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News
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rump said he “hereby
T ordered” U.S. compa-
nies doing business in
China to explore relocating
their operations and stiff-
ened tariffs on Chinese im-
ports after Beijing un-
veiled its own new levies
on American goods. A1, A6
 Bolton is seeking to
scuttle the pending Chinese
acquisition of a Ukrainian
aerospace firm on grounds
that it will give Beijing vital
defense technology. A9
 Leaders of G-7 nations
are divided on how to deal
with nearly every issue
they are set to discuss
during the three-day sum-
mit beginning Saturday. A10
 Western leaders assailed
Brazil’s president over his
stewardship of the Ama-
zon rain forest, as fires
rage in the region. A10
 Chinese police said a
British consulate employee
from Hong Kong was re-
leased after being de-
tained for 15 days. A12
 An ex-Trump associate
spied for U.S. law-enforce-
ment and intelligence agen-
cies, cooperating against mob-
sters and others in matters
unrelated to the president. A4
 Died: David Koch, 79, bil-
lionaire whose support for
conservative causes helped
reshape U.S. politics. A2
Business & Finance
 Stocks, government
bond yields and commodi-
ties fell in a wild session as
anxieties over trade relations
with China sparked fresh
worries. The Dow dropped
623.34 points, or 2.4%. A1
 Powell gave his most
forceful warning yet about
the risks from escalating
trade tensions and the lim-
its to the Fed’s ability to
cushion any fallout. A6
 Google issued new guide-
lines limiting employee dis-
cussion of politics and other
topics not related to work, a
major shift for the firm. A1
 A federal appeals court
froze a ruling that chip
manufacturer Qualcomm
had committed an array of
antitrust violations. A1
 An investment strategy
pitched as low-risk by UBS
stockbrokers has triggered
a backlash after clients
lost at least $60 million. B1
 Huawei trumpeted its first
high-end AI processor, the
Chinese firm’s latest attempt
to challenge Silicon Valley
in advanced technology. B3
 Taylor Swift released an
album on Spotify and other
streaming services after
long resisting the format. B1
 Sinclair CEO Ripley said
the broadcaster would be
interested in acquiring more
regional sports networks. B3
NOONAN
Mind Your Manners,
Says Edith
Wharton A15
CONTENTS
Books..................... C7-12
Food......................... D7-8
Gear & Gadgets.... D9-10
Heard on Street...B14
Obituaries............. A2,8
Opinion.............. A13-15
s 2019 Dow Jones & Company, Inc.
All Rights Reserved
Is Your
Child
Emotionally
Ready
For College?
REVIEW
THE WALL STREET JOURNAL WEEKEND
* * * * * * * * SATURDAY/SUNDAY, AUGUST 24 - 25, 2019 ~ VOL. CCLXXIV NO. 47
U.S., China Ramp Up Trade War
Stocks, Bond Yields Fall Sharply
As Fears of a Slowdown Build
BY GUNJAN BANERJI
Stocks, government bond
yields and commodities fell in a
wild session Friday as anxieties
over trade relations with China
sparked fresh worries about
global growth and the potential
for a recession.
The Dow Jones Industrial
Average dropped 623.34 points,
or 2.4%, after China said it
would impose retaliatory tariffs
on additional U.S. products and
President Trump said he or-
dered U.S. companies to explore
moving businesses out of that
country. The yield on the
benchmark 10-year U.S. Trea-
sury note settled at the lowest
level since August 2016, and
Tensions Fester in Kashmir as India’s Lockdown Continues
EPA/SHUTTERSTOCK
ANGER: Protesters clashed with security officials in the city of Srinagar after Muslim prayers on Friday. Indian authorities have
arrested or confined hundreds of Kashmiri political leaders, activists and others since the decision to end the region’s autonomy. A12
Qualcomm Wins Antitrust Respite
BY BRENT KENDALL
AND ASA FITCH
A federal appeals court
froze a ruling that Qualcomm
Inc. had committed an array
of antitrust violations, a boost
for the chip maker that allows
it to maintain its business
practices for the time being.
The court decision Friday is
a setback for the Federal
Trade Commission, which had
sued the company alleging it
New Health Issue
For Ginsburg
J. SCOTT APPLEWHITE/ASSOCIATED PRESS
Sports........................ A16
Style & Fashion D2-3
Travel...................... D4-5
U.S. News............ A2-6
Weather................... A16
Wknd Investor....... B4
World News..... A9-12
> time for players to express
Supreme Court Justice Ruth
Bader Ginsburg was ‘treated
definitively’ for a malignant
tumor on her pancreas, the
high court said. A3
Some of President
Trump’s reactions on
Twitter after Beijing’s
sanctions and Fed
copper prices tumbled. Chairman Powell’s speech:
Shares of toy makers, retail-
ers and semiconductor compa-
nies that manufacture products
As usual, the Fed did
NOTHING! It is incredible
in China were among the hard- that they can ‘speak’
est hit. Mattel and Hasbro both without knowing or asking
dropped more than 6%, while what I am doing, which will
Advanced Micro Devices and be announced shortly. We
Nvidia fell at least 5%. have a very strong dollar
The developments marked and a very weak Fed.
an escalation of trade tensions
between two of the biggest ...My only question is, who
global economies, stoking is our bigger enemy, Jay
waves of selling in the stock Powel (sic) or Chairman Xi?
market and continuing a stretch
Please turn to page A6 ...Our great American
companies are hereby
 China’s new duties target ordered to immediately
autos, farms............................... A6 start looking for an
 Powell hints at another rate alternative to China
cut soon........................................ A6
engaged in an illegal monop- chips to force device manufac-
oly that harmed smartphone turers to pay unreasonably
manufacturers and rival chip high royalty rates for Qual-
producers. comm’s intellectual property.
The Ninth U.S. Circuit Court Qualcomm argued its busi-
of Appeals granted a request ness practices were justified
by Qualcomm to stay the or- and perfectly lawful and said a
der by U.S. District Judge stay was necessary because
Lucy Koh that the company Judge Koh’s ruling would ir-
change the way it licenses its reparably harm the company
cellular technology. Judge while it was appealing the
Koh’s ruling, issued in May, case.
found the company leveraged Friday’s court action isn’t a
its dominance in smartphone definitive reading of the mer-
Baseball Players Could Pick Any
Name—And They Liked ‘Smitty’
i i i
Players’ Weekend allows pros to display
quirky nicknames; call me ‘Big Fudge’
BY JARED DIAMOND ball nicknames of yore.
AND ANDREW BEATON The Wall Street Journal an-
alyzed 832 of the names play-
Friday marked the begin- ers are choosing to wear this
ning of Players’ Weekend season. The results were like
across Major League Baseball, the 2019 Detroit Tigers: com-
those three days a year when pletely forgettable.
fuddy-duddy baseball players The lack of ingenuity is es-
can let loose and wear what- pecially jarring because the
ever crazy nickname they century-plus of baseball his-
want on the back of their uni- tory is rich with creative nick-
forms. It’s supposed to be a names that have become as
recognizable as the Yankees’
their individuality and show pinstripes. The most famous
that baseball can be creative player ever was named George
and fun. Herman Ruth. But people just
But with barely any restric- called him Babe—or the Sultan
tions, most of them pale in of Swat. Even his nickname
comparison to the great base- Please turn to page A12
women’s fashion
WSJ. MAGAZINE
WSJ.com
‘We Don’t Need China,’ Trump
Tweets, Hitting Back With Tariffs
President Trump said he
“hereby ordered” U.S. compa-
nies doing business in China
to explore relocating their op-
erations and stiffened tariffs
on Chinese imports after Bei-
By William Mauldin
and Alex Leary in
Washington and
Chao Deng in Beijing
jing unveiled its own new lev-
ies on American goods, the
latest twists in a trade war
rattling investors and con-
founding central bankers.
Mr. Trump tweeted late Fri-
day afternoon he would raise
the tariff rate on existing and
planned tariffs by 5 percent-
its of Qualcomm’s appeal, but
it indicated the company has a
fair shot at winning.
The San Francisco-based
appeals court’s seven-page or-
der said Qualcomm “has
shown, at minimum, the pres-
ence of serious questions”
about whether Judge Koh’s
ruling against the chip maker
was correct.
Qualcomm said it welcomed
the ruling and believed the
Please turn to page A4
EXCHANGE
SHOP AT YOUR OWN RISK
Amazon has ceded control of its website.
The result: thousands of banned, unsafe or
mislabeled products. B1
HHHH $5.00
age points. Tariffs already in
place on about $250 billion of
Chinese goods will rise to 30%
Oct. 1. Tariffs planned to take
effect Sept. 1 and Dec. 15 on a
further roughly $300 billion
will rise to 15%, officials said.
“We don’t need China and,
frankly, would be far better off
without them,” Mr. Trump
tweeted midmorning Friday
after Beijing said it would
place added tariffs of 5% and
10% on $75 billion of U.S. im-
ports, phased in from Sept. 1.
“Our great American compa-
nies are hereby ordered to im-
mediately start looking for an
alternative to China, including
bringing your companies
Please turn to page A6
Google
Reins In
Politics
At Work
BY SARAH E. NEEDLEMAN
AND KATHERINE BINDLEY
Google issued new guide-
lines limiting employee discus-
sion of politics and other top-
ics not related to work, in a
major shift for a company that
has long prided itself on open
debate and a freewheeling in-
ternal culture.
The Alphabet Inc. unit said
in a public memo on Friday that
staffers should avoid spending
time hotly debating matters un-
related to their jobs and refrain
from name-calling, among
other discouraged behavior.
Google also said it would ap-
point employees to moderate
the company’s famously rau-
cous internal message boards,
rather than allowing volunteers
to do so—in effect acknowledg-
ing that the discussions have
spiraled out of control.
“This follows a year of in-
creased incivility on our inter-
nal platforms, and we’ve heard
that employees want clearer
rules of the road on what’s OK
to say and what’s not,” a
Google spokeswoman said.
The new policy represents a
significant about-face for
Google. The tech titan helped
pioneer the Silicon Valley idea
of the workplace as a college-
like campus where employees
can express themselves freely
on topics that are important
to them.
The company’s internal
message boards host thou-
sands of discussion groups, on
topics ranging from social is-
sues to sports, and employees
Please turn to page A2

A2 | Saturday/Sunday, August 24 - 25, 2019
Koch, Backer of Conservative Causes, Dies
BY MELANIE GRAYCE WEST
AND JOHN MCCORMICK
David Koch, the billionaire
industrialist and philanthro-
pist whose support for conser-
vative causes and candidates
helped reshape U.S. politics in
recent decades, died Friday at
the age of 79.
The family of Mr. Koch said
in a statement, “While we
mourn the loss of our hero, we
remember his
OBITUARY iconic laugh-
DAVID KOCH ter, insatiable
1940-2019 curiosity, and
gentle heart.”
Koch Industries Inc. said
that Mr. Koch, who gave more
than $1 billion to charitable
causes, fought various ill-
nesses over many years.
Mr. Koch, whose net worth
of about $50.5 billion tied him
with his brother as the world’s
11th-richest person in Forbes
magazine rankings, gained
most of his wealth from a 42%
stake in Koch Industries of
Wichita, Kan., which has inter-
ests ranging from oil to beef
to paper and is the second-
largest closely held U.S. com-
pany.
A longtime New York resi-
dent, Mr. Koch was until his
retirement in June 2018 an ex-
ecutive vice president of the
family company.
Although he was a liberal
on social issues such as abor-
tion and same-sex marriage,
Mr. Koch used his fortune to
support conservative causes
such as lower taxes, free trade
and fewer regulations. He was
the Libertarian Party’s 1980
vice-presidential candidate.
With his surviving older
brother, Charles Koch, the
chairman and chief executive
of Koch Industries, Mr. Koch
created a network of like-
minded wealthy donors to
back conservative causes.
They were credited with
helping finance the limited-
government Tea Party move-
Google
Adds Rules
On Politics
Continued from Page One
can spend hours a day spar-
ring in them. In recent years,
though, the level of debate at
times has driven a wedge be-
tween staffers with opposing
views as well as between man-
agement and an increasingly
activist workforce.
Thousands of Google em-
ployees walked out last year
to protest payouts to execu-
tives accused of sexual harass-
ment, and some have objected
to the company’s pursuit of
government contracts.
Chief Legal Officer Kent
Walker has threatened to fire
workers poking around inside
the company for information on
contentious topics like Google’s
cloud-computing relationship
with the U.S. Defense Depart-
ment, The Wall Street Journal
reported earlier this month.
In its memo on Friday, the
company reiterated that confi-
dential information discussed
internally should be kept pri-
vate.
Two former Google employ-
ees, with opposing political
views, said the changes overall
will be jarring. One of those, a
software engineer, said many
employees were drawn to the
company in part by its poli-
cies, including commitments
to “do no evil” and “bring
your whole self to work.”
“That was the price of ad-
mission. They’re changing the
deal,” said the former em-
Sam Antar served time un-
der house arrest after he was
convicted of securities fraud
stemming from his work in the
1980s at the company Crazy Ed-
die. In some editions Friday, a
Page One article about the res-
ignation of Overstock.com’s
chief executive incorrectly said
Mr. Antar served time in prison.
Tourist arrivals to the re-
gion of Ladakh, India, in-
creased more than fourfold
between 2010 and 2018. A
Page One article Tuesday
about water shortages in India
incorrectly said fivefold.
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling 888-410-2667.
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David Koch, right, with his older brother, Charles Koch, center,
and Samuel Ramey talked at Lincoln Center in New York in 2009.
Mr. Koch, left, was the running mate of Libertarian presidential
candidate Ed Clark during the 1980 campaign.
ment that helped Republicans
win control of the House in
2010 during President
Obama’s first term.
The network the brothers
built includes more than 700
donors who give $100,000 or
more a year, as well as a group
called Americans for Prosper-
ity that has chapters in 36
states. In terms of its influ-
ence on the conservative
agenda in the U.S., the net-
work is rivaled only by the Re-
Google’s Mountain View, Calif., headquarters helped foster the
Silicon Valley idea of free expression in the workplace.
ployee. “It’s a radical depar-
ture on culture overnight.”
The new guidelines don’t
forbid discussing politics at
work but require managers to
address conversations that be-
come disruptive. Google, based
in Mountain View, Calif., has
more than 100,000 employees
at campuses around the world.
“While sharing information
and ideas with colleagues
helps build community, dis-
rupting the workday to have a
raging debate over politics or
the latest news story does
not,” the guidelines say. “Our
primary responsibility is to do
the work we’ve each been
hired to do, not to spend
working time on debates
about non-work topics.”
Google said it will launch a
tool later this year for employ-
ees to flag content within in-
ternal discussions that doesn’t
align with the new guidelines.
Those reports would then be
reviewed privately by mem-
bers of the new moderation
team.
CORRECTIONS  AMPLIFICATIONS
A graphic with a July 22
Page One article about migra-
tion from Guatemala showed
monthly apprehensions of
family units at the southern
U.S. border. It was incorrectly
labeled as apprehensions of
Guatemalan family units.
Royal Bank of Canada’s
Chief Executive David McKay
said the bank will be conserva-
tive in light of global eco-
nomic uncertainty and will
emphasize growth in its exist-
ing businesses over making
acquisitions. A Banking & Fi-
nance article Thursday about
* ***
U.S. NEWS
PATRICK MCMULLAN/GETTY IMAGES
RANDY RASMUSSEN/ASSOCIATED PRESS
Mr. Koch and his wife, Julia Flesher, broke ground for the David
H. Koch Center for Cancer Care in New York in 2015.
publican Party. zens United decision, which al-
The brothers’ efforts led to lowed unlimited spending,
intense criticism from Demo- both directly and indirectly, by
crats. In 2014, then-Senate outside groups.
Democratic leader Sen. Harry The Koch brothers didn’t
Reid of Nevada accused Mr. back Donald Trump in his
Koch and his brother of “try- 2016 campaign, but their po-
ing to buy America” through litical network has lauded his
campaign cash and called administration’s efforts to
them “un-American.” loosen regulations. The Kochs,
Megadonors such as the though, have been critical of
Kochs have been able to in- Mr. Trump’s policies on trade
crease their influence since and immigration.
the Supreme Court’s 2010 Citi- Mr. Koch’s significant phi-
years.
In 2017, it fired an em-
ployee who wrote an internal
memo suggesting men are bet-
ter suited than women for
AMY OSBORNE/AGENCE FRANCE-PRESSE/GETTY IMAGES
tech jobs. Last year, former fe-
male employees sued Google
for allegedly discriminating
against women, while former
male employees sued it for al-
legedly discriminating against
conservative white men.
Former Google engineer
Kevin Cernekee told the Jour-
nal earlier this month that he
believes he was fired in large
part because he expressed
conservative views on the
company’s internal message
boards.
Google told Mr. Cernekee in
a termination letter that he
The updated guidelines are was let go for multiple viola-
Google’s latest attempt to dial tions of company policies, in-
back the company’s freewheel- cluding improperly download-
ing discourse. Last year it ing company information and
warned employees that it misuse of the remote-access
would discipline anyone who software system. A spokes-
discriminates or attacks col- woman said the company en-
leagues or engages in discus- forces its policies without re-
sions that are “disruptive to a gard to political viewpoints.
productive work environ- The turmoil has drawn the
attention of political figures—
including President Trump—
The new policy who have accused Google of
bias toward conservatives. Mr.
represents a Trump last year complained
significant about- on Twitter that Google search
results for the words “Trump
face for the company. news” primarily displayed
what he labeled “Left-Wing
Media.”
Other tech companies have
ment.” In those guidelines, also struggled to keep internal
Google also advised employees employee discourse from get-
to avoid name-calling, includ- ting out of hand. Facebook in
ing making blanket statements 2016 dismantled a popular
about groups or categories of anonymous discussion board
people. for employees that had be-
Google has been buffeted by come a forum for conservative
a series of controversies re- political debate that some-
lated to politics and social is- times degenerated into racist
sues over the past several or sexist comments.
the bank’s earnings incorrectly 10 Off Duty article about vin-
said RBC would avoid acquisi- tage-car rental companies. The
tions. article incorrectly implied that
the photo was a 1959 Alfa Ro-
Recessions often have oc- meo Giulietta Spider.
curred after times when the
yield on the two-year Trea- Nora Burnett Abrams is
sury note has exceeded that the Mark G. Falcone director
of the 10-year issue. A Mar- of the Museum of Contempo-
kets article on Thursday rary Art Denver. An article in
about Wednesday’s stock the September issue of WSJ.
market incorrectly said reces- Magazine about the late pho-
sions often follow when yields tographer Francesca Woodman
on longer-term notes are refers to Ms. Abrams as a mu-
higher. seum curator because the is-
sue went to print before her
A photo of an Alfa Romeo promotion to director was an-
Spider accompanied an Aug. nounced.
THE WALL STREET JOURNAL.
vid H. Koch Theater—New
York-Presbyterian Hospital
and the Metropolitan Museum
of Art, all in Manhattan.
Diagnosed with prostate
cancer in 1992, Mr. Koch had
in recent years suffered from
deteriorating health, according
to the letter announcing his
retirement from business and
political activities. Over de-
cades, Mr. Koch funneled some
of his largest donations to
cancer research, most notably
to Memorial Sloan Kettering
Cancer Center in Manhattan
and to his alma mater, the
Massachusetts Institute of
Technology in Cambridge,
Mass., for the founding of the
Koch Institute for Integrative
Cancer Research.
In speaking of his philan-
thropy, Mr. Koch described
DIANE BONDAREFF/INVISION FOR KOCH INDUSTRIES/ASSOCIATED PRESS
himself in interviews with The
Wall Street Journal as a
“sugar daddy” for charitable
causes, with a “moral obliga-
tion” to give. He preferred to
donate his money to outstand-
ing institutions rather than
“use it on buying a bigger
house or a $150 million paint-
ing,” he said. “I really want to
put my money to work making
the world a better place.”
He attributed his philan-
thropy to a near-death experi-
ence in 1991, when an airplane
he was in collided with an-
other at Los Angeles Interna-
tional Airport. Mr. Koch was
able to escape the smoke-filled
plane, while more than 30 oth-
ers were killed in the collision.
lanthropy to nonpolitical Speaking about the crash in
causes was widely lauded. A a 2014 television interview,
onetime college basketball Mr. Koch said, “I felt that the
star, he loomed large—at 6- good Lord was sitting on my
foot-5-inches tall—over New shoulder and that he helped
York society as a fixture at save my life because he
splashy galas and as one of wanted me to do good works
the city’s most generous phi- and become a good citizen.”
lanthropists. In addition to his brother
He donated more than $1.3 Charles, Mr. Koch is survived
billion of his fortune to char- by his three children; his wife,
ity, including gifts to the State Julia Flesher; his twin brother,
Theater of New York at Lin- William Koch, and another
coln Center—renamed the Da- brother, Frederick Koch.
U.S. WATCH
ILLINOIS tor accused of faking a hate
crime against himself in Chicago.
Death Could Be First Mr. Webb will look at the en-
Linked to Vaping
An Illinois adult who devel-
tire case, including the controver-
sial decision by the Cook County
State’s Attorney’s Office to drop
oped a respiratory illness after all charges against Mr. Smollett.
using an e-cigarette has died, Mr. Webb has the authority
state officials said Friday, as to seek charges against the ac-
more cases surfaced nationally. tor if there are reasonable
U.S. health authorities said grounds.
Friday that they are investigat- On Friday, Mr. Webb, co-exec-
ing the cases of 193 people in utive chairman of the law firm
22 states who developed severe Winston & Strawn LLP, said he
lung illnesses after vaping. That planned to contact Mr. Smollett’s
is 40 more cases than two days lawyers about a meeting.
ago, when the Centers for Dis- Representatives for the actor
ease Control and Prevention is- declined to comment.
sued a statement warning the —Erin Ailworth
public about the illnesses.
The Illinois Department of NORTH CAROLINA
Public Health didn’t release the
identity, age or other details Bar-Code Ballots
about the person who died. What Approved for 2020
exactly is causing the acute ill-
nesses is unknown, though the North Carolina election offi-
CDC, state and local health offi- cials on Friday certified bar-code
cials suspect vaping plays a role. ballots for use in elections start-
Gregory Conley, president of ing next year despite an outcry
the American Vaping Associa- that they can’t be trusted by
tion, pointed to “tainted, black voters uncertain their choices
market THC products.”
“Each day of this crisis brings
are accurately counted.
The State Board of Elections
more evidence that street vapes voted 3-2 to allow a voting-ma-
containing THC or other illegal
drugs are responsible for these
chine maker to sell equipment
that digitizes votes into bar-code
illnesses, not nicotine vaping data, which is then tallied by the
products,” he said. company’s counting machines.
—Betsy McKay The five-member panel ap-
proved the change, citing the
ILLINOIS risk of delay after touch-screen-
only equipment is disallowed in
Ex-U.S. Attorney Will December.
Review Smollett Case —Associated Press
A Cook County judge on Fri-
day named former U.S. Attorney NOTICE TO READERS
Dan Webb as a special prosecu- The Numbers column will
tor to re-examine the case return next week.
against Jussie Smollett, the ac-
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THE WALL STREET JOURNAL.
Ginsburg
Treated for
Pancreatic
Cancer
BY BRENT KENDALL
WASHINGTON—Supreme
Court Justice Ruth Bader Gins-
burg completed a three-week
course of radiation for a malig-
nant tumor on her pancreas,
which was “treated defini-
tively,” the court said on Friday.
The justice will continue to
have periodic medical tests
but needs no further treat-
ment, and there is “no evi-
dence of disease elsewhere in
the body,” the court said.
The episode is the latest
health scare for Justice Gins-
burg, 86 years old, the court’s
oldest member and a leader of
its liberal wing who was nomi-
nated by President Clinton in
1993.
The radiation therapy, pro-
vided at Memorial Sloan Ket-
tering Cancer Center in New
York, marks the fourth time
Justice Ginsburg is known to
have been treated for cancer.
Justice Ginsburg was suc-
cessfully treated for colon can-
cer in 1999 and then for a first
round of pancreatic cancer 10
years later.
This past December, she un-
derwent surgery to remove two
cancerous growths on her left
lung, causing her to miss the
court’s oral arguments in Janu-
ary, though she still partici-
pated in the cases based on the
written legal briefs and tran-
scripts of the court proceedings.
She returned to the bench
in February and was an active
questioner during the rest of
the court’s term. She remains
one of the court’s fastest opin-
ion writers.
She has said repeatedly
that she plans to stay on the
high court as long as she is up
to the job, and liberals have
urged her to remain at least
while Republican President
Trump is in office. Justice
Ginsburg has pointed to for-
mer colleague Justice John
Paul Stevens as a model; he
remained on the court until he
was 90 years old and died last
month at the age of 99.
Justice Ginsburg has tran-
scended the legal world and
achieved a kind of pop-culture
fame that is uncommon for a
member of the court. She has
been nicknamed Notorious
R.B.G., after the rapper The
Notorious B.I.G., a moniker she
has embraced, along with Gins-
burg impersonations that have
appeared a number of times on
“Saturday Night Live.”
A documentary about her
life and career received an Os-
car nomination this year.
The Supreme Court said
Justice Ginsburg began treat-
ment on an outpatient basis
Aug. 5, after the tumor was de-
tected through a blood test
and biopsy in July.
Keystone Pipeline Approval Upheld
BY CHRISTOPHER M. MATTHEWS
AND VIPAL MONGA
The Nebraska Supreme
Court upheld the state’s ap-
proval of the Keystone XL
pipeline Friday, but hurdles to
the long-delayed project re-
main.
The court ruled in favor of
a state regulator’s decision to
approve the route in 2017, bol-
stering the prospects for the
pipeline expansion by TC En-
ergy Corp., formerly known as
TransCanada, which would
take oil from Canada’s Alberta
province to Nebraska.
The decision cleared the
way for Keystone XL to pass
through the state via an alter-
nate route from the one origi-
nally proposed more than a
decade ago. But the project
continues to face legal obsta-
cles, as well as steep opposi-
tion from environmentalists
and Democratic politicians.
Notably, the project must
still overcome a lawsuit in
Montana, after a federal judge
ruled that President Trump’s
2017 cross-border permit for
the pipeline expansion hadn’t
considered all impacts as re-
quired by federal law.
The Nebraska Public Ser-
vice Commission approved an
alternate route for the Key-
stone XL in 2017, different
from the one TC Energy ini-
tially applied for.
Landowners, environmental
and Native American groups
challenged that decision in
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* * * *
Epstein’s Accusers Face Legal Muddle
BY NICOLE HONG
Jeffrey Epstein’s death
leaves behind a messy legal
battle over his multimillion-
dollar estate.
Since the financier’s suicide
this month, at least six women
have filed lawsuits in New
York seeking compensation for
what they say is the damage
caused by years of sexual
abuse by Mr. Epstein. More
suits are expected.
The claims could result in a
protracted pursuit of Mr. Ep-
stein’s assets for many of his
accusers. Mr. Epstein’s will
was filed last week in the U.S.
Virgin Islands, spurring imme-
diate questions about how his
assets will be collected and
distributed.
Court papers accompanying
Mr. Epstein’s will showed his
estate to be worth at least
$577 million.
The value of his art, an-
tiques and other personal
property remains subject to
appraisal.
In a financial disclosure
filed last month, Mr. Epstein
listed properties in New York,
New Mexico, Florida, Paris and
the U.S. Virgin Islands.
Plaintiffs’ lawyers have al-
ready raised concerns about
whether Mr. Epstein hid any
assets that aren’t listed in his
will.
In a 2010 lawsuit, lawyers
for Mr. Epstein’s accusers al-
leged that he transferred as-
sets to prevent creditors from
locating them. The suit was
settled.
Further complicating the
process, the women seeking
compensation are navigating
Edmonton
Hardisty
A LBERTA SAS K.
MONT.
Keystone XL pipeline
The Nebraska Supreme
Court upheld a state
regulator’s approval of the
Keystone XL pipeline, but
more challenges remain.
Extent of the Keystone
oil pipeline
Constructed Planned
MEXICO
Source: TransCanada
court, arguing the new route
had not been properly scruti-
nized, and the issue ultimately
made it to the state’s Supreme
Court.
“The Supreme Court deci-
sion is another important step
as we advance towards build-
ing this vital energy infra-
structure project,” said Russ
Girling, TC Energy’s chief ex-
ecutive, in a statement.
U.S. NEWS
JOE SKIPPER/REUTERS
Jeffrey Epstein’s home in Palm Beach, Fla. Lawsuits could result in a protracted pursuit of his assets.
France Launches
An Investigation
PARIS—French prosecutors,
acting on information about al-
leged rape of underage French
girls, have launched a prelimi-
nary investigation to determine
whether the Jeffrey Epstein
scandal had ramifications in the
country. In cooperation with
estate-law procedures and
statutes of limitations in dif-
ferent states. Some lawyers
are discussing ways to avoid a
competitive free-for-all in
which alleged victims race to
the courthouse to obtain a
judgment.
“The federal courts han-
dling these cases will be criti-
cal and should have the power
to make sure that these vic-
tims are not left in limbo for
MANIT OBA
250 miles
CANADA
N. D .
S.D.
UNITED
STAT E S
NEB.
I LL.
Steele City Patoka
KA N. M O.
OK LA .
Cushing
TEXAS
Houston Port Arthur
The Sierra Club criticized
the ruling on Friday, saying
the court had ignored con-
cerns from landowners, Native
Americans and environmental
groups.
“But today’s ruling does
nothing to change the fact
that Keystone XL faces over-
whelming public opposition
and ongoing legal challenges
and simply never will be
U.S. authorities, French prose-
cutors said they aimed to de-
termine whether French nation-
als had been among victims of
Mr. Epstein’s alleged sexual-
trafficking activities, and if the
financier had any French ac-
complices. Paris prosecutor
Rémy Heitz said his office had
gathered information pointing
to alleged rape and sexual
abuse of underage individuals
in connection with the Epstein
years while Epstein’s associ-
ates’ profit,” said Roberta
Kaplan, a lawyer representing
one of Mr. Epstein’s accusers.
Mr. Epstein was found dead
in a Manhattan jail cell Aug.
10, while awaiting trial on sex-
trafficking charges stemming
from what federal prosecutors
alleged was a yearslong
scheme to procure and sexu-
ally abuse dozens of girls. He
had pleaded not guilty.
built,” Ken Winston, an attor-
ney for the environmental
group, said in a statement.
Keystone XL has already
faced numerous legal and po-
litical hurdles, and has become
a rallying cry for environmen-
talists who want to keep fossil
fuels in the ground.
Mr. Trump revived the
pipeline after it had been
blocked by former President
Obama, but the project has
continued to face challenges.
Earlier this month, the
president touted his decision
to approve the project at a
rally in Pennsylvania.
“We’re building pipelines,
and if we get the pipelines ap-
proved, then you better work,”
Mr. Trump told workers at a
petrochemical plant.
If completed as planned,
Keystone XL would carry up to
830,000 barrels of oil a day,
mostly from Canada’s oil
sands, more than 1,000 miles
to Steele City, Neb., where it
would link to existing pipe-
lines to Gulf Coast refineries.
The proposed route would
cross through Montana, South
Dakota and Nebraska.
In Montana, U.S. District
Judge Brian M. Morris ruled
last year that construction
couldn’t move forward until a
supplemental environmental
review is completed by the
U.S. State Department.
TC Energy said it is still
awaiting all approvals before
deciding to go ahead with the
pipeline.
Saturday/Sunday, August 24 - 25, 2019 | A3
Slaves ‘Made
A Way Out
Of No Way’
Earline Jackson, right, and
Phyllis Bradshaw stood at a rela-
tive’s grave in the Tucker Family
Cemetery in Hampton, Va., on
Friday. The women are part of a
larger family that traces its
roots to the first enslaved Afri-
cans to arrive in Virginia in 1619.
“Four hundred years ago, our
family started building America,
can I get an Amen?” Wanda
Tucker asked a crowd in the
cemetery. “They experienced
loss. They worked. They created.
They made a way out of no
way, determined that their labor
would not be in vain.”
Ms. Tucker, an Arizona college
professor, spoke at one of sev-
eral events in Virginia this week-
end that will mark the arrival of
BEN FINLEY/ASSOCIATED PRESS
more than 30 enslaved Africans
at a spot on the Chesapeake Bay
in August 1619. The men and
women who came from what is
now Angola arrived on two ships
and were traded for food and
supplies from English colonists.
—Associated Press
the consent of Mr. Epstein’s
estate, according to Kenneth
Feinberg, an attorney fre-
quently hired to administer
victim-compensation funds, in-
cluding for those affected by
the Sept. 11, 2001, terrorist at-
tacks and the Catholic Church
scandal.
A federal judge also could
force the estate to do so as the
litigation progresses, some al-
leged victims’ lawyers said.
Mr. Epstein’s estate might
wish to set up such a fund as a
way to quickly resolve the
claims and move on, Mr. Fein-
berg said.
Compensation funds typi-
cally set rules for who is eligi-
ble to file for claims, including
whether the victims needed to
have been underage at the
case, as well as to alleged crim- time of the abuse and how far
inal activities. The prosecutor back in time the claims can go.
didn’t mention any alleged vic- A third party would deter-
tim or suspect by name. mine the evidence needed to
A French human-rights or- prove the allegations and cal-
ganization, Innocence in Danger, culate a formula for payouts,
said it had shared with prose- which often depend on the fre-
cutors 10 testimonies gathered quency and nature of the
from people claiming to be vic- abuse.
tims or to have knowledge of Women who don’t wish to
Mr. Epstein’s alleged sex-abuse participate in the fund could
and sex-trafficking activities. still pursue their own litiga-
—Lee Harris tion in court.
The lawsuits in New York
against Mr. Epstein’s estate
Mr. Epstein’s lawyers didn’t have moved ahead under a
respond to a request to com- state law that went into effect
ment. last week and extended the
To process the claims statute of limitations for sur-
against his estate in an orderly vivors of child sexual abuse to
manner, some plaintiffs’ law- sue their abusers.
yers have raised the possibil- It included a one-year pe-
ity of a victim compensation riod to file claims that have al-
fund, similar to the one set up ready expired.
by the Catholic Church to pay The statute of limitations
victims of clergy sex abuse. could pose a problem, how-
Establishing such a fund at ever, for any women who wish
this early stage would require to file lawsuits in other states.
SEAGRAVE GALLERY
FINE PHOTOGRAPHS
SEAGRAVEGALLERY.COM
ANSEL ADAMS DIANE ARBUS MANY MORE
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A4 | Saturday/Sunday, August 24 - 25, 2019
Ex-Trump Affiliate Worked for FBI, CIA
Unsealed 2009 letter
from prosecutors details
Felix Sater’s decade of
secret cooperation
BY MICHAEL ROTHFELD
A Russian-born business-
man at the center of a plan to
build a Trump-branded tower
in Moscow spied for U.S. law-
enforcement and intelligence
agencies, providing coopera-
tion at a “breadth rarely seen”
against mobsters and others in
matters unrelated to the presi-
dent, federal prosecutors wrote
in a newly unsealed letter.
Felix Sater, a former busi-
ness associate of President
Trump, began working with
the Federal Bureau of Investi-
gation in 1998, after he was
caught in a stock-fraud
scheme. As he pleaded guilty,
Mr. Sater turned on his co-
conspirators, federal prosecu-
tors in Brooklyn wrote in an
Aug. 27, 2009, letter, unsealed
Friday, to U.S. District Judge I.
Leo Glasser, who was oversee-
ing the case. He had gone on
Democrats Pitch Health Proposals to Unions DOJ Says
BY TARINI PARTI
AND ELIZA COLLINS
FROM TOP: PAUL KITAGAKI JR./ZUMA PRESS; KEVIN E. SCHMIDT/QUAD-CITY TIMES/ZUMA PRESS
DAVENPORT, Iowa—Demo-
cratic presidential candidates
supporting a bigger govern-
ment role in health care are
stepping up appeals to union
members—a key constituency—
who are concerned that a pro-
posed expansion of Medicare
would leave them with less-
generous benefits than they
now enjoy.
Vermont Sen. Bernie Sand-
ers, the architect of the Medi-
care for All proposal that some
senators vying for the nomina-
tion have co-sponsored, in-
cluded in a pro-union plan he
released this past week a sec-
tion intended to entice union
members to support his health-
care proposal.
Because their health care is
negotiated over long periods of
time through collective bar-
gaining, union members often
have more-generous health
plans, with fewer out-of-pocket
costs, than nonunion workers.
Medicare for All as generally
defined would move every
American, even those with em-
ployer-based coverage, to a
government-run health plan
within a few years. Some Dem-
ocrats prefer a more incremen-
tal approach, known as a public
option, that would let private
health-insurance plans compete
with a government-run pro-
gram that would be available to
all Americans.
Other candidates who had
endorsed Mr. Sanders’s plan in
the Senate also have modified
their approach. California Sen.
Kamala Harris released her
own Medicare for All plan last
month and is stressing that her
proposal allows for a limited
role for private insurers.
When asked about union-ne-
gotiated health care in her plan
at a town hall in Iowa this
month, Ms. Harris said her 10-
year transition period would
account for union contracts.
“Under the other Medicare
for All plan, the transition time
would be four years, but most
of those union contracts are ne-
gotiated for a five-year term or
longer,” Ms. Harris said. “I
didn’t want you to have to lose
what you bargained for.”
Massachusetts Sen. Eliza-
beth Warren has backed Mr.
Sanders’s Medicare for All pro-
Qualcomm
Gets Boost
From Court
Continued from Page One
case would ultimately go its
way. The Ninth Circuit’s stay
“will allow Qualcomm to con-
tinue to invest in inventing
the fundamental technologies
at the heart of mobile commu-
nications at this critical time
of transition to 5G,” said Don
Rosenberg, executive vice
president and general counsel
for the San Diego-based com-
pany.
Shares of Qualcomm fell
4.7% to $73.52 on the Nasdaq
Stock Market.
The stock spiked after the
court’s action then fell along
P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ******
to assist various agencies in
different areas of law enforce-
ment for years, they wrote.
“Sater went above and be-
yond what is expected of most
cooperators and placed him-
self in great jeopardy in doing
so,” the prosecutors wrote in
pushing for him to get a
lighter sentence. On the
strength of his continuing co-
operation, they had put off his
sentencing for more than a de-
cade, an unusually long period
for such arrangements.
In an interview, Mr. Sater
said he assisted the govern-
ment primarily to help his
country and to compensate for
the crimes of his youth, rather
than solely to avoid prison,
though that was a factor.
“I have done wrongs, but
when I go before my maker, I
know that I did a lot more good
than I did wrong,” he said.
Mr. Sater said his coopera-
tion ended in 2017. He said he
told Mr. Trump in the
mid-2000s that he was aiding
the government on national se-
curity matters. Mr. Trump in a
2011 deposition in a civil law-
suit denied knowing anything
Sens. Bernie Sanders, above, and Kamala Harris, below, have emphasized their health proposals’ benefits for union members.
posal but hasn’t released her
own plan. Her campaign didn’t
respond to a request to com-
ment on whether Ms. Warren
also supported the Sanders
provision for union members.
Mr. Sanders had been grilled
on the effect his health pro-
posal would have on union con-
tracts. One speaker at a labor
town hall in Iowa on Monday
told Mr. Sanders he was con-
cerned about losing the cover-
age he received as a United Au-
with the much of the tech in-
dustry when U.S.-China trade
tensions flared, with President
Trump blasting Beijing’s im-
position of tariffs on $75 bil-
lion worth of U.S. products.
Qualcomm supplies China’s
biggest smartphone makers.
Last month, the chip maker
cut its full-year forecast for
smartphone sales and warned
that challenges emanating
from China are hurting its
business.
Bruce Hoffman, director of
the FTC’s bureau of competi-
tion, expressed disappoint-
ment in Friday’s court ruling,
but, he said, “We respect the
decision and look forward to
defending the district court’s
decision on the merits.”
Mr. Hoffman said some
conditions imposed on Qual-
comm remain in effect, includ-
ing monitoring provisions and
a requirement that the com-
pany not interfere with cus-
U.S. NEWS
about Mr. Sater’s background.
Mr. Sater said he gave Mr.
Trump a fuller accounting of
his history when Mr. Trump de-
cided to run for president. Mr.
Trump was inclined to go pub-
lic with it but his attorneys ad-
vised against it, Mr. Sater said.
A spokesman for the White
House didn’t respond to re-
quests to comment.
The revelations about Mr.
Sater’s work for the govern-
ment, which included going un-
dercover in Cyprus to catch
Russian cybercriminals and
passing along tips about ter-
rorists and a possible presiden-
tial-assassination plot, provide
a more nuanced view of one
past associate of Mr. Trump.
They also add a new element to
the story of a president whose
life history has brought him
into contact with an unusually
colorful cast of characters.
Many of these events were
detailed in an article by the
news organization BuzzFeed,
but the letter’s unsealing is
the first public acknowledg-
ment by government officials
of Mr. Sater’s cooperation.
Mr. Sater, who moved to
tomobile Workers member.
“You want to put us on a so-
cialized health care and get
taxed more for it while we get
it for free, basically, from our
employers,” the man said.
Mr. Sanders interrupted to
say it wasn’t socialized medi-
cine, before adding that taking
health care off the table during
union negotiations would let
both sides focus on wages and
other benefits.
The Sanders campaign said
tomers who might want to
talk to the government about
antitrust matters.
The stay means Qualcomm
won’t have to change its prac-
tices while the litigation runs
its course, which could take at
least another year. The ap-
peals court said it will hear
oral arguments in January.
The case dates back to the
start of 2017 when antitrust
officials at the FTC sued Qual-
comm in the waning days of
the Obama administra-
tion. The case has produced
an unusual split between two
federal antitrust agencies,
with the Justice Department
under the Trump administra-
tion stepping into the case to
support Qualcomm.
The FTC had argued that
staying Judge Koh’s ruling
would allow Qualcomm to per-
petuate anticompetitive ac-
tions that have spurred higher
prices and created roadblocks
THE WALL STREET JOURNAL.
an architect of the stock-fraud
scheme, in which he worked
with others on Wall Street and
in organized crime to buy
stakes in cheap stocks, pump
up their prices and dump
them, according to records
from his case.
After Mr. Trump’s election,
ANDREW HARRER/BLOOMBERG NEWS
Mr. Sater returned to the pub-
lic eye when investigations by
special counsel Robert Mueller
and in Congress delved into
his pursuit, starting in the fall
of 2015, of a deal to build a
Trump World Tower in Mos-
cow. The facility was planned
to have 250 luxury condomini-
Russian-born real-estate ums and a 15-floor first-class
developer Felix Sater last month. hotel, as well as offices and a
commercial component.
the U.S. as a boy, worked on The letter from prosecutors
the development of the Trump outlining Mr. Sater’s work
SoHo condominium hotel in with law enforcement was
the late 2000s. written to Judge Glasser be-
He became the focus of sto- fore his 2009 sentencing un-
ries during Mr. Trump’s presi- der a section of federal law
dential campaign because of a that provides for leniency for
criminal record that included cooperators who provide sub-
an assault conviction and jail stantial assistance.
time for breaking a margarita The judge gave Mr. Sater no
glass on a man’s face in a bar prison time in part based on
fight in the early 1990s. After the letter, but kept the sen-
his release, Mr. Sater became tence confidential after prose-
the bill has been endorsed by on the ACA, while 39% sup-
more than 60 unions and na- ported a national Medicare for
tional organizations. All plan.
Candidates’ modifications to Former Vice President Joe
Medicare for All come as poll- Biden, who supports building
ing shows party voters prefer on the ACA with a public op-
to expand on the Affordable tion, used concerns over Medi-
Care Act rather than overturn care for All to separate himself
it with a new health program. A from the other top candidates
Kaiser Family Foundation poll at the Iowa Federation of Labor
of Democrats and Democratic- convention. “You’ll be able to
leaning independents released keep your negotiated plans,”
last month found 55% of those Mr. Biden told union members
surveyed preferred expanding at the convention Wednesday.
to innovation. The Justice De-
partment, on the other hand,
said the judge’s ruling could
panies reached a global settle-
ment in April.
Their resolution dissipated
deal a blow to Qualcomm’s po-
sition as a leader in 5G wire-
less technology, potentially to
the uncertainty hanging over
Qualcomm, but the FTC case
could still shake the company
the detriment of national se-
curity.
The appeals court said the
to its core.
Judge Koh’s ruling required
the company to renegotiate its
rift within the government licensing deals with phone
was another reason it delayed makers and allow chip-making
the ordered changes to Qual- rivals to use its intellectual
comm’s business. “This case is property at reasonable rates.
unique, as the government it- Playing by those rules
self is divided about the pro- would cut into a licensing
priety of the judgment and its business that currently ac-
impact on the public interest,” counts for almost two-thirds
the court said. of Qualcomm’s earnings before
As Qualcomm faced FTC taxes as of its fiscal third
scrutiny, Apple Inc. in 2017 quarter.
sued the chip maker on simi- In court testimony, Qual-
lar grounds, alleging it comm executives have warned
charged above-market rates that some licensees were al-
for licenses to its patents. The ready threatening to hold back
Apple-Qualcomm legal battle payments as the court battle
grew to encompass cases in dragged on.
China, Germany and other far- —Tripp Mickle
flung locales before the com- contributed to this article.
cutors asserted that the infor-
mation would jeopardize
ongoing investigations.
Prosecutors said Mr. Sater
began cooperating with the
government in 1998 after
learning while traveling over-
seas that he was wanted by
law enforcement. Trying to
build goodwill, he contacted
U.S. intelligence officers over-
seas and offered information
about the Northern Alliance, a
group of militias battling the
Taliban in Afghanistan, prose-
cutors wrote.
Mr. Sater provided the U.S.
government with information,
including serial numbers of
Stinger missiles the Northern
Alliance wanted to sell back to
the U.S., the prosecutors
wrote, adding he used contacts
with Russian military and in-
telligence officers and relayed
information to the CIA.
“People asked me why I did
it, and some may say I am
wrapping myself in the flag.
And I’d say, f—, yeah. I am. I
am proudly wrapping myself in
the American flag,” he said. “I
know this is the greatest coun-
try on the face of the earth.”
1964 Law
Doesn’t
Cover Gays
BY BRENT KENDALL
WASHINGTON—The Trump
administration on Friday
urged the Supreme Court to
rule that a longstanding fed-
eral civil-rights law prohibit-
ing sex discrimination doesn’t
protect gay people in the
workplace.
“The ordinary meaning of
‘sex’ is biologically male or fe-
male; it does not include sex-
ual orientation,” the Justice
Department wrote in a high
court brief submitted by U.S.
Solicitor General Noel Fran-
cisco.
The legal filing came in a
highly anticipated case the Su-
preme Court is scheduled to
hear in October, the justices’
first major exploration of
LGBT rights since it legalized
same-sex marriage in 2015.
At issue is the meaning of
Title VII of the 1964 Civil
Rights Act, which broadly pro-
hibits employers from discrim-
inating against workers, in-
cluding in hiring and firing
decisions, based on an em-
ployee’s sex.
Lower courts have issued
conflicting decisions on
whether that provision should
be interpreted to cover sexual-
orientation job discrimination,
prompting the Supreme Court
to agree to resolve the dis-
agreement.
The justices will hear a pair
of legal disputes consolidated
into a single case.
In one, a New York-based
appeals court allowed the es-
tate of the late Donald Zarda,
a skydiving instructor, to sue
his former employer on claims
that he was fired in 2010 be-
cause he was gay. He died in a
skydiving accident in 2014.
In the other case, an At-
lanta-based appeals court
took a different view, throw-
ing out discrimination claims
by a gay man who alleged his
sexual orientation was the
reason he was fired from his
job as child-welfare services
coordinator for the juvenile-
court system in Clayton
County, Ga.
The Justice Department’s
legal brief said the question
wasn’t whether Congress can,
or should, prohibit workplace
discrimination against LGBT
people. Instead, the issue is
whether Congress did so in
the 1964 law, and it is clear
that lawmakers didn’t, the de-
partment argued.
The DOJ’s position is at
odds with the views of the U.S.
Equal Employment Opportu-
nity Commission, which takes
the position that Title VII for-
bids any employment discrimi-
nation based on gender iden-
tity or sexual orientation.
The department’s brief
comes a week after it made
similar arguments in another
case before the Supreme Court
involving allegations of trans-
gender discrimination by a De-
troit funeral home worker.
The Supreme Court is ex-
pected to decide the cases by
June 2020.
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A6 | Saturday/Sunday, August 24 - 25, 2019
China’s New Duties Target Autos, Farms
The U.S. and China raised
tariffs on one another Friday,
exchanging salvos in the grow-
ing trade war between the
world’s two largest economies.
By Josh Zumbrun
in Washington and
Chao Deng in Beijing
After the close of U.S. mar-
kets, President Trump said he
would raise the rate of exist-
ing and planned tariffs on Chi-
nese imports by 5 percentage
points.
The rate on tariffs set to hit
on Sept. 1 and Dec. 15 will be
raised to 15% from 10%, while
existing punitive tariffs on
about $250 billion in Chinese
goods will be raised to 30%
from 25% on Oct. 1.
Earlier Friday, Beijing said
it would impose tariffs of 5%
and 10% on almost all the re-
maining U.S. imports on which
it has yet to impose punitive
taxes. China also plans to raise
tariffs on many items already
subject to duties, as the coun-
try increasingly struggles to
match the U.S. levies.
China’s retaliatory mea-
sures, imposed on a total of
about $75 billion of U.S. goods,
are set to go into effect on
Sept. 1 and Dec. 15, the same
dates that the two new rounds
of U.S. tariffs on Chinese goods
are to take effect. Items China
plans to impose or raise tariffs
on include agricultural prod-
ucts, automobiles, apparel,
chemicals and textiles.
Major car companies will be
hit particularly hard by the in-
crease in tariffs, particularly
Tesla Inc. and Ford Motor Co.,
Powell Hints at Another Rate Cut Soon
BY NICK TIMIRAOS
JACKSON HOLE, Wyo.—Fed-
eral Reserve Chairman Jerome
Powell gave his most forceful
warning yet about the risks to
the U.S. economy from escalat-
ing trade tensions and the lim-
its to the central bank’s ability
to cushion any fallout.
Mr. Powell, in a widely antic-
ipated speech here Friday, sig-
naled the central bank would
follow its rate cut last month,
its first in more than a decade,
with an additional reduction
soon. But he stopped short of
saying how much stimulus the
Fed might provide beyond that.
Instead, he cautioned that
the Fed’s tools aren’t well
suited to counter rising busi-
ness and investor anxieties over
the intensifying trade war be-
tween President Trump and
Chinese President Xi Jinping.
There are “no recent prece-
dents to guide any policy re-
sponse to the current situation.
Stocks Fall
Amid New
Worries
Continued from Page One
of turbulence in August. Mar-
kets have been punctured by
bouts of volatility, driven by
the trade tensions, uncertainty
about the pace of the Federal
Reserve’s interest-rate cuts
and concerns about economic
growth around the world.
“It seems as though it’s a
freaky Friday,” said Michael
Arone, chief investment strat-
egist at State Street Global
Advisors. “It looks as though
the markets are bracing for
the worst.”
The drop marked the Dow
industrials’ third decline of at
least 2% this month and put the
blue-chip index 6.3% below last
month’s all-time high. The index
is still up nearly 10% this year.
Meanwhile, a measure of
stock volatility, the Cboe Vola-
tility Index, jumped about 19%
to 19.87 after falling earlier in
the week.
The S&P 500 dropped 75.84
points, or 2.6%, while the Nas-
daq Composite shed 239.62
points, or 3%. All three major
indexes have declined for four
consecutive weeks.
This past week’s activity
was marked by mixed signals
about the economy and pros-
pects of stimulus. President
Trump weighed in several
times with criticism of the
Fed’s approach and seemingly
conflicting comments about
fresh tax cuts to boost the
economy.
Still, investors said trade
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A worker examines Tesla Model 3 electric cars at a port in Shanghai. Beijing announced new tariffs on U.S. auto imports.
as well as Germany’s BMW AG
and Daimler AG’s Mercedes-
Benz. These companies build a
significant number of vehicles
in the U.S. for export to China—
mostly premium models—and a
higher tariff could force them
to raise prices and lose sales.
China is the second-largest
export market for U.S.-made
autos, accounting for $6.2 bil-
lion of exports last year, ac-
Moreover, while monetary
policy is a powerful tool that
works to support consumer
spending, business investment
and public confidence, it cannot
provide a settled rulebook for
international trade,” Mr. Powell
said at the Kansas City Fed’s an-
nual symposium.
He didn’t push back
against market expectations of a
rate cut at the Fed’s Sept. 17-18
meeting, and he left an open
door to providing more stimulus
after that. “We will act as appro-
priate to sustain the expansion,”
Mr. Powell said.
Mr. Trump frequently has
criticized the Fed in recent
weeks and called for it to de-
ploy stimulus measures typi-
cally reserved for periods when
the economy is falling into a re-
cession.
Mr. Powell, who was named
by Mr. Trump to a four-year
term that began last year, has
been careful not to engage in a
back-and-forth verbal boxing
Tweet Storm
President Trump's late-morning tweets sent the stock
market reeling.
0.5%
0
–0.5 10:40 a.m.
Asks “who is our
bigger enemy,
–1.0 Jay Powel(sic) or
Chairman Xi?”
–1.5
–2.0
10:30 a.m. 10:45
Sources: FactSet (index); Twitter (tweets)
remains one of their biggest
concerns. Stock futures over-
night Thursday into Friday
pointed to gains but slumped
when China rolled out the new
plan for tariffs.
Investors digested that news
and even briefly pushed major
indexes higher following Fed-
eral Reserve Chairman Jerome
Powell’s comments about inter-
est-rate policy. But stocks re-
versed course again, diving af-
ter President Trump’s tweets
ordering U.S. companies to seek
alternatives to doing business
in China. The losses accelerated
into the closing bell.
“The timing of it is remark-
able,” said John Brady, manag-
ing director at futures broker-
age R.J. O’Brien & Associates,
of the trade news early Friday.
“It puts tariffs front and cen-
ter on a very important day.”
After the stock market
closed Friday, Mr. Trump
tweeted that China shouldn’t
have put new tariffs on U.S.
products and added that he
* *****
U.S. NEWS
cording to statistics published
by the U.S. International Trade
Administration. For parts, the
country was the third- largest
market, with 2018 exports
worth $3.6 billion. In all, auto
makers exported roughly
230,100 U.S.-built cars to China
last year, according to fore-
casting firm LMC Automotive.
U.S. oil exports to China
have already fallen this year
match. But his speech on Friday
implicitly blamed the trade war
for aggravating a global eco-
nomic slowdown that has
weakened U.S. manufacturing
and business investment,
clouding an otherwise solid do-
mestic outlook.
While Mr. Powell never men-
tioned the president by name,
former Fed Vice President Stan-
ley Fischer said at a later event
here that the greatest threat to
the international monetary sys-
tem rested with Mr. Trump’s
behavior. The president is “try-
ing to destroy the global trad-
ing system,” Mr. Fischer said at
a presentation by Bank of Eng-
land Gov. Mark Carney.
“We are in a system in
which things are getting worse
day by day,” said Mr. Fischer,
who served as Fed vice chair-
man from 2014 to 2017 and be-
fore that served as governor of
the Bank of Israel. “It’s not a
service to anybody at least pri-
vately to not focus on what the
10:59:03 a.m.
Says U.S. companies
“hereby ordered” to
seek an alternative
to China
DJIA
S&P 500
Nasdaq
Composite
11 11:15
was increasing the level of tar-
iffs of Chinese goods.
The developments overshad-
owed a highly anticipated
speech from Mr. Powell in Jack-
son Hole, Wyo. Ahead of the
speech, many investors sug-
gested his comments would be
the biggest event of the day. In-
stead, reaction was muted.
Mr. Powell acknowledged
trade in his comments, saying
the uncertainty was “playing a
role in the global slowdown”
and adding the Fed would act
accordingly to “sustain the ex-
pansion.”
Investors are next looking to
the Group of Seven summit in
France, which could also put
divisions between world lead-
ers on display. They will also
parse figures on consumer
spending and a second esti-
mate of second-quarter gross
domestic product for signals
about the state of the economy.
In one sign of anxiety per-
colating through markets, a
bond signal--the yield curve--
amid the trade tensions.
“It’s clearly not a good
headline for oil markets,” said
Noah Barrett, research analyst
at Janus Henderson Investors.
He said Chinese imports of
U.S. crude averaged 230,000
barrels a day, or 11% of U.S.
crude exports, last year.
Through May of this year,
crude exports to China have
slowed and are running at
key problems are. And that
would be the behavior of the
United States, unfortunately.”
Mr. Powell cataloged a series
of concerning geopolitical
events that have contributed to
a volatile three-week period for
global financial markets.
These included Mr. Trump’s
announcement that he planned
to impose new tariffs on $300
billion in Chinese goods that
weren’t already subject to tariffs.
The Fed chief also noted ris-
ing tensions in Hong Kong and
the prospect of a messy divorce
between the U.K. and the Euro-
pean Union.
Global manufacturing sur-
veys indicate industrial produc-
tion in more countries has been
falling to levels associated with
contraction, with declines in
large economies in Germany
and China weighing heavily on
markets.
 Heard on the Street: Powell
notes Fed’s limits.................. B14
has flashed a warning that a
potential recession is looming.
The two-year Treasury yield
settled above the 10-year
Treasury yield Friday, accord-
ing to Dow Jones Market Data.
The curve has inverted ahead
of the past seven economic re-
cessions, making it a widely
watched measure.
Investors have also been
parsing news from the Fed as
well as fresh economic data,
some of which have sent con-
flicting signals. A series of
weak manufacturing data ear-
lier this past week around the
world also raised concerns
about a possible recession,
while other figures have elic-
ited optimism.
Strong earnings reports
from retailers like Target and
Lowe’s have offered encourag-
ing signs about the strength of
the U.S. consumer.
“There’s really been a tug
of war in the markets,” said
Chris Zaccarelli, chief invest-
ment officer at Independent
Advisor Alliance. “I don’t think
the worst is behind us.”
Mr. Zaccarelli said he has
recently bought shares of con-
sumer-staples companies, a
sector that tends to fare better
when the economic outlook
deteriorates.
Investors scooped up tradi-
tionally safer assets like gov-
ernment bonds and gold Fri-
day, sending the yield on the
10-year Treasury note down
for the fourth consecutive
week to 1.523% Friday, from
1.613% Thursday. Yields fall as
bond prices rise.
“This is going to be ping-
pong for a while,” said Sean
O’Hara, president of the ETF
division at Pacer Financial Inc.
“That’s what we’re going to
continue to see until we get a
resolution, if we ever do..”
THE WALL STREET JOURNAL.
Some items on China’s tar-
iff list, such as soybeans, beef
and pork, were on previous
lists of goods that already had
tariffs imposed. China im-
ported $120 billion in U.S.
goods last year.
Agricultural commodities
slumped on Friday. Farming
has suffered especially hard
from the retaliation to Mr.
Trump’s trade measures.
Near Taylor Ridge, Ill.,
farmer Phil Fuhr has been left
sitting on bushels of soybeans
he harvested last year. He said
he had hoped a trade resolu-
tion between the U.S. and
China would lift prices so he
could sell them this summer.
China’s announcement “was
definitely a step in the wrong
direction,” said Mr. Fuhr, who
sells much of his crops to
grain-shipping terminals along
the nearby Mississippi River.
“There’s a lot of soybeans sit-
CHINATOPIX/ASSOCIATED PRESS
ting there with no home.”
Economists say China is
having a harder time retaliat-
ing in proportion to the U.S.’s
moves, since it imports fewer
products from the country.
That is one reason it is hit-
ting U.S.-made cars with 25%
tariffs this time around; Bei-
jing had imposed, then sus-
about 110,000 barrels a day, or pended, this set of tariffs last
4% of U.S. crude exports. year.
Shares of retailers and Soon after Mr. Trump an-
semiconductor companies that nounced his plans for fresh tar-
manufacture parts and materi- iffs set for Sept. 1, Beijing re-
als in China were among the sponded by announcing the
hardest hit on Friday. Mattel freezing of purchases of U.S.
Inc. and Hasbro Inc. dropped agricultural products and let-
more than 6%, while Nvidia ting its currency drop to its
Corp. and Advanced Micro lowest level in a decade. A
Devices Inc. slumped about weaker yuan makes Chinese ex-
5%. ports cheaper.
Tensions enemy, Jay Powell or Chairman
Xi?” referring to Chinese Presi-
dent Xi Jinping.
Rise Over Mr. Trump made light of
the stock market’s decline Fri-
day, tweeting that the Dow in-
Trade dustrials’ drop was “perhaps
on the news that Representa-
tive Seth Moulton, whoever
that may be, has dropped out
Continued from Page One of the 2020 Presidential
HOME.” Race!”—referring to the Mas-
Mr. Trump can’t unilaterally sachusetts Democrat’s exit ear-
direct companies where to do lier in the day.
business or to seek alterna- The rapid-fire developments
tives to Chinese supply chains. Friday augured more potential
Some companies have already fireworks at this weekend’s
been trying to diversify—with meeting of the Group of Seven
mixed results—as trade ten- rich nations in the resort town
sions have escalated. of Biarritz, France.
“I think that’s typical The tensions in the interna-
Trump, kind of over the top. tional trade system were al-
He can’t order anybody and he ready expected to be a leading
knows that,” said Sen. Lindsey agenda item, along with Brit-
Graham (R., S.C.), a close ally ain’s coming departure from
of the president who said he the European Union. In Sunday
spoke with Mr. Trump about meetings, Mr. Trump is ex-
China on Thursday night. “I pected to highlight the U.S.’s
think he’s pushing as hard as comparatively strong growth
he can to get the Chinese to compared with Europe’s. Rep-
take what we’re doing seri- resentatives of other countries
ously.” are likely to point to Mr.
The president’s stance rep- Trump’s trade disruptions as a
resented a new phase in his cause of economic sluggish-
longstanding drive to shape
U.S. corporate planning to
align with his desire to see U.S.
companies invest domestically
The developments
augur fireworks at
and to force changes in China’s
behavior that he says harms
U.S. companies and consumers.
this weekend’s Group
of Seven meeting.
The uncertainty created by
that strategy has posed contin-
uous challenges to stewards of
monetary policy, with Federal
Reserve Chairman Jerome ness.
Powell saying Friday morning Mr. Trump has frequently
in a much anticipated speech taken aim at individual compa-
that the Fed stood ready to nies in trying to stop them
stimulate the economy as from closing plants or firing
needed but that trade uncer- workers and has long urged
tainties compounded the risks companies to bring investment
to the global economic out- and jobs back to the U.S.
look. On Friday, he also said he
“While monetary policy is a would require shipping compa-
powerful tool that works to nies to block shipments of fen-
support consumer spending, tanyl from China and else-
business investment and public where. The president has
confidence, it cannot provide a blamed Beijing for not follow-
settled rulebook for interna- ing through on a commitment
tional trade,” Mr. Powell said in earlier trade negotiations to
at the annual central bankers’ curb flows into the U.S. of the
conclave in Jackson Hole, Wyo. addictive and potentially lethal
Markets broadly held up fol- painkiller.
lowing China’s tariff announce- Some companies have al-
ment and Mr. Powell’s speech tered course because of the
but reacted negatively to Mr. bully-pulpit pressure, while
Trump’s Twitter proclamations others haven’t. On Friday some
with the Dow Jones Industrial business leaders bristled at re-
Average dropping more than ceiving presidential orders via
600 points, or 2.4%, yields on Twitter.
U.S. government bonds tum- “It’s impossible for busi-
bling and many commodities nesses to plan for the future in
prices falling. The announce- this type of environment,” said
ment of the new U.S. tariff re- David French, senior vice pres-
gime on Chinese imports came ident of government relations
after the U.S. markets’ close. at the National Retail Federa-
Mr. Powell, a frequent tar- tion. “The administration’s ap-
get of Mr. Trump who wants proach clearly isn’t working,
him to do more to lower rates and the answer isn’t more
to stimulate growth, was once taxes on American businesses
again in the presidential and consumers. Where does
crosshairs after he stopped this end?”
short of committing to further High-level talks with China
rate cuts. “As usual, the Fed are still scheduled for next
did NOTHING!,” Mr. Trump month, White House trade ad-
wrote on Twitter after Mr. viser Peter Navarro said Friday
Powell’s speech. “My only morning on Fox Business Net-
question is, who is our bigger work.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 24 - 25, 2019 | A7

SUN 8/7 C
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A8 | Saturday/Sunday, August 24 - 25, 2019 * *** THE WALL STREET JOURNAL.

OBITUARIES
CHARLES LOCKE R AY M I N E L L A
1929 — 2019 1949 — 2019

Space Shuttle Disaster Merrill Banker Guided

Rush Into Junk Bonds
Tested Salt Maker’s CEO
M
errill Lynch & Co., envi-
ous of the profits Drexel
Burnham Lambert Inc.
BY JAMES R. HAGERTY the U.S. Army as an encryption was extracting from the 1980s
specialist, he returned to the Uni- junk-bond boom, assigned Ray
administrators.
His junk-bond duties in the late
1980s made him one of the high-
est-paid executives at Merrill, al-
lowing him to collect vintage

N
othing in Charles Locke’s
career prepared him for the
public role thrust upon him
when the space shuttle Challenger
exploded shortly after launch on
Jan. 28, 1986.
Mr. Locke, who had a soft
Southern drawl and once de-
scribed himself as a cold-eyed ac-
countant, was chief executive of
Morton Thiokol Inc., best known
for Morton’s table salt. The com-
pany also made rocket boosters
used in the space shuttle. Investi-
gators blamed a ruptured seal on
one of those boosters for the di-
saster, which killed seven crew
members.
Diplomacy wasn’t Mr. Locke’s
strongest suit, and his response
drew harsh criticism. U.S. Rep.
James Scheuer, a New York Demo-
crat, declared Mr. Locke was
headed for the corporate “hall of
infamy.”
Mr. Locke, who died Aug. 4 at
age 90, said at the time he wasn’t
involved in the decision to launch
the shuttle. Still, the uproar briefly
clouded a largely successful busi-
ness career, including his shrewd
should be delayed because of
safety concerns involving the seals.
They said their own management
overruled them.
Criticizing the engineers, Mr.
Locke told The Wall Street Journal
they were “paid to do productive
work for our company and not to
wander around the country gossip-
ing with people.” He later said he
regretted those remarks.
versity of Mississippi to earn a
master’s degree in accounting.
He began his career at Price Wa-
terhouse, which sent him on audit-
ing trips to Cuba and Central Amer-
ica, before moving on to growing
responsibilities at companies mak-
ing paper, processed food and auto
parts. Early in his career, his high-
est aspiration was to be a plant
manager. Financial and organiza-
tional skills lifted him far higher.
He joined Morton-Norwich Prod-
ucts Inc. in 1975 as vice president
of finance. The company was try-
ing to expand its pharmaceutical
business, which included Norwich
aspirin and Pepto-Bismol, an indi-
gestion remedy.
Mr. Locke became CEO in 1980.
Within two years, the company
sold the pharmaceutical business
and bought Thiokol Corp., a maker
of rockets.
Mr. Locke eventually concluded
that aerospace products, subject to
intense outside scrutiny, were “very
alien to us,” he told Barron’s. In
1989, he split the company in two,
creating one firm making aerospace
products and a second, Morton In-
Minella to grab a bigger slice of
that action. He did, but then lost
his role at Merrill when junk-
bond prices plunged in 1990.
Led by Michael Milken, Drexel
built up a vast market for high-
yield, high-risk bonds starting in
the late 1970s. They fueled a frenzy
in leveraged buyouts, or LBOs, as
investors took companies private
and loaded them up with debt.
Like Mr. Milken, Mr. Minella
was a former high-school cheer-
leader. While studying law at Cor-
nell University in the early 1970s,
he used his charisma to mediate
between antiwar protesters and
RICHARD BOOTH
1938 — 2019
Bookseller’s Used Wares
Revived Village in Wales
Porsches and build a trophy home
in Jackson, Wyo. He deployed Mer-
rill’s financial might to win roles in
buyouts, including Kohlberg Kravis
Roberts & Co.’s $25 billion pur-
chase of RJR Nabisco Inc. in 1988.
Mr. Minella, who died Aug. 7 of
a pulmonary embolism at age 69,
hired the Pointer Sisters (major
hit: “Slow Hand”) for a Merrill
junk-bond junket in early 1990.
Within seven months, Merrill de-
emphasized junk bonds, and Mr.
Minella left the firm. During the
boom, he said, caution had
“seemed like cowardice.”
—James R. Hagerty

early bet on automotive air bags.
He could be a PR man’s night-
mare. Fulminating against what he
saw as a trend toward microman-
aging by company directors, he
said in 1991 that U.S.-style corpo-
rate governance had “proven to be
pretty damn effective because the
CEO is the dictator.” When people
protesting against nuclear missiles
were ejected from a Morton annual
meeting, he told shareholders:
“Lord, save us from nuts like that.”
Within days of the explosion,
Mr. Locke was defensive. “It
sounds to me like everyone is re-
ally digging, looking for a villain,”
he told the Chicago Tribune. “This
is just smut digging,” he added.
Two Morton Thiokol engineers
told an investigating commission
they had argued that the launch
I H
n a congressional hearing, Rep.
Scheuer accused Mr. Locke of
insensitivity for telling a Jour-
nal reporter that “this shuttle
thing will cost us this year 10
cents a share.” Mr. Locke said the
remark was in response to a ques-
tion about the financial effects.
Ed Garrison, who headed the
company’s aerospace arm at the
time, said Mr. Locke did well under
trying circumstances.
Charles Stanley Locke, known as
Charlie, the son of a plumber, was
born March 5, 1929, and grew up
in Laurel, Miss., where his early
jobs included working at a pool
hall. In 1952, he received a busi-
ness degree at the University of
Mississippi and married Nora Lou
Fulkerson, known as Lou, his high-
school sweetheart. After serving in
ternational, focused on specialty
chemicals, salt and air bags.
Morton had been experimenting
with air bags since the 1960s, ini-
tially as a safety device for military
helicopters. Mr. Locke continued
investing in the air-bag business,
putting the company in a strong
position in the late 1980s when
their use in cars began surging.
His wife, Lou, died in 2009. Mr.
Locke is survived by four children
and four grandchildren.
He also served on the board of
Avon Products Inc. and was a life
trustee of the Museum of Science
and Industry in Chicago. A dogged
golfer, he declared himself the
“world’s worst putter.”
 Read a collection of in-depth
profiles at WSJ.com/Obituaries
ay-on-Wye, a village in
Wales, can be considered
either “a very small town
or a very large secondhand book-
store,” The Wall Street Journal re-
ported in 1981. Around 20 shops,
crammed with millions of books,
still draw tourists from around
the world to a once-depressed
town, filling cafes and hotels.
It started in 1961 with Richard
Booth. An Oxford-educated Eng-
lishman, he inherited property
near the village and began selling
books, bought in bulk first from
British estates and later from the
U.S. He encouraged others to
open competing bookshops, creat-
ing more variety.
In 1977, he proclaimed Hay-on-
Wye an independent kingdom. Mr.
Booth named himself king and his
horse prime minister. He issued
passports and sold noble titles
for a pittance. “I don’t do much
advertising,” he told the Journal.
“I seem to attract an enormous
amount of free advertising.”
One visitor to Hay-on-Wye re-
ported finding thousands of cop-
ies of “HM Ploughing Regulations
for Bengal for 1948.” Mr. Booth
said there was a buyer some-
where for any book. Sometimes
he sold carloads of books as fuel
for stoves.
Mr. Booth, who died Aug. 20 at
age 80, realized books also could
serve as décor or props. “A book
is something to carry, not to
read,” he once said. “That will be
my contribution to the human
race.”
—James R. Hagerty

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THE WALL STREET JOURNAL.
U.S. Aims to Block China Aerospace Bid
Bolton sees pending
sale of Ukraine’s
Motor Sich as threat
to national security
BY BRETT FORREST
WASHINGTON—U.S. na-
tional security adviser John
Bolton is seeking to scuttle the
pending Chinese acquisition of
a Ukrainian aerospace com-
pany on grounds that it will
give Beijing vital defense tech-
nology, according to senior
U.S. administration officials
familiar with the matter.
Mr. Bolton’s personal inter-
est and involvement in the
deal, acknowledged by the se-
nior administration officials,
underscores the importance of
this case to the U.S. national
security establishment.
The company, Motor Sich,
is one of the world’s foremost
manufacturers of helicopter
and airplane engines, and for
years has supplied engines for
the bulk of the Russian mili-
tary-helicopter fleet. A sale to
a group of companies, includ-
ing Beijing Skyrizon Aviation,
controlled by Chinese busi-
nessman Wang Jing, is pend-
ing.
Staffers at the National Se-
curity Council and the U.S.
Embassy in Kiev are working
to schedule a meeting between
Mr. Bolton and the aerospace
firm’s chief executive next
week in Kiev, a senior admin-
istration official said.
“We are going to have a
conversation with the Ukraini-
ans about China’s ambitions
and what our view is of what
China’s up to,” said another
senior administration official.
“This is all part of the national
security strategy and the na-
tional defense strategy. It’s a
strategic competition with
China.”
The Motor Sich deal is
widely seen by U.S. officials as
another move by China to ex-
pand its military capability in
lockstep with its growing eco-
nomic interests overseas.
Those concerns were amplified
Filings Shed New Light on
Arrest of Huawei Executive
BY VIPAL MONGA
AND KIM MACKRAEL
Meng Wanzhou was de-
tained by immigration officials
in Vancouver shortly after
stepping off a Cathay Pacific
plane with a companion on
Dec. 1 and questioned for
three hours before being told
she was being arrested.
Immigration officials asked
her about the reasons for her
trip, including planned stops
in Mexico and France, and her
ties to Canada. They also
asked her about her role as
chief financial officer of Hua-
wei Technologies Co., includ-
ing its business in Iran. They
searched her luggage and then
turned her over to the Royal
Canadian Mounted Police.
“You’re saying I committed
fraud in the United States?”
Ms. Meng said when she was
eventually told she was being
arrested because of a U.S. ex-
tradition request.
The new details about the
arrest of Ms. Meng, daughter of
Huawei’s founder Ren Zhengfei,
emerged in roughly 1,100 pages
of court documents filed by her
defense and released by a Ca-
nadian court Tuesday. The doc-
uments, which include notes
from police and a transcript of
her arrest, provide the most
complete picture yet of the de-
tention of an executive that has
thrust Canada into the middle
of an escalating trade fight be-
tween the U.S. and China.
The three hours before she
was informed she was being ar-
rested have become central to
Ms. Meng’s efforts to fight her
extradition from Canada to the
U.S. Lawyers for the Chinese
executive are arguing in part
that Canadian officials abused
the process and violated her
rights by questioning her with-
out an attorney present and
searching her belongings in-
stead of immediately arresting
her. She is expected to appear
in court next on Sept. 23.
One border official ques-
tioned Ms. Meng about Hua-
wei’s business dealings in Iran,
according to a signed declara-
tion by that official. Ms. Meng
initially said she didn’t know
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* * * *
A helicopter is pictured at the Motor Sich helipad in southeastern Ukraine. Below, U.S. national security adviser John Bolton.
when China said last month
that it planned to expand mili-
tary cooperation with Russia
to thwart what it called a
growing threat from the U.S.
“For China, aircraft engines
are the biggest problem in up-
grading their air might,” said
Vasily Kashin, a senior re-
search fellow in the Institute
of Far Eastern Studies of the
Russian Academy of Sciences.
“Helicopter engines are a weak
spot.”
According to U.S. govern-
ment and private-sector avia-
tion officials, the Chinese are
wanting in their ability to pro-
duce heavy-lift aircraft, a
problem that Motor Sich’s en-
gineers could alleviate. “We
would just as soon keep the
Chinese from mastering that
technology,” the second senior
administration official said.
The Chinese Embassy in
Washington didn’t respond to
a request to comment.
Oleksandr Danyliuk, the
secretary of Ukraine’s National
Security and Defense Council,
declined to comment.
Mr. Wang, the chief execu-
tive of Beijing Skyrizon Avia-
tion, declined to comment on
CBSA/REUTERS
Meng Wanzhou during her
arrival in Vancouver on Dec. 1.
when asked if Huawei sold
products or did business in
Iran. When pressed, she said
her company had an office in
that country, the official said.
Huawei’s business in Iran is
at the heart of the U.S. case
against Ms. Meng. U.S. author-
ities have accused her and
Huawei of violating sanctions
on Iran and of bank fraud for
misleading financial institu-
It took three hours
before Ms. Meng
was informed she
was being arrested.
tions about the company’s
business dealings there. Ms.
Meng and Huawei have denied
any wrongdoing.
The Canadian government,
in a response to a civil claim
Ms. Meng filed this year, said
they followed proper protocol,
and immigration officers were
trying to ensure she wasn’t
carrying anything that wasn’t
allowed into Canada before
handing her over to police.
Canada’s justice department
said it would file a response to
the allegations from Ms.
Meng’s legal counsel in due
WORLD NEWS
the deal, citing various uncer-
tainties with the purchase. In
a statement, he said only that
he hoped for the continuous
advancement of the project.
Mr. Wang made a fortune in
telecommunications, and has
subsequently pushed projects
of strategic interest to Beijing,
including a deep-water port in
Crimea and a canal spanning
Nicaragua, neither of which
has come to fruition.
Beijing Skyrizon Aviation
course. Canadian police de-
ferred to the government’s
earlier response to Ms. Meng’s
civil claim, which outlines the
government’s version
events. Canada’s border ser-
vices agency declined to com-
ment on legal matters before
the courts.
A lawyer for Ms. Meng de-
clined to comment beyond the
court filings.
U.S. authorities requested
her arrest Nov. 30 after learn-
ing the previous day that she
would be making a stopover in
Vancouver en route to Mexico.
She was detained by immigra-
tion officers shortly after 11:30
a.m. local time on Dec. 1, after
arriving on a flight with a
companion, whom Ms. Meng
described in the transcript as
a co-worker.
Hours of soundless video
footage show Ms. Meng’s im-
migration examination. The
executive, dressed in a dark
hoodie and sweatpants, an-
swers immigration officials’
questions and then helps them
go through several bags of
luggage, including two large
cardboard boxes.
Ms. Meng was carrying one
Huawei phone and three Apple
devices: an iPhone, a rose gold
iPad and a pink MacBook, ac-
cording to the documents. The
immigration officials asked
her to hand over passcodes for
her electronic devices and
placed the devices in a bag
that blocks wireless signals so
they couldn’t be erased from a
remote location.
Ms. Meng asked several
times why she was given addi-
tional screening by immigra-
tion officers but didn’t receive
an answer, her lawyers said in
a court filing.
Ms. Meng’s lawyers say Ca-
nadian border officials’ actions
were part of a “well-coordi-
nated scheme” to deceive her
about the true purpose of her
detention. They said Canadian
officials attempted to do an
“end-run” around Ms. Meng’s
rights by not arresting her
straightaway.
 Huawei launches AI chip in
challenge to U.S. makers.... B3
Saturday/Sunday, August 24 - 25, 2019 | A9
mendation to President Volod-
ymyr Zelensky, who is the
ultimate arbiter.
For years the most-valued
company on Ukraine’s stock
exchange, Motor Sich employs
roughly 20,000 people. Last
week, the company reduced
shifts on its production floor,
signaling cash-flow problems.
Mr. Bolton’s interest in the
deal may alter the company’s
calculus. Among various possi-
ble solutions, the U.S. govern-
ment is courting private-sec-
DMYTRO SMOLYENKO/UKRINFORM/ZUMA PRESS
tor investors, according to one
of the U.S. officials.
An unwinding of the deal
would trigger consequences
for Ukraine, a financially trou-
bled country with a longstand-
ing relationship with China. In
recent years, China has pur-
chased tank engines, turbines
for destroyers, aerial refueling
tankers and landing craft from
Ukraine. China has been a Mo-
tor Sich client since the 1990s.
At the same time, a Motor
participated in the deal. Sich sale to China would doom
The Security Service of Ukraine’s efforts to join the
Ukraine raided the Motor Sich North Atlantic Treaty Organi-
plant on national security zation and the European
grounds in April 2018, and a Union—as neither body would
Ukrainian court froze the countenance admitting a
transaction. The Antimonopoly member beholden to Chinese
Committee of Ukraine opened defense interests, said Denys
an investigation into the pend- Gurak, a former deputy gen-
ing purchase for unfair com- eral director with the Ukrobo-
petitive practices. ronprom defense conglomer-
Mr. Boguslayev cried foul. ate.
“There are no international “Ukraine would be strategi-
sanctions that would prohibit cally deprived of integrating
Ukrainian companies from itself into the Western defense
such partnerships with China,” context,” Mr. Gurak said. “This
he said in a statement to The is the type of event that influ-
Wall Street Journal. ences processes on a global
Petro Poroshenko, then scale.”
Ukraine’s president, resolved In March, a representative
to allow the deal, only after from Rostec, Russia’s state in-
has built a Motor Sich factory Mr. Wang agreed to donate cubator for high-tech indus-
in Chongqing, China, that cur- 25% of the company to Ukro- trial civilian and military
rently sits inactive, according boronprom, Ukraine’s state de- products, announced a pend-
to a Motor Sich official. fense conglomerate, according ing joint venture with the Chi-
When Russia and Ukraine to the Antimonopoly Commit- nese to manufacture a heavy-
went to war in 2014, Motor tee. Aivaras Abromavicius, the lift helicopter with the ability
Sich military exports to its current head of the supervi- to transport armored vehicles
neighbor were outlawed, crip- sory board of Ukroboronprom, and artillery.
pling the business. Sometime declined to comment. “It always puzzled me why,
after that, Mr. Wang ap- The Motor Sich deal now when the Americans had such
proached Motor Sich CEO Vy- sits with the National Security influence in Ukraine, they
acheslav Boguslayev with an and Defense Council, whose never intervened in the Motor
offer to rescue the company, secretary, Mr. Danyliuk, is re- Sich purchase,” Mr. Kashin
according to a person who sponsible for issuing a recom- said.
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A10 | Saturday/Sunday, August 24 - 25, 2019
G-7 Leaders Set for Clashes at Summit
Club of rich nations
gathers amid divisions
over trade, Russian
ties and other issues
Once a showcase for inter-
national cooperation, Group of
Seven summits have turned
into minefields of geopolitical
discord—and this year’s gath-
ering promises another feast
of high-level squabbling.
By Stacy Meichtry
in Biarritz, France,
and Josh Zumbrun
and Rebecca Ballhaus
in Washington
The club of rich nations is
divided on how to deal with
nearly every issue they are set
to discuss during the three-
day summit beginning Satur-
day at the French sea resort of
Biarritz, from tensions over
Iran’s nuclear program to the
U.S. trade war with China. The
divisions stem from disagree-
ments over the system of
global trade and multilateral
cooperation that emerged in
the wake of World War II.
British Prime Minister Boris
Johnson, who is making his
G-7 debut, is threatening to
Brazil’s President Faces Pressure Over Amazon Fires
BY SAMANTHA PEARSON
AND PAULO TREVISANI
SÃO PAULO—Western leaders
assailed Brazil’s president over
his stewardship of the Amazon
rain forest, casting doubt on the
future of a landmark trade deal
between the European Union
and South American nations.
Jair Bolsonaro remained de-
fiant as France, the U.K., Ire-
land, Germany, Finland, Canada,
and the European Commission
all expressed concern about
fires raging in the Amazon,
with many criticizing policies
environmentalists blame for a
sudden surge in deforestation.
Mr. Bolsonaro, the former
army captain who took office
A street was flooded this week in Birobidzhan, in Russia’s far east. President Vladimir Putin warns that Russia is being hit hard, with temperatures in the country rising 2½ times as fast as the global average.
Unpopular Opinion
Russians have been skeptical
about the threat of climate
change, but recent fires and
floods may be changing that.
Perception of climate change,
2018
Major threat Minor threat
Not a threat
Greece
South Korea
Mexico
Japan
Brazil
Germany
UK
Australia
US
Russia
Israel
0% 25 50 75 100
Note: Numbers don't add to 100 due to rounding
Source: Pew Research Center
‘We’re facing a historic challenge to the world order,’ says French President Emmanuel Macron.
crash the U.K. out of the Euro-
pean Union at the end of Octo-
ber. President Trump, who is
no fan of international institu-
tions, has unilaterally wielded
tariffs to punish both China
and G-7 allies.
“We’re facing a historic
challenge to the world order,”
French President Emmanuel
Macron, who is hosting the
summit, told reporters.
in January, said his govern-
ment is in control of the fires,
accusing European leaders of
neocolonialism and meddling
in Brazil’s affairs.
“The fire that burns the
strongest is that of our own
sovereignty over the Amazon,”
Mr. Bolsonaro wrote on Twitter.
Faced with growing pressure
from Brazil’s farmers, who fear
the crisis could hamper exports,
Mr. Bolsonaro’s office said Fri-
day it had authorized Brazil’s
armed forces to help safeguard
environmentally sensitive land
and indigenous areas.
“We are a government with
a zero-tolerance policy on
crime, and the environment
will be no exception,” Mr. Bol-
Russia Rethinks Climate Change Amid Disasters
BY GEORGI KANTCHEV
MOSCOW—A double blow of
floods and wildfires in Russia
this summer is injecting fresh
urgency into rethinking the
country’s usually skeptical
stance toward the dangers
posed by climate change.
Smoke from massive wild-
fires raging across an area the
size of Belgium has engulfed
hundreds of villages in Sibe-
ria—and spread as far as Seat-
tle and Vancouver. Floods in
the same region took 25 lives
and displaced more than
30,000 people. Russian scien-
tists say climate change was a
major factor in both disasters.
President Vladimir Putin
warns that Russia is being hit
hard, with temperatures in the
country rising 2½ times as fast
as the global average. His gov-
ernment recently decided to
* *******
WORLD NEWS
The summit’s working ses-
sions will begin on a conten-
tious note Sunday with a
meeting focused on the global
economy, which was added at
the last minute at Washing-
ton’s request, a senior admin-
istration official said.
Mr. Trump is expected to
use that forum to tout the pol-
icies that he says have led to
economic growth in the U.S.
sonaro said in a televised ad-
dress to the nation.
President Trump said Fri-
day evening that he had spo-
ken with Mr. Bolsonaro. “I told
him if the United States can
help with the Amazon Rainfor-
est fires, we stand ready to as-
sist!” he wrote on Twitter.
France threatened Brazil with
pulling out of the trade deal be-
tween the European Union and
the Mercosur group of South
American nations led by Brazil,
accusing Mr. Bolsonaro of lying
about his country’s efforts to
protect the environment.
“Under those conditions,
France is opposed to the Mer-
cosur deal,” the government’s
trade office said in a statement.
ratify the 2015 Paris climate
agreement and introduced pro-
posals for a law capping indus-
trial emissions.
In Paris on Monday, Mr. Pu-
tin discussed climate change
with French President Emman-
uel Macron, saying Moscow is
adopting programs and allocat-
ing major resources in combat-
ing it.
“We take this matter very
seriously,” Mr. Putin said. “We
have to coordinate our efforts.
We are prepared for this joint
work.”
It’s a break from the past.
Mr. Putin had long been ambig-
uous about the need for stron-
ger climate-control measures.
Russia is the world’s largest ex-
porter of oil and gas combined,
which is the heart of its econ-
omy. Mr. Putin previously de-
scribed climate change as a
part of a natural cycle that
THE WALL STREET JOURNAL.
nations. The French president
said Moscow, which was
ejected in 2014 over its annex-
ation of Crimea from Ukraine,
needed to make progress in
peace talks with Kiev before it
is welcomed back.
“To say that without any
conditions Russia can return
to the table would be a sign of
weakness of the G-7,” Mr. Ma-
cron said.
Mr. Trump would likely ad-
dress the question of Russia
rejoining the group at the
summit, another senior official
said, but the U.S. expects Mos-
MICHEL SPINGLER/PREE POOL
cow to ask for readmission be-
fore any invitation would be
extended.
It was the Trump adminis-
tration’s steel and aluminum
tariffs on G-7 allies that de-
railed last year’s summit in
Canada. Finance ministers of
the G-7 countries other than
and “contrast this with Eu- the U.S. issued a unified rebuke
rope, where growth is effec- of U.S. trade policy at a gather-
tively flat,” the official said. ing in advance of the summit.
Other countries, however, are When the leaders gathered,
sure to highlight the deleteri- Mr. Trump initially agreed to a
ous effects of the president’s joint statement, but after de-
trade war with China. parting the summit, he with-
Divisions between the G-7 drew after Canada’s Prime
members were thrown into re- Minister Justin Trudeau
lief Wednesday as Mr. Macron deemed the steel and alumi-
rebuffed Mr. Trump’s call to num tariffs “kind of insulting.”
readmit Russia to the club of A photograph of Mr. Trump
Amazonian forest, equivalent
to the size of Indianapolis, was
France threatened lost in June, an 88% increase
to pull out of an from the same month a year
earlier, according to prelimi-
EU-South American nary data from Brazil’s Space
trade agreement. Agency, Inpe, which is in charge
of monitoring deforestation.
Forest fires, most set inten-
tionally to clear land, also
The trade deal between the have ravaged the Amazon dur-
EU and Mercosur would create ing recent weeks, blanketing
a bloc of 780 million people Brazilians cities in thick smog.
representing a quarter of the While forest fires are com-
world’s economy. The accord mon in Brazil during the drier
still requires the approval of months in the middle of the
member states and the EU’s year, environmentalists say
legislature, a difficult under- Mr. Bolsonaro’s efforts to re-
taking if powerful EU members duce enforcement action
such as France are opposed. against deforestation have en-
About 370 square miles of couraged land grabbers to
could benefit Russians. The similar measures introduced in
country is expected to see bet- the European Union and Aus-
ter shipping access through the tralia. If enacted, it would take
Arctic Sea and more opportuni- effect in 2022 and penalize
ties for mining and drilling. Mr. companies that exceed the lim-
Putin once joked in 2016 that its.
people would save money on Industrial groups say the
fur coats. legislation would hurt their
But Alexey Kokorin, head of businesses. Alexander Shokhin,
the climate change program at head of the Russian Union of
the Russian branch of the envi- Industrialists and Entrepre-
neurs, warned in July that com-
ronmental organization World
Wide Fund for Nature, said the panies will have to account for
government’s approach has the proposed law in their
changed. spending plans, slowing invest-
ment. Consumers, too, could
“There’s a shift in mental-
ity,” he said. “There’s better un- feel the pain if the law raises
derstanding of the necessity of energy prices, industrialists
adaptation, both to negative say.
climate events, such as this Mr. Putin has urged Russian
year’s fires and floods, and to businesses not to oppose the
the [global trend toward a] new measure, saying Russia could
lower-carbon economy.” fall behind other countries in
The proposal to cap emis- adapting to the threat posed by
sions—which would be the first climate change.
such law in Russia—follows “The more they see the costs
squaring off with German
Chancellor Angela Merkel
went viral, encapsulating the
tensions.
A year later, Canada is the
only G-7 country to escape the
steel and aluminum tariffs. But
the deal it struck, the U.S.-
Mexico-Canada Agreement,
has yet to make it through the
U.S. Congress.
Meanwhile, the Trump ad-
ministration is threatening G-7
allies with tariffs on goods,
ranging from wine and cheese
to aircraft and automobiles.
That is a chief concern for
Japan and Germany, the largest
automobile importers to the
U.S. outside of North America.
This year analysts warn the
sheer number of disagree-
ments could make it impossi-
ble for the G-7 to agree on a
final statement. Citing the
G-7’s chaotic finish in Canada
last year, Mr. Macron said
leaders have ditched the prac-
tice of negotiating for months
in advance over the state-
ment’s final wording.
Matthew Goodman, a senior
vice president at the Center
for Strategic and International
Studies, said the leaders “will
not agree on trade, and maybe
not even agree on a communi-
qué as a result.”
slash and burn the forest.
The number of forest fires
in Brazil, mainly across the
Amazon, has soared 85% this
year compared with the same
period last year, the highest
since records began in 2013,
according to Inpe.
French President Emmanuel
Macron and German Chancel-
lor Angela Merkel said they
would speak about their con-
cerns at the Group of Seven
meeting in Biarritz, France,
over the weekend.
“Our house is burning. Lit-
erally. The Amazon rain for-
est—the lungs which produce
20% of our planet’s oxygen—is
on fire,” Mr. Macron wrote on
Twitter late Thursday. ALEXANDER MUZYKA/TASS/ZUMA PRESS
from climate change rising, the
more Russian authorities would
change their calculation,” said
Fabian Burkhardt, a Russia re-
searcher at the German Insti-
tute for International and Secu-
rity Affairs. He said the Kremlin
is particularly concerned about
the economic impact of climate
change and how it might affect
social order and the govern-
ment’s long-term support.
Russia “pays increased at-
tention to climate change is-
sues... [and] fully shares the
concerns about the current tra-
jectory of global warming and
its associated risks,” the Minis-
try of National Resources and
Environment said in a state-
ment. Authorities are working
on a strategy for reducing
greenhouse-gas emissions by
2050 and on a national plan to
adapt to climate change, the
statement said.

