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The Settlements
Through
Israeli Eyes
VOL. CCLXIX NO. 28
What’s
News
World-Wide
federal judge issued a
A ruling that temporar-
ily blocks Trump’s execu-
tive order on immigration
and refugees, a decision
that applies nationwide. A1
 Trump’s blunt, win-the-
deal approach to diplo-
macy has U.S. adversaries
and some allies struggling
to assess its impact for
their countries. A6
 The administration sanc-
tioned dozens of Iranian-
linked entities in what offi-
cials said was the start of a
push to confront Tehran. A7
 A reprise in deadly fighting
in Ukraine may provide the
first test for Trump’s plans to
warm relations with Putin. A8
 Trump’s nominee for
Army secretary, Vincent Vi-
ola, withdrew his name
from consideration. WSJ.com
 A U.S. military effort to
demonstrate the intelligence
value of last weekend’s Ye-
men raid ended in a snafu. A7
 Congress sent legislation
to Trump to eliminate two
energy-related rules approved
late in Obama’s term. A4
 About 9.2 million Ameri-
cans signed up for plans on
the ACA’s federal exchange
by a Jan. 31 deadline. A3
Business & Finance
 Trump ushered in a
friendlier era for Wall Street’s
relationship with Washing-
ton, calling for an end to eight
years of rising regulations. A1
 The president’s move to
roll back the Obama-era fi-
duciary rule amounts to a
reprieve for parts of the fi-
nancial-services industry. B1
 A bank-stock rally sent
the Dow up 186.55 points to
20071.46, its biggest one-day
gain in nearly two months. B10
 Despite brisk hiring, the
unemployment rate rose in
January and wages grew
modestly, signs that the econ-
omy has room to run be-
fore it risks overheating. A1
 Canada’s Hudson’s Bay
has approached Macy’s about
a takeover, as the U.S. depart-
ment-store chain grapples
with disappointing results
and restive shareholders. A1
 A senior Altria executive
said recalled cans of smokeless
tobacco were tainted in “a
deliberate, malicious act.” B1
 Deutsche Bank plans to
cut as much as 17% of its
equities staff and 6% of its
fixed-income staff. B4
 Snap’s biggest outside in-
vestors, venture firms Bench-
mark and Lightspeed, stand to
see a windfall from its IPO. B2
Inside
NOONAN A13
Nothing Feels
Stable in Trump’s
Washington
CONTENTS
Books.................... C5-10
Business News..... B3
Food......................... D7-8
Heard on Street...B10
Obituaries................. A5
Opinion............... A11-13
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
REVIEW
Sports.......................... A9
Style & Fashion D2-3
Travel...................... D4-5
U.S. News............ A2-4
Weather..................... A9
Wknd Investor....... B7
World News....... A6-8
> outspokenness on social issues
For the Love of Pho
OFF DUTY
* * * * * * * * WEEKEND HHHH $4.00
SATURDAY/SUNDAY, FEBRUARY 4 - 5, 2017 WSJ.com
For Now, Steady Job Numbers Give Fed Breathing Room President
Federal Reserve officials believe the economy is near ‘full employment,’ meaning little slack is left in the labor market that would
prevent inflation. In the past, when actual unemployment has dipped below the Fed’s estimate of full employment it has raised interest
rates. The economy now might have room to run hotter because wages and inflation are tame. See article on page A2.
Signals
1970s 1980s 1990s 2000s 2010s
10%
8 Unemployment
New Era
6
rate
4.8%
For Banks
4 Natural rate of BY RYAN TRACY
unemployment* AND MICHAEL C. BENDER
2 4.7% WASHINGTON—President
Donald Trump ushered in a
0
friendlier era for Wall Street’s
When unemployment has dropped below its natural rate, relationship with Washington,
calling for an end to eight years
the Fed has frequently raised interest rates. of rising regulations and pub-
20% Federal-funds licly embracing some of the in-
rate target† dustry’s top leaders.
At a White House meeting,
10
0.50% – Mr. Trump promised Friday to
0
Recessions 0.75% undo a bevy of restrictions on
financial firms put in place after
1970s 1980s 1990s 2000s 2010s
the 2008 financial crisis, while
*Based on NAIRU, the ‘non-accelerating inflation rate of unemployment’ and the point below which inflation theoretically begins to rise. praising the CEOs of BlackRock
†Before Sept. 1982, chart shows the monthly average of the effective federal-funds rate rather than the rate target; starting in 2008 the Fed Inc. and J.P. Morgan Chase &
began targeting a range rather than a specific rate.
Co.
Sources: Labor Department (unemployment); Congressional Budget Office (natural rate estimates) Andrew Van Dam/ THE WALL STREET JOURNAL. The president thanked Larry
Fink, chief executive of Black-
Rock, the world’s largest asset
management firm, for doing a
Ruling byFederalJudge
“great job for me.”
“He managed a lot of my
money,” Mr. Trump said.
The president then pointed
to James Dimon, chief executive
Blocks ImmigrationOrder
of J.P. Morgan, the largest U.S.
bank by assets, as he discussed
making changes to the Dodd-
Frank law.
“There is nobody better to
BY DEVLIN BARRETT ries of legal challenges to the nantly Muslim countries—Iran, part, because the plaintiffs were tell me about Dodd-Frank than
president’s order. Iraq, Libya, Somalia, Sudan, likely to win on their constitu- Jamie,” the president said.
A federal judge in Seattle is- White House press secretary Syria and Yemen—for at least tional claims. Not halting the Mr. Trump’s moves sent
sued a ruling that temporarily Sean Spicer said Friday night 90 days, calling it a needed president’s executive order im- Please see BANKS page A4
blocks President Donald that the Justice Department in- move to keep terrorists from mediately would cause the
Trump’s executive order on im- tends to file an emergency stay entering the U.S. plaintiffs “irreparable injury,”
migration and refugees, a deci- of the judge’s order at the earli- The president’s order froze the judge wrote. Battle Lines
sion that applies nationwide to est possible time. The adminis- the entire U.S. refugee program The suit that led to Judge  Trump’s bluntness rattles
tens of thousands of people tration believes Mr. Trump’s or- for four months and barred Syr- Robart’s ruling was filed by the world leaders....................... A6
holding visas to travel to the der is “lawful and appropriate,” ians from entering as refugees state of Washington.  U.S. sanctions draw quick
U.S. he said. indefinitely. How immigration officials response from Tehran.... A7
The ruling by U.S. District A week ago, Mr. Trump Judge Robart, in his seven- throughout the country will  President moves to roll
Judge James Robart added a signed an order suspending im- page ruling, wrote that he handle the judge’s temporary back fiduciary rule............. B1
fresh round of confusion to a se- migration from seven predomi- granted the restraining order, in Please see ORDER page A2
Machete-Wielding Attacker Puts Paris on Edge
TRUMP PACE HAS
HEADS SPINNING
Torrent of executive orders and confusion over
travel ban force him to clarify staff roles
BY PETER NICHOLAS agencies puzzled over its
AND CAROL E. LEE meaning. Travelers were
plucked from lines as they
President Donald Trump were boarding airplanes.
wasn’t happy. Sitting behind In the weekend meeting
his desk in the Oval Office, he and another one on Monday,
looked at the top aides assem- Jan. 30, Mr. Trump sought to
bled around him and said: avoid a similar misstep by
“This has to go better.” clarifying the roles of senior
As they spoke last weekend, staff members who had been
protests were mushrooming at jockeying for position since
airports around the country, Election Day.
prompted by travel restric- Reince Priebus was chief of
XINHUA/ZUMA PRESS
tions imposed by executive or- staff, and aides shouldn’t cir-
der on seven Muslim-majority cumvent him, Mr. Trump told
countries deemed to pose ter- his staff. Steve Bannon was
rorist threats. chief strategist and shouldn’t
The temporary ban had veer too far into foreign pol-
morphed into a public-rela- icy. Senior adviser Kellyanne ASSAULT: A photo by a tourist shows the scene where a man attacked soldiers near the Louvre
tions debacle. Lawmakers Conway, his campaign man- museum Friday. The incident could renew a security debate ahead of presidential elections this spring. A7
were blindsided. Government Please see TRUMP page A10
Will Lady Gaga Get Political? Place Your Bets! Hudson’s Bay, Macy’s
i
Bookmakers flip-flop on odds of a halftime-show Trump remark
i i
Discuss Possible Deal
Canada’s Hudson’s Bay Co. details of the talks are unclear
BY HANNAH KARP said: “Love trumps ing the singer is has approached Macy’s Inc. and it is far from guaranteed
hate.” less likely to men- about a takeover, people famil- there will be any deal.
It’s not the outcome of Sun- Sports books tion Mr. Trump. iar with the matter said, as Shares of Macy’s jumped
day’s Super Bowl that’s tying around the world There are some 6.4% to $32.69 Friday after
the oddsmakers in knots—the are offering odds holdouts, however. By Dana Mattioli, The Wall Street Journal re-
New England Patriots have on whether Lady On Thursday, Pad- ported the talks.
Suzanne Kapner
been three-point favorites all Gaga will say the dypower.com had and David Benoit Hudson’s Bay is an acquisi-
week. The betting line they are words “Trump” or posted protest tion-hungry owner of marquee
waffling on is whether Lady “president” before odds of 5 to 4 in the biggest U.S. department- names in retail including Lord
Gaga will make a spectacle dur- the estimated 100 favor. store chain grapples with dis- & Taylor department stores
ing the halftime show. million viewers ex- Those who appointing results and restive and Saks Fifth Avenue. While
The pop star has a history of pected to watch think a protest is shareholders. its market value is dwarfed by
her performance. unlikely argue that Talks between the compa- that of Macy’s—1.9 billion Ca-
and has already once taken aim Early on, the lines Lady Gaga Lady Gaga could nies are at a preliminary stage nadian dollars ($1.4 billion)
at Donald Trump. on these so-called stir up a backlash and encompass other ways compared with $10 billion as
On Election Night, she proposition bets suggested a from fans who don’t share her they could cooperate, one of of Friday’s close—Hudson’s
climbed onto a sanitation truck protest was more likely than views, or don’t think the Super the people said, adding that a Bay could raise equity and
outside Trump Tower in Man- not. In recent days, they have Bowl is the right forum for deal for only Macy’s real es- debt against its real estate
hattan and held up a sign that shifted the other way—suggest- Please see GAGA page A10 tate is also a possibility. Other Please see MACY'S page A5
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Saturday/Sunday, February 4 - 5, 2017 * ******* THE WALL STREET JOURNAL.

The Super Bowl Minute Not to Be Missed
H
OUSTON—This Sun-
day, a football fan has
many decisions to
make during the Super Bowl:
Atlanta Falcons or New Eng-
This is more than the total
points scored in the final two
minutes of a game (6,360),
with the reason being that a
team with a secure lead aims
U.S. NEWS
age NFL game, but games does happen, people will
A Brief History of Scoring took 3 hours and 10 minutes probably yell and scream and
Research suggests that viewers of this weekend’s Super Bowl would to complete this season. The you can still catch the re-
risk missing out on significant scoring if they stray from the television Super Bowl will undoubtedly play.”
run longer. Last year’s Super

land Patriots? Wings or na-
chos? And perhaps most im-
portant, when is the best
time to take a bathroom
break or run to the fridge?
To figure out the normal
ebb and flow of football and
pinpoint the slowest mo-
ments in a
THE game, The
NUMBERS Wall Street
JIM Journal looked
CHAIRUSMI at a minute-by-
minute break-
to run out the clock rather
than try to score.
Scoring in the Super Bowl
mirrors other games through
the season, with the final
minute of the first half the
most prolific time for points.
Super Bowls have also
usually been decided before
the final minutes of the
game, with only five lead
changes in the last two min-
utes of the game.
T
toward the end of the first half.
Bowl ran 3 hours and 43 he first minute of NFL
Total amount of points scored during every minute in every National
minutes. games yielded the few-
Football League game over the past 10 years
Halftime during a regular- est amount of points,
8,000 points Minute-by-minute season game lasts 12 minutes according to Stats LLC.
7,861 points but this Sunday’s halftime Only nine points combined
7,000 were scored in break, featuring a perfor- have been scored in the first
the last minute
of the first half mance by Lady Gaga, is to minute of the previous 50
6,000 run 27 minutes, according to Super Bowls.
NFL spokesman Brian “You have to watch the
5,000 McCarthy. The Super Bowl first minute of the game
also has more commercial though, right?” asked Patri-
4,000 breaks, including during each ots quarterback Jimmy Ga-
change of possession. That roppolo, who recalled that
3,000 makes it inevitable that a Devin Hester returned the

down of the
combined points scored in
every National Football
League game over the past 10
seasons, not including over-
time.
Since the 2007-08 season,
a total of 119,040 points were
scored, according to Stats
LLC, with 60,303 scored in
the first, 30-minute half and
58,737 in the second.
The numbers suggest that
viewers Sunday would risk
missing out on compelling of-
fensive action if they wander
from the television toward the
W
hen told that the fi-
nal minute of the
first half is when
the most points are scored,
several players set to play in
Sunday’s game said it wasn’t
surprising.
“Teams want to make a
big play before the half and
go into the second half with
momentum,” said Patriots
defensive lineman Geneo
Grissom.
“You’re probably playing
more aggressive,” Patriots of-
fensive tackle Nate Solder
said. “Both teams are likely
2,000
1,000
0
First quarter Second quarter
Source: Stats LLC
on the field in response to
offenses that are often in
hurry-up mode with the clock
ticking. “Offenses have the
whole playbook, while de-
fenses have to stay basic
with the coverages they were
already playing,” he said.
Third quarter Fourth quarter
THE WALL STREET JOURNAL.
commercial break, but as Mr.
Solder pointed out on
Wednesday, the ads are
sometimes more entertaining
than the actual game. “Every-
one loves the ads. So you
can’t miss the ads,” he said.
viewer will have to make a opening kickoff of Super
strategic choice as to when Bowl XLI in 2007 for a
to get up from the couch. touchdown for the Chicago
“For me, I’m not a half- Bears.
time show guy,” Patriots de- “That’s why I’d go at the
fensive back Nate Ebner said. end of the first quarter,
“For some people, I know maybe? I don’t know. You
they want to watch the half- have some tough questions,
time show. That’s probably man,” Mr. Garoppolo said.
when I would get up.” Sitting across the table
Falcons center Alex Mack from Mr. Garoppolo on
suggested waiting for a junc- Wednesday, fellow Patriots
ture in the game when a quarterback Jacoby Brissett
team isn’t in scoring posi- was listening to the conver-
tion. “I would see where the sation and shook his head.
teams are on the field,” he “So you would rather miss
said. “If they are on their the game than the commer-

end of the first half, with 7,861,
or nearly 7% of all the points
scored, taking place in the fi-
nal minute before halftime.
still in the game.”
Falcons receiver Eric
Weems said defenses can
struggle to substitute players
A die-hard fan not wanting
to miss a minute of Super
Bowl game action might
choose to get up during a
A
Journal study once
determined that there
is approximately 11
minutes of action in an aver-
own 30-yard line or near cials? I don’t think that
their own end zone, it’s prob- makes sense,” Mr. Brissett
ably going to be just a nor- said. “That’s why there’s
mal play. But if a crazy play YouTube.”

Uneven Labor Market Tightens Up in Some Sectors

Steady job growth is forcing employers in some sectors to raise wages to compete for scarce workers. There are pockets of tightening, but
the effect is uneven. Some low-wage sectors, such as accommodation and retail, are seeing earnings growth decelerate.
ORDER a hectic day of court hearings
around the country as individu-
als, civil-rights groups and state
officials sought to strike down
Continued from Page One the executive order.
Change from a year earlier in private employment () and average hourly earnings ( ), three-month averages, seasonally adjusted halt of Mr. Trump’s order wasn’t At a hearing in federal court
immediately clear. in Virginia, a Justice Depart-
All private employees Average annual Arts, entertainment Restaurants and Information Mining and logging District judges don’t often is- ment lawyer said the order had
growth over the and recreation bars sue nationwide injunctions, but led to the revocation of more
past 3 months: they have happened in recent than 100,000 visas—a statement
4% 14%
years in high-profile cases. that was quickly contradicted by
Earnings: 2.7%
2 12 Immigration lawyers said the the State Department, which
0 Employment: 1.7% 10
ruling was sweeping and, at said the correct figure was
least for now, was being taken fewer than 60,000.
–2 8 to mean that refugees and peo- A small percentage of those
’11 ’13 ’15 ’17 6 ple from the seven banned people, who were already in
countries could once again enter transit to the U.S. when the new
Wholesale trade Manufacturing Construction Professional and Utilities 4
the U.S. rule went into effect, were de-
business services 2 “We’re interpreting this rul- tained at U.S. airports.
4% 0 ing as saying the executive or- U.S. District Judge Leonie
der is invalidated,” said Diane Brinkema, who presided over
2 –2 Butler, an immigration lawyer the trial of Sept. 11 plotter Zac-
0 –4 who was in the courtroom in arias Moussaoui, indicated she
Seattle when the ruling was was surprised by the public re-
–2 –6
given and sits on the board of sponse to the travel-ban case.
’11 ’13 ’15 ’17 –8 the American Immigration Law- “This order touched some-
–10 yers Association. thing in the U.S. that I’ve never
Hotels and lodging Transportation Education and Financial activities Retail trade
and warehousing health services In practical terms, however, seen before,” Judge Brinkema
–12 the ruling was unlikely to have said while presiding over the
4% –14 immediate impact for a large Virginia hearing. “People are
2 –16
number of immigrants, refugees quite upset.”
and visa-holders, immigrant- The judge also said it ap-
0 –18 rights activists and lawyers said. peared there hadn’t been
–2 –20 Many were still trying to figure enough thought put into the or-
out exactly how the judge’s or- der before it was issued, result-
’11 ’13 ’15 ’17
der might be implemented. ing in “chaos.’’
Source: Labor Department Andrew Van Dam/THE WALL STREET JOURNAL. Customs and Border Protec- The judge allowed lawyers
tion officials would need to re- for the state of Virginia to join

Jobs Data Point to Economic Leeway

BY JOSH MITCHELL
Despite brisk hiring, the U.S.
unemployment rate rose in Jan-
uary and wages grew modestly,
evidence for the Trump admin-
istration and the Federal Re-
serve that the economy has
room to grow before it risks
overheating.
The backdrop of a steady but
unspectacular labor market is
likely to keep the Fed cautious
about raising interest rates and
could prevent the central bank
from colliding with President
Donald Trump as he aims for
faster economic growth.
Employers added 227,000
jobs last month, the biggest gain
since September, the Labor De-
partment said Friday. Job
growth over the past three
months averaged 183,000, in line
with the trend earlier in 2016.
Still, the jobless rate rose to
4.8% in January from 4.7% a
month earlier, as more Ameri-
cans came off the sidelines and
actively looked for work, push-
ing up the count of unemployed.
In one sense that is a positive
development, suggesting in-
creased optimism about the
prospects of eventually finding
work.
Fed officials have said they
believe the economy is near full
employment, meaning the job-
less rate is low enough to start
driving up wages and inflation.
But Friday’s report suggests the
broader economy has room to
run a little hotter before it pro-
duces higher inflation pressures
that the Fed policy makers
would need to tamp down. That
means the era of very low inter-
est rates might not be at an end.
“We’re a good ways down
the road toward full employ-
ment, but we’re not quite there
yet,” said Richard Moody, chief
economist of Regions Financial
Corp.
Those with jobs still aren’t
seeing the big wage gains that
characterized more prosperous
economic expansions of the
past. The average hourly pay-
check grew just 3 cents over the
month—and 2.5% over the
year—despite millions of work-
ers receiving raises under mini-
mum-wage laws across 19 states
at the start of the year. It is bet-
ter, however, than the 2% rates
that prevailed earlier in the ex-
pansion.
Beyond the modest wage
growth, Mr. Moody pointed out
that nearly 6 million Americans
are working part time because
they can’t find full-time jobs.
That is about a million more
than economists usually expect
at full employment, Mr. Moody
said. The average workweek of
The U.S. jobless rate
rose to 4.8% in
January from 4.7%
a month earlier.
34.4 hours is also relatively low.
“There’s more slack than that
headline unemployment number
suggests,” he said.
Stocks rose sharply in part
on investors’ hopes that the re-
port will keep the Fed cautious
about proceeding with interest-
rate increases that could slow
growth and hiring. The Dow
Jones Industrial Average closed
186.55 points higher.
The central bank has penciled
in three quarter-percentage-
point increases in interest rates
for 2017, depending on how the
economy performs. Friday’s
number makes a move at bank
officials’ next meeting in March
less likely, with traders in fu-
tures markets placing a 91%
probability on the Fed keeping
rates steady next month.
If the bank does act three
times this year, it might have to
pack the moves into the second
half of the year.
A slower-moving Fed poten-
tially would be good news for
Mr. Trump, who has said he
hopes to achieve faster eco-
nomic growth of 4%.
The jobs numbers could also
give him leverage in pushing for
an infrastructure-spending plan
and other measures to try to
achieve his growth goal, which
is roughly double the average
rate of economic expansion
since the recession.
The economy grew 1.9% in
the fourth quarter compared
with a year earlier.
Mr. Trump, who met with
corporate CEOs on Friday to
shape his economic agenda, said
he was “happy” with the jobs
numbers, which he called “big
league.”
“We’re bringing jobs back,”
he told reporters.
The data Friday showed weak
job growth in a sector at the
center of Mr. Trump’s economic
plans: manufacturing. Factories
added just 5,000 jobs last
month, despite other signs that
the sector is experiencing
higher demand.
Some economists have ar-
gued that Mr. Trump’s goal of
lifting growth to 4% would be
too rapid, given the economy’s
current capacity, and could ulti-
mately require an intervention
by the Fed, which might have to
raise interest rates more quickly
to prevent excessive inflation.
“The more aggressive fiscal
policy is, the more aggressive
the Fed will be,” said Nomura
economist Mark Doms, former
chief economist at the Com-
merce Department.
Quicker action on interest
rates would ultimately prevent
the economy from achieving Mr.
Trump’s economic target. “If
you have the Fed hitting the
brakes really hard, he’s not go-
ing to get as much bang as he
had hoped” for his economic
plans, said Mr. Doms. The latest
jobs data, with a higher unem-
ployment rate and modest
growth in wages, “may head off
the collision” between the cen-
tral bank and the president in
the near term, he said.
Businesses, for their part, ap-
pear to have gained confidence
in recent months, in part due to
Mr. Trump’s pledge to reduce
regulations but also because of a
broader sense of economic sta-
bility. The long labor-market ex-
pansion has delivered jobs to
millions of Americans who are
in turn spending their money at
retailers, car dealerships and
restaurants.
“I’m knocking on my desk, on
wood, it’s gone very well,” said
Dennis Archer Jr. of business at
Central Kitchen and Bar, a
downtown Detroit restaurant he
opened in 2015. He is benefiting
from urban redevelopment, a
trend seen in many cities across
the U.S.
Mr. Archer is planning to
open another restaurant and a
lounge this year, and he expects
soon to hire staff to run them. “I
think that 2017 is going to be
just as strong, if not stronger,
than 2016,” he said. “My opti-
mism is high to very high.”
But his business’s expansion
also represents a disappointing
aspect of the recovery: Many of
the jobs being created are on
the lower-paying end.
ceive the order and update its the lawsuit challenging the ex-
protocols. That, as well as alert- ecutive order, one of a number
ing embassy offices around the of cases filed by people who had
world, could take time, espe- legal approval to enter the U.S.
cially on a weekend. but were nevertheless detained
Ms. Butler said the State De- at airports once they arrived.
partment should now be able to The detentions sparked large
re-validate the tens of thou- protests at airports at major
sands of visas it revoked this American cities, particularly
week. over the plight of legal perma-
While Immigration lawyers nent residents, commonly called
expected the ruling to be ap- green-card holders, who were
pealed, lawyers were advising initially barred entry to the U.S.
their clients to once again at- Officials have since said that
tempt to enter the U.S. if they green-card holders can return to
could. the U.S. and that no green-card
“We’re trying to get the word holders are still being detained.
out to our clients to arrive with Also Friday, a federal judge in
a smile on their face and pres- Boston sided with the Trump
ent themselves as if they are en- administration and said he
titled to be here,” Ms. Butler wouldn’t continue a temporary
said. restraining order he had issued
The president’s executive or- last week. The ruling by U.S.
der said the government would District Judge Nathaniel Gorton
continue to process requests isn’t likely to have any immedi-
from individuals claiming reli- ate legal effect because court
gious persecution, “provided orders from other judges remain
that the religion is a minority in effect.
religion in the individual’s coun- —Felicia Schwartz
try,” suggesting the U.S. would contributed to this article.
admit Christians from Muslim-
majority countries.
The directive also cut the
number of refugees the U.S. will
CORRECTIONS 
accept in fiscal year 2017 to
50,000, less than half the num-
AMPLIFICATIONS
ber that former President Ba- Readers can alert The Wall Street
Journal to any errors in news
rack Obama, a Democrat, called articles by emailing
for this year. wsjcontact@wsj.com or by
calling 888-410-2667.
Judge Robart’s ruling capped
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
ACA Enrollment Posts Slight Decline
BY MICHELLE HACKMAN
WASHINGTON—About 9.2
million Americans signed up
for health-care plans on the
Affordable Care Act’s federal
exchange by the Jan. 31 open-
enrollment deadline, the gov-
ernment said Friday after-
noon.
At the end of the 2016 en-
rollment period, about 9.6 mil-
lion people had signed up,
marking a slight decline.
“Enrollment is down some-
what, which is hardly good
news for the program. But
More Muslims
Venture Into
Political Arena
BY JENNIFER LEVITZ
AND IAN LOVETT
MALDEN, Mass.—A mother
of three in this Boston suburb,
Nichole Mossalam had never
planned to run for office. But
when her 8-year-old son heard
a friend at school disparage
Muslims last fall, she decided
she had no choice. She had to
run for the local school board.
Ms. Mossalam is part of a
wave of American Muslims
who—faced with a political cli-
mate that they see as increas-
ingly hostile toward their
faith—are pushing themselves
into everything from labor or-
ganizing to local government.
Muslims helped lead pro-
tests over the weekend at air-
ports around the country,
where they demanded the re-
lease of people who had been
detained because of President
Donald Trump’s executive or-
der on immigration.
They are joining with other
religious groups to offer sanc-
tuary to immigrants of all
faiths facing deportation. They
also are helping to form labor
unions, and a small number of
Muslims, like Ms. Mossalam,
plan to run for public office.
“We need to put ourselves
out there and make people
aware that we are their neigh-
bors, that we all want the
same thing,” said Ms. Moss-
Artificial Intelligence Shows Its Hand
BY KRIS MAHER
PITTSBURGH—Dong Kim is
one of the best poker players
in the world, but he has never
played an opponent quite like
the one he just faced here.
The player bluffed brilliantly,
never got tired or frustrated
and, over the course of
a nearly-three-week tourna-
ment last month, only got better.
“In the midst of it, I was re-
ally stressed out,” said Mr.
Kim, 28 years old. “I’m not
used to losing.”
Libratus, an artificial-in-
telligence program developed
Student Noam Brown, center, helping player Daniel McAulay at the artificial-intelligence poker tournament.
* * * * * * * *
hardly a sign of a collapse,”
said Larry Levitt, who studies
health reform at the Kaiser
Family Foundation, a nonparti-
san research organization.
About 3 million of those
consumers, roughly a third of
the total selecting plans, were
buying policies through the
exchange for the first time.
Those numbers don’t include
several populous states that
operate their own exchanges,
including California and New
York. Those totals will be re-
leased in March.
The figures are likely to
alam, whose home north of
Boston has a white picket
fence out front and an Ameri-
can flag on the porch.
Members of Muslim com-
munities have long said they
felt alienated, especially in the
wake of the Sept. 11 attacks.
Since then, they have strug-
gled to find a political voice.
The first Muslim congress-
man was elected in 2006, and
the second followed in 2008.
Nearly a decade later, though,
there are still only two Mus-
lims, both Democrats, in Con-
gress. At roughly 1% of the
country’s population, they
don’t wield the kind of influ-
ence other religious minority
groups like Catholics or Jews
have built up over decades.
In addition, many older
Muslims—especially immi-
grants, some of whom fled au-
thoritarian regimes—were re-
luctant to speak publicly about
their faith, fearing retaliation.
“In general, I think older,
immigrant Muslims are not as
inclined to get involved,” said
Omar Ricci, chairman of the Is-
lamic Center of Southern Cali-
fornia, one of the largest
mosques in Los Angeles.
But there is a growing hope
among American Muslims that
this could be a politically gal-
vanizing moment.
Many Muslims were spurred
into action by rhetoric from
by Carnegie Mellon University,
handily beat Mr. Kim and three
other top players in Heads-up,
No-Limit Texas Hold ’em, win-
ning by $1.7 million in chips.
The creator of Libra-
tus, Tuomas Sandholm, a pro-
fessor of computer science at
the school, called the 20-day
tournament a once-in-a-life-
time event for artificial intelli-
gence and another step toward
applying AI to business nego-
tiations, military strategy,
medical-treatment planning,
cybersecurity and other areas.
Prof. Sandholm said Libra-
tus’s victory was statistically
Saturday/Sunday, February 4 - 5, 2017 | A3
U.S. NEWS
further fuel the fight over the tial election and transition optimistic at the time given consumers of the Jan. 31 dead-
effectiveness of the health law period. Sign-ups began a week rising premiums. line.
known as Obamacare—with before Election Day, when Re- Mr. Trump and GOP policy On Friday, the Department
opponents pointing to the de- publicans reclaimed the White makers pledged throughout of Health and Human Services
clining year-over-year enroll- House in an upset, and it was the campaign to overhaul the said it had pulled back $4 mil-
ment as a sign of the law’s set to wrap up just 11 days af- health-care system if elected, lion to $5 million of television
failure, and supporters saying ter the inauguration of Presi- a promise that supporters of and radio advertising about
the law succeeded at expand- dent Donald Trump, who had the health law say undercut the sign-up deadline, with the
ing coverage to broad swaths promised to repeal the health confidence in policies bought intention of returning the
of the population, with an es- law on the campaign trail. through the exchanges. funds to the Treasury, but it’s
timated 22 million people In light of the GOP’s sweep- The furor grew more in- unclear that the department
gaining coverage through the ing victory in November, ana- tense in the first days of the succeeded.
exchanges and the expansion lysts expected enrollment to- Trump administration, when Such a move would likely
of Medicaid. tals to fall short of the 13.8 supporters of the law accused have put a dent in sign-ups,
The open-enrollment sea- million projection made by the administration officials of since many people wait until
son for 2017 coverage book- Obama administration in Octo- pulling back prepaid advertis- the last moment to buy their
ended a tumultuous presiden- ber—an estimate that seemed ing for the law that reminded coverage.
YOON S. BYUN FOR THE WALL STREET JOURNAL, JENNIFER LEVITZ/THE WALL STREET JOURNAL
Muslim women making garments at a Portland, Maine, factory that unionized last year. Above left, the facility’s promotional materials.
tion victory motivated her to
try to run for a seat on the lo-
cal planning board in suburban
Walpole, Mass.
“I think a lot of times we’re
not going outside our commu-
nity as much as we should,”
she said. “People who voted
for Mr. Trump did so for a va-
riety of reasons, and no doubt
share many of my beliefs and
hopes for the country.”
At the American Roots gar-
ment factory in Portland,
Maine, stitchers—mostly Mus-
lim immigrants—formed a unit
of the United Steelworkers
union in August.
On Thursday, a nonprofit
led by a Muslim city councilor
in Cambridge, Mass., launched
an initiative to get Muslims to
run for office nationwide.
“Many of us, horrified, are
asking, what now? What can
we do?” said Cambridge Coun-
Nichole Mossalam, shown with her family in Malden, Mass., plans to run for the local school board. cilor Nadeem Mazen, 33.
By Friday, the nonpartisan
last year’s presidential cam- immigration from seven Mus- “For us Muslims born and group—which formed in 2015
paign, during which Mr. Trump lim-majority countries, which raised here, the feeling is amid what it saw as a rise in
suggested banning Muslims he has said is necessary after more, ‘Damn it, this is our anti-Muslim sentiment—had
from the country. He has since attacks in the U.S. linked to the country,’ ” Mr. Ricci said. received more than 120 re-
backed away from the idea of Islamic State terrorist group, Sarah Khatib, a 41-year-old sponses to its open call.
an outright Muslim ban. Still, has already affected hundreds practicing Muslim, said Mr. —Melanie Grayce West
his executive order suspending of Muslims with family abroad. Trump’s campaign and elec- contributed to this article.
significant and not a matter of players can bet or raise up to
luck. “I thought we had a all their chips, is more com-
50-50 shot, but to have such a plex than the limit version.
huge victory I would have There are an astronomical
never guessed. We have number of potential situations
proven that the best AI is bet- in Head’s-Up, No-Limit Texas
ter than the best humans.” Hold ’em, namely 10 to the
Texas Hold ’em has been an 160th power. That’s a 1 followed
elusive goal for AI. Unlike by 160 zeroes. During the tour-
chess, Othello or other games nament, the four professionals
in which all of the information each played two games simulta-
needed to make decisions is neously on computer screens at
out in the open, the face-down the Rivers Casino. The AI pro-
cards in Texas Hold ’em re- gram played them one-on-
quire poker players to make one over a total of 120,000
decisions based on imperfect hands, or roughly 1,500 hands
information. The “no limit” per player each day; winning
version of the game, in which was tracked in chips, not games.
Libratus won chips worth
between $85,000 and $888,000
from each player, Prof. Sand-
holm said, partly because its
algorithms plugged holes in
strategies that the profession-
als were initially able to ex-
ploit. That includes its ability
to bluff, which Prof. Sandholm
said has more to do with math
than with psychology. CLASSIMA
It also didn’t need sleep. Starting at $990
Mr. Kim said sleep was
sometimes in short supply as
he and the other players met
into the evening trying to fig-
ure out strategies. Mr. Kim
ANDREW RUSH/ASSOCIATED PRESS
was the top human player and
walked away with $74,500 of a
$200,000 purse. The chips
won by Libratus were effec-
tively play money.
Prof. Sandholm said AI that
he created has been running a 1-800-MERCIER
nationwide kidney-exchange www.baume-et-mercier.com
program since 2010 and has
saved hundreds of lives.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A4 | Saturday/Sunday, February 4 - 5, 2017 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 ******* THE WALL STREET JOURNAL.

U.S. NEWS

Democrats Weigh Nominee Congress Moves to

High-court pick spurs
conservative, liberal
Repeal Energy Rules
groups to target a BY AMY HARDER emissions of methane, a green-
AND DAVE MICHAELS house gas, from oil and natural
handful of senators gas wells on federal lands, and a
WASHINGTON—Legislation regulation banning certain So-
BY BYRON TAU to eliminate two energy-related cial Security disability recipients
regulations is headed to Presi- with mental illnesses from ob-
WASHINGTON—A handful dent Donald Trump’s desk, pav- taining firearms.
of Senate Democrats are at the ing the way for the first suc- The law’s historically low
center of the coming fight over cessful use since 2001 of a success rate is due to the fact
President Donald Trump’s Su- rarely employed law that allows that the House, Senate and
preme Court pick, with Repub- Congress to kill agency regula- White House are rarely con-
licans and their allies aiming a tions. trolled by the same political
barrage of ads at centrists up One measure repeals a Secu- party.
for re-election and liberal ac- rities and Exchange Commission The SEC rule, first issued in
CHIP SOMODEVILLA/GETTY IMAGES

tivists encouraging the law- rule, completed in June, which late 2010, spawned a four-year
makers to fight the president’s requires energy companies to legal battle after the American
agenda in any way possible. report payments to foreign gov- Petroleum Institute, whose
That makes Democrats, de- ernments for the right to de- members include Exxon Mobil
spite being shut out of the velop oil, natural gas and min- Corp. and Chevron Corp., sued
White House and in the minor- eral assets. to block it. Among other argu-
ity of both chambers of Con- The other measure repeals an ments, opponents said the regu-
gress, the key players in what Interior Department rule, fin- lation was unfair because it only
could be the biggest Capitol Hill ished in December, which re- compelled U.S.-listed companies
nomination battle in recent Former Sen. Kelly Ayotte (R., N.H.), center, introduced Judge Neil Gorsuch, President Trump’s quires tougher standards for to report payments to foreign
memory. Mr. Trump announced Supreme Court nominee, to Sen. Dianne Feinstein (D., Calif.) this past week in the Capitol. coal mining near streams. governments, while overseas
his nominee, Judge Neil Gor- Both regulations were ap- energy companies could keep
such, earlier this past week. seats, while Democrats have against Judge Gorsuch’s nomi- Senate to reject Judge Gor- proved in the final months of payments hidden.
“We in the Senate have a 48, meaning that eight Demo- nation. Thursday, Wisconsin such. “There is zero appetite former President Barack Republicans have been sym-
constitutional duty to examine crats must agree to advance Sen. Tammy Baldwin became among the public for weakness Obama’s administration. After pathetic to those arguments,
the record of Judge Gor- the nomination to meet the the sixth Democrat to say she from Democratic politicians,” House action earlier this week, even though many firms already
such…and then advise and 60-vote threshold. opposed the judge; an addi- said Stephanie Taylor, co- the Senate, largely along party comply with similar disclosure
consent if we see fit. We have Nearly two dozen Senate tional 17 Democrats have said founder of the Progressive lines, voted to kill one rule on requirements in Europe and
a responsibility to reject it if Democrats have said they they have concerns or reserva- Change Campaign Committee, Thursday and the other on Fri- Canada. GOP lawmakers also ar-
we do not,” said Senate Demo- would go into confirmation tions about Mr. Trump’s pick. in a statement. day morning. gued the information didn’t be-
cratic leader Chuck Schumer of hearings for Judge Gorsuch “President Trump needs to Judge Gorsuch has never They now go to Mr. Trump, long in corporate filings over-
New York. “And we Democrats with an open mind. Of those, a earn 60 votes in the Senate, ruled directly on the merits of who has promised a broad roll- seen by the SEC, which requires
will insist on a rigorous but half-dozen or so are up for re- Roe v. Wade, which established back of federal regulations that public companies to share mate-
fair process.” election in 2018 in states that the constitutional right of a he and his GOP allies say place rial information with sharehold-
Progressives are embold- Mr. Trump won, a group that woman to obtain an abortion. undue burdens on business. ers.
ened by the well-attended includes Sens. Joe Donnelly of
Some Democrats say Antiabortion advocates largely To eliminate the Obama reg- Supporters of the regulation
street protests against the new Indiana, Claire McCaskill of they haven’t made up consider him an ally given ulations, Congress acted under a championed it as an anticorrup-
president and are urging Dem- Missouri, Heidi Heitkamp of some of his decisions and writ- law, called the Congressional tion initiative that would shine a
ocrats to oppose the nomina- North Dakota and Jon Tester
their mind but worry ing on religious issues, eutha- Review Act, that lets lawmakers light on the wealth generated by
tion, particularly in light of of Montana. All are the initial about rules changes. nasia and assisted suicide. overturn recent agency rules. other countries’ natural re-
Senate Republicans’ blockade targets of a $10 million TV and “Gorsuch was a really smart Republicans are looking at a sources.
last year of former President digital ad campaign by the pick because it’s really hard to broad set of other regulations The Interior Department rule
Barack Obama’s pick for the conservative group Judicial find anything to oppose in the for elimination under the law, on coal mining, meanwhile, has
same court seat. That could Crisis Network aimed at get- but I am not one of them. I guy,” said Carrie Severino, many of which focus on energy become a talking point in the
spur Senate Republicans to ting Judge Gorsuch confirmed. have a number of concerns president of the Judicial Crisis and the environment. The law Republicans’ repeated claim that
change the number of votes Some Democrats say they about this nominee’s deeply Network. limits the amount of time Con- Mr. Obama had waged a war on
needed to move the nomina- haven’t made up their mind but troubling record,” Ms. Baldwin Judge Gorsuch on Monday gress has to act, so House Re- the coal industry. It set tougher
tion forward to 50 from 60, a worry about rules changes. “My said in a statement. She cited, will meet with Sen. Dianne publicans have said they are standards for water quality and
maneuver known as the “nu- concern is how we ever find our among other issues, a concern Feinstein of California, the top now looking at rules approved requires companies to restore
clear option” that would ham- way back to being able to work that he would rule against Democrat on the committee by the Obama administration streams more comprehensively
string the minority party’s together” if the “nuclear op- abortion rights. that will first consider his since June. after mining activities.
ability to have a say on Su- tion’’ is invoked, said Sen. Chris Those sentiments have been nomination. Other regulations some are —Bradley Olson
preme Court nominations. Coons of Delaware. fanned by liberal advocacy —Siobhan Hughes working to repeal include an In- and Sarah Kent
The GOP controls 52 Senate Others have lined up groups, who have called on the contributed to this article. terior Department rule cutting contributed to this article.

BANKS
Continued from Page One
shares of banks with large bro-
kerage units up sharply Friday,
helping push the Dow Jones In-
dustrial Average to its biggest
one-day gain in nearly two
months. Morgan Stanley jumped
5.5%, while Goldman Sachs
gained 4.6%. Retail brokerage
Charles Schwab rose 2.6%.
Republicans and many in the
financial industry cheered Mr.
Trump’s moves, saying they
gave momentum to their long-
sought goal of dismantling the
2010 Dodd-Frank financial over-
haul and reducing regulatory
costs for financial firms. Many
Democrats panned the move as
a shortsighted attempt to undo
regulations that were a neces-
EVAN VUCCI/ASSOCIATED PRESS

sary response to the 2008 fi-

nancial crisis.
The developments seemed
improbable only months ago,
when then-President Barack
Obama’s administration was
putting the finishing touches on
a broad regulatory crackdown
on the industry, and populist, President Donald Trump, who promised to loosen restrictions on financial firms, met with business leaders in the State Dining Room of the White House on Friday.
anti-Wall Street rhetoric from
both Mr. Trump, a Republican, sistent with the administration’s in [the] right direction to get fi-
and Hillary Clinton, his Demo- priorities. The memo doesn’t Donald Trump’s uals for their alleged role in the troops before returning to nancial regulation right,” with-
cratic rival, played a role in the delay the rule’s effective date, supporting Iran’s ballistic mis- Washington that evening. out offering a timeline for con-
2016 presidential campaign. but the Labor Department has First 100 Days sile program, marking an early sidering legislation.
Mr. Trump’s directives on that power. The administration’s latest salvo in the administration’s QUOTES Democrats swiftly criticized
Friday set in motion an admin- The industry had unsuccess- actions and agenda at a promised campaign to get “Very grateful no one seriously Mr. Trump’s actions, previewing
istration game plan for scaling fully fought the rule during Mr. glance tough with Tehran. hurt in the Louvre attack. . .or what is likely to be a drawn-out
back what he views as overly Obama’s tenure. Backers say it the (completely fake) Bowling political battle.
burdensome financial rules. protects investors, while critics u Business outreach: The pres- Green Massacre. Please don’t “Donald Trump talked a big
One directs regulators to say it limits their choices. FRIDAY ident met with chief executives make up attacks.” game about Wall Street during
identify costly rules and laws, Mr. Trump also signed an ex- u Financial regulations: Presi- of major U.S. companies at the —Chelsea Clinton, daughter his campaign—but as president,
including the 2010 Dodd-Frank ecutive order outlining regula- dent Donald Trump signed an White House to discuss plans of 2016 Democratic presidential we’re finding out whose side
financial-overhaul. Another tory principles, including pre- executive action that estab- to boost the economy and cut nominee Hillary Clinton, refer- he’s really on,” said Sen. Eliza-
paves the way for rolling back venting bailouts and making lishes a framework for scaling taxes. ring on Twitter to a comment beth Warren (D., Mass.), a
an Obama-era retirement-sav- sure that regulatory policies back the 2010 Dodd-Frank fi- Kellyanne Conway, Mr. Trump’s prominent Wall Street critic
ings rule that was on track to foster economic growth. nancial-overhaul law, part of a WHAT’S AHEAD adviser, made about an attack who helped craft parts of Dodd-
take effect in April. The president ordered the sweeping plan to dismantle u The president plans Monday that didn’t happen Frank.
The financial industry’s influ- treasury secretary and top fi- much of the regulatory system to visit U.S. Central Command She said his actions “will put
ence in Washington has blos- nancial regulators to come back put in place after the financial and U.S. Special Operations “Bosnia lie a Great reminder. two former Goldman Sachs ex-
somed as Mr. Trump moved to to the White House with a re- crisis. Command at MacDill Air Force And 2 @ChelseaClinton & oth- ecutives in charge of gutting the
hire top Wall Street executives port in 120 days evaluating how Base in Tampa, Fla., after spend- ers, you can’t ‘invent’ quality rules that protect you from fi-
as senior officials. existing laws and rules comply u Iran: The U.S. Treasury De- ing the weekend at his estate in candidates either. I misspoke; nancial fraud and another eco-
White House National Eco- with the principles. partment sanctioned more than Palm Beach, Fla. In Tampa, Mr. you lost the election.” nomic meltdown,” referring to
nomic Council Director Gary Mr. Trump reiterated on Fri- two dozen Iranian, Chinese and Trump is expected to receive —Ms. Conway, Mr. Cohn, who was until re-
Cohn, whose tenure as a senior day his promises to dismantle Emirati businesses and individ- briefings and have lunch with responding on Twitter cently Goldman’s president, and
executive at Goldman Sachs the Dodd-Frank law. Steven Mnuchin, a former Gold-
Group Inc. ended less than 40 “I have so many people, man banker who is Mr. Trump’s
days ago, engineered the admin- friends of mine, that had nice U.S. companies. economic growth without Trump hasn’t appointed yet. choice for Treasury secretary.
istration’s deregulatory plan. businesses. They can’t borrow Obama-era financial rules meaningfully making the finan- Rep. Ann Wagner (R., Mo.) a Those men have said their
Mr. Trump’s actions on Fri- money. They just can’t get any have raised the cost of doing cial system or consumers safer. leading opponent of the fidu- goal is to boost the economy,
day could benefit Wall Street, money because the banks just business for financial firms, “We want to do it in a smart, ciary rule, exclaimed “Woo- not help Goldman.
especially investment advisers. won’t let them borrow it be- causing them to pull back from regulated way,” Gary Cohn, di- hoo!” after watching Mr. Trump “These latest actions from
His most immediate action was cause of the rules and regula- offering certain loans and other rector of the White House Na- sign the executive actions. the Trump administration
directing the Labor Department tions in Dodd-Frank.” products. Whether those tional Economic Council, said. House Financial Services Com- should show the American pub-
to review a recently completed Data show bank lending is changes were worth it in the Mr. Trump’s regulatory re- mittee Chairman Jeb Hensarling lic that Trump and his cabinet
rule restricting how retirement growing, although some believe name of financial stability is a view order won’t by itself roll (R., Tex.) described the presi- of billionaires is putting the in-
advice is provided. banks would be lending more matter of intense debate. back financial regulations. Some dent’s moves as “the beginning terests of Wall Street above the
In a memo, Mr. Trump di- without the new rules. Many The White House said its policy changes will need ap- of the end of Dodd-Frank.” needs of the rest of us,” said
rected the Labor Secretary to data suggest it has been a lack goal isn’t to let Wall Street run proval from Congress, while Senate Banking Committee Rep Maxine Waters (D., Calif.),
study the rule’s impact and re- of demand, not supply, that is wild, but to cull back specific others must be implemented by Chairman Mike Crapo (R., the top Democrat on the House
scind or revise it if it is incon- tamping down borrowing by rules it believes are impeding financial regulators whom Mr. Idaho) called the moves “a step Financial Services Committee.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | A5

OBITUARIES
M A S AYA N A K A M U R A ROBERT SCHOELLHORN
1925 — 2017 1928 — 2017

Japanese Executive Turned Abbott Labs CEO

Had a 2nd Career
Pac-Man Into Massive Hit
M
any people buy a home
on wheels, or recreational
vehicle, after retiring.
BY ELEANOR WARNOCK Mr. Nakamura didn’t seek to re- Robert Schoellhorn, a former
cruit students with the best grades. chief executive of Abbott Labora-
The Schoellhorns traded up to
Marathon Coach, a luxury motor
home made by a company in Ore-
gon. They then invested in the
manufacturer and by 1994 owned

M
asaya Nakamura, whose
company created the ar-
cade-game character Pac-
Man, helped shape the pastimes of
Japanese and American children
from the days of toy guns and
wooden rides to the age of home
consoles and computer graphics.
His company Namco—an acro-
nym of Nakamura Amusement Ma-
chine Manufacturing Co.—pro-
duced videogames that fueled the
arcade-game boom of the 1980s.
He died on Jan. 22. He was 91.
Masaya Nakamura was born on
Dec. 24, 1925, in the Kanda area of
Tokyo. After graduating from the
shipbuilding department of what is
now Yokohama National University
in 1948, he joined his father selling
and repairing air guns at the Ni-
hombashi Takashimaya depart-
ment store in Tokyo. It was there
he met his future wife, Mitsuko. In
a 1996 newspaper column he said
friends described her as “the
greatest and best thing he received
from all his dealings with depart-
ment stores.”
In 1955, Mr. Nakamura founded
when he bought the struggling Jap-
anese subsidiary of American firm
Atari Inc. in 1974.
On May 22, 1980, the company
released Pac-Man in Japan. It fea-
tured bleeping noises and a yellow
Pac-Man disk, pursued by ghosts,
scuttling through a maze to chomp
down yellow dots. To advance to
the next level, Pac-Man has to eat
all the dots.
Figuring that less-successful stu-
dents might be more creative, he
sent out recruiting pamphlets with
phrases such as “Who cares about
a lot of Cs?”
The Pac-Man character itself
was created by then 25-year-old
Namco designer named Toru Iwa-
tani, who named the character af-
ter the Japanese onomatopoeic
phrase “pakupaku,” which de-
scribes a mouth eating. Mr. Iwatani
declined to be interviewed for this
article through a spokesman at his
university employer.
“It was Namco’s work at that
time that supported the rise of
home consoles, which in turn even-
tually created Japan’s game indus-
try,” says Hirokazu Hamamura,
representative of game magazine
publisher Famitsu Group.
Mr. Nakamura invested in the
amusement and leisure business
outside videogames. In 1986, he
purchased a restaurant chain called
Italian Tomato.
When Japan’s oldest film studio,
Nikkatsu, filed for bankruptcy pro-
tection in 1993 after the crash of
tories, didn’t stop there: He also
bought a maker of high-end RVs
and a company that develops re-
sorts for them.
After Mr. Schoellhorn retired
as chairman of the pharmaceuti-
cal giant Abbott Laboratories in
1990, his wife talked him into
buying a motor home. “I was con-
vinced I wasn’t going to like that
lifestyle,” he later told a reporter.
He did, but found the RV he pur-
chased wasn’t as comfortable as
the corporate jets he used to ride.
It “blew all over the road in a
high wind,” he said.
ARTHUR ROSENFELD
1926 — 2017
A Scientist Who
Battled Energy Waste
the entire company, now run by
one of Mr. Schoellhorn’s sons.
They also bought a company that
develops posh RV parks, Outdoor
Resorts of America Inc., now
headed by his other son.
Mr. Schoellhorn died Jan. 11 at
home in West Palm Beach, Fla. He
was 88.
Motor homes made by Mara-
thon Coach typically cost about
$2 million to $2.5 million. The
45-foot homes come with such
amenities as heated bathroom
floors, walk-in closets and satel-
lite dishes.

A
his own company and put two Japan’s economic bubble, Mr. Na- s Arthur Rosenfeld It was cheaper to reduce de-

coin-operated rocking-horse rides
on the roof of a department store
in Yokohama. He eventually ex-
panded to other department stores
and opened a factory to develop
and manufacture rides.
“Kids could ride once for ¥5
[about a nickel], but sales wouldn’t
rise if they just rode once,” he said
in a magazine interview in 2007.
“If you said a little something like
’What a cute boy!’ to the mother,
she would let the child ride one
more time. Then everyone was
happy: the child who got to ride
one more time, the mom who was
praised for her child, and I, who
got more sales.”
Mr. Nakamura leapt into the
world of virtual entertainment
P
opular in its home country, kamura stepped in to save the it. switched off the lights in mand for energy than to build
the game became a massive “In the multimedia era, having his colleagues’ empty of- more power plants, he argued.
hit in the U.S. There were knowledge of how to use video is fices one night in 1973, he Dr. Rosenfeld’s initial idea was
Pac-Man lunchboxes, T-shirts, very meaningful,” he said in a col- grasped a vital fact about U.S. en- to spend a few months on energy
board games and a hit song. Invest- umn in 1996. “It’s also useful in or- ergy consumption: There was efficiency. Instead, it consumed
ment bankers picked up the term der to gain a wide, bird’s-eye view of plenty of waste to eliminate. the final 40 years of his career. In
Pac-Man to describe the tactics of all businesses related to recreation.” Energy had been so cheap for 2013, the White House awarded
companies seeking to foil hostile Namco sold the company in 2005. so long that few efforts had been him the National Medal of Tech-
takeover bids by swallowing up That same year, Power Rangers made to use it wisely. Surging oil nology and Innovation.
their pursuers. toy-maker Bandai Co. acquired prices in the 1970s changed that. His personal tastes were sim-
“Pac-Man should be remembered Namco, creating Bandai Namco Dr. Rosenfeld, a professor at the ple. For years, he made seven
as the character who opened the Holdings Inc. University of California, Berkeley, tuna sandwiches each Sunday,
door to myself and Namco to doing “It doesn’t mean anything if you shifted his focus from particle popped them in the freezer and
business with the world,” Mr. Na- do your work grudgingly. You have physics to energy efficiency. He took one to work each day. He
kamura wrote in a newspaper col- to have fun,” said Mr. Nakamura in a and his colleagues came up with had little use for hobbies. “Relax-
umn in 1996. 2007 magazine interview after retir- ideas that led to more efficient ing makes me nervous,” he said.
In 2005, Guinness World Re- ing as chairman of Bandai Namco. lightbulbs and windows. They Dr. Rosenfeld died Jan. 27 at
cords named Pac-Man the world’s spurred regulators to tighten en- home in Berkeley. He was 90
most successful coin-operated ar-  Read a collection of in-depth ergy standards for appliances and years old and had come down
cade machine. profiles at WSJ.com/Obituaries buildings. with pneumonia.

