- young adulthood, their high-school from this great university, with a
for thinking American higher desperately seek the imprimatur of ministrators, encourage the young to senior and college freshman years fourth still enrolled. In an age of nar-
education is in an advanced state of these academic brands for their prog- stay away and learn something useful rowing intolerance, Notre Dame con-
moral and spiritual decay. eny that they’ll pay any price, toler- instead like plumbing. Or maybe wait tinues to champion the virus of open-
It has been a dispiriting year. To ate any insult, swallow any lunacy for until artificial intelligence has re- The prognosis seems grim, mindedness.
the familiar noisy intolerance of that coveted Harvard degree. placed the faculty, administration Father John Jenkins, the univer-
opinions that deviate from modern The graduation season that brings and students, submitting to the ro- but I found signs of life as a sity president for the past 19 years, is
ideological orthodoxies, we have it all to a seasonal climax has only bots’ more benign academic and proud father at Notre stepping down this summer. On Sun-
added new spectacles of academic underscored how deep the corrosion practical tutelage. day he apologized to the graduating
shame. The presidents of our most is: Commencement ceremonies can- Yet grim as it all is, there’s an- Dame’s commencement. class that they had him rather than
prestigious universities demurred celed or noisily disrupted by the other story—one of teachers and ad- Taylor Swift or another exciting ce-
when asked whether calls on their Hamasniks; a professional football ministrators who practice and preach lebrity as their commencement
campuses for a Jewish genocide are player hauled through the stocks of the ideal of a university, of students disrupted or canceled on account of speaker. Then he turned serious and
permissible. Meanwhile, campuses public disapproval for daring to sug- eager to absorb and participate in a the Covid pandemic. Notre Dame was urged them to pursue the values of
have seen sustained and well-orches- gest that motherhood might be a traditional education that deepens one of the few major universities that toleration and openness to others
trated demonstrations of support for high calling. And then on Sunday the the intellect and broadens the mind, brought students back to campus in and to resist the temptation to de-
Islamist terrorists. president of the United States using exposing themselves to ideas that the 2020-21 school year, and it did so monize others: “The invitation to vil-
Our supposed next generation of a commencement address as a plat- challenge them. to predictably shrill accusations from ify an opponent is so seductive, per-
leaders spouting hate and drivel in form for abject demagoguery. He told I’ll admit this might be a some- the media and educational establish- haps because it can seem like a
equal measure, while the most privi- a class full of young black Americans what subjective and rose-tinted view. ment that it was putting lives at risk. confirmation of our own virtue. If we
leged class of people in the nation that the country he leads is irre- But I think it has wider application It was a brave and brilliant move. No speak only to those with whom we
agree, our contempt for the evil op-
position can seem like a sign of our
Notable & Quotable: Rushdie

own moral superiority.”
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY This is an essential point: If we
Lachlan Murdoch want to repair the rifts in our na-
Executive Chairman, News Corp Salman Rushdie in a May 19 inter- bly. Right now, if there was a Pales- tional fabric, we could start by prac-
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp view with Bild, a German newspaper: tinian state, it would be run by ticing tolerance in our places of
Emma Tucker Almar Latour Hamas, and that would make it a Tal- learning. Notre Dame is far from
Editor in Chief Chief Executive Officer and Publisher Right now, [one] has to be dis- iban-like state, and it would be a cli- alone. In recent weeks we have seen
Liz Harris, Managing Editor DOW JONES MANAGEMENT: tressed by what is happening in Gaza ent state of Iran. And is that what other university leaders and faculty—
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; because of the quantity of innocent the progressive movements of the and even, most encouragingly, stu-
Elena Cherney, Senior Editor; David Crow, Mae M. Cheng, EVP, General Manager, Leadership;
Executive Editor; Chip Cummins, Newswires; David Cho, Barron’s Editor in Chief; Jason P. Conti, death. I would just like some of the Western left wish to create? To have dents—take a stand against intoler-
Andrew Dowell, Asia; Taneth Evans, Associate General Counsel, Chief Compliance Officer; protests to mention Hamas, because another Taliban, another ayatollah- ance.
Dianne DeSevo, Chief People Officer; Jared DiPalma,
Editor; Brent Jones, Culture, Training & Outreach;
Chief Financial Officer; Frank Filippo, Chief
that’s where this started. And Hamas like state in the Middle East, right It might just be the warm glow of
Alex Martin, Print & Writing; Michael W. Miller,
Transformation Officer; Artem Fishman, Chief is a terrorist organization, and it’s next to Israel? So I feel that there’s hope a proud father feels watching
Features & Weekend; Prabha Natarajan,
Professional Products; Bruce Orwall, Enterprise;
Technology Officer; David Martin, Chief Revenue very strange for young, progressive not a lot of deep thought happening. his child step into the world, but I
Officer, Business Intelligence; Dan Shar, EVP,
Philana Patterson, Audio; Amanda Wills, Video General Manager, Wealth & Investing; Ashok Sinha, student politics to kind of support a There’s an emotional reaction to the believe America’s greatness lies in
SVP, Head of Communications; Josh Stinchcomb, fascist terrorist group. They’re talk- death in Gaza, and that’s absolutely the character of its people, and as
Paul A. Gigot EVP & Chief Revenue Officer, WSJ | Barron’s
Editor of the Editorial Page ing about “free Palestine,” and I right. But when it slides over to- long as there are places where that
Group; Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
mean, I’m somebody who has argued wards antisemitism, and sometimes character is nurtured rather than
1211 Avenue of the Americas, New York, N.Y., 10036 for a Palestinian state for most of my to actual support of Hamas, then it’s corrupted, we all have reason for
Telephone 1-800-DOWJONES life—I mean, since the 1980s, proba- very problematic. hope.
WORLD NEWS
Nickel Quest Underpins Riots
DELPHINE MAYEUR/AGENCE FRANCE-PRESSE/GETTY IMAGES

France wants to lift indigenous population, diluting dence parties, called it a “colo- lute the influence of the
the influence of the native Ka- nial pact to regain control of independence movement.
export restrictions nak people. At the same time, New Caledonia’s resources.” “Questions of independence
in New Caledonia to pro-independence parties are Six people have been killed are questions of decades
fighting a French proposal that and hundreds injured during past,” Macron said. “If inde-
supply clean energy would lift restrictions on ex- the unrest. The rioting is a pendence means choosing to-
porting unprocessed nickel blow to what Paris calls its morrow to have a Chinese
BY MATTHEW DALTON and give priority to shipments Indo-Pacific strategy—its plans base here or to be dependent
AND SAM SCHECHNER to European factories making to use its overseas territories on other fleets, good luck!”
electric-vehicle- to counter the The archipelago’s residents
PARIS—Before riots swept batteries. influence of have voted three times against
New Caledonia last week, “Nickel is China in the In- independence from France,
French President Emmanuel wealth for New Residents of the dian Ocean and most recently in a 2021 refer-
Macron aimed to put the re- Caledonia,” Ma- archipelago the Pacific. The endum that was boycotted by
mote Pacific territory—and its cron said on a vast region is pro-independence parties. French forces cleared road blocks barring way to the airport.
massive reserves of nickel—at trip there last voted against home to some Those votes preserved the sta-
the center of France’s push to year. “It is also, of the world’s tus quo that gives New Cale- ium-ion batteries that power ing, down by nearly 40% since
secure raw materials for the and I empha-
independence richest mineral donia significant autonomy most of the world’s electric the start of 2023. The nickel
clean-energy transition and size this, a ma- three times. deposits. Chi- and control over its nickel re- vehicles. The International En- industry now accounts, directly
compete against China in man- jor strategic re- nese companies sources, which have long been ergy Agency says demand for and indirectly, for roughly a
ufacturing electric vehicles. source for have invested the lifeblood of its economy. nickel in EV batteries will quarter of the territory’s jobs.
Those plans are colliding France and Eu- heavily in Indo- New Caledonia is the more than quadruple by 2030 “The nickel market has
with a hard-line local political rope, at a time when we have nesia’s nickel sector, transform- world’s third-largest producer as governments push consum- worsened the overall eco-
movement that seeks indepen- undertaken a massive reindus- ing the country into the world’s of primary nickel, which in- ers to buy electric vehicles. nomic environment,” said
dence from France and is re- trialization effort.” largest producer of the metal cludes raw ore and lightly pro- But for now, New Caledo- Jean-Michel Sourisseau, a re-
fusing to go along. Pro-independence leaders and a major supplier to China’s cessed forms of the metal. De- nia’s industry is in deep trou- searcher at the French Agri-
The rioting exploded after denounced the French plan electric-vehicle factories. mand has surged over the past ble. A surge of new production cultural Research Center for
lawmakers in Paris approved when it was unveiled in March. French officials have re- two years because nickel is a from Indonesia and a slump in International Development,
legislation to give more voting Ronald Frère, a founding mem- sponded with a plan to em- critical material for clean-en- the electric-vehicle industry “and made the situation more
rights to New Caledonia’s non- ber of one of the pro-indepen- brace New Caledonia and di- ergy technologies, mainly lith- have sent nickel prices plung- delicate and explosive.”
WORLD WATCH TAIWAN UNITED KINGDOM UNITED KINGDOM

Inaugural Address Court Lets Assange Inquiry Lays Out
Walks Narrow Line Appeal Extradition NHS Blood Scandal
In a carefully calibrated in- WikiLeaks founder Julian British authorities and the
augural address Monday, Assange can appeal against country’s public health service
President Lai Ching-te said extradition to the U.S. on es- knowingly exposed tens of
Taiwan would serve as a pionage charges over his thousands of patients to
“helmsman of global peace.” website’s publication of clas- deadly infections through
.
He offered to keep Taiwan sified U.S. documents almost contaminated blood and blood
ly
open to engagement with 15 years ago, a London court products, and hid the truth
China while also pushing ruled Monday. for decades, a report follow-
back against Beijing’s territo- Assange’s lawyers had ar- ing a four-year inquiry into
rial claims over Taiwan. “We gued that the U.S. provided the scandal revealed Monday.
on all know that only where you
have sovereignty, do you
have a country,” said Lai, who
won election over two candi-
inadequate assurances that
he would have the same free-
speech protections as a U.S.
citizen. Attorney James Lewis,
An estimated 3,000 people
are believed to have died and
many others were left with
lifelong illnesses after receiv-
dates who campaigned on representing the U.S., said ing blood or blood products
us ,
closer ties with China. neither U.S. citizens nor for- tainted with HIV or hepatitis
l
Lai’s speech should be a re- eign citizens “are entitled to from the 1970s to the early
e
al a
lief to the U.S. “that he in fact rely on the First Amendment 1990s. The scandal is widely
WANG SONG/XINHUA/ZUMA PRESS
is going to be predictable,” in relation to publication of il- seen as the deadliest disaster

ci on
said Lev Nachman, a political legally obtained national de- in the history of Britain’s
scientist at National Chengchi fense information giving the state-run National Health Ser-
University in Taiwan. But names of innocent sources.” vice, which dates to 1948.
Chen Binhua, a spokesman Assange has spent the Prime Minister Rishi Sunak
for China’s Taiwan Affairs Of- past five years in a British said details of a compensa-
fice, said Lai’s comments “un- prison after taking refuge in tion package, expected to to-
er s
dermine peace and stability the Ecuadorean Embassy in tal $12.7 billion, would be an-
PRIME CATCH: An exhibitor showed a bighead carp at the eighth China-Russia Expo in across the Taiwan Strait.” London for seven years. nounced Tuesday.
m er
Harbin, China, on Monday. The event showcases more than 5,000 products from 10 sectors. —Joyu Wang —Associated Press —Associated Press
m rp
co Fo
n-
no
BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved. * * * * * * THE WALL STREET JOURNAL. Tuesday, May 21, 2024 | B1
S&P 5308.13 À 0.09% S&P FIN g 1.21% S&P IT À 1.32% DJ TRANS g 0.47% WSJ $ IDX À 0.17% 2–YR. TREAS. yield 4.837% NIKKEI (Midday) 39135.91 À 0.17% See more at WSJ.com/Markets
Prominent
Red Lobster Files for Bankruptcy Starwood
The seafood chain
struggled with a
prices crept higher. An unlim-
ited shrimp deal also took a
bite out of earnings.
Fla. The company has 551 lo-
cations in 44 U.S. states left
open, according to a court fil-
Many casual-dining chains
depend on visits from con-
sumers with incomes of
and operational challenges
and emerge stronger and refo-
cused on our growth.”
REIT Hit
decline in diners
since the pandemic
The chain plans to sell its
business in the bankruptcy
process, with lenders led by
ing by Chief Executive Jona-
than Tibus.
The company filed for
$50,000 or less, a segment of
Americans who have in partic-
ular reduced visits or ordered
Just as the chain started to
claw its way back from the
steep decline in traffic it suf-
By Cash
BY SOMA BISWAS
AND P.R. VENKAT
Fortress Credit designated as
the bidder to beat. It also
plans to reduce the number of
bankruptcy on Sunday in the
U.S. Bankruptcy Court for the
Middle District of Florida in
fewer items when eating out,
industry data shows.
Existing lenders are ad-
fered during the pandemic, it
faced a slowdown in business
over the past year, Tibus said
Problems
restaurants it operates. Orlando, where it is based, af- vancing $100 million in new in the court filing. The chain’s
Red Lobster, the largest Known for its cheddar bis- ter its cash reserves dried up. loans to finance the com- guest count has climbed only BY PETER GRANT
seafood restaurant chain in cuits and popcorn shrimp, Red Restaurant chains are pany’s stay in chapter 11. marginally after a 30% drop
the U.S., filed for bankruptcy Lobster recently closed dozens struggling with declining cus- “This restructuring is the during the pandemic, Tibus A giant commercial real-es-
after failing to recover from of U.S. locations, including in tomer traffic as consumers, best path forward for Red said. tate fund is scrambling to es-
dwindling traffic it suffered Denver, San Diego, Indianapo- especially low-income diners, Lobster,” Tibus said. “It allows Although sales rose 25% be- cape a looming cash crunch
during the pandemic as menu lis, San Antonio and Orlando, pull back on spending. us to address several financial Please turn to page B2 caused by the long line of in-
vestors who want their money
back.
The $10 billion fund from
Convicted Starwood Capital Group has
been trying to preserve its
available cash and credit by
Nikola limiting investor redemptions.
In the first quarter, the fund
was hit with $1.3 billion in
Founder Is withdrawal requests but satis-
fied less than $500 million of
them, according to regulatory
Its Biggest filings.
Even with these limitations,
Antagonist the fund’s liquidity, consisting

of cash, marketable securities
and a bank line of credit, has
.
been drying up. It totaled $752
BY BEN FOLDY million at the end of April,
ly
down from $1.1 billion at the
Embattled hydrogen-truck end of last year. It was $2.2
maker Nikola wants to put its billion at the end of 2022, ac-
convicted founder in the
rearview mirror. Trevor Milton
has had other plans.
Milton, whose over-the-top
on cording to filings.
“They don’t have a lot of li-
quidity left,” said Kevin Gan-
non, chief executive of Robert
VINCENT ALBAN/REUTERS
promotion helped make Nikola’s A. Stanger, an investment
us ,
shares worth billions at one bank that specializes in real-

l
point, still owns a stake in the estate funds.

e
al a
company. He has publicly criti- These developments have

cized and tried to replace the left the Starwood Real Estate
company’s board. He is in a le- Income Trust, known as Sreit,
ci on
gal fight with Nikola over a Potentially, future quantum computers will be able to calculate all the potential ways to assign planes to airport gates. with three options—none of
$165 million arbitration award. them appealing. It could take
Lawyers and representatives on more debt. It could sell
for Milton didn’t respond to
several requests for comment. Quantum Computing Tackles properties into a tough mar-
ket. Or it could halt completely
er s
The former chief executive or limit further redemptions, a
Optimizing Airport Connections

was convicted in 2022 of three move that would greatly im-
m er
counts of fraud for repeatedly pair the fund’s ability to raise

misrepresenting Nikola’s busi- new money. Unless it takes
ness. He was sentenced in De- one of these three steps, Sreit
cember to four years in prison. looks poised to run out of cash
He has appealed his conviction BY BOB HENDERSON instantaneously, no matter 0 Bit 0 and credit before year-end if
m rp
and remains out on bond. how far apart they are—a phe- or the current pace of redemp-
Nikola delivered 40 hydro- One day, you might avoid a nomenon that Albert Einstein tions continues.
gen-powered trucks in the first missed flight connection be- called “spooky action at a dis- Traditional computers Other real-estate funds are
quarter, posting a loss of $147 cause of the weird ability of tance.” use electronic circuits to handling the pressure from the
million. Its shares trade around very small particles to act as Eventually, quantum com- store information in bits, long queue of redemptions to
co Fo
record lows at 53 cents, giving though they are in two places puters could make it possible digital zeros and ones varying degrees. The largest of
the company a market valua- at once. to engineer materials at the encoded by the presence the funds, Blackstone Real Es-
tion of less than $750 million. This bizarre behavior of the molecular level and crack 1 and absence of electricity. 1 tate Income Trust, or Breit,
Milton, 42 years old, became subatomic world is what al- many of the defenses used to has $7.5 billion in liquidity and
a multibillionaire when Nikola lows so-called quantum com- secure the internet. 0 earlier this year was able to
went public in 2020 and its puters to perform some calcu- The massive, high-quality fulfill all redemption requests.
soaring share price made it lations far, far faster than their machines needed to perform Quantum computers But withdrawals continue to
briefly worth more than Ford conventional counterparts. It these tasks are likely still at instead use qubits, particles exceed new fundraising.
Motor. Shortly after that, the also could soon be helping least a decade away. But re- such as electrons that are Sreit was one of the most
company was hammered by a smooth some problems in our cently, quantum computers put in ‘superposition’ prominent real-estate funds
report from New York-based daily lives. from companies including IBM with lasers or launched between 2017 and
short-selling firm Hindenburg Ordinary computers store and D-Wave Systems have microwave beams. 2022, second in size only to
Research, which focused largely information as binary digits, or beaten the world’s most pow- Quantum bit Breit. These funds, known as
n-
on Milton’s misrepresentations, bits, which can be either zeros erful conventional computers In superposition, nontraded real-estate invest-
exaggerations and stunts. Most or ones. Quantum computers at some calculations relevant quantum bits exist in ment trusts, invest in commer-
memorable was a promotional use qubits, or quantum bits, to physics. two states—both a zero cial property much as publicly
video of a Nikola truck that ap- which are much richer objects. While these quantum ma- and a one—at the same traded REITs do. In all, these
time. As qubits have three
no
peared to be driving down a Their values can be a complex chines are still small and error- vehicles raised about $95 bil-
road under its own power. In mixture of zero and one be- prone, the advances are spur- quantum dimensions, lion, mostly from individual
reality, the truck had been cause they rely on this behav- ring companies and physicists often use investors, according to
rolled down a hill. ior of atoms and smaller par- researchers to pursue more- points on a sphere to Stanger.
Milton stepped away from
the company days later. As part
ticles.
Qubits also can coordinate
practical applications—such as
swiftly calculating how to min-
represent them.
1 The funds also were very
popular when interest rates
of his separation agreement, their actions with other qubits Please turn to page B4 Peter Champelli/THE WALL STREET JOURNAL Please turn to page B2
Milton retained a large stake
but agreed not to vote his
shares against the board of di-
rectors for three years.
Milton quickly turned into
INSIDE Disgraced 1980s Trader Ivan Boesky Dies
the company’s No. 1 antagonist.
Two years in a row, he refused BY GREGORY ZUCKERMAN
ANDRES KUDACKI/ASSOCIATED PRESS
to vote his shares to allow the

company to raise capital, which Ivan Boesky, who went to
would have diluted his stake, prison and paid a record $100
contributing to repeated post- million fine for insider trad-
ponements of shareholder ing, becoming a symbol of ex-
meetings. travagance and corruption on
Nikola then sued Milton late Wall Street, has died at the
last year to collect on a $165 age of 87.
million arbitration judgment. His daughter Marianne
An arbitration panel ruled last BANKING Boesky confirmed his death.
fall that Milton bore responsi- JPMorgan CEO Jamie Boesky’s 1986 guilty plea
bility for 97% of Nikola’s liabil- and his cooperation with fed-
Please turn to page B2
Dimon says he will eral authorities led to the col-
likely leave job in fewer lapse of Michael Milken’s
$80 than five years. B5 junk-bond empire and the end
of the frenzied debt-fueled
70
takeovers that grabbed head-
Nikola’s lines and upended many in-
share price dustries. Boesky’s dramatic
60
rise and fall marked a decade
that became synonymous with
50
CFOTO/DDP/ZUMA PRESS
unbridled ambition and greed.

ASSOCIATED PRESS
For much of the 1980s,

40 Boesky was among America’s
wealthiest and best-known fi-
30 nanciers. He earned a fortune
from successful bets on the Boesky, seen in 1987, pleaded guilty to conspiracy, ending an era of debt-fueled takeovers.
20 shares of takeover candidates,
HEARD ON both rumored and real, usually some of the most prominent ful campaign for mayor of New of most of his fortune and
10 Monday THE STREET before the transactions took and wealthy investors. York. Boesky’s $100 million ended his career. Eventually,
place. His downfall was both Boesky’s prosecution was a fine, which included $50 mil- regulators would embrace new
53 cents Tariffs close off route abrupt and shocking, revealing high-profile coup for then- lion in illegal profits, was the rules to try to restrict insider
0 to affordable electric to the public how pervasive in- Manhattan U.S. Attorney Ru- largest in Securities and Ex- trading and create a more even
2021 '22 '23 '24 vehicles. B12 sider trading was in the finan- dolph Giuliani, who parlayed it change Commission history. It playing field for investors.
Source: FactSet cial world, especially among and other cases into a success- stripped the then-49-year-old Please turn to page B5
B2 | Tuesday, May 21, 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 G Palo Alto Networks.............A2

Airbus...............................................B3 Grant Thornton........................B3 Panasonic....................................B12
Paycom...........................................A2
Alight Solutions....................A12 H
Apple.................................................A2 Polestar........................................B12
Hims & Hers Health.........B12
B R
Huawei Technologies..........B2
Blackstone....................................A2 Hyundai Motor.........................B4 Royal Caribbean.....................B11
Ryanair............................................B3
Boeing..............................................B3 I
Broadcom......................................A2 S
Invitation Homes....................B2
BYD..........................................B2,B12 Starwood Capital....................B1
J
C T
JPMorgan Chase....................B5
GREG BAKER/AGENCE FRANCE-PRESSE/GETTY IMAGES

Carlyle..............................................A2 Taiwan Semiconductor
Carnival..........................................B11 L Manufacturing......................A2
Charter CommunicationsA2 LG Energy...................................B12 Talent Nation...........................A11
Chubb..............................................B11 Li Auto.............................................B2 Tesla.................................A1,B2,B12
Comstock Resources..........B11 N Thai Union...................................B2
Toyota Motor..........................B12
D Netflix.............................................B11
TPG....................................................A2
Dash Hudson............................A11 Newag...............................................A1
V
Digital Currency.....................B11 New Mountain Capital......B3
Vanguard.....................................A12
E Nikola.................................................B1
Norwegian Cruise Line....B11 W
Eli Lilly...........................................B12
Novo Nordisk...........................B12 White Fox....................................A11
EQT...................................................B11
Nvidia......................................A2,B11 X
F The Chinese hybrid-vehicle specialist’s operating expenses were up 71% from a year ago, partly due to higher staff levels.
O XPeng...............................................B2
Li Auto Profit Falls on Higher Costs

Fidelity Investments.........A12
Ford Motor................................B12
OpenAI............................................B4 Z
Foxconn Technology............A2 P ZTE.....................................................A2
INDEX TO PEOPLE BY JIAHUI HUANG AND BEN OTTO ating loss in the first quarter, vehicles and post revenue of 21.9% in the first quarter.
with operating expenses up 29.9 billion yuan to 31.4 billion Li Auto’s vehicle margin
A Jansen, Rolf Habben...........B3 R Li Auto forecast rising de- 71% from a year ago, partly yuan. slipped to 19.3% from 19.8% a
Altman, Sam..............................B4 Jones, Jerry................................B11 Richison, Chad..........................A2 mand for its vehicles in the because of higher staff levels Li Auto has hit speed year ago and 22.7% in the
K second quarter after its first- and the expansion of its sales bumps in 2024 after weaker- fourth quarter, hurt by lower
Arora, Nikesh.............................A2 S
quarter profit was hurt by a and servicing network. than-expected orders for the average selling prices as the
C Kenny, Paul..................................B2 Sand, Peter..................................B3 steep rise in research and The bottom line was sup- MEGA, its first fully electric company changed pricing
Clerc, Vincent.............................B3 L Schwartz, Harvey...................A2 other operating expenses that ported by higher net interest vehicle. Soon after the EV’s strategy, it said.
D Silbert, Barry............................B11 offset higher sales. income and investment in- debut in March, Li Auto cut its Li Auto has been among a
Lake, Marianne........................B5
Sonnenshein, Michael.......B11 The Chinese hybrid-vehicle come, which more than dou- first-quarter sales target, cit- handful of profitable Chinese
DiGeronimo, Richard...........A2 Lansing, Will..............................A2
Sternlicht, Barry......................B2 specialist said Monday that bled. ing missteps in rollout strat- EV makers, but it faces in-
Dimon, Jamie.............................B5 Lewis, Holden..........................A12 first-quarter net profit fell Revenue rose 36% to 25.63 egy. tense price competition from
Sutton, Jeff.................................A2
G M 36% from a year earlier to billion yuan, just above ana- Still, the company main- rivals including Huawei-
T
Gannon, Kevin............................B1 592.6 million yuan, or $82.0 lysts’ estimates of 25.42 bil- tained its status as one of the backed Seres, Tesla, BYD and
Marinier, Alex...........................B11
.
Tan, Hock......................................A2 million. lion yuan. few Chinese EV makers with a XPeng. The company cut
Goldfarb, Mike.........................A11 Milken, Michael.........................B1 That was well short of esti- Li Auto delivered 80,400 gross margin above 20%. prices across the board last
ly
Thomas, Chris...........................A2
Goodrich, Jimmy.....................A2 Milton, Trevor.............................B1 Tibus, Jonathan........................B1 mates for 1.63 billion yuan in a vehicles in the first quarter, Its first-quarter gross mar- month.
H Mintzberg, Peter...................B11 Tsakiris, Dennis........................B3 FactSet poll of analysts and up from 52,584 a year ago but gin was 20.6%, up from 20.4% Investors are hoping that
Musk, Elon..................A1,A3,B12 marked a 90% drop from the down from nearly 132,000 in a year earlier and down from sales will recover in May, sup-
Herbert, Tim...............................A4 W
Howle, Jerry...............................B4
Hu, Wei.........................................A12
J
P
Piepszak, Jennifer..................B5
Pinto, Daniel...............................B5
on
Werner, Matthew...................B2
Winfrey, Chris...........................A2
Winkelried, Jon........................A2
fourth quarter, when Li Auto
posted a record number of ve-
hicle deliveries.
Li Auto swung to an oper-
the fourth quarter.
For the second quarter, Li
Auto said it expects to deliver
between 105,000 and 110,000
23.5% in the fourth quarter.
Competitor BYD, the world’s
largest maker of EVs, recently
reported a gross margin of
ported by a government trade-
in program and orders for its
L6, a five-seat premium SUV
launched last month.
us ,
l
Real-Estate Sreit fundraising, monthly* Sreit redemptions, quarterly would be a last resort because
Red Lobster around but instead contrib-
e
al a
it would make it even harder uted to millions of dollars in

$800 million $800 million
to raise new money. One of the losses. The company intends
Fund Faces main selling points of Sreit

Files for to investigate former CEO
ci on
700 has been that investors would Paul Kenny’s decision to make
600 be able to redeem their shares, the $20 unlimited shrimp deal
Cash Woes 600
500 400
subject to the 2% and 5% re-
strictions.
A redemption halt “would
Bankruptcy a permanent menu item and
his relationship with Thai
Union, which owns the com-
er s
be fatal,” Stanger’s Gannon pany along with management

Continued from page B1 400 said. “You wouldn’t be able to Continued from page B1 and other investors, and is
m er
were low because they paid raise another dime.” tween 2021 and 2023, they one of its major seafood sup-
dividends in the 5% range. 200 Sreit was launched in 2018 started sliding again over the pliers, according to Tibus. The
300
Sold through financial advis- by Starwood Capital, a pri- past year. all-you-can-eat shrimp deal
ers, they also gave small inves- vate-equity firm headed by The company’s earnings be- contributed to $11 million in
tors the opportunity to partic- 200 Barry Sternlicht, the storied fore interest, taxes, deprecia- losses, Tibus said.
m rp
0
ipate in what was then a hot 2022 ’23 ’24 real-estate investor and tion and amortization de- Thai Union and Kenney
commercial-property market. 100 founder of the Starwood Ho- clined 60% and it had a net didn’t have comment.
But investors started to bolt tels chain. Sreit raised more loss of $76 million in 2023. By King & Spalding; Berger
as interest rates jumped and 0 than $13.5 billion in equity, late 2023, the chain’s cash re- Singerman; and Blake, Cassels
commercial real-estate values which it used to buy more serves dwindled to less than & Graydon are serving as legal
2022 ’23 ’24
co Fo
fell. In late 2022, Sreit and than $25 billion in real-estate $30 million, from $100 million advisers to Red Lobster, and
others began limiting redemp- *Excludes dividend-reinvestment plan Source: Robert A. Stanger & Co. assets. in May of that year. Interest Alvarez & Marsal is serving as
tions to as much as 2% of their The fund attempted to sell payments on nearly $300 mil- financial adviser. Hilco has
net asset values a month and stretch. Others say the funds mostly warehouses and rental properties last year as the re- lion in debt also contributed been hired to conduct the
up to 5% a quarter. are showing major problems. apartment buildings in the demption queues began to to the company’s cash crunch, company’s sale process, and
New fundraising also has Because it can’t raise Sunbelt. But the value of most lengthen. Sreit sold a portfolio according to Tibus. Keen-Summit is serving as its
dropped sharply as some ana- enough new funds to make up commercial real estate has of single-family rental homes The Wall Street Journal real estate adviser.
lysts have criticized the struc- for even its limited redemp- been hammered by high inter- to Dallas-based Invitation last week reported Red Lob-
ture of the funds and financial tions, Starwood has been con- est rates, which drive up costs Homes for $650 million, in- ster was expected to file for
advisers have raised warnings. sidering a number of difficult in the high-leverage business. cluding debt. bankruptcy as early as this Watch a Video
Sreit’s new fundraising has options, say people familiar Rental apartments have also But more recently, the fund week. Scan here for a
dwindled to about $15 million with the firm’s thinking. been hurt by overbuilding in has slowed sales because of The seafood chain stumbled video about Red
a month, down from more The fund could borrow many markets. depressed prices. Like other with an all-you-can eat shrimp Lobster’s
n-
than $600 million a month in more, but that would be costly Most rental-apartment owners, Sreit is hoping prices deal that executives hoped endless shrimp
the first half of 2022. at today’s high interest rates. owners who bought in the will rebound later this year, would turn the company promotion.
Sreit’s ability to make re- Sreit’s current debt is already years just before the interest- especially if the Federal Re-
demptions will help determine equal to 57% of its assets, rate spike “would prefer not to serve begins to cut interest
no
whether the funds will be a which is more than many com- sell in this market,” said Mat- rates. Instead, Sreit has relied
long-term feature of the real- parable real-estate funds. thew Werner, managing direc- on its line of credit. But that
estate market or fade away. Sreit’s target leverage is 50% tor with asset manager Chilton won’t last much longer at the
Some analysts believe that the
funds are proving themselves
to 65%.
The fund could sell assets.
Capital Management.
Finally, Sreit could halt or
rate the fund is drawing it
down. The line has $275 mil- Products for
as the commercial-property Sreit owns hundreds of prop- limit further investor redemp- lion of capacity, down from its
market goes through a tough erties throughout the country, tions. But analysts believe that original $1.55 billion.
Every Need.
Founder now allege that Milton fraudu-
lently transferred a majority of
to expose the truth,” Milton
said in a news release.
statement, Milton compared
himself to Rubin “Hurricane”
And Everyone.
his remaining Nikola stake in an People familiar with the Carter and the Central Park
Is Nikola’s effort to shield his assets from

the judgment. Milton hit back
publicly, accusing the board of
matter said the Badger assets
held no value on Nikola’s books.
The mud fight is an unwanted
Five, defendants in two high-
profile miscarriages of justice
against Black and Latino men
No. 1 Critic “potentially fraudulent transac-

tions.” He said the company
sold its hydrogen-powered
distraction for Nikola, which
says its business is growing.
The company had $345 million
who were wrongly convicted of
violent crimes and later had
their convictions overturned.
pickup, called the Badger, and in cash at the end of March. Despite his conviction, Mil-
Continued from page B1 didn’t disclose it. In New York, Milton contin- ton retains significant wealth.
ity from the Securities and Ex- “The Board’s pattern is clear: ues to appeal his conviction on He sold roughly $400 million of
change Commission’s destroy stockholder value, three counts of fraud relating to Nikola stock. He purchased sev-
investigation into the short- blame Mr. Milton for the incom- his conduct at Nikola. He still eral mansions, including a $32
seller’s report. petence of the Board, sell off faces a civil trial with the SEC. million ranch that set a Utah
After the three-year period promising assets, hide informa- At his sentencing in December, real-estate record, and aircraft
lapsed last year, Milton in Janu- tion from stockholders, take no Milton said that he never in- including a Gulfstream private
ary proposed a slate of five di- responsibility and then initiate tended to deceive anyone and jet and a helicopter.
rectors that included social-me- litigation against anyone willing was innocent. In a long, teary Milton has used a helicopter
dia influencer and reality-TV to fly to one of his mansions in
actor David “Heavy D” Sparks. Utah’s mountainous Wasatch
Milton’s projects and posses- County and landed on what
sions are often featured in neighbors complained was an
Sparks’s truck- and mansion-re- unauthorized helipad. Milton
lated videos. Nikola pushed filed for a permit for the pad,
back at Milton’s picks. which but it was denied by the county
people familiar with the board’s planning commission. The
LAWRENCE NEUMEWISTER/ASSOCIATED PRESS
thinking said they felt was an county commission then held

attempt to take over the com- public hearings about banning
pany and prevent it from pur- helipads entirely. Milton joined
suing the arbitration award. the hearing electronically. “We
“The director nominees have don’t even have a helipad on
no public company experience, our property,” Milton said. “We
Individual & Worksite, Annuities,
add no skills or experience to have a launchpad that we’ve Stop Loss, Voluntary Benefits,
the board, and indisputably lack landed on.” Medicare Supplement,
the depth of experience that the The county board last month
current Nikola board members voted unanimously to remove and more.
bring to the company,” the language on the books autho-
board said in a statement. Ex-CEO Trevor Milton was convicted in 2022 of three counts rizing private helipads in the
Nikola’s suits against Milton of fraud for repeatedly misrepresenting Nikola’s business. county.
THE WALL STREET JOURNAL. * * * * Tuesday, May 21, 2024 | B3
BUSINESS NEWS
Grant Thornton
Ryanair passengers
200 million 183.7M
175
Cuts U.S. Staff 150
125
100
Accounting firm The global head count as of
September 2023 was up 6.3% 75
moves closer to
TOMS KALNINS/EPA/SHUTTERSTOCK
from a year earlier. In the U.S.,
selling stake in unit the firm reported $2.4 billion 50
in revenue for the year ended
to private equity July 2023, up from $2.3 billion 25
the year earlier.
BY MARK MAURER Grant Thornton, like many 0
professional-services provid- FY2010 '15 '20 '24
Grant Thornton is laying off ers, has experienced weaker Note: Fiscal year ends March 31
about 350 U.S. employees as demand in certain areas due The airline expects passenger numbers to climb 8% this year depending on Boeing deliveries. Source: the company
the accounting firm moves to higher interest rates and
Ryanair Plans Buyback as Profit Rises

closer to selling a stake in its weaker economic conditions.
U.S. unit to a private-equity Many firms in the industry
firm. stepped up hiring to address
The Chicago-based firm is pandemic-fueled changes in
notifying the workers this their corporate clients, but at-
week, people familiar with the trition over the last couple of BY PIERRE BERTRAND said it was still short 23 Boe- flights in the summer was pos- metric—came to €1.92 billion,
matter said. The cuts, equat- years has been lower than ing planes. itive, reflecting bookings a 34% increase from a year ago
ing to 3.5% of the U.S. work- they expected. Ryanair Holdings plans to “There remains a risk that trending ahead of where they on revenue that rose 25% to
force, span advisory, audit and Some firms have had to lay buy back €700 million or Boeing deliveries could slip were a year ago, though recent €13.44 billion.
tax up to the level of manag- off workers as a result. Big about $760.9 million, of shares further,” the company said, pricing was softer than ex- Analysts had expected
ing director, the people said. Four firms Ernst & Young and after a rise in earnings, and adding that such delays would pected. €13.37 billion in revenue, ac-
Grant Thornton has made KPMG included partners in said it expects passenger num- cause more traffic growth to Revenue exceeded analysts’ cording to a Visible Alpha con-
targeted staffing adjustments their U.S. layoffs over the past bers to increase this year de- take place in the lower-yield- expectations for the fiscal sensus. In January, Ryanair
to address evolving demand in year. pending on how well Boeing ing second half of the year year, which was marked by Eu- guided for pre-exceptional af-
select business segments, the The moves also are occur- handles its delivery delays. than previously planned. ropean air-traffic controller ter-tax profit in the range of
firm said. “The firm contin- ring as Grant Thornton aims The Irish low-cost carrier Short-haul capacity for the strikes and hundreds of flights €1.85 billion to €1.95 billion.
ues to invest and grow its to close the sale this quarter said it expected its passenger summer is also being con- being canceled in March be- The Irish carrier said its
team, and is on track to de- of a stake to New Mountain numbers to grow 8% but that strained by the engine mainte- cause of disruption from the buyback would start this week.
liver another fiscal year of Capital making it the largest this growth would be subject nance affecting many Airbus Israel-Hamas war. Nearly 184 million passen-
strong performance,” it said. accounting firm to sell a piece to Boeing deliveries returning planes in Europe, it added. Pre-exceptional profit after gers flew on Ryanair in the
The cuts follow similar of itself to a private-equity to contracted levels. Ryanair That said, demand for tax—the company’s preferred year, a 9% increase.
moves last year, in which firm.
Grant Thornton cut about 300 Grant Thornton in March
people, mostly in advisory and said its U.S. unit agreed to sell
tax, last May and nearly 200 the stake, pending regulatory
.
in advisory in November. approval. The deal could help
Grant Thornton employs the firm allocate capital to-
ly
about 9,700 people in the U.S. ward more acquisitions and
and nearly 72,900 globally. investments.
Freight Rates Soar

on
us ,
Amid Red Sea Fears

l
e
al a
BY COSTAS PARIS and Walmart can wait it out

ci on
with their orders for the rest of

Ship diversions from the the year already in the pipeline
Red Sea helped push up con- with longer-term contracts
tainer freight rates by roughly locked earlier this year when
30% in the past couple of freight rates were quite low,”
er s
weeks, with costs for import- said Peter Sand, chief analyst
ers set to rise further as they at shipping platform Xeneta.
m er
boost their volumes ahead of “But with U.S. consumer

the busy summer season. demand staying strong and
Shipowners and brokers say the Red Sea remaining inac-
9 out of 10 large container- cessible, transport costs with
ships are diverting from the retailers no doubt continue
m rp
Red Sea, the entry point to the going up.”