THE WALL STREET JOURNAL.
Israeli Teen Killed
In Bombing Near
West Bank Settlement
BY FELICIA SCHWARTZ
TEL AVIV—An Israeli teen-
ager was killed Friday in a
bombing at a natural spring
near a West Bank settlement,
an attack that raises already
high tensions between Israelis
and Palestinians ahead of Is-
raeli elections next month.
Rina Shnerb, 17, died after
sustaining injuries, and his
brother Dvir, 20, and father Ei-
tan, 46, were seriously injured
by what the Israeli military de-
scribed as an explosive device.
It was unclear if the device was
planted or thrown at the popu-
lar hiking spot near the Israeli
settlement Dolev.
Israeli military officials
boosted forces in the area and
said a manhunt was under way
for the perpetrators of what
they called a terrorist attack.
Militant group Hamas,
which rules Gaza, praised the
attack but didn’t take responsi-
bility for it. It has often been
accused of carrying out attacks
in the West Bank, which is con-
trolled by the Palestinian Au-
thority dominated by the rival
faction Fatah. The Palestinian
Authority didn’t comment on
the attack.
Friday’s incident is the lat-
est in a string of attacks on Is-
raelis in the West Bank and Je-
rusalem in the past two weeks,
ratcheting up tensions between
the two sides.
The bombing is likely to put
pressure on Prime Minister
Benjamin Netanyahu to re-
spond more forcefully, just
weeks away from the Sept. 17
vote, for which he is trying to
woo right-wing voters who
value hard-line security.
After winning re-election in
April, Mr. Netanyahu failed to
form a 61-seat majority govern-
ing coalition. Israel’s parlia-
ment voted in May to dissolve
and called for a new election.
The Trump administration is
expected to roll out its much-
awaited peace plan after the
election. The U.S. peace team
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* * * * Saturday/Sunday, August 24 - 25, 2019 | A11
WORLD NEWS
Israel Hit Iraq Weapons Depot
Israel recently struck a
weapons depot in Iraq it be-
lieved Iran was using to move
weapons to Syria, expanding
its campaign to target Teh-
hasn’t revealed the political ran’s military presence in the
part of its plan, but statements Middle East, a U.S. official
from its members suggest it said.
would be supportive of Israeli
settlements and won’t include By Felicia Schwartz
an independent Palestinian in Tel Aviv
state. The Palestinian leader- and Nancy A. Youssef
ship opposes the plan, calling it in Washington
a conspiracy aimed at under-
mining the right of Palestinians The July 19 strike on an
to their own state. arms cache north of Baghdad
MAXYM MARUSENKO/NURPHOTO/ZUMA PRESS
Mr. Netanyahu said Israel appears to be the first time Is-
would continue to bolster set- rael has operated in Iraq since
tlements in the West Bank. it destroyed the country’s
"We will deepen our roots Osirak nuclear reactor in 1981.
and strike at our enemies,” he It marks a new step in Israel’s
said in a statement. “The secu- campaign to stop Iran from
rity arms are in pursuit after entrenching troops and weap-
the abhorrent terrorists. We ons close to its borders, esca-
will apprehend them.” lating an effort that has also
Hamas linked the incident to included bombing campaigns
tensions surrounding contested in Syria.
holy sites in Jerusalem known Israeli responsibility for the
to Jews as the Temple Mount July attack provides an expla- ‘I don’t give Iran immunity anywhere,’ said Prime Minister Benjamin Netanyahu, shown on Tuesday.
and to Muslims as Haram al- nation for one in a series of
Sharif, where the al Aqsa mysterious explosions and paign could spark Iranian repri- “I don’t give Iran immunity missiles that could target Is-
mosque is located. fires at Iraqi militia bases in sals on American forces in Iraq. anywhere. Iran is a country, rael, and who also have other
Hamas political leader Is- recent weeks. The militias, Israel has been eyeing Iraq power, who has declared her ways of retaliating, Mr. Guzan-
mail Haniyeh said Friday’s at- which receive support from warily since 2018, carrying out desire to annihilate Israel. She sky said. However, striking
tack is a warning to Israeli offi- Iran, have blamed Israel and strikes closer to Iraq’s border is trying to establish bases Iraq could deter Iran and hurt
cials to “stay away from the the U.S. for the blasts and with Syria that target militias against us everywhere. In Iran its ability to use its neighbor
exploding powder keg called forced the Iraqi government to that work with Iran’s Islamic itself, in Lebanon, in Syria, in as a base, he added. “You can
Jerusalem." launch investigations and limit Revolutionary Guard Corps. Is- Iraq, in Yemen,” Prime Minis- show Iran you have force-pro-
Israeli security forces and access to the country’s air- rael believes Iran is trying to ter Benjamin Netanyahu told jection capability very near its
Muslim worshipers have space. establish a secure supply line Israel’s Channel 9 Thursday. borders,” Mr. Guzansky said.
clashed at the holy site many U.S. officials wouldn’t say running through Iraq and Iranian leaders insist they The explosions and fires at
times in recent years, most re- whether Israel notified them are in Iraq and Syria at the in- militia bases have roiled Iraq,
cently on Aug. 11 during the before the strike and said vitation of the respective gov- the most recent of which took
Muslim holiday of Eid al-Adha. some of the recent explosions ernments and maintain that place this week at an ammuni-
Dvir and Eitan Shnerb were could have been caused by
The July 19 strike their country’s presence there tion depot near Balad.
evacuated in a military helicop- poorly stored munitions that north of Baghdad is to deter attacks on Iranian On Friday, Iraqi foreign
ter to a hospital in serious con- Iran has been moving into the soil. minister Mohammed al-Hakim
dition, according to Magen Da- country.
marks a new step to “The main perpetrator of summoned the U.S. charge
vid Adom, Israel’s national “Would any of this be hap- contain Iran. terrorism, war and slaughter d’affaires to discuss recent de-
ambulance service. pening if the Iranians were not in the region is the occupying velopments and stressed that
Earlier this month, a 19- pouring these weapons into regime of Israel,” Iranian Pres- Iraq is not an arena for score-
year-old off duty Israeli soldier Iraq?” a senior administration ident Hassan Rouhani said last settling.
was stabbed to death near a official said. Syria to Lebanon, where the week in a cabinet meeting, ac- Abu Mahdi al-Muhandis,
West Bank settlement. Last A U.S. military spokesman Tehran-allied militia, Hezbol- cording to Iran’s semiofficial the deputy head of the Popular
week, an Israeli police officer denied responsibility for any lah, threatens Israel. Mehr news agency. Mobilization Forces, an um-
was stabbed in Jerusalem’s Old of the fires and blasts. Israel’s Israel is specifically con- Expanding its bombing brella for dozens of militias
City and two teenagers were military declined to comment. cerned about the spread of campaign beyond Syria to Iraq that are part of the Iraqi secu-
injured in a car-ramming attack In a joint statement Thurs- Iran’s long-range missiles and is “a dangerous game” for Is- rity apparatus, said the U.S.
in the West Bank. day, Iraq’s president, prime antiaircraft defense systems. rael, said Yoel Guzansky, a se- had brought Israeli drones
Israel also said it foiled what minister and speaker of parlia- Iran’s military, and the militias nior fellow at the Institute for into the country from Azerbai-
it described as a potential mass ment said investigations were it supports, have established National Security Studies in jan to target the militias.
casualty attack by Hamas, kill- ongoing into the incidents. bases across Iraq and Syria to Tel Aviv. —Isabel Coles in Baghdad
ing four militants from Gaza. American military officials help fight Islamic State and The strike could inflame and Sune Engel Rasmussen
—Dov Lieber have said they are concerned groups opposing Syrian Presi- tensions with militias who in Beirut
contributed to this article. that Israel’s expanding cam- dent Bashar al-Assad. possess surface-to-surface contributed to this article.
geico.com | 1-800-947-AUTO (2886) | Local Agent
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A12 | Saturday/Sunday, August 24 - 25, 2019 * ******* THE WALL STREET JOURNAL.

WORLD NEWS

India Leaves Political

Vacuum in Kashmir
New Delhi sidelines remained largely desolate,
with only a few hospitals and
local leaders, causing pharmacies open.
despair over future, India’s government, led by
the Hindu-nationalist
as clashes erupt again Bharatiya Janata Party, didn’t
consult with local political
BY VIBHUTI AGARWAL leaders in Kashmir before
AND PREETIKA RANA their move or inform them or
the public beforehand.
Party, also remains in custody.
All three have served as
chief ministers of Jammu and
Kashmir state in the past. Lo-
cal government and security
authorities declined to provide
access to the three.
In a nationally televised
speech shortly after the move
in Kashmir, Mr. Modi said new

YAWAR NAZIR/GETTY IMAGES

SRINAGAR, India—India’s Since early August, Indian political local leadership would
decision to sideline Kashmiri authorities have arrested or emerge after authorities lifted
political leaders as it enforces confined hundreds of local po- controls and created a new
a military lockdown has left litical leaders, activists, busi- state assembly. When that
many locals wondering how nessmen, students and teach- might happen remains unclear.
their Muslim-majority state ers to their homes, according “I assure the people of
will mesh with an increasingly to local politicians, police and Jammu and Kashmir that you
Hindu-dominant India. the United Nations’ Human would get the opportunity to Indian security forces kept Srinagar, Kashmir, under close watch amid a day of renewed violence.
Saqib Rehman, a political Rights Council. elect your representatives in a
science student in Srinagar, State authorities have de- fully honest and transparent sidestep the opposition of lo- here,” said Sehrish Hassan, a the ones behind bars.”
Kashmir’s biggest city, joined a clined to provide an updated atmosphere,” Mr. Modi said. cal leaders, analysts say. local businessman. Local leaders who favored
college debate on Kashmir’s tally of how many people still Mr. Modi and other BJP “The Indian government did In this political vacuum, an independent future for
future just one month before remain detained or confined to heads have accused Kashmir’s not take this decision after the clampdown on movement Kashmir said New Delhi’s ac-
New Delhi stripped the region their homes, or allow the me- mainstream political leaders of consulting many political lead- and communications is stir- tion has pushed the region to-
of its semiautonomous status dia or their supporters to taking advantage of the state’s ers, or creating a consensus ring local anger. Niyaz Ahmed, ward a deeper crisis because it
to bring it fully under central meet with them. relative autonomy and exclu- about it because they knew a Srinagar resident, chafes un- has lost the hearts and minds
government control. Back then Prominent politicians in de- sive economic rights to benefit there wouldn’t have been a der the security checks. of the local population.
the 21-year-old aspired to tention include Farooq Abdul- themselves and their support- consensus,” said Happymon “Which democracy rules by “There is a sense of defeat
work in government. No more. lah, president of the National ers. Kashmiri autonomy also Jacob, a professor at the Jawa- suppressing its citizens?” he in every Kashmiri,” said a
“There is nothing left for Conference—a political party helped fuel a separatist move- harlal Nehru University. said, sitting with a small group leader of a faction of the All
us,” he said. with a long history in Kash- ment, they say. Residents said it will be dif- that gathered outside a closed Parties Hurriyat Conference,
On Friday, tensions rose in mir—and his son Omar Abdul- Part of the motivation for ficult for the established main- shop. “Who can we trust? The an umbrella organization of
Srinagar after Muslim prayers lah. Mehbooba Mufti, leader of such a sudden move to abro- stream political leadership to mainstream parties said it is separatist groups that wants
when protesters hurled brick the Kashmir-based People’s gate what’s known as Article appeal to voters. better to stay with India, and India to withdraw from Kash-
pieces and rocks at the secu- Democratic Party, which once 370 of the Indian constitution, “New Delhi’s abrupt deci- we listened. They said we mir. “The first step should be
rity forces, who responded by allied with Prime Minister Nar- which allowed for partial au- sion has doomed the future of want peace, not war, and we to empower them by engaging
firing lead pellets. The streets endra Modi’s Bharatiya Janata tonomy in Kashmir, was to mainstream political parties listened. Now look—they are them in a process of dialogue.”

WORLD WATCH
China Frees
NORTH KOREA
Consulate
Pyongyang Launches
Two More Missiles Employee,
North Korea fired two short-
range ballistic missiles off the
Police Say
country’s east coast, Seoul offi- BY WENXIN FAN
cials said, as the Kim regime
continues testing weapons de- HONG KONG—China said it
spite telling President Trump the released an employee of the
provocations would stop. British consulate in Hong
Two weeks ago Mr. Trump Kong after detaining him for
said on Twitter he had received a 15 days.
“really beautiful letter” from Kim Simon Cheng, a Hong Kong
Jong Un, in which the North Ko- citizen who works as a trade
rean leader promised his country’s and investment officer at the
missile tests would end once a U.K. mission here, called his
joint U.S.-South Korea military ex- girlfriend and told her he had
ercise concluded. The allied ma- returned home Saturday
neuvers wrapped up Tuesday. morning, his girlfriend said.
The Saturday morning test-fir- “He called us, but none of us
ANTHONY KWAN/GETTY IMAGES

ing is Pyongyang’s seventh since have seen him yet,” she said.
July 25, though the first since the The Shenzhen police said
U.S.-South Korea exercises fin- on its official Weibo account
ished. The missiles were launched on Saturday that Mr. Cheng
from the Sondok area in the had been released, and that he
North’s South Hamgyong prov- had admitted to committing a
ince, the first at 6:45 a.m. local prostitution-related offense.
time and the second 17 minutes Mr. Cheng couldn’t immedi-
later, Seoul’s military said. SHOW OF UNITY: Thousands of pro-democracy protesters joined hands Friday to form human chains stretching for miles in Hong Kong. ately be reached for comment.
The military said the missiles They were looking to draw world-wide attention ahead of what is expected to be a 12th consecutive weekend of demonstrations. The release would de-esca-
reached a height of about 60 late diplomatic tensions that
miles and flew 236 miles before RUSSIA security council on Friday, Mr. U.S. withdrew from the Interme- tic missile to be developed by arose after police in Shenzhen
splashing into the waters be- Putin said he has instructed the diate-range Nuclear Forces the Army. detained him during a busi-
tween South Korea and Japan. Putin Seeks Response military to analyze “the level of Treaty that was signed by Ron- Russia has warned the U.S. ness trip.
Nuclear talks between the To U.S. Missile Test threat posed by the aforemen- ald Reagan and Mikhail Gorba- not to station the missiles in Eu- Mr. Cheng was held at a time
U.S. and North Korea remain tioned actions of the U.S. for chev in 1987. rope, warning that it would re- of unrest in Hong Kong. The city
gridlocked, despite a June 30 President Vladimir Putin or- our country and take compre- The treaty was ripped up af- taliate by deploying its own has been rocked by 11 weeks of
pledge by the two countries’ dered Russia’s military to pre- hensive measures to prepare a ter the U.S. and Russia spent short-and-medium-range weap- protests against Beijing.
leaders to reconvene formal dis- pare a like-for-like response to a symmetrical response.” months blaming each other for ons on its Pacific coast, which The police alleged Thursday
cussions. Since then, Pyongyang recent U.S. missile test, escalat- Mr. Putin’s order comes after breaching its conditions. would put them in range of the that Mr. Cheng had committed
has lashed out over the U.S.- ing tensions between Moscow the Pentagon this week said it The Pentagon in March said U.S. West Coast. a prostitution-related offense,
South Korea exercises in state and Washington and raising the had tested a nuclear-capable two intermediate-range missiles The new U.S. systems will be without offering any evidence.
media and launched a variety of prospect of a new arms race Tomahawk cruise missile that were under consideration: a nonnuclear and no decisions on The allegation was met with
weapons. between the two Cold War could strike a target more than ground-launched variant of the where to base them have been skepticism in Hong Kong.
—Timothy W. Martin and foes. 310 miles away. Navy’s Tomahawk sea-based made. —Yoko Kubota contributed
Courtney McBride Speaking at a meeting of his It was the first test since the cruise missile and a new ballis- —Georgi Kantchev to this article.

FROM PAGE ONE

Players More than 11% of players are

using either their actual name
or something rudimentary in-
to shout out where their home
countries or cities (4%) or
make a tribute to someone im-

Choose volving their initials.

Zack Greinke will just be
“Greinke.”
portant to them.
This includes a group of
players who will wear jerseys

Names Jacob deGrom? He’s going

with “deGrom.” “What’s my
nickname?” he responded
that honor Tyler Skaggs, the
Los Angeles Angels pitcher
who died earlier in the season.
when asked why, according to A small number of the nick-
Continued from Page One MLB.com. names appear to make no
had a nickname. Joe Jackson Even Willians Astudillo— sense to outsiders.
never gets mentioned without the roly poly utility man for Twins pitcher Sam Dyson
“Shoeless” in front of his the Minnesota Twins who’s chose “Red Finger.”
name. Everybody knew a di- one of the few players in base- Angels superstar Mike
minutive catcher named Law- ball with a recognizable nick- Trout will wear “Kiiiiid,” with
ELSA/GETTY IMAGES

rence as Yogi. A few more re- name, “La Tortuga”—is just four extra i’s.
cent players have had going with his last name. Miami Marlins reliever Jar-
memorable monikers, from In total, only 24% of players lin García is going by “The El-
Larry “Chipper” Jones to Da- are sporting an actual nick- ephant.”
vid “Big Papi” Ortiz. name on the backs of their jer- He’s not physically large
But this generation of base- seys, according to the Jour- The Chicago Cubs and the Pittsburgh Pirates got a head start on nickname jerseys. enough to make it fitting, or
ball players? Let’s just say the nal’s analysis. small enough to make it ironic.
days of the Splendid Splinter, A large portion of them Glasnow will wear “Baby Gi- pop culture reference, like according to MLB.com. Instead, he explained on
the Iron Horse and the Say aren’t well-known to fans and raffe.” Matt Duffy’s “Duffman”—the “Players’ Weekend gives MLB.com, he just likes ele-
Hey Kid have long passed. instead are either childhood Other ideas were utterly guy who sells beer, talks in the players a variety of fun and phants.
Nearly a third of players monikers or clubhouse inside formulaic. More than a dozen third person and repeats “Oh, different ways to express The good news about the
picked a shortened version of jokes. players went with “Big” fol- yeah!” on “The Simpsons”—or themselves to baseball fans,” jerseys is that they’re family
his name or an unimaginative Does anyone call Chicago lowed by some word or name. Shane Bieber, who went with said Barbara McHugh, MLB se- friendly.
riff, like St. Louis Cardinals Cubs reliever Steve Cishek That includes “Big Foot,” “Not Justin.” nior vice president for market- Well, almost all of them.
first baseman Paul Gold- “Speedpass”? His high-school “Big Fella” and “Big Fudge.” An even smaller group, 3%, ing. Tampa Bay Rays catcher Tra-
schmidt. He’s going with friends did, because he used to There are two “Chiefs,” took advantage of being able “In addition to selecting vis d’Arnaud spells his last
“Goldy.” work at a gas station. “Chi Chis,” and “Gordos,” to use emojis, like speedy Se- nicknames or personal refer- name with a lowercase “d” so
Five different players with That’s not to say they’re all three “Frenchys,” plus four “El attle Mariners second base- ences for their jerseys, players his teammates have called him
the last name Smith—Caleb completely new. Niños.” man Dee Gordon, who went are also wearing uniquely de- “LITTLE d,” which he’ll be
Joe, Kevan, Will D. and Will Albert Pujols is using “La Another 10% were amusing with a lightning bolt. signed cleats that reflect their wearing this weekend.
M.—all chose “Smitty.” Three Máquina,” Spanish for his fa- puns that weren’t exactly nick- Hunter Pence of the Texas interests as well as using cus- Given what else it could im-
guys named Victor chose mous moniker, “The Machine.” names, like Joey Gallo’s “Pico Rangers is using a shrugging tomized bats and equipment,” ply, even he conceded to
“Vic.” New York Mets rookie first de Gallo” or Mike Leake’s stick figure because, he said, she added. MLB.com that he was “sur-
And even that was better baseman Pete Alonso is going “Drip.” “I really don’t have a nick- There were also players prised” the jersey was ap-
than some of the other picks. with “Polar Bear,” while Tyler About 4% opted to make a name and I love that emoji,” who chose to use the weekend proved.

THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Johan Norberg | By Adam O’Neal
Why Bernie Sanders Is Wrong About Sweden
W
Gothenburg, Sweden
hat is socialism?
Some of its advo-
cates have trouble
defining the ideol-
ogy. “Being a social-
ist means different things to differ-
ent people,” a leftist podcast host
told actress Cynthia Nixon last
year. “For some, it is a Nordic-style
welfare state. For others, it is the
liquidation of the capitalist class
and the democratization of the
means of production.” The host
asked a flustered Ms. Nixon, then a
candidate for New York governor,
where she came down.
“Being a socialist, um, I, I, I
would say is—I am more in, I am
more in line with the Nordic
model myself,” she replied. When
the alternatives are Cuba, China
and Venezuela, everyone becomes
“more in line” with Sweden, the
classic Nordic example.
The ‘Nordic model’ of
socialism, which he and
other leftists tout, is more
like ‘ruthless capitalism.’
Trouble is, most Swedes aren’t
in line with American socialists
like Ms. Nixon, Sen. Bernie Sanders
and Rep. Alexandria Ocasio-Cortez.
“All of their models that they
could point to, given a couple of
years, they end up in famine and
killing,” Swedish author and histo-
rian Johan Norberg tells me. “So
they always come back to Scandi-
navia in the end.” True, Sweden
has a significant welfare state, but
Mr. Norberg says it’s underpinned
by “ruthless capitalism.”
Mr. Norberg was born in 1973,
during his country’s brief but
costly socialist experiment. He re-
members discussions about books
and history at the family dinner
table in Hässelby, a Stockholm
suburb. He assumes that his
mother, a teacher, and father, a
military historian, had “broad es-
tablishment, center-rightish” poli-
tics. Yet they were open to persua-
sion. “I think that taught me that
people’s minds can be changed if
you work hard enough.”
As a teenager Mr. Norberg con-
sidered himself an anarchist,
though it was mostly a matter of
aesthetics. “It’s neither left nor
right. It was more like being un-
comfortable in modern society,” he
recalls. “I just didn’t like large-
scale businesses, factories, highway
transportation, things like that.” He
idealized the simple life of his an-
cestors in the 19th century.
“I had this romanticized idea
about them, and I looked at pic-
tures of them: Look at that rural
lifestyle, happy farmers.” Eventu-
ally he realized 19th-century life
Politics Won’t Come Between My Appalachian Cousins and Me
Pineville, Ky.
Late summer is fam-
ily reunion season in
Eastern Kentucky.
As a child I’d drive
with my parents
3½ hours south
CROSS
from our home in
COUNTRY
Louisville to Pine
By Caroline
Mountain State Park
Aiken Koster
for the annual Appa-
lachian gathering of
the offspring of Abraham Locke and
Martha Jane Horn. It’d been ages
since I went, and it’s a long way
from my current home in Brooklyn,
N.Y., but this year I headed back.
My New York friends found this
curious. “Do your relatives think you
don’t fit in anymore?” asked some-
one at church. “Does your family all
watch Fox News?” my tennis partner
wanted to know. “Is anyone black?”
wondered my Trinidadian house-
keeper. “Don’t forget to tell them
you let the Hillary campaign workers
stay in your spare bedroom,”
quipped a neighbor as I climbed into
a cab for the airport.
I told them I was going for a dose
of unconditional Kentucky love. I
was hungry for the potluck fried
chicken, fried corn, fried apples and
green beans sauteed in bacon
grease. But I also sought escape
from the 24-hour news cycle, the
East Coast echo chambers and my
like-minded friends on Facebook. I
wanted to remind my husband and
two college-age sons of the things
we had in common with the rest of
America.
My ancestors, Scots-Irish farmers,
probably settled here because it
looked like home. They fought Indi-
ans at Fort Boonesborough. They
fought the British during the Revolu-
tion. They made moonshine and
farmed the land where Kentucky,
Tennessee and Virginia meet. My pa-
ternal grandfather was crushed to
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* * * *
wasn’t all he cracked it up to be.
“I thought it would come with
penicillin, and sort of modern sur-
gery, and instant access to all of
the calories I needed to survive
another day, and so. And I think
history really saved me there, be-
cause then when I read up on my
ancestors in northern Sweden, I
realized that they didn’t live ‘eco-
logically.’ They died ecologically,
at a very young age.”
Mr. Norberg studied the history
of ideas at Stockholm University.
After graduating he joined Timbro,
a Stockholm-based free-market
think tank, where he researched
and wrote books about Swedish
history and economics. An impor-
tant lesson from his academic
training: “Many of the great disas-
ters that have befallen on us have
come because people have
changed their interpretation of the
world economy.”
Ideas can produce prosperity
too. The impoverished life Mr.
Norberg once idealized wasn’t the
norm for much longer. By the
mid-19th century Sweden had le-
galized emigration, he says,
“which resulted in most people
just wanting to leave Sweden im-
mediately for the U.S.” Back then,
Swedish politicians and intellectu-
als looked to America as a model.
Between roughly 1840 and 1870,
classical liberals took power.
“They basically did everything:
save property rights, open busi-
ness, free trade, beginning to open
up for religious freedom, freedom
of the press.”
Sweden was one of the world’s
fastest-growing economies for
nearly a century. But by the 1960s,
the country began to take its
wealth-creating prowess for
granted. I tell Mr. Norberg about
New York Mayor Bill de Blasio’s as-
sertion: “There’s plenty of money
in this world, it’s just in the wrong
hands.” In 1960s Sweden, Mr. Nor-
berg replies, “that’s almost verba-
tim what they said back then:
‘Now we’re this rich. Shouldn’t we
just distribute it, and give it to the
people and the places we like?’ ”
Such thinking overtook the coun-
try’s dominant center-left Social
Democratic Party.
“We thought we could do any-
thing, and we had all of those
other preconditions: the work
ethic, some sort of social pressure,
which meant that people were do-
ing the right things, and they
wouldn’t want to live on the dole,”
Mr. Norberg says. “And then for
20 years, from 1960 to 1980, we
doubled the size of the govern-
ment spending as a percentage of
GDP. That’s the aberration in
Swedish history.” The Swedish
welfare state first was a safety net
for the needy. Over time the politi-
cal class moved to “socialize the
lives of the middle classes as
well.” The plan: “Increase their
death in a mine accident when my
father was a child. My maternal
grandfather, also a coal miner, lost
both legs from complications of
black-lung disease. My parents went
to Eastern Kentucky University,
moved to Louisville in the 1950s, and
became teachers.
My cousins—educators, health-
care workers, ministers, career mili-
tary officers, contractors and small-
business owners—are sprinkled
across the South. My brother drives
a tractor-trailer, a pit bull by his
side. I’m the only New York lawyer.
Nearly 80 of us showed up for the
reunion. Most of us are white and
Protestant, but the answer to my
housekeeper’s question is yes: Sev-
eral biracial youngsters hunted for
salamanders next to their paler
cousins in the mossy mountain
stream near the picnic area.
There’s a lot we disagree on, in-
cluding our name. Signs directed us
to the “Lock(e) Reunion” because of
a multigenerational debate about the
spelling. (I’m in the “e” camp; I gave
one of my sons the middle name
Locke.)
There was no avoiding tough con-
versations, no unfriending, no ghost-
ing or canceling. I argued with cousin
Will, a Marine, about the military’s
hostility to freethinking and the lim-
its of the chain of command. Cousin
Meg had a new job in Richmond, Va.
She does business development for a
provider of prison health care. She
said her staff resent that inmates re-
ceive free care when some of her col-
leagues can’t afford insurance for
their own families. Cousin Greta la-
mented lost coal jobs.
Cousin Whitney and I ate fried
apples and giggled as her son de-
scribed making “mixed drinks” at Bi-
ble camp. (He meant sugary soft
drinks, not cocktails.) I learned of
one cousin’s battle with prescrip-
tion-drug addiction and another who
OPINION
KEN FALLIN
taxes, and their benefits, and then
they will buy into this system.”
The consequences were predict-
able. “It resulted in less work,
people preferring to stay at home
and paint the house rather than
hiring someone to do it, general
lack of getting the kind of educa-
tion that matters. It led to entre-
preneurs leaving Sweden.” Private-
sector employment declined from
the 1970s to the ’90s, while dis-
posable-income and economic
growth was relatively slow. Some
of the country’s best companies
and brightest minds fled an oner-
ous inheritance tax.
P
lenty of economists knew
Sweden needed reform, but
undoing the damage would
take years. A critical figure was
Prime Minister Carl Bildt of the
center-right Moderate Party. He
came to power in 1991, as the rigid
Swedish economy struggled to
cope with an economic crisis. Mr.
Norberg calls the former prime
minister “an ideas politician” who
understood free-market principles.
Mr. Bildt’s coalition government
cut capital-gains and corporate
taxes, while the top marginal in-
come-tax rate shrank to 50% from
around 90%. Sweden deregulated
the telecom and energy industries
while introducing school vouchers
and other market-oriented reforms.
The Social Democrats retook the
government in 1994, but the trend
toward economic liberty continued
for another quarter-century.
“One thing the left gets wrong is
that they think that Sweden has
this sort of warm, friendly, fuzzy
capitalist thing—no layoffs, no
fierce competition, protecting the
old companies and so on. And it’s
really the total opposite,” Mr. Nor-
berg says. “It’s more deregulated.
The product markets are much
fiercer competition, much more free
trade. All of the companies know
that they have to be world champi-
ons or they will be destroyed.”
couldn’t get medication for a debili-
tating autoimmune condition.
Over blackberry cobbler, my son
Winn described racial profiling in
New York. Cousin Diana said the
same thing happens to her black
grandchild at a nearby Target.
Someone asked about the police in
New York getting doused with water
last month. We couldn’t explain that.
Attending an extended
family reunion in Eastern
Kentucky helped me break
out of my Brooklyn bubble.
Everyone hated racism, but some
said it was hypocritical to accept
“reverse racism.” Culton, my other
son, explained “white privilege” to
some skeptical looks.
Some still wanted President
Trump to build the wall, but he
seemed less popular than after the
election. My cousin Cathy, a devout
Catholic, said she can’t support
abortion because “God loves all his
children.” I understood her position,
perhaps because I could feel that she
loved me unconditionally too. My
Notable & Quotable: ‘Pillars of Our Democracy’
Kurt Bardella writing for NBC-
News.com, Aug. 22:
On Wednesday morning, ABC re-
warded former White House press
secretary Sean Spicer with a spot on
the new season of “Dancing with the
Stars.” . . . The dancing competition
has long been a popular place for
washed up celebrities looking to re-
habilitate or pump up their image.
But Spicer shouldn’t get that
Saturday/Sunday, August 24 - 25, 2019 | A13
American leftists, even those
who shy away from the “socialist”
label, generally call for higher
taxes on “the rich” to support an
expanded welfare and entitlement
state. That, too, misapprehends
the Swedish example. “We have
much higher taxes on the poor and
the middle classes than you do,”
Mr. Norberg says. “And this is the
dirty little secret that no one in
the American left wants to talk
about.” Nonprogressive taxes on
consumption, social security and
payroll are 27% of Swedish gross
domestic product, 16 points higher
than in the U.S.
Assumptions about Swedish
health care often are wrong too:
“Lots of Americans think it’s a
Medicare for All thing. But it’s not
even a national system. It’s a re-
gional system.” Largely funded by
a flat tax, the system isn’t all gov-
ernment-run: “We had a problem
with productivity and investment
in the health-care sector. So now
we have more freedom of choice
and more competition in the pro-
vision of health care.” Whereas
American Democrats aspire to
abolish private insurance, “one of
the biggest hospitals in Stockholm
was privatized, and you can go to
private providers. And the first
line of health-care defense, in a
way, is often private clinics.”
Mr. Norberg acknowledges
there’s some truth to the socialist
stereotype. Heavy labor-market
regulations and powerful unions
survived the socialist era and
strain the economy. The country
has no official minimum wage, but
its de facto rate is high. “For a
while, that looked good in Sweden,
because it meant that all of the
less productive companies were
destroyed.” While this worked
with “a homogenous workforce
with very high education and ex-
periences in the Swedish lan-
guage,” large-scale, low-skill mi-
gration has upended the model.
With a massive influx of Middle
husband, James, an architect, ex-
plained that he loves “the East Coast
urban landscape” more than the
“sprawling suburban lawns of his
childhood.” Uncle Keith said, “I love
my horse pasture more than the ur-
ban landscape.” Both laughed.
At the opening prayer, cousin
Marc gave thanks for cousin Chet’s
winning a 40 Under 40 award for
Louisville business leaders. He also
prayed for cousin Mitch, who had
been laid off.
Like many Americans, I’ve been
alarmed by studies and polls sug-
gesting we’ve lost empathy for one
another. Up in the mountains, love
and civility forced us to talk it out.
There was no room for identity poli-
tics when we sat elbow to elbow at
the picnic table. We all knew we had
to get along if we want to come back
next year.
In the evening, we gathered on
cousin Sylvia’s broad front porch.
She’s 76 and holds everyone’s hand
when she speaks to them. “We love
you, sweetheart,” she purred to my
beaming elder son. There was liquor
there, so long as you kept it outside.
Aunt Gertie doesn’t approve.
The final event was the annual
Left/Right/Center game at Sylvia’s
dining table. Each player starts with
chance—and he certainly doesn’t de-
serve it. . . .
The idea that someone who in six
months made lying from the White
House podium routine should be re-
warded with a spot on one of the
most watched programs on network
television is an embarrassment to
ABC and a slap in the face to jour-
nalists, many of whom work for that
very network. It also sends the mes-
sage that it doesn’t matter if you lie,
Eastern refugees in recent years,
“Sweden is becoming a normal Eu-
ropean country, in a way, with a
big anti-immigrant party.” To keep
the far-right Sweden Democrats
out of power, the Social Democrats
currently lead a broad coalition
government. Mr. Norberg says that
reducing taxes on the rich, deregu-
lating the labor market and liber-
alizing housing are at the top of
the agenda.
If Sweden fails as a socialist
model, what about its Scandina-
vian neighbors? “Denmark is far
from a socialist planned economy,”
then-Prime Minister Lars Løkke
Rasmussen said in response to un-
welcome praise from Mr. Sanders
in 2015. “Denmark is a market
economy.” Not long after lunch
with Mr. Norberg, I asked Finnish
President Sauli Niinistö if he leads
a socialist country. His answer:
“No, God bless.” Norway is similar,
and a major producer of fossil fu-
els to boot.
Mr. Norberg does think his
country has lessons for Amer-
ica—but they’re free-market
ones. Whereas U.S. entitlement
spending is on a path of uncon-
trollable growth, “our politicians
basically said, from the left to
the right, this is not sustainable.
Our social-security system will
collapse if we don’t reform it,” he
says. Americans who talk up the
Swedish model “would have to
reform social security, and
change it from defined benefits
to defined contributions. And re-
duce social-security pension pay-
ments when the economy is do-
ing worse.”
H
e understands Americans’
disdain for politicians.
“Obama was going to stop
the oceans from rising, and then
Trump is going to get the old jobs
back, and ‘I alone can fix every-
thing. The world’s a mess, but I
can do it.’ That kind of sets you up
for some disappointment in the
end.” Yet he sees much to admire
across the Atlantic: “No matter
how far to the left you are, if
things go wrong in Sweden, yeah,
if you can find a second career in
the U.S. and move there in some
way, that’s where you want to go.”
A couple of days after our inter-
view, Mr. Norberg emailed a warn-
ing for Americans: The most dan-
gerous place to be is top of the
world, think you have it all made
and can afford to experiment with
socialism or protectionism, be-
cause you have plenty of room for
mistakes before you hurt your-
self,” he wrote. “That’s where Swe-
den was in 1970. It almost de-
stroyed us, and it took some
heroic efforts to get back on
track.”
Mr. O’Neal is a London-based ed-
itorial page writer for the Journal.
three $1 bills. Rolls of the special
dice dictate whether you pass your
dollar to the cousin on the left or
the right, or donate it to the commu-
nal pot. The player with the last dol-
lar wins the pot.
Cheers resounded as players
dropped out or went broke. Some-
times fortunes changed as cousins
found themselves back in the game
with a shared family dollar. Six-year-
old cousin Isaiah, a soccer player
and new reader from Lexington, won
the pot. We cheered and hugged him
as $57 was passed down from the
descendants of Abraham and Martha
Locke.
Touching down at LaGuardia Sun-
day night, I was grateful to be home.
There were five pounds of white
half-runner beans in my carry-on
and five bottles of Kentucky bourbon
in my checked bag. My family was
still drunk on corn pudding and sau-
sage gravy. My country accent had
crept back, which would amuse my
colleagues and tennis partners. I felt
the love from a common bond and a
connection to the rest of America. I
want to bottle it up and share it with
my neighbors and Facebook friends,
but I don’t know how.
Ms. Koster is a New York lawyer.
attack the press or betray your
country—if you’re famous enough,
you’ll probably still be gifted oppor-
tunities to add to your fortune and
boost your fame. . . .
By inviting Spicer to be a part of
the new season, ABC and “Dancing
with the Stars” are helping normal-
ize the very behavior that is under-
mining the pillars of our democracy.
What’s next? Sarah Huckabee Sand-
ers hosting “Celebrity Family Feud?”
 RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
A14 | Saturday/Sunday, August 24 - 25, 2019 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Just Another Manic Friday What Do We Do About Violent Young Men?

T
he trouble with trade wars, like shooting ports would rise to 30% from 25% on Oct.1. The In “Violent Young Men, Here and closet. In fact, it’s a comfort should
wars, is that once they start you never 10% tariffs that were set to take effect next month Abroad” (op-ed, Aug. 14), Reuel Marc predators come calling. Mr. Gerecht
Gerecht brings a note of honesty to asks us to consider the real threats
know how they’re going to end. The en- will also go up by 5%. Take that, Xi Jinping.
the “gun violence” debate where, de- that face us.
emy gets a vote, and some- Peter Navarro, Mr. Trump’s spite the rhetoric, few really believe ART DEJONG
times events escalate in ugly Trump and Xi see who trade-war general, seems to that a land awash with guns can sim- Sheboygan, Wis.
fashion. Take Friday, which
saw China retaliate for Donald
can take the most trade think China has more to lose
from a tariff escalation. “The
ply legislate gun violence away. No
one would say that Juárez, Mexico, Mr. Gerecht might have mentioned
Trump’s recent tariffs, Mr. pain. Everyone loses. risk here for China, when it with its draconian gun-control laws the broad cultural war on boys and
Trump blow a gasket, markets does things like this, is simply and its 1,247 homicides last year is men. We adult males, he says, have
tank, and Mr. Trump impose to galvanize support even more safer than El Paso, Texas, with its lax failed to properly “socialize” young
even more tariffs. for the President,” Mr. Navarro said Friday on gun-control laws and its record of 23 men to follow the rules of acceptable
Friday began with China announcing tariffs Fox Business. “Seven-five billion dollars worth homicides. male behavior.
of 5% and 10% on the remaining $75 billion of of tariffs in terms of what the combined $30 tril- Nor does anyone really believe that What is so dishonest and unfair
adding still more red flags to preda- about this argument is that when
U.S. products that have escaped duties since the lion economy is not something for the stock mar-
tors, whether homegrown or im- American men make an effort to set
tariff war started. This includes luxury autos, ket to worry about and we’re cool here.” ported, would help much. There are examples for boys to follow through
chemicals and small jets that the Chinese can’t Got that, markets? Just chill, baby. But that no simple legislative solutions to the all-male institutions such as all-boy
easily substitute with foreign alternatives. The was before Mr. Trump promised to retaliate yet problems of hatred and violence such schools, the Boy Scouts, football and
tariffs are scheduled to take effect on Sept. 1 again, and markets are wondering if we’re head- as these. rugby teams, the Army, etc., we’re
and Dec. 15 when the next two rounds of Mr. ing toward mutual assured economic destruc- To speak honestly we would have then damned by an hysterically anti-
Trump’s tariffs on Chinese products are also tion. Mr. Trump this week also dismissed the to talk about the seeds of hatred male, PC culture for allegedly perpet-
scheduled to hit. risk of a recession, but his continued mauling of planted by race-baiting politicians, by uating “toxic masculinity.”
Stocks took that news in stride. They then Mr. Powell suggests he’s less than confident a campaign industry bent on stoking CHRISTIAN MARK DEJOHN
rose modestly after Federal Reserve Chairman about the U.S. economy. Perhaps Beijing has resentment for political gain and by Newtown Square, Pa.
Jerome Powell said in his annual Jackson Hole taken note and believes its leverage in trade ne- an entrenched “diversity” establish-
ment that makes its living fomenting As a guardian ad litem (court-ap-
remarks that the central bank would “act as ap- gotiations is increasing. discontent—as though any of us need pointed advocate for children re-
propriate to sustain the expansion.” The IHS Markit index of factory activity in encouragement to feel exploited and moved from the home due to abuse
But then Mr. Trump began tweeting like a bull August dropped in the U.S., Japan, Germany and oppressed. or neglect), I dealt with severely dis-
in a china shop. “My only question is, who is our eurozone—the first manufacturing contraction We also would have to talk hon- turbed, violent boys. These boys in-
bigger enemy, Jay Powell or Chairman Xi?” he in the U.S. since September 2009. A compound estly about even less comfortable variably were from fractured families
tweeted, as if Mr. Powell isn’t a patriot. “We index of economic activity in the U.S. that in- topics like the link between early without any involvement by their fa-
don’t need China and, frankly, would be far bet- cludes services also fell to its lowest point since marijuana use and mental illness. And thers. Gun violence will not be fixed
ter off without them. Our great American com- February 2016. The risk of a recession grows as even then we would just be whistling by more laws or by eroding our con-
panies are hereby ordered to immediately start trade uncertainty increases. Consumers have past the graveyard, the destruction of stitutional right to bear arms, which
looking for an alternative to China, including been shrugging off the market whiplash and the the family, the vanishing church and do nothing to address the disintegra-
the disappearance of moral restraints tion of the American family. I hold
bringing your companies HOME.” President’s trade irruptions. But if job and wage
in the popular culture. my breath, hoping not to read about
Order? Somebody should tell Chairman growth slows amid falling business investment, The cluttered gun rack in the cor- one of my boys in the news.
Trump this isn’t the People’s Republic of Amer- consumers may pull back too. ner of my son-in-law’s ranch kitchen SUSANNA HOFMANN MCSHEA
ica. U.S. businesses have been trying to shift pro- U.S. motor vehicle jobs have declined by is no more a threat than the broom Greenville, S.C.
duction out of China to avoid tariffs, but supply 16,000 this year amid a slowdown in domestic
chains that have been developed over decades sales. Tesla, BMW and Daimler plants in the U.S.
can’t be uprooted overnight. And no other coun- that export luxury cars to China will get whacked
try has China’s huge relatively skilled workforce, with tariffs come December. Farmers who have
Bad Design on 737 MAX Had a Terrible Cost
infrastructure and network of suppliers. been bearing the tariff brunt will receive another After the extensive accident investi- hibits valuable comments from engi-
Mr. Trump also teased later actions, and sure dose of pain in September. gations, there is no doubt that the neers and other participants in prod-
enough after markets closed he announced via What was that again about trade wars being malfunction of the new MCAS com- uct-review meetings. Also, never
puter in the 737 MAX is the probable expect 100% success in any process, in-
tweet that tariffs on $250 billion of Chinese im- easy to win?
cause of two terrible crashes (“The 4- cluding pilot response. Pilots are peo-
Second Catastrophe: Why Boeing’s ple, and people will make mistakes. We

David Koch MAX Failed,” Page One, Aug. 17). How-

ever, focusing on assigning blame for
shouldn’t criticize Boeing for wanting
to reduce costs. Lower costs mean

W
the crashes to Boeing or the FAA is di- lower airfares. However, we must be
hen David Koch died Friday at age 79, way of life for all Americans. These beliefs made verting attention from a significant sure to properly evaluate the impact of
the headlines underscored that he him a villain on the left, and subjected him to contributory cause of the accidents— all cost-savings opportunities.
used his great wealth to “reshape” much unfair media coverage, but he was also in- crew training in developing countries. EDWARD G. KEMMERLING
American politics. creasingly at odds with the The crews failed to respond to the Brighton, Mich.
Certainly he used his The free-market anti-free-trade, anti-immigra- manifestation of a runaway stabilizer
money to support causes he tion wing of the Republican by simply turning it off, which is a While Boeing apparently relied on
deemed worthy, and this in-
businessman lived up Party.
memory item. The primary rule in avi- pilots reacting correctly, this is over-
ation is maintaining aircraft control, shadowed by Boeing’s violation of a
cluded promoting liberty-lov- to his convictions. The defining aspect of and then analyzing the situation and basic aircraft-safety principle: Never
ing think tanks and political Koch’s life is that he was a taking proper action. Not addressing allow a single point of failure with
groups. But the bulk of the businessman. Until his retire- this issue out of sensitivity will do ab- even a small chance of occurring to be
$1.295 billion he gave away went to medicine ment as executive vice president last year, he solutely nothing to enhance flight fatal. In this case, the angle-of-attack
and the arts. To describe his brother’s well- and Charles helped build Koch Industries into safety and prevent a recurrence under sensor became the single point of fail-
earned reputation for generosity, Charles Koch the second largest privately held company in a different component failure. ure, driving the MCAS system to drop
invokes Adam Smith: “to indulge our benevo- America. Long before the Business Roundtable JEAN-CLAUDE DEMIRDJIAN the nose and crash the airplane, de-
lent affections, constitutes the perfection of endorsed the idea that business contributions Los Angeles spite the fact that the 737 MAX has
human nature.” to society must be broader than profits, David Mr. Demirdjian is a retired Air Force two angle-of-attack sensors. This fail-
pilot and Boeing 747 captain. ure is on Boeing and its management
David Koch was also something of a renais- Koch was demonstrating what a conviction busi-
chain from the lowest-level engineer-
sance man. While earning two degrees in chemi- nessman could do for society. In his case that I suspect that Boeing leadership ing manager responsible for the MCAS
cal engineering at MIT, the 6-foot-5 Koch also included satisfying customers, providing jobs was so focused on eliminating cost and related design to the CEO.
set a school record as a basketball player for the for thousands of employees, meeting America’s that it didn’t encourage discussion of ROBERT BLOCK
most points scored in a single game—which energy needs, promoting policies to spread free- potential problems. This attitude in- Pleasanton, Calif.
wasn’t broken for 46 years. dom—and stepping in with the philanthropy he
In 1980 he ran for vice president on the Liber- believed is preferable to waiting around for the
tarian ticket to promote his faith that free mar- government to do it.
kets and limited government were the keys to He helped his company make money, and he Trump Divides the U.S., but He Isn’t Alone
delivering a broadly based prosperity and free left the country richer and freer because he did.
Heather Mac Donald lays the cur- like rapist, murderers, drug dealers,
rent state of divisiveness, with its —hole countries, child traffickers, ter-
The IMF Needs an Upgrade alarming uptick in hate crimes and
mass shootings, squarely at the feet of
rorists, low IQ, etc., to describe and
disparage nonwhite people.

W
“Democratic elites,” concluding that KELLY HARDIMAN
hen new British Prime Minister Bo- the largest share of funds and the U.S. can veto “the primary responsibility rests with Reno, Nev.
ris Johnson spoke with Donald Europe’s choice. The IMF will also have to scrap its main propagators: the academic left
Trump recently, he had a specific re- its current age limit of under 65 for starting a and its imitators in politics and mass Heather Mac Donald perfectly de-
quest: Please support George term as managing director, as media” (“Trump Isn’t the One Dividing scribes what has happened to our so-
Osborne, the former Chancel- George Osborne or Mark Ms. Georgieva is 66. Us by Race,” op-ed, Aug. 19). Really? ciety. The University of Detroit Mercy
lor of the Exchequer, to lead A veto wouldn’t make Eu- Silly me for believing that racial di- just sent an invitation to its Fall Festi-
the International Monetary
Carney could be helpful rope happy, though it would visiveness has been firmly embedded val and homecoming. An alumni re-
Fund. That’s a favor Mr. in a global downturn. please Mr. Johnson, with in the dominant culture since our na- union for my class was listed and I
tion’s inception, which embraced geno- considered going. Then I noticed there
Trump could do, and it might whom Mr. Trump is more cide of Native Americans, slavery, Jim was also going to be a Black Alumni
even make the fund relevant if likely to strike a near-term Crow, anti-Semitism and, at various Reunion, and decided that such a divi-
the world economy runs into trouble. trade deal. Mr. Trump could propose dropping times, horrendous mistreatment of ev- sive event was opposed to ideas of di-
The IMF needs a new managing director be- his threat of auto tariffs in return, which might ery other racial and ethnic minority. versity and inclusion. I won’t be going
cause Christine Lagarde is leaving to run the win over the Germans. Ms. Mac Donald seems unable to hold to any college reunion events.
European Central Bank. The tradition has been The larger point is that Mr. Osborne would two concepts in her mind simultane- CARL STEINECKER
that Europe gets to choose the IMF chief while be better for American interests and a stalwart ously: that our nation was founded on Green Oak Township, Mich.
an American runs the World Bank. The Euro- voice for supply-side reform around the world. white supremacy and that, arguably,
pean Union has nominated Kristalina Geor- The IMF hasn’t had such a voice in living mem- identity politics has inflamed the na-
gieva, a Bulgarian veteran of the international ory, perhaps because the fund has never had a tional dialogue surrounding race. As
one who identifies strongly with the
CORRECTION
bureaucratic circuit, but only narrowly and af- British managing director.
progressive left, I wouldn’t deny that
ter a contentious debate in which the more free- France may object to anything Mr. Johnson identity politics can be carried too far, LLC is short for Limited Liability
market northern Europeans were opposed. wants given his starring role in promoting but it is the logical outgrowth of sys- Company. An Aug. 22 letter “Making
We have no beef with Ms. Georgieva, who as Brexit. But Mr. Osborne opposed Brexit and temic oppression and, while it de- Partner Is More of a Business Today”
the number two person at the World Bank has honorably resigned from Parliament after the serves to be scrutinized for lapses in misstated this.
been helpful to David Malpass, an American and referendum passed in 2016. Mr. Johnson’s sup- fairness and logic, it is beyond absurd
the new bank president. This has earned her port for him is a step toward reuniting the Con- to single it out as the primary cause of
support from Treasury Secretary Steven servative Party, which is also in America’s na- racial divisiveness. Pepper ...
Mnuchin. She’d do the loyal bidding of France tional interest. The fact that President Trump’s lan-
and the European Union, which means the IMF If Mr. Osborne is a Brit too far for the conti- guage and behavior is shockingly abu-
And Salt
probably wouldn’t do much harm. nentals, there is also Mark Carney, who is near- sive and inflammatory on many levels THE WALL STREET JOURNAL
hardly absolves him of his routine use
But with the global economy slowing down— ing the end of his term as head of the Bank of
of overt and “dog-whistle” racially
and troubles ahead on trade, China, Brexit and England. He isn’t a supply-sider, but he under- charged rhetoric which fans the flames
more—an IMF that did more to promote pro- stands finance, monetary policy and currency of bigotry.
growth economic policies could be important. movements and would certainly help in another BETSY KARASIK
As Chancellor for six years, Mr. Osborne was global panic. He’s Canadian and also holds Irish Washington
the architect of the policies that helped to re- and British passports.
vive the U.K. economy after the 2008-2009 fi- White House economic adviser Larry Kudlow I would be willing to give Ms. Mac
nancial panic and recession. writes nearby about his frustration with the Donald’s premise more credibility if
He cut corporate and individual tax rates, lack of pro-growth urgency on the agenda for President Trump had not used terms
and he resisted Keynesian orthodoxy by impos- this weekend’s G-7 meeting in France. Germany
ing spending discipline after the spendthrift is barely growing, Italy is a mess as usual, Letters intended for publication should
years of the last Labour government. The U.K. Brexit looms at the end of October, the U.S.- be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
economy recovered more smartly than the rest China trade fight is escalating, and Japan is or emailed to wsj.ltrs@wsj.com. Please
of Europe. Mr. Osborne also publicly supported sleepwalking into a major tax increase. Maybe include your city and state. All letters
Mr. Trump’s tax reform. starting a debate over who should lead the IMF are subject to editing, and unpublished
The U.S. has leverage over the IMF choice if will get the G-7’s attention about the need to letters can be neither acknowledged nor
returned.
it chooses to use it. American taxpayers provide debate pro-growth policies.

THE WALL STREET JOURNAL.
Mind Your Manners, Says Edith Wharton
DECLARATIONS
By Peggy Noonan
T
his week we turn the col-
umn over to Edith Whar-
ton, (1862-1937), the great
woman of letters and au-
thor of the Gilded Age
novels “The Age of Innocence,” “The
House of Mirth” and “The Custom of
the Country.” She was the first
American woman to win the Pulitzer
Prize for fiction. She was also
named a chevalier of the Legion of
Honor for her valiant assistance to
her beloved France during the World
War I.
Mrs. Wharton:
I have been invited this late Au-
gust evening to speak to the Ameri-
can people about the decline in their
public manners, which has reached
crisis stage.
Americans have become
very rude. A great nation
cannot continue this way.
I would have preferred a radio
address by what is called nationwide
hookup but I am told my voice,
which is reminiscent of that of Elea-
nor Roosevelt, carries inferences of
another age, which might undercut
the pertinence and urgency of my
message.
I freely admit that there are sev-
eral ways to describe me, and fabu-
lous old battle-ax is one. But I know
some things about human society,
and can well imagine the abrading
effect of a widespread collapse of
public courtesy.
You have all become very rude.
Not from ignorance, as Americans
were in the past, but from indiffer-
ence and amid affluence.
Reagan and Trump’s Lesson for Today’s G-7
By Lawrence Kudlow
A
s leaders of the Group of
Seven—the world’s largest ad-
vanced economies—gather this
weekend in Biarritz, France, they
would be wise to study a bit of G-7
history.
In May 1983, the U.S. hosted the
G-7 annual economic summit in Wil-
liamsburg, Va. As leaders gathered
for dinner, West German Chancellor
Helmut Kohl beseeched President
Ronald Reagan to share with world
leaders the recipe for U.S. economic
success. “Tell us about the American
miracle,” said Kohl.
Helmut Kohl asked about
the ‘American miracle’
in 1983. His successors
are trying to ban straws.
The leaders had good reason to lis-
ten. When Reagan entered office in
1981, the U.S. and much of the devel-
oped world were facing a severe eco-
nomic recession. Most G-7 leaders
were skeptical of Reagan’s plan to get
the economy growing again by lower-
ing excessive tax rates and eliminating
unnecessary regulations. But by 1983,
it was clear the plan had worked. The
American economy was booming
while the rest of the G-7 languished in
recession.
Eventually those leaders wised up
and followed Reagan’s lead. In a
speech before his final G-7 summit, in
1988, Reagan summed up the collec-
tive progress: “Everywhere in the
democratic world we’re seeing the
emergence of a new consensus: that
growth and opportunity must go
hand in hand.”
Today, the U.S. again has a presi-
dent whose policies are delivering ro-
bust economic growth while other
major economies lag behind. Since
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In your daily dealings you have
grown slovenly, indifferent and cold.
A great nation cannot continue in
this way. Nations run in part on
manners; they are the lubricant that
allows the great machine to hum.
Among the harassments I see you
inflict on each other:
It is discourteous to walk down a
busy sidewalk with your eyes
trained on a cellphone, barreling for-
ward with disregard for others who
must carefully make way and negoti-
ate their bodies around yours so as
not to harm you. You must think you
are more important than the other
citizens of the sidewalk. Who told
you this? Who lied to you in this
way?
Eyes on a phone and pods in your
ears—have you no sense of commu-
nity? You have detached from the
reality around you, which is a subtle
rebuff of your fellow citizens. You
enter your own world. When Leo-
nardo and Dr. Einstein entered their
own worlds they encountered rich-
ness, a fierce originality that ulti-
mately benefited all. Is that what
you encounter?
You must have a sense of commu-
nity! Take part, be part, see and
hear. Share responsibility. Stop as-
suming everyone will work their way
around you. That is the summoning
of a calamity you will deserve.
You must come to understand
that other people can hear you on
the cellphone in confined public
spaces such as the elevator. You
must come to understand: Other
people have a right not to hear your
sound. They have a right not to hear
your grating voice, your huffy ex-
changes that convey the banality of
your interests, all of which, on a bad
day, when spirits are low, can make
those around you want to ruffle in
their purse for a pistol with which
to shoot themselves in the head.
It might be better if you were in-
stead “there”—to make brief eye
contact and nod, as if you are hu-
man beings on earth together. At the
very least, understand you should
the election, the U.S. has created al-
most 6.2 million jobs, more than five
times the average of the other G-7
economies. Despite severe monetary
restraint, the U.S. has achieved aver-
age real GDP growth of 2.6% during
that time. In contrast, and despite
unprecedented monetary easing, the
other G-7 economies have produced
only 1.5% growth. While the U.S. grew
at an annual rate of 2.1% in the sec-
ond quarter, Germany is teetering on
the edge of recession—its economy
contracted by 0.3% in the second
quarter. The U.K. contracted by 0.8%
and Italy barely grew over the same
period.
With pro-growth policies Presi-
dent Trump has restored incentives,
rebuilt the economy, and established
a strong prosperity cycle. The effects
have been felt across the population,
with those earning the lowest wages
enjoying the fastest nominal earnings
growth. He has done it by cutting
taxes, rolling back onerous regula-
tions, opening up plentiful and cheap
energy supplies, and leading a tough
campaign to reduce trade barriers.
On this last point, the president con-
tinues to seek his long-term vision of
free, fair and reciprocal trade
through zero tariffs, zero nontariff
barriers and zero subsidies.
G-7 leaders should again take a
hard look at the U.S. economy and
ask why we succeed while they stag-
nate. The formula isn’t a secret: G-7
leaders should lift up their citizens
by adopting economic policies that
deliver jobs, prosperity and growth
by reducing high tax rates and crip-
pling regulation. At the same time,
we all must confront the unprece-
dented structural challenges to the
global economy posed by China’s un-
fair trade practices, forced technol-
ogy transfer, intellectual-property
theft, and state-directed economic
activities, which continue to destabi-
lize the industrialized world.
For some reason France, this
year’s host, wants the G-7 to stay si-
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OPINION
CHAD CROWE
delay the call until the elevator
doors open.
Last week I was in a nail spa, as
they’re called, idiotically. A woman
in her 30s was screeching into her
phone, which was on speakerphone
mode. After a few moments I in-
formed her she was disturbing oth-
ers. She literally said: “I am closing
a deal! I don’t care!”
And you wonder why socialism is
making a comeback.
You have apparently forgotten
that “Excuse me,” is a request, not a
command. “Excuse me” is an abbre-
viated question: “Would you excuse
me, please? Thank you.” All in a soft
voice. It is not a command to be
barked as you push down the aisle
at Walgreens.
There is the matter of “No prob-
lem.” You perform a small courtesy,
I thank you, you reply “No problem.”
Which implies: If it were a problem,
lady, I wouldn’t do it. “If it were at
all challenging I would never be
courteous.” Why would you admit
this to a fellow citizen? Why demor-
alize her in this way?
Similarly with “No worries.” A
young person emails and asks me to
do something, perhaps attend an
lent on these core economic issues.
The G-7 isn’t what it was in Reagan’s
day. The forum has expanded into an
ever-broader set of ministerial meet-
ings, summits, and documents for a
broader set of “stakeholders,” inter-
national organizations and special in-
terests. This expansion is crippling
the G-7’s effectiveness. This year
alone, France has hosted 10 ministe-
rials, on topics from tourism to social
justice, and 65 working groups pro-
ducing hundreds of pages of docu-
ments. Trade and the global economy
have gotten short shrift.
Although many of the issues
France has chosen to highlight this
year are worthy of attention—includ-
ing prosperity in Africa and global
women’s economic empowerment—
what’s most striking about this year’s
G-7 agenda is what’s missing. Where
is the action on growth, trade, energy
The Tragedy of the Times
Thank you, Dean
Baquet. Readers
who complain about
articles they don’t
like, and who as-
sume they are writ-
ten under pressure
BUSINESS
from advertisers,
WORLD
could do worse
By Holman W.
than to study recent
Jenkins, Jr.
comments of the
New York Times ex-
ecutive editor.
Mr. Baquet was secretly recorded
at a staff meeting. A transcript was
posted at Slate.com. But he has
made similar points publicly. The
gist: It’s readers nowadays who pres-
sure newspapers to toe a line. Pub-
lishers pine for the era when adver-
tising dollars insulated us from such
pressures.
Under fire from its public for an
anodyne and accurate headline about
Donald Trump after the El Paso
shootings, which the paper later
changed, Mr. Baquet almost pleaded
with his crew: “We are an indepen-
dent news organization, one of the
few remaining. . . . Our readers and
some of our staff cheer us when we
take on Donald Trump, but they jeer
at us when we take on Joe Biden.
They sometimes want us to pretend
that he was not elected president,
but he was elected president.”
If he meant a newspaper’s job is
to report the facts and arrange them
in a logical fashion regardless of the
howling winds of reader prejudice,
he’s right. Unfortunately it’s not
clear this is what he meant.
To his credit, the Times has been
one of a few news organizations that
have refrained from labelling Mr.
Trump a racist, as if this quality can
be factually determined between the
lines of his tweets. What Mr. Baquet
is up against was illustrated by one
of his own reporters, quoted in the
Slate transcript saying, “I just feel
like racism is in everything. It should
Saturday/Sunday, August 24 - 25, 2019 | A15
event. I reply carefully, with grati-
tude and honest regret, that I am
unable. The response? Two words:
“No worries.” I’m tempted to an-
swer, “You don’t worry me, dearie.”
Of course I don’t; it would be like
slapping the maid. But “no worries”
claims a certain precedence—“I am
in charge and instruct you not to
feel anxiety about frustrating my
wishes.” Child, you’re not in charge.
Try, “Thanks, I understand, I hope
another time.”
First-name culture is fully estab-
lished. It is vulgar and inhuman. It
shows disrespect for person and pri-
vacy, and the mature experience it as
assaultive. A first name is what you
are called by your intimates, by
friends and lovers. It does not belong
in a stranger’s mouth. I may grant
you permission to use it, that is my
right. But you cannot seize permis-
sion—that is not your right.
I receive solicitations from people
I’ve never met, “Dear Edie.” I hon-
estly wonder: Do I know you? And
then realize that’s what they want
me to wonder, because if I think I
might know them I’m more likely to
respond. It’s not democratization,
it’s marketing.
security or employment? Moreover,
for the first time in the 45-year his-
tory of the G-7, France has decided to
abandon consensus-based communi-
qués and concrete proposals. In place
of consensus, France will lead “coali-
tions” of “everyone who shares our
values.” These coalitions produce po-
litically correct bromides such as
calls to ban everything from straws
to fossil fuels.
The G-7 is in danger of completely
losing its way. France decided to add
a formal session on the economy and
trade to its agenda only after a last-
minute request from the Trump ad-
ministration. If Mr. Trump isn’t al-
lowed to make the case for growth at
the G-7, no other leader will.
The U.S. is built on a system of in-
dividual liberties giving people the
freedom to innovate and drive prog-
ress. When we remove barriers to
be considered in our science report-
ing, in our culture reporting, in our
national reporting.”
Such thinking is why audiences
other than the Times’s have become
cynical when charges of racism are
flung.
But Mr. Baquet also lent credence
to an already rampant suspicion
that the Times sees its job as im-
posing a “narrative” (a word he
used repeatedly) on the world
rather than listening to what the
world teaches. After the Russia col-
lusion fiasco, you might think an or-
der of business would be finding out
how our politics came to be so
The loss of advertising
dollars is why a newspaper
spends its credibility
sucking up to readers.
roiled by fabricated allegations. All
too plainly, Mr. Baquet seemed to
suggest that the Times, having
failed to deliver the Russia story its
readers wanted, must now deliver
the Trump racism story they want.
“Our readers who want Donald
Trump to go away suddenly
thought, ‘Holy [bleep], Bob Mueller
is not going to do it.’ ”
Is Mr. Trump a racist? I don’t
know. Are you? What I do know,
and what’s apparent to everyone, is
the existence of powerful incentives
in American life to level such
charges, indeed a delight in doing
so. The Times knows this better
than most. It can hardly fire anyone
without being accused of racism. Of
particular note, a 2016 class action
claimed not only that the paper is
hostile to “older employees of
color,” but that it prefers its readers
to be “young, white [and] wealthy”
too.
They take something from you
when they take your name. And once
they’ve taken that they will be tak-
ing more.
On the phone with the bank, re-
garding a recent transaction:
Bank worker: “Yes, Edith, how can
we help you today?”
Me: “Ah. I am certain you are a
very nice person and if I knew you I
would quickly ask you to call me by
my first name, but since we’re not
old friends yet I would appreciate—”
Him (sullen, impatient, flat): “I’m-
sorry-about-that-how-would-you-
like-me-to-address-you?”
Me: “As your enemy. As the im-
placable foe of all you represent.
Does that work?”
What the new world doesn’t un-
derstand is that when you address
us as Miss, Mrs., Ms. or Mr., we usu-
ally say, “Feel free to use my first
name.” Because we are democratic,
egalitarian, and fear the guillotine.
But we’re pleased when someone
asks permission, and respond with
the grateful effulgence of the losing
side.
There is more to say but I must
close.
I am not calling for a new refine-
ment. That is beyond my capacity
and your ability. It is possible you’re
entrenched, as I said of the Vander-
bilts, in a sort of Thermopylae of
bad taste from which no earthly
force can dislodge you.
Great nations have fallen over
less.
I am merely suggesting a less
selfish and vulgar way of being.
Surely you can consider that.
If a political figure should come
by whose slate consisted of “Amer-
ica, reclaim your manners” he would
“break through” and win in a land-
slide. Because everyone in this coun-
try suffers—literally suffers—from
the erosion of the essential public
courtesies that allow us to move for-
ward in the world happily, and with
some hope.
Thank you. I am grateful to have
you as a reader.
success—including high taxes and
regulation—we let America be Amer-
ica. Prosperity is an essential compo-
nent of the American identity, and we
are at our best when we embrace our
natural clarity and commitment to
free enterprise and human endeavor.
The people of any nation can flourish
when economic growth is allowed to
run its natural course.
President Trump looks forward to
sharing his hopeful pro-growth mes-
sage with other world leaders in Biar-
ritz this weekend. It is time for our
G-7 partners to come together to col-
laborate on core issues to reinvigo-
rate our economies. Let’s get back to
basics. Let’s build a future of prosper-
ity and opportunity for all our people.
Mr. Kudlow is director of the
White House’s National Economic
Council.
Now this is ironic. Multiple Dem-
ocratic alarums have been sounded
lately, including in the Times, about
how the racial radicalism of exactly
these young white liberals endan-
gers the party’s 2020 chances. But
let’s have a moment of realism. Pol-
iticians are about politics. Demo-
crats manifestly see race as a win-
ning card. Their presidential
candidates even play it against each
other. Mr. Trump, or any alternative
in our two-party system, has a card
too—the resistance of a large part
of America to the role being as-
signed them in the Democrats’ iden-
tity-politics melodrama.
A newspaper should tell this
story, not serve as one side’s propa-
ganda arm. But also evident in Mr.
Baquet’s plea is another fact of life:
He, or any editor who is basically an
employee of the New York Times rul-
ing family, will be hard-pressed to
steer an independent path for the
paper when so many of its readers,
staff, editors and patrons want it to
be a shield of their wokeness. An
owner needs to take a hand.
But I thank him for clearing the
air on one matter, the notion that
advertisers dictate coverage. Which
brings me to Elon Musk.
Never mind that he comprehen-
sively missed the point of a column
here in April, which criticized cer-
tain electric-vehicle mandates pre-
cisely because they were unfair to
Tesla. What had me chuckling was
his tweeted suggestion that this
writer and “WSJ in general are sock
puppets of big oil.”
Look around. Do you see any big-
oil ads? I wish we had more ads of
any kind.
For better or worse, newspapers
are more dependent than ever on
readers to pay our bills. But then Mr.
Musk probably knows this. He
wouldn’t be tweeting if he didn’t be-
lieve the way to influence me is
through our readers.
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A16 | Saturday/Sunday, August 24 - 25, 2019 * *** THE WALL STREET JOURNAL.

SPORTS

The Robots Are Coming (to Gymnastics)

The sport may add new technology for the 2020 Olympics—and pave the way for artificial intelligence in judged sports
BY LOUISE RADNOFSKY

T
he international gymnas-
tics federation has voted
on whether to expand
the use of sophisticated
new technology in major
upcoming competitions, a move
that could ultimately shift control
over the sport’s judging from hu-
mans to robots.
Unfortunately, it may take some
time to learn the result. It was not
available at the time of going to
press, some 26 hours after the vote
took place. Controversy over video
assistant referee technology has be-
come the bugbear of sports from
soccer and tennis to MLB, the NBA
and the NFL. It’s fairer, more objec-
tive and makes it harder to yell at
the referee. It’s also slow, distract-
ing and makes it harder to yell at
the referee.
It’s actually been an easier sell
for gymnastics, where basic video
replay, with the capacity to zoom
in, is already available for cases
where a gymnast challenges the dif-
ficulty score, contending that a par-
ticular skill didn’t get credit.
There’s also a full video review
after a competition to judge the
judges’ performance, because per-
haps, just perhaps, judges favor ath-
letes from their own federations,
dislike a particular athlete, or think
that someone is owed a boost be-
cause it’s time.
But the vote that took place
Thursday at the gymnastics’ global
body’s meeting in Managua, Nicara-
gua, is potentially game-changing
because it would add, at the upcom-
ing world championships, new ca-
pacity to the video system currently
available to human judges. The Fu-

LAURENCE GRIFFITHS/GETTY IMAGES

jitsu Ltd. technology can measure
height, body angles or the number
of degrees by which a gymnast
splits her legs, in three dimensions
and from any direction, both parties
say. The Fédération Internationale
de Gymnastique declined multiple
requests for comment on the out-
come.
If used successfully at the world Gymnastics star Simone Biles awards a '10' during a Superstars of Gymnastics event. New video technology could change the nature of judged sports.
championships, the technology
could also be deployed at the 2020 “6.0” that rewarded perfection but somersault, for example. After all, racy of results. that she thought the robots would
Olympic Games. For now, it’s being capped difficulty, in favor of an they argue, you can already see this Skeptics say technology could do an amazing job.
billed as a judging support system. open-ended system. Weeks after stuff on television or YouTube, so help people manipulate results, with Kondos Field said artistry in
Taken to its logical conclusion that, judging problems plagued why not give judged sports the re- less transparency. gymnastics could be determined ob-
though, it could allow the robots to men’s gymnastics at the 2004 spect they crave? At the recent Pan American jectively through just two princi-
take over entirely—and change the Olympics in Athens and spawned Games, judges’ wrangling already ples, both of which could be mea-
nature of judged sports such as gymnastics’ own expansive (and resulted in waits for some gymnasts sured by a robot: Do you see clear
gymnastics, as well as diving, syn- yes, incomprehensible) system. of 10 minutes or more before they pictures? And is there a common
chronized swimming, figure skating, Such scandals give ammunition
The dizzying speed of were able to take their turn on the thread through the piece choreo-
snowboard, ski jumping and free- to naysayers who contend that any- movement is apparatus, said Al Fong, coach to graphically? Actually, she said, the
style skiing. thing that can’t be measured isn’t a three 2020 American women’s gym- robot would probably do better.
Recent decisions from the 138- real sport. The new technology
increasingly difficult for nastics team hopefuls. “I don’t care if you like the rou-
year-old FIG have included a ban on might more consistently measure the naked eye to track. Fong also doubted a robot could tine. There are some people who
the use of cat makeup in female whether a rotation is complete or properly judge dance elements, don’t like Katelyn Ohashi’s routine,”
gymnasts’ performances. The Inter- count whether a certain position is which are a technical component of she said.
national Skating Union and other held for three seconds than a judge gymnastics routines on floor exer- Those people don’t include the
federations haven’t always rushed whose math varies based on inter- “I think it would have more cred- cise and balance beam. “One per- 57,319,190 viewers of the YouTube
to follow suit. Still, gymnastics and national realpolitik, advocates en- ibility if it had some objective com- son’s idea of beautiful dance is an- video that made Ohashi a viral star.
skating scoring systems have thuse. ponent that the audience can un- other person’s idea of slow, sloppy Many of them have been happy to
evolved almost hand in hand. Skat- More benignly, it could also give derstand,” said Mike Jacki, a former dance.” simply rate her themselves as per-
ing had a judging scandal at the judges a better view than they cur- official in the Fédération Interna- This begged for a take from Valo- fect, and dismiss any judge who dis-
2002 Salt Lake City Games that was rently get from their seats below tionale de Gymnastique. “If done rie Kondos Field, who retired as agrees.
so big that medals were re- the apparatus, allowing them to see right,” he added, it would give the UCLA head coach in May after years Now, they will be able to choose
awarded. how high a gymnast gets relative to audience, media and sponsors a of creating crowd-pleasing dance- between raging against the ma-
Two years later it scrapped the her center of gravity on a back new level of confidence in the accu- driven floor exercises. It turns out chine, or the man. Maybe.

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Philadelphia 80 64 s 78 62 pc Havana 90 73 pc 90 73 pc he hasn’t been play a Premier
Phoenix 103 84 s 104 86 s Hong Kong 94 85 pc 92 80 r
Anchorage 67 53 s 67 54 pc Pittsburgh 75 56 s 77 60 s Istanbul 88 74 s 86 75 s
marked for much of Teemu League game until
Atlanta 89 70 t 81 70 c Portland, Maine 73 55 s 70 52 pc Jakarta 92 74 s 91 74 pc anything. Pukki he was 27, but has since
Austin 96 76 pc 99 77 pc Portland, Ore. 77 56 pc 77 56 pc Jerusalem 87 68 s 87 66 s Pukki, now at his seventh scored a respectable 37 goals
Baltimore 81 63 pc 79 62 pc Sacramento 94 63 s 98 63 s Johannesburg 74 46 s 76 48 s
Boise 95 58 s 85 53 s St. Louis 79 64 pc 79 70 c London 84 61 s 87 61 s
professional club, isn’t espe- in four seasons.
Boston 74 60 s 71 60 sh Salt Lake City 93 70 s 93 65 s Madrid 95 65 s 94 66 pc cially fast, nor is he particu- The best part for Norwich
Burlington 72 57 s 78 54 pc San Francisco 79 60 pc 80 59 pc Manila 86 80 c 88 79 t larly big. If he showed up to was that Pukki cost them ex-
Charlotte 75 64 r 75 66 sh Santa Fe 91 55 s 95 58 s Melbourne 64 43 sh 55 41 sh
Chicago 75 59 s 78 66 pc Seattle 74 57 pc 75 55 pc Mexico City 74 58 t 75 58 t
your rec-league soccer game, actly $0 to sign. Or, as for-
Cleveland 73 58 s 80 62 s Sioux Falls 79 64 pc 76 65 c Milan 86 68 pc 88 68 t no one would identify the 6- mer Norwich player Darren
Dallas 94 78 pc 99 81 s Wash., D.C. 81 66 pc 80 66 pc Moscow 72 53 pc 69 51 c foot bearded Finn with thin- Huckerby put it on Twitter
Denver 89 61 pc 97 58 s Mumbai 87 78 c 86 79 c
ning blond hair as a ringer. last week, “Less than a Mars
Detroit
Honolulu
75 60 s
91 78 pc 91 77 pc
79 65 s
International Paris
Rio de Janeiro
86
75
61 s 90 64 s
64 pc 77 66 pc At least not until he started bar.”
Houston 90 76 t 93 76 t Today Tomorrow Riyadh 110 77 s 112 78 s shooting. Because that’s what “We are really capable to
Indianapolis 77 58 pc 80 68 pc City Hi Lo W Hi Lo W Rome 86 68 pc 85 67 pc
San Juan 90 77 pc 91 80 pc
Pukki does: he pulls the trig- create many surprises,” Farke
Kansas City 77 65 c 75 66 t Amsterdam 83 58 pc 85 61 s
Las Vegas 104 81 s 106 82 s Athens 93 77 s 93 77 s Seoul 83 68 pc 85 68 pc ger almost as soon as he said. “And we’ll need many
STRINGER/REUTERS

Little Rock 83 70 t 84 71 t Baghdad 115 85 s 117 84 s Shanghai 89 82 sh 92 83 pc picks up the ball. There’s a surprises to win this season,
Los Angeles 85 64 pc 87 65 pc Bangkok 90 78 t 91 78 t Singapore 90 81 pc 87 79 t reason he’s scored with his because we’re underdogs in
Miami 90 77 t 91 77 t Beijing 89 65 pc 87 66 s Sydney 77 49 s 69 53 s
Milwaukee 73 63 s 75 68 pc Berlin 83 64 s 86 67 s Taipei City 88 82 r 93 80 t first shot on goal for eight each and every game.”
Minneapolis 77 60 pc 74 63 pc Brussels 84 59 s 86 62 s Tokyo 89 74 sh 85 75 pc seasons running, according In Pukki at least, they’ve
Nashville 84 69 pc 82 70 t Buenos Aires 63 48 pc 65 49 c Toronto 72 57 s 76 63 s to Opta Sports. already found one.
New Orleans 89 75 t 86 75 t Dubai 107 92 s 106 90 s Vancouver 71 56 c 71 53 pc
New York City 78 64 s 75 61 pc Dublin 70 57 pc 70 55 pc Warsaw 80 55 s 82 61 pc
Oklahoma City 84 69 t 91 73 t Edinburgh 74 54 pc 75 57 pc Zurich 78 56 pc 82 56 t

Cell Block
The cities saying
‘no way’ to new 5G
cell towers B5
BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT
DJIA 25628.90 g 623.34 2.4% NASDAQ 7751.77 g 3.0%
Potential Suffocation Risk
‘Substantial Product Hazard’
CONTROL OF
False Claim of FDA Certiication
COMPLIANCE ISSUES NOTED ABOVE APPLY TO AMAZON.COM PRODUCT LISTINGS. IMAGES COLLECTED FROM ABOUT 10,000 LISTINGS IDENTIFIED BY THE JOURNAL.
M
any of the millions of people
who shop on Amazon.com see
it as if it were an American
big-box store, a retailer with
goods deemed safe enough
for customers.
In practice, Amazon has increasingly
evolved like a flea market. It exercises
limited oversight over items listed by mil-
lions of third-party sellers, many of them
anonymous, many in China, some offering
scant information.
A Wall Street Journal investigation found
4,152 items for sale on Amazon.com Inc.’s site
that have been declared unsafe by federal
agencies, are deceptively labeled or are banned
by federal regulators—items that big-box re-
tailers’ policies would bar from their shelves.
Among those items, at least 2,000 listings for
toys and medications lacked warnings about
health risks to children.
The Journal identified at least 157 items
for sale that Amazon had said it banned, in-
cluding sleeping mats the Food and Drug Ad-
ministration warns can suffocate infants. The
Journal commissioned tests of 10 children’s
products it bought on Amazon, many pro-
Not Your Parents’ Financial Adviser
Some wealth managers are helping with college plans, family
counseling and cremains in a bid to justify their fees
BY LISA BEILFUSS
AND GREGORY ZUCKERMAN
Financial advisers across the U.S. have a
new side hustle: college counseling.
Those who offer guidance on stocks, bonds
and mutual funds view the rising cost of
higher education as their best opportunity in
decades to keep clients and gain new ones as
threats roil their industry. They aren’t just
pitching tax-advantaged strategies. They are
writing financial aid applications, rearranging
assets, consulting on college applications and
even helping the children of clients pick ma-
jors and internships.
EXCHANGE
RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
THE WALL STREET JOURNAL.
STOXX 600 371.36 g 0.8% 10-YR. TREAS. À 27/32 , yield 1.523%
AMAZON
HAS CEDED
ITS SITE
The result: thousands of banned,
unsafe or mislabeled products.
BY ALEXANDRA BERZON, SHANE SHIFFLETT
AND JUSTIN SCHECK
Missing Safety Warnings
Outside the Box
Share of physical gross merchandise
sales on Amazon by third-party sellers
60%
50
40
30
20
10
0 directly with sellers, brands, and govern-
2000 ’05 ’10
Source: the company
College aid isn’t the only way advisers
are fighting to stay relevant. Few tasks are
off-limits in their bid to keep clients from
bolting to low-cost alternatives.
When Roger Hobby was in Harvard Busi-
ness School his professors never taught him
how to deal with cremation remains. Yet
last year, that is what the executive vice
president of private wealth management for
Fidelity Investments agreed to do for some
well-heeled clients who couldn’t decide how
to divide the eventual remains of their par-
ents. The agreement he brokered was to dis-
tribute the parents’ ashes at a family vaca-
Please turn to page B4
* * * *
OIL $54.17 g $1.18
Lacked Choking-Hazard Warnings
Missing Side-Effect Warnings
Failed Federal Safety Tests
moted as “Amazon’s Choice.” Four failed tests
based on federal safety standards, according
to the testing company, including one with
lead levels that exceeded federal limits.
Of the 4,152 products the Journal identi-
fied, 46% were listed as shipping from Ama-
zon warehouses.
After the Journal brought the listings to
Amazon’s attention, 57% of the 4,152 listings
had their wording altered or were taken
down. Amazon said that it reviewed and ad-
dressed the listings the Journal provided
and that company policies require all prod-
ucts to comply with laws and regulations.
“Safety is a top priority at Amazon,” says
a spokeswoman. Amazon uses automated
tools that scan hundreds of millions of items
every few minutes to screen would-be sell-
ers and block suspicious ones from register-
ing and listing items, using the tools to
block three billion items in 2018, she says.
“When a concern arises,” she says, “we
move quickly to protect customers and work
ment agencies.”
’15
Amazon declined to make executives
Please turn to page B6
Elyse Foster, a financial adviser in Boulder, Colo., regularly helps the children of wealthy
clients pick a college and major, decide what courses to take and when to study abroad.
Losing Steam
Nearing the end
of the railroad
revolution B14
Saturday/Sunday, August 24 - 25, 2019 | B1
GOLD $1,526.60 À $29.30 EURO $1.1145 YEN 105.38
Clients of
UBS Lost
Millions
Investment strategy
was sold as low-risk
BY GRETCHEN MORGENSON
A complex investment strategy
pitched as low-risk by stockbrokers at
UBS Group AG has triggered a back-
lash from clients of its securities unit.
The strategy, called Yield En-
hancement Strategy, or YES, has
generated at least $60 million in
losses for clients and more than two
dozen customer complaints, accord-
ing to a lawyer for the investors.
The strategy involved the use of
several option trades and borrowing,
according to marketing materials,
and faltered when volatility in the
stock and bond markets intensified
last year. In just one month late last
year, the strategy had losses exceed-
ing 13%, a customer-account state-
ment indicates.
The UBS team overseeing YES had
$5 billion to $6 billion in assets un-
der management, arbitration records
show.
A UBS spokesman said the bene-
fits and risks of the strategy were
clearly disclosed to investors.
“Clients who participated in the
strategy acknowledged in writing
that significant market movements
could result in losses and that they
should not participate in the strat-
egy unless they were prepared for
the potential of large losses,” he
said. The spokesman added that only
a small percentage of customers who
invested in the program have filed
arbitration claims over it.
Please turn to page B13
Taylor Swift
Endorses
Streaming
With Album
BY ANNE STEELE
One of the world’s biggest
streaming holdouts has finally em-
braced the format’s takeover of the
music business.
Taylor Swift, who has held back
previous albums from music-stream-
ing services during their initial re-
lease—offering them only for physi-
cal and digital sale for at least their
first few weeks—began offering her
seventh studio album, “Lover,” di-
rectly on Spotify and other stream-
ing services Friday.
Ms. Swift was one of the last ma-
jor artists to endorse the format,
which has upended the way people
consume music and how artists and
labels make money.
In 2017, Ms. Swift kept her sixth
album, “Reputation,” from streaming
services for three weeks, helping her
sell 1.2 million albums in the first
week alone and making her the only
artist with four albums that have
sold more than a million copies in
the U.S. in their first week.
At that time, streaming made up
about 60% of total music consump-
tion in the U.S., according to Nielsen
Music. It is now 80%. Accordingly,
Ms. Swift has cozied up to the
world’s biggest streaming service,
and Spotify Technology SA is re-
Please turn to page B2
JAMIE KRIPKE FOR THE WALL STREET JOURNAL
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B2 | Saturday/Sunday, August 24 - 25, 2019 * *** THE WALL STREET JOURNAL.