FROM PAGE ONE

MACY’S Retail Sale

Continued from Page One
portfolio, which could be
worth $14 billion, one of the
people said. It could also bring
in a partner.
But potentially complicating
a takeover, Macy’s is saddled
with about $7.5 billion in debt.
Macy’s has struggled in re-
cent years amid increasing
competition from upstarts as
shopping habits change and
consumers buy more online.
Its stock has fallen more than
50% from the highest level it
reached in 2015. Its sales in
the quarter ended in late Octo-
ber fell 4.2% from a year ear-
lier to $5.63 billion.
It is facing investor pres-
sure to turn around its perfor-
mance and reverse the stock
drop. Starboard Value LP took
a stake and called on Macy’s
to hive off its valuable real es-
tate, which the activist inves-
tor says is worth more than
$20 billion. Macy’s later added
a Starboard ally to its board.
Macy’s in June said its
longtime chief executive, Terry
Lundgren, would step down
later this year and hand the
reins to current President Jeff
Gennette.
Hudson’s Bay views Macy’s
as a healthy company with
good cash flow that just needs
to invest more in its business,
one of the people said. Hud-
son’s Bay is also considering
potential deals with other
companies, this person said.
As of January, Macy’s oper-
ated more than 800 stores. In
addition to its flagship Macy’s
stores, the Cincinnati company
owns upscale department-
store chain Bloomingdale’s.
Its recent travails mark a
change in fortune for Macy’s,
which once was a dominant
player in retail that gobbled
up competitors in a series of
acquisitions.
In 2005, Mr. Lundgren or-
chestrated the merger of the
two biggest chains, Federated
Department Stores Inc. and
May Department Stores Co.,
creating what today is the
largest U.S. department-store
chain.
Macy’s was one of the
brands owned by Federated,
and the whole company was
Hudson's Bay and Macy's, facing soft department-store sales,
are in early-stage talks to combine.
15% Comparable store sales,
change from previous year
10
5
0
–5
–10
FY ’12 ’13 ’14
880 Store count and major retail brands
stores*
Macy's
Bloomingdale's
Bluemercury
Note: Hudson’s Bay also operates GALERIA Kaufhof, Galeria INNO, and Sportarena in Europe.
*As of Jan. 4, 2017 †As of Oct. 29, 2016
Sources: FactSet; the companies
renamed Macy’s in 2007 as
Mr. Lundgren eliminated re-
gional brands like Burdines,
Filene’s and Marshall Field’s.
But the retail sector has
been pressured in recent years
by a change in consumer hab-
its. Department stores have
been slow to adapt to a con-
sumer shift to online shopping
on sites like Amazon.com Inc.
and so-called fast-fashion
chains such as Zara and
Hennes & Mauritz AB. Declin-
ing foot traffic in shopping
malls as well as the ability of
consumers to compare prices
online before buying products
has hurt department stores.
At the same time, a bifurca-
tion in shopping habits toward
the highest and lowest ends
has been bad for retailers like
Macy’s that cater to midrange
customers.
In July 2015, Starboard
made a public presentation
that said the stock market
wasn’t properly valuing the
real-estate assets inside
Macy’s. The activist, which
held a 1% stake as of the end
of September, said the prop-
erty was worth $21 billion, in-
cluding $4 billion alone for the
flagship Herald Square store
on 34th Street in Manhattan.
It said the entire company was
3Q 2016
Macy's
t3.3%
Hudson's Bay
t4%
Fiscal years end in Jan.
’15 ’16
Hudson’s Bay
485
Home Outfitters
stores†
Lord & Taylor
Saks Fifth Ave.
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Macy’s has been selling
some stores. But the company
has resisted a traditional sale-
leaseback of its real estate
portfolio, as Starboard and Chairman & CEO
others have advocated, saying
the move wouldn’t be in its
long-term interest.
Hudson’s Bay Chairman
Richard Baker has made a
habit of unearthing hidden
value in the real estate of re-
tail chains he has acquired.
A year after the company
bought Saks Fifth Avenue in
2013, its flagship store on Fifth
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A6 | Saturday/Sunday, February 4 - 5, 2017
Trump’s Bluntness Rattles World Leaders
Exchanges show allies
and foes that president
‘doesn’t feel confined
by what he inherited’
BY CAROL E. LEE
WASHINGTON—President
Donald Trump’s blunt, win-
the-deal approach to diplo-
macy has U.S. adversaries and
some allies struggling to as-
sess its impact for their coun-
tries and puzzling over how to
react if they land in the new
American leader’s crosshairs
next.
Secretary of State Rex Til-
lerson on Thursday stepped
into a role of managing the ef-
fects of Mr. Trump’s aggres-
sive style of diplomacy and
carrying out his vision of an
“America first” foreign policy.
That worldview has sparked
concern among traditional al-
lies as Mr. Trump has already
begun setting a series of jar-
ring foreign-policy actions in
motion since taking office.
In a round of phone calls on
Saturday Jan. 28 with foreign
leaders, Mr. Trump held a con-
versation with Australian
Prime Minister Malcolm Turn-
bull in which he questioned an
agreement reached under the
Obama administration to re-
settle about 1,250 refugees in
the U.S., which he later called
a “dumb deal.” In another call,
Mr. Trump urged Mexican
President Enrique Peña Nieto
to get control of the “bad
hombres” within his country, a
reference one White House of-
ficial said was to drug cartels.
Mr. Trump on Thursday
tried to reassure those con-
cerned about his approach.
“When you hear about the
tough phone calls I’m having,
don’t worry about it. They’re
tough. We have to be tough,”
Mr. Trump said at the annual
National Prayer Breakfast in
Washington. “We’re being
taken advantage of by every
nation in the world virtually.”
Mr. Trump spoke to Israeli
*Offer valid on tickets originally priced $65-$150. Not valid on previously purchased tickets and cannot be combined with any
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Photos courtesy of Getty Images.*Players subject to change.
President’s War of Words Reverberates Around the World
CHINA
Jan. 17
Chinese President Xi Jinping de-
fended globalization in a speech
some saw as a bid to seize a
leadership role as Mr. Trump has
expressed doubts about interna-
tional trade and economic inte-
gration. ‘Pursuing protectionism
is just like locking one’s self in a
dark room,’ Mr. Xi said. ‘Wind
and rain may be kept outside,
but so are light and air.’
Trump’s response
During his inauguration address,
the newly sworn-in president
said: ‘Protection will lead to
great prosperity and strength.’
Prime Minister Benjamin Ne-
tanyahu on Sunday in an ex-
change Tel Aviv characterized
as “very warm.” Then on
Thursday, the White House
said the growth of Israeli set-
tlements “might not be help-
ful,” marking an abrupt shift
hours after Mr. Netanyahu
vowed to build a new settle-
ment on the West Bank.
And after Mr. Turnbull said
his conversation with the U.S.
president had ended “courte-
ously,” Mr. Trump on Friday
morning wrote on Twitter,
“Thank you to Prime Minister
of Australia for telling the
truth about our very civil con-
versation that FAKE NEWS
media lied about. Very nice!”
For many U.S. allies, an un-
predictable American presi-
dent is unnerving. They ha-
ven’t before seen a U.S. leader
who proudly breaks protocol,
announces policy on Twitter
and openly challenges long-
time alliances and tenets of
American foreign policy.
NY
WORLD NEWS
JAPAN
Jan. 23
Mr. Trump suggests Japan has
put up non-tariff barriers to U.S.
auto makers. ‘We sell a car into
Japan and they do things to us
that make it impossible to sell
cars in Japan,’ Mr. Trump said.
Japanese response
Eager to tamp down fears of a
trade war in Tokyo, Japanese
Prime Minister Shinzo Abe is
set to visit Mr. Trump on Feb.
10. ‘I hope to have a frank,
meaningful exchange of opin-
ions with him on a broad range
of issues from the economy to
security,’ Mr. Abe said.
“The troubling thing for al-
lies is this kind of hard-edged,
transactional approach, where
longstanding relationships and
all that shared history and
shared military sacrifices go-
ing back to World War I just
doesn’t seem to count for any-
thing,” said Andrew Shearer,
who served as national-secu-
rity adviser to two Australian
prime ministers.
Mr. Trump has delivered
tough talk to America’s adver-
saries, as well. He personally
directed his National Security
Adviser Mike Flynn to publicly
put Iran “on notice” from the
White House podium after
Tehran test-launched a ballis-
tic missile. On Friday, the U.S.
announced new sanctions on
Tehran. He has signaled a
sharper approach to China,
but he hasn’t escalated earlier
verbal clashes with Beijing.
Richard Haass, the chair-
man of the Council on Foreign
Relations, said Mr. Trump has
introduced uncertainty into
MEXICO
Jan. 26
‘The U.S. has a 60 billion dollar
trade deficit with Mexico. It has
been a one -sided deal from the
beginning of NAFTA with mas-
sive numbers of jobs and com-
panies lost. If Mexico is unwill-
ing to pay for the badly needed
wall, then it would be better to
cancel the upcoming meeting.’
—Mr. Trump, on Twitter
Mexican response
President Enrique Peña Nieto,
facing the biggest diplomatic
rift between the U.S. and Mex-
ico in decades, cancels meeting
with Mr. Trump in Washington.
America’s role in the world.
“In the short run everyone
is trying to get a handle on the
new administration,” Mr. Haass
said. “But in the medium and
long run, whether govern-
ments like or loathe what
they’re seeing, I believe what
every government will do is es-
sentially rethink its relation-
ship with the United States.”
For many U.S. allies,
an unpredictable
American president
is unnerving.
The global anxiety has
prompted some allies to rush
for face time with Mr. Trump
or his team. German Vice
Chancellor Sigmar Gabriel ar-
rived in Washington on Thurs-
day morning to meet with the
new secretary of state and
European Leaders Pledge
To Be Firm on World Stage
BY VALENTINA POP
VALLETTA, Malta—Euro-
pean Union leaders vowed to
remain united and to assert
the bloc on the world stage in
response to the U.S. President
Donald Trump’s criticism of
the EU.
During a summit on Friday
on this island nation in the
Mediterranean, leaders had a
“very open discussion” of their
concerns about some decisions
and attitudes of the new U.S.
administration, said Maltese
Prime Minister Joseph Muscat,
the host of the meeting.
While there was “no anti-
Americanism” expressed in the
room, leaders pledged to speak
up whenever the White House
breaches any of the bloc’s val-
ues and principles, he said.
EU leaders met after recent
comments by Mr. Trump raised
concerns that Washington
could abandon its traditional
support for the EU. The new
U.S. president has said the EU
is a vehicle for German inter-
ests, and he has praised the
U.K.’s decision to leave the bloc.
Many leaders also criticized
Mr. Trump’s ban on travelers
from seven majority-Muslim
Israelis Assess U.S. Settlement View
BY RORY JONES
Israeli Prime Minister Ben-
jamin Netanyahu on Friday
was neutral while others in the
country appeared confused in
response to the White House
statement that said Israel’s
settlement construction “may
not be helpful” in achieving
peace with the Palestinians.
Mr. Netanyahu reiterated
that he looked forward to a
scheduled meeting with Presi-
dent Donald Trump on Feb. 15
at the White House to discuss
“a wide range of issues, includ-
ing this one,” according to a
statement from his office.
In recent weeks, Israel has
approved more than 6,000 new
housing units in communities
in East Jerusalem and the
West Bank that much of the
* *** THE WALL STREET JOURNAL.
GERMANY
Jan. 31
Peter Navarro, Mr. Trump’s top
trade adviser, tells the Financial
Times that Germany is
exploiting the U.S. and
European Union countries by
boosting its trade surplus by
maintaining a ‘grossly
undervalued euro.’
German Response
Chancellor Angela Merkel says
Germany has always supported
the independence of the
European Central Bank, adding
‘We seek to remain competitive
with everyone else in global
trade.’
with Vice President Mike
Pence.
Mr. Gabriel’s suggested that
the U.S. under Mr. Trump runs
the risk of breaking from the
values that have shaped the
trans-Atlantic alliance. “A
solid structure of values ties
us to the U.S., but one must
stick to these values,” he said.
“There can be no deviation
from them, including of course
the freedom of religion and
how we treat each other in the
world.”
Germany has pushed back
on Mr. Trump’s threats of new
trade barriers and his execu-
tive order suspending immi-
gration from seven Muslim-
majority nations.
In a sign of the jitters
across the continent, European
officials increasingly see Mr.
Trump as a potential threat to
EU unity—alongside Russian
President Vladimir Putin,
whom European officials have
for years characterized as
seeking to weaken the EU.
countries. The Trump adminis-
tration said the executive order,
which was signed last week,
fulfilled a campaign promise to
improve national security.
“Fighting terrorism should
not be a reason for a blanket
stigmatization,” said German
Chancellor Angela Merkel.
She said the trans-Atlantic
relationship remains impor-
tant but said Mr. Trump is
also pushing the EU to “take
our destiny in our own hands,”
for instance, by investing
more in defense and security.
European Union leaders held a summit in Malta on Friday.
international community con-
siders illegal and an impedi-
ment to peace with the Pales-
tinians.
The announcements have
drawn scathing rebukes from
Palestinian officials.
On Thursday, comments by
White House press secretary
Sean Spicer appeared to soften
previously pro-Israel stances
and signal that the White
House could take a tougher
line on settlement construc-
tion.
Israeli lawmakers and set-
tlers appeared confused by
whether the comments indi-
cated that the White House
was for or against settlements.
“The White House itself
holds that the settlements are
not an obstacle to peace and
they never have been,” Israel’s
AUSTRALIA
Feb. 1
‘Do you believe it? The Obama
administration promised to take
thousands of illegal immigrants
from Australia. Why? I will
study this dumb deal!’
—Mr. Trump, on Twitter
Australian response
‘Our expectation, naturally, given
the commitments that have
been made, is that it will go
ahead,’ Prime Minister Malcolm
Turnbull said, referring to a deal
reached with the Obama admin-
istration to settle refugees now
stranded in Australia-backed
camps in the Pacific.
“Worrying declarations by
the new American administra-
tion all make our future highly
unpredictable,” European
Council President Donald
Tusk, who represents the gov-
ernments of the EU’s 28 mem-
ber states, wrote in a letter to
EU leaders this week. He
stressed the need to maintain
a united Europe “whether we
are talking to Russia, China,
the U.S., or Turkey.”
Asked about Mr. Trump
during a trip to Sarajevo,
NATO Secretary-General Jens
Stoltenberg noted Mr. Trump
had expressed his support for
the alliance.
In fact, Mr. Haass said, the
new president has shown an
openness to upending the for-
eign-policy status quo. “He
doesn’t feel confined by what
he inherited,” he said.
—Anton Troianovski,
Siobhan Hughes,
Julian E. Barnes, Jenny
Gross and Natalie Andrews
contributed to this article.
Mr. Trump has also questioned
the significance of the North
Atlantic Treaty Organization,
which he called “obsolete.”
French President François
Hollande, who will step down in
May, warned against countries
being tempted to strike bilateral
deals with Washington.
Leaders also approved a
proposal to increase financial
support for the Libyan govern-
ment by €200 million ($216
million) to stop migrants from
trying to cross the Mediterra-
nean.
YVES HERMAN/REUTERS
Deputy Foreign Minister Tzipi
Hotovely said Friday.
“It must be concluded
therefore that expansion of
construction is not the prob-
lem,” she said.
“The Yesha council thanks
the White House for asserting
that our communities were
never an impediment to
peace,” said Oded Revivi, chief
foreign envoy for the council,
which represents the 430,000
Israeli residents of the West
Bank.
“I would not categorize this
as a U-turn by the U.S. admin-
istration, but the issue is
clearly on their agenda,” Is-
rael’s ambassador to the
United Nations, Danny Danon,
told Israeli media.
“We will not always agree
on everything. ”
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | A7

WORLD NEWS

U.S. Stumbles in
Bid to Prove Value
Of Yemen Raid
BY PAUL SONNE
WASHINGTON—A U.S. mili-
tary effort Friday to demon-
strate the intelligence value of
a commando raid last weekend
in Yemen ended in a snafu,
when video clips the military
released from a computer
al Qaeda terror-planning infor-
mation recovered during the
operation,” Central Command
Spokesman Col. John Thomas
said in a statement when the
videos were released on a De-
fense Department network on
Friday morning. “What was
captured from the site has al-

VAHID SALEMI/ASSOCIATED PRESS

seized during the operation
turned out to be years old and
already public.
The foul-up came as the
White House and the Pentagon
face public pressure to prove
that the raid on an al Qaeda
site—which resulted in the
death of a U.S. Navy SEAL, six
injured U.S. service members,
likely civilian casualties and a
ready afforded insights into al
Qaeda leadership, AQAP meth-
ods of exporting terror, and
how they communicate,” the
statement added.
Central Command, however,
later took down the clips after
they turned out to be nearly a
decade old and already pub-
lished online. The SITE Intelli- A billboard in Tehran on Monday showed a painting of the January 2016 capture of U.S. sailors in the Persian Gulf by Iranian troops.
gence Group, which tracks ji-

U.S. Sanctions Goad Iran

ruined $70 million U.S. air-
craft—was successful, despite
those costs.
Video footage seized
turns out to be almost
a decade old and
already public.
Commandos carrying out
the raid, which was the first
counterterror operation
known to have been ordered
by President Donald Trump,
came under fire as soon as
they landed, raising questions
over whether al Qaeda opera-
tives had known about it in
advance.
U.S. Central Command,
which oversees military opera-
tions in the Middle East and
plans to host Mr. Trump at its
Tampa headquarters for a visit
on Monday, released abridged
clips of five longer videos
from a computer that U.S.
commandos seized during the
raid on al Qaeda in the Ara-
bian Peninsula, or AQAP.
“The videos are one exam-
ple of the volumes of sensitive
CHRISTOPHE ENA/ASSOCIATED PRESS
hadist websites, had posted
the footage in 2007.
The Pentagon said despite
their age, the clips—one of
which showed a man demon-
strating the process for mak-
ing the explosive Triacetone
Triperoxide, or TATP—were
indeed on a computer seized
in the raid.
“I would assert that it
doesn’t really matter when it
was made,” said Capt. Jeff Da-
vis, a spokesman for the Pen-
tagon. “The fact is, they had it.
The fact that they had it is il-
lustrative of who they are and
what their intentions are.”
Central Command also said
Friday that postraid analysis
determined several of the 14
combatants from AQAP who
died in the raid “were terrorist
network leaders and facilita-
tors,” including two longstand-
ing operational planners and
weapons experts.
The Pentagon’s effort to
prove the raid yielded valuable
intelligence comes a day after
White House press secretary
Sean Spicer described the mis-
sion as a successful operation
by all standards, even though
he said it was “tough” to use
the word success given that a
U.S. service member died.
The Trump administration
sanctioned dozens of Iranian-
linked entities in a move that
senior U.S. officials said
marked the beginning of an
escalating campaign to con-
front Tehran in the Middle
East and restrain its military
capabilities.
By Jay Solomon in
Washington and Asa
Fitch in Dubai
Tehran quickly responded
with its own plan to impose
reciprocal measures, including
legal restrictions on U.S. na-
tionals and companies.
The standoff amplifies the
risk for the Trump administra-
tion of a crisis in the Persian
Gulf, current and former U.S.
officials said.
The Pentagon said on Friday
that a naval destroyer, the USS
Cole, had arrived in the region
to police the waters off Yemen.
The Trump White House has
accused Iran of arming and
training Houthi militias in Ye-
men that have attacked Ameri-
can, Saudi and Emirati naval
vessels. Senior White House of-
ficials have also voiced fears
that Tehran and its allies could
obstruct commercial traffic
flowing through one of the
world’s most important strate-
gic waterways.
The Trump White House
stressed the fresh sanctions
didn’t violate the landmark nu-
clear agreement forged be-
tween Iran, the Obama adminis-
tration and other global powers
in 2015. Iran has said any U.S.
sanctions violate the pact.
U.S. officials declined to
comment on whether Secre-
tary of State Rex Tillerson or
other Trump administration
officials would try to engage
Iran’s government in an effort
to defuse tensions. The Obama
administration spent years de-
veloping a diplomatic channel
to Tehran, specifically through
Foreign Minister Javad Zarif.
On Friday, President Donald
Trump tweeted that Iran was
“playing with fire” and “they
don’t appreciate how ‘kind’
President Obama was to them.
Not me!” Less than an hour
later, Mr. Zarif responded with
his own tweet that Iran was
“unmoved by threats.”
Trump administration offi-
cials said they were exploring
other financial and military
measures to constrain Tehran.
U.S. lawmakers are drafting
legislation that would require
the White House to designate
Iran’s elite military unit, the
Revolutionary Guard Corps, as
a terrorist organization. Com-
panies owned by the IRGC
control large sectors of the
Iranian economy.
The sanctions announced
by the Treasury Department
on Friday included measures
against officers and business
executives tied the IRGC for
their suspected role in aiding
the Lebanese militia, Hezbol-
lah, and Tehran’s defense in-
dustries.
That was alongside sanc-
tions on more than two dozen
Iranian, Chinese, and Emirati
businesses and individuals for
their alleged role in supporting
Iran’s ballistic missile program.
“The international commu-
nity has been too tolerant of
Iran’s bad behavior,” said Mi-
chael Flynn, Mr. Trump’s na-
tional security adviser. “The
Trump administration will no
longer tolerate Iran’s provoca-
tions that threaten our inter-
ests.”
Iran officials offered strong
words in response. “The Is-
lamic Republic will propor-
tionately and reciprocally con-
front any action that targets
the Iranian people’s interests,”
Iran’s Foreign Ministry said in
a statement.
Senior U.S. officials in-
volved in deliberations over
the sanctions said Iran’s
launching of a ballistic missile
on Jan. 29 was the “triggering
event” for Mr. Trump to go
ahead with new financial pen-
alties.
The penalties that were im-
posed by the U.S. carry so-
called secondary powers,
meaning any foreign compa-
nies doing business with the
blacklisted entities could also
be sanctioned.

Police patrolling at Paris’s Louvre museum Friday, near where the attacker was shot and detained.

Machete Attack at Louvre

BY INTI LANDAURO
AND SAM SCHECHNER
PARIS—A machete-wielding
man believed to be visiting
from Dubai attacked soldiers
near Paris's Louvre museum
while shouting “Allahu akbar”
before being shot and de-
tained, French officials said,
unnerving a country that has
been repeatedly targeted by
terrorist attacks.
The attack took place at
9:50 a.m. Friday as the sol-
diers were patrolling a shop-
ping mall that leads to an en-
trance to the world-famous
museum, according to French
officials. Brandishing two 16-
inch machetes, the attacker
ran at the soldiers and man-
aged to cut the scalp of one of
them, the officials said.
After being knocked to the
ground, one of the soldiers
opened fire, shooting the as-
sailant several times—includ-
ing once in the stomach, ac-
cording to France’s top
antiterror prosecutor, François
Molins. The man was taken
into custody and was receiving
medical care for life-threaten-
ing injuries, Mr. Molins added.
The alleged assailant, whom
authorities believe to be a 29-
year-old Egyptian man who
lives in Dubai, entered France
on a tourist visa on Jan. 26,
Mr. Molins said, adding that
his passport had visas indicat-
ing he had traveled to Saudi
Arabia and twice to Turkey in
recent years.
The prosecutor didn’t say
whether the suspect has links
to any known terrorist net-
work, but said his office had
opened a terrorist investiga-
tion, “in view of the modus
operandi and the statements
of the attacker.”
A second man detained ear-
lier Friday as part of the probe
was released, a spokeswoman
for the Paris prosecutor’s of-
fice said.
With France due to hold
presidential elections in the
spring, the attack is likely to
renew public scrutiny over
whether authorities are doing
enough to secure the country
from terrorist assaults. Massa-
cres carried out by radicals—
including the July truck attack
in Nice that killed 86 and the
November 2015 assault by
teams of Islamic State mili-
tants who killed 130 people
across Paris—have shaken the
nation, stirring debates over
proposals to strip citizenship
from terrorists and concern
over Europe’s porous borders.
Mr. Molins, the prosecutor,
painted a picture of a premed-
itated and expensively
mounted attack.
The attacker, who Mr. Mo-
lins said had a monthlong
tourist visa and a Feb. 5 return
ticket to Dubai, had rented a
hotel room in Paris’s upscale
8th arrondissement.
Surveillance footage and a
receipt found in the man’s ho-
tel room indicate that he pur-
chased the machetes at a
weapons shop near Paris’s
Bastille monument on Jan. 28
for €680 ($690), Mr. Molins
said. In his hotel room on Fri-
day police found the man’s
passport and €965 in cash.
The Perfect Pair
The assault risks deepening
the chilling effect terrorism Napoléonic Busts by Sèvres
has had on France’s tourism
industry. The Louvre, home to Legendary love story. Masterful craftsmanship. Sèvres artistry.
the Mona Lisa and other mas- A truly imperial pair, these Sèvres bisque porcelain busts
terpieces, is a symbol of West- of Emperor Napoléon and Empress Joséphine are among
ern culture that draws mil- the highly desirable few created during the rulers’
lions of tourists every year.
lifetimes. Formed of refined white unglazed porcelain
Visits to the Louvre fell to 7.3
million in 2016, compared with in the neoclassical style, the busts lend these historic
9.3 million in 2014. figures a timeless imperial grandeur. Dated 1810. Joséphine:
The attack occurred on a 12”h x 61/4”w x 61/2”d. Napoléon: 111/2”h x 61/4”w x 51/4”d. #30-5668
stairway inside the Carrousel
du Louvre, a corridor of shops
that funnels visitors toward
the museum’s entrance.
Because it occurred in the
morning, most shops hadn’t
yet opened for business, said
Olivier Majewski, a pest-con-
trol worker who was inside 630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com
close to the nearby Apple
Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry.
Store with other mall employ-
ees at the time.
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
“People were yelling, ‘There
is a terrorist attack!’” Mr. Ma-
jewski said. “There was panic.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A8 | Saturday/Sunday, February 4 - 5, 2017
Ukraine Clashes Test Trump’s Russia Policy
Heaviest fighting since
2014; Kiev, Kremlin
accuse each other of
instigating violence
BY ALAN CULLISON
KIEV, Ukraine—A reprise in
deadly fighting between Mos-
cow-backed separatists and
government troops in eastern
Ukraine may provide the first
major test for President Don-
ald Trump’s plans to warm re-
lations with Russian President
Vladimir Putin.
Artillery fire from separat-
ist strongholds has killed at
least 13 Ukrainian soldiers
since last weekend in some of
the most intense fighting since
the outbreak of hostilities in
2014, a Ukrainian military
spokesman said Friday.
More than 70 soldiers have
been wounded and thousands
of civilians have been dis-
placed around the industrial
city of Avdiivka, where some
17,000 people, including 2,500
children, have been left with-
out heat, water or electricity .
Attempts at a cease-fire
have broken down, and artil-
lery exchanges have broken
out along broader areas of the
250-mile front separating
Ukrainian troops and rebels
near the border with Russia.
Both sides have in recent
days moved heavy artillery
and equipment into the con-
flict zone, in clear violation of
a peace accord hammered out
in Minsk two years ago.
The mounting hostilities
prompted North Atlantic
Treaty Organization Secretary-
General Jens Stoltenberg to call
on Russia to rein in separatists
that they have provided with
military and other support.
“We see a very dire hu-
manitarian situation,” Mr.
Stoltenberg told reporters in
Pristina, Kosovo. “We call on
Russia to use its considerable
influence with the separatists.”
Moscow has denied any re-
Link to Xi Is Iowan’s Key to Beijing U.S. Pledges to Stick By
BY BRIAN SPEGELE
BEIJING—Three decades
ago, the Dvorchak family of
Muscatine, Iowa, hosted a
young Chinese official named
Xi Jinping at their home,
where he slept among “Star
Trek” toys in the bedroom of
their son, Gary.
That link to China’s presi-
dent set Gary Dvorchak’s life
on a new trajectory.
The 1985 visit, part of a
U.S.-China agricultural ex-
change, made little impression
on the young Iowan; he was 21
years old at the time and away
at college, Mr. Dvorchak said,
describing that first visit and
his own evolving relationship
with China in interviews with
The Wall Street Journal.
Then Mr. Xi visited the fam-
GARY DVORCHAK
ily again, in 2012—this time as
a vice president preparing to
take over as China’s top leader.
When business took a
downturn a year later for Mr.
Dvorchak, who worked as an
investor-relations adviser to
clean-energy companies in Los
Angeles, he jumped at the
chance to be his company’s
new representative in Beijing.
He didn’t speak Mandarin, but
hoped the story of Mr. Xi in
Muscatine would help.
After he landed in the Chi-
nese capital with his wife and
daughters in August 2013, he
realized how much weight his
family’s link to Mr. Xi carried.
At a university alumni event,
jaws dropped as he recounted
the tale of the leader sleeping
in his childhood bedroom.
It didn’t take long for a
door to China’s opaque Com-
munist Party elite to swing
open. Today, alongside his
daily toil helping Chinese solar
companies with earnings re-
ports and communicate with
Wall Street investors, he finds
BRAZIL
Wife of Ex-President
Dies After Stroke
Marisa Letícia Lula da Silva,
who as wife of Brazil’s popular
former President Luiz Inácio Lula
da Silva encouraged millions of
women to join his Workers’
Party and helped him win two
terms from 2003 to 2010, died
A woman carried building materials to repair her house Friday in Avdiivka, in eastern Ukraine. Shelling over the past week has left many without water, heat and electricity.
sponsibility for the renewed
fighting, and Mr. Putin accused
Ukrainian leaders of playing
the victim in order to extract
aid from the U.S. and Europe.
“The Ukrainian leadership to-
day needs money, and the best
way to extort money is from the
European Union, from cer-
tain countries in Europe, from
the United States and interna-
tional institutions, presenting
itself as a victim of aggression,”
he said at a press conference in
Budapest on Thursday.
Mr. Trump, who spoke with
A young Xi Jinping, far right, stayed at the home of Eleanor and Thomas Dvorchak, second and
third from left, in Muscatine, Iowa, in 1985. Their son, Gary (not pictured) now lives in Beijing.
himself frequently treated as a
guest of honor at official ban-
quets because of his family’s
connection to Mr. Xi. “Anyone
who’s his friend is everyone’s
friend,” Mr. Dvorchak said.
In the spring of 2015, Mr.
Dvorchak persuaded his par-
ents to visit and the most cov-
eted invitation of all arrived:
dinner with Mr. Xi—by then
China’s most powerful leader
in a generation—and his wife,
Peng Liyuan.
In April that year, the two
families toasted at the Di-
aoyutai State Guesthouse,
where China hosts foreign
heads of state. Red wine was
served, though Mr. Xi mostly
stuck to juice.
In an off-the-cuff conversa-
tion with one of the world’s
most scripted and inaccessible
WORLD WATCH
on Friday at age 66 from compli-
cations related to a stroke she
suffered last week.
Mrs. da Silva married Mr. da
Silva in 1974, three years after his
first wife died, and had three chil-
dren with him. Both were both in-
dicted last year for crimes related
to the country’s blockbuster anti-
corruption probe. They have re-
peatedly denied wrongdoing.
—Rogerio Jelmayer
WORLD NEWS
Mr. Putin hours before the re-
newal of fighting last weekend,
has said he wants better coop-
eration with Russia and has
called Mr. Putin an effective
leader. But his views toward
Russia appear to diverge with
many of his advisers.
The renewed fighting
prompted his newly appointed
ambassador to the United Na-
tions, Nikki Haley, to denounce
Russia’s aggression in
Ukraine. In her first public ad-
dress at the U.N., on Thurs-
day night, Ms. Haley said that
leaders, Mr. Dvorchak chatted
with Mr. Xi about life in the
U.S. China’s president asked
about the Iowan’s work and
how his daughters were get-
ting on in one of Beijing’s in-
ternational schools.
The Dvorchaks had been ad-
vised to avoid probing on poli-
tics, but asked Mr. Xi—who
has set China on an increas-
ingly authoritarian and nation-
alistic path—what he hoped
his legacy would be.
“I have 10 short years in a
flow of history that has gone
for thousands,” Mr. Xi said
through an interpreter, Mr.
Dvorchak recalled. “All I can
really hope for is to make a
little incremental change dur-
ing that short period of time.”
During the two-hour dinner,
Mr. Xi gushed about Iowa.
EUROPE
Consumers Pull Back
As Energy Prices Bite
Retail sales across the euro-
zone fell for the second straight
month in December, an indication
that higher energy prices may be
damping consumer spending.
The European Union’s statis-
tics agency said the volume of
it was “unfortunate” that she
had to level criticism, but that
“the dire situation in eastern
Ukraine is one that demands
clear and strong condemna-
tion of Russian actions” and
that “this escalation of vio-
lence must stop.”
Ukrainian officials say
fighting broke out early Sun-
day morning with a two-hour
barrage of heavy artillery fol-
lowed by a ground offensive
by 50 to 60 separatist troops.
The attack was repelled, but
separatists then brought in
The Midwestern state has
proved a pivotal feature in Mr.
Xi’s relationship with America.
“My impression of the country
came from you,” Mr. Xi told
Iowans in 2012.
Throughout his parents’
visit, they were treated as ce-
lebrities. One day, the family
asked to tour state broadcaster
China Central Television. As the
family pulled up outside, doz-
ens of executives including the
CEO greeted them.
Dinner with Mr. Xi was the
trip’s highlight. Photographers
for the president snapped pho-
tos of the group, and later
shared one with the Dvor-
chaks. An even more prized
souvenir came from Mr. Xi
himself: A photo from his own
collection of him with the Iowa
family in Muscatine in 1985.
sales in the 19 countries that use
the euro fell 0.3% from November.
The surprise drop in sales
comes amid broader signs that
the eurozone economy has been
strengthening. Figures on Tues-
day showed the currency area’s
economy grew at a quarter-to-
quarter pace of 0.5% in the three
months through December, up
from 0.4% in the third quarter.
—Paul Hannon
* *** THE WALL STREET JOURNAL.
more heavy artillery and tanks,
and fighting has spread to other
parts of the battle front since
then, said Vilyen Pidgorny, a
spokesman for Ukraine’s presi-
dential administration.
Mr. Pidgorny said the attack
bore hallmarks of a serious of-
fensive because rebels de-
ployed some unusual weaponry
recently developed in Russia,
including an electronic tele-
phone hacking system that sent
text messages to the mobile
phones of Ukrainian soldiers
urging them to surrender, and
Unsettled Asian Allies
BY ALASTAIR GALE
TOKYO—As President Don-
ald Trump threatens to over-
turn ties with America’s
global allies, his defense min-
ister gave an assurance to two
Asian countries that depend
on U.S. military support: We
won’t abandon you.
Defense Secretary Jim Mat-
tis pledged to uphold a com-
mitment to defend Japan in a
meeting with Japanese Prime
Minister Shinzo Abe on Fri-
day, after giving a similar
guarantee to South Korea’s
leadership.
The U.S.-Japan mutual de-
fense treaty “is as real today
as it was a year or five years
ago, and as it will be a year or
10 years from now,” Mr. Mat-
tis told Mr. Abe in remarks in
front of reporters before a
closed-door meeting.
Japan and South Korea are
among the nations that have
been rattled by Mr. Trump’s
highlighting of the burdens of
existing alliances. U.S. ties to
Australia were strained this
week after Mr. Trump criti-
cized an Obama administra-
tion deal for the U.S. to re-
ceive refugees held in offshore
Australian detention centers.
Mr. Trump has also ques-
tioned the financial burden of
stationing around 65,000 U.S.
troops in Japan and South Ko-
rea. Washington and its allies
share the costs of sustaining
those forces, but during elec-
tion campaigning Mr. Trump
said the U.S. shouldn’t have to
pay.
Tokyo and Seoul also bene-
U.S. Defense Secretary Jim Mattis visited Korea’s national
cemetery in Seoul on Friday on his first foreign trip.
MARKIIAN LYSEIKO/EUROPEAN PRESSPHOTO AGENCY
drones manufactured in the
Russian Urals region that con-
veyed targets directly to heavy
artillery batteries.
The separatists blamed
Ukraine for starting the re-
newed clashes. Moscow denies
arming pro-Russia separatists
inside Ukraine. On Friday, a
spokeswoman for Russia’s for-
eign ministry criticized
Ukraine’s military, which she
said had broken “all moral
norms” with heavy artillery
strikes on civilians in the east-
ern city of Donetsk.
fit from unfair trade advan-
tages with the U.S., Mr.
Trump has said.
The criticism has triggered
anxiety in Japan and South
Korea, in large part because
they depend heavily on U.S.
military power to deter an in-
creasingly assertive China and
a rapidly advancing North Ko-
rean nuclear threat.
An American pullout from
Japan and South Korea would
likely force the two countries
to quickly expand their mili-
taries or turn to nuclear
weapons for defense.
Mr. Mattis indicated there
were no plans to withdraw.
“I want there to be no mis-
understanding that during the
transition in Washington we
stand firmly, 100% shoulder to
shoulder with you and the
Japanese people,” Mr. Mattis
said to Mr. Abe. In Seoul, Mr.
Mattis told his South Korean
counterpart the U.S. defense
commitment was “ironclad.”
Officials in both Japan and
South Korea appeared reas-
sured. Mr. Abe said that Mr.
Mattis’s decision to make his
first overseas visit to the re-
gion was “testament to the
new administration’s empha-
sis on the Japan-U.S. alli-
ance.”
Some analysts said pitfalls
such as the cost-sharing ar-
rangements for U.S. forces
could still destabilize ties.
“President Trump has the fi-
nal say on a lot of these mat-
ters,” said James Kim, a re-
search fellow at the Asan
Institute for Policy Studies, a
think tank in Seoul.
OH DAE-IL/NEWS1/REUTERS
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | A9

SPORTS
SUPER BOWL LI HEARD ON

NFL’s Mountain of Unusable Data

THE FIELD

NEZAR BALOUT/AGENCE FRANCE-PRESSE/GETTY IMAGES

BY MATTHEW FUTTERMAN

Each player in Sunday’s Super

Bowl will have a computer chip at-
tached to his shoulder pad that
tracks his every movement, part of
a two-year-old program that opens
the league and its fans to a whole
new world of statistical possibility.
Yet this initiative is so far under
the radar that plenty of players
still aren’t aware the league is Tiger Withdraws With
tracking and measuring them like
this. “I didn’t even know there was More Back Problems
a chip in my shoulder pad,” said Stop us if you’ve heard this be-
Falcons wide receiver Justin Hardy fore: Tiger Woods withdrew from a
this week. tournament with a back injury.
An even bigger mystery for Woods removed himself from
league officials, coaches and data- the Dubai Desert Classic on Friday
heads is what to do with this new due to what his agent described as
trove of information. The idea was back spasms. He was unlikely to
that, by tracking the speed, loca- make it past Friday’s second round
tion, and movement of players, anyway. Woods shot a birdie-free,
teams and fans could create met- 5-over-par 77 in the first round on
rics that would reveal who moved Thursday in benign weather that

MARK MATCHO
fastest in key situations, covered was ripe for scoring.
the most ground on defense or More troubling was the way
found the open areas in a zone de- Woods looked during that round:
fense most often. moving slowly, walking gingerly,
But nearly everyone is still try- sighing and wincing. It was only the
ing to discern how the information feet away. Dave Gardi, the league’s senior ics now is too much data. Discern- third tournament of Woods’s latest
might add value to their under- The NFL wanted to pull off vice president for football opera- ing signal from noise takes a really comeback attempt. After an encour-
standing of a game that relies some of the same tricks, even tions, said teams are limited to long time. aging return at the Hero World
heavily on subjective decisions though statistics and data analysis data about their own players be- “It’s not that the data is not ul- Challenge in December, Woods
made through video analysis. have never been at the heart of cause for now, “We want to make timately useful,” James said. “It’s missed the cut at the Farmers In-
League officials are keeping a football the way they have been sure no one club is at a disadvan- just that the road to getting any- surance Open last week. He is
lid on much of the data, giving with baseball and, more recently, tage” due to brain power, since thing useful out of it runs from scheduled to take next week off
teams only information about their basketball. If they could do that, some teams are invested more here to the sun and back.” and then play in consecutive weeks
own players, not opponents. That and make them popular, they could heavily in technical analysis. Two wide receivers running the at the Genesis Open in Los Angeles
doesn’t bother New England Patri- become branded and marketed and As backward-sounding as that exact same speed may be very dif- and the Honda Classic in Palm
ots defensive coordinator Matt Pa- attract sponsors. might seem, league officials say ferent because one is looking back Beach Gardens, Fla.
tricia. He said he never looks at The league experimented with the pursuit of parity won’t hold over his shoulder every third step Woods’s agent, Mark Steinberg,
the weekly reports that the track- several technologies, some of back progress and innovation. to fake out the defender and the told reporters in Dubai that it was
ing devices produce. “I think our which struggled to figure out Eventually, teams will have to other is sprinting to get open. Is a only spasms this time, not the
strength and conditioning guys use which player was which during invest in people who can innovate quarterback getting rid of the ball nerve issues in his back that kept
it somewhat, but we focus on the collisions and pileups. The league and make use of the data. quickly because he has a fast him out of action for most of 2016.
X’s and O’s,” Patricia said this eventually settled on Radio Fre- Health experts have wondered brain, or an offense focused on Still, the combination of back pain
week. quency Identification, or RFID, whether the data might also be short passes, or a terrible offen- and high scores has become de-
Here’s a bit of background for used to help generate a true nu- sive line? pressingly familiar to Woods at this
Hardy and everyone else in the merical understanding of the brute An informed observer can pro- point.
dark about the NFL’s attempt to force of hits in real-time. The vide that information in one view- Since the start of 2014, Woods
ride the wave of high-tech data.
‘I didn’t even know there league isn’t using the chip data to ing of a tape. has shot rounds of 77 or higher
About six years ago, the NFL was a chip in my measure force, however. The NFL Neil Hornsby, owner of ProFoot- eight times. He has withdrawn
started to think about how to cre- in 2015 stopped having players ballFocus—which provides analyt- from four tournaments after start-
ate the next generation of football
shoulder pad,’ said wear accelerometers in helmets to ics to teams using grades derived ing play, not counting his pre-tour-
statistics. Baseball was pursuing Falcons’ Justin Hardy. measure the impact of hits to the from watching players’ technique nament withdrawals from two
its Pitchf/x, which tracks and re- head after both the league and the and movements on every play— other events he was scheduled to
cords the speeds and trajectories player’s union agreed the data was said football simply can’t be play in last fall. —Brian Costa
of every pitched ball. Major flawed. judged solely by numbers.
League Baseball would eventually which could differentiate individu- The information also produces “Sensors and tracking data can’t

2:03
install cameras in every stadium to als across a large space and pro- the so-called “Next Gen Statistics” discern the different types of
track the speed and efficiency of duce information in real time. The on NFL.com, such as ranking quar- blocks that offensive lineman use,”
fielders, based on high-tech read- RFID chips went into the shoulder terbacks by how quickly they get Horsnby said. “We can tell you the
ings on hit balls—their speed, pads to track every play for the rid of the ball, the fastest ball car- best pass protectors, the best pull
launch angle, distance, hang time. 2015 season. riers, and the most ground cov- blockers.” Time it took country singer
In the NBA, every arena is wired Every Monday, each team re- ered. Falcons cornerback C.J. Good-
with high-resolution cameras that ceives two reports about its play- Vishal Shah, the NFL’s senior win, who also didn’t know his Luke Bryan to complete
use Israeli missile-tracking tech- ers—one with surface level data vice president for digital media shoulder pads had a tracking chip, ‘The Star Spangled Banner’
nology to record players’ exact co- and another with more granular strategy and development, said said he now wants to know exactly at the 2012 MLB All-Star
ordinates. The cameras allow NBA information. That includes raw co- fans are seeing only “the begin- how fast he is—not for strategic
teams and fans to know, for exam- ordinates of player location; com- ning stages of categories and sta- reasons, but because he thinks it game. Oddsmaker Bovada
ple, how every NBA player does in bined speed and distance metrics tistics. There are a lot of permuta- would be cool. has set the over/under on
isolation situations, when he’s that take into account the down tions. The question is what is No one says it isn’t. Everyone
handling the ball in a pick-and-roll and distance needed for a first valuable.” loves a colorful, computer-gener-
Bryan’s national anthem
or when he’s cutting to the basket. down, so they can be compared That may be the most beguiling ated heat map, but it’s value is prior to the kickoff of
The data is as specific as how ev- across similar situations; separa- question of all. Bill James, the man still a subject of much debate. Sunday’s Super Bowl at 2
ery shooter performs when the tion between a player and his op- credited with inventing modern “Your eyes,” Hornsby said, “are
closest defender is two feet away, ponent throughout plays; consis- baseball statistics, said one of the better than the numbers in foot-
minutes, 9 seconds.
four feet away and more than six tency of routes; and other data. biggest problems in sports analyt- ball.” Sources: Bovada, YouTube

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San
30s Washingtonhington
gton D.C.
DC 90s After being told on
To p k
Topeka Ch l t
Ch
Charleston
Las
C d
Colorado
Springs Kansas
St.. Louis
Lou h
Richmond d 100+ Wednesday that teammate
LLouisville
Lou ill
60s Vega
Vegas hit
Wichita Ci
Citytyy Raleigh
g Eric Weems claimed to be
Los A
Angel
Angeles 40s Memphis h ill
Nashville the team’s ping-pong cham-
40s Santaa Fe phi
Charlotte
C h l tt
an Die
San Diego 70s Phoenix
Ph
h Ab q q
Albuquerque kl h
homa Cit
Oklahoma C y
City 50s
Atl t
Atlanta
C b
Columbia
Warm Rain pion, Jones laughed and
LLittlee Rockk
T c
Tucson i h
Birmingham yelled toward his fellow re-
El P
Paso th D
Ft. Worth ll
Dallas Jack
Jackson
Cold T-storms ceiver, “Bring him over here.
bil
Mobile 60s Jacksonville
Jack
0s 10s A ti
Austin Set the ping-pong table up!”
70s Stationary Snow
ew Orleans
New l d
Orlando It’s a different story on Atlanta’s Julio Jones makes a play against Seattle on Jan. 14.
80s t
i Houston Tampa 70s
an Antonio
San A the football field, where
10s Anchorage
A h g Showers Flurries
20s 30s
Honolulu
l l
70s
Miami there is no debate. Jones is gest asset as a receiver is cial-media correspondent for
70s 80s clearly the Falcons’ top of- that he’s “well-rounded.” AT&T Audience Sports, said
Ice
fensive weapon in Sunday’s A better way of putting it: the maturity that the 27-
Super Bowl, but he’s actually His size (6-foot-3, 220 year-old Jones has shown to
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W fine sharing the glory. “I en- pounds) and speed (4.39 in not openly complain about
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Omaha 49 24 pc 40 29 pc Frankfurt 48 38 sh 47 36 pc joy being successful with my the 40-yard dash) create targets is rare among star
Orlando 75 55 s 80 54 pc Geneva 45 37 sh 45 36 sh
Today Tomorrow Philadelphia 36 27 s 45 34 c Havana 80 64 pc 81 65 pc
teammates,” Jones said. nightmares for opposing de- receivers.
City Hi Lo W Hi Lo W Phoenix 76 50 s 77 53 pc Hong Kong 71 65 sh 74 64 pc “They are my brothers.” fenses. “His humility in under-
Anchorage 25 11 s 24 13 s Pittsburgh 31 23 pc 41 27 c Istanbul 54 49 pc 54 47 sh Jones actually played a If the Patriots focus too standing that the team
Atlanta 51 36 pc 59 45 c Portland, Maine 29 19 pc 37 25 sf Jakarta 86 77 t 87 76 t smaller role for the Falcons much on Jones, they might wants to get him the ball,
Austin 61 55 c 75 61 c Portland, Ore. 47 38 r 42 34 r Jerusalem 56 37 pc 56 39 s
Baltimore 38 26 s 46 34 pc Sacramento 61 46 c 60 53 r Johannesburg 78 60 pc 78 60 t this year: During the regular also be playing into Atlanta’s but not complaining when he
Boise 44 37 c 44 41 sh St. Louis 45 36 c 54 37 pc London 47 36 r 43 32 c season, Jones’s teammates strength, as one of the most doesn’t is quite unique,” said
Boston 33 25 s 42 30 sf Salt Lake City 48 34 pc 47 40 c Madrid 56 47 sh 52 35 sh grabbed 32 of Atlanta’s 38 diverse offenses in history. Marshall, an 11-year NFL vet-
Burlington 27 22 c 33 24 sn San Francisco 60 50 c 59 52 r Manila 86 72 pc 87 72 c
Charlotte 47 28 s 59 33 pc Santa Fe 59 29 s 58 31 pc Melbourne 90 64 s 83 59 t touchdown catches, while The Falcons had an NFL-re- eran. “It took me a while to
Chicago 35 26 pc 40 22 pc Seattle 48 39 r 43 34 r Mexico City 70 47 pc 73 48 pc quarterback Matt Ryan tar- cord 13 different players understand that.”
Cleveland 33 27 pc 43 25 c Sioux Falls 37 17 pc 30 24 pc Milan 47 34 r 48 37 sh geted Jones 3.5 fewer times catch at least one touchdown Jones said he has no rea-
Dallas 55 48 c 72 60 c Wash., D.C. 41 31 s 52 37 pc Moscow 14 6 c 12 -1 i
Denver 58 28 s 56 32 pc Mumbai 90 64 pc 88 64 pc per game than in 2015. Jones pass this season. son to demand the ball.
still caught 83 passes for The Falcons had the “There’s no added pres-
Detroit
Honolulu
31 26 pc 38 21 sf
80 68 pc 81 71 c
International Paris
Rio de Janeiro
45
92
41 r
79 t
48 38 sh
91 80 t 1,409 yards despite missing eighth-highest scoring of- sure on me because I don’t
Houston 61 59 c 77 66 c Today Tomorrow Riyadh 56 33 s 61 41 pc
Indianapolis 36 27 pc 44 26 c City Hi Lo W Hi Lo W Rome 60 51 sh 60 48 sh
two games due to a toe in- fense in history even though have to go out here and do it
Kansas City 47 29 pc 49 35 s Amsterdam 46 36 sh 45 35 sh San Juan 83 75 sh 85 75 pc jury and led the league in re- Jones’s share of receiving by myself,” Jones said.
Las Vegas 68 47 pc 67 52 pc Athens 63 52 pc 64 48 pc Seoul 43 32 c 39 21 pc ceiving yards per game touchdowns (15.8%) is about “I can play really well in-
Little Rock 47 35 pc 61 49 pc Baghdad 59 33 s 59 36 pc Shanghai 54 40 r 55 37 s (100.6) for the second con- half of what was averaged by dividually, but I can’t win the
Los Angeles 67 53 pc 65 55 pc Bangkok 94 72 s 93 70 s Singapore 88 77 c 86 76 t
Miami 82 67 s 83 67 s Beijing 53 25 s 49 26 s Sydney 88 75 pc 100 77 pc secutive season. other leading receivers on all game by myself,” Jones said.
Milwaukee 33 26 pc 35 20 pc Berlin 43 35 c 38 31 sh Taipei 74 62 c 70 59 r In an era when most star of the other top-10 offenses “I’m not a big talker. Ac-
Minneapolis 33 19 sf 27 16 pc Brussels 45 38 r 45 37 sh Tokyo 54 40 s 57 47 r wide receivers are hardly (28.3%) of all time. tion. Get the ping-pong ta-
Nashville 51 39 s 59 41 pc Buenos Aires 82 64 pc 72 56 c Toronto 27 21 pc 35 22 sn
New Orleans 60 50 pc 73 57 c Dubai 70 56 s 71 60 pc Vancouver 40 32 r 40 27 c humble when it comes to de- Jets receiver Brandon ble.”
New York City 34 28 s 42 32 c Dublin 44 31 pc 43 34 pc Warsaw 34 29 c 33 24 c scribing their talent, Jones Marshall, who is in Houston —Michael Salfino
Oklahoma City 57 40 c 69 49 pc Edinburgh 44 30 r 42 28 pc Zurich 45 33 pc 45 38 sh would only say that his big- for Super Bowl week as a so- contributed to this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10 | Saturday/Sunday, February 4 - 5, 2017
TRUMP
Continued from Page One
ager, would shift her focus to
communications.
Mr. Trump’s first week in of-
fice stunned Washington with a
torrent of meetings and execu-
tive orders aimed at delivering
on his campaign promises, in-
cluding one intended to set in
motion construction of a barrier
on the border with Mexico.
Some Republicans he will
need to pass legislation were in-
furiated, though, when their of-
fices were inundated with con-
stituent queries and complaints
about the rushed travel order.
His newly minted Homeland Se-
curity secretary went before
media cameras to give reassur-
ance that the travel restrictions
would be implemented in com-
pliance with several weekend
federal court orders that
blunted its impact.
A more subdued White
House had its best day Tuesday
when it largely abandoned Mr.
Trump’s flamboyant style and
held a staid ceremony to an-
nounce his nominee for the Su-
preme Court. “There’s been a
chastening," one official said.
How much of the first two
weeks’ tumult was strategic and
how much was a result of in-
fighting, inexperience or simple
disorganization is hard to pin-
point. This account—based on
interviews with White House of-
ficials, lawmakers, federal offi-
cials, people close to the White
House and others who have met
with the president in his time in
office—shows Mr. Trump has
work to do before his White
House is running at peak perfor-
mance. It shows, too, that while
he might try to impose more
discipline among his staff, his
own freewheeling style drives
some of the turmoil.
Mr. Bannon and policy direc-
tor Stephen Miller favor a rapid-
fire series of executive orders
and pronouncements that leaves
opponents off-balance.
“Trump’s running a shock-
and-awe presidency,” said histo-
rian Douglas Brinkley. “You take
advantage of your opponent
that underestimated your
strength.”
Another White House wing
that includes Mr. Priebus and
Ms. Conway prefers to move
more deliberately, seeing pitfalls
in trying, as one aide put it, to
squeeze “the first 100 days into
the first 100 hours.”
The Real Clear Politics aver-
age of approval-rating surveys
shows that about 46% approve
of Mr. Trump’s performance,
compared with 49% who disap-
prove.
The White House isn’t dis-
couraged by the results. Press
Secretary Sean Spicer said in a
press briefing Friday: “The pres-
ident understands this is a mar-
athon, not a sprint. As he con-
tinues to get people back to
work, protect this country, I
think the poll numbers will act
in accord.”
Watching the launch of the
Trump presidency, many of his
supporters say they welcome
the jolt of adrenaline he’s deliv-
ering.
One Trump ally, Sen. David
Perdue (R., Ga.), said in an inter-
view: “We’re cracking some
eggs here, and some of it is go-
ing to be messy.”
As Mr. Trump’s White House
settled in, some rank-and-file
staff in the executive branch
were still working to understand
his agenda. His arrival has gen-
erated unease among career for-
GAGA
Continued from Page One
them. A protest could also get
her into hot water with the NFL
and alienate potential new fans.
“I think it would cost her too
much money and be too much
trouble,” said Jim Murphy, an
oddsmaker for Sportsbettingex-
perts.com.
Representatives for the NFL
and Lady Gaga said the singer
was given no guidelines regard-
ing political expression.
Lady Gaga hasn’t been afraid
to take risks to make a point on
social issues. During a 2010
awards show, she wore a dress
of raw meat to protest the U.S.
military’s don’t-ask-don’t tell
policy.
During the performance of
her song “Til It Happens to
You” at the Oscars last year, she
brought rape victims onstage to
draw attention to the issue, af-
ter saying in interviews that
she, too, had been assaulted.
Yet the 30-year-old chan-
teuse, whose given name is Ste-
fani Joanne Angelina German-
otta, has so far kept a poker
face about Sunday’s halftime
President Donald Trump spoke by phone to Russia’s Vladimir Putin from the Oval Office on Jan. 28, above, while people opposed to
Mr. Trump’s travel ban affecting seven nations began to mount demonstrations such as the one below in Los Angeles on Jan. 29.
eign-policy experts at the Na-
tional Security Council, many
left out of the policy process,
leading some to submit plans to
leave earlier than scheduled,
people familiar with the matter
said.
National Security Adviser
Mike Flynn and top deputies
held a meeting for the NSC staff
this past week, at which one
person in the Eisenhower Exec-
utive Office Building auditorium
sought an explanation of Mr.
Trump’s is ‘a shock-
and-awe presidency,’
said historian
Douglas Brinkley.
Trump’s call for an America-
first foreign policy. A deputy of-
fered an answer: Just as other
countries like China put their in-
terests first, so should America.
Asked about it later, another
NSC staffer who was in the
room said, “Everything is tweets
and outrageous statements, so
you have all these career people
trying to figure out how to
make sense of it.”
Atop the pyramid, Mr. Trump
is hewing to the same improvi-
sational and intuitive style that
show. She hasn’t discussed any
overtly political actions, people
close to her said. Last year,
Lady Gaga performed an ear-
nest version of the national an-
them for Super Bowl 50.
During a news conference
Thursday in Houston, Lady
Gaga said she didn’t want to
spoil any surprises in the half-
time show, except maybe one—
she said she wouldn’t be wear-
ing a meat dress.
At the lectern, she seemed
less an edgy performer than a
fan as she tossed a football to
her father in the audience. Her
mother, a former cheerleader,
got a hug and a signed football
from former NFL quarterback
and TV game analyst Terry
Bradshaw.
Dressed in a long, sporty,
blue, red and gray dress, with
her long blond hair neatly
styled, she projected an image
of wholesomeness as she remi-
nisced about watching past Su-
per Bowl shows. “Watching Mi-
chael Jackson do the halftime
show was one of fondest mem-
ories I have,” she said. Lady
Gaga’s mother, who runs her
daughter’s Born This Way foun-
dation for youth welfare, said
on the organization’s website
IN DEPTH
produced his unexpected victory and conservative record on
in November. During the transi- abortion rights and gun control.
tion, Mr. Trump’s team, flum- While the administration’s
moxed by how he came up with second week started with the
certain ideas, would search for White House coping with the
clues by checking his call sheets travel-ban backlash, the week is
to see whom he was consulting. closing with a new furor over
Aides say he won’t stop Mr. Trump’s approach to diplo-
tweeting, nor stop reaching out- macy as he challenges adversar-
side the White House for ideas ies and allies in tweets and
and feedback from old friends. phone calls.
Amid the furor over the travel
ban, Mr. Trump spoke on the
phone to Thomas Barrack, a for- Iran sanctions
mer official from the Reagan ad- Every new president is tested
ministration and chairman of early by a foreign power. For
the Trump inaugural committee, Mr. Trump, this has come from
to ask how he thought the new Iran in the form of a ballistic-
policy might be received in the missile test, which the adminis-
Arab world. Earlier this week, tration viewed as a provocation
Mr. Trump called House Speaker and in conflict with a United Na-
Paul Ryan at 11 p.m. to ask ques- tions Security Council resolu-
tions about tax legislation, said tion.
a person familiar with the call. The White House quickly
“As we see it, he sees the big struck a defiant tone. On
picture, but decisions are not Wednesday, Mr. Flynn of the
linear—he bounces around a lot. NSC said Iran was now officially
He is constantly asking ques- “on notice.” Mr. Trump echoed
tions and seeking many people’s Mr. Flynn’s language in a tweet
opinions,” said a Republican and told reporters military ac-
congressional aide. tion was still a response option.
Mr. Trump assuaged some Ali Akbar Velayati, an adviser
Republican angst over the con- to Iran’s supreme leader, dis-
fusing travel-ban rollout with missed Mr. Trump as “an inex-
his nomination to fill a Supreme perienced person” who would
Court vacancy. Many praised the learn the pointlessness of
selection of federal appellate- threatening Iran, according to
court judge Neil Gorsuch, point- the Iranian news agency Fars.
ing to the Coloradan’s experi- Iran denied its test violated a
ence, educational credentials UN resolution.
making during the halftime
show are the ones I have been
consistently making throughout
my career,” Lady Gaga said at
the news conference. “I believe
in a passion for inclusion. I be-
lieve in the spirit of equality,
and the spirit of this country.”
After watching the news
conference, Mr. Murphy from
Sportsbettingexperts.com said
he dropped his protest odds
completely and revised others
on such questions as her show-
time hair color to reflect his in-
creased confidence that Lady
Gaga will play it straight. “It
sounds like Lady Gaga is going
to put on an entertaining, fam-
ily friendly show that will keep
KEVIN WINTER/GETTY IMAGES
controversy to a minimum,” he
said.
On social media, football
fans have been split. Some
begged Lady Gaga to push the
protest envelope—or boycott
the halftime show altogether.
Others have pleaded she stick
Lady Gaga wore an outfit of to her routine.
raw meat onstage at the 2010 The FCC is barred by law
MTV Video Music Awards. from censoring or trying to pre-
vent the broadcast of any point
that “as she does each and ev- of view, but can sanction broad-
ery day, she’ll bring kindness casters for airing profane or in-
with her” to the stage. decent material at times when
“The only statements I’ll be children might be in the audi-
* ****** THE WALL STREET JOURNAL.
car pools and buses to bring
demonstrators to the middle-
class suburb in heavily Republi-
can Waukesha County. Also, “we
put up phone numbers for the
[Harley] public-relations depart-
ment and pretty much anybody
we could get hold of,” Mr. Bryce
said.
At Harley, which never ac-
knowledged Mr. Trump planned
a visit, executives became ner-
vous about demonstrators, said
a person familiar with their
thinking. As word spread of the
mounting protest, Mr. Trump’s
appearance was canceled—at
whose behest neither side has
said.
Harley didn’t comment on
why it was canceled. Mr. Spicer,
the White House press secre-
tary, said it was easier for com-
pany executives to come to
Washington.
Harley officials instead met
DREW ANGERER/GETTY IMAGES
with the president at the White
House. “We had a great discus-
sion,” said Harley President and
Chief Executive Matthew Levat-
ich afterward.
The episode pointed to a po-
tential problem for Mr. Trump:
He built his political brand
through appeals to middle-class
voters at big rallies, but if pro-
testers restrict his movements,
he risks losing that connection
during his presidency.
Scaramucci’s role
Inside the White House, one
flashpoint has been the poten-
tial addition of Anthony Scara-
mucci, an investor tapped to run
the Office of Public Engagement
and Intergovernmental Affairs.
Messrs. Scaramucci and
Trump are longtime friends, and
Mr. Scaramucci has become a
frequent Trump defender in
television interviews. He has al-
ready struck a deal to sell his in-
terest in his firm, SkyBridge
Capital, to buyers that include a
unit of a Chinese conglomerate.
MARIEL CALLOWAY/ZUMA PRESS
Mr. Scaramucci’s arrival,
though, is being resisted by Mr.
Priebus, who doesn’t want to
compete with another influen-
tial adviser, according to a per-
son familiar with the conversa-
tions.
A Trump administration of-
ficial said Wednesday Mr. Scara-
Then on Friday, the U.S. im- mucci would most likely not
posed sanctions on more than take a White House position,
two dozen Iranian, Chinese and though the offer hasn’t been re-
Emirati businesses and individu- scinded. Mr. Scaramucci didn’t
als for their alleged roles in sup- immediately respond to a re-
porting Iran’s ballistic-missile quest for comment. People close
program. U.S. officials said the to him say he isn’t giving up on
sanctions didn’t violate the 2015 his shot at serving in the White
nuclear agreement with Iran, House. A White House official
which Mr. Trump has often de- disputed that there was any ten-
nounced, because Washington sion between Messrs. Priebus
had retained the right to black- and Scaramucci and said it was
list companies and people in- possible Mr. Scaramucci could
volved in missile development join the administration in the
or terrorism. future.
Mr. Trump was also grap- As the week ended, fallout
pling with homegrown adver- from the travel ban lingered.
saries. He was planning to travel The president scheduled a meet-
Thursday to the Milwaukee area ing on Friday with a group of
to tour a Harley-Davidson Inc. corporate chief executives. Uber
factory. The visit could show the Technologies Inc. CEO Travis
president emphasizing his com- Kalanick wasn’t there. On
mitment to revitalizing manu- Thursday, he quit the presi-
facturing, at a motorcycle com- dent’s economic advisory coun-
pany that symbolizes American cil, saying his participation was
muscle. being misunderstood as an en-
Randy Bryce, political direc- dorsement of the travel restric-
tor of the local ironworkers tions.
union, got in the way of the As Mr. Trump prepared to
photo-op. He launched a Face- leave the White House Friday
book group called Greet Donald for a quick trip to his Mar-a-
Trump that attracted more than Lago home in Palm Beach, Fla.,
2,000 RSVPs to demonstrate one White House official was
against Mr. Trump wherever he looking forward to a brief re-
would appear. spite. “I’m so excited,” the offi-
Mr. Bryce learned through la- cial said, about taking a week-
bor contacts the Secret Service end break.
had done a security check at a —Michael C. Bender, Reid J.
Harley factory in Menomonee Epstein and Rebecca Ballhaus
Falls, Wis. He began organizing contributed to this article.
ence. The NFL can take legal ac-
tion, too. After the 2012 Super
Bowl, the league sued British
rapper M.I.A. for $16.6 million
year’s Oscars, Michael De Luca,
said he had no problem with
celebrities airing their views at
the nationally televised cere-
for raising her middle finger mony. “I don’t like this attitude
during the halftime perfor- that just because someone’s a
mance. The rapper settled with celebrity, their right of free
the league two years later for speech is taken away,” he told
an undisclosed sum. the Hollywood Reporter.
As awards season kicks off, The Recording Academy,
many creative types are weigh- though, which hosts the
ing the pros and cons of using Grammy Awards, isn’t eager to
nationally televised events such make enemies. Many music ex-
as the Grammy Awards, which ecutives thought the Obama ad-
are on Feb. 12, and the Oscars, ministration tended to side
at the end of the month, to air with technology companies
their political views. when it came to issues of copy-
Those who do can rally fans right law, despite close personal
to causes and generate public- relationships with artists. They
ity, especially if Mr. Trump fires now hope for better relations
back on Twitter, as he did in with the White House.
November when cast members The Recording Academy’s
of the Broadway show “Hamil- president, Neil Portnow, said he
ton” expressed their views from hadn’t discussed political state-
the stage to Vice President ments at the show with artists.
Mike Pence at a postelection He plans to address music in-
performance. dustry issues, he said, but likely
“Apologize!” Mr. Trump leave partisan conversations
tweeted to the cast, calling the “for the bar.”
show “overrated.” As for Lady Gaga, he said, he
At the Screen Actors Guild wouldn’t wager either way: “I
Awards last Sunday, 14 prizes can certainly say that she is her
were handed out, and 11 accep- own person.”
tance speeches mentioned the —Erich Schwartzel and Ben
chaotic political climate. Fritz contributed to this
One of the producers of this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Leonard Leo | By Kyle Peterson
Trump’s Supreme Court Whisperer
T
Washington
he barrage began virtu-
ally the moment Donald
Trump spoke the words
“Judge Neil Gorsuch.”
Shortly after 8 p.m. Tues-
day, in front of a TV audience of 33
million, the president announced
he would nominate Mr. Gorsuch, a
dapper 49-year-old Coloradan, to
the Supreme Court.
By 8:17, a Democratic super PAC
had dropped a 78-page dossier, full
of misspellings, calling Judge Gor-
such an extremist who had “argued
that the courst should not be used
to litigate a ‘social agenda.’ ”
Meantime, protesters outside the
high court yelled into the dark and
waved fill-in-the-blank signs:
“STOP,” under which they had
hastily markered “Gorsuch.” On
Twitter, Oregon Sen. Ron Wyden
hyperventilated that “Gorsuch
represents a breathtaking retreat
from the notion that Americans
have fundamental Constitutional
rights.”
But as Democratic opposition
goes—a grand tradition in a party
that made bork a verb—it all felt a
little forced. By Wednesday after-
noon, as Leonard Leo returns to
his office from a post-announce-
ment huddle at the White House,
the mood is cautiously optimistic.
“In the first 24 hours,” says Mr.
Leo, a lawyer advising Mr. Trump
The man who advised
the president on picking
Judge Gorsuch explains
what his elevation means
for the law and America.
on the court, “it appears as though
the nominee has been defined very,
very well, and that the left has not
done a particularly good job of
sowing seeds of confusion and
doubt. So there is that. But the fact
of the matter is that the process
can still turn in the other direc-
tion.”
Mr. Leo is one to know. A decade
ago, he helped usher George W.
Bush’s two Supreme Court appoin-
tees, John Roberts and Samuel Al-
ito, to confirmation. Now Mr. Leo is
on leave from his day job, as execu-
tive vice president of the Federalist
Society, to do the same for Judge
Gorsuch. On a table near Mr. Leo’s
desk sits a bottle of Trump Winery
champagne, as yet unopened.
President Trump keeps close
counsel, but he seems to be listen-
ing to Mr. Leo. Last spring, not
long after Justice Antonin Scalia
died unexpectedly amid a presiden-
tial campaign, Mr. Trump hit on an
idea: posting a public slate of
people he would consider for the
vacancy if elected. The candidate’s
counsel, Donald McGahn, intro-
duced Mr. Trump to Mr. Leo, and
together the two lawyers drew up
the list. A few months later, Mr.
Trump was proclaiming: “We’re
going to have great judges, conser-
vative, all picked by the Federalist
Society.”
When the initial 11 names were
floated in May, Judge Gorsuch
wasn’t among them. “We were
hastily putting a list together of
the first bunch, and we knew
certain judicial records really well,”
Some Patriots Fans Are Getting Sick and Tired of All the Winning
Dorset, Vt.
The team is called
the New England Pa-
triots, so it is under-
standable that peo-
ple here in Vermont
tend to be fans. And
CROSS
COUNTRY many of them are
surprisingly serious
By Geoffrey
fans. You can see the
Norman
Patriots logo at-
tached to cars, occa-
sionally sharing space with a “Ber-
nie” sticker.
An alliance between professional
football and purebred socialism
might seem a bit anomalous, but that
is only the beginning. It gets better.
Patriots fans, including those in
Vermont, believe their team is one of
destiny. Their coach, Bill Belichick, is
the greatest of all time, and his dour
public personality would do Cotton
Mather proud. Plus, Tom Brady is the
best quarterback ever, not to mention
the most handsome. He also has—it
just goes on—an astonishingly beau-
tiful celebrity wife.
The team had the best record in
football during the regular season. In
the playoffs, they dominated: first a
team from Texas (not that one) and
then the Pittsburgh Steelers. Now
they’re headed to the Super Bowl—a
familiar feeling. Beat the upstart At-
lanta Falcons, and that’s five Super
Bowl rings for Mr. Brady. No other
* * * *
Mr. Leo says. “We didn’t know
Judge Gorsuch.” As the campaign
wore on, the net was widened—
eventually to 21 names—and the
extra time for vetting revealed
Judge Gorsuch’s stalwart record.
The week after the election,
when Mr. Leo was summoned to
Trump Tower for the winnowing,
he says Mr. Trump showed “an ex-
traordinary level of engagement.”
The president-elect wanted a nomi-
nee with impeccable credentials
who would be “respected by all,”
someone “not weak.” And, impor-
tantly, Mr. Trump wanted a justice
who would interpret the law as
Scalia had done.
“He would say, ‘One of the things
I really want is a justice who’s
going to interpret the Constitution
the way the Framers meant it to
be,’ ” Mr. Leo says. “I think that’s a
great way of phrasing it. Maybe not
for your sophisticated lawyer
crowd—but for the general public?
They get that. And he gets it.”
The implication is that if Mr.
Trump doesn’t share Scalia’s deeply
considered originalism, his instincts
at the least run in that direction.
“He would never use the terms
‘originalism’ and ‘textualism,’ but
we have talked about going wher-
ever the law takes you,” Mr. Leo
says. “It is an understanding that
there is something important about
being moored to the written law.”
He cites a conversation with Mr.
Trump last spring. “I’ll always
remember this,” Mr. Leo recounts.
“He said, ‘So what do you think
about the ObamaCare case?’ ” This
was the 2012 ruling in which Chief
Justice Roberts’s switch in time
saved a fine, allowing ObamaCare’s
penalty for failing to buy health
insurance to be construed as a tax.
Mr. Leo continues: “I said, ‘Well I’m
curious, why do you ask?’ And he
said, ‘Because I think they made it
up.’ ”
That isn’t a bad formulation
either. A commitment not to “make
it up” is what the Federalist Soci-
ety has been advocating since it
was founded 35 years ago. In some
sense, Judge Gorsuch’s elevation
represents the success of that proj-
ect, the passing of the torch from a
first generation of originalists,
such as Scalia, to the next.
Originalism was once such a
minority taste that Scalia joked it
was viewed as a “kind of weird
affliction that seizes some people—
‘When did you first start eating
human flesh?’ ” Today, Mr. Leo
says, all of the high court’s justices
engage in textualism and original-
ism to some degree. “There is a rec-
ognition that those are important
and appropriate tools of interpreta-
tion—by everybody,” he says. “That
is an amazing development as com-
pared to the 1970s and the early
1980s.” To Mr. Leo, the single most
important thing Judge Gorsuch will
do on the Supreme Court is to “con-
tinue the trajectory.”
But first he must get past Senate
confirmation—and a potential
Democratic filibuster. Mr. Leo is
hopeful it won’t come to that. Ten
Senate Democrats up for re-election
in 2018 come from states Mr.
Trump carried, and the Judicial Cri-
sis Network is planning $10 million
of pro-Gorsuch advertising.
Mr. Leo also says that President
Trump “has taken unprecedented
steps to try to be bipartisan and to
quarterback has more than four.
A victory would also bring Mr.
Brady a kind of sweet vengeance and
rehabilitation. He had started this
season in exile, suspended and for-
bidden not only to play for the team
but to associate with it in any way.
Disgraced for conspiring to let a little
air out of some footballs. He denied
the allegation but a shadow still fell
over the season.
Pigskin loyalty and
Trump aversion pull
liberal New Englanders
in opposite directions.
After missing the first four games,
he returned with more than the usual
amount of fire in his belly. Mr. Brady
and millions of fans can already
imagine the scene: With Poine, god-
dess of vengeance, perched on his
shoulder, the quarterback accepts the
Super Bowl trophy from NFL com-
missioner Roger Goodell, the man
who suspended him.
You’d think this was shaping up to
be an incredible year for Patriots
fans. But there is a problem. It comes
down, like so much of this nation’s
discontent, to politics. The problem
is Donald Trump.
OPINION
try to be reasonable.” To start, four
days after being inaugurated he
brought Sens. Chuck Schumer and
Dianne Feinstein—the minority
leader and ranking Judiciary Com-
mittee Democrat, respectively—to
the White House to talk about the
court.
Then the president chose not
only a jurist from the public list,
but a highly regarded one. No
doubt, Judge Gorsuch is in the
Scalia mold: His opinions cite the
“original public meaning” of
constitutional provisions, and he
confessed to having cried on the
ski slopes when the news reached
him that Scalia had died. But Judge
Gorsuch is also an intellect, a droll
writer and well within the legal
mainstream. “Neil Gorsuch,” Mr.
Leo says, “is a judge who sends law
clerks to Justices Sotomayor and
Kagan”—both Obama appointees.
“He’s a man who is being sup-
ported by Obama’s solicitor gen-
eral,” Neal Katyal.
E
ven so, Mr. Schumer is indi-
cating that Judge Gorsuch
will need 60 votes to be
confirmed—a hint of filibuster. This
has sent Republicans to Defcon 1,
readying the launch codes for the
“nuclear option”—using 51 votes to
override the Senate rules and
eliminate the filibuster on Supreme
Court picks for good, as the Demo-
crats did for all other nominations
in 2013. Nostalgia aside, Mr. Leo
says that “most conservatives
would not shed a tear” for the
filibuster. “It’s a practical device.
It’s a rule of procedure, OK? It’s not
some sacrosanct, holy writ.”
Moreover, the thinking seems to
be that keeping the nuke siloed
only gives Democrats the chance to
launch it first. “The idea,” Mr. Leo
says, “that somehow if we offer to
give them 60 votes here as a
matter of comity and courtesy, that
when they control the White House
they’ll do the same thing? That’s
absurd. Their behavior has never
evidenced that kind of give and
take. They have a selfish, self-
centered, one-sided view of the
process.” A moment later he adds:
A fierce rejection of Mr. Trump
and his politics has poisoned the
sporting and cultural air in New Eng-
land. There is the boycott of L.L.
Bean, the iconic Maine company
known for its signature hunting
boots. The company’s problems don’t
stem from its implicit endorsement
of hunting. Rather, a member of its
corporate board made large contribu-
tion to the Trump campaign.
In Vermont, home to Bernie Sand-
ers, Mr. Trump won 30.3% of the
popular vote. In Massachusetts,
where the Patriots play, the president
did a little better, getting 32.8%. But
that small group almost certainly in-
cludes the votes of Messrs. Brady and
Belichick, as well as team owner Rob-
ert Kraft.
In 2015 reporters spotted a “Make
America Great Again” hat in Mr.
Brady’s locker. He later acknowl-
edged, “We’ve played golf together
many, many times and I’ve always
had a good time with him. He’s been
a friend of mine.” As for Mr.
Belichick, he was photographed with
Mr. Trump at Mar-a-Lago not long
after winning the Massachusetts pri-
mary. And they were smiling! Mr.
Kraft has described Mr. Trump as “a
very close friend.” On the eve of the
election, Mr. Trump announced that
the coach and his star quarterback
were supporting his bid for presi-
dent.
Saturday/Sunday, February 4 - 5, 2017 | A11
KEN FALLIN
“The only thing that history and
experience shows is that they
relent and they are accommodating
in the face of brute force, and
that’s about it.”
The rancor is equally high on
the Democratic side, which accuses
the GOP of “stealing” the Scalia
seat by blocking President
Obama’s nominee last year. Mr.
Leo insists there’s no comparison.
“There was an 11th-hour vacancy
on the U.S. Supreme Court in the
midst of a presidential election,”
he says. “I think it was, under
those circumstances, entirely
appropriate to say: Let the people
decide how they want this seat
filled.” Besides, he points out: “No
one knew who was going to win. In
fact, a lot of money was on Hillary
Clinton winning. So the idea that
this was a partisan decision, I
think, is not borne out by the
facts.”
Still, what’s the endgame? If the
nuke is dropped, if the bitterness
rises past hazardous to truly irradi-
ating, will Supreme Court seats
simply be left vacant for years at a
time, whenever the White House is
controlled by one party and the
Senate by the other? That’s a ques-
tion Democrats should contem-
plate, Mr. Leo says. If a nominee as
good as Judge Gorsuch can’t get an
up-or-down vote, then “this process
is forever doomed.”
Republicans’ message is that,
one way or another, Judge Gor-
such is going to become Justice
Gorsuch. What does that portend
for the law?
To some degree that depends on
how open he is to overturning
precedent. “What I think you see in
his body of work is a willingness to
raise questions about old doctrines.
But you also see in his writings a
sense of some degree of cautious-
ness. He recognizes that law has to
have some degree of stability,” Mr.
Leo says. “What I sense in Judge
Gorsuch’s work is an approach to
precedent and stare decisis that is
not all that far off from Justice
Scalia’s.”
One point of chatter is so-called
Chevron deference, named for a
All this was too much for some
fans, like the one who told Fox Sports
last year, “Brady, I don’t like him any-
more now. With him voting for Don-
ald Trump, he’s got to be out of his
mind. I also care for Kraft and I don’t
understand what Kraft’s doing.”
Fans in another time would no
doubt say, “So what? Play the game.”
Richard Nixon was a Redskins fan.
Everybody in Washington hated
Nixon but remained in love with the
Skins.
But there are Patriot fans in Ver-
mont who cannot shake the hurt and
sense of near-betrayal. Troy Herman-
sky, an acquaintance of mine, grew
up a New York Giants fan. But after
Notable & Quotable: ‘Drastic’
From “The Case for Republicans
to Consider Merrick Garland’s Nomi-
nation” by Wade Goodwyn and Nina
Totenberg, NPR.org, Oct. 27, 2016:
After the final presidential de-
bate and, given the strong possibil-
ity that Hillary Clinton wins the
presidency—unless something dras-
tic happens—is this continued re-
fusal to act on the [Merrick] Gar-
land nomination a smart move for
conservatives? After all, Garland is
seen as a judicial moderate, and
1984 case, which holds that judges
should give federal agencies—the
Environmental Protection Agency,
for instance—the benefit of the
doubt when interpreting ambigu-
ous laws. “The idea was, let’s vest
this discretion with the political
branches rather than with the
courts,” Mr. Leo says. “What has
happened since is that the doctrine
has been twisted in ways that pro-
vide superdeference to administra-
tive agencies.” In an opinion last
year, Judge Gorsuch suggested
tightening the bureaucrats’ leash,
and Mr. Leo wouldn’t be surprised
to see the court slowly walking
back Chevron.
Also looming, as always, is Roe
v. Wade. “He hasn’t taken a
position on the abortion issue,” Mr.
Leo says. “He has a couple of cases
where he feels politics affected
other judges’ decision in that
arena. So, for example, there was a
Planned Parenthood defunding case
where he felt that the liberal mem-
bers of the panel were imposing
standards of review that normally
wouldn’t be applied.”
So why should pro-lifers back
Judge Gorsuch? True, the judge
wrote a book opposing assisted
suicide, and it includes passages
like: “To act intentionally against
life is to suggest that its value
rests only on its transient instru-
mental usefulness for other ends.”
But beyond that, Mr. Leo asks pro-
lifers to “put their confidence in a
judge who believes in textualism
and originalism. Because at the
end of the day, that is how we
make sure the courts reach right
answers.”
He continues: “I can’t tell you
whether that will always result in
what, politically, people may or
may not want. But I feel much
safer having a judge who follows
those principles than a judge who’s
going to just put their finger in the
wind.”
A
ll that being said, replacing
one conservative justice with
another won’t swing the
Supreme Court’s balance. For that,
Republicans will have to look to
President Trump’s second pick—a
prospect perhaps not as remote as
it sounds. Judge Gorsuch once
clerked for Justice Anthony Ken-
nedy, who turned 80 last year, and
some have speculated that Mr.
Trump’s choice is an attempt at
signaling Justice Kennedy that it’s
safe to retire.
Mr. Leo dismisses this, shaking
his head even before the question
gets out. “That’s just not the way
these things work. It would be
demeaning to any other justice on
the court to try to make a pick as a
way of trying to force their hand,”
he says. “It’s a foolish enterprise to
start guessing when people are
going to retire.”
Which isn’t the same thing,
exactly, as putting the prospect out
of mind. “There’s always the
chance,” Mr. Leo says, “that you
could have one or two or even
three vacancies on the court.” If so,
will Mr. Trump stick to the list? No
guarantees—at least from Mr. Leo.
“It’s hard to know,” he says. “And I
think the president, frankly, ought
to keep his options open.”
Mr. Peterson is the Journal’s
deputy editorial features editor.
living and working in Vermont for 30
years, he had become an admirer of
the Patriots, and especially of
Messrs. Brady and Belichick.
“You know, I am a fairly forgiving
person, especially as a fan,” he told
me. “I forgave Tiger Woods for cheat-
ing on his wife. I forgave Brady for
Deflategate. I have forgiven all sorts
of bad behavior by my favorite rock
stars. But this . . . it honestly does
change things for me. It has turned
me into a Falcons fan this week.”
Say it ain’t so, Tom. And Bill. Say
it ain’t so.
Mr. Norman is a writer in Ver-
mont.
Clinton has not committed to re-
nominating him if she wins.
There’s a case to be made that if
the GOP wants to salvage the most
conservative possible Supreme
Court in a year that could see not
only a Clinton presidential win but
a Democratic takeover of the Sen-
ate, it should consider Garland.
Jennifer Duffy at the Cook Politi-
cal Report all but gives the Senate
to Democrats, forecasting a likely
pickup for them now of five to
seven seats.
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A12 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Trump’s Policy Turn on Iran Lock ’Em All Up in Prison, and Then What?