Suez Canal on their way from The diversions are good
Asia to Europe, after a spate of news for shipping lines, which
attacks by Iran-backed Houthi raised their yearly outlooks
rebels since November. this month. They had previ-
co Fo
The canal normally handles ously warned of deep losses

about 15% of world shipping over the next two years as
traffic, including roughly dozens of new ships come into
30% of global container trade. service, creating a slump of
Many of those ships now go tonnage in the water that will
around the Cape of Good Hope outstrip demand.
in South Africa, adding up to “We expect the Red Sea di-
2½ weeks of traveling time. versions to continue for the
“There’s been a spike in rest of the year and volumes
ship rates and long delays,” are coming in stronger than
said Dennis Tsakiris, owner of anticipated,” Vincent Clerc,
two Blu Kouzina restaurants chief executive of Danish-ship-
in Sarasota, Fla., and in Singa- ping major A.P. Moller-Maersk,
n-
pore. “We are frontloading as said in an interview. “All ship-

much cargo as we can as ping lines have adjusted their
prices keep going up.” networks around Africa more
Tsakiris imports dry goods or less permanently.”
no
like salt, beans, pasta and Because of the diversions,

spices from Greece and Spain, operators like Maersk have
along with olive oil, wine and added more than 10% to con-
beverages. A typical four-week tainer capacity on various
sailing now takes seven to eight routes as the companies use
weeks and costs 30% more. more ships to compensate for
Rates surged to around the longer sailing times.
$20,000 per box shipped from Maersk said this month
China to California at the that it expects its underlying
height of the pandemic in earnings for this year to be
2022, about six times as much between $4 billion and $6 bil-
as normal levels. The cost now lion, compared with previous
stands at $4,500, up from guidance between $1 billion
around $3,100 at the end of and $6 billion.
April, with rates from China to Germany’s Hapag-Lloyd also
Europe hitting $3,800 this past boosted its outlook for the year
week from $2,750 last month. but Chief Executive Rolf Hab-
Shipping executives say ben Jansen said it still isn’t
smaller customers like Tsaki- clear whether the recent jump
ris are being spooked by the in box rates is a short-term
unabating crisis in Gaza, spike or a sign that retailers
higher manufacturing prices are bringing goods in early
and tough trade talk on China ahead of the fall sales season.
by both President Biden and Another worry for importers Fixed income investments are subject to risks,such as rising rates and the possibility of default,and may lose value.Federated Securities Corp.
former president Donald is deteriorating trade relations
Trump ahead of the election. between the U.S. and China
“Big importers like Amazon heading into the American
elections. Biden announced tar-
Cost to ship a container from iff increases this month on
China to the U.S. West Coast some $18 billion of Chinese ex- Federated Hermes has four independent committees that vet
over the past year ports. The tariffed imports
ranged from electric vehicles to our actively managed, fixed income products. Because we believe
$5,000 per 40-foot container
ship-to-shore cranes, steel, alu- the more perspectives we get, the better investments you'll get.
minum and semiconductors.
4,000 The move raises prospects
of an escalatory trade war, like
in 2018 when then-President
3,000 Trump imposed a wide range
of tariffs on Chinese exports.
“China has become a target
2,000 for both Democrats and Repub-
licans,” said Xeneta’s Sand. He
said Mexico, where there has Vetting for a volatile world.
1,000 been a 35% increase from a year
ago in containerized imports
from China, is gradually becom-
0 ing a backdoor to the U.S.
June 2023 ’24 —Joe Wallace
Source: Xeneta contributed to this article
B4 | Tuesday, May 21, 2024 * **** THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
Farmers Tap Sweet Solar-Subsidy Deal

Biden’s clean-energy electricity costs. ricultural grants can pay for a ers typically don’t receive the Rural Energy for America using materials made in the
Howle is among the rush of further 50%. full grant funding until the Program grant awards U.S. or from trade partners; lo-
subsidies cover people capitalizing on a wave Howle’s project is among project has been operating for cation in a former fossil-fuel
$500 million
entire project costs of federal tax credits, grants the first in a growing number a month, so they still likely production region; and location
and loans for solar power, elec- of clean-energy installations need help from renewable de- in a low-income community.
and then some tric cars and other cleaner-en- whose costs are expected to be velopers and investors for up- 400 In Howle’s case, tax credits
ergy alternatives. The $1 tril- entirely paid for by the govern- front costs. are expected to cover half his
BY AMRITH RAMKUMAR lion in funding is being made ment. The cherry on top: He Cashing in on the tax cred- costs. The agricultural grant
AND PATRICK THOMAS available through the climate could end up making extra its also takes some work. 300 will cover the other half. A
law, known as the Inflation Re- money by selling any excess Farmers might not be able to North Carolina solar developer
Jerry Howle was skeptical duction Act. solar power to the local utility. use the full value of their cred- named Ovanova pitched him
about installing a $300,000 so- The generous subsidies are The Agriculture Department its if they don’t earn enough to 200 on the project and helped him
lar-panel system on his South making renewable power a awarded about $465 million in owe that much in taxes. To raise about $300,000 from in-
Carolina chicken farm. Then he possibility in poorer communi- grants through its Rural En- cash in on them, they would 100 vestors on Climatize, a crowd-
found out he could get it free ties like Howle’s, where the ergy for America Program in have to sell the credits to big- funding platform, to cover up-
of charge. poverty rate is more than dou- the agency’s fiscal 2023, with ger companies in a new market front costs.
Solar panels now sit on his ble the national average. Such the average amount of a grant created by the climate law. 0 Without the federal subsi-
two chicken houses, powering projects can sharply reduce en- at roughly $150,000. That is up How much farmers can FY2021 ’22 ’23 ’24* dies, farmers would struggle to
giant fans that keep as many ergy bills, but their high up- from nearly $60 million in to- make by selling excess power Note: FY2023 ended Sept. 30
get loans they could pay off.
as 60,000 birds inside cool. front costs had until recently tal grant awards the previous to utilities also varies by state. *Through May 7 Howle isn’t sure yet
The panels are being paid for put them out of reach for year. Requests for funding California, for example, has Source: Agriculture Department whether he will be able to sell
entirely by subsidies from many families and businesses. from farmers also have surged. sharply reduced how much excess power to his local util-
President Biden’s climate law For farmers including “The demand has just been people can earn selling power. economically appealing. ity, but the savings from the
and will virtually eliminate the Howle, the law offers a partic- skyrocketing and there’s a lot The change was made to man- The 70% in potential tax solar system are giving the
farm’s $10,000 annual utility ularly sweet deal: a combina- of excitement,” said Basil age a glut of solar electricity credits for small projects like full-time engineer confidence
bill tion of subsidies that can cover Gooden, the Agriculture De- during the day and the soaring Howle’s breaks down to a 30% that he can take over the farm
“It’s a lot of breathing or even exceed a project’s partment’s undersecretary for costs of upgrading the power credit given to all renewable- when his dad retires, and one
room,” said Howle, whose fam- costs. Tax credits can pay for rural development. grid. energy projects and an addi- day pass it on to his daughters.
ily in Hartsville, S.C., has been as much as 70% of costs for But taking advantage of the Stacking federal subsidies tional 40% in bonus credits The land has been in the fam-
squeezed by rising fuel and small projects like Howle’s. Ag- subsidies can be tricky. Farm- can still make solar projects available across three criteria: ily for six generations.
Johansson: OpenAI
Voice ‘Eerily Similar’
BY JOSEPH PISANI more details on how they cre-
AND VICTORIA ALBERT ated Sky.
.
“In a time when we are all
Actress Scarlett Johansson grappling with deepfakes and
ly
criticized OpenAI over a Chat- the protection of our own like-
GPT voice she says is “eerily ness, our own work, our own
similar” to her own. identities, I believe these are
on The company said Monday
it was pausing use of the
voice, known as Sky, so it
could address questions about
questions that deserve abso-
lute clarity,” Johansson said.
The voice of Sky was never
intended to resemble Johans-
how it chose the ChatGPT son, Altman said in a state-
us ,
voices. Many people online ment Monday evening.

l
had drawn comparisons be- “We cast the voice actor

e
al a
tween Sky and Johansson, behind Sky’s voice before any

who voiced an AI assistant in outreach to Ms. Johansson,”
the 2013 sci-fi romance “Her.” he said. “Out of respect for
ci on
The actress said her friends Ms. Johansson, we have

couldn’t tell the difference. paused using Sky’s voice in
Johansson said OpenAI our products.”
Chief Executive Sam Altman In a blog post Sunday, the
wanted to hire her last year to company said it picked the
er s
provide her voice for Chat- five voices from more than
GPT’s current system. She de- 400 submissions from actors,
m er
clined. looking for voices that

When the actress heard sounded timeless and were
Sky, one of five voices the easy to listen to.
company offers for its artifi- OpenAI said Sky was the
cial-intelligence tool, she said natural voice of another ac-
m rp
YARA NARDI/REUTERS
she was “shocked, angered tress whom it hired and

and in disbelief” that Altman wasn’t an imitation of Johans-
would use a voice so similar to son. It wouldn’t name the ac-
hers. tress, citing privacy reasons.
Johansson said her lawyers —Deepa Seetharaman
co Fo
Scarlett Johansson says she was ‘shocked, angered and in disbelief’ that the voice was so similar to hers. asked Altman and OpenAI for contributed to this article.
Quantum ing just 350 qubits could theo-

retically keep track of all the
possible solutions to the 50-
a study in Nature showing its
127-qubit processor’s ability to
beat conventional computers
formation Science & Technol-
ogy.
D-Wave has bet big on opti-
rently being peer reviewed.
Now, the race is on to figure
out what other practical uses
the shape of a section of a pro-
tein molecule from knowledge
of its amino acids—a task that
Computing aircraft-to-100-gate flight-as-

signment problem. (Today’s
machines generally have tens
at certain calculations related
to magnetic materials. Then
this March researchers at D-
mization applications by devel-
oping a special type of quan-
tum computer called an
the latest generation of quan-
tum computers can be put to.
Jansen, of Germany’s DESY,
could be useful for detecting
and treating certain dis-
eases as the capabilities of
Advances or hundreds of qubits.)

Angelo Bassi, a physicist at
Italy’s University of Trieste,
Wave posted a paper, not yet
peer reviewed, saying that its
latest machine, applied in a
annealer, tailored to solving
this type of problem. It con-
tains about 5,000 qubits but is
says he has successfully solved
small versions of the flight-
gate optimization problem on a
quantum computers evolve.
Their paper was published in
the ACS Journal of Chemical
describes the difference be- similar situation, can compute limited to looking for approxi- trapped-ion quantum com- Theory and Computation.
n-
Continued from page B1 tween ordinary and quantum quantities in minutes that mate answers quickly rather puter made by IonQ and has
imize the distance airline pas- computing as like that between would take the world’s most than performing exact calcula- glimpsed early hints that his
sengers must go to make their a surfer and a wave when they powerful supercomputer mil- tions. technique, at large enough Souping up AI
connections. encounter a rock. The surfer lions of years. In a promising sign that D- qubit counts, might outper- Since optimization is in-
no
“We are now living in an goes to the left or right of the “Of all the computational Wave’s annealing technology form conventional computing volved in training machine-
era where we really have the rock, while the wave does both supremacy claims so far,” of might have an advantage over methods. learning algorithms, some
chance to investigate where at the same time. Some basic quantum compared with con- ordinary computers for practi- Using a similar approach to companies think quantum can
should we use a quantum com- features of the rock can be de- ventional computers, “this one cal problems, USC’s Lidar Jansen’s, researchers at the make AI applications even
puter,” says Karl Jansen, a duced from the surfer’s path, is actually the strongest,” says showed earlier this year how it Cleveland Clinic say an IBM smarter.
physicist at the German re- but much more can be learned Daniel Lidar, director of the could be used to win a mathe- quantum computer bested a IonQ has been working with
search center Deutsches Elek- from the pattern of ripples University of Southern Califor- matical game akin to optimiza- state-of-the-art artificial-intel- Hyundai on quantum-powered
tronen-Synchrotron, or DESY, that results in the water. nia’s Center for Quantum In- tion, in a paper that is cur- ligence algorithm at predicting AI to enable self-driving cars
who is working on the flight- “Waves carry more informa- to recognize road signs and
gate problem with IonQ, a tion than particles,” Bassi says. other objects. Switching to
quantum-computing company But qubits are exceptionally quantum-based AI training in a
based in College Park, Md. hard to work with. Often cre- small machine-learning model
D-Wave has used its quan- ated with superconducting cir- doubled its accuracy to 60%
tum computer to help clients cuits or trapped ions, qubits from 30%, IonQ says. Once its
determine driver schedules for are easily destroyed by the qubit count grows from the
grocery-store deliveries, the slightest disturbance and must current 36 to 64—planned for
routing of cross-country pro- typically be cooled to tempera- next year—the company be-
motional tours and cargo-han- tures lower than those of in- lieves its algorithm will out-
dling procedures at the Port of terstellar space. Even then, perform any imaginable non-
Los Angeles. qubits are far more susceptible quantum machine-learning
to errors than bits, which rely model.
on ordinary electronic circuits. Trial-and-error approaches
New targets Quantum computers of the could certainly uncover new
These tasks are examples of future will need a huge num- uses for quantum computers,
so-called optimization prob- ber of qubits—possibly mil- says Scott Aaronson, director
lems, which are devilishly diffi- lions—to handle the error of the Quantum Information
cult because of the huge num- problem and still have enough Center at the University of
IONQ
ber of options they entail. firepower left over for tasks Texas at Austin.
Others include how to most ef- such as simulating the dynam- The IonQ Optical Subcomponent, above. D-Wave’s Advantage quantum computer, below. But known theory suggests
ficiently pack boxes into con- ics of atoms and molecules, a that quantum speed-ups in op-
tainers and balance risk versus 2022 Microsoft study found. timization and AI will be rela-
reward in financial portfolios. tively modest and are unlikely
There are 100,000 ways to to have commercial impact un-
assign five planes to 10 gates Crossing a threshold til quantum computers are
at an airport. Dial that up to But even today’s compara- much larger and error-cor-
50 planes and 100 gates, and tively puny devices have rected, he says.
the number of possibilities bal- crossed a threshold that makes “It is really, really hard to
loons to 10 to the hundredth them powerful enough to see how with the current gen-
power—far more than the outdo the world’s most ad- eration of devices you could
number of atoms in the visible vanced supercomputers in get a win,” Aaronson says.
universe. No conceivable con- some calculations. That critical “Something has to happen that
ventional computer could keep point lies somewhere between would go outside of what we
track of all these possibilities. 50 and 100 qubits, says Travis know about any of the current
But a quantum computer Humble, director of the Quan- algorithms.”
potentially could. tum Science Center at Oak But that is exactly what
Collections of qubits act Ridge National Laboratory in some of today’s quantum pio-
much like waves that contain Oak Ridge, Tenn. neers are hoping for: a break-
D-WAVE
an enormous amount of data. A milestone came in June of through that springs from ex-
A quantum computer contain- last year when IBM published perimentation.
THE WALL STREET JOURNAL. * * NY Tuesday, May 21, 2024 | B5
BUSINESS & FINANCE
Dimon Shortens Timetable for Retirement

JPMorgan chief the bank’s president and chief drama in March 2023, letting growth over the past 10 years.
operating officer. JPMorgan scoop up failed ri- The bank said it expects to
executive hints he But Dimon also said he still vals Bear Stearns, Washington rake in $91 billion in net inter-
will exit the job in feels up for the job. Mutual and First Republic. est income this year, the
“I still have the energy I’ve He has been the banking in- amount it collects on loans mi-
under five years always had,” Dimon said. “I dustry’s leading spokesman, nus what it pays out for depos-
think when I can’t put on the pushing back against higher its. That is an extra $1 billion
BY ALEXANDER SAEEDY jersey or any given full thing, I capital requirements over the than it had previously forecast,
should leave.” past year, for instance. thanks to the growing likeli-
Jamie Dimon acknowledged Dimon took over as CEO of He has also turned that hood that the Federal Reserve
he will likely be leaving his role JPMorgan at the end of 2005. stature into a platform to won’t cut interest rates this
as chief executive officer of JP- Under his watch, it has become speak out about issues beyond year.
Morgan Chase in fewer than the biggest bank in the country banking, including government He also said he thought the
five years. by both assets and deposits policy and civics. bank’s stock was priced high
MIKE SEGAR/REUTERS
For at least the past decade, and expanded into every one of Dimon’s retirement has long and JPMorgan wouldn’t use a
Dimon answered questions the contiguous 48 states. been a source of endless spec- cash pile of $342 million in re-
about potentially retiring with The shares of JPMorgan ulation and trying to guess his tained earnings to buy back
the same boilerplate response: have returned more than 700% successor is a favorite topic of stock.
five more years. On Monday, since he took over, including Wall Street conversation. A A JPMorgan spokesman
the 68-year-old admitted the Jamie Dimon said his successor could come from within. dividends, while the S&P 500’s host of his lieutenants have said that Dimon’s comments on
clock is finally starting to tick. total return is around 500%, left to run other companies, in- buybacks referred to additional
“The timetable isn’t five a special bonus by the board Piepszak, co-head of the com- according to Dow Jones Mar- cluding Barclays, Wells Fargo repurchases of stock beyond
years anymore,” Dimon said at that he could earn by staying as mercial and investment bank, ket Data. and Visa. the pace at which the bank is
the bank’s annual investor day. CEO until at least 2026. and Marianne Lake, who He is the longest-serving of He restarted the conversa- already buying back stock. On
He didn’t provide more detail On Monday, he said that his serves as the head of the con- the biggest bank leaders and tion recently by selling some Monday, JPMorgan’s chief fi-
about when he plans to leave, successor could come from sumer-banking arm. Both exec- the only one remaining who stock for the first time, though nancial officer said that the
but he suggested that he could within the bank’s ranks, point- utives have worked for the was CEO before the 2008-09 he said the sales were for es- bank is increasing how much it
stay on as chairman. ing to a number of current JP- business and consumer bank- financial crisis. His obsession tate planning and not a tell buys back from shareholders,
The timing itself isn’t all that Morgan executives who have ing divisions and are consid- with building a “fortress bal- that he was leaving. totalling over $2 billion of re-
surprising, but Dimon has been experience working across dif- ered candidates to be CEO. If ance sheet” of capital helped On Monday, Dimon ad- purchases every quarter.
reluctant to put much of a point ferent parts of the bank. Dimon needed an immediate keep JPMorgan strong during dressed a crowd of analysts and The company’s shares fell
on it. In 2021, Dimon was given That includes Jennifer successor, he has Daniel Pinto, that crisis and the smaller investors, touting the bank’s 4.5% on Monday.
Trader Was In 1985, when Levine joined

Milken’s firm, Drexel Burn-
ham Lambert, he recruited
lishment and embraced the
trappings of Wall Street pres-
tige. The son of a Russian im-
versity, though the schools
denied he had those roles, and
he enjoyed a luxury New York
Symbol of Boesky into an insider-trading

scheme, according to govern-
ment charges. Levine called
migrant delicatessen owner in
Detroit, Boesky graduated from
the Detroit College of Law but
City apartment and a 163-acre
estate in Mount Kisco, N.Y.
Gaunt and flashing a spec-
’80s Excess Boesky as many as 20 times a was turned down for jobs with tral smile, Boesky could be
.
day to share tips about likely several of Detroit’s top firms. both aggressive and charm-
takeovers, according to the In 1966, at age 28, he moved to ing. Above all, he was ob-
ly
government charges. Eventu- the New York area and spent sessed with wealth, even after
Continued from page B1 ally, the two reached a profit- years searching for success. becoming one of Wall Street’s
During much of the 1980s, sharing agreement in which Eventually, Boesky became richest men. “It’s a sickness I
Boesky was a high-profile and
deeply respected speculator
known for relying on well-
connected Wall Street sources
Boesky promised Levine as
much as 5% of the profits gen-
erated from his inside infor-
mation, a deal that eventually
on
an arbitrager, betting on the
potential targets of takeover
deals, using heavy doses of
borrowed money to amplify
have in the face of which I am
helpless,” he said, according
to the Journal.
Boesky was a model for
who provided led to the charges and his gains. He worked hard to Gordon Gekko, the villain
us ,
OBITUARY information Boesky’s downfall. establish himself among the played by Michael Douglas in
l
IVAN BOESKY that guided In a story at the time about financial elite. Boesky pub- the 1987 movie “Wall Street,”
e
al a
1937-2024 his invest- Boesky’s guilty plea, The Wall lished a ponderous volume on and for the famous ‘greed is
ments. Boesky Street Journal described the the art of arbitrage and good’ speech.
charged inves- denouement this way: “No played squash and hosted While Boesky was one of
ci on
tors huge sums to place their one on Wall Street ever flew meetings at New York’s Har- the central characters of the
money with him. It turned out as high or crashed as hard as vard Club. His large donations scandal, it brought down a
that Boesky’s information was Ivan F. Boesky.” to Harvard entitled him to range of Wall Street lawyers
ASSOCIATED PRESS
accurate because he relied on Boesky was broadly de- club membership. and traders from top firms.
contacts, including invest- scribed as a modern-day Jay Boesky suggested he was In 1987, Boesky pleaded
er s
ment banker Dennis Levine, Gatsby who rose from modest an adjunct professor at the guilty to conspiracy. He
who had shared inside infor- Midwestern roots to the top of business schools of Columbia served 22 months of a three-
m er
mation on looming deals. the East Coast financial estab- University and New York Uni- year sentence. Boesky was a model for Gordon Gekko from ‘Wall Street.’
m rp
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S W I M M Y, I n c . S al e s M ar ke r Co. , L t d .
Y u t a Iz awa Ukyo O gasawara
G AT E S I n c .
Yu ji Sekino
S U Z U KO H , I n c .
O rg an Te ch , I n c.
Hi r o h i k o Suz uki T akashi Kond o
G I N Z A AY U M i C L I N I C
A yumi M asuda
O koc h i In te rna l
Medi c i n e Cli ni c
Masahiro Okochi
Paid for by NEL <www.neltimes.com> in association with Enjin Co., Ltd.

B6 | Tuesday, May 21, 2024 * * THE WALL STREET JOURNAL.
COMMODITIES wsj.com/market-data/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index
May 247.050 247.650 246.300 246.700 –.025 3,597 June .6699 .6715 .6668 .6679 –.0025 196,125 June 3034.30 3041.30 3023.40 3030.70 1.40 38,736
Contract Open Sept .6718 .6731 .6685 .6695 –.0026 1,356
Aug 260.000 260.975 257.950 258.475 –1.375 22,882 Sept 3000.00 3065.40 3056.40 3057.80 1.40 4
Open High hi lo Low Settle Chg interest Mexican Peso (CME)-MXN 500,000; $ per MXN
Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. June 181.350 181.800 181.050 181.475 .425 46,558 June .05996 .06015 .05982 .06010 .00014 264,623
June 18633.50 18794.50 s 18633.00 18763.00 127.75 245,702
May 5.1920 5.1985 s 5.0290 5.0875 0.0305 1,755 Sept .05915 .05929 .05899 .05926 .00014 664
Aug 179.200 179.825 178.325 178.550 –.500 115,557 Sept 18884.75 19032.00 s 18871.25 19001.50 130.75 3,957
July 5.0800 5.1990 s 5.0040 5.0790 0.0290 160,810
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per €
Gold (CMX)-100 troy oz.; $ per troy oz. June 1.0883 1.0898 1.0867 1.0878 –.0011 641,853 Mini Russell 2000 (CME)-$50 x index
June 96.675 97.375 96.125 96.925 .425 37,329
May 2415.80 2435.80 2409.70 2433.90 21.70 234 Sept 1.0932 1.0943 1.0913 1.0924 –.0011 6,430 June 2105.90 2118.80 2100.10 2109.90 4.40 461,818
July 100.450 100.800 99.275 99.950 –.100 70,560
June 2422.20 s
2454.20 2411.10 2438.50 21.10 238,993 Sept 2132.30 2140.60 2123.40 2132.80 4.70 1,503
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Index Futures
July 2438.60 s
2464.50 2423.80 2449.50 20.90 342
July 528.00 529.00 524.00 526.00 –1.50 8,334
Mini Russell 1000 (CME)-$50 x index
Aug 2445.70 s
2477.00 2434.40 2461.70 21.30 242,561 Mini DJ Industrial Average (CBT)-$5 x index June 2925.30 2927.30 2914.50 2917.00 1.40 6,206
Milk (CME)-200,000 lbs., cents per lb.
Oct 2469.10 s
2500.20 2457.90 2485.10 21.70 16,375 June 40133 40213 39919 39944 –193 99,290 U.S. Dollar Index (ICE-US)-$1,000 x index
May 18.74 18.74 18.69 18.71 –.01 4,279
Dec 2492.30 s
2524.00 2481.80 2508.80 22.40 29,211 Sept 40578 40625 40333 40349 –190 639 June 104.37 104.54 104.29 104.46 .13 38,961
June 21.44 21.82 s 20.84 21.23 –.23 5,443
Palladium (NYM) - 50 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton. Mini S&P 500 (CME)-$50 x index Sept 104.01 104.13 103.91 104.07 .13 820
May 973.50 973.50 972.50 1030.70 20.80 6 June 5329.25 5348.25 5323.75 5331.75 4.50 2,083,702
July 7,277 7,373 6,767 7,216 –132 45,766
June 1011.00 1044.50 997.00 1031.60 20.80 16,443 Sept 5392.00 5409.75 5385.25 5393.50 5.00 34,354 Source: FactSet
Dec 6,234 6,319 5,865 6,197 –122 36,433
Platinum (NYM)-50 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb.
May 1055.00 1055.00 1055.00 1059.70 –24.90 4
May 209.30 209.30 209.30 209.30 1.15 77
July 1095.00 1105.00 s 1056.30 1063.70 –26.30 78,078
Silver (CMX)-5,000 troy oz.; $ per troy oz.
July 205.90 207.95 203.65
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
206.70 .10 94,204
Bonds | wsj.com/market-data/bonds/benchmarks
May 30.995 31.855 s 30.995 32.205 1.158 228
July 18.08 18.79 18.05 18.68 .55 361,044
July 31.850 32.750 s 31.180 32.426 1.167 152,725
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Oct 18.16 18.79 18.12
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
18.68 .49 204,348 Tracking Bond Benchmarks
June 80.01 80.60 79.17 79.80 –0.26 64,368 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
July 38.00 38.00 38.00 38.00 … 1,558
July 79.58 80.11 78.67 79.30 –0.28 382,266
Cotton (ICE-US)-50,000 lbs.; cents per lb. highs and lows for different types of bonds
Aug 79.12 79.64 78.31 78.90 –0.22 195,498
July 75.91 76.98 75.50 76.03 .14 104,950 Total Total
Sept 78.58 79.10 77.84 78.42 –0.16 158,629
Dec 75.10 75.67 74.86 75.01 .04 88,767 return YTD total return YTD total
Oct 77.99 78.52 77.34 77.88 –0.13 104,764 Yield (%) Yield (%)
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 77.00 77.44 76.34 76.87 –0.07 184,490
July 447.90 453.25 s 440.80 445.95 –2.50 8,152
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Sept 431.30 434.50 s 430.00 432.30 2.70 1,611 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
June 2.4884 2.5043 2.4598 2.4871 .0008 62,789
July 2.5070 2.5197 2.4747 2.5031 .0019 75,186 2029.28 -1.5 U.S. Aggregate 5.060 4.490 5.740 1996.39 -1.9 Mortgage-Backed 5.290 4.590 6.050
Interest Rate Futures
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 1975.10 -1.7 Ginnie Mae (GNMA) 5.280 4.640 6.020
June 2.5786 2.5830 2.5256 2.5399 –.0343 58,921 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Fixed Income Indices
July 2.5587 2.5675 2.5131 2.5279 –.0307 112,325 June 124-040 124-120 123-130 123-280 –9.0 1,677,103 3088.15 -1.0 U.S. Corporate 5.490 5.020 6.430 1173.25 -2.0 Fannie mae (FNMA) 5.300 4.570 6.050
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 124-130 124-170 123-190 124-010 –9.0 22,368
June 2.659 2.756 2.625 2.751 .125 107,638 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3001.87 0.3 Intermediate 5.390 4.950 6.350 1819.74 -1.3 Freddie Mac (FHLMC) 5.200 4.540 6.190
July 2.815 2.905 2.785 2.901 .112 306,618 June 117-090 117-160 116-250 117-020 –8.0 1,616,021
4063.19 -3.6 Long term 5.670 5.160 6.600 582.84 -0.9 Muni Master 3.532 3.038 4.311
Sept 2.813 2.886 2.785 2.882 .097 186,240 Sept 117-130 117-200 116-290 117-060 –8.0 60,797
Oct 2.855 2.939 2.838 2.934 .096 160,726 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 586.19 -2.1 Double-A-rated 5.090 4.540 5.760 411.76 -1.6 7-12 year 3.286 2.721 4.097
Jan'25 3.889 3.921 3.867 3.916 .049 90,919 June 109-055 109-090 108-305 109-030 –3.0 4,328,859
March 3.312 3.346 3.299 3.342 .050 83,224 Sept 109-150 109-180 109-075 109-120 –3.5 88,107 834.21 -0.6 Triple-B-rated 5.680 5.250 6.700 472.07 -0.8 12-22 year 3.774 3.388 4.742
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% High Yield Bonds ICE BofA 447.71 -0.3 22-plus year 4.277 4.070 5.274
Agriculture Futures June 105-280 105-300 105-235 105-260 –2.0 6,254,950
Sept 106-075 106-100 106-037 106-062 –2.0 107,533 535.93 1.9 High Yield Constrained 7.856 7.620 9.560 Global Government J.P. Morgan†
Corn (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
July 452.75 463.50 452.25 460.40 8.00 663,442 522.06 3.0 Triple-C-rated 13.148 12.616 15.455 533.92 -1.8 Global Government 3.500 2.950 3.810
June 101-222 101-231 101-207 101-214 –1.0 4,050,556
Dec 477.00 486.50 476.75 484.25 7.75 419,786 Sept 102-021 102-027 102-001 102-007 –1.0 26,885 3597.54 1.6 High Yield 100 7.267 7.030 9.101 789.89 -1.6 Canada 3.640 3.090 4.260
Oats (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
July 367.25 376.75 364.00 365.60 .75 3,081 May t 94.6700 94.6725
94.6700 94.6725 435,161 468.45 2.7 Global High Yield Constrained 7.657 7.552 9.440 351.00 -1.5 EMU§ 3.192 2.669 351.491
Dec 367.00 374.25 362.75 365.25 .25 947 July t 94.6800 94.6850 –.0050
94.6850 94.6900 350,642
Soybeans (CBT)-5,000 bu.; cents per bu. 354.71 2.5 Europe High Yield Constrained 6.335 6.207 8.022 645.17 -2.3 France 3.150 2.540 3.630
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
July 1227.25 1250.75 1224.00 1248.00 20.00 359,915 March 94.6525 94.6525 t 94.6500 94.6500 934,996 U.S Agency Bloomberg Fixed Income Indices 455.27 -2.6 Germany 2.640 2.020 3.030
Nov 1201.00 1220.00 1198.25 1216.60 13.50 203,141 Dec 95.1100 95.1150 95.0750 95.0850 –.0200 1,243,798
Soybean Meal (CBT)-100 tons; $ per ton. 1781.32 0.03 U.S Agency 5.020 4.380 5.390 271.53 -2.7 Japan 1.370 0.710 1.370
July 368.60 375.60 365.60 374.10 5.30 222,058 Currency Futures 1578.09 0.3 10-20 years 5.020 4.360 5.370 495.01 -2.8 Netherlands 2.840 2.260 3.320
Dec 365.50 369.90 364.50 369.20 2.90 96,459
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ 3347.09 -3.0 20-plus years 5.020 4.500 5.740 786.83 -3.1 U.K. 4.410 3.790 4.880
.
July 45.40 46.62 45.20 46.32 1.05 229,177 June .6453 .6459 .6425 .6427 –.0025 286,786
46.33 47.46 46.11 47.09 .85 132,465 Sept .6541 .6546 .6513 .6515 –.0026 2,865 2713.88 -0.4 Yankee 5.320 4.860 6.110 863.85 1.8 Emerging Markets ** 7.478 7.205 8.842
ly
Dec
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Canadian Dollar (CME)-CAD 100,000; $ per CAD *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
July 18.77 18.87 18.70 18.84 .10 4,974 June .7350 .7359 .7338 .7345 –.0006 222,805
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Sept 15.52 15.56 15.52 15.56 .02 3,844 Sept .7365 .7371 .7350 .7358 –.0007 5,260
Wheat (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £
July
Sept
654.00
673.25
691.25
710.75
Wheat (KC)-5,000 bu.; cents per bu.
July
Sept
662.00
675.25
700.75
714.25
654.00
673.25
662.00
675.25
688.60
708.60
696.60
710.60
37.50 197,330
36.75 81,068
35.00 113,858
35.25 58,757
June
Dec
June
Sept
on
1.2705
1.2719
1.1035
1.1151
1.2728
1.2730
Swiss Franc (CME)-CHF 125,000; $ per CHF
1.1050
1.1165
1.2691
1.2713
1.1014
1.1129
1.2714
1.2734
.0003 209,956
.0002 10,764
1.1027 –.0020
1.1142 –.0021
92,135
487
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
us ,
Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
l
4.875 U.S. 2 4.837 s l 4.822 4.969 4.287

Cash Prices | wsj.com/market-data/commodities Monday, May 20, 2024
e
4.375 10 4.436 s 4.419 4.613 3.690
al a
l
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate 4.250 Australia 2 3.948 s l 3.920 3.886 3.505 -91.7 -76.3
-89.9
from the futures price on an exchange, which reflects what the commodity might be worth in future months.
3.750 10 4.247 s l 4.223 4.267 3.603 -19.3 -20.3 -8.0
ci on
Monday Monday Monday 2.500 France 2 3.075 s l 3.069 3.036 2.962 -177.2 -176.8 -130.6
Copper,Comex spot 5.0875 Wheat,No.2 soft red,St.Louis-u 6.7225
Energy 3.500 10 3.006 s l 2.996 3.018 3.008 -143.4 -143.0 -67.5
Iron Ore, 62% Fe CFR China-s *118.0 Wheat - Hard - KC (USDA) $ per bu-u 7.3075
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 74.750 Steel, HRC USA, FOB Midwest Mill-s *760.0 Wheat,No.1soft white,Portld,OR-u 6.6250 2.900 Germany 2 3.001 s l 3.000 3.013 2.762 -184.5 -183.7 -150.6
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.700 Battery/EV metals Food 2.200 10 2.535 s l 2.519 2.506 2.425 -190.7 -125.9
-190.5
BMI Lithium Carbonate, EXW China, =99.2%-v,w 15075
Metals
er s
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13525 Beef,carcass equiv. index 3.600 Italy 2 3.509 t l 3.524 3.567 3.437 -133.7 -131.4 -83.1
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4250 choice 1-3,600-900 lbs.-u 292.90 3.850 10 3.821 s l 3.809 3.897 4.251 -61.7 56.8
279.38
-62.0
Engelhard industrial 2421.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4168 select 1-3,600-900 lbs.-u
m er
Handy & Harman base 2420.30 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Broilers, National comp wtd. avg.-u,w 1.3203 0.300 Japan 2 0.346 s l 0.337 0.263 -0.058 -450.0 -450.0 -432.6
2686.53 Butter,AA Chicago-d 3.0925
Handy & Harman fabricated Fibers and Textiles 0.800 10 0.980 s l 0.952 0.837 0.407 -346.0 -347.4 -327.6
LBMA Gold Price AM *2381.75 Cheddar cheese,bbl,Chicago-d 211.00
LBMA Gold Price PM *2402.60 Burlap,10-oz,40-inch NY yd-n,w 0.8000 Cheddar cheese,blk,Chicago-d 192.00 2.800 Spain 2 3.226 s l 3.194 3.203 3.107 -162.0 -164.3 -116.1
Cotton,1 1/16 std lw-mdMphs-u 0.7178 Milk,Nonfat dry,Chicago lb.-d 116.00
Krugerrand,wholesale-e 2510.25 3.250 10 3.301 s l 3.258 3.319 3.513 -113.9 -116.8 -17.0
*85.85 Coffee,Brazilian,Comp-y 2.0691
m rp
Maple Leaf-e 2534.39 Cotlook 'A' Index-t

American Eagle-e 2534.39 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.3107 0.125 U.K. 2 4.362 s l 4.313 4.367 3.943 -48.5 -52.4 -32.6
Wool,64s,staple,Terr del-u,w 3.07 Eggs,large white,Chicago-u 1.5150
Mexican peso-e 2918.20 4.250 10 4.176 s l 4.132 4.230 3.988 -26.4 -29.4 30.5
Flour,hard winter KC-p 19.30
Austria crown-e 2368.91 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Austria phil-e 2534.39
Bran,wheat middlings, KC-u,w 75 Hogs,Iowa-So. Minnesota-u 89.95
Silver, troy oz. Pork bellies,12-14 lb MidUS-u 1.4462
4.3100
Engelhard industrial 31.5000
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w 99.9 Pork loins,13-19 lb MidUS-u 1.3540 Corporate Debt
co Fo
Handy & Harman base 32.0130 Steers,Tex.-Okla. Choice-u 186.00

Handy & Harman fabricated 40.0160
Corn gluten meal,Midwest-u,w 417.3 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 294.25
LBMA spot price *£23.4600 expectations
Hominy feed,Cent IL-u,w 115 Fats and Oils
(U.S.$ equivalent) *29.6800 Meat-bonemeal,50% pro Mnpls-u,w 320 Investment-grade spreads that tightened the most…
Coins,wholesale $1,000 face-a 24936 Oats,No.2 milling,Mnpls-u 3.9075 Degummed corn oil, crude wtd. avg.-u,w n.a. Spread*, in basis points
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.4000
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
LBMA Platinum Price PM *1065.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 1065.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 381.30 Soybean oil,crude;Centl IL-u,w 0.4402
JPMorgan Chase JPM 4.125 5.21 Dec. 15, ’26 37 –58 4
Palladium,Engelhard industrial 1015.0 Soybeans,No.1 yllw IL-bp,u 12.2100 Tallow,bleach;Chicago-h 0.4325
Aluminum, LME, $ per metric ton *2544.0 Wheat,Spring14%-pro Mnpls-u 8.8175 Tallow,edible,Chicago-u n.a.
Netflix NFLX 5.375 5.15 Nov. 15, ’29 68 –54 n.a.
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;
Toyota Motor Credit … 4.650 5.00 Jan. 5, ’29 53 –39 50
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
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 5/17
Source: Dow Jones Market Data Intesa Sanpaolo ISPIM 7.800 6.79 Nov. 28, ’53 220 –13 233
5.875 5.67 April 15, ’29 83 –12

n-
United Airlines Pass Through Trust 2020–1* … 92

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Banco Santander SANTAN 6.921 6.13 Aug. 8, ’33 169 –8 186
Money Rates May 20, 2024
Halliburton HAL 7.450 5.63 Sept. 15, ’39 118 –7 n.a.
no
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Arch Capital 7.350 5.51 May 1, ’34 107 –6
ACGL n.a.
guide to general levels but don’t always represent actual transactions.
Inflation Week —52-WEEK— Week —52-WEEK— …And spreads that widened the most
Latest ago High Low Latest ago High Low
April index Chg From (%) Bank of Nova Scotia BNS 5.350 5.30 Dec. 7, ’26 46 107 46
level March '24 April '23 Japan 1.475 1.475 1.475 1.475 Federal funds
Policy Rates Effective rate 5.3300 5.3300 5.3500 5.0800 Cooperatieve Rabobank RABOBK 5.041 5.11 March 5, ’27 47 97 n.a.
U.S. consumer price index
Euro zone 4.50 4.50 4.50 3.75 High 5.6500 5.6500 5.6500 5.4000
All items 313.348 0.33 3.3 2.00 2.00 2.25 2.00 Caterpillar Financial Services … 5.000 4.98 May 14, ’27 34 88 39
Switzerland Low 5.3100 5.3100 5.3300 5.0500
Core 317.978 0.28 3.6 Britain 5.25 5.25 5.25 4.50 Bid 5.3300 5.3300 5.3300 5.0700 71
Australia 4.35 4.35 4.35 3.85 Westpac Banking WSTP 5.050 5.06 April 16, ’29 60 n.a.
International rates Offer 5.3500 5.3500 5.3700 5.0800
Overnight repurchase 57
Week 52-Week Treasury bill auction Medtronic … 4.375 5.13 March 15, ’35 68 68
Latest High Low
U.S. 5.34 5.35 5.48 5.04
ago 4 weeks 5.270 5.270 5.750 5.010
Met Tower Global Funding … 5.400 5.15 June 20, ’26 31 57 n.a.
U.S. government rates 13 weeks 5.245 5.250 5.345 5.130
Prime rates
Discount 26 weeks 5.160 5.165 5.350 4.975 57
U.S. 8.50 8.50 8.50 8.25 Toronto–Dominion Bank TD 1.200 5.24 June 3, ’26 40 50
Canada 7.20 7.20 7.20 6.70 5.50 5.50 5.50 5.25 Secondary market
Unitedhealth UNH 4.625 5.12 July 15, ’35 68 57 72
Fannie Mae
ADVERTISEMENT
30-year mortgage yields High-yield issues with the biggest price increases…
30 days 6.427 6.542 7.495 5.788
Bond Price as % of face value
60 days 6.446 6.558 7.554 5.791
The Marketplace
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Other short-term rates
Issuer
Xerox
Symbol
…
Coupon (%) Yield (%)
6.750 9.19
Maturity
Dec. 15, ’39