THE SCORE
THE BUSINESS WEEK IN 7 STOCKS

TARGET CORP. OVERSTOCK.COM INC. ADVANCED MICRO

PERFORMANCE OF HOME IMPROVEMENT STOCKS DEVICES INC.
 The bargain bin is back as
shoppers seek out value and
Source: FactSet

TGT convenience. Discounter Tar-
get said sales at stores open
20% at least a year rose 3.4% in
the three months ended Aug.
3 while revenue and earnings also
climbed. Its stock rose 20% Wednes-
day, the day its results were released.
Target has been spending heavily to ad-
just to changes in shopping habits, and
there were signs those improvements
paid off. Digital sales were up 34% from
a year earlier. Meanwhile, traditional de-
partment stores are still hurting; Nord-
strom Inc. said that sales and profit
slipped in the latest quarter.
16%
 Patrick Byrne ended his 20-
year tenure as chief executive
OSTK ofprovocative
Overstock in his typical
14
fashion. He
8.3% stated in a letter that he was
12
Lowe’s “too controversial” to stay in
charge of the e-commerce and block-
chain company and that “my presence
10
may affect and complicate all manner of
business relationships.” Investors reacted
8 by sending the company’s shares 8.3%
Home Depot
higher Thursday. The CEO’s exit came
6 less than two weeks after Mr. Byrne al-
luded in another letter to a romantic re-
4 lationship with jailed Russian agent Ma-
ria Butina and covert activities on behalf
2 of the U.S. government.
 Companies that manufacture
parts and materials in China
AMD received a directive from
President Trump on Friday:
7.4% Come back home. The presi-
dent said American firms
were “hereby ordered” to start looking
for alternatives to doing business in
China after Beijing said it would impose
tariffs on $75 billion worth of additional
U.S. products. “We don’t need China and,
frankly, would be far better off without
them,” Mr. Trump said in a tweet. Semi-
conductor companies were among the
hardest hit. Shares of Advanced Micro
Devices fell 7.4%.

0
FORD MOTOR CO. S&P 500
FACEBOOK INC. HP INC.
–2

 Big auto makers are trying

to figure out who is in the
F driver’s seat when it comes
to emissions rules: the
0.9% White House or the state of
California. President Trump
in a tweet criticized Ford for a deal
made last month with California regu-
lators to meet new fuel-economy stan-
dards that are tougher than a proposal
developed by his administration. Cali-
fornia, home to the biggest auto mar-
ket, has sued the administration over a
rollback of Obama-era vehicle-emission
standards. Ford’s shares dropped 0.9%
Wednesday, the day of the president’s
remarks.
Mon. Tues. Wed. Thurs.
LOWE’S COS.
 Americans who shop at home-improvement retail-
ers are helping shore up the U.S. economy during
LOW a time of rising global uncertainty. Lowe’s beat an-
10% alysts’ estimates for second-quarter earnings and
same-store sales. Its stock rose 10% Wednesday after re-
leasing those numbers. Home Depot Inc. also topped ex-
pectations, and its CEO said “consumer confidence is near
record-high levels.”
Fri.
 Big Tech is under the micro-
scope yet again. A group of
FB state attorneys general is
preparing to move forward
1.3% with a joint antitrust investi-
gation of giant technology
companies, The Wall Street Journal re-
ported Monday. Facebook is likely to be
a focus of the new investigation, along
with Alphabet Inc.’s Google, Amazon.com
Inc. and Apple Inc. The probe is ex-
pected to examine whether a handful of
dominant technology platforms use their
marketplace power to stifle competition.
The Justice Department announced its
own antitrust review last month. Shares
of Facebook fell 1.3% Tuesday.
 One of the world’s largest PC
makers is losing its CEO. HP
HPQ boss Dion Weisler said he
will step down this year for
5.9% health reasons and eventually
leave Silicon Valley to be
with his family in Australia. He took
over as CEO in 2015. He will be suc-
ceeded by Enrique Lores, a Spaniard
who joined the company as an intern
30 years ago. Shares of the company
fell 5.9% Friday. Mr. Weisler has led the
seller of computer and printers since
Hewlett-Packard Co. in 2015 split the
company that Bill Hewlett and Dave
Packard started in 1939.
—Francesca Fontana

I’ve been a pod-

cast listener for
years, ripping
ON BUSINESS | JOHN D. STOLL
Taylor Swift
through episode af-
ter episode as I bat-
tle traffic, play
Says Yes to
handyman or exer-
cise. Wondery Inc. podcast net-
work’s “Business Wars,” Guy Raz’s
The Trouble With Streaming
“How I Built This” and Phoebe
Judge’s “Criminal” top my playlist.
The podcast’s greatest virtue is
that it is free. I’ve spent thousands
The Podcast Boom Continued from page B1
turning the favor. Lyrics from her
songs adorn Spotify billboards in
of hours listening and dished out cities across the world, and the
all of $7.99 on my habit. (I signed service is carrying an enhanced
up for, then canceled Luminary version of “Lover” featuring a
Media LLC’s subscription service video message and handwritten
because free content flows like wa- notes from the pop star.
ter.) I don’t recall ever buying a “The reality is all of her fans
service or product based on the are on our platform,” says Marian
many, many ads that show hosts Dicus, Spotify’s head of artist and
have served me over the years. In label services.
fact, I’m a serial ad-skipper thanks Representatives for Ms. Swift
to the 30-second advance button and her label, Vivendi SA’s Re-
on Apple Inc.’s podcasting app. public Records, didn’t respond to
For me, that’s a good return on requests for comment.
investment but makes me wonder In announcing the album in
if podcasting has found a sustain- June, she used her social-media
able business model. As the me- accounts to encourage fans to
dium pivots from niche to main- “pre-add, pre-save, pre-order (all
stream, it needs to figure out how the pre stuff you feel like doing),”
to lessen its reliance on advertis- referring to ways streaming users
ing, particularly as the audience can flag albums they want in
for podcasts may not grow fast their libraries before they are re-
enough to make marketers happy. leased.
Can podcasting become more like “Holding out from streaming
Netflix Inc. or Amazon.com Inc.’s now is really like cutting off 80%
Prime? Or should all the big media of your face,” says Nielsen Music
companies simply gobble up all the analyst David Bakula. “The busi-
great podcasts and make them part ness has gotten to that level
of their broader offering? where it’s not just important to
One thing is for sure: Status be there, it’s important to be very
SAM ISLAND

quo ain’t gonna cut it. If the de- prominent there.”

cline of the newspaper business
taught us anything, heavy reliance
on advertisers is great until those
guys decide there’s a better way
to spend their money. Paradigm
shifts are sometimes as abrupt as
they are unforeseen.
At first glance, this ad-depen-
dence gripe seems like tomorrow’s
problem. U.S. ad revenue from
podcasts is expected to more than
double from the $478 million
spent in 2018 to $1 billion in 2021,
according to the Interactive Adver-
tising Bureau and Pricewater-
houseCoopers LLP.
The sums are modest compared
with traditional media, but pro-
jected growth rates are impressive
and probably underestimating the
potential. The heavyweights, after
all, are just starting to pay atten-
tion. After years of soliciting in-
terest primarily from smaller mar-
keters (think Blue Apron food
delivery, Tommy John underwear
and Casper mattresses), deals
with bigger companies (think
Ford, Geico and GE) are becoming
commonplace.
Earlier this year, AT&T Inc.
bought three episodes of journalist
Malcolm Gladwell’s popular “Revi-
sionist History” to tout its invest-
ments in 5G internet technology.
AT&T Business President and Chief
Marketing Officer Mo Katibeh told
me that the deal is a way to build its
brand with business-minded deci-
sion makers, who represent a solid
portion of the one million people
downloading Mr. Gladwell’s podcast.
Dan Granger, chief executive of
advertising agency Oxford Road,
said new shows “keep coming out
of the woodwork.” A couple of
years ago “we were at 400,000
podcasts on the Apple iTunes list;
now we’re at 750,000. Apple indi-
cates 200,000 new shows have
popped up in the past year alone.
Consider the rates at which new
users are signing on, and what
user growth really means. Edison
Research, among the only organi-
zations compiling podcast user
While listeners enjoy a flood of free content, the growing podcasting
industry faces likely trouble ahead if it stays hooked on ad revenue
data, says 27 million people tuned
into a podcast once a week in
2015; that number grew to 48 mil-
lion in 2018 and is projected to
eclipse 60 million this year.
If Edison is right, the podcast
business is posting a tidy 18%
compound annual growth rate for
weekly listeners. The troubling
news is that rate is far below the
45% growth rate in podcast adver-
tising revenue, a disparity that has
many questioning whether we’ve
reached peak podcast.
But keep in mind, nearly every
podcast is free. I shell out $5 a
month to listen to Sirius XM Hold-
ings Inc.’s Howard Stern; $13 a
month to binge a season of “Ozark”
on Netflix; and $10 to maintain an
uninterrupted Eminem playlist on
my Spotify Technology SA app.
Listen Up
U.S. podcast users
100 million
80
60
40
20
0 0
2015 ’16 ’17
*estimate
Sources: Edison Research (users); International Advertising Bureau & PwC (revenue)
Sirius XM has clocked 4.5%
compound annual subscriber
growth over the past several
years, and is within shouting dis-
tance of Netflix’s 20.7% and Spo-
tify’s 22%. Meanwhile, there is no
reliable data on how many sub-
scriptions podcasts companies
have been able to sell.
Mr. Granger says that while ad-
vertising money and new podcasts
currently appear to be an infinite
resource, it’s unclear how many
more people will tune in.
“The volume of content is in-
creasing rapidly; the volume of ad-
vertising is increasing rapidly; but
the volume of available listening
hours can’t keep up with this
pace,” he said.
At some point, advertisers will
start looking for the next big trend.
Podcast advertising revenue
$800 million
600
Monthly
400
Weekly
200
’18 ’19* 2015 ’16 ’17
Carly Migliori, an operations di-
rector for Mr. Gladwell’s Pushkin In-
dustries podcasting company, said
the industry’s pioneers aren’t stick-
ing their heads in the sand. Pushkin,
for instance, has put some program-
ming on Luminary—meaning it is
behind a paywall. It has also relied
on grants (reflecting the National
Public Radio model) and is still do-
ing deals with so-called perfor-
mance marketers, which measure
effectiveness by how many people
visit a site like ziprecruiter.com/
gladwell and sign up.
But this evolving model will
force listeners to change habits.
Mr. Gladwell’s AT&T ads consume
nearly 5 minutes of a 42-minute
episode, or nearly double what is
typical for a standard podcast.
The good news for AT&T?
Roughly 80%-90% of listeners
didn’t skip through its Gladwell
ads. Wondery founder Hernan Lo-
pez told me that 90% non-skip
number is considered the sign of a
successful ad, and not all that un-
common. Some advertisers, how-
ever, say those numbers are hard
to verify.
The Pushkin-AT&T strategy
could represent an unwelcome
change over the long haul. Pod-
cast listeners are more accus-
tomed to undiscovered companies
using podcasts for an immediate
call to action.
Mr. Granger, the ad agency
founder who has worked with sev-
eral companies on podcast-adver-
tising strategies, said that bigger
advertisers don’t always follow the
short-and-sweet formula podcast
’18 ’19*
listeners like. “They’ll push it until
they start to see such degradation
that it doesn’t work.”
Weekly album sales in the U.S.
are less than half of what they
were when Ms. Swift released her
last album. Meanwhile, weekly
streams have risen by two-thirds.
“You have this continuing
growing segment of the music-
consuming public who is just go-
ing to stream, they’re not going
to buy,” says Mr. Bakula.
That’s not to say Ms. Swift is
backing down on sales altogether.
Available at Target Corp. are four
deluxe album sets with a CD, lyric
book and audio memos from
songwriting sessions.
Still, while a few artists like
Ms. Swift maintain an album-pur-
chasing fan base, it is no longer
enough to make for a block-
buster.
“Really nobody can have the
same type of success from an
overall sales perspective we saw
five or 10 years ago without a
streaming presence now,” says
Mr. Bakula.
In 2014, Ms. Swift pulled her
music from Spotify. She said she
wanted it to be available only to
paying subscribers, but Spotify
insisted that all its users—includ-
ing those who use its free, ad-
supported option—be able to lis-
ten to it.
In June 2017, ahead of the
“Reputation” release, Ms. Swift
returned her catalog to the ser-
vice, including to its free tier. By
then, her latest album at the
time, “1989,” had sold 10 million
copies world-wide.
With digital sales, a fan pays
to download a permanent copy of
a piece of music—usually 99
cents to $1.29 for a song and $10
to $15 for an album. A superstar
like Ms. Swift would typically be
entitled to a royalty of around
20% of the sale price. Users of
streaming services pay around
$10 a month to rent access to a
catalog of music, with artists
paid a fraction of a penny each
time someone listens to one of
their songs.
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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, August 24 - 25, 2019 | B3

BUSINESS NEWS

Nissan, Carlos Ghosn Tussle Over Yacht

At the auto maker’s lands, where a company
through which the Ghosns own
request, a Caribbean the boat is registered, issued a
court has blocked for provisional order aimed at
preventing the tycoon and his
now the boat’s sale wife, Carole Ghosn, from sell-
ing it.
BY SEAN MCLAIN IN TOKYO “If you Carlos Ghosn or
AND NICK KOSTOV IN PARIS Carole Ghosn fail to comply
with the terms of this order,
A 120-foot yacht has be- proceedings may be com-
come the latest bone of con- menced against you for con-
tention between Japanese auto tempt of court,” according to
maker Nissan Motor Co. and the order, a copy of which was
its former chairman, Carlos provided by legal news web-
Ghosn. site OffshoreAlert.
The Ghosn family owns the If the Ghosns choose to
yacht, according to people fa- move ahead with a sale of the
miliar with the matter. A few yacht, they would need to
weeks ago, a broker found a transfer any proceeds to the
tentative buyer for it, one of court until the dispute is re-
the people said. solved, according to Wednes-
On Wednesday, however, a day’s order.
judge in the British Virgin Is- Nissan, which removed Mr.
Ghosn as chairman when he
was arrested on financial-mis-
conduct charges in Tokyo in
November, suspects the vessel
was bought with money stolen
from the company, according
to people familiar with the
auto maker’s investigation.
The auto maker has sought
to block any transaction by
petitioning the Caribbean
court, these people said.
The Ghosn family intends to
challenge Wednesday’s court
order, people familiar with the
matter said.
Mr. Ghosn, who is on bail in
Tokyo awaiting trial, has re-
jected the accusation of finan-
cial misconduct and, through
his lawyers, denied any money
was stolen from Nissan.
Mrs. Ghosn, who was ques-
tioned by Japanese prosecu-
tors in the spring about the
yacht ownership, has said she
didn’t know how it was pur-
chased. Mrs. Ghosn hasn’t
been charged.
Mr. Ghosn faces criminal
charges in Japan, including al-
legations that he abused his
Nissan position for personal
gain. He has said he is inno-
cent of all the allegations
against him and intends to
fight them in court.
The yacht was purchased
for about €10 million ($11.2
million) in 2015 with funds
from a Lebanon-based com-
pany called Good Faith Invest-
ments, according to people fa-
miliar with the matter. The
company is at the center of
one of the criminal charges
against Mr. Ghosn. Japanese
prosecutors allege that Mr.
Ghosn arranged for Nissan to people familiar with the mat-
pay a distributor in Oman mil- ter. Decorated by Mrs. Ghosn,
lions of dollars, and in return the yacht originally was called
received a portion of those Shachou—the Japanese word
payments as a kickback. Mr. for a company president—and
Ghosn has denied the charge; recently renamed Twig.
the distributor hasn’t been The broker reached a pre-
charged with wrongdoing. liminary agreement to sell the
Good Faith Investments sent vessel, a person familiar with
Beauty Yachts, the British Vir- the matter said.
gin Islands entity through The prospective buyer,
which the Ghosns own the boat, whose identity isn’t known,
€2.45 million in 2015; €4.5 mil- used the vessel in recent
lion in 2016 and €3.4 million in weeks as part of a trial period,
2017, according to a person fa- the person said.
miliar with the matter. In late July and early Au-
Good Faith Investments gust, the vessel made calls in
also paid more than $500,000 Cannes, France, and Sardinia,
for maintenance and insurance Italy, according to ship-track-
of the yacht as of April, the ing website MarineTraf-
person said. fic.com. Late last year, the
The vessel is a Navetta 37 yacht was in dry dock in Italy
built by Italian yacht maker for routine maintenance, ac-
Ferretti Group, according to cording to workers at the site.

Sinclair Seeks More Local Sports Networks Huawei

BY JOE FLINT Unveils
Sinclair Broadcast Group
Inc.’s appetite for regional
sports networks won’t be sati-
Advanced
ated with its $9.6 billion pur-
chase of Walt Disney Co.’s 21
channels, which closed Friday
AI Chip
after getting the green light
from the Justice Department. BY DAN STRUMPF
In an interview, Sinclair
Chief Executive Chris Ripley Huawei Technologies Co.
said the company would be in- trumpeted its first high-end
terested in acquiring more artificial-intelligence proces-
properties, particularly the sor, the Chinese telecom gi-
four regional sports outlets ant’s latest attempt to chal-
that AT&T Inc. owns in Seattle, lenge Silicon Valley in
Colorado, Pittsburgh and the advanced technology.
Southwest. AT&T is looking to Huawei on Friday revealed
sell the channels, a person fa- details of the chip, the Ascend
miliar with the matter said. 910, designed to crunch the
“We of course would be massive amounts of data used
very interested in looking at to build AI algorithms, and
those and filling out our re- said it is available immedi-
gional sports network foot- ately.
print,” Mr. Ripley said. The chip advances Huawei’s
The 21 channels Sinclair ac- goal of curbing reliance on
RON SACHS/CNP/ZUMA PRESS

quired are the Fox Sports net- American technology—and

works of which Disney took China’s national ambition to
control when it acquired the have chip makers capable of
bulk of 21st Century Fox’s en- making complex processors,
tertainment assets for $71.3 currently the province of U.S.
billion. companies such as Nvidia
Disney, which is the parent Corp. and Alphabet Inc.’s
company of sports-program- Google.
ming juggernaut ESPN, agreed The company is interested in more sports channels after buying 21 from Fox and joining the New York Yankees to buy the YES Network. Holding up the palm-sized
to spin off the regional chan- Ascend 910 at an event at
nels in return for government sovereign-wealth fund deal is “the culmination of a sweet spot of where you want There has often been specu- Huawei’s headquarters in
approval of the deal. Mubadala Investment Co. five-year push to get more ex- to be in the streaming wars.” lation that Sinclair might try Shenzhen, Deputy Chairman
Sinclair separately part- The YES Network sale is posure in sports.” Besides the A priority for Sinclair will to launch its own national Eric Xu declared it “the indus-
nered with the New York Yan- also expected to receive Jus- 21 networks and its YES stake, be to try to negotiate a deal news service. Mr. Ripley said try’s most powerful A.I. pro-
kees to acquire the YES Net- tice Department approval and Sinclair is also launching a with satellite broadcaster Dish the company’s priority contin- cessor.”
work, another sports channel close before the end of the sports channel in Chicago in Network Corp., which dropped ues to be serving its local mar- Huawei, the world’s largest
previously controlled by Fox, month, people familiar with partnership with the Cubs the Fox regional sports chan- kets, but added he never rules maker of telecommunication
for $3.47 billion. Other part- the matter said. Sinclair’s role baseball team. It also owns the nels last month in a dispute anything out. equipment and No. 2 maker of
ners on the YES purchase are in the YES operation will be to Tennis Channel. over pricing. “If there was the right op- smartphones, has made strides
Amazon.com Inc., private-eq- handle distribution for the Sinclair, Mr. Ripley said, Mr. Ripley said there are no portunity we might do that,” in recent years toward develop-
uity firms RedBird Capital network, a person close to the now derives 75% of its revenue plans to add any nonsports re- he said. ing higher-end processors.
Partners LLC and Blackstone Yankees said. from local sports and news— lated content to its newly ac- —Drew FitzGerald The effort has grown more
Group Inc., and Abu Dhabi Mr. Ripley said the Disney which he described as “the quired networks. contributed to this article. urgent since the U.S. Com-
merce Department, citing na-
tional security, put Huawei on

Audible Sued Over its “entity list” on May 16.

Companies seeking to sell
Huawei U.S. technology—of
which it bought $11 billion last

Real-Time Captions year—must now apply for li-

censes.
The blacklisting put Huawei
BY JEFFREY A. TRACHTENBERG listening,” Audible said in a at the center of the U.S.-China
statement Friday. “This fea- trade dispute. On Monday, the
Seven U.S. publishers have ture would allow such listen- Commerce Department said it
filed a lawsuit against Audible, ers to follow along with a few would extend by another 90
Amazon.com Inc.’s audiobook lines of machine-generated days a temporary license al-
subscription service, alleging text as they listen to the audio lowing U.S. companies to sup-
its plan to offer real-time cap- performance. It is not and was ply Huawei with technology
tioning of some audiobook ti- never intended to be a book.” used by American rural inter-
tles violates copyright law. The plaintiffs include Pen- net providers and in smart-
The lawsuit, filed on Friday guin Random House, which is phones and other narrow ap-
RUHANI KAUR/BLOOMBERG NEWS

in U.S. District Court in New 75% owned by Germany’s Ber- plications.

York, said the publishers telsmann SE; CBS Corp.’s Si-
didn’t give permission to pub- mon & Schuster; HarperCollins
lish a text version of their ti- Publishers, which is owned by
tles to Audible, noting that the Wall Street Journal publisher
text rights require a separate News Corp; Macmillan, a unit
agreement. The publishers are of closely held German com-
asking the court to block the pany Verlagsgruppe Georg von
Holtzbrinck GmbH; Lagardère
Two weeks ago Huawei un-
veiled details of its homemade
operating system, HarmonyOS.
Though designed mainly for
gadgets such as smart speakers
and TVs, it could be quickly de-
The company is taking a stake in Future Retail. An Amazon fulfillment center in Bengaluru, India. ployed in smartphones if ac-
cess to Google’s Android oper-

Publishers say the

SCA’s Hachette Book Group;
Chronicle Books, LLC; and
Scholastic Corp.
audiobook service In the lawsuit, the publish-
ers state that the service’s
needs a separate captions were subject to error,
agreement for text. alleging that by Audible’s own
admission “up to 6%” of the
text may have errors. The law-
suit said this would translate
captioning service and are into 6,000 mistakes in a
seeking damages. 100,000-word book.
“What’s at stake is the via- The proposed text presenta-
bility of the publishing indus- tion, the lawsuit said, would
try and the ability to rely on harm the reputation of pub-
copyright law,” said Maria Pal- lishers “as trusted and valued
lante, chief executive officer of stewards of their authors’
the Association of American works.” The lawsuit also said
Publishers, which isn’t party the reputations of authors as
to the lawsuit. She said Audi- “careful and thoughtful writ-
ble’s behavior was inappropri- ers” would also be damaged.
ate. The lawsuit noted Audible
The feature, Audible Cap- already offered a similar ser-
tions, is to be made available vice called Immersion Read-
to more than 150,000 public ing, which enables users to ac-
school students this Septem- cess a book’s text together
ber, Audible’s website said. with the audio version. But
“Captions was developed the Immersion Reading fea-
because we, like so many lead- ture requires the purchase of
ing educators and parents, the Amazon Kindle edition of
want to help kids who are not the e-book as well as the au-
reading engage more through diobook, the lawsuit said.
Amazon Steps Up India Retail Push
BY CORINNE ABRAMS
AND ERIC BELLMAN
MUMBAI—Amazon.com
Inc. is acquiring a small stake
in a major Indian retailer with
the option of taking a much
larger stake after three years,
underlining its ambitions for
Asia’s third-largest economy.
The deal opens the door for
the e-commerce giant to be-
come a significant bricks-and-
mortar presence in India, as
Amazon could eventually be-
come the biggest shareholder
in Future Retail Ltd., which
runs more than 2,000 stores.
The agreement, subject to
regulatory approval, would
give Amazon indirectly a 3.5%
stake in Future, according to a
stock-exchange filing. The U.S.
company would have an op-
tion to buy part or all of the
more than 40% stake owned
by Future’s founding family,
which includes Chief Executive
Kishore Biyani.
The initial share purchase
and option will cost Amazon
close to $200 million, said a
person familiar with the deal.
The deal “provides an op-
portunity for us to learn
global trends in digital-pay-
ments solutions and launch
new products,” a representa-
tive for the Future Group said.
“This investment will en-
hance Amazon’s existing port-
folio of investments in the pay-
ments landscape in India,” an
Amazon representative said.
After being outflanked by
local e-commerce competitors
and failing to gain any signifi-
cant market share in China,
Amazon has been among the
most ambitious international
tech companies in India,
pledging to invest more than
$5 billion in the country.
This week it opened its
largest corporate campus
building globally in the south-
ern city of Hyderabad. The
new facility, designed to ac-
ating system is cut off
permanently, Huawei said.
“No matter what the U.S.
commodate more than 15,000 does now, Huawei is on a mis-
employees, is a “tangible com- sion to become self-sufficient
mitment” to the company’s and not beholden to the
plans for the market, Amazon whims of the U.S. president,”
India country manager Amit said Mark Newman, an analyst
Agarwal said. at Bernstein Research.
The Future deal will be Am- Huawei said its entity listing
azon’s third investment in In- wasn’t an obstacle in develop-
dian retail. Last year Amazon ing its new chip. While it cut
teamed with a local private- Huawei off from technology
equity firm to invest in a com- from ARM Holdings PLC, the
pany that acquired Aditya U.K.-based maker of basic chip
Birla Retail Ltd. for more than designs, the cores used in the
$500 million. That deal could chip were developed in-house
give Amazon access to the based on a long-term ARM li-
more than 500 stores of the cense, a spokesman said.
More chain of supermarkets Huawei first announced
and hypermarkets. In 2017, plans for a chip for A.I. “train-
Amazon took a 5% stake in In- ing”—the computing-intensive
dian department-store chain process of using data to build
Shoppers Stop Ltd. A.I. programs—last October.
Whether Amazon is able to The barriers are high in the
raise its Future stake after market for chips used in A.I.
three years will depend on In- training, currently dominated
dian regulations, which cur- by Nvidia, whose graphics pro-
rently restrict some types of cessing units, or GPUs, are the
foreign direct investment. industry standard. Google of-
—Newley Purnell fers a similar chip, called a
contributed to this article. tensor processing unit.
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B4 | Saturday/Sunday, August 24 - 25, 2019
Advisers Are
Finding New
Ways to Help
Continued from page B1
tion home, a compromise that
averted a possible crisis.
“This wasn’t the purview of an
adviser a few years ago,” he says.
The financial adviser was once
the front person of the investing
world. Working for big-name firms
like Merrill Lynch and Edward
Jones, thousands of middle-aged
advisers would sit down with mid-
dle-income clients a few times a
year. They’d talk life insurance,
tax-advantaged investment strate-
gies and other long-term goals,
then organize a client’s portfolio.
The cost would be commission-
based or an annual fee. The bulk
of investors working with a hu-
man adviser to manage $1.5 mil-
lion or less pay between 1% and
1.5% of their assets annually, ac-
cording to Boston-based research
firm Cerulli Associates.
Today that business model is un-
der threat. Younger generations of
investors are often shunning per-
sonal financial advice with a long-
trusted adviser and opting instead
to do business at money managers
offering rock-bottom prices but lit-
tle to no face-to-face interaction.
Charles Schwab Corp., one low-cost
giant, last year brought in more
Tuition On the Rise
Financial advisers see an opportunity
as parents struggle to pay.
Change in tuition since the 1989
school year
250%
Private nonprofit four-year
200
150
100
50
Public four-year
0 outside companies for help with
1990 2000 ’10
Sources: College Board, Annual Survey of Colleges;
NCES, IPEDS Fall Enrollment data
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new client money than
three of its biggest Wall
Street rivals combined.
The growing pressures
to provide new, and some-
times unexpected, services
to keep clients from bolting
were laid bare in a recent
national college-admission
cheating scandal allegedly
directed by Rick Singer.
Among the organiza-
tions that had referred cli-
ents to Mr. Singer was
Morgan Stanley, which has
said it had included him on
a list of resources its ad-
visers could consult when
clients asked for help with
out-of-the-ordinary re-
quests. Mr. Singer was off
that list after 2015, The
Wall Street Journal has re-
ported. Morgan Stanley de-
clined to comment.
The reason clients are
seeking college-planning
advice is simple: The price
of a degree is skyrocketing.
Compared with a decade
ago, it costs 26% more to
attend a private four-year
college and 35% for a pub-
lic university, data from
the College Board show.
“These costs are repre-
senting a bigger portion to
people,” says Stephanie
Hancock, a Los Angeles fi-
nancial adviser affiliated
with the broker-dealer LPL
Financial Inc. who has a
side-business called Col-
lege Aid Consulting. “Esti-
mates for the cost of col-
lege have been blown
away, and people end up
underfunded.” Financial adviser Elyse Foster once went as far as to find operators of indoor
Marcia Sullivan, a finan- marijuana-growing facilities to introduce to the son of one of her wealthy clients.
cial adviser affiliated with
Bartholomew & Co. who
works as a college funding adviser
on the side, says she often ar-
ranges assets for clients, which
means “moving assets to places
where colleges don’t ask about”
such as retirement accounts and
insurance products.
Her college side-business has, in
turn, supplied clients for the more
traditional part of her practice.
“People become full clients,” she
says. “They move over.”
Some advisers are turning to
their college counseling services.
One person who has benefited
from that shift is Ronald Jay, a
founder of 123College.com. Mr. Jay
fills rooms full of prospective cli-
ents, invites advisers to attend and retirement to pay tuition. As more
provides the advisers with sales
presentations.
His only requirement, he says, is minish the asset balances on
that advisers have a license to sell
insurance since those products can
be used to shelter assets from col-
lege aid forms. The company now
counts 1,700 financial advisers in
its network, up from about 1,200
five years ago.
“As the student debt crisis is
going crazy, our business is
growing by leaps and bounds,”
Mr. Jay says.
Some advisers say they got into
college counseling because they
Visit tdameritrade.com/tradeoptions to learn more.
THE WALL STREET JOURNAL.
term care facilities for
family members of her cli-
ents. She even has discov-
ered the best outfitters for
some of her clients’ adven-
ture trips.
Recently Ms. Foster
went as far as to find oper-
ators of indoor marijuana-
growing facilities to intro-
duce to the son of one of
her wealthy clients. It is
part of Ms. Foster’s ongo-
ing efforts to give the 21-
year-old, who has a pas-
sion for the booming
marijuana industry, an edu-
cation in finance and busi-
ness and help him figure
out his professional future,
after his mother expressed
concerns about the young
man’s ability to manage his
family wealth.
“I had to develop a way
of communicating and
teaching him about money
that he finds interesting,”
she says. “Years ago, it
would have been just sit-
ting down and talking
about how to be responsi-
ble with money, or just as-
set-allocation needs.”
JAMIE KRIPKE FOR THE WALL STREET JOURNAL
The hope for some ad-
visers is that new offerings
to parents and their chil-
dren can help keep clients
of wealthy families from
leaving when the money is
eventually handed down to
the next generation.
Evan Roth, a partner at
BBR Partners LLC, which
manages $16 billion for 140
families, has helped extri-
cate clients from disputes
with domestic employees,
obtain credit reports on
employees and locate the
best labor lawyers.
saw clients sacrificing their own “Clients want your judgment
helping them think through tricky
parents dip into retirement sav- decisions—money touches every-
ings to foot tuition bills, they di- thing,” Mr. Roth says. “It’s no lon-
ger solely about trying to beat
which advisers charge fees. the market.”
Elyse Foster, a financial adviser in When Paul Auslander’s clients
Boulder, Colo., regularly helps the squabble about contentious issues,
children of wealthy clients pick a the director of financial planning
college and major, decide what at ProVise Management Group in
courses to take and when to study Clearwater, Fla., flies in one of
abroad. She helps find hard-to-get three trained psychologists he
internships and proofreads résumés. works with, each of whom special-
She is also willing to perform izes in helping wealthy families
additional tasks to keep clients address pressing disagreements.
happy. She has found suitable
“I look for things to do to fur-
building contractors, architects, ther justify the fees I’m earning,”
landscape designers and long- he says.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 24 - 25, 2019 | B5

EXCHANGE
Jack Tibbetts, a man for AT&T referred to a state-
member of the Santa ment lauding the FCC’s new rules,
Rosa, Calif., city saying they “will help ensure that,
council, knew he had through tried and true free-market
a problem. It was incentives, all Americans no matter
early 2018, and he’d where they live will enjoy the bene-
started getting calls fits of jobs, investment, and eco-
from constituents at opposite nomic growth this new technology
ends of the political spectrum. will foster.”
The common thread: cellular an- City leaders say their power to
tennas going up next to their zone and regulate infrastructure is
homes, causing concerns over being abridged. More than 90 cit-
property values and health. ies and counties have joined to-
The weight of evidence suggests gether in a lawsuit, currently be-
that if radio-frequency emissions fore the Ninth Circuit Court of
have any effect on humans at all, it Appeals, arguing the FCC has over-
is, according to the World Health stepped its authority.
Organization, about on par with San Jose, Calif., has already per-
other “possibly carcinogenic” sub- mitted 596 small-cell sites, all of
stances, including coffee and pick- which can be upgraded to 5G, says
les. The Federal Communications Shireen Santosham, the city’s chief
Commission, citing input from the innovation officer. When that roll-
Food and Drug Administration, re- out began, San Jose signed agree-
cently declared that existing limits ments with telecoms for between
on the amount of radio-frequency $750 a pole and $2,500 a pole for
energy the antennas put out make
them safe.
None of this has stopped the so- Most cities and towns
cial-media-fueled conspiracy whirl-
igig that allows health scares to want 5G but don’t want
thrive on the internet. to be told how, when and
Cities and towns throughout
Northern California are issuing or- at what cost to deliver it.
dinances to exclude new 5G cell
sites from residential areas, citing
supposed health concerns. Resi- the new small-cell sites. If the cities
dents of Portland, Ore., and White- lose their suit against the FCC, San
fish, Mont., have cited these beliefs Jose might be forced to charge less
while lobbying for restrictions. than the lowest amount it had pre-
For Mr. Tibbetts, it didn’t matter viously charged per pole.
whether or not these new “small The city wants a 5G rollout, says
cell” antennas—which are used for Mayor Sam Liccardo. But San Jose
4G networks but can be upgraded wants to be able to charge higher
for 5G—going up in Santa Rosa prices for use of its infrastructure,
were actually dangerous. Some not only to expedite permits for
were attached to utility poles 20 new sites but to supply the $1 mil-
feet from people’s bedroom win- lion to $2 million needed to sup-
dows, and residents complained port a program to deliver broad-
Verizon had put them up without band to poor households.
notifying them. What mattered was “If we lose the money, the pro-
that his constituents didn’t want gram pretty much grinds to a
these ungainly chunks of public in- halt,” says Ms. Santosham.
frastructure anywhere near them. This could happen in other cit-
“I don’t like the idea of someone ies, says Mr. Liccardo. “There are
being in their home and it’s sup- lots of ways for local bureaucracies
posed to be a place of security, and to make it difficult,” he adds.
they are having that feeling of in- KEYWORDS | CHRISTOPHER MIMS The prime example is Rochester,
security,” Mr. Tibbetts says. which was on the receiving end of

Cities Want 5G,

Whatever the basis for residents’ a lawsuit filed by Verizon on Aug.
objections to new cell towers, Mr. 8. Verizon thinks the city is charg-
Tibbetts—as well as countless may- ing too much rent for space on its
ors, governors and council mem- utility poles where 5G antennas
bers across the country—have little would be installed. A city spokes-

But Not Like This

or no power under current rules to
act on their constituents’ wishes.
Nor do they have the leeway they
once did to set pricing for cell
sites, a lucrative source of funding
for civic initiatives. Those who do
take action are creating ordinances
that put their cities at risk of being
sued by the telecoms, as happened
this month in Rochester, N.Y.
Billed as the key to the future—
of telecommunications, of global
competition, of innovation and
even of municipal infrastruc-
ture—5G has instead become a
bone of contention. In addition to
upgrading existing towers, it will
require an estimated half-million
new towers and small-cell sites on
U.S. municipalities, citing aesthetics and specious health concerns, are
wrestling with the FCC and telecoms over the new wireless technology
Most cities want 5G but don’t
want to be told how, when and at
what cost. Rules the FCC has al-
ready passed to expedite 5G’s roll-
out might be creating acrimony
that serves to do the opposite.
“My personal reason for doing
to electromagnetic fields.
Partly as a result of such activ-
ism, many towns in Marin County,
Calif., have passed ordinances or
resolutions that limit 5G cell sites
in residential areas. Towns like
Mill Valley specify zones where
install two small cells in Sebasto-
pol, Calif., rather than sue the city.
But since then, the FCC has
rolled out its plan requiring cities
and states to approve new 5G an-
tennas within 60 or 90 days. It also
limits what government leaders
man says the fees are in line with
what other providers pay.
“The federal framework calls for
nondiscriminatory access at cost-
based rates, and that is what we
are seeking,” said a Verizon
spokesman.
Despite this conflict, most cities
remain eager for 5G, says Craig
Moffett, founder and senior analyst
at MoffettNathanson, a research
firm. The industry is promising a
cornucopia of technologies will
flow from ubiquitous, ultrafast
wireless—a smarter city where
your autonomous car, augmented-
reality headset and self-emptying
trash bin are in constant contact.
“It may be in retrospect we look
PETER OUMANSKI

utility poles, lampposts and build- this is I believe that humanity is towers aren’t permitted, and may can charge carriers for the real es- back and laugh at how silly we all
ings. Experts also anticipate a long threatened,” says Sandi Maurer, a also require them to be a certain tate on which the new infrastruc- were at wondering what applica-
rollout period, potentially of a de- member of EMF Safety Network, distance from each other. In 2018, ture will hang. tions this will be used for,” Mr.
cade or more. which lobbies to reduce exposure Verizon withdrew its application to Carriers love this plan. A spokes- Moffett said.

HOW’D YOU GET THAT JOB? ferent divisions in Ab-

bott. We developed the

On the Right
first commercial molecu-
lar test that could iden-
tify whether Zika was
present in a patient’s

Pathogen
bloodstream using whole
blood.

What is the biggest chal-

lenge of the job?
We have a finite sum of
resources between
It is up to John Hackett to screen for the money and people that
we can leverage. So we
world’s most contagious diseases try to be strategic in
terms of how we’re se-
BY LAINE HIGGINS

W
lecting projects and tests
that will go into develop-
hen an infectious disease threatens to ment. But the reality is
become a pandemic, it is up to John we get the “unexpect-
Hackett to keep the world’s blood eds,” like Zika. Here was
supply safe. He is known as the “chief John a virus that was discov-
virus hunter” within Abbott Labora- Hackett ered in 1947, and we go
tories, where Dr. Hackett is in charge Age: 66 six decades and nobody
of a global team that plays a prominent public-health had really thought about
role whenever an outbreak occurs. Where: Lake it. Before 2007, I think
Dr. Hackett’s job is to consult Abbott’s vault of County, Ill. there were 13 docu-
more than 60,000 viral strains of HIV and hepatitis to Title: Divisional mented human cases. We
determine whether a diagnostic test to detect the vice president of knew nothing about it.
particular virus exists, brainstorm a plan for develop- applied research
ing one in the event of a new viral strain, and collabo- and technology What are some of the
rate with government agencies to coordinate a public- for Abbott most important traits for
health response. Today his tests are used to screen John Hackett developed a critical commercial test for the deadly Zika virus. succeeding at this job?
Laboratories
more than 60% of the world’s blood supply. I think the ability to
It was Dr. Hackett who developed a critical test for Training: Post- work with other people
the mosquito-borne Zika virus after that epidemic doctoral training change. I spent the next summer on the Pacific Crest is crucial. There’s not a lot of room for big ego if
swept through tropical regions of Latin America and in molecular Trail and had a lot of time to think about it. you’re going to work in a collaborative environment.
the Caribbean in 2015 and 2016. biology at the
Here is his story, edited and condensed from a re- University of How did you find out about Abbott? What’s the most important lesson you’ve learned
cent interview. Chicago While I was a postdoc at the University of Chicago on the job?
DAVID KASNIC FOR THE WALL STREET JOURNAL

How did you decide to pursue science as a career?
After high school I didn’t really know what I wanted
to do next. I took a year off and backpacked around
the United States. Part of the winter I was in San Di-
ego and I got a job at Scripps Mercy [Hospital] clean-
ing glassware. I was exposed to the medical technolo-
gists in the laboratory and was really intrigued by
what they did. I asked them “what would I have to do
to do what you’re doing?” and essentially they said
“you have to go to college.” I remember going home
that night and thinking maybe I need to make a
studying mutations that occur within a gene, I saw
Best perk:
an advertisement for a structural biology area within
“Knowing that Abbott. The ad sort of intrigued me, but I was hesi-
I’ve helped to tant to leave academics because it was what I knew. I
make a visited Abbott’s campus and I have to say I was
difference.” pretty blown away by the caliber of the scientists.
What does a virus hunter do exactly?
No two days are the same. When we had the Zika
outbreak in 2016-2017 and the Ebola outbreak before
that in 2014, I was the person that was coordinating
with the [Centers for Disease Control] and the dif-
You can always learn.
What discoveries are you most proud of?
We actually discovered a new human virus a few
years ago called human pegivirus 2 (HPgV-2). And
we were the first ones to bring HIV antigen-anti-
body combo tests to the U.S.
What’s your pre-office routine?
Basically I get dressed and grab a diet Coke on my
way in—I’m not a coffee drinker. I tend to get in
pretty early, normally I’m here by 7 a.m.
 RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
B6 | Saturday/Sunday, August 24 - 25, 2019 * *** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Saturday/Sunday, August 24 - 25, 2019 | B7

EXCHANGE
PERSONAL TECHNOLOGY | JOANNA STERN
Amazon Has tailers. Amazon also says that, as a
provider of an online forum, it is
protected by the law—Section 230
 116 products were falsely
listed as “FDA-approved” including
four toys—the agency doesn’t ap-
OUT OF COMPLIANCE TOYS WITHOUT WARNINGS

Ceded Control of the Communications Decency

Act of 1996—that shields internet
prove toys—and 98 eyelash-
growth serums that never under- The Journal found listings on Amazon.com that have 2,324 Listings
ATTENTION AMAZON SHOPPERS:
platforms from liability for what took the drug-approval process to

Of Its Website others post there.

Continued from page B1
available for interviews.
Christy Stokes blames her son’s
death on a fraudulently labeled
helmet bought on Amazon. Albert
Stokes trusted Amazon’s quality
control, she says, when he picked
a motorcycle helmet with an At-
lanta Falcons logo for his girl-
friend to buy for his 23rd birthday
in 2014. It was listed on Amazon
as certified by the U.S. Transporta-
tion Department.
On June 3, 2014, Mr. Stokes was
riding his red Kawasaki in rural
Missouri when a Ford Ranger
pulled out. He crashed into it, and
his helmet came off. A friend
phoned his mother to alert her.
“When I came up over the hill on
the interstate,” she says, “there was
my son laid out on the highway.”
The coroner declared Mr. Stokes
dead at the scene, a day before he
and his girlfriend planned to find
out their unborn baby’s gender.
His mother sued Amazon, claiming
the helmet was flawed. Amazon in
court argued it didn’t sell the hel-
met but merely listed it on the
seller’s behalf. It settled for $5,000
without admitting liability. It de-
clined to comment on the case.
The National Highway Traffic
Safety Administration said last
month that the helmet wasn’t DOT
compliant and that it had been re-
called. It was still listed, and as
DOT compliant, last month until
the Journal inquired about it, after
which Amazon took it down.
Within two weeks of Amazon’s
removing or altering the first
problematic listings the Journal
identified, at least 130 items with
the same policy violations reap-
Top Shop
Amazon's growing reach has given it more than a third of the online retail
market.
Amazon sales
$250 billion
International
North America
200
150
This is similar to a common de-
fense by internet companies faced
be marketed as approved.
 43 listings for oral benzo-
caine, a pain reliever, lacked ad-
been declared unsafe by government agencies, are
deceptively labeled or are banned by federal regulators.
with complaints about content or
services offered on their plat-
forms. Courts and regulators have
largely agreed—until recently.
vised FDA labels warning against
use on children under 2.
 80 listings matched the
description of infant sleep-
Last month, the U.S. Court of ing wedges the FDA has
Appeals for the Third Circuit held warned can cause suffoca-
that a Pennsylvania customer tion and Amazon has
could sue Amazon over an alleg- said it banned.
edly unsafe product. The court  52 listings were
said Amazon could be considered a marketed as supple-
seller under Pennsylvania law, in ments with brand
part because the company had no names the FDA and Jus-
vetting process to ensure that tice Department have
third-party sellers were accessible identified as containing
and available for consumers to sue illegally imported pre-
if they were harmed by an item, scription drugs.
leaving consumers with no re-  1,412 electronics list-
course in many cases. The court ings falsely claimed to be
also held Amazon had considerable UL certified—indicating
control over third-party sellers they met voluntary industry
and could prevent sales of unsafe safety standards—or didn’t
items. Amazon has asked the ap- provide enough information to
peals court to review the decision. verify the claim.
 The Journal analyzed 3,644
toy listings for federally required
‘Trust us’ choking-hazard warnings. Regula-
Last year, the Environmental Pro- tors don’t provide databases of
tection Agency fined Amazon for toys requiring the warning, so the
letting people sell unregistered Journal compared the Amazon
pesticides. Amazon agreed, with-
out admitting wrongdoing, to pay
listings with the same toys on
Target.com and found that 2,324,
a fine and set up new systems to or 64%, of the Amazon listings
stop such sales. Earlier this year, lacked the warnings found on the
Washington state’s attorney gen- Target listings.
eral and Amazon filed a settlement In addition to the 4,152 items,
in state court over state allega- the Journal initially found 4,510
tions that the company allowed balloons lacking required choking-
school products on the platform hazard warnings listed.
that contained lead and cadmium U.S. Public Interest Research
above federal and state limits. Am- Group, a consumer-advocacy or-
azon didn’t admit wrongdoing. ganization, in 2018 reported that a
Amazon tells customers, on its large portion of Amazon balloon
payments site: “We want you to listings lacked the warning. That
buy with confidence anytime you Amazon hasn’t fixed the problem
make a purchase on the Ama- “shows that Amazon has decided
zon.com website.” not to put safeguards in place to
On its site aimed at third-party ensure that kids are protected
from one of the largest choking
hazards from toys,” says Adam
Garber, who co-wrote the report.
“You can’t tell me they can’t
come up with a system to re-
quire companies to include the
Share of online retail, 2018 necessary hazard labels based
on what they’re selling.”
Amazon Warnings were added to most
listings and a small number were
36.5%
removed after the Journal sent
Amazon a list of balloon list-
eBay
ings that didn’t include the
6.9% correct language.
Weeks later, the Journal
lacked the warning labels
displayed on Target.com
for the same toys. The
packaging of the Num Noms
HOW TO SAFETY-PROOF
MOTORCYCLE HELMETS
Snackable Slime Kit here
had appropriate warning
labels while the Amazon.com
YOUR ORDER
listing didn’t. The product’s
44 Listings maker, MGA Entertainment, A Wall Street Journal investigation found thousands of
showed models that failed updated the listing after the
federal safety tests in 2018. Journal contacted it. unsafe products for sale on Amazon. Here’s how you can prevent
those items from ending up on your doorstep.
The owner of Ivolution, ‘At MGA we take the safety
importer of IV2 helmets, of kids and our product very If you want a real-life Debbie
didn’t respond to requests seriously,’ said Isaac Larian, Downer at your child’s next birth-
for comment. CEO of MGA. day, I’m available for hire.
At a recent party, after my
son’s 2-year-old buddy had un-
wrapped some magnetic building
blocks, I slyly grabbed the box to
check it wasn’t an unsafe counterfeit. Then I began
to tell parents about the potentially dangerous,
possibly untested children’s products on Amazon.
At least I waited…until after the cake?
This is what happens when your colleagues have
spent months investigating the safety of Amazon
products. Their findings were sobering: Thousands
of items for sale on Amazon.com have either been
SUPPLEMENTS declared unsafe, are deceptively labeled or banned
by federal regulators. More than 100 items that
ORAL BENZOCAINE 52 Listings Amazon said it had banned are still for sale. Of 10
children’s products selected, four failed tests based
featured products
on federal safety standards, according to the test-
43 Listings marketed with brand
names the FDA and
ing company, including one with lead levels that
for oral benzocaine, a pain exceeded federal limits.
Justice Department After the Journal brought the listings to Ama-
reliever, lacked advised FDA have identified as
labels warning against use zon’s attention, the company removed most of them.
containing illegally “Safety is a top priority at Amazon,” a company
on children under 2. imported
spokeswoman said, adding that it has advanced
prescription drugs. tools and a compliance team geared to prevent un-
safe and noncompliant products from being listed.
The maker of this product– Still, the safeguards don’t always work. Amazon
Iodent–didn’t respond to these days resembles a giant flea market far more
requests for comment. than it resembles Buy Buy Baby or even Target, with
most products now coming from third-party sellers.
At least 40% of sellers on Amazon.com, the company’s
U.S. marketplace, are based in China, according to
Marketplace Pulse, and some share little—or mislead-
ing—information about what they’re actually selling.
And it’s beginning to affect our safety. In Decem-
ber, Jennifer White of Appleton, Wis., received Imden
Magnetic Blocks for her 4-year-old son as a gift. Her
son was rushed to the hospital after the toy broke
and he ingested some magnets, Ms. White said. The
magnetic toy set was purchased on Amazon, which
removed the product after it became aware of the in-
cident. A company called Shenzhen asos E-Commerce
Ltd., which says it is the owner of the Imden brand,
declined to comment.
The worst part? The Imden-branded product
was listed right next to industry-leading brands
like Magformers and Magnatiles, which meet U.S.
ELECTRONICS safety standards. Amazon’s website and app make
searches to just Amazon.com products. On the web-
site, search for a product. On the results page, look
at the left rail and click whatever the top category
is under the word “Department.” Now scroll down
to where it says “Seller” and select “Amazon.com.”
Follow a similar process on the Amazon mobile
app. Search for your product, tap Filter on the
right side of the screen, select the top department
and you should see an “Amazon.com” filter when
you scroll down.
Route 2: Do Your Homework on
Third-Party Sellers
Not all third-party sellers market unsafe or shady
goods, of course. In the electronics category, for in-
stance, some of the best options are sold by third
parties. Anker, a technology brand I’ve long recom-
mended, uses Fulfilled by Amazon. This just means
that if you go with a third-party seller, you have to
be more diligent in your inspection. Here’s what I
do, following advice from experts:
Search the web for the company and product.
Search the name of the manufacturer of the product.
If it has a website, look for signs that this is a real,
well-established company (customer service, mission
statement, etc.). Can’t find a website? Red flag!
Also check if the product is available at other re-
tailers such as Target, Buy Buy Baby or Walmart.
Carefully read product descriptions. Look over
how the Amazon product descriptions are written,
keeping an eye out for basic grammar errors and bro-
ken English. One of the biggest giveaways, according
to Ms. Greer? Commas with no spaces after them.
The word “approved” is another biggie and a
strong indicator of counterfeits because companies
that comply with safety regulations generally don’t
use the word. “Very few products in a compliance
sense can be approved,” Ms. Greer said. “You regis-
ter with the FDA, or something complies with a
particular law or is accredited.”
Look at the reviews. Read the text of the re-
views to see if anyone else has had issues with the
product. But beware: Fake or incentivized reviews
are a problem on Amazon. To spot these, read the
text versus just looking at the rating and use a re-
view rating site like ReviewMeta.
“Any attempt to manipulate customer reviews is
strictly prohibited,” the Amazon spokeswoman said,
adding that in the last year the company has spent

F. MARTIN RAMIN/THE WALL STREET JOURNAL(5)

Walmart identified an additional 2,208 BALLOONS it difficult to distinguish the legitimate from the il- over $400 million to protect customers from re-
100 4.0%
balloon listings without choking 1,412 Listings legitimate. Here are some routes to safer shopping. views abuse, fraud and other forms of misconduct.

50
0
2005 ’10
Sources: FactSet (sales); eMarketer (share)
peared, some sold by the same
vendors previously identified by
the Journal under different list-
ings. Amazon said it then “re-
moved these items and refined our
tools to prevent them from being
offered in our store.”
“There are bad actors that at-
tempt to evade our systems,” Am-
azon said of products in violation
of its policies that appear on the
site, adding that “should one ever
slip through, we work quickly to
take action on the seller and pro-
tect customers.”
Platform control
Amazon’s struggle to police its site
adds to the mounting evidence
that America’s tech giants have
lost control of their massive plat-
forms—or decline to control them.
This is emerging as among the
companies’ biggest challenges.
Amazon, Facebook Inc., Twitter
Inc., Alphabet Inc.’s YouTube and
others are under scrutiny over how
they wield their dominance in
booming internet markets while
their forums are used for fraudulent
listings, offensive content and misin-
formation—including some spread
during America’s 2016 elections.
Some lawmakers have begun
calling for more regulation of the
companies. Courts have begun
challenging the firms’ interpreta-
tion of their legal protections, and
regulators are scrutinizing them.
Tech companies say they aren’t il-
legal monopolies and have gener-
ally pledged to address issues such
as misinformation and privacy.
Amazon’s common legal defense
in safety disputes over third-party
sales is that it is not the seller and
so can’t be responsible under state
Apple
hazard warnings; those, too, now
have appropriate warnings or were 6,718 Listings falsely claimed to be
Route 1: Buy directly from
“Amazon’s Choice” isn’t a quality guarantee. Am-
azon doesn’t test these products; it crowns them
taken down. Amazon declined to lacked federally-required certified by safety- using an algorithm that takes into account various
labeling company UL Amazon.com sellers
3.9% comment on the balloons. choking-hazard labels. factors, including popularity, shipping speed and
Including the balloons, 83% of or didn’t provide When shopping, you first need to identify products price. Sellers have begun to figure out ways to ma-
The Home Depot the 10,870 total listings the Jour- enough information that should meet higher safety standards. What nipulate the algorithm, experts say.
1.6% nal presented to Amazon were to verify the claim. products are those? Rachel Johnson Greer, a for- Dig into the safety. If something you really
’15 taken down or altered. Amazon mer Amazon safety and compliance manager who want falls into one of the higher-risk categories
didn’t alter the UL listings. The now advises Amazon sellers at her firm Cascadia above, take extra steps to make sure it’s safe.
Amazon spokeswoman says elec- Seller Solutions, helped me make a list: Check product recalls at recalls.gov—a one-stop
SOURCE: WALL STREET JOURNAL ANALYSIS OF AMAZON LISTINGS
tronics are often rebranded by  Anything for children or babies site with info from the Consumer Product Safety
sellers, it says customers “know multiple different sellers that may  Anything that plugs into the wall Commission and other federal agencies.
and trust us, and that trust ex- not be searchable in UL’s database. ment. The company’s website says xylophone contained nearly four there were no detectable lead lev- a known retail partner such as  Anything that has a lithium-ion battery If you’re buying electronics and they’re supposed
tends to you.” The Journal’s analysis didn’t in- Amazon’s Choice reflects a combi- times the lead the federal govern- els. It subsequently took the set Toys “R” Us. In 2001, third-party  Anything that touches your skin (i.e. to be listed or certified by UL, a globally recognized,
Third-party sellers are crucial clude safety risks of counterfeit nation of ratings, pricing and ship- ment allows in children’s products. down in the U.S. and says it is ask- sellers made up 6% of Amazon’s makeup) independent safety-testing organization, check to see
to Amazon because their sales products, which some consumers ping time. According to the testing company, ing Ailuki for more documentation. physical merchandise sales, com-  Anything that covers your head or face if the product detail page links to certification docu-
have exploded—to nearly 60% of have reported receiving through One was the toy musical-instru- the set also failed tests based on Ailuki sent the Journal a test re- pany data show. (i.e. a scuba mask) ments. If not, ask the seller to provide them.
physical merchandise sales in 2018 Amazon. Items disguised as name ment set Darice Taipalus bought federal requirements for determin- port it said it had commissioned The same year, the company ar- Items that meet those criteria should be bought Buying food, drugs, supplements or medical de-
from 30% a decade ago, Amazon brands may contain dangerous ma- her son in March when he was 16 ing sharp points. that stated there were no detect- ticulated a core philosophy that directly from Amazon.com, which can be trickier vices? Check the FDA’s website. It alerts the public
says. The site had 2.5 million mer- terials or lack proper warning la- months old, she says. The Texas “He’s a toddler,” Ms. Taipalus able lead levels. It didn’t respond helped spur the growth of third- than you think. On a product page, look at the text to safety issues in warning letters to companies,
chants with items for sale at the bels. Amazon says it “strictly pro- database developer says she as- says. “Everything goes in his to further requests for comment. party sellers. According to pub- under the buy button. You’ll typically see one of recall notices, lists of approved drugs and more.
end of 2018, estimates e-com- hibits counterfeit goods.” sumed everything on Amazon met mouth.” She says she threw the Another musical-instrument set lished company histories, founder three variants: Some sellers promote their products’ safety
merce-intelligence firm Market- safety standards, until the Journal set away after hearing the Jour- failing the Journal’s tests, made by Jeff Bezos and other officials Ships from and sold by Amazon.com. This is features by claiming they’ve been tested by inde-
place Pulse. contacted her. nal’s testing results. a company calling itself Innocheer scribbled an image of a “virtuous the one you’re looking for. Like other retailers, Am- pendent parties or are certified by regulators.
Amazon doesn’t make it easy ‘Choice’ toys The Amazon listing said the set Amazon initially didn’t take the and listed as in China, likely con- cycle”: It depicted how third-party azon has bought the item from the company and Contact the seller for documentation. If it’s an
for customers to see that many Dozens of products the Journal was “made of high quality non- product down after the Journal in- tributed to a New York City child’s vendors would want to sell to Am- sells it itself. Ms. Greer said the biggest benefit is item for a kid, ask for the children’s product cer-
products aren’t sold by the com- identified as dangerous or misla- toxic material, safe and reliable for formed it of the test results, say- lead poisoning, according to city azon’s customers and would add that Amazon requires these manufacturers to have tificate or CPC.
pany. Many third-party items the beled had the Amazon’s Choice little children” and claimed ap- ing a Chinese entity that goes by health officials. The city in May more products at less expensive sufficient insurance. I was debating between two toy trucks for my
Journal examined were listed as designation, which many consum- proval from the FDA. Journal-com- the name Ailuki had previously 2018 began tracking down contami- prices, attracting even more cus- Sold by [name of third-party seller] and Ful- son. I contacted both companies for the CPC. One
Amazon Prime eligible and sold ers take to be Amazon’s endorse- missioned testing showed the set’s provided a test report showing nated products including the set tomers and more sellers. filled by Amazon. While this one may have an Am- sent it within a few days. The other hasn’t re-
through the Fulfillment by Amazon bought on Amazon, a New York As smaller retailers joined Ama- azon Prime badge, don’t be fooled. The product is turned my emails or calls. Sure, it slowed down the
program, which generally ships health-department spokesman says. zon’s marketplace, the company shipped from Amazon’s warehouses but the e-com- process but—and this is what I’ve gotten very good
items from Amazon warehouses in Subsequent testing showed the seemed unprepared to police them, merce giant merely functions as the fulfillment, at guilt-tripping parents about at birthday par-
Amazon-branded boxes. The actual set’s bright-yellow maracas con- some former employees say. In shipping and returns service for the seller. ties—a lot more should factor into our Amazon
seller’s name appeared only in tained 411 times the lead legally 2011, a team of three oversaw Ships from and sold by [name of third-party purchase decisions besides price and convenience.
small print on the listing page. allowed, health-department docu- safety for the entire site, which es- seller]. This one comes right from that seller, and I also do weddings and bar mitzvahs.
Customers “could end up in the ments show. After a federal recall sentially consisted of managing re- is never touched by Amazon. —Frank Matt, Robert Libetti and Crystal Tai
part of the product pool where last fall, Amazon pulled the listing called products, say some of them, There is a way—a hard-to-find way—to filter contributed to this article.
who knows where this came from,” including Rachel Johnson Greer, a
says Bill Pease, a chief scientist at former employee who managed
safety-labeling company UL LLC, Amazon doesn’t make it Amazon’s safety systems until
who is working with large retailers 2015 and now advises third-party
on setting up new product-safety easy to see that many Amazon sellers.
systems. “And most people don’t items on its site aren’t The main enforcement effort on
know that.” product safety was rudimentary
Amazon’s overriding corporate sold by the company. and involved running an Excel
philosophy of offering ever more spreadsheet script to identify
options is clashing with internal products recalled by the con-
efforts to make sure product list- and notified customers of the re- sumer-safety commission and
ings won’t harm buyers, the Jour- call, the company says. “We exe- manually then remove them, Ms.
nal found in interviews with for- cute recalls as soon as we are Greer and the other former em-
mer employees and others close to aware of them,” it says. ployees say.
Amazon’s safety practices, and The set later appeared online Many risky products got
from internal records. with red maracas, stating the in- through, and the third-party mar-
The Amazon spokeswoman says: struments were lead-free. In the ketplace became “a giant disaster
“Our mission is to be Earth’s most Journal-commissioned tests, con- zone,” says Ms. Greer. “It was ab-
customer-centric company. We ducted after the recall, the maracas solutely insane.” Ms. Greer says
strive for that goal by building the didn’t contain lead but other in- she worked initially with an engi-
best shopping experience for cus- struments in the set failed sharp- neer and legal intern to develop a
COOPER NEILL FOR THE WALL STREET JOURNAL

statutes that let consumers sue re- tomers, with unbeatable prices, se- point tests. Innocheer couldn’t be machine-learning tool to automati-
lection and convenience—but not reached for comment. Amazon has cally take down restricted prod-
at the expense of our customers’ taken the set down in the U.S., say- ucts. It scanned third-party-item
safety and this insinuation is sim- ing it is requesting additional com- descriptions for certain keywords,
To meet a toy ply wrong.” pliance documentation. growing smarter as the team re-

WSJ
.COM
company battling
counterfeiters
on Amazon, go
To test the effectiveness of
Amazon’s safety practices, the
Journal analyzed listings on Ama- Third-party strategy
fined what to target, she says.
The safety team grew rapidly
alongside the artificial-intelligence
to wsj.com/ zon between May and early Au- In its early days, Amazon operated tool, with hundreds of people

video. To hear our reporters
discuss their findings, go to
wsj.com/podcasts.
ALICIA TATONE
gust, and hired a federally certi- a lot like big-box stores, largely in across several departments and
fied testing company to examine direct control of its supply and countries. But product volume was
certain items bought on Amazon. distribution chains. Customers got growing, and many products con-
Among the findings: Tests showed elevated lead in a xylophone in a toy set like one Darice Taipalus bought on Amazon for her son, Peter. products directly from Amazon or Please turn to page B8

B8 | Saturday/Sunday, August 24 - 25, 2019
Amazon Has
Ceded Control
Of Its Website
Continued from page B7
tinued to slip through, she and
other former employees say.
At one point in 2013, some Am-
azon employees began scanning
randomly selected third-party
products in Amazon warehouses
for lead content, say people famil-
iar with the tests. Around 10% of
the products tested failed, one
says. The failed products were
purged, but higher-level employees
decided not to expand the testing,
fearing it would be unmanageable
if applied to the entire market-
place, the people familiar with the
tests say. Amazon declined to com-
ment on the episode.
“Amazon will always default to
allowing more stuff to be available
to the customer,” says Ms. Greer.
In 2017, she ordered baby prod-
ucts, children’s toys and food-re-
lated products from Amazon that
came up high in search results but
had false certification claims, such
as claiming FDA approval, and
sent them to federally certified
laboratories for testing. She says
that, at the time, she estimated
80% of Amazon’s third-party sell-
ers didn’t comply with federal,
state or industry safety and label-
ing standards and that the vast
majority of the issues were not
having proper warnings and labels.
The Amazon spokeswoman calls
Ms. Greer’s analysis “wrong and
baseless” and says Amazon doesn’t
sacrifice product safety in favor of
selection. Ms. Greer says she
stands by her analysis.
Amazon doesn’t do its own test-
ing for product safety, according
to documents the company filed in
the Washington-state case. It does
sometimes randomly buy certain
high-end jewelry and send it out
for testing to make sure third-
party sellers aren’t peddling fake
jewels, according to its publicly
posted procedures. The Amazon
spokeswoman says the jewelry
spot tests are one of various pro-
grams the company does to “en-
sure customers receive the compli-
ant products they expect.”
Amazon openly encourages any-
one to sign up and start selling
right away unless something in
their registration or initial posting
triggers the automated tools to
flag them for more vetting.
In contrast, Walmart Inc. re-
quires all products on store
shelves be tested at approved labs,
company documents show. Target
says it requires suppliers of store-
branded products to undergo addi-
tional inspections and testing be-
yond government standards.
Target and Walmart have cre-
ated online marketplaces for third
parties to sell directly to consum-
ers. Target’s site, launched earlier
this year with several sellers, is
invitation-only. Walmart had
around 22,000 sellers at the end
of 2018, according to Marketplace
Pulse. It requires an application
that can take days for approval,
and only a fraction of merchants
applying make it through the vet-
ting, says a person familiar with
Walmart’s policy.
The Journal didn’t analyze
products sold on Walmart and Tar-
get shelves or websites.
Magnet problem
A persistent problem for Amazon
has been magnetic toys. Amazon
and other big retailers banned
sets of high-powered magnetic
balls and cubes in 2012 after re-
ports of thousands of children
ending up hospitalized for swal-
WHITNEY CURTIS FOR THE WALL STREET JOURNAL
‘When I came up over the hill on the interstate, there was my son laid out on the highway,’ says Christy Stokes.
RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
INFANT SLEEPING MATS
80 Listings
matched the description of
mats the FDA has warned
can cause suffocation and
Amazon said it had banned.
SOURCE: WALL STREET JOURNAL ANALYSIS OF AMAZON LISTINGS
lowing them. Inside the body, the
magnets can snap together and
rupture abdominal tissue. The
Consumer Product Safety Com-
mission, or CPSC, has called them
a “substantial product hazard.”
Retailers still selling them gener-
ally allow them on store shelves
only when marketed for adults.
Amazon’s policy said it prohib-
ited “Products that include large
quantities of magnetic balls or
cubes, such as:” then listed eight
brands. But knockoffs of the toys
slipped through. The Journal
found nearly 80 that appeared to
match listings of the banned toys.
About 40 of these listings were
removed after the Journal con-
tacted Amazon. Roughly 30 still
remain that appear to match de-
‘They weren’t really
checking that these
products were tested
prior to putting them up.’
scriptions of prohibited products
originally described on Amazon’s
compliance pages.
Danny Puskarcik, who worked
in product compliance at Amazon
until early this year, says the
magnets issue “was an extremely
high priority,” seen as so serious
that employees sought to enforce
the policy very broadly. “The idea
was to catch all powerful mag-
nets,” he says. “Get rid of them.
Destroy them.”
Creed Cameron, an Amazon
manager for restricted products
until 2017 and no longer at the
company, says his team never
found a good way to handle the
magnet problem. Taking down the
cheap, mass-manufactured prod-
* ***
EXCHANGE
‘APPROVED’ ITEMS
116 Products
were falsely listed as
‘FDA-approved’
including this
eyelash-growth
serum that never
undertook the drug-
approval process.
The maker of Kyfen
Eyelash Growth
Enhancer didn’t
respond to requests
for comment.
ucts, he says, was “like trying to
stop a bullet.”
After the Journal contacted
Amazon about the knockoffs, the
spokeswoman said that despite
the wording of the policy—and
the experiences described by the
two former workers—the com-
pany intended to ban only the
specific magnet-toy brands listed.
Other magnet toys, including ones
identical to the banned toys but
sold under different names, were
supposed to be allowed on the
site, she said.
Amazon then changed the
wording of the policy to ban the
specific brands. The spokeswoman
declined to comment on why Am-
azon has banned some brands but
not others.
Amazon’s policy of banning only
some brand-name products “makes
no sense,” says Alan Schoem, a
lawyer who has represented one of
the banned brands and is a former
CPSC official. “You’d think they’d
want to be a little more careful.”
When Amazon does take down
listings for banned items, the
same products sometimes reap-
pear under new accounts, the
Journal found.
The EPA has announced a ban
starting in November on consumer
products containing methylene
chloride, which the agency has
linked to cancer and sudden death
from toxic fumes. Amazon late last
year said it would purge paint
strippers using the chemical by
March, but there were still dozens
of them for sale then. When an ad-
vocacy group named Safer Chemi-
cals, Healthy Families identified the
products, Amazon took them down.
More such paint strippers
popped up and were removed only
after the group flagged them.
“They clearly need to do a better
job of setting up a system to po-
MAGNETIC TOYS
77 Listings
appeared to
contain numerous
magnetic balls or
cubes that federal
regulators have
called a ‘substantial
product hazard.’
Primary Source
Amazon Prime members world-wide
100 million
80
60
40
20
0 contacted who bought products
2008 ’10 ’12 ’14 ’16
Source: Marketplace Pulse estimates based on Amazon’s
reported retail subscription service revenue
lice their supply chain,” says Mike
Schade, a campaign director for
the nonprofit. Amazon declined to
comment on the paint strippers.
Neither Amazon nor federal
regulators have made public at-
tempts to measure the scale of
the site’s safety issues, but at
least one state has done so for
one product category. This year,
the Washington state attorney
general’s office examined school
supplies and found 35 out of 41
Amazon products tested con-
tained amounts of cadmium, lead
or both above federal or state
limits, state documents show.
Discount stores that the state
studied also had a similar ratio of
problem products, while other re-
tailers in the test didn’t, says Kelly
Wood, one of the state attorneys
involved in the case.
After the state notified Amazon,
the company conducted tests in a
warehouse and found that four of
45 tested items had haz-
ardous levels of lead or
cadmium, including a
unicorn necklace whose
pendant-backing makeup
was 35% cadmium, more
than 8,500 times the le-
gal limit in Washington,
state documents show.
Washington state
asked Amazon to provide
documentation for the
children’s products show-
ing they had passed
safety tests outlined in
the company’s internal
policies. Amazon told the
state the company may
request certificates for
certain high-risk prod-
ucts, and that any seller
is required to provide
them when asked, but
that it didn’t have any
for the products identi-
fied by the state.
Even after Amazon,
prompted by the state,
went to retailers and
asked them directly for
the compliance docu-
ments and certifications,
it didn’t receive docu-
ments back, the com-
pany said, according to
documents obtained by
the state.
THE WALL STREET JOURNAL.
FAILED TESTS
4 Products
for children, including
two labeled
‘Amazon’s Choice,’
failed Journal-
commissioned tests
based on federal
safety standards,
F. MARTIN RAMIN/THE WALL STREET JOURNAL(4)
according to the
testing company. This
xylophone contained
lead levels exceeding
federal limits.
“They weren’t really checking
that these products were tested
prior to putting them up on their
website,” says Mr. Wood.
The Amazon spokeswoman says
the company “worked with our
selling partners to verify that the
school supplies and children’s jew-
elry in our store are safe and en-
hanced our processes to verify the
safety of these products moving
forward. We welcome ongoing col-
laboration with the Attorney Gen-
eral and other agencies to promote
customer safety.”
Mr. Stokes’s helmet
Amazon customers the Journal
that didn’t meet safety standards
say they had assumed they were
buying from Amazon directly or
that everything on the website
passed safety standards.
That includes Ms. Stokes, whose
son died in the motorcycle acci-
dent wearing a helmet falsely
claiming DOT compliance. She
sued Amazon, the Ford Ranger
driver and Ivolution, the Corona,
Calif., company that sold the hel-
met, in Missouri state court, alleg-
ing that the truck driver was at
fault for the accident and that the
helmet had a faulty strap. The
driver settled. The case against
Amazon and Ivolution was moved
to federal court in the Western
District of Missouri.
Ivolution owner Ricky Zhang in
court statements said another man
had bought 103 helmets from him
and sold them on Amazon and that
Ms. Stokes didn’t prove the acci-
dent was related to the helmet. His
company bought products from
China to resell on Amazon, accord-
ing to the legal documents. It was
so small he couldn’t afford legal
representation, he said in court.
The judge ordered Ivolution to
pay $1.9 million to Mr. Stokes’s
family, which says the company
hasn’t done so. Mr. Zhang didn’t
respond to requests for comment.
Amazon attorney Monte
Clithero says the company, which
settled the case for $5,000, denies
any responsibility. “Basically, a
third party was using Amazon as a
bulletin board to advertise the
product and sell.”
On July 1, 2019, the National
Highway Traffic Safety Adminis-
tration said Ivolution had recalled
the helmet—it said 4,071 were on
the market or sold. An agency test
in April 2018 had found the helmet
cracked open on contact.
On July 29, the helmet model
and eight other helmets that failed
federal safety tests in 2018 were
still listed for sale on Amazon.
Amazon removed them after the
Journal pointed them out.
A week later, the Journal found
a listing for the helmet model Mr.
Stokes wore was listed on Amazon
by a different vendor, labeled as
out of stock. There were also list-
ings for four other helmets Ama-
zon had taken down after the
Journal notified it that the prod-
ucts had failed federal safety tests.
Amazon then took those down.
—Lisa Schwartz and Fanfan Wang
contributed to this article.
 RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 24 - 25, 2019 | B9

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
25628.90 Trailing P/E ratio 18.41 23.32 2847.11 Trailing P/E ratio * 22.49 24.06 7751.77 Trailing P/E ratio *† 23.55 25.89 commodities performed around the world for the week.
t 623.34 P/E estimate * 16.98 16.63 t 75.84 P/E estimate * 17.62 17.68 t 239.62 P/E estimate *† 21.12 21.28
Stock Currency, Commodity, Exchange-
Dividend yield 2.38 2.12 Dividend yield * 1.95 1.83 or 3.00% Dividend yield *† 1.05 0.97
or 2.37% or 2.59% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high Shanghai Composite 2.61%
8330.21, 07/26/19
27359.16, 07/15/19 0.14744568353097 3025.86, 07/26/19 S&P/ASX 200 1.84
Comex silver 1.75
27000 3000 8400 Hang Seng 1.73
65-day moving average Nikkei 225 1.43
26500 2950 8150 IPC All-Share 1.33
UK pound 1.13
7900 Kospi Composite 1.10
26000 2900
Wheat 0.96
Session high
Japanese yen 0.94
DOWN UP 25500 2850 7650
Comex gold 0.93
t

Session open Close

Russian ruble 0.82
Close Open 7400
t

25000 2800 FTSE MIB 0.74

65-day moving average Norwegian krone 0.55
Session low 65-day moving average
24500 2750 7150 iShiBoxx$HYCp 0.52
Bars measure the point change from session's open CAC-40 0.49
24000 2700 6900 Euro area euro 0.49
June July Aug. June July Aug. June July Aug. Stoxx Europe 600 0.47
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
iShiBoxx$InvGrdCp 0.43
DAX 0.42
South African rand 0.41
Major U.S. Stock-Market Indexes Trading Diary Swiss franc 0.37
Latest 52-Week % chg Volume, Advancers, Decliners Euro Stoxx 0.29
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. S&P 500 Utilities 0.19
Dow Jones Total volume* 971,313,858 12,073,325 Nymex ULSD 0.15
Industrial Average 26320.29 25507.18 25628.90 -623.34 -2.37 27359.16 21792.20 -0.6 9.9 11.4 Adv. volume* 72,437,479 5,291,571 iSh 7-10 Treasury 0.15
Transportation Avg 10052.39 9702.19 9739.74 -333.41 -3.31 11570.84 8637.15 -13.7 6.2 7.1 Decl. volume* 897,637,361 6,573,470 iSh TIPS Bond 0.14
Utility Average 845.65 827.89 832.03 -8.36 -0.99 840.39 692.00 13.8 16.7 6.9 Issues traded 3,031 280 S&P 500 Consumer Discr 0.12
Total Stock Market 30011.58 29081.49 29191.86 -777.15 -2.59 31091.22 24126.04 -2.4 13.5 8.9 Advances 423 99 VangdTotalBd 0.07
Barron's 400 660.82 638.99 640.62 -20.74 786.73 571.68 -18.1 5.1 4.8 Declines 2,528 175 iShJPMUSEmgBd 0.01
-3.14
Unchanged 80 6 -0.01 iSh 1-3 Treasury
Nasdaq Stock Market New highs 138 5 -0.07 Canada dollar
Nasdaq Composite 8005.34 7730.77 7751.77 -239.62 -3.00 8330.21 6192.92 -2.4 16.8 13.8 New lows 191 9 -0.08 Indonesian rupiah
Nasdaq 100 7722.43 7442.93 7464.99 -242.44 -3.15 8016.95 5899.35 -0.3 17.9 15.7 Closing Arms† 1.44 0.65 -0.12 iSh 20+ Treasury
Block trades* 5,649 114 -0.13 iShNatlMuniBd
S&P
Nasdaq NYSE Arca
-0.24 IBEX 35
500 Index 2927.01 2834.97 2847.11 -75.84 -2.59 3025.86 2351.10 -1.0 13.6 9.2
-0.29 S&P 500 Real Estate
MidCap 400 1887.05 1832.28 1836.55 -51.91 -2.75 2050.23 1567.40 -9.8 10.4 5.3 Total volume*2,233,559,526 373,301,413
-0.29 WSJ Dollar Index
SmallCap 600 925.03 894.72 896.50 -28.85 -3.12 1098.36 793.86 -17.9 6.1 5.8 Adv. volume* 336,560,126 100,491,433
-0.31 FTSE 100
Decl. volume*1,885,200,484 272,617,869
Other Indexes -0.32 VangdTotIntlBd
Issues traded 3,237 1,592
Russell 2000 1505.68 1456.90 1459.49 -46.52 -3.09 1740.75 1266.93 -15.4 8.2 5.3 -0.35 Australian dollar
Advances 501 337
NYSE Composite 12710.65 12370.07 12416.45 -272.01 -2.14 13239.87 10769.83 -4.5 9.2 4.6 -0.42 South Korean won
Declines 2,643 1,242
505.79 490.07 -2.89
-0.52 Indian rupee
Value Line 491.18 -14.61 593.57 446.06 -16.7 4.0 0.2 Unchanged 93 13
-0.69 S&P/TSX Comp
NYSE Arca Biotech 4530.25 4373.18 4388.93 -116.71 -2.59 5400.34 3890.37 -14.7 4.0 8.6 New highs 66 94
-0.75 Chinese yuan
NYSE Arca Pharma 584.64 569.94 572.27 -10.57 -1.81 612.45 535.91 -1.8 0.6 2.4 New lows 189 69
-0.85 Nymex RBOB gasoline
KBW Bank 92.45 89.06 89.57 -2.61 -2.83 111.44 80.78 -18.8 4.4 8.4 Closing Arms† 1.06 0.77
-0.92 Bloomberg Commodity Index
PHLX§ Gold/Silver 98.06 94.68 97.78 3.78 4.02 97.78 61.84 44.5 38.4 -2.0 Block trades* 8,748 1,623
-0.99 Dow Jones Industrial Average
PHLX§ Oil Service 63.49 60.18 60.37 -3.38 -5.31 154.64 60.21 -58.7 -25.1 -28.3 * Primary market NYSE, NYSE American NYSE Arca only. -1.16 S&P 500 Consumer Staples
PHLX§ Semiconductor 1505.20 1441.97 1446.38 -65.87 -4.36 1622.02 1069.39 5.1 25.2 21.8 †(TRIN) A comparison of the number of advancing and declining
-1.28 Nymex crude
issues with the volume of shares rising and falling. An
Cboe Volatility 21.07 16.04 19.87 3.19 19.12 36.07 11.61 65.7 -21.8 17.1 -1.29 Mexico peso
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -1.42 S&P 500 Information Tech
-1.44 S&P 500
-1.62 S&P 500 Industrials
International Stock Indexes Percentage Gainers... -1.74 S&P BSE Sensex
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -1.83 Nasdaq Composite
-1.83 Nasdaq 100
World The Global Dow 2898.73 –40.88 –1.39 6.0 VS 2x VIX Short Term TVIX 20.40 3.85 23.26 86.50 12.70 -34.6
MOGU ADR MOGU 3.64 0.68 22.84 25.69 2.04 ...
-1.90 S&P 500 Financials
DJ Global Index 384.99 –5.65 –1.45 9.7
China Index Holdings ADR CIH 3.06 0.53 20.95 4.58 0.34 ... -1.95 S&P 500 Health Care
DJ Global ex U.S. 234.91 –0.21 –0.09 5.5
ProSharesUltVIXST UVXY 35.32 5.55 18.64 94.95 23.43 -15.1 -1.96 S&P MidCap 400
Americas DJ Americas 673.01 –17.40 –2.52 13.4 Direxion S&P Oil Gas Br DRIP 115.82 15.70 15.68 130.85 24.40 279.7 -1.99 S&P 500 Energy
Brazil Sao Paulo Bovespa 97667.49 –2343.79 –2.34 11.1 -2.00 S&P 500 Telecom Svcs
Direxion Jr Gold Bull 3X JNUG 89.04 11.98 15.55 104.00 30.65 113.0
Canada S&P/TSX Comp 16037.58 –215.88 –1.33 12.0 -2.14 Sao Paulo Bovespa
Ossen Innovation ADR OSN 3.20 0.41 14.70 3.54 1.06 29.0
Mexico S&P/BMV IPC 39862.07 –282.17 –0.70 –4.3 -2.18 Nymex natural gas
Direxion Dly SCOND 3 Bear SOXS 48.87 5.62 12.99 171.80 36.57 -49.8
Chile Santiago IPSA 3335.65 –64.82 –1.91 –11.3
VS VIX Short Term VIIX 12.27 1.37 12.57 21.96 9.08 0.8 -2.28 Dow Jones Transportation Average
EMEA Stoxx Europe 600 371.36 –2.93 –0.78 10.0 Direxion Natl Gas Bear 3x GASX 89.66 9.99 12.54 94.22 16.08 395.1 -2.29 Russell 2000
Eurozone Euro Stoxx 360.87 –3.89 –1.07 9.9 ProShares VIX ST Fut VIXY 23.78 2.63 12.43 42.77 17.60 0.2 -2.47 Comex copper
Belgium Bel-20 3479.20 –30.91 –0.88 7.3 AudioEye AEYE 4.41 0.48 12.21 12.40 3.57 -37.9 -2.51 S&P SmallCap 600
Denmark OMX Copenhagen 20 1034.51 –0.76 –0.07 16.0 Direxion Gold Miners Bl 3 NUGT 39.89 4.29 12.05 41.90 10.56 180.1 -2.77 Soybeans
France CAC 40 5326.87 –61.38 –1.14 12.6 Salarius Pharmaceuticals SLRX 10.05 1.07 11.92 37.25 5.00 -24.3 -3.03 Corn
Germany DAX 11611.51 –135.53 –1.15 10.0 Direxion Rg Banks Bear 3X WDRW 35.16 3.65 11.57 57.90 21.17 62.3 -3.05 S&P 500 Materials
Israel Tel Aviv 1595.05 … Closed 9.0 -4.35 Lean hogs
Italy FTSE MIB 20473.86 –343.13 –1.65 11.7 Percentage Losers *Continuous front-month contracts
Netherlands AEX 542.09 –4.81 –0.88 11.1 Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Russia RTS Index 1268.45 –14.18 –1.11 19.0 THE WALL STREET JOURNAL
South Africa FTSE/JSE All-Share 53995.82 –192.11 –0.35 2.4 TuanChe ADR TC 2.61 -1.19 -31.32 7.93 2.05 ...
Spain IBEX 35 8649.50 –66.90 –0.77 1.3 Craft Brew Alliance BREW 10.29 -2.67 -20.60 19.56 10.22 -47.1 See an expanded daily list of selected global stock indexes, bond ETFs, currencies
Sweden OMX Stockholm 589.01 –0.80 12.2 Foot Locker FL 34.00 -7.93 -18.91 68.00 33.75 -29.6 and commodities at WSJ.com/TrackTheMarkets
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Switzerland Swiss Market 9744.98 –60.52 –0.62 15.6 Tellurian TELL 7.50 -1.69 -18.39 11.80 5.12 -15.6
Turkey BIST 100 97149.04 1754.80 1.84 6.4 Pier 1 Imports PIR 3.90 -0.87 -18.24 42.00 3.04 -90.3
U.K. FTSE 100 7094.98 –33.20 –0.47 5.5 Aslan Pharmaceuticals ADR ASLN 1.70 -0.37 -17.87 8.34 1.70 -78.8
U.K. FTSE 250 19236.13 30.81 0.16 9.9 Direxion Jr Gold Bear 3X
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Australia S&P/ASX 200 6523.10 21.29 15.5
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China Shanghai Composite 2897.43 13.99 0.49 16.2 With 30-plus charts and concise analysis,
Hong Kong Hang Seng 26179.33 130.61 0.50 1.3 Sigmatron SGMA 3.88 -0.59 -13.20 7.24 2.18 -45.2
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Japan Nikkei Stock Avg 20710.91 82.90 0.40 3.5 Direxion Dly SCOND 3 BL SOXL 138.18 -20.57 -12.96 206.43 66.38 -13.2 overview of the trends impacting global markets.
Reebonz Holding RBZ 1.82 -0.27 -12.92 83.52 1.45 -97.7
Singapore Straits Times 3110.35 –17.38 –0.56 1.4 Sign up now at WSJ.com/DailyShot
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Fulcrum Therapeutics FULC 10.14 -1.47 -12.66 15.94 8.19 ...
Kospi 1948.30 –2.71 –0.14 © 2018 Dow Jones & Co., Inc. All rights reserved. 2DJ6399
Taiwan TAIEX 10538.11 8.33 0.08 8.3
Thailand SET 1646.68 13.12 0.80 5.3
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SPDR S&P 500 SPY 148,763 111.3 284.85 -2.57 302.23 233.76 Currencies
Get real-time U.S. stock quotes and track most-active General Electric GE 128,502 103.8 7.97 -2.69 13.25 6.40

WSJ stocks, new highs/lows and mutual funds. VS 2x VIX Short Term TVIX 98,730 259.7 20.40 23.26 86.50 12.70 U.S.-dollar foreign-exchange rates in late New York trading
VanEck Vectors Gold MinerGDX 92,760 66.6 29.64 4.04 30.00 17.28 US$vs, US$vs,
Plus, deeper money-flows data and email delivery of Finl Select Sector SPDR XLF 86,245 84.9 26.10 -2.54 29.07 22.05 YTDchg YTDchg
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.COM key stock-market data. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days Americas Europe
Argentina peso .0181 55.1600 46.5 Czech Rep. koruna .04311 23.196 3.5
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Consumer Rates and Returns to Investor Benchmark
Treasury Yields
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Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Chile peso .001389 719.70 3.7 Hungary forint .003386 295.37 5.5
U.S. consumer rates notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .008057 124.12 6.8
Five-year ARM, Rate Mexico peso .0502 19.9172 1.4 Norway krone .1116 8.9587 3.7
A consumer rate against its
Uruguay peso .02738 36.5200 12.8 Poland zloty .2547 3.9265 5.0
benchmark over the past year 4.00% 8%
Bankrate.com avg†: 4.21% Asia-Pacific Russia ruble .01516 65.982 –4.7
5-year adjustable- Bar Harbor Bank Trust 3.00% Australian dollar .6755 1.4804 4.4 Sweden krona .1042 9.5998 8.4
3.00 Yen
s

rate mortgage 5.00% One year ago 4 WSJ Dollar index China yuan .1409 7.0960 3.2 Switzerland franc 1.0259 .9748 –0.7
Bar Harbor, ME 888-853-7100 t
s
t (ARM) Hong Kong dollar .1275 7.8425 0.1 Turkey lira .1736 5.7599 8.9
Capitol Federal Svgs Bk 3.00% 2.00 0 Ukraine hryvnia .0398 25.1110 –9.4
4.00 India rupee .01398 71.513 2.8
5-year Treasury Shawnee, KS 800-222-7312 Indonesia rupiah .0000704 14213 –1.2 UK pound 1.2284 .8141 3.9
t
note yield 3.00 Citadel Federal Credit Union 3.00% 1.00 –4 Japan yen .009489 105.38 –3.8
t Friday s Middle East/Africa
Exton, PA 800-666-0191 Euro Kazakhstan tenge .002590 386.13 0.4
2.00 0.00 –8 Macau pataca .1238 8.0777 0.1 Bahrain dinar 2.6525 .3770 0.01
Glenview State Bank 3.00%
1 3 6 1 2 3 5 710 30 Malaysia ringgit .2386 4.1910 1.4 Egypt pound .0603 16.5755 –7.5
Glenview, IL 847-729-1900 2018 2019 Israel shekel
1.00 month(s) years New Zealand dollar .6401 1.5623 5.0 .2848 3.5118 –6.1
S O N D J FMA MJ J A People's United Bank 3.00% Pakistan rupee .00627 159.500 14.1 Kuwait dinar 3.2884 .3041 0.3
maturity
2018 2019 Hartford, CT 800-772-1090 Philippines peso .0191 52.459 –0.1 Oman sul rial 2.5976 .3850 –0.01
Sources: Ryan ALM; Tullett Prebon; Dow Jones Market Data Singapore dollar .7209 1.3871 1.8 Qatar rial .2748 3.639 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008240 1213.66 8.9 Saudi Arabia riyal .2667 3.7498 –0.05
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0055540 180.05 –1.6 South Africa rand .0656 15.2519 6.2
Taiwan dollar .03181 31.434 2.8
Federal-funds rate target 2.00-2.25 2.00-2.25 1.75 l 2.25 1.75 Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg
Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03264 30.640 –5.2
Prime rate* 5.25 5.25 5.00 l 5.50 1.75 Vietnam dong .00004311 23199 0.02 WSJ Dollar Index 90.90 –0.40–0.44 1.38
Libor, 3-month 2.14 2.14 2.12 l 2.82 1.32 Treasury, Ryan ALM 1624.659 1.566 1.558 3.154 1.558 12.064 2.606 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.73 0.65 0.41 l 0.75 0.47 10-yr Treasury, Ryan ALM 1953.140 1.523 1.540 3.232 1.523 15.196 2.431
Five-year CD, annual yield 1.75 1.94 1.75 l 2.07 0.55
30-year mortgage, fixed† 3.81 3.68 3.68 l 4.99 0.31
DJ Corporate n.a. n.a. 2.890 n.a. n.a. n.a. n.a. Commodities Friday 52-Week YTD
Aggregate, Barclays Capital 2127.920 2.180 2.160 3.660 2.160 9.772 2.994 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.28 3.25 3.20 l 4.34 0.49
High Yield 100, Merrill Lynch 3088.392 5.509 5.693 7.825 5.423 5.910 5.527
Jumbo mortgages, $484,350-plus† 4.30 4.25 4.16 l 5.16 0.21 DJ Commodity 589.39 -3.50 -0.59 642.46 572.87 -3.79 2.88
Fixed-Rate MBS, Barclays 2122.060 2.440 2.360 3.810 2.360 6.742 2.327
Five-year adj mortgage (ARM)† 4.21 4.10 3.94 l 4.89 1.13 TR/CC CRB Index 168.61 -1.71 -1.00 201.23 167.89 -12.22 -0.70
New-car loan, 48-month 4.64 4.67 3.91 l 4.81 1.72 Muni Master, Merrill 565.373 1.503 1.464 2.908 1.459 7.975 2.898 Crude oil, $ per barrel 54.17 -1.18 -2.13 76.41 42.53 -21.17 19.29
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 863.240 5.490 5.471 7.372 5.354 11.859 3.879 Natural gas, $/MMBtu 2.152 -0.007 -0.32 4.837 2.070 -26.23 -26.80
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Gold, $ per troy oz. 1526.60 29.30 1.96 1526.60 1182.30 26.55 19.42
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B10 | Saturday/Sunday, August 24 - 25, 2019 * *** THE WALL STREET JOURNAL.