T
he world has been wondering if the prompted the Pentagon to order the USS Cole Simply saying that we shouldn’t in- Prof. Pfaff’s argument for a more
Trump Administration will withdraw destroyer to the area. carcerate violent offenders or that enlightened approach to crime, pun-
those we do incarcerate should spend ishment and rehabilitation is very per-
from President Obama’s nuclear agree- Iran dismissed Mr. Flynn’s remarks, but the
less time locked up because they “age suasive. His approach should be seri-
ment with Iran, and the answer sanctions will get the re- out” of violent behavior says nothing ously explored. Missing from the
appears to be no. That makes Treasury imposes new gime’s attention. The ques- of the reasons why most violent of- analysis, however, is consideration of
sense given the break it would tion Iran will be asking now, fenders end up behind bars in the first the victims of violent crimes. Victims
cause with U.S. allies and the
sanctions against as Mark Dubowitz of the place (“Imprisoned by Violence,” Re- of murder or permanently disabling
opening for Iran to make more Tehran’s ballistic- Foundation for Defense of De- view, Jan. 28). It isn’t for lack of get- injury can never be made whole or ad-
mischief. But it does look as if mocracies points out, is ting an alternative sentence that many equately compensated, even by the
President Trump may be willing
missile program. whether the new U.S. sanc- offenders end up behind bars. It is most draconian sentencing. To further
to do what Mr. Obama refused tions “are the beginning of a usually for their criminal history, se- minimize the punishment for these of-
to do, which is to rigorously en- coercive strategy against Iran verity of the crime perpetrated, repeat fenders will weaken the social-con-
force the agreement and push back against Iran’s instead of the end of one as they were under violations of probation or parole, new tract bargain—foregoing of individual
charges or reoccurring violations of retribution in exchange for propor-
aggression in the Middle East. the Obama Administration.”
their bond terms. It is because the in- tionate justice meted out by the state.
That was the message Wednesday when na- Opponents of further sanctions argue that dividual is unable to adhere to the In exchange for the immense societal
tional security adviser Michael Flynn responded more coercion will embolden Iran’s supposed strictures of society, even after get- benefit of these programs, victims and
to Tehran’s latest ballistic-missile test by saying hardliners and lead to more aggressive policies. ting multiple chances, that many are their survivors should receive greater
the U.S. had put Iran “on notice.” Mr. Flynn cited But it’s hard to argue that Mr. Obama’s policy of incarcerated, not our misguided pen- compensation for their losses. More
the missile tests and Iranian arms to the Houthi concession after unrequited concession has alties for violent offenses. Offenders robust victims’ funds would make
militia in Yemen but he offered no details on moderated Iran’s behavior. bear some responsibility for their Prof. Pfaff’s proposals much more po-
how the U.S. might respond. Then on Friday the One way the U.S. could respond to further Ira- reckless and intentional behavior, re- litically palatable and just.
Treasury Department followed through with a nian provocations is by publicly supporting a gardless of whether they age out of vi- JERRY COHEN
new round of sanctions on Iran’s global pro- Senate bill from Nevada Republican Dean Heller olent behavior. Rockwood, Tenn.
curement network. NIGEL E. JEFFRIES
that would impose sanctions on large parts of
Charleston, W.Va. Big business and privatization have
The new sanctions, which target 25 individu- the Iranian economy—metallurgy, computer sci- Mr. Jeffries is a former public de- been responsible for building prisons
als and businesses, offer a revealing glimpse at ence and more—involved in the missile pro- fender. for profit. Along with this, politicians
the scope of Iran’s efforts to develop its missile grams. Two additional House bills target Iranian of both major political parties wrote
arsenal. Beyond key Iranian figures, the sanc- airlines used by the regime for military purposes California’s three-strikes law is a harsh sentencing laws for minor drug
tions hit procurement networks in China, Leba- and would help scupper the sale of Boeing air- perfect example of picking out the offenses. This put young people into
non and the United Arab Emirates. Some provide craft to Iran. small percentage of offenders (mostly prisons, promoted hopelessness and
Iran with ball bearings, composite fibers and Sanctions alone won’t stop Iran, however, and males) who are dangerous criminals violence, stripped them of voting
other dual-use technologies; others funnel cash the Administration needs to consider a broader and locking them away. While doing rights, made it hard for them to get an
transfers and launder funds for terrorist groups set of policy options. Mr. Obama used Iran’s New so, California’s crime rate dived to re- honest job and produced angry, vio-
such as Hezbollah. An array of front groups and Year’s Nowruz celebrations in March to reach cord lows. Before tougher measures, lent people.
our crime rate was at record highs. Meanwhile our jails and prisons are
shell companies cover the tracks. out to the Iranian regime. Mr. Trump can use the
The problem with prisons isn’t that warehouses for the mentally ill, and
The sanctions should put a dent in some of same occasion to speak up for the human rights we are spending too much; we aren’t our so-called leaders ignore that real-
these operations, though illicit procurement net- of the Iranian people being repressed by that re- spending enough to change the in- ity. Whether you call drug addiction a
works are hard to prosecute and relatively easy gime. Bolstering the U.S. naval presence in the mates’ conduct while incarcerated. medical problem or a crime, there are
to reconstitute. Few of the sanctioned entities Persian Gulf and changing the rules of engage- Turning prisoners loose isn’t the an- plenty of mental-health problems—
have U.S. assets that can be frozen, nor are they ment against IRGC boats harassing U.S. ships swer to the system’s incompetence. such as schizophrenia and bipolar dis-
likely to do business with Americans. would help, as would greater assistance to Saudi Public penology policy should be this: order—that can lead to “crimes.” In
But the sanctions are notable for focusing on Arabia in routing the Houthis in Yemen. Redeem the redeemable, restrain the San Antonio, an innovative program in
the Islamic Revolutionary Guards Corps. Eight Iran’s missile launch is a deliberate effort to dangerous and know the difference. the Office of the Public Defender
IRGC officials and entities were sanctioned on test the seriousness of the new U.S. Administra- LARRY STIRLING screens and identifies the mentally ill
Friday—a substantial addition to the 52 IRGC-re- tion. Iran may now decide to test the White San Diego at a central magistrate court and di-
Mr. Stirling is a retired Superior verts them to mental-health care in-
lated sanctions imposed by the Bush and Obama House again on how far it is willing to go to en-
Court judge. stead of jail.
Administrations over the past 10 years. The force the meaning of “on notice.” The more un- BRANT S. MITTLER, M.D., J.D.
IRGC’s elite Qods Force is responsible for supply- equivocal the Administration’s response, the John Pfaff says it is almost impos- San Antonio
ing Yemen’s Houthis with weapons used against sooner Tehran will get the message that, this sible to predict how violent a young
shipping in the Red Sea, including a suicide-boat time, it faces a U.S. government that means what person will be in the future. As a vol- The federal government, as well as
attack on a Saudi frigate on Monday that it says. unteer guardian ad litem (court-ap- states, maximize sentences for all of-
pointed advocate for children re- fenses, violent or not. In the frenzy of

A Poisoning in Moscow
moved from the home due to abuse or standing up for victims of crime, poli-
neglect), I worked with several dis- ticians got swept up in a “lock ’em up
turbed, violent children—all of them and throw away the key” mantra.

I
n 2015 a prominent Russian opposition ac- Boris Nemtsov, the Russian opposition politi- boys from fatherless homes. Despite “Three strikes and you’re out” meant
intensive residential psychiatric treat- that petty repeat offenders could end
tivist named Vladimir Kara-Murza inexpli- cian who was assassinated near the Kremlin in ment at enormous expense to the up facing 10 years to life on a third fel-
cably suffered multiple organ failure and February 2015. Three months later Mr. Kara- state, their violence continues and ony. Many white-collar inmates don’t
barely survived after falling Murza became ill after eating will likely continue into adulthood. get a second chance. Our system is too
into a coma for nearly a week. A critic of the Kremlin lunch at a restaurant. He told Until the problem of fatherless chil- eager to hand out long sentences in-
On Thursday it happened to and Journal contributor CNN that “there is no other dren is solved, violence in society will stead of the types of treatments noted
him again, in much the same possible reason” than politics continue. It is a cultural problem that by the writer, which may actually re-
way. Since this happened in fights for his life. for his poisoning. cannot be fixed quickly. The only duce crime, violence and better serve
Moscow, we assume the expla- Mr. Kara-Murza has been short-term solution I can see would our communities and taxpayers.
nation isn’t innocent. a contributor to these pages be the intensive mentoring of such DON E. SIEGELMAN
Mr. Kara-Murza, 35, is a former journalist for many years, warning often about Vladimir boys by men, from infancy until their Oakdale, La.
20s. Mr. Siegelman, governor of Ala-
who worked for a Russian TV station in Wash- Putin’s encroaching dictatorship. Now he’s
SUSANNA MCSHEA bama from 1999-2003, is serving a
ington until he was fired from his job in 2012. fighting for his life at a Moscow hospital. As Greenville, S.C. 6½-year prison sentence for bribery.
That year he testified before the U.S. Congress his friend Garry Kasparov told us Friday, his
in favor of the Magnitsky Act, which places fi- plight is a reminder that “Putin’s regime
nancial sanctions and travel bans on corrupt wants the worst for those who want the best
Russian officials. Mr. Kara-Murza described the for Russia, and that Putin has no fear of reper-
law as a “pro-Russian bill which provides a cussions abroad for murdering even the most
Those Plastic Bags Are Blowin’ in the Wind
much-needed measure of accountability for peaceful critics.” Allysia Finley’s “In California, land to ostensibly fight diabetes
those who continue to violate the rights and Now would be a good time for U.S. officials, ‘Paper or Plastic?’ Is Against the and the water restrictions that are
freedoms of Russian citizens.” including the White House, to demonstrate Law” (Cross Country, Jan. 28) de- pummeling the Valley’s farmers.
That could not have endeared him to the moral leadership by speaking up for Mr. Kara- plores the demise of grocery plas- My wife and I are enjoying our
tic carry-out bags in our state. The new home state, but it often seems
Kremlin. Nor could his close association with Murza and other brave Russian dissenters.
points she advances simply don’t like a resort-style coastal commu-
ring true. People don’t get sick nity for those making well into the