Current One-day change Last week
80.000 1.18 77.100

Week 52-Week
Latest ago high low United States Cellular … 6.700 6.29 Dec. 15, ’33 102.875 0.63 104.250
BUSINESS OPPORTUNITIES NOTICE OF SALE Call money Bath & Body Works BBWI 6.875 6.63 Nov. 1, ’35 101.963 0.34 101.500
7.25 7.25 7.25 7.00
Dish DBS … 5.875 18.91 Nov. 15, ’24 94.250 0.25 93.364
Colchester Rubber Co. | AUCTION UCC Sale. All assets of Municipal Commercial paper (AA financial)
The Opportunity: Colchester, Colchester Rubber Finance & Services Corp, 581 Main 90 days n.a. n.a. 5.54 5.14 Global Marine … 7.000 8.80 June 1, ’28 94.000 0.25 93.500
Co. and Harry in the Hall Intellectual Property for
Sale. Don’t Miss Out! St, Suite 660, Woodbridge, NJ 07095, Secured Overnight Financing Rate Onemain Finance … 7.125 6.10 March 15, ’26 101.731 0.17 101.490
“The original 19th-century athletic shoe.” including all rights to Accelerated 5.31 5.31 5.40 5.05
(USA registration No. 5363613; 3182789; Municipal Payments (AMP) platform, Navient 5.625 8.53 Aug. 1, ’33 81.750 0.15
Value 52-Week
NAVI 81.375
3847869; 5640822, EUTM 018285800). non-factoring accounts payable Latest Traded High Low
program for local governments, to Rakuten RAKUTN 9.750 9.58 April 15, ’29 100.625 0.13 100.000
be sold at public sale at 10:00 am DTCC GCF Repo Index
Treasury 5.349 19.026 5.504 5.078 …And with the biggest price decreases
local time on Friday, 5/31/24 at
MBS 5.368 46.350 5.689 5.090
The Sealed Bid 5330 Yacht Haven Grande, Suite
Auction deadline Notes on data: Hughes Satellite Systems … 5.250 18.13 Aug. 1, ’26 77.500 –0.50 81.750
J-206, St Thomas, VI 00802. You
June 21st at Midnight U.S. prime rate is the base rate on corporate
may register to bid by phone, contact Paramount Global 6.875 7.58 April 30, ’36 94.495 –0.26
colchestersneakers.com loans posted by at least 70% of the 10 largest PARA 94.943
Contact: Dtorkelson@cordesco.com info@dgfunds.com or (340)-774-8800 U.S. banks, and is effective July 27, 2023. Other
— For a Sealed Bid Form — for more information prime rates aren’t directly comparable; lending Aadvantage Loyalty AAL 5.500 5.92 April 20, ’26 99.250 –0.09 99.250
practices vary widely by location; Discount rate
is effective July 27, 2023. Secured Overnight Natwest Markets NWG 5.410 5.39 May 17, ’29 100.090 –0.06 n.a.
Business for Sale. Financing Rate is as of May 17, 2024. DTCC
GCF Repo Index is Depository Trust & Clearing –0.04
30 years established durable 4.389 5.87 Jan. 8, ’26 97.731
medical equipment importer
THEMARKETPLACE Corp.'s weighted average for overnight trades in
applicable CUSIPs. Value traded is in billions of
Ford Motor Credit … 97.690
ADVERTISE TODAY U.S. dollars. Federal-funds rates are Tullett Sealed Air SEE 6.875 6.26 July 15, ’33 104.249 –0.001 103.500
with 7 FDA 510K mobility Prebon rates as of 5:30 p.m. ET.
(800) 366-3975
product approval. Sources: Federal Reserve; Bureau of Labor *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.
© 2024 Dow Jones & Company, Inc. Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
HCH.0420@gmail.com Tullett Prebon Information, Ltd.
All Rights Reserved. Source: MarketAxess
THE WALL STREET JOURNAL. Tuesday, May 21, 2024 | B7
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B8 | Tuesday, May 21, 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
39806.77 t 196.82, or 0.49% Trailing P/E ratio 27.80 22.18 5308.13 s 4.86, or 0.09% Trailing P/E ratio * 23.24 18.57 16794.87 s 108.91, or 0.65% Trailing P/E ratio *† 31.05 28.12
High, low, open and close for each P/E estimate * 19.32 17.71 High, low, open and close for each P/E estimate * 21.62 18.82 High, low, open and close for each P/E estimate *† 27.35 26.62
trading day of the past three months. Dividend yield 2.14 2.11 trading day of the past three months. Dividend yield * 1.47 1.67 trading day of the past three months. Dividend yield *† 0.81 0.82
All-time high 40003.59, 05/17/24 All-time high 5308.15, 05/15/24 All-time high: 16794.87, 05/20/24
Current divisor 0.15221633137872

40000 5300 16750
39300 5200 16425
38600 5100 16100
37900 5000 15775
Session high
37200 4900 15450
DOWN UP
65-day moving average
t
Session open Close 65-day moving average

65-day moving average
Close Open 36500 4800 15125
t
Bars measure the point change from session's open Session low
35800 4700 14800
Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May
*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* 805,570,458 26,088,532
Industrial Average 40077.40 39787.09 39806.77 -196.82 -0.49 40003.59 32417.59 19.6 5.6 5.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 364,606,967 21,759,775
Transportation Avg 15505.01 15413.77 15428.55 -72.88 -0.47 16695.32 13556.07 10.7 -3.0 -0.1 Most-active issues in late trading Decl. volume* 427,521,890 3,825,726
Utility Average 952.24 947.52 949.92 -1.50 -0.16 951.42 783.08 3.7 7.7 1.7 Volume After Hours Issues traded 2,882 305
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 52960.59 52737.57 52800.82 63.00 0.12 52822.77 40847.04 26.3 10.5 6.9 Advances 1,405 186
Alphabet Cl A GOOGL 5,532.9 176.92 … unch. 177.15 176.64
Barron's 400 1162.32 1156.48 1158.31 1.83 0.16 1166.53 895.36 25.9 8.0 5.1 Declines 1,383 103
Full Truck Alliance ADR YMM 4,760.6 9.56 0.15 1.59 9.59 8.97
Unchanged 94 16
Nasdaq Stock Market Host Hotels & Resorts HST 4,643.8 18.46 0.08 0.44 18.46 18.38 New highs 240 18
Nasdaq Composite 16823.83 16695.69 16794.87 108.91 0.65 16794.87 12484.16 32.0 11.9 7.5 Apple AAPL 4,561.7 191.15 0.11 0.06 201.74 191.04 New lows 29 6
Nasdaq-100 18703.83 18549.84 18674.19 127.96 0.69 18674.19 13604.48 34.8 11.0 11.4 SPDR S&P 500 ETF Trust SPY 4,415.9 530.05 -0.01 -0.002 530.44 529.70 Closing Arms† 1.09 0.20
iShares MSCI Brazil ETF EWZ 4,272.8 31.54 -0.12 -0.38 31.68 31.54 Block trades* 4,027 311
S&P
.
Microsoft MSFT 4,168.0 425.17 -0.17 -0.04 443.38 424.52
500 Index 5325.32 5302.40 5308.13 4.86 0.09 5308.15 4115.24 26.6 11.3 8.5 Nasdaq NYSE Arca
ly
Corning GLW 3,840.1 35.29 -0.23 -0.65 35.60 35.29
MidCap 400 3028.72 3013.59 3019.65 3.40 0.11 3046.36 2326.82 22.3 8.6 4.0 Total volume*6,861,328,048 216,338,320
SmallCap 600 1345.79 1337.40 1337.66 -1.03 -0.08 1345.71 1068.80 16.0 1.5 -0.003 Percentage gainers… Adv. volume*4,948,537,079 110,737,504
Larimar Therapeutics LRMR 383.9 8.50 1.23 16.93 10.73 7.27 Decl. volume*1,862,038,951 102,824,113
Other Indexes
Russell 2000
NYSE Composite
Value Line
2109.70 2095.00 2102.50
18421.92 18329.48 18335.62 -52.65
608.58 605.93 606.46
6.78
-0.28
-0.29
-0.05
on
0.32 2124.55 1636.94
18388.26 14675.78
615.81 498.09
17.1
19.7
11.3
3.7
8.8
2.1
-1.6
3.9
-2.8
Stryker
AST SpaceMobile
CNH Industrial
SYK
ASTS
CNH
217.2 349.19
199.7
61.8
5.54
11.65
19.46
0.26
0.51
5.90 349.19 322.00
4.92
4.58
5.60
11.65
5.23
11.14
Issues traded
Advances
Declines
Unchanged
4,376
2,088
2,115
173
1,927
1,046
839
42
NYSE Arca Biotech 5289.55 5230.06 5282.27 36.63 0.70 5511.46 4544.40 -3.0 -2.5 -2.0
Tupperware Brands TUP 267.4 2.09 0.09 4.50 2.16 1.91
New highs 239 442
us ,
NYSE Arca Pharma 1028.64 1019.65 1025.34 0.88 0.09 1032.25 837.32 17.2 12.7 11.6 ...And losers New lows 101 23
l
KBW Bank 107.63 105.74 105.82 -1.54 -1.43 107.64 71.71 35.3 10.2 -6.8 75.0 24.80 -2.50 24.80 24.80 Closing Arms† 0.37 1.17
e
OneAscent LC Core ETF OALC -9.17
al a
PHLX§ Gold/Silver 152.02 148.30 151.36 2.13 1.43 151.36 102.94 18.7 20.4 -2.6 Palo Alto Networks PANW 1,983.9 296.20 -27.57 -8.52 325.78 291.55 Block trades* 77,705 877
PHLX§ Oil Service 89.36 88.12 88.63 0.55 0.63 98.76 69.29 19.0 5.7 13.8 SPDR Portf Dev World xUS SPDW 83.3 33.70 -2.87 -7.85 36.57 33.70 * Primary market NYSE, NYSE American NYSE Arca only.
ci on
PHLX§ Semiconductor 5119.16 4999.41 5090.35 107.33 2.15 5165.83 3124.09 58.3 21.9 18.4 Enliven Therapeutics ELVN 192.2 22.80 -1.20 -5.00 24.00 22.80 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 12.59 12.07 12.15 0.16 1.33 21.71 11.99 -29.4 -2.4 -16.2 A10 Networks ATEN 435.9 15.75 -0.70 -4.26 16.45 15.74 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

er s
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
m er
World MSCI ACWI 796.05 1.09 0.14 9.5 GT Biopharma GTBP 7.80 4.68 150.00 16.11 2.95 -16.0 MMTec MTC 1.05 -5.96 -85.02 12.90 0.36 29.6
MSCI ACWI ex-USA 338.00 0.61 0.18 6.8 Zenvia Cl A ZENV 3.85 1.55 67.39 3.88 0.66 473.5 iPower IPW 2.05 -0.84 -29.07 3.48 0.40 273.4
MSCI World 3477.07 4.55 0.13 9.7 Bakkt Holdings BKKT 16.65 5.19 45.29 68.75 5.57 -55.0 Kaival Brands Innovations KAVL 2.41 -0.71 -22.76 20.27 1.11 -80.5
MSCI Emerging Markets 1101.91 2.12 0.19 7.6 Cheetah Net Supply Chain CTNT 14.76 3.96 36.67 14.76 0.92 ... Applied DNA Sciences APDN 1.96 -0.55 -21.91 37.20 1.83 -91.5
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Americas MSCI AC Americas 2005.42 2.16 0.11 10.6 Oragenics OGEN 3.07 0.74 31.76 7.74 1.00 -1.9 Digital Brands Group DBGI 2.11 -0.50 -19.16 26.50 1.88 -90.6
Canada S&P/TSX Comp 22465.37 … Closed 7.2 VinFast Auto VFS 6.32 1.44 29.51 93.00 2.26 ... NiSun Intl Ent Devt NISN 6.00 -1.40 -18.92 8.85 2.16 41.3
Latin Amer. MSCI EM Latin America 2503.97 3.62 0.14 –6.0 Dyne Therapeutics DYN 35.38 7.70 27.82 35.66 6.40 154.0 CervoMed CRVO 19.74 -4.35 -18.06 26.38 4.14 218.6
Brazil Bovespa 127750.92 –399.79 –0.31 –4.8 Hims & Hers Health HIMS 18.60 4.03 27.66 20.11 5.65 95.8 Air Industries Group AIRI 4.56 -0.97 -17.54 7.77 2.60 32.5
Chile S&P IPSA 3650.12 22.11 0.61 5.3 Wix.com WIX 168.02 32.34 23.84 170.42 73.39 112.9 Compugen CGEN 1.74 -0.37 -17.54 3.03 0.53 117.5
co Fo
Mexico S&P/BMV IPC 57393.28 –189.80 –0.33 0.01 Comtech Telecomm CMTL 2.51 0.47 23.04 13.04 1.53 -78.9 Wheeler Real Est Invt Tr WHLR 2.25 -0.44 -16.36 226.08 2.21 -98.8
EMEA STOXX Europe 600 523.89 0.95 0.18 9.4 ICZOOM Group Cl A IZM 2.48 0.46 22.77 52.21 1.99 -17.6 OpGen OPGN 3.86 -0.74 -16.09 38.40 1.65 -49.1
Eurozone Euro STOXX 525.51 0.69 0.13 10.8 Overseas Shipholding A OSG 8.42 1.56 22.74 8.46 3.59 125.1 Heart Test Laboratories HSCS 5.88 -1.09 -15.64 128.00 5.80 -93.5
Belgium Bel-20 4006.94 2.14 0.05 8.1 Heartbeam BEAT 2.53 0.46 22.22 3.74 1.06 22.8 Comstock Holding Cl A CHCI 6.51 -1.20 -15.56 8.56 3.47 57.6
Denmark OMX Copenhagen 20 2729.17 … Closed 19.5 Bit Digital BTBT 2.64 0.47 21.66 5.27 1.76 3.5 My Size MYSZ 4.24 -0.77 -15.37 21.92 2.88 -55.5
0.35 8.7 Lightbridge LTBR 3.25 0.58 21.54 6.70 2.28 -31.0 scPharmaceuticals SCPH 4.04 -0.71 -14.95 11.75 4.01 -63.7
France CAC 40 8195.97 28.47
Germany DAX 18768.96 64.54 0.35 12.0
Israel Tel Aviv 1980.63 21.09 1.08 6.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 34825.01 –573.81 –1.62 14.7 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 914.95 1.70 0.19 16.3
Norway Oslo Bors All-Share 1643.24 … Closed 8.2 Crown Electrokinetics CRKN 729,142 678.4 0.20 16.37 11.70 0.04 Black Hawk Acquisition BKHA 1,895 19509 10.11 ... 10.20 10.09
South Africa FTSE/JSE All-Share 80072.99 542.36 0.68 4.1 Faraday Future FFIE 687,370 466.2 1.80 74.76 117.36 0.04 Cap Group Core Bd CGCB 10,226 6846 25.74 -0.06 26.77 24.42
n-
0.10 Greenwave Tech Solns GWAV 384,245 412.5 0.16 2.53 1.12 0.04 Overseas Shipholding A OSG 16,422 4811 8.42 22.74 8.46 3.59
Spain IBEX 35 11339.50 11.80 12.2
1.18 Pineapple Energy PEGY 361,314 817.6 0.19 80.27 1.53 0.04 Golden Star Acquisition GODN 889 4521 10.76 -0.19 11.21 10.14
Sweden OMX Stockholm 1002.42 11.70 11.0
Bruush Oral Care BRSH 257,977 1905.8 0.16 34.81 9.73 0.04 AllianzIM US LC Bf10 J/J SIXJ 381 3079 28.11 0.02 28.16 23.91
Switzerland Swiss Market 12037.99 … Closed 8.1
Turkey BIST 100 10739.57 95.99 0.90 43.8 Scorpius Holdings SCPX 183,749 5262.8 0.16 54.59 0.89 0.07 MMTec MTC 61,340 2637 1.05 -85.02 12.90 0.36
no
U.K. FTSE 100 8424.20 3.94 0.05 8.9 NovaBay Pharmaceuticals NBY 155,801 2990.4 0.17 47.05 1.28 0.07 iSh Int Rt Hdg LT Cp Bd IGBH 805 1570 24.64 0.08 24.80 23.06
U.K. FTSE 250 20873.33 123.43 0.59 6.0 SiNtx Technologies SINT 139,423 141.9 0.11 32.82 1.82 0.02 Cap Grp Shrt Duration CGSD 1,876 1428 25.41 -0.02 25.62 24.97
MultiMetaVerse MMV 129,363 92365.0 1.33 125.12 4.00 0.45 Cheetah Net Supply Chain CTNT 12,833 1114 14.76 36.67 14.76 0.92
Asia-Pacific MSCI AC Asia Pacific 182.40 0.54 0.29 7.7
Selina Hospitality SLNA 111,266 267.2 0.13 20.45 1.62 0.04 Patria Lat Amer Opp Acqn PLAO 451 1077 11.41 0.18 11.97 10.62
Australia S&P/ASX 200 7863.70 49.33 0.63 3.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3171.15 17.12 0.54 6.6 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19636.22 82.61 0.42 15.2
Closed 2.4
Scan this code
India S&P BSE Sensex 74005.94 …
Japan NIKKEI 225 39069.68 282.30 0.73 16.8 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3314.05 0.57 0.02 2.3 track most-active stocks,
South Korea KOSPI 2742.14 17.52 0.64 3.3 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 21271.63 13.16 0.06 18.6 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1378.70 –3.98 –0.29 –2.6
All are available free at WSJMarkets.com US$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 .00003929 25455 4.9
CREDIT MARKETS Argentina peso .0011888.7501 9.9 Europe
Brazil real .1959 5.1041 5.2 Czech Rep. koruna .04393 22.764 1.7
Canada dollar .7340 1.3625 2.9 Denmark krone .1455 6.8723 1.4
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001127 887.59 1.4 Euro area euro 1.0857 .9211 1.7
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000262 3818.95 –1.5 Hungary forint .002814 355.37 2.4
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007223 138.45 1.8
A consumer rate against its Money Market/Savings Accts Mexico peso .0604 16.5597 –2.4 Norway krone .0934 10.7013 5.2
benchmark over the past year 6.00% Uruguay peso .02596 38.5150 –1.4 Poland zloty .2553 3.9174 –0.5
Bankrate.com avg†: 0.48% 16% Sweden krona .0936 10.6880 5.8
Tradeweb ICE Asia-Pacific
Federal-funds Banesco USA 5.25% Monday Close 5.00 Switzerland franc 1.0981 .9107 8.2
Australiadollar .6668 1.4997 2.2
target rate t 6.00% Coral Gables, FL 888-228-1597 t 8 WSJ Dollar Index Turkey lira .0310 32.2079 9.3
t s China yuan .1382 7.2337 1.7
4.00 Ukraine hryvnia .0252 39.7500 4.2
CFG Community Bank 5.25% Hong Kong dollar .1282 7.7985 –0.1
4.00 One year ago 0 UK pound 1.2706 .7870 0.2
3.00 India rupee .01200 83.307 0.1
Baltimore, MD 888-205-8388 Middle East/Africa
Money market s Indonesia rupiah .0000624 16028 4.2
account yields 2.00 UFB Direct 5.25% 2.00 –8 s Euro Japan yen .006399 156.27 10.8 Bahrain dinar 2.6525 .3770 0.01
t San Diego, CA 877-472-9200 Yen Kazakhstan tenge .002257 443.10 –2.7 Egypt pound .0214 46.6425 50.8
0.00 UFB Direct 5.25% 1.00 –16 Macau pataca .1244 8.0360 –0.2 Israel shekel .2711 3.6893 2.4
Malaysia ringgit .2135 4.6840 1.9 Kuwait dinar 3.2585 .3069 –0.1
San Diego, CA 877-472-9200 1 3 6 1 2 3 5 7 10 20 30 2023 2024
–2.00 New Zealand dollar .6106 1.6377 3.5 Oman sul rial 2.5979 .3849 –0.02
TAB Bank 5.27% month(s) years
J J A S OND J FMAM Pakistan rupee .00359 278.625 –0.9 Qatar rial .2743 3.645 0.1
Ogden, UT 800-355-3063 maturity Philippines peso .0173 57.870 4.5 Saudi Arabia riyal .2666 3.7505 0.01
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7421 1.3475 2.1 South Africa rand .0550 18.1821 –0.6
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007345 1361.45 5.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033349 299.86 –7.4 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 99.33 0.1700.172
Federal-funds rate target 5.25-5.50 5.25-5.50 5.00 l 5.50 5.25 Taiwan dollar .03100 32.260 5.1 3.65
Yield (%) 52-Week Total Return (%) Thailand baht .02769 36.120 5.1 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 8.25 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.31 5.31 5.05 l 5.40 5.30
Money market, annual yield 0.48 0.48 0.46 l 0.64 0.40
U.S. Treasury, Bloomberg 2137.420 4.650 4.690 5.120 4.010 0.237 –3.210 Commodities
Monday 52-Week YTD
Five-year CD, annual yield 2.84 2.84 2.77 l 2.87 2.39 U.S. Treasury Long, Bloomberg 3051.560 4.650 4.700 5.280 3.920 –5.140 –9.354 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.47 7.54 7.01 l 8.28 4.35 Aggregate, Bloomberg 2029.280 5.060 5.100 5.740 4.490 2.017 –2.927
15-year mortgage, fixed† 6.83 6.96 6.34 l 7.42 4.43
DJ Commodity 1079.94 13.76 1.29 1079.94 930.59 12.51 12.75
Fixed-Rate MBS, Bloomberg 1996.390 5.290 5.300 6.050 4.590 1.512 –3.191
Jumbo mortgages, $766,550-plus† 7.56 7.62 7.07 l 8.33 4.41 Refinitiv/CC CRB Index 295.61 1.86 0.63 298.18 253.85 13.01 12.05
High Yield 100, ICE BofA 3597.539 7.267 7.415 9.101 7.030 10.829 2.203
Five-year adj mortgage (ARM)† 6.65 6.69 5.80 l 7.16 3.59 Crude oil, $ per barrel 79.80 -0.26 -0.32 93.68 67.12 10.85 11.37
Muni Master, ICE BofA 582.839 3.532 3.465 4.311 3.038 3.579 –0.830
New-car loan, 48-month 7.84 7.83 7.01 l 7.88 3.83 Natural gas, $/MMBtu 2.751 0.125 4.76 3.575 1.575 14.63 9.43
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 863.852 7.478 7.570 8.842 7.205 10.996 –1.757
banks.† Excludes closing costs. Gold, $ per troy oz. 2433.90 21.70 0.90 2433.90 1816.60 23.25 18.01
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
THE WALL STREET JOURNAL. * * Tuesday, May 21, 2024 | B9
BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
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
How to Read the Stock Tables
The following explanations apply to NYSE, NYSE Arca, NYSE American and BaxterIntl BAX 35.02 -0.23 CincinnatiFinl CINF 117.95 -2.11 Eaton ETN 333.25 3.01 HostHotels HST 18.38 -0.04 McDonald's MCD 267.87 -4.51 PureStorage PSTG 60.12 0.97 TelefonicaBras VIV 8.93 -0.15
Nasdaq Stock Market listed securities. Prices are consolidated from trades BectonDicknsn BDX 237.13 0.83 Cintas CTAS 697.46 5.32 eBay EBAY 51.24 -0.24 HoulihanLokey HLI 135.34 1.25 s McKesson MCK 564.00 -0.52 Qiagen QGEN 45.47 -0.22 Telefonica TEF 4.45 -0.01
reported by various market centers, including securities exchanges, Finra, BeiGene BGNE 174.32 1.47 CiscoSystems CSCO 47.13 -1.04 s Ecolab ECL 234.69 1.03 s HowmetAerospace HWM 84.06 1.13 Medpace MEDP 397.25 3.95 Qorvo QRVO 98.68 0.25 t TelekmIndonesia TLK 18.65 -0.14
electronic communications networks and other broker-dealers. The list s BentleySystems BSY 57.05 0.59 Citigroup C 63.16 -0.91 Ecopetrol EC 12.30 0.17 Hubbell HUBB 397.77 5.03 Medtronic MDT 84.51 -1.41 s Qualcomm QCOM 197.76 3.90 TempurSealy TPX 52.88 -0.16
comprises the 1,000 largest companies based on market capitalization. Berkley WRB 78.67 -0.64 s CitizensFin CFG 36.49 -0.67 s EdisonIntl EIX 76.10 -0.20 HubSpot HUBS 619.99 4.65 MercadoLibre MELI 1787.73 38.56 QuantaServices PWR 267.66 3.26 Tenaris TS 34.58 0.28
BerkHathwy A BRK.A 623250-6125.00 CleanHarbors CLH 214.08 0.97 EdwardsLife EW 89.78 0.64 Humana HUM 355.22 -0.98 Merck MRK 130.99 -0.20 s QuestDiag DGX 144.17 -0.17 TencentMusic TME 15.27 -0.15
Underlined quotations are those stocks with large changes in volume BerkHathwy B BRK.B 413.00 -3.94 Cleveland-Cliffs CLF 17.71 0.20 ElancoAnimal ELAN 17.00 -0.19 JBHunt JBHT 164.10 -0.70 MetaPlatforms META 468.84 -3.07 TenetHealthcare THC 130.96 2.49
compared with the issue’s average trading volume. BestBuy BBY 73.91 0.56 Clorox CLX 134.83 -0.79 Elastic ESTC 110.66 0.58 HuntingtonBcshs HBAN 14.01 -0.20 MetLife MET 72.89 -1.33 R S s Teradyne TER 139.51 7.60
Boldfaced quotations highlight those issues whose price changed by 5% or Bio-Techne TECH 82.50 -1.31 Cloudflare NET 75.62 0.39 ElbitSystems ESLT 196.37 -4.27 HuntingIngalls HII 255.59 -0.01 Mettler-Toledo MTD 1518.29 -4.46 Tesla TSLA 174.95 -2.51
s RBC Bearings RBC 297.02 7.74
more if their previous closing price was $2 or higher. Bio-RadLab A BIO 291.88 -1.97 Coca-Cola KO 62.57 -0.46 ElectronicArts EA 128.30 0.55 HyattHotels H 150.67 1.62 s MicrochipTech MCHP 96.46 2.13 TetraTech TTEK 218.78 -1.44
BIIB 231.58 1.01 ElevanceHealth ELV 541.62 -6.09 s MicronTech MU 129.00 3.71 RB Global RBA 75.25 0.28
Biogen CocaColaCon COKE 945.33 8.33 ICICI Bank IBN 27.08 -0.13 TevaPharm TEVA 16.81 0.52
Footnotes: BioMarinPharm BMRN 77.05 -0.51 EmersonElec EMR 113.70 0.82 RELX RELX 44.12 0.05 s
Coca-ColaEuro CCEP 73.95 -0.56 IdexxLab IDXX 530.07-13.38 Microsoft MSFT 425.34 5.13 TexasInstruments TXN 199.20 4.18
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most BNTX 92.47 1.86 ENB 36.78 0.03 s ING Groep ING 17.87 -0.11 RPM RPM 113.20 -0.31
BioNTech Cognex CGNX 48.51 0.66 Enbridge MicroStrategy MSTR 1727.24142.74 TexasPacLand TPL 617.10 6.88
recent four quarters.
Birkenstock BIRK 48.01 0.81 EncompassHealth EHC 86.11 0.66 RTX RTX 105.02 0.84
CognizantTech CTSH 69.58 0.82 IQVIA IQV 230.09 -1.09 MidAmApt MAA 136.86 -0.88 TexasRoadhouse TXRH 168.39 -1.25
BlackRock BLK 805.19 -7.03 s Endeavor EDR 26.94 0.23 s ITT RalphLauren RL 166.94 -0.94
Stock tables reflect composite regular trading as of 4 p.m. ET and Coherent COHR 58.89 0.76 ITT 139.66 0.30 MitsubishiUFJ MUFG 10.03 ... Textron TXT 89.02 -0.15
s RangeResources RRC 38.85 1.07
changes in the official closing prices from 4 p.m. ET the previous day. Blackstone BX 125.67 ... CoinbaseGlbl COIN 225.19 17.59 EnergyTransfer ET 16.13 0.17 IcahnEnterprises IEP 16.66 -0.17 MizuhoFin MFG 4.14 0.08 ThermoFisher TMO 594.01 -1.29
SQ 73.54 1.28 EnphaseEnergy ENPH 113.45 -0.87 RaymondJames RJF 125.13 -1.29 s
Block ColgatePalm CL 94.39 0.26 Icon ICLR 318.72 4.00 Mobileye MBLY 27.70 -0.88 ThomsonReuters TRI 171.30 0.28
ENTG 132.86 3.36 RealtyIncome O 54.98 -0.15 s
BlueOwlCapital OWL 18.81 -0.01 Comcast A CMCSA 39.21 -0.06 Entegris IDEX IEX 219.79 -2.54 Moderna MRNA 141.01 8.11 3M MMM 105.21 -0.05
Monday, May 20, 2024 Net Net BA 186.61 1.66 ETR 112.80 -0.23 Reddit RDDT 61.22 -0.82 TOST 26.96 -0.03
Boeing ComfortSystems FIX 321.22 4.99 Entergy IllinoisToolWks ITW 250.59 -0.01 MohawkInds MHK 118.92 -1.44 Toast
Net Stock Sym Close Chg Stock Sym Close Chg RegalRexnord RRX 160.17 0.49
Booking BKNG 3768.62 60.27 SABESP SBS 15.19 -0.16 EnterpriseProd EPD 28.65 0.09 Illumina ILMN 108.53 -2.54 MolinaHealthcare MOH 343.84 -3.78 TollBros TOL 131.06 0.32
Stock Sym Close Chg BoozAllen BAH 153.98 1.69 EFX 251.69 2.94 RegencyCtrs REG 59.95 -0.94 BLD 405.11 1.07
Altria MO 45.90 -0.18 argenx ARGX 361.58 -4.23 ConagraBrands CAG 30.71 -0.02 Equifax ImperialOil IMO 69.71 -0.32 t MolsonCoorsB TAP 55.21 -1.26 TopBuild
BorgWarner BWA 36.87 -0.22 Equinix EQIX 795.28 -4.55 RegenPharm REGN 987.27 4.98 TTC 90.00 1.76
Amazon.com AMZN 183.54 -1.16 AristaNetworks ANET 319.39 -0.50 Confluent CFLT 32.02 -0.21 Incyte INCY 57.19 0.09 MolsonCoorsA TAP.A 61.40 -0.45 Toro
A B C Ambev ABEV 2.34 -0.08 Arm ARM 110.46 0.11 BostonProps BXP 62.10 -1.10 ConocoPhillips COP 120.89 -0.82 Equinor EQNR 28.33 -0.18 Informatica INFA 30.59 1.07 monday.com MNDY 229.40 0.57
RegionsFinl RF 19.88 -0.30 TorontoDomBk TD 56.81 -0.43
s BostonSci BSX 75.36 0.71 s Equitable EQH 40.40 -0.33 ReinsGrp RGA 209.88 -2.49 TotalEnergies TTE 72.44 -0.75
Amcor AMCR 10.07 -0.20 AspenTech AZPN 221.14 -0.80 ConEd ED 96.51 -0.59 Infosys INFY 17.13 ... Mondelez MDLZ 70.27 -0.96
AECOM ACM 89.57 -0.05 t BristolMyers BMY 43.36 -0.67 EquityLife ELS 64.17 -0.51 Reliance RS 303.31 4.94 ToyotaMotor TM 220.50 0.74
Amdocs DOX 82.04 0.29 Assurant AIZ 172.19 -3.41 ConstBrands A STZ 250.56 -4.87 IngersollRand IR 94.14 1.49 MongoDB MDB 368.01 -2.81
AES AES 21.28 ... BritishAmTob BTI 31.35 -0.24 EquityResdntl EQR 66.47 -0.66 RenaissanceRe RNR 227.40 -2.03 s TractorSupply TSCO 284.04 -1.63
AmerSports AS 16.03 -0.12 AsteraLabs ALAB 72.51 0.01 ConstellationEner CEG 215.07 1.96 Ingredion INGR 118.23 -1.40 MonolithicPower MPWR 755.88 25.83
s Aflac AFL 87.69 -0.68 Broadcom AVGO 1414.03 18.74 ErieIndemnity ERIE 397.31 0.50 PODD 184.14 -3.13
RentokilInit RTO 27.48 0.18 s TradeDesk TTD 97.50 2.72
Ameren AEE 74.40 -0.34 AstraZeneca AZN 77.11 0.21 Cooper COO 97.21 -0.10 Insulet MonsterBev MNST 53.58 -0.53
AGCO AGCO 110.11 0.09 BroadridgeFinl BR 200.39 -3.10 EssentialUtil WTRG 39.29 -0.38 Repligen RGEN 171.78 -0.16 Tradeweb TW 110.82 -1.99
AmericaMovil AMX 19.83 0.08 Atlassian TEAM 179.84 0.12 Copart CPRT 54.92 0.42 Intel INTC 32.10 0.27 Moody's MCO 412.57 -1.35
Ansys ANSS 328.59 0.88 BrookfieldAsset BAM 40.48 0.07 EssexProp ESS 263.41 -2.88 s InteractiveBrkrs IBKR 125.55 1.73 RepublicSvcs RSG 185.98 -2.18 TraneTech TT 330.91 2.27
AmerAirlines AAL 14.52 -0.21 AtmosEnergy ATO 118.28 -0.36 Core&Main CNM 60.82 0.67 MorganStanley MS 100.33 0.11
APA APA 30.90 0.02 Brookfield BN 44.81 0.32 EsteeLauder EL 131.14 -3.61 ResMed RMD 218.74 0.17 TransDigm TDG 1312.76 20.81
AEP AEP 92.59 -0.08 Autodesk ADSK 221.40 0.19 CorebridgeFin CRBG 30.73 -0.57 ICE ICE 136.95 -1.45 Morningstar MORN 297.12 -2.65
ASE Tech ASX 10.85 0.33 s AmerExpress AXP 242.30 BrookfieldInfr BIP 30.64 -0.01 s EvercoreA EVR 203.02 -0.46 RestaurantBrands QSR 70.00 -0.86 TransUnion TRU 78.86 1.14
-0.52 Autoliv ALV 125.28 0.10 Corning GLW 35.52 0.17 InterContinentl IHG 100.94 0.49 Mosaic MOS 30.78 0.17
ASML ASML 939.44 14.47 BrookfieldRenew BEPC 31.13 0.21 Everest EG 389.80 -3.12 Revvity RVTY 112.02 1.79 Travelers TRV 215.60 -4.11
AmericanFin AFG 132.32 -1.23 ADP ADP 251.78 -0.55 Corpay CPAY 278.94 -0.59 IBM IBM 169.92 0.89 MotorolaSol MSI 368.43 0.63
AT&T T 17.52 0.12 Brown&Brown BRO 89.86 0.03 Evergy EVRG 55.09 -0.02 s IntlFlavors IFF 98.82 -0.87 RexfordIndlRealty REXR 46.22 -0.13 Trex TREX 87.60 -0.05
AmHomes4Rent AMH 36.74 -0.03 AutoZone AZO 2924.04 6.54 Corteva CTVA 56.74 0.29 s MurphyUSA MUSA 443.94 0.56
AbbottLabs ABT 103.21 -0.88 t Brown-Forman A BF.A 47.95 -1.36 EversourceEner ES 60.78 -0.18 s IntlPaper RioTinto RIO 73.39 -0.22 TRMB 57.32 0.23
AIG AIG 78.79 -1.75 Avalonbay AVB 197.41 -1.48 CoStar CSGP 87.52 0.02 IP 41.18 0.54 NICE NICE 200.68 7.13 Trimble
AbbVie ABBV 164.56 -1.86 AGR 36.05 0.21 Brown-Forman B BF.B 47.22 -1.25 t ExactSciences EXAS 51.00 0.62 Rivian RIVN 10.28 -0.22 s Trip.com TCOM 57.05 0.22
AmerTowerREIT AMT 191.76 -2.75 Avangrid Costco COST 793.00 -2.81 Interpublic IPG 31.98 0.20 NIO NIO 5.22 -0.06
Accenture ACN 305.70 2.11 s Robinhood HOOD 20.84 0.75
AmerWaterWorks AWK 133.57 -0.19 Avantor AVTR 24.93 -0.06 Bruker BRKR 76.47 1.40 CoterraEnergy CTRA 28.43 0.24 Exelon EXC 38.46 -0.12 s Intuit INTU 670.15 8.97 NNN REIT NNN 42.14 -0.42 TruistFinl TFC 39.03 -0.94
AcuityBrands AYI 261.87 2.31 Ameriprise AMP 433.10 -1.02 BuildersFirst BLDR 169.23 2.18 Expedia EXPE 114.32 0.31 Roblox RBLX 33.59 0.69 Twilio TWLO 60.91 -1.17
AveryDennison AVY 226.05 -0.25 Coty COTY 10.46 -0.20 IntuitiveSurgical ISRG 400.03 1.21 NOV NOV 18.98 -0.08
Adobe ADBE 484.69 1.26 AME 168.60 1.80 AxaltaCoating AXTA 35.23 -0.41 BungeGlobal BG 102.28 -0.81 ExpeditorsIntl EXPD 118.41 0.51 RocketCos. RKT 14.65 0.53 s TylerTech TYL 493.92 4.78
Ametek Coupang CPNG 22.96 -0.04 InvitatHomes INVH 35.43 -0.02 NRG Energy NRG 81.48 -0.82
AdvDrainageSys WMS 177.38 3.25 AMGN 314.54 2.07 AxonEnterprise AXON 292.03 3.24 BurlingtonStrs BURL 190.71 -2.43 ExtraSpaceSt EXR 150.29 -1.60 Rockwell ROK 271.22 1.46 TysonFoods TSN 60.62 0.37
Amgen Crane CR 147.02 1.61 IronMountain IRM 82.10 0.31 NVR NVR 7677.76 8.76
AdvMicroDevices AMD 166.33 1.86 AmkorTech AMKR 33.13 0.45 BCE 34.07 -0.27 CACI Intl CACI 427.25 0.36 ExxonMobil XOM 118.67 -0.97 RogersComm B RCI 39.43 -0.44 UBS Group UBS 30.10 -0.24
BCE Credicorp BAP 164.12 0.12 ItauUnibanco ITUB 6.50 -0.03 s NXP Semicon NXPI 273.57 5.85
s Aegon AEG 6.89 0.01 s Amphenol APH 133.36 1.45 BHP Group BHP 61.58 0.11 s CAVA CAVA 80.47 3.19 F5 FFIV 174.25 0.12 RoivantSciences ROIV 11.37 0.14 UDR UDR 39.39 -0.15
Crocs CROX 139.32 -1.63 Nasdaq NDAQ 62.45 -0.31 ROKU 59.27 -2.17
AerCap AER 91.74 0.26 s AnalogDevices ADI 217.48 3.40 s BJ'sWholesale BJ 80.69 0.93 CBRE Group CBRE 90.19 -1.08 CrowdStrike CRWD 348.75 2.82 FMC FMC 63.87 -0.11 J K L Natera NTRA 106.31 -0.15
Roku
Rollins ROL 46.79 0.66
U-Haul UHAL 68.66 -0.40
AffirmA AFRM 33.03 -0.80 s AngloGoldAsh AU 25.86 0.45 BP BP 37.26 -0.23 CDW CDW 228.24 4.60 FTAI Aviation FTAI 80.06 1.82 U-Haul N UHAL/B 66.12 -0.26
CrownCastle CCI 100.62 -2.27 JD.com JD 34.75 -0.52 NationalGrid NGG 72.37 -0.46 RoperTech ROP 546.37 4.48
AgilentTechs A 154.64 0.41 AB InBev BUD 66.34 -1.08 BWX Tech BWXT 88.49 0.08 CF Industries CF 78.56 2.34 FTI Consulting FCN 224.80 1.70 US Foods USFD 54.64 -0.52
Crown Holdings CCK 85.17 0.27 s JPMorganChase JPM 195.58 -9.21 NatWest NWG 8.15 -0.16 RossStores ROST 131.52 -0.81
s AgnicoEagleMines AEM 70.78 0.67 AnnalyCap NLY 20.12 -0.23 Baidu BIDU 108.87 -1.71 CGI A GIB 104.71 -0.43 Fabrinet FN 231.34 0.89 UWM UWMC 7.15 ...
CubeSmart CUBE 43.90 -0.46 Jabil JBL 121.01 5.99 NetApp NTAP 112.28 1.81 s RoyalBkCanada RY 105.84 -0.95
AirProducts APD 266.21 3.51 s AnteroResources AR 35.52 0.52 BakerHughes BKR 33.11 -0.35 CH Robinson CHRW 84.53 0.42 FactSet FDS 452.48 3.60 Uber UBER 64.65 -1.02
Cummins CMI 284.84 -0.72 JackHenry JKHY 169.45 0.46 NetEase NTES 104.73 -0.24 s RoyalCaribbean RCL 147.70 5.78
Airbnb ABNB 146.37 0.71 Aon AON 292.96 0.51 Ball BALL 70.09 -0.02 CME Group CME 211.27 -1.87 s FairIsaac FICO 1446.28 34.93 Ubiquiti UI 148.91 2.54
Curtiss-Wright CW 279.39 1.18 JacobsSolns J 136.89 0.45 s Netflix NFLX 640.82 19.72 s RoyalGold RGLD 134.27 1.14
AkamaiTech AKAM 94.90 -0.31 APi Group APG 35.91 0.08 BBVA BBVA 10.75 -0.16 CMS Energy CMS 62.75 -0.49 Fastenal FAST 66.66 0.24 UiPath PATH 20.31 -0.10
CyberArkSoftware CYBR249.70 3.37 JamesHardie JHX 36.59 -0.17 Neurocrine NBIX 141.65 -0.64 RoyaltyPharma RPRX 27.48 0.21
Albemarle ALB 130.15 -0.97 ApolloGlblMgmt APO 112.95 -0.13 BancoBradesco BBDO 2.36 0.02 CNA Fin CNA 44.41 -0.87 FederalRealty FRT 101.01 -1.32 UltaBeauty ULTA 386.50-13.06
s JefferiesFinl JEF 47.07 -0.25 NewOrientalEduc EDU 81.37 -0.80 RyanSpecialty RYAN 54.30 0.11
Albertsons ACI 20.64 0.02 AppFolio APPF 243.14 2.55 BancodeChile BCH 24.41 -0.13 CNH Indl CNH 11.14 -0.31 D E F FedEx FDX 254.71 -2.54 Unilever UL 54.13 -0.62
J&J JNJ 151.27 -2.13 NYTimes A NYT 49.03 0.22 Ryanair RYAAY122.67 -2.92
Alcon ALC 88.10 -0.73 Apple AAPL 191.04 1.17 BancSanBrasil BSBR 5.43 -0.02 CRH CRH 81.85 -0.07 Ferguson FERG 212.56 1.86 UnionPacific UNP 243.63 -1.34
s DTE Energy DTE 116.35 -0.25 s JohnsonControls JCI 70.62 1.60 Newmont NEM 44.44 0.70 SAP SAP 195.30 2.50
AlexandriaRlEst ARE 123.71 -0.46 AppliedIndlTechs AIT 200.99 4.00 BcoSantChile BSAC 19.99 0.01 CSX CSX 33.41 -0.11 Ferrari RACE 416.65 -5.65 UnitedAirlines UAL 54.62 -0.35
s Danaher JonesLang JLL 202.10 -4.10 NewsCorp A NWSA 26.42 0.13 S&P Global SPGI 437.74 -4.14
Alibaba BABA 88.28 -0.26 s ApplMaterials AMAT 219.95 7.87 BancoSantander SAN 5.21 -0.04 DHR 267.11 1.31
CVS Health CVS 57.40 -0.28 Ferrovial FER 40.00 -0.29 UnitedMicro UMC 8.41 0.23
JuniperNetworks JNPR 34.64 ... NewsCorp B NWS 27.23 0.15 SBA Comm SBAC 198.41 -0.97
AlignTech ALGN 267.44 -4.06 AppLovin APP 84.57 2.08 s BanColombia CIB 37.31 0.98 Darden DRI 151.98 -2.02
CadenceDesign CDNS 292.47 3.66 FidNatlFinl FNF 52.74 0.46 UPS B UPS 147.59 -1.65
KB Financial KB 59.28 0.47 NextEraEnergy NEE 75.87 -0.22 SEI Investments SEIC 67.97 -0.36
Allegion ALLE 123.24 -1.19 Aptargroup ATR 148.17 0.50 BankofAmerica BAC 38.82 -0.47 DDOG 121.29 1.22
t CaesarsEnt CZR 34.94 -0.58
Datadog s FidNatlInfo FIS 77.72 -0.64 UnitedRentals URI 701.13 15.34
KBR KBR 66.11 0.47 Nike NKE 91.77 -0.41 SK Telecom SKM 21.22 -0.26
AlliantEnergy LNT 51.78 -0.19 Aptiv APTV 81.94 -0.17 BankMontreal BMO 94.19 -1.03 DaVita DVA 140.93 1.11
CamdenProperty CPT 105.57 -0.93 FifthThirdBncp FITB 37.76 -0.80 US Bancorp USB 40.89 -0.54
KE Holdings BEKE 19.05 -0.42 NiSource NI 29.12 -0.11 SS&C Tech SSNC 63.46 -0.26
Allstate ALL 167.86 -1.65 Aramark ARMK 32.81 -0.50 s BankNY Mellon BK 58.95 -0.55 s Cameco
Dayforce DAY 62.30 -1.03
CCJ 54.00 0.95 FirstCitizBcshA FCNCA 1763.45 -4.09 US Steel X 36.75 0.84
KKR KKR 104.88 0.24 Nokia NOK 3.81 -0.10 Saia SAIA 398.28 -0.86
AllyFinancial ALLY 39.44 -0.68 ArcelorMittal MT 26.12 -0.32 BankNovaScotia BNS 48.05 -0.34 DeckersOutdoor DECK 902.85 14.29
CampbellSoup CPB 46.38 -0.08 s FirstHorizon FHN 15.97 -0.04 s UnitedTherap UTHR 274.67 0.41
s KLA KLAC 772.80 25.12 Nomura NMR 5.82 -0.09 Salesforce CRM 287.07 1.46
AlnylamPharm ALNY 150.24 0.84 ArchCapital ACGL 100.17 -0.82 s Barclays BCS 11.02 -0.10 Deere
CIBC DE 391.48 -5.54
CM 48.94 -0.46 FirstSolar FSLR 196.34 -1.25 UnitedHealth UNH 517.23 -7.40
s DellTechC DELL 145.45 -4.07 s Kanzhun BZ 22.63 0.46 Nordson NDSN 268.41 -2.56 Samsara IOT 41.14 0.24
s Alphabet A GOOGL 176.92 0.86 ADM ADM 60.87 -0.75 BarrickGold GOLD 17.92 0.03 CanNtlRlwy CNI 128.21 0.87 FirstEnergy FE 40.06 0.02 t UnitySoftware U 21.27 -0.40
Kaspi.kz KSPI 116.10 -1.52 NorfolkSouthern NSC 230.33 -1.14 Sanofi SNY 48.42 -0.25
s Alphabet C GOOG 178.46 1.17 AresMgmt ARES 144.56 -1.04 s Bath&BodyWks BBWI 50.67 0.51 DeltaAir DAL 52.99 0.29
CanadianNatRscs CNQ 77.26 0.19 Fiserv FI 151.34 -1.37 UnivDisplay OLED 175.62 2.48
s DescartesSystems DSGX 99.44 1.45 Kellanova K 62.08 0.52 NorthernTrust NTRS 84.46 -1.05 SareptaTherap SRPT 130.83 -0.55
CdnPacKC CP 82.64 0.58 t FiveBelow FIVE 133.81 -3.73 UniversalHealthB UHS 181.41 3.71
Kenvue KVUE 19.90 -0.57 NorthropGrum NOC 468.94 -1.28 Schlumberger SLB 48.23 -0.36
DeutscheBank DB 16.95 -0.13
CapitalOne COF 140.62 -1.19 Flex FLEX 29.84 0.54 UnumGroup UNM 52.41 -0.68
KeurigDrPepper KDP 33.68 -0.07 Novartis NVS 102.84 0.27 SchwabC SCHW 78.66 -0.12
DevonEnergy DVN 50.02 0.40
CardinalHealth CAH 98.46 -0.62 Floor&Decor FND 117.79 -1.15 VICI Prop VICI 30.22 -0.16
KeyCorp KEY 15.23 -0.17 NovoNordisk NVO 132.91 1.02 Sea SE 73.12 -0.64
Dividend Changes DexCom
Carlisle
Diageo
Carlyle
DXCM 130.69 -0.67
CSL 419.82 2.19
DEO 140.55 -1.85
CG 43.37 0.32
FlutterEnt FLUT209.80 3.30
FomentoEconMex FMX 118.78 -1.13 KeysightTech KEYS 159.75 2.45
KimberlyClark KMB 133.62 -0.67
NuHoldings NU 11.67 0.01
Nucor NUE 170.93 -1.19
Seagate
s Sempra
STX 96.81 1.54
SRE 78.09 -0.08
VailResorts MTN 202.96 -1.40
Vale VALE 12.92 -0.07
DiamondbkEner FANG 197.83 0.16
CarMax KMX 72.57 -0.25 FordMotor F 12.15 -0.13 ValeroEnergy VLO 163.78 -2.28
KimcoRealty KIM 18.91 -0.31 s Nutanix NTNX 72.16 1.87 ServiceIntl SCI 69.49 -1.26
Amount Dick's
Carnival DKS 193.73 -0.81
CCL 16.09 1.09 Fortinet FTNT 62.34 0.91 Vaxcyte PCVX 75.93 1.36
Payable / s KinderMorgan KMI 19.84 0.14 Nutrien NTR 59.97 2.21 ServiceNow NOW 774.18 9.13
DigitalRealty DLR 143.35 -0.48
Carnival CUK 14.63 0.96 Fortis FTS 40.84 0.07 VeevaSystems VEEV 209.96 -0.31
Company Symbol Yld % New/Old Frq Record s KinrossGold KGC 8.16 0.16 nVentElectric NVT 81.64 1.63 s SharkNinja SN 76.26 1.80
DiscoverFinSvcs DFS 124.61 -0.81
s CarrierGlobal CARR 65.98 0.75 Fortive FTV 77.14 -0.02 Ventas VTR 48.73 -0.18
KinsaleCapital KNSL 385.36 -5.56 NVIDIA NVDA 947.80 23.01 Shell SHEL 71.59 -0.33 s
Increased Disney
Carvana DIS 102.90 -0.35
CVNA 117.50 ... FortuneBrands FBIN 72.24 -0.76 Veralto VLTO 98.62 0.02
.
DocuSign DOCU 60.50 0.28 FoxA FOXA 32.99 0.14 Knight-Swift KNX 48.46 -0.68 SherwinWilliams SHW 309.42 -2.98 VeriSign VRSN 172.62 1.87
AMMO 8.75% Pfd. A POWWP 8.5 .559 /.55295 Q Jun17 /May31
CaseysGenStores CASY 334.47 -1.01
DolbyLab
Catalent DLB 82.69 -1.16
CTLT 55.00 -0.37 FoxB FOX 30.58 0.05 Philips PHG 27.38 -0.60 O P Q ShinhanFin SHG 36.11 0.55 s VeriskAnalytics VRSK 252.41 0.79
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Realty Income O 5.7 .2625 /.257 M Jun14 /Jun03 DollarGeneral DG 137.83 -4.30
Caterpillar CAT 362.75 6.48 Franco-Nevada FNV 129.07 0.59 KoreaElecPwr KEP 7.48 0.08 s ONEOK OKE 82.71 0.08 ShockwaveMed SWAV 329.85 -0.28 Verizon VZ 40.12 0.06
DollarTree DLTR 113.48 -3.83
Celanese CE 156.53 -0.81 FranklinRscs BEN 23.94 -0.34 KraftHeinz KHC 35.78 -0.22 ON Semi ON 74.28 1.11 Shopify SHOP 58.91 0.38 VertexPharm VRTX 445.87 0.66
Initial DominionEner D 53.78 0.28
CelsiusHldg CELH 96.09 3.07 s FreeportMcM FCX 54.86 0.63 Kroger KR 53.89 -0.31 OReillyAuto ORLY 995.33-16.73 SimonProperty SPG 146.37 -2.42 Vertiv VRT 99.32 2.51
TPG 6.95% Nts 2064 TPGXL 7.5 .48746 Jun17 /Jun01 Domino's
Cemex DPZ 516.08 3.05
CX 7.86 0.07 FreseniusMedCare FMS 21.93 -0.04 LKQ LKQ 44.76 0.09 OccidentalPetrol OXY 63.57 0.16 SiriusXM SIRI 2.99 -0.02 Viatris VTRS 11.07 0.09
Donaldson DCI 75.56 1.78
Cencora COR 221.00 -1.12 s FullTruck YMM 9.41 -0.01 LPL Financial LPLA 269.42 1.95 Okta OKTA 102.63 -0.33 SkechersUSA SKX 68.24 -0.18 s Viking VIK 29.81 1.32
Stocks s L3HarrisTech LHX 223.62 0.05 Skyworks SWKS 94.05 1.11
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Jun21 /May21
on DoorDash DASH 113.96 -3.47
CenovusEnergy CVE 20.16 -0.04
Dover
Centene
Dow
DOV 185.08 0.99
CNC 77.57 -0.49
DOW 59.24 0.05
CenterPointEner CNP 29.99 -0.09
DrReddy'sLab RDY 68.71 0.45
CentraisElBras EBR 7.29 -0.21
DraftKings
Dropbox
DKNG 44.72 0.51
CerevelTherap CERE 42.05 -0.05
DBX 23.89 0.16
CharlesRiverLabs CRL 223.06 1.45
GE Aerospace GE 159.28 -0.61
GE HealthCare GEHC 81.75 -0.11
GE Vernova GEV 160.95 -1.67
Futu
G H I
FUTU 78.63 -1.78
Labcorp LH 206.83 -3.76
LamResearch LRCX 942.04 29.97
LamarAdv LAMR 120.75 0.84
LambWeston LW 86.67 -0.10
LasVegasSands LVS 46.82 -0.21
LatticeSemi LSCC 73.41 0.45
OldDomFreight ODFL 178.97 -4.10
s OldRepublic ORI 31.79 -0.42
OmegaHealthcare OHI 30.86 0.23
Omnicom OMC 96.21 0.08
OnHolding ONON 38.36 0.24
OntoInnovation ONTO 227.70 4.20
SmithAO
Smucker
Snap
Snap-On
AOS 85.81 0.13
Smith&Nephew SNN 26.02 -0.07
SJM 114.31 -0.90
SNAP 16.43 0.38
SNA 279.34 0.36
Snowflake SNOW 164.78 2.92
VinFastAuto VFS 6.32 1.44
Vipshop
Visa
Vistra
VIPS 16.68 -0.64
V 278.54 -1.56
VST 91.51 -2.57
Vodafone VOD 9.75 -0.04
VoyaFinancial VOYA 74.13 -0.67
DukeEnergy DUK 103.66 -0.23
CharterComms CHTR 274.84 1.82 OpenText OTEX 31.13 0.65 VulcanMatls VMC 260.21 1.11
nVent Electric 0.9 .19 Q Aug02 /Jul19 GFLEnvironmental GFL 32.45 0.54 LegendBiotech LEGN 45.43 0.27 SOQUIMICH SQM 48.90 1.05
us ,
NVT DUOL 177.55 -1.59