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

Metal & Petroleum Futures Wheat (CBT)-5,000 bu.; cents per bu. Dec 98.1250 98.2250 98.1000 98.2200 .0850 1,902,651 Euro (CME)-€125,000; $ per €
Sept 466.75 475.75 461.25 475.25 8.00 59,351 March'20 98.3850 98.5050 98.3500 98.4900 .0950 1,327,631 Sept 1.1098 1.1173 1.1070 1.1165 .0060 506,060
Contract Open
Dec 471.25 478.50 465.75 477.75 6.00 193,706 June 98.5000 98.6350 98.4650 98.6150 .1000 1,184,940 Dec 1.1176 1.1246 1.1146 1.1239 .0060 9,777
Open High hi lo Low Settle Chg interest
Wheat (KC)-5,000 bu.; cents per bu.
Copper-High (CMX)-25,000 lbs.; $ per lb. Sept 393.25 395.50 387.75 391.50 –1.75 44,118 Currency Futures Index Futures
Aug 2.5690 2.5690 2.5395 2.5260 –0.0275 551
Dec 404.00 406.50 399.25 404.75 .50 165,422 Mini DJ Industrial Average (CBT)-$5 x index
Dec 2.5670 2.5835 t 2.5320 2.5375 –0.0280 143,594 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 26225 26347 25492 25670 –555 85,459
Gold (CMX)-100 troy oz.; $ per troy oz. Aug 138.550 138.725 136.650 137.350 –1.050 2,897
Sept .9411 .9516 .9384 .9512 .0099 146,621
Aug 1493.50 1527.60 1493.30 1526.60 29.30 1,387 Oct .9425 .9534 .9404 .9532 .0099 2,376 S&P 500 Index (CME)-$250 x index
Oct 135.250 135.450 130.975 132.525 –2.950 17,727 Sept 2923.50 2936.50 2834.50 2855.60 –66.70 32,436
Oct 1502.30 1534.00 1496.90 1531.40 29.10 47,619
Cattle-Live (CME)-40,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Dec 1508.80 1540.30 1503.00 1537.60 29.10 441,810
Mini S&P 500 (CME)-$50 x index
105.050 105.125 104.000 104.625 –.350 3,342 Sept .7522 .7535 .7500 .7525 .0003 144,633
Aug Sept 2920.25 2936.75 2834.00 2855.60 –66.75 2,486,077
Feb'20 1513.70 1545.30 1509.00 1543.50 29.20 47,594 Dec .7530 .7542 .7508 .7533 .0003 7,661
Oct 100.950 100.950 98.625 99.400 –1.700 145,897 Dec 2921.00 2937.25 2834.25 2856.00 –67.00 85,907
April 1517.80 1550.00 1514.00 1548.40 29.10 26,594 British Pound (CME)-£62,500; $ per £ Mini S&P Midcap 400 (CME)-$100 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
June 1518.00 1554.00 1518.00 1552.50 29.10 21,608 Sept 1.2267 1.2307 1.2206 1.2298 .0029 267,494 Sept 1887.30 1897.20 1831.00 1836.50 –52.20 67,720
Oct 61.575 t 59.300
61.600 59.300 –3.000 97,086
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 60.800 t 58.625
60.800 58.775 –2.775 61,809 Dec 1.2306 1.2344 1.2248 1.2338 .0028 4,837 Mini Nasdaq 100 (CME)-$20 x index
Aug ... ... ... 1453.30 –30.70 1 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 7705.8 7762.0 7447.8 7504.5 –206.8 189,912
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Sept 1481.10 1485.30 1448.00 1454.30 –30.90 10,610 Sept 1.0187 1.0292 1.0144 1.0284 .0096 53,432 Dec 7734.0 7777.5 7464.8 7520.0 –209.0 2,725
Sept 359.30 366.30 358.20 359.90 .60 1,350
Dec 1482.30 1486.50 1452.20 1456.80 –30.80 11,563
Nov 354.60 361.50 353.30 355.20 –.10 946 Dec 1.0271 1.0372 1.0226 1.0365 .0096 241
Mini Russell 2000 (CME)-$50 x index
March'20 1480.10 1480.10 1454.80 1454.40 –30.90 541 Sept 1505.00 1514.10 1455.80 1463.70 –42.80 448,912
Milk (CME)-200,000 lbs., cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini Russell 1000 (CME)-$50 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. Aug 17.60 17.60 17.57 17.59 .02 2,801 Sept .6764 .6783 .6741 .6758 –.0005 168,033
Aug ... ... ... 852.50 –6.80 3 Sept 1614.10 1621.00 1570.20 1576.00 –42.50 8,308
Sept 17.27 17.31 17.14 17.22 –.01 3,552 Dec .6779 .6798 .6758 .6774 –.0005 1,894 U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 860.00 872.30 852.50 855.30 –6.60 71,958
Cocoa (ICE-US)-10 metric tons; $ per ton. Mexican Peso (CME)-MXN 500,000; $ per MXN Sept 98.10 98.46 97.46 97.53 –.53 54,652
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 2,238 2,238 2,217 2,208 8 6 Sept .05022 .05041 .04994 .05008 –.00023 191,702
Aug ... ... ... 17.395 0.381 1
Dec 2,223 2,257 2,219 2,238 8 108,342 Dec .04957 .04966 .04923 .04934 –.00023 1,205 Source: FactSet
Dec 17.180 17.605 17.105 17.554 0.376 126,148
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 92.85 92.85 92.00 92.60 –.90 196
Oct 55.35 55.60 53.24 54.17 –1.18 366,408
Dec 96.90 97.40 95.05 96.05 –1.25 131,694
Nov 55.16 55.41 53.12 54.02 –1.14 201,840
Dec 54.90 55.12 52.86 53.74 –1.13 271,901
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Oct 11.61 11.65 11.44 11.47 –.11 520,474
Bonds | WSJ.com/bonds
Jan'20 54.56 54.67 52.56 53.41 –1.11 141,740
March'20 12.69 12.70 12.51 12.52 –.13 291,681
June
Dec
53.10
52.08
53.25
52.12
51.36
50.55
52.13 –0.98
51.21 –0.79
165,223
160,367
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Global Government Bonds: Mapping Yields
Nov 25.76 25.84 25.76 25.83 –.04 3,007
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Jan'20 26.10 26.10 26.10 26.10 … 1,560
Sept 1.8381 1.8457 1.7974 1.8156 –.0257 55,974
Oct 1.8480 1.8528 1.8045 1.8235 –.0249 114,378
Cotton (ICE-US)-50,000 lbs.; cents per lb. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Oct 58.43 58.74 58.07 57.97 –.90 272
Dec 58.92 59.55 58.06 58.21 –.73 136,701 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Sept 1.6683 1.6708 1.6215 1.6428 –.0247 48,479 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Oct 1.5440 1.5500 1.5021 1.5270 –.0192 135,108 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 96.00 97.45 95.50 96.05 –.90 4,465 1.750 U.S. 2 1.535 t l 1.622 1.835 2.616
Sept 2.150 2.167 2.120 2.152 –.007 47,657 Nov 98.35 99.65 97.70 98.30 –.90 12,310 1.625 10 1.526 t l 1.617 2.081 2.829
Oct 2.154 2.170 2.126 2.156 –.007 411,912 5.750 Australia 2 0.760 s l 0.740 0.960 1.988 -88.3 -62.9
-77.5
Nov 2.212 2.226 2.185 2.212 –.010 185,398 Interest Rate Futures
Dec 2.398 2.409 2.371 2.395 –.011 142,313 3.250 10 0.985 s l 0.921 1.328 2.541 -54.0 -69.5 -28.8
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Jan'20 2.512 2.520 2.484 2.508 –.010 124,374 0.000 France 2 -0.803 t l -0.748 -0.713 -0.418 -233.8 -237.0 -303.4
Sept 191-230 195-140 189-300 194-260 2-27.0 943,503
March 2.419 2.425 t 2.392 2.414 –.010 89,592
Dec 192-250 196-140 190-290 195-250 2-27.0 240,826 0.500 10 -0.371 t l -0.356 -0.090 0.679 -189.7 -197.3 -214.9
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Agriculture Futures Sept 163-300 165-310 162-300 165-170 1-14.0 896,929 0.000 Germany 2 -0.888 t l -0.866 -0.778 -0.612 -242.3 -248.8 -322.8
Corn (CBT)-5,000 bu.; cents per bu. Dec 163-070 165-050 162-060 164-240 1-14.0 154,300 0.000 10 -0.672 t l -0.641 -0.351 0.343 -219.8 -225.8 -248.6
Sept 362.75 363.00 357.50 359.75 –3.50 259,507 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec 371.00 371.50 365.50 367.75 –3.25 851,522 Sept 130-080 131-050 129-280 130-305 21.0 3,601,492 0.050 Italy 2 0.007 t l 0.019 -0.012 1.144 -152.8 -160.4 -147.3
Oats (CBT)-5,000 bu.; cents per bu. Dec 130-285 131-260 130-160 131-195 21.5 506,230 3.000 10 1.313 t l 1.315 1.606 3.093 -21.3 -30.1 26.5
Sept 265.00 265.25 261.25 264.75 –.50 134 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec 268.00 268.00 264.50 267.00 .75 4,120 Sept 119-007 119-182 118-265 119-145 12.2 3,692,506 0.100 Japan 2 -0.295 s l -0.307 -0.200 -0.120 -183.0 -192.9 -273.7
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 119-140 120-007 119-077 119-287 13.0 878,916 0.100 10 -0.235 s -0.240 -0.146 0.095 -185.7
Sept 855.50 859.25 842.00 843.25 –12.75 63,667
l -176.1 -273.4
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Nov 868.25 872.00 855.00 856.50 –12.25 353,180 Sept 107-204 107-272 107-187 107-257 4.6 2,944,237 0.750 Spain 2 -0.565 t l -0.555 -0.475 -0.339 -210.0 -217.7 -295.5
Soybean Meal (CBT)-100 tons; $ per ton. Dec 107-284 108-036 107-262 108-021 5.0 896,639
Sept 293.60 295.20 289.40 289.90 –3.80 46,755 0.600 10 0.144 t l 0.148 0.383 1.375 -138.2 -146.8 -145.3
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec 299.10 300.80 295.00 295.40 –3.90 201,022 1.500 U.K. 2 0.451 t l 0.520 0.537 0.725 -110.2 -189.1
Aug 97.8700 97.8750 97.8700 97.8725 .0000 437,830 -108.4
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Oct 98.1400 98.1950 98.1300 98.1850 .0450 344,407 1.625 10 0.482 t l 0.520 0.694 1.271 -109.6 -155.8
Sept 28.57 28.63 28.18 28.34 –.20 37,622 -104.4
Dec 28.92 29.00 28.53 28.70 –.20 221,312 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 113-150 114-305 113-125 114-250 27.5 27,207 Source: Tullett Prebon
Sept 1087.00 1100.00 1087.00 1098.00 11.00 2,507 Eurodollar (CME)-$1,000,000; pts of 100%
Nov 1117.50 1132.50 1117.50 1128.00 10.50 6,450 Sept 97.9250 97.9950 97.9175 97.9800 .0450 1,356,165
Corporate Debt
Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
that same company’s share price.
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Investment-grade spreads that tightened the most…
Closing Chg YTD Spread*, in basis points Stock Performance
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShRussell1000Gwth IWF 155.91 –2.64 19.1
Friday, August 23, 2019 Closing Chg YTD National Australia Bank NAB 3.933 Aug. 2, ’34 191 –12 208 ... ...
ETF Symbol Price (%) (%) iShRussell1000 IWB 158.16 –2.56 14.0
Closing Chg YTD iShRussell1000Val IWD 121.44 –2.41 9.4 Credit Suisse AG CS 7.500 July 17, ’49 360 –8 382 11.29 –1.66
ETF Symbol Price (%) (%) iShCoreUSAggBd AGG 113.78 0.41 6.8 iShRussell2000Gwth IWO 190.52 –3.00 13.4
iShSelectDividend DVY 95.77 –2.35 7.2 iShRussell2000 IWM 145.43 –3.07 8.6
HSBC Holdings HSBC 6.250 March 23, ’49 350 –7 406 35.63 –1.57
AlerianMLPETF AMLP 8.83 –2.65 1.1
CnsmrDiscSelSector XLY 116.49 –2.66 17.7 iShEdgeMSCIMinEAFE EFAV 71.28 –0.60 6.9 iShRussell2000Val IWN 111.45 –3.16 3.6 TransCanada Pipelines TRPCN 6.100 June 1, ’40 178 –7 n.a. ... ...
iShEdgeMSCIMinUSA USMV 62.47 –1.85 19.2 iShRussell3000 IWV 167.11 –2.57 13.7
CnsStapleSelSector XLP 59.62 –1.67 17.4 Verizon Communications VZ 5.012 Aug. 21, ’54 150 –7 n.a. 55.92 –1.51
iShEdgeMSCIUSAMom MTUM 117.64 –2.55 17.4 iShRussellMid-Cap IWR 53.84 –2.36 15.8
EnSelectSectorSPDR XLE 55.96 –3.35 –2.4
FinSelSectorSPDR XLF 26.10 –2.54 9.6
iShEdgeMSCIUSAQual QUAL 88.51 –2.80 15.3 iShRussellMCValue IWS 84.51 –2.56 10.7 AbbVie ABBV 3.375 Nov. 14, ’21 60 –6 n.a. 65.97 –2.30
iShFloatingRateBd FLOT 50.88 0.02 1.0 iShS&P500Growth 175.33 –2.51 16.4
FT DJ Internet FDN 134.26 –2.21 15.1
iShGoldTr IAU 14.62 1.95 19.0
IVW Anheuser–Busch Inbev Worldwide ABIBB 5.800 Jan. 23, ’59 184 –6 n.a. ... ...
HealthCareSelSect XLV 88.76 –2.31 2.6 iShS&P500Value IVE 112.29 –2.64 11.0
73.12 13.5
iShiBoxx$InvGrCpBd LQD 128.40 0.37 13.8 iShShortCpBd IGSB 53.74 0.13 4.1 Cardinal Health CAH 4.368 June 15, ’47 236 –6 264 42.79 –2.22
IndSelSectorSPDR XLI –2.68 iShiBoxx$HYCpBd HYG 86.55 –0.46 6.7
InvscQQQI QQQ 182.07 –3.16 18.0 iShShortTreaBd SHV 110.66 0.03 0.3
InvscS&P500EW RSP 102.51 –2.71 12.2
iShJPMUSDEmgBd
iShMBSETF
EMB
MBB
114.03
108.32
0.04
0.17
9.7
3.5
iShTIPSBondETF TIP 117.38 0.57 7.2 …And spreads that widened the most
InvscS&P500LowVol SPLV 55.50 –1.70 19.0 iSh1-3YTreasuryBd SHY 85.08 0.16 1.7
iShMSCI ACWI ACWI 70.44 –2.09 9.8
iShCoreMSCIEAFE IEFA 58.09 –1.21 5.6 iShMSCIBrazil EWZ 39.51 –3.42 3.4
iSh7-10YTreasuryBd IEF 113.78 0.67 9.2 General Electric GE 5.000 Jan. 21, ’49 356 77 342 7.97 –2.69
iSh20+YTreasuryBd TLT 145.96 1.64 20.1
iShCoreMSCIEmgMk IEMG 46.99 –1.36 –0.3 iShMSCI EAFE EFA 61.96 –1.24 5.4 Royal Bank of Scotland RBS 7.500 Aug. 10, ’49 288 26 434 4.47 –1.54
iShCoreMSCITotInt IXUS 55.08 –1.18 4.9 iShRussellMCGrowth IWP 140.02 –2.45 23.1
iShMSCI EAFE SC SCZ 54.65 –1.07 5.5 General Motors GM 5.950 April 1, ’49 324 21 330 36.06 –3.22
iShCoreS&P500 IVV 286.47 –2.58 13.9 iShUSTreasuryBdETF GOVT 26.54 0.57 7.7
iShMSCIEmgMarkets EEM 39.05 –1.49 –0.0
iShCoreS&P MC IJH 183.76 –2.72 10.7 iShMSCIJapan EWJ 52.79 –1.12 4.1
PIMCOEnhShMaturity MINT 101.71 0.01 0.8 Goldman Sachs GS 3.850 Jan. 26, ’27 109 21 125 196.20 –3.07
73.86 –3.06 6.5 SPDR BlmBarcHYBd JNK 108.02 –0.51 7.2
iShCoreS&P SC IJR iShNatlMuniBd MUB 115.15 0.13 5.6
iShS&PTotlUSStkMkt ITOT 64.57 –2.57 13.8 iShPfd&Incm PFF 37.32 –0.43 9.0 SPDRBloomBar1-3MTB BIL 91.57 –0.01 0.1 Ford Motor F 4.750 Jan. 15, ’43 362 20 363 8.77 –2.99
SPDR Gold GLD 144.17 1.96 18.9 EQT EQT 3.000 Oct. 1, ’22 278 15 271 10.35 –8.81
SchwabIntEquity SCHF 30.25 –1.21 6.7
SchwabUS BrdMkt SCHB 68.30 –2.55 14.0 Broadcom AVGO 4.250 April 15, ’26 229 14 238 272.13 –5.39
Borrowing Benchmarks | WSJ.com/bonds SchwabUS Div
SchwabUS LC
SCHD
SCHX
51.71
68.16
–2.67
–2.53
10.1
14.2
Occidental Petroleum OXY 4.400 Aug. 15, ’49 215 13 216 42.37 –5.21
SPDR DJIA Tr
SPDR S&PMdCpTr
DIA
MDY
256.29
334.98
–2.39
–2.72
9.9
10.7
High-yield issues with the biggest price increases…
Money Rates August 23, 2019 SPDR S&P 500
SPDR S&P Div
SPY
SDY
284.85
97.01
–2.57
–2.42
14.0
8.4 Issuer Symbol Coupon (%) Maturity
Bond Price as % of face value
Current One-day change Last week
Stock Performance
Close ($) % chg
TechSelectSector XLK 77.17 –3.31 24.5
Key annual interest rates paid to borrow or lend money in U.S. and UtilitiesSelSector XLU 61.48 –1.06 16.2 Halcon Resources HKUS 6.750 Feb. 15, ’25 16.050 5.80 14.000 ... ...
international markets. Rates below are a guide to general levels but VanEckGoldMiner GDX 29.64 4.04 40.5 CenturyLink CTL 7.600 Sept. 15, ’39 96.000 3.00 94.749 11.21 –3.11
VangdInfoTech VGT 207.79 –3.19 24.6
don’t always represent actual transactions. VangdSC Val VBR 121.45 –2.72 6.5
Bacardi BACARD 5.300 May 15, ’48 114.699 1.85 n.a. ... ...
Week —52-WEEK—
VangdSC Grwth VBK 181.06 –2.54 20.2 Weatherford International WFT 4.500 April 15, ’22 41.750 1.50 36.875 ... ...
Inflation VangdDivApp VIG 115.08 –2.42 17.5
Latest ago High Low
VangdFTSEDevMk VEA 39.24 –1.23 5.8 CNX Resources CNX 5.875 April 15, ’22 96.950 1.45 93.250 7.55 –0.53
July index Chg From (%)
Switzerland 0.50 0.50 0.50 0.50 VangdFTSE EM VWO 39.27 –1.43 3.1 Navios Maritime Acquisition NNA 8.125 Nov. 15, ’21 82.802 1.40 n.a. 5.72 –6.38
level June '19 July '18 VangdFTSE Europe VGK 51.56 –1.19 6.0
Telecom Italia SpA* TITIM 5.303 May 30, ’24 106.780 1.28 103.970 ... ...
Britain 0.75 0.75 0.75 0.75 VangdFTSEAWxUS VEU 47.80 –1.24 4.9
U.S. consumer price index VangdGrowth VUG 161.81 –2.73 20.5 Briggs & Stratton BGG 6.875 Dec. 15, ’20 101.250 1.00 101.400 4.10 –7.24
Australia 1.00 1.00 1.50 1.00 VangdHlthCr VHT 166.44 –2.35 3.6
All items 256.571 0.17 1.8
Secondary market
VangdHiDiv VYM 84.07 –2.44 7.8 …And with the biggest price decreases
Core 263.566 0.15 2.2 VangdIntermBd BIV 88.65 0.42 9.1
VangdIntrCorpBd VCIT 91.75 0.23 10.7 Range Resources RRC 5.000 March 15, ’23 87.500 –2.50 84.750 3.76 –4.57
International rates Fannie Mae VangdLC VV 130.94 –2.55 14.0
VangdMC VO 161.01 –2.50 16.5
California Resources CRC 8.000 Dec. 15, ’22 58.250 –2.43 51.938 9.21 –5.25
30-year mortgage yields
VangdMC Val VOE 106.04 –2.51 11.3 Valaris VAL 7.750 Feb. 1, ’26 61.500 –2.25 55.250 4.07 –6.86
Week 52-Week 30 days 3.059 2.915 4.607 2.915
Latest ago High Low
VangdMBS VMBS 53.17 0.21 3.3 KCA Deutag UK Finance KCADEU 7.250 May 15, ’21 65.250 –1.94 67.250 ... ...
60 days 3.092 2.936 4.632 2.936 VangdRealEst VNQ 90.70 –1.40 21.6
Notes on data: VangdS&P500ETF VOO 261.57 –2.57 13.8 Diebold Nixdorf DBD 8.500 April 15, ’24 95.678 –1.85 n.a. 11.58 –7.66
Prime rates VangdST Bond BSV 81.08 0.19 3.2 Chesapeake Energy CHK 8.000 Jan. 15, ’25 75.000 –1.82 73.000 1.47 –8.70
U.S. prime rate is the base rate on corporate VangdSTCpBd VCSH 81.17 0.17 4.1
U.S. 5.25 5.25 5.50 5.00 loans posted by at least 70% of the 10 largest VangdSC VB 148.81 –2.62 12.7 Endo Dac* ENDP 6.000 July 15, ’23 66.250 –1.78 62.000 … …
3.95 3.95 3.95 3.70 U.S. banks, and is effective August 1, 2019. Other
Canada
prime rates aren’t directly comparable; lending
VangdTotalBd BND 84.89 0.37 7.2 Brand Industrial Services BRANDI 8.500 July 15, ’25 88.250 –1.65 84.125 ... ...
Japan 1.475 1.475 1.475 1.475 VangdTotIntlBd BNDX 58.89 0.17 8.6
practices vary widely by location. Complete VangdTotIntlStk VXUS 49.47 –1.36 4.8 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Money Rates table appears Monday through VangdTotalStk VTI 145.31 –2.52 13.9
Policy Rates Friday. Note: Data are for the most active issue of bonds with maturities of two years or more
VangdTotlWrld VT 71.80 –2.06 9.7
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 105.81 –2.36 8.0 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data

New Highs and Lows | WSJ.com/newhighs 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 Stock
52-Wk %
Sym Hi/Lo Chg
WebsterFinlPfdF WBSpF 26.35 -0.4 CSS Industries CSS 4.03 -4.0 EstreAmbiental ESTR 0.65 -6.5 IntlFlavorsUn IFFT 42.54 -1.8 Nucor NUE 46.76 -4.0 RingEnergy REI 1.41 -9.6 TItanIntl TWI 2.46 -5.3
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE WellsFargoPfdAY WFCpY 26.96 0.2 Cactus WHD 24.58 -3.9 EtonPharm ETON 5.13 -0.5 IntlPaper IP 37.25 -3.7 Nxt-ID Wt NXTDW 0.02 -24.0 RubiusTherap RUBY 9.55 -5.7 TonixPharm TNXP 0.42 -6.7
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Wendy's WEN 21.42 -0.5 CalAmp CAMP 9.39 -4.5 FBL Financial FFG 53.80 -3.7 IntersectENT XENT 15.16 -2.4 Orbcomm ORBC 4.62 -2.3 S&T Bancorp STBA 33.86 -3.5 TransAtlPetrol TAT 0.64 -12.4
in the latest session. % CHG-Daily percentage change from the previous trading session. WheatonPrecMet WPM 28.74 6.3 CanFiteBiopharm CANF 2.14 0.4 F5Networks FFIV 123.91 -3.8 InvestorsTitle ITIC 134.04 -1.5 OakValleyBncp OVLY 16.35 -6.2 SINOPEC SHI 29.37 -3.7 TrinityBiotech TRIB 1.38 -3.3
Wingstop WING 107.43 -1.8 CanopyGrowth CGC 24.39 -1.0 FNCB Bancorp FNCB 7.03 -1.9 iRobot IRBT 62.26 -3.5 OasisMidstream OMP 14.85 0.1 SalemMedia SALM 1.57 -1.3 TrinityIndustries TRN 16.14 -4.9
Friday, August 23, 2019 XPEL XPEL 9.03 -2.7 Carbonite CARB 12.57 -5.7 FTS Intl FTSI 2.60 -9.7 IsraelChemicals ICL 4.60 -1.5 OccidentalPetrol OXY 42.17 -5.2 SandRidgeEnergy SD 4.38 -7.1 Trinseo TSE 27.36 -5.2
52-Wk % 52-Wk % 52-Wk % XcelEnergy XEL 63.68 -1.3 Carnival CCL 43.19 -4.0 FarmerBros FARM 11.63 -1.6 IturanLocation ITRN 26.78 -2.2 OceanFirstFin OCFC 20.67 -2.4 ScrippsEW SSP 11.36 -5.6 TripAdvisor TRIP 36.15 -4.8
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ZaiLab ZLAB 38.44 -2.0 Carnival CUK 41.79 -3.9 FarmersBancp FMAO 24.30 -2.2 JohnsonOutdoors JOUT 54.51 -3.1 Olin OLN 15.38 -4.3 SeadrillPartners SDLP 1.61 -5.7 Tupperware TUP 12.59 -5.7
CarrolsRestr TAST 6.77 -2.7 Ferro FOE 10.02 -4.5 JuniperNetworks JNPR 23.00 -3.0 OpGenWt OPGNW 0.02 -70.0 SeaSpine SPNE 10.44 -4.5 TwinDisc TWIN 9.60 -2.7
DigitalRealtyPfK DLRpK 27.21 0.6 MAA 127.38 -1.7
Highs DominionEnNts76 DRUA 26.49 -0.2
MidAmApt
ModelN MODN 27.88 -1.1 Lows Cars.com
Celcuity
CARS
CELC
8.23 -6.8
15.68 -5.0
Finjan
FirstBancorp
FNJN
FNLC
1.80 -2.7
24.28 -2.8
JustEnergy
KLX Energy
JE
KLXE
1.14 -2.5
10.11 -4.2
OraSureTechs OSUR
Owens-Illinois OI
6.76 -4.5
9.73 -5.8
Semgroup SEMG
ServisFirstBcshs SFBS
8.59 -9.5
29.21 -3.7
USA Truck
US Xpress
USAK
USX
7.61 -1.8
3.37 -3.6
Durect DRRX 1.63 2.6 NatlRetailProp NNN 56.23 -0.2 ACNB ACNB 32.50 -5.5
AG Mortgage PfdA MITTpA 26.20 0.4 CellularBiomed CBMG 11.38 -2.4 FirstGuarBcshs FGBI 18.59 -1.9 KalaPharm KALA 3.78 -4.9 PFSweb PFSW 2.15 -6.9 ShenandoahTel SHEN 31.21 -3.5 UnionBankshares UNB 25.54 -6.2
EldoradoGold EGO 9.35 6.9 NatlStorage NSA 33.87 -0.7 AG Mortgage MITT 15.22 -0.3
AGNCInvPfdD AGNCM 26.04 1.2 Centene CNC 44.50 -1.8 FirstNatlVA FXNC 17.50 8.5 KeyEnergySvcs KEG 1.21 1.6 POSCO PKX 41.14 -3.9 SimonProperty SPG 145.50 -1.8 Unisys UIS 7.11 -7.0
EnbridgeNts2078 ENBA 27.89 ... NexPointResidentl NXRT 46.71 -2.2 AGNC Invt AGNC 15.61 -1.6
AT&T Nts 2067 TBC 27.65 0.2 Chanticleer BURG 0.50 -10.8 Flexsteel FLXS 14.74 0.1 KezarLifeSci KZR 3.82 -7.0 PattersonUTIEn PTEN 7.87 -5.5 SOQUIMICH SQM 22.71 -3.1 UnitedBancshares UBOH 18.71 -2.5
Entergy ETR 112.12 -1.3 NextCure NXTC 30.97 1.0 Amcon DIT 75.03 -4.8
AXIS CapPfdE AXSpE 25.70 0.1 CharahSolutions CHRA 2.64 -8.1 Fluidigm FLDM 5.50 -4.1 KimballElec KE 13.50 -5.6 PeabodyEnergy BTU 17.10 -3.7 SparkNetworks LOV 6.77 -3.3 UnitedFinBncp UBNK 12.21 -3.1
EntergyMS Bds EMP 26.85 0.1 NextEraEnDebK NEEpK 27.84 -1.3 AMTD Intl HKIB 8.48 -1.7
Accenture ACN 197.93 -1.8 ChathamLodging CLDT 16.38 -1.9 FocusFinPtrs FOCS 20.04 -4.8 KiniksaPharm KNSA 8.81 -10.0 PermianBasin PBT 4.74 -4.8 SpringBkPharm SBPH 3.53 -2.8 USCopperIndex CPER 15.83 -1.1
Equinix EQIX 559.32 -0.9 NextEraEnDebN NEEpN 27.95 0.9 ANGI Homesvcs ANGI 7.86 -3.1
AerojetRocket AJRD 52.10 -3.2 ChembioDiagn CEMI 4.74 -1.8 FootLocker FL 33.74 -18.9 KronosWorldwide KRO 9.65 -5.6 PetroChina PTR 47.66 -2.4 Staffing360 STAF 1.26 -5.8 Uniti UNIT 7.71 -4.2
EquityLife ELS 137.48 -1.1 NextEraEnergyUn NEEpR 71.39 0.2 AVX AVX 13.24 -4.3
AffiliatedMgrDeb MGR 26.59 0.4 CherryHillMtg CHMI 11.96 -2.6 ForresterResearch FORR 31.89 -3.6 LATAMAirlines LTM 7.98 -5.1 Pluralsight PS 15.31 -2.8 StealthBioTher MITO 10.00 -11.6 UnityBiotech UBX 5.89 -1.5
EquityResdntl EQR 83.80 -0.3 NextEraEnergy NEE 224.20 0.1 AXT AXTI 3.24 -5.5
AgnicoEagle AEM 61.82 3.7 ChinaOnlineEduc COE 4.63 -3.0 FoxB FOX 31.33 -4.2 L Brands LB 17.50 -9.3 PolarPower POLA 3.20 -0.3 StewartInfo STC 34.32 -2.5 Universal UVV 50.61 -2.2
EssexProp ESS 322.43 -1.8 NiaMoPwr pfC NMKpC 107.12 10.5 AbeonaTherap ABEO 1.82 -10.3
AlgonquinNt2079 AQNB 27.17 0.3 ChinaPetrol SNP 58.00 -1.5 FoxA FOXA 31.63 -3.9 LadenburgThalmann LTS 1.92 -13.1 PrecisionBio DTIL 8.17 -4.5 SturmRuger RGR 39.50 -3.5 Vale VALE 10.39 -2.9
Evergy EVRG 65.45 -0.9 NovaGoldRscs NG 7.56 5.5 AdaptimmuneTher ADAP 1.40 -0.7
AlliantEnergy LNT 52.51 -1.0 Citizens&Northern CZNC 22.52 -3.5 FranklinRscs BEN 26.01 -3.4 Lands'End LE 7.81 -6.9 PriorityTechn PRTH 5.13 -2.2 SummitMidstream SMLP 4.45 -4.3 Vapotherm VAPO 12.37 -0.2
EversourceEner ES 80.17 -0.8 OmegaHealthcare OHI 41.32 0.5 Adtran ADTN 10.17 -4.4
Alteryx AYX 144.67 -2.3 Citizens CIA 6.08 -4.8 GCPAppliedTechs GCP 16.68 -2.5 Leaf LEAF 4.09 -7.4 ProPetro PUMP 10.19 -7.8 SunnovaEnergy NOVA 8.56 -8.3 Veoneer VNE 14.02 -6.3
ExtraSpaceSt EXR 123.16 -0.3 OssenInnovation OSN 3.54 14.7 Aegon AEG 3.75 -1.1
AlticeUSA ATUS 28.01 -0.9 Cohu COHU 11.89 -3.7 GSE Systems GVP 1.68 -3.4 LeeEnterprises LEE 1.80 -4.2 ProtectiveInsB PTVCB 15.30 -4.6 SuperLeagueGam SLGG 5.99 -2.7 VerbTech VERB 1.10 0.4
Fastly FSLY 27.98 1.9 PSBusinessParks PSB 180.11 -2.5 AffiliatedMgrs AMG 73.90 -2.4
AmFinDeb2059 AFGB 27.24 0.2 ColonyCapital CLNY 4.33 -2.5 GTY Tech GTYH 5.32 -0.5 LianluoSmart LLIT 0.67 -2.4 Prothena PRTA 6.84 -5.4 SupercondctrTech SCON 0.48 -11.4 VermilionEnergy VET 14.09 -4.8
FirstIndRlty FR 39.19 -2.2 PSBusParksPfdY PSBpY 25.96 ... Albemarle ALB 59.71 -5.2
AmHomes4RentPfdF AMHpF 27.44 -0.2 ColonyCredRlEst CLNC 12.43 -2.7 GalectinTherap GALT 2.94 -5.3 LibertyOilfield LBRT 10.09 -5.5 ProtoLabs PRLB 89.79 -4.8 SupernusPharms SUPN 25.94 -3.7 Verso VRS 9.61 -3.0
FirstRepBkPfdI FRCpI 26.69 ... PanAmerSilver PAAS 17.50 4.5 AldeyraTherap ALDX 4.64 -5.4
AmHomes4RentPfdH AMHpH 27.90 ... ComfortSystems FIX 36.73 -4.2 GarrettMotion GTX 10.58 -3.8 LibertyTripAdvA LTRPA 8.20 -8.6 Prudential PUK 33.15 -2.8 SutroBioph STRO 7.69 -2.2 Viacom A VIA 26.78 -2.2
FirstEnergy FE 45.90 -1.6 Paylocity PCTY 111.81 -1.1 AllianceData ADS 129.94 -3.7
AmerStWater AWR 89.53 -0.6 CommVaultSystems CVLT 40.73 -0.8 Gentherm THRM 36.06 -3.4 Linx LINX 6.83 -4.3 QuakerChemical KWR 149.09 -3.2 Suzano SUZ 13.40 -6.0 VikingTheraWt VKTXW 5.18 -7.2
FleetCorTech FLT 302.61 -2.5 PennyMacFin PFSI 28.83 0.2 AlliedMotionTech AMOT 31.23 -8.9
AmerTowerREIT AMT 231.64 -0.8 CerveceriasUnid CCU 22.72 -3.5 GenuineParts GPC 87.34 -2.3 LionsGate B LGF.B 9.83 -3.4 REGENXBIO RGNX 33.73 -3.3 TD Ameritrade AMTD 42.72 -2.1 VoceraComm VCRA 23.11 -1.0
FormulaSys FORTY 64.80 0.9 PennyMacMtgPfA PMTpA 27.10 0.6
AmerWaterWorks AWK 125.89 -1.5 AltusMidstream ALTM 2.27 -8.4 ConocoPhillips COP 50.13 -3.5 Gerdau GGB 2.90 -3.9 LionsGate A LGF.A 10.33 -3.7 RMGAcqnWt RMG.WS 0.78 -1.3 Ternium TX 16.33 -2.4 VornadoRealty VNO 58.61 -2.3
Franco-Nevada FNV 97.00 2.5 PennyMacPfdB PMTpB 26.70 0.3
AmericoldRealty COLD 36.83 -0.7 AmericanAxle AXL 6.52 -5.8 ConstellatnAlpha CNAC 8.15 -16.8 GIIIApparel GIII 19.79 -6.8 LogicBioTherap LOGC 6.36 -10.2 RPC RES 5.21 -6.3 TMSRHolding TMSR 0.98 -8.2 WashTrBcp WASH 45.59 -3.3
FulgentGenetics FLGT 12.88 -1.1 PlymouthREITPfdA PLYMpA 26.88 -0.8
AngloGoldAsh AU 22.77 4.4 AmEqtyLf AEL 21.01 -5.2 ConturaEnergy CTRA 26.74 -4.1 GlobalIndemnity GBLI 24.62 -7.3 Luxfer LXFR 15.39 -3.5 RTW Retail RTW 1.20 -22.9 TallgrassEnergy TGE 14.95 -1.8 WebsterFin WBS 43.54 -3.6
FuweiFilms FFHL 6.75 217.8
ApolloGlMgmtPfdA APOpA 26.83 -0.2 PortlandGenElec POR 56.97 -1.6 AmerOutdoor AOBC 7.42 -3.2 CraftBrewAlliance BREW 10.22 -20.6 GluMobile GLUU 4.12 -6.1 LyondellBasell LYB 68.61 -4.3 RangeResources RRC 3.73 -4.6 TandyLeather TLF 4.18 -1.7 WestellTech WSTL 1.37 -2.1
GX Acqn GXGXU 10.15 0.4
Appian APPN 62.94 -0.3 PretiumResources PVG 13.63 9.6 AmericanRscs AREC 0.77 -28.4 CrineticsPharm CRNX 16.80 -4.7 GolarLNG GLNG 12.27 -5.7 MGP Ingredients MGPI 44.28 -3.8 RavenIndustries RAVN 27.39 -12.1 Tanger SKT 14.12 -2.7 WesternMidstrm WES 22.19 -2.5
Generac GNRC 76.74 -2.0
ArchCapitalPfdE ACGLP 25.04 ... Prologis PLD 84.22 -2.5 AnaptysBio ANAB 39.91 -5.3 Cullen/Frost CFR 81.64 -3.2 Gorman-Rupp GRC 29.00 -3.2 MSG Networks MSGN 14.00 -3.6 RedLionHotels RLH 5.00 1.3 TaubmanCtrs TCO 38.13 -3.1 WestlakeChem WLK 56.88 -4.7
GrandCanyonEduc LOPE 132.12 -4.2
AthenePfdA ATHpA 27.60 0.2 PublicStoragePfD PSApD 26.05 -0.3 Andersons ANDE 22.92 -5.6 Culp CULP 13.85 -5.5 Graham GHM 17.90 -3.4 Macy's M 14.84 -4.0 RedRiverBcshs RRBI 44.77 -0.1 TeckRscsB TECK 16.18 -0.7 Westwood WHG 27.57 -5.9
HCP HCP 34.92 -1.1
Atreca BCEL 23.65 -0.9 PublicStorage PSA 264.56 -0.9 AnworthMtg ANH 3.24 -1.5 DCP Midstream DCP 24.01 -2.2 GranTierraEner GTE 1.20 -6.9 MammothEnergy TUSK 3.40 -7.6 RegenPharm REGN 285.55 -2.8 Telefonica TEF 6.50 -1.4 WhitingPetrol WLL 7.02 -13.2
HarmonyGold HMY 3.63 7.5
BancCA PfdD BANCpD 26.89 1.1 QIWI QIWI 24.40 -3.0 AnworthMtgPfdB ANHpB 20.61 1.6 Dana DAN 11.96 -6.6 GreatWesternBncp GWB 28.57 -4.7 ManchesterUnited MANU 16.91 -2.6 Remark MARK 0.54 -1.2 Telephone&Data TDS 24.11 -2.3 WideOpenWest WOW 4.99 -4.0
HartfordFinPfdG HIGpG 29.23 0.5
BancCA PfdE BANCpE 27.34 0.5 QVC Nts2067 QVCD 25.75 1.0 Apergy APY 24.67 -6.2 DarioHealth DRIO 0.30 -7.1 GpoFinGalicia GGAL 14.58 -5.5 Manitowoc MTW 13.00 -8.1 RepublicFirstBncp FRBK 3.86 -3.0 Teradata TDC 31.22 -2.9 WisdomTreeInvs WETF 4.96 -8.0
HartfordFinl HIG 59.81 -2.3
Bandwidth BAND 90.63 -3.6 RadaElectronic RADA 5.05 4.1 ArchCoal ARCH 72.30 -3.4 Daseke DSKE 1.52 -7.2 GuangshenRail GSH 15.35 -2.0 MartinMidstream MMLP 3.62 -3.7 ResideoTech REZI 13.65 -3.5 TetraphasePharm TTPH 0.25 -7.2 YPF YPF 9.35 -1.3
HebronTech HEBT 3.02 4.2
BarrickGold GOLD 19.25 2.1 RenaissancePfdF RNRpF 26.90 0.1 ArlingtonAsset AI 5.17 -0.8 DelphiTechs DLPH 13.02 -4.3 GulfportEnergy GPOR 2.48 -5.4 Meredith MDP 42.33 -2.3 ResoluteForest RFP 4.25 -4.0 3M MMM 155.27 -3.1 Yunji YJ 7.80 -13.7
HennessyCapIV HCACU 10.65 0.7
Berkley WRB 73.26 -1.9 Roku ROKU 143.36 -1.0 ArmstrongFlooring AFI 6.59 -5.2 DesignerBrands DBI 14.08 -5.5 HNI HNI 30.01 -2.3 MeridianBiosci VIVO 9.19 -4.0 RigelPharm RIGL 1.77 -6.3 Tilray TLRY 28.28 -2.5 Zovio ZVO 2.31 -4.8
Hershey HSY 159.26 -0.9
BrighthouseDeb58 BHFAL 27.46 -0.2 SBA Comm SBAC 263.91 0.1 AslanPharm ASLN 1.70 -17.9 DiamedicaTherap DMAC 2.15 -8.7 HP HPQ 17.10 -5.9 MeritMedical MMSI 33.96 -1.2
HubSpot HUBS 206.89 -0.7
BrookfieldInfr BIP 46.72 -0.8 StoreCapital STOR 37.30 -0.6 AstecIndustries ASTE 26.66 -4.1 DiamondHillInvt DHIL 124.57 -0.7 HSBC HSBC 35.60 -1.6 MersanaTherap MRSN 2.28 -8.2
IDACORP IDA 109.21 -0.4
BrookfieldPropPfd BPYPP 26.05 0.3 Sanfilippo JBSS 89.88 -2.3 AtlasAir AAWW 25.34 -3.3 DvsfdRestaurant SAUC 0.42 -10.4 HTG Molecular HTGM 0.92 2.3 MesabiTrust MSB 21.80 -3.9
IndepRealty IRT 14.05 0.1
CAI IntlPfdA
CMS Energy
CAIpA 26.70
CMS 62.61
1.0
-0.9
Insulet PODD
IntelligentSys INS
158.18 -0.7
55.64 -3.7
SeritageGrwPfdA SRGpA
ShakeShack SHAK
25.54
100.18
0.2
-1.2
AvanosMedical AVNS
Avianca AVH
32.60 -4.5
2.73 -2.3
Domtar
Dow
UFS
DOW
31.89 -4.0
40.44 -3.2
HalladorEnergy HNRG
HanmiFinancial HAFC
4.13 -1.9
17.24 -4.6
Methanex
MidPennBancorp MPB
MEOH 30.42 -3.5
21.51 -6.0
Dividend Changes
CMSEnerNts2078 CMSC 28.07 -0.3 IntlSeawaysNts23 INSWpA 25.88 0.4 Shopify SHOP 401.16 -1.5 BT Group BT 9.62 -2.3 DuluthHoldings DLTH 9.21 -7.1 HarleyDavidson HOG 30.59 -3.9 MidSouthBncp MSL 10.04 -4.2
CableOne CABO 1289.25 -2.1 InterXion INXN 80.84 -2.6 SilvercorpMetals SVM 4.01 9.6 BancoMacro BMA 30.81 -6.9 DycomInds DY 40.33 -5.2 HealthcareSvcs HCSG 21.16 -4.1 MineralsTechs MTX 45.77 -5.1 Dividend announcements from August 23.
CarbonBlack CBLK 26.14 6.3 Intuit INTU 295.77 1.1 Smith&Nephew SNN 47.67 -0.8 BancoSantander SAN 3.77 -2.3 ECA Marcellus ECT 1.08 -12.4 HeatBiologics HTBX 0.50 -5.4 Mosaic MOS 17.95 -5.6
CarlylePfdA TCGP 25.78 -0.6 InvRlEst IRET 71.39 0.4 SouthernNts77 SOJC 26.67 -0.1 BankNY Mellon BK 40.77 -2.7 EOG Rscs EOG 71.36 -5.0 Heidrick&Strug HSII 25.28 -4.1 MurphyOil MUR 17.86 -6.6 Amount Payable /
CentraisElBras EBR 11.69 -4.8 InvitatHomes INVH 29.13 -1.5 Southern SO 58.84 -1.3 BankofPrinceton BPRN 26.02 -1.0 EQM Midstream EQM 29.80 -3.9 Helm&Payne HP 36.87 -5.1 NF EnergySaving BIMI 2.05 -0.9 Company Symbol Yld % New/Old Frq Record
CeridianHCM CDAY 58.95 -1.7 JPMChasePfdEE JPMpC 28.17 0.1 SouthernUnSeriesA SOLN 51.98 -1.0 BankFinancial BFIN 11.32 -2.3 EQT EQT 10.32 -8.8 HeritageFin HFWA 25.57 -4.0 NaborsIndustries NBR 1.71 -9.5
ChimeraInvPfdA CIMpA 27.15 0.4 KB Home KBH 28.93 -1.3 SpiritRealtyCap SRC 46.86 -1.5 BassettFurniture BSET 11.64 -5.6 E*TRADE ETFC 39.97 -2.9 HershaHospitality HT 13.46 -3.1 NaborsIndsPfdA NBRpA 15.18 -7.1 Increased
ChimeraInvPfdB CIMpB 26.99 -0.4 LTC Properties LTC 49.91 -1.4 StarwoodProp STWD 23.89 -1.4 BelFuse B BELFB 10.22 -5.8 EarthstoneEner ESTE 3.19 -7.8 Hillenbrand HI 26.53 -4.6 NatlBankshares NKSH 32.52 -2.0 Altria Group MO 6.9 .84 /.80 Q Oct10 /Sep16
ChimeraInvPfdD CIMpD 26.58 -0.3 LandmarkInfrPfdB LMRKO 26.45 -0.1 SunComms SUI 149.54 -0.2 BerryPetroleum BRY 7.65 -6.1 EastWestBncp EWBC 38.21 -4.6 HimaxTechs HIMX 1.98 -3.4 NationalBeverage FIZZ 39.99 -2.5 Community Bank Sys CBU 2.5 .41 /.38 Q Oct10 /Sep16
CincinnatiFin CINF 111.70 -2.5 LegacyAcqnUn LGC.U 10.75 -0.5 Switch SWCH 16.61 -2.2 BioCryst BCRX 2.49 -2.7 Eastern EML 20.70 -4.4 HudbayMinerals HBM 3.01 -3.2 NatlEnerSvs NESR 7.25 -3.1
CitigroupPfdS CpS 26.79 -0.6 TaylorMorrison TMHC 23.86 -2.7 Blucora BCOR 20.82 -5.0 EastmanChem EMN 61.54 -4.9 HudsonTech HDSN 0.30 -6.9 NationalFuelGas NFG 45.47 -2.9
MVB Financial MVBF 0.9 .05 /.04 Q Sep15 /Sep01
LegacyAcqn LGC 10.21 0.1
CitizensFinPfdD CFGpD 27.87 -0.1 LexingtonRltyPfC LXPpC 56.24 -0.7 TeekayLNG PfdB TGPpB 25.10 0.3 BlueHatInt BHAT 2.47 -5.7 EksoBionics EKSO 0.75 -6.9 Hurco HURC 31.47 -3.4 NatlPrestoInds NPK 82.90 -3.9 Pacific Coast Oil Trust ROYT 14.3 .0238 /.02074 M Sep17 /Sep03
ConsldWater CWCO 15.21 -4.8 LifeStorage LSI 105.47 -1.0 Telaria TLRA 10.00 3.4 BorgWarner BWA 30.71 -2.9 EllingtonResiMtg EARN 10.01 -1.0 IDEAYA Bio IDYA 5.42 0.8 Nautilus NLS 1.21 -0.8
CrownCastlePfA CCIpA 1314.70 0.2 Lipocine LPCN 3.03 -0.7 TeledyneTech TDY 310.43 -1.7 BorrDrilling BORR 4.91 -6.6 EmbotellAndinaB AKO.B 17.90 -3.9 IZEA IZEA 0.33 -10.7 NavistarIntl NAV 22.25 -6.4 Foreign
CrownCastle CCI 147.88 0.2 LivePerson LPSN 40.80 -3.1 TwoHarborsPfdA TWOpA 28.12 0.4 Briggs&Stratton BGG 4.09 -7.2 EmbotellAndinaA AKO.A 16.46 -2.7 Immucell ICCC 5.50 -4.4 NeonTherap NTGN 2.23 -3.9 Athene Pfd. A ATHpA 5.8 .4851 Sep30 /Sep15
DRDGOLD DRD 4.50 10.4 LockheedMartin LMT 386.93 -2.3 TylerTech TYL 260.04 -2.0 Build-A-Bear BBW 3.06 -1.9 EmpresaDisCom EDN 6.00 -4.5 Immuron IMRN 2.23 -1.4 Neuralstem CUR 1.60 -5.1 Cdn Imperial Bank Of Comm CM 5.7 1.0836 Q Oct28 /Sep27
DTE EnergyDeb77 DTW 27.20 0.1 MGE Energy MGEE 76.89 -1.6 UDR UDR 48.43 -1.4 C&F Fin CFFI 45.66 -3.7 EnelChile ENIC 3.98 -2.7 ImperialOil IMO 23.71 -2.3 NewparkResources NR 6.24 -4.3 Gpo Aeroportuario Pac ADR PAC 3.9 2.14046 SA Sep09 /Sep03
Denny's DENN 23.66 -1.8 MarketAxess MKTX 397.50 -1.0 US Foods USFD 40.68 -0.5 CBS B CBS 41.22 -4.7 Energous WATT 3.23 -6.0 IndepBankMI IBCP 19.34 -2.9 NielsenHoldings NLSN 19.96 -3.2
DexCom DXCM 176.59 -0.5 MartinMarietta MLM 258.37 -1.1 UniversalHealth UHT 97.84 -2.6 CDK Global CDK 42.37 -2.5 EnerSys ENS 53.63 -4.7 Ingevity NGVT 74.00 -6.7 NineEnergy NINE 6.27 -5.9
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and
DiamondEagle DEACU 10.15 0.2 McKesson MCK 150.82 -2.0 WEC Energy WEC 93.96 -0.6 CNOOC CEO 141.43 -2.9 Enservco ENSV 0.23 -7.1 InterDigital IDCC 47.02 -3.9 NobleMidstream NBLX 23.25 -3.5
DigitalRealtyPfJ DLRpJ 26.03 ... MetLifePfdE METpE 27.73 -0.1 W.P.Carey WPC 89.82 -1.0 CONSOL Energy CEIX 16.22 -3.8 EnterpriseBncp EBTC 26.85 -3.9 IntlFlavors IFF 104.86 -1.2 Noodles NDLS 5.44 -3.4 ratio; SO: spin-off.
 RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 24 - 25, 2019 | B11

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 38.49 44.79 29.50 FidNatlFin FNF 2.8 16 43.54 -0.66 15.39 70.67 54.25 MagellanMid MMP 6.2 11 65.84 -0.64 -14.22 165.87 90.24 SareptaTherap SRPT ... dd 93.61 -1.46
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 31.13 140.73 94.53 FidNatlInfo FIS 1.0 58 134.47 -3.50 3.37 57.85 42.51 MagnaIntl MGA 3.1 6 46.98 -1.51 -40.46 39.73 17.03 Sasol SSL 4.0 9 17.44 -0.83
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 6.59 30.20 22.12 FifthThirdBncp FITB 3.8 9 25.08 -0.70 97.73 89.53 39.01 ManhattanAssoc MANH ... 57 83.78 -1.60 -11.23 65.57 31.11 Schlumberger SLB 6.2 21 32.03 -1.68
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -3.98 77.60 49.93 58.com WUBA ... 21 52.05 -0.95 14.94 18.95 13.33 ManulifeFin MFC 4.6 8 16.31 -0.32 -11.92 52.70 36.01 SchwabC SCHW 1.9 14 36.58 -1.29
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 29.19 58.82 41.96 FirstAmerFin FAF 2.9 12 57.67 -0.52 -18.06 24.20 11.56 MarathonOil MRO 1.7 10 11.75 -0.51 67.56 114.63 57.96 ScottsMiracleGro SMG 2.3 16 102.98 -5.92
2.50 107.75 79.42 FirstRepBank FRC 0.9 18 89.07 -2.64 -22.45 88.45 43.96 MarathonPetrol MPC 4.6 10 45.76 -1.13 172.70 38.00 10.52 Sea SE ... dd 30.87 -1.35
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 43.42 69.23 36.51 FirstSolar FSLR ...286 60.89 -2.16 8.28 1225.00 950.16 Markel MKL ... 21 1124.00 -22.94 21.59 57.20 35.38 Seagate STX 5.4 7 46.92 -0.66
s 19.81 45.90 35.33 FirstEnergy FE 3.4 22 44.99 -0.71 s 83.91 397.50 172.09 MarketAxess MKTX 0.5 80 388.62 -3.92 16.04 47.13 30.22 SealedAir SEE 1.6 17 40.43 -1.26
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 42.44 108.57 68.45 Fiserv FISV ... 44 104.68 -3.48 15.24 144.24 100.62 Marriott MAR 1.5 29 125.10 -3.09 34.65 84.37 50.71 SeattleGenetics SGEN ... dd 76.29 -2.07
s-New 52-week high. standards vj-In bankruptcy or receivership or 11.27 148.22 86.57 FiveBelow FIVE ... 42 113.85 -6.39 19.95 103.36 74.30 Marsh&McLen MMC 1.9 33 95.66 -2.51 28.49 141.86 104.88 SempraEnergy SRE 2.8 20 139.01 -1.12
t-New 52-week low. lf-Late filing being reorganized under the s 57.75 302.61 172.18 FleetCorTech FLT ... 30 292.97 -7.48 s 46.81 258.37 150.75 MartinMarietta MLM 0.9 31 252.33 -2.78 -2.97 55.94 40.78 SensataTechs ST ... 13 43.51 -1.25
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 7.88 63.88 40.52 FlirSystems FLIR 1.4 23 46.97 -0.88 46.88 27.64 14.34 MarvellTech MRVL 1.0 dd 23.78 -1.02 14.51 48.70 37.52 ServiceCorp SCI 1.6 21 46.10 -1.00
four quarters. requirements. assumed by such companies. 6.23 56.86 35.88 Flowserve FLS 1.9 26 40.39 -1.41 32.22 42.58 27.03 Masco MAS 1.2 16 38.66 -1.90 54.71 58.78 34.28 ServiceMaster SERV ... dd 56.84 -1.38
FD-First day of trading. t-NYSE bankruptcy 2.51 100.35 80.86 FomentoEconMex FMX 1.6 26 88.21 -0.46 36.49 160.25 98.23 Masimo MASI ... 42 146.55 -3.84 47.75 303.17 147.63 ServiceNow NOW ...20714 263.07 -1.57
14.64 10.56 7.41 FordMotor F 6.8 16 8.77 -0.27 44.12 283.33 171.89 Mastercard MA 0.5 42 271.89 -8.88 4.20 21.07 17.50 ShawComm B SJR 4.8 17 18.85 -0.35
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. 14.08 96.96 64.41 Fortinet FTNT ... 38 80.35 -1.40 99.81 95.32 33.30 MatchGroup MTCH ... 51 85.46 -1.02 30.28 536.74 355.28 SherwinWilliams SHW 0.9 41 512.60 -10.90
21.76 41.26 31.37 Fortis FTS 3.3 15 40.62 -0.23 2.56 65.73 46.64 MaximIntProducts MXIM 3.7 18 52.15 -2.46 -8.73 41.79 32.14 ShinhanFin SHG 3.3 3 32.39 -0.82
YTD 52-Week Yld Net 1.05 89.48 62.89 Fortive FTV 0.4 9 68.37 -1.38 15.48 171.10 119.00 McCormick MKC 1.4 31 160.80 -1.58 s 176.45 401.16 117.64 Shopify SHOP ... dd 382.75 -5.79
Friday, August 23, 2019 30.46 58.15 35.27 FortBrandsHome FBHS 1.8 17 49.56 -2.67 16.35 171.00 119.50 McCormickVtg MKC.V 1.4 32 161.51 -1.14 11.50 137.94 98.54 SignatureBank SBNY 2.0 10 114.63 -3.75
% Chg Hi Lo Stock Sym % PE Last Chg t ... 41.95 31.63 FoxA FOXA 1.4 12 31.75 -1.30 20.89 221.93 156.56 McDonalds MCD 2.2 28 214.66 -4.83 t -13.07 191.49 145.50 SimonProperty SPG 5.6 21 146.03 -2.67
YTD 52-Week Yld Net s 31.12 150.82 106.11 McKesson
-8.06 82.15 51.72 CVS Health CVS 3.3 17 60.24 -1.81 t ... 41.73 31.33 FoxB FOX 1.5 12 31.44 -1.38 MCK 1.1 49 144.85 -2.91 4.90 7.25 5.23 SiriusXM SIRI 0.8 28 5.99 -0.17
% Chg Hi Lo Stock Sym % PE Last Chg s 52.31 1289.25 767.15 CableOne s 37.55 97.00 58.26 Franco-Nevada FNV 1.0120 96.52 2.32 13.87 18.92 13.98 MedicalProp MPW 5.7 7 18.31 -0.18 9.74 94.39 60.12 Skyworks SWKS 2.4 14 73.55 -3.37
CABO 0.7 46 1249.13 -26.62
ABC -24.65 27.64 16.01 CabotOil
53.66 77.08 39.08 CadenceDesign CDNS
COG 2.1 9 16.84
... 44 66.81
0.02
-3.00
t -11.90 35.82 26.01 FranklinRscs
-14.35 14.96 8.78 FreeportMcM FCX
BEN 4.0 10 26.13
2.3 20 8.83
-0.93
-0.30
35.72 98.60 60.10 MedidataSolutions MDSO ...128 91.50 -0.11
16.59 109.70 81.66 Medtronic MDT 2.0 32 106.05 -1.78
... 42.00 29.10 SlackTech
102.41 55.79 20.34 Smartsheet
WORK
SMAR
... dd 30.05
... dd 50.32
-0.50
-1.44
-3.10 24.45 17.71 ABB ABB 3.5 26 18.42 -0.22 36.89 28.03 16.96 CAE CAE 1.2 28 25.12 -0.85 3.15 53.40 30.99 FreseniusMed FMS 1.3 15 33.41 0.08 11.63 26.97 15.33 MelcoResorts MLCO 3.1 26 19.67 -0.74 5.41 61.08 40.34 SmithAO AOS 2.0 18 45.01 -1.45
2.28 18.52 13.00 AES AES 3.7 25 14.79 -0.41 66.57 12.23 5.83 CaesarsEnt CZR ... dd 11.31 -0.26 15.26 121.12 65.68 MellanoxTech MLNX ... 35 106.48 -1.98 s 25.76 47.67 32.22 Smith&Nephew SNN 1.5 30 47.01 -0.40
6.15 57.18 41.45 Aflac AFL 2.2 12 48.36 -1.15 20.81 110.42 83.67 CamdenProperty CPT 3.0 65 106.37 -1.36 GHI 104.26 698.98 257.52 MercadoLibre MELI ...1935 598.18 -21.22 18.94 128.43 91.32 Smucker SJM 3.2 25 111.20 -2.70
t -10.78 19.37 15.61 AGNC Invt AGNC 12.3 dd 15.65 -0.25 29.37 43.84 32.03 CampbellSoup CPB 3.3 36 42.68 -1.00 11.16 87.25 66.10 Merck MRK 2.6 24 84.94 -1.78 182.21 18.36 4.82 Snap SNAP ... dd 15.55 -0.53
0.94 96.98 72.96 CIBC CM 5.7 9 75.24 -1.20 44.31 64.85 38.72 GCI LibertyA GLIBA ... 8 59.40 -0.98 8.60 51.16 37.76 MetLife MET 3.9 7 44.59 -1.62 -0.15 189.46 135.29 SnapOn SNA 2.6 12 145.07 -4.49
47.41 219.59 136.80 Ansys ANSS ... 41 210.71 -6.39
21.31 96.49 70.36 CanNtlRlwy CNI 1.8 20 89.90 -1.94 73.84 43.15 20.84 GDS Holdings GDS ... dd 40.14 -1.09 13.66 873.51 500.74 MettlerToledo MTD ... 30 642.84 -20.84 5.21 66.57 50.30 SonocoProducts SON 3.1 19 55.90 -0.86
15.47 4.92 3.46 ASETech ASX 2.5 18 4.33 -0.13
-5.76 35.95 21.85 CanNaturalRes CNQ 5.0 8 22.74 -0.81 77.64 191.63 85.00 Galapagos GLPG ... dd 162.97 -3.10 10.94 27.25 14.66 MicroFocus MFGP 6.6 dd 19.00 -0.44 11.52 61.02 41.91 Sony SNE 0.4 9 53.84 -0.93
35.27 234.50 144.50 ASML ASML 0.9 34 210.50 -4.76
31.64 247.52 167.48 CanPacRlwy CP 1.1 19 233.82 -6.50 19.42 92.74 68.19 Gallagher AJG 2.0 24 88.01 -2.86 17.60 101.35 60.70 MicrochipTech MCHP 1.7 57 84.58 -5.00 s 31.33 58.84 42.50 Southern SO 4.3 14 57.68 -0.77
22.00 35.50 26.80 AT&T T 5.9 15 34.82 -0.57
-7.54 32.27 25.49 Canon CAJ 5.0 17 25.52 -0.19 17.92 40.82 31.19 Gaming&Leisure GLPI 7.1 24 38.10 -0.32 35.39 53.68 28.39 MicronTech MU ... 5 42.96 -1.82 -3.96 45.98 29.01 SoCopper SCCO 5.4 16 29.55 -0.62
19.60 23.21 14.72 AXA Equitable EQH 3.0 10 19.89 -0.66
t -7.37 59.25 24.39 CanopyGrowth CGC ... dd 24.89 -0.24 -34.32 31.39 15.22 Gap GPS 5.7 6 16.92 -0.83 31.33 141.68 93.96 Microsoft MSFT 1.4 26 133.39 -4.39 8.78 64.02 44.28 SouthwestAir LUV 1.4 12 50.56 -0.63
24.57 65.92 48.27 AXIS Capital AXS 2.5 50 64.33 -1.05
9.95 101.26 69.90 CapitalOne COF 1.9 7 83.11 -2.62 38.04 36.22 18.70 GardnerDenver GDI ... 23 28.23 -1.26 s 30.43 127.38 91.21 MidAmApt MAA 3.1 60 124.82 -2.12 5.88 100.34 64.48 SpiritAeroSys SPR 0.6 12 76.33 -0.29
13.27 88.76 65.22 AbbottLabs ABT 1.6 50 81.93 -2.44
-4.06 58.31 41.03 CardinalHealth CAH 4.5 9 42.79 -0.97 23.75 89.72 59.98 Garmin GRMN 2.9 20 78.36 -1.92 4.40 142.98 96.65 Middleby MIDD ... 18 107.25 -2.18 13.08 143.70 83.69 Splunk SPLK ... dd 118.56 0.15
-28.44 98.70 62.66 AbbVie ABBV 6.5 24 65.97 -1.55
36.45 146.16 92.16 Carlisle CSL 1.5 19 137.16 -3.71 1.24 171.78 120.89 Gartner IT ... 54 129.43 -3.15 -4.93 6.47 4.49 MitsubishiUFJ MUFG 3.5 7 4.63 -0.08 21.60 196.95 103.29 Spotify SPOT ... 89 138.02 -2.93
-41.67 459.75 181.02 Abiomed ABMD ... 34 189.59 -5.85
s 36.73 197.93 132.63 Accenture 28.85 92.01 55.24 CarMax KMX ... 16 80.83 -2.89 16.75 207.72 143.87 GeneralDynamics GD 2.2 16 183.55 -4.00 -3.33 3.65 2.66 MizuhoFin MFG 3.6 43 2.90 -0.02 15.81 8.06 5.44 Sprint S ... dd 6.74 -0.13
ACN 1.5 27 192.81 -3.53 9.53 13.25 6.40 GeneralElec
1.63 84.68 39.85 ActivisionBliz ATVI 0.8 22 47.33 -1.75 t -12.21 67.69 43.19 Carnival CCL 4.6 10 43.28 -1.81 GE 0.5 dd 7.97 -0.22 11.29 9.63 6.64 MobileTeleSys MBT 7.2 46 7.79 -0.05 10.14 101.15 49.82 Square SQ ... dd 61.78 -2.90
t -14.10 67.00 41.79 Carnival CUK 4.8 10 41.86 -1.69 37.72 55.43 36.42 GeneralMills GIS 3.7 19 53.63 -1.05 -4.16 196.30 108.93 MohawkInds MHK ... 11 112.09 -4.21 9.49 155.22 106.41 StanleyBlackDck SWK 2.1 28 131.10 -7.58
... 51.00 34.11 AdaptiveBiotech ADPT ... ... 43.11 -2.61
32.10 173.31 112.16 CaseysGenStores CASY 7.80 41.90 30.56 GeneralMotors GM 4.2 6 36.06 -1.20 9.56 159.00 105.28 MolinaHealthcare MOH ... 11 127.33 -2.26 47.05 99.72 52.42 Starbucks SBUX 1.5 34 94.70 -1.79
24.84 313.11 204.95 Adobe ADBE ... 53 282.44 -5.25 0.8 31 169.27 -2.64
70.46 58.38 29.23 Catalent CTLT 49.41 110.72 68.27 Genesee&Wyoming GWR ... 30 110.59 -0.05 -10.84 69.13 49.92 MolsonCoors B TAP 4.6 12 50.07 -1.62 s 19.18 23.89 19.16 StarwoodProp STWD 8.2 17 23.49 -0.34
-14.23 186.15 130.09 AdvanceAuto AAP 0.2 23 135.05 -2.45 ... 50 53.15 -2.09
-10.24 159.37 112.06 Caterpillar CAT 3.6 11 114.06 -3.83 22.97 21.45 12.09 Genmab GMAB ... 70 20.11 -0.29 34.02 49.38 22.85 Momo MOMO ... 20 31.83 -1.06 -20.79 90.20 48.62 StateStreet STT 3.8 9 49.96 -1.18
60.02 35.55 16.03 AdvMicroDevices AMD ...168 29.54 -2.36
t -19.35 6.81 3.75 Aegon 19.21 119.29 82.91 Celanese CE 2.3 13 107.25 -6.49 47.02 44.55 25.48 Genpact G 0.9 27 39.68 -0.89 33.97 55.84 38.78 Mondelez MDLZ 2.1 27 53.63 -0.88 -11.65 48.17 25.02 SteelDynamics STLD 3.6 6 26.54 -0.92
AEG 7.6 9 3.75 -0.04 28.20 27.95 17.80 Gentex GNTX 1.8 16 25.91 -0.79
28.74 57.94 36.16 AerCap AER ... 7 50.98 -1.46 46.65 98.97 58.59 Celgene CELG ... 13 93.99 -1.72 66.43 184.78 62.30 MongoDB MDB ... dd 139.37 -2.97 38.94 156.12 99.14 Steris STE 1.0 40 148.46 -2.73
t -8.63 115.20 87.34 GenuineParts GPC 3.5 16 87.73 -2.08 27.40 161.50 101.99 MonolithicPower MPWR 1.1 63 148.10 -7.27 23.34 21.06 12.00 STMicroelec STM 1.2 14 17.12 -0.92
3.10 82.27 61.01 AgilentTechs A 0.9 21 69.55 -2.19 18.07 10.65 6.15 CenovusEnergy CVE 1.8 49 8.30 -0.27
s 52.43 61.82 32.18 AgnicoEagle t -22.43 74.49 44.50 Centene CNC ... 15 44.72 -0.83 17.23 40.40 28.11 Gildan GIL 1.5 25 35.59 -0.84 13.94 66.38 47.74 MonsterBev MNST ... 29 56.08 -1.11 66.43 45.62 16.14 StoneCo STNE ... 59 30.69 -1.77
AEM 0.8 dd 61.58 2.20 -0.06 79.61 60.32 GileadSciences GILD 4.0 14 62.51 -1.71
37.86 232.47 148.44 AirProducts APD 2.1 29 220.64 -4.64 -2.87 31.42 26.73 CenterPointEner CNP 4.2 24 27.42 -0.60 50.24 220.68 129.26 Moody's MCO 1.0 33 210.40 -6.37 36.59 222.59 144.75 Stryker SYK 1.0 23 214.10 -4.17
s 71.97 11.69 3.51 CentraisElBras EBR 7.80 42.47 36.41 GSK GSK 4.8 18 41.19 0.21 -0.81 50.42 36.74 MorganStanley MS 3.6 9 39.33 -0.94 -2.30 8.42 6.33 SumitomoMits SMFG 4.3 7 6.36 -0.10
42.42 90.76 57.18 AkamaiTech AKAM ... 34 86.99 -1.73 ... 3 10.92 -0.55
-26.01 23.23 9.64 CenturyLink 53.21 172.20 94.81 GlobalPayments GPN 0.0 52 158.01 -4.26 39.31 158.31 99.67 Morningstar MORN 0.7 38 153.02 -2.54 s 45.33 149.54 94.63 SunComms SUI 2.0 97 147.82 -0.24
-4.80 74.83 53.39 AlaskaAir ALK 2.4 14 57.93 -1.80 CTL 8.9 dd 11.21 -0.36
t -22.21 108.74 59.71 Albemarle s 65.44 58.95 31.39 CeridianHCM CDAY 15.56 93.26 69.68 GlobeLife GL 0.8 14 86.13 -2.19 t -38.34 37.37 17.95 Mosaic MOS 1.1 27 18.01 -1.06 19.83 42.59 31.49 SunLifeFinancial SLF 4.0 13 39.77 -0.39
ALB 2.5 12 59.95 -3.27 ...388 57.06 -1.00
-4.30 84.97 56.66 GoDaddy GDDY ...206 62.80 -1.02
... 63.73 53.78 Alcon ALC ... ... 58.62 -1.11 29.54 76.47 48.78 Cerner CERN 1.1 38 67.93 -3.75 52.36 179.54 108.25 MotorolaSol MSI 1.3 30 175.27 -3.46 -0.36 42.16 25.81 SuncorEnergy SU 4.6 10 27.87 -0.50
10.51 149.06 103.00 CharlesRiverLabs CRL 17.45 245.08 151.70 GoldmanSachs GS 2.5 8 196.20 -6.22 -33.07 39.59 16.63 Mylan MYL ...306 18.34 -0.70 17.07 75.02 46.05 SunTrustBanks STI 3.8 10 59.05 -1.88
27.41 153.51 109.04 AlexandriaRlEst ARE 2.7 42 146.83 -2.58 ... 28 125.07 -3.93
5.45 53.91 37.36 Graco GGG 1.5 22 44.13 -1.14 40.53 155.76 100.54 NICE NICE ... 57 152.07 -1.74 t -31.67 26.94 13.40 Suzano SUZ 1.5 32 13.53 -0.87
18.46 141.86 92.56 AlexionPharm ALXN ... 19 115.33 -8.16 35.28 417.13 272.91 CharterComms CHTR ... 65 385.51 -5.74
-5.79 369.04 255.09 Grainger GWW 2.2 18 266.02 -6.84 -11.57 43.66 32.63 NRG Energy NRG 0.3 19 35.02 -0.83 22.89 26.07 17.43 Symantec SYMC 1.3130 23.22 -0.24
20.04 195.72 129.77 Alibaba BABA ... 33 164.54 -7.37 4.04 132.75 98.57 CheckPoint CHKP ... 21 106.80 -2.18
s 30.80 132.12 90.67 GrandCanyonEduc LOPE ... 26 125.75 -5.53 45.52 3720.00 2040.71 NVR NVR ... 17 3546.23 -116.50 34.48 36.87 21.77 SynchronyFin SYF 2.8 7 31.55 -1.33
-16.42 398.88 172.62 AlignTech ALGN ... 34 175.04 -3.93 49.66 441.48 260.03 Chemed CHE 0.3 35 423.96 -9.51
16.67 23.03 17.42 Grifols GRFS 1.4 23 21.42 -0.46 33.72 108.51 67.62 NXP Semi NXPI 1.0 15 97.99 -5.30 60.32 142.00 79.14 Synopsys SNPS ... 33 135.05 -3.95
18.50 767.01 574.42 Alleghany Y ... 34 738.64 -15.34 -0.84 71.03 55.09 CheniereEnergy LNG ... 94 58.69 -1.79
-24.67 149.35 57.37 GrubHub GRUB ...211 57.86 -3.03 19.55 104.69 75.49 Nasdaq NDAQ 1.9 30 97.52 -2.61 8.47 50.76 29.93 SynovusFin SNV 3.5 10 34.70 -1.22
17.20 111.99 74.83 Allegion ALLE 1.2 20 93.42 -2.27 18.12 47.21 32.55 CheniereEnerPtrs CQP 5.7 33 42.64 -0.93
151.77 112.22 27.04 GuardantHealth GH ... dd 94.64 -3.98 8.19 59.01 46.36 NationalGrid NGG 5.9 18 51.91 -0.13 16.18 75.98 59.44 Sysco SYY 2.1 23 72.80 -0.49
18.93 197.00 114.27 Allergan AGN 1.9 dd 158.96 -1.97 5.87 127.60 100.22 Chevron CVX 4.1 15 115.18 -2.55
t -12.99 250.27 129.94 AllianceData 16.73 109.06 73.82 Guidewire GWRE ...102 93.65 -1.23 -8.75 51.00 38.01 NatlInstruments NATI 2.4 36 41.41 -1.28
ADS 1.9 8 130.58 -4.95 ... 41.34 29.03 Chewy CHWY ... dd 29.78 -1.13
s 22.22 52.51 40.68 AlliantEnergy LNT 2.7 24 51.64 -0.54 9.53 14.51 9.86 ChinaLifeIns LFC 0.7 18 11.49 -0.08
-3.75 147.42 110.31 HCA Healthcare HCA 1.3 12 119.78
s 22.27 34.92 24.47 HCP HCP 4.3 17 34.15
-2.46
-0.38
-27.20 47.46 18.05 NatlOilwell NOV 1.1 dd 18.71 -0.61 TUV
23.42 109.13 77.00 Allstate ALL 2.0 13 101.98 -2.52 -13.23 55.84 39.77 ChinaMobile CHL 6.5 10 41.65 -0.38 s 14.51 56.23 42.97 NatlRetailProp NNN 3.7 39 55.55 -0.09
2.46 131.78 85.43 HDFC Bank HDB 0.6 ... 106.14 0.78 -23.86 88.08 44.55 NetApp NTAP 4.2 12 45.43 -1.35 27.25 39.66 21.08 TAL Education TAL ... 70 33.95 -0.28
32.83 34.23 20.60 AllyFinancial ALLY 2.3 8 30.10 -1.16 t -17.82 102.47 58.00 ChinaPetrol SNP 9.6 8 58.02 -0.89 35.60 51.36 34.58 TC Energy TRP 4.7 14 48.41 -0.28
12.32 124.22 60.27 AlnylamPharm ALNY ... dd 81.89 -0.27 0.05 47.13 35.35 HD Supply HDS ... 16 37.54 -0.66 5.04 289.69 184.60 Netease NTES 0.9 25 247.23 0.12
-12.20 57.09 42.34 ChinaTelecom CHA 3.2 11 44.54 -0.36 t -12.95 27.08 17.10 HP 1.12 58.31 34.62 TCF Financial TCF 3.8 10 37.02 -1.54
11.17 1289.27 970.11 Alphabet C GOOG ... 23 1151.29 -38.24 -6.85 13.66 9.05 ChinaUnicom CHU 1.8 19 9.93 -0.11 HPQ 3.6 7 17.81 -1.12 8.88 386.80 231.23 Netflix NFLX ...114 291.44 -5.49
t -13.33 45.40 35.60 HSBC HSBC 7.2 10 35.63 -0.57 36.66 126.98 64.72 Neurocrine NBIX ...731 97.59 0.35 t -12.36 59.42 42.72 TD Ameritrade AMTD 2.8 11 42.91 -0.93
10.39 1296.97 977.66 Alphabet A GOOGL ... 23 1153.58 -37.94 86.54 831.59 383.20 Chipotle CMG ... 91 805.44 -13.71 18.06 97.99 69.84 TE Connectivity TEL 2.1 10 89.29 -1.44
19.99 79.18 54.75 Altaba 30.08 140.36 80.23 Haemonetic HAE ...140 130.15 -3.65 91.46 109.90 50.30 NewOrientalEduc EDU ... 71 104.94 -1.72
AABA ... dd 69.52 -0.01 18.61 160.23 119.54 Chubb CB 2.0 19 153.22 -2.00 7.24 38.32 32.46 Telus TU 4.8 16 35.54 -0.17
s 133.78 144.67 42.23 Alteryx AYX ...492 139.03 -3.27 -33.33 42.57 17.46 Halliburton HAL 4.1 12 17.72 -0.95 -0.42 18.75 13.86 NewResidInvt NRZ 14.1 17 14.15 -0.33
-5.62 36.92 33.61 ChunghwaTel CHT 4.3 24 33.78 -0.11 s 30.71 59.81 40.54 HartfordFinl -7.37 17.68 12.79 TIM Part TSU ... 7 14.21 -0.28
s 66.16 28.01 14.49 AlticeUSA ATUS ... 63 27.45 -0.25 19.37 80.99 54.46 Church&Dwight CHD 1.2 33 78.50 -0.82
HIG 2.1 13 58.10 -1.38 21.25 12.72 8.61 NY CmntyBcp NYCB 6.0 15 11.41 -0.18
28.16 126.87 76.84 Hasbro HAS 2.6 43 104.13 -10.22 -15.22 24.57 13.04 NewellBrands NWL 5.8 dd 15.76 -0.92 18.66 57.15 41.49 TJX TJX 1.7 21 53.09 -1.79
-6.03 66.04 42.40 Altria MO 6.9 14 46.41 -0.18 17.99 46.78 27.21 Ciena CIEN ... 33 40.01 -1.18 20.23 85.22 59.96 T-MobileUS TMUS ... 20 76.48 -1.31
16.49 2050.50 1307.00 Amazon.com AMZN ... 73 1749.62 -55.98 9.68 29.39 24.21 HealthcareAmer HTA 4.5 27 27.76 -0.41 13.42 40.33 29.06 NewmontGold NEM 1.4 dd 39.30 0.81
-19.28 226.60 141.95 Cigna CI 0.0 14 153.30 -2.48 14.40 117.68 84.59 TRowePrice TROW 2.9 13 105.61 -3.57
12.76 5.45 3.77 Ambev ABEV ... 24 4.42 -0.17 s 39.80 111.70 71.01 CincinnatiFin 83.09 146.07 71.47 Heico HEI 0.1 66 141.86 -2.84 20.78 14.73 10.85 NewsCorp B NWS 1.4 53 13.95 -0.52
CINF 2.1 15 108.23 -2.80
72.48 111.62 57.84 Heico A HEI.A 0.1 50 108.66 -2.04 10.95 45.64 34.21 TaiwanSemi TSM 3.9 21 40.95 -1.18
... 11.77 9.32 Amcor AMCR 0.0 ... 9.44 -0.10 52.41 270.36 155.98 Cintas CTAS 0.8 32 256.04 -8.48 19.30 14.38 10.65 NewsCorp A NWSA 1.5 51 13.54 -0.61
-3.40 72.81 56.58 HenrySchein HSIC ... 19 59.46 -1.25 s 27.66 224.20 164.25 NextEraEnergy NEE 2.3 32 221.90 0.28 25.13 139.91 84.41 TakeTwoSoftware TTWO ... 48 128.81 -3.58
8.81 67.57 52.60 Amdocs DOX 1.8 22 63.74 -0.62 7.57 58.26 40.25 CiscoSystems CSCO 3.0 18 46.61 -1.57 -2.14 21.63 15.94 TakedaPharm TAK 3.8 62 16.46 -0.14
3.73 403.93 316.00 Amerco UHAL ... 18 340.35 -2.80 -40.73 61.77 34.73 Herbalife HLF ... 17 34.94 -0.75 t -14.19 28.50 19.96 NielsenHoldings NLSN 7.0 dd 20.02 -0.66
19.00 75.24 48.42 Citigroup C 3.3 9 61.95 -1.96 s 46.51 159.26 98.50 Hershey -39.82 51.50 18.54 Tapestry TPR 6.6 9 20.31 -0.97
15.48 77.77 62.05 Ameren AEE 2.5 23 75.33 -1.49 6.86 41.76 27.62 CitizensFin CFG 4.0 8 31.77 -1.00
HSY 2.0 27 157.03 -1.35 8.50 90.00 66.53 Nike NKE 1.1 32 80.44 -2.87
47.06 74.81 35.59 Hess HES 1.7 dd 59.56 -4.39 14.48 30.34 24.19 NiSource NI 2.8 97 29.02 -0.62 -8.61 59.21 32.80 TargaResources TRGP 11.1 dd 32.92 -2.30
-7.58 17.56 12.00 AmericaMovil AMX 2.6 13 13.17 -0.22 -10.74 114.55 90.28 CitrixSystems CTXS 1.5 25 91.46 -1.53 56.59 106.52 60.15 Target TGT 2.6 17 103.49 -2.83
-20.83 43.89 25.14 AmerAirlines AAL 1.6 8 25.42 -1.11 -3.48 17.59 12.09 HewlettPackard HPE 3.5 63 12.75 -0.50 15.14 32.73 17.11 NobleEnergy NBL 2.2 dd 21.60 -0.71
84.61 17.75 9.50 ClarivateAnaly CCC ... dd 17.63 -0.05 17.98 32.91 18.20 TechnipFMC FTI 2.3 dd 23.10 -0.92
12.49 49.33 38.40 AmCampus ACC 4.0 77 46.56 -0.85 39.73 85.63 53.50 Hexcel HXL 0.8 23 80.12 -1.80 -13.92 6.65 4.71 Nokia NOK 1.7 dd 5.01 -0.06
1.16 167.70 141.53 Clorox CLX 2.7 25 155.93 -3.22 t -24.65 25.82 16.18 TeckRscsB TECK 0.9 5 16.23 -0.12
19.86 91.99 68.92 AEP AEP 3.0 22 89.58 -1.39 17.79 109.18 81.82 Hill-Rom HRC 0.8 33 104.30 -1.40 2.42 5.05 3.05 NomuraHoldings NMR 1.3 dd 3.81 -0.02
13.50 54.82 44.25 Coca-Cola KO 3.0 33 53.74 -0.75 s 46.17 310.43 189.35 TeledyneTech TDY ... 31 302.68 -5.14
23.54 129.34 89.05 AmerExpress AXP 1.3 15 117.76 -4.51 26.85 101.14 63.76 Hilton HLT 0.7 33 91.08 -1.33 9.63 149.23 110.16 Nordson NDSN 1.1 24 130.84 -3.98
18.19 58.35 41.68 Coca-Cola Euro CCEP 2.4 25 54.19 -0.63 38.48 373.90 226.02 Teleflex TFX 0.4 62 357.94 -8.22
10.38 114.65 84.18 AmericanFin AFG 1.6 13 99.93 -1.46 -14.65 76.56 37.73 HollyFrontier HFC 3.0 8 43.63 -1.99 13.20 211.46 138.65 NorfolkSouthern NSC 2.0 16 169.28 -4.51
11.82 59.18 34.88 Cognex CGNX 0.5 37 43.24 -1.53 -9.02 10.46 8.04 Ericsson ERIC 0.82124 8.07 -0.04
27.20 26.00 18.91 AmHomes4Rent AMH 0.8105 25.25 -0.40 17.10 52.19 37.47 Hologic HOLX ... dd 48.13 -1.72 1.34 109.72 75.96 NorthernTrust NTRS 3.3 13 84.71 -2.56
-5.48 78.59 56.73 CognizantTech CTSH 1.3 17 60.00 -1.20 5.53 14.47 9.21 TelefonicaBras VIV ... 11 12.59 -0.31
33.19 57.59 36.16 AIG AIG 2.4 dd 52.49 -1.26 26.57 222.66 158.09 HomeDepot HD 2.5 22 217.47 -3.55 47.61 377.34 223.63 NorthropGrum NOC 1.5 18 361.50 -10.52
21.35 76.41 57.41 ColgatePalm CL 2.4 27 72.23 -0.81 t -23.17 9.08 6.50 Telefonica TEF 6.0 9 6.50 -0.09
s 43.23 231.64 140.40 AmerTowerREIT AMT 1.5 69 226.57 -1.94 -13.42 31.04 22.87 HondaMotor HMC 3.8 8 22.90 -0.31 17.29 59.71 39.36 NorwegCruise NCLH ... 11 49.72 -0.78
10.70 109.74 80.03 ColumbiaSportswr COLM 1.0 21 93.09 -3.19 15.68 31.35 21.75 TelekmIndonesia TLK 2.1 21 30.32 -0.59
s 35.30 125.89 85.88 AmerWaterWorks AWK 1.6 38 122.81 -1.89 18.45 178.47 123.48 Honeywell HON 2.1 17 156.49 -6.41 16.57 95.00 71.77 Novartis NVS 2.1 18 88.44 -0.56
24.61 45.30 32.61 Comcast A CMCSA 2.0 16 42.43 -1.34