Taming IRS Imperialism from unwashed, reusable bags, pa-

per bags can be and are reused
six figures.
TOM MYSZ

I
much more than plastic bags (and Oakland, Calif.
n the tiny Caribbean nation of Trinidad and of this problem. But so long as Fatca remains they are biodegradable) and plastic
Tobago, Kamla Persad-Bissessar, the leader law the reporting burden remains. bags do in fact cause pollution. Allysia Finley doesn’t have to
of the opposition coalition in parliament, The roughly eight million Americans work- The plastic-bag industry outspent worry, plastic bags are plentiful in
recently did something no ing overseas have been hit environmental interests almost 2 to the produce and meat departments
other world leader has done: A foreign leader asks hardest by this bad law. Some 1 to promote its case before the of California grocery stores. Even in
She read the U.S. Republican election, but Californians didn’t what she calls our “liberal dystopia”
President Trump if he foreign banks and financial in-
buy its arguments. not every issue is a political one for
Party platform. stitutions have responded Shoppers in this state are sup- the voter. Sometimes it comes down
There she discovered that will keep a promise. simply by refusing to take portive of the new law, and we to quality of life. It is more likely
the GOP had called for repeal American customers, on bring our own bags to the grocery that the majority of residents who
of the Foreign Account Tax grounds that Fatca require- store. As usual, California leads the passed the bag ban became tired of
Compliance Act, or Fatca, which is best under- ments are more trouble than the business is way in environmental protection. bags floating dangerously on busy
stood as a license for IRS imperialism. The worth. For similar reasons others do not want HARRY B. WYETH freeways and the unsightly view of
Treasury Department has used the law to de- Americans as business partners. Many others Grass Valley, Calif. them jammed by wind against wire
mand that foreign countries change their own of modest means who owe no U.S. taxes can still fences. More significantly, perhaps
laws so their financial institutions report infor- find themselves hit by hefty fines and penalties This law is another example of they joined those of us along the
mation on their American account holders. because they have fallen afoul of the reporting legislation that makes California coast who had already recognized
look progressive (heaven forbid we the harm caused to wildlife by these
Upon discovering the Republican call for requirements.
disappoint Jerry Brown), yet serves ubiquitous nuisances on our land
Fatca’s repeal, Mrs. Persad-Bissessar wrote Meanwhile, back in Trinidad and Tobago, no one except the stores which col- and in our ocean. My advice to visi-
Donald Trump in January asking if he will keep Mrs. Persad-Bissessar’s question to Mr. Trump lect the 10-cent fee. tors to California is this: Bring
this promise. has roiled the pro-Fatca establishment. The We are asking for cases of e-coli, along some washable canvas bags.
It’s a good question. Mrs. Persad-Bissessar, American ambassador (appointed by President etc., to break out, as people toting CECILE M. DONATH
a former prime minister, wants to know because Obama) has said Fatca is being held up by reusable bags often fail to realize Laguna Beach, Calif.
the Trinidad and Tobago parliament is now con- “some people with cocoa in the sun,” insinuat- they need to be washed on a regular
sidering changing the nation’s laws to accom- ing that only someone with something to hide basis.
modate Fatca. It would make little sense to could be opposed. The Fatca chief at Deloitte KYM VLIEM Pepper ...
change her nation’s laws, she argues, if Fatca & Touche has been telling Trinidad and Tobago Bakersfield, Calif.
And Salt
isn’t long for this world. that Fatca is here to stay and Mr. Trump can’t
As a recent transplant to Califor- THE WALL STREET JOURNAL
Americans have an even bigger stake in the do anything about it.
nia, I had to gawk at yet another
answer. In theory this 2010 law was designed Well, yes and no. Only Congress can repeal example of many of my fellow
to go after fat cats hiding their wealth offshore Fatca. But the whole Fatca edifice has been built coastal Californians insisting that
by adding a new reporting form for taxpayers on the intergovernmental agreements that they can save the universe by con-
with assets overseas. In reality, the law has be- Treasury has negotiated with more than 100 trolling behavior they find person-
come another example of gross federal over- countries—agreements for which there is no ally repulsive, while passing the
reach, adding another burden on Americans statutory authority or Congressional ratifica- costs on to lower-income earners.
overseas who are already paying taxes where tion. Mr. Trump could take the teeth out of Examples abound, including the re-
they live. Fatca by announcing he has suspended negotia- cent tax increase on soda in Oak-
The 2010 law has almost no parallel any- tions for future agreements and won’t enforce
where, for good reason. While most nations the ones we have. Letters intended for publication should
limit their taxes to income earned within their So two cheers for Mrs. Persad-Bissessar for be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
borders, the U.S. is among the smaller group of asking her question. Let’s hope President or emailed to wsj.ltrs@wsj.com. Please
nations that taxes its citizens on global income. Trump gives the answer that Americans de- include your city and state. All letters
The Republican Congress is now considering serve, by making clear he intends to deliver on are subject to editing, and unpublished
proposals that would move the U.S. to a territo- the GOP pledge to dismantle a bad law that letters can be neither acknowledged nor “Good game plan, but yours strangely
returned.
rial system, which would solve the taxes part never should have been passed. looks just like the Packers’ offense.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
In Trump’s Washington, Nothing Feels Stable
DECLARATIONS
By Peggy Noonan
T
Washington
his week in Trump:
We are living through
big history and no one here
knows where it’s going or
how this period ends. Ev-
eryone, left, right and center, feels the
earth is unsteady under their feet.
Too much is happening. Democratic
senators boycott confirmation hear-
ings, Iran tests ballistic missiles, Pres-
ident Trump has testy phone calls
with prime ministers and it’s quickly
leaked to the press, the president tells
Senate Majority Leader Mitch McCon-
nell to “go nuclear”—meaning use the
so-called nuclear option to get the
new Supreme Court nominee through.
(No president, ever, should use those
words in public; the Senate should
He has overloaded all
circuits. Everything is too
charged, with sparks and
small shocks all over.
ban that hideous, he-man, drama
queen of a phrase.) Everyone’s politi-
cal views are now emotions and ev-
eryone now wears their emotions on
their faces. People are speaking more
loudly and quickly than usual. At par-
ties, dinners and gatherings the deci-
bel level hits the ceiling right away
and stays there. No one can hear any-
thing. It somehow seemed right that
a 25-pound bobcat escaped from the
National Zoo; a Washington Post col-
umnist speculated it fled to Canada.
With his usual sense of occasion, the
president asked the National Prayer
Breakfast to pray for Arnold
Schwarzenegger, whose ratings on
“The Celebrity Apprentice” are “right
down the tubes.”
Remembering a Detective and His Hope for Chicago’s Streets
By Bob Greene
‘J
oe, get home.”
The sound of his voice, as he
recalled his mother’s words: I
can still hear the way he said it. I had
been trying to locate a phone number
for him last week when I learned that
he had died the day before.
Joseph DiLeonardi was a homicide
cop in Chicago when I first met him
in 1975. There had been 970 murders
in the city the previous year—that’s
still a record—and when, as a young
newspaperman, I went to interview
him after yet another killing, I didn’t
know what to expect. I figured I
might find a world-weary, too-tired-
to-care-anymore officer: a man who
had seen too many terrible things to
be affected by any of them.
My supposition was wrong. We
talked for a very long time, and his
words have never left me. He’d seen
everything, all right, but he still
cared.
“I don’t want to sound corny,” he
said, “and I know a lot of people do
a lot of talking about the moral de-
cay of our society. But homicide de-
tectives see the end result. The mur-
derers are getting younger. A 14-
year-old who kills . . . I don’t know.
When I was growing up, there was
warmth and compassion in the
house. There was laughter, too, but
there was a sense of discipline. Even
when I was in the service, when I’d
be out on a pass at 4 in the morning,
I could hear my mother’s voice say-
ing, ‘Joe, get home,’ and I’d go back
to the barracks.
“Now so many young kids have
absolutely no concept of what it is
to have that kind of love in the
home. When I was the head of the
gang crimes unit, I’d see young men
who had been involved with the
gangs, and I would talk to them in
the office and really chastise them
quite severely. The next week they’d
be back, saying, ‘Can we just sit
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Mr. Trump has
overloaded all cir-
cuits. Everything is
too charged, with
sparks and small
shocks all over.
“Nothing feels sta-
ble,” I mused to a
longtime Washington
media figure at a din-
ner the night before
the Prayer Breakfast.
“Nothing is stable,”
she replied. Earlier,
on the Hill, a veteran
conservative member
of Congress, speaking
of the president, got a
puzzled look: “There’s
MARTIN KOZLOWSKI
no calming with him.
It’s ‘Look what I can
do now!’ ”
Battle lines are
sharply drawn and no
one is especially in-
terested in understanding the other
side. The Trump White House is
viewed from the outside as heady
and triumphalist. Inside they feel up
against it, with the Democrats and
the press arrayed against them, half
their party’s leaders wishing they’d
go away, and with a highly distinc-
tive, not-fully-known quantity as
president.
Last week’s executive order on im-
migration continues to reverberate.
There was no Republican in Washing-
ton—not one, on the Hill or within
the party structure—who did not pri-
vately call the order a disaster. Its
public defenders argue it put force
and focus on efforts to make America
safer, that it was long-promised, that
it’s a pause, not a ban, and one of rel-
atively narrow scope. But it could
have been done without such ex-
pense if it had been done without
surprise and with coordination. You
have to help your allies in the agen-
cies and on the Hill know, understand
and be able to defend what you’re
doing. Instead, they were ignored, es-
pecially lawmakers. The Congress of
the United States is not composed of
meek and modest human beings.
down and talk, Joe?’ These kids are
so hungry to know what it means to
have a parent who takes an interest
in them . . .”
The reason I was trying to call
him last week is that nothing seems
to have changed. Last year in Chi-
cago there were at least 762 homi-
cides recorded, the most in decades.
In the first month of this year there
were more murders than in the first
month of 2016.
I wanted to ask Joe D—that’s
what DiLeonardi was invariably
called, even once he rose to the top
of the department—about what he
made of the fact that, all these years
later, the killings continue unabated.
When I heard about his death—he
was 84—that’s when I went back
and found the story I’d written after
our old conversation, and was struck
anew by its message.
“It makes you wonder what’s hap-
pened to our concept of the value of
Change Would Be Healthy at U.S. Climate Agencies
It will be hard to
notice when Presi-
dent Trump does
something worthy
of hysteria if every-
thing he does is
greeted with hyste-
BUSINESS
ria. Take claims
WORLD
that he’s laying
By Holman W.
siege to the alleged
Jenkins, Jr.
chastity of climate
scientists. This is
one subject where it might be wise
not to rely on the reflexive media
narrative.
The year 2016 was the warmest
ever recorded—so claimed two U.S.
agencies, NASA’s Goddard Institute
for Space Studies and the Commerce
Department’s National Oceanic and
Atmospheric Administration. Except
it wasn’t, according to the agencies’
Robert Thomson
Chief Executive Officer, News Corp
William Lewis
Chief Executive Officer and Publisher
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OPINION
They were not amused to spend the
days after the order taking phone
calls from frightened, angry constitu-
ents and donors. (A senator, on its
suddenness and the anguish at the
airports: “They couldn’t do a three-
day grace period?”)
What went wrong has been fully
adjudicated in the press. But this
should be said: The president and his
advisers are confusing boldness with
aggression. They mean to make
breakthroughs and instead cause
breakdowns. The overcharged cir-
cuits are leaving them singed, too.
People don’t respect you when you
create chaos. Prudence is not weak-
ness, and carefulness is a virtue, not
a vice.
The handling of the order allowed
the organized left to show its might,
igniting big demonstrations through-
out major cities. And not only down-
town—they had to make it out to the
airport to give the media the pic-
tures, and they did. In Washington I
witnessed a demonstration of many
thousands of people carrying individ-
ualized, hand-lettered signs.
If all this was spontaneous, the
left is strong indeed. If it was a
a human life,” he said when Chi-
cago’s murder total was 970. “We’ll
go out on a homicide investigation,
to a house where there’s just been a
murder, the wife has shot the hus-
band. And so we’ll walk into the liv-
ing room . . . and the husband’s dead
‘What happened to our
concept of the value of
human life?’ Joe D said. ‘I
see people killing for fun.’
body will be on the living room
floor, and the wife will be there
watching a television program! We’ll
ask her what happened, and she’ll
start talking about the TV show.
She’ll tell us what’s happened on the
program.”
He said that for a long time, he
own measures of statistical uncer-
tainty.
Such fudge is of fairly recent vin-
tage. Leaving any discussion of the
uncertainty interval out of press re-
leases only became the norm in the
second year of the Obama adminis-
tration. Back when he was presenting
the 2008 numbers, NASA’s James
Hansen, no slouch in raising climate
alarms, nevertheless made a point of
being quoted saying such annual
rankings can be “misleading because
the difference in temperature be-
tween one year and another is often
less than the uncertainty in the
global average.”
Statisticians wouldn’t go through
the trouble of assigning an uncer-
tainty value unless it meant some-
thing. Two measurements separated
by less than the margin of error are
the same. And yet NASA’s Goddard
Institute, now under Mr. Hansen’s
successor Gavin Schmidt, put out a
release declaring 2014 the “warmest
year in the modern record” when it
was statistically indistinguishable
from 2005 and 2010.
Nowadays Goddard seems to
mention confidence interval only
when it’s convenient. So 2015, an El
Niño year, was the warmest yet
“with 94 percent certainty.” No con-
fidence interval was cited one year
later in proclaiming 2016 the new
warmest year “since modern re-
cordkeeping began” when in fact
the difference versus 2015 was a
mere one-quarter of the margin of
error.
Commerce’s NOAA makes a fetish
of ignoring confidence interval in its
ranking of the 12 warmest years. Yet
when statistical discipline is ob-
served, 2015 and 2016, the two El
Niño years, are tied for warmest.
And the years 1998, 2003, 2005,
Saturday/Sunday, February 4 - 5, 2017 | A13
matter of superior
organization, that’s
impressive too.
You should never
let your enemy know
its own strength.
They discovered it in
the Women’s March,
know it more deeply
now, and demon-
strated it to Demo-
crats on the Hill. It
was after the demon-
strations that Demo-
cratic senators
started boycotting the
confirmation hear-
ings. They now have
their own tea party to
push them around.
The handling of
the order further le-
gitimized the desire
of many congressio-
nal Republicans to
distance themselves from the presi-
dent, something they feel they’ll
eventually have to do anyway be-
cause they know how to evaluate po-
litical horse flesh, and when they
look at him they see Chief Crazy
Horse.
The furtiveness and timing of the
order opened the administration to
charges of smallness and bigotry and
obscured a widening of the govern-
ment’s lens on refugees—the wel-
come and justified prioritizing of
persecuted religious minorities, in-
cluding the Christians and Yazidis of
Syria.
It has seemed to me the adminis-
tration is engaged in a populist cor-
rection that springs in part from the
insight that America at this point in
its political history—after the crash
of ’08 and the long foreign and inter-
nal cultural wars, and in the age of
terror—is going to go in either of
two directions, a moderate-populist
one or a socialist one, and the former
is vastly preferable. But the adminis-
tration must become careful never to
allow its populism to be turned into
something that looks dark, as if it’s
not aimed at helping the ignored but
tried to convince himself that every
murderer he met had a sliver of de-
cency somewhere inside, hidden
away:
“Up until a couple of years ago, I
really believed that murderers were
not mean people, that they were in-
volved in one-time acts committed
in the heat of passion. I could under-
stand that. I could deal with it.
“But now? I see meanness. I see
one brother shooting the other be-
cause he won’t sing ‘Happy Birthday’
to him. I see girls shooting each
other over cigarette butts. I’m see-
ing fewer murders done in the heat
of passion and more being done just
for kicks, for the spontaneous thrill.
I’m seeing very young killers who
have absolutely no remorse when we
catch them. I see people killing for
fun.”
DiLeonardi’s funeral was held
Thursday at Chicago’s Holy Name
Cathedral. Also in Chicago last
2006, 2007, 2009, 2010, 2012, 2013
and 2014 are all tied for second
warmest.
In other words, whatever the
cause of warming in the 1980s and
1990s, no certain trend is observable
since then.
Shall we posit a theory about all
this? U.S. government agencies
stopped mentioning uncertainty
ranges because they wanted to en-
gender a steady succession of head-
lines pronouncing the latest year un-
ambiguously the hottest when it
wasn’t necessarily so.
In the Obama era, it was
routine for press releases
to avoid mentioning
any margin of error.
This doesn’t mean you should stop
being concerned about a potential
human impact on climate. But when
government scientists deliberately
seek to mislead, it’s a warning to
raise your guard.
For instance, NOAA states its an-
nual temperature estimate as an
“anomaly” in relation to the 20th-
century average. Do you really be-
lieve government scientists can re-
construct a global average
temperature for years in the first
half of the 20th century with suffi-
cient accuracy to allow comparisons
of 1/100ths of a degree?
You start to notice other things.
The numbers keep changing. Years
2005 and 2010 were exactly tied in
2010, but now 2010 is slightly
warmer, just enough to impart an up-
ward slope to any graph that ignores
statistical uncertainty.
at hurting various enemy groups. Of
all political tendencies populism can
never allow itself to appear dark, be-
cause its roots are in part emotional
and because it depends on public es-
teem. Americans want an America
that looks after itself, but they don’t
admire bigotry or respect prejudice.
They’re embarrassed by it.
The announcement of Supreme
Court nominee Neil Gorsuch seemed
to me both horrifying and wonder-
fully effective. A jubilant, partisan-
seeming rally in the august East
Room is lowering, undignified, not
right. It is also true it was a total hit,
with a highly sane speech by the
president that had a rather stirring
ending: “Judge Gorsuch, the podium,
sir, is yours.”
Judge Gorsuch: Jimmy Stewart.
His spoken thoughts were modest,
impressive: “When we judges don
our robes, it doesn’t make us any
smarter, but it does serve as a re-
minder of what’s expected of us: im-
partiality and independence, collegi-
ality and courage.” When Mr. Trump
shook his hand in a way that seemed
intended to tug Judge Gorsuch to-
ward him, the nominee literally stood
his ground, kept his right arm fully
extended, and did not come closer.
No one is going to take this guy
down.
Judge Gorsuch reads Dickens; he
quoted “Bleak House” in a 2009 deci-
sion. He writes clearly, a former clerk
told me, because his grounding in le-
gal philosophy allows him to proceed
with simplicity. You don’t have to get
fancy when you know what you’re
doing. He loved Antonin Scalia but
unlike Scalia “there is no acid in his
pen.” He is a respectful persuader. It
is reported that upon being nomi-
nated his first phone call was to Mer-
rick Garland. If that is true the Court
is about to get classier.
Democrats leveled the usual pre-
cooked, reheatable criticisms—he is
for corporations and against
women—and looked dopey and un-
usually insincere. They’re going to
lose on this one and on some level
probably know they should.
week, a man named Malik Jones, 21,
was sentenced to 33 years in prison
for what was called a “pick ’em out
and knock ’em out” killing. Jones
and two other young men had been
charged with the murder of Delfino
Mora, 62, who was walking by him-
self when Jones, who didn’t know
him, approached him and struck
him in the face as one of the others
recorded it on his cellphone. Mora
fell, hit his head on the pavement,
and died the next day. The men
posted the video of the murder on-
line to share with friends and
strangers. That’s how they were
caught.
Killing for fun. That’s what Joe D
said he was worried about back
then, and hoped would someday
change. Killing for fun.
Mr. Greene’s books include “Chev-
rolet Summers, Dairy Queen Nights”
(Harper Perennial, 2001).
Government scientists are un-
doubtedly ready with justifications
for each of the countless retroactive
adjustments they impose on the
data, but are you quite sure they can
be trusted?
Climate science is not a hoax. The
U.S. government spends impressive
sums to take the increasingly rigor-
ous readings from which a global av-
erage temperature is distilled. But
other countries like the U.K. and
Japan also do sophisticated monitor-
ing and end up with findings roughly
similar to the findings of U.S. agen-
cies, yet they don’t feel the need to
lie about it. For instance, the U.K.
Met Office headlined its 2016 report
“one of the warmest two years on re-
cord.” A reader only had to progress
to the third paragraph to discover
that the difference over 2015 was
one-tenth the margin of error.
President Trump is a complete
novice, but presumably at some
point he will climb the learning
curve, gain control over his adminis-
tration, and start making cagier deci-
sions about which fights are worth
having. Our guess is that fighting
with his administration’s climate sci-
entists won’t seem like much of a
priority. And yet, given all the money
U.S. taxpayers spend on climate sci-
ence, a mental freshening wouldn’t
be the worst thing. Goddard’s Mr.
Schmidt, keeper of a snarling blog
that makes frequent use of the slur
“denier,” got his start at the New
York City-based NASA science lab
more than 20 years ago.
On the slight chance Mr. Trump
does make such a move, keep some-
thing else in mind: Undifferentiated
hysteria will apparently be the media
reaction to every Trump action
equally whether those actions are en-
tirely justified or entirely indefensible.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A14 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
SUPER BOWL SPLURGES SACKED? B3
© 2017 Dow Jones & Company. All Rights Reserved.
DJIA 20071.46 À 186.55 0.9%
Brokers Spared From Retirement Rule
Trump action aims
to repeal fiduciary
regulation and put
burden back on savers
BY MICHAEL WURSTHORN
AND LISA BEILFUSS
President Donald Trump’s
move to roll back the Obama-
era fiduciary rule amounts to
a reprieve for parts of the fi-
nancial-services industry and
puts the onus back on retire-
DIPTI DESAI FOR THE WALL STREET JOURNAL
U.S. companies are funding traffic improvements in Bangalore, India. Above, a new footbridge outside the EcoSpace office complex.
Helping Indian City Out of Its Jam
BY SHEFALI ANAND
BANGALORE—U.S. compa-
nies are helping India’s own
Silicon Valley cope with rapid
growth, chipping in to build
infrastructure such as foot-
bridges and overpasses, and
pushing to improve public
transportation to get their em-
ployees to work safely.
The southern city of Banga-
lore has an educated and rela-
tively inexpensive bounty of
computer programmers, engi-
neers and accountants, which
has attracted the likes of Gold-
man Sachs Group Inc., Intel
Corp. and Cisco Systems Inc.
In the past two decades, its
population more than doubled
to reach the size of New York
City—but its infrastructure
hasn’t kept up.
In an attempt to ease traffic
jams and avoid pedestrian ac-
cidents, large U.S. corpora-
Heating Up
A rebound in the price of metallurgical coal, used in steelmaking,
has helped to reverse years of declining U.S. output.
International benchmark spot price, Australian metallurgical coal
$300 a metric ton
200
100
0
2015
Quarterly production from U.S. metallurgical coal mines*
20 million tons
15
10
5 after a powerful rally in coal
0 International prices for the
2015
*Production figures are for low-vol, mid-vol and high-vol A, and high-vol B.
Note: 1 metric ton = 1.1 short tons
Sources: S&P Global Platts (price); Mine Safety and Health Administration (production)
BIGGEST 1,000 STOCKS B5 | MARKETS DIGEST B6 | HEARD ON THE STREET B10
NASDAQ 5666.77 À 0.5%
ment savers to avoid conflicts
by stockbrokers.
The executive action,
backed by pockets of Wall
Street but excoriated by con-
sumer advocates, aims to give
individuals more investment
choices and businesses the op-
portunity to offer them. At the
same time, some brokerages
have said even if the rule
didn’t stick, they intend to
embrace some of its tenets as
good business practices.
The fiduciary rule, unveiled
by the Labor Department last
tions are funding and even
overseeing the construction of
some infrastructure in loose
cooperation with municipal
and government agencies.
A group of companies have
pooled about $70,000 to build
a footbridge over a busy arte-
rial road in Bangalore. The
bridge, completed last year, is
critical for getting their own
staff to work safely and effi-
ciently, they say.
Construction of a second
footbridge, this one outside an
office of J.P. Morgan Chase &
Co., is slated for later this
year. The consortium pays
$90,000 annually for about 30
wardens to help the city’s po-
lice manage traffic. They even
hired a crane to be kept on
standby for when a vehicle
breaks down and needs to be
removed quickly to keep traf-
fic flowing.
The companies managed to
’16
’16
THE WALL STREET JOURNAL.
* * * * ** THE WALL STREET JOURNAL.
STOXX 600 364.07 À 0.6% 10-YR. TREAS. g 7/32 , yield 2.496%
spring, holds brokers and ad-
visers who work with tax-ad-
vantaged retirement savings
to a fiduciary standard as op-
posed to the previous suitabil-
ity standard. The stricter stan-
dard means advisers must
work in the best interest of
their clients and generally
avoid conflicts, which can
come about with the commis-
sion-based compensation com-
mon among brokers and insur-
ance agents.
Mr. Trump’s move Friday,
signing an order calling for a
speed up local government
plans for a metro rail line that
would connect offices on a
portion of the city’s Outer
Ring Road—a 10-mile stretch
20%
Share of total leased office space
in India on ring road in Bangalore
where the offices of most ma-
jor international corporations
are located. To get the project
moving, the consortium,
known as the Outer Ring Road
Companies Association, pro-
vided previously unobtainable
financing tools to the agency
in charge of building the Ban-
galore metro system.
“The development of the
Diamond in the Rough? Coal IPOs Rise
Appalachian miner Ramaco
Resources Inc. priced an ini-
tial public offering on Thurs-
day, kicking off what could be
the biggest wave of coal IPOs
in at least two decades.
By Timothy Puko,
Matt Jarzemsky
and Maureen Farrell
’17 Only a year ago some of the
industry’s biggest producers
were in bankruptcy, laid low
by plunging coal prices and
heavy debt. Some of these
same firms are emerging from
chapter 11, eager to sell shares
to the public or refinance debt
prices.
type of coal used to make
steel, metallurgical coal, tri-
pled in 2016 from a decade-
low. Rule changes in China
that limited work in mines,
OIL $53.83 À $0.29
review, reflects a line of think-
ing that favors consumer
choice over regulations that
would restrict business activ-
ity or cause businesses to pare
back options and products.
“We think it is a bad rule. It
is a bad rule for consumers,”
said White House National
Economic Council Director
Gary Cohn in an interview
with The Wall Street Journal
on Thursday. The rule, he said,
“is like putting only healthy
food on the menu, because un-
healthy food tastes good but
[Ring Road] corridor has been
very fast now, so we’re trying
to catch up,” said Pradeep
Kharola, managing director of
the Bangalore Metro Rail Cor-
poration Ltd.
In 2015, Bangalore’s Outer
Ring Road accounted for about
20% of all office space leased
in India, according to the
Metro Rail Corporation. Mor-
gan Stanley, Wells Fargo &
Co., Amazon.com Inc. and
LinkedIn Corp. have leased of-
fice space on the stretch in the
past three years.
Bangalore was a sleepy city
until two decades ago. It burst
into the global limelight as In-
dian outsourcing companies
such as Infosys Ltd. and Wipro
Ltd. became successful glob-
ally. Attracted partly by the
lower costs, major U.S. compa-
nies, including International
Business Machines Corp.,
Please see INDIA page B2
mine retirements in Australia
and U.S. production cutbacks
sparked the rally. Many trou-
bled mines were suddenly
profitable.
Now at least a half dozen
U.S. coal firms are preparing
or exploring public offerings,
say people familiar with the
matter. No year has ever had
more than four coal-company
IPOs, according to records
from data provider Dealogic
that go back to 1995.
Warrior Met Coal LLC, cre-
ated with mines from bank-
rupt Walter Energy Inc., has
tapped Credit Suisse Group AG
and other banks to lead an IPO
expected to value the company
at about $3 billion, according
to people familiar with the
matter.
Blackhawk Mining LLC, one
of the largest producers of
metallurgical coal in the U.S.,
is also considering an IPO, ac-
PROFILE A REBOOT AT NASDAQ B4
Saturday/Sunday, February 4 - 5, 2017 | B1
GOLD $1,218.50 À $1.80
you still shouldn’t eat it be-
cause you might die younger.”
Consumer activists said re-
tirement savers would lose
protections.
“Repealing the rule frees up
brokers and insurance agents
to go back to recommending
what’s most profitable for
them rather than what’s best
for their customers,” said Bar-
bara Roper, director of inves-
tor protection at the Con-
sumer Federation of America.
“And it frees up firms to keep
the toxic financial incentives
Sabotage Blamed
For Tainted Tobacco
BY JENNIFER MALONEY
A senior Altria Group Inc.
executive Friday said cans of
Skoal, Copenhagen and other
smokeless tobacco were
tainted in “a deliberate, mali-
cious act” by people familiar
with safety and product qual-
ity systems inside a factory
slated to close next year.
Brian Quigley, the chief exec-
utive of U.S. Smokeless Tobacco
Co., said in an interview the Al-
tria unit was investigating
whether the tampering, which
led to a recall issued earlier
this week, was done by workers
or contractors at its Franklin
Park, Ill., manufacturing facility.
He declined to say what led
the company to believe that
the tobacco had been deliber-
ately tainted. The company is-
sued a voluntary recall Tues-
How to Inch Your Way
To Wealth With a Phone
The young and the poor
used to have to pinch their
pennies for years to
scrounge up enough money
to invest. Now, thanks to the
smartphone, their pennies
are enough.
Clever
new smart-
phone appli-
cations turn
THE
two human
vices—iner-
tia and im-
INTELLIGENT pulsivity—
INVESTOR into virtues.
JASON ZWEIG Technology
is putting
saving and
investing, which traditionally
lay beyond the reach of mil-
lions of Americans, within
anyone’s grasp. As a result,
the democratization of mar-
kets begun by mutual funds
and discount brokerages may
still have room to run.
Stash, an app that lets in-
vestors start buying minia-
turized portfolios of ex-
cording to a person familiar
with the matter. The company
is marketing $660 million in
debt and could follow that
with a stock offering in the
early summer, the person said.
Contura Energy Inc. and
Coronado Coal LLC have also
interviewed bankers for poten-
tial share listings, say people
familiar with the matter.
Ramaco, the Lexington, Ky.,
company, sold the first U.S.
coal IPO in more than a year,
even though it mined its first
coal a little more than a
month ago. The offering raised
$81 million after the company
and other shareholders sold
six million shares at $13.50 a
share, according to people fa-
miliar with the process.
Record high coal prices in
2011 led the country’s biggest
miners to borrow billions of
dollars to buy more mines and
boost output. That created a
EURO $1.0786 YEN 112.59
in place that encourage and
reward advice that is not in
customers’ best interests.”
The Obama administration
had said conflicted advice
costs U.S. families $17 billion a
year and pushes down annual
returns on retirement savings
by a percentage point. Finan-
cial-industry leaders have said
those figures are inflated.
The financial-services in-
dustry stood to lose billions of
dollars in revenue if the rule
led consumers to lower-cost
Please see RULE page B2
day for all products
manufactured at the Franklin
Park facility after receiving re-
ports from consumers who
found pieces of metal—some
of them sharp—in their smoke-
less tobacco cans.
There were no injuries in
the nine cases reported so far,
a company spokesman said. In
each case, the consumer found
a single piece of metal at least
an inch in length.
U.S. Smokeless Tobacco is
conducting the investigation in
conjunction with the Food and
Drug Administration’s Office of
Criminal Investigations and
Center for Tobacco Products,
the company spokesman said.
An FDA spokesman said he
couldn’t confirm or deny the
existence of an investigation.
The Franklin Park factory
Please see RECALL page B2
change-traded funds with as
little as $5, started in Octo-
ber 2015. Stash is up to ap-
proximately 420,000 custom-
ers, with 3,000 new accounts
opening daily, says co-
founder Ed Robinson.
The first three months are
free; after that, Stash costs
$1 a month. Its typical inves-
tor starts with roughly $40
and adds about $20 a week,
Mr. Robinson says.
Acorns, another microin-
vesting app, had 850,000 ac-
counts last April. It has more
than 1.4 million now, having
opened 125,000 new ac-
counts in January alone, says
Chief Executive Noah Kerner.
Acorns also charges $1 a
month.
Once customers connect
Please see WEALTH page B7
INDEX Markets Digest............................ B6
Bond Tables................................... B7 Money Rates................................. B4
Cash Prices..................................... B4 Mutual Funds............................... B8
Dividend News............................ B8 New Highs & Lows................... B8
Exchange-Traded Funds...... B8 Stock Listings............................... B5
Futures.............................................. B4 Weekend Investor..................... B7
Insider-Trading Spotlight..... B7 Week in the DJIA....................... B8
supply glut, and prices for
metallurgical coal fell more
than 70% when economic
growth slowed in China and
Europe. Three of the five larg-
est U.S. coal miners, account-
ing for more than a third of all
U.S. production, went bank-
rupt.
Demand expectations are
now showing promise for the
first time in years, analysts
said. Shares in coal producers
also briefly surged this fall af-
ter the election of President
Donald Trump, who has said
he wants to revive the sector.
The U.S. Senate gave the in-
dustry another potential lift
on Thursday by following the
House in voting to repeal a
rule that limited companies
from dumping mining waste in
streams. The coal industry
views the environmental rule
as burdensome regulation.
Please see COAL page B2
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Saturday/Sunday, February 4 - 5, 2017
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Abbott Laboratories...A5
Altria Group................B1
Amazon.com ............. B10
Atari............................A5
B I
Banco Santander ........ B4
Bandai Namco Holdings
.....................................A5
Bank of America
........................ B3,B4,B10
BATS Global Markets.B4
Benchmark Capital ..... B2
C J
CIT Group....................B4
Citigroup......................B4
Contura Energy...........B1
Cowen........................B10
Credit Suisse Group ... B1
D M-N
Deutsche Bank............B4
G Marathon Coach ......... A5
Goldman Sachs Group
...................................B10
INDEX TO PEOPLE
A G
Ablin, Jack.................B10
Ake, Don......................B3
Aoki, Daiju .................. B9
B Herkner, Sebastian.....D6
Babich, Michael .......... B3
Baker, Maggie.............B7
Bloch, Ethan................B7
C Inkinen, Mika..............B9
Chen, Jenn .................. B7
Cryan, John.................B4
D Kapoor, John N...........B3
Dean, Katherine..........B7
Duchaufour-Lawrance,
Noé............................D6
E Kuraishi, Seiji..............B3
Eaton, Ken...................B7
Ehmann, Sven.............D4
F M-P
Fishman, Jeff..............B7
Fortenberry, Lacy........B3
Friedman, Adena.........B4
Friedman, George ....... B7
INDIA
Continued from the prior page
Adobe Systems Inc., Cisco and
J.P. Morgan, have set up large
offices in the city and hired
tens of thousands of people.
The city is often referred to as
the Silicon Valley of India.
Despite the logistical hur-
dles resulting from rapid
growth, Bangalore remains at-
tractive to multinationals,
thanks to a large skills pool
that ranges beyond software
engineers to include data sci-
entists, finance specialists and
venture capitalists. “It be-
comes a hard place to turn
away from,” said V. Bunty
Bohra, chief executive of Gold-
man Sachs Services in India.
U.S. President Donald
Trump’s efforts to push U.S.
companies to cut back on ex-
panding foreign operations ha-
ven’t yet damped the attrac-
tion of the Outer Ring Road.
Around half a million peo-
ple work along it, more than
twice the number a decade
ago. The eight-lane road is
flanked by massive office
parks. One of them is RMZ
Ecoworld, a complex that
hosts 70,000 employees.
There is only one gate for
office workers to enter and
leave Ecoworld. On a recent
afternoon, around 5 p.m., six
traffic wardens and one traffic
policeman helped manage a
stream of cars, two-wheelers,
mini buses, and other vehicles
spilling on to the Outer Ring
Road from the complex, and
merging it with oncoming
traffic.
An estimated 600,000 vehi-
cles ply the Outer Ring Road
during peak hours. The result:
it can take an hour to cover a
half mile by car. Traffic jams
lead to annual productivity
loss of $3 billion a year, ac-
DIPTI DESAI FOR THE WALL STREET JOURNAL
Traffic congestion poses security risks for developers in India.
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Guitar Center..............D9
H
HHGregg......................B3
Honda Motor...............B3
Hudson's Bay ...... A1,B10
New York Stock
Exchange...................B4
Outdoor Resorts of
O
America.....................A5
Firms to See Snap Windfall
BY ROLFE WINKLER company: Chief Executive Evan the following year.
R Snap’s Owners Spiegel and Chief Technology Both firms have made an
Ramaco Resources......B1 Snap Inc.’s initial public of- Officer Bobby Murphy. Their impressive string of invest-
Infosys.........................B1 Owners and value of their
fering promises to make a nice holdings would be worth about ments in recent years, in par-
Insys Therapeutics ..... B3 S holdings at an estimated
Intel.............................B1 Simon Property Group fortune for a number of Sili- $16.33 a share. $3.7 billion each at $16.33 a ticular Benchmark. Counting
International Business ...................................B10 con Valley venture-capital share. And with the IPO Mr. Snap, its seventh venture fund
Machines...................B1 Evan Spiegel Bobby Murphy
Snap.............................B2 firms, but especially two: Spiegel is set to get a nice bo- has early stakes in at least
Intuit ........................... B3 Stifel Nicolaus..........B10 Benchmark and Lightspeed nus—a fresh slug of shares four companies now worth
Swift Transportation..B3 Venture Partners. equal to 3% of the company’s more than $1 billion—includ-
22.2% 22.2%
J.P. Morgan Chase......B3 T They are the largest outside $3.7B $3.7B outstanding stock, which could ing ride-sharing firm Uber
L Takashimaya...............A5 investors in Snap, which filed translate to an added $600 Technologies Inc., whose Se-
public IPO papers on Thurs- 8.5% 12.9% million or more depending on ries A round Benchmark led in
Lightspeed Venture V Other
Partners....................B2 Visa............................B10 day. Benchmark holds 131.6 34.2% the price at which the com- 2011 and which was last val-
LinkedIn.......................B1 million shares and Lightspeed pany goes public. ued at $68 billion. Other win-
W $5.7B
86.6 million, which translated Outside investors that made ners on paper in that portfolio
Wal-Mart Stores.........B3
Macy's..................A1,B10 Walter Energy.............B1 to $2.1 billion and $1.4 billion, Lightspeed Benchmark early bets on Snap include In- include shared-office-space
Warrior Met Coal........B1 respectively, at Snap’s year- Venture $2.1B stitutional Venture Partners company WeWork Cos., valued
Morgan Stanley........B10 Wells Fargo....B1,B3,B10 end estimated fair value of $1.4B and hedge fund Coatue Man- at $17 billion, and software
Nasdaq OMX Group....B4 Wipro...........................B1 $16.33 a share. Note: Percentages will change at the agement. company Docker Inc, valued at
The value of those stakes is IPO from additional dilution and But Lightspeed and Bench- $1 billion. Taken together the
Spiegel’s additional 3% allocation.
likely to change at the outset. mark are in a different cate- investments have powered the
At $16.33, Snap’s valuation is
roughly $21 billion, but it
Source: the company
THE WALL STREET JOURNAL.
gory, holding a combined stake
of about 20%. Lightspeed was
most lucrative venture portfo-
lio in recent memory.
could price shares in its IPO at the first venture-capital firm Lightspeed was also an
Perhacs, Natalie ......... B3 a valuation of up to $25 bil- fore investors are able to sell to invest, providing a seed in- early investor in software
Greifeld, Robert..........B4 Pitts, Brett..................B3 lion. Once shares begin trad- much of their stakes. vestment in 2012 to help Snap company Nutanix, which went
H Q ing on the New York Stock Ex- The biggest winners when pay its mounting server costs. public in September and now
Quigley, Brian.............B1
change, likely next month, the Snap goes public will be its two Benchmark led the company’s has a market capitalization of
Hamamura, Hirokazu . A5
valuation could rise or fall be- founders, who still run the “Series A” round of funding $4.2 billion.
R
Hill, Taylor Tomasi ..... D3 Raymond, John...........B2
RULE
Holden, Lindsay..........B7 Raymond, Lee.............B2 contended it would punish sistance, a number of broker- in New York.
I Repetto, Richard.........B4 smaller savers in the form of ages said they intend to keep Merrill Lynch, which has
Robinson, Ed...............B1 less access to financial advice, some of the changes they more than $2 trillion in client
Rocha, Simone............D3 put heftier fees on those who planned to comply with or had assets, has said it would stick
K
Rosenbaum, Nathaniel Continued from the prior page trade infrequently and would already instituted. Observers with its plan, announced in
Kantrowitz, Mark ....... B7 products. The industry also be costly for brokerages, espe- said that some in the industry October, to end commission-
.....................................B9
risked the threat of class-ac- cially smaller firms. had already been working to- based retirement accounts
Rubenstein, David ...... B4
Kerner, Noah...............B1 tion lawsuits if investors al- Consulting firm AT Kearney ward eliminating some con- even if the rule gets killed.
Kharola, Pradeep.........B1 S
leged their best interests projected that the rule would flicts of interest, such as The Bank of America Corp.-
Kindred, Teresa...........B7 Schneider, Rachel ....... B7 weren’t served. result in as much as $20 bil- through favoring a level fee on owned brokerage will instead
Sonnenfeldt, Michael.B7 While Friday’s order gives lion in lost revenue for the in- an account compared with charge a fee based on a per-
L Spiegel, Evan .............. B2 the Labor Department discre- dustry, about 7% of total reve- commissions for transactions, centage of assets.
Larroude, Marina........D3
Sturdy, Martha...........D6 tion over whether to revise or nue in 2015. The insurance and that the Labor Depart- Morgan Stanley recently
V rescind the rule, the move is industry has also bucked ment’s rule had only acceler- told its brokers it would move
expected to delay the April 10 against the rule, as it likely ated the shift over the past ahead in any political scenario
Van Zutphen, Neal......B7
Monk, Ashby...............B7 implementation deadline. would have put out of busi- several months. with changes to product pric-
Morduch, Jonathan.....B7 W With the rule effectively on ness certain annuities sellers. “We’re seeing here the in- ing, such as lowering the price
Murphy, Bobby............B2 Webb, Ashley Vermillion hold, if not dead, retirement “It risks reducing access to dustry is being relieved of the of commissions tied to stocks
Paulsen, Jim ............. B10 .....................................D3 savers can be pitched products advice and has an infantilizing specifics of this rule without and exchange-traded funds.
that are in line with their view of American investors,” necessarily reversing the trend “We will continue to move
needs and risk tolerance but said Thaya Brook Knight, asso- toward worrying about the forward with many of the ini-
cording to an estimate by the
Outer Ring Road Companies
Association.
In recent years, there have
yield a higher commission for
brokers, such as with certain
types of annuities and some
mutual-fund share classes.
ciate director of financial reg-
ulation studies at the Cato In-
stitute, a libertarian think
tank.
customer’s best interest,” said
Andrew Oringer, co-chairman
of law firm Dechert LLP’s re-
tirement-income security and
tiatives we have under way,” a
Morgan Stanley spokeswoman
said Friday.
—Daisy Maxey
been accidents as pedestrians Critics of the rule have long Despite some industry re- executive-compensation group contributed to this article.
try to cross the Ring Road, as
there weren’t any foot path-
ways above or below the road
for large stretches. A fatal ac-
cident in 2015 shook leaders of
some companies, who then
funded the $70,000 skywalk.
Meanwhile, traffic conges-
tion poses security risks, given
the difficulty of evacuating
staff in an emergency.
An Indian developer funded
by Blackstone Group LP that
runs an office park in the area
has asked the city government
for permission to build a traf-
fic overpass to connect two
other existing overpasses, and
for permission to build ramps
that will ultimately connect
them to its campus.
The developer, Embassy
Group, has offered to pay up
to $10 million to fund the con-
struction. The company built a
foot pathway near its office
TY WRIGHT/BLOOMBERG NEWS
park and installed a bus stop
for the city’s public buses so
they can bring employees to
and from their office cam-
puses. The Outer Ring Road
Companies Association plans
to start its own fleet of private
shuttle buses operating
throughout the city. A miner shines his light on coal being transported on a conveyor belt in a mine in Pennsylvania. Coal stocks have recently advanced.
“You can’t depend on the
government to do everything,”
said Poorna Gudibande, honor-
ary president of the associa-
COAL tions on the number of days
mines can be open and mines
world-wide have already
firms stand to gain if the coal
IPOs go well. Apollo Global
Management LLC is the larg-
Raymond, was also a backer of
the late wildcatter Aubrey Mc-
Clendon. Coronado bought
tion, whose day job is to man- Continued from the prior page ramped up output to take ad- est owner of Warrior, which metallurgical-coal mines be-
age regional security at Cisco. “It’s a very optimistic time vantage of the rally in prices. may be the next to go public. tween 2014 and 2016 from
The government welcomes now for the coal market be- Some miners are still very Apollo was negotiating last Cliffs Natural Resources Inc.
companies’ initiatives, said cause those regulations are early in the exploration pro- year to buy Australian mines and Consol Energy Inc. when
Mahendra Jain, a senior offi- being pushed back,” said cess and could scrap plans if to diversify Warrior’s holdings the coal’s price was 40% to
cial in the urban development George Schultze, managing coal prices fall further. Com- ahead of a possible IPO, but 50% cheaper than it is today.
department of the state of member of Schultze Asset panies could also spin off met- Anglo American PLC pulled Paringa Resources Ltd.,
Karnataka, of which Bangalore Management LLC, with $175 allurgical coal assets or con- back on the deal as coal’s with shares trading in Austra-
is the capital. million in assets. “Those com- solidate them. value skyrocketed, according lia, is exploring a U.S. IPO for
“It helps them, it helps the panies that restructured when Many are turning to the to a person familiar with the a startup Kentucky coal busi-
government to take up more the outlook was the worst are debt market, too. Peabody En- matter. ness, according to a person fa-
projects within the govern- really in position to benefit.” ergy Corp., the largest U.S. Coronado Coal is backed by miliar with the matter. The
ment’s budget,” he said. How well these IPOs do miner, this week launched a $1 the energy and resource-ori- company has met with bank-
may also depend on investor’s billion high-yield bond offer- ented private-equity firm En- ers, the person said. Unlike
stomach for wild price swings. ing to help pay off bank loans ergy & Minerals Group. John most other offerings, Paringa’s
Coal prices have tumbled by before it exits bankruptcy, ac- Raymond, the firm’s majority would focuses on thermal coal,
nearly half since November, cording to a company filing. owner and son of former the kind burned by power
after China relaxed restric- A few big private-equity Exxon Mobil Corp. chief Lee plants.
RECALL some other employees were.
Officials appeared to be focus-
ing on employees who worked
“I really can’t speculate on
what the triggering event
would be,” Mr. Quigley said.
Cope products were also in-
cluded.
U.S. Smokeless Tobacco said
Continued from the prior page an overnight shift on a partic- “When you have such a delib- it received the first consumer
employs about 300 workers, ular date, he said. erate, malicious act, it’s really report on Jan. 18. It stopped
who were told in October that If the allegations prove hard for me—I wouldn’t want shipments from the Franklin
the facility would be closed by true, “it’s certainly disappoint- to speculate on what triggered Park factory last week, and
early 2018. It is one of two ing,” he added. “I don’t think that. That’s what the investiga- stopped production there on
manufacturing facilities where anybody would condone inten- tion is really focused on con- Wednesday, Mr. Quigley said.
U.S. Smokeless Tobacco flavors tionally tampering with prod- cluding.” The company’s field sales
and packages products, in ad- uct that could have serious Nine million people aged 12 force, Altria Group Distribu-
dition to two other facilities health effects….Our crew, a lot and up were smokeless-to- tion Co., has contacted 160,000
for leaf processing and another of them have been there a bacco users in the U.S. in 2015, stores carrying the affected
for developing new products. number of years and continue according to a federally funded products and so far has made
The Altria unit has been in- to take pride in the work survey on drug use and health. visits to 34,000 of them as
terviewing employees at the they’re doing.” The recalled products in- part of the recall effort.
Franklin Park facility. Mike The company spokesman clude several varieties of Co- Mr. Quigley declined to say
Masterson, a union representa- declined to comment on per- penhagen, including Extra how much the factory pro-
tive for the factory’s eight op- sonnel matters. Union repre- Long Cut Natural and Long Cut duces, but said that the major-
erating engineers, said one of sentatives for other workers Mint, and about two dozen ity of the company’s most pop-
his members had been inter- didn’t respond to requests for Skoal flavors, including Bandit ular products aren’t affected
viewed but wasn’t called back comment or declined to com- Mint and Long Cut Cherry. A by the recall because they are
for a follow-up interview as ment Friday. smaller number of Husky and manufactured elsewhere.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Doctors’ Trial
Reveals Tactics
To Sell Opioid
BY JOSEPH WALKER
MOBILE, Ala.—Often-emo-
tional testimony at the crimi-
nal trial of two pain doctors is
shedding new light on the
sales tactics of fentanyl maker
Insys Therapeutics Inc. and
the toll of opioid addiction in
this port city along the Gulf
Coast.
Prosecutors here allege that
Drs. John Couch and Xiulu
Ruan made $40 million in il-
licit profit by overprescribing
pain medications and dispens-
ing them to patients from the
pharmacy they co-owned and
operated from the back of one
of their pain clinics.
The doctors’ close relation-
ship with Insys, which was de-
tailed in a Wall Street Journal
article in November, plays a
central role in the case. The
doctors allegedly took $115,000
in kickbacks from the company
for prescribing large quantities
of its fentanyl product, known
by the brand name Subsys, and
conspired with Insys employ-
ees to defraud insurance com-
panies by misleading them
about patients’ diagnoses,
Sales rep said doctors
were rewarded based
on the number of
prescriptions written.
prosecutors say.
The trial, which began in
early January and is expected
to conclude this month, is the
first to result from more than
a dozen criminal cases brought
by federal prosecutors around
the U.S. involving alleged
bribes by Insys employees. Ex-
CEO Michael Babich and other
former Insys managers
pleaded not guilty in January
to racketeering, kickback and
insurance-fraud charges
brought by the U.S. attorney’s
office in Massachusetts.
Opioid overdoses killed
33,091 Americans in 2015, a
16% increase from the previous
year, according to the Centers
for Disease Control and Pre-
vention. Much of the increase
was driven by abuse of illicitly
made fentanyl, a powerful syn-
thetic opioid; but legally man-
Toll of Opioids
U.S. overdose deaths involving
opioids have risen dramatically
in recent years.
U.S. opioid deaths*
30,000
20,000
10,000
0
2000
*Includes illicit street drugs and
prescription medications
2010
Source: CDC/NCHS, National Vital
Statistics System, Mortality
THE WALL STREET JOURNAL.
Demand for Heavy Trucks
Hits Highest in 14 Months
BY ERICA E. PHILLIPS
North American orders for
new big rigs soared to a 14-
month high in January, a sign
that the trucking industry is
preparing for a rebound in
freight demand.
Fleet owners ordered
22,200 heavy-duty trucks last
month, a 21% increase from a
year earlier and the most since
late 2015, according to ACT
Research.
Trucking companies had
scaled back vehicle orders for
most of last year, as uneven
economic growth and a strug-
gling manufacturing sector
curbed freight demand, leaving
too many trucks available to
move cargo. But volumes, and
the rates fleets charge custom-
ers, have picked up in recent
months.
“There’s momentum here,”
said Don Ake, an analyst with
transportation research firm
FTR, which put out similar
* * * *
ufactured products such as
Subsys also are receiving in-
creased attention from law en-
forcement.
The scrutiny has shaken
Chandler, Ariz.-based Insys,
which had been one of the hot-
test pharmaceutical stocks on
Wall Street thanks to booming
Subsys sales. The company has
shed about 40% of its market
value, or nearly $515 million,
over the past year.
The company is searching
for a permanent CEO after the
retirement of John N. Kapoor,
the company’s billionaire co-
founder and majority share-
holder.
Insys declined to comment.
It has previously said it is co-
operating with all ongoing in-
vestigations and is committed
to complying with laws and
regulations. It isn’t known
whether Drs. Couch and Ruan,
who gave up their licenses to
prescribe controlled sub-
stances in 2015, will testify.
Mr. Babich and Dr. Kapoor
aren’t expected to appear.
Prosecutors allege that
many fees Drs. Couch and
Ruan received from Insys for
promoting Subsys to other
physicians at speaking events
were actually kickbacks.
Lacy Fortenberry, a former
Insys sales rep assigned to Drs.
Couch and Ruan before leaving
the company in 2013, testified
that Insys would “dole out”
speaking programs and fees to
doctors based on “the number
of prescriptions” they wrote.
Natalie Perhacs, an ex-Insys
sales rep who pleaded guilty
last February to conspiring in
a kickback scheme with Drs.
Couch and Ruan, testified that
she was under constant pres-
sure by her bosses to schedule
speaking events for the doc-
tors. If an event was canceled,
Ms. Perhacs testified, she
could have her pay docked or
potentially lose her job.
Top Insys executives, Dr.
Kapoor and Mr. Babich, flew to
Mobile in early 2014 to meet
with the doctors, Ms. Perhacs
said. Soon after, the company
began selling Subsys directly
to the doctors’ pharmacy, an
uncommon practice for the
company, Ms. Perhacs said.
The meeting and distribution
arrangement were previously
reported by the Journal.
Christopher Bodnar, assis-
tant U.S. attorney, told jurors
earlier in the trial that the
meeting showed that Insys ex-
ecutives viewed the doctors
“as a money mill.”
After nearly five hours of
testimony, Ms. Perhacs became
unnerved during cross-exami-
nation by defense attorney
Dennis Knizley, who asked if
Insys had asked her to do
things she didn’t want to in ex-
change for her lucrative com-
pensation. “I willingly followed
their directions,” she said.
Three former patients who
were prescribed Subsys at the
doctors’ clinic testified they
quickly became addicted to the
drug, which is approved for
severe cancer pain. The pa-
tients, none of whom had can-
cer, testified that they weren’t
informed of the drug’s dangers
or that it was approved for
cancer pain.
numbers to ACT on Friday.
“The election is behind us and
there’s some renewed business
confidence.”
Executives at some large
trucking companies that re-
duced their fleets in 2016 say
they may expand this year if
the market keeps improving.
“We do have certain dedi-
cated opportunities in the
pipeline and if we are success-
ful on some of these bids, we
could flex our truck count up,”
said Virginia Henkels, chief fi-
nancial officer at Swift Trans-
portation Co., in a call with
analysts last week. Swift re-
duced its fleet by 7.5% last
year, to 18,366 trucks in the
fourth quarter.
Truck makers, which laid
off workers and scaled back
production last year, are also
preparing for stronger orders
in 2017.
In late January, Volvo AB
reversed a decision to cut pro-
duction at a plant in Virginia.
BUSINESS NEWS
TV sales typically jump before pro football’s championship game as people prepare to host parties. Tax refunds also provide a boost.
TheTaxmanMissesKickoff
Retailers worry that
later-than-usual
IRS refunds will curb
Super Bowl splurges
BY SARAH NASSAUER
Television, food and furni-
ture sales typically spike
around the Super Bowl as fans
host game-day parties.
Behind the scenes, there is
an additional boost: Americans
flush from early tax refunds.
This year that beneficial re-
lationship could experience
strains, however, as the Inter-
nal Revenue Service complies
with a new law designed to cut
down on tax fraud, resulting in
tens of billions in early refunds
going out weeks later than
usual.
The shift is prompting some
retailers and consumer-goods
manufacturers to adjust their
marketing, as they attempt to
stay in shoppers’ minds for
when they have money to
spend.
Wal-Mart Stores Inc.,
which traditionally starts roll-
Wells Fargo Strikes Accord With Intuit
BY EMILY GLAZER
Wells Fargo & Co. has en-
tered into a partnership with
Intuit Inc. over sharing cus-
tomer information with the
technology company’s Mint,
TurboTax and QuickBooks
sites, the firms said.
The move follows a similar
agreement last week between
Intuit and J.P. Morgan Chase
& Co. Under terms of the new
agreement, San Francisco-
based Wells Fargo and Intuit
will work together without re-
quiring bank customers to
share passwords when they
access bank information on
Honda’s Profit Rises as Air-Bag Cost Ebbs
BY SEAN MCLAIN
TOKYO—Honda Motor Co.
is putting years of expenses
related to recalled air bags be-
hind it. Now it hopes U.S. Pres-
ident Donald Trump won’t
push its revival off course.
On Friday, Japan’s third-
largest car maker by global
sales reported a 36% jump in
profit for its latest quarter.
Honda’s latest cars and sport-
utility vehicles have been well
received, and the company
predicts record sales of five
million vehicles for the finan-
cial year ending in March.
The company is also repair-
ing its balance sheet after hav-
ing set aside ¥556 billion
($4.91 billion) for costs related
to recalls of faulty air bags
made by Takata Corp. But Mr.
Trump’s threats of a tax on car
imports could throw a spanner
in the works for Honda and
other auto makers supplying
the U.S. market.
Since his election, the U.S.
president has taken to social
media to criticize car makers
for producing vehicles in Mex-
ico. He also has criticized
Japan for setting up barriers
to competition from American
car makers there.
“He has been expressing his
views on Twitter, but quite of-
ing out products and market-
ing for “Game Time” and “Tax
Time” in late January, will de-
lay some of its refund-related
digital marketing for the sea-
son in line with the slower
payment schedule, a spokes-
woman said.
Hhgregg Inc., a consumer-
electronics and home-appli-
ance retailer based in India-
napolis, is promoting its credit
card for financing as well as
delaying some of its refund-re-
lated marketing at its 220
stores, said Chris Sutton, its
senior vice president of mar-
keting. “Tax season is an inte-
gral time period for sales of
appliances, furniture and TVs,”
he said.
Although early refunds go
toward a variety of goods, as
well as bills, rent and savings,
TVs and other big-ticket items
are big beneficiaries. Last year,
the week before the Super
Bowl brought in $395 million
in U.S. TV sales and the follow-
ing week $353 million, making
the stretch one of the biggest
sales periods after Black Fri-
day, according to NPD Group
Inc. data provided by a person
the Intuit sites.
The issue of whether bank
customers should share pass-
words with outside companies
that aggregate financial data
emerged in late 2015, when big
banks including Wells Fargo,
J.P. Morgan and Bank of
America Corp. temporarily
limited the flow of informa-
tion to some websites, includ-
ing those owned by Intuit.
Many banks said the prior
arrangement could compro-
mise cybersecurity and over-
load bank websites at busy
times when the aggregator
sites would request updated
information about consumer
Honda, whose U.S. sales include cars made in Mexico, is wary of President Trump’s talk of tariffs.
ten his understanding is differ-
ent from reality,” said Seiji
Kuraishi, Honda’s executive
vice president.
Honda sold 1.6 million cars
and trucks in the U.S. last year,
up 3.2% from 2015. Of those,
1.3 million vehicles were built
in the U.S.
Honda and other Japanese
car makers have looked to
Mexico to bolster U.S. sales
growth. Honda imports 8% of
the vehicles it sells in the U.S.
from Mexico, compared with
less than 5% for Toyota Motor
Corp., which is building a $1
billion plant for Corolla sedans
Saturday/Sunday, February 4 - 5, 2017 | B3
familiar with the trends.
But this year, the delay
could eat into impulse pur-
chases tied to the Super Bowl
or the need for a winter coat
during the coldest months,
said Marshal Cohen, chief re-
tail analyst for NPD.
Tax refunds are often the
biggest check low-income fam-
ilies receive each year, say tax
preparers. “Our wants become
even bigger purchases when
we have the money in hand,”
Mr. Cohen said.
People often file early, tax
preparers say, when they qual-
ify for the two breaks affected
by the delay. Those are the
child tax credit and the earned
income tax credit, a benefit
that can provide a maximum
payment of $5,572 for a low-
or middle-income married cou-
ple with two children.
Early refunds typically ar-
rive in late January and early
February—in time for Super
Bowl promotions. But this
year, refunds may be as late as
Feb. 27, the IRS says, at it
spends more time reviewing
applications for the tax credits
to weed out identity-theft
accounts from bank servers.
Mountain View, Calif.-
based Intuit is pursuing simi-
lar deals with more than a
dozen of the top U.S. banks
and financial institutions, a
spokesman said.
When Intuit customers are
logged onto Mint, QuickBooks
or TurboTax and want to set
up or add a Wells Fargo ac-
count, they’ll be directed to a
secure Wells Fargo server, said
Brett Pitts, head of digital for
the bank’s virtual channels. Af-
ter logging in to Wells Fargo,
the customer can authorize
which data to share with the
Intuit sites or apps.
there. Nissan Motor Co. gets
around a quarter of its U.S.
sales from Mexican imports.
The White House is consid-
ering a 20% tax on imports
from countries with which it
has a trade deficit. Mr. Trump
said he wanted to renegotiate
the North American Free
Trade Agreement that allows
Mexico-made cars to be freely
exported to the U.S.
Any barrier to those exports
could cut into sales of the
Honda’s popular HR-V cross-
over. Increasing the vehicle’s
availability by building it in
Mexico is a crucial part of
PATRICK T. FALLON/BLOOMBERG NEWS
fraud, which is more common
in early returns. It declined to
comment on how this aspect
of the filing season is going.
This year’s Super Bowl is
Sunday, Feb. 5. By the same
date last year, the IRS had sent
out $58.6 billion in refunds.
When Carolyn Mae Brown, a
29-year-old stay-at-home mom
in Maryville, Tenn., received
an early refund last year, she
and her husband used it to buy
a $1,000 electric piano and put
the rest toward their savings.
“We always try to make at
least one big purchase a year,”
she said, but they are holding
off for now since her husband
is out of work and they haven’t
gotten their refund check.
—Richard Rubin
contributed to this article.
Watch the Super Bowl ads
ahead of the big game, and
vote for your favorites, at
WSJ.com/SuperBowlAds
The companies will use a
new platform Wells Fargo
built that gives other compa-
nies the ability to integrate
into the bank’s products.
The companies plan to roll
out the new service by the
second half of 2017 based on
which Intuit-owned services
they use, Mr. Pitts said, adding
that more than one million
Wells Fargo customers are ex-
pected to be affected. Intuit’s
Mint and TurboTax sites pri-
marily appeal to consumers,
while QuickBooks is designed
for small businesses.
—Peter Rudegeair
contributed to this article.
AGENCE FRANCE-PRESSE/GETTY IMAGES
Honda’s strategy to maintain
sales growth, the auto maker
has said. Honda hopes to
maintain production figures in
Mexico, “but if a high tariff is
imposed, we have no choice
but come up with some re-
sponse,” said Mr. Kuraishi.
Without provisions for re-
call expenses to weigh it down,
Honda reported a second-con-
secutive leap in quarterly
profit. For its fiscal third quar-
ter, profit rose to ¥168.8 bil-
lion from ¥124.1 billion a year
ago. Sales revenue fell 3.2% to
¥3.5 trillion, largely because of
foreign-currency effects.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B4 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

BANKING & FINANCE

New Nasdaq CEO Leads a Reboot Deutsche

Set to Cut
BY ALEXANDER OSIPOVICH

When Nasdaq Inc. named

tential successor to Mr. Grei-
feld.
Ms. Friedman said she left
From Staff
Adena Friedman as its next because Carlyle offered her BY JENNY STRASBURG
chief executive in November, an “amazing opportunity”
she won attention for being and she wanted to spend Deutsche Bank AG plans to
young, tech-savvy and the more time with her husband cut as much as 17% of its equi-
first woman to lead a major and two sons in Washington, ties staff and 6% of its fixed-
U.S. stock-exchange operator. D.C., where the buyout firm income staff globally, with no-
Now, the hard part has be- is based, instead of commut- tices planned for many
gun. ing to New York. She spent employees next week, accord-
Ms. Friedman, a 47-year- three years at Carlyle before ing to people familiar with the
old black belt in taekwondo, returning to Nasdaq as presi- matter.
has inherited a company dent in 2014. The cuts, details of which
whose traditional core busi- Former colleagues de- haven’t been reported, are

FELIX ODELL FOR THE WALL STREET JOURNAL

ness of U.S. stock trading
has gotten much tougher
since the heady 1990s when
Nasdaq touted itself as “the
stock market for the next
100 years.”
Regulations in the late
1990s and the last decade
brought competition to ex-
changes, opening the door to
high-tech upstarts like Bats
Global Markets Inc., which
surpassed Nasdaq as the sec-
ond-biggest U.S. exchange
group by volume in 2014,
and dozens of dark pools, or
private trading venues. Two
major market crashes in the
last decade soured many in-
vestors on stocks altogether.
Analysts link a recent
slide in Nasdaq’s share of
U.S. stock volume to a broad
shift in trading toward secu-
rities listed on the New York
Stock Exchange and its sis-
ter exchanges, including
NYSE Arca, which specializes
in exchange-traded funds.
Adding to Ms. Friedman’s
challenges, Nasdaq faces
fierce competition from its
historic rival NYSE for list-
ings, even in the realm of
hot tech stocks in which
Nasdaq was once king. This
week, the Big Board won the
coveted initial public offer-
ing of Snap Inc., owner of
the popular messaging app
Snapchat.
To keep Nasdaq expand-
ing, Ms. Friedman plans to
keep pursuing a strategy, ini-
tiated under her predecessor,
Robert Greifeld, of diversify-
Adena Friedman faces a tough business climate as rivals old and new threaten Nasdaq’s position.
ing away from the stocks
business into financial tech-
nology.
Ms. Friedman is perhaps
most excited about the po-
tential of artificial intelli-
gence. Nasdaq uses AI in sys-
tems designed to spot
wrongdoing at banks and
tools that seek to enhance
hedge funds’ stock-trading
strategies. Such efforts ac-
count for a tiny slice of Nas-
daq’s sales today, but Ms.
Friedman sees huge poten-
tial in AI.
“We think in the next de-
cade it could really trans-
form the business,” said Ms.
Friedman, who became CEO
on Jan. 1.
Nasdaq is pursuing initia-
tives to draw more trading
back to its stock exchanges,
which Ms. Friedman de-
scribes as a “long game.”
The company is also building
its ETF business. More than
50 exchange-traded products
switched from NYSE to Nas-
daq last year, even though
NYSE Arca remains the dom-
inant player.
scribe Ms. Friedman as hard- aimed at bringing the number
working, intelligent and a of people working in the bank’s
gifted communicator. When trading unit in line with a nar-
she joined Carlyle, the firm rower array of products on of-
was moving toward becom- fer and reflect disappointing
ing a public company. This performance, particularly in
pushed Ms. Friedman, as equities, the people say.
CFO, into the crucial role of The 17% and 6% figures are
explaining Carlyle’s compli- targeted reductions for the
cated financials to prospec- whole year, and the cuts ex-
tive investors. pected to be announced next
Her performance during week could be slightly less
the roadshow before Car- than those amounts, one of
Ms. Friedman grew up sity. From 1993 to 2011, she lyle’s 2012 IPO impressed the people said. That is par-
steeped in finance. Her fa- held job titles including head David Rubenstein, co- tially because Deutsche Bank
ther, David Testa, was a of data products, head of founder and co-CEO of the expects some employees to de-
longtime employee of T. strategy and chief financial firm. “She’s a star,” Mr. part voluntarily, the person
Rowe Price Group Inc. who officer, and sometimes Rubenstein said in an inter- said.
rose to the position of chief played second base on a view. “She knew the num- Based on current staff num-
investment officer before re- company softball team. bers inside out and upside bers in the equities and debt-
tiring. As a child, Ms. Fried- She was a key player in down.” trading businesses, the cuts
man recalls visiting the T. the 2005 acquisition of Insti- So far, Ms. Friedman’s could affect more than 200
Rowe trading floor in Balti- net Group Inc.’s computer- early moves as CEO at Nas- people in equities and 100
ized trading division, a deal daq—including a decision to people in fixed income, includ-
aimed at shoring up Nas- exit its struggling European ing traders, salespeople and
daq’s trading technology. interest-rate futures busi- specialists who structure
Nasdaq is battling While Mr. Greifeld shaped ness, announced Tuesday— trades, one of the people said.
for more trading and the vision for the deal, Ms. have been welcomed by Wall A spokesman for the bank
Friedman was one of his top Street analysts. declined to comment.
listings while pushing lieutenants in implementing Analysts say Ms. Fried- Chief Executive John Cryan
into financial tech. it and worked many late man is well positioned to has said that the lender is cut-
nights to make it happen, re- oversee Nasdaq’s tech-cen- ting around 9,000 employees
called John Jacobs, a former tric strategy, citing her pre- as part of broader efforts to
Nasdaq executive. vious leadership of the firm’s reduce costs and pull back
more and doodling on the Despite the pressure on data and technology busi- from businesses that have be-
whiteboards with a marker. Ms. Friedman, “I never saw nesses. “She’s been very in- come too expensive under
Both she and her brother— her lose her cool,” said Mr. volved in some of the newer, tighter regulations. The latest
now a hedge-fund manager— Jacobs, who is now a fellow cutting-edge initiatives,” said cuts are part of that larger re-
took up careers in financial at Georgetown University’s Richard Repetto, an analyst duction, one of the people fa-
services. business school. at Sandler O’Neill + Partners miliar with the plans said.
“It was a big part of what In 2011, Ms. Friedman left LP. Deutsche Bank on Thurs-
attracted me to the indus- Nasdaq to become CFO of Ms. Friedman is betting day reported a bigger-than-ex-
try,” Ms. Friedman said. private-equity powerhouse that the tech focus will pay pected loss for the fourth
Ms. Friedman joined Nas- Carlyle Group LP. The move off. “We are more than an quarter, hurt in part by lag-
daq after finishing business surprised many, not least be- exchange company today,” ging performance in its mar-
school at Vanderbilt Univer- cause she was seen as a po- she said. kets division.

Futures Contracts | WSJ.com/commodities

Metal & Petroleum Futures Open
Contract
High hilo Low Settle Chg
Open
interest
Fed Toughens Bank Stress Tests
Contract Open
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. BY DONNA BORAK sion while continuing to lend. tween $50 billion and $250
Open High hi lo Low Settle Chg interest
March 20.44 21.40 s 20.38 21.11 .56 259,851 AND RYAN TRACY Banks must submit their own billion that haven’t been iden-
Copper-High (CMX)-25,000 lbs.; $ per lb.
Feb 2.6455 2.6455 2.6070 2.6095 –0.0685 1,278
May 20.41 21.15 20.35 20.91 .40 184,432 predictions to the Fed about tified as globally systemically
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. WASHINGTON—The Federal how they would perform by important banks. Regulators
March 2.6825 2.6940 2.6120 2.6160 –0.0695 139,347
March 30.30 30.50 30.30 30.45 –.05 1,114
Gold (CMX)-100 troy oz.; $ per troy oz. July 30.70 30.70 s 30.64 30.65 –.04 1,782 Reserve unveiled more severe April 5. The central bank will also agreed on a rule released
Feb 1214.90 1220.60 1206.20 1218.50 1.80 2,386 hypothetical stress tests for make public its verdict on this week to exclude a prereq-
Cotton (ICE-US)-50,000 lbs.; cents per lb.
April 1217.80 1223.20 1208.30 1220.80 1.40 273,040
March 76.74 77.15 76.21 76.41 –.50 148,491 U.S. banks, presenting lenders those submissions by June 30. uisite that banks should have
June 1220.40 1226.00 1212.00 1223.90 1.50 59,633
May 77.50 77.76 76.85 77.07 –.50 68,665
Aug 1219.10 1228.80 1218.80 1227.10 1.60 16,160
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
with scenarios that presume a Stress tests have become a less than $10 billion in foreign
Dec 1229.50 1235.00 1221.00 1233.40 1.60 28,310 peak of at least 10% in unem- centerpiece of the Fed’s post- exposure to be exempted.
March 166.40 167.60 165.00 167.00 .60 8,020
Feb'18 1231.70 1234.20 1228.70 1236.70 1.60 4,398
Palladium (NYM) - 50 troy oz.; $ per troy oz.
May 162.05 164.10 161.50 163.50 .40 2,828 ployment, a sharp decline in crisis regulatory framework. As a result, 21 banks, in-
Feb 732.85 732.85 732.85 749.05 –10.05 1 housing prices, and a severe The annual exercise examines cluding the U.S. banking units
March 758.50 760.95 741.20 749.00 –10.05 24,800 Interest Rate Futures recession in the euro area. two critical aspects of the na- of two foreign firms, Deutsche
June 760.60 760.95 746.00 750.30 –10.00 3,852 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% The speculative scenarios tion’s largest firms: first, Bank AG and Banco Santan-
Platinum (NYM)-50 troy oz.; $ per troy oz. March 150-160 151-090 149-270 150-010 –17.0 608,886
Feb 978.80 979.10 978.80 1003.20 7.10 42 are the basis for the Fed’s an- whether banks hold enough der SA, will be freed from the
June 149-050 149-290 148-210 148-240 –17.0 2,355
April 1003.90 1007.60 988.00 1006.70 7.10 59,321 Treasury Notes (CBT)-$100,000; pts 32nds of 100% nual tests, which U.S. banks, capital to withstand severe second half of the Fed’s test,
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 124-110 124-265 124-030 124-090 –3.0 3,142,110 including Bank of America economic stress in the finan- which takes a deep dive into a
Feb 17.405 17.450 17.405 17.453 0.051 167 June 123-245 124-080 123-210 123-230 –3.0 42,536
March 17.485 17.540 17.260 17.479 0.050 126,160
Corp., J.P. Morgan Chase & cial system; and, second, firm’s risk-management sys-
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 117-255 118-032 117-187 117-245 –1.7 3,052,619
Co., and Citigroup Inc., must whether banks have the ap- tems. Last year, both firms
March 53.68 54.22 53.40 53.83 0.29 542,680 June 117-125 117-235 117-092 117-125 –1.7 75,897 pass to boost dividends or propriate internal processes to flunked due to the Fed’s con-
April 54.34 54.84 54.03 54.47 0.30 207,269 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% buybacks to shareholders. CIT identify and measure risk. The cerns about their ability to
May 54.84 55.33 54.55 54.99 0.32 179,511 March 108-127 108-152 108-100 108-125 –.5 1,334,171
June 55.44 55.73 54.97 55.41 0.32 269,903
Group Inc. will be the latest Fed can reject a bank’s plan to measure risk.
June 108-025 108-050 108-025 108-030 –.5 5,480
Dec 56.22 56.42 55.79 56.27 0.37 223,457 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. newcomer to the exercise. pay out shareholders on either Those firms will still be re-
Dec'18 56.11 56.33 55.74 56.27 0.41 110,495 Feb 99.343 99.343 t 99.340 99.343 … 96,384 The Fed on Friday released basis. quired to show regulators they
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. April 99.295 99.320 s 99.285 99.300 .005 324,045 the scenarios it will use to One important change made could survive a hypothetical
March 1.6586 1.6746 1.6421 1.6651 .0133 126,465 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
April 1.6622 1.6829 1.6516 1.6737 .0140 63,828 March 93.672 94.063 93.453 93.516 –.250 31,526
simulate whether 34 banks by regulators this year was ex- recession with enough capital
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 1 Month Libor (CME)-$3,000,000; pts of 100% could survive a severe reces- cluding banks with assets be- to continue lending.
March 1.5360 1.5643 t 1.5192 1.5537 .0208 144,723 March 99.1550 99.1625 t 99.1525 99.1800 … 181
April 1.7634 1.7894 1.7554 1.7827 .0195 75,066 Eurodollar (CME)-$1,000,000; pts of 100%
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
March 3.193 3.201 t 3.042 3.063 –.124 268,344
Feb
March
98.9600
98.9350
98.9750
98.9550 s
98.9575
98.9250
98.9650 .0025 89,438
98.9350 .0050 1,443,135
Cash Prices | WSJ.com/commodities Friday, February 03, 2017
April 3.246 3.253 t 3.095 3.116 –.129 118,598 June 98.7650 98.7950 98.7500 98.7650 … 1,406,271
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
May 3.287 3.293 3.135 3.159 –.131 114,026 Dec 98.4800 98.5200 98.4500 98.4750 –.0100 1,379,955 from the futures price on an exchange, which reflects what the commodity might be worth in future months.
June 3.342 3.342 3.181 3.209 –.134 74,968
Friday Friday Friday
July 3.393 3.393 3.226 3.253 –.132 73,435
Oct 3.377 3.377 3.237 3.263 –.126 92,525
Currency Futures Austria phil-e 1280.27
Energy Silver, troy oz. Grains and Feeds
Japanese Yen (CME)-¥12,500,000; $ per 100¥ 17.4500
Propane,tet,Mont Belvieu-g 0.8789 Engelhard industrial Barley,top-quality Mnpls-u n.a.
Agriculture Futures March .8871 .8913 .8821 .8863 –.0018 193,197 Butane,normal,Mont Belvieu-g 1.3474 Engelhard fabricated 20.9400 Bran,wheat middlings, KC-u 95
June .8914 .8950 .8862 .8902 –.0019 9,017 NaturalGas,HenryHub-i 3.000 Handy & Harman base 17.5150 Corn,No. 2 yellow,Cent IL-bp,u 3.4800
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD NaturalGas,TranscoZone3-i 2.940 Handy & Harman fabricated 21.8940 Corn gluten feed,Midwest-u,w 100.0
March 365.75 367.75 364.00 365.25 –2.25 569,346 March .7679 .7700 .7646 .7682 .0004 113,903 NaturalGas,TranscoZone6NY-i 3.260 LBMA spot price £13.8406 Corn gluten meal,Midwest-u,w 502.1
May 372.50 375.25 371.50 372.75 –2.25 264,435 NaturalGas,PanhandleEast-i 2.740 (U.S.$ equivalent) 17.2800 Cottonseed meal-u,w 230
June .7684 .7706 .7658 .7690 .0004 2,389 Coins,wholesale $1,000 face-a 13563
Oats (CBT)-5,000 bu.; cents per bu. NaturalGas,Opal-i 2.750 Hominy feed,Cent IL-u,w 80
British Pound (CME)-£62,500; $ per £ NaturalGas,MarcellusNE PA-i 2.580 Other metals Meat-bonemeal,50% pro Mnpls-u,w 288
March 254.75 259.75 251.00 258.75 3.75 4,353 March 1.2540 1.2546 1.2460 1.2489 –.0043 206,597 2.880 LBMA Platinum Price PM *1004.0
NaturalGas,HaynesvilleN.LA-i Oats,No.2 milling,Mnpls-u 3.1125
May 249.00 250.00 243.75 249.50 2.50 2,656 June 1.2562 1.2574 1.2497 1.2520 –.0042 1,459 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 50.000 Platinum,Engelhard industrial 994.0 Rice, 5% Broken White, Thailand-l,w 353.00
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.800 Platinum,Engelhard fabricated 1094.0 Rice, Long Grain Milled, No. 2 AR-u,w 21.00
March 1036.75 1044.25 1026.25 1027.00 –10.25 297,183 Palladium,Engelhard industrial 751.0 Sorghum,(Milo) No.2 Gulf-u 7.0575
March 1.0091 1.0112 1.0022 1.0082 –.0011 49,135 Metals Palladium,Engelhard fabricated 851.0
May 1047.00 1054.00 1036.50 1037.25 –10.00 163,091 SoybeanMeal,Cent IL,rail,ton48%-u 328.60
June 1.0149 1.0165 1.0107 1.0142 –.0012 173 Aluminum, LME, $ per metric ton *1813.0 Soybeans,No.1 yllw IL-bp,u 9.9650
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD Gold, per troy oz Copper,Comex spot 2.6095
Engelhard industrial 1219.72 Wheat,Spring14%-pro Mnpls-u 6.5850
March 333.90 336.00 331.20 331.60 –2.20 156,218 March .7651 .7689 .7614 .7669 .0015 106,248 Iron Ore, 62% Fe CFR China-s 82.0 Wheat,No.2 soft red,St.Louis-bp,u 4.3000
Engelhard fabricated 1311.20 Shredded Scrap, US Midwest-s,w 312
May 337.40 339.60 334.70 335.30 –2.20 98,072 June .7633 .7671 .7599 .7653 .0015 815 Handy & Harman base 1215.20 Wheat - Hard - KC (USDA) $ per bu-u 3.8050
Steel, HRC USA, FOB Midwest Mill-s 629 Wheat,No.1soft white,Portld,OR-u 4.6713
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept .7619 .7642 .7596 .7640 .0015 687 Handy & Harman fabricated 1348.87
March 34.55 34.74 33.80 33.86 –.73 157,033 Mexican Peso (CME)-MXN 500,000; $ per MXN LBMA Gold Price AM *1224.05 Fibers and Textiles Food
May 34.88 35.03 34.09 34.15 –.73 98,813 LBMA Gold Price PM *1221.95
March .04851 .04906 s .04832 .04877 .00025 138,512 Krugerrand,wholesale-e 1268.07 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Beef,carcass equiv. index
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June .04800 .04840 s .04767 .04809 .00025 47,954 Maple Leaf-e 1280.27 Cotton,1 1/16 std lw-mdMphs-u 0.7566 choice 1-3,600-900 lbs.-u 177.63
March 951.50 960.50 950.50 954.50 1.00 9,770 Euro (CME)-€125,000; $ per € American Eagle-e 1280.27 Cotlook 'A' Index-t *85.75 select 1-3,600-900 lbs.-u 174.79
May 977.00 986.00 976.00 980.00 .50 2,014 Mexican peso-e 1478.11 Hides,hvy native steers piece fob-u 76.000 Broilers,dressed 'A'-u n.a.
March 1.0778 1.0813 1.0725 1.0782 .0003 393,876 Wool,64s,staple,Terr del-u,w n.a.
Wheat (CBT)-5,000 bu.; cents per bu. Austria crown-e 1198.16 Broilers, National comp wghtd-u,w 0.8356
June 1.0826 1.0862 1.0776 1.0832 .0002 9,665
March 434.50 435.75 429.25 430.25 –4.25 228,139 Butter,AA Chicago 2.1575
May 447.00 448.00
Wheat (KC)-5,000 bu.; cents per bu.
441.50 443.00 –4.00 101,623
Index Futures Borrowing Benchmarks | WSJ.com/bonds Cheddar cheese,bbl,Chicago
Cheddar cheese,blk,Chicago
170.75
174.00
Milk,Nonfat dry,Chicago lb. 94.00
March 443.25 449.00 439.50 440.50 –3.00 88,197 Mini DJ Industrial Average (CBT)-$5 x index Money Rates February 3, 2017 Cocoa,Ivory Coast-w 2373
July 468.25 472.75 464.50 465.75 –2.50 68,397 March 19818 20007 19783 19986 165 127,452 Coffee,Brazilian,Comp 1.4590
Wheat (MPLS)-5,000 bu.; cents per bu. June 19742 19939 19726 19924 163 740
Key annual interest rates paid to borrow or lend money in U.S. and Coffee,Colombian, NY 1.6482
March
Eggs,large white,Chicago-u 0.7850
560.25 563.50 557.50 558.25 –2.75 27,437 S&P 500 Index (CME)-$250 x index international markets. Rates below are a guide to general levels but Flour,hard winter KC 14.00
May 558.00 561.50 555.25 556.00 –2.75 26,737 n.a.
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
March 2273.50 2293.70 2271.30 2291.00 15.60 65,705 don’t always represent actual transactions. Hams,17-20 lbs,Mid-US fob-u
June 2280.70 2288.70 2279.70 2285.70 15.50 1,896 Week —52-WEEK— Hogs,Iowa-So. Minnesota-u 68.89
March 124.100 124.850 123.250 123.575 –.175 22,311 Inflation Latest ago High Low Pork bellies,12-14 lb MidUS-u n.a.
May 122.650 123.325 122.000 122.375 –.125 9,723
Mini S&P 500 (CME)-$50 x index Pork loins,13-19 lb MidUS-u 0.8893
March 2274.00 2294.00 2270.50 2291.00 15.50 2,817,455 Dec. index Chg From (%) Britain 0.25 0.25 0.50 0.25 Steers,Tex.-Okla. Choice-u 119.00
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Feb 117.025 117.400 116.500 116.900 .025 30,964 June 2268.75 2288.50 2265.75 2285.75 15.50 32,904 level Nov. '16 Dec. '15 Australia 1.50 1.50 2.00 1.50 Steers,feeder,Okla. City-u,w 145.27
April 115.550 116.175 115.100 115.625 .150 145,875 Mini S&P Midcap 400 (CME)-$100 x index U.S. consumer price index Fats and Oils
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March 1681.60 1706.10 1678.00 1704.80 22.60 93,341 All items 241.432 0.03 2.1 Secondary market
Core 249.134 –0.04 2.2 Corn oil,crude wet/dry mill-u,w 38.0750
Feb 70.600 70.650 s 69.925 70.325 –.025 20,045 Mini Nasdaq 100 (CME)-$20 x index Fannie Mae Grease,choice white,Chicago-u 0.2750
April 69.575 70.325 68.900 70.250 .675 95,431 March 5129.5 5162.3 5119.8 5155.0 24.0 230,792 30-year mortgage yields Lard,Chicago-u n.a.
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
International rates Soybean oil,crude;Centl IL-u 0.3221
June 5128.8 5164.5 5120.0 5154.0 23.8 481 30 days 3.695 3.728 3.828 2.806
March 352.00 354.00 s 346.70 350.60 2.70 2,840 60 days 3.728 3.760 3.862 2.832 Tallow,bleach;Chicago-u 0.3125
Mini Russell 2000 (ICE-US)-$100 x index Week 52-Week Tallow,edible,Chicago-u n.a.
May 359.10 360.00 s 354.80 356.80 –.20 1,075 March 1354.70 1378.10 1350.20 1377.10 22.70 631,085 Latest ago High Low Notes on data:
Milk (CME)-200,000 lbs., cents per lb. June 1370.70 1370.70 1370.70 1374.60 22.70 520 U.S. prime rate is effective December 15, 2016.
Feb 17.08 17.08 16.74 16.87 –.12 4,069 Prime rates U.S. prime rate is the base rate on corporate
Mini Russell 1000 (ICE-US)-$100 x index U.S. 3.75 3.75 3.75 3.50 KEY TO CODES: A=ask; B=bid; BP=country elevator
March 17.44 17.50 17.03 17.19 –.21 4,195 loans posted by at least 70% of the 10 largest
March 1270.00 1274.30 1268.60 1272.80 9.30 7,776 Canada 2.70 2.70 2.70 2.70 bids to producers; C=corrected; E=Manfra,Tordella &
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. banks; Other prime rates aren’t directly
Brooks; G=ICE; I=Natural Gas Intelligence;
March 2,074 2,086 t 2,052 2,072 –12 92,606
U.S. Dollar Index (ICE-US)-$1,000 x index Japan 1.475 1.475 1.475 1.475 comparable; lending practices vary widely by
March 99.83 100.37 99.52 99.84 .05 70,596 location. Complete Money Rates table appears L=livericeindex.com; M=midday; N=nominal; n.a.=not
May 2,090 2,097 t 2,066 2,083 –13 69,282 Policy Rates quoted or not available; R=SNL Energy; S=The Steel
June 99.79 100.04 99.45 99.75 .04 2,614 Monday through Friday.
Coffee (ICE-US)-37,500 lbs.; cents per lb. Euro zone 0.00 0.00 0.05 0.00 Index; T=Cotlook Limited; U=USDA; W=weekly, Z=not
March 145.20 147.70 144.70 146.25 .30 62,034
Sources: Bureau of Labor Statistics; SIX Financial quoted. *Data as of 2/2
Switzerland 0.50 0.50 0.50 0.50 Information
May 148.00 150.05 147.20 148.70 .20 63,580 Source: SIX Financial Information Source: WSJ Market Data Group
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | B5