CheckPoint CHKP 151.86 0.73
Duolingo
GSK 44.59 -0.39 Oracle ORCL 124.52 1.02
Tenaris ADR TS 4.6 .80 SA May22 / s DuPont
Chemed DD 79.87 -0.04 s
CHE 564.34 -1.18
GSK
Gallagher AJG 256.39 -1.28
s Leidos LDOS 149.44 0.77 Orange ORAN 11.75 0.06 SoFiTech SOFI 7.19 -0.09 W X Y Z
l
Tencent Music Ent ADR TME 0.8 .137 Jun27 /May31 Dynatrace DT 48.36 0.26 Gaming&Leisure GLPI 46.48 0.44
CheniereEnergy LNG 159.80 -0.36 Lennar A LEN 163.67 -2.21 Orix IX 109.67 0.37 Solventum SOLV 62.03 -0.35
Lennar B LEN.B 151.95 -2.27 Sony SONY 83.59 -0.16 WEC Energy WEC 84.69 -0.81
elfBeauty ELF 153.77 -4.68 Gap
CheniereEnerPtrs CQP 49.33 -0.19
e
Vodafone Group ADR VOD 9.6 .48607 SA Aug02 /Jun07 GPS 21.22 -0.38 Oshkosh OSK 118.77 1.81 WEX WEX 194.09 -4.12
al a
s EMCOR EME 383.83 5.46 s Garmin

ChesapeakeEner CHK 91.60 -0.09 LennoxIntl LII 490.92 1.06 OtisWorldwide OTIS 97.08 0.29 Southern SO 79.19 -0.35
GRMN 170.19 -0.75 LeviStrauss LEVI 21.84 -0.24 s SoCopper SCCO 129.26 3.91 W.P.Carey WPC 60.11 ...
Special ENI
Chevron E 31.70 -0.48
CVX 161.14 -1.53 Gartner IT 456.30 6.04 t LiAuto
Ovintiv OVV 49.81 0.02 WPP WPP 53.69 0.18
EOG Rscs EOG 129.86 -0.08 GenDigital GEN 24.47 -0.56
Chipotle CMG 3176.39-37.04 LI 21.71 -3.18 OwensCorning OC 176.86 0.48 SouthwestAir LUV 28.20 0.34
Willis Lease Finance WLFC ... 1.00 Jun07 /May30 LibertyBroadbandC LBRDK 53.39 -0.02 SouthwesternEner SWN 7.55 0.02 s Wabtec WAB 170.65 2.33
EPAM Systems EPAM 191.50 3.70 Generac
ChordEnergy CHRD 181.85 1.26 PDD PDD 146.77 0.58
ci on
GNRC 151.22 6.45 LibertyBroadbandA LBRDA 53.65 -0.03 Spotify SPOT 308.21 5.39 WalgreensBoots WBA 17.82 -0.11
Note: Dividend yields as of 3:30 p.m. ET EQT
Chubb EQT 41.92 0.75 s GeneralDynamics GD 300.23 1.21
CB 264.14-10.14 s PG&E PCG 18.65 0.05 Walmart WMT 64.18 -0.47
Sources: FactSet; Dow Jones Market Data EagleMaterials EXP 256.97 0.67 GeneralMills GIS 71.43 0.19
ChunghwaTel CHT 39.25 0.09 LibertyLiveC LLYVK 40.82 1.02 s SproutsFarmers SFM 79.19 0.62
PNC Finl PNC 157.14 -3.21 WarnerBrosA WBD 8.09 0.04
EastWestBncp EWBC 76.38 -1.03 GeneralMotors GM 45.11 -0.65
Church&Dwight CHD 106.51 0.12 LibertyLiveA LLYVA 39.23 0.90 POSCO PKX 73.96 -0.27 StanleyBlackDck SWK 89.56 -0.56
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and LibertyFormOne C FWONK 72.08 0.22 Stantec STN 79.99 0.25 WarnerMusic WMG 32.40 0.36
EastGroup EGP 166.02 0.15 Genmab
ChurchillDowns CHDN 135.37 1.75 GMAB 29.69 -0.29 PPG Ind PPG 133.77 -0.67 WasteConnections WCN 165.58 -2.01
ratio; SO: spin-off. EastmanChem EMN 100.61 0.23 Gentex
Cigna CI 333.37 -5.34 LibertyFormOne A FWONA 66.08 0.26 s PPL PPL 29.61 0.02 Starbucks SBUX 77.54 -0.31
GNTX 34.41 -0.24 LibertySirius A LSXMA 24.16 -0.18 StateStreet STT 77.15 -0.86 WasteMgt WM 208.47 -1.97
GenuineParts GPC 151.93 -0.96 PTC PTC 184.00 -0.22 Waters WAT 354.02 -1.93
LibertySirius C LSXMK 24.16 -0.16 Paccar PCAR 105.42 -0.58 SteelDynamics STLD 133.08 -0.85
Gerdau GGB 3.74 -0.10 LibertySirius B LSXMB 24.28 -0.94 Stellantis STLA 22.34 -0.24 Watsco WSO 482.81 5.19
PackagingCpAm PKG 181.56 -1.57
Exchange-Traded Portfolios |
GileadSciences GILD 67.90 0.18 Wayfair W 67.11 0.01
er s
Light&Wonder LNW 93.25 0.13 Steris STE 232.75 0.06

wsj.com/market-data/mutualfunds-etfs GitLab GTLB 58.52 2.26 EliLilly LLY 783.18 13.18
PalantirTech PLTR 21.62 -0.14
StifelFinancial SF 81.79 -1.14 WeatherfordIntl WFRD 125.13 1.33
GlobalPayments GPN 107.38 -1.78 PaloAltoNtwks PANW 323.77 5.92 WebsterFin WBS 46.14 -0.52
LincolnElectric LECO 227.76 0.79 s PanAmerSilver PAAS 22.45 0.81 STMicroelec STM 42.04 0.40
Closing Chg YTD GlobalFoundries GFS 54.00 0.05 Linde LIN 432.61 0.09 Stryker SYK 329.73 -4.95 WellsFargo WFC 60.70 -0.38
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET GlobeLife GL 86.01 -0.06 ParamountA PARAA 20.99 -0.36 s Welltower WELL 100.84 -0.45
m er
ETF Symbol Price (%) (%) LiveNationEnt LYV 99.43 2.84 s SumitomoMits SMFG 12.64 0.11
s GlobusMedical GMED 66.26 1.86 ParamountB PARA 12.02 ... WescoIntl WCC 188.00 2.95
s LloydsBanking LYG 2.83 0.01 SunComms SUI 122.27 -0.06
SPDR S&P Div SDY 131.99 –0.35 5.6 s GoDaddy GDDY 137.96 2.26 ParkerHannifin PH 548.00 2.89 WestPharmSvcs WST 342.76-12.88
Monday, May 20, 2024 Closing Chg YTD LockheedMartin LMT 467.08 0.88 SunLifeFinancial SLF 51.48 -0.22
TechSelectSector XLK 214.31 1.18 11.3 GoldFields GFI 16.80 0.48 Paychex PAYX 125.57 -0.08 WesternDigital WDC 73.05 0.95
ETF Symbol Price (%) (%) Loews L 76.13 -1.61 SuncorEnergy SU 39.85 -0.24
Closing Chg YTD VanEckSemicon SMH 235.00 2.06 34.4 s GoldmanSachs GS 462.94 -4.78 PaycomSoftware PAYC 180.29 -1.99 s WesternMidstrm WES 38.58 0.54
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 81.40 –0.02 –0.8 VangdSC Val VBR 189.86 –0.12 5.5 LogitechIntl LOGI 89.89 -0.07 SuperMicroComp SMCI 903.94 16.05
Grab GRAB 3.74 0.02 Paylocity PCTY 171.43 -1.54 Westlake WLK 160.23 2.90
iShRussMC IWR 83.36 0.08 7.2 VangdExtMkt VXF 173.99 0.33 5.8 Lowe's LOW 229.17 -1.94 Suzano SUZ 10.21 0.05
CommSvsSPDR XLC 82.85 0.29 14.0 Graco GGG 83.56 0.54 PayPal PYPL 64.77 0.29 WestRock WRK 52.49 -0.45
t lululemon LULU 327.07 -7.88 Symbotic SYM 43.12 -0.87
m rp
CnsmrDiscSel XLY 177.37 –0.74 –0.8 iShRuss1000 IWB 291.32 0.14 11.1 VangdDivApp VIG 183.52 –0.29 7.7 Grainger GWW 953.40 7.74 Pearson PSO 12.16 -0.04 Weyerhaeuser WY 30.91 -0.26
iShRuss1000Grw IWF 344.73 0.54 13.7 VangdFTSEAWxUS VEU 60.44 –0.05 7.7 LyondellBasell LYB 100.10 -0.81 SynchronyFinl SYF 44.17 0.23
DimenUSCoreEq2 DFAC 32.09 0.12 9.8 GraphicPkg GPK 27.29 -0.84 PembinaPipeline PBA 37.20 0.26 s WheatonPrecMtls WPM 57.78 0.77
iShRuss1000Val IWD 178.43 –0.35 8.0 VangdFTSEDevMk VEA 51.12 0.04 6.7 s Synopsys SNPS 574.38 7.65
PenskeAuto PAG 155.36 -0.89 s Williams
EnSelSectorSPDR XLE 94.34 –0.65 12.5
iShRuss2000 IWM 208.54 0.22 3.9 VangdFTSE EM VWO 44.79 –0.22 9.0
GpoAeroportuar PAC 196.36 2.73 M N Pentair PNR 84.61 0.66
Sysco SYY 75.06 -0.85 WMB 41.44 0.17
Williams-Sonoma WSM 316.58 7.08
FinSelSectorSPDR XLF 41.91 –1.37 11.5 GpoAeroportSur ASR 354.88 1.55
iShS&P500Grw IVW 86.84 0.64 15.6 VangdFTSE Europe VGK 70.06 –0.04 8.7 s Penumbra PEN 201.44 -2.09
GrayscaleBitcoin GBTC 62.40 4.47 80.2 Guidewire GWRE 124.87 1.95 M&T Bank MTB 152.26 -1.53 T U V WillisTowers WTW 253.10 -4.30
iShS&P500Value IVE 185.71 –0.53 6.8 VangdGrowth VUG 352.48 0.53 13.4 PepsiCo PEP 180.31 -1.88
HealthCrSelSect XLV 146.00 –0.21 7.1 HCA Healthcare HCA 325.05 2.19 MGM Resorts MGM 41.36 0.33 WillScotMobile WSC 41.55 0.90
iShSelectDiv DVY 125.28 –0.37 6.9 VangdHlthCr VHT 266.85 –0.10 6.4 PerformanceFood PFGC 72.18 -1.82 TAL Education TAL 12.62
IndSelSectorSPDR XLI 125.57 0.19 10.2
VYM 120.86 –0.53 8.3 HDFC Bank HDB 56.51 -0.27 MinisoGroup MNSO 23.06 -0.87 -0.31 Wingstop WING 382.84 -3.44
iSh7-10YTreaBd IEF 92.97 –0.15 –3.5 VangdHiDiv PermianRscs PR 16.37 0.18 TC Energy TRP 39.06
InvscNasd100 QQQM 187.20 0.69 11.1
SHV 110.34 0.2 539.30 1.27 11.4
HF Sinclair DINO 57.24 -1.17 MKS Instrum MKSI 132.61 4.36 0.15 Wipro WIT 5.39 ...
iShShortTreaBd 0.02 VangdInfoTech VGT PetroleoBrasil PBR 15.12 0.10 s TD Synnex SNX 127.44
InvscQQQI QQQ 454.91 0.70 11.1 HP HPQ 31.82 0.63 MPLX MPLX 40.86 0.41 1.13 s Wix.com WIX 168.02 32.34
co Fo
iShTIPSBond TIP 106.54 –0.04 –0.9 VangdIntermBd BIV 74.47 –0.11 –2.5
InvscS&P500EW RSP 167.90 –0.08 6.4 HSBC HSBC 44.19 -0.35 MSCI MSCI 512.26 6.93 PetroleoBrasilA PBR.A 14.33 0.03 TE Connectivity TEL 151.69 0.68 WoodsideEnergy WDS 18.75 0.27
iSh20+YTreaBd TLT 91.12 –0.30 –7.8 VangdIntrCorpBd VCIT 79.69 –0.09 –2.0
iShCoreDivGrowth DGRO 58.29 –0.44 8.3 H World HTHT 39.72 -1.61 MagnaIntl MGA 47.05 -0.44 Pfizer PFE 28.53 -0.11 Telus TU 16.49 -0.13 s Woodward WWD 181.43 1.93
iShUSTreasuryBd GOVT 22.44 –0.11 –2.6 VangdIntermTrea VGIT 57.87 –0.10 –2.4
iShCoreMSCIEAFE IEFA 75.89 0.05 7.9 243.48 11.6 Haleon HLN 8.51 ... s MakeMyTrip MMYT 89.71 3.21 PhilipMorris PM 99.59 -0.24 Ternium TX 43.62 -0.02 WooriFinl WF 32.74 -0.02
iSh0-3MTreaBd SGOV 100.57 0.01 0.3 VangdLC VV 0.16
iShCoreMSCIEM IEMG 54.77 –0.33 8.3 JPM EqPrem JEPI 57.32 –0.12 4.3 VangdMegaGrwth MGK 293.06 0.66 12.9 Halliburton HAL 37.96 0.06 ManhattanAssoc MANH 230.64 1.86 Phillips66 PSX 144.42 -2.66 TFI Intl TFII 133.45 0.24 Workday WDAY 259.50 1.57
iShCoreMSCITotInt IXUS 70.04 –0.04 7.9 JPM UltShIncm JPST 50.39 0.02 0.3 VangdMC VO 248.87 0.06 7.0 HartfordFinl HIG 102.08 -1.09 ManulifeFinl MFC 26.45 -0.24 Pilgrim'sPride PPC 38.11 0.75 TIM TIMB 16.48 -0.45 WynnResorts WYNN 97.66 0.87
iShCoreS&P500 IVV 532.75 0.12 11.5 PacerUSCashCows COWZ 55.89 –0.30 7.5 VangdMBS VMBS 45.06 –0.20 –2.8 Hasbro HAS 62.08 1.95 Maplebear CART 32.92 -1.52 PinnacleWest PNW 78.01 -0.43 TJX TJX 97.79 -2.50 XP XP 21.59 -0.08
iShCoreS&P MC IJH 60.34 0.05 8.9 ProShUltPrQQQ TQQQ 64.24 2.07 26.7 VangdRealEst VNQ 84.39 –0.59 –4.5 HealthpeakProp DOC 19.79 -0.10 MarathonOil MRO 26.46 0.25 Pinterest PINS 42.64 -0.14 TKO TKO 107.60 2.25 XPO XPO 110.52 0.32
iShCoreS&P SC IJR 110.22 –0.15 1.8 SPDRBbg1-3MTB BIL 91.67 0.02 0.3 VangdRuss1000Grw VONG 88.68 0.52 13.7 s Heico HEI 215.00 -0.54 MarathonPetrol MPC 176.08 -3.59 PlainsAllAmPipe PAA 17.48 0.11 T-MobileUS TMUS 163.90 -0.10 XcelEnergy XEL 56.07 0.55
iShCoreS&PTotUS ITOT 116.53 0.15 10.7 SPDR DJIA Tr DIA 398.10 –0.46 5.6 VangdS&P500ETF VOO 487.17 0.10 11.5 s Heico A HEI.A 173.92 1.38 Markel MKL 1639.48-23.73 PlainsGP PAGP 18.54 0.14 TPG TPG 43.21 0.32 XPeng XPEV 8.28 -0.02
iShCoreTotUSDBd IUSB 45.06 –0.11 –2.2 SPDR Gold GLD 224.56 0.40 17.5 VangdST Bond BSV 76.38 –0.03 –0.8 HenrySchein HSIC 73.47 -1.13 MarketAxess MKTX 215.71 1.00 Pool POOL 368.29 1.39 T.RowePrice TROW 117.13 0.37 s Xylem XYL 145.77 2.45
iShCoreUSAggBd AGG 96.68 –0.09 –2.6 SPDRPtfDevxUS SPDW 36.57 0.11 7.5 VangdSTCpBd VCSH 77.06 –0.01 –0.4 Hershey HSY 208.09 1.05 Marriott MAR 240.33 2.60 Primerica PRI 228.11 0.78 TaiwanSemi TSM 153.55 1.87 YPF YPF 23.77 0.33
iShEdgeMSCIMinUSA USMV 83.94 –0.15 7.6 SPDRS&P500Value SPYV 49.81 –0.56 6.8 VangdShortTrea VGSH 57.83 ... –0.9 Hess HES 155.83 -2.28 s Marsh&McLen MMC 209.16 -0.81 PrincipalFinl PFG 83.54 -1.59 TakeTwoSoftware TTWO 150.90 3.06 Yum!Brands YUM 139.67 -1.99
iShEdgeMSCIUSAQual QUAL 166.10 0.34 12.9 SPDRPtfS&P500 SPLG 62.35 0.13 11.5 VangdSC VB 225.86 0.13 5.9 HessMidstream HESM 35.79 0.37 MartinMarietta MLM 583.10 2.35 ProcoreTech PCOR 70.38 0.92 TakedaPharm TAK 13.28 0.06 YumChina YUMC 38.82 -0.38
iShGoldTr IAU 45.89 0.44 17.6 SPDRS&P500Growth SPYG 75.22 0.63 15.6 VangdTaxExemptBd VTEB 50.04 –0.12 –2.0 HewlettPackard HPE 17.80 -0.06 MarvellTech MRVL 74.47 2.55 Procter&Gamble PG 167.31 -0.33 Tapestry TPR 42.46 0.14 ZTO Express ZTO 24.56 -0.03
iShiBoxx$IGCpBd LQD 107.14 –0.05 –3.2 SPDR S&P 500 SPY 530.06 0.12 11.5 VangdTotalBd BND 71.74 –0.10 –2.5 Hilton HLT 205.57 1.38 Masco MAS 69.53 -0.63 Progressive PGR 206.98 -2.24 s TargaResources TRGP 117.55 -0.12 ZebraTech ZBRA 320.16 2.27
iShMBS MBB 91.20 –0.16 –3.1 SchwabIntEquity SCHF 39.75 0.08 7.5 VangdTotIntlBd BNDX 48.69 –0.08 –1.4 Hologic HOLX 74.85 -0.17 MasTec MTZ 108.88 1.55 Prologis PLD 112.05 0.55 Target TGT 156.71 -3.42 Zillow C Z 43.17 -0.93
iShMSCIACWI ACWI 112.23 0.06 10.3 SchwabUS BrdMkt SCHB 61.70 0.16 10.8 VangdTotIntlStk VXUS 62.21 ... 7.3 HomeDepot HD 337.82 -6.39 Mastercard MA 459.66 -0.61 PrudentialFinl PRU 117.70 -2.31 TechnipFMC FTI 26.92 0.48 Zillow A ZG 42.58 -0.77
iShMSCI EAFE EFA 81.70 0.07 8.4 SchwabUS Div SCHD 79.68 –0.50 4.7 VangdTotalStk VTI 262.57 0.10 10.7 HondaMotor HMC 33.86 0.62 MatadorRscs MTDR 62.41 0.33 Prudential PUK 20.46 -0.52 s TeckResourcesB TECK 54.77 0.98 ZimmerBiomet ZBH 119.05 -1.13
iSh MSCI EM EEM 43.63 –0.37 8.5 SchwabUS LC SCHX 62.86 0.13 11.5 VangdTotWrldStk VT 112.55 0.06 9.4 Honeywell HON 204.62 -1.35 MatchGroup MTCH 30.38 -0.83 PublicServiceEnt PEG 74.31 -0.23 TeledyneTech TDY 407.55 1.12 Zoetis ZTS 174.39 0.33
iShNatlMuniBd MUB 106.47 –0.13 –1.8 SchwabUS LC Grw SCHG 95.28 0.58 14.9 VangdValue VTV 162.95 –0.43 9.0 HormelFoods HRL 36.77 0.46 McCormickVtg MKC.V 74.15 -0.23 PublicStorage PSA 285.90 -2.77 Teleflex TFX 214.59 -3.05 ZoomVideo ZM 64.09 -0.07
n-
iSh1-5YIGCpBd IGSB 51.11 ... –0.3 SPDR S&PMdCpTr MDY 551.70 0.00 8.7 WT FRTrea USFR 50.48 ... 0.5 DR Horton DHI 149.79 -1.71 McCormick MKC 74.27 0.26 PulteGroup PHM 119.20 0.13 Ericsson ERIC 5.77 0.03 Zscaler ZS 180.60 1.74
New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
no
KinrossGold KGC 8.17 2.0 RangeResources RRC 39.33 2.8 WheatonPrecMtls WPM 57.87 1.4 InnovSolSuprt ISSC 5.05 0.4 PediatrixMedical MD 7.44 -3.6 Spectaire SPEC 0.43 -8.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Kirby KEX 119.27 0.9 RithmCapPfdC RITMpC 23.39 0.3 Williams WMB 41.53 0.4 inTEST INTT 9.68 1.3 PerfectMoment PMNT 2.50 3.4 SunCountryAir SNCY 10.27 -3.3
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest KodiakGasSvcs KGS 29.43 1.6 Robinhood HOOD 20.89 3.7 WillisLease WLFC 66.90 0.4 JohnsonOutdoors JOUT 36.21 -1.6 Pharming PHAR 8.98 -3.2 SurfAirMobility SRFM 0.36 0.1
session. % CHG-Daily percentage change from the previous trading session. KontoorBrands KTB RockyBrands RCKY Wix.com WIX TCON
71.37 1.5 40.14 -0.6 170.42 23.8 KwesstMicroSys KWE 0.30 ... PolestarAutoHldgWt PSNYW 0.11 -13.1 TraconPharm 1.41 0.7
KratosDefense KTOS 21.71 2.9 RoyalBkCanada RY 107.20 -0.9 Woodward WWD 181.58 1.1 LegalZoom LZ 8.63 -3.3 PolestarAuto PSNY 1.09 -11.3 T Stamp IDAI 0.65 0.7
Monday, May 20, 2024 Kyndryl KD 28.57 0.3 RoyalCaribbean RCL 150.90 4.1 XtrkRreefGlbNat NRES 28.58 ... LiAuto LI 20.79 -12.8 PriviaHealth PRVA 16.01 -4.8 TelekmIndonesia TLK 18.60 -0.7
52-Wk % 52-Wk % 52-Wk % L3HarrisTech LHX 224.34 ... RoyalGold RGLD 134.49 0.9 Xylem XYL 145.93 1.7 Longeveron LGVN 1.21 -3.5 ProfDiversity IPDN 0.70 -20.3 10xGenomics TXG 24.52 -0.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Leidos LDOS 149.49 0.5 SLR Invt SLRC 16.28 -0.1 Zenvia ZENV 3.88 67.4 lululemon LULU 323.66 -2.4 QuiptHomeMed QIPT 2.96 2.5 TevogenBio TVGN 0.76 -4.9
LeMaitreVascular LMAT 79.41 1.2 SPAR Group SGRP 2.42 13.6 ZetaGlobal ZETA 17.72 1.1 Marcus MCS 10.61 -2.0 RaptTherap RAPT 3.95 -1.0 TransActTechs TACT 3.52 -6.1
Buenaventura BVN 18.11 3.2 FullTruck YMM 9.68 -0.1 LeonardoDRS DRS SPX Tech SPXC 22ndCentury XXII 1.37 0.7
24.84 4.3 144.00 2.6 ZionsBncpPfdA ZIONP 22.01 2.6 Markforged
Highs BukitJalilGlbAcqn1 BUJA 10.80 ... GATX GATX 140.16 1.3 LibertyEnergy LBRT 24.36 1.2 SafeBulkers SB 5.67 0.7 Medifast
MKFG
MED
0.45 -2.0 Raytech
23.78 -2.3 Replimune
RAY
REPL
3.61 -12.9
5.81 -7.8
UnityBiotech UBX 1.42 -4.1
ACI Worldwide ACIW 37.85 -0.6
CAVA
CBIZ
CAVA
CBZ
80.70
80.42
4.1
0.9
Gallagher
Garmin
AJG
GRMN
258.57
171.64
-0.5
-0.4
LifetimeBrands LCUT 11.68 1.9 SandstormGold SAND 6.03 1.7 Lows Mobile-health MNDR 1.82 -4.5 RetractableTechs RVP 0.90 -11.0
UnitySoftware
VOXX Intl
U
VOXX
21.22 -1.8
3.73 -6.3
ADMA Biologics ADMA 9.59 2.2 LloydsBanking LYG 2.84 0.4 SangomaTechs SANG 6.40 8.1
TAP
CNO Financial CNO 29.09 -1.6 GasLogPtrsPfdA GLOPpA 25.17 0.3 AbCelleraBio ABCL 3.58 2.7 MolsonCoorsB 55.01 -2.2 RevanceTherap RVNC 2.90 4.6
Vacasa VCSA 4.01 4.4
Aflac AFL 88.59 -0.8 MAG Silver MAG 14.30 0.3 ScorpioTankers STNG 83.12 0.8
CRA Intl CRAI 178.52 2.3 GasLogPtrsPfdC GLOPpC 25.63 0.4 AkoustisTechs AKTS 0.15 -55.6 NaaSTechnology NAAS 0.51 -5.4 RevivaPharm RVPH 1.46 -7.8
VerveTherap VERV 5.66 -0.5
AG Mortgage PfdA MITTpA 20.67 0.8 M&T Bk Pfd J MTBpJ 25.34 -0.1 SeanergyMaritime SHIP 13.19 8.9
CTS CTS 53.86 2.1 GatosSilver GATO 12.38 3.4 AllarityTherap ALLR 0.55 -1.8 Nature'sMiracle NMHI 0.50 -23.6 RevivaPharmWt RVPHW 0.25 -16.6
ViriosTherap VIRI 0.18 -43.9
AITransportation AITRU 11.11 0.4 MDU Rscs MDU 25.87 1.5 SelectWater WTTR 10.43 3.9
Cameco CCJ 54.54 1.8 GencorInds GENC 20.45 0.1 AllegiantTravel ALGT 50.05 -4.9 NatureWood NWGL 2.40 2.7 RockyMtnChoc RMCF 3.05 -3.9 Vitru
MakeMyTrip MMYT 89.83 3.7 Sempra SRE 78.60 -0.1 VTRU 9.30 -4.7
AI Transportation AITR 10.35 ... AlliedGaming AGAE 0.75 ... Network1Techs NTIP 1.70 ... SAB Biotherap SABS 3.38 -5.0 Wag!
CarpenterTech CRS 111.50 -0.1 GeneralDynamics GD 301.00 0.4 MarsAcqn MARXU 11.60 -1.7 Semrush SEMR 16.21 2.3 PET 1.57 -6.7
AryaSciencesIV ARYD 11.42 0.2 AltisourceAsset AAMC 2.55 -2.9 Nikola NKLA 0.51 -1.5 SEP Acqn A SEPA 8.00 9.1 WheelerREIT
CarrierGlobal CARR 66.36 1.1 GlobalShipLease GSL 27.22 1.2 Marsh&McLen MMC 210.45 -0.4 SharkNinja SN 77.43 2.4 WHLR 2.21 -16.4
ASP Isotopes ASPI 5.55 15.7 AltoNeurosci ANRO 12.01 -0.6 NuvectisPharma NVCT 5.85 -2.8 SanJuanBasin SJT 3.85 0.2 Whirlpool
CenterraGold CGAU 7.44 1.8 GlobusMedical GMED 67.00 2.9 MauiLand MLP 23.49 -0.2 SilvercorpMetals SVM 4.15 3.3 WHR 90.48 -0.8
A10Networks ATEN 16.46 1.7 AmOncology AONC 2.63 -12.6 Oklo OKLO 7.61 -13.9 ScinaiImmun SCNI 0.39 -10.9 XTI Aerospace
Centuri CTRI 27.91 1.8 GoDaddy GDDY 137.99 1.7 McKesson MCK 566.16 -0.1 SilverCrestMetals SILV 9.52 1.0 XTIA 1.10 -24.2
Abercrombie&Fitch ANF 146.31 3.7 Ampco-Pitt AP 1.47 -1.3 PSQ PSQH 3.55 -2.1 SeelosTherap SEEL 1.71 -8.2 YunhongGreenCTI YHGJ
CenturyAluminum CENX 18.89 5.8 GolarLNG GLNG 27.37 1.0 MercuryGeneral MCY 58.88 0.7 SkeenaRscs SKE 5.74 9.2 1.13 -0.8
AcaciaResearch ACTG 5.54 2.4 AmplitechWt AMPGW 0.05 -27.6 PapaJohn's PZZA 48.99 -3.2 SeritageGrwPfdA SRGpA 21.21 -1.5 ZapataComputing ZPTA
ChathamLodgPfd CLDTpA 22.95 1.7 GoldenOcean GOGL 15.48 0.8 Metallus MTUS 24.31 1.5 SolitarioRscs XPL 0.96 -1.3 0.82 -9.3
Aegon AEG 6.96 0.1 Amplitech AMPG 1.36 -0.7 Paragon28 FNA 7.42 -2.2 ShoalsTech SHLS 6.29 3.0 ZappEV ZAPP
CheetahMobile CMCM 6.30 20.9 GoldmanSachs GS 471.48 -1.0 MetalsAcqnWt MTAL.WS 4.32 1.4 SoCopper SCCO 129.79 3.1 1.20 -3.1
AeroVironment AVAV 197.92 1.7
CheetahNetSupply CTNT 14.76 36.7 GoldmanSachsPfC GSpC 23.94 1.3 ApollomicsA APLM 0.31 -4.6 PatriotNatBncp PNBK 2.70 -13.5 SolarEdgeTech SEDG 47.59 0.6 ZyVersaTherap ZVSA 4.20 -6.4
Methanex MEOH 56.43 2.6 SpringValleyII A SVII 11.06 0.1
Agilysys AGYS 102.87 2.5 AppliedDNA APDN 1.83 -21.9
ChesapeakeWtB CHKEZ 82.01 4.7 GranTierraEner GTE 9.50 0.2 Metlife pfA METpA 24.91 0.2 Sprott SII 47.30 1.6
AgnicoEagleMines AEM 71.50 1.0
ChesapeakeWtC CHKEL 78.30 5.1 GreatElmNts29 GECCI 25.01 ... AptoseBiosci APTO 1.14 -2.5
MicrochipTech MCHP 97.59 2.3 SproutsFarmers SFM 79.68 0.8
AlamosGold AGI 17.28 0.7 ArrayTech ARRY 10.60 -2.0
ChimeraPfdC CIMpC 21.93 0.7 GreenlightCapRe GLRE 13.44 -0.5 MicronTech MU 131.02 3.0 Squarespace SQSP 44.29 0.8
Alcoa
AlkamiTech
AA
ALKT
42.84
29.28
3.4
4.2
CirrusLogic
CitizensFin
CRUS
CFG
113.83
37.30
2.7
-1.8
GpoAeroportuar PAC
GpoFinGalicia GGAL
197.31
37.83
1.4
1.7
MillicomIntl
MontroseEnvl
TIGO
MEG
24.14
49.46
0.5
2.1
StokeTherap STOK
StrawberryFldREIT STRW
16.44
10.10
15.8
...
AspiraWomenHlth AWH
AutonomixMed AMIX
2.17 -4.5
2.24 -7.6
Key Interest Rates
Alphabet C GOOG
Alphabet A GOOGL
179.95
178.77
0.7
0.5
ClearwaterPaper CLW 52.09 -2.9 GpoSupervielle SUPV 7.84 1.1 MrCooper COOP 85.17 -0.7 SumitomoMits SMFG 12.71 0.9 BatteryFutureWt BFAC.WS 0.02 -20.0 Data are annualized on a 360-day basis. Treasury yields are per annum,
CoeurMining CDE 6.03 1.5 Guidewire GWRE 124.89 1.6 MUSA SLVM BauschHealth BHC 6.49 -4.0
AlphaTimeAcqn ATMCU 12.11 5.2 ColumbusMcKinn CMCO 45.84 2.1 HUYA HUYA 6.84 -0.7
MurphyUSA
Napco Security NSSC
447.91
47.75
0.1
3.2
Sylvamo
TD Synnex SNX
72.36
128.27
2.2
0.9 BinahCapital BCG 3.85 -12.5 on actively traded noninflation and inflation-indexed issues that are
AlphaTimeAcqn ATMC
AlphaVestAcqn ATMV
11.86
11.05
6.4
...
CorpAmAirports CAAP 18.89 2.3 Hafnia HAFN 8.72 -0.5 NB Bancorp NBBK 16.05 -0.4 TandemDiabetes TNDM 48.40 -0.1 BoltBiotherap BOLT 0.78 -0.4 adjusted to constant maturities. Data are from weekly Federal Reserve
Corvel CRVL 277.93 1.8 HarmonyGold HMY 10.16 3.6 NATL TargaResources TRGP BrenmillerEner BNRG 1.68 -8.0
AmerExpress AXP 244.41 -0.2 Costamare CMRE 14.77 -1.0 Hawkins HWKN 89.77 3.6
NCR Atleos
NXP Semicon NXPI
28.82
274.52
0.2
2.2 TasekoMines TGB
118.12
3.15
-0.1
2.7 BriaCellTherapWt BCTXW 0.43 -15.3 release H.15.
Amphenol APH 134.41 1.1 Cushman&Wkfd CWK 11.83 -2.3 HaymakerAcqn4 HYAC.U 11.54 4.6 BristolMyers BMY 43.31 -1.5 Week Ended 52-Week Week Ended 52-Week
NaturalGrocers NGVC 21.70 -1.8 TaskUs TASK 15.40 1.6
AnalogDevices ADI 218.70 1.6 DHT DHT 12.80 1.0 HeartlandFinUSA HTLF 45.99 -0.5 Brown-Forman A BF.A 47.82 -2.8 May 17 May 10 High Low May 17 May 10 High Low
Navigator NVGS 16.93 0.4 TeckResourcesB TECK 55.13 1.8
AngelOakMtgREIT AOMR 12.86 ... DTE Energy DTE 117.30 -0.2 HeclaMining HL 6.29 2.1 NaviosMaritime NMM 49.18 3.5 Teekay TK 9.47 1.2 CaesarsEnt CZR 34.58 -1.6 6-month 5.42 5.42 5.58 5.19
AngloGoldAsh AU 25.93 1.8 DT Midstream DTM 67.38 0.6 Heico A HEI.A 174.36 0.8 Netflix NFLX 644.37 3.2 Teradyne TER 140.22 5.8 CaribouBio CRBU 3.01 -7.7 Federal funds (effective) 1-year 5.14 5.13 5.46 4.76
AnteroMidstream AM 15.10 0.7 Danaher DHR 267.64 0.5 Heico HEI 217.22 -0.3 NewGold NGD 2.15 -0.5 TexasInstruments TXN 199.27 2.1 Cerence CRNC 3.86 -1.0 5.33 5.33 5.33 5.07 2-year 4.80 4.83 5.14 4.14
AnteroResources AR 35.83 1.5 DelcathSystems DCTH 8.18 6.1 HeronTherap HRTX 3.41 6.2 CERoTherap CERO 1.03 -3.6
NewparkResources NR 7.86 2.8 Thermon THR 35.42 -0.5
AptIncmREIT AIRC 38.73 -0.1 DellTechC DELL 154.59 -2.7 HimalayaShipping HSHP 9.39 0.2 NewtekNts2024 NEWTL 25.23 0.2 ThirdHarmonic THRD 15.00 3.9 Charles&Colvard CTHR 2.34 -6.9 Commercial paper 3-year 4.59 4.62 4.97 3.83
ApplMaterials AMAT 221.75 3.7 DenisonMines DNN 2.32 2.2 Hims&HersHealth HIMS 20.11 27.7 NexaResources NEXA 7.65 0.7 ThomsonReuters TRI 171.82 0.2 Chegg CHGG 4.05 -7.1 5-year 4.43 4.49 4.86 3.60
APxAcqnI A APXI 11.50 0.1 DescartesSystems DSGX 99.90 1.5 HowmetAerospace HWM 84.13 1.4 Chuy's CHUY 27.16 -0.6
Nonfinancial 7-year 4.42 4.48 4.90 3.60
Nova NVMI 205.16 3.7 3M MMM 106.04 ...
Archrock AROC 21.42 3.5 DianaShippingWt DSX.WS 0.89 8.2 HudbayMinerals HBM 10.43 -0.2 Nutanix NTNX 72.66 2.7 Torm TRMD 38.51 0.1 ClarivatePfdA CLVTpA 22.50 -2.4 1-month 5.33 5.32 5.34 5.07 10-year 4.42 4.48 4.87 3.59
ArdmoreShipping ASC 22.81 1.4 DistributionSoln DSGR HUMA Clarivate CLVT 5.85 -1.3 2-month n.a. n.a. 5.37 5.07
37.31 1.1 Humacyte 7.18 11.5 OcaAcqn OCAXU 13.00 3.2 TractorSupply TSCO 287.89 -0.6 20-year 4.66 4.72 5.20 3.99
AresCapital ARCC 21.42 0.2 DuPont DD 80.41 -0.1 HumacyteWt HUMAW 1.56 29.9 ONEOK OKE 83.09 0.1 TradeDesk TTD 97.65 2.9 CommunityHlthcr CHCT 23.53 -2.6 3-month n.a. n.a. 5.40 5.07
Ashland ASH 100.52 0.2 DyneTherap DYN 35.66 27.8 IDT IDT 41.01 1.4 OkeanisEcoTankers ECO TRNS ContainerStore TCS 0.66 -13.9
36.46 2.9 Transcat 124.80 0.8 Financial Treasury yields (secondary market)
AudioEye AEYE 25.59 14.5 EMCOR EME 386.49 1.4 ING Groep ING 18.04 -0.6 ORI TMDX Coursera COUR 8.35 1.5
OldRepublic 32.26 -1.3 TransMedics 140.26 0.5 1-month 5.34 5.32 5.43 5.09
AvePoint AVPT 9.60 6.0 EMX Royalty EMX 2.15 5.0 IRSA Wt IRS.WS 1.00 7.6 OneLiberty OLP 24.30 -1.1 Trip.com TCOM 58.00 0.4 CrackerBarrel CBRL 47.79 -1.4
2-month 5.32 n.a. 5.51 5.11 1-month 5.27 5.28 5.62 5.01
AvidityBio RNA 30.55 -0.9 Ecolab ECL 235.85 0.4 ITT ITT 140.20 0.2 OneSpaWorld OSW 15.25 0.5 TripleFlagPrecMtl TFPM 17.62 1.3 Denny's DENN 7.65 -0.6 3-month 5.25 5.25 5.35 5.10
AvinoSilver ASM 1.10 3.9 EdisonIntl EIX IdahoStratRscs IDR DermTech DMTK 0.31 -27.9
3-month 5.29 5.34 5.53 5.16
76.48 -0.3 10.41 6.2 OverseasShip OSG 8.46 22.7 TsakosEnergyPfdE TNPpE 26.75 0.9 6-month 5.16 5.16 5.34 5.00
Avnet AVT 53.97 0.8 EGO IMMR DigitalBrands DBGI
EldoradoGold 16.70 1.8 Immersion 9.57 0.7 OxbridgeRe OXBR 2.25 2.0 TsakosEnergy TNP 31.16 1.7 1.88 -19.2 Discount window primary credit
BJ'sWholesale BJ 80.78 1.2 EledonPharm ELDN 3.35 3.3 Immutep IMMP 3.16 4.7 PACS Group PACS 29.23 1.2 TwoHarborsPfdC TWOpC 23.95 0.7 DonegalGroup A DGICA 13.04 -2.1 TIPS
BRF BRFS 3.89 2.4 ECX 5.50 5.50 5.50 5.25
EllingtonFinPfdA EFCpA 24.61 0.4 Inter INTR 6.59 1.6 PG&E PCG 18.88 0.3 TylerTech TYL 495.00 1.0 ECARX 1.27 -11.5 5-year 2.12 2.16 2.55 1.45
B.RileyNts2025 RILYM 24.50 0.5 EllingtonFinPfdE EFCpE InteractiveBrkrs IBKR EdibleGarden EDBL 3.37 9.2
25.53 0.3 125.76 1.4 PHINIA PHIN 46.08 0.3 UL Solutions ULS 38.46 2.2
Treasury yields at constant 7-year 2.11 2.16 2.47 1.41
BaldwinInsurance BWIN 34.14 4.0 Endeavor EDR 26.96 0.9 IntlBcshs IBOC 61.46 -1.7 PPL PPL 29.70 0.1 US Gold USAU 7.06 2.7 Endava DAVA 28.55 -0.6
BanColombia CIB 37.34 2.7
maturities 10-year 2.10 2.15 2.45 1.38
EndeavourSilver EXK 4.09 2.6 IntlFlavors IFF 99.91 -0.9 Palomar PLMR 89.22 -4.1 USCopperIndex CPER 31.45 0.4 EuropeanWax EWCZ 10.38 -2.6
BankofAmPfdE BACpE 24.19 0.4 Equitable EQH IntlPaper IP EvolentHealth EVH 22.58 -0.7 1-month 5.50 5.51 5.81 5.17 20-year 2.17 2.22 2.49 1.50
40.85 -0.8 42.82 1.3 PanAmerSilver PAAS 22.68 3.7 UnitedTherap UTHR 275.42 0.1
BankNY Mellon BK 59.70 -0.9 EquitransMdstm ETRN 14.31 2.0 IntlSeaways INSW 64.36 1.1 Paysign PAYS 5.09 2.2 Valhi VHI 20.00 4.4 ExactSciences EXAS 50.09 1.2 3-month 5.45 5.46 5.62 5.26 Long-term avg 2.25 2.30 2.59 1.64
Barclays BCS 11.15 -0.9 Euronav EURN 21.25 1.6 Intuit INTU 671.49 1.4 PearlHldgsAcqnA PRLH 11.15 0.5 Veralto VLTO 99.79 ... FiveBelow FIVE 132.80 -2.7
Bath&BodyWks BBWI 50.77 1.0 EvercoreA EVR 204.86 -0.2 JPMorganChase JPM 205.88 -4.5 PennantPark PNNT 7.43 0.5 VeriskAnalytics VRSK 253.17 0.3 FutureFuel FF 4.79 -4.2 Notes on data:
BenchmarkElec BHE 42.31 1.9 EvergreenA EVGR 11.43 0.1 JefferiesFinl JEF 47.87 -0.5 PerellaWeinberg PWP 16.09 3.4 VerraMobility VRRM 28.08 2.7 GamcoGlbGoldPfB GGNpB 21.02 -0.8 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
BenitecBiopharm BNTC 10.70 10.3 FairIsaac FICO 1451.78 2.5 JohnsonControls JCI 72.99 2.3 PiperSandler PIPR 215.07 0.4 VictoryCapital VCTR 52.80 1.1 GoHealth GOCO 8.52 3.8 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by
BentleySystems BSY 57.13 1.0 FidNatlInfo FIS 78.73 -0.8 KLA KLAC 778.44 3.4 PlatinumGrpMtls PLG 2.07 2.1 Viking VIK 30.16 4.6 GoldenEnt GDEN 29.88 -4.6 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
BlueBird BLBD 55.83 4.7 FirstHorizon FHN 16.21 -0.2 KairousAcqnUn KACLU 13.40 2.8 PyxisTankers PXS 5.48 6.1 VistaEnergy VIST 48.89 2.3 GoPro GPRO 1.56 -3.7
primary credit rate is charged for discounts made and advances extended under the Federal
BlueOwlCapital OBDC 16.62 0.6 FirstHorizonPfdB FHNpB 25.50 2.6 KaiserAlum KALU 102.42 -0.9 PyxisTankersPfdA PXSAP 25.25 ... VitalFarms VITL 39.55 3.5 HarvardBioSci HBIO 3.25 -3.0
BWAQ
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday;
BlueWorldA 11.29 ... FirstSeacoastBncp FSEA 9.44 0.1 Kanzhun BZ 22.65 2.1 Q2 QTWO 64.17 1.0 VizslaSilver VZLA 1.87 9.8 HeartTestLabs HSCS 5.80 -15.6
BostonSci BSX 76.07 1.0 FormFactor FORM 57.78 3.3 KewauneeSci KEQU 45.00 8.6 Qualcomm QCOM 199.99 2.0 Wabtec WAB 170.83 1.4 HeliusMedical HSDT 1.35 -7.4 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid
BrightView BV 13.68 -0.6 FortunaSilver FSM 5.99 1.4 KinderMorgan KMI 19.89 0.7 QuestDiag DGX 145.62 -0.1 WarbyParker WRBY 17.10 1.0 Hurco HURC 17.50 -2.7 yields for all TIPS with remaining terms to maturity of 10 years or more;
BrinkerIntl EAT 64.60 3.1 FreeportMcM FCX 55.24 1.2 Kinetik KNTK 41.39 1.2 RBCBearingsPfdA RBCp 133.34 3.0 Welltower WELL 102.15 -0.4 ICZOOMA IZM 1.99 22.8 Sources: Federal Reserve; for additional information on these rate data and their derivation,
Bristow VTOL 38.08 2.0 Frontline FRO 28.27 2.3 Kingstone KINS 4.85 4.1 RBC Bearings RBC 298.50 2.7 WesternMidstrm WES 38.77 1.4 iHeartMedia IHRT 1.10 -5.0 please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15
B10 | Tuesday, May 21, 2024 THE WALL STREET JOURNAL.
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THE WALL STREET JOURNAL. * * * * * * Tuesday, May 21, 2024 | B11
MARKETS
Grayscale CEO
Sonnenshein
Steps Down
BY VICKY GE HUANG
Grayscale Investments
Chief Executive Michael Sonn-
enshein has stepped down, af-
ter a decadelong career help-
BRYAN BANDUCCI FOR THE WALL STREET JOURNAL