.
-1.59 46.26 36.52 HormelFoods HRL 2.0 23 42.00 -0.95 13.46 52.84 41.23 NovoNordisk NVO 1.7 22 52.27 -0.43 0.89 35.86 20.45 Tenaris TS 3.8 13 21.51 -0.28
s 42.52 36.83 23.28 AmericoldRealty COLD 2.2203 36.40 -0.27 -13.20 99.61 59.00 Comerica CMA 4.5 8 59.62 -1.94 65.68 58.61 28.73 Teradyne TER 0.7 20 51.99 -1.66
19.28 153.91 95.69 Ameriprise AMP 3.1 9 124.49 -4.09 41.98 50.64 32.39 DR Horton DHI 1.2 12 49.21 -1.13 176.25 98.70 26.02 Novocure NVCR ... dd 92.49 -4.11
-1.61 68.70 53.40 CommerceBcshrs CBSH 1.9 15 55.46 -1.86 -36.48 379.49 176.99 Tesla TSLA ... dd 211.40 -10.75

ly
12.28 94.85 69.36 AmerisourceBrgn ABC 1.9 19 83.54 -2.01 -5.88 21.94 15.51 HostHotels HST 5.1 11 15.69 -0.40 t -9.38 66.03 46.76 Nucor NUE 3.4 7 46.95 -1.98
57.00 14.60 5.58 SABESP SBS ... 18 12.67 -0.72 30.00 135.42 89.51 HowardHughes HHC ... 52 126.91 -3.75 -54.28 25.13 6.07 TevaPharm TEVA ... dd 7.05 -0.21
23.52 92.30 63.14 Ametek AME 0.7 23 83.62 -2.15 30.76 38.43 20.22 ConagraBrands CAG 3.0 18 27.93 -0.87 2.19 58.99 43.96 Nutrien NTR 3.7144 48.03 -1.56
10.51 45.39 24.90 Huazhu HTHT ... 93 31.64 -0.76 21.68 292.76 124.46 NVIDIA NVDA 0.4 37 162.44 -9.04 27.29 130.37 87.70 TexasInstruments TXN 2.6 22 120.29 -4.92
2.27 211.90 166.30 Amgen AMGN 2.9 16 199.08 -4.34 -31.94 160.81 63.92 ConchoRscs CXO 0.7 28 69.96 -3.09 -6.35 72.87 42.53 Textron TXT 0.2 9 43.07 -1.79
24.55 137.67 91.88 Hubbell HUBB 2.7 18 123.73 -4.40
5.41 105.51 74.95 Amphenol APH 1.2 22 85.40 -2.45 t -19.13 80.24 50.13 ConocoPhillips COP 2.4 8 50.42 -1.84
21.37 124.78 76.62 AnalogDevices ADI 2.1 26 104.17 -4.46 13.67 90.51 73.30 ConEd ED 3.4 21 86.91 -1.33
s 60.38 206.89 108.39 HubSpot
0.17 355.88 225.65 Humana
HUBS ... dd 201.65
HUM 0.8 16 286.96
-1.47
-1.86
OPQ 20.36 305.45 208.34 ThermoFisherSci TMO 0.3 31 269.36
36.04 70.93 46.45 ThomsonReuters TRI 2.2 68 65.72
-8.81
-1.61
115.11 60.36 20.37 Anaplan PLAN ... dd 57.09 -1.29 23.44 228.91 150.37 ConstBrands A STZ 1.5 17 198.51 -3.15 7.76 44.41 35.29 OGE Energy OGE 3.5 21 42.23 -0.85 t -18.21 219.75 155.27 3M MMM 3.7 19 155.85 -5.03
s 79.52 22.77 7.58 AngloGoldAsh AU 0.3 44 22.53 0.95 6.56 127.93 83.64 JBHunt JBHT 1.0 23 99.14 -2.65
21.47 229.94 151.40 ConstBrands B STZ.B 1.4 19 200.04 -5.16
43.12 102.70 64.55 AB InBev
-10.39 10.76 8.74 AnnalyCap
-0.86 317.99 227.16 Anthem
30.10 198.61 135.30 Aon
-21.18 50.03 19.44 Apache
BUD 1.6 25 94.19 -1.39
NLY 13.1 dd 8.80 -0.15
ANTM 1.2 17 260.38 -0.68
AON 0.9 34 189.12 -5.00
APA 4.8 dd 20.69 -0.77
-28.44 71.95 28.49 ContinentalRscs CLR
26.39 344.32 228.65 Cooper
54.21 79.74 44.61 Copart
-9.14 36.56 26.98 Corning
COO
CPRT
GLW
0.7 12 28.76
0.0 38 321.67
... 32 73.68
2.9 17 27.45
-1.32
-8.15
-2.56
-0.73
4.45 16.52 11.12 HuntingtonBcshs HBAN 4.8 10 12.45
7.34 262.32 173.80 HuntingIngalls HII 1.7 13 204.27
6.89 81.57 63.45 HyattHotels
... 49.06 36.00 IAA
39.79 268.72 158.29 IAC/InterActive IAC
H 1.1 19 72.26
IAA ... 33 47.07
... 45 255.88
on -0.46
-4.27
-1.34
-1.22
-4.78
24.95 72.38 50.26 ONEOK
9.59 414.63 314.13 OReillyAuto

107.62 141.85 41.88 Okta

OKE
ORLY
t -30.97 83.35 42.17 OccidentalPetrol OXY
OKTA
28.70 171.87 115.00 OldDomFreight ODFL
5.1 22 67.41
... 22 377.34
7.5 8 42.37
... dd 132.46
0.4 20 158.93
-2.87
-4.84
-2.33
-1.41
-5.87
1.01 138.41 73.04 Tiffany
27.18 75.25 52.97 Toro

-7.78 65.69 47.70 Total

56.78 138.66 75.58 TotalSystem
TIF 2.9 18 81.32
TTC 1.3 28 71.07
8.29 62.00 47.73 TorontoDomBk TD 4.2 11 53.84
TOT ... 12 48.12
TSS 0.4 37 127.45
-4.02
-1.34
-0.75
-0.85
-3.59
... 32.78 24.35 Corteva CTVA 1.8 dd 29.05 -1.24 8.55 12.65 8.07 ICICI Bank 10.31 23.39 19.55 OldRepublic ORI 3.5 9 22.69 -0.11 10.12 133.16 111.12 ToyotaMotor TM 2.7 11 127.83 -1.82
11.30 52.49 43.03 ApartmtInv AIV 3.1 22 50.36 -0.37 79.96 639.41 315.85 CoStar CSGP ... 76 607.08 -8.95 IBN 0.6 38 11.17 0.49
s 16.43 109.21 89.31 IDACORP IDA 2.3 24 108.35 -0.47 s 14.91 41.31 31.69 OmegaHealthcare OHI 6.5 33 40.39 0.21 16.08 114.25 78.67 TractorSupply TSCO 1.4 22 96.86 -4.24
45.68 37.24 22.63 ApolloGlbMgmt APO 5.5 30 35.75 -0.81 34.51 284.31 189.51 Costco COST 0.9 34 274.01 -5.91
us ,

45.38 292.17 176.11 IdexxLab IDXX ... 58 270.44 -9.44 2.91 85.05 65.85 Omnicom OMC 3.4 13 75.37 -1.99 112.33 289.51 102.35 TradeDesk TTD ...119 246.43 -13.46
28.46 233.47 142.00 Apple AAPL 1.5 17 202.64 -9.82 32.32 14.13 5.91 Coty COTY 5.8 dd 8.68 -0.24 6.84 23.54 14.55 ON Semi ON ... 14 17.64 -0.92 ... 50.48 33.68 Tradeweb TW 0.7 57 44.21 -0.80
37.81 52.42 28.79 ApplMaterials AMAT 1.9 15 45.12 -1.91 30.79 66.07 44.52 IHS Markit INFO ... 62 62.74 -1.39
123.00 148.00 52.01 CoupaSoftware COUP ... dd 140.18 -1.28 56.98 43.28 22.47 OneMain OMF 0.3 8 38.13 -1.61 53.36 555.27 307.36 TransDigm TDG 0.0 39 521.53 -8.73
al

27.84 126.19 88.26 Aptargroup ATR 1.2 36 120.26 -0.28 -12.95 14.08 9.22 ING Groep ING 6.6 7 9.28 -0.22
-9.18 252.49 200.34 Credicorp BAP 3.0 13 201.33 -2.38 -6.69 24.96 15.15 Invesco IVZ 7.9 11 15.62 -0.28 18.31 44.49 30.99 OpenText OTEX 1.8 36 38.57 -0.51 44.72 84.73 52.15 TransUnion TRU 0.4 49 82.20 -1.72
29.74 92.98 58.80 Aptiv APTV 1.1 21 79.88 -3.64 18.66 509.99 356.12 CreditAcceptance CACC ... 14 452.98 -13.63 14.24 60.50 42.40 Oracle ORCL 1.9 17 51.58 -1.61 20.86 155.09 111.08 Travelers TRV 2.3 14 144.73 -3.08
26.76 44.60 32.09 AquaAmerica WTR 2.2 57 43.34 -0.74 4.39 182.17 104.64 IPG Photonics IPGP ... 21 118.26 -6.47
3.96 15.99 10.23 CreditSuisse CS ... 12 11.29 -0.19
e
31.83 164.13 104.90 IQVIA IQV ...126 153.15 -3.40 -8.34 17.06 14.57 Orange ORAN 4.2 17 14.84 -0.03 11.52 46.25 29.75 Trimble TRMB ... 29 36.70 -1.02
36.83 43.70 25.49 Aramark ARMK 1.1 19 39.64 -0.32 ... 101.88 56.00 CrowdStrike CRWD ... dd 88.43 -4.54 -0.80 84.51 67.00 Orix IX 4.2 6 70.98 -0.26 43.29 151.00 62.43 Twilio TWLO ... dd 127.96 -2.54
-35.32 32.73 12.53 ArcelorMittal 16.43 79.37 50.33 IcahnEnterprises IEP 12.0 16 66.46 -0.93
MT 1.3 7 13.37 -0.31 s 34.71 147.88 103.21 CrownCastle CCI 3.1 85 146.34 0.23 24.83 61.53 40.64 OwensCorning OC 1.6 12 54.90 -1.97 42.66 43.48 26.19 Twitter TWTR ... 14 41.00 -1.18
44.50 40.20 24.79 ArchCapital ACGL ... 13 38.61 -0.96 18.73 165.13 118.10 Icon ICLR ... 24 153.41 -2.90
57.76 68.84 39.05 CrownHoldings CCK ... 19 65.58 -1.10 27.16 173.84 117.72 IDEX IEX 1.2 29 160.55 -4.31 ... 16.45 15.02 OwlRock ORCC 7.8 11 15.85 -0.09 s 36.38 260.04 173.26 TylerTech TYL ... 78 253.42 -5.17
-8.64 52.06 36.45 ArcherDaniels ADM 3.7 16 37.43 -0.50 18.77 46.50 25.00 Ctrip.com CTRP ... 30 32.14 -1.18 -53.52 49.42 5.07 PG&E PCG ... dd 11.04 -0.64 68.41 91.73 49.77 TysonFoods TSN 1.7 15 89.93 -1.73
44.19 26.40 15.63 Arconic 15.53 160.78 117.75 IllinoisToolWks ITW 2.9 20 146.36 -5.45
ARNC 0.3 28 24.31 -0.79 22.59 35.73 27.19 CubeSmart CUBE 3.6 38 35.17 -0.24 -6.83 380.76 268.62 Illumina ILMN ... 44 279.44 -9.14 5.29 147.00 108.45 PNC Fin PNC 3.7 11 123.09 -3.33 -15.35 16.68 10.12 UBS Group UBS 6.6 9 10.48 -0.15
6.03 331.27 187.08 AristaNetworks ANET ... 25 223.40 -3.88 6.27 175.91 124.40 Cummins CMI 3.7 9 142.02 -4.66 t -24.97 74.95 41.14 POSCO s 19.89 48.43 37.87 UDR UDR 2.9 83 47.50 -0.68
-2.38 86.62 62.35 ArrowElec ARW ... dd 67.31 -1.58 t -6.00 34.56 23.71 ImperialOil IMO 2.8 8 23.80 -0.57 PKX 4.5 10 41.22 -1.66
79.64 23.11 11.75 CypressSemi CY 1.9 26 22.85 -0.14 28.81 89.30 57.00 Incyte INCY ... 58 81.91 -3.65 4.22 121.29 94.37 PPG Ind PPG 1.9 21 106.54 -3.56 -9.17 59.31 45.94 UGI UGI 2.4 26 48.46 -0.39
79.22 133.96 53.20 AscendisPharma ASND ... dd 112.28 -3.56 31.60 75.48 48.94 CyrusOne CONE 2.9 dd 69.59 -0.40 3.95 32.88 27.31 PPL PPL 5.6 12 29.45 -0.37 s 26.74 40.68 27.51 US Foods USFD ... 22 40.10 -0.22
62.39 142.15 74.84 AspenTech AZPN ... 36 133.45 -2.77 16.70 11.64 8.85 Infosys INFY 2.0 22 11.11 -0.10
3.71 121.98 82.12 PRA HealthSci PRAH ... 40 95.37 -2.35 ... 47.08 32.92 Uber UBER ... dd 33.43 -0.57
33.53 125.87 82.31 Assurant
17.38 45.69 35.30 AstraZeneca
AIZ 2.0 21 119.43 -3.73
AZN 3.1 52 44.58 -0.83
DEF 26.01 128.31 85.15 Ingersoll-Rand IR
s 94.26 158.18 70.80 Insulet
1.8 20 114.96
PODD ...544 154.09
-3.03
-1.10 -21.45 107.44 62.05 PTC PTC ... dd 65.12 -2.25 9.40 174.95 81.26 UbiquitiNetworks UI 1.1 24 108.75 -3.35
24.31 44.66 23.22 DISH Network DISH ... 11 31.04 -0.68 -4.20 59.59 42.36 Intel INTC 2.8 10 44.96 -1.82 -25.76 157.20 67.41 PVH PVH 0.2 8 69.01 -3.73 31.56 368.83 224.43 UltaBeauty ULTA ... 28 322.10 -12.77
-4.12 53.92 36.00 Athene ATH ... 4 38.19 -1.12 9.43 73.00 53.43 Paccar PCAR 2.0 9 62.53 -1.91 -0.12 24.55 15.05 UnderArmour C UA ... 86 16.15 -0.99
58.52 149.80 65.17 Atlassian TEAM ... dd 141.05 -2.39 16.40 132.09 106.41 DTE Energy DTE 2.9 21 128.39 -1.86 21.39 93.40 69.69 ICE ICE 1.2 26 91.44 -1.08
-36.83 96.75 30.11 DXC Tech DXC 2.5 8 33.59 -0.91 9.24 71.02 53.52 InterContinentl IHG 1.8 27 62.77 -0.72 17.53 118.88 77.90 PackagingCpAm PKG 3.2 12 98.09 -3.03 1.41 27.72 16.52 UnderArmour A UAA ... 96 17.92 -1.06
17.16 111.58 87.88 AtmosEnergy ATO 1.9 26 108.63 -2.04 172.08 53.43 17.02 PagSeguroDig PAGS ... 54 50.96 -1.38 11.60 62.41 52.08 Unilever UN 2.6 15 60.04 -0.51
13.71 12.53 4.58 AuroraCannabis ACB ... dd 5.64 -0.15 31.30 145.50 94.59 Danaher DHR 0.5 40 135.40 -4.16 13.99 154.36 105.94 IBM IBM 5.0 13 129.57 -4.75
20.70 126.75 95.83 Darden DRI 2.9 21 120.53 -0.37 t -20.68 152.95 104.86 IntlFlavors IFF 2.8 31 106.50 -1.30 7.02 260.63 160.08 PaloAltoNtwks PANW ... dd 201.57 -2.99 16.92 64.10 50.80 Unilever UL 2.9 15 61.09 -0.62
11.96 178.95 117.72 Autodesk ADSK ... dd 143.99 -1.22
al

6.30 79.11 43.40 DaVita DVA ... 67 54.70 -1.26 t -7.26 54.95 37.25 IntlPaper IP 5.3 10 37.43 -1.43 5.96 193.19 140.82 ParkerHannifin PH 2.2 14 158.03 -6.42 15.73 180.54 128.08 UnionPacific UNP 2.2 19 159.98 -6.09
1.02 117.99 61.43 Autohome ATHM ... 20 79.03 -0.47 22.36 88.43 61.32 Paychex PAYX 3.1 28 79.72 -2.52 -1.43 97.85 77.02 UnitedAirlines UAL ... 8 82.53 -3.03
-9.63 95.83 61.07 Autoliv ALV 3.9 23 63.47 -2.18 -1.44 171.22 128.32 Deere DE 2.1 14 147.02 -8.35 -3.73 25.10 19.56 Interpublic IPG 4.7 12 19.86 -0.51
-6.26 70.55 41.57 DellTechC DELL ... dd 45.81 -3.23 s 44.83 80.84 50.05 InterXion INXN ...139 78.44 -2.13 103.27 256.84 107.46 PaycomSoftware PAYC ... 93 248.91 0.31 14.10 125.09 89.89 UPS B UPS 3.5 20 111.28 -3.94
25.69 172.00 121.40 ADP ADP 1.9 31 164.80 -4.73 s 80.50 111.81 53.46 Paylocity PCTY ...112 108.68 -1.18 2.37 173.00 94.28 UnitedRentals URI ... 8 104.96 -4.89
27.07 1186.60 705.01 AutoZone AZO ... 19 1065.28 -16.27 12.63 63.44 45.08 DeltaAir DAL 2.9 8 56.20 -1.76 s 41.60 295.77 182.61 Intuit INTU 0.7 45 278.74 3.03
38.86 59.40 33.93 DentsplySirona XRAY 0.8110 51.67 -1.28 1.18 589.32 430.24 IntuitiveSurgical ISRG ... 48 484.58 -15.69 26.10 121.48 74.66 PayPal PYPL ... 50 106.04 -2.73 11.49 57.81 43.14 US Bancorp USB 2.9 12 50.95 -1.10
176.31 94.31 28.09 Avalara AVLR ... dd 86.07 -0.84 -16.92 13.19 9.67 Pearson PSO 2.4 13 9.92 -0.09 15.91 144.40 100.48 UnitedTech UTX 2.4 20 123.42 -4.54
18.45 214.10 167.01 Avalonbay AVB 2.9 31 206.16 -2.72 -14.48 12.52 6.44 DeutscheBank DB 1.8 dd 6.97 -0.20 s 42.38 29.13 19.21 InvitatHomes INVH 1.810996 28.59 -0.44
-3.82 43.60 20.37 DevonEnergy DVN 1.7 3 21.68 -1.35 25.71 86.58 43.27 IonisPharma IONS ... 24 67.96 0.11 45.64 79.67 43.21 Pegasystems PEGA 0.2 dd 69.66 -0.48 -7.41 287.94 208.07 UnitedHealth UNH 1.9 17 230.66 -2.28
-2.34 53.47 45.81 Avangrid
ci

AGR 3.6 27 48.92 -0.58 20.46 38.56 28.30 PembinaPipeline PBA 5.0 16 35.74 -0.77 118.03 218.28 78.78 UnivDisplay OLED 0.2 83 204.01 -7.62
... 19.59 14.00 Avantor AVTR ... ... 17.32 -0.48 s 44.87 176.59 105.05 DexCom DXCM ... dd 173.55 -0.82 18.70 32.46 14.35 iQIYI IQ ... dd 17.65 -0.53
17.33 176.07 131.43 Diageo DEO 2.1 25 166.37 -1.78 -3.92 37.32 29.28 IronMountain IRM 7.8 31 31.14 -0.51 -7.01 45.99 34.72 Pentair PNR 2.0 17 35.13 -1.23 23.10 157.79 112.79 UniversalHealthB UHS 0.6 16 143.48 -2.47
23.26 120.65 82.89 AveryDennison AVY 2.1 40 110.72 -4.23 -2.56 18.86 13.66 People'sUtdFin PBCT 5.0 11 14.06 -0.53 -11.13 40.76 25.69 UnumGroup UNM 4.4 10 26.11 -0.64
14.22 32.14 21.57 AxaltaCoating AXTA ... 31 26.75 -0.75 2.05 140.78 85.19 DiamondbkEner FANG 0.8 15 94.60 -4.63 t -18.55 6.90 4.60 IsraelChemicals ICL 4.6 12 4.61 -0.07
13.30 125.19 100.05 DigitalRealty DLR 3.6111 120.72 -2.15 -11.93 10.80 6.57 ItauUnibanco ITUB 5.6 12 8.05 -0.22 17.91 135.24 104.53 PepsiCo PEP 2.9 14 130.27 -2.39 31.19 9.77 6.88 VEREIT VER 5.9 40 9.38 -0.21
4.46 52.58 40.68 BB&T BBT 4.0 11 45.25 -1.43 2.81 103.00 71.83 PerkinElmer PKI 0.3 36 80.76 -1.84 16.68 91.54 63.23 VF VFC 2.2 27 78.35 -2.66
16.85 47.14 38.75 BCE BCE 5.2 19 46.19 -0.39 30.15 92.98 54.36 DiscoverFinSvcs DFS 2.3 9 76.76 -2.92
-3.31 59.02 43.19 BHP Group BHP 5.1 14 46.69 -0.56 9.18 34.89 23.79 DiscoveryA DISCA ... 11 27.01 -1.02 JKL 19.59 78.90 36.28 Perrigo
t -22.55 83.24 47.66 PetroChina
PRGO
PTR
1.8 72 46.34
3.8 11 47.67
-1.43
-1.16
11.82 23.27 17.64 VICI Prop
11.52 302.76 179.60 VailResorts
VICI 5.5 14 21.00
MTN 3.0 32 235.11
-0.27
-2.91
er

-2.51 51.87 38.04 BHP Group BBL 5.8 12 40.84 -0.50 9.75 31.55 21.99 DiscoveryC DISCK ... 11 25.33 -0.93 37.46 32.99 19.21 JD.com
20.08 147.15 100.35 Disney DIS 1.3 17 131.67 -4.41
JD ... 47 28.77 -0.72 -0.31 17.90 10.16 PetroleoBrasil PBR 1.3 10 12.97 -0.63 t -20.70 16.13 10.39 Vale VALE ... 15 10.46 -0.31
2.75 105.22 69.96 BOK Fin BOKF 2.7 11 75.35 -2.37 8.60 119.24 91.11 JPMorganChase JPM 3.4 11 106.02 -2.70 1.12 15.74 8.72 PetroleoBrasilA PBR.A 3.9 9 11.72 -0.63 -1.05 122.42 68.81 ValeroEnergy VLO 4.9 12 74.18 -3.24
-4.51 47.16 35.73 BP BP 6.7 14 36.21 -0.31 9.73 68.35 35.06 DocuSign DOCU ... dd 43.98 -0.77 9.75 163.68 120.20 JackHenry JKHY 1.2 40 138.85 -4.05
-1.91 72.05 56.09 DolbyLab DLB 1.3 24 60.66 -0.57 -21.33 46.47 33.97 Pfizer PFE 4.2 16 34.34 -0.74 -6.35 142.50 101.42 VarianMed VAR ... 29 106.12 -2.12
63.91 9.96 4.71 BRF BRFS ... dd 9.31 -0.33
m r

45.42 87.47 55.17 JacobsEngg JEC 0.8 dd 85.01 -1.54 21.66 92.74 64.67 PhilipMorris PM 5.6 16 81.22 -1.73 -35.10 13.41 7.04 Vedanta VEDL 13.8 7 7.49 0.34
t -36.71 17.33 9.62 BT Group BT 9.8 7 9.62 -0.23 26.75 145.06 98.08 DollarGeneral DG 0.9 22 136.99 -2.75 31.09 15.79 10.00 JamesHardie JHX 1.7 30 15.39 -0.20
5.36 113.38 78.78 DollarTree DLTR ... dd 95.16 -2.05 10.48 121.55 78.44 Phillips66 PSX 3.8 8 95.18 -3.28 77.04 176.90 79.26 VeevaSystems VEEV ... 96 158.13 -1.39
46.93 64.01 35.91 BWX Tech BWXT 1.2 26 56.17 -1.40 4.07 173.10 113.52 JazzPharma JAZZ ... 12 129.00 -1.82 94.26 30.86 14.83 PilgrimPride PPC ... 27 30.13 -0.50 22.87 73.75 51.80 Ventas VTR 4.4 52 71.99 -0.67
-35.78 234.88 93.39 Baidu BIDU ... 15 101.85 -3.60 6.27 79.47 67.41 DominionEner D 4.8 52 75.94 -0.58
co Fo

4.32 24.09 16.20 JefferiesFin JEF 2.8 4 18.11 -0.79 31.42 31.99 16.53 Pinduoduo PDD ... dd 29.49 -1.10 35.22 221.78 131.28 VeriSign VRSN ... 38 200.52 -4.68
-2.88 34.48 20.09 BakerHughes BHGE 3.4 60 20.88 -0.55 -8.81 305.34 225.06 Domino's DPZ 1.1 25 226.15 -5.70
m

-1.02 148.99 121.00 J&J JNJ 3.0 21 127.73 -3.54 10.49 99.81 77.19 PinnacleWest PNW 3.1 21 94.14 -0.75 41.79 159.72 102.74 VeriskAnalytics VRSK 0.6 43 154.61 -3.44
70.07 80.66 40.72 Ball BLL 0.8 51 78.20 -1.56 5.97 59.43 40.27 Donaldson DCI 1.8 19 45.98 -2.12 39.26 43.22 28.30 JohnsonControls JCI 2.5 66 41.29 -0.84
21.77 42.47 32.32 DouglasEmmett DEI 2.5 60 41.56 -0.57 ... 36.83 23.05 Pinterest PINS ... ... 34.50 -0.93 -0.53 61.58 52.28 Verizon VZ 4.3 15 55.92 -0.86
-11.53 6.78 4.62 BancoBilbaoViz BBVA 5.1 6 4.68 -0.11 2.46 173.32 119.79 JonesLang JLL 0.7 13 129.71 -4.85 -8.26 189.78 114.79 PioneerNatRscs PXD 0.6 23 120.65 -5.42 86.26 52.58 25.02 VersumMaterials VSM 0.6 73 51.63 -0.36
-4.59 9.48 4.73 BancoBradesco BBDO 2.6 10 6.90 -0.22 24.17 103.47 65.83 Dover DOV 2.2 22 88.10 -2.83 t -14.23 30.80 23.00 JuniperNetworks JNPR 3.3 16 23.08 -0.71
t ... 60.52 40.44 Dow DOW 6.9 ... 40.71 -1.34 5.89 27.25 19.34 PlainsAllAmPipe PAA 6.8 5 21.22 -0.76 8.73 195.81 151.80 VertxPharm VRTX ... 21 180.18 -4.06
-2.03 32.83 27.04 BancodeChile BCH ... 5 28.02 -0.68 -25.44 49.81 30.83 KB Fin KB 4.4 5 31.30 -0.90 24.43 81.90 44.97 PlanetFitness PLNT ... 55 66.72 -0.52 t -3.09 38.00 26.78 Viacom A VIA 3.0 7 26.95 -0.60
-11.41 13.72 7.86 BancSanBrasil BSBR 4.5 20 9.86 -0.40 -7.00 42.82 31.58 DrReddy'sLab RDY 0.7 20 35.06 -0.12 29.70 28.73 18.30 KKR
-13.07 27.96 17.20 Dropbox DBX ... dd 17.76 -0.24
KKR 2.0 10 25.46 -0.21 30.02 200.00 136.83 Pool POOL 1.1 32 193.28 -6.18 -4.09 34.44 23.31 Viacom B VIAB 3.2 6 24.65 -1.22
-6.99 33.32 27.06 BcoSantChile BSAC 3.0 15 27.81 -0.48 55.50 144.52 80.65 KLA KLAC 2.2 18 139.16 -4.41 8.71 113.73 83.88 PostHoldings POST ... 44 96.89 0.18 32.81 184.07 121.60 Visa V 0.6 35 175.23 -4.86
t -15.85 5.43 3.77 BancoSantander SAN 5.3 8 3.77 -0.09 5.14 92.11 78.00 DukeEnergy DUK 4.2 20 90.74 -0.58 -21.80 15.42 10.86 KT KT 3.6 8 11.12 -0.12 18.43 61.12 40.42 PrincipalFin PFG 4.2 10 52.31 -1.78 4.76 27.86 20.84 VistraEnergy VST 2.1 17 23.98 -0.16
27.90 55.40 35.52 BanColombia CIB 2.6 11 48.73 -1.32 26.76 33.83 24.66 DukeRealty DRE 2.6 51 32.83 -0.61 25.20 126.47 90.55 KSCitySouthern KSU 1.2 21 119.50 -3.70 27.63 121.76 78.49 Procter&Gamble PG 2.5 86 117.32 -2.10 -2.71 206.80 129.33 VMware VMW ... 28 133.42 -14.73
7.43 31.49 22.66 BankofAmerica BAC 2.7 10 26.47 -0.72 28.06 84.42 61.69 Dunkin' DNKN 1.8 30 82.11 -1.06 10.95 74.98 51.34 Kellogg K 3.6 25 63.25 -0.62 24.56 84.96 56.71 Progressive PGR 0.5 14 75.15 -1.92 -5.13 23.12 15.53 Vodafone VOD 5.4 dd 18.29 -0.06
5.95 84.36 62.79 BankofMontreal BMO 4.4 10 69.24 -0.70 -41.69 152.23 63.62 DuPont DD ... 56 66.00 -1.67 t -5.19 77.59 58.61 VornadoRealty VNO 4.5 4 58.81
4.21 31.06 22.19 KeurigDrPepper KDP 2.2 39 26.72 -0.77 s 39.46 84.22 55.21 Prologis PLD 2.6 30 81.89 -2.10 -1.39
t -12.85 54.27 40.77 BankNY Mellon BK 3.0 11 41.02 -1.15 ... 27.48 20.46 Dynatrace DT ... dd 23.90 -0.28 8.12 21.50 13.65 KeyCorp KEY 4.6 10 15.98 -0.59 37.11 132.85 75.92 Proofpoint PFPT ... dd 114.91 -1.13 22.10 57.57 36.66 VoyaFinancial VOYA 1.2 12 49.01 -1.64
2.23 60.60 48.34 BkNovaScotia BNS 5.2 10 50.98 -0.55 -8.29 39.16 28.56 ENI E 4.7 13 28.89 -0.52 50.10 101.58 53.21 KeysightTechs KEYS
t -17.73 133.53 71.36 EOG Rscs ... 57 93.18 -7.17 -2.97 106.64 75.61 PrudentialFin PRU 5.1 8 79.13 -2.95 41.43 144.23 82.52 VulcanMatls VMC 0.9 33 139.73 -3.63
-11.41 9.77 6.58 Barclays BCS 5.2 ... 6.68 -0.11 EOG 1.6 12 71.75 -3.76 23.09 80.66 59.05 KilroyRealty KRC 2.5 29 77.40 -1.53 t -6.16 47.63 33.15 Prudential PUK 3.8 10 33.19 -0.94
s 41.36 19.25 9.53 BarrickGold GOLD 0.8 dd 19.14 0.40
15.48 28.45 17.20 BauschHealth BHC ... dd 21.33 -0.77
62.26 201.00 104.77 EPAM Systems EPAM ... 44 188.24
18.82 80.75 62.75 EPR Prop EPR 5.9 22 76.08
-7.26
-0.61
21.48 143.16 100.32 KimberlyClark KMB 3.0 27 138.41 -3.37 12.28 61.63 49.23 PublicServiceEnt PEG 3.2 20 58.44 -0.73 WXYZ
23.89 19.43 14.29 KimcoRealty KIM 6.2 25 18.15 -0.45 s 28.21 264.56 193.89 PublicStorage PSA 3.1 31 259.50 -2.39
29.19 88.48 61.05 BaxterIntl BAX 1.0 29 85.03 -2.18 t -31.10 58.00 29.80 EQM Midstream EQM 15.3 12 29.80 -1.22 27.24 21.50 14.62 KinderMorgan KMI 5.1 20 19.57 -0.63 23.37 146.68 98.90 WABCO WBC ... 20 132.42 -0.43
t -8.61 60.07 39.97 E*TRADE 25.82 34.03 20.64 PulteGroup PHM 1.3 10 32.70 -0.46
10.20 265.87 208.62 BectonDicknsn BDX 1.2 87 248.31 -6.87 ETFC 1.4 10 40.10 -1.21 55.25 5.17 2.38 KinrossGold KGC ...2096 5.03 0.35 -0.44 41.55 32.33 Qiagen QGEN ... 41 34.30 -0.26 s 33.68 93.96 64.96 WEC Energy WEC 2.5 27 92.59 -0.55
1.76 182.31 105.19 BeiGene BGNE ... dd 142.73 -1.21 85.36 123.99 53.06 EXACT Sci EXAS ... dd 116.96 -0.91 81.37 49.13 17.26 KirklandLakeGold KL 0.3 27 47.32 1.83 42.99 221.66 131.35 WEX WEX ... 80 200.27 -6.35
15.82 80.84 54.73 Qorvo QRVO ... 43 70.34 -3.15
s 44.70 73.26 45.91 Berkley WRB 0.6 20 71.30 -1.40 t -11.88 64.69 38.21 EastWestBncp EWBC 2.9 9 38.36 -1.83 28.64 39.26 23.27 Knight-Swift KNX 0.7 13 32.25 -1.78 s 34.27 89.82 62.12 W.P.Carey WPC 4.7 31 87.73 -0.93
29.19 90.34 49.10 Qualcomm QCOM 3.4 26 73.52 -3.63
-2.97 335900 279410 BerkHathwy A BRK.A ... 17 296922 -5338.00 t -15.43 100.52 61.54 EastmanChem EMN 4.0 10 61.83 -3.17 -31.90 83.28 43.33 Kohl's KSS 5.9 10 45.18 -2.15 4.93 84.64 50.31 WPP WPP 6.5 16 57.50 -1.24
22.01 111.53 78.95 QuestDiag DGX 2.1 19 101.60 -1.02
-3.44 224.07 186.10 BerkHathwy B BRK.B ... 17 197.16 -3.85 11.55 89.46 64.46 Eaton ETN 3.7 15 76.59 -1.78 30.76 48.27 32.98 KoninklijkePhil PHG 1.8 27 45.91 -0.72 -5.98 115.40 61.00 Wabtec WAB 0.7 37 66.05 -2.21
-15.82 59.16 38.60 BerryGlobal
25.02 83.20 47.72 BestBuy
BERY ... 17 40.01 -1.00
BBY 3.0 12 66.21 -2.59
37.87 42.00 26.01 eBay
36.97 209.87 135.77 Ecolab
EBAY 1.4 15 38.70
ECL 0.9 40 201.82
-1.30
-5.06
-29.22 15.78 9.90 KoreaElcPwr KEP ... dd 10.44 -0.35 RS -27.82 86.31 49.12 WalgreensBoots WBA 3.7 10 49.32
18.98 115.49 85.78 Walmart WMT 1.9 25 110.83
-1.63
-1.08
-41.15 59.91 24.89 KraftHeinz KHC 6.3 dd 25.33 -0.29
-3.72 27.96 15.25 Ecopetrol EC 6.3 8 15.29
n-

... 239.71 45.00 BeyondMeat BYND ... dd 146.85 -4.14 -0.57 -15.31 32.74 20.70 Kroger KR 2.7 10 23.29 -0.38 14.86 24.99 19.23 RELX RELX 2.3 24 23.57 -0.07 19.96 97.93 70.28 WasteConnections WCN 0.7 42 89.07 -2.39
29.64 217.16 132.75 Bio-Techne TECH 0.7 76 187.62 -3.81 27.02 75.39 45.50 EdisonInt EIX 3.4 dd 72.11 -0.72 -0.62 45.91 27.04 LINE LN ... dd 33.90 0.16 12.84 69.62 51.95 RPM RPM 2.1 33 66.33 -1.61 30.27 120.58 83.22 WasteMgt WM 1.8 28 115.93 -2.14
43.26 345.50 220.05 Bio-RadLab A BIO ... 11 332.67 -9.28 38.43 226.41 136.44 EdwardsLife EW ... 62 212.04 -4.63 7.29 34.74 22.74 LKQ LKQ ... 19 25.46 -0.47 -18.90 139.56 83.50 RalphLauren RL 3.3 16 83.91 -3.99 8.65 255.21 167.94 Waters WAT ... 26 204.96 -5.03
-24.95 358.41 216.12 Biogen BIIB ... 8 225.85 -6.21 -16.24 37.61 26.20 ElancoAnimal ELAN ... 67 26.41 -0.64 19.73 89.89 52.03 LPL Financial LPLA 1.4 12 73.13 -1.91 2.41 96.76 69.11 RaymondJames RJF 1.8 11 76.20 -2.36 11.84 184.90 131.88 Watsco WSO 4.1 24 155.62 -3.34
-11.03 106.74 71.53 BioMarinPharm BMRN ... dd 75.76 -1.64 12.55 104.10 58.55 Elastic ESTC ... dd 80.45 -2.80 55.14 215.36 123.24 L3HarrisTech LHX 1.3 27 208.89 -4.42 17.72 210.89 144.27 Raytheon RTN 2.1 17 180.53 -6.45 22.30 173.72 76.60 Wayfair W ... dd 110.17 -7.03
39.21 64.41 42.30 BlackKnight BKI ... 59 62.73 -0.98 39.77 166.50 109.81 ElbitSystems ESLT 1.1 41 159.37 -1.99 31.26 178.44 119.38 LabCpAm LH ... 20 165.86 -2.08 32.19 66.25 42.90 RealPage RP ...147 63.70 -0.51 11.99 324.99 220.63 WellCareHealth WCG ... 25 264.40 -2.30
3.67 492.00 360.79 BlackRock BLK 3.2 15 407.25 -11.75 17.74 130.57 73.91 ElectronicArts EA ... 13 92.91 -1.71 47.16 218.49 122.64 LamResearch LRCX 2.2 15 200.39 -10.07 15.01 74.14 55.55 RealtyIncome O 3.7 55 72.50 -0.57 -3.60 59.48 43.02 WellsFargo WFC 4.6 9 44.42 -1.20
63.74 50.08 26.88 Blackstone BX 4.2 27 48.81 -0.99 -4.60 79.70 55.38 EmersonElec EMR 3.4 16 57.00 -1.20 7.78 84.50 64.51 LamarAdv LAMR 5.2 21 74.56 -1.69 7.94 70.26 55.50 RegencyCtrs REG 3.7 37 63.34 -1.82 26.42 90.25 60.93 Welltower WELL 4.0 98 87.75 -1.15
no

5.28 29.62 22.96 BlockHR HRB 3.9 13 26.71 -0.49 4.92 38.04 28.82 Enbridge ENB 6.8 19 32.61 -0.78 -7.01 83.86 58.83 LambWeston LW 1.2 22 68.40 -1.11 t -23.20 442.00 285.55 RegenPharm REGN ... 16 286.85 -8.17 46.21 147.19 91.75 WestPharmSvcs WST 0.4 47 143.33 -2.53
7.57 176.55 87.49 bluebirdbio BLUE ... dd 106.71 -2.98 -28.37 13.61 3.92 Encana ECA 1.8 4 4.14 -0.13 2.04 69.60 47.39 LasVegasSands LVS 5.8 21 53.11 -1.30 3.06 19.99 12.39 RegionsFin RF 4.5 10 13.79 -0.46 47.77 65.22 33.83 WesternDigital WDC 3.7 dd 54.63 -2.31
10.39 446.01 292.47 Boeing BA 2.3 42 356.01 1.60 -1.98 82.19 56.74 EncompassHealth EHC 1.9 19 60.48 -1.39 -13.32 170.49 105.10 Lear LEA 2.8 8 106.50 -4.06 5.03 163.46 127.84 ReinsGrp RGA 1.9 12 147.28 -2.61 t -19.76 35.85 22.19 WesternMidstrm WES 10.9 14 22.25 -0.58
10.23 2019.48 1606.27 BookingHldgs BKNG ... 21 1898.67 -53.80 -8.44 10.36 6.85 EnelAmericas ENIA 4.7 7 8.04 -0.17 58.21 85.86 50.33 Leidos LDOS 1.6 19 83.41 -2.15 34.28 105.25 68.62 RelianceSteel RS 2.3 11 95.57 -2.19 25.32 22.27 16.42 WesternUnion WU 3.7 8 21.38 -0.52
63.01 75.26 43.24 BoozAllen BAH 1.3 24 73.47 -1.50 t -19.60 5.62 3.98 EnelChile ENIC 4.5 13 3.98 -0.11 30.80 54.50 37.29 Lennar A LEN 0.3 9 51.21 -0.79 38.31 190.97 118.28 RenaissanceRe RNR 0.7 14 184.92 -3.31 t -13.83 98.99 56.88 WestlakeChem WLK 1.8 12 57.02 -2.82
t -11.11 46.97 30.71 BorgWarner BWA 2.2 8 30.88 -0.92 -0.23 18.32 11.68 EnergyTransfer ET 9.3 11 13.18 -0.50 29.91 43.65 29.80 Lennar B LEN.B 0.4 7 40.70 -0.69 21.27 90.61 67.48 RepublicSvcs RSG 1.9 27 87.42 -1.60 6.07 21.11 16.41 WestpacBanking WBK 7.1 13 18.53 -0.32
11.80 140.35 107.84 BostonProps BXP 3.0 37 125.83 -2.10 48.74 45.12 23.39 Entegris ENTG 0.8 20 41.49 -1.67 15.01 298.49 177.36 LennoxIntl LII 1.2 28 251.70 -4.88 16.08 137.38 90.64 ResMed RMD 1.2 47 132.18 -3.86 -14.35 57.23 32.01 WestRock WRK 5.6 10 32.34 -1.29
16.50 43.66 31.56 BostonSci BSX ... 42 41.17 -1.52 s 27.62 112.11 78.99 Entergy ETR 3.3 22 109.84 -1.47 ... 24.50 16.00 LeviStrauss LEVI ... 16 16.66 -0.54 44.17 78.26 50.20 RestaurantBrands QSR 2.7 51 75.40 -0.04 14.91 35.40 20.52 Weyerhaeuser WY 5.45709 25.12 -0.52
46.09 167.02 105.15 BrightHorizons BFAM ... 56 162.82 -3.93 14.52 30.86 23.33 EnterpriseProd EPD 6.2 12 28.16 -0.80 38.16 108.80 68.47 LibertyBroadbandC LBRDK ...252 99.52 -1.87 71.64 146.38 64.41 RingCentral RNG ... dd 141.50 -0.81 s 47.11 28.74 15.08 WheatonPrecMet WPM 1.3 dd 28.73 1.69
-10.39 63.69 42.48 Bristol-Myers BMY 3.5 12 46.58 -1.28 52.21 145.56 88.68 Equifax EFX 1.1 dd 141.75 -2.16 36.61 107.39 68.76 LibertyBroadbandA LBRDA ...248 98.10 -1.84 -1.03 64.02 44.62 RioTinto RIO 6.9 6 47.98 -0.57 25.90 152.50 99.40 Whirlpool WHR 3.6 9 134.55 -4.74
13.25 50.99 30.67 BritishAmTob BTI 7.2 10 36.08 -0.49 s 55.84 559.32 335.29 Equinix EQIX 1.8 91 549.42 -5.00 19.87 29.55 19.88 LibertyGlobal A LBTYA ... dd 25.58 -0.56 -7.20 79.11 52.79 RobertHalf RHI 2.3 14 53.08 -1.47 3.76 30.48 20.36 Williams WMB 6.6304 22.88 -0.72
22.94 19.20 14.11 BrixmorProp BRX 6.2 15 18.06 -0.43 -21.45 28.93 16.24 Equinor EQNR 4.6 7 16.63 -0.47 21.71 28.77 19.24 LibertyGlobal C LBTYK ... dd 25.12 -0.55 -1.73 198.23 141.46 Rockwell ROK 2.6 17 147.87 -4.64 24.60 200.93 134.50 WillisTowers WLTW 1.4 29 189.21 -5.09
7.02 323.20 204.68 Broadcom AVGO 3.9 34 272.13 -15.49 s 39.14 137.48 90.90 EquityLife ELS 1.8 46 135.15 -1.46 21.33 30.05 20.70 LibertyGlobal B LBTYB -3.04 55.93 48.67 RogersComm B RCI 3.0 16 49.70 -0.40 -3.57 4.62 3.62 Wipro WIT 0.3 17 3.71 -0.02
... dd 25.48 -0.88
32.43 138.24 91.34 BroadridgeFinl BR 1.7 31 127.46 -2.73 s 25.36 83.80 62.40 EquityResdntl EQR 2.7 49 82.75 -0.25 28.96 41.95 27.51 LibertyFormOne C FWONK ... dd 39.59 -0.87 s 349.54 143.36 26.30 Roku ROKU ... dd 137.74 -1.40 63.14 155.75 80.20 Wix.com WIX ... dd 147.38 -2.46
31.92 52.09 36.58 BrookfieldMgt BAM 1.3 17 50.59 -1.18 61.16 270.23 120.15 ErieIndemnity A ERIE 1.7 37 214.84 -10.34 26.75 39.94 26.63 LibertyFormOne A FWONA ... dd 37.67 -0.82 -11.44 43.91 31.80 Rollins ROL 1.3 46 31.97 -1.04 38.82 119.20 68.40 Woodward WWD 0.6 25 103.13 -2.80
s 32.55 46.72 32.26 BrookfieldInfr BIP 4.4 dd 45.77 -0.38 s 28.54 322.43 235.51 EssexProp ESS 2.5 51 315.19 -5.80 6.66 47.54 34.92 LibertySirius A LSXMA ... 24 39.25 -0.97 30.80 385.51 245.59 RoperTech ROP 0.5 32 348.62 -6.51 -33.31 45.76 27.59 WooriFin WF 3.8 4 28.09 -0.75
28.52 36.91 25.72 Brown&Brown BRO 0.9 26 35.42 -0.80 51.54 206.00 121.47 EsteeLauder EL 0.9 41 197.15 -5.41 7.36 47.75 34.84 LibertySirius C LSXMK ... 25 39.70 -1.06 23.74 108.20 75.91 RossStores ROST 1.0 24 102.95 -4.45 20.32 226.83 117.72 Workday WDAY ... dd 192.13 -1.24
18.87 57.91 44.42 Brown-Forman A BF.A 1.2 33 56.37 -0.63 13.71 73.34 38.02 Etsy ETSY ... 63 54.09 -1.29 22.42 53.39 39.82 LibertyProperty LPT 3.2 16 51.27 -0.90 7.21 81.56 65.76 RoyalBkCanada RY 4.2 11 73.46 -1.23 -1.22 100.45 58.50 WW Ent WWE 0.7 89 73.81 -0.44
20.72 58.71 44.57 Brown-Forman B BF.B 1.2 33 57.44 -0.91 45.15 171.25 91.78 EuronetWorldwide EEFT ... 31 148.60 -2.76 -5.37 132.13 103.66 EliLilly LLY 2.4 26 109.51 -2.10 -20.04 7.31 4.33 RoyalBkScotland RBS 3.0 8 4.47 -0.07 6.49 151.93 90.06 WynnResorts WYNN 3.8 14 105.33 -4.80
39.87 51.41 26.10 Bruker BRKR 0.4 35 41.64 -0.62 12.45 260.51 201.09 EverestRe RE 2.3 19 244.88 -3.97 1.85 71.27 48.07 LincolnNational LNC 2.8 7 52.26 -2.00 4.85 133.60 89.48 RoyalCaribbean RCL 2.7 12 102.53 -4.50 16.99 116.27 41.05 XPO Logistics XPO ... 23 66.73 -2.63
41.77 42.65 25.71 BuckeyePtrs BPL 7.3 dd 41.10 ... s 13.60 65.45 54.19 Evergy EVRG 2.9 27 64.49 -0.61 18.09 206.82 145.95 Linde LIN 1.9 19 184.26 -2.87 -5.39 70.09 54.78 RoyalDutchA RDS.A 5.8 11 55.13 -0.76 s 26.75 63.68 46.01 XcelEnergy XEL 2.6 25 62.45 -0.83
-0.41 72.35 47.26 Bunge BG 3.8 15 53.22 -1.68 s 21.73 80.17 60.15 EversourceEner ES 2.7 29 79.17 -0.60 43.59 73.72 46.02 LiveNationEnt LYV ... dd 70.72 -0.73 -7.79 72.06 54.78 RoyalDutchB RDS.B 6.8 11 55.27 -0.85 40.59 36.58 18.57 Xerox XRX 3.6 13 27.78 -0.83
6.94 184.81 136.30 BurlingtonStrs BURL ... 29 173.96 -3.40 1.93 25.31 13.42 Exelixis EXEL ... 10 20.05 -0.57 -7.03 3.46 2.30 LloydsBanking LYG 6.8 9 2.38 -0.01 51.02 131.28 70.16 RoyalGold RGLD 0.8 90 129.35 2.64 18.55 141.60 68.76 Xilinx XLNX 1.5 28 100.97 -3.46
23.03 56.47 37.45 CBRE Group CBRE ... 16 49.26 -2.60 -0.49 51.18 42.19 Exelon EXC 3.2 19 44.88 -0.64 s 43.94 386.93 241.18 LockheedMartin LMT 2.3 18 376.89 -8.99 -20.28 103.15 55.75 Ryanair RYAAY ... 14 56.87 -0.17 10.52 85.39 60.65 Xylem XYL 1.3 23 73.74 -1.83
1.25 59.01 41.48 CBS A CBS.A 1.6 5 44.40 -0.91 13.20 144.00 108.11 Expedia EXPE 1.1 31 127.52 -3.25 3.78 56.20 42.06 Loews L 0.5 19 47.24 -1.38 18.05 140.62 94.81 SAP SAP 1.0 39 117.52 -1.95 30.86 42.37 24.90 Yandex YNDX ... 43 35.79 -0.76
t -5.28 59.56 41.22 CBS B CBS 1.7 5 41.41 -2.06 0.34 80.69 62.90 ExpeditorsIntl EXPD 1.5 19 68.32 -1.92 27.11 49.96 29.06 LogitechIntl LOGI 1.7 25 39.76 -0.62 51.25 266.22 156.68 S&P Global SPGI 0.9 33 257.04 -6.28 25.45 119.72 83.42 YumBrands YUM 1.5 28 115.31 -2.00
38.47 120.82 74.32 CDW CDW 1.1 24 112.23 -3.99 s 33.73 123.16 83.70 ExtraSpaceSt EXR 3.0 36 121.00 -0.37 15.19 118.23 84.75 Lowe's LOW 2.1 33 106.39 -1.77 s 61.10 263.91 146.13 SBA Comm SBAC 0.6227 260.80 0.27 26.96 48.27 30.10 YumChina YUMC 1.1 25 42.57 -1.54
8.30 56.51 38.90 CF Industries CF 2.5 23 47.12 -1.42 -1.03 87.36 64.65 ExxonMobil XOM 5.2 16 67.49 -2.08 48.04 194.25 110.71 lululemon LULU ... 47 180.03 -3.94 19.87 64.21 42.27 SEI Investments SEIC 1.2 18 55.38 -1.44 23.44 21.36 14.69 ZTO Express ZTO ... 24 19.54 -0.44
25.07 80.50 57.35 CGI GIB ... 23 76.53 -1.56 t -23.23 199.71 123.91 F5Networks FFIV ... 16 124.39 -4.96 ... 88.60 47.17 Lyft LYFT ... dd 49.11 -2.25 -20.30 28.56 21.22 SK Telecom SKM 3.6 7 21.36 -0.37 48.29 36.07 20.27 ZayoGroup ZAYO ... 54 33.87 -0.03
-2.21 101.20 77.72 CH Robinson CHRW 2.4 16 82.23 -1.49 29.22 90.00 60.11 FMC FMC 1.9 22 82.82 -3.24 t -16.99 116.63 68.61 LyondellBasell LYB 6.1 7 69.03 -3.11 -2.90 105.00 75.45 SLGreenRealty SLG 4.4 29 76.79 -1.48 24.66 237.15 140.95 ZebraTech ZBRA ... 23 198.49 -5.89
12.28 217.65 161.05 CME Group CME 1.4 41 211.22 -2.02 35.59 208.66 123.02 Facebook FB ... 30 177.75 -4.29 -0.09 67.73 40.96 SS&C Tech SSNC 0.9 37 45.07 -0.73 37.72 94.89 45.60 Zendesk ZEN ... dd 80.39 -0.45
s 24.03 62.61 47.63 CMS Energy
4.19 48.87 41.49 CNA Fin
CMS 2.5 30 61.58 -0.56
CNA 3.0 14 46.00 -1.22
34.72 305.38 188.31 FactSet
85.13 371.81 170.26 FairIsaac
FDS 1.1 32 269.61
FICO ... 56 346.19
-6.20
-6.35
MN s 29.53 37.30 26.93 StoreCapital
-1.30 332.90 177.70 SVB Fin
STOR
SIVB
3.6 37 36.67
... 9 187.45
-0.23
-7.99
8.78 50.99 26.20 Zillow A
9.28 51.47 26.38 Zillow C
ZG
Z
... dd 34.19
... dd 34.51
-0.88
-0.91
-0.98 12.68 8.41 CNH Indl CNHI 2.2 11 9.12 -0.41 13.44 35.94 24.00 Fastenal FAST 3.0 22 29.66 -1.07 0.54 180.77 133.78 M&T Bank MTB 2.8 10 143.90 -4.41 7.02 26.62 19.41 Sabre SABR 2.4 27 23.16 -0.86 28.85 140.53 96.99 ZimmerBiomet ZBH 0.7 dd 133.64 -3.47
t -7.21 202.38 141.43 CNOOC CEO 5.7 8 141.46 -4.24 9.02 139.29 115.09 FederalRealty FRT 3.3 39 128.69 -1.99 14.51 31.68 21.61 MGM Resorts MGM 1.9 80 27.78 -0.73 76.74 193.56 79.88 SageTherap SAGE ... dd 169.30 0.19 -1.74 54.37 38.08 ZionsBancorp ZION 3.4 10 40.03 -1.11
5.54 18.17 10.36 CPFLEnergia CPL 1.4 13 15.62 -0.46 -5.80 259.25 150.68 FedEx FDX 1.7 81 151.97 -6.13 -9.80 37.24 25.85 MPLX MPLX 9.5 12 27.33 -0.53 10.66 167.56 113.60 Salesforce.com CRM ...103 151.57 3.33 43.87 128.41 78.90 Zoetis ZTS 0.5 43 123.07 -3.57
24.67 34.27 24.62 CRH CRH 2.4 25 32.85 0.66 54.08 170.54 93.85 Ferrari RACE 0.8 30 153.22 -1.89 58.04 247.57 134.28 MSCI MSCI 1.2 35 233.00 -3.00 -1.91 45.62 40.00 Sanofi SNY 2.7 26 42.58 0.01 ... 107.34 59.94 ZoomVideo ZM ...2559 91.63 -2.24
4.01 80.73 58.47 CSX CSX 1.5 16 64.62 -1.52 -14.04 18.50 12.11 FiatChrysler FCAU ... 5 12.43 -0.34 -4.95 317.70 240.33 MadisonSquGarden MSG ...549 254.45 -6.99 44.91 27.75 16.10 SantanderCons SC 3.5 9 25.49 -0.63 81.79 89.54 30.72 Zscaler ZS ... dd 71.28 -1.26

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
DoubleLine Funds Magin 10.65 -0.25 20.0 DevMktY 40.31 -0.51 7.2 TotRt 10.56 +0.06 8.7 BdIdxInst 11.25 +0.05 8.7 TxMCapAdml147.27 -3.87 15.7 WellsI 26.93 -0.12 11.8
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. CoreFxdIncmI NA ... NA OTC 11.90 -0.34 19.6 JPMorgan I Class PIMCO Funds A VANGUARD ADMIRAL TxMIn r 12.65 -0.13 7.4 Welltn 41.15 -0.54 12.3
TotRetBdI 10.83 +0.03 6.2 Puritn 21.79 -0.33 12.0 EqInc 17.55 -0.44 11.9 IncomeFd NA ... NA 500Adml 263.47 -7.01 15.1 USGroAdml 103.81 -2.68 19.4 WndsrII 34.24 -0.89 11.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Edgewood Growth Instituti SrsEmrgMkt 17.66 -0.30 7.6 JPMorgan R Class PIMCO Funds I2 BalAdml 36.77 -0.51 12.7 ValAdml 41.25 -1.02 9.5 VANGUARD INDEX FDS
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, CoreBond
EdgewoodGrInst 34.61 -0.81 20.2 SrsGroCoRetail 17.01 -0.45 20.4 12.11 +0.06 9.2 Income NA ... NA CAITAdml 12.19 ... 6.8 WdsrllAdml 60.75 -1.58 11.3 ExtndIstPl 211.79 -5.63 14.0
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Fidelity SrsIntlGrw 15.82 -0.22 18.1 CorePlusBd 8.60 +0.04 9.4 PIMCO Funds Instl CapOpAdml r143.48 -4.03 8.7 MdCpVlAdml 54.89 -1.48 12.4
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not WellsIAdml 65.25 -0.28 11.9
500IdxInstPrem 99.21 -2.64 15.1 SrsIntlVal 9.00 -0.10 4.7 Lord Abbett A IncomeFd NA ... NA EMAdmr 32.81 -0.42 4.2 WelltnAdml 71.07 -0.93 12.4 SmValAdml 52.18 -1.49 7.6
available due to incomplete price, performance or cost data. NE-Not released by Lipper; ExtMktIdxInstPre 59.58 -1.58 13.9 TotalBond 10.98 +0.04 9.4 ShtDurIncmA p 4.22 ... 4.4 Price Funds EqIncAdml 72.50 -1.68 10.6 TotBd2 11.15 +0.05 9.0
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. WndsrAdml 67.09 -1.75 10.5
IntlIdxInstPrem 39.11 -0.41 7.9 Fidelity SAI Lord Abbett F BlChip 112.78 -2.77 17.4 ExplrAdml 91.22 -2.51 17.3 VANGUARD FDS TotIntl 15.92 -0.17 6.5
MidCpInxInstPrem 21.67 -0.56 16.7 TotalBd 10.74 +0.04 9.3 ShtDurIncm 4.22 ... 4.5 EqInc 29.99 -0.73 11.1 ExtndAdml 85.82 -2.28 14.0 DivdGro 29.42 -0.66 21.2 TotSt 70.65 -1.88 14.8
Friday, August 23, 2019 SAIUSLgCpIndxFd 15.39 -0.41 15.0 First Eagle Funds Lord Abbett I EqIndex 76.02 -2.03 14.9 GNMAAdml 10.56 +0.02 5.1 INSTTRF2020 23.18 -0.20 10.2 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD SmCpIdxInstPrem 18.76 -0.60 9.2 GlbA 56.40 -0.61 10.8 ShtDurInc p 4.22 ... 4.5 Growth 66.97 -1.59 17.3 GrwthAdml 83.26 -2.33 21.1 INSTTRF2025 23.44 -0.26 10.7 BalInst 36.77 -0.52 12.7
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TMktIdxInstPrem 80.74 -2.15 14.9 FPA Funds Metropolitan West HelSci 74.43 -1.64 11.1 HlthCareAdml r 80.10 -1.46 4.2 INSTTRF2030 23.56 -0.30 10.9 DevMktsIndInst 12.66 -0.13 7.4
USBdIdxInstPrem 12.06 +0.06 8.8 FPACres 31.72 -0.53 9.4 TotRetBd 11.13 +0.04 9.0 InstlCapG 40.92 -0.99 14.6 HYCorAdml r 5.86 -0.01 11.8 INSTTRF2035 23.67 -0.34 11.1 DevMktsInxInst 19.79 -0.21 7.4
American Century Inv Baird Funds 5GlbFxdInc 10.96 +0.01 3.9 TotRetBdI 11.13 +0.05 11.6 InfProAd ExtndInst
Fidelity Advisor I Franklin A1 9.2 26.44 +0.15 8.5 85.82 -2.28 14.0
Ultra 47.14 -1.33 16.6 AggBdInst 11.34 +0.05 9.4 DFARlEst 40.23 -0.53 24.1 IntlStk 16.71 -0.21 INSTTRF2040 23.78 -0.38 11.3
NwInsghtI 31.62 -0.69 17.2 CA TF A1 p 7.75 +0.01 9.4 TRBdPlan 10.47 +0.04 9.1
MidCap 92.59 -2.20 21.2 IntlGrAdml 87.98 -1.47 11.1 GrwthInst 83.26 -2.34 21.2
American Funds Cl A CorBdInst 11.67 +0.05 9.8 EmgMktVa 25.51 -0.26 -4.8 INSTTRF2045 23.82 -0.42 11.3
Fidelity Freedom IncomeA1 p 2.25 -0.03 8.9 MFS Funds Class I ITBondAdml 12.00 +0.06 10.9 InPrSeIn 10.77 +0.06 8.5
AmcpA p 30.88 -0.74 11.3 BlackRock Funds EmMktCorEq 19.05 -0.24 -0.3 N Inc 9.78 +0.03 9.0 INSTTRF2050 23.86 -0.42 11.3
FF2020 15.62 -0.12 9.4 FrankTemp/Frank Adv ValueI 40.53 -1.02 15.5 ITIGradeAdml 10.13 +0.03 10.2 InstIdx 258.52 -6.88 15.1
AMutlA p 40.87 -0.85 10.0 HiYldBd Inst 7.66 ... 11.3 IntlCoreEq 12.17 -0.12 5.8 NHoriz 62.37 -1.15 29.4 IntlVal 33.72 -0.39 5.0
FF2025 13.59 -0.13 9.8 IncomeAdv 2.23 -0.03 9.1 MFS Funds Instl LTGradeAdml 11.43 +0.10 22.6 InstPlus 258.54 -6.89 15.1
BalA p 27.06 -0.32 9.8 BlackRock Funds A IntSmCo 16.89 -0.12 6.6 IntlEq OverS SF r 9.82 -0.12 5.6 LifeCon 20.35 -0.11 10.2
FF2030 16.72 -0.20 10.4 FrankTemp/Franklin A 25.50 -0.22 13.9 MidCpAdml 199.29 -5.29 17.3 InstTStPlus 61.42 -1.63 14.9
BondA p 13.38 +0.05 8.1 GlblAlloc p 18.59 ... 9.3 IntSmVa 17.03 -0.12 3.1 Freedom2020 K 15.61 -0.12 9.5 Growth A p 106.08 -2.74 R2020 21.69 -0.22 11.1 LifeGro 33.03 -0.51 11.0
17.9 Nuveen Cl I MuHYAdml 11.88 +0.01 8.9 MidCpInst 44.03 -1.16 17.4
CapIBA p 60.18 -0.61 8.6 BlackRock Funds III LgCo 22.01 -0.59 15.0 Freedom2025 K 13.57 -0.13 9.8 RisDv A p 64.81 -1.78 17.8 HYMunBd 18.08 -0.01 10.7 R2025 17.22 -0.21 11.6
MuIntAdml 14.60 ... 6.8 LifeMod 27.15 -0.28 10.6 MidCpIstPl 217.13 -5.76 17.3
CapWGrA 46.84 -0.84 10.7 iShS&P500IdxK338.99 -8.96 15.1 TAUSCoreEq2 17.93 -0.52 12.4 Freedom2030 K 16.71 -0.19 10.5 FrankTemp/Franklin C Oakmark Funds Invest R2030 25.02 -0.34 12.2 MuLTAdml 12.07 ... 8.4 PrmcpCor 25.69 -0.70 9.8 SmCapInst 71.31 -1.94 13.5
EupacA p 50.21 -0.57 11.5 BlackRock Funds Inst US CoreEq1 23.08 -0.66 13.2 Freedom2035 K 13.80 -0.21 10.6 Income C t 2.29 -0.02 8.9 EqtyInc r 29.31 -0.52 9.0 R2035 18.30 -0.28 12.5 MuLtdAdml 11.13 ... 3.8 STAR 26.31 -0.32 11.7 STIGradeInst 10.77 +0.02 5.2
FdInvA p 56.95 -1.36 10.6 EqtyDivd 18.85 -0.39 11.7 US CoreEq2 21.11 -0.62 12.1 Freedom2040 K 9.57 -0.16 10.4 FrankTemp/Temp Adv Oakmark 73.91 -2.19 8.2 R2040 25.99 -0.44 12.9 MuShtAdml 15.87 ... 2.0 TgtRe2015 15.18 -0.08 9.5 STIPSIxins 24.87 +0.04 3.9
GwthA p 48.27 -1.13 12.9 GlblAlloc 18.71 ... 9.5 US Small 31.24 -1.04 5.5 Fidelity Invest GlBondAdv p 10.75 -0.06 -0.6 OakmrkInt 21.20 -0.40 3.6 Value 35.24 -0.83 15.3 PrmcpAdml r132.27 -3.72 9.4 TgtRe2020 31.54 -0.28 10.2 TotBdInst 11.19 +0.05 9.1
HI TrA p 10.00 -0.01 8.4 MultiAstIncome 10.82 ... 10.3 US SmCpVal 29.67 -1.06 -0.6 Balanc 23.11 -0.37 12.9 Guggenheim Funds Tru Old Westbury Fds PRIMECAP Odyssey Fds RealEstatAdml128.46 -1.87 23.6 TgtRe2025 18.83 -0.21 10.7 TotBdInst2 11.15 +0.05 9.0
ICAA p 36.81 -0.87 9.8 StratIncOpptyIns 9.92 ... 5.7 US TgdVal 20.23 -0.70 2.7 BluCh 98.31 -2.78 17.0 TotRtnBdFdClInst 27.60 +0.08 5.6 LrgCpStr 14.31 -0.28 13.1 AggGrowth r 42.14 -1.14 10.0 SmCapAdml 71.31 -1.94 13.5 TgtRe2030 34.18 -0.44 10.9 TotBdInstPl 11.19 +0.05 9.1
IncoA p 22.22 -0.29 9.3 Bridge Builder Trust USLgVa 34.11 -0.95 7.3 Contra 12.76 -0.28 16.9 Harbor Funds Parnassus Fds Growth r 36.82 -1.04 6.0 SmGthAdml 63.66 -1.64 20.6 TgtRe2035 20.90 -0.30 11.1 TotIntBdIdxInst 35.32 +0.05 9.3
N PerA p 43.09 -0.85 14.4 CoreBond 10.58 +0.04 8.2 Dodge & Cox ContraK 12.77 -0.28 17.0 CapApInst 72.61 -1.75 17.2 ParnEqFd 46.06 -1.31 18.6 Stock r 31.35 -0.88 9.0 STBondAdml 10.62 +0.02 4.5 TgtRe2040 35.93 -0.58 11.2 TotIntlInstIdx r106.47 -1.16 6.5
NEcoA p 43.87 -0.81 13.0 CorePlusBond 10.43 +0.04 7.9 Balanced 96.45 -1.71 7.3 CpInc r 9.92 -0.06 12.7 Harding Loevner PGIM Funds Cl Z Schwab Funds STIGradeAdml 10.77 +0.02 5.2 TgtRe2045 22.48 -0.40 11.2 TotItlInstPlId r106.49 -1.16 6.5
NwWrldA 64.71 -0.91 12.8 Intl Eq 10.75 -0.12 7.9 GblStock 11.57 -0.27 4.9 GroCo 19.19 -0.50 19.8 IntlEq NA ... NA TotalReturnBond NA ... NA 1000 Inv r 64.35 -1.69 15.4 TotBdAdml 11.19 +0.05 9.1 TgtRe2050 36.17 -0.64 11.2 TotStInst 70.70 -1.88 14.9
SmCpA p 54.80 -0.86 16.8 Del Invest Instl Income 14.19 +0.05 8.7 GrowCoK 19.22 -0.50 19.9 Invesco Funds A PIMCO Fds Instl S&P Sel 44.08 -1.17 15.1 TotIntBdIdxAdm 23.54 +0.04 9.3 TgtRet2055 39.26 -0.69 11.2 ValueInst 41.25 -1.02 9.5
TxExA p 13.44 ... 7.1 Value 20.61 -0.55 6.2 Intl Stk 38.42 -0.57 4.1 InvGrBd 11.66 +0.05 9.4 EqIncA 9.96 -0.16 10.1 AllAsset 11.44 -0.01 5.6 TSM Sel r 50.06 -1.34 14.9 TotIntlAdmIdx r 26.62 -0.29 6.5 TgtRetInc 13.76 -0.05 8.9 Western Asset
WshA p 44.49 -1.06 11.4 Dimensional Fds Stock 176.24 -5.27 6.6 LowP r 45.91 -0.85 5.8 Invesco Funds Y ShortT 9.78 -0.01 1.9 TIAA/CREF Funds TotStAdml 70.68 -1.88 14.9 TotIntBdIxInv 11.77 +0.02 9.2 CorePlusBdI NA ... NA
 RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
B12 | Saturday/Sunday, August 24 - 25, 2019
Investors Acquire Brexit Bargains La-Z-Boy
BY BEN DUMMETT
Shares
While many investors are
nervous about Brexit, others
appear to see bargains, judg-
ing by a string of major acqui-
sitions by foreigners of U.K.-
listed companies.
With the British pound near
its weakest point in years
against the dollar, U.S. toy
maker Hasbro Inc. on Thurs-
day reached a $4 billion pact
to acquire the maker of hit
children cartoons Peppa Pig
and PJ Masks, Entertainment
One Ltd., a London Stock Ex-
change-listed content pro-
ducer.
That follows three other
multibillion-dollar cross-bor-
der tie-ups in less than a
month involving a U.K. target
in sectors including aerospace,
breweries and food delivery.
Hong Kong tycoon Li Ka-
shing’s CK Asset Holdings
Ltd.’s offered £2.7 billion ($3.3
billion) this week to acquire
DANIEL ACKER/BLOOMBERG NEWS
U.S. growers will harvest 13.4 billion bushels of corn and 3.5 billion bushels of soybeans this year, according to a closely watched trade publication’s estimates.
Farmers Brace for Diminished Harvests
BY KIRK MALTAIS
Corn and soybean produc-
tion will fall sharply this year
as a result of harsh weather, a
closely watched trade publica-
tion said, adding to worsening
financial pressure that is
heightening tensions across
the Farm Belt.
U.S. farmers will harvest
13.4 billion bushels of corn and
3.5 billion bushels of soybeans
this year, the publication, Pro
Farmer, said on Friday at the
end of its annual tour to as-
sess crop conditions across
seven Midwestern states.
That would be down
sharply from Pro Farmer’s ear-
lier estimate of 14.5 billion
bushels of corn and 4.7 billion
bushels of soybeans.
Pro Farmer’s estimates for
this year’s crop were lower
than those from the Agricul-
ture Department, which has
The Marketplace
ADVERTISEMENT
To advertise: 800-366-3975 or WSJ.com/classifieds
BUSINESS OPPORTUNITIES
* ******
one of Britain’s biggest pub
operators and brewer Greene
King PLC. Private-equity giant
Advent International Corp.
bid £4 billion for U.K. aero-
space and defense company
Cobham PLC in July.
The deals show foreign ac-
quirers are willing to navigate
the risks of working in Britain
ahead of the country’s poten-
tially disruptive divorce from
the European Union. The U.K.
is set to leave the EU on Oct.
31.
The pound is down almost
2% at $1.2253 since Boris
Johnson took over as prime
minister on July 24, showing
an increased willingness to
take the country out of the EU
without an agreement to
smooth trade, immigration
and other areas of common in-
terest.
And it has traded as low as
$1.2070 since then, among the
lowest levels since the U.K.
voted to split from the EU in
forecast a corn harvest of 13.9
billion bushels and a soybean
haul of 3.7 billion bushels.
This year’s tour came at a
time of high anxiety in the
Farm Belt, where growers are
losing sales to big customers
in China while they also strug-
gle to grow crops after the
wettest spring on record.
China’s officials said Friday
that they would levy tariffs of
up to 10% on the remaining
$75 billion of goods they pur-
chase from the U.S., including
agricultural products.
That was a response to the
latest tariffs the Trump ad-
ministration said it would im-
pose on goods from China this
month, a sharp escalation in
the trade war between the
world’s two biggest econo-
mies.
Those pressures fueled
some hostility on this year’s
trip. The Agriculture Depart-
BUSINESS OPPORTUNITIES
 
BUSINESS & FINANCE NEWS
2016. That weakness, in
theory, can make it cheaper to
buy London-listed companies
using U.S. dollars or other cur-
rencies such as the euro.
“We’ve certainly been hav-
ing fairly long-term dialogue
with clients about potential
U.K. targets where clients’ in-
Foreigners buy U.K.
companies as a weak
British pound makes
valuations enticing.
terest has been reawakened or
heightened by the level at
which sterling is trading,” said
Derek Shakespeare, co-head of
U.K. M&A at Barclays.
To be sure, the pound
weakness and Brexit are back-
drops to industry and com-
pany-specific reasons to do
ment said it pulled seven of its
employees off the tour on
Tuesday after one received a
threat. It couldn’t be deter-
mined whom the threat was
from. The department said
they are investigating. There
was a large police presence at
the tour’s closing dinner on
Thursday in Rochester, Minn.,
because of the threat, Pro
Farmer said.
“There’s a lot of tension out
there—there’s a lot of angst,”
said Brian Grete, an editor
with Pro Farmer.
Many farmers on the tour
said that difficulty under-
standing the reasoning behind
the U.S. government’s trade
moves was one source of ag-
gravation.
“Guys get so upset because
they get stuck in their own mi-
cro-world, they don’t under-
stand what’s going on,” said
Bryan Coffman, a seed dealer
Oyo Bets on Vegas With Hooters Hotel Buy
BY KEIKO MORRIS
India’s biggest lodging com-
pany has acquired the Hooters
Casino Hotel Las Vegas, its
first U.S. property purchase
deals.
Hasbro said that it expects
to generate $130 million in an-
nual costs savings in part by
bringing in-house some of En-
tertainment One’s toy busi-
ness.
Meanwhile, the $6.1 billion
deal between the U.K.’s Just
Eat PLC and Dutch rival Take-
away.com NV reflects the pres-
sure food-delivery companies
are under to gain scale in their
battle against the likes of Uber
Technologies Inc. and Ama-
zon.com Inc.
The flurry of deals of late
goes against what has been an
overall decline in activity. So
far this year, the value of ac-
quisitions of U.K. companies
by foreigners is down sharply
to $66.3 billion from $199.8
billion in the year-ago period,
according to Dealogic.
The uncertain economic
fallout from Brexit makes it
difficult for potential acquirers
to value U.K. businesses, par-
from South English, Iowa.
Some fields surveyed this
week were full of tall corn and
heavy soybean pods.
But far more fields than
usual were full of underdevel-
oped plants after the record-
wet weather forced many
farmers to wait until long past
the optimal dates to plant
their crops.
“The biggest shock to me
was the immaturity of the soy-
bean crop,” said Mark Ber-
nard, head of Agro-Economics
Inc., a crop consultancy based
in New Richland, Minn.
“The pod count is just atro-
cious,” said Pete Meyer, head
of grains and oilseed analytics
for S&P Global Platts.
The poor crops and trade
tensions are fanning frustra-
tion among some in the agri-
cultural industry toward the
Trump administration. Chip
Flory, host of a syndicated ra-
about $1.5 billion from Soft-
Bank Group Corp. and others.
The 25-year-old founder
and chief executive, Ritesh
Agarwal, is pursuing a global
expansion, and the U.S. market
THE WALL STREET JOURNAL.
ticularly those tied to the do-
mestic economy. At the same
time, targets and their share-
holders worry they could be
selling at too cheap a price by
agreeing to a deal before
knowing how Britain’s divorce
from the EU will play out,
some M&A practitioners say.
In Greene King, Hong Kong-
based CK is betting that con-
sumer demand for pubs and
beer as mainstays of British
culture will remain relatively
resilient even if the U.K. econ-
omy takes a downturn follow-
ing Brexit. As a domestically
focused business, it isn’t as ex-
posed as big importers would
be to disruptions resulting
from the split, some bankers
said.
Advent’s deal for Cobham
won’t leave it much exposed to
the British economy. The com-
pany only generates about 8%
of its annual revenue from the
U.K., compared with 52% from
business in the U.S.
dio show on agriculture, criti-
cized a recent decision by the
U.S. Environmental Protection
Agency to exempt 31 small re-
fineries from mixing ethanol
into gasoline and diesel fuel,
another blow to demand for
corn, a main ingredient in the
biofuel.
“It’s unbelievably frustrat-
ing that we can’t get support
from the White House,” Mr.
Flory said at Thursday’s event.
The White House didn’t re-
spond to a request for com-
ment.
Other participants on this
year’s crop tour said support
for President Trump remains
strong, for now.
“I think the majority of
farmers, especially those that
voted for him in 2016, are giv-
ing him some leeway,” said
Jim Wiesemeyer, Washington
policy analyst for Pro Farmer.
“But the clock is ticking.”
Vegas property is key to the
U.S. expansion. The hotel be-
comes the largest under the
Oyo brand and is located in
the biggest U.S. hotel market
in terms of number of rooms.
Aren’t
On Break
BY CORRIE DRIEBUSCH
In a stumbling market, La-
Z-Boy Inc. shares are ener-
gized.
The furniture retailer is up
14% so far this year, outpacing
the broader market as well as
the broader retail segment.
The latest boosts for the stock
were some upbeat results, an-
nounced this week.
Upholstery sales were bet-
ter than some analyst expecta-
tions, and other analysts
cheered the company’s ad-
justed operating income and
sales coming in above their es-
timates.
In its wholesale segment,
higher-priced items bolstered
upholstery sales. The results
sent shares up 4.9% on Thurs-
day, and the stock is one of
the few gainers on Friday
while the broader market
slumps.
It is also a standout among
home furnishing stocks. Resi-
dential furniture-maker HG
Holdings Inc. was down 5.1%
Friday, Bassett Furniture In-
dustries Inc. fell 5.6% and
Ethan Allen Interiors Inc. was
off 2.2%.
There are still some con-
cerns, however, for La-Z-Boy.
“In a vacuum where inves-
tors did not have to worry
about a potential recession
and/or China tariffs, La-Z-Boy
would be a compelling buy,”
said Robert Griffin, an analyst
at Raymond James. Mr. Griffin
added, however, that retail
earnings over the past two
weeks point to a relatively
healthy U.S. consumer. Fur-
thermore, La-Z-Boy’s balance
sheet remains solid.
On its earnings call, La-Z-
Boy executives addressed the
trade situation and its poten-
tial impact on the company.
In regard to tariffs on ma-
terials coming from China,
Kurt Darrow, the CEO, said La-
Z-Boy increased its pass-
through charge on products to
account for the tariff increase
on these goods.
However, he emphasized
that the impact wasn’t too
large.
Mr. Darrow also noted that
approximately two-thirds of
the company’s covers are con-
verted into “cut and sew kits”
in its Mexican facility and
therefore not subject to the
China tariffs.
“While the current tariff is
at 25% due to our supply-chain
strategy, our pass-through
charge to customers is roughly
only 3.5% on non-powered up-
holstery and about 4% on
powered products, positioning
us well,” he said.
Sitting Pretty
Shares of La-Z-Boy are up this
year, rising in recent sessions
on the heels of solid earnings.
$38
36
34
32
30
28
26
Jan. 2019 May Aug.
Source: FactSet
said a person familiar with the
deal. It will remain open dur-
ing the transformation.
The renovated properties
will “create the image of the
brand as new or modern,” said



  under a global expansion. is a crucial part of that effort. Oyo lacks the brand recog- Bjorn Hanson, a hotel industry
  

    
     
      
Oyo Hotels & Homes and its In June, Oyo announced it was nition of such budget competi- consultant.
 
      
    partner Highgate, a New York- investing $300 million to tors as Days Inn, Motel 6 and The Las Vegas hotel has
         based hotel investment and boost the number of hotels in Econo Lodge, and it has less restaurants and bars, a pool
    
 
management company, paid the U.S. At the time of the an- experience in the market. But and a 24-hour gym, making
  !  "# $ %& '



 "&%'((()*$+"$ $135 million, according to peo- nouncement, the company had Mr. Agarwal built the Oyo the property part of a limited
 !    ple familiar with the matter. 50 U.S. hotels. Today, it has chain, officially known as but growing group of Oyo’s
   
" # $$ The acquisition, near the Las 112 hotels and expects to have Oravel Stays Pvt. Ltd., by more upscale lodgings.
TRAVEL Vegas Strip, is being renamed nearly 150 hotels by the end of wooing independently owned While Hooters is known for
Oyo Hotel & Casino Las Vegas. this month. small and midsize hotels with waitresses in tight tank tops,
The six-year-old budget ho- “We’ve been opening one perks and innovations not reg- Oyo said it is sticking with an
 
  Save Up To 60% tel company already ranks building per day across the ularly offered in the industry. approach it believes will ap-
First & Business
,
 

,
among the world’s largest ho- United States,” said Mr. Agar- Oyo and Highgate, which peal to its customer base, in-
INTERNATIONAL
  

 Major Airlines, Corporate Travel

tel chains. Oyo has more than
one million hotel rooms and
wal. “That is just a starting
point, and one hotel per day
purchased the Las Vegas hotel
from Junius Real Estate Part-
cluding families.
“Definitely Hooters appeals
Never Fly Coach Again!

 www.cooktravel.net 23,000 hotels world-wide will look like a very small ners and Trinity Hotel Inves- to a completely different cus-
 

(888)-473-3941 through franchising and other number.” tors LLC, plan to spend about tomer segment,” an Oyo
partnerships. It has raised He said the 657-room Las $20 million on renovations, spokeswoman said.