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 MKT and Nasdaq Stock Market listed securities. Prices
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM 3.57 46.17 30.84 JohnsonControls JCI 2.3 dd 42.66 0.36 s 17.13 63.75 37.59 SINOPECShanghai SHI 2.4 9 63.40 0.27 2.59 61.88 38.83 B/EAerospace BEAV 1.4 19 61.75 0.29
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. 0.50 28.55 10.26 JoyGlobal JOY 0.1 dd 28.14 0.02 4.02 23.17 18.63 SK Telecom SKM ... 11 21.74 0.42 0.06 85.00 46.28 BOK Fin BOKF 2.1 24 83.09 1.63
The list comprises the 1,000 largest companies based on market capitalization. -3.22 29.21 21.18 JuniperNetworks JNPR 1.5 18 27.35 0.11 1.24 120.63 80.12 SLGreenRealty SLG 2.8 47 108.88 0.39 6.54 201.00 139.61 Baidu BIDU ... 12 175.17 1.77
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading 6.03 46.13 31.61 KAR Auction KAR 2.8 28 45.19 0.22 17.16 84.48 52.60 Salesforce.com CRM ...267 80.21 0.08 5.12 56.49 33.51 BankofOzarks OZRK 1.2 22 55.28 1.33
volume. s 18.14 41.71 23.01 KB Fin KB ... 9 41.69 0.81 0.47 44.50 36.81 Sanofi SNY 4.1 23 40.63 0.12 -1.40 52.71 38.60 BedBath BBBY 1.2 9 40.07 0.03
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was s 14.42 17.98 10.89 KKR KKR 3.6 68 17.61 0.05 4.09 33.31 24.51 Sasol SSL 4.5 21 29.76 ... 1.33 307.33 205.43 Biogen BIIB ... 16 264.67 0.44
$2 or higher. 6.32 16.79 11.61 KT KT ... 17 14.98 0.14 -4.89 76.41 62.85 Scana SCG 3.3 18 69.70 0.53 7.21 102.49 62.12 BioMarinPharm BMRN ... dd 88.81 0.43
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 0.90 100.69 73.50 KSCitySouthern KSU 1.5 19 85.61 0.67 -1.73 87.84 66.10 Schlumberger SLB 2.4 dd 82.50 0.06 1.60 8.46 6.23 BlackBerry BBRY ... dd 7.00 ...
s-New 52-week high. standards vj-In bankruptcy or receivership or -0.47 87.16 70.33 Kellogg K 2.8 37 73.36 0.59 1.77 42.61 21.51 SchwabC SCHW 0.8 31 40.17 1.00 s 16.63 206.60 114.25 Broadcom AVGO 2.0 dd 206.16 2.11
t-New 52-week low. lf-Late filing being reorganized under the 0.55 18.77 9.88 KeyCorp KEY 1.9 23 18.37 0.53 -5.72 98.82 62.72 ScottsMiracleGro SMG 2.2 30 90.08 0.72 0.28 34.99 26.86 CA CA 3.2 17 31.86 0.43
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 2.13 38.28 21.07 KeysightTechs KEYS ... 19 37.35 1.22 9.55 52.83 38.90 SealedAir SEE 1.3 23 49.67 -0.11 5.75 79.99 58.43 CBOE Holdings CBOE 1.3 34 78.14 0.20
four quarters. requirements. assumed by such companies. 0.11 77.54 46.76 KilroyRealty KRC 2.0 25 73.30 -0.20 -9.32 7.74 3.84 SemicondctrMfg SMI ... 2 6.91 0.07 s 8.90 65.42 40.33 CDK Global CDK 0.9 37 65.00 0.99
FD-First day of trading. t-NYSE bankruptcy 6.50 138.87 111.30 KimberlyClark KMB 3.2 20 121.54 0.13 2.14 114.66 92.95 SempraEnergy SRE 2.9 20 102.79 0.07 2.42 55.47 30.40 CDW CDW 1.2 22 53.35 0.54
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and t -1.23 32.24 24.26 KimcoRealty KIM 4.3 23 24.85 -0.02 6.91 43.68 29.91 SensataTech ST ... 17 41.64 -1.05 3.13 77.89 65.57 CH Robinson CHRW 2.4 21 75.55 0.61
changes in the closing prices from 4 p.m. the previous day. 10.77 23.36 13.26 KinderMorgan KMI 2.2 92 22.94 0.29 s 3.84 29.51 20.21 ServiceCorp SCI 1.8 32 29.49 0.28 3.99 124.01 86.96 CME Group CME 2.0 26 119.95 -1.31
YTD 52-Week Yld Net 26.05 5.82 1.92 KinrossGold KGC 4.1 dd 3.92 ... 20.35 92.98 45.99 ServiceNow NOW ... dd 89.47 0.61 30.23 49.13 22.28 CSX CSX 1.5 26 46.79 0.48
Friday, February 3, 2017 -18.65 59.67 33.87 Kohl's KSS 5.0 12 40.17 0.37 s 15.50 29.58 19.02 CadenceDesign CDNS ... 41 29.13
% Chg Hi Lo Stock Sym % PE Last Chg 7.78 21.73 16.10 ShawComm B SJR 4.1 23 21.62 0.15 0.20
YTD 52-Week Yld Net -3.37 30.79 23.00 KoninklijkePhil PHG 3.1 17 29.54 0.14 13.12 312.48 239.48 SherwinWilliams SHW 1.1 26 304.00 0.14 -0.10 127.00 94.39 Celgene CELG ... 47 115.64 0.10
% Chg Hi Lo Stock Sym % PE Last Chg -2.81 61.63 34.52 Citigroup C 1.1 12 57.76 1.78 -1.03 28.37 17.73 KoreaElcPwr KEP ... 3 18.29 -0.07 7.41 40.92 30.57 ShinhanFin SHG ... 9 40.43 0.27 13.28 67.50 47.01 Cerner CERN ... 29 53.66 0.04
3.26 37.95 18.04 CitizensFin CFG 1.5 19 36.79 0.75 -1.42 40.91 28.71 Kroger KR 1.4 16 34.02 -0.08 21.58 52.65 18.58 Shopify SHOP ... dd 52.12 -0.20 14.17 341.50 172.67 CharterComms CHTR ... 26 328.71 4.30
NYSE 4.27 140.47 111.24 Clorox CLX 2.6 25 125.14 4.90 7.89 54.70 38.01 Kyocera KYO ... 18 53.71 0.08 -19.05 125.45 72.65 SignetJewelers SIG 1.4 12 76.30 0.18 17.69 99.74 74.34 CheckPointSftw CHKP ... 24 99.40 0.97
5.00 43.71 32.95 Coach COH 3.7 20 36.77 -0.22 15.77 9.93 5.27 LATAMAirlines LFL ... dd 9.47 -0.02 14.96 31.35 12.98 SilverWheaton SLW 1.14533 22.21 ... -5.70 79.60 59.19 CincinnatiFin CINF 2.8 18 71.43 0.78
12.15 23.90 16.52 ABB ABB 3.2 30 23.63 -0.04 0.19 47.13 39.88 Coca-Cola KO 3.4 25 41.54 0.14
2.37 40.72 22.80 AECOM ACM ... 60 37.22 0.67 -9.51 88.77 57.48 L Brands LB 4.0 15 59.58 0.30 4.31 229.10 173.11 SimonProperty SPG 3.8 33 185.33 2.37 0.48 122.21 80.22 Cintas CTAS 1.1 25 116.11 0.89
10.92 54.54 30.55 Coca-Cola Euro CCE ... 17 34.83 -0.12 2.57 14.36 8.51 LGDisplay LPL ...109 13.18 -0.18 1.22 62.69 46.03 SixFlags SIX 4.2 49 60.69 0.17 3.64 31.95 22.46 CiscoSystems CSCO 3.3 15 31.32 0.14
-2.15 13.32 8.88 AES AES 4.2 dd 11.37 0.05 0.83 87.58 59.44 Coca-Cola Femsa KOF 2.7 24 64.07 1.05 -5.70 51.48 31.35 LINE LN ... 98 32.07 -0.10 4.24 51.49 30.64 SmithAO AOS 1.1 27 49.36 2.17 s 7.85 76.94 48.50 CitrixSystems CTXS ... 22 76.70 1.75
-1.42 74.50 55.24 Aflac AFL 2.5 11 68.61 0.78 0.81 75.38 63.43 Colgate-Palmolive CL 2.4 24 65.97 0.29 5.27 161.91 112.45 L3 Tech LLL ... ... 160.12 2.82 2.33 35.38 26.96 Smith&Nephew SNN 1.6 40 30.78 0.09 s 9.43 69.71 29.45 Cognex CGNX 0.4 73 69.62 1.65
-3.01 43.89 35.91 AT&T T 4.8 20 41.25 0.07 -3.89 16.09 9.17 ColonyNorthStar CLNS ... 38 14.34 0.14 7.25 141.32 97.79 LabCpAm LH ... 22 137.69 1.20 8.37 157.31 121.79 Smucker SJM 2.2 23 138.78 1.20 -6.30 63.23 45.44 CognizantTech CTSH ... 21 52.50 0.82
2.13 70.00 51.01 AXIS Capital AXS 2.3 13 66.66 -0.06 0.56 71.20 30.48 Comerica CMA 1.3 26 68.49
11.38 45.79 36.02 AbbottLabs ABT 2.5 46 42.78 0.03
1.22 s 2.77 39.47 28.75 LambWeston LW ... 18 38.90 0.48 -0.87 181.73 133.09 SnapOn SNA 1.7 18 169.78 2.80 8.99 76.87 54.70 Comcast A CMCSA 0.8 21 75.26 0.17
18.89 10.55 5.19 SABESP SBS 0.6 10 10.32 0.13 -3.00 63.38 39.02 LasVegasSands LVS 5.6 25 51.81 0.12 15.71 34.84 15.01 SOQUIMICH SQM 5.0 36 33.15 -0.86 -2.09 59.22 37.33 CommerceBcshrs CBSH 1.6 22 56.60 1.46
-3.11 68.12 51.60 AbbVie ABBV 4.2 17 60.67 -0.22 13.31 4.09 0.92 CiaSiderurgica SID 1.7 21 3.66 -0.26 s 3.58 38.78 19.37 CommScope COMM ... 82 38.53
-2.25 125.72 91.40 Accenture ACN 2.1 17 114.49 0.85 5.79 44.07 26.21 Lazard LAZ 11.0 14 43.47 0.33 4.42 55.58 39.41 SonocoProducts SON 2.7 24 55.03 0.12 0.37
s 17.72 70.47 24.27 CSC CSC 0.8 dd 69.95 7.00 6.33 148.49 93.54 Lear LEA 0.9 2 140.75 0.09 12.95 34.17 20.11 Sony SNE ... 91 31.66 -0.28 2.02 57.97 32.69 Copart CPRT ... 17 56.53 0.87
-10.62 280.89 169.42 AcuityBrands AYI 0.3 30 206.35 0.28 -0.46 39.97 29.76 ConagraBrands CAG 2.0 28 39.37 0.13 -0.29 54.62 39.56 Leggett&Platt LEG 2.8 18 48.74 0.56 -0.73 54.64 46.20 Southern SO 4.6 19 48.83 -0.15 8.04 224.79 146.53 CoStarGroup CSGP ... 84 203.64 2.21
7.54 67.43 39.66 Adient ADNT ... ... 63.02 -2.09 7.62 147.55 80.70 ConchoRscs CXO ... dd 142.70 2.65 -2.84 52.92 37.79 Leidos LDOS 2.6 13 49.69 0.60 20.35 39.23 23.54 SoCopper SCCO 0.8 38 38.44 -0.66 5.13 169.59 138.57 Costco COST 1.1 31 168.32 0.17
-3.77 177.83 131.59 AdvanceAuto AAP 0.1 27 162.75 0.41 0.58 53.17 31.05 ConocoPhillips COP 2.1 dd 50.43 1.74 7.25 49.62 35.50 Ctrip.com CTRP ... dd 42.90
17.46 6.23 4.39 AdvSemiEngg ASX 4.3 16 5.92 0.09 5.15 49.60 37.14 Lennar A LEN 0.4 11 45.14 0.33 6.10 54.18 33.96 SouthwestAirlines LUV 0.8 15 52.88 0.02 0.11
0.71 81.88 68.44 ConEd ED 3.7 18 74.20 -0.27 5.74 39.93 30.04 Lennar B LEN/B 0.4 9 36.48 0.31 4.38 44.00 26.88 SpectraEnergy SE 4.1 95 42.89 0.79 s 6.77 63.99 38.85 DISH Network DISH ... 30 61.85 0.56
1.63 6.09 3.36 Aegon AEG 5.2 24 5.62 0.13 -2.77 173.55 130.23 ConstBrands A STZ 1.1 25 149.07 -0.20 -1.02 65.83 53.43 DentsplySirona XRAY 0.5 29 57.14 0.62
8.39 45.53 24.61 AerCap AER ... 10 45.10 0.55 2.66 164.56 105.65 LennoxIntl LII 1.1 28 157.25 1.84 -0.04 50.48 39.76 SpectraEnerPtrs SEP 5.9 15 45.82 0.66
-6.95 60.30 16.88 ContinentalRscs CLR ... dd 47.96 -0.34 s 4.73 24.48 14.27 LeucadiaNatl LUK 1.0249 24.35 0.62 8.53 138.95 89.53 SpectrumBrands SPB 1.3 24 132.76 0.22 36.31 96.38 47.92 DexCom DXCM ... dd 81.38 1.82
-1.17 136.50 92.42 Aetna AET 0.8 18 122.56 2.11 7.53 190.99 123.80 Cooper COO 0.0 34 188.10 1.09 3.32 113.23 63.76 DiamondbackEner FANG ... dd 104.42 -0.21
8.83 179.85 115.97 AffiliatedMgrs AMG 0.5 18 158.13 3.17 4.72 60.12 41.73 Level3Comm LVLT ... 6 59.02 0.25 -3.94 61.55 40.30 SpiritAeroSys SPR 0.7 15 56.05 1.35
-0.03 135.49 91.52 CoreLabs CLB 1.8 82 120.00 1.99 -2.48 42.26 26.94 LibertyProperty LPT 4.9 23 38.52 0.37 0.12 9.65 2.45 Sprint S ... dd 8.43 -0.10 2.48 29.75 23.66 DiscoveryComm A DISCA ... 16 28.09 0.30
8.38 49.81 34.15 AgilentTechs A 1.1 35 49.38 0.48 10.14 26.99 17.61 Corning GLW 2.3 8 26.73 0.35 2.46 28.91 22.43 DiscoveryComm C DISCK ... 15 27.44 0.28
5.00 83.78 64.18 EliLilly LLY 2.7 30 77.23 -0.16 7.70 128.77 88.72 StanleyBlackDck SWK 1.9 19 123.52 1.16
17.17 60.10 31.55 AgnicoEagle AEM 0.8104 49.21 0.56 5.95 31.60 17.94 Coty COTY 2.6242 19.40 0.07 -0.63 99.93 72.52 DollarTree DLTR ... 23 76.69 -0.51
4.87 70.37 30.39 LincolnNational LNC 1.7 14 69.50 0.97 2.41 23.46 16.69 StarwoodProp STWD 8.5 16 22.48 0.03
2.73 111.88 79.94 Agrium AGU 3.4 15 103.29 0.91 3.86 168.88 92.89 Credicorp BAP 1.4 ... 163.96 1.68 -1.62 56.13 40.19 Dunkin' DNKN 2.3 37 51.59 0.78
5.20 29.03 26.09 LionsGate A LGF/A ... ... 28.30 -0.03 -0.23 83.49 50.59 StateStreet STT 2.0 16 77.54 1.57
-2.54 150.45 116.59 AirProducts APD 2.7 21 140.16 0.88 6.22 16.17 10.01 CreditSuisse CS ... dd 15.20 0.26 0.35 38.61 19.61 E*TRADE
7.93 29.04 18.77 LiveNationEnt LYV ... dd 28.71 0.09 3.12 19.27 12.75 Statoil STO 4.7 dd 18.81 0.16 ETFC ... 18 34.77 0.52
6.04 96.27 54.51 AlaskaAir ALK 1.2 13 94.09 -0.44 -16.56 18.95 9.35 CrescentPoint CPG 2.4 dd 11.34 -0.12 3.72 54.04 27.25 EastWestBancorp EWBC 1.5 19 52.72 2.26
7.74 4.42 2.47 LloydsBanking LYG 2.6 39 3.34 0.04 7.09 74.63 61.38 Steris STE 1.6 37 72.17 0.72
9.51 95.89 47.49 Albemarle ALB 1.3 22 94.27 1.36 8.81 28.30 7.90 CrestwoodEquity CEQP 8.6 dd 27.80 0.30 8.02 33.19 21.52 eBay EBAY ... 5 32.07 0.10
1.81 269.90 203.65 LockheedMartin LMT 2.9 19 254.46 2.49 s 26.61 14.45 5.11 STMicroelec STM 1.7165 14.37 0.13
31.27 38.94 20.00 Alcoa AA ... dd 36.86 -0.82 2.27 102.82 79.38 CrownCastle CCI 4.3 94 88.74 0.97 9.07 56.82 32.13 EchoStar SATS ... 25 56.05 0.05
-0.47 48.05 33.84 Loews L 0.5 93 46.61 0.34 2.96 127.23 94.31 Stryker SYK 1.4 28 123.36 -0.03
-0.44 114.67 70.69 AlexandriaRealEst ARE 3.0 dd 110.64 1.58 0.97 57.49 43.42 CrownHoldings CCK ... 15 53.08 -0.99 3.20 86.07 53.01 ElectronicArts EA ... 20 81.28 -1.23
3.05 83.65 62.62 Lowe's LOW 1.9 27 73.29 1.34 4.32 8.30 5.01 SumitomoMits SMFG ... 10 7.97 0.22
14.33 109.87 59.25 Alibaba BABA ... 45 100.39 -0.45 1.73 94.32 45.35 Cullen/Frost CFR 2.4 19 89.76 2.20 7.67 391.07 255.45 Equinix EQIX 1.8379 384.82 1.74
0.84 59.58 44.85 Luxottica LUX 1.8 ... 54.15 0.34 2.45 85.98 62.58 SunCommunities SUI 3.3 43 78.49 0.21
1.28 619.99 446.50 Alleghany Y ... 18 615.92 1.52 7.46 150.35 93.27 Cummins CMI 2.8 21 146.86 0.53 -0.51 10.20 4.83 Ericsson ERIC 7.9 85 5.80 -0.07
10.39 97.64 69.82 LyondellBasell LYB 3.6 11 94.69 0.94 1.07 40.57 26.24 SunLifeFinancial SLF 3.2 10 38.82 0.31
5.20 73.49 52.95 Allegion ALLE 0.7 29 67.33 1.71 -1.24 19.92 14.67 DDR DDR 5.0 dd 15.08 -0.04 4.77 166.34 100.08 M&T Bank MTB 1.7 21 163.89 1.78 0.44 116.21 88.69 ErieIndemnity A ERIE 2.8 30 112.95 0.20
9.93 301.32 184.50 Allergan AGN ... 6 230.87 1.35 -4.34 33.79 20.35 SuncorEnergy SU 2.8 dd 31.27 0.11
0.51 100.45 81.75 DTE Energy DTE 3.3 22 99.01 0.06 0.10 30.62 16.18 MGM Resorts MGM ... 58 28.86 0.06 10.41 31.49 16.50 SunocoLogistics SXL 7.8 52 26.52 0.69 s 35.88 20.75 3.55 Exelixis EXEL ... dd 20.26 1.57
-0.16 241.69 176.63 AllianceData ADS 0.9 31 228.14 2.16 7.52 84.74 62.80 Danaher DHR 0.6 23 83.69 -0.01 9.71 38.55 16.34 MPLX MPLX 5.5 dd 37.98 0.37 7.28 133.55 88.40 Expedia EXPE 0.9109 121.53 0.94
1.28 25.00 16.11 AllianceBernstein AB 7.6 12 23.75 0.15 5.69 58.72 31.07 SunTrustBanks STI 1.8 16 57.97 1.14
-1.24 79.43 55.77 Darden DRI 3.1 21 71.82 0.19 s 16.34 93.70 62.17 MSCI MSCI 1.2 34 91.65 2.74 0.66 38.05 23.25 SynchronyFin SYF 1.4 13 36.51 1.17 0.68 56.37 43.61 ExpeditorsIntl EXPD 1.5 23 53.32 0.88
-0.18 40.99 33.08 AlliantEnergy LNT 3.3 25 37.82 0.31 1.74 78.77 54.50 DaVita DVA ... 19 65.32 0.54 11.31 104.25 64.25 MSC Industrial MSM 1.8 27 102.84 1.34 -2.47 80.02 64.46 ExpressScripts ESRX ... 16 67.09 0.40
5.31 35.95 20.56 AllisonTransm ALSN 1.7 36 35.48 0.52 8.35 89.13 74.52 Syngenta SYT 2.6 34 85.65 -0.72
4.80 108.47 74.91 Deere DE 2.2 22 107.99 0.56 -2.12 94.51 66.00 Macerich MAC 4.1126 69.34 0.58 -5.11 57.07 42.05 Sysco SYY 2.5 29 52.54 0.16 -5.87 148.34 86.03 F5Networks FFIV ... 25 136.23 1.78
4.53 78.12 61.70 Allstate ALL 1.7 16 77.48 0.08 9.49 78.00 55.59 DelphiAutomotive DLPH 1.6 19 73.74 0.23 -4.54 85.45 51.83 MacquarieInfr MIC 6.6 54 77.99 13.85 135.49 96.82 Facebook FB ... 40 130.98 0.14
s 19.40 22.72 14.84 AllyFinancial ALLY 1.4 dd 22.71 0.57 2.50 16.55 83.87 42.64 TAL Education TAL ... 79 81.76 -0.05
-2.81 52.76 32.60 DeltaAir DAL 1.7 8 47.81 0.43 -8.71 45.50 28.55 Macy's M 4.6 15 32.69 1.97 8.80 76.46 51.70 TE Connectivity TEL 2.0 13 75.38 0.87 4.38 51.56 37.70 Fastenal FAST 2.6 28 49.04 0.04
5.72 72.08 58.84 Altria MO 3.4 10 71.49 0.04 11.60 20.94 11.19 DeutscheBank DB ... dd 20.20 0.47 3.97 81.70 55.75 MagellanMid MMP 4.3 22 78.63 -1.39 -1.67 27.88 13.84 FifthThirdBncp FITB 2.1 14 26.52 0.58
26.35 13.44 7.22 AlumofChina ACH ... 38 12.90 -0.50 5.05 34.12 27.46 Telus TU 4.3 14 33.46 0.24
2.45 50.69 18.07 DevonEnergy DVN 0.5 dd 46.79 1.14 0.41 47.21 30.41 MagnaIntl MGA 2.3 6 43.58 0.52 -4.60 27.00 11.06 Ternium TX 3.9 15 23.04 -0.13 0.41 111.51 90.49 Fiserv FISV ... 27 106.72 1.26
11.81 6.34 4.33 Ambev ABEV 1.6 26 5.49 0.04 7.65 117.84 99.46 Diageo DEO 2.1 23 111.89 0.69 -0.98 85.83 42.67 Mallinckrodt MNK ... 10 49.33 -0.37 8.21 16.16 9.69 Flex FLEX ... 29 15.55 0.09
0.44 54.08 44.84 Ameren AEE 3.3 20 52.69 0.10 s 26.19 15.00 7.08 TIM Part TSU 1.9 31 14.89 0.69
-2.60 62.88 36.06 Dick's DKS 1.2 18 51.72 1.01 s 11.05 98.99 57.26 Manpower MAN 1.7 16 98.69 1.46 0.45 83.64 66.82 TJX TJX 1.4 22 75.47 0.54 s 25.23 38.01 23.16 Fortinet FTNT ... ... 37.72 4.54
0.08 15.95 11.02 AmericaMovil AMX 2.1 24 12.58 -0.25 9.66 113.21 76.36 DigitalRealty DLR 3.3 75 107.75 0.88 6.96 19.52 10.99 ManulifeFin MFC 2.9 13 19.06 0.14 3.92 35.98 24.69 Gaming&Leisure GLPI 7.8 24 31.82 0.23
0.89 15.93 10.83 AmericaMovil A AMOV 2.2 23 12.41 -0.32 7.72 31.61 21.79 TaiwanSemi TSM 3.0 17 30.97 0.19
-3.79 74.33 42.86 DiscoverFinSvcs DFS 1.7 12 69.36 1.30 -0.46 19.28 6.52 MarathonOil MRO 1.2 dd 17.23 0.55 8.61 61.25 14.55 TargaResources TRGP 6.0 dd 60.90 1.02 2.78 56.19 32.83 Garmin GRMN 4.1 19 49.84 0.04
-2.87 54.56 41.90 AmCampus ACC 3.5 59 48.34 0.12 5.83 111.99 86.25 Disney DIS 1.4 19 110.30 -0.31 -4.35 54.59 29.24 MarathonPetrol MPC 3.0 22 48.16 0.26 3.76 21.89 13.02 Gentex GNTX 1.8 17 20.43 0.14
1.70 71.32 57.89 AEP AEP 3.7 69 64.03 0.25 -11.74 84.14 62.94 Target TGT 3.8 11 63.75 0.07
-1.26 96.88 66.50 DollarGeneral DG 1.4 17 73.14 -0.36 -0.28 18.75 13.00 MarineHarvest MHG 6.0 18 18.08 0.22 13.00 44.79 20.00 TataMotors TTM 0.0 15 38.86 -0.33 1.02 103.10 69.78 GileadSciences GILD 2.6 7 72.34 0.09
s 5.35 78.42 50.27 AmericanExpress AXP 1.6 14 78.04 1.53 -6.38 78.97 67.58 DominionRscs D 4.2 21 71.70 0.02 2.56 989.18 810.00 Markel MKL ... 26 927.62 1.99 3.82 33.36 24.31 Goodyear GT 1.2 27 32.05 -0.02
s 3.05 92.38 64.87 AmericanFin AFG 1.4 20 90.81 -0.15 -5.97 37.09 22.30 TechnipFMC FTI ... ... 33.41 0.49
s 10.46 177.30 104.10 Domino's DPZ 0.9 44 175.89 0.98 s 4.33 70.60 53.97 Marsh&McLennan MMC 1.9 22 70.52 0.97 21.02 33.76 3.55 TeckRscsB TECK 0.3 dd 24.24 -1.02 s 8.40 17.43 14.21 Grifols GRFS 2.2 20 17.42 0.27
7.72 22.99 13.16 AmerHomes4Rent AMH 0.9 dd 22.60 0.11 0.81 46.29 27.65 Donaldson DCI 1.7 27 42.42 0.44 4.23 243.98 108.31 MartinMarietta MLM 0.7 36 230.91 2.32 0.31 44.20 21.26 HDSupply HDS ... 8 42.64 0.51
-0.57 67.47 48.41 AIG AIG 2.0148 64.94 0.82 1.12 11.79 6.95 TelecomItalia TI 2.9 17 8.99 0.39
3.80 39.25 24.73 DouglasEmmett DEI 2.4 73 37.95 0.41 5.09 37.38 23.10 Masco MAS 1.2 24 33.23 0.23 0.27 9.69 5.61 TelecomItalia A TI/A 4.3 14 7.31 0.24 6.22 88.53 68.60 Hasbro HAS 2.5 20 82.63 0.19
-0.41 118.26 83.07 AmerTowerREIT AMT 2.2 53 105.25 1.14 5.22 82.32 55.30 Dover DOV 2.2 24 78.84 1.04 3.23 111.07 78.52 Mastercard MA 0.8 29 106.58 1.44 7.22 183.00 143.64 HenrySchein HSIC ... 27 162.66 1.44
0.07 85.24 63.16 AmerWaterWorks AWK 2.1 28 72.41 -0.20 6.01 188.79 130.84 Teleflex TFX 0.8 30 170.84 1.75
5.23 61.73 44.40 DowChemical DOW 3.1 18 60.21 0.35 2.71 107.84 85.09 McCormick MKC 2.0 26 95.86 0.78 13.60 15.69 8.35 TelefonicaBras VIV ... 24 15.20 0.05 -1.35 41.24 31.84 Hologic HOLX ... 34 39.58 0.11
2.19 50.11 36.21 Amerigas APU 7.7 44 48.97 -0.72 1.16 98.80 81.05 DrPepperSnap DPS 2.3 20 91.72 0.14 2.61 108.26 85.74 McCormickVtg MKC/V 2.0 26 95.53 0.53 2.67 102.38 71.54 JBHunt JBHT 0.9 26 99.66 2.42
9.30 123.29 76.00 Ameriprise AMP 2.5 16 121.26 3.36 5.00 11.43 8.15 Telefonica TEF 7.4130 9.66 0.05
3.03 54.73 41.34 DrReddy'sLab RDY 0.6 47 46.65 0.16 2.07 131.96 110.33 McDonalds MCD 3.0 23 124.24 1.02 1.13 34.65 23.55 TelekmIndonesia TLK 0.5 17 29.49 0.09 2.95 14.17 7.95 HuntingtonBcshs HBAN 2.4 20 13.61 0.37
14.18 92.48 68.38 AmerisourceBrgn ABC 1.6 15 89.28 1.23 4.13 78.36 55.94 DuPont DD 2.0 27 76.43 0.26 -1.15 199.43 114.53 McKesson MCK 0.8 15 138.84 -0.16 s 15.33 75.00 38.82 IAC/InterActive IAC ... dd 74.72 1.88
5.99 52.83 42.82 Ametek AME 0.7 22 51.51 0.47 -1.60 37.21 19.44 Tenaris TS 1.5 dd 35.14 0.18
0.04 87.31 72.34 DukeEnergy DUK 4.4 19 77.65 -0.14 18.82 94.40 66.66 MeadJohnson MJN 2.0 29 84.08 -0.30 s 13.35 29.02 17.34 Teradyne TER 1.0 dd 28.79 0.09 s 21.11 142.86 66.82 IdexxLab IDXX ... 60 142.02 2.95
0.39 69.25 48.18 Amphenol APH 0.9 26 67.46 0.31 -5.99 28.99 18.57 DukeRealty DRE 3.0 28 24.97 0.23 3.11 76.96 59.36 Mednax MD ... 19 68.73 0.60 12.12 39.98 26.29 IHSMarkit INFO ... 61 39.70 0.26
0.96 73.33 33.85 AnadarkoPetrol APC 0.3 dd 70.40 1.30 -4.49 93.50 67.80 Tesoro TSO 2.6 14 83.52 1.01
-3.04 33.40 24.73 ENI E 5.7 dd 31.26 0.71 7.17 89.27 69.35 Medtronic MDT 2.3 25 76.34 0.42 13.40 59.01 35.18 TesoroLogistics TLLP 6.3 28 57.62 0.45 15.98 116.00 73.55 IPG Photonics IPGP ... 25 114.48 1.27
23.98 22.91 9.28 AngloGoldAsh AU ... ... 13.03 0.03 -0.16 109.37 62.53 EOG Rscs EOG 0.7 dd 100.94 1.23 9.21 65.46 47.97 Merck MRK 2.9 33 64.29 0.11 -0.40 67.63 42.50 IcahnEnterprises IEP 10.1 dd 59.68 0.73
-0.13 136.08 98.28 AB InBev BUD 3.2 45 105.30 0.81 -4.99 60.34 32.11 TevaPharm TEVA 3.9 20 34.44 0.25
-0.50 80.61 54.22 EQT EQT 0.2 dd 65.07 1.20 -3.93 58.09 35.00 MetLife MET 3.1 85 51.77 0.31 -0.51 50.93 30.68 Textron TXT 0.2 14 48.31 0.77 26.64 186.88 119.37 Illumina ILMN ... 52 162.15 -0.74
3.41 11.29 9.52 AnnalyCap NLY 11.6 94 10.31 0.02 s 4.21 80.77 61.13 EQT Midstream EQM 4.3 15 79.91 -0.21 s 10.54 467.14 291.32 MettlerToledo MTD ... 34 462.67 29.03 20.02 124.87 55.00 Incyte INCY ...154 120.34 -0.58
9.33 34.94 18.39 AnteroMidstream AM 3.3 29 33.76 -0.46 7.32 160.68 119.75 ThermoFisherSci TMO 0.4 30 151.43 -0.24
3.58 80.48 57.00 EastmanChem EMN 2.6 13 77.90 0.28 -4.56 59.49 40.36 MichaelKors KORS ... 9 41.02 0.13 2.83 45.68 34.01 ThomsonReuters TRI 3.0 20 45.02 0.21 0.69 38.45 27.68 Intel INTC 2.8 17 36.52 0.10
10.61 30.66 21.45 AnteroResources AR ... dd 26.16 0.58 4.67 72.00 52.35 Eaton ETN 2.2 17 70.22 0.20 0.06 110.01 82.91 MidAmApt MAA 3.6 34 97.98 0.32 3.28 120.55 88.17 Intuit INTU 1.1 38 118.37 0.54
s 10.65 161.80 114.85 Anthem ANTM 1.6 17 159.08 1.42 4.73 108.45 47.56 ThorIndustries THO 1.3 19 104.78 1.34
3.01 124.60 98.62 Ecolab ECL 1.2 34 120.75 0.54 s 12.34 7.01 3.86 MitsubishiUFJ MTU ... 12 6.92 0.44 -1.98 182.27 149.00 3M MMM 2.5 21 175.04 0.86 10.72 727.25 502.01 IntuitiveSurgical ISRG ... 38 702.13 1.97
2.27 116.59 89.01 Aon AON 1.2 21 114.06 1.58 6.85 10.29 5.78 Ecopetrol EC ... dd 9.67 0.05 3.90 3.87 2.69 MizuhoFin MFG ... 8 3.73 0.08 -2.95 57.00 19.59 IonisPharma IONS ... dd 46.42 1.98
-6.03 69.00 33.23 Apache APA 1.7 dd 59.64 0.55 3.93 85.44 56.98 Tiffany TIF 2.2 23 80.47 2.29
0.76 78.72 61.50 EdisonInt EIX 3.0 27 72.54 -0.07 15.26 10.78 6.55 MobileTeleSys MBT 3.6 16 10.50 0.08 -0.68 97.35 55.53 TimeWarner TWX 1.7 17 95.87 0.24 11.32 30.01 19.51 JD.com JD ... dd 28.32 0.15
-2.22 47.91 34.97 ApartmtInv AIV 3.2198 44.44 0.15 -3.45 121.75 75.29 EdwardsLife EW ... 35 90.47 0.74 11.73 51.15 23.57 Mobileye MBLY ...109 42.59 -0.15 1.63 91.48 75.00 JackHenry JKHY 1.2 28 90.23 1.18
0.03 35.83 28.03 AquaAmerica WTR 2.5 25 30.05 0.21 0.66 75.24 48.47 Torchmark TMK 0.8 17 74.25 0.59
6.80 60.93 44.70 EmersonElectric EMR 3.2 24 59.54 0.66 7.87 217.96 148.56 MohawkIndustries MHK ... 18 215.39 -0.64 5.54 59.91 34.79 Toro TTC 1.2 29 59.05 0.56 14.14 160.00 95.80 JazzPharma JAZZ ... 22 124.45 1.26
-4.76 38.30 29.18 Aramark ARMK 1.2 29 34.02 0.20 -26.02 26.36 14.27 EnbridgeEnPtrs EEP 12.4 dd 18.85 -0.47 -0.32 112.19 80.78 MolsonCoors B TAP 1.7 36 97.00 1.05 -13.02 23.67 14.76 JetBlue JBLU ... 9 19.50 0.13
8.49 8.84 2.33 ArcelorMittal MT 2.5 dd 7.92 -0.16 5.05 52.32 34.73 TorontoDomBk TD 3.1 11 51.83 0.25
4.04 45.77 29.63 Enbridge ENB 4.0 21 43.82 0.76 3.48 114.26 83.73 Monsanto MON 2.0 30 108.87 -0.10 -0.31 52.04 40.08 Total TOT 5.1 30 50.81 0.53 s 11.32 88.12 62.33 KLA Tencor KLAC 2.5 16 87.59 0.23
-3.64 47.88 31.30 ArcherDaniels ADM 2.7 17 43.99 ... 6.81 13.85 3.00 Encana ECA 0.5 dd 12.54 -0.19 12.62 110.83 77.76 Moody's MCO 1.4 23 106.17 1.75 2.23 90.54 70.01 KraftHeinz KHC 2.7 39 89.27 0.66
s 39.70 25.92 16.02 Arconic ARNC 0.9 ... 25.90 0.70 7.83 56.54 37.47 TotalSystem TSS 0.8 31 52.87 1.87
0.36 93.10 57.97 Endurance ENH 1.6 15 92.73 0.04 5.16 44.60 21.16 MorganStanley MS 1.8 15 44.43 2.30 -1.77 123.18 97.80 ToyotaMotor TM ... 10 115.12 0.59 4.27 36.35 23.95 LKQ LKQ ... 21 31.96 0.22
-1.29 103.00 52.51 AristaNetworks ANET ... 42 95.52 0.64 s 14.62 9.44 6.37 EnelAmericas ENIA ... 13 9.41 0.18 8.59 33.99 22.20 Mosaic MOS 3.5 25 31.85 0.40 11.27 119.14 63.10 LamResearch LRCX 1.5 21 117.65 0.42
s 4.43 74.57 51.57 ArrowElec ARW ... 13 74.46 1.26 6.20 49.77 33.37 TransCanada TRP 3.5 dd 47.95 0.48
-2.78 29.52 18.35 EnelGenChile EOCC 3.4 ... 18.90 -0.23 -1.56 87.55 59.78 MotorolaSolutions MSI 2.3 24 81.60 0.60 -9.56 294.38 180.76 TransDigm TDG ... 23 225.16 3.39 11.66 77.43 49.73 LamarAdvertising LAMR 4.0 25 75.08 0.17
8.61 125.00 88.30 AshlandGlobal ASH 1.3 dd 118.70 1.08 -4.89 64.44 20.76 Energen EGN ... dd 54.85 0.96 5.97 44.41 18.02 NCR NCR ... 29 42.98 0.48 16.71 87.47 42.03 LibertyBroadbandA LBRDA ... 15 84.57 0.86
5.55 98.97 64.36 Assurant AIZ 2.2 10 98.01 0.67 -5.22 16.66 7.67 Transocean RIG ... 4 13.97 0.23
-1.35 20.05 4.00 EnergyTrfrEquity ETE 6.0 19 19.05 0.82 39.31 18.32 9.03 NRG Energy NRG 0.7 dd 17.08 0.37 5.66 35.79 20.43 TransUnion TRU ... 68 32.68 0.67 16.21 88.12 41.30 LibertyBroadbandC LBRDK ... 15 86.08 0.74
2.20 35.04 25.55 AstraZeneca AZN 6.8 30 27.92 0.36 10.03 43.50 18.62 EnergyTrfrPtrs ETP 10.7 dd 39.40 1.17 4.97 28.43 21.96 NTTDoCoMo DCM ... 15 23.88 -0.08 19.39 36.78 26.16 LibertyGlobal A LBTYA ... dd 36.52 0.23
0.02 48.72 43.25 Athene ATH ... 5 48.00 0.96 -3.79 123.09 103.07 Travelers TRV 2.3 11 117.78 0.15
-1.90 10.33 2.43 Enerplus ERF 1.0 dd 9.30 -0.07 12.91 1920.52 1478.04 NVR NVR ... 18 1884.45 9.45 s 18.99 35.44 25.86 LibertyGlobal C LBTYK ... dd 35.34 0.28
2.33 81.97 68.15 AtmosEnergy ATO 2.4 22 75.88 0.80 8.70 10.87 6.35 TurkcellIletism TKC 22.8 12 7.50 0.03
4.78 19.89 6.32 EnLinkMidPtrs ENLK 8.1 dd 19.30 0.47 -0.55 74.97 56.50 NationalGrid NGG 5.4 15 58.01 -0.02 10.22 3.80 1.85 TurquoiseHill TRQ ... 19 3.56 -0.14 7.19 42.63 19.10 LibertyLiLAC A LILA ... dd 23.54 0.64
-8.65 126.31 93.31 Autoliv ALV 2.2 16 103.36 -3.44 -2.25 82.08 66.71 Entergy ETR 4.8 10 71.82 0.38 3.02 43.63 25.74 NatlOilwell NOV 0.5 dd 38.57 0.77 7.51 44.95 19.33 LibertyLiLAC C LILAK ... dd 22.76 0.70
2.30 54.15 39.28 AutoNation AN ... 13 49.77 -2.00 8.04 25.25 13.72 Twitter TWTR ... dd 17.61 -0.17
6.10 30.25 19.64 EnterpriseProd EPD 5.7 24 28.69 0.53 -2.71 53.59 39.86 NatlRetailProp NNN 4.2 39 43.00 -0.14 1.95 175.77 118.16 TylerTech TYL ... 84 145.55 0.55 -6.16 27.25 17.88 LibertyQVC A QVCA ... 10 18.75 0.03
-8.24 819.54 681.01 AutoZone AZO ... 17 724.72 -0.71 9.64 83.27 57.32 EnvisionHlthcr EVHC ... 20 69.39 0.55 12.61 53.38 28.43 NewOrientalEduc EDU ... 32 47.41 -0.83 18.39 45.17 32.35 LibertyVenturesA LVNTA ... 14 43.65 0.29
-2.04 192.29 158.32 Avalonbay AVB 3.3 25 173.53 -2.01 6.01 77.05 55.72 TysonFoods TSN 1.4 15 65.39 0.21
1.79 136.97 91.72 Equifax EFX 1.1 30 120.35 2.30 -5.91 17.68 13.74 NY CmntyBcp NYCB 4.5 15 14.97 0.21 8.45 85.13 53.20 LincolnElectric LECO 1.7 30 83.15 1.32
2.96 46.74 35.42 Avangrid AGR 4.4 24 39.00 0.16 3.13 17.44 11.93 UBS Group UBS 3.7 19 16.16 0.31
2.48 83.19 63.34 EquityLife ELS 2.3 38 73.89 0.16 5.02 55.45 33.26 NewellBrands NWL 1.6 53 46.89 -0.92 1.52 64.42 39.68 LinearTech LLTC 2.1 31 63.30 0.07
12.57 80.84 60.37 AveryDennison AVY 2.1 22 79.05 -0.96 -4.99 38.61 32.79 UDR UDR 3.4 33 34.66 -0.31
-6.18 76.15 58.28 EquityResdntl EQR 3.3 40 60.38 -0.38 2.79 50.00 20.84 NewfieldExpln NFX ... dd 41.63 1.12 2.15 81.81 54.00 lululemon LULU ... 32 66.39 -0.13
-1.11 51.50 38.03 Avnet AVT 1.4 16 47.08 0.64 2.71 48.13 34.94 UGI UGI 2.0 23 47.33 0.50 s 30.19 191.31 102.32 MarketAxess MKTX 0.7 57 191.27
-4.05 237.50 191.25 EssexProp ESS 2.9 49 223.08 -3.26 7.90 46.07 22.31 NewmontMining NEM 0.5722 36.76 0.08 3.17
9.04 30.45 20.67 AxaltaCoating AXTA ... 67 29.66 0.15 -0.76 27.86 22.19 US Foods USFD ... 50 27.27 0.02
8.54 97.48 75.30 EsteeLauder EL 1.6 29 83.02 1.02 3.98 131.98 109.34 NextEraEnergy NEE 2.8 20 124.21 0.75 3.35 86.32 57.89 Marriott MAR 1.4 30 85.45 0.95
-0.87 47.85 29.95 BB&T BBT 2.6 17 46.61 0.80 2.80 24.50 13.99 UltraparPart UGP 2.3 26 21.32 0.47 s 13.34 15.76 8.32 MarvellTech MRVL 1.5 75 15.72
s 2.41 225.80 169.19 EverestRe RE 2.3 10 221.61 -0.58 1.22 55.94 40.28 NielsenHoldings NLSN 2.9 26 42.46 0.81 t-28.74 47.95 20.44 UnderArmour A UAA ... 47 20.70 0.05
0.33
1.90 49.03 40.68 BCE BCE 5.0 14 44.06 -0.09 0.89 60.44 50.56 EversourceEner ES 3.4 20 55.72 0.37 3.01 65.44 49.01 Nike NKE 1.4 23 52.36 -0.44 -6.28 34.76 25.17 Mattel MAT 5.9 28 25.82 0.05
10.09 41.79 20.82 BHPBilliton BHP 1.4 dd 39.39 -1.54 t-27.73 46.20 18.02 UnderArmour C UA ... 41 18.19 0.07
0.82 37.70 29.82 Exelon EXC 3.7 27 35.78 -0.04 3.52 49.67 38.45 NipponTelegraph NTT ... 12 43.55 0.20 15.82 45.27 30.31 MaximIntProducts MXIM 3.0 26 44.67 0.13
10.97 37.44 18.31 BHPBilliton BBL 1.6 dd 34.91 -1.19 ... 48.00 38.41 Unilever UN 3.4 20 41.06 0.49 3.27 20.00 11.90 MelcoCrownEnt MPEL 0.9 72 16.42 -0.08
-5.48 94.81 68.09 ExtraSpaceSt EXR 4.3 32 73.01 0.55 0.54 26.94 20.68 NiSource NI 3.1 24 22.26 0.10 1.65 48.97 38.58 Unilever UL 3.3 21 41.37 0.21
-3.91 38.68 27.01 BP BP 6.7 dd 35.92 0.13 -7.45 95.55 77.58 ExxonMobil XOM 3.6 44 83.54 0.09 5.89 42.03 26.70 NobleEnergy NBL 1.0 dd 40.30 0.57 21.78 193.58 84.19 MercadoLibre MELI 0.3 68 190.15 1.53
-3.12 18.12 12.25 BRF BRFS ... 30 14.30 0.02 4.66 111.38 73.46 UnionPacific UNP 2.2 21 108.51 1.21 s 8.23 69.73 39.01 MicrochipTech MCHP 2.1347 69.43 0.65
6.61 62.84 32.24 FMC FMC 1.1 dd 60.30 -0.18 0.42 6.31 4.04 Nokia NOK 6.0 21 4.83 0.01 0.25 76.80 37.41 UnitedContinental UAL ... 11 73.06 0.92
-15.94 35.56 19.14 BT Group BT 3.1 12 19.36 0.03 7.79 183.17 135.95 FactSet FDS 1.1 21 176.16 1.64 11.86 6.77 3.33 NomuraHoldings NMR ... 16 6.60 0.09 12.23 25.31 9.35 MicronTech MU ... dd 24.60 -0.19
-4.80 68.59 38.16 BakerHughes BHI 1.1 dd 61.85 -0.56 -6.71 120.44 94.22 UPS B UPS 2.9 28 106.95 1.85 1.07 57.97 29.00 Microsemi MSCC ... dd 54.55 1.05
-1.53 171.08 134.39 FederalRealty FRT 2.8 47 139.94 -0.17 -8.41 62.82 35.01 Nordstrom JWN 3.4 23 43.90 0.39 21.85 131.19 41.90 UnitedRentals URI ... 20 128.65 1.56
-1.64 82.24 62.30 Ball BLL 0.7 49 73.84 0.52 1.08 201.57 122.78 FedEx FDX 0.9 28 188.21 3.60 11.46 122.17 68.56 NorfolkSouthern NSC 2.0 21 120.46 0.99 2.48 65.91 48.03 Microsoft MSFT 2.4 30 63.68 0.51
-1.18 7.67 5.14 BancoBilbaoViz BBVA ... 24 6.69 0.05 s 4.46 54.04 37.07 US Bancorp USB 2.1 17 53.66 0.53 3.25 143.60 79.11 Middleby MIDD ... 30 133.00 1.61
20.94 11.32 5.45 FiatChrysler FCAU ... 9 11.03 0.13 -0.52 253.80 180.10 NorthropGrumman NOC 1.6 19 231.36 1.51 2.33 39.14 6.67 US Steel X 0.6 dd 33.78 -1.07
2.38 73.40 58.34 BancodeChile BCH 4.0 14 72.13 0.01 7.66 38.50 28.24 FidelityNatlFin FNF 2.7 18 36.56 0.66 1.44 83.58 66.93 Novartis NVS 3.7 27 73.89 0.81 0.07 46.40 35.88 Mondelez MDLZ 1.7 87 44.36 0.35
-0.09 23.50 16.43 BcoSantChile BSAC 4.9 16 21.85 0.23 0.03 112.83 83.84 UnitedTech UTX 2.4 18 109.65 1.29 -3.83 55.50 37.69 MonsterBeverage MNST ... 38 42.64 0.83
-9.12 14.50 8.38 FNFV Group FNFV ... 8 12.45 ... -4.96 57.81 30.89 NovoNordisk NVO 1.3 16 34.08 0.60 1.14 164.00 108.83 UnitedHealth UNH 1.5 22 161.87 1.11
s 10.42 5.74 3.60 BancoSantander SAN 4.1 13 5.72 0.04 4.97 81.67 55.10 FidelityNtlInfo FIS 1.5 55 79.40 0.34 -3.65 68.00 37.71 Nucor NUE 2.6 25 57.35 -0.14 2.78 52.91 33.60 Mylan MYL ... 77 39.21 0.21
6.38 42.58 27.51 BanColombia CIB 3.0 12 39.02 0.34 7.02 139.77 99.72 UniversalHealthB UHS 0.4 16 113.85 1.10 1.48 107.54 61.61 NXP Semi NXPI ... 38 99.46 0.45
10.22 16.11 8.37 FirstData FDC ... dd 15.64 0.39 9.52 55.64 25.93 NuSTAREnergy NS 8.0 43 54.54 -0.23 s 6.67 47.24 23.99 UnumGroup UNM 1.7 12 46.86 0.97
5.38 23.55 10.99 BankofAmerica BAC 1.3 17 23.29 0.57 3.08 95.95 56.32 FirstRepBank FRC 0.7 24 94.98 1.48 1.26 34.23 24.39 OGE Energy OGE 3.6 22 33.87 0.35 4.80 71.92 57.85 Nasdaq NDAQ 1.8113 70.34 -0.33
5.65 77.09 49.17 BankofMontreal BMO 3.4 11 75.98 0.52 0.12 11.09 7.10 VEREIT VER 6.5 dd 8.47 0.05 8.53 39.00 20.89 NetApp NTAP 2.0 35 38.28 0.04
-3.49 36.60 29.33 FirstEnergy FE 4.8 dd 29.89 0.30 -1.67 59.47 18.88 ONEOK OKE 4.4 42 56.45 0.89 t -7.10 67.10 49.02 VF
-3.61 49.54 32.20 BankNY Mellon BK 1.7 14 45.67 0.87 6.50 176.42 111.23 FleetCorTech FLT ... 35 150.72 2.67 VFC 3.4 16 49.56 -1.14 18.42 272.58 129.60 Netease NTES 1.2 22 255.00 -0.99
26.48 57.41 22.00 ONEOK Partners OKS 5.8 41 54.40 0.84 s 10.33 86.82 66.12 Visa V 0.8 31 86.08 3.78
s 8.08 60.50 36.88 BkNovaScotia BNS 3.6 10 60.18 0.48 1.25 52.50 38.04 Flowserve FLS 1.6 42 48.65 0.46 -2.88 78.48 63.21 OccidentalPetrol OXY 4.4 dd 69.18 0.68 13.29 143.46 79.95 Netflix NFLX ...334 140.25 1.05
4.09 12.05 6.76 Barclays BCS 1.8 dd 11.45 0.33 s 7.99 174.49 114.86 VailResorts MTN 1.9 45 174.20 1.64 7.07 14.68 10.21 NewsCorp A NWSA 1.6 dd 12.27 0.05
5.98 57.77 41.06 Fluor FLR 1.5 49 55.66 0.64 7.55 5.16 2.65 Och-Ziff OZM ... dd 3.56 0.03 27.69 10.96 2.38 Vale VALE ... dd 9.73 -0.69
5.88 240.59 177.47 Bard CR BCR 0.4 34 237.86 0.25 3.45 100.57 73.45 FomentoEconMex FMX 1.6 25 78.84 0.95 s 10.42 21.19 16.51 OldRepublic ORI 3.6 13 20.98 0.01 6.78 15.22 10.73 NewsCorp B NWS 1.6 dd 12.60 ...
18.46 23.47 10.57 BarrickGold ABX 0.4 dd 18.93 -0.01 -2.07 98.50 13.00 ValeantPharm VRX ... dd 14.22 -0.09 2.86 116.01 57.40 Nordson NDSN 0.9 24 115.26 1.91
-1.90 79.43 50.90 FootLocker FL 1.6 15 69.54 0.26 3.23 38.09 26.96 OmegaHealthcare OHI 7.7 21 32.27 0.20 -4.11 71.40 46.88 ValeroEnergy VLO 4.3 13 65.51 0.09
9.68 50.16 35.54 BaxterIntl BAX 1.1 5 48.63 0.50 3.54 14.22 11.07 FordMotor F 4.8 6 12.56 0.28 0.69 89.66 68.05 Omnicom OMC 2.6 18 85.70 0.49 -5.22 91.14 54.38 NorthernTrust NTRS 1.8 20 84.40 1.58
8.35 181.75 129.50 BectonDickinson BDX 1.6 30 179.37 1.40 6.46 111.06 75.19 Valspar VAL 1.3 25 110.30 0.05 12.25 55.59 34.16 NorwegianCruise NCLH ... 18 47.74 0.08
8.21 24.22 16.43 ForestCIty A FCE/A 1.1 80 22.55 ... 5.15 42.00 34.47 Oracle ORCL 1.5 20 40.43 0.45 s 6.71 64.08 44.27 Vantiv VNTV ... 48 63.62 1.46
s 2.04 68.33 50.15 Berkley WRB 0.8 14 67.87 0.07 8.06 29.55 16.59 ForestCity B FCE/B 0.8103 29.10 -0.15 2.58 18.32 13.98 Orange ORAN 2.8 16 15.53 0.07 7.16 119.93 24.75 NVIDIA NVDA 0.5 60 114.38 -1.01
0.62 250786 187405 BerkHathwy A BRK/A ... 17 245646 1316.00 0.35 94.48 64.80 VarianMed VAR ... 19 79.78 1.18 -6.67 292.84 226.51 OReillyAuto ORLY ... 25 259.84 3.15
4.15 34.66 25.89 Fortis FTS 3.7 17 32.16 0.07 -2.17 82.58 57.00 Orix IX ... 8 76.14 -0.37
0.59 167.25 124.04 BerkHathwy B BRK/B ... 17 163.94 0.94 s 4.46 56.65 43.00 Fortive 19.16 15.44 3.52 Vedanta VEDL 1.4 dd 14.80 -0.52 3.87 91.77 56.74 OldDomFreight ODFL 0.4 25 89.11 2.55
FTV 0.5 23 56.02 0.81 6.67 58.69 38.96 OwensCorning OC 1.5 15 55.00 0.14 7.17 47.95 19.97 VeevaSystems VEEV ... 96 43.62 0.71
3.61 52.97 27.79 BerryPlastics BERY ... 27 50.49 -0.73 4.94 64.47 44.19 FortBrandsHome FBHS 1.3 22 56.10 0.46 1.35 65.43 54.45 PG&E PCG 3.2 37 61.59 -0.36 9.25 14.00 6.97 ON Semi ON ... 46 13.94 0.25
4.83 49.40 26.10 BestBuy BBY 2.5 13 44.73 0.42 -1.39 76.80 46.87 Ventas VTR 5.0 40 61.65 -0.07 8.14 35.07 20.96 OpenText OTEX 1.4 7 33.42 0.12
12.12 81.16 47.40 Franco-Nevada FNV 1.3 98 67.00 1.02 8.57 50.48 25.50 PLDT PHI 7.0 24 29.91 0.36
4.84 194.20 122.96 Bio-RadLab A BIO ... 57 191.10 1.79 -8.99 56.95 46.01 Verizon VZ 4.8 15 48.58 0.30 s 16.64 54.27 27.06 PTC PTC ... dd 53.97 0.45
1.84 42.18 30.56 FranklinRscs BEN 2.0 14 40.31 0.41 4.45 122.58 77.40 PNC Fin PNC 1.8 17 122.16 2.15
-0.67 399.46 286.52 BlackRock BLK 2.6 20 378.00 6.36 -2.85 44.95 22.60 VermilionEnergy VET 4.8 dd 40.97 0.05 7.18 69.80 47.53 Paccar PCAR 1.4 46 68.49 0.90
20.02 17.06 4.65 Freeport-McMoRan FCX ... dd 15.83 -0.98 10.73 60.52 35.72 POSCO PKX ... 16 58.19 -1.37
13.73 31.69 22.45 BlackstoneGroup BX 6.1 20 30.74 -0.05 4.72 17.41 10.21 Vipshop VIPS ... 26 11.53 0.04 2.17 57.07 29.05 PacWestBancorp PACW 3.6 19 55.62 1.50
-2.06 47.52 38.05 FreseniusMed FMS 1.1 21 41.34 0.06 6.52 117.00 88.37 PPG Ind PPG 1.6 31 100.94 0.36
6.80 18.93 10.09 BoardwalkPipe BWP 2.2 17 18.54 -0.06 12.98 89.50 43.25 VMware VMW ... 32 88.95 0.95 -4.78 62.18 45.83 Paychex PAYX 3.2 27 57.97 -0.58
-0.16 32.10 23.77 GGP GGP 3.5 19 24.94 0.19 4.14 39.92 32.08 PPL PPL 4.5 13 35.46 0.18
4.32 170.00 102.10 Boeing BA 3.5 21 162.40 0.14 0.46 108.69 78.91 VornadoRealty VNO 2.7 57 104.85 0.43 0.30 44.52 31.64 PayPal PYPL ... 34 39.59 0.01
3.95 54.65 37.19 Gallagher AJG 2.9 23 54.01 0.06 -2.96 115.40 68.96 PVH PVH 0.2 12 87.57 -1.83
-4.32 38.54 25.03 BoozAllen BAH 1.7 21 34.51 0.04 4.90 41.58 22.75 VoyaFinancial VOYA 0.1 dd 41.14 1.25 -2.48 20.13 13.70 People'sUtdFin PBCT 3.6 21 18.88 0.32
2.36 30.74 17.00 Gap GPS 4.0 14 22.97 0.18 11.08 96.87 44.32 PackagingCpAm PKG 2.7 20 94.22 0.85
2.94 41.98 27.52 BorgWarner BWA 1.4 17 40.60 0.13 2.98 138.18 87.17 VulcanMaterials VMC 0.6 47 128.88 0.87 8.00 1605.47 954.02 Priceline PCLN ... 40 1583.38 9.29
-1.45 105.45 77.80 Gartner IT ... 45 99.60 0.45 20.77 165.69 111.09 PaloAltoNtwks PANW ... dd 151.02 5.45
3.93 144.02 107.28 BostonProperties BXP 2.3 40 130.72 0.25 11.11 10.97 7.15 Gazit-Globe GZT ... 3 9.60 7.91 115.75 84.48 WABCO WBC ... 33 114.55 0.74 0.76 30.09 20.71 Qiagen QGEN ... 57 29.32 0.03
-0.10 -9.80 33.40 25.77 ParkHotels PK ... ... 26.97 0.48 -1.72 66.10 53.66 EWEC Energy WEC 3.6 20 57.64 0.32
s 16.60 25.26 15.67 BostonScientific BSX ... 97 25.22 0.12 6.06 187.37 125.74 GeneralDynamics GD 1.7 19 183.12 2.76 7.29 152.87 94.44 ParkerHannifin PH 1.8 23 150.21 0.46 21.30 65.97 33.30 Qorvo QRVO ... dd 63.96 0.61
-6.36 23.15 10.82 Braskem BAK 3.9 12 19.86 -0.78 -6.01 33.00 27.10 GeneralElec GE 3.2 29 29.70 5.65 72.89 51.12 W.P.Carey WPC 6.3 34 62.43 0.39 -18.74 71.62 42.24 Qualcomm QCOM 4.0 16 52.98 0.32
0.02 -1.25 39.82 15.39 ParsleyEnergy PE ... dd 34.80 0.01 -3.36 16.17 3.51 WPX Energy WPX ... dd 14.08 0.23
-13.11 77.12 46.01 Bristol-Myers BMY 3.1 19 50.78 0.28 1.55 72.95 54.84 GeneralMills GIS 3.1 23 62.73 1.01 -20.22 13.20 7.04 Pearson PSO 5.9 dd 7.97 -0.04 12.37 126.55 67.54 RandgoldRscs GOLD 0.8 40 85.78 0.05
-1.64 29.14 19.91 BrixmorProp BRX 4.3 30 24.02 0.03 4.28 38.38 26.69 GeneralMotors GM 4.2 4 36.33 5.49 89.18 60.33 Wabtec WAB 0.5 22 87.58 1.52 -2.41 452.96 325.35 RegenPharm REGN ... 53 358.26 -2.30
0.60 1.44 32.72 20.71 PembinaPipeline PBA 4.5 30 31.77 0.25 -3.79 75.19 62.35 Wal-Mart WMT 3.0 14 66.50 -0.20
3.41 71.74 50.30 BroadridgeFinl BR 1.9 27 68.56 0.58 1.67 105.97 83.19 GenuineParts GPC 2.7 21 97.14 0.52 4.14 66.99 41.57 Pentair PNR 2.4 20 58.39 0.57 0.55 69.81 52.00 RossStores ROST 0.8 24 65.96 0.32
6.03 36.25 26.51 BrookfieldMgt BAM 1.5 13 35.00 0.64 28.34 4.30 0.87 Gerdau GGB 0.6 dd 4.03 2.58 81.98 55.87 WasteConnections WCN 0.9 40 80.62 0.07 2.87 89.67 66.09 Ryanair RYAAY ... 15 85.65 0.70
-0.01 0.46 110.94 96.09 PepsiCo PEP 2.9 23 105.11 1.08
5.50 36.27 22.31 BrookfieldInfr BIP 4.9 32 35.31 0.70 -5.75 32.20 22.43 Gildan -1.78 71.78 51.68 WasteMgt WM 2.4 28 69.65 0.01 -0.66 107.99 102.29 SBA Comm SBAC ...130 105.69 1.30
GIL 1.3 11 23.91 -1.49 0.04 57.28 39.50 PerkinElmer PKI 0.5 24 52.17 -1.68 8.89 162.53 112.00 Waters WAT ... 23 146.34 1.29
-5.19 45.77 30.35 Brown&Brown BRO 1.3 23 42.53 0.27 2.10 45.58 37.20 GlaxoSmithKline GSK 4.7323 39.32 0.02 -6.30 146.16 71.84 Perrigo PRGO 0.7 dd 77.99 -0.43 -0.55 52.54 32.01 SEI Investments SEIC 1.1 25 49.09 0.41
1.58 56.49 45.17 Brown-Forman A BF/A 1.6 18 46.98 0.47 13.24 80.88 51.29 GlobalPayments GPN 0.1 47 78.60 3.43 159.55 109.15 Watsco WSO 2.7 31 153.20 0.83 13.67 34.19 23.61 SS&C Tech SSNC 0.8 76 32.51 0.31
1.88 6.00 81.80 55.10 PetroChina PTR 0.8134 78.12 -0.39
1.74 51.71 43.72 Brown-Forman B BF/B 1.6 17 45.70 0.56 19.71 20.38 11.91 Goldcorp GG 0.5 dd 16.28 23.05 8.49 3.73 WeatherfordIntl WFT ... dd 6.14 0.37 3.72 180.48 77.87 SVB Fin SIVB ... 24 178.05 7.12
-0.12 2.18 12.55 2.84 PetroleoBrasil PBR ... dd 10.33 0.18 s 8.45 150.45 69.16 WellCareHealth WCG ... 32 148.67
11.62 61.07 37.85 Brunswick BC 1.1 20 60.88 1.00 0.63 247.77 138.20 GoldmanSachs GS 1.1 15 240.95 0.46 -0.12 29.76 22.03 Sabre SABR 2.1 20 24.92 0.28
10.54 10.78 11.77 2.00 PetroleoBrasilA PBR/A ... dd 9.76 0.26
8.52 75.10 48.89 BuckeyePtrs BPL 6.8 17 71.80 1.36 8.33 262.71 197.66 Grainger GWW 1.9 26 251.60 3.92 58.02 43.55 WellsFargo WFC 2.7 14 57.27 1.52 6.66 77.80 52.00 ScrippsNetworks SNI 1.3 13 76.12 0.40
-0.47 -1.20 37.39 28.25 Pfizer PFE 4.0 28 32.09 0.36
-3.61 74.00 46.08 Bunge BG 2.4 16 69.63 0.54 -0.44 32.74 25.85 GreatPlainsEner GXP 4.0 20 27.23 -2.24 80.19 52.80 Welltower HCN 5.3 38 65.43 -0.04 21.27 46.68 18.42 Seagate STX 5.4 27 46.29 1.02
0.07 10.51 104.20 86.78 PhilipMorris PM 4.1 23 101.11 2.27
-2.17 91.67 48.55 BurlingtonStores BURL ... 32 82.91 0.42 7.68 9.04 5.98 GpoAvalAcciones AVAL 4.7 12 8.55 1.89 88.30 53.88 WestPharmSvcs WST 0.6 47 86.43 1.89 15.80 75.36 26.02 SeattleGenetics SGEN ... dd 61.11 1.12
0.09 -7.48 90.87 71.74 Phillips66 PSX 3.2 21 79.95 -1.10
13.66 19.50 9.64 CBD Pao CBD 0.1 dd 18.81 0.33 0.70 10.13 6.73 GpFinSantandMex BSMX 6.7 11 7.24 0.05 1.09 54.45 39.37 PinnacleFoods PF 2.1 32 54.03 0.39 -2.96 57.50 41.89 WestarEnergy WR 2.8 23 54.68 0.08 -1.28 209.22 147.60 Shire SHPG 0.2110 168.20 1.25
... 33.21 22.73 CBRE Group CBG ... 22 31.49 0.77 6.03 29.34 19.69 GrupoTelevisa TV 0.4 41 22.15 0.05 ... 82.78 66.22 PinnacleWest PNW 3.4 20 78.03 0.24 5.74 46.64 19.21 WesternGasEquity WGP 4.1 44 44.78 -0.46 4.90 164.23 113.53 SignatureBank SBNY ... 21 157.56 3.56
1.47 67.59 46.86 CBS A CBS/A 1.1 18 65.77 -0.03 6.83 33.18 20.65 GuangshenRail GSH 1.9 24 32.38 0.87 2.09 195.00 105.22 PioneerNatRscs PXD 0.0 dd 183.84 0.38 8.51 64.50 25.40 WesternGasPtrs WES 5.4 dd 63.76 -0.11 7.87 4.82 3.29 SiriusXM SIRI 0.8 34 4.80 0.06
0.83 66.88 41.36 CBS B CBS 1.1 18 64.15 0.01 s 13.21 84.11 63.87 HCAHoldings HCA ... 11 83.80 1.51 -0.68 33.95 14.82 PlainsAllAmPipe PAA 6.9 63 32.07 0.09 -8.06 22.70 16.23 WesternUnion WU 3.2 12 19.97 0.24 22.64 94.49 54.50 Skyworks SWKS 1.2 19 91.56 0.45
13.34 37.72 20.77 CF Industries CF 3.4123 35.68 0.05 3.47 36.81 22.86 HCP HCP 4.8 dd 30.75 0.05 3.47 104.25 70.14 PolarisIndustries PII 2.7 26 85.25 0.96 13.54 65.02 39.48 WestlakeChem WLK 1.2 20 63.57 0.23 18.44 65.75 29.85 Splunk SPLK ... dd 60.58 2.41
1.62 50.58 39.37 CGI Group GIB ... 14 48.81 0.24 17.53 74.04 51.11 HDFC Bank HDB 0.6 ... 71.32 1.17 6.19 89.00 59.74 PostHoldings POST ... dd 85.37 1.41 5.37 25.32 19.83 WestpacBanking WBK 5.5 15 24.74 0.14 -0.22 11.37 7.24 Staples SPLS 5.3 dd 9.03 0.01
0.28 43.99 25.18 CIT Group CIT 1.4 dd 42.80 1.77 2.90 16.25 8.91 HP HPQ 3.5 11 15.27 0.06 2.60 20.27 14.90 Potash POT 2.2 35 18.56 0.10 7.01 56.12 26.82 WestRock WRK 2.9103 54.33 0.67 -0.83 61.64 50.84 Starbucks SBUX 1.8 28 55.06 1.19
2.40 46.25 38.32 CMS Energy CMS 3.1 12 42.62 -0.14 6.47 43.14 28.62 HSBCHoldings HSBC 4.7 34 42.78 0.24 125.00 100.47 Praxair PX 2.7 22 117.47 0.85 6.71 33.28 22.06 Weyerhaeuser WY 3.9 47 32.11 0.67 -4.81 40.17 16.89 SteelDynamics STLD 1.7 22 33.87 -0.23
0.32
2.14 42.47 27.99 CNA Fin CNA 2.4 21 42.39 0.51 4.60 58.78 27.96 Halliburton HAL 1.3 dd 56.58 0.29 2.70 61.34 33.72 PrincipalFin PFG 3.0 14 59.42 1.91 -4.49 194.10 128.24 Whirlpool WHR 2.3 15 173.61 2.11 -4.32 128.94 71.52 Stericycle SRCL ... 27 73.71 -3.09
1.44 138.36 92.30 CNOOC CEO 2.5 dd 125.74 -0.02 t-12.01 30.42 18.91 Hanesbrands HBI 3.2 15 18.98 3.96 90.33 79.10 Procter&Gamble PG 3.1 26 87.41 -0.35 -1.13 56.82 31.40 WhiteWaveFoods WWAV ... 50 54.97 0.19 s 18.92 28.52 16.14 Symantec SYMC 1.1 9 28.41 0.65
-3.73
5.91 16.41 7.65 CPFLEnergia CPL 1.7 28 16.31 0.04 -3.24 62.35 36.97 HarleyDavidson HOG 2.6 15 56.45 0.20 4.59 38.17 30.19 Progressive PGR 1.8 22 37.13 0.04 -7.23 32.69 10.22 Williams WMB 2.8 dd 28.89 0.25 s 10.26 65.23 40.36 Synopsys SNPS ... 38 64.90 0.72
3.46 36.83 23.33 CRH CRH 1.2 28 35.57 0.17 -0.22 111.35 64.93 HarmanIntlInds HAR 1.3 21 110.91 -0.21 -4.89 54.87 35.25 Prologis PLD 3.3 22 50.21 1.15 6.15 42.32 12.69 WilliamsPartners WPZ 8.4 dd 40.37 -0.38 -3.28 47.41 24.88 TD Ameritrade AMTD 1.7 27 42.17 0.47
1.63 33.54 20.98 CSRA CSRA 1.2 46 32.36 0.55 1.79 107.54 70.97 Harris HRS 2.0 37 104.30 -0.68 2.18 108.29 57.19 PrudentialFin PRU 2.6 10 106.33 1.90 -5.68 13.08 9.00 Wipro WIT 0.6 18 9.13 0.04 22.09 164.99 29.51 TESARO TSRO ... dd 164.18 5.35
-4.37 106.67 69.30 CVS Health CVS 2.7 16 75.46 0.66 -0.67 49.68 38.38 HartfordFinl HIG 1.9 14 47.33 0.35 42.20 29.14 Prudential PUK 1.7 19 39.93 0.90 s 11.03 36.58 21.15 WooriBank WF 3.6 8 35.53 0.27 6.69 63.68 33.23 T-MobileUS TMUS ... 39 61.36 0.21
-0.64
-8.26 26.74 18.48 CabotOil COG 0.4 dd 21.43 -0.02 -8.77 85.78 44.30 Helmerich&Payne HP 4.0 dd 70.61 0.54 -0.39 47.41 39.28 PublicServiceEnt PEG 3.8 17 43.71 0.19 27.70 93.35 47.32 Workday WDAY ... dd 84.40 1.73 -10.03 79.00 62.97 TRowePrice TROW 3.2 14 67.71 1.26
-0.48 90.91 70.66 CamdenProperty CPT 3.6 16 83.67 -0.34 17.57 72.22 42.26 Herbalife HLF 2.1 20 56.60 0.18 -3.12 277.60 200.65 PublicStorage PSA 3.7 33 216.53 1.51 4.60 81.08 60.59 Wyndham WYN 2.5 15 79.88 0.71 17.61 269.34 141.05 Tesla TSLA ... dd 251.33 -0.22
1.91 13.59 7.41 Cameco CCJ 2.8 59 10.67 -0.07 3.43 117.79 87.38 Hershey HSY 2.3 28 106.98 1.39 16.38 22.40 15.21 PulteGroup PHM 1.7 12 21.39 0.13 1.84 45.42 38.00 XcelEnergy XEL 3.3 19 41.45 0.06 4.84 79.47 49.10 TexasInstruments TXN 2.6 23 76.50 0.61
4.65 67.89 52.59 CampbellSoup CPB 2.2 30 63.28 0.12 -12.81 65.56 36.95 Hess HES 1.8 dd 54.31 0.35 1.53 95.14 59.66 QuestDiag DGX 1.9 21 93.31 0.83 24.35 7.50 5.62 Xerox XRX 2.9 14 7.15 -0.02 -3.34 97.25 61.50 TractorSupply TSCO 1.3 22 73.28 -0.43
s 6.20 87.17 59.04 CIBC CM 4.3 8 86.66 0.95 1.56 24.79 12.02 HewlettPackard HPE 1.1 13 23.50 0.81 2.06 81.45 55.01 QuintilesIMS Q ... 24 77.62 -0.59 -0.55 54.99 35.44 Xylem XYL 1.5 34 49.25 0.45 0.36 31.11 18.58 Trimble TRMB ... 66 30.26 0.42
2.85 71.57 52.38 CanNtlRlwy CNI 1.8 15 69.32 0.40 3.57 59.76 35.04 HiltonWorldwide HLT ... 12 57.80 0.50 2.03 18.34 14.92 RELX RENX 1.6 22 17.10 0.14 33.76 22.79 14.88 YPF YPF 1.4 dd 22.07 -0.09 13.46 71.69 45.63 TripAdvisor TRIP ... 66 52.61 0.55
-3.95 35.28 18.09 CanNaturalRes CNQ 2.4 dd 30.62 -0.35 2.91 139.37 109.62 HomeDepot HD 2.0 22 137.98 1.03 2.23 19.84 16.19 RELX RELX 1.5 24 18.37 0.05 12.42 8.09 3.72 YanzhouCoal YZC 0.2 51 7.51 -0.26 11.98 31.75 22.66 21stCenturyFoxA FOXA 1.1 21 31.40 -0.06
5.18 157.34 117.21 CanPacRlwy CP 1.0 14 150.17 0.99 6.41 31.18 24.03 HondaMotor HMC ... 16 31.06 0.84 -3.83 55.92 36.78 RPM RPM 2.3 33 51.77 0.39 s 4.58 66.53 46.44 YumBrands YUM 1.8 17 66.23 0.56 14.09 31.30 22.65 21stCenturyFoxB FOX 1.2 20 31.09 -0.07
3.06 30.93 26.60 Canon CAJ 4.9 23 29.00 -0.03 s 2.88 119.36 99.31 Honeywell HON 2.2 19 119.19 1.20 -4.89 46.92 18.27 RSP Permian RSPP ... dd 42.44 0.21 8.84 30.37 23.79 YumChina YUMC ... ... 28.43 -0.06 6.72 278.63 146.77 UltaBeauty ULTA ... 46 272.06 1.31
0.78 91.64 58.02 CapitalOne COF 1.8 13 87.92 1.58 3.82 45.72 33.18 HormelFoods HRL 1.9 22 36.14 0.17 t-15.67 114.00 75.90 RalphLauren RL 2.6 44 76.17 -0.44 1.41 18.45 12.01 ZTO Express ZTO ... 30 12.24 -0.29 8.08 224.07 148.26 UltimateSoftware ULTI ...328 197.09 4.90
4.03 87.85 62.70 CardinalHealth CAH 2.4 18 74.87 0.43 9.37 34.56 22.97 DR Horton DHI 1.3 12 29.89 0.01 -2.59 46.96 21.69 RangeResources RRC 0.2 dd 33.47 0.69 -3.90 35.65 19.59 ZayoGroup ZAYO ... dd 31.58 ... s 14.12 166.68 97.52 UnitedTherap UTHR ... 11 163.68 -1.42
-1.02 116.40 83.23 Carlisle CSL 1.3 28 109.17 1.42 -3.98 19.51 13.41 HostHotels HST 4.4 17 18.09 0.18 10.22 77.79 39.84 RaymondJames RJF 1.2 19 76.35 1.92 14.48 133.21 88.27 ZimmerBiomet ZBH 0.8 80 118.14 0.52 32.05 91.58 44.85 VCA WOOF ... 32 90.65 0.08
2.02 68.86 41.45 CarMax KMX ... 21 65.69 0.69 -2.00 37.79 22.84 HuanengPower HNP 11.3 6 25.52 -0.18 3.44 152.58 119.38 Raytheon RTN 2.0 20 146.89 1.30 s 4.46 56.07 38.26 Zoetis ZTS 0.8 41 55.92 0.22 7.94 91.99 70.26 VeriSign VRSN ... 25 82.11 0.41
6.19 57.79 40.52 Carnival CCL 2.5 15 55.28 -0.03 s 7.75 125.93 86.56 Hubbell HUBB 2.2 24 125.74 3.60 4.07 72.30 52.72 RealtyIncome O 4.2 54 59.82 0.40 2.90 86.00 64.79 VeriskAnalytics VRSK ... 24 83.52 1.37
5.84 56.33 42.45 Carnival CUK 2.6 14 54.18 -0.03 -2.84 217.80 150.00 Humana HUM 0.6 27 198.24 -1.15 12.09 82.73 59.59 RedHat RHT ... 60 78.13 0.42
NASDAQ 17.73 103.73 71.46 VertxPharm VRTX ... dd 86.73 0.01
0.58 99.46 60.51 Caterpillar CAT 3.3 dd 93.28 -0.49 s 8.19 199.43 122.91 HuntingtonIngalls HII 1.2 22 199.28 4.53 1.31 85.35 65.16 RegencyCtrs REG 2.9 84 69.85 0.36 4.47 20.43 17.18 AGNC Invt AGNC 11.4 10 18.94 0.11 16.62 50.81 33.88 Viacom A VIA 1.8 12 44.90 0.35
9.97 88.92 55.07 Celanese A CE 1.7 14 86.59 -1.11 0.87 58.05 37.66 HyattHotels H ... 38 55.74 0.74 1.81 14.93 7.00 RegionsFin RF 1.8 17 14.62 0.37 2.90 98.99 80.51 Ansys ANSS ... 32 95.17 1.32 19.37 46.69 30.11 Viacom B VIAB 1.9 12 41.90 0.32
14.82 9.51 3.92 Cemex CX ... 20 9.22 -0.04 13.75 8.80 5.15 ICICI Bank IBN 1.7 20 8.52 0.10 1.00 132.31 82.06 ReinsuranceGrp RGA 1.3 12 127.09 0.65 -4.45 31.52 20.05 ARRIS Intl ARRS ... dd 28.79 0.03 3.64 4.51 3.12 VimpelCom VIP 0.9 9 3.99 -0.05
5.60 10.13 5.75 Cencosud CNCO 2.1 14 8.87 -0.04 s 6.03 15.02 9.26 ING Groep ING 3.6 ... 14.95 0.22 2.55 87.58 55.64 RelianceSteel RS 2.1 19 81.57 1.01 9.63 125.88 80.24 ASML ASML 1.0 ... 123.01 0.27 0.82 34.70 24.17 Vodafone VOD 4.1 dd 24.63 -0.06
-9.19 16.82 9.10 CenovusEnergy CVE 1.1 dd 13.74 0.14 1.85 33.34 23.02 Invesco IVZ 3.6 15 30.90 1.35 3.62 143.12 107.27 RenaissanceRe RNR 0.9 12 141.15 -0.64 10.80 45.55 26.49 ActivisionBliz ATVI 0.6 91 40.01 -0.46 4.39 121.55 95.67 WPP WPPGY 2.1 24 115.52 0.21
14.53 75.57 47.36 Centene CNC ... 25 64.72 0.71 1.08 95.76 69.91 IDEX IEX 1.5 26 91.03 1.69 0.93 58.08 42.56 RepublicServices RSG 2.2 34 57.58 0.23 s 11.87 115.45 71.27 AdobeSystems ADBE ... 50 115.17 2.01 -2.77 102.82 71.50 WalgreensBoots WBA 1.9 21 80.47 -0.12
s 6.74 26.36 17.52 CenterPointEner CNP 4.1 dd 26.30 0.11 3.88 130.16 88.31 IllinoisToolWks ITW 2.0 22 127.21 0.23 9.93 70.90 55.13 ResMed RMD 1.9 30 68.21 1.21 4.30 71.64 39.43 AkamaiTech AKAM ... 40 69.55 0.15 19.58 55.93 12.09 Weibo WB ...130 48.55 -0.56
2.04 7.70 1.36 CentraisElBras EBR ... 32 7.00 0.23 -6.41 20.47 13.42 Infosys INFY 2.4 15 13.88 0.13 4.24 50.20 29.28 RestaurantBrands QSR 1.4 31 49.68 0.31 3.78 162.00 109.12 AlexionPharm ALXN ... 78 126.98 -1.40 16.45 81.67 34.99 WesternDigital WDC 2.5 dd 79.13 -0.10
6.90 33.45 22.86 CenturyLink CTL 8.5 15 25.42 0.16 5.30 80.87 48.31 Ingersoll-Rand IR 2.0 14 79.02 1.02 s 7.76 60.49 43.38 ReynoldsAmer RAI 3.0 16 60.39 0.47 -0.32 102.10 57.51 AlignTech ALGN ... 41 95.82 0.69 -3.12 35.58 27.67 WholeFoods WFM 1.9 19 29.80 0.14
-6.41 8.20 1.50 ChesapeakeEner CHK ... dd 6.57 0.12 -6.27 140.00 96.01 Ingredion INGR 1.7 18 117.12 1.31 10.95 46.04 24.29 RioTinto RIO 2.1 dd 42.67 -1.94 -1.13 60.74 27.14 Alkermes ALKS ... dd 54.95 -0.28 2.43 133.40 104.11 WillisTwrsWatson WLTW 1.5 75 125.25 0.01
-3.51 119.00 80.64 Chevron CVX 3.8 dd 113.57 1.36 3.76 59.86 45.44 ICE ICE 1.2 24 58.54 0.15 -36.04 8.77 5.20 RiteAid RAD ... 70 5.27 0.02 3.49 867.00 672.66 Alphabet A GOOGL ... 29 820.13 1.87 12.03 109.50 56.51 WynnResorts WYNN 2.1 41 96.92 -0.46
13.47 31.59 20.93 ChinaEastrnAir CEA ... 8 25.36 0.28 5.26 50.51 34.63 InterContinentl IHG 1.3 9 46.66 0.21 -0.35 50.98 34.34 RobertHalf RHI 1.8 18 48.61 0.96 3.84 841.95 663.06 Alphabet C GOOG ... 29 801.49 2.96 -3.56 62.24 41.53 Xilinx XLNX 2.3 26 58.22 0.08
7.54 14.66 10.07 ChinaLifeIns LFC 2.3 36 13.84 0.20 5.92 179.25 116.90 IBM IBM 3.2 14 175.82 1.24 11.41 155.44 91.65 Rockwell ROK 2.0 26 149.73 2.08 8.05 847.21 474.00 Amazon.com AMZN ...186 810.20 -29.75 13.03 45.08 26.15 Yahoo YHOO ... dd 43.71 0.02
7.69 63.89 51.48 ChinaMobile CHL 3.4 14 56.46 -0.46 0.13 143.64 97.24 IntlFlavors IFF 2.2 24 117.98 1.14 -1.88 96.55 76.03 RockwellCollins COL 1.5 16 91.02 0.50 1.79 61.33 50.05 Amdocs DOX 1.5 22 59.29 0.11 14.65 23.87 12.29 Yandex YNDX ... 59 23.08 -0.25
12.55 81.64 50.95 ChinaPetrol SNP 3.0 18 79.93 -0.48 5.92 32.07 12.48 IntlGameTech IGT 3.0104 27.03 0.41 12.26 45.50 33.25 RogersComm B RCI 3.3 27 43.31 -0.03 1.58 399.16 305.66 Amerco UHAL ... 16 375.44 5.01 -0.08 39.99 16.45 Zillow A ZG ... dd 36.42 0.35
9.96 36.29 25.14 ChinaSoAirlines ZNH 2.2 7 28.27 -0.04 -0.09 58.86 32.86 IntlPaper IP 3.5 24 53.01 -0.34 5.30 35.66 24.51 Rollins ROL 1.3 46 35.57 0.55 -5.33 50.64 24.85 AmericanAirlines AAL 0.9 9 44.20 0.19 -1.48 39.88 15.36 Zillow C Z ... dd 35.93 0.58
3.27 55.85 42.29 ChinaTelecom CHA 2.6 12 47.64 -0.12 0.47 24.82 19.79 Interpublic IPG 2.6 18 23.52 0.21 s 5.34 192.92 157.18 RoperTech ROP 0.7 29 192.86 1.10 14.58 176.85 133.64 Amgen AMGN 2.7 17 167.53 7.95 0.63 44.33 19.65 ZionsBancorp ZION 0.7 22 43.31 1.54
3.38 13.26 9.89 ChinaUnicom CHU 2.2 37 11.94 -0.02 12.65 41.50 26.08 IronMountain IRM 6.0125 36.59 0.39 s 7.25 72.95 46.08 RoyalBkCanada RY 3.4 11 72.62 0.59 3.99 76.94 48.17 AnalogDevices ADI 2.2 27 75.52 0.29 NYSE MKT
7.09 542.50 352.96 Chipotle CMG ...166 404.08 -19.22 10.22 5.02 3.52 IsraelChemicals ICL ... dd 4.53 -0.02 5.06 7.60 3.91 RoyalBkScotland RBS ... dd 5.81 0.16 11.45 130.49 89.47 Apple AAPL 1.8 15 129.08 0.55
-0.64 133.89 106.82 Chubb CB 2.1 15 131.28 0.51 s 18.58 12.36 5.28 ItauUnibanco ITUB 0.5 13 12.19 0.16 15.21 96.09 64.21 RoyalCaribbean RCL 2.0 16 94.52 0.49 s 9.42 35.39 15.44 AppliedMaterials AMAT 1.1 23 35.31 0.37 10.54 131.34 105.42 BritishAmTob BTI 1.1 18 124.55 1.57
1.97 38.47 30.85 ChunghwaTelecom CHT 5.4 19 32.17 0.14 1.03 88.17 52.50 JPMorganChase JPM 2.2 14 87.18 2.59 1.08 56.39 41.61 RoyalDutchA RDS/A 6.8 46 54.97 0.40 s 5.04 90.84 62.58 ArchCapital ACGL ... 17 90.64 0.70 19.31 50.53 22.80 CheniereEnergy LNG ... dd 49.43 0.10
3.67 53.68 42.41 Church&Dwight CHD 1.5 26 45.81 0.28 3.89 63.42 34.76 JacobsEngineering JEC 1.0 34 59.22 0.52 0.28 59.56 41.63 RoyalDutchB RDS/B 6.5 49 58.13 0.46 16.94 35.16 16.92 Atlassian TEAM ... dd 28.16 0.02 5.69 31.49 19.22 CheniereEnerPtrs CQP 5.6 dd 30.46 0.11
11.93 150.69 115.03 Cigna CI 0.0 20 149.30 1.01 -2.14 17.30 10.94 JamesHardie JHX 1.3 35 15.56 -0.58 7.05 92.76 71.39 SAP SAP 1.4 28 92.52 0.65 s 14.05 84.97 41.60 Autodesk ADSK ... dd 84.41 1.65 5.99 24.19 12.04 CheniereEnHldgs CQH 0.3296 23.71 0.35
-0.76 146.96 75.01 CimarexEnergy XEC 0.2 dd 134.87 2.25 -1.36 126.07 99.78 J&J JNJ 2.8 19 113.64 0.07 14.00 128.40 81.95 S&P Global SPGI 1.3 18 122.60 2.18 -5.75 104.09 78.98 ADP ADP 2.4 26 96.87 0.55 -5.26 36.85 28.47 ImperialOil IMO 1.4 13 32.93 -0.02
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B6 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
20071.46 s 186.55, or 0.94% Trailing P/E ratio * 20.33 17.12 2297.42 s 16.57, or 0.73% Trailing P/E ratio * 24.18 21.40 5666.77 s 30.57, or 0.54% Trailing P/E ratio * 24.15 20.85
High, low, open and close for each P/E estimate * 17.24 15.31 High, low, open and close for each P/E estimate * 17.59 15.87 High, low, open and close for each P/E estimate * 19.13 17.12
trading day of the past three months. Dividend yield 2.39 2.78 trading day of the past three months. Dividend yield 2.08 2.32 trading day of the past three months. Dividend yield 1.16 1.29
All-time high 20100.91, 01/26/17 All-time high: 2298.37, 01/25/17 All-time high: 5666.77, 02/03/17