ing build the company into the
world’s largest crypto asset
manager.
Peter Mintzberg, who cur-
GERARD BOTTINO/SOPA IMAGES/ZUMA PRESS
rently serves as the global

head of strategy for Goldman
Sachs’s asset and wealth man-
agement division, will become
Grayscale’s CEO in August, the
company said. Mintzberg,
whose 20-year Wall Street ca-
reer spans BlackRock, Oppen-
heimerFunds and Invesco, will Michael Sonnenshein
also join Grayscale’s board at
Shares of Norwegian Cruise Line increased 7.6% on Monday after the company raised profit expectations that time. weren’t capturing people’s at-
Mintzberg will take the tention,” he said in a March
Technology-Stock Investors
helm of Grayscale during a interview, adding that a “pal-
challenging period. For years, pable passion for crypto and
the Grayscale Bitcoin Trust bitcoin” kept them going de-
was one of the few ways for spite the setbacks.
investors to bet on bitcoin in Sonnenshein became Gray-
Drive Up Nasdaq to Record

their brokerage accounts with- scale’s CEO in 2021 when Sil-
out buying the cryptocurrency bert stepped down.
itself. This privileged position Grayscale is partly respon-
helped the trust, known by its sible for the long-awaited reg-
GBTC ticker symbol, amass ulatory approval of spot bit-
more than $40 billion in as- coin ETFs—those that hold
S&P 500 edges Index performance on Monday climb to more than 14%. Com- sets under management at its bitcoin directly, instead of via
.
1.0% stock Resources, controlled by peak in November 2021. futures contracts, as previous
higher but ends just Dallas Cowboys owner Jerry More recently, Grayscale’s products did.
ly
short of new high; 0.8 Nasdaq Composite Jones, is up 19% this month, bitcoin fund has experienced a The company sued the Se-
including a 5.1% gain Monday. reversal of fortune, with in- curities and Exchange Com-
Dow finishes lower 0.6 Warmer weather and rising vestors pulling more than $17 mission in 2022 after the
BY RYAN DEZEMBER
Technology stocks led the

0.4
0.2
on S&P 500
electricity demand have lifted
natural-gas futures 75% since
late March, when they traded
at some of the lowest prices on
billion since it converted into
an exchange-traded fund in
January. In contrast, nine
newly launched bitcoin ETFs
agency rejected its previous
bid to turn its bitcoin trust
into an ETF. The SEC green-
lighted the mass launch of the
Nasdaq to new highs as inves- record. from Wall Street asset manag- funds in January after repeat-
us ,
tors continued to bet on the 0 Wheat futures rose to their ers such as BlackRock and Fi- edly rejecting the applications
l
strength of U.S. consumers and highest price since last sum- delity Investments have at- on the basis that the underly-
e
al a
–0.2 Dow Jones

interest-rate cuts. Industrial Average
mer amid worry about the tracted more than $30 billion ing market was susceptible to
The tech- Russian crop. Soft-red winter in inflows. fraud. When approving the
–0.4
MONDAY’S laden Nasdaq wheat futures rose 5.6% in Chi- GBTC charges a 1.5% fee, new funds, SEC Chair Gary
ci on
MARKETS Composite rose –0.6 Five-minute intervals cago. while bitcoin funds offered by Gensler said the court ruling
0.7% to Overseas, the Stoxx Europe many of its competitors in Grayscale’s favor had com-
16794.87, eclipsing the record 10 a.m. 11 noon 1 p.m. 2 3 4 600 rose 0.2%. At midday charge next to nothing. pelled the change.
it set Wednesday after a Labor Source: FactSet Tuesday, Japan’s Nikkei 225 Grayscale’s board and par- Grayscale now has about
Department report showed in- was up 0.2%, while Hong ent company Digital Currency $30 billion in total assets un-
er s
flation easing in April. The S&P look at consumer spending intelligence boom, is scheduled Kong’s Hang Seng Index was Group began a search for a der management, including
500, which traded at record Tuesday, when Lowe’s, Macy’s, to report its latest results down over 2%. S&P 500 futures new CEO for the asset man- $19 billion in GBTC. However,
m er
levels before a late-session Autozone and Urban Outfitters Wednesday afternoon. The were unchanged. ager in late 2023, according to rival BlackRock could soon lay
pullback, added less than 0.1%. are scheduled to report quar- shares rose 2.5% on Monday people familiar with the mat- claim to running the world’s
The Dow Jones Industrial Av- terly results. and are up 91% so far this year. ter. The search wasn’t related largest bitcoin fund: Its
erage fell 0.5%, or 197 points, On Wednesday, investors Netflix added 3.2% to close at AUCTION RESULTS to GBTC’s performance or out- iShares Bitcoin Trust has
Here are the results of Monday's Treasury auctions.
from Friday’s record close. will get a fresh read on exist- its highest price since late flows, the people said. more than $18 billion in as-
m rp
All bids are awarded at a single price at the market-

clearing yield. Rates are determined by the difference
Norwegian Cruise Line ing home sales and pore over 2021. between that price and the face value. DCG CEO Barry Silbert re- sets.
Holdings added 7.6% to lead minutes from the meeting Insurer Chubb was among cruited Sonnenshein in 2013 Sonnenshein has previously
13-Week 26-Week
the S&P 500 higher after it three weeks ago of the Federal the S&P 500’s biggest losers, Applications $207,617,468,000 $209,929,260,300
to help raise assets for GBTC, said that he wasn’t worried
raised this year’s profit expec- Open Market Committee for shedding 3.7%. The stock rose Accepted bids $75,581,220,000 $75,581,244,800 which had only $60 million at about the investor exodus and
tations and executives gave an clues about the central bank’s 8.4% to a record late last week " noncomp $2,479,945,400 $2,105,667,300 the time. In the early days, the suggested that GBTC’s fee
" foreign noncomp $0 $0
co Fo
upbeat presentation to inves- next move for interest rates. after Warren Buffett’s Berk- Auction price (rate) 98.674181 97.391333 duo would go on roadshows to would come down as the mar-
tors at the New York Stock Ex- The yield on benchmark 10- shire Hathaway disclosed a big (5.245%) (5.160%) pitch the fund to traditional ket matures.
5.389% 5.372%
change. Rivals Royal Carib- year Treasury notes rose to stake in the firm. Bids at clearing yield accepted 79.20% 63.69% finance professionals only to Despite the outflows, Gray-
bean and Carnival gained 4.1% 4.436% from 4.419% on Friday. Natural-gas producers con- 912797KC0 912797LE5 have the meetings canceled in scale continues to generate ro-
and 7.3%, respectively. Nvidia, the microchip maker tinued to heat up. EQT shares Both issues are dated May 23, 2024. The 13-week bills
mature on Aug. 22, 2024; the 26-week bills mature on
the wake of negative headlines bust revenue thanks to a
Investors will get a closer at the center of the artificial- added 1.8% to bring their May Nov. 21, 2024. about bitcoin, Sonnenshein re- sharp rise in crypto prices and
called earlier this year. the high fees charged by its
“There were definitely bitcoin ETF. In the first quar-
Crypto Venture Firm New Form Capital times when we would have
been allocated 45 minutes to a
meeting and very quickly into
a meeting, we would find we
ter, Grayscale generated $156
million in revenue, accounting
for more than half of DCG’s
$229 million total.
Is Seeking to Raise a $100 Million Fund

n-
Grayscale Bitcoin Trust Spot bitcoin ETF flows,

share price year to date*
$70 $15.7 billion
BY MARC VARTABEDIAN ted $2.4 billion into crypto quarters of falling investment New Form raised a $21 mil- BlackRock
no
startups globally in the first in their sector. lion debut fund in 2020 and 60
Crypto and blockchain-fo- quarter, a 40% increase from A rebound in bitcoin, a key closed its second fund, a $65 Fidelity 8.5
cused venture firm New Form the prior quar- underlying as- million vehicle, in 2022. The 50 ARK 21Shares 2.5
Capital is returning to the ter and an 18% set in the firm will continue backing
$2.4B
fundraising market, seeking to drop from the crypto sector, technology involving block- 40 Bitwise 1.9
raise a $100 million fund in same quarter a has propelled chain, financial markets and
the latest sign investors re- year earlier, ac- investor enthu- data. It disclosed its latest 30 Valkyrie 0.5
main bullish on the once-be- cording to a re- siasm this year. fundraising effort in a regula-
leaguered crypto sector. port by analyt- Venture investors Investors and tory filing. 20 VanEck 0.5
New Form says it backs ics firm
crypto-related technology that PitchBook Data.
committed this much entrepreneurs
said earlier this
New Form was founded by
general partner Alex Marinier, Franklin
into crypto startups year that bit-
10 Templeton 0.4
aims to reshape traditional fi- While the first who was previously an inves-
nance, including trading mar- quarter’s fund- in the first quarter coin’s price re- tor at DCM Ventures and 0 Monthly Invesco Galaxy 0.3
kets and payments systems. ing was a far covery meant worked in private equity at 2016 ’20 ’24
The New York-based firm also cry from the startups were Blackstone. WisdomTree 0.1
has backed artificial intelli- roughly $11 bil- having an eas- In December, the firm co-
gence startups related to lion crypto startups netted in ier time tapping venture firms led an $11 million Series A –17.6 Grayscale
crypto. the first quarter of 2022, the that had been on the fence funding for crypto finance *As of May 17
Venture investors commit- haul snaps seven consecutive about deals. startup Tres Finance. Sources: FactSet (share price); J.P. Morgan estimates and Bloomberg data (ETF flows)
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
LgCpGwId InstPre 33.59 +0.16 13.9 SAIUSMinVolIndFd 20.29 -0.01 8.7 CoreBond 10.08 -0.01 -0.9 LgCapGow I 75.83 +0.35 15.3 MuLTAdml 10.83 -0.02 -0.2 TgtRetInc 13.27 -0.01 2.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 32.22 +0.03 7.6 SAIUSQtyIdx 21.85 +0.11 12.9 EqInc 24.53 -0.11 7.4 MidCap 106.84 +0.34 6.8 MuLtdAdml 10.78 -0.01 0.3 Welltn 44.03 -0.02 7.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 22.08 +0.03 11.9 SrsBlChGroRetail 18.62 +0.14 19.2 LgCpGwth 70.89 +0.57 17.9 R2030 25.58 +0.01 6.9 MuShtAdml 15.71 -0.01 0.8 WndsrII 47.23 -0.06 10.1
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.82 -0.01 -1.4 SrsEmrgMkt 19.08 -0.01 10.1 JPMorgan R Class Putnam Funds Class A PrmcpAdml r 174.13 +1.04 11.4 VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 14.18 +0.05 9.3 SrsGlobal 14.99 +0.01 8.2 CoreBond 10.09 -0.01 -0.8 PutLargCap p 35.19 -0.08 14.3 RealEstatAdml 119.53 -0.77 -3.7 ExtndIstPl 325.71 +1.00 6.1
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.45 -0.02 -5.7 SrsGroCoRetail 23.08 +0.18 18.5 CorePlusBd 7.12 ... -0.4 Putnam Funds Class Y SmCapAdml 108.20 +0.21 6.2 IdxIntl 19.98 +0.01 7.7
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 26.11 +0.09 4.3 SrsIntlGrw 18.65 +0.06 8.9 Lord Abbett I PutLargCap 35.21 -0.08 14.5 SmGthAdml 90.31 +0.53 6.4 MdCpGrAdml 101.16 +0.55 7.2
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 146.10 +0.19 11.1 SrsIntlVal 12.93 +0.03 10.8 ShtDurInc p 3.84 ... 1.7 Schwab Funds STBondAdml 10.00 -0.01 0.2 MdCpVlAdml 80.41 -0.18 7.6
TotalMarketIndex 18.48 +0.03 11.2 TotalBond 9.37 -0.01 -0.7 Metropolitan West 1000 Inv r 114.23 +0.14 NA STIGradeAdml 10.17 ... 0.9 SmValAdml 81.56 -0.09 6.0
TtlIntIdxInstPr 14.18 +0.02 7.8 Fidelity SAI TotRetBdI 8.89 -0.01 -1.7 S&P Sel 81.79 +0.08 NA STIPSIxAdm 24.15 +0.01 1.5 TotBd2 9.32 -0.02 -1.5
Monday, May 20, 2024 USBdIdxInstPrem 10.15 -0.01 -1.4 TotalBd 8.87 -0.01 -0.5 TRBdPlan 8.34 -0.01 -1.7 TSM Sel r 89.95 +0.11 NA TotBdAdml 9.44 -0.01 -1.5 TotIntlInstIdx r 133.68 +0.10 7.8
Net YTD Net YTD Net YTD Fidelity Advisor I U.S.TreBdIdx 8.59 -0.01 -1.7 MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.47 -0.01 -0.6 TotItlInstPlId r 133.71 +0.10 7.8
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Total Bd 9.36 -0.01 -0.7 Fidelity Selects IIE 35.54 +0.02 7.9 EqIdxInst 37.39 +0.05 11.0 TotIntlAdmIdx r 33.43 +0.03 7.7 TotSt 127.76 +0.16 11.0
Fidelity Freedom Semiconductors r 32.49 +0.65 34.0 MFS Funds Class I IntlEqIdxInst 23.71 +0.03 8.5 TotStAdml 127.80 +0.16 11.0 VANGUARD INSTL FDS
AB Funds Artisan Funds US CoreEq2 35.81 +0.03 10.6 FF2030 17.49 +0.01 6.0 Softwr 27.62 +0.16 1.7 GrowthI 204.14 +1.45 18.6 LrgCpGrIdxInst 59.03 +0.29 13.9 BalInst 46.85 +0.02 6.1
MuniIncmShares 11.06 -0.01 1.0 IntlVal Inst 49.98 -0.11 8.7 US Small 46.39 +0.04 4.8 FF2035 TxMCapAdml 274.25 +0.37 11.3
15.55 +0.02 7.5 Tech 33.20 +0.39 16.5 ValueI 51.51 -0.26 8.7 VANGUARD ADMIRAL
TxMIn r 16.44 +0.02 7.4 DevMktsIndInst 16.46 +0.02 7.3
AB Funds - ADV Baird Funds US SmCpVal 46.94 -0.16 4.8 FF2040 11.41 +0.01 9.2 First Eagle Funds Natixis Funds 500Adml 490.74 +0.49 11.9 DevMktsInxInst 25.73 +0.04 7.3
LgCpGrAdv 106.73 +0.42 15.0 AggBdInst 9.64 -0.01 -1.1 US TgdVal 33.14 -0.09 4.3 Freedom2030 K 17.47 +0.01 6.1 GlbA USGroAdml 166.63 +1.11 13.6
69.20 +0.04 9.7 LSGrowthY 26.00 +0.10 11.9 BalAdml 46.84 +0.01 6.1 ExtndInst 131.98 +0.40 6.1
American Century Inv CorBdInst 9.98 ... -0.6 USLgVa 48.65 -0.28 9.7 Freedom2035 K 15.53 +0.02 7.5 Franklin A1 ValAdml 63.54 -0.30 9.7
Northern Funds CAITAdml 11.30 -0.02 -0.4 GrwthInst 181.42 +1.10 13.5
Ultra 85.21 +0.50 14.3 BlackRock Funds Dodge & Cox StkIdx WdsrllAdml 83.79 -0.12 10.2
Freedom2040 K 11.42 +0.01 9.3 IncomeA1 2.35 ... 3.3 54.63 +0.05 11.9 CapOpAdml r 197.56 +1.32 10.2 InPrSeIn 9.36 ... -0.1
American Funds Cl A HiYldBd Inst 7.03 ... 2.6 Balanced 104.90 -0.18 5.4 Idx2030InsPre 19.83 DivAppIdxAdm 49.78 -0.17 WellsIAdml 61.34 -0.17 2.4
... 5.1 FrankTemp/Frank Adv Old Westbury Fds 8.1 InstIdx 437.64 +0.44 11.9
AmcpA 42.27 +0.20 10.9 BlackRock Funds III GblStock 16.27 -0.01 9.0 Idx2035InsPre 22.80 +0.01 6.3 IncomeAdv 2.33 ... 3.4 LrgCpStr 19.40 +0.03 NA EMAdmr 37.22 -0.03 9.0 WelltnAdml 76.03 -0.04 7.0
InstPlus 437.64 +0.44 11.9
AMutlA 54.57 -0.13 7.4 iShS&P500IdxK 623.07 +0.62 11.9 Income 12.40 -0.01 -0.7 Idx2040InsPre 23.92 +0.01 7.9 FrankTemp/Franklin A Parnassus Fds EqIncAdml 91.09 -0.55 8.7 WndsrAdml 77.09 -0.24 6.4 InstTStPlus 91.00 +0.11 11.1
BalA 34.05 +0.01 6.8 BlackRock Funds Inst Intl Stk 53.59 +0.12 9.0 Idx2045InsPre 25.12 +0.02 8.5 DynaTech A 155.31 +1.33 16.1 ParnEqFd 60.53 +0.14 10.0 ExplrAdml 109.38 +0.43 6.0 VANGUARD FDS MidCpInst 68.09 +0.08 7.4
BondA 11.14 -0.01 -1.5 EqtyDivd 20.79 -0.11 8.9 Stock 258.78 -0.72 8.8 Idx2050InsPre 25.16 +0.01 8.5 Growth A 137.82 +0.66 12.4 PGIM Funds Cl Z ExtndAdml 131.99 +0.41 6.1 DivdGro 39.01 -0.19 6.0 MidCpIstPl 335.83 +0.44 7.4
CapIBA 69.12 -0.10 5.1 StratIncOpptyIns 9.35 -0.01 0.9 DoubleLine Funds Fidelity Invest RisDv A 94.04 -0.08 6.6 TotalReturnBond NA ... NA GroIncAdml 102.65 +0.21 13.8 IntlVal 43.47 -0.03 7.7 SmCapInst 108.19 +0.20 6.2
CapWGrA 66.27 +0.16 10.6 TotRet NA ... NA TotRetBdI NA ... NA Balanc 28.93 +0.02 7.9 Guggenheim Funds Tru PIMCO Fds Instl GrwthAdml 181.41 +1.10 13.5 LifeGro 44.55 +0.03 7.5 SmCapIstPl 312.29 +0.60 6.2
EupacA 60.28 +0.25 10.2 Calamos Funds Edgewood Growth Instituti BluCh 207.50 +1.56 19.8 TotRtnBdFdClInst 23.24 -0.02 -0.7 AllAsset NA ... NA HlthCareAdml r 91.36 +0.16 6.6 LifeMod 32.05 ... 5.3 STIGradeInst 10.17 ... 0.9
FdInvA 81.11 +0.28 13.7 MktNeutI 14.55 ... 2.8 EdgewoodGrInst 48.58 +0.28 11.1 BluChpGr K6 31.81 +0.23 18.5 Harbor Funds TotRt 8.47 -0.01 NA HYCorAdml r 5.36 ... 1.2 PrmcpCor 35.22 +0.18 11.0 STIPSIxins 24.17 +0.01 1.5
GwthA 71.87 +0.31 13.8 Columbia Class I Federated Hermes Int Contra 19.29 +0.03 20.0 CapApInst 110.85 +0.64 14.9 PIMCO Funds A InfProAd 22.97 ... -0.1 STAR 28.34 +0.03 5.5 TotBdInst 9.44 -0.01 -1.4
HI TrA 9.61 ... 3.6 DivIncom I 32.76 -0.17 8.2 TtlRtnBdI 9.32 -0.01 -1.1 ContraK 19.36 +0.04 20.0 Harding Loevner IncomeFd NA ... NA InfTechIdx 276.14 +3.46 11.7 TgtRe2020 27.77 ... 3.3 TotBdInst2 9.32 -0.02 -1.5
ICAA 56.53 +0.11 12.5 Dimensional Fds Fidelity CpInc 9.94 +0.02 5.0 IntlEq 27.24 +0.02 NA PIMCO Funds I2 IntlGrAdml 112.15 +0.68 10.2 TgtRe2025 19.23 ... 4.6 TotBdInstPl 9.44 -0.01 -1.4
IncoA 24.45 -0.04 5.1 EmgMktVa 32.38 +0.02 10.2 500IdxInstPrem 184.62 +0.19 11.9 GroCo 37.71 +0.29 18.1 Invesco Funds Y Income NA ... NA ITBondAdml 10.07 -0.02 -1.4 TgtRe2030 37.43 ... 5.5 TotIntBdIdxInst 29.22 -0.01 -0.6
N PerA 61.95 +0.19 10.8 EmMktCorEq 24.45 +0.03 9.3 Contrafund K6 27.64 +0.06 20.0 InvGrBd 9.84 -0.01 -1.0 DevMktY 41.05 -0.12 6.3 PIMCO Funds Instl ITIGradeAdml 8.49 -0.01 -0.5 TgtRe2035 23.53 ... 6.4 TotStInst 127.82 +0.16 11.0
NEcoA 60.76 +0.30 12.6 IntlCoreEq 16.44 +0.03 7.5 ExtMktIdxInstPre 82.86 +0.25 6.1 LowP 48.25 +0.04 9.5 JHF III DispVal IncomeFd NA ... NA LarCapAd 122.83 +0.14 11.8 TgtRe2040 42.12 +0.01 7.2 ValueInst 63.53 -0.30 9.7
NwWrldA 81.88 +0.22 9.1 IntSmCo 20.54 +0.04 6.5 FidSerInt 8.54 -0.01 -1.1 Magin 14.04 +0.08 17.5 DispValMCI 29.38 +0.03 7.3 Price Funds LTGradeAdml 7.69 -0.01 -3.6 TgtRe2045 28.79 +0.01 8.0 WCM Focus Funds
SmCpA 68.14 +0.32 2.9 IntSmVa 23.38 +0.06 10.2 FidSerToMarket 17.39 +0.02 11.1 NASDAQ 213.30 +1.38 12.2 John Hancock BlChip 175.28 +0.81 17.4 MidCpAdml 308.25 +0.41 7.4 TgtRe2050 48.26 +0.03 8.6 WCMFocIntlGrwIns 25.34 +0.09 11.3
TxExA 12.33 -0.02 ... LgCo 35.27 +0.04 11.9 GrowthCompanyK6 26.63 +0.20 18.6 OTC 21.48 +0.18 17.4 BondR6 13.31 -0.02 -0.6 DivGro 77.36 -0.17 9.5 MuHYAdml 10.64 -0.02 0.8 TgtRe2060 49.62 +0.04 8.6 Western Asset
WshA 62.59 ... 9.8 US CoreEq1 39.96 +0.03 11.2 IntlIdxInstPrem 51.18 +0.11 8.5 Puritn 25.55 +0.07 10.1 JPMorgan I Class Growth 98.44 +0.41 13.7 MuIntAdml 13.54 -0.03 -0.4 TgtRet2055 53.85 +0.03 8.6 CorePlusBdI NA ... NA
B12 | Tuesday, May 21, 2024 THE WALL STREET JOURNAL.
HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY
Tariffs Close Off Route to Affordable EVs