THE WALL STREET JOURNAL.
Korea Feels
Burn From
Trade War
BY STEVEN RUSSOLILLO
South Korean stocks are
among the world’s worst per-
formers this year, as its ex-
port-focused companies grap-
ple with not one, but two
trade fights and slowing
global growth.
The economy contracted in
the first quarter, and in July
the central bank made a sur-
prise cut to interest rates,
downgrading inflation and
growth forecasts for the year.
To make things worse, the
country finds itself caught in
the crossfire of U.S.-China
trade tensions, and is em-
broiled in its own trade dis-
pute with Japan, while neigh-
boring North Korea has been
conducting weapons tests.
“South Korea is an eco-
nomic bellwether,” said Jeroen
Blokland, a multiasset portfo-
lio manager at Robeco. “If
there’s a global slowdown, it is
among the countries that gets
hit the hardest.”
Mr. Blokland said he has
trimmed his exposure to
emerging-market equities over
the past few months, leaving
him underweight South Korea,
or holding a smaller position
than the benchmarks he tracks.
He said slowing global growth,
coupled with falling earnings
Treasury
Prices Rise
On Trade
Turmoil
BY SAM GOLDFARB
U.S. government bond prices
surged Friday, pushing the
yield on the 10-year Treasury
note to a multiyear low as in-
vestors flocked to
CREDIT safer assets in re-
MARKETS sponse to a further
escalation of the
U.S.-China trade conflict.
The yield on the benchmark
10-year U.S. Treasury note set-
tled at 1.523%, its lowest level
since August 2016, compared
with 1.613% Thursday.
Yields, which fall when bond
prices rise, initially turned
lower after China said it will
impose tariffs on $75 billion
worth of U.S. products in re-
sponse to new tariffs that the
U.S. is set to levy on Chinese
goods. They then fell further
after President Trump re-
sponded angrily on Twitter,
raising further questions about
how the trade battle can be re-
solved.
Yields on Treasury debt
with maturities ranging from
two years to 30 years all fell by
roughly the same amount. That
indicated continued concern
among investors about the
economic outlook, even as they
grew more confident that the
Federal Reserve will move
quickly to cut interest rates.
The decline in short-term
yields, which are particularly
sensitive to the outlook for
monetary policy, “is telling you
that the Fed is behind the
curve and needs to lower rates
maybe 50 basis points in Sep-
tember,” said Ray Remy, head
of fixed-income trading in New
York at Daiwa Capital Markets
America Inc.
At the same time, he added,
“there’s just no worries about
inflation”—a factor supporting
long-term bonds because infla-
tion erodes the purchasing
power of their fixed payments.
Concerns about trade over-
shadowed what had been an
eagerly anticipated speech on
monetary policy from Federal
Reserve Chairman Jerome
Powell at the Kansas City Fed’s
annual symposium in Jackson
Hole, Wyo.
Overnight, yields had crept
higher as investors reacted to a
series of comments from Fed
officials that indicated a reluc-
tance to cut interest rates
much below current levels.
Mr. Powell, though, struck a
different tone. He promised to
support the economy if
needed, though he also noted
the challenges of conducting
monetary policy in an uncer-
tain trade environment.
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* * * *
expectations for South Korea,
made the market less attrac-
tive than many others.
South Korea’s main Kospi
index is down 4.5% this year,
making it the only large mar-
ket in negative territory for
the year. In dollar terms, South
Korean stocks have fared even
worse, since the Korean won
has fallen more than 7% this
year.
That compares with a 14%
rally for the S&P 500 and a
16% gain for the Shanghai
Composite.
Trade-sensitive stocks fell
in the U.S. on Friday after
China announced new tariffs
on U.S. goods and President
Trump responded by ordering
U.S. companies doing business
in China to explore relocating
their operations. Mr. Trump
then said that he was making
already-announced tariffs on
Chinese imports more severe.
Goldman Sachs recently cut
its forecast for South Korean
economic growth this year to
1.9%, from 2.2%, citing falling
exports. Charlie Lay, a strate-
gist at Commerzbank, said ex-
ports had been hurt by falling
semiconductor sales.
U.S.-China tensions affect
South Korea, since it is a large
exporter of microchips and
other components to China,
Oil Slides as Tariffs Reignite Demand Fears
BY AMRITH RAMKUMAR
Oil prices dropped Friday as
China said it would impose
tariffs on $75 billion worth of
additional U.S. products in-
cluding crude and President
Trump said he would respond.
U.S. crude oil futures fell
2.1% to $54.17
COMMODITIES a barrel on
the New York
Mercantile Exchange on the
latest trade developments that
investors fear could crimp fuel
consumption.
Oil is about 18% below its
April peak, with analysts con-
cerned that softening demand
and steady supply will result
in a glut.
Brent crude, the global
gauge of prices, declined 1% to
Diamondback Is Exception to Energy Stock Drop
The sector has been hurt by signs of slowing growth as well as the U.S.-China trade dispute.
Clients of
UBS Lost
Millions
Continued from page B1
UBS marketing materials
state the program seeks to
limit exposure to extreme
market moves.
Two UBS portfolio manag-
ers oversaw the YES Group and
began promoting the strategy
to other sales representatives
across the firm in 2015, arbi-
tration records show. Through
the UBS spokesman, the bro-
kers declined to comment.
The strategy’s losses high-
light the risks in financial bets
MARKETS NEWS
South Korea’s main Kospi index is down 4.5% this year, making it the only large market in negative territory for the year.
which then sells finished prod-
ucts to the U.S. and other mar-
kets. Meanwhile, relations be-
tween Seoul and Tokyo are at
their frostiest in decades, with
the two countries dropping
each other as favored trading
partners and Japan enacting
export curbs.
One consolation for over-
seas investors: Samsung Elec-
tronics has rallied 14% this
year. Samsung’s $245 billion
market capitalization is bigger
than the combined value of
the next 13 biggest companies
in the Kospi Composite, and
the electronics giant is more
widely held by foreign share-
holders than many smaller
stocks.
—Nayoung Kim
contributed to this article
$59.34 a barrel on the Inter-
continental Exchange.
Some analysts are wary
that the latest tariffs will fur-
ther slow the global economy
and weaken commodity de-
mand broadly. Chinese imports
of U.S. oil have generally fallen
in recent months as the
drawn-out trade dispute be-
tween the world’s two largest
economies continues.
Following the Chinese du-
ties, President Trump said on
Twitter that U.S. companies
were “hereby ordered” to start
looking for alternatives to do-
ing business in China. After
the market closed, he said that
the U.S. plans to make already
announced tariffs on Chinese
imports more severe.
“The net impact of tariffs
during periods of heightened
volatility in the markets. The
YES strategy typically involved
putting on four different op-
tions trades—relating to an
underlying stock index, such
as the S&P 500—at different
strike prices but with the
same expiration date. The
strike price can be the point at
which the owner of a “call”
option can buy or the owner
of a “put” option can sell the
underlying security.
The sale of short-term,
“out-of-the-money” puts and
calls on an index—a situation
when the underlying price of
the index isn’t at or better
than the option’s strike price—
was coupled with the purchase
of short-term below-market
puts and above-market calls
on the index to mitigate risk,
UBS marketing materials show.
Falling Short
South Korea’s stock market is down this year, and its economy shrank
in the first quarter by the widest margin in more than a decade.
Index performance, year to date
Shanghai
Composite
S&P 500
MSCI World 112
Stoxx
100
Europe 600
MSCI Emerging
Markets
08
Kospi –4.5
Sources: FactSet (index performance); MSCI (MSCI index); Bank of Korea (GDP)
will be higher prices for crude
consumers, exacerbating con-
cerns around near-term crude
oil demand,” Noah Barrett, an
energy research analyst at
Janus Henderson Investors,
said in a note.
Many organizations have
already revised down their ex-
pectations for oil-demand
growth in 2019, increasing
pressure on the Organization
of the Petroleum Exporting
Countries and other large sup-
pliers to limit output.
Generally rising inventories
in the U.S. and globally have
also added to fears of excess
supply, with several new pro-
duction sources around the
world also expected to boost
global crude output next year.
Investors are looking ahead
When the S&P 500 was rel-
atively stable, for example, the
options generated a positive
return, but when the index gy-
rated, losses resulted. Because
the strategy made use of bor-
rowed funds—as much as $5
was borrowed and invested for
every dollar put in by the cli-
ent—investors had to either
put up additional money or
have their positions sold at a
loss when the trades went
against them.
Sherrie Pellini put $3 mil-
lion into the YES program in
March 2017. She has filed an
arbitration case against UBS
contending that her broker
didn’t advise her of the risks
in the investment. She says
she lost $750,000.
Ms. Pellini, 60 years old,
and several other UBS clients
said their brokers told them
Saturday/Sunday, August 24 - 25, 2019 | B13
South Korea’s GDP, change from previous quarter
3%
162%
2
136
1
0
–1
–2
–3
2000 ’02 ’04 ’06 ’08
to scheduled trade talks be-
tween the U.S. and China next
month to see if the two sides
can reach a compromise. Some
analysts are skeptical of such
an agreement or a cease-fire
to further tariffs, raising the
possibility of more market vol-
atility ahead.
“You’re looking at an esca-
lation and a trade war longer
than people expected just
three months ago,” said Harry
Tchilinguirian, head of com-
modity markets strategy at
BNP Paribas.
Before Mr. Trump’s tweets,
oil had pared some of its ear-
lier drop after Federal Reserve
Chairman Jerome Powell said
in prepared remarks that the
Fed was prepared to provide
more stimulus if an overseas
BY CORRIE DRIEBUSCH
The topsy-turvy oil market
has battered most energy
companies, but there is one di-
amond in the rough.
Diamondback Energy Inc.’s
stock is up roughly 2% this
year, compared with a 21% loss
for the SPDR S&P Oil & Gas
Exploration & Production ex-
change-traded fund.
Some analysts said they
believe the moves are just the
beginning of what they expect
will be a widening divergence
between a smaller, lower-cost
operator such as Diamond-
CALLAGHAN O’HARE/BLOOMBERG NEWS
back and other energy compa-
nies, especially if trade ten-
sions persist and economies
around the world continue to
slow.
This summer hasn’t been
kind to energy companies.
Signs of slowing economic
growth in Europe and China
sent the price of oil lower on
worries of decreased demand
the investment strategy had a
solid record. Ms. Pellini said
her broker, Robert Perlman,
told her the strategy had a 17-
year history of no losses. “He
said: ‘If the world came to an
end tomorrow, you’d be the
only one with any money
left,’ ” Ms. Pellini recalled.
Asked about this exchange,
UBS declined to make Mr. Per-
lman available for a comment.
When selling the enhance-
ment strategy, UBS brokers fo-
cused on the firm’s wealthy
clients. The firm’s spokesman
confirmed that it offered the
program to clients whose net
worth was at least $5 million,
not an unusual threshold for
complex or highly leveraged
investments.
Ms. Pellini was charged
1.75% to invest, according to
Jacob Zamansky, a securities
KIM HEE-CHUL/EPA/SHUTTERSTOCK
’10 ’12 ’14 ’16 ’18 ’19
economic slowdown engulfs
the U.S. The comments came
at the central bank’s annual
retreat in Jackson Hole, Wyo.,
and were an encouraging sign
for those who hope lower in-
terest rates globally will keep
the economy on solid footing.
Elsewhere in commodities
Friday, natural-gas futures fell
0.3% to $2.152 a million Brit-
ish thermal units, also hurt by
continuing fears of oversupply.
Most-active futures for cop-
per, an industrial metal that
counts China as the largest
source of global demand, de-
clined 1.1% to $2.53 a pound
on the Comex division of the
New York Mercantile Exchange
to extend a recent slide. They
are at their lowest level since
May 2017.
for the commodity. The U.S.-
China trade dispute exacer-
bated fears of slowing demand
around the world.
The price of U.S.-traded
crude oil is down 18% from its
highest settlement price of the
year, in April.
Diamondback Energy, how-
ever, has outperformed its
peers. While shares have fallen
in the past few months, they
remain higher this year.
Two positive factors are Di-
amondback’s cash dividend
and share buybacks. The com-
pany’s board has approved a
program for up to $2 billion of
repurchases through the end
of 2020.
“The company is in a strong
place,” wrote Neal Dingmann,
managing director of energy
research at SunTrust Robinson
Humphrey, in a note.
He added that he could see
the company snapping up
lower-priced assets of strug-
gling rivals in the longer term.
lawyer in New York represent-
ing Ms. Pellini and other UBS
customers. Fees exceeding 1%
for wealthy investors are gen-
erally considered steep.
The UBS spokesman de-
clined to disclose the commis-
sions the program generated
for the firm’s brokers.
Over the past decade, regu-
lators have cited UBS for secu-
rities-law violations at least
nine times, Securities and Ex-
change Commission filings
show. Many matters involved
individual investors who had
been harmed when they
bought specialized and com-
plex UBS products. In all
cases, UBS settled with regula-
tors, neither admitting nor de-
nying the allegations.
A UBS spokesman declined
to comment on the regulatory
actions.

B14 | Saturday/Sunday, August 24 - 25, 2019
Late Railroad
Guru’s Legacy Is
Losing Steam
New issues dilute the gains from Harrison’s vision
Until recently, the train business
was more than chugging along.
An industrywide move to imple-
ment “precision-scheduled railroad-
ing”—a system for trimming down
wait times and boosting cargo effi-
ciency devised by late railroading
savant Hunter Harrison—led to
widespread improvements in recent
years. This model has been a boon
for shareholders of America’s big
listed railroads: Union Pacific, Nor-
folk Southern and CSX.
But the momentum from this
transition is now fading. Old busi-
ness lines like coal transport are
slowly going away, and competi-
tion from trucking is on the rise.
What’s more, if prolonged trade
tensions weigh on economic
growth, efficiency improvements
could help rail operators get
through it, but revenue declines
Stock-price performance
500%
400
300
200
100
0 barking toward its destination—
–100 Quarterly intervals
2008 ’10 ’12 ’14 ’16 ’18
Source: FactSet
LIU JIE/XINHUA/ZUMA PRESS
Fed chief Jerome Powell said the central bank can’t solve all trade issues.
Powell Notes Fed’s
Limits, to Trump’s Ire
Monetary policy isn’t a cure-all, Fed chief says
Federal Reserve Chairman Je-
rome Powell probably wishes his
job was as easy as not talking
about the elephant in the room.
Elephants, while large, aren’t
vocal critics of Fed policy. One
could reasonably talk about the
natural rate of unemployment
while a staffer quietly handed the
elephant peanuts.
As trade tensions flare,
the central bank’s safety
net might be flimsier
than investors believe.
But the Fed chairman has to
contend with President Trump,
who has been berating the central
bank and calling for lower interest
rates for over a year. And who
wants the Fed to clean up any
damage to the economy from
trade tensions, which escalated
Friday as China said it would im-
pose tariffs on $75 billion worth of
U.S. goods.
Mr. Powell, in Jackson Hole,
Wyo., on Friday made it clear the
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HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
will still be painful.
Before precision-scheduled rail-
roading, or PSR, locomotives had
been run the same way for more
than a century. Trains waited for
cargo at the rail yard, then left
when customers brought their
shipments and loaded them up. It
was an unreliable business with
plenty of inefficiencies. But that
started to change early this de-
cade, when Mr. Harrison teamed
up with William Ackman’s Persh-
ing Square Capital to take control
at Canadian Pacific Railway.
“No one has the stomach to
challenge the status quo,” Mr. Har-
rison, who started his railroad ca-
reer as a 19-year-old laborer in
1963, said several years ago.
Rather than leave the departure
times up to clients such as facto-
ries, farms and mines, Mr. Harri-
son demanded they be ready or
miss their trips, much like airline
passengers. This didn’t win many
friends among clients, but after
Union successfully implementing the
Pacific
model in Canada, Mr. Harrison
moved on to take the helm of
Jacksonville, Fla.-based CSX in
CSX 2017. Tragically, his tenure was
short-lived. Mr. Harrison died just
after joining the company.
But his vision lasted and ex-
Norfolk panded. Norfolk Southern and
Southern Union Pacific have both adopted
PSR, while CSX continues what he
started. All the businesses have
changed dramatically. For example,
S&P 500 dwell times—the period a railcar
spends in a terminal before em-
have declined at Norfolk Southern
from 25.5 hours in July 2017 to 18
hours this July, a nearly 30% im-
provement. Freight car velocity, or
the daily miles traveled by each
car, at Union Pacific increased 7%
Fed is ready to respond with more
cuts if trade tensions worsen the
economic outlook. But Mr. Powell
said that when it comes to trade,
there are limits to what the Fed
can accomplish. Mr. Trump didn’t
seem to take that well, wondering
on Twitter whether Mr. Powell is a
greater threat to the U.S. than Chi-
nese President Xi Jinping.
Part of the problem is the Fed
has no real sense of how to pro-
ceed, Mr. Powell noted. So far this
year, employment and consumer
spending have continued to do
well even as business confidence
has eroded, making it unclear how
much easing the economy actu-
ally needs.
Moreover, if trade uncer-
tainty does spill into the
broader economy, the Fed’s
ability to counteract damage
may be limited. First, there is
the simple matter that with
rates already low, the Fed has
only so many rate cuts to give.
But there may also be limits to
what monetary policy can do to
offset trade troubles.
The Fed’s safety net might be
flimsier than investors believe.
—Justin Lahart
* ***
ON
THE
Major U.S. railroads are facing a combination of growing challenges as momentum from recent reforms fades.
to 185 miles a car in the first quar-
ter compared with the same quar-
ter last year.
Both trains and the people
working the rail yards are more
productive. CSX’s operating ratio,
a measure of the amount of oper-
ating revenues consumed by oper-
ating expenses, went from more
than 67% in the second quarter of
2017 to 59% in the second quarter
last year, then fell further to 57%
in the second quarter this year.
Norfolk Southern and Union Pa-
cific’s similar metrics have also
dropped significantly. Net income
at all three companies is increas-
ing. Stock prices have improved
dramatically, too, more than dou-
bling at Norfolk Southern and
Union Pacific since early 2016 and
tripling at CSX.
But in the past six months, all
three companies’ stock prices have
pulled back some of their gains.
They are facing a combination of
challenges. Competition from
trucking is hitting intermodal
OVERHEARD
The Apple Card has arrived.
Sleek white with a titanium
base and laser-etched with
your name and the Apple logo
(but not your card number), it
might just be more precious
than anything you actually pur-
chase with it.
You’ll have to take care of it,
though. Published this week,
Apple’s care guidelines for its
newest piece of metal are in-
timidating at best. While the
card itself should be stored in a
wallet, pocket or bag made of
soft materials, fabrics like
leather and denim are appar-
ently to be avoided as they
could leave a stain. Needless to
say, most wallets and bags are
made of leather, and quite a
few pockets are made of denim.
The card itself also shouldn’t
touch another credit card (lest
you scratch it). Other items to
avoid are loose change, keys or
other potentially abrasive ob-
jects—basically everything a
woman has in her purse.
Cleaning the card is its own
beast. The card should be
“gently wiped with a soft,
slightly damp, lint-free microfi-
ber cloth,” Apple says, moist-
ened with isopropyl alcohol.
Perhaps the most confusing
part is that you don’t actually
need it. Apple says more than
70% of all U.S. retail locations
now support Apple Pay. For
that, all you need is your
tricked-out iPhone.
cargo, or the shipments that trains
move from water to road through
cargo containers that typically
contain consumer goods. The num-
ber of Class 8 trucks, typically
known as “semis” or “18-wheel-
ers,” on the road grew dramati-
cally in late 2017 and early 2018,
Hunter Harrison’s
‘precision-scheduled
railroading’ model had
boosted the industry.
creating a glut. Trucking prices
have fallen just as trains are trying
to gain some pricing power.
The intermodal business mat-
ters greatly. It made up 18% of rev-
enue among top-tier, or “Class I,”
railroads last year, according to
the Association of American Rail-
roads. Intermodal divisions at all
three railways suffered in the most
Which Coke Stock
Has the Most Fizz?
Shares in a bottler offer a way to bet on regions
where the sales of Coca-Cola are strongest
Coca-Cola is supposed to have
the same flavor everywhere, but
that’s not the case for Coca-Cola
stocks. Some of the soda giant’s
bottling partners offer fizzier
growth than others.
The world’s biggest soft-drinks
company does less than 10% of its
bottling in-house. Instead, it teams
up with large “anchor” bottlers in
most of its key markets. These
companies, such as Coca-Cola Eu-
ropean Partners in Western Eu-
rope or Coca-Cola Bottlers Japan,
do the heavy lifting involved in
getting drinks to retailers.
They buy the concentrated form
of Coca-Cola’s drinks, mix and
package it into the end-products
that consumers see in stores. They
also handle distribution and price
negotiations with supermarkets.
Some of these stocks have been
better investments than the brand
itself in recent years. Coca-Cola
Hellenic, for example, has deliv-
ered annual shareholder returns of
18% over the past five years, com-
pared with 9% returns from the
Atlanta-based soda giant.
Bottler stocks allow investors to
be more selective about the re-
gions that they want exposure to
than shares in the global Coca-Cola
brand. CCH has a big emerging-
markets business and has grown
sales by roughly 6% in the past
couple of years, stripping out port-
folio and currency changes. Rising
disposable incomes in countries
like Nigeria should boost con-
sumption: Nigerians drank 53
single-serve drinks per capita
in 2018, compared with the
523 consumed by Americans.
CCEP, created by the 2016
merger of three European re-
gional bottlers, has higher op-
erating margins than CCH.
It is also growing well given
its footprint in more mature
markets—underlying growth accel-
erated to 4.5% last year. But its
shares trade at a 10% discount to
CCH’s on a projected earnings ba-
sis. It is more directly exposed to
THE WALL STREET JOURNAL.
LUKE SHARRETT/BLOOMBERG NEWS
recent quarter.
Then there is coal, a big occu-
pier of train cars. In 2018, coal
made up nearly a third of the total
tonnage of Class I railroads. But
originated carloads of coal have
dropped by almost half in the de-
cade leading up to the end of 2018.
Coal volume carted by CSX been
cut by half over the same period.
That business isn’t coming back,
because of both pricing pressures
from natural gas and environmen-
tal concerns, which CSX has ac-
knowledged are risks.
On top of all this, railroads will
be especially exposed if trade dis-
putes start to cut into U.S. eco-
nomic growth. During the last
downturn, between July 2008 and
February 2009, CSX’s stock de-
clined by more than half.
More efficient structures help,
but shareholders have seen much
of those benefits already. When
the next downturn comes, preci-
sion scheduling will be no panacea.
—Lauren Silva Laughlin
Drinking Habits
Single-serve, nonalcoholic beverages
consumed per capita in 2018
Mexico
623
U.S.
523
Britain
330
Spain
France
307
Russia
122
180
Nigeria
53 Source: Coca-Cola Hellenic
consumer-health regulations: Al-
most half of its markets now have
some form of sugar tax.
Even the most attractive bot-
tlers’ stock-market valuations now
OHERD: PHOTO ILLUSTRATION BY WSJ; CARD: F. MARTIN RAMIN/THE WALL STREET JOURNAL; JEANS: ISTOCK
seem low relative to Coca-Cola it-
self. CCH shares fetch 20 times
next year’s estimated earnings,
compared with 24.5 times for the
soda brand.
In part, the discount reflects
strict commercial terms laid down
by Coca-Cola that limit where bot-
tlers can operate and require ex-
clusivity. This means the brand’s
partners cannot easily push into
new territories or diversify with
new business from Coke’s competi-
tors. Coca-Cola also owns a big
chunk of the bottlers’ equity—be-
tween 20% and 25% typically—and
has seats on their boards. There
are few other stocks where an ex-
clusive supplier wields such power
over the strategy of an indepen-
dent company.
Bottlers’ subservience to an-
other company puts a cap on their
options—and their stock-market
valuations. But that doesn’t mean
they can’t be sweet investments.
—Carol Ryan
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How Fido Feels War of Words

Dogs don’t need words How writers, publishers
to communicate and propagandists fought
their inner lives C4 the Cold War Books C7

CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 24 - 25, 2019 | C1
ILLUSTRATION BY ANDREW RAE; GETTY IMAGES (DOG); ALAMY (BOOKS)

Is Your
A
ugust brings the observed the rising rate of mental illness
familiar ritual of on campus with growing concern. Both of
parents and soon-
to-be college fresh-
men packing up for
move-in day. Amid
the final flurry of
Child us have seen young patients with crip-
pling anxiety, depression, bipolar disor-
der, eating disorders and even incidents
of self-harm who have been unable to
adapt to the demands of college life.
preparations, there’s one task that
shouldn’t be overlooked: anticipating
and discussing the challenges ahead. De-
spite their academic talents and extra-
curricular achievements, many teenagers
Emotionally More than 85% of college students de-
scribed feeling “overwhelmed,” and 51%
reported feeling at some point in the
past year that “things were hopeless,”
according to the American College
now headed to college lack the emo-
tional maturity for their first real en-
counter with adult independence.
Parents may feel confident about the
transition because their teen has gotten
Ready Health Association’s annual survey in
2018. Last year, fully a third of college
students received treatment at campus
counseling centers, according to the lat-
est annual Health Minds Study, a web-
this far; perhaps the family has teamed
up to navigate the arduous path to suc-
cess in high school and in the college ap-
plication process. If the new collegian is
headed to a school that’s a good fit, the
hard part may seem over.
For College? based student survey of 155,000 students
from nearly 200 campuses.
What explains the emotional fragility
of today’s college students? Many factors
have contributed to the problem. Family
life in the U.S. has come to feel less sta-
But the ascent from high school to college is filled with new For many students, ble in the face of globalization, the home and job losses of the
complications, and the more that parents have done along the Great Recession, income insecurity and significant rates of di-
way to help their teens prepare, the less ready their offspring the transition to adult vorce. The 1990s saw the emergence of the internet and, soon
may be to handle problems without their help. Parents will Please turn to the next page
face a new dynamic in trying to understand from afar when
independence is
best to intervene and when to hang back. And colleges, whose unexpectedly difficult. Dr. Rostain is a professor of psychiatry and pediatrics at the
privacy rules about students’ academic and health information Perelman School of Medicine at the University of
can often keep parents in the dark, can’t be relied on to step Here’s how parents can help. Pennsylvania. Dr. Hibbs is a marital and family psychologist.
in as watchdogs or caretakers. By Anthony Rostain and They are the authors of “The Stressed Years of Their Lives:
As parents of former college students ourselves and as men- Helping Your Kid Survive and Thrive During Their College
tal-health professionals dealing with this age group, we have B. Janet Hibbs Years” (St. Martin’s Press).

Inside
CHURCH AND STATE
Debt WEEKEND
CONFIDENTIAL
TRAVEL

Eastern Orthodoxy’s
spiritual leader has Danger Once a doper,
Up in the Air
Flying can still
recognized Ukraine’s Counting on cyclist Jonathan offer a magical
religious autonomy— economic growth Vaughters now
to pay for spiraling sense of freedom
and Vladimir Putin federal deficits is a works for clean from time and
is not happy. C3 risky gamble. C5 riding. C6 space. C3
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Navigating the message becomes: “You can recover. This is

part of growing up.”

College Transition
Perhaps the hardest emotional milestone for
parents to achieve involves the promotion of a
child’s autonomy. As the psychoanalyst Anna
Freud, Sigmund’s daughter, famously said
Continued from the prior page about the nature of parenting, “Your job is to
afterward, the deeply unsettling influence of social media. be there to be left.” Though many parents pro-
In response to these and other rapid social changes, American vide emotional and financial support long past
parents have moved away from the traditional emphasis on encour- college, it remains their job to promote true
aging childhood independence, seeking instead to exert ever more independence, partly by volunteering to reduce
control over their children’s lives. The pitfalls of this approach in- their control.
clude over-preparation, which can place academic achievement at Parental guilt is a frequent emotion when
the center of a child’s self-esteem; over-protection, which keeps chil- the transition to college is especially difficult,
dren from making their own mistakes and learning from them; and but it is important to remember that a rocky
over-investment, when parents try to meet their own needs by push- start can be a useful experience for a young
ing a child forward in their image. adult. It is a reminder that life takes many
The result is what we now see on campus: a generation of young turns and isn’t linear.
people who often lack the maturity and resilience to deal with the For their part, colleges need to become
emotional ups and downs of early adulthood and the constant striv- more active in addressing the needs of vulner-
ing expected of them as they face an uncertain future. able students and offering freshmen enough
There is no Advanced Placement class for emotional readiness, resources for the transition.

“
but research has shown that it is the best predictor of whether a One of the most important
student will adjust successfully to college life. In our own work, ing and isolated him from his teammates. implications of an 18th
we’ve found that readiness is best defined by a student’s ability to To cope with this setback and worries birthday is that parents no
overcome three common negative mind-sets: a fear of not belonging, about his scholarship and his future, he longer have legal authority
a fear of not making it academically, and unrealistic expectations retreated into silence and began smoking Unrealistic over the student as a pa-
about performance and success. All three can exacerbate a host of marijuana every day. Failing a drug test expectations tient. Many parents are con-
underlying psychological problems. was what got him help; his coach made fused—and sometimes in-
Fear of not belonging can arrive quickly in the initial rush to therapy a condition of rejoining the team.
can lead dignant—when they first
make new friends. Far from home and familiar social supports, many Students who haven’t faced such adver- students to learn about the federal pri-
incoming students struggle with feelings of loneliness. Parents may sity before are usually the least prepared vacy laws governing a col-
find themselves fielding worrisome calls or texts: “I can’t find the for it and the least likely to seek or re-
respond lege student’s medical and
right club”; “Not clicking with roommate”; “I got dropped from ceive help. to ordinary mental health treatment
rush.”
When social life fails, college often fails. If students become so-
In the face of today’s veritable college
mental-health epidemic, students, parents
stumbles and their educational re-
cords as well.
cially detached, they grow less inclined to pursue their academic and schools each need to embrace unac- with College administrators
goals. That happened with Dr. Hibbs’s own son, Jensen. After a suc- customed roles. profound often cite these restrictions,
cessful first semester socially and academically, a harsh rejection by For students, a key first step is ac- which they are legally
his best college friend precipitated a depressive spiral. Jensen coped knowledging how difficult the transition dismay and bound to observe, as rea-
by isolating himself, even eating alone in his room to avoid encoun- may be and the possibility that they may self-blame. sons for not informing par-
ters in the dining hall. As his depression deepened, he missed need help. A 2013 report on an interven- ents about their child’s ad-
classes and assignments. He saw a college counselor, but no one tion program published in the American justment difficulties. They
from the college notified his parents of any concerns. Journal of College Health found that par- could instead do a better
Fortunately, Jensen eventually told a friend and then his parents ticipants’ top reasons for not initially seeking job of explaining to parents that they can discuss
that he felt suicidal. That helped to lead the way to some solutions, counseling were “My problems are not serious these restrictions with their children and ask
including therapy. He took a medical leave, transferred to a college enough to warrant assistance” (66%), “I don’t have them to agree to waive them, in their own self-in-
close to home and completed a enough time” (27%) and “I terest. Students can grant permission for campus
degree. Most problems of be- prefer to manage my problems academic advisers and health-care providers to
longing are not as consequen- on my own” (18%). communicate directly with parents should signifi-
tial, but loneliness is often un- In many cases, students cant problems arise. Without it, college counselors
derestimated in youth and can simply lack the information or find themselves unable to help when fielding fran-
be a sign of trouble ahead. insight to recognize their own tic calls from parents: “I sent a happy kid to col-
The fear of not making it problems. But the onset of lege—what happened?”; “How could my daughter
academically can prove the most mental-health disorders be so depressed that she needs medication?”
most difficult adjustment for occurs between the ages of 14 Colleges are increasingly teaching students to
students used to doing well in and 26, when the developing recognize the signs of stress and mental illness in
high school: “I’m in over my brain is undergoing hormon- themselves and their peers, and they are working
head”; “I bombed my first ally driven change. College to reduce the stigma of using mental-health ser-
Chem exam”; “I’m just wasting freshmen are especially at risk vices. Many are instituting programs that empha-
your money.” The angst in- for developing several of size the importance of a healthy lifestyle and
duced by receiving disappoint- them, including anxiety disor- teach skills like mindfulness. More colleges now
ing grades, with so much at der and depression. recognize the value of student mentoring for vul-
stake, can lead to unjustified Students navigating their nerable groups, like underrepresented minorities.
shame, premature discourage- new environment must also And the idea of “parents as partners” is beginning
ment and an inability to manage an adolescent-to- to become an accepted framework for promoting
bounce back. For some, a sin- young-adult brain that is a successful transition to college; most schools
gle less-than-stellar grade wired for thrills and risk tak- now provide parent orientation programs that em-
feels like the harbinger of an ing. At this age, the limbic phasize how to effectively support their student’s
inevitable fall. system, where drives and independence.
One such student’s fears ap- emotions originate, is outpac- A cultural shift is beginning to take place, re-
peared absurd to those famil- ing the maturing of the frontal placing the old “sink or swim” philosophy of col-
iar with her stellar K-12 aca- lobes, where executive control lege survival with one that recognizes the diverse
demic record. But at a campus arises; the accelerator over- needs and vulnerabilities of young people. But
party, trying to drown her dis- takes the brakes. This imbal- when these resources aren’t enough, colleges
tress over a recent C+, the former valedictorian drank too much, ance puts freshmen at particular risk for excessive should make it easy for students to take a leave
barely escaped rape, returned to her dorm and intentionally cut her alcohol and drug use, reckless driving, unwanted (for academic, medical or personal reasons) with a
left wrist. The blood shocked her into getting help from her dorm’s sexual activity, sports-related injuries and addic- minimal amount of stigma, embarrassment or fi-
resident adviser, who took her to the emergency room for 15 tive internet usage. Students need to understand nancial loss. A setback doesn’t mean they don’t be-
stitches. The next day, she sought treatment, soon entered our care that self-restraint is one of the best ways to avoid long in college. It means they should seek support.
and remained in school. derailing a college career. A young person’s passage from home to college
Having unrealistic expectations can lead students to respond to How can parents promote successful adapta- requires dramatic changes on the part of both
even ordinary stumbles with profound disappointment and self- tion to college while simultaneously trying to let generations, and we are all learning to handle it
blame. In its extreme form, it becomes destructive perfectionism, go? They need to talk to their children about the with more sensitivity and forethought. So as the
the distorted belief that one has to be perfect in every endeavor. The risks of college life, but they must learn to listen, big day approaches, with clothes and bedding and
greatest danger occurs when students experience such struggles but not to lecture. Parent-child communication skills cherished mementos piled high, take a few min-
don’t share them with others. should shift in tone at this juncture from advice- utes to sit down with your child and look ahead.
ANDREW RAE

A few years ago, an aspiring track star with a scholarship to a giving or rule-setting to collaborative problem- Healthy attitudes and better coping skills can
large university saw Dr. Hibbs for depression prompted by a ham- solving. If parents are able to accept a child’s make these sometimes stressful years the best of
string injury in his first semester that prevented him from compet- lapses without judgment or blame, their implicit their young lives.

A Silly describe an “out of whack” per-

sonality—perhaps suggesting
based on a sneering epithet
that the British used against
that someone needed a whack American colonists, who were
Word to to the head to be set straight.
“Whacko” or “wacko” became
seen as objects of ridicule (es-
pecially when they tried to put
Squawk in popularized as a term for an
eccentric person, as in this 1936
on airs as “dandies”).
Combining all these fanciful
WORD ON
THE STREET Ludicrous passage from the State Journal
of Lansing, Mich., describing a
components into “wackadoo-
dle” didn’t become popular un-
BEN
ZIMMER Times search for a fall guy: “They’ve
got to pick some whacko who
won’t want the state capital
til the early 1990s. The Oxford
English Dictionary notes that
the humorist Dave Barry wrote
building in return for false im- a column in 1991 with a list of
ON MONDAY, after President prisonment.” silly names for “traditional
Trump tweeted the unfounded Elaborating “wacky” into the English dishes,” including
assertion that Google had emerged as a humorous label century as a noun or verb re- longer words “wackadoo” and “Whack-a-Doodle Johnson,” and
somehow “manipulated” mil- for someone or something that ferring to a vigorous blow— “wackadoodle” may have been a 1993 article in the San Diego
lions of votes in favor of Hillary is eccentric at best or unhinged probably a case of onomato- helped along by nonsensical re- Tribune quoted a therapist re-
Clinton in the 2016 election, at worst. In 2014, the word en- poeia, like the similarly frains in songs going back to ferring to “wack-a-doodle theo-
CNN chief legal analyst Jeffrey tered the Oxford English Dic- aggressive “thwack.” “Whack” the 1920s. “Doo Wacka Doo” ries of psychology.”
Toobin said, “In a day of wack- tionary, along with its shorter gave rise to many different ex- was a song title in 1924, and The term is also showing up
form, “wack- pressions, like “taking a whack” the singer-songwriter Roger in our Trump-era politics. New
adoo.” Kath- at something. “In fine whack” Miller had a hit with the simi- York Times columnist David

[Wackadoodle]
adoodle claims, this is the most
wackadoodle of all, because
there is not even any claim that
Google manipulated votes.” He
added, “No one claims that ex-
erine Martin, once meant “in good condi-
head of U.S. tion,” while “out of whack” de-
dictionaries scribed something that’s mal-
for Oxford functioning, including
University someone’s mental faculties. The
Press, ob- Ishmaelite, a newspaper in Erie,
served that, for both “wacka- Kan., included an item in March
doo” and “wackadoodle,” “the 1871 describing a local charac-
silliness of the words them- ter as “one of that sort of fel-
selves contributes to their lows whose heart is in the right
mildly contemptuous effect.” place” but whose “head is aw-
larly titled “Do-Wacka-Do” in
1965. The “doodle” variation
appears as early as 1933 in a
song titled “The King Made
Whoopee in the Land of
Whack-a-Doodle-Doo.”
“Whack-a-doodle-doo,” of
course, resembles the rooster’s
cry of “cock-a-doodle-doo,”
which shows up in texts dating
back to Shakespeare’s time. The
Brooks recently said on the
“PBS NewsHour” that Marianne
Williamson, the self-help guru
now running for the Demo-
cratic presidential nomination,
has some “wackadoodle ideas.”
And in March, President
Trump’s proposed budget was
called “heartless and whacka-
doodle” by Washington Post
columnist Catherine Rampell.
JAMES YANG

cept Donald Trump.” The roots of these words can fully out of ‘whack.’” “doodle” element has long been When the times feel particu-
“Wackadoodle,” also spelled be found in their first syllable. In the 20th century, used to connote foolishness: larly ludicrous, only the most
as “whackadoodle,” has “Whack” goes back to the 18th “whacky” or “wacky” came to The song “Yankee Doodle” is ludicrous terms suffice.
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REVIEW
Ukrainian President Volodymyr
Zelensky (left) meets Ecumenical
Patriarch Bartholomew I (second
from left) in Istanbul, Aug. 8.

Ukrainian church. “We don’t live in

the same sense of time as the politi-
cal world,” he said.
Orthodoxy has long glued Russia
and Ukraine together. The religion
first came to Russia via Kiev. Volod-
ymyr the Great—or Vladimir the
Great, as Russians call him—adopted
the faith at the end of the first mil-
lennium, when Kiev was pre-eminent
among eastern Slavs. As Moscow be-
came a regional power over the fol-
lowing centuries, it acquired its own
religious authority. In 1686, an am-
bassador of the Russian czar cajoled
a distant predecessor of Bartho-
lomew’s into permitting Moscow to
install its own church leader in Kiev.
The Soviet Union largely sup-
pressed religion during the 20th cen-
tury, but after the KGB veteran Mr. Pu-
MURAD SEZER/AGENCE FRANCE-PRESSE/GETTY IMAGES

tin came to power in 2000, the

Russian Orthodox Church became his
firm ally. The Kremlin leader and allied
tycoons have used religion to spread
political power at home and abroad,
funding conservative organizations,
television channels and the construc-
tion of churches. The Russian Ortho-
dox Church’s leader, Patriarch Kirill,
has called Mr. Putin’s period of rule a
“miracle of God” and says that three
churches are being built in Russia ev-
ery day. Meanwhile, Mr. Putin has ad-
opted St. Vladimir as an icon of the
historic and cultural ties of the region.
BY JAMES MARSON

Ukraine Gets a The Russian leader had a nearly 60-

W
foot statue of his namesake built near
hen the patriarch of the Kremlin in 2016 and partly justi-
the Russian Ortho- fied his 2014 annexation of Ukraine’s
dox Church conse-
crated the first
stone of what is
planned to be a towering green-and-
Church of Its Own— Crimean peninsula by saying that it
was where the saint was baptized.
Ukraine’s efforts to carve out its
own Orthodox church began soon after

And Putin Glowers

gold cathedral outside Moscow last the country gained independence from
fall, Vladimir Putin and his defense Moscow in 1991 after the collapse of
minister were front and center for the the Soviet Union. For years, Ukrainian
ceremony. The Russian president even appeals to Bartholomew for its own
pledged some of his own money to church went unfulfilled, partly
fund the cathedral’s centerpiece icon. thwarted by Russian obstruction. But
The ceremony for a cathedral being Russia’s invasion of Ukraine in 2014
built to honor Russia’s military was a
As Moscow tries to keep ex-Soviet republics under its sway, sparked a national awakening and
potent public demonstration of the the spiritual leader of the Eastern Orthodox Church makes a bold move. turned most Ukrainians against any-
newly tightened bond between church thing connected with their erstwhile
and state in a country that was offi- imperial masters in Moscow. The up-
cially atheist for decades under the Soviets. Mr. Putin’s to counter the Russian narrative. “We have given indepen- start Kiev Patriarchate’s popularity surged, and individual
alliance with the church is central to his efforts to rep- dence, the ability for your church to carry out its work in- Ukrainian churches began ousting Russia-linked priests.
resent a regional bulwark against the West and to help dependently and unaffected by any outside intervention,” Bartholomew proceeded cautiously, trying to assuage
keep the largely Orthodox former Soviet republics—es- Bartholomew said. The new Orthodox Church of Ukraine Moscow to preserve its support for his own yearslong ef-
pecially Ukraine—under his wing. says that more than 500 parishes so far have transferred fort to put together a Holy and Great Council—a meeting
But since that ceremony, the spiritual leader of the allegiance to it from the country’s Russian-led church. of the leaders of all 14 officially recognized Orthodox

global Eastern Orthodox Church has dealt a blow to Mr.
Putin’s prospects in Ukraine—and plunged both coun-
tries and the church itself into a contest for the loyalties Church, the world’s second-largest Christian denomina-
of many Ukrainians. In January, Ecumenical Patriarch
Bartholomew I handed Ukraine its own church. That
move ended centuries of Russian ecclesiastical authority
over Ukraine, and it also gave support to Ukraine’s ef-
forts to limit Moscow’s influence on its citizens.
Since then, Russia has suspended communion with
the church of the 79-year-old Bartholomew, accusing
him of overstepping his authority and denouncing him
as a U.S. puppet. Mr. Putin has said that Bartholomew
was duped into the move, motivated by money and
“prompting from Washington.” A top Russian Orthodox
bishop accused Bartholomew of having been paid $25
million for his pro-Ukraine decision, citing unsubstanti-
ated claims in the state-dominated Russian media. For
their part, Bartholomew and his advisers say that Russia
is using Soviet-style dark arts against him, including
disinformation, and has tried to hack church emails.
As the sides continue to press their cases, the soft-spo-
ken Bartholomew appeared earlier this month with
Ukraine’s new president, Volodymyr Zelensky, and sought
The conflict has brought into the open a long-simmer-
ing competition for sway within the Eastern Orthodox
tion, with some 250 million followers. Bartholomew—who
is based in Istanbul, the former capital of the Roman Em-
pire once known as Constantinople—is “first among
equals” of Orthodox leaders. But the Russian church, the
biggest member of the loosely knit organization, has long
used its size and wealth to challenge his authority.
(Around two-thirds of Ukrainians identify as Orthodox,
while some 10% of Ukrainians are Greek Catholic.)
All sides are lobbying other Orthodox churches that are
considering whether to recognize the new Ukrainian
church. None has done so yet, which the Russian Orthodox
Church says shows the weakness of Bartholomew’s au-
thority. Meanwhile, each side is looking for any sign that
it has the upper hand. After a senior bishop from the
Church of Greece appeared at a ceremony in Kiev on July
28, the Greek bishop’s office issued a disclaimer to clarify tin Malofeyev, a Russian tycoon who promotes Orthodoxy
that his presence wasn’t an endorsement.
Metropolitan Emmanuel of France, a close adviser to
Bartholomew, said in an interview that it may be some
time before other churches grant recognition to the new
“
churches, the likes of which hadn’t taken
place for more than a millennium. Russia
pulled out of the gathering at the last min-
ute, which dimmed the luster of Bartho-
Russia accuses
lomew’s crowning achievement. Metropoli-
tan Emmanuel described the Russian
Bartholomew
withdrawal as “an attempted coup” aimed
of over-stepping
at undermining Bartholomew. But it did
untie his hands on Ukraine.
his authorityThe Eastern Orthodox leader told his
and calls him a
aides not to worry about the Russian cam-
U.S. puppet.
paign, saying that he wanted to heal a
wound in Ukraine that had kept millions of
people cut off from the official church.
Bartholomew officially granted autoceph-
aly—independence from external authority—to the Ortho-
dox Church of Ukraine on Jan. 6 in a ceremony in Istanbul.
Russia has underestimated Bartholomew, said Konstan-
at home and abroad and is close to the leadership of the
Russian Orthodox Church. “We didn’t recognize the level
of the threat,” he said. “We thought everything would end
at talks and promises.”

Air Travel Hasn’t be abstract shapes on a

map and becomes a se-

Lost Its Magic

BY MORTEN HOI JENSEN
I SOMETIMES THINK of my father
as a closet pilot, or what the Austra-
lian writer Clive James calls a “non-
practicing pilot”: someone who has
spent so much time in the air that
he can speak with confidence about
the mechanics of flight. Sitting on
the terrace of his home in a suburb
north of Copenhagen, he can non-
chalantly point out a Boeing 777
coming from Singapore or, checking
his wristwatch, an Airbus A340 tak-
ing off, probably bound for Chicago.
Growing up in Denmark, my fam-
ily always seemed to live near mili-
tary air bases or below the final ap-
proach to international airports, and
there is something about this prox-
imity to global air traffic that I find
oddly reassuring. Even now, looking
out of my apartment window in
Brooklyn, I can clearly see the in-
coming flights banking low through
cloud cover, calmly descending to-
ward LaGuardia, and feel almost
meditatively at ease.
often than not, a necessary
evil. The absence of leg
room, the unanticipated lay-
overs, the endless security
encumbrances—traveling by
air isn’t what it was in the
sky-blue heyday of Pan Am.
In the U.S. especially, air-
planes have been demoted
to devices for getting from
point A to point B, with lit-
tle or no in-flight service to
speak of, at least compared with
many European and virtually all
Asian carriers.
Still, whenever I do fly, I’m filled
with a kind of excitement that I ha-
ven’t known since childhood. I love
the tensed fury of takeoff, the
smooth tilt that reveals the grid of a
city or the patchwork of open fields
below, the chorus of seat belts un-
buckling once the plane reaches
cruising altitude.
I even love the familiar sight of a
hot meal encased in tinfoil, so reas-
suring in its demonstration of hu-
manity’s utter lack of imagination.
onist, John Self, dreams of one day
opening a restaurant that serves
only airplane food. When I first read
that, I’d never felt so close to a fic-
tional character before.
But I don’t just love the routine
and wonder of flight: I even love the
experience of going through the air-
port. Though often derided for being
bland, sanitized environments, with
a predictable smattering of shops,
restaurants and off-limits lounges,
airports are also ideal places for
what Saul Bellow called a “humanity
bath”: meeting and mingling with
absolute strangers.
Denmark, offered to pay for my
drink because he’d lived in Esbjerg
for three years and loved it. When I
left to catch my flight, he gave me
his card and told me to come work
for his pipeline construction com-
pany in Houston. I still haven’t been
to Texas, but my encounter in
Heathrow made the state more real
to me.
Airports are the switches on a
global circuit connecting you to far-
away places—even if you never actu-
ally go there. When you walk past
gates showing departures for Barce-
lona, Bangkok, Cape Town or Copen-
ries of reachable desti-
nations instead. You are
everywhere and no-
where.
The spatial disorien-
tation (what the British
Airways pilot and writer
Mark Vanhoenacker
calls “place lag”) is aug-
mented by a feeling of
timelessness. In air-
ports, it’s never too
early for a drink and
never too late for a nap.
A late flight from the
east arrives just as the
early flight to the west
is about to take off. The
distinction between day and night,
like the borders between countries
and continents, is blurred.
And this blurring, the neither-
here-nor-there of contemporary air
travel, is what I love the most.
Those hours spent waiting at an air-
port or doing nothing during a flight
have become, for me, the necessary
suspensions of daily life. By lifting
us out of our roots and rhythms, air
travel teaches us that, sometimes, a
little distance and detachment isn’t
such a bad thing.
Mr. Jensen is the author of “A Diffi-
DAWID RYSKI

Most people, if they think about (How is this still the best we can I once sat next to a hard-drinking hagen, the massive distances sepa- cult Death: The Life and Work of
flying at all, think of it resignedly as do?) In Martin Amis’s novel Texan at a bar in London Heathrow rating you from these locations Jens Peter Jacobsen” (Yale Univer-
a form of transportation—or, more “Money,” the frequent-flying protag- who, when he learned I was from briefly contract. The world ceases to sity Press).
 RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
C4 | Saturday/Sunday, August 24 - 25, 2019
MIND & MATTER
SUSAN PINKER
When Taking
Risks Is the
Best Strategy
ONE WAY TO DIVIDE
up the world is be-
tween people who like
to explore new possi-
bilities and those who
stick to the tried and true. In fact,
the tension between betting on a
sure thing and taking a chance that
something unexpected and wonderful
might happen bedevils human and
nonhuman animals alike.
Take songbirds, for example. The
half-dozen finches perching at my
deck feeder all summer know exactly
what they’ll find there: black sun-
flower seed, and lots of it. Mean-
while, the warblers exploring the
woods nearby don’t depend on this
predictable food source in fine
weather. As foragers, they enjoy
other advantages: a more varied diet,
less exposure to predators and, as a
bonus, the chance to meet the per-
fect mate flitting from tree to tree.
This “explore-exploit” trade-off has
prompted scores of lab studies, com-
puter simulations and algorithms,
trying to determine which strategy
yields the greatest reward. Now a
new study of human behavior in the
real world, published last month in
the journal Nature Communications,
shows that in good times, there isn’t
much of a difference between pursu-
ing novelty and sticking to the status
quo. When times are tough, however,
explorers are the winners.
The new study, led by Shay O’Far-
rell and James Sanchirico, both of the
University of California, Davis, along
with Orr Spiegel of Tel Aviv University,
examined the routes and results of
nearly 2,500 commercial fishing trips
in the Gulf of Mexico over a period of
2½ years. The study focused on “bot-
tom longline” fishing, a system where
hundreds of lines are attached to a
horizontal bar that is then lowered to
reach the sea bed. Dr. O’Farrell ex-
plained the procedure this way: “Go to
a location and put the line down. Stay
for a few hours. The lines are a mile
long and have a buoy at either end.
When they pull that up, they assess
the catch, then decide if they will stay
ZOHAR LAZAR
or move on to a different spot.”
Over two years of collecting data
under various climate conditions, the
researchers discovered that the fish-
ermen were fairly consistent. “The
exploiters would go to a smaller set
of locations over and over, and go
with what they know,” Dr. O’Farrell
said. “The explorers would consis-
tently try a wider range; they’d sam-
ple new places.”
The payoffs were clear. The explor-
ers benefited from their prior knowl-
edge of alternatives—and their ability
to take risks—when the going got
tough. For instance, while the study
was under way, some prime fishing
grounds were unexpectedly closed to
protect their population of endan-
gered sea turtles. Those who explored
alternative sites had other options
when their usual fishing grounds were
suddenly off limits. Unlike the exploit-
ers, “they didn’t have to start from
ground zero to gain the knowledge
they needed” when conditions
changed, said Dr. O’Farrell. At the
very least, they were more likely to
continue to fish during an upheaval.
Similarly, the immediate impact of
storms didn’t disrupt the explorers as
much as it did those who cleaved to
their routine. In the long run, there
wasn’t a huge difference between the
two groups, perhaps due to the shar-
ing of information between fishing
crews, said Dr. O’Farrell. But in chal-
lenging times, the study’s message
was clear: “You can try new things in
the face of uncertainty.”
REVIEW
What
BY ALEXANDRA HOROWITZ
I
see emotion in dogs all the
Does It
time. At my Dog Cognition
Lab, many of the studies we
create are unintentional emo-
tional provocations: I see
dogs feeling surprise when a hidden
Feel Like
person appears from behind a door,
or disgust when they sniff a very
strong smell. When I watch dogs in
the “wild”—out in parks, among
people and other dogs—I see regular
To Be
displays of fear, apprehension, joy,
interest and affection. My own dogs,
subject to my near-continuous gaze,
appear to be great furry balls of
A Dog?
sentiment and expression: anticipa-
tion of going for a walk, disappoint-
ment at being left at home, pride in
hoisting an improbably large stick
out of a river.
Still, one of the questions I am
most often asked is whether dogs
feel bored, get angry or—most important of
all—love their human companions. Essen-
tially, people want to know whether science
has demonstrated that dogs feel emotions
comparable to our own.
As a scientist, I don’t yet see a way to
definitively test an animal’s subjective expe-
rience. But dogs certainly seem to be show-
ing us emotion when we look at them. Affec-
tion is clear in a relaxed, panting face, a
loosely wagging tail and a desire to be near
you. Dogs show what we call a “secure-base
effect” in relation to the people who care for
them, like the classic “attachment” that chil-
dren feel toward parents. They play more
when around their owners; they wait at the
door when you’re gone; they stick by you
when you return.
Researchers have developed a catalog of
facial expressions associated with different
emotions in dogs. Two
muscles around the eye
“
are particularly good at
expressing concern, sad-
ness or attention. The eye-
brow on the left side of
the face is more active
The idea
when dogs see their own- that dogs
ers, presumably because it
corresponds to the right
don’t have
side of the brain, which emotions
controls emotional expres- defies the
sion. And your pup’s tail-
wags at your return be- basic
come more intense the principles
longer you’ve been gone.
Some creative researchers
of Darwin.
have used infrared ther-
mography to look at
changes in dogs’ ear tem-
perature in different contexts: It drops when
dogs are alone and anxious and goes up
when their owner returns.
Yet the recent history of science also re-
veals the inconsistency in how we think
about animals’ experience. For the last cen-
tury, Western science has usually refused to
attribute emotions to nonhuman animals.
This denial emerged from caution. Emotions
are subjective experiences; sometimes they
are opaque even to ourselves, so that we
have to try to “get in touch” with them.
When observing dogs scientifically, I hes-
itate to use emotional terms to describe
their behavior. With other humans, we as-
sume that when we see them experiencing
an emotion, we have an idea of what that
emotion “feels like” to them. But we can-
not assume that a dog’s experience of
what seems to be, say, curiosity or delight
* ***
The pets we love can’t tell
us if they feel the same
way, but researchers know
that behavior and
biology offer many clues
to the mystery
of canine emotions.
is precisely like ours. Though there are myr-
iad similarities among mammals, different
species—and individuals within a species—
have very different lived experiences. My
own guess is that, were our minds trans-
planted into a dog’s body, we wouldn’t rec-
ognize the flood of feelings as being just like
our own.
We frequently presume that we
know what dogs are feeling based
on a false analogy with human ex-
pressions. We see a dog whose lips
turn up at the edges and assume
they are smiling and happy, but
that “smile” is just a feature of
their anatomy. We read their
guilty-looking expressions as
shame at having done something
wrong, but my lab’s
research has
shown that
THE WALL STREET JOURNAL.
the expression is better understood
as appeasement, an attempt to de-
flect human anger. Without definitive
evidence of an animal’s subjective
experience, researchers say, how can
we be sure that it feels fear or pain
at all?
At the same time, however, much
medical and psychiatric research op-
erates on the premise that dogs have
emotions akin to our own. To prove
the efficacy of an antianxiety drug
for humans, for instance, the drug
first has to be tested on an animal
model. Should someone argue that a
dog can’t be depressed or benefit
from anti-depression medication, I’ll
walk them back in time to the 1960s,
when psychologist Martin Seligman
developed the idea of “learned help-
lessness.” In his study, dogs who
were repeatedly shocked, without
chance of escape, became sufficiently
resigned to their fate that even when
they were given a way out, they sat passive
and unmoving. They had learned to feel
helpless—they suffered from what we might
call severe depression.
In fact, a century of research in brain sci-
ence and psychology has confirmed that ani-
mals have emotions.
Look at it adaptively: Emotions exist in
animals because they are useful, allowing
one to escape a predator out of fear or to
avoid a toxic food out of disgust.
Look at it neurologically: Discrete areas of
the human brain that are active when we
feel, sigh, yearn and despair—such as the
amygdala—are also found in dogs’ brains.
Look at it chemically: The levels of oxyto-
cin, the peptide hormone implicated in bond-
ing between human parents and children,
also rises in dogs after they interact with
their owners.
Look at it behaviorally: Though we are not
always great at naming which behavior indi-
cates what emotion, the wide array of differ-
ent behaviors and postures of dogs plainly
tell us that they are having emotional experi-
ences. Their ears, eyes, mouths, tails and
bodies change in reaction to external events
and internal states, as expressive of emotion
as a human face.
Look at it logically: The idea that dogs
don’t have emotions defies reason, defies the
continuity of animal and human nature, de-
fies the basic principles of Darwin. Human
emotions didn’t evolve mysteriously and
fully formed from the brains of unfeeling au-
tomatons.
So why is the question of animal emotions
still posed? We are too often trapped on the
far reaches of the pendulum’s swing: We ei-
ther assume dogs are just like us or en-
tirely unlike us. As wrongheaded as it is
to presume dogs to be unfeeling, it is
no more correct to presumptively
grant them a humanlike emotional
life. Nor must it be somewhere in be-
tween: For all we know, dogs’ emo-
tional experience is far more elaborate
than ours.
Does your dog love you? Don’t look to
science to tell you. But if you watch care-
fully and acknowledge the complexity
behind their behavior, you’ll go as far
inside the dog’s mind as a scientist can.
Dr. Horowitz runs the Dog Cognition
Lab at Barnard College. This essay
GETTY IMAGES (7)
is adapted from her new book,
“Our Dogs, Ourselves: The Story of
a Singular Bond,” which will be
published by Scribner on Sept. 3.
 RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
THE WALL STREET JOURNAL.
BY VALERIE RAMEY
F
or much of the 20th
century, the U.S. govern-
ment operated under
the principle that it
should finance its
spending mostly by collecting taxes
rather than by borrowing. While
conventional wisdom favored run-
ning temporary deficits during
emergencies, such as wars or reces-
sions, no one argued that a fiscally
responsible government should
commit itself to running budget
deficits so large and sustained that
government debt would grow faster
than the size of the economy.
Yet today the federal govern-
ment is on such a path. The usual
voices urging fiscal restraint have
been drowned out by some policy
makers and academic economists
who, as aptly noted by the inves-
tor Ben Hunt, are urging us in the
fashion of Dr. Strangelove to
“learn to stop worrying and love
the national debt.” But history has
repeatedly taught us that a coun-
try with an outsize national debt
often finds itself facing terrible
economic trade-offs that cause
misery for its citizens.
The budget deficit this year is
expected to reach $1 trillion. The
government is financing this gap
between its outlays and tax reve-
It’s Time to Start
nue by borrowing from American
and international investors, selling
them Treasury bills and bonds. Ev-
ery year that the federal govern-
ment runs a deficit, it adds to the
Worrying About
national debt, which is the accu-
mulated amount of past and pres-
ent deficits. The stock of national
debt in the hands of the public
The National Debt
now stands at almost $17 trillion,
which amounts to almost 80% of
U.S. gross domestic product, the
value of what the economy pro-
duces in a year.
This level of the debt-to-GDP
ratio isn’t unprecedented. The
highest debt-to-GDP ratio in Expecting economic growth to rescue the U.S. from unprecedented
American history occurred at the federal deficits is a dangerous gamble, as history shows.
end of World War II, when debt
reached 106% of GDP. As soon as
the war ended, the government ran budget
surpluses for a few years, reducing the na-
tional debt by about 12%. However, the main
driver of the subsequent steep decline in the
debt-to-GDP ratio was the rapid growth of
GDP, owing to growth in the real economy as
well as to inflation, which raises the dollar
value of current GDP but has no effect on the
amount of outstanding debt.
Today, the argument for deficit spending re-
lies on repeating that kind of
growth. In principle, proponents of
deficits argue, if the interest rates Federal debt held by the public as a percentage
of gross domestic product
that the government must pay on
its debt are less than the growth
rate of GDP, then an economy can
run deficits and still grow its way
out of the national debt.
Is such a free lunch possible?
Perhaps, but only in small bites. An
important part of the deficit is the
government’s interest payments on
the national debt. In fact, interest
payments are expected to account
1800
for half of the entire deficit by next
year and to grow in importance af- Source: Congressional Budget Office
ter that. The noninterest portion of
the budget deficit needs to remain very small
relative to GDP for the government to be able
to grow its way out of debt.
Under current law, however, the noninterest
share of the federal budget deficit is so large
that this free-lunch limit won’t be met under
current projections. In fact, the debt-to-GDP
ratio is projected to continue to climb steeply,
reaching an unprecedented 144% by 2049. Fu-
ture deficits are projected to be large because
current law governing taxes, entitlements
(such as Social Security, Medicare and Medic-
aid) and other elements of the budget leave a
large budgetary gap. The combination of the
ANDREA UCINI
aging of the baby-boom generation and rapidly
rising health costs are causing government
outlays to grow faster than GDP. To make mat-
NA MARINE CORP 107912
* * * *
REVIEW
ters worse, tax cuts have reduced tax
revenues as a percent of GDP.
These unsettling projections are
based in part on economic growth
forecasts and the path of interest
rates. The interest rates the federal
government pays on its debt are cur-
rently very low, but there is no guar-
antee that they will stay low. History
is replete with episodes in which gov-
World War II
GREAT DEPRESSION
Civil War World War I
’50 1900 ’50
ernments responded to low interest
rates by spending freely and accumu-
lating massive debt, only to find that
their behavior led to a crisis of inves-
tor confidence and skyrocketing in-
terest rates.
The Greek government was paying
interest rates of between 3% and 5%
on its debt during the 2000s, until in-
vestors lost confidence and forced in-
terest rates up to 25% by 2012. The
subsequent budget austerity mea-
sures helped to push the Greek econ-
omy into a depression from which it
still hasn’t recovered.
Today, a practitioner of what is
called Modern Monetary Theory might
Saturday/Sunday, August 24 - 25, 2019 | C5
argue that a country that issues its
own currency, as the U.S. does, can
avoid budget austerity because it can
always print more money to pay for its
deficits. Venezuela chose the money-
printing strategy to deal with growing
government budget deficits when its
oil revenues declined a few years ago.
The result has been hyperinflation
reaching 10 million percent this year—
the worst case in mod-
ern history.
150% The U.S. has more
latitude than Venezuela
125
because the dollar cur-
100 rently plays a pre-emi-
PROJECTION nent role in the world
75 economy, both for fi-
nancial investments and
50 for trade. If fiscal prof-
ligacy causes investors
25 to lose confidence in
the U.S., however, the
0
dollar may lose that
2000 ’50
pre-eminence.
These examples high-
light the risk in taking
what economists such as Greg Mankiw
have called a “deficit gamble”: The bet
is most likely to fail exactly when the
The debt- economy is weak. Adopting fiscal aus-
to-GDP ratio terity, such as higher taxes and lower
is expected spending, when the economy is al-
to reach a ready weak is particularly painful.
record 144% That is why the conventional wisdom
by 2049. of the past century makes sense. Pru-
dent governments keep their fiscal
house in order during good times so
that they have more fiscal room to
deal with bad times.
Ms. Ramey is a professor of econom-
ics at the University of California,
San Diego.
EXHIBIT
Victory in
The Pacific
ON AUG. 15, 1945, Japan surrendered to the
Allies, effectively bringing World War II to an
end. In “Pacific Legacy: Impact and Memory
from World War II in the Pacific,” published
by Abbeville Press, Rex Alan Smith and Gerald
Meehl collect images of the relics of the war
that have survived in the Pacific islands,
alongside archival photographs taken during
wartime. They are accompanied by detailed
accounts of the battles assembled from inter-
views with veterans. The photo (left) shows a
U.S. Marine standing at the opening of a cave
just cleared of Japanese soldiers on the island
of Peleliu, which American forces captured in
November 1944 after one of the bloodiest bat-
tles of the Pacific campaign.
—Elizabeth Winkler
A U.S. Marine stands in a captured
Japanese cave on the island of Peleliu.
ASK ARIELY
DAN ARIELY
Giving More
Than
You Receive
Dear Dan,
I am a widow, and my
friendships are very
important to me. But
many of my friends are
couples, and each year, I end up
buying birthday gifts for both the
husband and the wife, plus an
anniversary gift. While I always
get a nice present in exchange on
my birthday, the balance of gift-
giving seems unfair. Is there a
more evenhanded way to exchange
gifts? —Carol
It’s very hard to shift social norms
about gift-giving, especially when
a pattern is well established. The
best approach might be to try to
replace the current norm with a
new one. For example, what if you
told your friends that you are con-
cerned about the environment and
want to try to reduce your level of
consumption and waste, so you are
planning to start giving cards in-
stead of gifts? Ask them to help
you with this commitment by giv-
ing you cards in exchange. This
way, you would be appealing to a
moral principle, rather than telling
them that all you’re trying to do is
save some money.
RUTH GWILY
Hi, Dan.
I’m planning a vacation, and I’m
considering a prepaid, all-inclusive
resort so that I won’t have to
worry about the cost of every drink
and sandwich. But I’m concerned
that the all-inclusive package
won’t be as good an experience as
some of the other, pay-as-you-go
options that I’m looking at. Is pre-
paying always the best choice?
—Saurabh
You’re certainly right that an all-
inclusive resort isn’t always the
highest-quality option. But what’s
most important is whether you’re
going to enjoy the experience you
have. Constantly having to make
decisions about what to buy can
detract from your vacation experi-
ence, even if the hotels or restau-
rants you end up patronizing are
of better quality.
In general, when you make a de-
cision, it’s better not to ask “Am I
choosing the absolute best op-
tion?” Instead, you should consider
your enjoyment of the experience
as a whole, including your ability
to relax and your peace of mind.
Dear Dan,
I grew up in a working-class
household, and I’ve been upwardly
mobile in my career, but I’ve re-
cently begun to feel that my job is
meaningless. Should I think about
my work merely as a way to make
money to survive? Or would it be
better for me to look for a job that
I can take pride in as part of my
identity? —Ella
The research is very clear that
finding meaning in your job is nec-
essary for happiness. At the same
time, if too much of your identity
is tied up in your job, it can make
you more vulnerable to work-re-
lated stress. A study conducted in
1995 by Michael Frone, Marcia
Russell and M. Lynne Cooper found
that people who strongly con-
nected their identities with their
jobs were much more sensitive to
work stressors than those who
thought about their work in a
more casual and detached way.
Ideally, you should look for work
that gives you a sense of pride and
meaning, but you should also re-
member that a job doesn’t define
you, and that there are other,
equally important parts of your
identity.
Have a dilemma for Dan?
Email AskAriely@wsj.com.
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MATT NAGER FOR THE WALL STREET JOURNAL

WEEKEND CONFIDENTIAL | JOSHUA ROBINSON

the sport as a team manager if cycling hadn’t

Jonathan Vaughters
moved on. His return to bike racing, after flirta-
tions with real estate and consulting, proved chal-
lenging, and he soon learned that keeping a pro-
fessional team on the road was just as fraught as
life on the bike.
At the top level of professional cycling, known

A cyclist runs a team and decries doping as the World Tour, most team managers spend the
bulk of their time chasing sponsor dollars, which

T
he Tour de France was over, and Jonathan Vaughters—the
American former cyclist, current team manager and doper
turned antidoping activist—had one more stop to make.
It was a white tablecloth joint in the 7th arrondisse-
ment of Paris, the same place he visits every July to sip
French wine and close out the world’s most famous bike race. Not
that there was much to celebrate this time—Mr. Vaughters called it
a “B-plus” result for his squad, EF Education First—but getting
through another tour was worth toasting.
“You always lose more than you win in cycling,” he said. “There’s
just no way around that.”
That is the truest thing about this punishing sport—for riders,
coaches and executives. Mr. Vaughters, 46, has been all three, as he
details in his new memoir, “One-Way Ticket: Nine Lives on Two
Wheels,” which will be published Tuesday by Penguin Books. Cycling,
as the book shows, is a sport in which teams fold at the drop of a hat,
months of work are undone by a flat tire and questions about doping
cling tighter than Lycra shorts. Simply surviving as a pro, which Mr.
Vaughters did for a decade, requires a large dose of masochism.
“I’ve been in cycling my whole life, but when I look back on it—
whoa, these are not the most fully developed, functional people that
you could find in the world,” he said.
Mr. Vaughters was referring to cycling’s decadeslong struggle with
doping. His years as a European pro came when the sport was brim-
ming with performance-enhancing drugs. And Mr. Vaughters, a veteran
of Lance Armstrong’s U.S. Postal Service team, was no exception.
When Mr. Vaughters broke into the sport’s professional ranks in the
mid-1990s, doping was simply the done thing. He had been stunned
to find that the same legs he’d used to rise to the top of the American
cycling scene were now barely enough to cling onto the peloton with
European pros. He trained like never before, becoming an early
adopter of data-driven approaches, but nothing closed the gap until
he finally caved. “Vitamins,” as many team doctors called them, had
become as essential to hanging with the pros as padded shorts.
When it came time to put the details, the conflicts and the remorse
on paper, however, Mr. Vaughters took a different tack than many re-
formed dopers. “I didn’t want to write, ‘Woe is me, it wasn’t my fault,’”
he said. “Even in the doping era, that’s not the way
it was when you were in it….We were laughing about
doping—let’s be real here for a second.”
Not getting caught became a game. Shenanigans
to avoid testers and dispose of evidence were fodder
for war stories. Except the longer his career went
on, the more Mr. Vaughters questioned what he was
doing. Growing up as a “nerd who wasn’t good at
‘You always school” in Colorado, he had fallen in love with cy-
lose more cling after discovering an uncommon gift for endur-
than you win ing pain, but this life was so far from that sport that
in cycling.’ retirement became a constant temptation.
“I realized there were huge swaths of my life
where I wouldn’t say I was the best guy ever,” he
said. “That’s a little hard to look at.”
Since quitting pro cycling in 2003, Mr. Vaughters
has joined the legion of ex-pros who admit to hav-
ing used performance-enhancing drugs, and he gave
evidence to the U.S. Anti-Doping Agency about the
practices on Mr. Armstrong’s team. When it came
time to start his own professional outfit, in the
mid-2000s, Mr. Vaughters welcomed plenty of staff-
ers who had once been involved in doping, so long
as they would admit it and commit to running a
clean team—even if that meant good results were
a little harder to come by. (Trying to run a team to-
day without employing anyone who has ever been
involved with doping, Mr. Vaughters recognizes, is
to ensure being hopelessly understaffed.)
He is convinced that the sport is now cleaner
than it has been in years. He sees it in the sheer
exhaustion on riders’ faces at the end of stages, in
the slower finishing times on Europe’s hardest
climbs and even in the laid-back conversations
among his team over dinner. “Back then, all we
talked about was doping,” Mr. Vaughters said.
Besides, he said, he wouldn’t have come back to
never seem to stay in the sport for more than a
few seasons. Mr. Vaughters first brought a squad
(then called Garmin-Slipstream) to the World Tour
in 2009 and saw it through nine different names
as it churned through sponsors and colors.
The stress nearly drove him to quit more than
once. He never came closer than in 2014 while
studying for his M.B.A. “I’m doing this and then
I’m done,” he told himself. “I’m going into a differ-
ent industry because I can’t handle the heartache
of this all the time. It’s killing my soul.”
But the sport kept drawing him back with small
moments of utter elation—like the time one of his
riders buccaneered to overall victory at the 2014
Critérium du Dauphiné race. Mr. Vaughters
watched on his laptop in a classroom at the Uni-
versity of Denver, trying not to leap out of his seat.
That joy didn’t make running the business any
easier. In 2017, Mr. Vaughters feared that the team
could go under even as its leader raced to second
place in that summer’s Tour de France. Mr. Vaugh-
ters had to give his riders permission to seek out
deals with new teams for the following season.
They were saved only by a last-minute injection of
cash.
The team is now primarily backed by EF Educa-
tion First, a Swedish-founded firm that specializes
in language training and study abroad. The riders
wear hot pink. And for the first time in Mr. Vaugh-
ters’s career as a team manager, he can be certain
where the next payroll is coming from. That wasn’t
a problem he ever really expected to solve. Then
again, back when he first picked up a racing bike, it
wasn’t a problem he ever expected to have either.
“I just wanted to be a pro for like a year, one of
those guys suffering on a mountaintop with crowds
all around me,” Mr. Vaughters said. “I wasn’t think-
ing beyond that. I thought life ended at 30.”

All Those first time in 10 years. I

dropped from an XL to
min Franklin who
coined the phrase. Or
doesn’t save nine. It saves at
most three. He that can have

Adages of an L. Clothes I hadn’t

worn since the first Clin-
ton administration now
Mark Twain. Or the
Elector of Saxony. No
one could say for
patience can have what he will?
Tell that to people who shorted
Apple at seven bucks. Beer is

MOVING Geniuses suddenly fit.