Current divisor 0.14602128057775

20000 2310 5660

19600 2270 5550

65-day moving average

19200 2230 5440

Session high
18800 2190 5330
DOWN UP
t

Session open Close

Close Open 18400 65-day moving average 2150 5220

t

Session low 65-day moving average

18000 2110 5110

Bars measure the point change from session's open

17600 2070 5000
Nov. Dec. Jan. Nov. Dec. Jan. Nov. Dec. Jan.
* P/E data based on as-reported earnings from Birinyi Associates Inc.

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 850,886,509 11,250,245
Industrial Average 20081.48 19964.21 20071.46 186.55 0.94 20100.91 15660.18 23.9 1.6 9.3 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 658,933,252 8,725,996
Transportation Avg 9249.78 9119.68 9241.56 138.27 1.52 9468.77 6883.49 33.1 2.2 9.4 Most-active issues in late trading Decl. volume* 180,622,511 2,230,578
Utility Average 664.37 660.61 662.07 -0.16 -0.02 723.51 610.87 6.0 0.4 9.7 Volume After Hours Issues traded 3,113 334
Company Symbol (000) Last Net chg % chg High Low Advances 2,378 192
Total Stock Market 23917.51 23798.52 23909.98 193.66 0.82 23922.90 18663.11 24.4 2.7 9.3
SPDR S&P 500 SPY 12,596.4 229.33 -0.01 -0.004 229.44 227.79 Declines 645 118
Barron's 400 613.79 606.11 613.59 7.48 1.23 617.40 446.15 33.2 2.0 8.7
iShares MSCI Canada ETF EWC 7,886.0 27.27 … unch. 27.30 27.27 Unchanged 90 24
Nasdaq Stock Market Cnsmr Staples Sel Sector XLP 5,031.9 53.00 … unch. 53.05 52.92 New highs 186 10
Nasdaq Composite 5666.84 5647.58 5666.77 30.57 0.54 5666.77 4266.84 29.9 5.3 12.3 VanEck Vectors Gold Miner GDX 4,224.0 24.52 0.02 0.08 24.54 24.50 New lows 15 2
Nasdaq 100 5165.47 5147.58 13.90 5168.06 3947.80 6.1 Closing tick 481 8
5161.60 0.27 28.3 14.5 Pfizer PFE 3,907.5 32.00 -0.09 -0.28 32.09 30.96
Closing Arms† 1.07 0.42
Energy Transfer Equity ETE 2,979.8 19.10 0.05 0.26 19.10 19.02
Standard & Poor's Block trades* 6,503 126
Enterprise Pdts Partners EPD 2,837.6 28.69 … unch. 28.73 28.69
500 Index 2298.31 2287.88 2297.42 16.57 0.73 2298.37 1829.08 22.2 2.6 9.7 Nasdaq NYSE Arca
Williams Partners WPZ 2,721.8 40.35 -0.02 -0.05 40.37 40.35
MidCap 400 1707.33 1694.38 1706.64 21.80 1.29 1710.29 1238.82 33.4 2.8 10.5 Total volume*1,771,863,630 245,958,124
SmallCap 600 841.55 832.43 841.34 13.12 1.58 857.50 588.26 39.0 0.4 10.7 Percentage gainers… Adv. volume*1,223,135,144 203,682,447
Decl. volume* 510,791,726 40,918,228
Other Indexes Zumiez ZUMZ 5.4 22.75 1.60 7.57 22.75 20.50
Issues traded 2,991 1,315
Russell 2000 1377.93 1358.05 1377.84 20.41 1.50 1388.07 953.72 39.8 1.5 8.0 Dominion Resources D 70.7 75.40 3.70 5.16 75.40 71.60
Advances 2,096 1,032
NYSE Composite 11316.73 11257.17 11310.75 95.36 0.85 11339.05 9029.88 20.5 2.3 5.1 PTC Therapeutics PTCT 6.0 14.10 0.61 4.52 14.10 13.16 Declines 744 255
Value Line 517.04 512.13 517.01 4.88 0.95 520.17 383.82 29.1 2.1 4.0 Pulmatrix PULM 84.4 3.99 0.13 3.37 4.10 3.80 Unchanged 151 28
NYSE Arca Biotech 3304.64 3250.68 3302.80 38.81 1.19 3477.87 2642.53 20.4 7.4 10.4
AcelRx Pharmaceuticals ACRX 8.4 3.10 0.10 3.33 3.10 2.85 New highs 173 102
New lows 33 18
NYSE Arca Pharma 484.65 481.63 484.65 2.28 0.47 554.66 463.78 -0.7 0.6 1.6 ...And losers
Closing tick 516 68
KBW Bank 93.25 91.92 93.14 2.04 2.24 93.71 56.51 51.7 1.5 12.5 Aratana Therapeutics PETX 12.4 6.90 -1.13 -14.07 8.03 6.90 Closing Arms† 1.18 0.96
PHLX§ Gold/Silver 93.77 92.35 92.92 -0.19 -0.21 112.86 54.34 68.0 17.8 1.1 MediWound MDWD 14.4 5.85 -0.25 -4.10 5.85 5.85 Block trades* 6,868 1,504
PHLX§ Oil Service 184.16 180.16 183.12 3.97 2.21 192.66 129.55 29.1 -0.4 -11.0 Symantec SYMC 88.2 27.32 -1.09 -3.84 28.42 27.32 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 965.31 960.05 964.02 4.94 0.51 964.02 559.18 64.4 6.3 23.0 Atwood Oceanics ATW 34.7 12.30 -0.35 -2.77 13.03 12.12 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 11.84 10.72 -0.96 -8.05 28.14 10.58 -53.1 -21.9 -20.0 issues with the volume of shares rising and falling. An
10.97 Harmony Gold Mining ADR HMY 64.2 2.60 -0.06 -2.26 2.66 2.60 Arms of less than 1 indicates buying demand; above 1

Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2615.06 11.86 0.46 3.3 Sevcon SEV 13.51 4.59 51.46 13.75 7.69 43.0 Power Solutions Intl PSIX 2.80 -4.65 -62.42 20.97 2.76 -76.1
The Global Dow Euro 2282.27 14.03 0.62 1.0 MYOS RENS Technology MYOS 3.65 0.99 37.22 6.98 1.02 151.7 Benitec Biopharma ADR BNTC 2.67 -1.08 -28.80 4.44 1.20 -25.2
DJ Global Index 337.59 1.94 0.58 3.5 Central Federal CFBK 3.10 0.83 36.56 3.19 1.10 129.6 Interpace Diagnostics IDXG 3.16 -1.16 -26.85 19.80 0.70 21.5
World DJ Global ex U.S. 223.20 0.81 0.36 4.3 Esperion Therapeutics ESPR 16.44 3.72 29.25 20.19 9.40 5.8 Pulmatrix PULM 3.86 -1.24 -24.31 6.98 0.50 30.8
Americas DJ Americas 556.99 4.32 0.78 3.1 Medicines Co MDCO 45.96 7.96 20.95 46.11 27.50 48.3 Pernix Therapeutics Hldgs PTX 2.44 -0.54 -18.12 24.40 1.83 -87.7
Brazil Sao Paulo Bovespa 64953.93 375.72 0.58 7.8 Bristow Group BRS 20.54 3.48 20.40 23.62 9.17 13.7 Aceto ACET 15.67 -3.20 -16.96 25.98 15.44 -23.0
Canada S&P/TSX Comp 15476.39 77.28 0.50 1.2 Collectors Universe CLCT 24.92 4.13 19.87 25.31 13.93 75.2 Hanesbrands HBI 18.98 -3.73 -16.42 30.42 18.91 -24.0
Mexico IPC All-Share 47225.10 130.03 0.28 3.5 Stemline Therapeutics STML 6.55 0.95 16.96 14.60 3.88 52.7 Deckers Outdoor DECK 46.62 -8.92 -16.06 69.94 41.96 -2.5
Chile Santiago IPSA 3298.64 27.80 0.85 2.3 Paylocity Holding PCTY 34.98 5.06 16.91 49.65 24.00 10.2 FireEye FEYE 10.93 -2.04 -15.73 19.63 10.60 -17.3
0.59 bebe stores BEBE 5.46 0.76 16.17 9.10 3.13 55.7 Xplore Technologies XPLR 2.19 -0.40 -15.44 4.45 1.82 -49.9
Europe Stoxx Europe 600 364.07 2.12 0.7
Euro zone Euro Stoxx 351.49 1.79 0.51 0.4 Orexigen Therapeutics OREX 4.10 0.56 15.82 19.20 1.65 -77.7 Kirkland's KIRK 11.60 -1.99 -14.64 18.19 10.10 -9.7
Belgium Bel-20 3606.16 19.33 0.54 –0.01 Joint JYNT 4.51 0.61 15.64 4.74 1.85 3.7 athenahealth ATHN 108.90 -17.74 -14.01 143.85 90.11 -12.2
France CAC 40 4825.42 31.13 0.65 –0.8 Tableau Software DATA 55.28 7.07 14.67 62.53 36.60 33.8 My Size MYSZ 5.12 -0.80 -13.47 7.20 4.72 ...
Germany DAX 11651.49 23.54 0.20 1.5 Axovant Sciences AXON 13.68 1.72 14.38 17.66 8.86 21.8 Neos Therapeutics NEOS 5.05 -0.75 -12.93 11.75 4.85 -42.1
Closed –3.8 Cambrex Corp CBM 58.25 7.25 14.22 62.50 29.50 87.2 GoPro Inc. GPRO 9.58 -1.39 -12.67 17.68 8.54 -3.8
Israel Tel Aviv 1414.40 …
Italy FTSE MIB 19116.04 226.85 1.20 –0.6
Netherlands AEX 485.92 3.73 0.77 0.6 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 9462.70 56.30 0.60 1.2
0.28 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 549.61 1.55 2.8 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 8350.84 74.14 0.90 1.6
Bank of America BAC 113,947 -3.5 23.29 2.51 23.55 10.99 Loncar Cancer Immun ETF CNCR 357 3307 22.62 2.26 26.47 18.23
U.K. FTSE 100 7188.30 47.55 0.67 0.6
Finl Select Sector SPDR XLF 85,853 7.4 23.72 2.02 23.87 15.86 Neos Therapeutics NEOS 3,722 2945 5.05 -12.93 11.75 4.85
Asia-Pacific DJ Asia-Pacific TSM 1495.40 2.78 0.19 5.1 SPDR S&P 500 SPY 67,881 -20.2 229.34 0.69 229.71 181.09 Power Solutions Intl PSIX 1,510 2030 2.80 -62.42 20.97 2.76
Australia S&P/ASX 200 5621.60 –23.80 –0.42 –0.8 Weatherford International WFT 59,655 107.3 6.14 6.41 8.49 3.73 CNB Financial PA CCNE 572 1636 24.09 1.73 28.43 17.02
China Shanghai Composite 3140.17 –19.00 –0.60 1.2 Advanced Micro Devices AMD 57,733 13.5 12.24 -0.33 12.66 1.81 iShares MSCI BRIC ETF BKF 522 1547 34.77 0.70 35.29 24.20
Hong Kong Hang Seng 23129.21 –55.31 –0.24 5.1 Freeport-McMoRan FCX 55,064 69.8 15.83 -5.83 17.06 4.65 Esperion Therapeutics ESPR 3,111 1163 16.44 29.25 20.19 9.40
India S&P BSE Sensex 28240.52 13.91 0.05 6.1 Macy's Inc M 47,339 556.5 32.69 6.41 45.50 28.55 PIMCO Inv Grade Corp Bd CORP 791 1158 102.50 0.06 107.50 98.71
Japan Nikkei Stock Avg 18918.20 3.62 0.02 –1.0 Ford Motor F 37,902 2.7 12.56 2.28 14.22 11.07 Deckers Outdoor DECK 9,295 1101 46.62 -16.06 69.94 41.96
Singapore Straits Times 3041.94 –2.14 –0.07 5.6 DXN DLY GLDMNR 3x BL NUGT 37,119 -28.7 11.89 1.62 35.80 5.51 Collectors Universe CLCT 251 923 24.92 19.87 25.31 13.93
South Korea Kospi 2073.16 2.15 0.10 2.3 Hanesbrands HBI 36,519 490.8 18.98 -16.42 30.42 18.91 FTSE RAFI As Pac exJpn PAF 58 873 51.61 -0.15 51.88 37.95
Taiwan Weighted 9455.56 26.59 0.28 2.2 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days

CREDIT MARKETS Currencies CURRENCIES

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency in US$
Fri YTDchg
per US$ (%) Country/currency in US$
Fri YTDchg
per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Thailand baht .02855 35.030 –2.2
A consumer rate against its Five-year ARM, Rate Vietnam dong .00004417 22639 –0.6
5.00% Argentina peso .0640 15.6150 –1.6
benchmark over the past year 18% Brazil real .3208 3.1174 –4.2 Europe
Bankrate.com avg†: 3.66%
4.00 s
Canada dollar .7678 1.3024 –3.1 Czech Rep. koruna .03991 25.056 –2.5
5-year adjustable- AmericanAirlinesFederalCreditUnion 2.63% 12
Chile peso .001561 640.60 Denmark krone .1450 6.8960
Yen –4.4 –2.4
rate mortgage 4.00% Ft Worth, TX 800-533-0035 3.00 6 Colombia peso .0003509 2850.00 –5.1 Euro area euro 1.0786 .9272 –2.5
t (ARM)
EmpireAmerica 2.75% Euro
s
Ecuador US dollar 1 1 unch Hungary forint .003479 287.40 –2.3
3.00 Friday
t

Woodland Hills, CA 866-411-3621 2.00 0 Mexico peso .0491 20.3634 –1.8 Iceland krona .008811 113.50 0.5
Peru new sol .3068 3.260 –2.8 Norway krone .1218 8.2070 –5.1
5-year Treasury 2.00 Polish National Credit Union 2.75% 1.00 –6 Uruguay peso .03574 27.9800 –4.7 Poland zloty .2506 3.9898 –4.7
note yield s
t

Chicopee, MA 413-896-0123 One year ago Venezuela b. fuerte .100150 9.9851 –0.1 Russia ruble .01695 59.006 –3.7
t 0.00 WSJ Dollar index
1.00 First National Financing 2.88% –12 Asia-Pacific Sweden krona .1141 8.7622 –3.8
1 3 6 1 2 3 5 710 30 2016 2017 Switzerland franc 1.0075 .9926 –2.6
Denver, CO 800-910-4439 Australian dollar .7684 1.3014 –6.3
0.00 month(s) years Turkey lira .2705 3.6964 4.9
Foxboro Federal Savings 2.88% China yuan .1456 6.8661 –1.1
F MA M J J A S O N D JF maturity Ukraine hryvnia .0368 27.1635 0.3
Hong Kong dollar .1289 7.7576 0.03
2016 2017 Foxboro, MA (877) 369-3331 UK pound 1.2486 .8009 –1.1
India rupee .01488 67.205 –1.1
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Middle East/Africa
Indonesia rupiah .0000750 13325 –1.5
Yield/Rate (%) 52-Week Range (%) 3-yr chg Japan yen .008882 112.59 –3.8 Bahrain dinar 2.6531 .3769 –0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Kazakhstan tenge .003090 323.63 –3.0 Egypt pound .0534 18.7385 3.3
Federal-funds rate target 0.50-.75 0.50-.75 0.25 l 0.75 0.50 Corporate Borrowing Rates and Yields Macau pataca .1246 8.0232 1.4 Israel shekel .2666 3.7515 –2.5
Malaysia ringgit .2258 4.4280 –1.3 Kuwait dinar 3.2773 .3051 –0.2
Prime rate* 3.75 3.75 3.50 l 3.75 0.50 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr New Zealand dollar .7320 1.3661 –5.4 Oman sul rial 2.5980 .3849 –0.01
Libor, 3-month 1.03 1.04 0.62 l 1.04 0.80 Pakistan rupee .00955 104.700 0.3 Qatar rial .2746 3.641 0.02
Money market, annual yield 0.31 0.27 0.22 l 0.32 -0.10 Treasury, Ryan ALM 1421.884 2.087 2.075 2.186 1.141 –2.212 2.403 Philippines peso .0201 49.648 0.1 Saudi Arabia riyal .2666 3.7506 ...
Five-year CD, annual yield 1.22 1.22 1.17 l 1.32 -0.11 10-yr Treasury, Ryan ALM 1683.922 2.496 2.480 2.600 1.366 –7.602 2.531 Singapore dollar .7096 1.4092 –2.6 South Africa rand .0754 13.2685 –3.1
30-year mortgage, fixed† 4.19 4.20 3.43 l 4.29 -0.17 South Korea won .0008785 1138.35 –5.8
DJ Corporate 360.624 3.266 3.200 3.410 2.460 4.989 3.589 Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0066765 149.78 0.9
15-year mortgage, fixed† 3.38 3.39 2.70 l 3.50 -0.05 Aggregate, Barclays Capital 1876.660 2.640 2.630 2.770 1.820 1.146 2.407 Taiwan dollar .03244 30.829 –5.0 WSJ Dollar Index 90.35 –0.16–0.18 –2.79
Jumbo mortgages, $424,100-plus† 4.62 4.58 4.02 l 4.88 -0.02 High Yield 100, Merrill Lynch 2732.230 5.418 5.259 8.635 5.248 17.713 3.622 Sources: Tullett Prebon, WSJ Market Data Group
Five-year adj mortgage (ARM)† 3.66 3.79 2.97 l 4.03 0.06
Fixed-Rate MBS, Barclays 1935.160 2.920 2.940 3.070 1.930 0.140 2.370
New-car loan, 48-month 3.15 3.09 2.87 l 3.38 0.34
HELOC, $30,000 4.69 4.65 4.29 l 4.84 -0.58
Muni Master, Merrill 502.029 2.180 2.205 2.516 1.297 –0.857 3.019 COMMODITIES
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 5.915 n.a. n.a. n.a. n.a. Commodities Friday 52-Week YTD
banks.† Excludes closing costs. Pricing trends on someClose
raw materials, or commodities
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Net chg % Chg High Low % Chg % chg

DJ Commodity 575.04 -3.19 -0.55 580.38 432.69 30.51 1.37

ONLINE 193.20 -0.16 195.82 19.31

WSJ
TR/CC CRB Index -0.32 155.01 0.36
Crude oil, $ per barrel 53.83 0.29 0.54 54.06 26.21 74.26 0.20
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and ETFs. Natural gas, $/MMBtu 3.063 -0.124 -3.89 3.93 1.64 48.47 -17.75
.COM
Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at WSJMarkets.com Gold, $ per troy oz. 1218.50 1.80 0.15 1364.90 1127.80 5.24 5.96
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | B7

WEEKEND INVESTOR

Grandparents, Set Boundaries on Gifts

BY VERONICA DAGHER
Teresa Kindred and her
husband, Bill, are paying the
preschool tuition for two of
their six grandchildren.
The 60-year-old grand-
mother in Summer Shade, Ky.,
offered to pay the bill when
she found out her son’s family
couldn’t afford it. Ms. Kindred,
who runs the NanaHood blog,
says it gives her joy to help
but her family knows the sup-
port is limited.
“We’re upfront about what
we can and can’t afford,” she
says.
According to a recent TD
Ameritrade survey, 75% of
grandparents say they have
provided more than $4,500, on
average, in financial support
to their adult children and 81%
have given more than $2,300,
on average, to their grandchil-
dren in the past year. Forty-
seven percent of grandparents
have made some sacrifices to
help their adult child or ture first or for setting limits gift-giving, sometimes they would like to give and get grandchild’s education via a
grandchild. even if they can afford to help, use money to influence deci- their input before you do any- 529 college-savings plan.
Older Americans who want financial planners say. sions such as what school thing, says Maggie Baker, a Individuals can contribute
to give financial gifts or other Take, for instance, grand- grandchildren attend or to en- Wynnewood, Pa., psychologist up to $14,000 a year ($28,000
types of support such as parents who may be able to courage visits. who works with clients on for a couple) to any number of
school tuition payments to afford to give a large financial This can cause bad feelings money issues. 529 college-savings accounts
their children and grandchil- gift for their first grandchild within the family, says Jeff without triggering the gift tax,
dren often find themselves in but not for every other grand- Fishman, a financial adviser in says Mark Kantrowitz, a finan-
thorny situations in which child. In such scenarios, says Los Angeles. “Heirs may feel Share Your Story cial-aid specialist and pub-
their largess gets abused, Ken Eaton, a financial planner resentment if they think Grandparents often bestow lisher of Cappex.com, a college
taken for granted, or damages in Overland Park, Kan., grand- they’re being controlled,” he gifts on their heirs without planning site.
eligibility for financial aid. To parents should set expecta- says. sharing why they are giving Grandparents shouldn’t set
avoid such scenarios, financial tions with their children so Grandparents may also un- the gift or attaching any up their own 529 plans for a
advisers say, grandparents they aren’t disappointed or dermine the authority of their meaning to it, says Katherine grandchild. Such a move has a
should set expectations at the start to count on gifts they children by giving dispropor- Dean, managing director of harsher impact on the grand-
outset and understand the im- may never receive. tionate amounts of money di- wealth planning at Wells child’s eligibility for need-
pact of their giving. Having a financial plan in rectly to their grandchildren Fargo Private Bank. based aid than a plan owned
place can also serve to protect instead of giving the money to Grandparents miss out on by their grandchild or their
grandparents in the event of the parents, says Michael Son- an opportunity to share their child, Mr. Kantrowitz says.
Have a Plan cognitive decline that can rob nenfeldt, founder and chair- values with younger genera- If grandparents don’t trust
Before setting expectations them of understanding the im- man of Tiger 21, an invest- tions when they don’t share the grandchild’s parents to
regarding a gift, it is impor- pact of their giving, says Neal ment group for the this information, she says. And manage the 529 plan wisely,
tant for grandparents to en- Van Zutphen, a financial plan- ultrawealthy. Doing so may de- the recipients may start to feel they can set up a custodial 529
sure they have the where- ner in Tempe, Ariz. prive the parent of the oppor- entitled to the gifts. plan with the grandchild as
withal to deliver without tunity to act as providers for the account owner, he says.
harming their own well-being. their own children, he says. Because the grandchild is
Grandparents need to learn to Understand Motives To avoid bad feelings, com- Know Implications underage, there needs to be a
say no without feeling guilty While many grandparents municate to your son or Some grandparents like to custodian, which can be the
for putting their financial fu- are well-intentioned in their daughter about what you help by contributing to their grandparent.

WEALTH fect amount you should

save,” says Chief Executive
Ethan Bloch, “money that
chases to fund those targets.
Trying to meet their goals
turns saving into a game for
The app has over 12,000
users and is increasing by
more than 2,000 a week,
Continued from page B1 you don’t need to spend and “the strugglers” who have says co-founder Lindsay
debit or credit cards to their that you won’t feel you’re never been able to set Holden.
account, Acorns “rounds up” missing.” The service then money aside before, says Scott Libby, 18, is a col-
their purchases to the near- moves that amount to your Qapital’s chief executive, lege-bound high-school se-
est dollar, investing the dif- savings account every few George Friedman. nior in the Nashville, Tenn.,
ference. That turns investing days. If Digit causes an over- Hoping to hit the jackpot area. He says he began using
from a forehead-furrowing draft, it refunds any fees. can help, too. Long Game on Dec. 26 and,
effort into an automatic oc- Digit doesn’t disclose how Long Game, a smartphone as of this past week, had
currence “in the background many customers it has, but app that launched in Novem- saved $616.63. That includes
CHRISTOPHE VORLET

of life,” says Mr. Kerner.
For the smallest accounts
at these firms, costs are big.
Invest only $5, and that $1
fee eats 20% of your ac-
count. A $50 balance incurs
costs of 2%. By $500, how-
ever, fees fall to a reasonable
0.2%.
But you can’t invest if you
don’t first save. That has
been a daunting obstacle for
many Americans.
A survey by the Federal
Reserve Board of more than
5,600 people in late 2015
found that 46% said they
didn’t have enough savings
Mr. Bloch says their com- ber, was co-founded by $101.40 he has won in six
bined balances exceed $350 Ashby Monk, a researcher at prize drawings, in incre-
million. Stanford University who ad- ments ranging from 10 cents
“Digit saves more at cer- vises pension and sovereign- to $100.
tain times and less at oth- wealth funds controlling tril- Mr. Libby withdrew his
ers,” says Jenn Chen, a 29- lions of dollars. Long Game’s $100 win, although he hasn’t
to cover a $400 emergency month—and not just for the year-old marketing manager typical user, on the other spent it yet. “Even the 10
expense without either bor- poor. Many people severely in the San Francisco area. “I hand, opens an account with cents,“ he says, ”keeps you
rowing money or selling underestimate the variability kind of let it do its thing, only about $60. going with your saving.”
something. in their own earnings. knowing it’s just running in Save with Long Game and Most readers of The Wall
A book to be published in That’s where an app like the background.” you become eligible to par- Street Journal probably
April, “The Financial Dia- Digit could help. Once you Qapital, another savings ticipate in sweepstakes with don’t struggle to save. But
ries,” by economist Jonathan connect Digit to your check- app, has 130,000 users who prizes of up to $1 million. millions of people do, some
Morduch and nonprofit exec- ing account, the service ana- are saving an average of Deposits are covered by the of them, perhaps, among
utive Rachel Schneider, lyzes your spending and in- about $160 a month. Users Federal Deposit Insurance your own family and friends.
shows that household in- come. can design their own rules Corp. The sweepstakes draw- Technology might be able to
come can vary by 40% or Leaving margin for error, or objectives, and Qapital ings are permitted under a help them accomplish what
more from month to “Digit tries to find the per- will round up their pur- federal law passed in 2014. willpower can’t.