Additional tariffs on EV-related
President Biden’s additional tax on Chinese batteries could hit Tesla’s and Ford’s cheapest electric vehicles imports from China
0% 25 50 75 100
Making cheap electric vehicles Mach-E is made in Mexico but A response more in the spirit of strings attached to the $7,500 tax
EVs
in the U.S. is getting even tougher. uses Chinese LFP batteries. U.S. government policy would be credit available for EV purchases as New rate
2024*
Of the tariffs unveiled by Presi- LFP batteries are less expensive to bring LFP battery production part of the Inflation Reduction Act
dent Biden last week, the 100% than the more powerful ones with onshore. This is what Ford wants is no battery materials can come Old rate
rate on Chinese EVs caught much nickel and cobalt that are used by to do with a new plant in Michi- from a “foreign entity of concern,”
of the attention. But in reality it Tesla and others to make most EVs gan that would license CATL’s a designation that includes China.
probably won’t change much: Only sold in the West. While Japanese technology, but the Chinese link This is why neither the standard- EV batteries,
battery parts
a few EVs are shipped from China and Korean firms such as Pana- remains controversial. If Ford’s range Tesla Model 3 nor Ford’s
2024
to the U.S., notably by Polestar. sonic and LG Energy dominate project goes ahead as planned, it Mustang Mach-E are available with
More meaningful for the indus- nickel chemistries, LFP technology would be a blueprint for Tesla. the subsidy unless they are leased.
try is a 25% tariff on Chinese EV has been industrialized by the likes The best solution from Washing- Trump hinted he might cut the
batteries and parts, up from 7.5%. of CATL and BYD in China. This ton’s view would be for a new low- EV tax credits if he wins the elec- Natural
Many details aren’t yet clear, but means EV makers will struggle to cost battery technology to emerge tion, but he promised to go even fur- graphite,
the news will likely affect Tesla. bypass Chinese companies if they from outside the Chinese ecosys- ther than Biden on tariffs. Whoever permanent 0%
magnets
Its cheapest model, the standard- want to use it to cut costs and di- tem. Tesla said last month it ex- is in the White House next year, the
2026
range Model 3, is made in Fre- versify supply chains away from pected its battery project in Texas, direction of travel is clear: China’s
mont, Calif., using Chinese lithium cobalt, which is mostly mined in which is trying to mass-produce a supply chain is effectively off limits
iron phosphate, or LFP, batteries. the Democratic Republic of Congo. new type of cell, to beat suppliers in the race to lower EV costs. Other critical
Based on a crude calculation, CATL appears to be planning of nickel-based cells on cost by the Even Tesla Chief Executive Elon minerals
the tariff increase could theoreti- factories in Thailand and Indone- end of this year. But that suggests Musk seems to be put off by the 2024 0%
cally add roughly $1,000 to costs sia that could eventually supply it is still some way behind LFP. The huge challenge this entails. This
per standard-range Model 3—not the U.S. Tariffs on Chinese prod- game-changing solid-state batter- year, he talked more enthusiastically *Year when the new rate proposed will be introduced
unaffordable, but inconvenient ucts introduced by former Presi- ies long promised by Toyota and about making Teslas autonomous Source: White House
when Tesla is desperate to remove dent Trump rerouted goods via others appear to be years away. than about making them cheap.
costs. The company didn’t respond Southeast Asia, so a new shuffling Last week’s tariff increases While 4 in 10 new vehicle pur- at the pace a new supply chain al-
to requests for comment. of clean-energy trade routes would aren’t the first U.S. assault on Chi- chases in China are EVs, America lows—which is to say, expensively
Ford’s standard-range Mustang hardly be a surprise. nese LFP technology. One of the will only adopt the new technology and slowly. —Stephen Wilmot
.
Hims Jumps on a Crowded Ozempic Bandwagon
ly
Hims & Hers Health share price,
year to date
$20
on
TV viewers are used to being
bombarded with savvy ads from
Hims & Hers Health for erectile
dysfunction or hair-loss drugs.
of millions of dollars to its market
capitalization.
But Hims will be joining a satu-
rated market that includes Weight-
and others can source compounded
versions because there is a short-
age of weight-loss medications.
The company said the monthly
And there are safety concerns:
WeightWatchers and Calibrate say
they don’t sell these drugs given
FDA warnings about the risks of
Now the telehealth company will Watchers, Noom, Ro and Calibrate. price for compounded GLP-1 injec- compounded drugs.
us ,
18
be airing plenty of weight-loss Hims is offering attractive prices tions will start at $199 a month, a In any case, investors like busi-
l
16 commercials too. through a partnership with a ge- bargain compared with the $1,000 ness opportunities that are sus-
e
al a
Hims & Hers said it is adding neric maker to sell compounded or more it can cost to get Novo tainable in the long term. Com-
14 GLP-1 injections to its weight-loss versions of GLP-1, making them Nordisk’s Wegovy or Eli Lilly’s pounded drugs seem like a good
offering, sending its stock up 28% on less expensive than the brand ver- Zepbound without insurance. temporary solution for perhaps a
ci on
12
Monday. The shares have more than sions. Compounded drugs are basi- That presents an interesting op- few years. But once there is more
10 doubled this year. The stock’s reac- cally copies of branded drugs that portunity because the supply con- steady supply, sourcing com-
tion speaks volumes about the mag- don’t have Food and Drug Adminis- straints aren’t ending anytime pounded drugs will no longer be al-
8 nitude of the Ozempic craze. There tration approval but can be made soon given insatiable demand and lowed, at which point being just
is so much money to be made that a by pharmacies under certain cir- the lack of manufacturing capacity. another telehealth marketer of
er s
6
mere announcement from a tele- cumstances. While copies of But even here, the logic of market GLP-1s may not be as big of an op-
Jan. 2024 March May health company that it will sell branded drugs are typically only al- saturation still applies; Ro sells portunity as some investors might
—David Wainer
m er
Source: FactSet GLP-1 injections can add hundreds lowed once patents expire, Hims compounded versions of the drugs. be hoping.
m rp
co Fo
n-
no
THE WALL STREET JOURNAL. Tuesday, May 21, 2024 | S1
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 M AY 2 1 , 2 0 2 4
EXCLUSIVE RANKING
THE TOP
250
PRIVATE WEALTH
MANAGEMENT
TEAMS
.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
When Financial
n-
Advice Is a
no
Family Business
Financial advisors who bring qualified children on board can set up their
practices for long-term success and stability.
BY STEVE GARMHAUSEN ILLUSTRATIONS BY ÁLVARO BERNIS
Top 250 Private Wealth Top 100 Institutional Top 100 Financial
Management Teams Consulting Teams Advisors
Page S4 Page S9 Page S11
Reprinted from the May 13, 2024, issue of Barron’s

S2 | Tuesday, May 21, 2024 THE WALL STREET JOURNAL.
BARRON’S SPECIAL REPORT
T
he best financial
advisors can
capably answer
just about any
money-related
inquiry that clients
throw at them.
But some have no
answer for what
can be a harder
question: “Who will take over when you’re
gone?”
For wealth management team leaders,
finding talented employees and potential
successors can be among the toughest chal-
lenges. But those with capable children who
are interested in the business have an enviable
solution. “Bringing in their grown children
shows clients that the advisor is planning for
the future of their business,” says Liz Lenz, the
head of wealth management consultancy Lenz
Insights.
Although there’s no definitive data on the
percentage of team founders who have brought
their kids into the business, such teams are
easy to find, and some are on Barron’s list of
the 2024 Top 250 Private Wealth Manage-
ment Teams, which starts on page S4.
The benefits of bringing offspring into an
advisory business are considerable for both
the advisor and the client. In addition to pro-
viding reassurance about the firm’s continuity,
such a move can infuse new expertise into
a practice and help it connect with younger
clients.
When a child follows a parent into an
industry, it can signal that there’s something
truly appealing about the work, says Gerard
Klingman, founder and president of New
York–based Klingman & Associates, an inde-
.
pendent wealth management business. “I can’t
ly
tell you how many doctor or lawyer clients say
they would never tell their son or daughter
to be a doctor or a lawyer,” he says. “I think it
sends a real positive message to a client about
how much we love what we do.”
There are potential downsides. Such ap-
pointments might suggest nepotism is at work.
on
Investors considering a firm where the advi-
us ,
sor’s children have a prominent role should

l
check the bios of the kids to see whether they

e
al a
have relevant degrees, professional certifica-

tions, and experience.
The perception that advisors’ children are
ci on
receiving special treatment and benefiting

from unearned privilege has the potential to has been a big asset to the Bhatia Group, its Financial team in Wilmington, Del., is all in as a financial advisor and a client service
create friction within a practice. That’s one founder says. “A big part of the private wealth when it comes to hiring family members. Her associate, respectively.
reason that adult children of advisors often space is providing private investments, so husband, Robin, joined her in 1993. Oldest “I would like them to take it over, but both
start their careers elsewhere, says Lenz. That her skill set is beneficial to all of us,” says daughter Katherine followed in 2015 and daughters have young children, and they’re
er s
experience can provide skills in operating as a Raj. One other reason he was confident his belongs to the leadership team. Katherine’s not going to commit 100% of their life to this
professional in a team, she says: “It’s import- daughter’s arrival wouldn’t upset his team’s siblings Michael and Elizabeth are also advi- business at this moment,” says Jane Rojas.
m er
ant that they learn how to do that outside of chemistry was that she’d been the first female sors on the team. “We’re going to have that discussion in four
their parents being their boss.” captain of her high school’s golf team, where Orth insists there’s plenty of room for years or so, and they can decide then.”
Another reason the offspring often launch she was the only girl. “That’s how I really advancement for nonfamily members. She Occasionally, children join their parents’
their careers outside Mom’s or Pop’s practice is knew she was a team player,” he says. ticks off executive positions held by non- firms from fields that are seemingly unrelated,
m rp
their own desire to explore other options and As tempting as it can be to name one’s child Orths, including the operations director and and they thrive. After earning an M.B.A. from
prove they can stand on their own feet. as sole successor, team founders don’t always marketing manager. Still, she says clients Boston College, Connor Strachan spent three
choose to do so. Klingman, for example, says like the votes of confidence that her family years as a professional football player before
Learning to Fly his son will be just one of the owners of his members have given the practice and the con- joining his dad, Brian, and his Boston-based
Ariana Bhatia is a good example. Her father, firm after he retires. “When Tom came into tinuity they represent. “My clients know how team at Morgan Stanley.
co Fo
Raj Bhatia, has had an illustrious career with the business, I was clear that he would have old I am,” Orth says, “and even though I’m From 2019 to 2022, Connor played for
Merrill Private Wealth Management. He an opportunity to be a key part of the suc- not really thinking about retiring, I’m always two NFL teams and one in the XFL. He had
was eager to have his daughter join his cession plan,” he says. “He has three other thinking about succession and continuity.” worked for his father’s practice during off-
Chicago-based team, but she wasn’t in a partners now, and we intend to bring in other It’s difficult to separate the roles of parent seasons and joined full time in 2022—turning
hurry to do so and spent several years after team members as partners.” and employer, and it can be trickier when out to be a gifted rainmaker.
college working on alternative investments relationships are playing out in front of non- The sales process involves a lot of rejection,
at a large Wall Street firm. “I wanted to get Complementary Skills family employees, Orth says. “You need to be but it turns out Connor’s football career had
training externally and see what else was Like Ariana Bhatia, Tom Klingman brought sensitive to the fact that the perception could toughened him up. “I’m used to just grinding it
out there,” Ariana explains. “And I wanted special skills to his team, which in his case in- be that you are treating your children with out, so for me it’s not hard,” says Connor, who
to make sure that if I ultimately did join, I cludes an ability to attract new clients. “Tom favoritism,” she says. has brought in an eye-popping $130 million of
would have earned my spot on the team and really loves business development, and that If anything, Orth says, she’s a little tougher client assets so far.
be a valued member.” has made our business grow even further,” on her children than other team members. Connor’s sales knack has given his col-
Like many other children of success- says Gerard Klingman. “In fact, that’s made leagues an extra reason to welcome him onto
n-
ful advisors, Ariana says she decided that us really push ourselves to develop other Earning One’s Place the team, because managing more assets is
helping families manage their finances would people on the team so that we can continue to Advisors considering employing their chil- lucrative for the entire group, says his father.
make for a more fulfilling career than other handle our clients.” dren should be clear that they must earn their “Not everyone likes to do his job of bringing in
options. One reason Raj wanted his daughter Tom originally had no intention of joining positions, that they’re expected to work at least assets,” he adds, “so it wasn’t hard to see that
no
to join his team was that she’d spent her life the business: He worked in investment banking as hard as anyone else, and that they won’t he wasn’t replacing anyone.”
soaking up an understanding of the business before approaching his father about coming be assigned to leadership positions until they There’s no guarantee that teaming with
and its values. His colleagues were more aboard nearly 12 years ago. Gerard says that show they’re ready. family members will work out, and some at-
practical: They wanted someone with private was for the best. “You don’t want your child to Jane Rojas, a Morgan Stanley advisor in tempts at integrating them end acrimoniously,
market experience who could also relate to a come to work for you right out of college,” he Tucson, Ariz., says previous generations of says Lenz. “If a child enters the family busi-
younger generation of clients. says. “It’s not good for their development, and her family have worked hard to build differ- ness, there need to be clear roles and respon-
Bringing valuable skills to a team can it’s not good for their self-esteem to never have ent kinds of businesses and pass them on to sibilities, clear measurements of success, and
help to win over skeptical co-workers, and worked for anybody but Mom or Dad.” the next generation. Her daughters Selina Ro- clear feedback about what they’re expected to
Ariana’s expertise in private investments Kimberlee Orth, the head of an Ameriprise jas and Michaelle Martinez work on her team improve upon,” she says. B
METHODOLOGY ments. The Top 100 Financial Advisors, start- guidance would probably engage with a lone
ing on page S11, is our oldest ranking. Dating advisor whose primary skill and purpose
Why Our Teams

back to 2004, it rates individual advisors was maximizing investment returns. Today,
based on their contributions to their advisory the range of services routinely provided to
teams. clients has exploded to include estate plan-
The lists show some teams and advisors ning, tax management, family governance,
List Has Grown

making noteworthy advancements. In the retirement planning, and lending. These
Top 250 Private Wealth Management Teams services increasingly are provided by an
list, the Atlas Group of Morgan Stanley and advisory team staffed with specialists who
Seventy2 Capital in the Wells Fargo Advisors can meet the growing needs of clients.
Financial Network each rose 38 spots, to No. In addition to providing a wider range of
27 and No. 56, respectively. Other teams mov- services, teams also pave the way for busi-
With more top advisors working in teams, we needed ing up more than 20 places include Private ness continuity and succession, allowing
a bigger list to represent the industry’s best. Family Wealth Partners at UBS (No. 20), The practices to continue seamlessly when key
Weil Group at Merrill Lynch (No. 22), The advisors retire. Teams also allow for more
BHP Group at Morgan Stanley (No. 68), and diversity of age, gender, race, and ethnicity
BY MATT BARTHEL TSG Wealth Management in the Wells Fargo in an industry that is persistently chal-
Advisors Financial Network (No. 14). lenged in that area.
In the Top 100 Institutional Consulting Each of the rankings is based on data
I
Teams ranking, 11 teams are new to the list this from a comprehensive survey of up to 118
n a sign of the times, Barron’s is proving the way financial advice is delivered year, highlighted by Taylor Advisors, which questions completed by advisors and veri-
expanding the number of practices on to investors. placed tenth. In the Top 100 Advisors rank- fied by their firms. Rankings calculations
its list of Top Private Wealth Manage- The Top 250 Private Wealth Management ing, 11 new advisors appear on the list, and the include the assets managed by advisors and
ment Teams to 250 from 100. Teams ranking, which starts on page S4, is one biggest mover was Michael Sawyer of Morgan the revenue generated by those assets, along
We generally avoid making of three lists in this special section. The Top Stanley, who rose 47 places to No. 49. with a host of qualitative measures that
changes to our ranking formats, 100 Institutional Consulting Teams, which include an advisor’s regulatory record, expe-
but in this case it is warranted. Advisory starts on page S9, highlights teams that serve An Evolving Industry rience, education, credentials, and charitable
teams are the driving force in the evolution institutional clients, such as corporate benefit When Barron’s began ranking financial advi- and philanthropic work. You can learn more
of the wealth management industry, im- plans, pension funds, or university endow- sors 21 years ago, an individual investor seeking at barrons.com/advisorranks. B
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Top 250 Private Wealth

Management Teams
Our annual listing of advisory teams focused on managing the wealth of families and individuals.
The ranking is based on quantitative and qualitative measures, including teams’ assets under
management, their revenue, and their regulatory records.
1. 545 Group 16. Griepp/Jones/Palmer 31. Stackman | Casriel Group 46. Gray-Polverini 62. Legacy Financial 77. Epstein Partners
Morgan Stanley Private Morgan Stanley Private UBS Private Wealth Merrill Private Wealth Partners UBS Private Wealth
Wealth Management Wealth Management Management Management Ameriprise Financial Management
Menlo Park, Calif. San Francisco New York Los Angeles Bismarck, N.D. New York
Key Advisors: Gregory Vaughan, Key Advisors: Troy Griepp, Key Advisors: Scott Stackman, Key Advisors: Eric Gray, Key Advisors: Joel Bird, Jason Key Advisors: Adam Epstein,
Mark Douglass, Jason Bogardus Anthony Jones, Richard Palmer Lyle Casriel Lance Polverini Kirchmeier, David Schlafman Sheila Klehm, Thomas Ladd
Team Assets (bil): $49.5 Team Assets (bil): $16.8 Team Assets (bil): $9 Team Assets (bil): $27.3 Team Assets (bil): $7.3 Team Assets (bil): $4.6
2. The Polk Wealth 17. Ellison Kibler 32. The Westmoreland Group 47. Degenaars-Babb Team 63. The Daniels Group 78. The Capital ESOP Group
Management Group Merrill Private Wealth Merrill Private Wealth J.P. Morgan Wealth Morgan Stanley Wealth UBS Wealth Management
Morgan Stanley Private Management Management Management Management Washington, D.C.
Wealth Management Columbia, S.C. Atlanta New York Menlo Park, Calif. Key Advisors: Keith Apton,
New York
Key Advisors: Rick Migliore, Key Advisors: Rod Westmoreland, Key Advisors: Glenn Degenaars, Key Advisors: Steven Daniels, Nick Francia
Key Advisors: Lyon Polk, John McCardell, Ronnie Dennis Kelly Westmoreland Jason Babb, Kristin Ashman Mike Curts, Charlie Ramos Team Assets (bil): $5.4
Deborah Montaperto Team Assets (bil): $9.8 Team Assets (bil): $4.9 Team Assets (bil): $5.4 Team Assets (bil): $6.4
Team Assets (bil): $44.2
79. Steinberg Forman Group
18. VMT Wealth Management 33. Bermont Carlin Wealth 48. The Burish Group 64. The Peters Group Morgan Stanley Private
3. Global Corporate & Merrill Wealth Management Management UBS Wealth Management Morgan Stanley Wealth Wealth Management
Institutional Advisory Houston Morgan Stanley Private Madison, Wis. Management New York
Services Wealth Management Purchase, N.Y.
.
Merrill Wealth Management Key Advisors: Nestor Vicknair, Key Advisors: Andrew Burish, Key Advisors: Evan Steinberg,
Coral Gables, Fla. Todd Forman
Atlanta Robert Leverte, Kyle Kelley Jason Maas Key Advisors: Kevin Peters,
ly
Team Assets (bil): $7.2 Key Advisor: Adam Carlin Team Assets (bil): $5 Jonathan Peters, Team Assets (bil): $6.2
Key Advisors: Erik Bjerke, Team Assets (bil): $5.8 Wenton Camporin
Kevin Higginbotham, Team Assets (bil): $8.7
19. The Evelo|Singer| 49. Katz Wealth Management 80. 1935 Wealth
James Kaufman
Sullivan|Bruegge Group 34. The Princi Group UBS Private Wealth Management Team
4. The Chase Group

Morgan Stanley Private
Wealth Management
Menlo Park, Calif.
Merrill Private Wealth
Management
Cincinnati
Key Advisors: David Singer,
Kevin Bruegge, Jamie Morgan
on
Morgan Stanley Wealth
Management
Boston
Key Advisors: Peter Princi,
Bradley Scioletti,
Management
New York
Key Advisors: Jason Katz,
Kenji Yoshikawa, Robert Schiff
65. The Gallagher Group
Management
Chicago
Key Advisors: Michael Gallagher,
William Blair
Chicago
Key Advisors: Thomas Wilson,
Lindsey Holton, Dick Gottfred
Team Assets (bil): $7.8 Michael Landers Benjamin Katz, Chris Munroe
us ,
Key Advisors: Andy Chase, Team Assets (bil): $9.5 Team Assets (bil): $11.3
50. The Sharma Group 81. The Pacific Wealth
Dan McCormick, Beth Smith
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20. Private Family Wealth Merrill Private Wealth Management Group

e
Partners 35. Lechner Altieri McMahon Management 66. The Cultra Wealth Morgan Stanley Private
al a
UBS Private Wealth Morgan Stanley Private Boston Management Group Wealth Management
5. Jones Zafari Group Management Wealth Management William Blair Kirkland, Wash.
Merrill Private Wealth Key Advisors: Raj Sharma,
Los Angeles Boston Chicago Key Advisors: Dale Miller,
ci on
Management Chris Kemp

Key Advisors: Ryan McClellan, Key Advisors: John Lechner, Team Assets (bil): $6.3 Key Advisors: John Cultra, Larry Garcia, David Keller
Los Angeles
Kirk Wendorf, Bill Calvert Terrence McMahon, Nick Altieri Michael Wertz, Sarah Mercurio Team Assets (bil): $3.7
Key Advisors: Richard Jones, Team Assets (bil): $34.8 Team Assets (bil): $7.5 Team Assets (bil): $5.2
Reza Zafari, Thomas Tournat 51. The Cafaro Group
Merrill Wealth Management 82. The Hetherington Group
21. Team 581 36. The Capitol Wealth Newton, Mass. 67. The Rohr Group Merrill Private Wealth
Morgan Stanley Private Management Group Merrill Private Wealth Management
Key Advisors: Carl Cafaro,
er s
6. The 650 Team Wealth Management Morgan Stanley Private Management New Canaan, Conn.
Morgan Stanley Private Jonathan Greer, Erik Morland
San Francisco Wealth Management Wayne, Pa. Key Advisor: Brian Hetherington
Wealth Management Team Assets (bil): $5.7
Key Advisors: Shane Brisbin, Washington, D.C. Team Assets (bil): $4.8
San Francisco Key Advisors: Peter Rohr,
m er
Michael Baumer, Spencer Larson Key Advisors: A.J. Fechter, William Leckey, Matthew Rafferty
Key Advisors: Tim Emanuels, 52. Hingham Street Partners
Team Assets (bil): $8.2 Donald Metzger, Steve Comiskey Team Assets (bil): $6.1 83. The Elwaw/Cavalieri
Steve Ashley, Rich Petit UBS Wealth Management
Team Assets (bil): $6.1 Group
Team Assets (bil): $15.2 Rockland, Mass.
22. The Weil Group 68. The BHP Group Morgan Stanley Wealth
Key Advisors: Lawrence
Merrill Private Wealth 37. The Warr Group Morgan Stanley Private Management
DePaulis, Peter Landry,
m rp
7. The Erdmann Group Management Morgan Stanley Private Wealth Management Miami
Merrill Private Wealth Joseph Drier
New York Wealth Management New York Key Advisors: John Elwaw,
Management Team Assets (bil): $6.5
Key Advisor: Noel Weil Tuscaloosa, Ala. Matias Cavalieri
Greenwich, Conn. Key Advisors: Fotios Piniros,
Team Assets (bil): $20.3 Key Advisors: Michael Warr, Andrew Hart, Team Assets (bil): $3.7
Key Advisors: Jeff Erdmann, 53. CEK & Associates
Katie Hancock, Dusti Monk Roland Breitenecker
Rob Giannetti, Mark Brookfield Merrill Private Wealth
23. Treasury Partners Team Assets (bil): $4.9 Team Assets (bil): $10.1 84. Greco Wealth
Team Assets (bil): $14 Management
Hightower Management Group
co Fo
Dallas
New York 38. Arbogast Breen Giles 69. The Patrick Schwarz UBS Wealth Management
8. Kuttin Wealth Management Key Advisors: William Corbellini, Hartford, Conn.
Olmo Group Group
Ameriprise Financial Key Advisors: Richard Dwight Emanuelson,
Merrill Private Wealth Morgan Stanley Private Key Advisors: William Greco,
Hauppauge, N.Y. Saperstein, Steven Feit, Raj Kalyandurg
Management Wealth Management Martin Kearns, Katelyn Greco
David D’Amico Team Assets (bil): $5.5
Key Advisors: Jonathan Kuttin, San Francisco New York Team Assets (bil): $6
Jacob D. Dunlap, David W. Dick Key Advisors: Michael Breen, Key Advisors: Patrick J. Schwarz,
Team Assets (bil): $11 54. Errico Partners
Hilary Giles, Brian Olmo Stephen Muecke 85. The KLT Group
24. The Continuum Group UBS Private Wealth
Team Assets (bil): $20.8 Team Assets (bil): $5.1 Morgan Stanley Private
Morgan Stanley Wealth Management
9. Team Global Management Wealth Management
New York
Morgan Stanley Private New York 39. Montage Financial Group 70. Finkel Hamerling Los Angeles
Wealth Management Key Advisors: R. Christopher
UBS Private Wealth Allan Team Key Advisors: James Klein,
New York Key Advisors: Scott Siegel, Errico, Adam Galaburda,
Management Neuberger Berman Robert Thomason, Rick Keller
Steven Rosbash, Bill DeMatteo Sean T. Kilduff
Key Advisors: Ron Basu, Denver New York Team Assets (bil): $4.9
Team Assets (bil): $9.4 Team Assets (bil): $4.4
Christopher Toomey, Key Advisors: Jonathan Key Advisors: Seth Finkel,
Matthew Nash Beukelman, Michael Chudd, Marc Hamerling, Charles Allan
25. Wise River Advisors 55. Trailhead Retirement 86. Maybach Partners
n-
Jeremy Keller Team Assets (bil): $4.2 J.P. Morgan Wealth

UBS Private Wealth Planning Group
Team Assets (bil): $5.5 Management
Management Morgan Stanley Wealth
10. Zager Fixed Income Los Angeles 71. The Harbor Financial New York
Management
Management 40. The Ricca Group Group
Key Advisors: Craig Chiate, Chicago Key Advisors: Jordan Mayer,
Morgan Stanley Private Morgan Stanley Wealth Morgan Stanley Wealth
Wealth Management Mark Binder, Jeff Hamilton Key Advisors: Dan Hoffmann, Jennifer Mayer
no
Management Management Team Assets (bil): $8.4

Los Angeles Team Assets (bil): $6.2 Sean Lannan, Anthony Severino
Morristown, N.J. Boca Raton, Fla.
Key Advisors: Drew Zager, Key Advisors: Michael Ricca, Key Advisors: Eric Applewhite,
Joseph McCullough 26. Mainsail Wealth Partners 87. The One North Group
Mary Guza, Andrea Ricca Julie Clairmont-Shide, Morgan Stanley Private
Team Assets (bil): $17.8 UBS Private Wealth 56. Seventy2 Capital Wealth
Team Assets (bil): $6 Daniel Guggenheim Wealth Management
Management Management
Team Assets (bil): $3.5 Scottsdale, Ariz.
Los Angeles Wells Fargo Advisors
11. Wickham Cash Partners 41. The MPW Group
Key Advisors: Drew Freides, Financial Network Key Advisors: Max Sanel,
UBS Private Wealth Morgan Stanley Wealth 72. The 173 Group
Michael Kanigher, Bethesda, Md. Paul Groves, Eric Olson
Management Management Morgan Stanley Private
Charlotte, N.C. Steven Westerman Key Advisors: Thomas Fautrel, Team Assets (bil): $4.3
Oak Brook, Ill. Wealth Management
Team Assets (bil): $7.8 Paul Carlson
Key Advisors: Mitchell Wickham, Menlo Park, Calif.
Key Advisors: Scott Magnesen, Team Assets (bil): $5.5 88. The Magellan Group
Greg Cash, Ron Bryson Lance Walker, Ryan Magnesen Key Advisors: Ned Gibbons,
Team Assets (bil): $19.6 27. Atlas Group Morgan Stanley Private
Team Assets (bil): $6 Gerard Zell, Evan Rosenberg Wealth Management
Morgan Stanley Private 57. Walters Bailey
Team Assets (bil): $5.2 New York
Wealth Management Associates
12. The Malone Neuhaus 42. Cassaday & Co.
New York Merrill Wealth Management Key Advisors: Richard Zinman,
Group Mclean, Va. 73. The Vahab Group
Blue Bell, Pa. Griffin McQuilling, Joseph Dunn
Morgan Stanley Private Key Advisors: Scott Wilson,
J.P. Morgan Wealth Team Assets (bil): $3.7
Wealth Management Crystal Ho, Reid Wilson Key Advisors: Stephan Key Advisors: Johanna Walters,
Management
Los Angeles Team Assets (bil): $9.3 Cassaday, Justin Harris, Megan Bailey
Boca Raton, Fla.
Christopher Krell Team Assets (bil): $6.3 89. GreenBridge
Key Advisors: Francis X. Malone, Key Advisors: Andrew Vahab,
28. LongBernsteinGunderson Team Assets (bil): $5.2 William Blair
Jon Neuhaus, Chris M. Malone David Guthrie, Vincent Zappola
Team Assets (bil): $51.5 Wealth Management 58. Clarity Wealth Chicago
UBS Private Wealth 43. The Braun Elwell Group Wells Fargo Advisors Key Advisors: John Cimaroli,
Management Morgan Stanley Private Financial Network Cam McKinney
13. The Fowler Bull Group Dallas Wealth Management 74. Heritage Wealth Advisors
Naples, Fla. Team Assets (bil): $5.9
Morgan Stanley Private Ameriprise Financial
Key Advisors: Ryan Long, Seattle Key Advisors: Keith Jacoby,
Wealth Management Mercer Island, Wash.
Denver Bradford Bernstein, Key Advisors: Dean Braun, Michael McCain, Don Nealon 90. The Locniskar Pursel
Louise Gunderson Dana Elwell Team Assets (bil): $5.2 Key Advisors: Erin Scannell, Biddinger Nienberg Rochow
Key Advisors: Shawn Fowler, Mark Joern, Colin Sands
Team Assets (bil): $6 Team Assets (bil): $6.8 Group
Maxwell Bull Team Assets (bil): $8.2
59. Family Wealth Group Merrill Private Wealth
29. The Burrows Strzelecki 44. The McKelvy Group Morgan Stanley Private Management
Group Morgan Stanley Wealth Wealth Management 75. 415 Group Bloomfield Hills, Mich.
14. TSG Wealth Management Morgan Stanley Private Management Morgan Stanley Private
New York Key Advisors: Dana Locniskar,
Wells Fargo Advisors Wealth Management Wealth Management
Menlo Park, Calif. Key Advisors: Robert Stolar, Thomas Pursel,
Financial Network Garden City, N.Y. Menlo Park, Calif.
Key Advisors: Dorian McKelvy, John Voltaggio, Devin Marino Matthew Biddinger
Reno, Nev.
Key Advisors: Bruce Burrows, Pierre Manneh, Max McKelvy Team Assets (bil): $5 Key Advisors: Jonathan Usich, Team Assets (bil): $4.3
Key Advisors: Mark Schulten, Steven Strzelecki Victoria Bailey, Will Lyon,
Allen Schreiber Team Assets (bil): $28.7 Jonathan Harris 91. Metcalf Fredrickson
Team Assets (bil): $10.6 60. The Braff Group Group
45. Gatestone Financial Team Assets (bil): $5.1
UBS Private Wealth UBS Private Wealth
30. The Pelican Bay Group Partners Management
15. Private Executive Management
Wealth Management UBS Private Wealth West Palm Beach, Fla. 76. The Lenox Group
Services Wayzata, Minn.
Morgan Stanley Wealth Management Morgan Stanley Wealth
Merrill Private Wealth Key Advisors: Douglas Braff, Key Advisors: Robert Metcalf,
Management New York Management
Management Douglas Coughlin, Kelly Ganz Judy Fredrickson
Pittsford, N.Y. New York
New York Key Advisors: Daniel Kilmurray, Team Assets (bil): $12.7 Team Assets (bil): $4.4
Key Advisors: Jennifer Hartmann, Craig Dunton, William Einstein Key Advisors: Richard Priore Jr.,
Key Advisors: Andrew P. Kraus, Heather Churchill, Paul Hanrahan Team Assets (bil): $7.4 Frank De Flora,
Robert McGinty, Jeffrey Bryan 61. The Vinder Group
Team Assets (bil): $5.1 Michael Lysenko IV
Team Assets (bil): $20.2 Morgan Stanley Private
Team Assets (bil): $4
Wealth Management
New York
Key Advisors: Ron Vinder,
Amy Wood
92. The Babrick Team 100. The Atlanta Group 108. OakRing Wealth 117. Lighthouse Wealth 125. The McKenna Wealth 134. Wealth Partners
J.P. Morgan Wealth Morgan Stanley Wealth Partners Management Group Management Group Ameriprise Financial
Management Management UBS Wealth Management Morgan Stanley Wealth Morgan Stanley Wealth Omaha, Neb.
Los Angeles Atlanta Chattanooga, Tenn. Management Management Key Advisor: Phil Wood
Key Advisor: Matthew Babrick Key Advisors: Saul Levy, Key Advisors: Dave Saltzman, Ponte Vedra Beach, Fla. Walnut Creek, Calif. Team Assets (bil): $3.9
Team Assets (bil): $4.7 Steven Grosswald, Matt Berman Kevin Haynes, Kevin King Key Advisors: Dennis Rosa, Key Advisors: Sean McKenna,
Team Assets (bil): $3 Team Assets (bil): $3.4 Brian Stokes, Andy Baggs Daniel Deitrick, 135. Rise Private Wealth
93. The Bluestone Group Team Assets (bil): $2.9 Jennifer Schneidermann Management
Morgan Stanley Private 101. Envisage Wealth 109. The Madison Group Team Assets (bil): $3.2 Ameriprise Financial
Wealth Management Ameriprise Financial Morgan Stanley Wealth 118. The Bravo Group Bedford, N.H.
New York Columbus, Ohio Management Morgan Stanley Private 126. Orchard Wealth Key Advisors: Brent Kiley,
New York Wealth Management Management Robert Bonfiglio,
Key Advisors: Dennis Cutrone, Key Advisors: Jeff Chaddock,
New York Morgan Stanley Wealth Christopher Kinnane
George Spiropoulos Kevin Gegorski, Kerry Thompson Key Advisors: Marcos Douer,
Team Assets (bil): $3.8 Team Assets (bil): $3.3 Aleksandr Guzenfeld, Key Advisors: Giuliano Infantozzi,
Lutherville, Md.
Seema Khanna Angela Mello, Juliano Barros
102. The Sound Shore Team Assets (bil): $3.5 Team Assets (bil): $4.4 Key Advisors: Mason Champion, 136. The SVS Wealth
94. The Waldele Group
Wealth Management Group Dominic Nicolini, John Magiros Management
Merrill Wealth Management
Morgan Stanley Wealth 110. The Wolfslau Group Team Assets (bil): $2.8 Morgan Stanley Wealth
New York 119. The Carrier Group
Management Morgan Stanley Wealth Morgan Stanley Private Management
Key Advisors: Robert Waldele, Management
Greenwich, Conn. Wealth Management 127. The Northwest Compass Shrewsbury, N.J.
Jason E. Salgado, James T. Elliott Long Beach, Calif. New York Group Key Advisors: Stephen
Team Assets (bil): $5.4 Key Advisors: Peter Chieco,
Key Advisors: Karl Wolfslau, Morgan Stanley Wealth Scanapicco, Yuji Fujii,
Vincent Mancuso, Hal Rubenstein Key Advisors: Josef Najar,
Steven Long, Robert Schwartz Management David Tyler Gilmour
95. Wilde Wealth Team Assets (bil): $3.3 Kamesh Nagarajan,
Team Assets (bil): $2.6 Seattle Team Assets (bil): $2.6
Management Group Charles Natt
103. The Wagner Abrams Team Assets (bil): $3.6 Key Advisors: Brian Acarregui,
Scottsdale, Ariz.
Group 111. The Wise Investor Group Mike Healey, Brian Oliger 137. The Las Olas Group
Key Advisors: Trevor Wilde, Raymond James Team Assets (bil): $3.1
UBS Wealth Management 120. Cohen & Associates Morgan Stanley Wealth
Janenne Lackey, Seth Wilde Reston, Va.
New York Merrill Private Wealth Management
Key Advisors: Rich Abrams, Key Advisors: Gregory Smith, Management 128. BV Group Fort Lauderdale, Fla.
Eric M. Wagner Simon Hamilton, Chris Aime New York UBS Private Wealth Key Advisors: Trevor Fried,
96. Scott Team Team Assets (bil): $3 Management
Team Assets (bil): $4.1 Key Advisor: Leigh Cohen Bonnie Mitten, Michael Michon
J.P. Morgan Wealth Boca Raton, Fla.
Management
104. Cornerstone Group 112. Payne & Mencias Group Key Advisors: Michael Bober,
Bellevue, Wash.
Silicon Valley Merrill Wealth Management Ed Ventrice, Alex Santos 138. Finnegan Moye Schatz
Key Advisor: Phil Scott 121. The Pearce Group
Morgan Stanley Private Indianapolis Team Assets (bil): $3.4 McLaughlin Boyle
Team Assets (bil): $2.8 Merrill Wealth Management
Wealth Management Key Advisors: Eric Payne, Towson, Md. Morgan Stanley Private
Menlo Park, Calif. Ronald Mencias 129. 712 Investment Group Wealth Management
97. The Hansberger Group Key Advisors: Kent Pearce,
Key Advisors: Matthew Sheehan, Team Assets (bil): $2.9 Merrill Wealth Management New York
Morgan Stanley Private Karl Porter, Jeremy Kober
Alex Oberle, Daniel Gieseke New York Key Advisors: James Moye,
Wealth Management Team Assets (bil): $2.9
Team Assets (bil): $4.3 113. The Seminara Group Key Advisors: Richard Wald, Daniel Finnegan, Eugene Schatz
Atlanta
Morgan Stanley Private Travis O’Brien, Brian Noone Team Assets (bil): $4
Key Advisors: James Hansberger, 122. The Snyder/Balducci
105. Skyeburst Wealth Wealth Management Team Assets (bil): $5.8
Morton Levey, John Parker Wilson Group
Management Morristown, N.J. Merrill Wealth Management 139. The 720 Wealth
Ameriprise Financial Key Advisors: Frank Seminara, New York 130. Stiefel Team Management Group
Auburndale, Mass. Peter Seminara, Robert Knorr Neuberger Berman Morgan Stanley Wealth
98. Lake Street Private Key Advisors: Charles Balducci,
Key Advisors: Daniel Wilson, Team Assets (bil): $3.2 New York Management
Wealth Management Eric Snyder
Jaime Barnes, Jackie Blau Greenwich, Conn.
UBS Private Wealth Team Assets (bil): $4.2 Key Advisors: Stephanie J. Stiefel,
Team Assets (bil): $4.9 114. Linwood Wealth Joshua Bronstein Key Advisors: Harold Trischman,
Management
Management Group Team Assets (bil): $3.3 Robert Franchini, Joyce Goldfarb
Wayzata, Minn. 123. Moriarity / DeHond /
106. The Winter Street Group Wells Fargo Advisors Team Assets (bil): $3.4
Key Advisors: Louis Close, Mulka / Scherer
Morgan Stanley Private Linwood, N.J. Morgan Stanley Private 131. Continuity Group
.
Chris Watkins,
Wealth Management Key Advisors: Mark Lippman, Wealth Management Wells Fargo Advisors 140. Value Added Partners
Elizabeth Engelmann
ly
Wellesley, Mass. Christopher Cobb, Bryan Stein Chicago Eugene, Ore. UBS Private Wealth
Key Advisors: Evan K. Dangel, Team Assets (bil): $3.1 Management
Key Advisors: Jim Moriarity, Key Advisors: Jerry Rouleau,
Jim Greenho, John N. Alekna New York
99. CORAL Investment Brad DeHond, Emily Mulka, Justin Buell, Dominic Corleto
Team Assets (bil): $3.7 115. The Spiro Group Bryan Scherer Team Assets (bil): $4.2 Key Advisors: Harold Elish,
Partners
Morgan Stanley Wealth Team Assets (bil): $4.3 Kevin O’Leary, Timothy Turpin
UBS Private Wealth
Management
New York
Key Advisors: Russell Rabito,
Mark Zeller, Reed Fawley
107. The I Street Group
Management
Washington, D.C.
on
Management
New Orleans
Key Advisors: James Spiro,
David K. Butscher, Romi Gonzalez
124. The Whitman Group
Management
132. FTB Financial Services
UBS Wealth Management
Cincinnati
Key Advisors: William McCarthy,
141. The Premier Group

Key Advisors: Brett Anthony, Team Assets (bil): $3.1 Pasadena, Calif. Wealth Management
Team Assets (bil): $6.6 Timothy DuMont, Kelly Wittich
us ,
H.L. McLaughlin III, Atlanta

Key Advisors: Alan Whitman, Team Assets (bil): $3.7
Matthew J. Offen,
l
116. The Shadden Group Todd Reynolds, Albie Vollero Key Advisors: Brian Frank,
Jonathan J. Sowanick Morgan Stanley Private Team Assets (bil): $2.8 Jonathan Braatz, Sherry Perchik
e
133. The CKWM Group
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Team Assets (bil): $6.5 Wealth Management Team Assets (bil): $2.9
Merrill Private Wealth
Long Beach, Calif. Management
Key Advisors: John Shadden, Chicago
ci on
Mike Van Dyke, Gary Velek Key Advisors: F. Michael Covey III,
Team Assets (bil): $5.1 Thomas Kane, Mark Wiktor
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WE PUT 100 YEARS