TARGETS
JOE
Are a Big
QUEENAN
Scam
ON JULY 3, I defied Albert Ein-
stein’s famous declaration that
How the definition of insanity is to
many repeatedly do the same thing
famous but expect a different result. I
once again tried to lose weight
sayings by carrying around a little
are just pocket diary to count calories.
waiting I’d tried this method five years
straight and always ended up
to be with the same result: I tipped
disproved? the scales at 210.6 pounds
when I started, and I tipped the
scales at around 210.6 pounds
when I finished. Sometimes
211.4. Sometimes 213.2.
Thus, I had little hope that
the experiment would work any
Did the project suc-
ceed this time around be-
cause I really, really paid
attention to the calories
burned—gym, walking,
biking, swimming, Häa-
gen-Dazs—making the
whole undertaking even
more scientific? Or did it
succeed because I was
starting to worry about my
heart? Or because I knew that
losing 15 pounds would mas-
sively reduce stress on my
knees?
I have no answers to these
questions. I only know that
something I had tried over and
over without any success was
now crowned with triumph. I
had done the exact same thing
as before but got a very differ-
ent result this time, and had
not gone insane in the process.
The implication was clear:
was wrong about insanity,
maybe he was wrong about
other things. Maybe it was ac-
tually Q=mc2. Or E=McCoy.
Maybe his theory of general
relativity was completely back-
ward. Maybe his thoughts on
atomic energy, quantum me-
chanics and the speed of light
were way off base. I’d caught
him out in one gigantic flub;
maybe there were others.
Then I did a Google search
and found out that his com-
ment about insanity was proba-
sure.
It didn’t matter.
The point was still
valid. If it was Benja-
min Franklin who first
said that the defini-
tion of insanity was to
keep doing the exact
same thing and expect
a different result, then
Benjamin Franklin was
dead wrong. And if he was
wrong about something as ba-
sic as this, then maybe the
whole vast edifice of over-
praised Franklinian wisdom
was crumbling.
I did some experimenting.
What I found was astounding.
It wasn’t better to light one
candle than to curse the dark-
ness. In situations that called
for rage, cursing the darkness
was far more cathartic and
emotionally rewarding. Lighting
a candle accomplished abso-
proof that God loves us and
wants us to be happy? No, beer
is proof that God wants the
drunks two sections over at
Yankee Stadium to be happy.
But then, alas, I found out
that Ben Franklin may never
have said any of these things.
Or if he did, he may have lifted
them from somebody else. No
matter. Whoever said them is
wrong. Way off base. Which is
true of most famous maxims. It
does not take one to know one;
you don’t need to be an idiot to
identify an idiot. You can fight
City Hall; people do it all the
time. If you lead a horse to wa-
ter, it will drink it. So will a dog.
So if somebody tells you that
the definition of insanity is to
keep doing the exact same
thing and always expect a dif-
ferent result, reply: “If at first
you don’t succeed, try, try
again.” I think it was the 19th-
JOHN HINDERLITER

better this year than it had in Albert Einstein was wrong. bly apocryphal. Or it was some- lutely nothing. century American educator
the past. But seven weeks later, This got me to thinking. If thing somebody else said that There were numerous other Thomas H. Palmer who said
I had lost 15 pounds, getting Albert Einstein, arguably the he was merely repeating. In re- areas where Franklin was that. But it could have been Al-
down below 200 pounds for the smartest man that ever lived, ality, it may have been Benja- clearly wrong. A stitch in time bert Einstein.
 BOOKS
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Dangerous Dynasties To Become a Surfcaster

The Borgias, One woman’s quest
the Medici & power in for mastery, respect
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Humanity’s
Six-Legged
Enemy
The Mosquito
By Timothy C. Winegard
Dutton, 486 pages, $28
BY MEREDITH WADMAN

I
T’S AN AMBITIOUS book that
aims to deliver a tour of Western
military history from antiquity
to the jungles of Vietnam—and
an account of how one tiny
arthropod repeatedly molded that
history, thwarting generals, sickening
peasants and popes, and killing billions
of people. Timothy C. Winegard has
pulled off this feat in his enthusiastic if
imperfect “The Mosquito: A Human
History of Our Deadliest Predator.”
Mr. Winegard, a professor of history
and political science at Colorado Mesa
University, has written several scholarly
works. This book, his first for a popular
audience, can’t be accused of being
RADIO FREE EUROPE/RADIO LIBERTY/HOOVER INSTITUTION ARCHIVES

stuffy. “We are at war with the

mosquito,” he begins, “the pinnacle
purveyor of our extermination.” This
“grim reaper, the harvester of human
populations, and the ultimate agent of
historical
change . . .
has played a Mosquitoes
greater role
in shaping
and the
our story diseases they
than any carry have
other animal
with which plagued armies
we share our from Athens
global
AEROGRAMS Operatives for Radio Free Europe launch balloons carrying leaflets and books into Eastern Europe. village.”
to Yorktown.
Mr. Wine-
gard presents

The War of Words

a convincing argument for that asser-
tion in 440 pages that will be illumi-
nating for the reader coming fresh to
mosquito-borne diseases—in particular,
malaria, which is by far the leading
There was a saying during World War II: ‘Books Are Weapons in the War of Ideas.’ killer among them. Other writers more
measured and expert have covered
After the war, writers east and west doubled down on that sentiment. pieces of this ground many times over,
as in Sonia Shah’s lively and scientifi-
Cold Warriors and well-intentioned, went to Spain out of Iron Curtain on speaking tours, the CIA cally fluent history of malaria, “The
By Duncan White sympathy with the Loyalists and to secretly funded liberal magazines such as Fever” (2010), and historian James L.A.
extract his boyfriend from an imprudent Encounter and helped conduct operations Webb Jr.’s lucid and authoritative
Custom House, 782 pages, $32.50
enlistment with the anti-Franco British like the one that got “Doctor Zhivago” “Humanity’s Burden: A Global History
BY THOMAS MALLON Battalion. Harry Pollitt, head of England’s into the hands of Soviet readers. Russian of Malaria” (2009). Still, Mr. Winegard
Communist Party, thought a dead Spender visitors to the 1958 Brussels World’s Fair offers an encompassing millennia-long

M
Y DIARY for Dec. 10, might make an attractive martyr, and could quietly obtain a smuggle-ready copy tale that has the virtue of interlacing
1982, has me in Paris when that didn’t work out converted from the Vatican pavilion. human hubris and empire-building with
attending a “noisy, his disgust over the boyfriend business The writers sent abroad by State (Mary the world-shaping influence of an insect
spirited” conference of into leverage for blackmail. Before long McCarthy among them) were hardly that is, as he notes, “roughly the size
Polish dissidents. A year Spender “began shuffling backward to middlebrow boosters of Dwight Eisen- and weight of a grape seed.”
after Gen. Jaruzelski’s suppression of Soli- liberalism,” eventually contributing an hower, and a sophisticated irony resided The book begins by reminding us
darity, and a few weeks into Andropov’s essay to “The God That Failed” (1949), the in how “the dynamics of the Cold War that it’s not the mosquito’s annoying
rule of the Soviet Union, writers like famous volume of regretful ex-Communist made the [U.S.] government the champion bite that puts us in danger. Rather it’s
Leszek Kolakowski and Konstanty Jeleński essays edited by Richard Crossman. of difficult elitist art—that of James Joyce, the viruses and parasites she can
were debating the best way forward for Pollitt also distrusted George Orwell’s Jackson Pollock and William Faulkner— transfer with it. (Only female mosqui-
supporters of democracy and for War- motives for going to Spain. As Mr. White in large part because it was banned in toes feast on us.) Thousands of babies
saw’s timid archbishop, Józef Glemp. I had explains, “Orwell said he wanted to see Moscow.” Frank Wisner, who directed the suffering from the mosquito-borne Zika
been brought to the Polish Library on what was going on himself CIA’s covert cultural ops, virus captured headlines in 2015 and
the Quai d’Orléans by the novelist Mary before committing to any- knew that liberal essays 2016. And the global incidence of
McCarthy, my friend and mentor, recently thing” in what had become published in Encounter infection with the dangerous dengue
turned 70, whom the diary describes as “a civil war within the civil A literary would have more credibility virus has grown 30-fold in the past
being that day “full of schoolgirlish enthu- war.” When he threw in with chronicle of and democratic impact than half-century; today, 40% of the world’s
siasm . . . She likes to applaud and say Spain’s homegrown Trotsky- ideological strife right-wing huzzahs for population is at risk. The symptoms
bravo and wave and shake hands with all ist POUM instead of the America. Indeed, Peter Cole- inflicted by yellow fever can be spectac-
she recognizes.” Stalinist International Bri- from the Spanish man’s history of the CCF, ularly awful, with excruciating abdomi-
Mary was displaying a more relaxed gades, Orwell became anath- Civil War to the “The Liberal Conspiracy” nal pain, black vomit, and bleeding from
version of the élan she had brought to
New York’s Waldorf-Astoria on March 25,
ema to Britain’s leftist edi-
tors and had a hard time
fall of the wall. (1989), points out how the
organization “kept its dis-
the nose and ears. Imported on a slave
ship that arrived in Barbados in 1647,
1949, when she and her friends on the finding a publisher for “Hom- tance from political conser- “Yellow Jack” was soon stalking the
democratic left disrupted the Cultural and age to Catalonia” (1938), the vatism . . . magazines like colonies, sending George Washington
Scientific Conference for World Peace, a memoir of his Spanish experiences. the American National Review were fleeing from Philadelphia in 1793 and
gathering organized by the Soviet Com- Throughout this period the Soviets considered outside the pale.” killing an estimated 20,000 people from
inform and embraced by a large assort- were collectivizing poets and novelists The most mournful realization gen- New Orleans to Memphis in the last,
ment of fellow-traveling American intel- into a Writers’ Union; enforcing the prin- erated by “Cold Warriors” involves the biggest U.S. epidemic, in 1878.
lectuals and entertainers. When McCarthy ciples of “socialist realism”; denouncing since-diminished potency of literature But malaria is an order of magnitude
and her confederates—Robert Lowell and European modernists like Joyce for apolit- itself, particularly the novel. Mr. White more deadly. It’s caused by a parasite,
Elizabeth Hardwick and Dwight Mac- ical experiments in form; and killing off argues that Koestler’s “Darkness at Noon” Plasmodium, several species of which
donald among them—wanted to ask a their own new undesirables: The revered (1940) revealed to Orwell “that fiction, infect humans, lurking in our livers and
skeptical or combative question, they short-story writer Isaac Babel met his rather than journalism or memoir, how- swelling our spleens. Periodically the
forced recognition by tapping umbrellas, death after exhibiting “low productivity” ever scrupulous, was the most effective parasite feasts on hemoglobin, an
in unison, on the floor. of work that conformed to ideological way to communicate the essence of totali- oxygen-ferrying protein in our red blood
McCarthy is one of a dozen or so key standards. Mr. White unfolds the sordid tarianism.” Before long Koestler would be cells, producing the disease’s episodic
figures in “Cold Warriors: Writers Who tale of Soviet literary history through all pronouncing “Animal Farm” a “glorious bouts of soaring fever and racking chills.
Waged the Literary Cold War.” The author, its later decades of crackdowns, thaws and and heart-breaking allegory.” Even the The roll of the famous who survived
Duncan White, who reviews books for renewed panics; the shunnings and impris- Queen Mother read it. A few years later, malaria, we’re told, ranges from the
Britain’s Daily Telegraph and lectures on onments and “internal exile” that claimed “Nineteen Eighty-Four” (1949) became 13th-century Mongol emperor Genghis
history and literature at Harvard, calls it a Akhmatova, Pasternak and Solzhenitsyn. “not just a novel about the emergent Cold Khan to the artist Paul Gauguin to eight
“group biography.” He captures something Andrei Sinyavsky, who pseudonymously War” but “a part of it.” Orwell may have U.S. presidents, including the young
essential about McCarthy, who during the published fiction in Western Europe and disliked attempts to turn him into a Navy lieutenant John F. Kennedy. The
Moscow Trials of the 1930s had defied in 1960 issued a manifesto against social- mascot for capitalism—something that list of those dispatched by the disease,
New York’s Stalinist literary establishment ist realism, was put on trial in 1966 and Solzhenitsyn, too, would have to resist— according to Mr. Winegard, includes
and whose clarity about communism sentenced to seven years in a labor camp. but it was the wide appeal of serious- St. Augustine, the poets Dante and Byron,
suffered a period of credulity during her The New York Times, with its always keen minded fiction that made him such an and Alexander the Great. Literature is
fierce protest of American involvement sense of moral proportion when it came to attractive ally. Mr. White’s book opens accordingly peppered with passages like
in Vietnam. But a lapse is different from the U.S.S.R., decried Sinyavsky’s treatment with the CIA, in 1955, making “copies of this one from “Julius Caesar”: “He had a
a lifetime of mendacity, and McCarthy’s as “Soviet McCarthyism.” . . . Animal Farm rain down from the fever when he was in Spain, / And when
late-career comment about the Soviet The United States, Mr. White makes Communist sky”; they’d been launched the fit was on him, I did mark / How he
apologist Lillian Hellman—“Every word clear, came late but more subtly to the toward Poland, in “ten-foot balloons” from did shake: ’tis true this god did shake.”
she writes is a lie, including ‘and’ and business of “weaponized” words. In 1950, West Germany—a genuinely strategic act, Today malaria, sadly, is the bane of
‘the’”—remains the most famous line she a year after the Waldorf Conference, the not just a gesture. millions of people you’ll never hear of:
ever spoke or wrote. Congress for Cultural Freedom (CCF), Tonally judicious, Mr. White remains In 2017, it killed some 435,000, more
Mr. White’s massive volume begins with financing from the CIA, convened a alert to democratic excess in combat- than half of them younger than 5, and
with the Spanish Civil War, that savage rival artistic assembly in West Berlin. ting horrors on the totalitarian side. But a large majority of them in Africa. That
proxy fight between fascism and the “Freedom has seized the initiative!” touches of what Jeane Kirkpatrick used to death toll puts in perspective the lead-
U.S.S.R. in the years before the brief, un- Arthur Koestler cried from the rostrum. call “moral equivalence” inevitably result. ing mosquito-borne disease in the U.S.:
holy nuptials of the Nazi-Soviet pact. The Over the next two decades, while the U.S. Having done such a good job showing the West Nile virus, which last year
English poet Stephen Spender, handsome State Department sent writers behind the Please turn to page C8 Please turn to page C8
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‘Read no history, nothing but biography, for that is life without theory.’ —B EN JAMIN D IS RAELI

FIVE BEST LITERARY LIVES

The Cold War
As Waged
Aaron Shulman By Writers
The author, most recently, of ‘The Age of Disenchantments’ Continued from page C7
persecution of writers under Nikolai Yezhov’s NKVD
(“As many as 2,000 were arrested, and 1,500 of
The Orientalist War II. He was also far from these were either executed or died in the camps”),
By Tom Reiss (2005) psychologically stable, and died the author might reconsider writing, 500 pages

1
in a mental hospital. In Mitchell’s later, that “the paranoia of the Cold War was bipolar.”
Lev Nussimbaum rose to first profile, the writer reported With so much background to be filled in, the
fame in the 1930s as the on Gould’s claim that he was book sometimes strays from its specific, subtitular
biographer of Stalin and writing a nine-million-word mission and turns into a history of the Cold War
Muhammad and the author history of his times by capturing itself. One wishes Mr. White hadn’t bothered to
of historical works about the the voices of everyday people. deal with Kim Philby—“a Soviet spy in charge of
Caucasus. An Azerbaijani Jew, In his second piece, published anti-Communist espionage” for Britain—at such
Nussimbaum had fled the after Gould’s death, Mitchell length. The familiar story of this sodden character
Russian revolution on a camel revealed his belief that Gould’s and the rest of the Cambridge Five is mostly
and ended up in Berlin. Having masterwork never existed. tangential to the literary business of “Cold
decided to craft a new identity Then, some 40 years later, the Warriors,” even if Philby was, during World War II,
for himself as a dashing Muslim, New Yorker’s Jill Lepore was the MI6 boss of the almost equally revolting
he wrote under the name Essad moved to penetrate the mystery Graham Greene. Mr. White is unduly patient with
Bey, donning a fez to reinforce of Gould’s life and manuscript. Greene’s “contradictions” and with the way he
his persona and converting to Chopping her way through a supposedly sought adventure on the Cold War’s
Islam. A born storyteller, he jungle of facts and falsehood, “front lines” as an antidote to his “crushing ennui.”
published his first book when she raises the possibility that If Greene adhered to any ideology at all, it was,
he was 24. In the “smoke-filled Gould may in fact have produced decade after decade, anti-Americanism. In the early
rooms of wild ideas and even some small part of his great 1980s he was donating royalties to the Sandinistas,
wilder poses” in cosmopolitan study. She also uncovers much hoping to further what Mr. White calls “the unlikely
interwar Berlin, Tom Reiss about Gould’s unsavory behavior, alliance between Communism and Catholicism,”
writes, “a turbaned, dagger- including his harassment of the two mistresses Greene commuted between.
toting Azeri literato named Essad Harlem sculptor Augusta Savage. “Cold Warriors” is consistently absorbing,
Bey, whom somehow everyone “When Gould wasn’t writing, its prose clear and its syntax sure-footed. But a
also knew as Leo Nussimbaum, he was drinking; when he wasn’t certain entropy threatens the book. As it flies in
PHILIPPE HALSMANN/MAGNUM PHOTOS

fit right in.” In the 1930s, drinking, he was plundering; different directions, chronology hits some air
Nussimbaum used the mask of and when he wasn’t plundering, pockets: Andrei Sakharov is identified as “the
Essad Bey to elude the Nazis. He he was groping. He could hardly nuclear physicist and dissident” five pages after
would publish at least 14 more have been more different from his death was reported. Here and there an error
books by the time of his death, the character described in The catches the eye—the wrong date for the action in
at the age of 36. Italian Fascists New Yorker.” a scene of McCarthy’s novel “Birds of America”;
had uncovered his origins and the confusion of narrative persona with the
put him under house arrest. He “intentional fallacy”—but nothing that substantially
died in a village on the Amalfi Exile, Writer, Soldier, Spy undermines Mr. White’s accomplishments.
coast, where, in ill health, he had VILLAGE MASCOT Joe Gould in 1943. By Soledad Fox Maura (2016) One of the virtues of his book is the way it

continued writing his mix of fact
and fiction. “He believed he could bit too much was just enough for
invent his way in and out of them.” Together Harry and
anything,” Mr. Reiss writes, “even Caresse founded Black Sun,
confined in a tiny room watching a publisher of magnificent,
his own body disintegrate.” boundary-pushing books.
A power couple of the Lost
Generation, the two were early
Black Sun champions of Ernest Hemingway,
By Geoffrey Wolff (1976) James Joyce and D.H. Lawrence.
5
to Russia, where he has since As a child, Jorge Semprún
mixed anti-Putin dissidence with was told by his mother
neo-fascist agitation in his new that he would be either a
role as a fringe political leader. writer or a politician.
In 2001 he was jailed for re- He would eventually be both,
cruiting people in Kazakhstan for as well as a spy, a communist
an army that would help create and an Oscar nominee. When
“a second Russia.” Mr. Limonov’s the Spanish Civil War erupted,
life is, as Emmanuel Carrère Semprún, age 12, and his
makes a reader acknowledge how close the weary
West came to losing its nerve. When American
intellectuals, in the middle of the Vietnam War,
learned about the CIA’s funding of Encounter—a
“scandal” around which Peter Coleman puts scare
quotes—they tended to recoil. (The ever-innocent
Stephen Spender, the magazine’s editor, “insisted
he never knew” the source of Encounter’s money.)
By the mid-1970s, détente had flowered to an extent
that Gerald Ford wouldn’t meet with the newly

2
But for all his vitality, Crosby was reveals, a lesson in the dark side politically progressive family exiled Solzhenitsyn at the White House, for fear of
A product of upper-crust a haunted man largely as a result of charisma. Recalling a meeting fled to France, where he joined offending the Russian writer’s former jailers. By the
Boston, Harry Crosby of his traumatic war experience. with Mr. Limonov in Paris in the resistance. Apprehended time Reagan came along and doubled down, many
spurned his staid Brahmin At age 31, he killed himself in a the 1980s, Mr. Carrère writes, by the Nazis, he was sent to of the old liberal Cold Warriors had moved into an
upbringing to become one suicide pact with a lover. “Here was this sexy, sly, funny Buchenwald, which he survived. uneasy, all-encompassing neoconservatism. When
of one of the wildest literary guy, a cross between a sailor on Not yet done with resistance, 1989 at last brought victory, there was not much
characters of 1920s Paris and, leave and a rock star. . . . Limonov after the war he became a of a democratic left still around to celebrate.
in time, an important publisher. Limonov was our barbarian, our thug: communist secret agent in For all its compromises and blunders, how
Having fought in World War I By Emmanuel Carrère (2011) we adored him.” Franco’s Spain. After he fell out honorable that decades-long exertion against

3
and barely escaped being killed, with the communists (the agent tyranny now seems. And how little application it
he settled in France where he Born into poverty in the who replaced him was caught seems to have to the country’s present political
fell for Caresse, a married Soviet Union, Eduard Joe Gould’s Teeth and executed), Semprún wrote squalor. A soft cultural terror now prompts our
woman with two children. The Limonov made a name By Jill Lepore (2016) autobiographical novels about writers to confess thought-crimes and insensi-

4
two eventually married and led for himself as a poet. Buchenwald and his secret-agent tivities to cultural arbiters no less hack-like than
an uninhibited life of benders, After emigrating to New York The New Yorker’s days, which garnered world-wide the commissars of the old Soviet Writers’ Union.
opium smoking and sexual in the 1970s, he was once again Joe Mitchell profiled acclaim. He would become Meanwhile, using the democracy those warrior-
adventure. Theirs, Geoffrey Wolff plunged into poverty—and a the Greenwich Village minister of culture in Spain after writers helped to save, we’ve elected a leader who,
notes in his engrossing world of sex, drugs and theft— eccentric Joe Gould on that country’s transition to if conked on the head by a book dropped from a
biography, was a decidedly open which he described in a series two occasions—in 1942 and 1964. democracy. As Soledad Fox balloon, wouldn’t know what hit him.
marriage. They bought race of bitter novels that would sell Born in 1889, Gould was a sort Maura notes in this distinguished
horses, gambled and entertained more than a million copies total. of literary mascot for New York biography, “He turned his life Mr. Mallon’s novels include “Fellow Travelers”
on an imperial scale: “Just a little Mr. Limonov ultimately returned literati before and after World into literature.” and the recently published “Landfall.”

killed or sidelined 70% of their soldiers. general list of books consulted for each
TheMosquito: Mired in the Pontine marshes, Attila
the Hun gave up his designs on Rome.
chapter. For a gamut of facts, from his
eye-popping claim that the mosquito

A Human The Crusader Richard the Lionheart,

after a brutal malaria season, called
it quits with the walls of Jerusalem
has dispatched an estimated 52 billion
people—nearly half of all humans who
have ever lived—to his myriad ac-
History
SIA KAMBOU/AFP/GETTY IMAGES

in sight. “The mosquito ordained that counts of famous and not-so-famous

Jerusalem remain in Muslim hands,”
Mr. Winegard explains.
Continued from page C7 But the Americas, most scientists
infected more than 2,600 Americans agree, remained malaria-free until the
and killed 167. cascade of trade, land grabs, migration
Mr. Winegard’s tale reveals, again and slavery launched by Columbus.
and again, how human activities and Thanks in part to migrants from
penchants—think of the Romans and England’s malaria-infested Fenlands,
their baths—have given mosquitoes the disease quickly became endemic
and their disease-causing passengers a in the Massachusetts colonies. It found
foothold, and then a feast. The move of a hospitable home: Roughly twice as
Homo sapiens, beginning some 12,000 much of the continental U.S. was
years ago, from hunting and gathering covered by wetlands than is today.
to agrarian economies was accompa- One driver of the brutal slave trade
nied by deforestation and irrigation, was the fact that the Africans were
creating vast breeding grounds for the protected from malaria somewhat by
mosquito, which lays its eggs on and genetic adaptations—and were “sea-
around standing water. Human malaria, soned” by childhoods of constant ex-
which in earlier epochs had bubbled posure, allowing some to develop a
along, sporadically afflicting hunter- degree of immunity. White European
gatherers, rapidly reached a boil, espe- settlers in the main had no such pro-
cially in tropical Africa. As Mr. Wine- tection and readily succumbed.
gard puts it: “Cultivation was shackled In the Americas, the list of foiled
to a corpse.” Malaria was already would-be conquerors continued: The
endemic in temperate lowlands, too, British, trying to capitalize in the 1790s
from England’s Fenlands to the Pontine on Haiti’s slave revolt to grab the lucra-
marshes outside Rome, where a species tive coffee- and sugar-exporting island
of the parasite adapted to cooler climes from France, saw 65% of their troops
thrived. With the spread of the Roman die from malaria or yellow fever. The
Empire, the disease reached Denmark British general Charles Cornwallis,
and Scotland. As recently as 1922-23, trapped in 1781 in the tidewater estu-
a Russian epidemic killed people as aries at Yorktown with two-thirds of
far north as Archangel, only 125 miles his men too sick to fight, capitulated.
south of the Arctic Circle. “Our numbers had been diminished
Mr. Winegard ticks through a who’s by the Enemy’s fire, but particularly by
who of ambitious warriors foiled by Sickness,” he complained.
mosquito-borne disease. The Athenians During the Civil War, Union troops
were stymied in their siege of Syracuse had the advantage of abundant sup-
in the fifth century B.C. when malaria plies of quinine, a drug made from the
EXTERMINATORS A mosquito-control team in Abidjan, Ivory Coast, 2016.
bark of the cinchona tree that had been
discovered in the 16th century to be
effective against malaria. Quinine’s
scarcity in the blockaded South made
the Confederates desperate. Smuggling
schemes included stitching the drug
into children’s dolls and into the bus-
tles and skirts of women disguised as
traveling nuns. Jefferson Davis hoarded
for his family a stash of quinine, which,
by 1864, was selling on the black mar-
ket for $400 to $600 an ounce. A half-
century later, quinine helped Theodore
Roosevelt pull out a victory where the
Spanish, English, Scottish and French
before him had failed: Workers build-
ing the Panama Canal received daily
preventive doses of the drug.
Roosevelt also had the benefit of
dawning medical knowledge. Just be-
fore the turn of the 20th century,
scientists had at last identified the
mosquito as the purveyor of yellow
fever and malaria, and sanitation
squads did their all to destroy the
insects in the Canal Zone. It would be
an additional 50 years before public-
health campaigns and tools—DDT para-
mount among them—finally vanquished
endemic malaria in this country.
But the parasite is a wily foe. After
decades of effort, a first, only partially
effective, malaria vaccine is just now
being piloted in Africa. And the para-
site has spent the past 70 years devel-
oping resistance to a parade of drugs.
By contrast, we’ve had a highly effec-
tive vaccine against yellow fever since
the 1930s.
Readers fascinated by the science
behind mosquito-borne disease will
find little of it in “The Mosquito.” Much
of the book focuses on how military
campaigns were undone by the insects
that Mr. Winegard dubs “General
Anopheles” and “General Aedes,” the
two groups of mosquito species that
transmit, respectively, malaria and
yellow fever.
The author makes some sloppy
errors, such as his claim that maladies
transmitted to humans from animals
now constitute 75% of all human dis-
eases. According to the World Health
Organization, such diseases, called
zoonoses, accounted for 75% of those
infectious diseases that emerged in the
decade that ended in 2005. Inexplic-
ably, Mr. Winegard provides no end
notes save an impressive but wholly
folks done in by mosquito-borne dis-
ease, the book offers no specific sourc-
ing. To take just one example, the
reader curious about his unequivocal
report that King Tutankhamun died of
malaria will find no source. But Tut’s
cause of death is still a matter of dis-
pute among forensic biologists. The 52
billion deaths, meanwhile, he sources
to “estimates and extrapolations.” By
whom, you ask? He doesn’t say.
The book is also peppered with
awful prose. Consider Mr. Winegard’s
description of the human and eco-
logical consequences of the Columbian
Exchange: “The natural order of
Mother Nature and the balance of the
force was turned on its head and
thrown to the wind like a deck of
cards.” John Graves Simcoe, an 18th-
century lieutenant governor of Upper
Canada, Mr. Winegard writes, “was
caught up in the winds of mosquito-
swept historic change and the drift
from European clamor and contest for
colonies in the Americas to mosquito-
sponsored independence movements
forged in the crucible of the yellow
fever and malarial fires of these same
colonies.” Nevertheless, what “The
Mosquito” lacks in literary merit it
makes up for in gusto, interest and
scope.
Dr. Wadman is a reporter with
Science magazine and the author
of “The Vaccine Race: Science,
Politics, and the Human Costs of
Defeating Disease.”

THE WALL STREET JOURNAL.
Greetings From Planet Earth no one else has asked. Above all, he has
The Vinyl Frontier
By Jonathan Scott
Bloomsbury Sigma,
288 pages, $28
BY EVAN EISENBERG
I
N THE 1970S Age of Aquarius,
seizing on a rare alignment of
Jupiter, Saturn, Uranus and
Neptune, NASA hatched a plan
to slingshot a pair of spacecraft
around a succession of planets and off
into interstellar space. Like robot papa-
razzi on hopped-up Vespas, Voyager 1
and 2 would shoot photos and beam
back data all the way. They would
also—in a spirit of peace, love and
abounding trust—carry a message to
the universe.
The task of devising that message
fell to planetary scientist Carl Sagan,
with the proviso that it weigh not
much more than a kilo, and (since
his anatomically correct golden
plaque for the Pioneer 10
spacecraft had riled the Bible
Belt, if not the Kuiper) con-
tain not one milligram
of smut. His team com-
prised his wife, the artist
Linda Salzman Sagan;
Frank Drake, an astro-
physicist and would-
be alien-whisperer;
Timothy Ferris and
Ann Druyan, an affi-
anced pair of young
writers; and Jon
Lomberg, a young
artist. The mission
they settled on—with
just six weeks left on
the clock—was to cre-
ate a record engraved
with sounds of Earth,
greetings from Earth,
music of Earth and
(by some magic of en-
coding) pictures of Earth.
Stamped in copper and
clad in gold, the record
would, with luck, remain in-
tact for a billion years. Though
the weight limit precluded a
phonograph, there would be a car-
tridge. And the gilded aluminum al-
bum cover, inscribed with runes worthy
of a cosmic Ikea, would explain how
to use it.
For the rest of the story, I refer you
to two sources: “Murmurs of Earth,”
published shortly after the 1977 launch,
and a new book by Jonathan Scott,
“The Vinyl Frontier.” “Murmurs”—
edited by Sagan, replete with elegant
essays by the team members, and
graced with handsome illustrations—is
the locus classicus. But if you want the
dirt, go with Mr. Scott. Admittedly, read-
ing him feels a bit like getting caught in
a meteor shower of anecdotes and gags,
with cosmic debris rattling off your
helmet like rimshots. At times the plot
wobbles and characters fail to coalesce.
Matters of classical music are some-
times mangled; as Mr. Scott proudly
confesses, had he chosen the music for
the golden record, aliens would think
humankind had only three chords.
Mostly, though, he has done his
homework. He has the nerd’s determi-
nation to track down details, to badger
surviving protagonists with questions
How Much
Time Do We
Have Left?
The Doomsday Calculation
By William Poundstone
Little, Brown Spark,
306 pages, $29
BY STEVEN POOLE
A
RMAGEDDON comes in
many guises: climate
breakdown, asteroid
strike, zombie apoca-
lypse. But just as
interesting a question as what might
cause the world to end is the question
of when it might cease to exist.
According to some scientists, we can
make confident predictions about the
latter by using a simple probability
theorem, with some estimates antici-
pating our demise in as little as 12
years. Just how worried should we be?
Or is it all just a geeks’ parlor game?
Certainly some partisans of mathe-
matical “doomsday arguments” are
no puny intellects. One is the astro-
physicist J. Richard Gott III, author
of the excellent “Time Travel in
Einstein’s Universe”; another is the
philosopher John Leslie, considered
the world’s greatest expert on why
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‘For small creatures such as we the vastness is bearable only through love.’
a golden ear for irony. Far from second-
guessing or lamenting the record’s
imperfections, he revels in its pops,
clicks, glitches and quirks—from the
expunging of private parts at a public
agency’s behest to the fact that the man
speaking so eloquently on behalf of all
humanity on Side 1, Track 1, U.N. Secre-
tary-General Kurt Waldheim, was later
revealed to have been an active Nazi.
Mr. Scott begins his book, rather
charmingly, with the story of
his first mixtape. It was,
of course, meant
to impress a
girl. But its
LISTEN UP
The case for the
Voyager LP, inscribed
with instructions for playing it.
main function was to impress upon his
malleable adolescent self a sense of who
he was. If this was true of a cassette
pressed into a human hand, how much
more so of a record frisbeed into deep
space on the gigaparsec-long shot that
it might be (a) found, (b) played and
(c) made sense of?
Some of the record’s creators con-
ceded as much, both in words and in
the way they went about selecting, from
the planet’s horn of plenty—Chuck
Berry, Javanese gamelan, Pygmy vocal
polyphony—the 27 tracks they found
most moving, most inspiring, most self-
and-species-defining. (Given the con-
there is something rather than noth-
ing. In “The Doomsday Calculation:
How an Equation That Predicts the
Future Is Transforming Everything We
Know About Life and the Universe,”
the journalist William Poundstone
marshals arguments for and against
the plausibility of doomsday pre-
dictions with vivid and subtle ease,
enjoyably wrong-footing the reader by
being persuasive first for one point of
view and then for its opposite. He goes
on to vividly demonstrate applications
of doomsday-style arguments in
finance, quantum physics, the poten-
tial threat of artificial intelligence and
the question of whether we might all
be living in a computer simulation.
A fundamental assumption of all
doomsday calculations is what, in cos-
mology, is called the Copernican Prin-
ciple. Just as Copernicus discovered
that the Earth does not occupy a
privileged place at the center of the
solar system, the principle that bears
his name tells us to assume that we do
not occupy any special place in the
universe—or, for that matter, in time.
If, for example, we assume that we are
seeing a Broadway show at a randomly
chosen moment in its history, we
should, according to the Copernican
principle, be more surprised to find
ourselves at the very beginning, or the
very end, of the show’s run than some-
where in the middle. Add some math
first formulated by the 18th-century
English clergyman Thomas Bayes, and
this assumption of our nonprivileged
BOOKS
straints, they did a fine job, as earth-
lings can now hear on Ozma Records’
sumptuous, Grammy-winning 2017
box set.) The team’s perspective was
that of Earth looking back at its itself
from a great distance: a “pale blue dot”
shimmering, Narcissus-like, in the inky
pond of space.
One participant, though—Jon
Lomberg—felt the record should focus
not on feeling, which aliens might not
share, but on structure. As he later told
Mr. Scott, “I’m sceptical that cosmic
loneliness is as easy to convey as prime
numbers.” Given his druthers, Mr.
Lomberg would have led off with a
brief, wordless music lesson laying out
the building blocks of the structures to
come. As it is, alien audiences have him
to thank, in part, for three glistening
crystals of Bach.
Extraterrestrials may never—even if
they find the record—“hear” it, in our
sense of the word. If their home planet’s
atmosphere doesn’t favor the transmis-
sion of sound, they may well lack any-
thing like ears. But any life form smart
moment enables us to calculate a pre-
cise range of future outcomes.
So what happens when we apply
the Copernican Principle to the history
and future of humanity? There are
various ways to do this. If we simply
assume that we find ourselves at a
random point in human history, then
the math tells us with 95% confidence
that humans will survive no more than
7.8 million years, but at least another
5,100 years. If we add data about the
historic world population and birth
rate, and then assume the randomness
of our “birth order” (that is, our place
in the continuum among all the hu-
mans who have ever lived and ever
will live), then doomsday is coming—
again, with 95% confidence—at most
18,000 years from now, and at mini-
mum in the year 2031.
Copernican considerations can help
guide investing. “The highest-valued
companies are often new ones that are
burning cash,” Mr. Poundstone notes,
but the 10 largest holdings of Warren
Buffett’s Berkshire Hathaway are very
old companies—the youngest being
Apple, at 43—that a Copernican would
expect to remain in business. Some
physicists, meanwhile, appeal to
doomsday-style probabilistic reason-
ing when rejecting the “many worlds”
interpretation of quantum mechan-
ics—according to which everything
that can happen does happen in an in-
finitely branching series of universes.
Mr. Poundstone offers an excellent
chapter called “Twelve Reasons Why
Saturday/Sunday, August 24 - 25, 2019 | C9
— C ARL SAGAN
enough to find the record should be
smart enough to see (or “see”) that it
contains patterns. And if that life form
studies those patterns long and hard
enough, it may just find some meaning
in them—in a sense deeper than the
merely semantic.
The Voyager launch marked the
apotheosis of the phonograph record,
which had begun its earthly career a
round century before. By eclipsing the
human musician, records helped us see
that music is far more than just
a language of human
feeling. Thanks to
phonography,
Schopen-
SCIENCE &
SOCIETY PICTURE
LIBRARY/GETTY IMAGES
hauer’s musty metaphysical theory—
that music is the voice of the Will, the
blind, restless force that propels all
things, from stars to starlets—becomes
something like common sense. If chil-
dren of another star are moved by our
music, it will be because its shifting
patterns match something deep in the
life of their planet, and deep inside
themselves.
In the last millennium an earthling
wrote: “When we listen to music most
deeply we seem to trace with one hand
the furrows of the mind, with the
other the folds of the universe.” The
argonauts of the golden record must,
on some level, have felt this, too: their
the Doomsday Argument Is Wrong,”
which includes the point that there is
(as yet) no way to ascertain the total
number of humans who have ever
lived—so we can’t know our birth
order. One objection not sufficiently
emphasized by the author: It’s easy to
point to doomsday-style predictions
Don’t worry. Scientists
can predict with 95%
confidence that the world
won’t end before 2031.
in the past that would have been
wrong. He also offers a few examples
of bets that would have been suc-
cessful: In 1934, for example, when
Hitler had been in power 20 months
and declared a 1,000-year Reich, a
Copernican observer “would have
predicted the Nazi state to survive
somewhere between another two
weeks and another sixty-five years.”
On the other hand, someone living
just before the fall of the Roman
Empire would have been confident—
wrongly—that it would continue for
centuries more.
When considering the future of hu-
manity, it would also help to know the
average life span of other planetary
civilizations. But we don’t know of
any, which itself is remarkable given
the vastness of the universe. This is
“Sounds of Earth” are bookended at
one end by an astronomically correct
realization of Kepler’s 17th-century
music of the spheres; at the other,
by a recording of Ann Druyan’s brain-
waves, sped up 60-fold.
The Voyager spacecraft
carried a gold-plated LP
—a mixtape for aliens
filled with Bach, Chuck
Berry, Javanese gamelan
music and more.
And here we come to the crowning
irony of the record’s story, the one in
which Mr. Scott most shamelessly glo-
ries. The kiss heard in “Sounds of
Earth” was planted by Tim Ferris
on the cheek of his fiancée, Ann
Druyan. Unbeknownst to Tim,
that cheek already flushed
with love for another man—
Carl Sagan. The brain ac-
tivity Ann’s EEG recorded
was, as Mr. Scott says,
that of “a human being
falling in love with an-
other human being,
but not yet with that
human being.” Four
years later, when the
spotlight (and the
risk of scandal) had
moved on, she would
become Sagan’s third
and ultimate wife.
Ms. Druyan has
said, and Mr. Scott
repeats, that the man-
uscript of the Cavatina
from the String Quar-
tet, Op. 130—the golden
record’s peroration—
bears, in Beethoven’s own
scrawl, the word Sehn-
sucht. In fact it doesn’t, but
it should. Usually translated
“longing” or “yearning,” the
German word suggests something
deeper: homesickness for a home
one never lived in, longing for a lost
unity one never knew. The myth of
Eden comes to mind. So does the story
Aristophanes tells in Plato’s “Sympo-
sium,” in which every person is the
severed half of a primordial being, ever
striving to reunite with their lost part-
ner. Linda Salzman Sagan’s line drawing
for the earlier Pioneer plaque showed a
naked man and woman who, by design,
are not holding hands, lest they be
mistaken by aliens for a single, eight-
limbed organism. But according to
Aristophanes, they are precisely that.
Is the force that drew Ann and Carl
together the same Love that, in the
words of Dante’s “Paradiso” and the
musical “Hair,” moves the sun and
the other stars? Physics may demur, but
music insists it’s so. The evidence is in
the spiraled discs, flung on their spiral
paths, that will circle our spiral galaxy
for all eternity or until someone catches
them—whichever comes first.
Mr. Eisenberg’s books include
“The Recording Angel” and
“The Trumpiad.”
known as the Fermi Paradox, after the
physicist Enrico Fermi, who posed a
simple question: If alien life exists,
where is everybody?
As Mr. Poundstone shows, dooms-
day arguments can provide some
dispiriting answers here, too. If we
were to find rudimentary life on Mars,
that would be very bad news: It would
imply that basic life isn’t so rare in the
universe, but that there is a “great
filter”—a nuclear war, for example,
or the accidental creation of a planet-
swallowing black hole in a particle
accelerator—that has prevented intel-
ligent civilizations such as ours from
becoming a spacefaring species.
Not mentioned by Mr. Poundstone
is my own favorite answer to this
question, as dramatized by the Chi-
nese science-fiction writer Cixin Liu:
We don’t see any signs of aliens be-
cause rational beings avoid revealing
their existence to a hostile universe
lest they be wiped out. By contrast,
we incautious humans have sent out
Voyager probes carrying a golden pho-
nograph record engraved with our
home address. We have beamed out
radio and TV transmissions incon-
tinently into space for half a century.
The answer to the Fermi Paradox
might, if we’re unlucky, turn out to be
linked to the doomsday question in
the worst possible way.
Mr. Poole is the author of
“Rethink: The Surprising History
of New Ideas.”
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C10 | Saturday/Sunday, August 24 - 25, 2019 * *** THE WALL STREET JOURNAL.

BOOKS
‘We are our memory, we are that chimerical museum of shifting shapes, that pile of broken mirrors.’ —JORGE LUIS BORGES

MYSTERIES

Daring to Remember Justice

TOM NOLAN

The Memory Police

By Yoko Ogawa
Pantheon, 274 pages, $25.95
In the Eye
BY ANNA MUNDOW Of the Storm

‘T
HE Memory
Police,” by CHIEF INSPECTOR Armand
Yoko Ogawa, Gamache of the Sûreté du
published in Québec has never been one to
Japan in 1994 shrink from trouble. But in
and now translated into English Louise Penny’s “A Better Man”
by Stephen Snyder, opens with a (Minotaur, 437 pages, $28.99),
timeless, affecting scene in which the author’s 15th novel featuring
a mother shares with her young the French-Canadian detective,
daughter (the novel’s narrator) his gumption is challenged
some treasured memories and as never before.
mementos—a ribbon, a bell, a Gamache, following his command of a
jewel, a postage stamp—while successful assault against a drug ring that
preparing the child for a future of nonetheless cost the lives of several police
losses. “You’ll see for yourself,” officers, has been demoted from Sûreté head to
the mother explains, “something chief of the homicide department. Tweets and
will disappear from your life.” The blogs pepper him with abuse, and certain
prediction is a chilling understate- colleagues insult him to his face. “You shouldn’t
ment. For on this family’s island even be here,” a deputy premier tells him at a
YURIKO NAKAO/GETTY IMAGES

home, all sorts of things—birds,
roses, maps—have for years been
vanishing overnight and simulta-
neously fading from most people’s
memories. (The child’s mother,
crucially, is one of a dwindling
minority whose recall is undimin-
ished.)
People, too, vanish. Some die,
of course, but those whose recol-
lections remain intact are rounded
up by the Memory Police, a
Gestapo-like militia. “The island is
run by men who are determined
to see things disappear,” the nar-
rator, now an adult, is told with-
out further explanation. Those
who retain memories of lost crea-
tures or things must themselves
be erased. Sinister trucks patrol
the streets. There are rumors of
scientific testing to identify an
incriminating memory gene. Yet
among the population, an eerie
calm prevails. It seems that most
people are “capable of forgetting
almost anything,” the narrator
observes, “much as if our island
were unable to float in anything
but an expanse of totally empty
sea.” It is within that void, in
a feat of dark imagination, that
Ms. Ogawa stages an intimate,
suspenseful drama of courage and
endurance while conjuring up a
world that is at once recognizable
and profoundly strange.
“Autumn passed quickly,” one
chapter begins. “The crashing of
the waves was sharp and cold, and
the wind brought the winter
clouds from beyond the moun-
tains. The old man came from his
boat to help me prepare for the
cold weather. Together we cleaned
the stove, wrapped the pipes, and
burned the dead leaves in the gar-
den.” Descriptions of food, house-
keeping and weather firmly root
in place the novel’s three main
characters, never named, as fear
draws them closer together. The
narrator is a novelist, “R” is her
editor, the old man is her friend;
when the encroaching Memory
Police force R into hiding, the
writer’s house becomes home to
this endangered trio. In R’s case,
it also becomes a prison. “Some-
times I put my hand on the wall
and try to imagine what’s going on
outside,” he tells the narrator from
his secret room underneath her
floor. “All my effort only serves to
convince me that I’m living in a
cave, suspended in the middle of
nothingness.”
This is Ms. Ogawa at her most
fervent, preoccupied with what it
means to be human; to imagine,
to remember, to love. A little ear-
lier, with similar intensity, she has
her narrator ask, “How does it
feel to remember everything? To
have everything that the rest of
us have lost saved up in your
heart?” Here the reader may
wince a little. These declarations
are undeniably clunky and their
weight might have sunk a more
conventional narrative. But in
Ms. Ogawa’s cunningly structured
and delicately layered novel, such
passionate outbursts are sparingly
deployed and oddly touching. Like
splashes of color in a wintry land-
scape, they not only relieve the
bleakness but also prove that
something as fragile as emotion
can resist annihilation.
Ms. Ogawa even plants a love
story in the island’s increasingly
barren terrain. “He raised his
hand and brushed away a tear
at the corner of my eye with
his fingers. They were warm. I
watched as my tears fell on his
hand. And then he took me in
his arms.” The restrained passion
of the overture is overwhelming,
and in that moment, as in others
throughout the novel, Ms. Ogawa
reveals the preciousness of the
commonplace and of the heart’s
resilience. At the same time, she
refrains from offering easy con-
solation. The horror in “The
Memory Police,” as in her earlier
fiction—“The Diving Pool” (1991),
“The Housekeeper and the Pro-
fessor” (2003) and, most disturb-
ingly, “Revenge: Eleven Dark
Tales” (1998)—remains omni-
present if not, ultimately, trium-
phant, and the machinery of an
insane totalitarian regime grinds
on. There is even a nightmare
within this nightmare. It takes
the grotesque shape of an un-
completed novel in which the
narrator describes the imprison-
ment of a young student by her
sadistic typing instructor, whose
torture chamber is a clock tower
filled with dead typewriters.
Add to this the imminent dis-
appearance of words, then of
legs and arms, and you can feel
the papery ground of apocalyptic
fable dissolving into surrealist
quicksand. Some readers may
relish the sensation. Admirers of
José Saramago’s fiction, for ex-
ample, will enjoy hearing echoes
of that writer’s 1978 short-story
collection, “The Lives of Things,”
in which “OUMIs” (i.e., object,
utensil, machine or installation)
take on lives of their own, sicken
and disappear.
But Saramago’s is a political
allegory; it proclaims that “never
again will men be treated as
things.” Ms. Ogawa, for all her
fervor, is more elusive. Her mea-
sured, compressed sentences
seem intended to tranquilize
rather than excite. In complete
control of the reader’s attention,
she fixes it one moment on the
hands of a corpse, or the texture
of a flower, then the next on the
ineffable, fleetingly grasped. “I
lifted the corner of the blanket,”
the narrator laments in a heart-
breaking tableau. “The first thing
I saw were the old man’s hands
folded on his chest. Hands that
would never make anything
again.” Shortly afterward, in a
separate reality, the woman
prisoner in the narrator’s novel
declares, “I close my eyes, real-
izing that the end is coming
soon. . . . But I suppose there’s no
need to worry. It must feel much
like a typewriter key falling back
into place after rising for a
moment to strike the page.” No
wonder emerging from Ms.
Ogawa’s latest creation feels like
waking up to find an unsettling
dream sliding just out of memory.
Ms. Mundow is a writer living
in central Massachusetts.
tense official meeting. “You should be at home,
or guarding some Walmart. Or in prison.”
Gamache’s career crisis coincides with “a
natural disaster of epic scope,” a mixture of
monsoon-like rain, heavy snow and thick built-up
ice. Bridges wobble and dams
THIS WEEK bulge, threatening not only the
safety of Gamache’s beloved
A Better village of Three Pines but all
Man of Québec. When he looks out
By Louise at Montréal, “So much rain
Penny was sliding down the window,
it looked as though the city
was underwater.”
With the rest of the force busy safeguarding
the territory, Gamache takes responsibility for
finding one Vivienne Godin, a young pregnant
woman who has gone missing. Vivienne’s father
is convinced her abusive husband has done her
in. So too is the missing woman’s godmother,
who works with Gamache on the homicide desk.
Any lingering doubt is erased once Vivienne’s
corpse is found in the midst of the raging storm,
and the new widower’s first reaction is to start
framing his defense. But despite their certainty
about who did the crime, how will Gamache and
his colleagues make their case and secure a
conviction? Eventually, Gamache must wrestle
with a problem that endangers the sacred
principles he’s sworn to uphold: how to prevent
an outraged citizen (be it a police officer, a
parent, even himself) from turning vigilante.
“It was the asp at the breast of any decent
cop. . . . Any mother or father. Any human.”
Such concerns become even more pressing
when a legal loophole opens a path for the
accused to escape punishment entirely. Will the
victim’s champions be able to find another way,
short of street justice, to make good on their
promise to Vivienne’s loved ones that the killer
will pay?
Over the past 14 years, Ms. Penny has written
a saga in which both hero and author have
grown in ability and assurance. “A Better Man,”
with its mix of meteorological suspense,
psychological insight and criminal pursuit,
is arguably the best book yet in an outstanding,
original oeuvre. We look forward to additional
encounters with the dignified, inspirational
Armand Gamache.

The Foolish Heart of a World-Spirit

AT THE SPRY AGE of 72, the girlfriend’s affections like a love- Powyss’s plan is to lock a man Through some obscure combi- of capitalizing random Nouns.
German writer and humanist sick mooncalf. in the well-appointed basement nation of guilt and cruelty, he In short, she’s a crank, which
Johann Wolfgang von Goethe In truth, there is an awful lot of his estate for seven years, seduces Warlow’s wife, who is why the village thinks little of
became infatuated with 17-year- of late-night woolgathering in delivering food and laundry by is entirely dependent on his it when she keeps encountering
old Ulrike von Levetzow, a “A Man in Love,” which fastens dumbwaiter, in order to observe handouts. dead bodies. First she discovers
fixation that inspired his poem itself to Goethe’s consciousness whatever miraculous transfor- Social dominance, and the her neighbor with a bone from
“The Marienbad Elegy” and now during his thrilling courtship of mations the subject undergoes violent means used to maintain a freshly hunted deer lodged in
serves as the model for Martin Ulrike and in the torment of in isolation. Promised a gener- it, unites the various storylines his throat. Then she finds the
Walser’s novel “A Man in Love” their separation, when a “con- ous pension if he completes the in “The Warlow Experiment.” In police commandant stuffed in
(Arcade, 283 pages, $25.99), spiracy of all legitimate society” seven-year term, a poor laborer the novel’s hectic conclusion Ms. a well with his head smashed
FICTION translated by David Dollenmayer. works to keep them apart. named John Warlow volunteers Nathan stages a series of moral open. More grisly deaths follow.
SAM SACKS In his day, Goethe was the most Despite his age, Goethe finds for the solitary confinement. awakenings and comeuppances Suspicion falls on the dead
famous person in Germany; himself re-enacting the tragedy that overturn the expected order men’s involvement with the
Ulrike was a fatherless teenager of his hero in “The Sorrows of THIS WEEK of things. These feel forced and Russian mafia, though some
with no protection from the Young Werther,” and as in that not terribly convincing. But are convinced the culprit is
storms of gossip and oppro- watershed work of Sturm und A Man in Love Warlow’s plight itself is indeli- supernatural. Janina argues
brium. Goethe’s interest in her Drung, the novel indulges in By Martin Walser ble, both pungent and horrifying for karma: The animal kingdom
ought to make for a creepy, plenty of windy soliloquizing. in its details and profound as a is exacting revenge on the men
A proto-#MeToo cautionary tale. It’s Goethe’s passionate The Warlow Experiment metaphor—a symbol of upper- who spent so much leisure time
German How, then, has Mr. Walser spun curiosity about everything, even By Alix Nathan class barbarity stashed away hunting them.
master such a sweet and affecting story
from it?
his own anguish, that makes his
mental landscape an interesting Drive Your Plow Over
in the cellar like a telltale heart
beating beneath the floorboards.
Ms. Tokarczuk reached a wide
audience when she won the 2018
evokes It helps that his version of place to inhabit. Mr. Walser, one the Bones of the Dead Corpses litter the landscape Man Booker International Prize
Goethe’s events is fanciful. In reality, of the most prolific and well- By Olga Tokarczuk of “Drive Your Plow Over the for “Flights,” a fragmentary
late-life Goethe’s marriage proposal was
sensibly declined by Ulrike’s
regarded novelists of postwar
Germany, once noted in an essay
Bones of the Dead” (Riverhead,
274 pages, $27), by the Polish
novel that eschewed linear
narrative for a “constellation” of
obsession mother, and the young woman that Goethe frequently closed his There’s no mystery about writer Olga Tokarczuk. The mesmerizing stories and essays.
with a never even knew of his romantic letters with “Farewell, love me.” what’s going to happen to narrator is Janina Duszejko, “Drive Your Plow” is an earlier
teenage intentions until she read about “The more one deals with him,” Warlow, so while Ms. Nathan an old woman who lives alone work, first published in 2009
them in “The Marienbad Elegy.” Mr. Walser wrote, “the easier it chronicles his appalling descent in a village in southwest Poland, and now translated by Antonia
girl. In Mr. Walser’s telling, which is is to fulfill his wish.” The Goethe into madness she also expands near the Czech border—a Lloyd-Jones, and while it adopts
set in 1823 when Ulrike is 19, the of this novel is a rascal and a fool, outward to explore the lives of solitude she would not mind the straightforward structure of
couple are cast as emotional and but we can’t help loving him. Powyss and the servants on his except that her two beloved a murder mystery, its macabre
intellectual equals, her maturity In Alix Nathan’s “The War- estate. In a sense the real dogs have recently gone humor and morbid philosophical
and darting wit matched by his low Experiment” (Doubleday, “experiment” is being conducted missing. Janina spends her time interludes are distinctive to its
eternally youthful joie de vivre. 258 pages, $26.95), set in the on the people aboveground: teaching English at the nearby author. Janina is a wonderfully
Goethe is the anti-Casaubon, Welsh countryside in the 1790s, How will they be changed by school, studying astrological plausible eccentric. Until the
a man who stays up all night the idle aristocrat Herbert their proximity to an act of patterns (“Oh yes, order does excellent payoff at the finale
feverishly composing poems, Powyss aims to play his part in such whimsical evil? Some of exist, and it is within reach,” it’s hard to decide whether she’s
debating scientific theories the advancement of scientific the servants, already roused by she says. “The stars and planets a kook or a prophet. As for
(a friend observes that “finding knowledge by overseeing a news of the Jacobins in France, establish it”) and helping a Ms. Tokarczuk, there’s no doubt:
traces of titanium” in rocks is his project he calls “Investigation use Warlow as a lightning rod former student translate She’s a gifted, original writer, and
“favorite topic of conversation”), into the Resilience of the for rebellion. The effect on William Blake, whose visionary the appearance of her novels in
or woolgathering about his Human Mind Without Society.” Powyss is even more disturbing. influence accounts for her habit English is a welcome development.
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BOOKS
‘The sea, once it casts its spell, holds one in its net of wonder forever.’ —JACQUES COUSTEAU
BEN SCOTT

CAST AWAY Janet Messineo on Quansoo Beach in West Tisbury, Mass., in June 2006.

A Poetics for Surfcasters

Casting Into the Light from a tight fraternity of island fishermen
By Janet Messineo who did not suffer women gladly, and at a
time when waders and foul-weather gear
Pantheon, 308 pages, $26.95
came only in men’s sizes and body shapes.
BY RICHARD ADAMS CAREY Of Sicilian extraction, Ms. Messineo uses
some persuading taught Ms. Messineo the
rudiments of surfcasting; the tragic Jack
Coutinho, a longtime fixture on the
Vineyard Derby leader board who, over a
stretch of 12 years, showed her all he knew
so come to love this greatest of American
game fishes that you can only wish it well.
Godspeed! you say as you set free what once
you most wanted to possess.”
No longer a waitress, now a fishing guide

J
ANET MESSINEO remembers the
beauty of the first striped bass she
ever caught, one day off a jetty
on Martha’s Vineyard. “Dark blue-
black lateral stripes ran down the
length of its olive-green back,” she writes in
“Casting Into the Light: Tales of a Fishing
Life.” “The scales on the belly were shiny
silver with subtle iridescent reds and
purples. I gave thanks to the heavens,
then joined the others back on the jetty.”
Those who come late to fishing are
often surprised by the graces of color and
symmetry found in these creatures of the
planet’s other world, and such was the case
with Ms. Messineo. She grew up among
the mills of Lawrence, Mass., and in the
mid-1960s joined a counterculture then
morphing from beatnik to hippie.
She spent the summer of ’66 baiting
hooks for a Vineyard party-boat captain
and sleeping under skiffs on the beach.
Subsequent addresses include a California
commune, an apartment on the corner of
Haight and Ashbury, and a tipi in rural
Milton, N.H. In 1972, still in her early 20s,
she returned to the Vineyard, got hired as a
waitress at the Black Dog Tavern, and was
stunned by the beauty—and then the taste—
of a bonito caught by a friend off a beach
on Chappaquiddick.
That memory incubated for four years
before Ms. Messineo bought a department-
store rod and reel for a boyfriend who tried
it once and gave it back to her. Thus began
her fishing life.
Fishing is vastly more difficult than it
looks, and like any novice, Ms. Messineo
needed help—which was not easy to obtain
the word “respect” as often as any Mafia
don, but appropriately so. There is first the
respect that all fishermen extend to the
Eastern seaboard’s most celebrated game
fish, the lovely and powerful striped bass;
Ms. Messineo describes the feeling of
playing a 40-pounder as “a little like
suddenly being hooked to the bumper of
a VW bug going fifty miles per hour.”
Then there is the respect she set out
to earn, both for herself and from that
fraternity. Stripers bite best at night, and
she writes movingly of the anxieties she
felt fishing in the dark and alone on
isolated beaches, fearing not just physical
attack but that pull of a VW on the end of
her line. “I had dreams of hooking into a
big fish while I was alone, and in that
dream, it would try to pull me into the
fathomless ocean,” she writes. “I could feel
the strength of something huge and
mysterious tugging on my line and wanting
to carry me out to sea.”
Ultimately, though, this is a tug that
excites even more than it terrifies, a thrill
that goads the author into “wanting to
become a great fisherman—not a woman
fisherman, separated by gender, but just a
respected fisherman.”
Plucky, smart and unflagging, Ms.
Messineo eventually earns some grudging
advice from the island’s hardcore fishermen,
and in time finds among their ranks not
just respect but also devoted friends,
partners and mentors. Indeed one of the
chief pleasures of “Casting Into the Light”
is its evocation of a collegial fishing
community, and its warm-hearted portraits
of sportsmen such as the “quiet, sneaky”
but generous expert Tim White, who after
about stripers before succumbing to mental
illness; and the quirky Bob “Hawkeye”
Jacobs, a “disheveled, absentminded
professor type of guy” who had a theory
about everything, whether it swam or not.
Ms. Messineo deals briefly—but frankly—
with her addictions to drugs and alcohol in
the ’70s and ’80s. Also told in passing is
one of the rare success stories in fisheries
conservation. Nearly extinct in the ’80s, the
striper was saved not just by better water
As a novice surfcaster on
Martha’s Vineyard, Janet
Messineo sought the wisdom
of aloof island fishermen who
did not suffer women gladly.
quality in the Chesapeake Bay, where the
fish spawns, but by legislation that worked
thanks to cooperation between commercial
fishermen, who were able then to shift to
other species, and sport fishermen, who
willingly did the same.
This relates to other facets of respect,
and to themes explored at greater length:
those involving proper etiquette among
fishermen—much of this learned on a trial-
and-error basis by the author—and the
ethics of fishing itself. Indeed, the more
skilled Ms. Messineo becomes, the more
she struggles with what John N. Cole
(in “Striper,” his 1978 tribute to the fish)
describes as the striped bass’s “ultimate
paradox”: “By the time the striper has
taught you what you need to know, you have
and occasional taxidermist, and possessed
of all the respect she sought, Ms. Messineo
has come to use circle hooks that secure
a fish by the lip (instead of the throat),
releases many more fish than she takes,
and draws a crisp distinction between
taking and killing.
“My theory is that if you take a fish from
the ocean, and let it die because you don’t
have any use for it, or time to fillet it and
cook it, that’s called ‘killing,’ ” she writes.
“Taking a fish to eat is called ‘taking,’ or
‘harvesting.’ Killing is a waste of a resource.
When I decide to keep a fish to eat, I pause
to honor it. I thank it for giving its life and
providing food for me and my family.”
“Casting Into the Light” is by no means
literary. Its language is unadorned, and bits
of its diverging chapters repeat themselves.
But Ms. Messineo is always an amiable and
entertaining storyteller who—much to her
own surprise—has found a sort of bliss she
would like more women to share.
“Fishing gives me a feeling of union with
nature,” she writes. “My passion for fish
has brought me not only sustenance”—her
book includes an appendix of favorite fish
recipes—“but also insurmountable pleasure.
I’ve found deep friendships with other
fishermen whom socially I would not have
had the opportunity to get to know. Surf
fishing helps to transcend all social,
spiritual, and political differences. Through
this love of fish and the ocean my life has
been enriched.”
Mr. Carey’s books include “Against the Tide:
The Fate of the New England Fishermen”
and “The Philosopher Fish: Sturgeon, Caviar,
and the Geography of Desire.”

Off to School, With Excitement and Trepidation

WHEN YOU ARE SMALL, what
is “school,” exactly? You don’t
know, but you hear things:
It’s a place where children
learn (however that’s
supposed to work) and eat
from lunch boxes and make
new friends and sit crisscross-
applesauce during circle time.
To hear adults talk, there’s
CHILDREN’S nothing to fear. So why, when
BOOKS you are small, can the prospect
MEGHAN of entering this garden of
COX GURDON delights be so nerve-racking?
“The Pigeon HAS to Go to
School!” (Hyperion, 34 pages,
$16.99), Mo Willems’s ninth
drama starring the histrionic
bird, takes up this momentous
matter. “Why do I have to go
A bear to school?” the pigeon
cub, demands. “I already know
a pet EVERYTHING!” School is not
only unnecessary but also
tortoise poorly scheduled: The
and pigeon is not a morning
a well- person. At turns defiant,
insouciant and fearful, he
known yearns to be little again
pigeon so that he doesn’t have to
get go. He worries: “What if I
don’t like school? What if
ready for I REALLY don’t like it!?
that big What if I really, REALLY
first day. don’t like it!?”
These are good
questions, and with spare
comic drawings and jaunty
writing Mr. Willems gives
them the weight they deserve
in this entertaining picture
book for children ages 3-6.
Mike Wohnoutka condenses
the exhilaration and terrors of
school entry into a few brief
phrases in “So Big!”
(Bloomsbury, 30 pages,
$17.99), a picture book for
young children filled with
warm-hued illustrations that
exude reassurance. The main
character is a bear cub who
wakes up on the first day of
school feeling excited. He’s
“so big” now that he can get
dressed on his own, fix his own
bowl of cereal and head off
alone to the bus stop. Yes, he’s
feeling mighty confident . . .
until a huge school bus driven
by a lion pulls up (“SO big”),
which he finds full of colossal
older students (“so BIG”) en
route to a vast and intimidat-
ing brick building (“SO BIG!”).
DIAL
It’s all too much for the bear
cub and another newcomer,
a young squirrel. But when
the two of them pool their
courage and step inside
together, they come to see
that maybe school is going to
be “just right!”
A young girl’s anxiety about
starting school takes a lovely
fluttering form in “Butterflies
on the First Day of School”
(Sterling, 32 pages, $16.95),
a picture book for 3- to 8-year-
olds written by Annie Silvestro
and illustrated with rich colors
and naif lines by Dream Chen.
Rosie has been looking
forward to using her new
flowered backpack, and she
has been practicing classroom
protocols (raising her hand,
writing her letters) with her
stuffed animals. “But the night
before her first day, Rosie
couldn’t sleep,” we read, and
on the fateful morning
her stomach hurts.
“You just have butter-
flies in your belly,” her
mother says, giving
her a hug. For Rosie,
it’s not a figure of
speech. On the school
bus and later in the
classroom, the girl
discovers that each
time she ventures
to speak, butterflies
that no one else can
see flit and tumble
from her mouth,
leaving her feeling a
little better each time.
Life is a series of trade-
offs, as we know, and it’s a
concept that Cori Doerrfeld
turns to charming effect in
“Goodbye, Friend! Hello,
Friend!” (Dial, 34 pages,
$17.99), a picture book that
will encourage children to
accept the bittersweet aspects
of change. In Ms. Doerrfeld’s
soft-lined illustrations (see
below left), a worried little girl
hugs her mother as the school
THIS WEEK
The Pigeon HAS to
Go to School!
By Mo Willems
So Big!
By Mike Wohnoutka
Butterflies on the
First Day of School
By Annie Silvestro
Illustrated by Dream Chen
Goodbye, Friend!
Hello, Friend!
By Cori Doerrfeld
Truman
By Jean Reidy
Illustrated by Lucy Ruth
Cummins
bus waits. “Every goodbye . . .
leads to a hello,” we read,
as on the following page the
girl meets a new classmate.
A friendship begins: “Goodbye
to sitting alone . . . is hello to
sitting together.” As the
seasons shift, the two children
adapt to the weather, saying
goodbye to outdoor leaf-
frisking and hello to indoor
fort-building, and goodbye to
snowmen and hello to puddles.
In a poignant reframing of
loss, “goodbye to an empty
bowl” that once contained a
goldfish becomes “hello to a
full heart,” as the teary child
draws a picture of her lost
pet. Tender and observant,
this is a book that will inspire
readers ages 3 to 7 to notice
the hello-goodbye moments
in their own lives.
Jean Reidy captures the
vastness of the world and
the courage required to
sally forth in “Truman”
(Atheneum, 46 pages, $17.99),
an enchanting picture book
about a girl’s first day of school
seen primarily through the eyes
of her pet tortoise. Illustrated
by Lucy Ruth Cummins, the
story introduces readers
ages 4 to 8 to Truman and
“his Sarah,” who both have
“peaceful and pensive” natures
and live in a city “high above
honking taxis and growling
trash trucks and shrieking
cars—and the number 11 bus,
which traveled south.” One day
Truman senses that there’s
something big afoot: Sarah has
a bow in her hair, she’s wearing
a big backpack, and she gives
Truman two more green beans
than usual to nibble on. Then,
from the window, Truman is
shocked to see Sarah climb on
the southbound bus. He waits
and waits (“a thousand hours—
tortoise hours, that is”) before
resolving to follow her. His is
an epic undertaking that ends
safely, thank goodness, in this
sweet tale of valor, affection
and enterprise.
 RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
C12 | Saturday/Sunday, August 24 - 25, 2019 * *** THE WALL STREET JOURNAL.

BOOKS
‘It is not titles that honor men, but men that honor titles.’ —NICCOLÒ MACHIAVELLI

Dangerous Dynasties third of the population had died, but it was

The Borgias
By Paul Strathern once again under Medici control.
These opening scenes predict the direction
Pegasus, 383 pages, $28.95
the books will take. Mr. Strathern doesn’t gloss
over the brazen ambition of the Medici, yet his
The Family Medici book is a generally admiring portrait of the
By Mary Hollingsworth dynasty. He calls Lorenzo “the Magnificent,”
Pegasus, 480 pages, $29.95 a sobriquet often omitted by modern
historians, and presents him as an action hero
BY JAMIE JAMES
who might have been played by Errol Flynn.

R
Ms. Hollingsworth isn’t out to smear the
EADERS OF HISTORY, like all Medici, but her book clearly aims to take the
readers, love an engrossing shine off their sterling reputation. Clement VII
narrative: a conquest triumphant is usually remembered for approving
or repulsed, a great man brought Copernicus’ heliocentric theory a century
to ruin by his flaws. The story before the trial of Galileo and for protecting
doesn’t have to have heroes and villains, Jews from the Inquisition; yet Ms. Hollings-
but it doesn’t hurt. worth points out that he was willing to
The intertwining chronicles of the Borgia sacrifice thousands of lives to keep his native
and Medici dynasties offer rich material for city under Medici control.
such a narrative. Two of the wealthiest families When both authors turn to the Borgias,
in Renaissance Italy vied for supreme power, they put the dynasty’s notorious reputation
seizing thrones royal and ecclesiastic by force into perspective, citing examples of equally
and cunning. The traditional version makes the egregious immorality in the conduct of their
Medici the heroes, philanthropic bankers who rivals. For instance, Alexander VI, reputed to
fostered the rise of humanism and science, be the most fiendishly wicked of the Borgia
commissioning masterpieces of art by popes, was by no means the first or only pope
Donatello, Botticelli and Leonardo da Vinci. to flout the vows of chastity and poverty (he
The villains, the Borgias, have become a fathered several children): In the 15th century,
byword of evil, covering the full gamut of the the papacy was a temporal office with spiritual
deadly sins, spiced with rumors of incest and embellishments. Yet the hard facts of the
occasional applications of poison. Borgia clan may be fairly described as
Such history, when it is presented on the revealing depravity to an extraordinary if not
stage and screen—one thinks of Donizetti’s a monstrous degree. Any truthful genealogical
opera “Lucrezia Borgia,” based upon a play by table of the Borgias is a speculative exercise,
Victor Hugo, or of “The Borgias,” the TV series strewn with dotted lines to indicate extra-
starring Jeremy Irons—can omit nuance and marital relationships and question marks
tailor facts as the story requires. But historians about parentage. Appalling cruelty crowds
who seek a wide readership, while giving their the historical record. For an evening’s sport,
readers the drama they crave, must honor the Cesare Borgia, the pope’s son, invited his sister
historical record in all its complexity. Lucrezia (with whom he may have had a sexual
Paul Strathern’s “The Borgias: Power and relationship) to join him on a balcony as he
Fortune” and Mary Hollingsworth’s “The took archery practice using felons in the
Family Medici: The Hidden History of the courtyard as targets.
Medici Dynasty” (first published in 2018 and Mr. Strathern finds more space for exciting
soon to be issued in paperback) present just anecdotes of sex and violence than Ms.
such nuanced accounts. And they are not their Hollingsworth does, and both authors reach
authors’ first forays into the period, each beyond the Borgia family to draw portraits
having earlier staked a claim in the other’s of scandalous sovereigns from rival clans.
dynasty, so to speak. In 2016, Mr. Strathern Mr. Strathern repeats the claim of a modern
published “The Medici: Power, Money, and historian that the death of Pope Paul II, a scion
Ambition in the Italian Renaissance,” and Ms. of the Barbo family, resulted from excesses of
Hollingsworth had previously published “The melon consumption and sodomy on a hot day;
Borgias: History’s Most Notorious Dynasty” Ms. Hollingsworth concedes the melons but
(2011). All four are fine books, authoritative omits the buggery. She is the defter of the
and well-written, by independent scholars who two in disentangling the knots of shifting
know how to make the past come alive without alliances and rivalries and in explicating the
ALAMY

turning it into pulp. complex business transactions of the period.

Both authors begin their Medici chronicles
with a scene of high drama, then dial back to
the beginning and progress chronologically,
alternating between fully rendered scenes and
brisk summaries. Mr. Strathern starts with the
Pazzi conspiracy, one of the bloodiest passages
in Italian history. In the late 15th century,
the Medici ruled Florence as princes in all
but name, led by young Lorenzo de’ Medici.
In 1478, a rival clan, the Pazzi, plotted to seize
control of the city. Mr. Strathern opens with a
vivid scene of Lorenzo and his entourage riding
to Mass. His younger brother, Giuliano, walks
behind them, accompanied by his friends
Bernardo Bandini and Francesco de’ Pazzi.
When Mass begins, as Mr. Strathern relates,
“two separate incidents take place simultane-
ously. By the door, Bernardo Bandini whips out
a dagger, turns and plunges it into Giuliano de’
Medici’s head with such force that Giuliano’s
skull is split open with a spray of blood.”
RUTHLESS Dante Gabriel Rossetti’s 1861 watercolor depicts Lucrezia Borgia after she poisoned her
husband with the help of her father, Pope Alexander IV. The two men can be seen in the background.
Francesco de’ Pazzi joins in the brutal murder.
Meanwhile, at the altar, two priests standing
behind Lorenzo pull out knives from their
robes to stab him, but the young lord springs
away, receiving only a superficial wound, and
scrambles to safety. The conspiracy fails.
Mary Hollingsworth’s “The Family Medici”
begins some 50 years later, with a graphic
account of the siege of Florence by an army
assembled by Pope Clement VII. Born Giulio de’
Medici, Pope Clement was the illegitimate son
of Giuliano de’ Medici, born a month after his
father’s assassination in the Pazzi conspiracy.
Three years before the siege, a decisive majority
of the Florentine people, weary of the Medici’s
imperious ways, had voted to banish them.
Clement, writes Ms. Hollingsworth, “was
determined to reverse this quite lawful decision,
whatever the cost.” He may have been the vicar
of Christ, but his first loyalty was to his clan.
“He did not regard Florence as an independent
republic but as the personal fiefdom of his
own family.”
She opens on the feast of St. John the
Baptist and contrasts the somber mood in 1530,
the year of the siege, with the gaiety of pre-
vious celebrations. “There were no banquets
nor bullfights, no laughter nor music.”
No banquets because there was no food:
The horses and cats had all been slaughtered,
and rats were selling for 16 soldi, a crafts-
man’s day wage in good times. All the gold
and silver in the churches had been melted
down to pay the mercenaries defending the
city. By the time of Florence’s surrender,
10 months after the siege had begun, one
Mr. Strathern has an admirable talent for the
biographical sketch, particularly of artists and
writers. His portrait of Machiavelli is especially
fine: He reminds us that, as cruel as Cesare
Borgia was, he was the model of “The Prince”
in part because of that very quality.
Truth may be stranger than fiction, more
exciting and surprising, but it is considerably
messier. A comprehensive presentation of
historical events approaches art, in that it
requires continuous judgments about what to
include and what to leave out, with a judicious
eye to the overall shape of the narrative.
Contemporary historians may throw shade on
the Medici’s reputation, but no amount of
perspective and balance can palliate the record
of the Borgias’ crimes, which equals any pulp
novel in its power to shock.
Mr. James is the author of “Pagan Light:
Dreams of Freedom and Beauty in Capri.”

Best-Selling Books | Week Ended August 17

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScan gathers point-of-sale bookdata
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan16,000locationsacross theU.S.,
representing about85%ofthenation’sbooksales.
Educated: A Memoir 1 1 Dare to Lead 6 5 Dog Man: For Whom the Ball Rolls 1 New One Good Deed 6 4 Print-book dataproviders includeallmajorbooksellers,
Tara Westover/Random House Brené Brown/Random House Dav Pilkey/Graphix David Baldacci/Grand Central webretailersandfoodstores. E-bookdataproviders
includeallmajore-bookretailers.Freee-booksand
How to Be an Antiracist 2 New Girl, Wash Your Face 7 7 Where the Crawdads Sing 2 1 The Pigeon HAS to Go to School! 7 5 thosesellingforlessthan99centsareexcluded.
Ibram X. Kendi/One World Rachel Hollis/Thomas Nelson Delia Owens/Putnam Mo Willems/Hyperion Thefiction andnonfiction combinedlistsinclude
aggregated salesforallbookformats (exceptaudio
StrengthsFinder 2.0 3 2 It’s Not Supposed to Be This Way 8 — The Inn 3 2 Dog Man: Brawl of the Wild 8 — books,bundles, boxedsetsandforeign
Tom Rath/Gallup Lysa TerKeurst/Thomas Nelson James Patterson & Candice Fox/Little, Brown Dav Pilkey/Graphix languageeditions) andfeaturea
combination ofadult,youngadultand
Becoming 4 4 Ball of Collusion 9 New We Don’t Eat Our Classmates 4 3 Outfox 9 7 juveniletitles.Thehardcoverfictionand
Michelle Obama/Crown Andrew C. McCarthy/Encounter Ryan T. Higgins/Disney-Hyperion Sandra Brown/Grand Central nonfiction listsalsoencompassamixof
adult,youngadultandjuveniletitleswhilethebusiness
The Subtle Art of Not Giving a F*ck 5 6 Trick Mirror 10 New The Bitterroots 5 New The Nickel Boys 10 9 listfeaturesonlyadulthardcovertitles.Refer
Mark Manson/Harper Jia Tolentino/Random House C.J. Box/Minotaur Colson Whitehead/Doubleday questionstoTeresa.Vozzo@wsj.com.

Nonfiction E-Books Nonfiction Combined Fiction E-Books Fiction Combined Hardcover Business
TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK

You Don’t Have to Be Ruthless to Win 1 New Educated: A Memoir 1 1 Outfox 1 New Dog Man: For Whom the Ball Rolls 1 New StrengthsFinder 2.0 1 1
Jonathan Keyser/Lioncrest Tara Westover/Random House Sandra Brown/Hachette Dav Pilkey/Graphix Tom Rath/Gallup
Educated: A Memoir 2 1 Everything...Ace American History 2 2 Contraband 2 New Where the Crawdads Sing 2 1 Dare to Lead 2 2
Tara Westover/Random House Workman Publishing/Workman Stuart Woods/Putnam Delia Owens/Putnam Brené Brown/Random House
Ball of Collusion 3 New How to Be an Antiracist 3 New A Column of Fire 3 — Outfox 3 New Extreme Ownership 3 5
Andrew C. McCarthy/Encounter Ibram X. Kendi/One World Ken Follett/Viking Sandra Brown/Grand Central Jocko Willink & Leif Babin/St. Martin’s
When the Air Hits Your Brain 4 — Ball of Collusion 4 New The Bitterroots 4 New The Bitterroots 4 New The Total Money Makeover 4 4
Frank Vertosick Jr./Norton Andrew C. McCarthy/Encounter C.J. Box/Macmillan C.J. Box/Minotaur Dave Ramsey/Thomas Nelson
Three Women 5 4 Everything...Ace English Language 5 4 Where the Crawdads Sing 5 3 Contraband 5 New Emotional Intelligence 2.0 5 3
Lisa Taddeo/Avid Reader Workman Publishing/Workman Delia Owens/Putnam Stuart Woods/Putnam Travis Bradberry & Jean Greaves/TalentSmart
The Subtle Art of Not Giving a F*ck 6 10 Becoming 6 3 Quiet Man 6 New The Inn 6 2 Atomic Habits 6 6
Mark Manson/Harper Michelle Obama/Crown Kristen Ashley/Evil Eye Concepts James Patterson & Candice Fox/Little, Brown James Clear/Avery
Becoming 7 9 StrengthsFinder 2.0 7 10 Her Silent Cry 7 New Blood Truth 7 New Kochland 7 New
Michelle Obama/Crown Tom Rath/Gallup Lisa Regan/Bookouture J.R. Ward/Gallery Christopher Leonard/Simon & Schuster
The Philosophy Book 8 — Big Preschool 8 5 Blood Truth 8 New One Good Deed 8 5 The Five Dysfunctions of a Team 8 7
DK Publishing/DK School Zone Publishing/School Zone J.R. Ward/Gallery David Baldacci/Grand Central Patrick M. Lencioni/Jossey-Bass
Ottolenghi: The Cookbook 9 — The Subtle Art of Not Giving a F*ck 9 7 Look Alive Twenty-Five 9 — A Column of Fire 9 — Never Split the Difference 9 9
Yotam Ottolenghi/Ten Speed Mark Manson/Harper Janet Evanovich/Putnam Ken Follett/Penguin Chris Voss/Harper Business
Caravaggio 10 — Night 10 — Playing for Keeps 10 New We Don’t Eat Our Classmates 10 6 The Coffee Bean 10 —
Andrew Graham-Dixon/Norton Elie Wiesel/Hill & Wang Kendall Ryan/Kendall Ryan Ryan T. Higgins/Disney-Hyperion Jon Gordon & Damon West/Wiley
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 24 - 25, 2019 | C13

PLAY
NEWS QUIZ DANIEL AKST From this week’s
Wall Street Journal
WSJ BRAIN GAMES Provided by Serhiy and Peter Grabarchuk (grabarchukpuzzles.com)

1. How did Danish 5. Vast fires, many set by log- 1. HHHHI

Prime Minister gers, are ravaging the Bra- Divide each ring into
Mette zilian rainforest since the two parts so that all
Frederiksen election of President Jair four parts can be
respond to Bolsonaro. What’s his jok- combined to form a
President ing nickname for new shape, in which
Trump’s idea of himself? no two sections of
buying Green-
the same color are
land?
A. The Duke of Deforestation
adjacent. Cuts must

B. Treehugger in Chief

A. “I wouldn’t take anything
C. Brigadier Buzzsaw be made exactly
less than Florida for it.”
D. Captain Chainsaw between the red and

B. “I’d prefer to sell Sweden.” blue sections. Pieces

C. “Such a thing would be can be rotated
6. Italy’s prime minister but not overlapped
unconstitutional for us.”
announced his resignation. or flipped.

D. “Absurd discussion.”
Name that politician!

2. Protests in Hong Kong have
A. Giuseppe Conte

some residents moving money
B. Giuseppe Mazzini
elsewhere. What currency is the
C. Giuseppe Verdi
2. HHHHI 3. HHHHI
Hong Kong dollar pegged to?
D. Giuseppe Zanotti
How many Divide the

A. The British pound rectangles shape into
7. This year is shaping up to be (including three identical

B. The Chinese yuan
the first in which women are squares) of parts by cutting

C. The U.S. dollar
the majority of Americans who all possible along the lines

D. The euro
are what? sizes can of the grid.
you find in The parts may
3. Walmart sued Tesla. What is
A. Dentists
the grid? be rotated
the retailer claiming Tesla did?
B. Lawyers

C. Undertakers or flipped.

A. Installed solar panels that
D. Workers with college
caught fire atop Walmart roofs degrees

B. Reneged on a pact to let
Walmart sell Tesla home solar 8. Among the world’s most
gear populous countries, which is

C. Sold electric cars without ranked by the World Resources
permission in Walmart parking Institute as the most water-
lots stressed?

D. Attacked Walmart in a SOLUTIONS TO LAST WEEK'S PUZZLES WSJ Brain Games
series of tweets by Tesla CEO
A. China
Elon Musk
B. India Stormy Weather Labyrinth

C. The U.S.

D. Nigeria
FROM TOP: EMMANUELE CONTINI/NURPHOTO/GETTY IMAGES; ISTOCK

4. Germany did something for

the first time. What was it?

A. Approved a deficit-spend-
ing budget

B. Sold 30-year debt at a
negative interest rate

C. Met the European Union’s
minimum defense spending
threshold

D. Allowed restored World
War II tanks to be seen in public

Answers are listed below the

crossword solutions at right. For previous weeks’ puzzles, and to discuss strategies with other solvers, go to WSJ.com/puzzle.

Answers to News Quiz: 1.D, 2.C, 3.A, 4.B, 5.D, 6.A, 7.D, 8.B

THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 43 St. ___ Girl 1 S2 F3 G4 Q 5 I6 D7 N8 O9 L 10 C 11 V 12 A 13 Q 14 T 15 R 16 S 17 U 18 M 19 H

(German beer)
18 19 20 21 20 P 21 F 22 X 23 A 24 B 25 E 26 C 27 J 28 K 29 Y 30 W 31 G 32 O 33 J 34 R 35 U 36 M 37 V 38 K
44 Eager (to go)
22 23 24 25 45 Primary choices 39 Q 40 D 41 C 42 X 43 P 44 F 45 E 46 J 47 G 48 Y 49 V 50 N 51 T 52 L 53 M 54 U 55 D 56 B 57 K

26 27 28 29 46 Redmayne of 58 F 59 Q 60 T 61 A 62 G 63 I 64 U 65 Y 66 J 67 X 68 N 69 P 70 M 71 T 72 H 73 S 74 A 75 K
“The Theory of
30 31 32 33 Everything” 76 G 77 I 78 W 79 O 80 Q 81 R 82 P 83 B 84 C 85 E 86 H 87 V 88 L 89 D 90 G 91 N 92 U 93 Q 94 Y 95 M
34 35 36 37 38 48 Balinese
complaint 96 A 97 S 98 B 99 W 100 R 101 C 102 X 103 E 104 H 105 J 106 L 107 N 108 M 109 O 110 F 111 W 112 A 113 D 114 V
39 40 41 42 43 44 45 46 49 One of the 115 G 116 B 117 S 118 I 119 H 120 R 121 K 122 P 123 C 124 L 125 O 126 J 127 U 128 E 129 D 130 W 131 M 132 X 133 G 134 Q
47 48 49 50 deadly sins
52 Argentine article 135 Y 136 O 137 P 138 R 139 K 140 H 141 S 142 F 143 B 144 X 145 A 146 V 147 T 148 L 149 C 150 Y 151 N 152 J
51 52 53 54 55
53 “I don’t want to
153 D 154 E 155 W 156 R 157 K 158 I 159 H 160 F 161 W 162 U 163 P 164 V 165 Y 166 I 167 B 168 G 169 T 170 E 171 L
56 57 58 look at that!”
54 Friends who 172 C 173 H 174 O 175 X 176 S 177 M 178 A 179 J 180 I 181 K 182 R 183 N 184 Q 185 E 186 F 187 D 188 H 189 V 190 B
59 60 61 62 63 64 65 66 67
aren’t close
68 69 70 71 72 57 Gibson feature 191 X 192 T 193 A 194 W 195 O 196 S 197 Y 198 F 199 B 200 U 201 P 202 C 203 N 204 I 205 T 206 D 207 E 208 L

73 74 75 76 77 78 79 80
59 Backup option
60 Extoller of “the Acrostic | by Mike Shenk
81 82 83 84 85 bare necessities”
61 Overuses a To solve, write the answers to the clues on the M. Having no evident ____ ____ ____ ____ ____ ____ ____ ____
86 87 88 89 95 18 53 36 70 177 108 131
mailing list, say numbered dashes. Then transfer each letter to the weaknesses or
90 91 92 correspondingly numbered square in the grid to spell loopholes
63 Go straight to the
courthouse, a quotation reading from left to right. Black squares N. Sketch quickly, ____ ____ ____ ____ ____ ____ ____ ____
93 94 95 96 97 98 99 100
perhaps separate words in the quotation. Work back and leaving details for 68 50 7 203 183 91 151 107
101 102 103 104 105 106 107 64 Andy Taylor or forth between the word list and the grid to complete later (2 wds.)
108 109 110 111 Ben Cartwright, the puzzle. When you’re finished, the initial letters of
e.g. the answers in the word list will spell the author’s O. First Lady of the ____ ____ ____ ____ ____ ____ ____ ____
32 8 174 136 109 79 195 125
’40s-’50s who had
112 113 114 115 65 Heaters name and the source of the quotation. been a radio actress
116 117 118 119 66 Protection rating before her marriage
A. Increase ____ ____ ____ ____ ____ ____ ____ ____ ____
69 It may be topped incrementally 96 178 12 61 74 193 112 145 23 (2 wds.)
What’s Cool? | by Will Treece by a tie (2 wds.) P. Exceptionally ____ ____ ____ ____ ____ ____ ____ ____
72 “Reflektor” band enthusiastic or 69 20 122 137 43 163 201 82
Across 48 Recurring theme 88 Notorious motel 4 The smallest 74 Item torn out of B. 10th-century ____ ____ ____ ____ ____ ____ ____ ____ ____
116 143 98 24 190 56 199 83 167 angry (Hyph.)
1 Delta-Foxtrot 49 Largest New Deal name change? a book Anglo-Saxon ruler
go-between agcy. 89 Like Eric Rohmer 5 Begins a turn regarded as the Q. Canine that bites ____ ____ ____ ____ ____ ____ ____ ____
76 Insensitive, in a
50 Official movies 6 Ghostly spirit first monarch of 80 134 4 184 59 39 13 93
5 Party way
messenger 90 Leith lass, e.g. England
registration? 7 Corpse, to cop 77 Wool source R. Venture with ____ ____ ____ ____ ____ ____ ____ ____
9 N. modifier 51 “Cool departure!” 91 Org. with show cops 78 Civil rights leader C. Sergeant Preston’s ____ ____ ____ ____ ____ ____ ____ ____ ____ minimal chance of 15 34 81 182 100 138 120 156

12 Black Sea port said the many boomers 8 34-Across, e.g. Baker “wonder dog” 149 202 41 101 123 172 26 84 10
succeeding (2 wds.)
millennial 92 Transformative (2 wds.)
18 Ashcan School 9 Pithecanthropus, 79 Birds with
53 Put together king literally coastal colonies S. Nickname of ____ ____ ____ ____ ____ ____ ____ ____
painter John 1 176 97 73 117 16 196 141
55 Collectible strings 93 “Cool D. Italian “Welcome!” ____ ____ ____ ____ ____ ____ ____ ____ ____ tennis’s Connolly,
French ___ 10 Took some 80 Critical 153 129 55 206 113 89 40 187 6
beginnings!” said the first woman to
19 Wheeling’s river 56 Makeup for courses 82 Like a basic bike complete a Grand
Dick Van Dyke in the ’90s rapper
20 It’s easy, so they 11 “Hero” hero 84 Cookie container E. Area along the ____ ____ ____ ____ ____ ____ ____ ____ ____ Slam (2 wds.)
say “Mary Poppins” 98 1987 role for 128 185 103 25 45 170 154 85 207
12 Sanctions target 87 Accusatory Thames noted for
De Niro T. Military skirmish;
21 Settings of some 57 Infallible its association with ____ ____ ____ ____ ____ ____ ____ ____
101 Wood strip 13 Hoover, e.g. words soccer tiebreaker 169 192 205 147 51 14 60 71
morning art authority the Magna Carta
102 “I went here” 14 Lucy Ricardo’s 88 Cooking herb
22 “Cool substitute!” 58 Carby tubes U. Newspaper
marker sidekick 89 Literary F. Stone road that ____ ____ ____ ____ ____ ____ ____ ____ ____
____ ____ ____ ____ ____ ____ ____ ____
said the 1960s 59 “Secrets of the 142 44 186 2 21 198 110 160 58 first published 92 64 127 17 54 162 35 200
104 “When Can I 15 Comic Harvey personification connected Rome
bohemian Dead” network September 15, 1982
See You” singer 16 Letter addition of British class with Brindisi
25 Devoted spouse’s 62 “Cool blanks!” issues (2 wds.) (2 wds.)
words said the Gen Xer 108 Available, as a 17 Capital or charm,
London taxi for example 91 Gamboling V. Satirical comic ____ ____ ____ ____ ____ ____ ____ ____
26 It stuffs you up 67 Going by in the G. Character who first ____ ____ ____ ____ ____ ____ ____ ____ ____ 49 11 114 146 37 164 87 189
110 “Cool reflex!” 18 “Quiet!” 92 Rowdy crowds 133 62 115 3 90 168 47 76 31 whose album “Look
27 Period between past appeared being
said the 23 Flag supporter 93 Shake alternative Forward in Anger”
cause and effect 68 “Columbo” org. hunted by Porky Pig was nominated for
skateboarder 24 Swamps 94 Grazing region in a 1937 cartoon
29 Rachel Weisz’s 70 Language in a Grammy (2 wds.)
role in “The which Gandalf is 112 Old markets 28 Elphaba sings 95 Community spirit (2 wds.)
Mummy” called Mithrandir 113 ___ rampage “Defying Gravity” 96 Expect from W. Baseball team with ____ ____ ____ ____ ____ ____ ____ ____
at the end of it H. Top-rated sitcom in ____ ____ ____ ____ ____ ____ ____ ____ ____
the longest current 194 111 78 30 161 99 130 155
30 Grammer of 71 Haydn sobriquet 114 Uncouth 97 Cologne water its first season, 140 173 86 188 19 119 72 159 104
115 Ticked off 31 Bulldog backer playoff drought in
“Frasier” 73 It’s set nightly 99 Bear 1964-65 all of American
32 “Cool turn!” said 75 Bygone 116 Like students 33 Gaming 100 Like windows professional sports
the surfer Mauritius at the end of allotment and sheets of I. Manufacturer of ____ ____ ____ ____ ____ ____ ____ ____
77 63 158 180 204 5 166 118
34 8-Down who dwellers the semester 34 Supermarket stamps Tiger Paw tires X. Having good ____ ____ ____ ____ ____ ____ ____ ____
67 102 144 42 22 191 132 175
wrote “The Flea” 76 “Cool monster!” 117 “30 Rock” star section 103 In-crowd outsider digestion; cheerful
J. Soft drink flavored ____ ____ ____ ____ ____ ____ ____ ____
36 Yemen port said the yuppie 118 Monopoly card 35 Qatar exited it in 105 “Puppy Love” 179 46 105 27 33 66 126 152
Y. Game whose
with sassafras bark ____ ____ ____ ____ ____ ____ ____ ____
38 In shape 81 Vegetarian’s 119 Honeyed drink 2019 artist name means “small 48 150 135 29 197 165 65 94
and sarsaparilla
39 Repository request Down 37 Word before 106 Included rhizomes (2 wds.) wheel”
83 Harsh review Leppard or Jam indirectly
40 Howling winds 1 Writer Wiesel Get the solutions to this week’s Journal Weekend
s

84 Botox may be 39 Austrian article 107 Airport abbr. K. Park that’s home ____ ____ ____ ____ ____ ____ ____ ____
42 “Cool sonnet!” 2 Classic to Half Dome and 38 57 28 139 121 181 157 75
Puzzles in next Saturday’s Wall Street Journal.
said the gamer used on them nightclub, 40 Like Lenin 109 Rap duo ___ El Capitan Solve crosswords and acrostics online, get pointers
47 “Tess of the 85 These words familiarly 41 Off-roader, Sremmurd
d’Urbervilles” 86 “Cool wool!” said 3 School on the briefly 111 Reproach oneself on solving cryptic puzzles and discuss all of the
L. Previous; inevitable ____ ____ ____ ____ ____ ____ ____ ____
libertine the beatnik street 42 Period for 106 171 208 88 124 52 148 9 puzzles online at WSJ.com/Puzzles.
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C14 | Saturday/Sunday, August 24 - 25, 2019 * *** THE WALL STREET JOURNAL.