Insider-Trading Spotlight Bonds | WSJ.com/bonds

Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys
new information about the prospects of a company. Insiders are required to report large trades to the SEC Global Government Bonds: Mapping Yields
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Thomson Financial on February 3, and year-to-date stock performance of the company
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
unknown VP: vice president Excludes pure options transactions 1.125 U.S. 2 1.201 t l 1.209 1.218 0.726
2.000 10 2.488 s l 2.475 2.448 1.888
Biggest weekly individual trades 5.250 Australia 2 1.856 s l 1.828 1.831 1.830 65.5 61.9 110.4
Based on reports filed with regulators this past week 4.750 10 2.802 s 2.779 2.759 2.534 30.4 64.7
l 31.4
No. of shrs in Price range ($) $ Value 0.000 France 2 -0.559 t l -0.532 -0.693 -0.405 -174.1 -113.2
-176.0
Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%)
0.250 10 1.083 s l 1.046 0.781 0.610 -140.5 -142.9 -127.8
Buyers 0.000 Germany 2 -0.741 s l -0.746 -0.780 -0.492 -194.1 -195.5 -121.8
0.250 10 0.416 t l 0.429 0.266 0.279 -207.2 -204.6 -160.9
Jan. 30-31 Seritage Growth Properties SRG B. Berkowitz BI 75 40.63 3,055 43.51 1.9
0.300 Italy 2 -0.006 s l -0.009 -0.177 -0.015 -120.7 -121.7 -74.2
Jan. 27 Celsius Holdings CELH T. Leissner DI 433 3.00 1,300
1.250 10 2.259 s l 2.229 1.882 1.458 -23.0 -24.6 -43.0
Jan. 30-31 Live Oak Bancshares LOB W. Williams ODI 50 20.33-20.35 1,017 20.65 11.6
0.100 Japan 2 -0.218 s l -0.226 -0.178 -0.175 -141.9 -143.4 -90.1
Jan. 30-Feb. 1Medley Capital MCC B. Taube CEOI 107 7.48-7.50 799 7.63 1.6
Jan. 30-Feb. 1 S. Taube DI 107 7.48-7.50 799 0.100 10 0.101 t l 0.108 0.041 0.067 -238.7 -236.7 -182.1
Jan. 31 Abbott Laboratories ABT S. Fussell O 12 40.77 497 42.78 11.4 0.250 Spain 2 -0.291 t l -0.272 -0.326 -0.016 -149.2 -148.0 -74.2
Jan. 31 Wesco International WCC D. Schulz CFO 5 71.17 356 71.30 7.1 1.300 10 1.641 s l 1.637 1.426 1.570 -84.7 -83.8 -31.7

Feb. 1 Athersys ATHX J. Davis DI 248 1.01 250 1.15 -24.8 1.250 U.K. 2 0.104 t l 0.115 0.128 0.381 -109.7 -109.4 -34.5
4.250 10 1.461 t l 1.487 1.184 1.538 -102.7 -98.8 -35.0
Jan. 31 Horizon Bancorp HBNC M. Winkler DI 8 25.55 204 26.01 -7.1
Source: Tullett Prebon
Jan. 31 General Electric GE J. Bornstein O 5 29.63 148 29.70 -6.0
Jan. 27 Adams Diversified Equity Fund ADX J. Haynie O 11 13.20-13.21 144 13.25 4.2
Corporate Debt
Feb. 1 Invesco California Value Municipal Income Trust VCV J. Phillips OE 10 12.42 124 12.43 2.4
Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
that same company’s share price. Here’s a look at both for two companies in the news.
Feb. 1 Tri-Continental TY D. King OE 5 22.54-22.58 113 22.68 2.9
Investment-grade spreads that tightened the most…
Jan. 31 Clearfield CLFD R. Roth CB 5 17.50 88 17.15 -17.1 Spread*, in basis points Stock Performance
Feb. 2 First Financial Bankshares FFIN J. Trotter D 2 41.74 83 43.10 -4.6 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg

Jan. 31 WashingtonFirst Bankshares WFBI M. Mohan DI 3 27.74 79 28.00 -3.4 Bank of America BAC 5.700 Jan. 24, ’22 78 –35 110 23.29 2.51
Jan. 30 Chemical Financial CHFC J. Fitterling D 2 48.57 73 49.53 -8.6 Macy's Retail Holdings M 2.875 Feb. 15, ’23 184 –31 222 … …
Royal Bank of Canada RY 1.500 July 29, ’19 53 –23 80 72.62 0.82
Jan. 27 Farmers Capital Bank FFKT L. Hillard CEO 2 35.13 70 38.10 -9.4
International Business Machines IBM 3.300 Jan. 27, ’27 70 –19 86 175.82 0.71

Sellers Bank of Montreal BMO 2.100 Dec. 12, ’19 70 –18 88 75.98 0.69
Credit Agricole S.A. ACAFP 8.375 Oct. 13, ’49 103 –15 114 ... ...
Jan. 30 Microsoft MSFT W. Gates D 2,000 65.11 130,225 63.67 2.5 BNP Paribas S.A. BNP 6.750 March 14, ’49 378 –15 377 ... ...
Jan. 31 W. Gates D 2,000 64.55 129,103 Apple AAPL 3.450 Feb. 9, ’45 103 –12 104 129.08 0.43
Jan. 30 BankUnited BKU J. Kanas CB 2,226 37.62 83,752 38.03 0.9
Jan. 25-27 DR Horton DHI D. Horton CB 2,000 30.98-31.46 62,548 29.89 9.4
…And spreads that widened the most
Jan. 26-27 Capital One Financial COF R. Fairbank CEO 600 88.55-89.96 53,469 87.92 0.8
Transcanada Pipelines TRPCN 6.350 May 15, ’67 3713 35 4265 ... ...
Jan. 30 R. Fairbank CEO 146 88.06-88.61 12,877 Ford Motor Credit F 2.597 Nov. 4, ’19 130 17 141 … …
JPMorgan Chase JPM 7.900 April 30, ’49 175 16 188 87.18 3.06
Jan. 26-30 Texas Instruments TXN R. Templeton CEO 540 77.82-78.86 42,378 76.50 4.8
Kraft Heinz Foods KHC 3.950 July 15, ’25 127 14 130 … …
Jan. 26 B. Crutcher CO 125 78.86 9,892
Jan. 26 K. Ritchie O 111 78.02 8,699 Capital One Financial COF 2.450 April 24, ’19 93 13 84 87.92 1.83
Jan. 25 US Bancorp USB R. Davis CEO 708 52.45 37,120 53.66 4.5
Wells Fargo Bank NA WFC 1.750 May 24, ’19 69 8 70 … …
Jan. 25 A. Cecere P 375 52.45 19,650 Caterpillar Financial Services CAT 2.250 Dec. 1, ’19 78 7 n.a. … …
National Australia Bank NAB 2.250 Jan. 10, ’20 71 6 75 ... ...
Jan. 30 Sherwin-Williams SHW C. Connor D 117 304.69-305.94 35,798 304.00 13.1
Jan. 31-Feb. 1Boeing BA R. Conner O 96 163.42-164.77 15,745 162.40 4.3 High-yield issues with the biggest price increases…
Jan. 30 Alphabet GOOGL L. Page CEO 17 821.82-835.92 13,750 820.13 3.5 Bond Price as % of face value Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Jan. 31 L. Page CEO 17 814.43-822.22 13,636
Jan. 30 Nike NKE D. Ayre O 200 53.08 10,616 52.36 3.0 Algeco Scotsman Global Finance ALGSCO 8.500 Oct. 15, ’18 98.000 4.00 94.625 ... ...
Weatherford International WFT 6.500 Aug. 1, ’36 90.969 2.47 85.000 6.14 6.41
Jan. 30 Walt Disney DIS A. Braverman GC 93 110.00 10,186 110.30 5.8
Vanguard Natural Resources VNR 7.875 April 1, ’20 75.000 2.00 77.000 0.30 –20.11
Jan. 27-30 Comcast CMCSA K. Smit O 133 75.00-75.67 10,039 75.26 9.0 Platform Specialty Products PAH 6.500 Feb. 1, ’22 104.184 1.68 103.000 12.40 0.65
* Half the transactions were indirect **Two day transaction Range Resources RRC 5.000 March 15, ’23 101.375 1.63 99.875 33.47 2.10
p - Pink Sheets Goodyear Tire & Rubber GT 5.000 May 31, ’26 102.500 1.50 100.625 32.05 –0.06
Hertz HTZ 7.375 Jan. 15, ’21 99.000 1.50 96.969 21.35 3.14
Buying and selling by sector Cliffs Natural Resources CLF 4.875 April 1, ’21 95.500 1.40 95.375 8.79 –4.46
Based on actual transaction dates in reports received this past week
…And with the biggest price decreases
Sector Buying Selling Sector Buying Selling Bi–Lo Holding Finance BILOLF 8.625 Sept. 15, ’18 40.000 –5.00 n.a. ... ...
Basic Industries 0 49,492,532 Finance 1,805,991 181,602,220
Arconic ARNC 5.125 Oct. 1, ’24 104.125 –2.38 104.000 25.90 2.78
Hertz HTZ 6.250 Oct. 15, ’22 93.000 –1.88 91.500 21.35 3.14
Business services 0 12,975,641 Health care 834,610 17,955,800
NRG Energy NRG 6.250 July 15, ’22 102.000 –1.50 103.250 17.08 2.21
Capital goods 0 0 Industrial 504,024 73,440,866
Dcp Midstream Operating DCPX 3.875 March 15, ’23 95.125 –1.13 96.625 ... ...
Consumer durables 0 4,919,091 Media 0 24,187,403 Ceva TNTLOG 4.000 May 1, ’18 94.500 –0.97 95.500 ... ...
Consumer nondurables 0 27,413,001 Technology 314,009 160,690,652 Freeport–McMoran FCX 3.550 March 1, ’22 93.438 –0.81 94.000 15.83 –5.83
Consumer services 0 15,849,125 Transportation 2,310 6,639,055 Constellium NV* CSTM 5.750 May 15, ’24 96.250 –0.75 95.390 7.50 ...
Energy 35,917 5,720,199 Utilities 0 1,140,022 *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.
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: Thomson Financial; WSJ Market Data Group Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
B8 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

NEW HIGHS & LOWS

WSJ.com/newhighs
52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session.
% CHG-Daily percentage change from the previous trading session. PlatformSpecialty PAH 12.52 0.6 AdvShsPeritusHiYd HYLD 36.52 0.1 SPDRLgDollarGold GLDW 121.08 0.2 AllianceHealth AIQ 10.25 3.0 Fortinet FTNT 38.01 13.7 Sevcon SEV 13.75 51.5
PlyGem PGEM 18.20 1.7 AlerianMLPETF AMLP 13.31 0.6 SPDRMFSSysGrowth SYG 66.28 0.9 AlmostFamily AFAM 48.40 -0.1 FullHouse FLL 2.50 0.4 ShilohIndustries SHLO 12.92 4.7
Primerica PRI 78.05 3.3 AlphaCloneAltAlpha ALFA 36.95 0.4 SPDRMSCIWorldStrat QWLD 65.20 1.6 AmNtlBcsh AMNB 36.35 2.0 GladstoneLand LAND 12.34 -0.1 SiliconLab SLAB 73.15 4.1
Friday, February 3, 2017 PutnmMstIntm PIM 4.74 0.2 CTrksETNsMillerHwd MLPC 18.34 1.0 SPDRS&PInsurance KIE 84.81 0.9 AmeriServFin ASRV 4.05 -1.3 GlbXInternetofThng SNSR 17.00 ... Snyders-Lance LNCE 39.19 2.2
52-Wk % 52-Wk % 52-Wk % RadianGroup RDN 19.22 2.3 CambriaGlbValue GVAL 21.78 0.6 SchwabFundEmgLrg FNDE 26.09 0.1 AppliedMaterials AMAT 35.39 1.1 Grifols GRFS 17.43 1.6 SodaStream SODA 44.79 0.8
Rayonier RYN 28.99 2.4 DeutscheXNikkei400 JPN 25.03 0.6 SchwabFundIntlSmCo FNDC 29.82 0.2 AppliedOptoelec AAOI 32.68 4.1 GuarantyBncp GBNK 25.20 3.5 SprottFocus FUND 7.47 0.3
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
ReynoldsAmer RAI 60.49 0.8 DrxSmcdBull 3x SOXL 68.47 1.7 SPDR S&P IntTech IPK 36.78 0.2 ArchCapital ACGL 90.84 0.8 HamiltonBancorp HBK 15.35 -0.4 StoneCastleFin BANX 20.16 -1.7
C&SMLPIncm&EngyOpp MIE 11.86 1.0 Hubbell HUBB 125.93 2.9 Rogers ROG 82.32 1.9 DirexniBillionaire IBLN 26.77 0.1 SPDR SP EmEuro GUR 29.33 0.8 AresCapital ARCC 17.27 1.5 HubGroup HUBG 51.75 10.2 SussexBancorp SBBX 22.33 -0.5
NYSE highs - 186 Colfax CFX 41.99 2.1 HuntingtonIngalls HII 199.43 2.3 RoperTech ROP 192.92 0.6 DirexionZacksMLPHi ZMLP 20.10 1.1 UBSAGFIEnhLCGrw FBGX
21.47 0.9 VanEckBDCIncome BIZD
149.95 1.3 AscendisPharma ASND 22.50 -0.9 IAC/InterActive IAC 75.00 2.6 Symantec SYMC 28.52 2.3
ColonyNrthStPfA CLNSpA 25.71 0.1 ING Groep ING 15.02 1.5 RoyalBkCanada RY 72.95 0.8 ETRACS Alerian MLP AMU 18.67 1.3 AstecIndustries ASTE 71.90 1.0 IdexxLab IDXX 142.86 2.1 Synalloy SYNL 12.40 ...
AberdeenSingapore SGF 9.61 0.3 13.52 1.3 VanEckHiIncmInfra YMLI
ColonyNrthStPfD CLNSpD 26.59 1.6 IRSA IRS 23.00 4.9 RoyceGlbValueTr RGT 8.62 0.8 ETRACS2xLevxEn LMLP 16.76 1.7 Autodesk ADSK 84.97 2.0 IF Bancorp IROQ 19.80 ... Synopsys SNPS 65.23 1.1
AdvntClymrFd AVK 15.83 2.2 60.75 1.2 VanEckHiIncMLP YMLP
ColonyNrthStPfF CLNSpF 25.72 -0.2 InterXion INXN 39.52 1.3 RoyceMicroCap RMT 8.41 1.6 ETRACS2xMLvAlerian MLPQ 28.04 1.2 AxcelisTechs ACLS 16.75 1.8 IXYS IXYS 13.25 7.5 TICC Capital TICC 7.19 1.0
AdvntClymrSecII AGC 6.13 0.8 63.32 3.2 VanEckMornIntlMoat MOTI
CLSelPrTechGrFd STK 19.97 1.5 IntrawestResorts SNOW 22.38 5.9 RoyceValue RVT 14.00 0.8 ETRACS2xMLevS&PMLP MLPZ 29.85 0.7 BayBancorp BYBK 7.75 5.4 Ichor ICHR 17.14 1.4 TabulaRasaHlth TRHC 16.49 11.9
AllianzGICnvIncmII NCZ 6.10 0.8 3.53 4.2 InvitationHomes INVH 20.80 2.0 FTEC 39.10 0.9 VanEckMornWideMoat MOAT
EngGr-Cmg C CIG/C SINOPECShanghai SHI 63.75 0.4 FidelityMSCIIT 36.26 0.8 BeasleyBroadcast BBGI 9.10 12.8 Insmed INSM 15.83 1.0 TorchlightEner TRCH 1.88 5.5
AllianzGIDivIncm ACV 20.16 0.9 26.49 0.6 VanEckRareEarth REMX
CSC CSC 70.47 11.1 ItauUnibanco ITUB 12.36 1.3 SalientMidstream SMM 14.16 2.0 FidelityMomFactor FDMO 19.48 0.5 BioTelemetry BEAT 24.15 3.4 iShMSCIBrazilSC EWZS 13.56 0.8 TowerSemi TSEM 21.83 1.2
AllnzGINFJDivInter NFJ 13.30 1.3 27.14 0.9 VanEckRussiaSC RSXJ
CousinsProperties CUZ 8.75 1.7 JELD-WEN JELD 28.88 3.3 SanJuanBasin SJT 8.00 2.2 FidelityQualFactor FQAL 41.81 0.3 BlueHillsBancorp BHBK 19.55 1.8 iShPHLXSemicond SOXX 130.74 0.5 TravelCtrsNt30 TANNZ 25.98 0.7
AllyFinancial ALLY 22.72 2.6 FXO 27.64 1.3 VangdInfoTech
CushingTotRetFd SRV 14.89 1.5 JMP JMP 6.73 1.1 ScrippsEW SSP 20.59 3.0 FstTrFnlAlpDx VGT 128.88 0.8 Broadcom AVGO 206.60 1.0 Iteris ITI 5.61 -1.5 TriCoBancshares TCBK 37.17 2.9
AlpineTotDynDiv AOD 8.04 0.9 DCP Midstream DCP 40.80 0.8 JohnHancockFinOp BTO 37.43 4.0 29.51 1.0 FT TechAlphaDEX FXL 40.12 0.9
ServiceCorp SCI VanguardFTSEDevMk VEA 38.26 0.4 CDK Global CDK 65.42 1.5 Joint JYNT 4.74 15.6 TwoRiverBancorp TRCB 16.48 -0.1
AltisourceResid RESI 12.65 2.3 DTE EnergyDebF DTY 25.84 1.3 KB Fin KB 41.71 2.0 SouthwestGas SWX 82.06 2.0 FirstTrUSEquityOpp FPX 56.08 0.8
VanguardFTSEPac VPL 61.75 0.5 CVD Equipment CVV 10.94 -0.6 KLA Tencor KLAC 88.12 0.3 US Ecology ECOL 53.60 1.7
AmericanExpress AXP 78.42 2.0 DelEnhGlDivInc DEX 10.61 0.6 KKR KKR 17.98 0.3 SXI 99.80 6.8 FlexSharesIntlQual IQDF 23.43 0.4
StandexInt VangdGrowth VUG 116.74 0.6 CadenceDesign CDNS 29.58 0.7 KLX KLXI 50.42 1.8 UbiquitiNetworks UBNT 63.70 1.3
AmericanFin AFG 92.38 -0.2 DellTechnologies DVMT 64.64 0.6 KayneAnMLPInv KYN 21.60 3.3 SCM 13.66 1.3 FlexSharesEmMktsFa TLTE 49.48 0.4
StellusCapInvt VangdMegaGrwth MGK 91.37 0.5 CalamosConvOp CHI 10.94 0.7 Kamada KMDA 6.70 2.3 Ultratech UTEK 28.66 1.6
Anthem ANTM 161.80 0.9 DPZ 177.30 0.6 Kemet KEM 7.91 6.1 SF 53.70 4.1 FranklinIntlOpps FLIO 24.79 0.7
Domino's StifelFinancial VangdTotlWrld VT 63.43 0.5 CalamosStratTot CSQ 11.11 2.4 KratosDefense KTOS 8.60 3.9 UnitedSecBcshrs UBFO 8.20 ...
AnthemUn ANTX 49.69 0.8 DoubleLineIncm DSL 20.34 1.4 LambWeston LW 39.47 1.2 STM 14.45 0.9 GaveKalLdrDevWorld KLDW 27.66 0.3
STMicroelec VelocityShVIXShrt XIVH 45.23 1.5 CalitheraBiosci CALA 9.20 8.9 Kulicke&Soffa KLIC 19.76 0.9 UnitedTherap UTHR 166.68 -0.9
ApolloGlobalMgmt APO 22.45 2.0 EQT Midstream EQM 80.77 -0.3 LazardGlblFd 14.52 0.8 SGM 7.82 0.3 GlblX ChnMtrs CHIM 17.16 3.1
LGI StonegateMtg VelocityShVIXVarLS LSVX 29.73 0.7 Carbonite CARB 20.48 7.1 LeggMasonGlbInfr INFR 26.91 0.8 VanguardTtlIntlStk VXUS 48.26 0.5
ArconicPfdB ARNCpB 40.91 1.9 SWZ 10.87 0.7 GlblXGuruIndexETF GURU 25.17 0.8
EatonVanceFRIT EFT 15.45 0.3 LeucadiaNatl LUK 24.48 2.6 SwissHelvFd WisdTrCBOES&P500 PUTW 28.07 0.4 CarolinaBankNC CLBH 28.35 3.2 LendingTree TREE 114.95 2.4 VSInvVIXMedTerm ZIV 54.10 0.8
Arconic ARNC 25.92 2.8 GlobalXMLPETF MLPA 12.13 0.1
EtnVncSrFltRte EFR 15.18 0.2 MGIC Investment MTG 11.13 3.4 TIM Part TSU 15.00 4.9 WisdTrEM HiDiv DEM 39.59 0.5 CFBK 3.19 36.6 LibertyGlobal C LBTYK VSInverseVIXSTerm XIV 63.26 2.3
GlbXMSCIArgentina ARGT 26.61 1.1 CentralFed 35.44 0.8
ArrowElec ARW 74.57 1.7 EtnVncByWrFd ETV 15.37 0.5 MSCI MSCI 93.70 3.1 TallgrassEnerGP TEGP 28.36 1.7 WisdTrIntlMC Div DIM 58.18 0.4 CentralGarden CENT 35.38 -3.2 MKS Instrum MKSI 68.30 0.4 Veritex VBTX 29.33 5.9
AssocCapital AC 36.70 2.9 GlblXMSCINorwayETF NORW 11.91 1.3
EtnVncTxAdvDiv EVT 21.81 0.5 Manpower MAN 98.99 1.5 TallgrassEnPtrs TEP 50.93 1.6 DLS 63.44 0.3 VidentIntlEquityFd VIDI 23.41 1.0
AzurePowerGlbl AZRE 18.75 1.6 GoldmanSachsUSLC GSLC 45.50 0.7 WisdTrIntlSC CentralGardenA CENTA 33.50 -3.2 MMACapitalMgmt MMAC 22.45 -0.7
EmergeEnergy EMES 20.02 11.7 Marsh&McLennan MMC 70.60 1.4 TeekayOffshrPfB TOOpB 23.20 0.7 65.18 0.5 WCFB 10.30 2.5
BSBR 10.46 0.4 GuggFronMkts FRN 12.78 -0.4 WisdTrJapanSC DFJ ChampionsOncology CSBR 4.79 -2.0 MarketAxess MKTX 191.31 1.7 WCF Bancorp
BancSanBrasil EnableMidstream ENBL 17.12 2.9 MatadorResources MTDR 28.49 8.1 TelecomArgentina TEO 22.70 8.9 WolverineBancorp WBKC 33.25 0.8
GuggInsider NFO 51.20 0.8 ChinaLodging HTHT 59.20 3.2 MarvellTech MRVL 15.76 2.1
BancoSantander SAN 5.74 0.7
BkNovaScotia BNS 60.50 0.8
EnelAmericas
Energizer
ENIA
ENR
9.44 2.0 MaxLinear MXL
53.91 -1.3 MercuryGeneral MCY
26.10 1.8
64.52 -2.7
TeledyneTech
TemplIncoFd
TDY
TEI
131.14 1.1
11.49 0.4
GuggMC Core CZA 56.73 0.7 NYSE Arca lows - 18 CitizensFirst CZFC 20.25 -0.8 Masimo MASI 75.20 0.8 WrightMedical WMGI 25.99 2.1
GuggS&P500Top50 XLG 161.27 0.6 PathS&P500VIXMT VXZ CitrixSystems CTXS 76.94 2.3 Materialise MTLS 8.90 4.7
WRB 68.33 0.1 29.87 -0.6
Berkley
BlckRkEnDivTr BDJ 8.31 0.5
EnovaIntl
EsterlineTechs
ENVA
ESL
15.40 7.9 MettlerToledo
96.50 8.3 MitsubishiUFJ
MTD
MTU
467.14 6.7
7.01 6.8
Teradyne
TierReit
TER
TIER
29.03 0.3
18.60 1.2
GuggenheimS&PSO CSD 45.15 1.3 iPathS&P500VIXST VXX 18.62 -2.0
CivistaBcshrs CIVB 23.22 8.7 Medicines MDCO 46.11 20.9 Nasdaq lows - 33
HartfordMultiGlbSC ROGS 26.93 1.1 DrxEmMktBear 3x EDZ 19.92 -1.7 CivistaBcshrsPfB CIVBP 73.75 11.4 MercerIntl MERC 12.55 2.0
BlackRockFRIncm FRA 14.73 0.2 EverestRe RE 225.80 -0.3 MiXTelematics MIXT 7.88 1.8 TortoiseEnerInf TYG 34.72 1.1 Aceto ACET 15.44 -17.0
HrznsS&P500CovCall HSPX 46.43 0.8 DirexionHiYdBear2X HYDD 20.41 -0.4 CoastwayBancorp CWAY 16.85 0.3 MicrochipTech MCHP 69.73 0.9
BlackRockScience BST 19.61 1.6 ExtendedStayAmer STAY 17.18 1.8 NYTimes A NYT 14.45 5.9 TortoiseMLPFund NTG 21.46 2.1 Bio-Path BPTH 0.81 -3.9
IQAgribusSmall CROP 32.78 0.6 Cognex CGNX 69.71 2.4 MiddlefieldBanc MBCN 40.00 1.4
BlackstoneLSCrInco BGX 16.21 -0.1 Ferrari RACE 65.81 1.7 NAmerEnergyPtr NOA 5.65 5.6 TortPwEnInfrFd TPZ 23.39 1.6 DirexionJrGoldBr3x JDST 16.12 -3.1 Biostage BSTG 0.68 -9.9
InnovatorIBD50Fund FFTY 25.12 1.6 CollectorsUniv CLCT 25.31 19.9 NV5Global NVEE 41.60 -1.1
BostonScientific BSX 25.26 0.5 FidcryClymrOppFd FMO 17.37 3.1 NuSTAR GP NSH 31.50 2.3 TransportadGas TGS 11.16 3.7 DirexionS&PBiotech LABD 12.91 -4.1
iPathPBCotton CTNN 32.75 ... CoLucidPharm CLCD 46.45 0.1 NakedBrand NAKD 4.75 -12.6 CatalystBiosci CBIO 0.47 -7.5
BoulderGrowth BIF 9.12 0.7 FiveOaksInvPfdA OAKSpA 24.50 -0.1 NuvFRIncmFd JFR 12.34 0.2 US Bancorp USB 54.04 1.0 DrxSmcdBear 3x SOXS 8.76 -1.7
iPathS&PMLPETN IMLP 21.91 1.3 CommVehicle CVGI 6.36 1.5 Neothetics NEOT 1.76 14.4 Cherokee CHKE 8.75 -6.9
Box BOX 17.73 1.5 Fortive FTV 56.65 1.5 NuvFR OppFd JRO 12.49 ... UnumGroup UNM 47.24 2.1 GlbXMSCINigeria NGE 4.06 -0.7
iShCurHdgMSCIEAFE HSCZ 26.13 0.5 CommScope COMM 38.78 1.0 Net1UEPS UEPS 12.80 2.2 CoriumIntl CORI 2.85 -0.7
BrookfldRealAssts RA 23.11 0.7 FortressInvt FIG 6.03 2.1 NuvGlblHiIncmFd JGH 16.77 1.0 Visa V 86.82 4.6 iShU.S.Technology iPathBloomCocoaTR NIB 25.83 -1.0
IYW 128.13 0.7 CommunityBkrs ESXB 7.70 0.7 NetScout NTCT 34.45 5.4 Crocs CROX 6.68 -2.7
CDI CDI 9.20 5.2 GabelliDividend GDV 20.55 0.8 OCI Partners OCIP 9.80 4.8 VailResorts MTN 174.49 1.0 iShEdgeMSCIUSAMom MTUM iPathPBCocoa CHOC 31.40 -0.2
78.98 0.4 Cresud CRESY 18.35 0.1 NorwoodFin NWFL 38.00 5.6
CABO 647.85 1.0 Vantiv VNTV 64.08 2.3 iShEdgeMSCIUSAVal VLUE ProSharesShortHiYd SJB 24.26 -0.2 DestinationXL DXLG 3.05 1.6
CableOne GabelliGlbSmall&MC GGZ 11.04 0.9 OldRepublic ORI 21.19 ... 72.22 1.0 Cutera CUTR 19.50 2.1 NovaMeasuring NVMI 15.67 0.7
Cambrex CBM 62.50 14.2 GKOS 43.77 1.8 Olin OLN 30.87 3.2 Vectren VVC 55.43 1.4 iShEmgMktDividend DVYE ProShrS MSCI EM EUM 23.07 -0.5 DicernaPharma DRNA 2.42 0.8
Glaukos 37.81 0.4 CypressSemi CY 12.97 8.9 Nuvasive NUVA 72.11 2.2
CM 87.17 1.1 GoldmanSachsBDC GSBD 24.75 1.7 OnAssignment ASGN 47.16 2.3 VoyaPrimeRate PPR 5.62 -0.2 iShExponentialTech XT ProSharesUltVIXST UVXY 22.98 -3.8 FireEye FEYE 10.60 -15.7
CIBC 28.30 0.8 DISH Network DISH 63.99 0.9 NuvNasd100Dyn QQQX 20.10 1.3
CenterCoastMLP CEN 13.43 1.1 GSMLPEnergyRen GER 8.68 2.1 Ooma OOMA 10.05 1.5 WabashNational WNC 21.29 2.8 iShACWILowCarbon CRBN ProShUltraProShFnl FINZ 15.21 -6.6 GIIIApparel GIII 24.38 -1.9
102.36 0.7 DNB Financial DNBF 35.00 4.0 Ollie'sBargain OLLI 32.80 3.0
CenterPointEner CNP 26.36 0.4 GoldmanSachsMLPInc GMZ 11.43 1.3 OrionEngCarbons OEC 21.28 2.2 Walker&Dunlop WD 32.97 2.4 iShMSCIAustralia EWA 21.65 0.1 ProShrUS MSCI EM EEV 14.01 -1.2 GreatElmCap GEC 3.30 ...
36.27 -0.7 DataIO DAIO 4.74 6.7 PTC PTC 54.27 0.8
CtrlEuropeRussiaFd CEE 21.70 0.4 HCAHoldings HCA 84.12 1.8 OrmatTech ORA 54.66 1.2 WellCareHealth WCG 150.45 0.3 iShMSCIAustriaCap EWO 17.74 0.1 ProShsVIXMTFut VIXM DFNL 20.43 1.6 ParagonCommercial PBNC JMU JMU 2.80 -4.1
15.55 -2.2 DavisFinl 48.00 0.3
Chemours CC 27.69 2.8 HCI Group HCI 43.54 4.3 PIMCOIncOpFd PKO 24.67 0.8 WooriBank WF 36.58 0.8 iShMSCIFrontier100 FM 28.28 0.9 ProShsVIXSTFut VIXY KIRK 10.10 -14.6
YUM 66.53 0.9 iShMSCIPacificxJp EPP MLPS 10.66 -4.1 Determine DTRM 2.47 6.5 ParkeBancorp PKBK 20.55 2.2 Kirkland's
Cinemark CNK 42.88 0.3 Haemonetic HAE 41.65 1.4 PIMCO IncmStrFdII PFN 9.89 0.4 YumBrands 42.68 0.1 UBSMLPShort MeridianWasteWt MRDNW 0.39 -27.8
Zoetis ZTS 56.07 0.4 iShMorningstarLC JKD EncoreCapital ECPG 32.20 2.5 PinnacleEnt PNK 16.01 1.9
ClearBridgeAmEn CBA 10.42 1.4 HalyardHealth HYH 39.78 1.2 PNC Fin Wt PNC/WS 55.20 4.1 136.45 0.6
22.25 0.5 Pixelworks
ClearBridgeEnMLPFd CEM 17.42 1.6 HarvestNatRes HNR 6.75 2.8 PampaEnergia PAM 50.22 -1.9 iShS&P100 OEF 101.65 0.7 NYSE MKT highs - 10 EntegraFin ENFC
PLUS 124.50 7.5 Pool
PXLW
POOL
3.75
108.71
13.1
1.3
MeridianWaste MRDN 2.50 3.7

ClearbridgeEnMLPTR CTR 14.04 1.3 Honeywell HON 119.36 1.0 Petrobras PZE 10.29 -2.3 NYSE lows - 15 iShGlobalTechETF IXN 117.15 0.7 CRH Medical CRHM 6.61 0.8
ePlus
Exelixis EXEL 20.75 8.4 Popeyes PLKI 64.45 1.7
MySize
NeosTherap
MYSZ
NEOS
4.72
4.85
-13.5
-12.9
Carters CRI 79.25 -3.2 iShNATech-Software IGV 118.82 1.1 CentralSecs CET 22.65 0.4 FS Bancorp FSBW 39.48 2.9 PSDWAMomentum DWLV 26.14 1.0 1.35 -3.4
Corts PF KCC KCC 28.00 -0.2 JPMorgAlerian AMJ 34.13 0.9 CloughGlbEqFd GLQ 11.86 0.7 OhrPharm OHRP
FirstBancorpNC FBNC 30.69 4.2 PSDWAMomentum PDP 43.56 1.1
Frontline FRO 6.70 1.5 JohnHancockMultTch JHMT 32.76 0.9 DocumentSecSys DSS 1.64 20.2 PowerSolutions PSIX 2.76 -62.4
EVV 14.14 0.1 FirstMerchants FRME 40.08 3.8 PowerShDWANASDAQ DWAQ 82.33 1.0
Hanesbrands HBI 18.91 -16.4 JPMorganDivRetUS JPUS 60.98 0.6 EtnVncLtdFd SearsCanada SRSC 1.36 ...
A Week in the Life of the DJIA HH Gregg
KimcoRealty
HGG
KIM
0.50 -9.9 MadronaIntl
24.26 -0.1 MasterIncomeETF HIPS
FWDI 25.50 0.7 EmersonRadio
19.49 1.1 EvansBancorp
MSN
EVBN
1.16 -0.9
38.20 3.4
FT BrazilAlpha FBZ
FTDorseyWrightIntl IFV
16.11 -0.2 PwrShsDynTchSec PTF
18.87 0.4 PreferredBankLA PFBC
42.78
57.35
1.1
1.2 SportsmansWrhs SPWH 6.77 -5.0
NeubrgBermMLPIncm NML 10.45 1.1 FT EM Alphadex FEM 22.34 0.5 PrimoWater PRMW 15.16 4.5 SteinMart SMRT 3.41 -3.1
Luby's LUB 3.55 3.1 PwShCEF IncCmp PCEF 23.18 0.2
A look at how the Dow Jones Industrial Average component stocks NordicAmerOffshr NAO 2.50 ... PwrShsCleantch PZD 34.33 0.9
ReavesUtilFd UTG 33.24 0.7 FT EM SC Alpha FEMS 33.85 1.7 PulseBiosciences PLSE 7.00 1.3 TuesdayMorning TUES 3.68 -5.1
OxfordIndustries OXM 51.55 0.4 PwrshsDynSemi PSI TelInstrElec TIK 5.36 -1.0 FT EuropeAlpha FEP 30.85 0.1 ROBOGlblRobotics ROBO 30.97 0.7 VanguardNatRes VNR 0.26 -20.1
did in the past week and how much each moved the index. The DJIA RL 75.90 -0.6 PwrShrEmrgInfra PXR
39.15 1.1
FTMidCapGrowth FNY 32.71 1.4 RaPharm RARX 18.44 10.6
RalphLauren 34.18 0.3 VS2xVIXMedTerm TVIZ 5.50 -2.7
lost 22.32 points, or 0.11%, on the week. A $1 change in the price of RubyTuesday RT 1.69 -1.6 PwrShsPrvtEqty PSP 11.66 0.6 NYSE MKT lows - 2 FT NasdCybersec CIBR 21.18 1.4 Reading B RDIB 20.42 19.5 VS2xVIXShortTerm TVIX 5.00 -4.3
UnderArmour C UA 18.02 0.4 FT Nasd100Tech QTEC 57.17 0.6 RealPage RP 31.70 0.8
any DJIA stock = 6.85-point change in the average. To date, a $1,000 UnderArmour A UAA 20.44 0.2
PwrShS&P500BW PBP 21.82 0.3 MadCatz MCZ 0.07 -31.9
FT NasdSmartphone FONE 43.81 1.5 SB Financial SBFG 18.98 4.3
VSVIXMedTerm VIIZ 10.37 -1.2
PwrShS&P500xRate XRLV 28.49 0.7 ViconInd VII 0.44 -2.8 VSVIXShortTerm VIIX 6.31 -2.0
investment on Dec. 31 in each current DJIA stock component would VF VFC 49.03 -2.2
41.16 0.9 FT Nasd100 EW QQEW 49.22 0.5 SLM Pfd B SLMBP 58.63 0.4
VistaOutdoor VSTO 26.00 -3.0 PrincipalEDGEActv YLD VeraBradley VRA 10.67 -2.2
FT RisingDivAch RDVY 25.68 1.2 SandySpringBncp SASR 41.96 1.7
have returned $30,471, or a gain of 1.60%, on the $30,000 ProSharesShtVIXST SVXY
ROM
122.54 2.0
110.27 1.2
Nasdaq highs - 173 FTRiverFrontDynEur RFEU 54.44 0.4 ScientificGames SGMS 19.30 1.9 VistaGenTherap VTGN 2.70 -3.1
investment, including reinvested dividends. NYSE Arca highs - 102 ProShrUlTech
PureFundsISECyber HACK 28.81 1.3 AdobeSystems ADBE 115.45 1.8 FT SwitzAlpha FSZ 43.00 0.5 SelectiveIns SIGI 44.35 4.4 WorkhorseGroup WKHS 2.74 -5.7
AdvisorDorseyADR AADR 45.88 -0.1 SPDRBloomBarCvSecs CWB 47.58 0.4 AdvEmissions ADES 10.25 3.0 FlexSTOXXGlbESGImp ESGG 80.52 0.3 Semtech SMTC 34.40 2.1 Xunlei XNET 3.69 1.1
The Week’s Action
Pct Stock price Point chg $1,000 Invested(year-end '16)
chg (%) change in average Company
5.85 7.13 48.83 Apple
Symbol Close
AAPL $129.08
$1,000
$1,114
Exchange-Traded Portfolios | WSJ.com/ETFresearch
4.11 2.54 17.39 Merck MRK 64.29 1,092 Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)
2.76 2.31 15.82 Visa V 86.08 1,103
VanEckGoldMiner GDX 24.50 0.49 17.1 VanguardLC VV 105.22 0.73 2.8
2.13 0.67 4.59 Pfizer PFE 32.09 998 Friday, February 3, 2017 Closing Chg YTD
VanEckOilSvcs OIH 33.62 1.51 0.8 VanguardMC VO 136.70 0.80 3.9
ETF Symbol Price (%) (%)
1.69 4.00 27.39 Goldman Sachs GS 240.95 1,006 Closing Chg YTD VanEckPharm PPH 52.79 0.38 0.5 VanguardMCVal VOE 100.40 0.95 3.3
ETF Symbol Price (%) (%) PwrShSrLoanPtf BKLN 23.27 –0.09 –0.4 VanEckRetail RTH 76.36 –0.21 0.7 VangdREIT VNQ 82.80 0.55 0.3
1.55 1.19 8.15 American Express AXP 78.04 1,058 AlerianMLPETF AMLP 13.29 0.61 5.5 SPDRBloomBarcHYBd JNK 36.88 0.22 1.2 VanEckSemiconduc SMH 75.61 0.44 5.5 VanguardS&P500 VOO 210.64 0.74 2.6
–0.13 SchwIntlEqty SCHF 28.94 0.49 4.6 0.80 –0.04
1.28 0.84 5.75 Wal-Mart Stores WMT 66.50 962 CnsmrDiscSelSector XLY 84.49 3.8
SchwUS BrdMkt 55.69 0.81 2.8
VangdInfoTech VGT 128.73 6.0 VangdST Bond BSV 79.56 0.1
CnsStapleSelSector XLP 53.00 0.65 2.5 SCHB VangdSC Val VBR 123.10 1.29 1.7 VanguardSTCpBd VCSH 79.54 0.08 0.2
1.12 1.38 9.45 McDonald’s MCD 124.24 1,021 DBGoldDoubleLgETN DGP 22.46 0.67 11.6 SchwUS LrgCap SCHX 54.77 0.74 2.8 VangdDivApp VIG 86.95 0.71 2.1 VanguardSC VB 132.40 1.32 2.7
1.10 0.34 2.33 Cisco Systems CSCO 31.32 1,045 DBGoldDoubleShrt DZZ 6.07 –0.57 –11.5 SPDR DJIA Tr DIA 200.38 0.89 1.5 VanguardFTSEDevMk VEA 38.23 0.42 4.6 VanguardTotBd BND 80.70 0.02 –0.1
DeutscheXMSCIEAFE DBEF 28.51 0.39 1.6 SPDR GldTr GLD 116.13 0.25 5.9 VanguardFTSEEmgMk VWO 38.29 0.63 7.0 VanguardTotIntlBd BNDX 53.68 0.04 –1.1
0.91 1.00 6.85 Walt Disney DIS 110.30 1,058 EnSelectSectorSPDR XLE 73.40 0.87 –2.5 SPDR S&PMdCpTr MDY 310.19 1.32 2.8 VanguardFTSEEurope VGK 49.65 0.36 3.6 VanguardTtlIntlStk VXUS 48.19 0.46 5.0
23.72 2.02 2.0 SPDR S&P 500 SPY 229.34 0.69 2.6 VanguardAWxUS VEU 46.41 0.50 5.0 VanguardTotStk VTI 118.42 0.76 2.7
0.80 0.69 4.73 Procter & Gamble PG 87.41 1,048 FinSelSectorSPDR XLF
86.23 0.69 0.8 VUG 116.64 0.55 4.6 63.36 0.51 3.9
GuggenheimSP500EqW RSP 88.96 0.69 2.7 SPDR S&P Div SDY VangdGrowth VangdTotlWrld VT
0.29 0.25 1.71 J.P. Morgan Chase JPM 87.18 1,016 HealthCareSelSect XLV 71.42 0.44 3.6 TechSelectSector XLK 50.69 0.66 4.8 VanguardHiDiv VYM 76.13 0.77 0.5 VangdValue VTV 94.08 0.91 1.2
0.74 UtilitiesSelSector 48.90 0.12 0.7 83.13 0.10 0.1 58.08 0.29 1.2
0.23 0.26 1.78 Johnson & Johnson JNJ 113.64 986 IndSelSectorSPDR XLI 63.62 2.3 XLU VanguardIntrm BIV WisdTrEuropeHdg HEDJ
iShIntermCredBd CIU 108.48 0.05 0.3 VanEckBiotech BBH 116.05 1.03 7.9 VangIntrCorpBd VCIT 85.79 0.13 0.1 WisdTrJapanHdg DXJ 50.41 0.56 1.8
0.22 0.09 0.62 Coca-Cola KO 41.54 1,002 iSh1-3YCreditBond CSJ 105.05 0.01 0.1
–0.05 –0.05 –0.34 United Technologies UTX 109.65 1,000 iSharesTIPSBondETF TIP 113.83 –0.11 0.6
iSh3-7YTreasuryBd IEI 122.67 0.04 0.1
–0.19 –0.22 –1.51 Chevron CVX 113.57 965 iShCoreHiDividend HDV 82.08 0.55 –0.2
Dividend Changes
iShCoreMSCIEAFEETF IEFA 55.91 0.40 4.3
–0.25 –0.35 –2.40 Home Depot HD 137.98 1,029 iShCoreMSCIEmgMk IEMG 45.78 0.62 7.8
–0.27 –0.32 –2.19 Travelers TRV 117.78 962 iShCoreS&P500ETF IVV 230.79 0.72 2.6 Dividend announcements from February 3.
–0.69 –1.12 –7.67 UnitedHealth Group UNH 161.87 1,011 iShCoreS&PMdCp IJH 170.14 1.38 2.9 Amount Payable / Amount Payable /
iShCoreS&PSmCpETF IJR 69.04 1.60 0.4 Company Symbol Company Symbol
–0.83 –1.48 –10.14 IBM IBM 175.82 1,059 iShS&PTotlUSStkMkt ITOT 52.75 0.82 2.8
Yld % New/Old Frq Record Yld % New/Old Frq Record
iShCoreUSAggBd AGG 108.01 0.03 –0.0 Increased FT Sr Floating Rate 2022 FIV 5.0 .0417 M Apr17 /Apr05
–1.03 –0.31 –2.12 General Electric GE 29.70 940 iShSelectDividend DVY 90.08 0.67 1.7 FT Sr Floating Rate 2022 FIV 5.0 .0417 M May15 /May03
–1.37 –2.44 –16.71 3M MMM 175.04 980 iShEdgeMSCIMinUSA USMV 45.99 0.52 1.7 Amdocs DOX 1.5 .22 /.195 Q Apr14 /Mar31
PennantPark Floatg Rt Cap PFLT 8.1 .095 M Mar01 /Feb17
iSharesGold IAU 11.74 0.34 6.0 Apollo Global Mgmt A APO 8.1 .45 /.35 Q Feb28 /Feb21
–1.56 –0.83 –5.68 Nike NKE 52.36 1,030 iShiBoxx$InvGrCpBd LQD 117.05 0.11 –0.1 Armada Hoffler Properties 5.5 .19 /.18 Q Apr06 /Mar29
–1.63 –1.27 –8.70 DuPont DD 76.43 1,041 iShiBoxx$HYCpBd HYG 87.48 0.17 1.1
AHH Foreign
0.58 Community Healthcare Tr CHCT 6.8 .3875 /.385 Q Mar03 /Feb17 AstraZeneca ADR 6.8 .95 SA Mar20 /Feb17
–2.06 –1.02 –6.99 Verizon VZ 48.58 920 iSharesJPMUSDEmgBd EMB 112.69 2.2 AZN
iShMBSETF MBB 106.19 0.03 –0.1 Compass Minerals CMP 3.5 .72 /.695 Q Mar15 /Mar01 BCE Inc BCE 5.0 .54694 Q Apr15 /Mar15
–2.30 –1.97 –13.49 Exxon Mobil XOM 83.54 926 iShMSCIACWIETF ACWI 61.35 0.57 3.7 ECA Marcellus Trust I ECT 11.4 .074 /.071 Q Feb28 /Feb17 Blue Cap Reinsurance BCRH 12.6 .59 Q Mar15 /Feb28
iSharesMSCIEAFESC SCZ 52.39 0.52 5.1
–3.16 –5.30 –36.30 Boeing BA 162.40 1,043 iSharesMSCIEAFEETF EFA 60.14 0.40 4.2 Eversource Energy ES 3.4 .475 /.445 Q Mar31 /Mar02 Brookfield Infrastructure BIP 4.9 .435 Q Mar31 /Feb28
–3.19 –2.10 –14.38 Microsoft MSFT 63.68 1,025 iShMSCIEmgMarkets EEM 37.75 0.61 7.8 Gaming & Leisure Prop GLPI 7.8 .62 /.60 Q Mar24 /Mar13 Granite REIT GRP/U 4.7 .03063 M Feb15 /Jan31
iShMSCIEurozoneETF EZU 35.68 0.54 3.1
–3.84 –1.46 –10.00 Intel INTC 36.52 1,014 Harley-Davidson HOG 2.6 .365 /.35 Q Mar03 /Feb15 Lazard LAZ 11.0 1.20 Q Feb24 /Feb13
iShMSCIJapanETF EWJ 51.05 0.45 4.5
–5.77 –5.71 –39.10 Caterpillar CAT 93.28 1,014 iShNasdaqBiotech IBB 283.05 1.13 6.7 Kinsale Capital Group KNSL 0.9 .06 /.05 Q Mar15 /Feb15 Lazard LAZ 11.0 .38 Q Feb24 /Feb13
iShNatlAMTFrMuniBd MUB 108.21 –0.04 0.0 M B T Financial MBTF 1.7 .05 /.04 Q Feb21 /Feb14 Norbord OSB 1.2 .07623 Q Mar21 /Mar01
Sources: WSJ Market Data Group; S&P Dow Jones Indices. For more information on the Dow Jones iShRussell1000Gwth IWF 109.20 0.60 4.1 Otter Tail OTTR 3.3 .32 /.3125 Q Mar10 /Feb15
Industrial Average and the 30 industrials, please visit www.djindexes.com iShRussell1000ETF IWB 127.96 0.77 2.8 OM Asset Management OMAM 2.1 .08 Q Mar31 /Mar17
iShRussell1000Val IWD 113.70 0.93 1.5
Power Integrations POWI 0.8 .14 /.13 Q Mar31 /Feb28 Open Text OTEX 1.4 .115 Q Mar28 /Mar03
iShRussell2000Gwth IWO 158.13 1.50 2.7 Royal Dutch Shell ADR A RDS/A 6.8 .94 Mar27 /Feb17
iShRussell2000ETF IWM 136.87 1.53 1.5
Reduced
ADVERTISEMENT iShRussell2000Val IWN 119.42 1.57 0.4 STRATS Sers 2006-1 P&G GJR 1.5 .026 /.0261 M Feb15 /Feb14 Royal Dutch Shell ADR B RDS/B 6.5 .94 Q Mar27 /Feb17
iShRussell3000ETF IWV 136.56 0.80 2.7 Tahoe Resources TAHO 2.7 .02 M Feb23 /Feb16
iShRussellMid-Cap IWR 184.69 0.84 3.3 Initial
Legal Notices
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iShRussellMCValue
iShS&P500Growth
iShS&P500ValueETF
IWS
IVW
IVE
82.50
126.39
102.80
0.93
0.54
0.96
2.6
3.8
1.4
Affiliated Managers
Capital One Pfd. H
AMG
COFpH
0.5 .20
.38334
Q Feb23 /Feb09
Mar01 /Feb15
VTTI Energy Partners

Special
VTTI 7.3 .336 Q Feb14 /Feb13

iShUSPfdStk PFF 38.16 0.26 2.6 FT Sr Floating Rate 2022 FIV 5.0 .0417 M Mar15 /Mar03 M B T Financial MBTF 1.7 .70 Feb21 /Feb14
iSh1-3YTreasuryBd SHY 84.46 –0.04 0.0
iSh7-10YTreasuryBd IEF 104.81 0.08 –0.0 Funds and investment companies
PUBLIC NOTICES iShRussellMCGrowth IWP 101.37 0.70 4.1
PwrShrs QQQ QQQ 125.68 0.29 6.1 Credit Suisse High Yld DHY 10.1 .023 M Feb23 /Feb16 KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA:
PS SP500LoVoltlPrt SPLV 41.90 0.50 0.8 Dreyfus Mun Bd Infr Fd DMB 5.0 .053 M Mar01 /Feb17 semiannual; S2:1: stock split and ratio; SO: spin-off.

LEGAL


 


  
 




 

 !" # !  $%&'%() Mutual Funds | WSJ.com/fundresearch
NOTICES
Fund NAV Chg % Ret Fund NAV Chg % Ret Net YTD
!* !+
,- *. !+ / Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret
! / 0- *0  * ,  !+ 0 !+ 0

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Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of at least

 
        
 ADVERTISE TODAY $500 million each. NAV is net asset value. Percentage performance figures are total returns,
JPMorgan Funds
MdCpVal L 37.22
IntlValEq
+0.33 2.3 IntlStk
13.24
16.05
+0.07
+0.07
3.4
5.0
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WndsrAdml
68.38 +0.42
71.30 +0.66
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MCapGro 78.55 +0.64 4.2 VANGUARD FDS
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1.!, CoreBond 11.49 ... 0.3 N Inc 9.37 ... 0.2 HlthCare r 193.70 +1.06 4.8
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USLgCpCorPls 29.31 +0.27 4.2 OverS SF r 9.45 +0.02 4.2 INSTTRF2020 20.54 +0.08 2.0

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. @wsj.com price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not Lazard Instl R2025
23.24 +0.12 3.2 INSTTRF2040 20.57 +0.12 3.2
  

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   Place an ad with the Friday, February 3, 2017 Lord Abbett A SmCapStk
SmCapVal
46.04
45.56
+0.70
+0.71
2.5
1.0
LifeMod
PrmcpCor
24.66 +0.10
23.05 +0.18
2.1
3.9
   


   
   
0 Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret ShtDurIncmA p 4.31 ... 0.3
  
 
 
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!-0!- -./- *! 2!* IntSmVa 20.07 +0.10 5.5 DivIntlK r 34.56 +0.18 4.0 ShtDurIncm 4.31 ... 0.6 Prudential Cl Z & I STAR 24.31 +0.11 2.7
  
    


 

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US CoreEq1 19.79 +0.18 2.7 GroCo 144.54 +0.66 5.7


 

 

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TgtRe2015 14.74 +0.04 1.6


 

 

" 33    AmcpA p 28.34 +0.17 4.1 TgtRe2020 28.82 +0.11 2.0

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AMutlA p 37.60 +0.27 2.1 37.67 +0.61 0.7 Schwab Funds TgtRe2025 16.72 +0.07 2.3

    

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US TgdVal LowP r 50.53 +0.43 2.1 TotRetBdI 10.52 -0.01 0.1
  
    

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    BondA p 12.75 ... 0.4 USLgVa 35.91 +0.35 2.3 TgtRe2035 18.25 +0.10 2.9
LowPriStkK r 50.49 +0.43 2.1 TRBdPlan 9.90 -0.01 0.1 T


 


 

  
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MagIn 94.97 +1.07 4.0 MFS Funds Class A
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EupacA p 47.41 +0.23 5.1 Income 13.64 ... 0.4 EqIdxInst 17.05 +0.14 2.8 TgtRe2050 31.38 +0.19 3.3


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. Puritn 21.25 +0.14 3.3 MFS Funds Class I
FdInvA p 56.45 +0.36 3.7 Intl Stk 40.31 +0.34 5.8 Tweedy Browne Fds TgtRetInc 12.95 +0.03 1.1
  
    

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TotalBond 10.55 +0.01 0.5 GlbDiscA 31.26 +0.25 2.3 V

 
    

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. Fidelity Selects GlbDiscz 31.84 +0.25 2.3
IncoA p 22.08 +0.12 1.9 TotRetBdN NA ... NA VANGUARD ADMIRAL WndsrII 35.84 +0.37 2.0
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N PerA p 37.07 +0.15 4.9 O 500Adml 212.27 +1.55 2.8 VANGUARD INDEX FDS

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  . NwWrldA 54.56 +0.21 6.0 Federated Instl CAITAdml 11.58 ... 0.7 ExtndIstPl 185.25 +2.24 3.2
FPA Funds EqtyInc r 31.14 +0.25 2.4 52.92 +0.69 1.8

 

 
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. SmCpA p 48.26 +0.34 5.0 StraValDivIS 5.94 +0.02 0.6 CapOpAdml r 130.14 +0.93 4.7 SmValAdml
© 2017 Dow Jones & Company, Inc. FPACres 33.46 +0.30 2.6 Oakmark 74.13 +0.90 2.3
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5. TxExA p 12.76 +0.01 0.4 Fidelity EMAdmr 31.70 +0.16 6.4 TotBd2 10.61 +0.01 0.2
All Rights Reserved. 41.71 +0.28 1.9
FrankTemp/Frank Adv OakmrkInt 23.75 +0.06 4.6 TotIntl 15.44 +0.06 4.8
WshA p 500IdxInst 80.51 +0.59 2.8 EqIncAdml 69.23 +0.60 1.3
IncomeAdv 2.31 +0.01 1.8 Old Westbury Fds TotSt 57.64 +0.47 2.8
AMG Managers Funds 500IdxInstPrem 80.51 +0.59 2.8 ExtndAdml 75.07 +0.91 3.2
22.18 +0.07 3.7
FrankTemp/Franklin A LrgCpStr 13.22 +0.10 3.0 VANGUARD INSTL FDS
YacktmanFd I 500IdxPrem 80.51 +0.59 2.8 GNMAAdml 10.51 ... -0.1
CA TF A p 7.31 ... 0.5 Oppenheimer Y 31.66 +0.15 1.7
ADVERTISEMENT ExtMktIdxPrem r 57.33 +0.70 3.2 GrwthAdml 60.04 +0.32 4.8 BalInst
B IntlIdxPrem r 36.72 +0.15 4.0
Fed TF A p 12.00 ... 0.6 DevMktY 33.96 +0.22 6.2 HlthCareAdml r 81.70 +0.45 4.8 DevMktsIndInst 12.27 +0.04 4.4
IncomeA p 2.33 +0.01 1.7 IntGrowY 35.90 +0.17 3.5 ExtndInst 75.07 +0.91 3.2
Baird Funds TMktIdxF r 66.37 +0.55 2.9 HYCorAdml r 5.88 +0.01 1.4

Leisure Travel
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AggBdInst
CorBdInst
BlackRock Funds A
10.70
11.04
-0.01 0.2
-0.01 0.3
TMktIdxPrem
USBdIdxPrem 11.49
66.37