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Visit mfs.com/100years for more on
our 100 years of active management.
142. The Opus Group 161. The Cenname Team 179. Premier Wealth 197. The Appleton Schlueter 216. The Alfa Group 236. Family Office Partners
Morgan Stanley Private Merrill Private Wealth Partners Group UBS Private Wealth UBS Wealth Management
Wealth Management Management Ameriprise Financial Morgan Stanley Private Management Brentwood, Tenn.
San Francisco Columbus, Ohio Pittsburgh Wealth Management Paramus, N.J. Key Advisors: Kent Kirby, Dominic
San Francisco
Key Advisors: Grant Lee, Key Advisors: Peter Motta, Key Advisors: Andrew Jugan, Key Advisors: Daniel Schwartz, Calvani, Benjamin Walker
William Breck, Alisa Sharp Audrey Tuckerman, Antonio Aiello, Jeffery Suhayda Key Advisors: Mike Appleton, William Schwartz Team Assets (bil): $2.8
Team Assets (bil): $5.3 Charles Jarrett Team Assets (bil): $6.1 Jim Schlueter, Scott Lamson Team Assets (bil): $3
Team Assets (bil): $4.6 Team Assets (bil): $6 237. KJJ Wealth Management
143. AGP Wealth Advisors 180. Labyrinth Wealth 217. The Mahoney Team Team
Ameriprise Financial 162. The OCB Group Advisors 198. The Sean Yu Group Morgan Stanley Private William Blair
Renton, Wash. J.P. Morgan Wealth UBS Private Wealth Morgan Stanley Private Wealth Management Chicago
Management Management Wealth Management Morristown, N.J. Key Advisors: Steve Jesanis,
Key Advisors: Randall Linde,
San Francisco San Francisco Pasadena, Calif. William Kasten, Ross Jannotta
Alan Blinn, Jim Bennett Key Advisors: Scott Mahoney,
Team Assets (bil): $6.4 Key Advisors: Greg Onken, Key Advisors: Chris Clifford, Key Advisors: Davin Chen, Michael Crandall Team Assets (bil): $3.1
Drew Corradini, Brian Brocious Andrew Baumgartner, Kevin Yu, Samuel Pun Team Assets (bil): $1.8
144. Liberty Trail Wealth Team Assets (bil): $5.5 Kate Kennedy Team Assets (bil): $2.2 238. The Dyer Team
Management Team Assets (bil): $2.9 218. Hollomon Dellinger Merrill Private Wealth
UBS Wealth Management 163. The Malkin Group 199. The Peterson Team Pascucci Group Management
Warren, N.J. Morgan Stanley Private 181. The Munster Freeman Neuberger Berman Merrill Wealth Management New York
Wealth Management Group New York Seattle Key Advisors: Robert Dyer,
Key Advisors: Jack Riley,
New York Merrill Private Wealth Matthew Gatto
Michael Jordao, Jesse Kent Key Advisors: William Peterson, Key Advisor: Jens Pascucci
Team Assets (bil): $3.7 Key Advisors: Joshua Malkin, Laurie Davis, Kenneth Marino Team Assets (bil): $3
Los Angeles
Dan Bello, Michael Kane Team Assets (bil): $2.6
Team Assets (bil): $3.2 Key Advisors: Bruce Munster, 239. The CBC Group Private
145. The CWS Group 219. The TSF Group
David Z. Freeman, Wealth Advisors
Morgan Stanley Private 200. The Matthews Group Morgan Stanley Wealth
Samuel B. Munster Merrill Private Wealth
Wealth Management 164. The Skyline Wealth UBS Private Wealth Management
Team Assets (bil): $3.6 Management
Baltimore Management Group Management Middleton, Mass.
Charlotte, N.C.
Key Advisors: Ted Smith, Morgan Stanley Wealth Bellevue, Wash. Key Advisors: Jason Traino,
Management 182. The O’Callaghan Key Advisor: Jim Cantalupo
Brett Clifford, Ted Waters Key Advisors: Tyler Matthews, Mike Scott, Jacob Fudge
San Jose, Calif. Thomas Group Team Assets (bil): $2.9
Team Assets (bil): $3 Melanie Matthews, Team Assets (bil): $3.4
J.P. Morgan Wealth
Key Advisors: Emilio de Sousa, Michael Matthews
Management 240. MKG & Associates
146. The Traum Vaughan Allan Walsworth, Jason Moyers Team Assets (bil): $2.6 220. O’Neill - Nee Group
New York Merrill Private Wealth
Group Team Assets (bil): $2.5 Morgan Stanley Private
Key Advisors: Colleen Management
Morgan Stanley Private 201. The Swift Group Wealth Management
O’Callaghan, Norm Thomas Bloomfield Hills, Mich.
Wealth Management 165. The McCauley McGuirk Merrill Wealth Management Washington, D.C.
Team Assets (bil): $5.4 Key Advisors: Frank Migliazzo,
Menlo Park, Calif. Group Wyomissing, Pa. Key Advisors: Michael O’Neill,
Merrill Private Wealth Nick Kozak, Bradley Mikolajczyk,
Key Advisors: Jeffrey Traum, Key Advisors: John Minnich, Kevin D. Nee
Management 183. 512 Wealth Partners Derick Grembi
Brannan Vaughan, Todd Gemmer Stephen Bealer Team Assets (bil): $3.3
Boston UBS Wealth Management Team Assets (bil): $2.5
Team Assets (bil): $4 Team Assets (bil): $3
Austin, Texas
Key Advisors: Paul McCauley, 221. The Marshall-Darley-
Gary McGuirk Key Advisors: Mark Moore, 241. The Klausner Duffy
147. MKBH & Associates 202. West Henderson Ryan Group
Team Assets (bil): $3.2 Tim Oates, Jay Mechling DiSalvo Investment Group
Merrill Wealth Management Romano Group Morgan Stanley Wealth
Team Assets (bil): $2.5 Morgan Stanley Wealth
Washington, D.C. Morgan Stanley Private Management
Management
166. Bancroft Bleimeyer Wealth Management Woodland Hills, Calif.
Key Advisors: John McKnight, Indianapolis
Sonder Group 184. Ovid Wealth Seattle
Peter Kenny, George Bassett Key Advisors: Michael Darley,
Morgan Stanley Private Management Key Advisors: Jonathan Klausner,
Team Assets (bil): $3.1 Key Advisors: Lowry West, Brian Marshall, Kim Cutler
Wealth Management UBS Wealth Management John Duffy, Derek DiSalvo
Stephen Romano, Tim Henderson Team Assets (bil): $1.9
Scottsdale, Ariz. Cincinnati Team Assets (bil): $4.5
148. True North Partners Team Assets (bil): $2.9
Key Advisors: Robert Bancroft, Key Advisors: Stephen Fish, 222. TSPN Wealth
Matthew Sonder, Jason Bleimeyer Jackie Kunkel, Greg Achten Management Group 242. Entrepreneurs Group
.
New York 203. Roberson Thompson &
Team Assets (bil): $2.8 Team Assets (bil): $2.8 Merrill Wealth Management UBS Private Wealth
Associates
ly
Key Advisors: Henry Ludwicki, Houston Management
Jason Latos, Brent Barnhart Merrill Wealth Management
167. The Burbank Group 185. The Shalhoup Group New York
Team Assets (bil): $4.8 Brentwood, Tenn. Key Advisors: Jeremy Newton,
Morgan Stanley Private Merrill Wealth Management Steve Lamb, Michael Turner Key Advisors: Emily Rubin,
Wealth Management Key Advisors: Tim Roberson,
New York Team Assets (bil): $2.7 Kenneth Shapiro, Thomas
149. The Kass/Freeman San Francisco Scott Thompson, Christine Cash
Livaccari
Group
New York
Key Advisors: Jonathan Kass,
Key Advisors: Mike Burbank,
Scott Hafeli, Willis Davis
on
Key Advisors: Michael Shalhoup,
Chris Battaglia, Kevin Reavey
186. The Bromberg Group

204. Legacy Partners

Barrington, Ill.
223. The Preserve Group
Management
Jericho, N.Y.
243. The KFR Group

Robert Freeman Jr., 168. The Maddalena Group Wealth Management
Morgan Stanley Wealth Key Advisors: Paul E. Lee, Key Advisors: Ira Mark,
us ,
Brian Premo Morgan Stanley Wealth New York

Team Assets (bil): $9.7 Management Randy Wiggs, Mike Simone Michael Berger, Jonathan Fladell
Management
l
San Francisco Team Assets (bil): $2 Team Assets (bil): $2.6 Key Advisors: Susan Kingsolver,
Purchase, N.Y.
e
Key Advisors: Jesse Bromberg, Jason Friedman, Larry Rhea
al a
150. Thorndyke Wealth Key Advisors: Anthony 205. The Huhn | Mahoney | Team Assets (bil): $2.8
Management Group Nelly Berkovskaya 224. The Evergreen 21 Group
Maddalena, Alexander Pugatch, Team Assets (bil): $3.1 Howe Group
Merrill Wealth Management Morgan Stanley Private
Angela Valvano Morgan Stanley Private 244. The Oaks Group
Wealth Management
ci on
Chicago Team Assets (bil): $2.7 Wealth Management

187. Three Oaks Wealth New York Morgan Stanley Wealth
Key Advisors: Mark Thorndyke, San Francisco Management
James D. Murphy IV, Management Key Advisors: Rod Aronson,
169. The MCMP Retirement Morgan Stanley Wealth Key Advisors: Joseph Huhn, Westlake Village, Calif.
Dave J. Ponsot Rodman Tilt, Chris Goodman
Planning Group Management John Mahoney, Mark Howe Key Advisors: Seth Haye,
Morgan Stanley Wealth Rockville, Md. Team Assets (bil): $3.4 Katie DuBois, Duncan Hizzey
Management Team Assets (bil): $2
151. The Magrone Group Chicago Key Advisors: Ryan Bowman, 206. The Ellis Group 225. ViewPoint Partners
er s
Merrill Private Wealth Douglas M. Jarrard, Rick Golod UBS Private Wealth UBS Private Wealth
Key Advisors: Michael Cohen, Team Assets (bil): $4.2 245. The Guy Team
Management Management Management
Christopher Menconi, Neuberger Berman
New York Cincinnati New York
m er
Martin Pawelec New York

Team Assets (bil): $2.3 188. SoundView Wealth Key Advisors: David Ellis, Key Advisors: Hillary Cullen,
Key Advisor: David Magrone
Management Adam Cannon, Keith Lum James Coan, Aileen Schruth Key Advisors: Virginia Guy,
Morgan Stanley Wealth Team Assets (bil): $2.6 Team Assets (bil): $4.7 Michael Mazza
170. The Sullivan Group Management Team Assets (bil): $2.2
152. The Houston Merrill Wealth Management Jericho, N.Y. 207. Naples Northbrook 226. Johansen Petrauskas &
Constellation Group Garden City, N.Y.
m rp
Key Advisors: Frank Lourenso, Wealth Management Associates 246. River Prairie Wealth
Morgan Stanley Wealth Key Advisors: Thomas E. Dan Griesmeyer, Ben Mihalik UBS Wealth Management Merrill Wealth Management Partners
Management Sullivan, Charles M. Carson, Team Assets (bil): $2.3 Naples, Fla. The Woodlands, Texas Ameriprise Financial
Houston Thomas P. Sullivan
Key Advisors: Terry Dean, Altoona, Wis.
Key Advisors: Arturo Team Assets (bil): $3 Key Advisors: Charles Johansen,
189. The Matina Group Doug DiGiorno, Betsy Nelson Brian Petrauskas, Jonathan Zodin Key Advisors: Adam Mohr, Chris
Karakowsky, Ashley Kneisly,
UBS Private Wealth Team Assets (bil): $3.4 Team Assets (bil): $2.6 Kolinski, Kathryn Noe
Demi Chan 171. Double Oak Wealth Management Team Assets (bil): $2.3
co Fo
Team Assets (bil): $2.8 Management Group Naples, Fla. 208. Lerner Winderbaum
Morgan Stanley Wealth Team 227. Schiller/Haskell/Mulligan
153. Executive Financial Management Key Advisors: Joseph Matina, UBS Private Wealth 247. The Hoover-Thisted
Advisors Birmingham, Ala. Lauren Mirman, John Rocco Management Team
Wealth Management
UBS Wealth Management Team Assets (bil): $4.4 New York Merrill Private Wealth
Key Advisors: William M. Hiden, New York
Atlanta Management
Hollis N. Gieger, Stuart T. Patton Key Advisors: Brian Schiller,
Key Advisors: Joseph Lerner, Denver
Key Advisors: Todd Urowsky, Team Assets (bil): $3 190. Tyler Bybee Lane Michael Haskell, Gregory Mulligan
Anna Winderbaum
Andrew Noone, Trevor Fahr Morales Group Team Assets (bil): $3.9 Key Advisors: Scott Thisted,
Team Assets (bil): $3.3 Merrill Private Wealth Mitch Hoover, David Chiavacci
172. Chiavacci Beckerman Management Team Assets (bil): $3.4
Group 209. The Duckworth 228. The Alexandria Group
Houston
154. Paxinos, Lamberti, Merrill Private Wealth Haggerty Group Morgan Stanley Wealth
Key Advisors: Malia Morales, 248. Ponder Jowers &
Bilton, Fox & Associates Management Merrill Private Wealth Management
Tyler Lane, John Tyler, Associates
Merrill Private Wealth Coral Gables, Fla. Management Alexandria, Va.
Joe Bybee Merrill Private Wealth
Management Pittsburgh Key Advisors: Andy Rieger, Keith
Key Advisors: Louis Chiavacci, Team Assets (bil): $3.4 Management
Chicago Michael Beckerman Key Advisors: Michael Burner, Roger Achtermann Atlanta
Key Advisors: Ari Paxinos, Team Assets (bil): $3.4 Duckworth, Jennifer Haggerty, Team Assets (bil): $2.2
Key Advisors: Bert Ponder, Jay
n-
Joe Lamberti 191. Wright Hudak Zabel Helen Sims Duerr

Group Jowers, Nandy Millner
Team Assets (bil): $2.6 Team Assets (bil): $2.2 229. The 770 Group
173. HLM Capital Wealth Merrill Private Wealth Team Assets (bil): $2.5
Management UBS Wealth Management
Management 210. The Americas Group
155. de Groot & Associates Wells Fargo Advisors Atlanta
Chicago Raymond James 249. The Pluta/Katz Group
Merrill Wealth Management Financial Network Key Advisors: Bill Pahl, Scott Merrill Wealth Management
no
Key Advisors: David Wright, Coral Gables, Fla.

The Woodlands, Texas Highland Park, Ill. Serafin, Casey Jones New York
Michael Hudak, Robert P. Zabel Key Advisors: Jose Cabrera,
Key Advisor: Frederick de Groot Key Advisors: Steven Hefter, Team Assets (bil): $2.5
Team Assets (bil): $3.3 Don d’Adesky, Kevin Gourrier Key Advisor: David Katz
Team Assets (bil): $3.3 Benjamin Leshem, Team Assets (bil): $2.4
Charles Margolis 230. Wittenstein Adelman
Team Assets (bil): $2.8 192. The Kugel Briegs Group
156. The Halbfinger Group 211. The 399 Park Group Lewis Group 250. Oberlander
UBS Wealth Management Morgan Stanley Private UBS Private Wealth
Bridgewater, N.J. Timmerwilke Group
New York 174. Legacy Multi-Family Wealth Management Management
Group Key Advisor: David Briegs New York New York
Key Advisors: Martin Halbfinger, Chicago
UBS Private Wealth Team Assets (bil): $2.5
Douglas Summer Key Advisors: Alex Kramer, Key Advisors: John Adelman,
Management Key Advisors: Sharon
Team Assets (bil): $4.5 Lisa Wolf, Bibi Conrad Paul Lewis, Sean Carmichael
Los Angeles Oberlander, Andy Timmerwilke,
193. Four Points Group Team Assets (bil): $2.4 Team Assets (bil): $2.6
Tom Ratos
Key Advisors: Ryan Bristol, Morgan Stanley Wealth
157. Sage Wealth Team Assets (bil): $2.1
Patrick Schaffer, Corey Mazza Management 212. The Bhatia Group 231. Parker Pulliam Walls
Management Frederick, Md. Team
Team Assets (bil): $3.1 Merrill Private Wealth
Morgan Stanley Private Morgan Stanley Private
Wealth Management Key Advisors: Betsy Pakenas, Management
Sid Huguenin, Derek McGee Chicago Wealth Management
New York 175. The Meyers Group
Team Assets (bil): $2.4 Atlanta
J.P. Morgan Wealth Key Advisors: Raj Bhatia, Shen Li
Key Advisors: David Berdon, Key Advisors: Al Parker, Cooper
Mark Seruya, Russell Ganz Pulliam, Levi Walls
San Francisco 194. RM Compass Group
Key Advisors: Elaine Meyers, Morgan Stanley Wealth 213. The Stulberg Group
Anna Ochoa Management Merrill Wealth Management
158. GGM Wealth Atlanta Bloomfield Hills, Mich. 232. The Takahashi Group
Management Group Morgan Stanley Wealth
Morgan Stanley Wealth Key Advisors: J. Graham Roberts, Key Advisors: Philip Appel,
Jason R. Pace, Frank Doherty Kevin Larson Management
Management 176. Excelsior Wealth
Team Assets (bil): $2.4 Team Assets (bil): $3.5 Las Vegas
New York Management
Morgan Stanley Private Key Advisors: Nicholas
Key Advisors: Jeffrey Gerson, Takahashi, Sean Tsaconas,
Wealth Management 195. The Arthurs Malof 214. Beekman BreakWater
Christopher Guarino, James Zapotocky
New York Group Partners
Gregory Meisel Team Assets (bil): $1.9
Team Assets (bil): $2.6 Key Advisors: Craig Pastolove, UBS Wealth Management UBS Wealth Management
Scott Sklar, Jesse Friedman Buffalo, N.Y. New York
Team Assets (bil): $3.1 Key Advisors: Glenn Arthurs, Key Advisors: Ken Gunsberger, 233. Pacific Wealth Group
159. Constellation Wealth UBS Wealth Management
Management Christopher Malof, Michael Rhodes, Nicholas
Wyatt R. Arthurs Thomas Maurillo Portland, Ore.
UBS Private Wealth 177. Holly Newman Kroft
Management Team Team Assets (bil): $3.5 Team Assets (bil): $2.6 Key Advisors: Jim Mead,
Aventura, Fla. Neuberger Berman Scot Berryman, James Beatty
New York 196. The Fortis Wealth 215. Touchstone Wealth Team Assets (bil): $2.4
Key Advisors: Nick Sadowsky,
Worth Boyce Key Advisor: Holly Newman Kroft Management Group Partners
Team Assets (bil): $4.6 Team Assets (bil): $3.9 Morgan Stanley Wealth UBS Wealth Management 234. The Harbor Group
Management Bonita Springs, Fla. Morgan Stanley Wealth
Columbus, Ohio Key Advisors: Kenneth Wise, Management
160. The Desser Group 178. The PBFM Insight Group
Key Advisors: Michael Beers, Stefan Contorno, New York
J.P. Morgan Wealth Morgan Stanley Private
Management Wealth Management Peter Risch, Jonathan Young Mike McCullough Key Advisors: John Vessa,
Los Angeles New York Team Assets (bil): $2.6 Team Assets (bil): $2.5 Jeff DiNapoli, Corey Fleisher
Key Advisors: Bill Desser, Key Advisors: Mihir Patel,
Ryan Stewart, Kyle Kazmer Timothy Baker,
Team Assets (bil): $2.6 Matthew Marangiello 235. The SiRiCa Wealth
Team Assets (bil): $3 Management Group
Clifton Park, N.Y.
Key Advisors: Todd Silaika, Erick
Richardson, Scott Calhoun
TOP 250 PRIVATE WEALTH MANAGEMENT TEAMS 2024
How a UBS Team Mixes

Business and Family
The founders of the Wise River Advisors team explain how
they successfully brought two relatives into their practice.
BY STEVE GARMHAUSEN
PHOTOGRAPH BY STELLA KALININA
T
he key to integrating relatives Who are your target clients?
into a business is to set a high bar Craig Chiate: We’re often asked what we
for everyone, says Craig Chiate, a specialize in. Is it CEOs? Is it entrepreneurs?
co-founder of UBS Private Wealth Athletes and entertainers? We say, sort of
Management’s Wise River Advi- tongue in cheek, that we work for wealthy
sors team. “Family member or not, if you’re not people, and we work for nice people. Those are
terrific, you will not accelerate on our team.” the two requirements. When we started 30
Chiate’s brother and son have joined the Los years ago, our minimum account size was $5
Angeles–based practice, which oversees $6.2 million, and today it’s $20 million.
billion and serves 300 households. Along
with fellow founder Mark Binder, Chiate Craig, you have several family members Mark Binder, left, and Craig Chiate of UBS Private Wealth Management’s Wise River
recounts the origin of their partnership and on the team. How did that come about? Advisors in Los Angeles.
describes the rigorous interview process that Chiate: I started my career in investment
all prospective employees, including family banking. But my father, who’s 82 years old now
members, must go through. and still works as a financial advisor, was an years and have known Craig’s kids since they people. And then you interview with the entire
inspiration. My brother Jim, who’s a partner were born, and they feel very much like family team together at the same time, one mass
Barron’s: You both started your careers in on our team, had created and sold a business to me. interview, followed by in-person lunches. So we
1993 at Goldman Sachs. How did you wind and was trying to figure out what to do next. take bringing on a new person very seriously.
up as a team? Mark had the first conversation with him, then What were the keys to bringing in Craig’s One vote against you and you don’t get hired.
.
Mark Binder: We’ve been collaborating since I spoke with him, and we said, “You’d be nuts family members without ruffling feathers If you’re not terrific, you’re not going to get the
the early ’90s, but formally started our team in not to do this. It’s a great business, and you’d be among existing team members? job.
ly
2000, when we moved to Merrill Lynch. great at it.” My son Jack, who’s 25, is the latest to Binder: One is to make sure everybody on the
join; he is a financial analyst on our team. team knows that we’re a meritocracy. People What’s on the minds of clients now?
How did your collaboration begin? It was never my intention to have my son be a set their ability to grow within the team, all Binder: Clients who are more left-leaning
Binder: When you start out in the business,
you’re basically trying to build from scratch.
Craig and I were drawn to each other’s skill
sets, and we went on meetings with each
on
member of the team. He was interested in this
business, and when he graduated from college,
my advice was to go start your own team. So he
started working at the Wealth Advice Center at
based on their merit and the value they bring
to the team. The good news is that Craig’s son
happens to be a fantastic financial analyst. And
he’s one of a number of next-generation people
politically are very nervous about Trump
getting elected again as president. Clients who
are right-leaning really believe that we’re on
a bad trajectory and that we need to change
us ,
other. I would get a meeting with a prospective UBS in the capacity of financial advisor. When on the team who are coming up together. He’s course. The message for our clients is that
l
client, and I’d ask Craig to come. He had Covid hit, it was hard to find resources. He had not singled out as the inheritor of the business. we have a unique opportunity in front of us
e
skills in M&A and other areas that were very an interest, and we had a huge need. So, we took There are a number of next-generation advisors where we have a president who has served four
al a
interesting to me. And Craig would ask me to the leap, and so far it’s been great. who will ultimately inherit the business. years, and we have his chief opponent who was
come to meetings. I had owned a real estate Chiate: Your team has to have a structure, president four years ago. We have a pretty good
ci on
development company prior to going back to Mark, might any of your kids join the team? and just because someone is a family member understanding of how markets reacted to their
business school and working in this industry, Binder: I have three kids, all of whom have doesn’t mean they bypass that structure in any policies. And in both cases, markets have been
so we had complementary skill sets. And we chosen other career paths. Craig was the best way. Buy-in is also important. In order to get relatively favorable.
noticed as we got to know each other that we man at my wedding. I have known his brother hired on our team, you interview with every
shared a vision of what we wanted to build. Jim, who is a partner on our team, for over 25 single member of the team individually—27 Thanks, Craig and Mark. B
er s
m er
m rp
co Fo
n-
no
TOP 250 PRIVATE WEALTH MANAGEMENT TEAMS 2024
How This Top Team

Serves the Ultrawealthy
Partners at this Silicon Valley wealth management team
explain why making clients feel heard and cared for is crucial.
BY KENNETH CORBIN
PHOTOGRAPH BY KAREN SANTOS
G
reg Vaughan says one of his demand it if they don’t.
most important jobs as an ad- Mark Douglass: If you think back over the
visor is to help his ultrawealthy past 30 years, the industry has changed. Just
clients avoid doing “silly on the asset side, the investment solutions
things.” That means assisting were limited to stocks and bonds. Over From left: Jason Bogardus, Greg Vaughan, and Mark Douglass of 545 Group, a Morgan
them with many aspects of their lives beyond time, you incorporated the liability side of Stanley practice in Silicon Valley.
investments, and getting to know them so the balance sheet. Clients knew they had to
well that they listen when he argues against, include tax and estate plans, and realized that
say, taking on too much debt after they’ve there were issues with family governance and team has very different types of people. Vaughan: I think one of the items clients
expressed the goal of simplifying their lives. philanthropy as they became wealthier. As Some people gravitate toward Mark; some are most concerned about is whether their
Vaughan and his partner Mark Douglass the dynamic of the client profile changed, the people gravitate to me. We have three other advisor actually cares. Every time we speak
are managing directors of 545 Group, a team concept with the best services had to be partners. All of us have different skill sets with a client, we want the client to get off
Morgan Stanley practice in Silicon Valley set up, as well. and personalities. the phone and say, “They care. They’re
that ranks No. 1 on our 2024 list of Top 250 putting their shoulder into it. They’re putting
Private Wealth Management Teams. They How would you describe your typical What are clients worried about? forth their best ideas. And they’re worried
spoke with Barron’s about their decades client? Douglass: It really depends on the timing of about us as much as we’re worried about
together at Morgan Stanley and what clients Vaughan: Our typical client oftentimes is a when we engage the client. If it’s a younger ourselves.”
are worried about now. new generation of wealth. They are founders entrepreneur, preliquidity, their focus is We’re the easy button on all things
of businesses, they’re entrepreneurs, they’re planning. Should they be thinking about tax- financial, but we’re also a source of ideas
.
Barron’s: How did your team form? executives at a large organization. They may optimization strategies? If it’s postliquidity about things they shouldn’t do. I always say
ly
Greg Vaughan: I was the young advisor be in the venture-capital business or private- and they already have a large safety net, it one of the greatest values we add is stopping
within our office; there was an advisor equity business. may be more aspirational—they have certain people from doing something silly.
who had some different experience, and we personal goals or aspirations they are looking Douglass: The only thing to add to that
developed our talents together. Over four What is your philosophy in running a team to achieve. It isn’t just on a quantitative is, not only are we in the wealth advisory
decades, we’ve built this team up. Teaming
is now commonplace on Wall Street in the
wealth management business. Four decades
clients?
on
practice geared toward ultrawealthy
Vaughan: This is a team sport. And if you

balance sheet—they don’t want screwed up
kids, they want to give back to society. That’s
specific to the client.
investment-counseling business, there
are times we’re almost in the psychology
business. We all realize there are a lot of
ago, it was thought of as something off aren’t a good teammate, your teammates In terms of the overall macroenvironment, issues out there in the world today. We’re
us ,
the beaten path, but it’s proved to be quite understand that pretty quickly—but the on the domestic side, there’s a lot of polariza- always communicating with our clients,
l
valuable. Having multiple sets of eyes and clients understand that, as well. Clients want tion and there’s a fiscal deficit. On a global listening to them, and telling them to step
e
al a
ears at a table in a conversation with a client, to be engaged with more than one person, side, there are geopolitical issues that we have back and focus on their long-term goals.
you’re going to have a better outcome. I think and they want people at the table who have to take into account as we’re looking to archi-
clients now demand that, and they should specific talents they can draw upon. Our tect portfolios. Thanks, Greg and Mark.
ci on
TOP 250 PRIVATE WEALTH advisors do really good work, our clients are
MANAGEMENT TEAMS 2024
very gracious and introduce us to other people
er s
in their lives.
A Tax-First And our CPA relationships have been

m er
very important. That generates hundreds of

relationships every year. We have found that
Investment
the CPA has that level of trust with clients,
and they have a front-row seat to their clients’
m rp
needs.
Approach What is the most pressing need of your

clients who own businesses?
The average business owner is so busy
co Fo
running their business that the thing that

Ameriprise Financial advisor they don’t take care of is their own personal
finances. Their business is their baby. They
Jon Kuttin explains how his are focused on taking care of their baby. So,
team meets the complex one of the important things we do is help them
set up their personal financial plan and create
needs of business owners. processes so they can more consistently set
aside some of the profits or salary they earn
from the business. And for most business
BY ANDREW WELSCH
owners, their wealth is tied up in their
business.
We do a lot of tax planning with business
n-
PHOTOGRAPH BY DAVID BENTHAL owners, including understanding how to

create the best after-tax returns from owning
a business. There are lots of opportunities to
do proactive tax planning, and that is where
W
no
the CPA and the financial advisor have real

hen you talk with Jonathan value. We find that a lot of people will try to
Kuttin about his advisory do tax planning after the fact, but you need to
practice, two words come do it throughout the year to have an effect.
up frequently: taxes
and leadership. Kuttin How does your team approach portfolio
specializes in working with certified public construction?
accountants and has taken a keen interest in We have our own investment team led by
tax planning for clients, many of whom are three CFAs, and we leverage a combination
business owners. of Ameriprise’s research and third-party
Leadership is a watchword because his research. We are primarily asset allocators
team has grown so large—with more than who take some tactical approaches to markets
200 advisors and support staff—that it Standing, from left: Jonathan Kuttin, Aaron Schenkman, Claire Fitz. Seated: Evan and the economy.
requires effective management. Kuttin has Branfman, Kuttin Wealth Management, Ameriprise, Hauppauge, N.Y. We are focused on building portfolios that
long since moved from a client-facing role to will stand the test of time and be really aligned
a pure leadership role. He has also hired a to our clients’ goals. One of our differentiators
leadership coach for himself and other team easier and help take some of the heavy lifting CPA firms. We now have relationships with is that we try to think not just about the gross
members. off their shoulders. They can therefore more than 100 CPA firms. We help provide rate of return, but the after-tax rate of return.
“If I could connect the dots backward in focus on their clients, and they can lean financial-planning and wealth management We are very cognizant of that because, in the
terms of how we built what we built, it’s been on experts where they may not have gone services to their clients. We have integrated end, it’s what you ultimately get to keep in
through leadership,” says Kuttin, who has quite as deep on a certain subject. From a tax planning into the business. Lastly, we your pocket that counts.
worked with Ameriprise Financial since client perspective, we have more than 200 have grown inorganically. Other financial
1994. The wealth management veteran, employees in the entire organization. Instead advisors noticed what we have built and they What are clients’ top concerns when it
whose team is based in Hauppauge, N.Y., of working with just one advisor one-on-one, have asked to join the team. comes to retirement?
spoke with Barron’s about his team’s hub- clients have access to all these other experts. Longevity risk is real. Modern medicine is
and-spoke structure and how it grew to Does your team have a niche or keeping people alive longer and healthier. So,
oversee $11 billion in assets. How did you build such a big team? speciality? the days of planning for a six- or seven-year
I loved being a financial advisor, but 14 years Our niche would be a combination of tax-centric retirement are no longer the case.
Barron’s: What sets your team apart from ago I made a decision not to be a client-facing planning and a focus on helping business There is also a sense of loss of connectivity.
others? financial advisor, and I have focused more owners and business advisory. We help them Clients don’t come to us and say, “Oh, I’m
Jonathan Kuttin: Regardless of what time on the vision of the business and creating think about how to be a better business owner, afraid of losing connections with my friends
business you are in, it is difficult to be good at a client-differentiating experience. to drive profit, and create culture. We also and colleagues when I retire.” But a lot
everything. We have a hub, almost resembling If you think about having 200-plus help them think about the tax consequences of of retirees retire and go back to work for
a family office, where we have experts who employees and thousands of clients, it’s about selling a business, and we are ultimately there nonfinancial reasons. People want to feel
can work alongside our advisors and clients leadership. We’re all leaders here. We do when they do sell the business. connected.
and help solve complex needs. For example, weekly leadership classes. Some of our staff A lot of people haven’t put enough thought
we have an investment team led by CFAs get personal one-on-one coaching, including How do you acquire new clients? into what they’ll do in retirement, what
[chartered financial analysts]. We have on all of our executive team and myself. First is the old-fashioned way: referrals. We will occupy their time, what will actually
staff a [former lawyer] who ran his own elder- There are three main ways we have grown. don’t ask our advisors to acquire clients any give them something to wake up for every
and estate-planning firm. We have someone One is by doing great work for clients who other way than just serving their existing morning with excitement. So, we go through
who helps with anything insurance related. have been kind enough to introduce us to clients very well. Our best form of marketing exercises with clients to help them think
We have an internal financial-planning and their families, colleagues, and so on. Second, is one of our advisors taking his or her client about the future.
meeting-preparation department. in 2001, I thought it would be very smart out to lunch to celebrate the birth of a child
Our goal is to make our advisors’ lives to build professional relationships with or grandchild or the sale of a business. If our Thanks, Jonathan. B
TOP 250 PRIVATE WEALTH trial and error over the years, and even today
MANAGEMENT TEAMS 2024 we are constantly working to improve our
technology efficiency.
This Top When did you take over?

From 2003 to 2015, our focus was growing
Team Was
our client base and doing the best we could
for our clients. My dad was 100% active
all the way through that process. In 2015, I
bought him out. He’s still an advisor today,
A Father- working in a corner office. He has narrowed

his client base, and while he’s no longer
active in any sort of management role, he’s
Son Project
very active in the business.
What have been the pros and cons of

working with your dad?
My dad had a special ability to let me try
Trevor Wilde explains things. I’m a father now; my oldest is 18. I
the lessons he learned often brought ideas to my dad where, if one of
my daughters came to me and said, “I want to
from building a wealth do this with the business,” I probably would
management practice with have said, “No, and let me tell you why.” He
his father. never did that. He would say, “Hey, if you
think it’s going to work, put a plan together
and put financials behind it and present your
case.”
BY STEVE GARMHAUSEN Through that process, I learned that if I’m
going to do something, I’ve got to put some
PHOTOGRAPH BY CASSIDY ARAIZA
real thought and effort and energy into it. I’ve
got to look at the cost, the desired outcome,
and the environment to get the best tab on
whether it will be successful or not. Some
M
stuff we spent money on didn’t really help
any sons bond with their the practice move forward. The majority of
fathers through sports or things we tried did.
camping. Trevor Wilde bond- Collaborating with my dad and building
ed with his father, William, the business together was more amazing
by building a wealth man- than anything else I’ve ever done.
agement business with him. “We probably
.
have a much different relationship than most From left: Jeff Anthony, You’ve been an acquirer of other
ly
fathers and sons do because of the time we Trevor Wilde, and Jason Fial businesses. Would you talk about that?
spent together and the trials of going through of Wilde Wealth Management Since 2015, we’ve acquired seven practices.
market crashes and building the business,” in Scottsdale, Ariz. The demographics in our industry aren’t
says Trevor Wilde, CEO of the $3.1 billion- great for the long run, meaning there aren’t
asset Wilde Wealth Management Group,
based in Scottsdale, Ariz.
Wilde spoke with Barron’s about how his
on
continuing-education courses. Part of what he was working at that point. So, while Wilde
a lot of new entrants. The vast majority of
advisors are in their late 50s and early 60s.
I’m 46, and half of our advisors are in their
father taught him to make informed busi- they did was teach financial literacy. At Wealth Management Group didn’t yet exist, late 30s.
us ,
ness decisions and why his practice has been the conclusion of the courses, there was an we like to say the roots of the practice were Many of the partners in our organization
l
active in buying other advisor firms. opportunity to meet with the advisor teaching already planted. Some of the clients who were are coming here because they’re looking for
e
al a
the course, and often students would become working with my dad back in the late 1990s a succession plan. They haven’t been able to
Barron’s: How did Wilde Wealth clients. are still clients today, and some of their kids find a successor, and they know that at some
Management Group get started? I would frequently attend these seminars and grandkids are, as well. We left RBC Dain point in the next three to five years they want
ci on
Trevor Wilde: My dad was a serial to help my dad get set up. Every once in a Rauscher in May of 2003 and launched Wilde to start to scale back.
entrepreneur when I was growing up. He did while, he would invite me to sit in on a client Wealth Management Group. The other phase of our recruiting is
commercial real estate, residential real estate, consultation. So, I got to see from the inside looking for advisors in their 30s. They have
owned several Jiffy Lube–type franchises, what it was like to be in that career, giving There were far fewer service vendors capacity to grow, they’re typically CFPs
and even ran a fax-machine franchise at one advice, helping to plan through challenges, back then. How did you get the business [Certified Financial Planners] coming out of
er s
point. When I was in high school, he took whether it was retirement or putting kids on its feet? a larger firm with an extensive training pro-
a job with Principal Financial selling life through school. And it piqued my interest, We partnered with Wachovia FiNet, which gram. We look for those younger advisors to
m er
insurance, and shortly after that he joined even in high school. provided all of our back-office technology bring into our organization and partner with
a local firm run by a friend. Part of what After I graduated from the University of and back-office support. We had to work senior advisors. So that’s part of our growth
they were doing was community education. Arizona in Tucson, I started having con- through our in-house technology, contact- model.
We’ve got a pretty robust community college versations with him again, and I ended up management system, and financial-planning
m rp
program in Phoenix, and they offer a lot of getting hired by RBC Dain Rauscher, where tools on our own. There was certainly some Thanks, Trevor. B
co Fo
Top 100 Institutional Consulting Teams

Our annual ranking of teams that specialize in advising companies and large organizations, such as pension
funds and university endowments. The ranking is based on quantitative and qualitative measures,
including teams’ assets under management, their revenue, and their regulatory records.
n-
1. Global Corporate & 7. Captrust Team 13. Graystone Consulting, 19. Graystone Consulting, 26. Mason Investment 33. Captrust Team Atlanta
Institutional Advisory Allentown Metropolitan D.C. San Francisco Advisory Services Captrust
Services, Merrill
no
Captrust Morgan Stanley Morgan Stanley Reston, Va. Alpharetta, Ga.