REVIEW
ICONS

When Modernism
Came to Mexico
A new show spotlights six women who helped to make the
country a center of cosmopolitan, forward-thinking art.
BY SUSAN DELSON

W
hen Clara Porset arrived in Mexico in 1935, she was
already a successful furniture designer in her na-
tive Cuba. Strongly influenced by European mod-
ernism, Porset believed that design could elevate
the experience of daily life. She envisioned a home-
grown modernism, international in outlook but with a uniquely Mexi-
can perspective. And Mexico—undergoing its own rapid moderniza-
tion—was receptive ground for her ideas.
“In a Cloud, In a Wall, In a Chair: Six Modernists in Mexico at Mid-
century,” which will be on view at the Art Institute of Chicago from
Sept. 6 to Jan. 12, 2020, presents the U.S.’s neighbor to the south as
a center of forward-thinking, cosmopolitan culture. With Porset
(1895-1981) as its starting point, the show focuses on international
artists and designers of different generations whose time in Mexico
transformed their work.
“For me, it was important that we did not tell a story that had al-
ready been told,” said the show’s organizer Zoë Ryan, chair of archi-
tecture and design at the Art Institute. Sidestepping iconic figures like
Diego Rivera and Frida Kahlo, the exhibition spotlights artists such
as Anni Albers and Cynthia Sargent, who, like Porset, experimented tures some of Asawa’s
with Mexico’s rich craft traditions and burgeon- earliest experiments
ing industrial capabilities. The more than 100 with looped-wire con-
works on view range from sculpture, draw- struction, including
ings and photography to furniture and tex- rarely seen sculptures
tiles, including a selection of Porset’s chairs from private collec-
and other furniture, on loan from private homes in tions.
Mexico. In her rug and textile
As a point of departure, “In a Cloud, In a Wall, In designs, Cynthia Sar-
a Chair” explores an influential exhibition that Por- gent was inspired by
set organized in Mexico City in 1952: “Art in Daily Mexican folk art, in-
Life: Well-Designed Objects Made in Mexico.” cluding a painting style
Presenting factory-made kitchens alongside wo- typical of the Guerrero

ven baskets and other artisanal objects, Porset
argued for a vision of Mexico that gave equal
weight to craft and industry, tradition and modernity.
Porset’s friend and collaborator Lola Álvarez Bravo (1903-93) is the
only Mexican-born artist in the Chicago show. Álvarez Bravo’s most
striking works are her photomontages: Pieced together from disparate
sources, they create a propulsive vision of a rapidly industrializing na-
tion. Some were made as magazine covers and illustrations, but others
were intended as décor for government and industrial buildings—in-
cluding a 1954 mural that has been digitally reproduced for the Art
Institute show. Originally sited in the boardroom of the automobile
company Fábricas Auto-Mex, the untitled, 24-foot-long mural features
a bare-chested, Adonis-like worker emerging from a dynamic outpour-
ing of auto parts, machinery and modern architecture.
Anni Albers and her husband, artist Josef Albers, fled Nazi Ger-
many in 1933. They found a haven at Black Mountain College, a new
experimental school in North Carolina. Before leaving Cuba, Porset
had invited Josef Albers to lecture there in 1934, and the following
year, the three met again in Mexico, on the first of many trips by the
Alberses.
Trained at the Bauhaus, Anni Albers (1899-1994) was already ac-
claimed for her modernist weavings. In Mexico, she found that the ab-
stract geometric forms she was working with were nothing new; they
had been part of Mexican culture for thousands of years. The exhibi-
tion traces the country’s enduring influence on Albers’s art—in woven
works like “Red Meander” (1954) as well as the machine-made 1968
wall hanging that she designed for the Camino Real Hotel.
Like Albers, Sheila Hicks (b. 1934) was drawn to Mexico’s tradi-
Clockwise
from top tional weaving practices and what she called its
right: Cynthia “highly developed thread culture.” But Hicks’s ex-
Sargent, periments pulled her away from the modernist grid
‘Bartok’ (ca. that Albers favored and at times from the loom it-
1955-60); self—as with “Falda,” an intricate sculptural work
Lola Álvarez made in 1960. “Learning to Weave in Taxco, Mex-
Bravo, ico” has a traditional tight weave, but even here
‘Architectural Hicks experimented, pulling threads from the circu-
Anarchy in lar motif at the center and letting them hang as if
Mexico City’ to suggest sun rays. “Any good weaver would look
(ca. 1954); at this and say, ‘I don’t think this lady knows how
Clara Porset, to weave,’” she later said.
Butaque For Ruth Asawa, Mexico also suggested new cre-
Chair (1955- ative possibilities. In 1947, while teaching art in To-
56). luca—40 miles southwest of Mexico City—Asawa
(1926-2013) learned a looped-wire technique used
by local craftspeople in making baskets for eggs.
That technique became the basis of the sculptural
works that defined her career. The exhibition fea-
FROM TOP: THE ART INSTITUTE OF CHICAGO (2); CENTER FOR CREATIVE PHOTOGRAPHY/THE ART INSTITUTE OF CHICAGO
region. But she
shrewdly named the
rugs in her “Musical”
series after European
composers, appealing
to the cosmopolitan
tastes of upscale Mexi-
can clients and visiting
Americans. Like Porset,
Sargent had a keen interest in combining local craft
traditions with a modernist sensibility. With her
husband and a business partner, Sargent
(1922-2006) launched a series of entrepreneurial
ventures that promoted artisanal work—including
the Bazaar Sábado, a weekend market of high-qual-
ity crafts that continues to this day, nearly 60 years
after its founding.
For all six artists, “the work resulted from a
complex dynamic of cultural learning and ex-
change,” Ms. Ryan said, raising issues that the exhi-
bition also explores: “Who holds the power in these
processes? And who benefits?” She added that
Asawa, Hicks and Sargent made a point of crediting
the craftspeople they worked with, and all six
“shared a fundamental belief in the importance of
arts and culture to an evolving society” like mid-
century Mexico. In return, she said, Mexico “trans-
formed how they saw the world.”

MASTERPIECE | ‘STAR DUST,’ MUSIC (1927) BY HOAGY CARMICHAEL AND LYRICS (1929) BY MITCHELL PARISH

A Stellar music publisher Irving Mills

commissioned text from rising
Hoagland ‘Hoagy’ Carmichael,
whose tune is probably the

Lament of
lyricist Mitchell Parish did the most-recorded American song in
piece have even the slightest history.
chance in the hotly competitive
popular-song market. Published

Lost Love with Parish’s words in 1929, the

BY JOHN EDWARD HASSE
Love is now the star dust of yesterday
The music of the years gone by.
What is probably the most-recorded Ameri-
can song in history began as melodic frag-
ments imagined by a former Indiana Univer-
sity student named Hoagland “Hoagy”
Carmichael. When he finished fiddling with
his wordless tune, he had the beginnings of an
American classic, “Star Dust,” that surpassed
his later evergreens such as “Skylark,” “Lazy
River” and “Georgia on My Mind,” and stood
apart from all other popular songs.
At the piano, he toyed with his ideas for
months until the piece was first recorded by
a group of his pals on Halloween in 1927. Car-
michael was under the musical spell of the
storied comet-in-the-sky cornetist Bix Beider-
becke, whose lyricism enraptured the young
pianist. Like an elegant Beiderbecke improvi-
sation captured in midair for all time, “Star
Dust” has the fresh and spontaneous quality
of a jazz solo. So striking is the melody line
that it can be played naked—no harmonies—
and stand as a remarkable statement.
The allure of “Star Dust” begins with its ti-
tle, suggesting a magical quality. The song is
brilliant because of its originality, artistry and
adaptability to many musical voices, both in-
strumental and vocal. It became a standard
because so many musicians, from Louis Arm-
song was at first ignored. But
after recording artists started
slowing the tempo and featur-
ing a singer, more and more
musicians were attracted to its
dreamy, romantic qualities and
the piece began its skyward as-
cent. Singer Bing Crosby’s 1931
record firmly established it as a
slow ballad.
Carmichael’s tune is delicate,
intricate and strikingly origi-
nal, with almost no repeated
notes and few neighboring
pitches. “Star Dust” offers
small surprises at every twist,
turn and graceful leap of the
melody, making it easy to rec-
ognize but not easy to sing. No
other song sounds like “Star
Dust.”
Parish filled his poetic, lush
lyrics with the amorous (heart,
paradise) and the nocturnal
(twilight, nightingale) to the
point some would consider ex-
travagant—but I believe his lines enhance the
music’s mood. We listeners are party to a pri-
vate and personal plaint, introspective, inti-
mate and reflective. The singer yearns for a
former sweetheart, rousing our empathy, for
who cannot identify with a failed romance?
Just as a theatrical script is only a promise
until it is performed, so is a song. And this
one has sparked countless interpretations—
In the jazz tradition alone, “Star Dust”
boasts more than 1,600 recordings. The song’s
melodic contours, its cardinal strength, also
present its chief challenge for performers—
the improvisation feels already built in, mak-
ing it a little surprising that so many jazz art-
ists have taken it up. Yet the piece has
inspired many stellar solos, such as unforget-
table ones by clarinetist Artie Shaw, trombon-
greatest musical artists. It’s as if
a movie short had been made into
thousands of versions, every one
different from the next. Ella
Fitzgerald and Natalie Cole each
made resplendent renderings of
“Star Dust.” But the song has
been especially the domain of
male singers, from Louis Arm-
strong, Billy Eckstine, Jackie Wil-
son, Mel Tormé and Michael
Bublé to Marvin Gaye, Willie Nel-
son, Rod Stewart, Ringo Starr and
Bob Dylan.
As do most songs of the era,
“Star Dust” has two parts, a 16-
bar introductory “verse” and a 32-
bar chorus or refrain. The vast
majority of performers have ig-
nored the verse; of those who in-
cluded it, Nat King Cole’s 1956
version is one of the best. In 1961
Frank Sinatra recorded only the
verse of “Star Dust,” omitting the
chorus entirely—a completely
novel approach. His version feels
incomplete with only its first part,
yet it is nonetheless a work of art.
“Star Dust” has led to the naming of cafes,
bars, books, movies, nightclubs and musical
groups. The song has become an American
icon, haunting the collective consciousness
with its evocation of dreamy memories, its
images of climbing stars, and its inimitable
and poignant melody.
BETTMANN ARCHIVE

strong to Frank Sinatra, and their audiences
too, embraced its charms. In the canon of
song, “Star Dust” is unique.
Initially performed as a midtempo jazz in-
strumental, it landed with a thud. Only after
more than 2,000 recorded versions. For many
years, reportedly it was the world’s most-re-
corded song until surpassed by a hit from the
U.K., John Lennon and Paul McCartney’s “Yes-
terday”—another lament of lost love.
ist Jack Jenney, trumpeters Clifford Brown
and Wynton Marsalis, and saxophonists Ben
Webster, Paul Desmond and John Coltrane.
Listeners today can sample and relish 90
years of renditions by some of America’s
Mr. Hasse is curator emeritus of American mu-
sic at the Smithsonian. He is the author/pro-
ducer of “The Classic Hoagy Carmichael” and
co-author/co-producer of “Jazz: The Smithso-
nian Anthology.”
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Bored of This
Beards? Succotash
The mustache, Involves No
a rarer sight, is Sufferin’
trending again It’s ready in 30
D3 minutes D8
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 24 - 25, 2019 | D1

“I’m a geek Don’t Dare “Hunters on

for Colonial Call It Junk horseback took
Williamsburg; my Our clutter-zealot Kathryn their parting quaff
little sister gave O’Shea-Evans on the personal in English stirrup
me this 1950s memories behind this ‘mess’ cups. I found this
guidebook.” one in Sante Fe.”

“No one gets near “Grandpa O’Shea

my Tiffany & Co. may or may not
urchin tea set— have got these at
which I do use—a a Vegas casino
wedding gift from that carries our
beloved uncles.” family name.”

“I found this
“On my first trip match holder in
to Europe, at 17, Rome, soon after
I picked up this my husband and I
mirrored nameplate became affianced
at a French flea there.”
market.”
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS

The Art of Clutter

We’re in danger of Marie Kondo-ing our way to empty lives. When objects are sufficiently meaningful, an artful
pile of them becomes richly autobiographical. But you need a good eye—or these tips from design pros

I
BY KATHRYN O’SHEA-EVANS
AM AN UNABASHED magpie; tchotchkes
dot the hill I will die on. They’re mostly
vacation mementos, like the silver, Victo-
rian, mussel-shaped “match safe” that I
splurged on in a Rome antique shop with
my newly minted fiancé. I keep other
dust-collectors at hand for a reason. My
husband and I are trying to eliminate most of our
screen time at home, and having books and playing
cards within reach makes it much easier to resist
our phones. Besides, the cards are beautiful and
graphic.
Yes, some of my knickknacks spark joy, the qual-
ity that Japanese organizing dynamo Marie Kondo
demands one’s possessions trigger to be deemed
worth keeping. But, though I’m sure her 2014 book,
“The Life-Changing Magic of Tidying Up,” has
helped many of the millions of people in 42 regions
and countries who’ve bought it stave off hoarding
tendencies (now a bona fide mental-illness diagno-
sis), I’ve always found the bar she sets a little lofty
and specific.
My silver mussel certainly conjures the romantic
high that buoyed my husband and me through
Rome after we became engaged. But other items,
with which I feel no less connected, evoke more-nu-
anced emotions that could hardly be called joy. In
that category: the kaleidoscope that my late Aunt
Linda made out of stained glass and a marble when
she was saddled with MS. I’m nothing but wistful
when I look at it. Or the matches I swiped from an
Oklahoma restaurant I visited with my dad when I
was reviewing it undercover for the New York
Times. My hard-won assignment left him teary-
eyed with pride, and when I look at the matches I
feel a sense of achievement, nostalgia, gratitude—
take your pick.
Clutter gets a bad rap. Researchers have found
that a muddle of objects can actually jolt creativity.
Kathleen Vohs, a professor of marketing at the Uni-
versity of Minnesota’s Carlson School of Manage-
ment, conducted studies in which people were led
into a spotless or cluttered room, then tasked with
imagining inventive uses for a surplus of ping-pong
balls. “The people in messier rooms came up with
more creative solutions,” Ms. Vohs said. Their ideas
included turning the white plastic orbs into ear-
rings or popping them on chair feet to protect
floors. “People in tidy rooms wrote things like, ‘You
could use them for Ping-Pong.’”
When she discusses her findings with her stu-
Please turn to page D6

Inside

THE MILKY WAY HUSTLE AND FLOW A CURE FOR ALL TO HEAR DRY MAINTENANCE
How to wear white head to toe—without Who knew you can kayak in the middle of For stressed Americans, podcasts are the If you shun sweet wines, here’s
looking like a cult member D2 wheeling-dealing L.A.? D5 new self-help books D9 everything you need to know D8
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D2 | Saturday/Sunday, August 24 - 25, 2019
LAURA GILPIN © AMON CARTER MUSEUM OF AMERICAN ART (O’KEEFFE); GETTY IMAGES (PELIPAS); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (CLOTHING AND ACCESSORIES)
White, Not Weird
Wearing snowy clothing head-to-toe can skew extreme. If
skillfully styled, though, all-cream is an August dream
BY GRACE COOK
D
RESSINGIN all-
white is tradi-
tionally the ter-
ritory of a fairly
extreme kind of
person. On the HBO show
“The Leftovers,” a group of ac-
tivists—collectively known as
“The Guilty Remnant”—adopt
an all-white uniform after
pledging allegiance to their
cause. Catholic priests and
Jain nuns don white to pray.
Creatives, like contemporary
artist Terence Koh, sometimes
favor the white-out, too. The
late painter Georgia O’Keeffe
famously wore white when
not in black, while the quirky
all-white wardrobe of artist
Sara Berman—illustrator
Maira Kalman’s mother—was
the subject of an exhibition at
New York’s Metropolitan Mu-
Is a Visor Ever
Advisable?
Surprisingly, yes: The
once-preposterously
preppy tennis standby has
undergone a legitimately
fashionable makeover
TENNIS STARS Serena Williams,
Sloane Stephens and Naomi Osaka
are all devoted visor fans. The half-
hat has been an on-court staple
since the early 20th century, when
California-born tennis star Helen
Wills, winner of two Olympic gold
medals and 31 Grand Slam titles,
made a small white “eyeshade” part
of her signature look. Known as
Little Miss Poker Face (perhaps due
to her headgear’s eye-concealing
brim), Ms. Wills inspired something
of a visor craze, her immense popu-
larity leading scores of fans to buy
one. The topper has cycled through
myriad incarnations since: In the
’80s, it became associated with
prepsters, Miami exercise moms
and fast-food workers, while ’90s
frat boys donned it backward. But
today, thanks to fashion’s love af-
fair with sartorial sarcasm, it’s back
in nearly every form you could
imagine, from floppy straw ver-
sions to clear-plastic “accounting
visors” (in red, as a tribute to the
Hawkins Pool lifeguards, as part of
H&M’s “Stranger Things” capsule
collection).
Two definitive runway revivals
* ***
STYLE & FASHION
PALLOR POWER
Fashion director Julie
Pelipas wears a
minimalist outfit to
the couture shows in
Paris this July. Inset:
Artist Georgia
O’Keeffe
line over-shirts were paired
with off-white tailored trou-
sers that pooled at the hem.
While such outfits would not
seem out of place at the Vati-
can, the lightweight fabrica-
tion and sophisticated, easy
silhouette also makes them
ideal for a hot and sticky sum-
mer day in the impious city.
“Whites are a go-to in sum-
mer,” said Nick Wakeman, the
female founder of the British
label Studio Nicholson. A
seum of Art. thoroughly pale look “can be a
But religious zealots and bit stark, and religious…but
avant-garde artists don’t own it’s very understated. If you’re
the all-white look. In the right a minimalist who only wears
hands and especially in Au- black and navy, and you don’t
gust, cream-on-cream can do prints and you don’t do
telegraph cool without being embellishment, it’s a no-
too cultish. The delicate bal- brainer as it’s very fresh and
ance between fanaticism and clean,” she said.
fashion was demonstrated at Ms. Wakeman’s own sum-
Jil Sander’s pre-fall presenta- mer work-to-weekend uniform
tion, where long, starched, A- consists of a pair of volumi-
In straw, a visor is
ideal for those waning
late-summer
beach days.
 or a perm. It can have a bad con-
 Dior visors and it could be an eve-
The Ur-visor for logo
lovers, this Prada
nylon topper is
city-ready.
TOPLESS SUNBATHING An array of our current favorite ray-shields. Clockwise from top: Visor, $225,
eugeniakim.com; Visor, $24, nike.com; Visor, $280, prada.com.
THE WALL STREET JOURNAL.
nous off-white trousers from THE LIGHT FANTASTIC / 3 WISE WHITE OUTFITS
her own label and a shrunken
white T-shirt. The contrasting
silhouettes make it a strong
statement, she explained. Tibi
founder Amy Smilovic agrees
that bigger is better when it
comes to white trousers.
“When they’re fitted, white
jeans can make your legs look
like sausage casings,” she said.
Ms. Smilovic wears her color-
less slacks with strappy off-
white tops, as does Vogue
Ukraine’s fashion director Ju-
lie Pelipas, who teamed her A Cool
white oversize trousers with Commuter
an ecru tank top to endure a Look
recent Parisian heat wave.
Braving the world in all-
white is a considered, almost
monomaniacal way to dress,
as the costume designers of
“The Leftovers” understood.
It’s also appealingly effortless;
subtly different shades of
bone, ivory and chalk blend Sophie Bille Brahe Earrings, $1,155, net-a-porter.com; Top,
tonally. “You never have to $345, tibi.com; Raey Trousers, $490, matchesfashion.com;
worry about it matching,” said Sandals, $650, sergiorossi.com.
Ms. Smilovic, who has fea-
tured such a look in most re-
cent collections. “The more
shades of white on the body at
once, the better.”
Fabrication is key to look- A Beachy
ing more like a fashion editor Look
and less like a runaway from
the Family Compound. “If
you’re escaping from a cult,
then you’re definitely not
wearing Italian fabrics,”
quipped Ms. Wakeman. To
prevent the palette from ap-
pearing too flat, she advises
those testing out an all-white
wardrobe to mix structured
denims, textured linens and
crisp cottons. Elliot Atkinson,
co-founder of London-based
design house BITE Studios,
contrasted sturdy canvas-ish
linens with silk shirts in his
recent white-heavy summer Dress, $460, merlettenyc.com; Sweater (tied around waist),
collection. He explained that $99, ralphlauren.com; Saint Laurent Sunglasses, $350,
his muse was art patroness Barney’s, 212-826-8900; Sandals, $216, kjacques.fr.
Peggy Guggenheim, who wore
spruce white frocks on the pa-
tio of her Venice palazzo.
Footwear is where the all-
white look can fail. Don’t skew
casual: “If you’re wearing flip A Wear-
flops, you’ve got a problem,” Wherever
said Ms. Wakeman, audibly Look
cringing. She opts for pale
buttercream sneakers as she
thinks the simplicity “softens
the blow” of an overwhelm-
ingly white ensemble. Phillip
Lim and Bottega Veneta’s Dan-
iel Lee chose substantial-look-
ing white leather slides to ac-
cessorize their all-white looks.
White is both simple and
daring—an appealing sartorial
contradiction. “There’s some-
thing risky about being the
person who dares to wear
white and ride the subway,”
said Ms. Smilovic. “It makes
you feel very alive.” Alive Sweater, $78, theentireworld.com; Handbag, $5,100, Chanel,
enough to risk a spilled coffee 212-355-5050; Shorts, $265, vince.com; Flats, $295,
or a cultist comparison. mansurgavriel.com.
have propelled the visor’s come-
back: Miu Miu’s resort 2018 romp
and Dior’s spring 2018 show. “It’s
a throwback to the ’80s and that
bad visor moment—it has an irony
to it,” said hairstylist Guido Palau,
who tamed manes for both cat-
walks. “It’s a bit like a scrunchie
notation…but obviously, in the
hands of these two great designers
[Dior’s Maria Grazia Chiuri and
Miu Miu’s Miuccia Prada], it be-
comes something stylish and de-
sirable…. Now, in fashion, we play
with good and bad taste.”
But the visor isn’t just for run-
way models and fashion satirists.
“Anyone can wear it,” said Mr.
Palau. Visit the beach at summer
spots like Montauk and Nantucket,
and you’ll see gaggles of sunbath-
ers basking in their visors’ shade.
New York-based creative consul-
tant Sara Mitzner, 36, has spent
the last decade wearing them both
shoreside and in the city. She finds
them to be a cooler, packable al-
ternative to hats, and usually pairs
her visors with long, relaxed
 hair—which happens to be Mr.
For athleisure Palau’s proposal, too. “Let the vi-
adherents, Nike still sor be your statement and leave
F. MARTIN RAMIN/THE WALL STREET JOURNAL
makes a serviceable your hair pretty natural,” he said.
version. However, he qualified, “There are
no rules. You could slick your hair
into a chignon with one of those
ning look, if you felt that out-there.”
That’s something Ms. Mitzner
would consider. Her advice for the
visor-curious? “Just try it. I think
you’re going to get compliments be-
cause [you’ll look] different than ev-
erybody else in their J.Crew fedo-
ras.” —Katharine K. Zarrella
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STYLE & FASHION

1956 1980 2013

2018 2019 2019

GETTY IMAGES
WHISKER MISTERS After waxing and waning over the years, the mustache is currently staging a comeback as an antidote to beard mania. Clockwise from top left: Reverend Martin Luther
King Jr.; actor Tom Selleck; actor Nick Offerman; Mark Wystrach of the band Midland; model and entrepreneur Luka Sabbat; actor Benedict Cumberbatch.

ON TREND / JACOB GALLAGHER painter of toy prototypes in Port-

land, Ore., revels in his mustache’s
magical powers to make him appear

The Non-Ironic Mustache Is

“dashing”: “I can put on a white ox-
ford [shirt] and khakis and I don’t
look basic,” he said.
Several men I spoke with noted

Back. Stop Smirking

IN “ONCE UPON a Time in Holly-
wood,” Quentin Tarantino’s movie
about the summer of 1969, a fic-
tional director compels an actor
named Rick Dalton (played by Leo-
nardo DiCaprio) to wear a handle-
bar mustache. The bushy append-
age droops comically, like a basset
hound’s ears. In it, Leo looks like a
half-baked Hells Angel.
A hairy upper lip was not inher-
ently ridiculous, however, in the
movie’s time period. From the
later 1960s well into the ’70s, mus-
tachioed men ruled. Martin Luther
King Jr., Robert Redford, the Marl-
boro Man, Walter Cronkite, runner
Steve Prefontaine, Tom Selleck—
men of all types sported the
’stache. Yet, sometime post-“Mag-
num, P.I.,” public opinion started
to sour on the mustache. Only 8%
of those surveyed in a March 2018
Economist and YouGov poll ranked
a man with a mustache as “most
attractive” compared with clean-
shaven or bearded faces. On Net-
flix’s “Orange Is the New Black,” a
prison guard with a push-broom
mustache is sneeringly referred to
as “Pornstache.” And according to
the Washington Post, Donald
Trump passed on naming John
Bolton as secretary of state partly
because he disdained Mr. Bolton’s
abundant array of white whiskers.
Today a mustache often pres-
ents as a novelty. Movember, a
charity organization, urges men to
grow one for a month to raise
money for men’s health issues.
Though the cause is noble, the ini-
tiative couches the mustache as a
temporary gag to amuse your
friends, a self-deprecating sacrifice
of vanity. Even some men who
wear mustaches the other 11
months do so ironically, said Grif-
fin Bolte, 22, a mustachioed fellow
who works at a Brooklyn sandwich
shop. As you read this, somewhere
a hipster is curling the ends of his
whiskers with old-timey mustache
wax as if he’s about to go pedal a
penny-farthing.
Increasingly, however, many
younger men are opting for a neat,
non-novelty mustache (think of the
precise whiskers “Jeopardy!” host
Alex Trebek had, not a bushy han-
dlebar) and committing to it.
“We’re seeing guys experiment a
little bit more with the mustache,”
Public opinion soured
on mustaches sometime
post-‘Magnum, P.I.’
said Rob McMillen, 39, the owner
of Mildred barber shop in New
York. He sees this as a reaction to
the ubiquitous beard trend which
first bubbled up in the mid-2000s
and subsequently swallowed many
men’s lower chins whole.
Today, more men are realizing
they “don’t need to keep this big
lumberjack beard,” said Mr. McMil-
len. “Everyone has the beard,” said
Zac Woolfolk, 34, a media strategist
in Memphis, Tenn. He had one for a
decade, but five months ago, with
the aid of a few glasses of wine, he
nicked it off, save a compact strip
hovering above his upper lip. “I was
like, ‘You don’t see [a mustache] in
2019—let’s give it a go.’”
In a world of beardos and bald-
faces, the atypical mustache
stands out. “It does feel good to
sometimes be daring and do things
that the average citizen perceives
as too strange or subversive,” said
Mark Wystrach, 39, an Austin,
Texas-based singer in the country
band Midland and early adopter
who has brandished a mustache
since his 20s.
Mr. Wystrach often leans into a
western look: bandannas around his
neck, cowboy hats. He is a country
singer, after all. For less theatrical
men, a mustache makes simpler
clothing less so. Tim Ferguson, 49, a
that their fathers sported a mus-
tache in the ’70s or ’80s. When Mr.
Woolfolk showed his girlfriend his
mustache, she said, “You kind of
look like your dad…in a good way.”
The mustache is another one of
those “dad” staples—washed jeans,
blocky New Balances—that have be-
come a counterintuitive style trend.
When Midland’s Mr. Wystrach
was growing up in the 1980s, “my
dad and my uncles, they just all had
mustaches. It was just what you did
when you were a man, I guess.” A
mustache can be a throwback signi-
fier that someone has arrived at a
certain stage in their life.
Whatever the reason behind it,
the uptick in mustache visibility is
leading more men to adopt the
look. Chris Dam, 33, an account ex-
ecutive for an education tech com-
pany in Cincinnati, decided to grow
a mustache after seeing Mitch
Docker, the famous Australian cy-
clist, sport one. “I was like, ‘That
just looks cool,’” said Mr. Dam, also
a cyclist, who has been mustachioed
for about six months. Today, people
still ask him when he’s going to
shave it off, as if it’s some Movem-
ber fad, but for now, Mr. Dam is
keeping his whiskers.

POINTS OF DISTINCTION

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12” to 20”, for both canvas, a durable
cursory and ripstop fabric used
big trips. in the sailing
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Lori, breast cancer survivor.
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D4 | Saturday/Sunday, August 24 - 25, 2019 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

felt—we all felt—so fragile.
Shaken, I thought back to a
conversation I had with a curator
at the Morgan Library in New
York City a few years back. It was
a wintry day, and as we talked
about the history of the Mesopo-
tamian valley, we discussed ISIS’s
2015 destruction of the ancient
city of Palmyra in Syria. In a de-
liberate campaign to erase part of
that country’s cultural heritage,
temples, columns and precious
works of art were blown up or
mutilated. Didn’t it devastate him,

At the site of a former

Italian military camp,
I set my imagined world
in place. The past felt
horrifyingly alive.

as a historian of the area, I asked?

We were standing in front of a vit-
SERGIY MAIDUKOV

rine of delicately engraved Sumer-

ian seals and tablets. He pointed
to them as he shook his head.
Sumer, too, had been destroyed
thousands of years ago. Many of
the artifacts from the Fertile Cres-
TRAVELER’S TALE / MAAZA MENGISTE ON RESEARCHING BATTLE SCENES IN THE HIGHLANDS OF ETHIOPIA
cent had succumbed to human and
natural forces. They were buried
and forgotten but some things,

When Fact Collides With somehow, survive and resurface.

On the drive back to Addis
Ababa, I kept thinking about Pal-
myra and the recent efforts to sal-

Fiction in Ethiopia vage the ancient city. I thought of

THIS PAST JANUARY, I drove from
the Ethiopian capital of Addis
Ababa to the country’s northern
highlands with my mother and my
cousin, a seasoned tour guide. I
came to research locations where
certain battles took place during
the 1935-41 Italo-Ethiopian war and
occupation for the novel I was writ-
ing. The book follows fighters on
both sides of the bloody conflict
that would eventually see Musso-
lini’s invaders ousted. My Ethiopian
soldiers—part of an army com-
prised of both men and women—
waged war near the scenic, rugged
landscape of the Simien Mountains
so that’s where we were headed. I
was looking for historically accu-
rate, mappable geography that
could exist alongside the fictive ter-
rain where my characters woke,
slept, fought and loved.
Our route would take us past an-
cient churches, and I campaigned to
stop briefly in the town of Lalibela,
home to some of the most spectac-
ular examples. As we drove away
from Addis, rolling hills gave way to
rocky peaks, and massive, flat-
topped boulders plummeted to lush
valleys dissected by tributaries or
ambling rivers. I watched trees and
flowers zoom past my window in
bursts of color, awed by the beauty
of it all. That splendor seemed a fit-
ting segue for my first visit to Lal-
ibela’s 11 rock-hewn churches, which
date to the 12th and 13th centuries.
These monolithic structures are so
precise in measurements and an-
gles, so beautifully designed, that
legend says their construction was
aided by angels.
One of the most famous, Bete
Giorgis, has a cross-shape roof that
is level with the ground. Laborers
had to dig down some 50 feet
while artfully carving stone. The
church is a giant rock hollowed out
to contain arched, frescoed ceil-
ings, sturdy columns and worship
spaces. I stood at the base of the
church—watching priests walk
through its square, wooden doors,
worshipers lean comfortably
against its stone facade and nuns
sit while quietly reading their Bi-
bles—and marveled at the artistry
of those long-gone builders.
Looking up, I felt engulfed by
both stone and sky, and it seemed
that for a moment, I could sense
what still remained from all those
centuries past. For just a fleeting
second, I glimpsed a part of life—
that stubborn hopefulness—that
had tucked itself outside of time’s
crashing momentum.
I carried the memory of Bete
Giorgis with me to the site of a
former Italian military camp on
the outskirts of Debark. There, I
set my imagined world in place,
propping up the barricades and
positioning my fighters with their
rifles and tanks and spears, ready
to charge. As I nudged these fic-
tional men and women to rise up
and rush against each other, I was
staggered by the enormity of it
all. The whoosh of a bullet: There
it was. The cry of the fallen: so
close. The deep, earthshaking
rumble of an approaching tank:
over there to my left. The past felt
horrifyingly alive. The reassurance
I felt in Lalibela was gone. It all
Syrians who fled the destruction
that also encompassed human lives.
As we continued on, I waved at
children in their school uniforms
while a farmer poked his goats off
the road to let us pass. And as my
cousin pointed out a large rock for-
mation where monks lived en-
sconced from the modern world, I
felt a new calm, tempered but firm.
If history reminds us of the
seeming inevitability of conflicts, if
it reveals the most tender vulnera-
bilities, then it also provides evi-
dence of all those deliberate deci-
sions that humans make to get up
every day and build sturdy testa-
ments of hope for another genera-
tion. Not everything survives, but
what does might just be strong
enough to honor what could not.
Maaza Mengiste is the author of
“The Shadow King” (W.W. Norton
& Company, Sept.).

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Don’t think of heli-hiking as a cheat,
said Danielle Stynes, founder of ad-
venture outfitter SwisSkisafari: “We
use the helicopters to bypass the de-

scent, especially for clients with bad

knees.” Custom trips throughout the
Alps are geared toward hikers with
mountaineering experience—and
fortitude. A route between Switzer-
land and Italy might entail an over-

Chopper to It
Sightseeing from a helicopter merely gets your heart
pumping. Try propelling your way to these challenges
BY JEN MURPHY
SKIERS HAVE been using helicop-
ters to reach otherwise inaccessible,
crowd-free wilderness for more
than 50 years. Now, lodges and ad-
venture outfitters are airlifting
moneyed guests—commuting by
chopper isn’t cheap—who want to
surf, fish or perform a shaky tree
pose in exclusive solitude.
HELI-MOUNTAIN-BIKING
Alaska
Last summer, Tordrillo Mountain
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venture base, somehow managed to
get even more off the grid. The
lodge invested in a heli-rack that
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the backcountry. Heli-biking routes
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Conservative bikers can roll down
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HELI-SURFING
British Columbia
For anyone territorial about their
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HELI-FISHING
Queenstown, New Zealand
In Queenstown, justifiably hyped as
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HELI-TRAIL-RUNNING
British Columbia
The founder of Canadian Mountain
Holidays, Hans Gmoser, is credited
with pioneering the first commercial
heli-skiing in 1965. Now the com-
pany is applying its whirlybird wis-
dom to summer pursuits, offering
heli-trail-running at its lodge in Brit-
ish Columbia’s Bugaboos. Three-day
programs include morning stretch
sessions followed by a heli-drop to night in a refugio set at 8,200 feet,
empty trails spanning 15.5 miles followed by a 3 a.m. wake-up call to
with up to 3,280 feet of elevation summit a peak. After the eight-hour
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HELI-YOGA
Las Vegas
Las Vegas yoga studio Silent
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After a 75-minute flow and medita-
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Why walk down the aisle when you maverickhelicopter.com
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Depending on the season, couples

THE WALL STREET JOURNAL.
A River Runs Through Where?
For a few months a year, a waterway in central Los Angeles becomes an improbable Eden for determined kayakers
WELCOME TO THE JUNGLE
Just east of Hollywood, the
Los Angeles River is open
for fishing and kayaking until
late September.
BY TONY PERROTTET
I
t felt like I was in a
rain forest in Borneo.
A strong current swept
my kayak straight into
a dense bamboo grove,
where fronds wrapped them-
selves around my arms and
ground my progress to a halt.
As I untangled myself, a
gleaming fish leapt from the
water and a white egret took
flight, as if mocking my pre-
dicament. But this wasn’t a
remote tropical tributary, or
even a lost corner of the Ev-
erglades. In fact, minutes ear-
lier I had been sitting in
heavy traffic on a Los Ange-
les freeway. I was only a few
miles east of Hollywood on a
stretch of the Los Angeles
River, where kayaking on
summer weekends has be-
come the city’s hottest new
excursion into an exciting al-
ternative reality: Nature.
Urban waterways are be-
ing revived all over the U.S.,
most famously the Hudson in
New York, the Rouge in De-
troit and the Charles in Bos-
ton. But the L.A. River has
the most fantastical air. Few
visitors are aware of it, and
even many lifelong Angele-
nos will flatly declare that it
MATTHEW SCOTT FOR THE WALL STREET JOURNAL
WORK UP AN APPETITE From top: At Salazar, a riverside eatery, the Moulin Rouge cocktail and
al pastor tacos; Steven Appleton, owner, of LA River Kayak Safari, paddling on the L.A. River.
RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
* * * *
doesn’t exist, in part because
much of it looks less like a
river than a giant concrete
gutter. And yet, it runs 51
miles through L.A. County,
from its source high in the
San Fernando Valley to its
exit into the Pacific Ocean at
Long Beach. Its unusual look
is integral to L.A.’s history.
For a century and a half after
the arrival of the Spanish in
1781, the river’s course
shifted randomly after rare
winter rains, when the usual
trickle turned into a torrent.
In 1938, it overflowed in a
catastrophic flood, so the
U.S. Army Corps of Engineers
fixed its route in a massive
Angelenos will flatly
declare that the
river doesn’t exist.
sheath of concrete and lined
its banks with wire fences to
keep out the public. Cut off
from the city, the river fell
into industrial decay—al-
though it did make cameos
in films like “Chinatown” and
“Grease” and “Terminator 2.”
Things began to change in
1985, when L.A. poet Lewis
MacAdams and three other
tipsy bohemians cut through
the fence. They found what
they called a “latter-day ur-
ban hell,” a post-apocalyptic
expanse of chemical odors,
abandoned cars and deafening
noise from passing trains.
Still, they conducted a ritual
to declare the river “open to
the people.” Community
cleanups soon began along a
verdant, 2.5-mile stretch in
Elysian Valley, where the con-
crete had failed to adhere be-
cause of the high water table.
ADVENTURE & TRAVEL
I found out about this
stretch of the river by acci-
dent, when I visited Elysian
Valley, better known as Frog-
town, an arty neighborhood
named for the many frogs
that once abounded there af-
ter rains. (Until recently, a lo-
cal street gang also took the
name.) At a cafe called Spoke,
I was startled to learn that I
could rent a bicycle and fol-
low a riverfront trail. I dis-
covered a gritty Californian
answer to the Seine. What
else could you do on this ec-
centric urban space? I asked
the staff. They told me that
every summer since 2013,
from Memorial Day to the end
of September, the stretch was
open to hiking, fishing and—
yes—kayaking.
And so accompanied by my
friend Olive, an artist and
model, I made the pilgrimage
back to Frogtown with the
operator LA River Kayak Sa-
fari. At a park by a freeway,
we met two burly guides and
a small group of other pad-
dlers. The guides lent us bikes
to ride to the “office,” whose
gravel courtyard was deco-
rated with artworks related to
the river, including a large
sculpture of a fish whose ribs
were filled with rubbish re-
trieved during cleanup cam-
paigns. We lugged our single-
person kayaks down to a
muddy, reed-lined riverbank
shaded by cottonwood trees,
and the hum of L.A. traffic
was replaced by the babble of
water. “Where are we?” Olive
whispered, as she surveyed
the bucolic scene.
The two-hour excursion
was a voyage into an alien
Eden, and surprisingly chal-
lenging. One by one, we
waded to the put-in, balanc-
ing our kayaks on a steep
sandbank above a current
Saturday/Sunday, August 24 - 25, 2019 | D5
that was racing at the speed through an obstacle course of
of a water-park slide. With a low-hanging branches, reeds
shove of my paddle, I was and the odd bamboo grove,
into the rapids—and nearly trying to follow the current
tipped over as I took a sharp around boulders and sunken
curve. Olive, who went next, logs. At some points the river
hit herself in the face with is 13 feet deep, but we often
her paddle. “I think I cut my ground to a halt on the shal-
lip,” she grimaced, as we re- low rock platforms, which
grouped in a more placid kayakers sometimes jokingly
spot. “I’ve got a photo shoot call “rockopotamuses,” and
tomorrow!” The guides led us had to struggle to continue.
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T H E A RT O F E S S E N C E
These also had a film of slip-
pery algae; an unlucky tourist
from India flipped his kayak
and briefly ended upside-
down in the river.
Although one bank of the
river was concrete, the rest
was an urban version of Cali-
fornian wetlands and teeming
with life: Steelhead trout
darted through the water,
bullfrogs and turtles sunned
themselves by the banks and
black-necked stilts swooped
low over the water. Of course,
this was “natural by accident,”
the guides pointed out. Every-
thing about the river is man-
made. Its route was chosen by
the Army Corps engineers.
Little of its flora or fauna is
native. And only a small per-
centage of its flow comes from
ground springs. Most is from
processing plants or—as it is
called—“urban drool,” the
runoff from suburban lawns.
It didn’t matter to us in the
slightest. Being surrounded by
such exuberant verdure in the
concrete heart of L.A. inspired
a childish wonder. After two
hours on the river, returning
to reality was disorienting. As
we carried the kayaks up the
concrete slope into Frogtown,
the buzzing of the freeway en-
veloped us again. We felt like
shipwrecked sailors, sun-
blasted, scratched and soaked
in water to our waists, but de-
cided to head anyway to Sala-
zar, a chic riverside Mexican
eatery. Within minutes, we
were sipping on mezcal mar-
garitas and eating tacos al
pastor. Olive examined her
swelling lip on her iPhone.
“There is a small cut,” she
said. “Maybe they can air-
brush it out.” This was L.A.,
after all: Reality is a flexible
concept.
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of LG SIGNATURE
 RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
D6 | Saturday/Sunday, August 24 - 25, 2019 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

Junk ternoon at HomeGoods can undo

your décor. As Los Angeles de-
signer Kerry Joyce declared, “If the
cile for his millennial client’s inher-
ited heap of Blue Willow porcelain.
“For a long time there was a move-
said. “You’re looking at the same
stuff but seeing it differently, and
you appreciate it again.” It’s also
by too much stuff around.” Their
compromise: lining their bedroom
with wallpaper she designed that

With objects feel personal or collected,

they will not feel like clutter.”
Especially if they’re artfully dis-
ment away from what our parents
or grandparents had. Now I think
that people are adopting pieces of
vital to build in some breathing
room. “It starts to look hoardery if
there’s something on every sur-
features bold, gold palm leaves.
The pattern satisfies her hunger
for maximalism without triggering

Bonds played. That’s where the counsel of

Continued from page D1
dents, Ms. Vohs references images
of the disheveled office of Albert
Einstein, who famously asked, “If a
cluttered desk is a sign of a clut-
tered mind, of what, then, is an
empty desk a sign?” Other disorga-
nized world-beaters: Mark Twain,
Frida Kahlo, Thomas Edison, Mar-
tin Luther King Jr., Susan Sontag
and Steve Jobs. Yes, the man who
transformed personal technology
from mundane, clunky devices to
elegant, minimalist machines was
the dude with the pigsty desk.
Americans acquire a lot of junk
we don’t need. In a study of 2,000
people commissioned by Slickdeals,
a website that crowdsources bar-
gains, the amount spent on im-
pulse buys averaged $450 a month.
And that soulless schlock you gid-
dily carted home after a rainy af-
designers comes in. New York-
based design pro Thomas Jayne,
for instance, advised that amassing
your mess within one designated
piece of furniture tricks the eye
into seeing it all as one. “I like
small treasures and the tales they
tell but not on the loose,” he said.
In his New Orleans home, an old
bookcase with glass doors holds
the random bits from life there—a
golden mask from Mardi Gras, a
cannonball from the Battle of New
Orleans. “Because they’re all in a
display cabinet, they form an inter-
est in their randomness.”
As if in testament to the time-
lessness of quality clutter, millenni-
als are picking up the vitrines and
curio cabinets their grandparents
had sloughed off. Los Angeles de-
signer Oliver M. Furth has installed
half a dozen vitrines in the last few
years, including a 1940s Queen
Anne cherry-wood display cabinet
that’s now a tidy, dust-free domi-
furniture that maybe made sense,”
he said. Meanwhile, these bibelot
corrals come cheap: A rosewood
1960s Norwegian Curio cabinet on
resale site chairish.com is on sale
for $750. A simple, 6-feet-tall vit-
rine with curved-glass sides sold
‘If the objects feel personal or collected, they will
not feel like clutter,’ said designer Kerry Joyce.
on auction site EBTH.com for $75.
“People don’t want bitty things all
over the house,” he said, “but they
still want to have things, and [a
vitrine] serves that purpose well.”
L.A. designer Jeff Andrews sug-
gests rethinking your display now
and then; even significant objects
can lose their charge when they’re
static. “If I get really bored and
need a change, I’ll take everything
off different surfaces in an entire
room and redistribute them,” he
face,” advised Portland, Ore., de-
signer Max Humphrey.
Clutter can be a pressure point
for cohabitating couples, especially
when one prefers the life ascetic
and the other can’t pass up a bar-
gain or a beckoning collectible. The
husband of one of Mr. Andrews’s
clients finds resonant meaning in
KISS memorabilia, “and she hated
it, clearly,” he said. The solution:
turning his master closet into a
dressing-room-cum-KISS-shrine,
hidden from her view.
“My husband was really op-
posed to the idea of having a lot of
stuff in our bedroom,” said boho
Los Angeles designer Justina Blak-
eney. “He wanted to feel relaxed,
and people can feel sort of stressed
his anxious response to objects
that need dusting and just-so ar-
ranging.
When Gloria Vanderbilt said
“decorating is autobiography,” she
was likely referencing the sort of
memento that insurance broker
Patti Weinberg wanted to display.
Ms. Weinberg and photographer
Scott Frances wed at age 50 and
had to fuse decades of (literal)
baggage from separate lives into
their Sag Harbor, N.Y., home.
Though neither smoke, she clung
to a blue-enamel ’60s ashtray she’d
inherited from her parents. “It ac-
tually brings me comfort to be sur-
rounded by their stuff, because
they’re no longer with us,” Ms.
Weinberg said.
Ultimately, a bit of decorative
messiness can make a space feel
homey, said Ms. Vohs. “It’s like
when people have beach hair—it’s
well done but has a little bit of
muss to it, so you know the person
is fun to hang out with.”

Law & Hoarder: How to Discipline Your Stuff

 AERATE YOUR
COLLECTIONS
Los Angeles designer
Kerry Joyce takes his cli-
ents’ collections very seri-
ously. In this Manhattan
dining room, he hung the
homeowner’s cocktail party
of portraits from the
1860s to the 1920s. But he
kept it (relatively)
buoyant: “We painted the
room a pale aqua color—
which brightened what
would have been a rather
dank room since it had
only one window and
faced a shady courtyard.”
The designer then inter-
spersed the paintings with
light-catching antiqued
restoration glass in shapes
as varied as those of the
paintings but uniformly
framed in simple frames
painted a matte Gustavian
gray. “The mirrors were
the perfect way to lighten
the ambience; had it all
been portraits, the effect
would have been too
heavy, and perhaps seri-
ous.” Mr. Joyce advises
hanging only what you
honestly love. “Filler art
will show right away.”

 LOUD, PROUD...AND IN
THE OTHER ROOM
When Thomas Jayne and
his husband, food stylist
Rick Ellis, moved into their
SoHo loft in Manhattan,
they fashioned a separate
space for their many collec-
tions, inspired by the Kunst-
kammers (or, cabinets of cu-
riosities) of 18th-century
Germany. Their lifetimes’
worth of finds—including
Renaissance bronzes, Ger-
man deer antlers, whale
vertebrae—become a de
facto museum, visually bal-
anced by the two windows,
the daybed flanked by iden-
tical arm chairs and a sym-
metrically placed pair of
1870s cast iron plant urns.
“I call it calculated chaos,”
Mr. Ellis said. Added Mr.
Jayne, “The Dutch chande-
lier and big metal urns are
centering devices.” Spread-
ing lots of little bits about
the loft would litter the
place. “Massed together in
concentration, everything
looks good,” he said.

INVITE THE EYE TO WANDER 

CLOCKWISE FROM TOP: ANTOINE BOOTZ; JUSTINA BLAKENEY; CHRIS DIBBLE; PIETER ESTERSOHN

“You’ve got to think about things in terms of a skyline,”

said Max Humphrey, a designer in Portland, Ore. “Your eye
wants to travel around the room and be starting and stop-
ping and moving up and down. If everything’s on one level,
it looks like Washington, D.C., which is no good,” he said,
referring to the capital’s legendary restriction that no  ASK YOUR TREASURES TO TELL A STORY
building be taller than the federal structures there. Atop a To turn her detached garage in Los Angeles’s Frogtown neighborhood
credenza in this living room of a 1910 Georgian-style house into a hangout “casita,” Justina Blakeney installed rounded niches with
in Portland, Ore., Mr. Humphrey placed lanky mercury glass reclaimed wood shelves into the walls, lending an Old World feel, then
vases alongside squat, hexagonal brass candle holders and stocked them with loot: among other things, an Indian hand-embroidered
books laid on their side. To the left, cloud-shaped ceramic bull figurine from the Rose Bowl Flea Market, a bowl she bought at the
“wall pillows” by New York City artist Stepanka Summer annual Santa Fe Indian Market, a burro’s-tail succulent in a ceramic pot.
ensure that the symmetry doesn’t get too formal and fin- “For me, [clutter has] always been about storytelling,” she said. “When
icky. They also draw the eye up, as does the framed movie you’re cooking, you use certain flavors to enhance other flavors, like pair-
poster. Said New York stylist Hilary Robertson, author of ing basil with tomato seems to make them taste better. The same thing
the newly revised “The Stuff of Life: Arranging Things Or- can work with a visual conversation—it helps all the elements look their
dinary & Extraordinary” (Ryland Peters & Small), “Varying best.” Fellow Angeleno designer Betsy Burnham also sets up a narrative
scale is really the key to having things on your tables. In with diverse materials. “To offset glossy, chunky pottery, I have some-
all fashion photographs, they always have something thing wicker or rattan or wood to give it an organic vibe, or something
that’s a little off—the play of big and small.” She recom- shiny, new and hard-edge.” Ms. Blakeney noted cohering strategies as
mends using an oversize item, like a vase, plant pot or well: The items take up the same amount of visual weight, and the repe-
stack of art books, as a grounding element. tition of terra cotta on each shelf ties the horde of objects together.
 RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 24 - 25, 2019 | D7

EATING & DRINKING

Meaty Delivery HOT LINKS / SUSTAINABLE
SAUSAGES, DELIVERED

Meat Hook Sausage Company

The offerings here are like a party
with all your old pals plus some
Labor Day grilling tip: These mail-order sausages new, colorful characters. Tradi-
are sustainably made and doggone delicious tional styles include Classic Italian
sausages, Bratwurst and Uncured
Beef Hot Dogs. Take a walk on the
wild side with a Nachopeño dog or
hickory-smoked Serrano Cheddar
pork sausage. The Green Chorizo
sausage packs a subtle heat and
makes a welcome addition to, say,
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS

a breakfast taco of scrambled

eggs in a flour tortilla. Sausages
are available for delivery within
Brooklyn, Manhattan and Queens
on foodkick.com (from $12 for 12
ounces), and nationally via mur-
rayscheese.com ($15 for 12
ounces).

J & E Smallgoods
“We wanted to focus on classic
flavors of what each sausage is
meant to taste like and where
they come from,” said Ms. Naka-
mura. She and her partner Ms.
HOT DIGGITY Craft butchers mail Guest began by perfecting their
out superlative sausages nationwide. recipes for bratwurst and kiel-
basa over several years. They
have somehow made these fa-
BY ELEANORE PARK by, thanks to a new wave of mail-or- options for far-flung consumers. Ms. Guest and Ms. Nakamura miliar favorites surprisingly fla-

I
T’S NOT ALWAYS easy being
a meat eater, particularly if
you want to do it ethically.
And yet Brent Young, owner
of the butcher shop the Meat
Hook in Brooklyn, N.Y., makes it
sound pretty simple. “It comes down
to land use and soil health,” he said.
The Meat Hook sources pork for its
mail-order sausage company,
launched last spring, from Gibson
Farm, an operation that occupies a
little under a square mile in Valley
Falls, N.Y., using what’s known as re-
generative agriculture. On the Meat
Hook Sausage Co. website, that’s de-
fined as “the theory that animals,
when managed properly, can be
used as a tool to regenerate soil,
promote plant growth [and] reverse
erosion, desertification, and ulti-
mately climate change.”
Ambitious as that might seem,
meat produced according to these
principles is getting easier to come
der purveyors delivering sustainably
produced sausages nationwide.
Meat products have been avail-
able by mail for decades; Omaha
Steaks began shipping direct to con-
sumers in the early 1950s. But many
butchers entering the field now are
committed to land stewardship, ani-
mal welfare and supply-chain trans-
parency as well as convenience, and
selling beyond a butcher shop’s im-
mediate neighborhood promises
greater impact. “The big-picture
idea here is to create the blueprint
for scaling sustainable, regenerative
agriculture,” said Mr. Young. The
Gibson Farm model can eventually
be applied at points of production
across the country, Meat Hook part-
ner Ben Turley explained, reducing
shipping distances and the carbon
footprint of the entire operation.
Butchers Jocelyn Guest and Erika
Nakamura, formerly of White Gold
Butchers in Manhattan, saw the po-
tential in mail order for expanding
“My brother lives in Virginia,” said
Ms. Guest. “Erika’s sister lives in
Michigan. They can’t just walk into
any market and pick up something
for their kids that they can neces-
sarily feel good about.” This sum-
mer, Ms. Nakamura and Ms. Guest
introduced their line of sausages, J
‘Butchery has always
been about making
a difference.’
& E Smallgoods, which includes hot
dogs, kielbasa and bratwurst, avail-
able for purchase online. “Butchery
has always been about making a dif-
ference in the agricultural landscape
and educating people on how to eat
better,” said Ms. Nakamura. “This
has really allowed us to do that on a
much, much larger, national scale.”
source pork for their sausages from
farms within a 250-mile radius of
New York City that sell midsections
of the animal to high-end markets.
“We’re able to complete the whole-
animal circle by taking their trim,
backs and fronts to use in our sau-
sage,” said Ms. Guest.
Last year, chef and butcher Justin
Severino of the restaurants Morcilla,
Larder and Cure (now closed), in
Pittsburgh, launched Salty Pork Bits,
a charcuterie subscription service.
Mr. Severino sources most of his
meat from Footprints Farm in Gib-
bon Glade, Pa. And though he cut his
teeth breaking down animals at the
Michelin-starred Manresa in Los Ga-
tos, Calif., he believes charcuterie
shouldn’t be pretentious. “At the
end of the day, it’s preserving food
for the future, out of necessity,” he
said. “The older I get, the more I’m
into selling food to people like my
parents than trying to make the res-
taurant version of something.”
vorful. Sausages (from $13 for 12
ounces) are all-natural, antibiotic-
and hormone-free, and available
in the 48 contiguous states
through their website, jesmall-
goods.com.
Salty Pork Bits
This subscription program deliv-
ers ever-changing variety packs
of high-grade charcuterie such
as saucisson sec made with lav-
ender, and salami punched up
with dehydrated ramp leaves
and vermouth. Subscribers na-
tionwide receive quarterly ship-
ments, with the option of local
pickup for those in the Pitts-
burgh area. Right now, the
whole-muscle September box
($65) includes culatello (about
3.5 ounces), fiocco (about 3.5
ounces), pancetta (about 3
ounces) and duck speck (about
2.25 ounces). For subscriptions,
go to saltyporkbits.com

HALF FULL
JOURNALISTS DON’T
Easiest ‘JUST WRITE STORIES.’
Frozen
Drinks Ever THEY RECORD HISTORY.
This genius technique
will have you inventing
occasions for icy
cocktails at home

THE TROUBLE with making

frozen drinks at home? You
have to make them. Perhaps
that’s why, whenever I come
across a frozen drink on a
cocktail menu, I order it. For
as delightful as they are, fro-
zen drinks are laborious con-
coctions that require dusting
off the blender, taking ice
and frozen fruit out of the
freezer—if you even have TAKE THE PLUNGE At the Streamliner in L.A., Mikki Kristola
frozen fruit—finding the ap- reveals her frozen-cocktail hack: the immersion blender.
propriate bottles of liquor.
Then, once you’ve made the its dirty Martini or old-fash- cause, as a commuter-focused
drink, you have to clean up ioned (which are great) but bar, it knows that many cus-
the sticky mess. You know its frozen daiquiri. I was pre- tomers are in a hurry. But for
how people in infomercials pared to wait. But, about a you, this prebatching tech-
get frazzle-haired and frus- minute later, I had a gorgeous nique means doing all the
trated undertaking seem- frosty rum beverage. How? hard work ahead of time with
ingly simple tasks? That’s The drink’s base is pre-fro- minimal cleanup. Plus, using
how I am making a frozen zen into pucks so that all the the frozen base, you can make
drink at home. bartender needs to do is pop four kinds of drink just by
So naturally, when I visited one into a shaker tin and give switching up the spirit. You’ve
the Streamliner bar in Los it a few whirls with an immer- just found your next party’s
Angeles’s Union Station, the sion blender. The Streamliner signature drink—or after-work
first drink I ordered was not perfected this technique be- go-to. —Kevin Sintumuang

The Streamliner fresh lime juice, strained

Mint Daiquiri
To freeze the daiquiri pucks for
this recipe, you’ll need a food-
grade rubber mold made
for large cubes, such
as Cocktail King-
dom’s Cylindrical
JESSICA SAMPLE FOR THE WALL STREET JOURNAL
through a fine-mesh sieve,
and 410 grams water, then
whisk in 130 grams sugar,
preferably superfine. Very care-
fully measure 65-67
grams of mix into each
into each compart-

Ice Tray ($8, ment of a food-grade

cocktailking-
dom.com). To
make a Southside,
substitute gin for the
rum. Swap in bourbon and
add a dash of Angostura bit-
ters for an Expat. Or try mezcal
for a mezcal mint daiquiri.
Make the daiquiri pucks: In a
pitcher, combine 310 grams
rubber mold. Wrap
mold with plastic and Learn more about the impact your
freeze overnight. // journalism career can have on the world.
Make a mint daiquiri: In a
large cocktail shaker, blend 50 Wall Street Journal reporter Erin Ailworth
ml rum and 2-3 small mint and others share career advice at
leaves with 1 daiquiri puck un-
til mint is pulverized and drink
dowjonesnewsfund.org/careers.
has a texture closer to a
shaken cocktail than a slushy.
Serve in a frozen stem glass.
 RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
D8 | Saturday/Sunday, August 24 - 25, 2019 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

prominent producer whose whites,
though labeled dry, are predictably
sweet,” he wrote in an email.
Riesling gives rise to the question
“Is it dry?” more often than any
other grape, and this kind of decep-
tion on the part of some producers
certainly doesn’t help. Having said
that, even Rieslings that are techni-
cally dry can be perceived as sweet
thanks to the nature of the grape
and its aromas of peach and melon.
Interestingly, among the wine
drinkers I interviewed for this col-
umn, I found that the word “dry” is
almost exclusively applied to white
wines; the question of whether a red
is dry rarely came up. Many people
seem to believe all red wines are dry
even though plenty are not—notably
California blends such as Gallo’s
popular Apothic Red, which contains
1.48% residual sugar, making it
sweeter than many of the Rieslings
so many wine drinkers fear.
My sample of wine drinkers also
seemed much less concerned with
the question of dryness when dining
in a restaurant with a wine director
or sommelier. In such establish-
ments, they told me, they would use
other descriptors such as full-bodied
or earthy or bright to describe
wines they liked, on the assumption
that the staff would have the knowl-
HEATHER LANDIS

edge to address these subtler crite-

ria—and also without fear that a
subpar wine dosed with sugar to
mask its faults might be lurking on
the list. They were more likely to
specify “dry” at a place where they
ON WINE / LETTIE TEAGUE had less faith in the staff and the
list. “I might ask for a dry wine in a
restaurant where they don’t know

What Do We Actually Mean

anything. It’s the most basic ques-
tion I think you can ask about a
wine,” said my friend Alan. He fur-
ther noted that this tactic only

When We Call a Wine Dry?

WHAT’S A DRY WINE? If this seems
like a question with a straightfor-
ward answer, then you probably
don’t work in a wine store or restau-
rant. Retailers and sommeliers tell
me they are regularly asked to rec-
ommend dry wines by customers
who don’t seem to know what they
really want. These customers offer
examples of the “dry” wines they fa-
vor—which often turn out to be
technically sweet.
Of the many descriptors in the
highly subjective world of wine
tasting, “dry” may be the most sub-
jective of all; everyone has his or
her own idea of what constitutes a
dry wine, including me. I’ve opened
bottles I consider dry only to have
my husband deem the wine “a bit
sweet.” It might be a Chablis or
Vermentino or Muscadet—all very
dry yet often perceived as sweet
because their aromas. Sometimes
the issue is semantic. Gerald Weisl,
owner of Weimax Wines & Spirits
in Burlingame, Calif., has had cus-
tomers reject Muscadet because
they think it’s made from Muscat, a
grape often used to make sweet
wine. Mr. Weisl assures them the
grape of Muscadet is Melon de
Bourgogne; he’s even posted a sign
in his store saying so.
In a wine marked by aromas of
pears or melons, some imagine they
detect the sweetness associated
with those fruits when it’s not actu-
ally there. And a wine made from
very ripe fruit fermented to the
point where it is quite dry can still
give the impression of sweetness be-
cause other flavors associated with
ripeness are present. When a cus-
Of the many descriptors
in the highly subjective
world of wine tasting,
‘dry’ may be the most
subjective of all.
tomer asks Donna Garvey, a wine as-
sociate at Gary’s Wine & Market-
place in Wayne, N.J., to recommend
a dry wine, her challenge, she said,
is “to find out what level of fruit the
customer still considers dry.”
The absence of a counterbalanc-
ing acidity can also lead one to con-
clude that a wine is sweet when it
isn’t. David Ramey, owner of Ramey
Wine Cellars in Healdsburg, Calif.,
noted, “Acid and sugar balance each
other in wines the same way lemon
and honey do in tea.”
There is no official definition of
what constitutes a dry wine in the
U.S. The amount of sugar left in the
wine after fermentation or added af-
terward is, however, sometimes
noted on a wine’s label, in grams per
liter. According to Mr. Ramey, a wine
generally considered dry would have
less than 1 gram per liter RS (resid-
ual sugar), or 0.1%. Beyond that, a
wine with 1% RS (10 grams per liter)
is off-dry, and a wine at 3% RS (30
grams per liter) or above is sweet.
As for sparkling wine, E.U. pro-
ducers may only use terms that de-
note levels of sweetness or dryness
on their labels if they adhere to es-
tablished technical standards, and
while this is not true in the U.S.,
many American sparkling producers
follow the same guidelines (and they
must when they sell their products
in the E.U.). “Brut” indicates a dry
sparkling wine (famously in Cham-
pagne, but elsewhere as well). A
brut sparkling wine may have a cer-
tain amount of added sugar, aka
dosage (up to 12 grams per liter),
while “brut zero” and “brut nature”
indicate a wine that is bone dry (lit-
tle to no added sugar). “Extra dry”
is, confusingly, used to denote a
sweeter sparkling wine, while
“demi-sec” (“half dry”) denotes a
sweet sparkling wine containing
32-50 grams of sugar per liter. Doux
is the sweetest style of all (over 50
grams per liter), but rarely seen.
Some wineries may print a sweet-
ness scale on the back label of a bot-
tle to indicate whether a wine is dry,
sweet or in the middle. The Interna-
tional Riesling Foundation scale of-
fers the possibility of dry, medium
dry, medium sweet and sweet, and
participating producers indicate
with an arrow where their wine lies.
But this scale offers only a vague in-
dication of a wine’s actual sweet-
ness, in my experience. I’ve had
wines designated as “dry” that have
actually tasted quite sweet to me.
I said as much to Peter Bell, wine-
maker at Fox Run Vineyards in New
York’s Finger Lakes region, who uses
the scale on his wines. He acknowl-
edged that the scale can be less than
exact, especially since the decision
of where to position one’s wine is
left up to the producer. “We have
seen ‘dry’ rosés with 1% residual
sugar or more, and locally there is a
works if the staffer fielding the re-
quest has a definition of “dry” simi-
lar to your own and has tasted the
wines on the list. It has occasionally
gotten him a glass of California
Chardonnay that is big, rich and not
at all dry.
There was one wine all the wine
drinkers I surveyed agreed is reli-
ably dry: Sauvignon Blanc. So I
tested this theory at home with a
bottle of 2018 Greywacke Marlbor-
ough Sauvignon Blanc ($16) made
by Kevin Judd, the winemaker who
created New Zealand’s famous
Cloudy Bay Sauvignon.
My husband proclaimed, “This is
a really dry wine.” But is it? I
checked with Mr. Judd and in fact
the wine has .3% residual sugar
which, he acknowledged, means his
Sauvignon Blanc is not technically
“bone dry.” Mr. Judd further noted
that the Sauvignon tastes less dry
than his Chardonnay, which has
about .1% residual sugar.
So if numbers don’t tell the whole
story and the word “dry” itself is in-
credibly elastic—applicable to a
bone-dry Muscadet and a slightly
less dry New Zealand Sauvignon
Blanc and even, depending on who
you talk to, bottle of Apothic Red—is
dryness as much a matter of percep-
tion as fact? “It depends on how you
define dry,” said Mr. Judd. “At the
end of the day it’s all about balance.”
 Email Lettie at wine@wsj.com.

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

CHRISTOPHER TESTANI FOR THE WALL STREET JOURNAL, FOOD STYLING BY EUGENE JHO, PROP STYLING BY CARLA GONZALEZ-HART; ILLUSTRATION BY MICHAEL HOEWELER

Creamy Succotash of Corn, Tomatoes, Zucchini and Tarragon

IT MAY BE called succotash on the menu find.” Beyond that, the ingredient list is
at Annette, just outside Denver. But chef brief. “I don’t use many spices,” she added.
Caroline Glover recognizes that her un- Which is certainly not to say this suc-
commonly lush corn, tomato and zucchini cotash will leave anyone wanting. “When
sauté napped in tarragon cream stretches people make this at home I know they
the definition. “It’s really more of a corn may have a tendency to cut the cream and
chowder,” she said. butter in half. And I get it,” she said. “But
The Chef Ms. Glover makes no excuses for the I’d like them to try this with all the cream
Caroline Glover rich and slurpable recipe, her final Slow first, because when I learned to accept fat
Food Fast contribution. “I like when in my cooking, I started enjoying food
Her Restaurant there’s some cream left in the bottom of more and feeling more satiated.”
Annette in the bowl,” she said. It doesn’t call for Satisfying as it is on its own, Ms.
Aurora, Colo. shelling beans, either, as a strictly tradi- Glover’s take on this summertime classic
tional succotash would. also makes a great match for grilled fish
What She’s Known At once extravagant and simple, the dish or meat, or even a simple serving of
For Bringing years was designed as a tribute to the abundance boiled potatoes. Whatever the other ac-
of experience on of produce Ms. Glover gets from local farms companiments, you’ll want to have some
the farm to ingredi- in peak summer. “This really makes a lot of good bread on the table to mop up every
ent-focused cook- sense for us right now,” she said. “Use the drop of delicious, herb-infused cream.
ing. Rustic dishes best corn, tomatoes and zucchini you can —Kitty Greenwald
executed with a
light touch. Total Time: 30 minutes 1. In a small pot over me- minute. Stir in tomatoes
Serves: 4 dium-low heat, combine and infused cream. Season
cream and 3 tarragon with salt and cook until
2 cups heavy cream sprigs. Bring cream to a zucchini is tender and to-
12 sprigs tarragon simmer and gently cook matoes’ skins begin to split,
2 tablespoons butter until slightly thickened and 3-4 minutes. Season with
4 cups corn kernels infused by herbs, about lemon juice and salt to
freshly cut off cob 3 minutes. taste. Remove pan from
Kosher salt 2. Set a large sauté pan heat and discard tarragon
2 small zucchini, finely over medium heat and swirl sprigs.
diced in 2 tablespoons butter. Add 3. Remove leaves from re-
2 cups cherry tomatoes, corn and cook until kernels maining tarragon sprigs and
halved heat through, about 1 min- mince. Stir minced tarragon
Juice of 1/2 lemon utes. Season with salt. Stir into succotash. Garnish with
1 tablespoon minced in zucchini and sauté until minced chives, if using. HEAVEN SCENT Simmering a few sprigs of tarragon in the cream that
chives (optional) beginning to soften, about 1 Serve immediately. binds this succotash together perfumes the whole dish.

THE WALL STREET JOURNAL.
The Podcast
Less Traveled
Self-help books can seem cheesy in the context
of the sophisticated wellness boom. A welcome
update: Audio guidance that’s inspiring—and free
BY JASON DIAMOND
E
VERYONE HITS that
snag when a routine just
stops working. After five
years of waking early,
going to the gym and re-
turning home to meditate, I encoun-
tered a disturbance in the force in
2017. Suddenly, just sitting still,
breathing—taking a break before I
began the day—left me itching. My
meditation time went from 20 min-
utes every morning to 10, then five,
then only when I “felt like it.”
My failure to rigorously achieve
“wellness” might sound like some
negligible, modern-day complaint,
but, to me, my lack of focus sug-
gested a larger problem. Stress? Un-
happiness? I needed something or
somebody to tell me that what I was
going through was OK.
I searched for answers, read
fiercely chipper blog posts and
leafed through self-help books—a
category that generates billions of
dollars in sales even if the feel-good
platitudes that pack these guides are
often better fit for the posters on
my dentist’s ceiling. I could feel my-
self fighting an uphill battle each
day, carrying a backpack filled with
the weight of anxious thoughts.
So I was surprised to find relief
on the device I’d promised myself to
use less: my iPhone. I had sworn off
Facebook and Twitter, and imposed
a strict limit on the time I spent
checking emails. But one day while
scrolling through Spotify, I landed
on “10% Happier,” a weekly self-help
podcast hosted by author and ABC
News anchor Dan Harris.
In the crowded podcast land-
scape—mostly funny talk shows and
true crime to see us through com-
Amazon’s Alexa helps you piece together the mystery of
‘St. Noire,’ an A.I. game that may spell doom for ‘Clue’
F. MARTIN RAMIN/THE WALL STREET JOURNAL
BOARD TO DEATH
‘St. Noire’ lets you
ask Alexa to
investigate possible
murder scenes.
RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
* * * *
GEAR & GADGETS
mutes—shows like “10% Happier”
offer much-needed encouragement,
often for free. I valued the intimacy
of having a person speak directly
into my ears, walking and talking me
through ways to improve my life.
Mr. Harris’s show, which focuses
on meditation, has featured musi-
cians, writers, Silicon Valley bigwigs
and the Dalai Lama. “It’s very easy
to get stuck in these cul-de-sacs,
where you don’t know why you’re
doing this thing,” he said of mindful-
ness practice. “Hearing friends talk
about how they dealt with [situa-
tions] can jar you out of anything
you’re encountering.”
For me, listening to that first epi-
sode two years ago helped elevate
and evolve my practice as I joined
what Buddhists call a sangah, which
I valued the intimacy of
having a person speak
directly into my ears.
essentially means community. I be-
came a dedicated listener, each week
taking away a crucial message: that
nothing is perfect, including medita-
tion. I find a regular podcast helps
to reaffirm that in a more vital, uni-
gnorable way than a book could.
Having increased my happiness
by at least a few percentage points
thanks to one show, I decided to see
if I could truly improve my life, my
physical and mental health and my
daily outlook by embracing other
podcasts geared toward people in-
terested in self-help and wellness.
First, I found “The Minimalists,” a
show admittedly outside my com-
Murder She Spoke
fort zone. I like
stuff. I have lots of
it: shelves of books,
sneakers, vinyl that my
wife threatens to donate
on a weekly basis. Yet the
upbeat way hosts Joshua Fields
Millburn and Ryan Nicodemus
talked, and the self-effacing dad hu-
mor they share while bantering
about religion or just getting out of
a daily rut, hooked me. “I think it
has to be somewhat entertaining.
The sugar coating on the pill, so to
speak,” Mr. Fields Millburn told me.
The duo doesn’t claim to be ex-
perts—instead, they talk things out,
guiding listeners to come up with
their own plans. Most episodes start
with listener calls, which adds to the
sense of community. In a world of
Twitter threads by experts who
claim to have all the answers, it’s a
refreshing way to discuss issues.
“The Minimalists” became a part
of my weekly podcast diet along
with shows like “Good Life Project,”
“Philosophize This!” and “Magic
Lessons” by “Eat, Pray, Love” author
Elizabeth Gilbert, who endeavors to
help creatives find that necessary
spark they might be missing.
But what is it about podcasts that
I can’t get out of self-help books or a
Tony Robbins retreat? And why are
self-help podcasts like “Hidden
Brain,” and “The Shrink Next Door”
topping Apple and Spotify charts?
For one, the best such podcasts
don’t feel like attempts to sell you a
lifestyle (despite the Casper mat-
tress ads I speed through). “There’s
a lot of vapid or trite advice out
there and we try to avoid that. We
don’t take ourselves too seriously,”
Mr. Fields Millburn said.
More reasons besides the no-cost
Saturday/Sunday, August 24 - 25, 2019 | D9
engagement: These podcasts can be
downloaded in seconds, easily re-
turned to when you need a boost or
reminder, and offer relatable advice
in a fun package that lets you know
you’re not alone your frustrations.
Mr. Harris sees hope for human-
ity in the podcast phenom. “The fact
that in the era of social media and of
quick-hit media, people are opting
for one-, two-, three-hour deep dives
into esoterica, into wisdom, into sci-
ence, is fascinating and says that we
aren’t as shallow as we sometimes
tell ourselves that we are,” he said.
I didn’t shed all earthly posses-
sions the day I listened to “The Min-
imalists” and I didn’t exude joy after
downloading “10% Happier.” But I
always felt good after episodes, and
their lessons have begun to manifest
in my life: Thanks to “The Minimal-
ists,” I did start considering my pur-
chases, even some of the vinyl. I was
awakened to thinkers and creatives I
respect, and inspiring ones I’d never
heard of. And not too long after I lis-
tened to Mr. Harris and his guests
acknowledge that sitting there and
simply breathing isn’t always as
simple as we might hope, it gradu-
ally became easier for me.
“ALEXA, WHERE WERE you on the
night of the murder?”
While that might sound like a
line from some dystopian sci-fi, it’s
actually a common question for
would-be gumshoes on the seedy
streets of St. Noire, the fictional
town of the eponymous A.I. mur-
der-mystery from X2 Games ($40,
amazon.com) that integrates Ama-
zon’s virtual assistant.
Within the game, players take on
the roles of inquisitive private eyes
in St. Noire—the kind of perfectly
crooked burg found in hardboiled
Raymond Chandler novels—to de-
termine which denizen is behind a
recent killing. Rather than roll dice
or draw cards, however, you can ask
Alexa to “examine” locations like
Black Saint Bar or the Greasy Spoon,
or to masquerade as a suspect dur-
ing interrogation. Alexa, required to
play, answers queries by replaying
campy but clever recorded dialogue
between a sarcastic, world-weary
detective and the shifty townsfolk.
Much as in “Clue,” you narrow
your probe through a process of
elimination, determining the who,
where and with-what of each crime
as you discover weapons and verify
alibis, ultimately accusing one char-
acter in the town’s seedy underbelly.
“St. Noire,” co-created by Atari
video game founder Nolan Bushnell,
is just one among a murderer’s row
of recent games that integrate smart
LISTEN UP! / TRY THESE FOUR
ENCOURAGING SHOWS
How to Raise a Parent Have you
ever thought of what we can
learn from kids...a willingness to
try new things or ways to make
new friends? Host Mallory Kas-
dan will help crack you out of
your jaded, cynical shell.
10% Happier Are you curious
about meditation? Dan Harris
has had everybody from musi-
cians and actors, to gurus to big-
name entrepreneurs on his
weekly podcast, which looks at
JONNY THOMPSON (PHOTO), SU BLACKWELL (PAPER SCULPTURE)
mindfulness from all sides.
The Minimalists Joshua Fields
Millburn and Ryan Nicodemus
aren’t too far removed from Ma-
rie Kondo’s way of thinking, but
offer up a deeper look into why
you don’t need all that stuff.
The Hardcore Self Help Podcast
In the era of self-care, Dr. Robert
Duff is just the person to break
down all of our questions on top-
ics from taking medication for
anxiety to getting over breakups.
devices. “Escape Room: The Game”
($25, identitygames.com) uses
smartphone-enabled VR headsets to
cram the trendy escape-room expe-
rience into a portable package.
Meanwhile, Mattel recently
launched “Pictionary Air” ($20, tar-
get.com), a digital twist on the fam-
ily-room mainstay. It lets players use
a special pen to draw each picture in
mid-air, where it’s only visible to
players who look through a smart-
phone camera. (It seems gimmicky
until you try to hunt down an easel’s
worth of paper on short notice).
While digital devices are seen as
isolating, these games are social to
the core. In “St. Noire,” players work
together to find a suspect in a lim-
ited number of turns, collaborating
in their race against the clock rather
than competing against each other.
The real fun comes from planning
(read: arguing) with friends about
which steps to take next. And since
Alexa manages each play-session’s
randomized plotline, nobody has to
keep score or track which character
was where on the night of the crime.
There’s no limit to how many de-
tectives can join in, although you’ll
want to set ground rules for build-
ing consensus before prompting
Alexa’s assistance. One-player games
are possible, but if buddy-cop-flicks
have taught us anything it’s to never
underestimate that irascible partner
you have in tow. —Steven Melendez
 RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws
D10 | Saturday/Sunday, August 24 - 25, 2019
VOLKSWAGEN GROUP
RUMBLE / DAN NEIL
VW’s ID. Buggy Carves a Path
For a New Generation of EVs
ONCE UPON A TIME near Holly-
wood—in Newport Beach, actually,
in the 1960s—a boat-builder named
Bruce Meyers laid up and sprayed
up fiberglass bodies for Volks-
wagen-powered dune buggies and
called them the Meyers Manx.
When one of these stubby bastards
landed on the cover of Hot Rod
magazine in August 1966, the whole
world became a fan. I was raised
about 2,000 miles from the nearest
cactus, and I couldn’t sleep at night
for wanting a Meyers Manx.
Last week, during Monterey Car
Week/investor-class motor jambo-
ree, I finally drove a Manx, and a
properly sorted one, at that. As
part of VW’s campaign to promote
its coming generation of battery-
electric vehicles, the company was
offering drives of both the ID.
Buggy prototype and its auto-cul-
tural inspiration, a vintage 1971
Manx built/restored by off-road
specialists Arciero Racing.
Cineastes, may I ask you to re-
call the scene from “The Thomas
A Robust
New Blend
Keurig debuts a line of
two-in-one machines
that leaves coffee snobs
with fewer reasons to
bitterly hate the brand
THE LOOKS I GET when I rhapsodize
about the joys of sipping Keurig-made
coffee are, at best, impolite. I’ve been
told that I’m a “monster,” that I’m
drinking “trash,” that I’m helping de-
stroy the planet by adding to the bil-
lions of non-biodegradable K-Cup pods.
Keurig is well aware of this stigma.
“You’re probably not going to find a
barista out there that will advocate for
us,” admitted brand spokesperson Katie
Gilroy in February. But while any other
brand that dominates 22% of a given
U.S. market—especially one as robust
as coffee makers—might shrug off such
contempt, Keurig is doubling down on
its attempts to upend the perception.
Enter the K-Duo, a versatile new line
of machines that lets you make a pot of
your best drip brew for guests, or craft
a single serving K-Cup of Peets, Star-
bucks or Café 504 all by your lonesome.
The populist K-Duo is neither a
technical marvel nor a design master-
piece. In the landscape of ever fancier
coffee-making equipment that you’d
not-so-shyly mention at parties or
The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets.
* ***
GEAR & GADGETS
Crown Affair” (1968) in which
Steve McQueen attempts to
kill Faye Dunaway in a hot-
rodded Manx, leaping over
dunes, stirring flocks of
roosting seabirds and gen-
erally driving like a ma-
niac. This was so not
that. My meet-and-greet
with history amounted to
a 15-minute putter along
Pebble Beach’s iconic 17-Mile
Drive, with weekend cyclists pass-
ing me on the right. I think I up-
shifted to third once, just to see if
I could find it.
But the notes were all in place:
the gaspy, fuel-rich idle, the light
touch of clutch pedal and gear-
shifter, the rear-mounted engine
reciprocating like an iron sewing
machine, winding up, winding
down. The Manx is short-coupled
and bob-tailed, with its red fiber-
glass body bolted to the shortened
frame of a VW Beetle. The open
cockpit (with folding polished
metal windshield) is beyond bare,
COFFEE MATING Keurig’s K-Duo Plus can brew a single cup—or a whole pot of joe.
conspicuously display between uses,
the bulky entry-level K-Duo Essentials
machine ($99, exclusive to wal-
mart.com) looks and operates like two
basic brewers simply sutured to-
gether, connected by one convenient
water reservoir that feeds both sides.
But for those who groggily stumble
through the routine of coffee-making
each morning, this thing is gloriously
idiot-proof. It eliminates the need to
measure water and requires a maxi-
mum of two button pushes: the first to
decide if you want a single serving or a
full pot; the second to pick between 8,
The 1971 Meyers Manx buggy
just a steering wheel, two seats,
three pedals and a speedo you can
generally disregard.
After returning the Manx to a
shoreline parking lot, I was given a
go at the ID. Buggy electric dem-
onstrator, a Nerf-like moderniza-
tion of the Manx built on a Volks-
wagen’s new series-production
electric platform known as the
MEB (for modular electric drive
matrix). With a rear-mounted, 150
kilowatt (201 hp/228 lb-ft) electric
10 or 12 ounces or cups, respectively.
The sleeker K-Duo Plus (above, $229,
keurig.com), due in September, woos
caffeine-heads with added features,
namely a conical mesh filter that obvi-
ates the need to buy paper doilies, a
thermal carafe to keep coffee hot and a
reservoir that can be connected to any
of three sides for better access. You can
also program the Plus to wake you with
a fresh batch of coffee each day.
The K-Duo won’t satisfy the name-
calling pour-over nerds—what machine
could? But maybe now us monsters can
feel less monstrous. —Matthew Kitchen
BUGGIN’ OUT VW’s off-road
romper previews a line
of electric crossovers,
SUVs, sports cars—even
a Bus due in 2023.
motor and floor-mounted, 62-kWh
battery pack (about 155 miles in
new WLTP test cycle), the
ID. Buggy’s hard
points are the same
as the other mem-
bers of the new ID.
family, a total of
five production
vehicles in the
pipeline, including:
the ID. Crozz, ID.
Roomzz, ID. Vizzion, ID.3, and ID.
Buzz. The latter, an EV riff on be-
loved 1960s Kombi vans, is ex-
pected in the U.S. by 2023.
Unfortunately, the ID. Buggy
isn’t street legal, and if you drive
off-road anywhere in Monterey
they’ll call SWAT on you. So my
encounter with this advanced pro-
totype was held to an escorted 25
mph, a weirdly silent parade pace
at which I could hear people’s
comments as I drove by. No, I do
not dye my hair.
You might ask what could be
learned if I could barely drive ei-
F. MARTIN RAMIN/THE WALL STREET JOURNAL
THE WALL STREET JOURNAL.
ther vehicle at pace? There are
two lessons here, one technical
and one cultural.
Like the first-generation VW
Beetle, a design that dated back to
the 1930s, the MEB provides a
platform, an open floor plan of
lightweight mobility upon which
can be affixed many tophats, beds,
cabins, and cockpits, for many
uses. The ID. Buggy exemplifies
the remarkable form flexibility
available to designers of EVs. In
the case of the MEB, the motor
can be in the back, or there can be
California car culture of
the 1960s is still cool,
still resonates globally
years after Mr. Meyers’s
stolen-hubcap days.
one front and back. In either case
the e-tronics and battery pack take
up less space than comparable in-
ternal-combustion works.
VW isn’t planning to build the
ID. Buggy itself but is happy to
supply the MEB to other auto mak-
ers. That in itself is remarkable.
Ford has already signed up to
build vehicles on top of VW-
sourced MEB skateboards. And not
just OEMs, but small-volume man-
ufacturers, wildcatters and cus-
tomizers—like Mr. Meyers. “On
this basis,” the company says,
“they could build emission-free fun
cars for a new era.”
The other lesson: California car
culture of the 1960s is still cool,
still resonates globally generations
after Mr. Meyers’s stolen-hubcap
days. Among the hundreds of pic-
ture-takers on 17-Mile Drive were
scores of overseas tourists, speak-
ing Italian and German, Mandarin
and Japanese. On a weekend when
Lambos and Ferraris were every-
where, the tourists seem most
gobsmacked by the little dune bug-
gies. That was pretty rad.
Postscript: The 1939 Porsche Type
64 Berlin-Rome Rennwagen fea-
tured in this column on Aug. 3 was
one of the stars of RM Sotheby’s
annual auction in Monterey, Calif.
However, the car failed to sell Sat-
urday night after an apparent tech-
nical glitch that caused the wrong
increments to be displayed on the
bidding board. The opening bid of
$13 million was posted as $30 mil-
lion, and the error compounded un-
til it reached $17 million, which was
displayed as $70 million, according
to RM Sotheby’s Meghan McGrail.
When the staff realized the error
and corrected the numbers, the au-
dience went kind of bonkers, and
the lot didn’t meet the reserve.
While such errors aren’t un-
heard of, they’re usually corrected
quickly and without complaint.
Not so Saturday night. “It was an
unfortunate mistake that we take
very seriously and was in no way
intentional on behalf of anyone at
RM Sotheby’s,” said the company
in a statement.