Institutional Consulting Allentown, Pa. Potomac, Md. Walnut Creek, Calif. 2023 Rank: 30 2023 Rank: 32
Bank of America
2023 Rank: 9 2023 Rank: 11 2023 Rank: 39 Key Advisors: Scott George, Key Advisors: Philly Jones,
Atlanta
Key Advisors: Jim Edwards, Key Advisors: Robert Scherer, Key Advisors: Brian Sharpes, Chris Schreiner Evan Melcher, Zack Sadler
2023 Rank: 1 Wes Schantz, Jeff Loehwing Ross Charkatz, Maureen Shuler Dan Tichenor, Chad Bolick Team IC Assets (bil): $6.4 Team IC Assets (bil): $21.4
Key Advisor: Chad Pigg Team IC Assets (bil): $45.3 Team IC Assets (bil): $10.3 Team IC Assets (bil): $10.2
Team IC Assets (bil): $88.4 27. Graystone Consulting, 34. Captrust Team Esch
8. Graystone Consulting, 14. Graystone Consulting, 20. UBS Institutional The Palo Alto Group Captrust
2. Captrust Team Chicago Raleigh, Wichita, Dallas & Global Institutional Consulting - Atlanta Morgan Stanley Minneapolis
Captrust Kansas City Advisory Solutions UBS Wealth Management Newport Beach, Calif. 2023 Rank: 42
Chicago Morgan Stanley Morgan Stanley Atlanta 2023 Rank: 40 Key Advisor: Daniel Esch
2023 Rank: 2 Raleigh, N.C. New York
2023 Rank: 12 Key Advisors: Tim Skelly, Team IC Assets (bil): $28.1
Key Advisors: Timothy Egan, 2023 Rank: 14 2023 Rank: 13 Key Advisors: Earle Dodd, Mark T. Curtis, Ellie Chizmarova
Daniel Simon, Daniel George Key Advisors: Lee Morris, Key Advisor: Jim Detterick Kristi Thelen, Scott Olsen Team IC Assets (bil): $10.6 35. Captrust Team Eskamani
Team IC Assets (bil): $90.9 Paul Cox, Robert Morris Team IC Assets (bil): $27.8 Team IC Assets (bil): $22.9 Captrust
Team IC Assets (bil): $12.6 28. Flagship Financial Raleigh, N.C.
3. Captrust Team 15. Retirement Plan 21. Captrust Team Stanicek Partners
2023 Rank: 38
New York | Boston 9. Graystone Consulting, The Advisory Captrust UBS Private Wealth
Key Advisor: Shaun Eskamani
Captrust Parks Group Cerity Partners Raleigh, N.C. Management
Team IC Assets (bil): $31.8
New York Morgan Stanley New York Stamford, Conn.
Milwaukee 2023 Rank: 25
2023 Rank: 5 2023 Rank: 36 Key Advisor: Jason Stanicek 2023 Rank: 59 36. Graystone Consulting,
Key Advisors: Michael Volo, 2023 Rank: 10 Key Advisors: Paul Team IC Assets (bil): $37.7 Key Advisors: Matthew Lasko, Pittsburgh
Michael Sanders Key Advisors: Thomas Parks, Sommerstad, Ty Parrish, Megan Smith, Renee Fourcade Morgan Stanley
Team IC Assets (bil): $189.6 Robert Parks, Christina Hom Constantine Mulligan 22. Captrust Team Schott Team IC Assets (bil): $21.1 Sewickley, Pa.
Team IC Assets (bil): $17.8 Team IC Assets (bil): $19.3 Captrust 2023 Rank: 33
4. Cook Street Consulting North Miami, Fla. 29. Princeton/Park Avenue
Key Advisors: Anthony Smulski,
Morgan Stanley 10. Taylor Advisors 16. Hyas Group Investment Consulting
2023 Rank: 21 Greg Simakas, Todd Simakas
Greenwood Village, Colo. HUB International Morgan Stanley UBS Wealth Management
Key Advisor: Stephen Schott Team IC Assets (bil): $10.2
2023 Rank: 6 Louisville, Ky. Portland, Ore. Princeton, N.J.
Key Advisors: Sean M. Waters, 2023 Rank: N 2023 Rank: 29 2023 Rank: 27 37. HUB Retirement &
Karen M. Robinson, Key Advisors: Omar Hinojosa, Key Advisors: Jayson Davidson, 23. Graystone Consulting, Key Advisors: L. Marc Shegoski, Private Wealth - Colorado
Charles L. Hodge Sasha Antskaitis, Todd Taylor Vincent Galindo, Ned Taylor SVLO Chicago Group Linda Modico, David Sears HUB International
Team IC Assets (bil): $106.6 Team IC Assets (bil): $16.8 Team IC Assets (bil): $50.1 Morgan Stanley Team IC Assets (bil): $9 Denver
Chicago 2023 Rank: N
5. Graystone Consulting, The 11. UBS Institutional 17. Graystone Consulting, 30. Graystone Consulting,
2023 Rank: 19 Key Advisor: Kirk Welch
Dobbs Group Consulting Group - The Longo Group Houston
Key Advisors: Kristina Van Liew, Team IC Assets (bil): $19
Morgan Stanley Northwest Morgan Stanley Morgan Stanley
Indianapolis UBS Wealth Management Erik Oiler, Kelli Schrade Houston
New York 38. Captrust Team Schmitt
Seattle Team IC Assets (bil): $7.7
2023 Rank: 4 2023 Rank: 17 2023 Rank: 22 Captrust
Key Advisors: Wm. Craig Dobbs, 2023 Rank: 15 Key Advisor: John Longo 24. The Dunn-Dunne-Wall- Key Advisor: John W. Granger II Richmond, Va.
John O’Donnell Key Advisors: Shawn M. Hintz, Team IC Assets (bil): $24.5 Hegenbart Group, Merrill Team IC Assets (bil): $16.2
2023 Rank: 37
Team IC Assets (bil): $40.3 Trent V. Sanden, Jeremy Yanasak Institutional Consulting
31. Captrust Team Strickland Key Advisor: Barry Schmitt
Team IC Assets (bil): $34.4 18. Cate Brunton Luc Bank of America
Captrust Team IC Assets (bil): $43.3
6. Captrust Team Warren Group, Merrill Institutional Bethesda, Md.
Captrust 12. Captrust Team Dallas Consulting Raleigh, N.C.
2023 Rank: 23 39. Graystone Consulting,
Warren, N.J. Captrust Bank of America 2023 Rank: 44
Key Advisor: Bruce Wall The Brice Group
2023 Rank: 7 Dallas Indianapolis Key Advisor: Jon Strickland
Team IC Assets (bil): $6 Morgan Stanley
Key Advisors: Michael Sasso, 2023 Rank: 16 2023 Rank: 18 Team IC Assets (bil): $34.5 Birmingham, Mich.
Attila Toth, Richard Torbinski Key Advisors: John Pickett, Key Advisors: John Cate, 25. Captrust Team
32. Graystone Consulting, 2023 Rank: 35
Team IC Assets (bil): $79.9 Travis Whitten Eric Brunton Doylestown
Columbus | Grand Rapids Key Advisors: Brian Brice,
Team IC Assets (bil): $41.9 Team IC Assets (bil): $15.6 Captrust
Morgan Stanley Timothy Brice, Glen Young
Doylestown, Pa. Team IC Assets (bil): $4.9
Grand Rapids, Mich.
2023 Rank: 24
2023 Rank: 34
Key Advisors: Chris Kulick,
Key Advisors: Michael Rosloniec,
Paul Schaffer, Scott Wertheim
Luke Costello, Brian Miller
N=not ranked Team IC Assets (bil): $8.4
40. The Herrans Group, 50. Graystone Consulting, 61. Captrust Team 71. Graystone Consulting, 81. Graystone Consulting, 91. Graystone Consulting,
Merrill Institutional Los Angeles | Honolulu DiGiacomo Charleston Metro NY | Allentown PA | Boston North Shore
Consulting Morgan Stanley Captrust Morgan Stanley Cleveland OH Morgan Stanley
Bank of America Westlake Village, Calif. Lake Mary, Fla. Charleston, W.Va. Morgan Stanley Middleton, Mass.
Guaynabo, P.R. Allentown, Pa.
2023 Rank: 90 2023 Rank: 60 2023 Rank: 80 2023 Rank: 91
2023 Rank: 75 Key Advisors: Marc Key Advisor: Dan DiGiacomo Key Advisors: John E. Dawson II, 2023 Rank: N Key Advisors: Al Hammond,
Key Advisors: Juan Herrans, Roggenkamp, Larry Mills, Team IC Assets (bil): $21.8 Michael D. Hill, Key Advisors: Michael Malz, Matthew McLaughlin,
Hector Gonzalez, Ricardo Christopher Venuti Kelly L. Castleberry III Joshua Dautovic, Brent Glading Peter Ciovacco
Vazquez Team IC Assets (bil): $11.7 62. SageView Phoenix Team IC Assets (bil): $3.3 Team IC Assets (bil): $9 Team IC Assets (bil): $8.7
Team IC Assets (bil): $3.5 SageView Advisory Group
51. SageView Boston Phoenix 72. Schwartz & Co. 82. BFSG Institutional 92. The Stahle Marten
41. Captrust Team Bailey SageView Advisory Group Bloomfield Hills, Mich. Services Group, Merrill Institutional
2023 Rank: N
Captrust Boston Benefit Financial Services Consulting
Key Advisors: Michael J. Malone, 2023 Rank: 66
Tampa, Fla. Group Bank of America
2023 Rank: N Bud Green, TJ Arcuri Key Advisors: Edward A.
Irvine, Calif. Gilbert, Ariz.
2023 Rank: 62 Key Advisor: Mark Foster Team IC Assets (bil): $22.5 Schwartz, Laura L. Powers
Key Advisor: Eric Bailey Team IC Assets (bil): $21 Team IC Assets (bil): $7.3 2023 Rank: 83 2023 Rank: 68
Team IC Assets (bil): $14.2 63. Institutional Key Advisors: Christopher Key Advisors: David Stahle,
52. Advanced Research Investment Consulting 73. Graystone Consulting, Rowey, Darren Stewart, James Marten
42. The Ryan Group, Investment Solutions Bloomfield Hills, Mich. Troy Tina Schackman Team IC Assets (bil): $2.8
Merrill Institutional Evoke Advisors Morgan Stanley Team IC Assets (bil): $16
2023 Rank: N 93. Asset Strategy
Consulting Los Angeles Troy, Mich.
Key Advisors: Michael Consultants
Bank of America 83. Graystone Consulting,
2023 Rank: 45 Kozemchak, Lewis Rowe, 2023 Rank: 61 Hunt Valley, Md.
New York Atlanta
Key Advisors: Alex Shahidi, Paul Stephens Key Advisors: John Krakowiak,
2023 Rank: 20 Morgan Stanley 2023 Rank: 67
Damien Bisserier, David Hou Team IC Assets (bil): $22 Burton Carlson, Amy Cole
Key Advisor: Courtney Moore Atlanta Key Advisors: Alfred J.
Team IC Assets (bil): $14.3 Team IC Assets (bil): $9
Team IC Assets (bil): $9.4 64. Tanabe, McMahon, 2023 Rank: N Morrison, John F. Meehan,
53. The Gsell Group, Merrill Tanimoto, Farmer & Holcher 74. The Chrys Group, Key Advisors: Andrew Harbour, Anne Hernandez
43. Captrust Team Strodel Institutional Consulting Group, Merrill Institutional Merrill Institutional Neal Stamper Team IC Assets (bil): $5.4
Captrust Bank of America Consulting Consulting Team IC Assets (bil): $5.2
Charlotte, N.C. Bank of America Bank of America 94. Kelly | Nagel, Merrill
Iselin, N.J.
Henderson, Nev. Latham, N.Y. 84. Graystone Consulting, Institutional Consulting
2023 Rank: 28 2023 Rank: 49 Bank of America
Key Advisor: James W. Strodel 2023 Rank: 65 2023 Rank: 79 The J.K. Meek Group
Key Advisor: Goran Bojovski Louisville, Ky.
Team IC Assets (bil): $35.6 Key Advisors: Keith Tanabe, Key Advisor: Michael Chrys Morgan Stanley
Cody Farmer Team IC Assets (bil): $5.6 Baltimore 2023 Rank: 89
44. Graystone Consulting, 54. Graystone Consulting, Team IC Assets (bil): $6.8 2023 Rank: 78 Key Advisor: Joshua Nagel
Chicago San Antonio 75. HUB Midwest West Key Advisors: James Meek, Team IC Assets (bil): $2.4
Morgan Stanley Morgan Stanley 65. Private Asset Region Russell LaGreca, Allan House
95. Captrust Team Pratico
Chicago San Antonio Management HUB Retirement & Wealth Team IC Assets (bil): $3
Captrust
2023 Rank: 31 Baird Management
2023 Rank: 55 Portland, Maine
Milwaukee Northbrook, Ill. 85. Graystone Consulting,
Key Advisors: James Whitney, Key Advisors: Ron Kern,
Miami 2023 Rank: 76
Mary DiChristofano, Myrteel Ward, Joe Sammons 2023 Rank: 47 2023 Rank: 57
Morgan Stanley Key Advisor: Mike Pratico
Michael Sakach Team IC Assets (bil): $4.2 Key Advisors: Michael G. Klein, Key Advisor: Jim O’Shaughnessy
Miami Team IC Assets (bil): $19.8
Team IC Assets (bil): $2.7 Christopher K. Merker, Team IC Assets (bil): $12.7
55. SageView Newport Laura Gough 2023 Rank: 94
96. Graystone Consulting,
45. Long & Associates, Beach Team IC Assets (bil): $8.9 76. SageView Minneapolis Key Advisors: Hugo Mantilla,
Boston Seaport Group
Merrill Institutional SageView Advisory Group SageView Advisory Group Eric Newman, Daniel Hillis
Morgan Stanley
Consulting Newport Beach, Calif. 66. Beacon Pointe Wayzata, Minn. Team IC Assets (bil): $3.4
Boston
Bank of America Institutional Consulting
2023 Rank: 8 2023 Rank: 88 86. Institutional Consulting 2023 Rank: 92
Grand Rapids, Mich. Services
Key Advisor: Jonathan Upham Key Advisor: Jeffrey M. Gratton Services Key Advisors: Clifford White,
2023 Rank: 43 Beacon Pointe Advisors
Team IC Assets (bil): $20.8 Team IC Assets (bil): $14.4 Baird Isabelle Eckel
Key Advisor: Timothy Long Newport Beach, Calif.
Davidson, N.C. Team IC Assets (bil): $6.9
Team IC Assets (bil): $5 56. Captrust Team 2023 Rank: 64 77. Graystone Consulting,
Birmingham Key Advisors: Shannon Eusey, Midwest 2023 Rank: N
97. UBS Institutional
Key Advisors: Kathryn
.
46. Graystone Consulting, Captrust Michael Dow, Mike Breller Morgan Stanley Consulting - Menlo Park
Tampa Homewood, Ala. Team IC Assets (bil): $5.7 Oak Brook, Ill. Nusbaum, Michael Swope
Team
ly
Morgan Stanley Team IC Assets (bil): $6.3
2023 Rank: 54 2023 Rank: 73 UBS Wealth Management
Tampa, Fla. 67. Retirement Plan Menlo Park, Calif.
Key Advisors: Paul Owen, Key Advisors: Bob Dow, 87. Oswald Financial
2023 Rank: 26 Analytics
Phil Anderson, Beau Williams Brett Herbison, Terry Hill Cleveland 2023 Rank: N
Key Advisors: Scott Owens, Charlotte, N.C.
Team IC Assets (bil): $13.2 Team IC Assets (bil): $3.8 Key Advisors: Kathleen
2023 Rank: 71
Adam Palmer, David Wheeler

Wyomissing
57. Captrust Team Wilt
Captrust
Akron, Ohio
2023 Rank: 53
on2023 Rank: 99
Key Advisor: Todd Timmerman
68. Captrust Team Des

The Kelliher Corbett Group
Morgan Stanley
Norwell, Mass.
Key Advisors: Deena Rini,
Michael Gheen, Doug Stalter
88. The JEMM Group,

Snodgrass, Michael Scandalios,
Christopher Burke
98. The Kikawa/Goeas

Morgan Stanley Moines Group
Key Advisors: Steve Wilt, 2023 Rank: 69 Merrill Institutional
us ,
Wyomissing, Pa. Captrust Raymond James

Paul Stibich, Grey Kennedy Key Advisors: Stephen Kelliher, Consulting
2023 Rank: 41 West Des Moines, Iowa Honolulu
l
Team IC Assets (bil): $12.4 Jack Corbett, Joseph McLaughlin Bank of America
Key Advisors: Harry Herb, 2023 Rank: 63 Team IC Assets (bil): $3.7 Southampton, N.Y.
e
2023 Rank: 87
al a
Scott Davis, John Jolls 58. SageView Woodside Key Advisors: Jean Duffy, Key Advisors: Larry Goeas,
2023 Rank: 84
Team IC Assets (bil): $19.2 SageView Advisory Group Andrew Shimp 79. SageView Southeast Ronald Kikawa
Key Advisor: Roger Matloff
Woodside, Calif. Team IC Assets (bil): $8.3 SageView Advisory Group Team IC Assets (bil): $5.5
ci on
48. Graystone Consulting, Knoxville, Tenn.

2023 Rank: 72
Chicago NW 69. Blonkvist-Teller 99. Captrust Team Duex
Key Advisor: Robert Patton 2023 Rank: 77 89. Graystone Consulting,
Morgan Stanley Legacy Wealth Captrust
Team IC Assets (bil): $14.1 Key Advisors: Jonathan The Robertson Group
Barrington, Ill. RBC Wealth Management Santa Barbara, Calif.
St. Clair, Douglas Webster, Morgan Stanley
2023 Rank: 46 Midland, Texas
59. Cornerstone Advisors John Majors Columbus, Ohio 2023 Rank: 93
Key Advisors: George T. Cook, Asset Management 2023 Rank: N Team IC Assets (bil): $14.8 Key Advisor: Devyn Duex
2023 Rank: N
Carl H. Viard, Mary L. Tomanek Bethlehem, Pa. Key Advisors: Kevin Blonkvist, Team IC Assets (bil): $6
er s
Key Advisors: Thomas G.

Team IC Assets (bil): $8.3 Michael Blonkvist, Andy Teller 80. The J&R Group, Merrill
2023 Rank: 58 Robertson, Jeremy Ohlinger,
Team IC Assets (bil): $2.1 Institutional Consulting 100. Graystone Consulting,
Key Advisors: Malcolm Cowen, Tim Bartolett
49. Captrust Team Bank of America Eisen-Sessa Group
Thomas Scalici, Tiffany A. Gilbert Team IC Assets (bil): $9.2
m er
Southfield & Grand Rapids 70. Graystone Consulting, Chicago Morgan Stanley
Team IC Assets (bil): $6.3 The Fischer Group
Captrust Philadelphia
2023 Rank: 74 90. Graystone Consulting,
Grand Rapids, Mich. Morgan Stanley
60. Graystone Consulting, Key Advisors: Joel Gershon, Price & Longhurst Group 2023 Rank: 81
Rochester, N.Y.
2023 Rank: 50 The Zohny Group Joel Moore Morgan Stanley Key Advisors: David Eisen,
Key Advisors: Dori Drayton, Morgan Stanley 2023 Rank: 51 Team IC Assets (bil): $3.8 Los Angeles Charles E. Sessa Jr.,
m rp
Susan Shoemaker San Francisco Key Advisors: Marc Fischer, Brian Kelley
2023 Rank: 82
Team IC Assets (bil): $10 Chad Jacob, Mark Caropreso Team IC Assets (bil): $7.5
2023 Rank: 52 Key Advisors: Andrew Price,
Key Advisor: Youssef Zohny Karin Longhurst
N=not ranked Team IC Assets (bil): $15.7 Team IC Assets (bil): $2.4
co Fo
TOP 250 PRIVATE WEALTH the best in the world, and we can help clients
MANAGEMENT TEAMS 2024 navigate those markets over time.
A Focus on What are some of the questions high-net-

worth clients are asking lately?
Bjerke: Here’s something we get asked a lot:
Employee
How do I do good with the extra wealth that
I have? If they are thinking of leaving it to
children or grandchildren, they want to know
how much is too much. Or, if they want to
Advice create a foundation or give money away, they

n-
need help with the governance around that and

they want to know how they can measure their
impact.
Merrill Lynch’s Global
no
How do you advise everyone, from the

Corporate & Institutional entry-level employee all the way up to the
Advisory Services team CEO?
helps large multinational Crowell: Our role may start with a purely
digital experience when they are hired, and
companies take care of their that’s going to work for most people most of the
employees. time. But we’re here on top of that when they
want to talk to someone. We make sure the
person who picks up the phone has resources
to answer their question, and is knowledgeable
BY AMEY STONE to help them along their financial journey.
We communicate in a variety of different
PHOTOGRAPH BY LYNSEY WEATHERSPOON ways depending on what the client wants. It
From left: Jeffrey Crowell, Emily Fletcher, and Erik Bjerke of Merrill Lynch’s Global can be an educational program all the way to
Corporate & Institutional Advisory Services in Atlanta. an executive with a sizable stock award with
someone specifically assigned to them. We’re
I
hearing from our plan sponsors that they need
t requires a large team of experts to Barron’s: How did your institutional planning and diversification, but always with us to help us simplify complicated processes
assist multinational corporations with consulting business get its start? the appropriate tie-in back to the workplace for their employees. That’s our real challenge—
their retirement plans and stock- Emily Fletcher: It started back in the ’90s benefit program, the 401(k) plan, or the stock how do you make things simple that are not
compensation programs, and to provide when we recognized that our institutional plan. Clients expect it to be coordinated. easy.
their employees with financial education clients had a need for financial advice and there It’s really our special sauce that our folks Fletcher: Another way we reach employees
and advice. was an opportunity to support executives in a have a culture to take care of people and do it in is by organizing panel discussions, which can
At Merrill Lynch’s Global Corporate & way that just wasn’t out there in the industry. It a giving way. We offer education, but not in a be virtual or in person. I’ve been moderating
Institutional Advisory Services, or GCIAS, 13 all comes back to taking care of people. Around sales-based way. And we train our people from discussions about women and investing. I try to
senior partners oversee about 160 other pro- 2005, we formalized the team structure within when they start, to make sure they have run them so that they seem like a conversation
fessionals in serving the multifaceted needs and advisory process and began to scale the that mind-set. among friends.
of institutional clients. business.
“It takes all 13 of us to really be able to have Jeffrey Crowell: So, Emily is our chief How do you get new clients? Has it been hard to find staff as your team
the standard of excellence that we want,” says operating officer; Erik runs the high-net-worth Crowell: It has evolved over time. Initially, has grown?
Emily Fletcher, one of the senior partners of group and investment strategy; I head up our we found them through institutional banking Fletcher: We’re really excited about the talent
the group, which is ranked No. 1 on Barron’s corporate and institutional work teams—but it’s and IPO relationships that resulted in a need we’ve been able to develop. We have a young,
2024 list of Top Institutional Consulting all intertwined. Our hub is in Atlanta, but our for a stock plan program or our services as vibrant team with a lot of energy, and I’m
Teams and manages $88.4 billion in institu- partners and our network reach throughout consultants. Our relationships evolved from proud of the diversity of our team. About 40%
tional assets. the country. Many of our clients are large there. Today, our best referral source is when are female, including three members of our
Some of the Atlanta-based team’s work falls multinationals. client contacts move to a new company and they leadership team, and 20% of our team is non-
within Merrill’s Global Institutional Consult- see the experience there compared with what Caucasian—we have more work to do there.
ing division, which is being rebranded this Do you offer traditional wealth they are used to having. Also, we work with charities in the community,
week as Merrill Institutional Consulting. Mer- management to those companies’ and we’re proud of how we give back.
rill Lynch is a unit of Bank of America. Fletch- employees? Erik, it sounds like you have the most to do Bjerke: We have a great model that is unique,
er, along with fellow senior partners Jeffrey Erik Bjerke: We do deliver aspects of with markets. What do you see now? a great firm, and a great platform. But our
Crowell and Erik Bjerke, spoke with Barron’s traditional wealth management, but we do it Bjerke: There is a lot to worry about right now, success is because of our people.
about the team’s origins and how it strives to at institutional rates, which are lower than but there is always lots to worry about. We’re
simplify complex processes for clients. normal retail rates. We can help with wealth bullish on America. Our capital markets are Thanks, Emily, Jeffrey, and Erik. B
Top 100
Financial Advisors
The 21st edition of our Top 100 ranking of individual advisors is based on quantitative and qualitative measures,
including advisors’ assets under management, their revenue, their regulatory records, and more.
1. Mark T. Curtis 13. Jason Katz 25. Greg Cash 36. John Cate 48. Eric Gray 61. David Singer
Morgan Stanley | UBS Private Wealth UBS Private Wealth Merrill Wealth Merrill Private Wealth Merrill Private Wealth
Graystone Management Management Management Management Management
Palo Alto New York Charlotte, N.C. Indianapolis Los Angeles Cincinnati
2023 Rank: 3 2023 Rank: 16 2023 Rank: 28 2023 Rank: 31 2023 Rank: 32 2023 Rank: 75
Client Types: HNW, UHNW, Client Types: Retail, HNW, UHNW Client Type: UHNW Client Types: HNW, UHNW, Client Types: UHNW, Foundations Client Types: HNW, UHNW
Institutional Team Assets (mil): $5,091 Team Assets (mil): $19,624 Institutional Team Assets (mil): $27,338 Team Assets (mil): $7,754
Team Assets (mil): $401,725 Typical Account (mil): $15 Typical Account (mil): $20 Team Assets (mil): $23,576 Typical Account (mil): $50 Typical Account (mil): $25
Typical Account (mil): $6 Typical Net Worth (mil): $40 Typical Net Worth (mil): $40 Typical Account (mil): $475 Typical Net Worth (mil): $80 Typical Net Worth (mil): $40
Typical Net Worth (mil): $30 Typical Net Worth (mil): $1,000
14. John Cultra 26. Adam Epstein 49. Michael Sawyer 62. William Peterson
2. Lyon Polk William Blair UBS Private Wealth 37. Scott Wilson Morgan Stanley Private Neuberger Berman
Morgan Stanley Private Chicago Management Morgan Stanley Private Wealth Management New York
Wealth Management New York Wealth Management Miami
2023 Rank: 17 2023 Rank: 56
New York 2023 Rank: 37 New York 2023 Rank: 96
Client Types: HNW, UHNW Client Types: HNW, UHNW,
2023 Rank: 1 Team Assets (mil): $5,250 Client Types: HNW, UHNW, 2023 Rank: 73 Client Types: HNW, UHNW Institutional
Client Type: UHNW Typical Account (mil): $18 Foundations Client Type: UHNW Team Assets (mil): $28,438 Team Assets (mil): $2,624
Team Assets (mil): $44,223 Typical Net Worth (mil): $28 Team Assets (mil): $4,551 Team Assets (mil): $9,328 Typical Account (mil): $40 Typical Account (mil): $4.5
Typical Account (mil): $125 Typical Account (mil): $35 Typical Account (mil): $25 Typical Net Worth (mil): $80 Typical Net Worth (mil): $16
Typical Net Worth (mil): $250 Typical Net Worth (mil): $50 Typical Net Worth (mil): $50
15. Marvin McIntyre
Morgan Stanley Private 50. Michael Warr 63. Richard Jones
3. Gregory Vaughan Wealth Management 27. Ron Vinder 38. Stephanie J. Stiefel Morgan Stanley Private Merrill Private Wealth
.
Morgan Stanley Private Washington, D.C. Morgan Stanley Private Neuberger Berman Wealth Management Management
ly
Wealth Management Wealth Management New York Tuscaloosa, Ala. Los Angeles
2023 Rank: 18
Menlo Park, Calif. New York 2023 Rank: 50 2023 Rank: 69
Client Types: Retail, HNW, UHNW, 2023 Rank: 54
2023 Rank: 2 Foundations, Institutional 2023 Rank: 23 Client Types: HNW, UHNW, Client Types: Retail, HNW, UHNW Client Types: UHNW,
Client Types: HNW, UHNW, Team Assets (mil): $6,105 Client Types: UHNW, Institutional Team Assets (mil): $4,948 Foundations, Endowments
Foundations, Endowments Typical Account (mil): $10 Foundations Team Assets (mil): $3,311 Typical Account (mil): $25 Team Assets (mil): $28,237
Team Assets (mil): $49,499
Typical Account (mil): $75
Typical Net Worth (mil): $150
16. Seth Finkel

Neuberger Berman
on
39. Peter Princi

51. Kevin Peters

64. Glenn Degenaars

4. Richard Saperstein New York 28. Michael Breen Morgan Stanley | Management J.P. Morgan Wealth
us ,
Treasury Partners Merrill Private Wealth Graystone Palm Beach, Fla. Management
2023 Rank: 22 Boston
New York Management New York
l
Client Types: HNW, UHNW, 2023 Rank: 46

San Francisco 2023 Rank: 34 Client Types: HNW, UHNW
e
2023 Rank: 4 Institutional 2023 Rank: 70
al a
Client Types: HNW, UHNW, Team Assets (mil): $4,226 2023 Rank: 39 Client Types: HNW, UHNW, Team Assets (mil): $8,662 Client Type: UHNW
Institutional Typical Account (mil): $7.8 Client Types: HNW, UHNW Institutional Typical Account (mil): $17 Team Assets (mil): $5,395
Team Assets (mil): $24,307 Typical Net Worth (mil): $20 Team Assets (mil): $20,786 Team Assets (mil): $9,460 Typical Net Worth (mil): $95 Typical Account (mil): $35
ci on
Typical Account (mil): $25 Typical Account (mil): $50 Typical Account (mil): $10 Typical Net Worth (mil): $75
Typical Net Worth (mil): $30 Typical Net Worth (mil): $100 Typical Net Worth (mil): $25
17. Shawn Fowler 52. Rod Westmoreland
Morgan Stanley Private Merrill Private Wealth 65. Reza Zafari
5. Karen McDonald Wealth Management 29. Noel Weil 40. Phil Scott Management Merrill Private Wealth
Morgan Stanley Wealth Denver Merrill Private Wealth J.P. Morgan Wealth Atlanta Management
Management Management Management Los Angeles
2023 Rank: 35 2023 Rank: 33
Palo Alto New York Bellevue, Wash.
er s
Client Type: UHNW Client Types: HNW, UHNW 2023 Rank: N

2023 Rank: 8 Team Assets (mil): $14,447 2023 Rank: 45 2023 Rank: 30 Team Assets (mil): $4,916 Client Types: UHNW,
Client Types: Retail, HNW, UHNW, Typical Account (mil): $49 Client Types: HNW, UHNW Client Types: HNW, UHNW Typical Account (mil): $25 Foundations, Endowments
Institutional Team Assets (mil): $20,271 Team Assets (mil): $2,830 Typical Net Worth (mil): $60 Team Assets (mil): $28,237
m er

Team Assets (mil): $390,442 Typical Account (mil): $50 Typical Account (mil): $10 Typical Account (mil): $50
Typical Account (mil): $3 18. Ron Basu Typical Net Worth (mil): $100 Typical Net Worth (mil): $50 Typical Net Worth (mil): $75
53. William Greco
Typical Net Worth (mil): $10 Morgan Stanley Private UBS Wealth Management
Wealth Management 30. Dorian McKelvy 41. Jordan Mayer Hartford, Conn. 66. Peter Rohr
6. Brian Pfeifler New York Morgan Stanley Wealth J.P. Morgan Wealth Merrill Private Wealth
m rp
2023 Rank: 59
Morgan Stanley Private 2023 Rank: 13 Management Management Management
Client Types: Retail, HNW, UHNW
Wealth Management Client Types: UHNW, Menlo Park, Calif. New York Philadelphia
Palm Beach, Fla. Foundations 2023 Rank: 36 2023 Rank: 38 Typical Account (mil): $15 2023 Rank: 60
2023 Rank: 5 Team Assets (mil): $13,635 Client Types: HNW, UHNW, Client Types: HNW, UHNW, Typical Net Worth (mil): $20 Client Type: UHNW
Client Types: UHNW, Typical Account (mil): $25 Institutional Endowments Team Assets (mil): $6,143
Foundations, Endowments Typical Net Worth (mil): $100 Team Assets (mil): $11,336 Team Assets (mil): $8,374 Typical Account (mil): $35
54. Douglas Braff
Team Assets (mil): $13,608 Typical Account (mil): $8 Typical Account (mil): $32 Typical Net Worth (mil): $90
co Fo
UBS Private Wealth

Typical Account (mil): $75 19. Michael Klein Typical Net Worth (mil): $15 Typical Net Worth (mil): $75
Management
Typical Net Worth (mil): $100 Baird West Palm Beach, Fla. 67. Craig Savage
Milwaukee 31. Drew Zager 42. Matthew Babrick William Blair
2023 Rank: 62
7. Jeff Erdmann 2023 Rank: 15 Morgan Stanley Private J.P. Morgan Wealth Atlanta
Client Types: Retail, HNW, UHNW,
Merrill Private Wealth Client Types: HNW, UHNW, Wealth Management Management
Institutional 2023 Rank: 61
Management Foundations, Endowments, Los Angeles Los Angeles
Team Assets (mil): $12,731 Client Types: HNW, UHNW,
Greenwich, Conn. Institutional 2023 Rank: 44 2023 Rank: 67 Typical Account (mil): $5 Foundations, Institutional
2023 Rank: 7 Team Assets (mil): $14,542 Client Types: HNW, UHNW Client Types: UHNW, Typical Net Worth (mil): $10 Team Assets (mil): $7,661
Client Type: UHNW Typical Account (mil): $27 Team Assets (mil): $17,845 Foundations, Endowments Typical Account (mil): $20
Team Assets (mil): $13,955 Typical Net Worth (mil): $35 Typical Account (mil): $80 Team Assets (mil): $4,707 Typical Net Worth (mil): $30
55. Holly Newman Kroft
Typical Account (mil): $40 Typical Net Worth (mil): $150 Typical Account (mil): $55
Neuberger Berman
Typical Net Worth (mil): $60 20. Raj Sharma Typical Net Worth (mil): $90
New York 68. Randy Carver
Merrill Private Wealth 32. Jon Neuhaus Carver Financial Services
2023 Rank: 49
8. Thomas Wilson Management Morgan Stanley Private 43. Drew Freides Mentor, Ohio
Client Types: HNW, UHNW,
William Blair Boston Wealth Management UBS Private Wealth
Foundations, Institutional 2023 Rank: 65
Management
n-
Chicago 2023 Rank: 20 Los Angeles

Team Assets (mil): $3,864 Client Types: Retail, HNW
Los Angeles
2023 Rank: 11 Client Types: HNW, UHNW 2023 Rank: 29 Typical Account (mil): $16 Team Assets (mil): $2,544
Client Types: HNW, UHNW, Team Assets (mil): $6,318 Client Types: HNW, UHNW, 2023 Rank: 43 Typical Net Worth (mil): $20 Typical Account (mil): $1.1
Foundations Typical Account (mil): $15 Institutional Client Types: UHNW, Typical Net Worth (mil): $1.8
Team Assets (mil): $6,944 Typical Net Worth (mil): $20 Team Assets (mil): $51,534 Foundations, Endowments
56. Daniel Wilson
no
Typical Account (mil): $15 Typical Account (mil): $25

Ameriprise Financial 69. Jonathan Kass
Typical Net Worth (mil): $27.5 21. Jim Detterick Typical Net Worth (mil): $75 Typical Account (mil): $35
Auburndale, Mass. Merrill Wealth
Morgan Stanley | Typical Net Worth (mil): $50
2023 Rank: 100 Management
9. Troy Griepp Graystone 33. Scott Siegel New York
Client Types: Retail, HNW
Morgan Stanley Private New York Morgan Stanley Wealth 44. Wm. Craig Dobbs
Team Assets (mil): $4,932 2023 Rank: 63
Wealth Management Management Morgan Stanley |
2023 Rank: 26 Typical Account (mil): $1 Client Types: HNW, UHNW
San Francisco Boca Raton, Fla. Graystone
Client Types: Retail, HNW, UHNW, Typical Net Worth (mil): $5 Team Assets (mil): $9,719
Indianapolis
2023 Rank: 6 Institutional 2023 Rank: 14 Typical Account (mil): $8
Client Types: HNW, UHNW, Team Assets (mil): $52,316 Client Types: Retail, HNW, UHNW 2023 Rank: 48 Typical Net Worth (mil): $20
Client Type: Institutional
57. Deborah Montaperto
Foundations, Endowments, Typical Account (mil): $12 Team Assets (mil): $9,400
Institutional Typical Net Worth (mil): $20 Typical Account (mil): $25 Team Assets (mil): $40,821
Wealth Management 70. Stephan Cassaday
Team Assets (mil): $16,840 Typical Net Worth (mil): $50 Typical Account (mil): $218
Palm Beach, Fla. Cassaday & Co.
Typical Account (mil): $30 Typical Net Worth (mil): $268.3
22. Andy Chase McLean, Va.
2023 Rank: 55
Typical Net Worth (mil): $50 Morgan Stanley Private 34. Tom Bridges
Client Type: UHNW 2023 Rank: 68
Wealth Management CIBC Private Wealth 45. Thomas Bartholomew
Team Assets (mil): $44,223 Client Types: Retail, HNW, UHNW
10. Paul Tashima Menlo Park, Calif. Chicago Bartholomew & Co.
Typical Account (mil): $125 Team Assets (mil): $5,243
UBS Wealth Management Worcester, Mass.
2023 Rank: 12 2023 Rank: N Typical Net Worth (mil): $250 Typical Account (mil): $1.5
Chicago Client Types: Retail, HNW, UHNW Client Types: Retail, HNW, UHNW, 2023 Rank: N Typical Net Worth (mil): $2
2023 Rank: 19 Team Assets (mil): $25,685 Institutional Client Types: HNW, UHNW
58. Erin Scannell
Client Type: Institutional Typical Account (mil): $35 Team Assets (mil): $4,556 Team Assets (mil): $4,641
Ameriprise Financial 71. Johanna Walters
Team Assets (mil): $44,377 Typical Net Worth (mil): $50 Typical Account (mil): $4.3 Typical Account (mil): $4
Mercer Island, Wash. Merrill Wealth
Typical Account (mil): $100 Typical Net Worth (mil): $8.7 Typical Net Worth (mil): $10.5
2023 Rank: N Management
Typical Net Worth (mil): $5,000 23. Jonathan Kuttin Blue Bell, Pa.
Client Types: Retail, HNW
Ameriprise Financial 35. Francis X. Malone 46. Nicholas Kavallieratos
11. Mark Douglass Hauppauge, N.Y. Morgan Stanley Private Morgan Stanley Wealth
Typical Account (mil): $4 Client Types: HNW, UHNW
Morgan Stanley Private Wealth Management Management
2023 Rank: 21 Typical Net Worth (mil): $8 Team Assets (mil): $6,346
Wealth Management Los Angeles New York
Client Types: Retail, HNW, UHNW Typical Account (mil): $12.5
Menlo Park, Calif. Team Assets (mil): $10,990 2023 Rank: 25 2023 Rank: 89 Typical Net Worth (mil): $15
Client Types: Retail, HNW, UHNW,
59. Dean Braun
2023 Rank: 10 Typical Account (mil): $1.4 Client Types: HNW, UHNW,
Client Types: HNW, UHNW, Typical Net Worth (mil): $5.5 Institutional Foundations, Institutional
Wealth Management 72. Kent Pearce
Foundations, Endowments Team Assets (mil): $51,534 Team Assets (mil): $13,656
Seattle Merrill Wealth
Team Assets (mil): $49,499 Typical Account (mil): $25 Typical Account (mil): $15
24. Mitchell Wickham Management
Typical Net Worth (mil): $75 Typical Net Worth (mil): $35 2023 Rank: 64
Typical Account (mil): $75 UBS Private Wealth Towson, Md.
Client Type: UHNW
Typical Net Worth (mil): $150 Management
Charlotte, N.C. 47. R. Christopher Errico
UBS Private Wealth Typical Account (mil): $25 Client Types: HNW, UHNW
12. Scott Stackman 2023 Rank: 27 Typical Net Worth (mil): $40 Team Assets (mil): $2,883
Management
UBS Private Wealth Client Type: UHNW Typical Account (mil): $15
New York
Management Team Assets (mil): $19,624 Typical Net Worth (mil): $25
2023 Rank: 52 60. Richard Szelc
New York Typical Account (mil): $20
Client Types: HNW, UHNW Neuberger Berman
2023 Rank: 9 Typical Net Worth (mil): $40
Team Assets (mil): $4,432 Dallas
Client Types: UHNW,
Typical Account (mil): $10 2023 Rank: 53
Institutional
Typical Net Worth (mil): $50 Client Types: HNW, UHNW
N=not ranked
73. Timothy Long 79. Lisa Detanna 85. Joseph Montgomery 92. Robert Stolar 98. Gary Tantleff
Merrill Wealth Raymond James The Optimal Service Group Morgan Stanley Private UBS Wealth Management
Management Beverly Hills, Calif. of Wells Fargo Advisors Wealth Management Warren, N.J.
Grand Rapids, Mich. Williamsburg, Va. New York
2023 Rank: N 2023 Rank: 85
2023 Rank: N Client Types: HNW, UHNW, 2023 Rank: 42 2023 Rank: 98 Client Types: HNW, UHNW
Client Types: Retail, HNW, UHNW, Institutional Client Types: Retail, HNW, UHNW, Client Type: UHNW Team Assets (mil): $6,788
Foundations, Team Assets (mil): $4,950 Foundations, Endowments, Team Assets (mil): $5,021 Typical Account (mil): $11
Endowments, Institutional Typical Account (mil): $10 Institutional Typical Account (mil): $75 Typical Net Worth (mil): $10
Team Assets (mil): $8,260 Typical Net Worth (mil): $25 Team Assets (mil): $10,175 Typical Net Worth (mil): $150
Typical Account (mil): $6 Typical Account (mil): $8
99. Shane Brisbin
Typical Net Worth (mil): $10 80. Gillian Yu Typical Net Worth (mil): $15 93. Valerie Garcia Houts Morgan Stanley Private
Morgan Stanley Private Merrill Wealth Wealth Management
74. Susan Kaplan Wealth Management 86. Colleen O’Callaghan Management San Francisco
Kaplan Financial Services San Francisco J.P. Morgan Wealth San Francisco
2023 Rank: 88
Newton, Mass. 2023 Rank: 72 Management 2023 Rank: 87 Client Types: HNW, UHNW
Client Type: UHNW New York Client Types: Retail, HNW, UHNW,
2023 Rank: 76 Team Assets (mil): $8,226
Client Types: HNW, UHNW Team Assets (mil): $10,100 2023 Rank: 83 Foundations, Endowments, Typical Account (mil): $50
Team Assets (mil): $2,898 Typical Account (mil): $50 Client Type: UHNW Institutional Typical Net Worth (mil): $75
Typical Account (mil): $5 Typical Net Worth (mil): $100 Team Assets (mil): $5,385 Team Assets (mil): $55,186
Typical Net Worth (mil): $15 Typical Account (mil): $35 Typical Account (mil): $70
100. Bruce Burrows
81. Elaine Meyers Typical Net Worth (mil): $75 Typical Net Worth (mil): $250 Morgan Stanley Private
75. Adam Carlin J.P. Morgan Wealth Wealth Management
Morgan Stanley Private Management 87. Maxwell Bull 94. Evan Steinberg Garden City, N.Y.
Wealth Management San Francisco Morgan Stanley Private Morgan Stanley Private
2023 Rank: N
Coral Gables, Fla. Wealth Management Wealth Management
2023 Rank: 84 Client Types: Retail, HNW, UHNW,
Denver New York
2023 Rank: 94 Client Types: HNW, UHNW Institutional
Client Types: HNW, UHNW Team Assets (mil): $6,702 2023 Rank: N 2023 Rank: N Team Assets (mil): $28,745
Team Assets (mil): $5,840 Typical Account (mil): $45 Client Type: UHNW Client Types: HNW, UHNW Typical Account (mil): $10
Typical Account (mil): $30 Typical Net Worth (mil): $100 Team Assets (mil): $14,447 Team Assets (mil): $6,205 Typical Net Worth (mil): $30
Typical Net Worth (mil): $40 Typical Account (mil): $49 Typical Account (mil): $10
Typical Net Worth (mil): $99 Typical Net Worth (mil): $30
82. Andrew Griffo
76. Erik Bjerke Morgan Stanley Wealth
Merrill Wealth Management 88. Russell Rabito 95. John Barrett
Management Chicago UBS Private Wealth Merrill Wealth
Atlanta Management Management
2023 Rank: 95
New York New York
2023 Rank: 80 Client Types: Retail, HNW, UHNW,
Client Types: HNW, UHNW, Institutional 2023 Rank: 92 2023 Rank: 81
Foundations Team Assets (mil): $44,744 Client Types: HNW, UHNW, Client Types: HNW, UHNW,
Team Assets (mil): $114,742 Typical Account (mil): $10 Endowments Foundations, Endowments
Typical Account (mil): $50 Typical Net Worth (mil): $20 Team Assets (mil): $6,579 Team Assets (mil): $3,038
Typical Net Worth (mil): $75 Typical Account (mil): $25.8 Typical Account (mil): $25
Typical Net Worth (mil): $35 Typical Net Worth (mil): $70
83. Andrew Harbour
77. Robert Scherer Morgan Stanley Wealth
Morgan Stanley | Management 89. Randall Linde 96. Leigh Cohen
Graystone Atlanta Ameriprise Financial Merrill Private Wealth
Potomac, Md. Renton, Wash. Management
2023 Rank: 91
New York
2023 Rank: 58 Client Types: HNW, UHNW, 2023 Rank: 24
Client Types: HNW, UHNW, Foundations, Endowments, Client Types: Retail, HNW, UHNW 2023 Rank: 78
Foundations, Endowments, Institutional Team Assets (mil): $6,425 Client Types: HNW, UHNW
Institutional Team Assets (mil): $12,194 Typical Account (mil): $1.5 Team Assets (mil): $8,483
Team Assets (mil): $15,872 Typical Account (mil): $5 Typical Net Worth (mil): $3 Typical Account (mil): $25
Typical Account (mil): $25 Typical Net Worth (mil): $10 Typical Net Worth (mil): $40
Typical Net Worth (mil): $25 90. James Hansberger
.
84. Martin Halbfinger Morgan Stanley Private 97. Thomas Hutson-Wiley
78. Louis Paster UBS Private Wealth Wealth Management Merrill Wealth
ly
UBS Wealth Management Management Atlanta Management
Chicago New York San Francisco
2023 Rank: 66
2023 Rank: N 2023 Rank: 47 Client Types: Retail, HNW, UHNW, 2023 Rank: 90
Client Types: UHNW, Institutional Client Types: HNW, UHNW, Foundations Client Types: Retail, HNW, UHNW,
Institutional
on Team Assets (mil): $2,900
91. Trevor Wilde

Foundations, Endowments,
Institutional
Wilde Wealth Management
us ,
Group
l
Scottsdale, Ariz.
e
al a
2023 Rank: N
Client Types: Retail, HNW, UHNW
ci on
N=not ranked
er s
m er
m rp
co Fo
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record levels before a late-ses- in harassment report

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