USBdIdxInstPrem 11.49
+0.55
+0.01
+0.01
2.9
0.2
0.2
RisDv A p

Income C t
FrankTemp/Temp A
53.18 +0.36 1.0
FrankTemp/Franklin C
2.36 +0.01 2.1 Parnassus Fds
P InfProAd
IntlGrAdml
ITBondAdml
25.66
72.63
11.26
-0.02
+0.07
+0.01
0.7
7.9
0.4
GrwthInst
InPrSeIn
InstIdx
60.04 +0.32
10.46 ...
209.45 +1.52
4.8
0.8
2.8
GlblAlloc p 18.54 ... 2.0 Fidelity Advisor I ParnEqFd 40.13 +0.27 2.1 ITIGradeAdml 9.66 ... 0.5 InstPlus 209.47 +1.53 2.8
GlBond A p 12.08 +0.04 0.9 PIMCO Fds Instl InstTStPlus 51.76 +0.42 2.8
BlackRock Funds C NwInsghtI 28.20 +0.24 4.6 LTGradeAdml 10.01 ... -0.1
16.87 ... 1.9
Growth A p 24.39 +0.20 3.5 AllAsset NA ... NA MidCpInst 37.40 +0.29 3.9
GlblAlloc t Fidelity Freedom MidCpAdml 169.30 +1.29 3.9
RAFTING FrankTemp/Temp Adv NA ... NA
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THE WALL STREET JOURNAL.
Foreign Bonds Lose Appeal BOJ Buys Debt
Japanese, eurozone
investors are selling
more global bonds
than they are buying
BY MIKE BIRD
After years of splurging on
international debt, the world’s
two large economies with
negative interest-rate policies
are showing tentative signs of
losing their appetite for for-
eign bonds.
Investors in Japan and the
eurozone have both recently
sold more global bonds than
they have bought. That comes
after years of snapping up for-
eign debt, as negative central-
bank interest rates at home
sent money abroad in search
of higher returns.
How that trend develops
will have a significant impact
on international markets, par-
ticularly in foreign exchange
and fixed income.
Data from Japan’s Ministry
of Finance confirmed this past
week that Japanese investors
sold around ¥1.3 trillion
($11.52 billion) in foreign
bonds between Jan. 21 and
Jan. 28, taking net sales for
the past 12 weeks to more
than ¥3.7 trillion, the largest
amount since April 2014.
Investors in the eurozone,
for which data is more de-
layed, sold €15.99 billion ($17.2
billion) more in foreign bonds
than they bought in the three
months through Novem-
ber, becoming net sellers for
the first time since 2012.
The reversal is a puzzle for
international markets, since
the spread between U.S. bond
yields and yields in the euro-
zone and Japan has only
grown—which should make
American debt more attractive
to global investors.
However, many investors,
especially risk-sensitive buyers
such as pension funds and in-
surance companies, want to
hedge their exposure to cur-
rency movements. And high
global demand for U.S. debt
has raised the cost of hedging
to borrow in dollars. That cost
heavily reduces the benefit of
buying Treasurys for both Eu-
ropean and Japanese buyers.
“For bond-market investors,
one of the key things you need
to bear in mind is the volatil-
ity of exchange rates,”
said Mika Inkinen, analyst at
J.P. Morgan. “It’s not enough
to just look at the yield differ-
ential, you need to look at
what’s happened to the cross-
currency basis.”
One hedging tool, cross-
currency basis swaps, allows
an investor to swap cash flows
in one currency for cash flows
in another. But for a buyer
with euros, the costs of such
swaps have widened markedly
over recent years.
At the end of January, a 10-
year U.S. bond yielded around
2 percentage points more than
its German equivalent and 2.4
percentage points more than a
Japanese bond.
But if investors fully hedged
themselves against currency
exposure, the pickup in yield
would disappear completely.
After that cost, a U.S. 10-year
bond would offer a yield 0.06
percentage point lower than a
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* * * * Saturday/Sunday, February 4 - 5, 2017 | B9
BONDS
Reversal Following Selloff
Japan is shedding some of Its foreign bonds… BY SURYATAPA BHATTACHARYA
AND HIROYUKI KACHI Staying Put
Net purchases of foreign bonds*
Japan’s central bank has kept the
¥10.0 trillion TOKYO—Japan’s central yield on its benchmark bond
bank boosted its government- around zero as yields have risen
7.5 bond purchases by more than globally post-Trump.
$6 billion on Friday, sending a
5.0 message to investors that it 2.5%
2.5 wants to buck a global tide of
rising rates. 2.0
0 The move was prompted by U.S. 10-year
an unusually sharp bond sell- 1.5 Treasury yield
–2.5 off—which took the yield on
the benchmark 10-year gov- 1.0
–5.0
ernment bond to a year high Japan 10-year
of 0.150% from 0.110% within 0.5 government yield
–7.5
the space of minutes—after an
2013 ’14 ’15 ’16 ’17 0.0
earlier bond purchase by the
…and the eurozone has sold some of its holdings as well… Bank of Japan was unexpect-
edly small. That made inves- –0.5
Net purchases of foreign bonds†
tors question the bank’s ability N D J F
€150 billion to cap the yield at around 2016 ’17
zero, as it has said it would. Source: Thomson Reuters
125
The BOJ responded a few THE WALL STREET JOURNAL.
100 hours later by announcing it
would buy an unlimited num- Donald Trump. Bond yields
75 ber of five- and 10-year gov- have risen around the world
ernment bonds at prices that following Mr. Trump’s Novem-
50 translate to a benchmark yield ber election, as investors bet
25 of around 0.110%. that his big-spending policies
The added buying, which would boost inflation in the
0 amounted to 723.9 billion yen U.S. In Japan, however, where
($6.42 billion), pushed the monetary policy has been
–25 yield back down to 0.095% in ultraloose for decades in an
2013 ’14 ’15 ’16 ’17 afternoon trading in Tokyo. attempt to goose a chronically
Bond yields move inversely to stagnant economy, the central
…as demand for U.S. dollars has weakened a bit.
their prices. bank said in September that it
Five-year cross-currency basis swap rates, which measure the additional cost to borrow in dollars Still, the volatile morning in would hold the 10-year yield
for European and Japanese investors.‡ Japan’s normally torpid gov- around zero and buy as many
0.2 percentage point ernment-bond market shows government bonds as needed
the strains the country’s cen- to keep it there.
0 tral bank is under to maintain In November, for instance,
its policy grip while rates and the BOJ offered to buy an un-
–0.2 currencies world-wide shift to limited amount of government
Euro–dollar follow changing economic and bonds at fixed rates to keep a
–0.4
political tides. lid on rising yields. Investors
–0.6 The market is seeing a pos- have assumed the BOJ is un-
sibility of Japanese monetary willing to let the 10-year yield
–0.8 tapering in the near future, es- vary by more than 0.1 percent-
pecially because of pressure age point above or below zero.
–1.0
Yen–dollar from the U.S., said Daiju Aoki, As a result, Japanese rates
–1.2 chief Japan economist at UBS have moved less than those in
Securities. many other countries, with the
2013 ’14 ’15 ’16 ’17
Separately, China’s central benchmark yield rising around
*12-week rolling total †Three-month rolling total ‡Rates become less negative as demand for, and the premium on, dollars shrinks. bank raised some key money- 0.17 percentage point since Mr.
Sources: Japan’s Ministry of Finance (Japan’s purchases); European Central Bank market interest rates on Fri- Trump won the election, while
(eurozone purchases); Thomson Reuters (swap rates) THE WALL STREET JOURNAL. day, reinforcing a shift toward the yield on the U.S. 10-year
a tighter monetary policy Treasury has jumped around
domestic equivalent for an in- investors continue buying U.S. to an end versus the green- aimed at deflating asset bub- 0.62 percentage point.
vestor with euros, and 0.7 per- bonds, and stop hedging, the back,” said Mr. Rosenbaum. bles and reducing long-term Some investors and ana-
centage point lower for a Jap- demand for dollar-denomi- “We could see a sharp pull- financial risk. lysts, however, have ques-
anese investor. nated debt could fuel a rally in back or even a reversal in Eu- Many investors and ana- tioned whether the BOJ can
“The relative attractiveness the U.S. currency. ropean demand for American lysts were blaming Japan’s resist the rising global interest
hasn’t increased as much as “Foreign buying of U.S. corporate bonds.” brief selloff on U.S. President rates for long.
the nominal difference in yields credit has been a key, and
suggests,” added Mr. Inkinen. growing, source of demand
Hedging an investment ever since the ‘taper tantrum’ ADVERTISEMENT
mutes its impact on the ex- set in motion increasing diver-
change rate, but if Japanese and
European investors want to ben-
gence between U.S. and for-
eign monetary policies,” wrote
Nathaniel Rosenbaum, credit
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per tantrum was when U.S.
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Japanese investors’ net sales of ficials signaled they would
foreign debt in the past 12 weeks soon end stimulus.)
That demand has reduced
U.S. yields, too. According to
analysis by Morgan Stanley
efit from higher yields on bonds strategists, yields on U.S. 10-year
elsewhere in the world—partic- Treasurys are around half a per-
ularly U.S. Treasurys—they centage point lower than would
would have to buy more bonds be expected to be based on nor-
unhedged against currency risk. mal macroeconomic factors.
So how large an impact Recent growth figures show
global flows have on the dollar the eurozone’s economic ex- PROFITABLE URGENT
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B10 | Saturday/Sunday, February 4 - 5, 2017
Dow Books Biggest Gain in Two Months
Big-bank stocks rally
as Trump takes action Upswing and stop implementation of a rule for financial advisers, extending a postelection rally.
on scaling back 40%
financial regulations
Performance
BY CORRIE DRIEBUSCH
AND RIVA GOLD
The Dow Jones Industrial
Average posted its biggest
one-day advance in nearly two
months as the potential for
regulatory rollbacks injected
new enthusiasm for financial
stocks.
The stock-market rally Fri-
day snapped the Dow industri-
als out of a period of sluggish
returns. After rallying into the
end of 2016, the index’s gains
stalled in recent weeks as
hopes for rapid movement on
increased government spend-
ing, corporate-tax cuts and
loosened regulation waned.
Big banks led the gains.
Goldman Sachs jumped 4.6%,
returning to positive terri-
tory for 2017, and added
about 72 points to the blue-
chip index.
The Dow industrials rose
186.55 points, or 0.9%, on Fri-
day to 20071.46.
The S&P 500 climbed 16.57
points, or 0.7%, to 2297.42, and
the Nasdaq Composite gained
30.57 points, or 0.5%, to
5666.77. With Friday’s rise, the
two indexes eked out weekly
gains of 0.1%, while the Dow
industrials ended 0.1% lower.
On Friday, President Donald
Trump took action on rolling
back financial regulation,
boosting bank stocks. He
signed executive actions to
scale back the 2010 Dodd-
Frank financial-overhaul law
and to roll back a retirement-
savings rule that would hold
brokers and financial advisers
who work with tax-advantaged
retirement savings to a fidu-
ciary standard.
Shares of banks with large
brokerage units rose sharply.
Morgan Stanley jumped
$2.30, or 5.5%, to $44.43,
Wells Fargo climbed 1.52, or
Email: heard@wsj.com
Trump Reforms Are Banker Dreams
President Donald Trump’s
financial-policy agenda is au-
dacious not only in its deregu-
latory scope, but also in the
determination it reveals to
move ahead without Congress.
After the administration
outlined its plans on Friday,
investors in financial firms
celebrated by sending their
shares sharply higher. But it is
unclear how well the adminis-
tration can achieve its stated
goals of spurring lending and
job creation, especially with-
out accompanying legislation.
President Trump signed or-
ders establishing a framework
for scaling back Dodd-Frank,
the postcrisis regulatory law.
He is also taking action to de-
lay and perhaps scrap the
Obama administration’s fidu-
ciary rule for retirement sav-
ings, which was intended to
protect small investors.
At first glance, the plans, as
laid out by Gary Cohn, the for-
mer Goldman Sachs president
and current director of the
White House Economic Council,
sound like a Wall Street
banker’s dream. The adminis-
tration plans to change how
postcrisis rules are enforced,
A Big Sale at Macy’s Isn’t Worth the Trip for Investors
Macy’s may have found a
suitor at a time when its fu-
ture alone looks bleak. But
an all-out merger with Can-
ada’s Hudson’s Bay would
be difficult financially and
won’t likely solve the depart-
ment-store chains’ core
problems.
Hudson’s Bay, which owns
Lord & Taylor and Saks Fifth
Avenue, among other retail-
ers, approached Macy’s,
which also owns Bloom-
ingdale’s, about a takeover,
The Wall Street Journal re-
ported Friday. Given the
challenges facing department
stores from online mer-
chants and widespread dis-
counting, banding together
may make some sense. Still,
Bank shares surged anew following President Trump's orders to review Dodd-Frank
since U.S. election
Bank of America
Goldman Sachs
30
Morgan Stanley
Wells Fargo
J.P. Morgan Chase
Citigroup
S&P 500
20
10
0 “Trump trade” as President
Nov. 8
Treasury yields were little changed Friday, holding gains since November.
2.6%
2.4 Yield on 10-year Treasury
2.2
2.0
1.8
Nov. 8
Sources: FactSet (stocks, indexes); Ryan ALM (yield)
2.7%, to 57.27, and Bank of
America added 57 cents, or
2.5%, to 23.29.
“The fiduciary rule is a fun-
damental change in how bro-
kerages do business, so if it’s
now continued business as
usual, that’s good for the sta-
tus quo,” said Jack Ablin, chief
investment officer at BMO Pri-
vate Bank.
Goldman advanced 10.54 to
240.95, and the KBW Nasdaq
Bank index gained 2.2%. The
index of big banks is up 24%
since the U.S. election, partly
on the belief Mr. Trump will
lighten banks’ regulatory load.
A pickup in hiring in Janu-
ary also fueled stocks’ gains
on Friday. Jobs outside farms
HEARD ON THE STREET
Lending on the Mend
Annualized growth in total loans and leases by U.S. banks
10%
5 out to be too fast for financial
0
–5
–10
2010 ’11 ’12 ’13
Source: Federal Reserve
many of which are at the dis-
cretion of regulators. This in-
cludes lighter enforcement of
the “Volcker rule,” which bars
banks from making proprietary
trades. Also, the Consumer Fi-
nancial Protection Bureau could
see a change in personnel.
There could even be some
relief on capital requirements.
The administration’s flexibility
here will be limited by interna-
tional agreements, though Mr.
Cohn told The Wall Street
Journal that U.S. banks are
for Hudson’s Bay, which has
a market value of $1.5 bil-
lion, buying the $10 billion
Macy’s would be a massive
bite. Taking on too much
debt is a risky move when
faced with the possibility of
structural decline.
Macy’s would command a
price of about $40 a share—
a 30% premium to its closing
price Thursday, according to
Stifel Nicolaus. Yet Hudson’s
Bay and Macy’s already have
net debt of 5.6 times and 2.5
times estimates, respectively,
for fiscal 2017 earnings be-
fore interest, taxes, deprecia-
tion and amortization.
Hudson’s Bay has a joint
venture with Simon Prop-
erty Group, contributing
MARKETS
Federal
Reserve
raises rates
Dec.
Dec.
increased 227,000 in January,
the best gain since September,
the Labor Department re-
ported Friday. The unemploy-
ment rate ticked up to 4.8%
from 4.7% a month earlier, and
workers’ wages rose only
modestly.
Economists surveyed by
The Wall Street Journal ex-
pected nonfarm payrolls to
grow by 174,000 with the un-
employment rate unchanged.
Expectations for a rate rise in
March ticked down after the
report. Federal-funds futures
indicated just a 9% chance of a
move by March, versus 18% on
Thursday, according to CME
Group data.
The gains by major stock
FINANCIAL ANALYSIS & COMMENTARY
’14 ’15 ’16
THE WALL STREET JOURNAL.
“way out front of where the
European banks are in capital.”
Without big changes to
capital rules, many of the pro-
posed actions will have at best
a tangential effect on bank
lending, which Mr. Trump
sees as the central issue.
Lending activity was in-
deed weak for several years
after the financial crisis. But
as the economy has recovered,
and after banks built up capi-
tal and adapted to new rules,
bank lending has accelerated
real estate in exchange for
cash to pay down debt. But
that has about $4 billion in
assets and is already 50%
leveraged with no dry pow-
der, according to Cowen.
Meanwhile, the Canadian
company may not want to is-
sue equity with its stock
near its three-year low.
A more likely solution
would be to try to unlock
some of the value of Macy’s
real estate. This could take
the form of another joint
venture, a sale lease-back,
mortgages on selected prop-
erties or the outright sale of
some real estate. While this
might serve to highlight the
value of Macy’s real estate,
the Hudson’s Bay joint ven-
Jan.
Jan.
indexes followed a recent
slowdown in the market’s
rally. Stocks have wobbled in
recent sessions after reaching
fresh highs as investors di-
gested policy comments from
the new administration, in-
cluding pronouncements on
trade and immigration. But
many traders expect shares to
perform well if the economy
can maintain its upward mo-
mentum.
“The economic and earn-
ings data for the most part
has been awful good, not only
in the United States but
around the globe,” said Jim
Paulsen, chief investment
strategist at Wells Capital
Management.
again. Over the past three
years, total loans and leases
by U.S. banks grew by an av-
erage 6.9% a year, according
to Federal Reserve data. That
compares to the 7.9% average
from 2000-2007, which turned
stability to be maintained.
There is a broad bipartisan
consensus in Washington that
small and medium-size banks
have been overly burdened by
regulation, causing a shortage
of funding to small busi-
nesses. But it is unclear how
the Trump administration
would address this. One
widely supported move would
be to raise the asset-size
threshold for annual Federal
Reserve stress testing.
But that would require leg-
islation, and it remains to be
seen how Congress reacts to
Mr. Trump’s unilateral actions.
The administration has
enough power on its own to
move the needle considerably,
especially for the biggest Wall
Street firms. Financial stocks,
already among the biggest
winners since the election,
just got fresh fuel to go higher.
—Aaron Back
No Returns
Macy’s same-store sales,
change from a year earlier
2%
0 bining back-office functions.
–2
–4
–6
2014 ’15 ’16
Source: FactSet
ture hasn’t created much
value for its investors, Co-
wen notes. Macy’s has said
putting its real estate into a
separate company wouldn't
create enough value to make
it worthwhile.
* *** THE WALL STREET JOURNAL.
U.S. presidential
inauguration
Feb.
Friday
2.496%
Feb.
THE WALL STREET JOURNAL.
For stock markets, “I think
there is volatility being created
by the management methodol-
ogy of our new president, but
there’s a lot of fundamental
power under this [rally], I
don’t think it’s that much about
Trump,” Mr. Paulsen said.
In earnings news, Visa rose
3.78, or 4.6%, to 86.08 after the
credit-card company posted a
6.7% rise in fourth-quarter
profit from a year earlier.
Amazon.com fell 29.75, or
3.5%, to 810.20, however, after
the retail giant’s revenue was
below analysts’ expectations.
In other markets, the Stoxx
Europe 600 rose 0.6% Friday,
though it ended the week
down 0.6%.
OVERHEARD
The U.S. has been at the
forefront of the reflation
trade, particularly since the
election. In one way, though,
it still lags behind.
Inflation has picked up
globally from its nadir in
2015, when headline mea-
sures of changes in consumer
prices in the U.S., eurozone,
Japan and the U.K. converged
on zero.
Citigroup’s inflation sur-
prise indexes—which track
the gap between economists’
forecasts and outcomes on a
range of price measures—
spent 2015 and a good chunk
of 2016 in negative territory,
as inflation persistently
proved weaker than expected.
Now the Citigroup indexes
are all back in positive terri-
tory, with inflation running
ahead of forecasts.
But even as the world
wonders about Mr. Trump’s
policies and the Federal Re-
serve tightens policy, U.S.
economists have suffered
from overinflated expecta-
tions. The U.S. index, rather
underwhelmingly, is still be-
low zero.
Beyond these concerns,
department-store consolida-
tion may only deliver small
relief. There could be cost
savings associated with ven-
dor negotiations and com-
But a deal won’t change
the industry dynamics, in
which the department store
format is losing out to dis-
counters and online mer-
chants. More stores will
need to close.
Both companies are the
products of multiple merg-
ers, but they are both still
struggling. Another deal is
unlikely to create a healthy,
much less a growing, depart-
ment-store chain.
—Miriam Gottfried
Yields Move Higher
As Traders Focus
On Fed Over Jobs
U.S. government bonds
declined Friday as investors
shrugged off a mixed jobs re-
port and continued to focus
on fiscal and monetary policy.
Bond prices initially
climbed after the latest em-
ployment report showed
stubbornly slow wage growth
despite robust job gains. The
yield on the 10-year Treasury
note, which fell to 2.428%
earlier in the day, settled at
2.496%, compared with
2.470% Thursday. Yields rise
when bond prices fall.
Putting some pressure on
bonds was a re-energized
Donald Trump took steps to
roll back financial regulation.
Some steam was also taken
out of the morning bond rally
by comments from Federal
Reserve officials, including
Federal Reserve Bank of Chi-
cago President Charles Evans,
who said he “could be com-
fortable” with three interest-
rate increases this year.
In general, faster eco-
nomic growth should lead to
higher inflation, which erodes
the fixed returns of bonds.
Though the Fed has sig-
naled that it could raise inter-
est rates three times this
year, many investors antici-
pate only two increases.
Federal-funds futures,
which are used to place bets
on central-bank policy,
showed Friday that investors
and traders see a 9% likeli-
hood of a rate increase by
the Fed’s next policy meeting
in March, compared with 18%
Thursday, according to CME
Group. The odds of the Fed
raising rates three times, or
three-quarters of a percent-
age point, by December
climbed to 37% from 35%.
—Sam Goldfarb
WSJ.com/Heard
Don’t Get
Fooled
Over Wages
The January jobs report
suggests the Federal Reserve
may be able to wait longer
before raising rates again.
Investors should be careful
about latching on to that
idea, though.
Last month was good for
American workers, with the
Labor Department on Friday
reporting the economy
added 227,000 jobs. But
wage growth was weaker.
Average hourly earnings
were up just 0.1% from a
month earlier, putting them
up 2.5% from a year earlier.
The wage figures give cre-
dence to the idea that a fair
bit of slack remains in the
labor market. That suggests
that the Fed can keep rates
on hold through at least the
first half of the year.
Yet that is a pretty big
conclusion to arrive at on
the basis of one jobs report.
Wage figures can bounce
around a fair bit for a vari-
ety of reasons. Better job
growth in lower paying retail
jobs versus higher paying
manufacturing jobs (some-
thing January’s numbers
show) can put downward
pressure on overall earnings.
Economists at Cornerstone
Macro, who had above con-
sensus jobs estimates for
January and below consen-
sus wage estimates, argue
that the timing of when the
Labor Department conducted
its jobs survey affected the
earnings figures.
Moreover, through the fits
and starts of the monthly
figures, the underlying trend
in wage growth has been
higher. If the recent pace of
job gains continues, the pool
of available workers will fur-
ther dwindle and wage
growth will pick up. That
isn’t a situation in which the
Fed will be able to stand idly
by.
—Justin Lahart
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For one
Patriots fan,
the Super Bowl
is the big game,
not politics
C3
BOOKS | CULTURE | SCIENCE | COMMERCE
© 2017 Dow Jones & Company. All Rights Reserved. * * * *
THOMAS COEX/AGENCE FRANCE-PRESSE/GETTY IMAGES
THE ISRAELI SETTLEMENT of Ma’ale Adumim in the West Bank, Jan. 23. Ma’ale Adumim, located just 5 miles east of Jerusalem, is one of the largest West Bank settlements, with 37,000 residents.
A
BILLBOARD near the highway entering
Jerusalem proclaims in Hebrew: “The
Time for Sovereignty Has Come.” It is
part of a new campaign for the formal
incorporation into Israel of Ma’ale Ad-
umim, one of the largest settle-
ments in the West Bank
and barely a 10-minute
drive east of Is-
BY YOSSI
KLEIN
rael’s capital. The cam-
paign’s sponsors, backed
by several ministers in
SETTLEMENTS
HALEVI Prime Minister Benjamin
Netanyahu’s coalition, see
annexing Ma’ale Adumim as the first step
to annexing the entire West Bank and pre-
venting the creation of a Palestinian state.
Israelis have been arguing about settle-
ments ever since the Six Day War of June
1967, when the Israeli army captured the
West Bank—the biblical regions of Judea and
Samaria—and small groups of Israelis began
establishing enclaves there. Annexation, long
the goal of the settlement movement, has al-
ways been more aspiration than possibility,
thwarted by opposition within Israel and
from the international community.
But with the rise of Donald Trump, set-
tlement leaders have sensed an opening.
Mr. Trump’s nominee as U.S. ambassador to
Israel, David Friedman, is a longtime pro-
settlement activist. And in a marked break
with American policy, the Trump adminis-
tration refused to condemn Israel’s an-
nouncement that it intends to build some
5,000 housing units in settlements, the larg-
est expansion project in recent years.
The collapse of the Israeli-Palestinian
peace process and the chaos of the Arab world in
recent years have reinforced the settlers’ sense of
opportunity. So too has the imminent approach of
a date fraught with symbolic significance: the 50th
anniversary of the Six Day War. According to Jew-
ish tradition, 50 years—a jubilee—is the time for a
MOVING TARGETS
The Lego
‘Batman’
movie
prompts
Joe Queenan
to ask:
Can toys
tackle high BOOKS
drama? Drawn toward death, writing
C11 beautifully about depression.
A memoir by Daphne Merkin.
C5
| HUMOR | POLITICS | LANGUAGE
THE WALL STREET JOURNAL.
reset. For those who believe that Israel needs to
overcome its hesitancy and claim its rightful bor-
ders, it is a moment of high expectation.
Unlike critics abroad, including the U.N. Security
Council, who denounce settlements as illegal under in-
ternational law, mainstream Israeli discourse takes for
THE
THROUGH
ISRAELI
EYES
Some Israelis want to annex the
West Bank, others to separate
from the Palestinians—
and all view Jerusalem as
anything but a settlement.
granted the legitimacy of Israel’s claims to the West
Bank—lands where the Jewish people find their deep-
est historical roots, won in a war of self-defense
against the Arab world’s attempt to destroy the Jewish
state. The debate, instead, is over the wisdom of im-
plementing these claims to the “territories” (the more
INSIDE
WEEKEND CONFIDENTIAL
Before a scary event, write Trigger-happy cops? In fact,
down your worries. Tips from
a cognitive scientist. have fallen in many places.
C11
Daniel Dennett
thinks, therefore
he wrote a
terrific tome
about the mind
C5
| TECHNOLOGY | ART | IDEAS
Saturday/Sunday, February 4 - 5, 2017 | C1
politically neutral term preferred by many in Israel).
Permanently absorbing the West Bank would
mean adding more than two million Palestinians to
Israel’s population, forcing it to choose eventually
between the two essential elements of its national
identity as both a Jewish state and a democracy.
That is precisely the point of another
new campaign, from the opposite side of
the political spectrum, urging withdrawal
from the territories. “We’re Not Annex-
ing—We’re Separating,” reads one bill-
board near the highway in Tel Aviv. A sec-
ond billboard warns of what will happen if
Israel doesn’t separate from the Palestin-
ians: “The One-State Solution. Palestine.”
That warning reveals a profound shift in
Israeli discourse. The mainstream Israeli
left no longer promises “land for peace” but
instead offers a more modest formula: with-
drawal as the best way to ensure that Israel
remains both Jewish and democratic. This
shift recognizes that, after years of terror-
ism and Palestinian rejection of past Israeli
peace offers (the last offer was in 2008),
the Israeli public has become deeply skepti-
cal of Palestinian intentions.
Polls consistently show that a majority of
Israelis support a two-state solution, while
doubting the possibility of peace. According
to an October 2016 poll conducted by the Is-
rael Democracy Institute’s Peace Index,
nearly 65% of Israelis backed peace talks—
but only 26% thought they would succeed.
Israelis worry that a Palestinian state
would be overtaken by the radical Isla-
mist movement Hamas and would
threaten their population centers with
Please turn to the next page
Mr. Halevi is a senior fellow of the Shalom
Hartman Institute in Jerusalem and the author of
“Like Dreamers: The Story of the Israeli
Paratroopers Who Reunited Jerusalem and
Divided a Nation” (Harper).
ESSAY EXHIBIT
Relics of Churchill’s under-
fatal shootings by police ground war rooms—including
microphones for radio speeches.
C3 C12
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C2 | Saturday/Sunday, February 4 - 5, 2017
MIND & MATTER:
MELVIN KONNER
Slow Progress
On an Intimate
Women’s Problem
AS MANY AS HALF of Ameri-
can women report sexual prob-
lems, especially after midlife.
The complaints—pain, lack of
sexual satisfaction, apathy to-
ward sex—are often subtler and
harder to address than those of men. Social ta-
boos don’t make it any easier, and for many
women, the subject remains hard to talk about.
There are bright spots. The Food and Drug
Administration in 2016 approved the hormone-
containing vaginal suppository Intrarosa, based
on evidence that it improves sex and quality of
life. A trial described in the journal Menopause
in December showed similar effects for an es-
trogen gel. And recent reports confirm that Vi-
agra-type drugs and testosterone patches help
some women, though the patches remain FDA-
approved only for men. The Dutch company
Emotional Brain is developing Lybrido, a pill
combining those medications.
Addyi, generically known as flibanserin, got
a lot of attention recently as the only approved
true aphrodisiac for women. It stimulates our
main sexual organ: the brain. But like all drugs,
it has side effects, and its intended result—in-
creasing desire—has been underwhelming for
many women who have tried it.
Why has progress been so slow? Fourteen
years ago, the pioneering research of the
Berman sisters—Jennifer (a urologist) and
Laura (a psychotherapist)—seemed to offer
some hope for such sexual problems. I re-
cently talked to the Bermans, who are both
sex educators as well, to understand what
has happened since their landmark study
and what their approach is today.
In their 2003 research, reported in the
Journal of Urology, the Bermans and col-
leagues divided 202 postmenopausal or post-
hysterectomy women into two groups. One
group got sildenafil (Viagra’s generic name),
the other a placebo. The drug group reported
improved sex in questionnaires, but only if
the women had a normal level of sexual de-
sire and no major relationship problems or
sexual abuse. Media coverage at the time
called them “the Viagra Sisters.”
When they started working on these issues,
options for older women with sexual dysfunc-
tion were limited, but the sisters could see the
need. As Laura Berman said, “We supported
each other, and we launched a national conver-
sation together”—a research-based practice.
Their waiting list had a thousand names.
The Bermans knew that Viagra alone was no
female panacea. Instead,
they gravitated toward a
Viagra
mixed approach, with
helps, drugs and education. “Ev-
but it is ery case is like a giant pic-
ture puzzle with interact-
just one ing pieces,” Laura said.
solution “Viagra is one tool.” Jenni-
fer agreed: “There’s more
among
to desire than blood flow,”
many.
which Viagra promotes.
Today, for some women
living in states where mar-
ijuana is legal, she pre-
scribes it for its effects
throughout the brain and body—especially for
“micromanagers and worriers.”
Both sisters—one now practicing in Los An-
geles, the other in Chicago—also focus on non-
drug remedies. ”We treat the whole person—
thoughts, feelings, how women engage with
their partners,” says Jennifer, crediting Laura’s
influence. That includes basic sex education—
for women of all ages. Too many, the Bermans
say, believe that only intercourse can solve
their sexual problems. But most women’s sex-
ual center is not where many men think it is
(and media squeamishness about anatomy
doesn’t help to enlighten them).
Studies also support the efficacy of “biblio-
therapy”—self-help books and erotic fiction.
Meditation—not just medication—helps too.
Many researchers have abandoned the
search for a single magic pill to solve women’s
sexual problems. For Jennifer, “Today’s an ex-
citing time, but frustrating too.”
A doctor dealing with a patient’s diabetes or
high blood pressure tries various things—life-
style, education and more than one drug.
Women’s sexual dysfunction deserves a similar
approach. A friend sent me a photo comparing
TOMASZ WALENTA
two electronic boxes: One, labeled “woman,”
had many dials and indicators, the other—
“man”—one switch. My friend said, “This ex-
plains everything.” No, but it explains a lot.
REVIEW
An Identity Crisis for Israel
Continued from the prior page
rocket attacks—precisely what happened in 2005 when Israel
uprooted its 21 settlements in the Gaza Strip and withdrew.
For supporters, settlements are crucial to security—preventing
Israel’s contraction to its pre-1967 borders, barely 9 miles wide
at their narrowest point. For opponents, settlements are a
mortal threat to the Jewish state. The Israeli dilemma: Which
alternative is the greater existential danger?
Some 430,000 Israelis live in 131 officially sanctioned settle-
ments spread throughout the West Bank (not including East Jeru-
salem). In addition, dozens of small settlement outposts have been
established without Israeli government approval.
Meanwhile, a bill is advancing in the Knesset to legalize some
4,000 housing units built on private Palestinian land in the West
Bank, while offering compensation to the owners. The bill has been
widely denounced abroad and by Israel’s opposition Labor Party.
For their part, the Palestinians regard all settlement building, es-
pecially since the signing of the Oslo accords in 1993, as intended
to deny them national sovereignty and basic dignity—proof that
Israel has no intention of ever withdrawing.
For both sides, settlements can assume mythic symbolism.
Palestinians often refer to them as “colonies,” reflecting the
supposedly colonialist nature of Israel itself. Indeed, Palestin-
ian media regularly ignore any distinction between Israel’s
boundaries before and after the 1967 war, labeling coastal cit-
ies such as Tel Aviv and Ashkelon as settlements too. For Is-
raelis, the refusal of many Palestinians to come to terms with
Israel’s legitimacy is proof that the conflict isn’t about settle-
ments but about the very existence of a Jewish state.
Although the settlements tend to be regarded by the inter-
national community as an undifferentiated entity, the dis-
course about them in Israel is very different. For Israelis who
support a two-state solution, settlements fall into two broad
categories: those within so-called settlement blocs, close to the
pre-1967 border and likely to remain a part of Israel in a final
agreement, and those outside the blocs, which Israel would
probably evacuate as part of a peace deal.
Israel’s retention of the blocs near the border would still allow
territorial contiguity for a Palestinian state—though at least one
settlement, Ariel, which Israel regards as a future bloc, is deep
enough inside the West Bank to threaten that contiguity. Under
various proposed plans, a Palestinian state would be compensated
for lost land with territory from within pre-1967 Israel.
Depending on how one draws the map, more than three-quar-
ters of the settler population lives in blocs likely to be kept by
Israel under an agreement. The blocs plan gives hope to support-
ers of a two-state solution that settlement-building hasn’t yet
reached the point of no return. Though Israel is hardly likely to
evacuate 430,000 settlers, it could, with enormous strain to its
social fabric, evacuate the 80,000 or so settlers living outside
the blocs. (How traumatic would a forcible evacuation be? This
Facts on the Ground
Some 430,000 Israelis live in West Bank settlements, ranging from bedroom communities outside
Tel Aviv and Jerusalem to encampments near major Palestinian cities.
West Bank settlements
Built-up settlement
Outpost
The Green Line
Barrier
Planned barrier
Netanya
Tulkarem
10 miles
10 km
ISRAEL
Med iter ra nea n
Sea
Tel Aviv
Ramallah
Ashdod
Jerusalem
Ashkelon
Kfar Etzion
LEB.
Mediterranean
Sea
SYRIA
Detail Hebron
W E ST
GAZA BANK
ST R I P
ISRAEL
J O R D A N
EGYPT
Source: Peace Now
past week, it took some 3,000 police and soldiers to remove a
few dozen settlers from Amona, an illegal hilltop outpost.)
In a 2004 letter to then-Israeli Prime Minister Ariel Sharon,
President George W. Bush endorsed the concept of blocs, noting
that demographic changes needed to be taken into account—and
implicitly accepting settlement building so long as it was confined
to the blocs. But Israel and the U.S. couldn’t agree on the borders
of those blocs, and President Barack Obama ignored the Bush ad-
ministration’s approval of some settlement expansion.
The Bush letter may yet have a second life, however, and
could become the basis for an understanding on settlements be-
tween Mr. Netanyahu and Mr. Trump. Tellingly, Israel’s an-
nouncement about renewing massive settlement building—pri-
marily in the blocs—occurred after Mr. Netanyahu’s first phone
call with the new president. The White House issued a mild re-
buke to Israel on Thursday, but only after Mr. Netanyahu an-
nounced a new settlement for the evacuated residents of
Amona—the first new government-sponsored settlement in more
than two decades and a violation of the spirit of the Bush letter.
Mr. Netanyahu has also declared his intention to renew ma-
jor building in East Jerusalem, which Israelis across the politi-
cal spectrum regard as a category separate from the West
* *** THE WALL STREET JOURNAL.
Bank. For Israelis, the international community’s discourse
over Jerusalem seems delusional. About 300,000 Israelis live
in a dozen East Jerusalem neighborhoods built after the Six
Day War. Israel annexed East Jerusalem in 1967, and for almost
all Israelis—including those who support ceding part of the
city to a Palestinian state—East Jerusalem’s Jewish neighbor-
hoods are just that: neighborhoods, not settlements.
The recent U.N. Security Council vote, facilitated by an Ameri-
can abstention, that condemned all Israeli building over the
pre-1967 border as illegal, outraged the Israeli public. That reso-
lution, Israelis noted bitterly, allowed for no distinction between,
say, an isolated settlement on a West Bank hilltop and the an-
cient Jewish Quarter in Jerusalem’s Old City, which Jordan de-
stroyed in Israel’s 1948 War of Independence and which Israel
rebuilt immediately after the Six Day War.
I live in an East Jerusalem neighborhood called French Hill. My
neighbors’ politics cover the range of Israeli opinion; some have
been peace activists. Yet not once have I heard any neighbor doubt
the status of French Hill as part of the state of Israel. In recent
years, growing numbers of Arab Israelis have moved into the
neighborhood—one more indication of its irreversible absorption
into Israeli society. But for the U.N., French Hill residents—includ-
ing, absurdly, its Arab Israeli residents—are “settlers.”
Kfar Etzion, the first Israeli settlement in the territories, was
founded in September 1967, just months after the Six Day War. At
the time, Israelis couldn’t imagine that it heralded the birth of a
movement that would transform the country’s borders, complicate
its relations with the international community and become the fo-
cus of Israel’s most agonizing moral and political dilemma.
Kfar Etzion, a small kibbutz, or communal farm, just south of
Jerusalem, had been established in the 1940s—and was de-
stroyed on the literal eve of Israel’s independence in 1948, its de-
fenders massacred after surrendering to Arab militiamen. The
restoration of Kfar Etzion—led by a dozen of its sons and daugh-
ters who had been evacuated shortly before its fall—was greeted
by Israelis as self-evident. There was no cabinet decision to
found the settlement and no public
debate to thwart it.
Any deal for Six months later, on Passover
a two-state 1968, a group of Israelis pretending
to be Swiss tourists rented a Pales-
solution is tinian hotel in the West Bank city of
Hebron. When the holiday was over,
likely to the group declared its intentions to
let Israel remain. This time, there was vehe-
ment debate among Israelis—about
keep most the wisdom of Jews settling in the
of the largest midst of an Arab population. The
Labor-led government was divided,
settlement and the settlers exploited that am-
blocs. bivalence to create a fait accompli.
The settlement movement has
come a long way from those early
days of ideological fervor and sub-
terfuge. Today, settlements have at-
tracted residents from almost every
sector of Israeli Jewish society, often
drawn not by ideology but by ample
government-subsidized housing.
Israelis distinguish not only be-
tween different kinds of settlements
Jenin
but also different kinds of settlers.
There are settlers who conform to
the worst stereotypes—like the
Jewish terrorists who in 2015 fire-
bombed a Palestinian home in the
WEST B AN K West Bank village of Duma, killing
three members of the Dawabshe
family, including a baby. And then
Nablus there are those such as Dafna Meir,
a mother of six, including two fos-
ter children, who was stabbed to
death in her home by a Palestinian
Ariel
terrorist, and her husband, Natan,
who has publicly warned against
hatred and revenge.
Almost 50 years after their
founding, the first two settle-
Amona ments—Kfar Etzion and the Jewish
community of Hebron—each offers
an opposing vision of Israel’s fu-
ture. Kfar Etzion, the first settle-
ment, is now a part of a thriving re-
Jericho gion called the Etzion bloc, with
20,000 residents living in 19 com-
munities, some of which resemble
Ma’ale Adumim suburban sprawl more than isolated
hilltops. For Israelis, the perma-
nence of the Etzion bloc, even in a
Bethlehem peace agreement, is a given.
Just south of the Etzion bloc,
about a half-hour’s drive away, is
D ead
Sea another model of the Palestinian-Is-
raeli future. Hebron is divided be-
tween an Israeli-controlled area,
home to some 800 settlers and
30,000 Palestinians, and a Palestin-
ian-controlled area, home to an-
other 120,000 Palestinians.
Hebron is playing out the night-
mare vision of a one-state solution.
On the Israeli side, the stalls of the
Palestinian produce market are
THE WALL STREET JOURNAL. shuttered, closed down by the Is-
raeli army after Palestinian terror
attacks. Palestinian families tell of harassment by Jewish neigh-
bors. A proxy war is being fought by Palestinian and Israeli chil-
dren, who sometimes taunt and throw rocks at each other.
Here the traumas of the past refuse to recede. The Tomb of
the Patriarchs, the traditional burial place of Abraham and
Sarah, is hermetically divided between Muslim and Jewish
prayer areas—a division imposed by the Israeli army after a
settler, Baruch Goldstein, gunned down 29 Muslim worshipers
in 1994. Nearby, in the basement of one of the Jewish-owned
houses, is a museum devoted to the 69 Jews murdered by their
Arab neighbors in a 1929 pogrom that ended the city’s millen-
nia-old Jewish community. When Hebron’s Palestinians and
Jews speak of “the massacre,” they usually mean only the mas-
sacre that happened to their side.
An Israeli visitor leaves Hebron with agonizing questions. How
can Israel remain here as a permanent occupier of another people?
But how can Israel abandon Hebron, second only to Jerusalem as
a sacred city for Jews? Is there a future for a nation that rejects
its past? Yet can a nation grant the past veto power over its fu-
ture? Should we cling to the territories or release them? Which
way leads to greater safety, and which to greater vulnerability, in
a disintegrating Middle East?
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | C3

REVIEW

The Myth
Of theTrigger-
Happy Cop
Fatal shootings by police are
relatively rare and have gone
down in many places
BY CHARLES CAMPISI
THE SEEMING SURGE in fatal shootings by
police officers has become one of America’s
most divisive issues in recent years. From
Ferguson to Baton Rouge, from North
Charleston to Minneapolis, from Charlotte to
Chicago, communities have been rocked by
protests and demonstrations after local po-
lice officers shot and killed people, many of
them minorities, some completely unarmed.
Images of some of the most egregious cases
have shocked the national conscience.
As the former chief of internal affairs for
the New York Police Department for almost
two decades, I was personally involved in the
investigation of hundreds of these incidents,
including such controversial cases as the
1999 shooting of the unarmed West African
immigrant Amadou Diallo and the 2006
shooting of Sean Bell. Perhaps no one knows
better than I do that some cops, when using
their weapons, make mistakes, disregard
their training, succumb to panic or even act
with outright malice.
But I also know that, despite the impres-
sion often created by TV news and social me-
dia, not all but many law-enforcement agen-
cies have dramatically
reduced the number of
officer-involved shoot- Lessons from
ing incidents.
The NYPD is a case
the NYPD’s
former chief of
Eight criminal suspects shot and
killed is far from a perfect record—
it’s eight human lives away from be-
ing perfect—but the statistics show
that the NYPD has made tremendous
strides in reducing such shootings.
There are a number of reasons for
this progress. For one, technological
advances such as virtual-reality “shoot/
don’t shoot” training exercises have
helped to condition NYPD cops to react
correctly to real-life situations involv-
ing potentially deadly force. The de-
ployment of defensive devices such as
pepper spray and Tasers has also given
NYPD cops less lethal alternatives to
gunfire for defending themselves and
others against armed suspects.
Extensive data collection on every
police shooting—from the number of
shots fired to the officer’s number of
years on the job—has helped NYPD
commanders to spot trends and de-
velop training improvements. In-
creased training in the “three Cs”—
cover, concealment, containment—has
taught officers to avoid being put into
situations where they are forced to fire
their weapons. “Officer restraint” has
become the NYPD’s training emphasis.
There is no complete official na-
tional database on police shootings, so
it is impossible to obtain accurate his-
torical data on trends in police shoot-
ing incidents. (Creating
such a database should
be a national priority.)
But according to an
unofficial database

in point. Consider the
numbers. In 1971, the internal affairs.
first year that the de-
partment began com-
piling detailed data on
police shootings, officers shot 314 people, 93
of them fatally. Two decades later, in 1991,
the number of NYPD shootings had decreased
to 108, with 27 fatalities—a significant reduc-
tion but still a disturbingly high number. By
2015 (the last year for which complete offi-
cial statistics are available), the number of
people intentionally shot by NYPD cops had
plummeted to 23, with eight resulting in a fa-
tality—a reduction of more than 90% over the
previous 4½ decades.
Let me put that in context. In a city of 8.2
million people—and in a police department of
more than 35,000 armed officers who in 2015
responded to more than 66,000 calls involv-
ing weapons—NYPD cops shot and killed
eight criminal suspects. All of these individu-
als had prior arrest histories, five were car-
rying a gun or pellet gun, one was stabbing
an officer with a knife, and two were vio-
lently struggling with cops to avoid arrest.
GETTY IMAGES
maintained by the
Washington Post, it is
clear that fatal officer-
involved shootings are IN 1971, NYPD officers shot 93 people fatally. In 2015, officers shot eight people fatally.
actually statistically
rare—and unjustified officer-involved fatal while 48 of the people shot and killed were de- streets, the number of police shootings will
shootings are rarer still. scribed as unarmed. (In 63 cases, it was un- never be reduced to zero. And as long as cops
According to the database, law-enforcement known if a weapon was involved.) are human, there will be mistakes, misjudg-
officers shot and killed 963 people in the U.S. in The fact that a suspect has a weapon doesn’t ments and even criminal activity on the part
2016. In contrast to what people might expect automatically make a police shooting justifiable, of some police officers. Any time a cop
given the headlines, police actually shot and just as the absence of a weapon doesn’t auto- shoots someone without justification, he or
killed twice as many whites as blacks—465 ver- matically make a shooting unjustifiable. But it she must be held to strict account.
sus 233—although in relation to their percent- does indicate how often police officers find But the bottom line on this difficult issue
age of the national population, blacks were shot themselves confronting people armed with dan- is clear: Despite the public perception, Amer-
and killed at a higher rate than whites. gerous weapons. The notion that cops are en- ican law-enforcement officers generally do a
The racial disparity is troubling (though it gaged in the wanton slaughter of Americans of good job of not shooting people. Though we
must be qualified by comparison to the racial any race simply isn’t true. must never stop trying to do better, dealing
disparity in crime rates), and a thousand peo- Indeed, one tragic measure of the risks effectively with the problem requires having
ple dead from police bullets in the course of that cops face is the number of them killed a clear picture of its actual extent.
a year is far too many. while doing their jobs. According to news re-
But in a nation of 320 million people, where ports, 64 of America’s 900,000 law-enforce- Mr. Campisi served as chief of the Internal Af-
violent crime is a large and persistent prob- ment officers were shot and killed in the line fairs Bureau of the NYPD from 1996 to 2014.
lem, it is also not shockingly high. It is impor- of duty in 2016, a third in “ambush-style” at- This essay is adapted from his new book
tant to note that of the 963 people shot and tacks that in some cases were prompted by (with Gordon Dillow), “Blue on Blue: An In-
killed by police last year, 852 had guns, knives anger over recent police shootings. sider’s Story of Good Cops Catching Bad
or other weapons, according to the database, As long as armed criminals walk the Cops,” to be published next week by Scribner.

PATRIOTS
Mr. Kraft’s position is the most enigmatic. A
recent study of the political contributions of
NFL owners—a group known for its rock-ribbed

AND
conservatism—showed him easily leading the
pack in dollars given to Democratic political-ac-
tion committees. But as he recently told the New

POLITICS
York Times, “I really think the policies [that
Trump is] going to bring to bear are going to be
great for the economic side of America.”
Liberal friends ask me how I can still back this
The pull of the Super Bowl bunch. The hypocrisy annoys me. Yankees owner
favorites transcends politics George Steinbrenner’s friendship with President
Richard Nixon didn’t change the rooting habits of
for at least one fan Manhattan’s left-wing Upper West Side, even af-
ter Steinbrenner was caught funneling illegal
BY DAVID OSHINSKY contributions to Nixon’s campaign. Nor did the
liberal Georgetown set desert their beloved Red-
IN MY FAMILY, being a sports fan always came skins upon learning of Nixon’s friendship with
with political baggage. My father pointed me head coach George Allen and its unabashedly rac-
toward the Brooklyn Dodgers when I was a boy ist owner, George Preston Marshall.
NEW ENGLAND
WINSLOW TOWNSON/ASSOCIATED PRESS

because the team had recently integrated Ma-
jor League Baseball and—a point of ethnic
pride in our household—even kept an occa-
sional Jewish journeyman on the roster.
Watching Jackie Robinson steal home against
the lily-white Yankees or knowing that Jake
Pitler was absent from the first-base coaching
box in observance of Yom Kippur meant a lot
more to us than winning or losing.
Three years after capturing their first World
Series in 1955, the Dodgers deserted Brooklyn
for the greener pastures of Los Angeles. Predict-
ably, my father blamed it on scheming politi-
cians and capitalist greed.
I’m as rabid a sports fan today as I was in my
boyhood, though my favorite football team, the
New England Patriots, is the most hated fran-
chise in professional sports. It’s really about envy,
I tell myself. People don’t like dynasties. Where
the Ruth-Gehrig-DiMaggio Yankee teams were
once compared with General Motors, the Patriots
are more like Amazon, gobbling up Super Bowl
rings as they elbow hapless competitors aside.
It doesn’t help that Bill Belichick, the team’s
hoodie-wearing Svengali, is arrogantly dismis-
sive of the press or that Tom Brady, the bril-
liant, hypercompetitive quarterback, arouses
visceral resentment with each new detail about
his charmed personal life. Or that the Patriots
have been punished for various rules infractions
in the Belichick-Brady era, from spying on an
opponent to deflating the football.
Now an entirely different problem has arisen,
at least for someone with my politics: The Patri-
ots appear to have fallen in love with Donald
Trump, and Mr. Trump, with his well-known
preference for winners, seems smitten, too. Until
Mr. Brady, Mr. Belichick and team owner Robert
Kraft came aboard, the sports figures support-
ing Mr. Trump included such now-retired eccen-
Patriots owner
Robert Kraft (left) at
Gillette Stadium
with Donald Trump,
Foxborough, Mass.,
Dec. 6, 2010.
trics as Iron Mike Tyson, NBA star Dennis Rod-
man and college basketball coach Bobby Knight.
For Mr. Trump, the Patriots triumvirate
has been a big upgrade in his sports-world
support. For an anti-Trump Patriots fan like
me, it has meant circling the wagons even
tighter than before.
Mr. Brady has been the most circumspect
about publicly endorsing Mr. Trump. For his
part, Mr. Belichick sent the candidate a fawn-
ing “personal” letter of support during the
presidential campaign that no thinking person
could possibly have expected Mr. Trump to
keep to himself. (He didn’t.)
And the sympathy for Mr. Trump shown by
big-name Patriots pales in comparison with the
anti-Trump eruptions of San Antonio Spurs head
coach Gregg Popovich, a dynasty-maker himself.
“You really can’t believe anything that comes out
of his mouth. You really can’t,” Mr. Popovich told
a group of reporters the day after the inaugura-
tion. Few seemed to mind his foray into politics.
I’ve rooted for the Patriots for close to 50
years. I’ve suffered through snowstorms in run-
down stadiums that no longer exist, through
owners too cheap or disinterested to field a
solid team. Those days are long gone. I admire
Robert Kraft’s commitment to excellence. I mar-
vel at the system that Bill Belichick put in place
and that Tom Brady executes to perfection. I
don’t look to these men for political guidance or
clues to solving social problems.
I’m sorry, Dad. Let’s just play the game.
Mr. Oshinsky directs the Division of Medical
Humanities at the NYU Langone Medical Cen-
ter. His latest book, “Bellevue: Three Centuries
of Medicine and Mayhem at America’s Most
Storied Hospital,” was published by Double-
day in November.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C4 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

REVIEW
WORD ON R&D: DANIEL AKST
THE STREET:
BEN ZIMMER The End
‘Extreme Of Bifocals?
Vetting’ and JUGGLING DIFFERENT PAIRS of eyeglasses for
different tasks may be among the lesser indig-
Horse Races nities of aging, but it’s still a pain in the neck.
A variety of focal problems, such as inelastic
IN DEFENDING his executive natural lenses, routinely beset aging eyes. Mul-
order suspending immigration tifocal lenses can help, but they have their own
from seven Muslim-majority disadvantages. Carlos Mastrangelo, a 56-year-
nations, President Donald old who was annoyed that he needed reading
Trump has insisted that it is a glasses, was determined to find a better way.
necessary step in his plan to Dr. Mastrangelo happens to be a professor
enforce “extreme vetting” to of electrical engineering—with a background in
keep terrorists out of the U.S. microfluidics—at the University of Utah. He
Sen. Rob Portman, in an in- and his team have unveiled a pair of eyeglasses
terview on CNN last Sunday, that can tell where you are looking and in-
noted an irony in the “vetting” stantly provide the optimal correction for that
order. “I think it was not prop- focal distance while also taking account of your
erly vetted,” the Ohio Republi- particular prescription.
can said. “So you have an ex- The potential is huge: Perhaps a billion or
treme-vetting proposal that more people suffer from presbyopia alone (far-
did not get the vetting it sightedness due to loss of lens elasticity). That
should have had.” has made so-called tunable-focus lenses the
How did “vetting” come to subject of considerable research interest. The
be applied to the careful evalu- Holy Grail would be a pair of glasses that is
ation of both people and pro- lightweight, self-adjusting, not unduly large
posals? The answer lies in and so parsimonious about power consumption
19th-century horse racing in that it can run off a really small battery. The
ELLEN WEIN STEIN

Great Britain and Ireland. lenses should also be reasonably thin. Says Dr.
The verb “vet” originated in Mastrangelo: “Nobody wants a pair of binocu-
the word’s usage as an abbre- lars on their head.”
viation for “veterinarian.” A note of caution be-
That, in turn, comes from the fore middle-aged read- A new way
Latin word “veterinum,” mean-
ing “beast of burden”—per-
ASK ARIELY: DAN ARIELY ers throw away their
bifocals and neck
to bring
tunable
Using ‘Now’ to Reach Students
haps related to “vetus,” mean- chains: This isn’t the
ing “old” (the root of first effort to develop lenses to
“veteran” and “inveterate”), tunable lenses for
since it chiefly referred to old Dear Dan, Yes, framing matters a lot. If Uber had its mass-market optical
the mass
cattle. I work with liberal arts own fleet of cars and was just selling needs. Some ap- market.
Horse doctors were called college students, many of rides, your suggestion would be a great proaches have relied on
“vets” as early as 1848, when a whom don’t use their way to limit their customers’ ire. But Uber sliding combinations of
book called “The Pocket and school’s career services doesn’t have cars of its own and relies on hard lenses and others
the Stud: Or, Practical Hints on early enough, if ever. What’s the best way motivating drivers to show up and offer on shape-shifting lenses involving liquid crys-
the Management of the Stable” to get reluctant students to participate in rides. The same “surge pricing” that an- tals. Some adjusted automatically, while others
was published in London. early career-discovery activities? Is there gers you appeals to Uber’s drivers, helping had to be focused manually. Although tunable
“Again comes the veterinary any way to make this fun or at least less the company to get more of them on the lenses are used in a variety of specialized set-
surgeon,” the author wrote, overwhelming? —Lisa road when it needs them. tings, such as microscopes, most have proved
“and as of course came the The ideal framing would be to have awkward or otherwise unworkable for regular
cold, so of course comes the One of the challenges here is the perennial Uber call its higher fares “surge prices” people in real life.
vet.’s bill.” problem of “now versus later.” “Now” is at for its drivers and “regular prices” for its But the Utah scientists think that they have
By 1875, “vet” had made its the forefront of our minds, and college passengers—but that is manipulative and a contender. Their clunky prototype—sleeker
way into horse-racing lingo, as students are no exception: What am I go- deceptive, so I wouldn’t suggest it. versions are in the works—is based on an in-
a verb for the veterinary ex- ing to major in, how can I finish this 30- As a message to customers, “surge pric- frared distance meter built into the bridge of
amination of a horse. An arti- page paper on time, how can ing” also compels us to take the frames. Shift your gaze from the wall menu
cle from that year in the Free- I balance basketball practice immediate action. Imagine of your favorite fast-food joint down to the
man’s Journal of Dublin had
this to say about a racehorse:
with my work-study job? All
of these academic, social and
Busy young that you open the app and
see that the current price is
smartphone in your hand, and these glasses
can make the adjustment in 14 milliseconds.
“He was slightly lame after his financial concerns create cog- people don’t 1.5 times the usual fare. Do The invention works because each lens is a
Rugby performance and re-
turned to Dublin only to be
nitive demands right now—
and make it hard to focus on
focus on you wait and try again later,
or do you worry that the
glycerin-filled chamber with elastic walls. The
lens curvature changes as the result of pres-
‘vetted.’ ” career planning, which stu- their future. price might leap up to 1.8 sure from a transparent layer in back that
From horses, “vetting” dents tend to think about as times that fare and order functions as a piston; the piston is driven by
spread to the examination of years away. your Uber immediately? surrounding actuators based on input from the
people, originally as a humor- You aren’t likely to con- Our deep desire to avoid distance meter, which always knows where
ous way to talk about a medi- vince busy and distracted students to as- regret—staring at a screen, stranded, as your face is pointed.
cal exam. Then the British mil- sign a higher priority to the distant fu- we watch prices soar—is so strong that it The electronics, including the rechargeable
itary picked it up. In a 1904 ture. Instead, you could try to create usually gets us to press the button even battery, are mostly in the temples, and power
story by Rudyard Kipling, “The structures that make career exploration faster. So while customers hate surge pric- management is key. Fast focal adjusting re-
Army and a Dream,” a charac- feel like a “now” concern. Could a course ing, it has important benefits for Uber. quires a lot more energy than slower adjusting,
ter says of an Indian battalion, require students to interview alumni in re- setting up a bit of a trade-off between function
“They’ve been vetted, an’ lated fields at the career center? Could Dear Dan, and battery life. Dr. Mastrangelo says that a
we’re putting ’em through students fulfill certain distribution re- After a recent date, I’ve been wondering single charge should keep the lenses operating
their paces.” quirements by visiting the career center whether I should sign my next text to her for at least 24 hours of normal use. Power con-
Five years later, Walter each semester? Could the career center with the word “love” or with an emoticon sumption is near zero when no adjusting is oc-
Bradford Woodgate used the pitch its services as tools to help students of a heart. Which one is she likely to take curring, he notes.
word when writing about how find summer jobs and internships? more seriously? —Deb Beyond determining focal distance, the
Oxford University’s Union So- Don’t present the career center as an glasses must take account of individual pre-
ciety selected members: “the optional, supplementary service to help Emoticons are a wonderful, colorful, rich scriptions, which they can do thanks to a
Union went through the farce find jobs after senior year. Try to match it way to express ourselves. But because smartphone app. Input your prescription, and
to students’ immediate needs. emoticons can be interpreted in multiple that data is dispatched wirelessly to the glasses,
ways, they are a less clear form of com- which will remember it going forward. If your
‘Veterinum’ is Dear Dan, munication. So don’t hide behind the am- prescription changes, the app can inform the
Latin for ‘beast Uber infuriates me every time it declares
“surge pricing.” I know that behavioral
biguity of the emoticon. Use the word.
Love,
glasses of your new requirements—which sug-
gests that, if these things actually work, they
of burden.’ economics teaches us that framing is im- Dan could be the only eyeglasses anyone ever needs.
portant. Would Uber be better off using “Tunable-focus lens for adaptive eye-
the term “discounted pricing” during off- glasses,” Nazmul Hasan, Aishwaryadev Baner-
peak periods and “regular pricing” during
Have a dilemma for Dan? jee, Hanseup Kim and Carlos Mastrangelo, Op-
of socially ‘vetting’ every can- peak periods? —Paul Email AskAriely@wsj.com. tics Express (Jan. 17)
didate.”
Candidates for official posts
could be “vetted” as well, and
in British politics, it became
the term for thoroughly check- PHOTO OF THE WEEK
ing the background of a candi-
date. But the word rarely Dogged
crossed over into American
English before 1980, when Ron-
Pursuit
ald Reagan was elected and it A cold snap
began cropping up in articles
about his new administration.
kept the New
In June 1981, for instance, The Danube
Wall Street Journal reported
that the beer baron Joseph
flood-relief
Coors was “helping oversee channel
the vetting of candidates for frozen in
presidential appointments.”
In 2008, when Arizona Sen. Vienna—good
John McCain was taken to task news for a
for not properly vetting his
presidential running mate, for-
skater and a
mer Alaska Gov. Sarah Palin, friend last
“vetting” became firmly en-
sconced in U.S. political par-
Sunday.
lance. That year, Lynne Mur-
phy, an American linguist who
teaches at the University of
Sussex in England, dubbed
“vet” the “British-English-to-
American-English Word of the
Answers
Year” on her blog Separated
to the News Quiz
by a Common Language. Since
on page C13:
then, “vetting” has only be-
come, as Mr. Trump might say, 1.A, 2.C, 3.D, 4.B,
more extreme. 5.D, 6.A, 7.D, 8.B, 9.C
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CHURCHILL’S ROGUE ARMY C6 | HONEST AND AMBITIOUS ABE C7 | WHY TYPEFACES MATTER C9 | BEST SELLERS C10
© 2017 Dow Jones & Company. All Rights Reserved.
Interrogating Our Brains
Daniel Dennett returns to his roots with a sweeping and detailed view of the human mind
From Bacteria to
Bach and Back
By Daniel C. Dennett
Norton, 476 pages, $28.95
BY MICHAEL S. GAZZANIGA
IN THE MOVIE “Diner,” there is a
moment when a teen out for a drive
stops to gaze at a beautiful woman
galloping through the countryside
on her stallion. He turns to his
friend and says, “Do you ever get
the feeling that there’s something
going on that we don’t know
about?” I must admit that I felt
something of the same sort—on an
intellectual level—when I first met
Daniel Dennett almost 50 years ago.
I was a young psychobiologist at UC
Santa Barbara and hosting a famous
physicist/neuroscientist, Donald M.
MacKay, for a series of talks on how
the brain worked in a mechanistic
way. Mr. Dennett showed up for the
talks, having driven more than 150
miles, prior to the construction of
connecting freeways. As I watched
this tall, imposing man—with the
physical sure-footedness of a Rocky
Mountain buckhorn and the mental
agility of an Oxford don—intensely
discussing my esteemed guest’s
ideas and their implications for free
GETTY IMAGES
will, I knew I had to learn more
about how his mind worked. I
started reading Mr. Dennett back
then and haven’t stopped.
Mr. Dennett, now a professor of
philosophy and cognitive science at
Tufts University, has always shone a
bright light on the problem of con-
sciousness. His early writings in-
sisted on the idea that consciousness
was an illusion, a trick that the mul-
tifaceted brain pulled to give us that
cozy feeling of an interior experi-
ence, with all its fullness—the red-
ness of red, the painfulness of pain,
the euphoria of love. He challenged
the mentally comfortable posture we
all have, of a self safely tucked into
some brain structure. Instead, he ar-
gued, the “self” is the center of our
individual “narrative gravity” in the
same way physicists speak of a “cen-
ter of gravity” for a physical object.
This suggestion is quite profound
and complicated and has often been
misunderstood. In response to Mr.
Dennett’s early landmark book,
“Consciousness Explained” (1991),
the cognitive-science cognoscenti
quipped that the title should have
been “Consciousness Explained
Away.” That was obviously not Mr.
Dennett’s point. It was thought by
many distinguished philosophers,
such as John Searle and Thomas Na-
gel, that Mr. Dennett was abandon-
Writing From the Depths
This Close to Happy
By Daphne Merkin
Farrar, Straus & Giroux, 285 pages, $26
BY JOHN KAAG
DAPHNE MERKIN’S “This Close to
Happy” is about living despite the
persistent desire to die. I will not be
the last to thank Ms. Merkin for re-
sisting this desire long enough to give
us what is one of the most accurate,
and therefore most harrowing, ac-
counts of depression to be written in
the last century.
Our culture tends to treat clinical
depression from the outside, or not at
all. The DSM-IV gives detailed diag-
nostic criteria for depressive disor-
ders that affect millions of Americans,
but for the most part it remains, in
Ms. Merkin’s words, a “sadness that
no one seems to want to talk about in
public, not even in this Age of Indis-
cretion.” Writing from the depths—
the inexpressible inside—of depres-
sion is especially rare since those who
are best acquainted with the illness
don’t typically have the energy to talk
about it, or anything else for that
matter. Ms. Merkin speaks candidly
and beautifully about aspects of the
human condition that usually remain
pointedly silent.
Ms. Merkin, the author of “Dream-
ing of Hitler” (1997) and “The Fame
Lunches” (2014), spent 15 years writ-
* * * *
BOOKS
ing the first-person experience of
consciousness, the personal nature
of it, the qualia. He wasn’t at all. He
never doubted consciousness itself.
He was offering a philosophical
framework—more sophisticated than
both common sense and religious
dogma—for thinking about con-
sciousness and the way in which
subjective experience is constructed
by our brains.
A few years ago, Mr. Dennett’s
enormous appetite for understand-
ing the mind found him taking a de-
tour to understand religious beliefs.
Now he has returned to his intellec-
tual roots, and in “From Bacteria to
Bach and Back” he has brought to-
gether a lifetime of relentless en-
gagement with the mystery of the
mind. Using the tools developed by
Darwin, Alan Turing and more re-
cently Richard Dawkins, he provides
more definition to his view that
mindless elements (cells) can build
minds just as mindless ants can
build castles. Those ants don’t care
about the castle, and those cells
don’t care about you.
The book is a solid reference
point for considering a multitude of
ideas, opinions, notions and facts
ing this memoir. “This Close to
Happy,” she admits, “has taken me
this long . . . because in writing about
depression I am doing battle with
both my ongoing fear of depression’s
return and my actual recurring bouts
of it.” This brave book gives a reader
a sense of her bouts, a sense of “wad-
ing through the muck of bleakness
forever,” and recalls Jean-Paul Sar-
tre’s description in “Nausea” of an ex-
istence “all soft, sticky, soiling every-
thing, all thick, a jelly. And I was
inside.” The book’s cover is a shim-
One of the most accurate,
and therefore most
harrowing, accounts of
depression ever produced.
mering aqueous surface, a very deep
pool of water. The author, like Vir-
ginia Woolf, feels drawn to the bot-
tom. For most of the book, Ms. Mer-
kin is always this close to happy,
which is to say not at all.
The author’s “reckoning with de-
pression,” as her subtitle puts it, is
unusual because, in one sense, it is so
very ordinary. Her persistent despair
is neither traced exclusively to a bio-
chemical anomaly, as it is in Lewis
Wolpert’s “Malignant Sadness” (1999)
nor linked to a discrete event, like a
sudden shift in medication, as it is in
THE WALL STREET JOURNAL.
about the mind. Through 15 swift
chapters (each divided into digest-
ible sub-chapters), Mr. Dennett
takes us from the “prebiotic” world
to “The Evolution of Understanding”
in animals. He retraces the origins
of language, describes how “brains”
Darwin saw the importance of bottom-up processes—
but it was Alan Turing who suggested how cascades of
them could build toward what we call consciousness.
are built from the bottom up, and
explores the relationships among
minds in “The Evolution of Cultural
Evolution.” Sometimes these ideas
resonate with your own; sometimes
they don’t. That doesn’t matter. His
ideas don’t slip around in your mind
as you consider his arguments.
Their solidity makes them leaping-
off points.
While Mr. Dennett touches only
briefly in this book on the topic of
free will, which greatly occupied him
in “Elbow Room” (1984) and “Free-
dom Evolves” (2003), this knotty
topic helps show the fine distinc-
William Styron’s “Darkness Visible”
(1990). Ms. Merkin also avoids sug-
gesting that her depression is the
necessary outgrowth of tortured ge-
nius, which has historically been the
way the affliction has been framed by
male authors such as Holderlin, Nietz-
sche, Kafka and Hesse.
The idea that enduring despair is
somehow special or abnormal may be
somewhat comforting, but, according
to the author, it is largely misguided.
Ms. Merkin treats her depression as
the “unexotically normal psychologi-
Saturday/Sunday, February 4 - 5, 2017 | C5
tions he insists on making. It’s true
that he believes the traditional un-
derstanding of free will—a “personal
power somehow isolated from physi-
cal causation,” as he puts it—to be
an “incoherent and unnecessary”
idea. But he does warn against the
dangers of assuming that holding a
deterministic view of the brain
forces you to abandon the idea of
free will entirely.
But Mr. Dennett insists that ac-
cepting a materialistic account of
the brain does not mean that we
should completely rid ourselves of
the ideas of personal responsibility
or blame. This is seemingly a sur-
prising position for Mr. Dennett: If
everything that is going to happen
happens because it is determined by
the physical brain, why hold some-
one morally responsible for his ac-
tions? This is a common reaction
cal albatross it often is.” This view
makes it more real, relatable, sympa-
thetic, and therefore all the more dis-
turbing—the book reads like Sylvia
Plath’s “The Bell Jar” stripped of its
novelistic turns and symbolism.
GETTY IMAGES
“This Close to Happy” toggles be-
tween the present and past, between
Ms. Merkin’s experiences of acute de-
pression—over five decades and mul-
tiple hospitalizations—and her search
for their hidden origins. This search
leads her back to childhood, to what
she knows “must have struck others
and concern, Mr. Dennett notes, of
both cognitive scientists and the lay-
person. He feels that the simplicity
of such a view lies in a deep, un-
questioning acceptance of the Carte-
sian idea that the mind must be sep-
arated from the brain.
For Mr. Dennett, free will is in-
deed an illusion, but it is a useful
and necessary one, like our con-
scious sense of ourselves. An illusion
like this allows us to live and work
in a society. As Mr. Dennett says,
“We couldn’t live the way we do
without it.” He goes on to argue that
we should avoid cruel retributive
punishment, but we should not give
individuals a pass on moral respon-
sibility. “If—because free will is an
illusion—no one is ever responsible
for what they do, should we abolish
yellow and red cards in soccer, the
penalty box in ice hockey and all the
other penalty systems in sports?” In
short, we still must regulate society
as if we are choosing our actions,
punishing conduct that breaks the
rules we have set for ourselves.
Obviously what Mr. Dennett
means by free will may be different
from what you thought it meant.
Please turn to page C6
as a family of potential winners, abet-
ted by money and the backbone of an
Orthodox Jewish heritage.”
Her father left the fur business in
the 1950s for Wall Street, and was
preoccupied with the wealthy Jew-
ish community he helped establish.
As a teenager, Ms. Merkin would
join her sisters on Sunday after-
noons at Serendipity, the “boutique-
cum-café” on the Upper East Side,
for chocolate treats. They would re-
turn home to a “fancy address and
the white-gloved doormen.”
This, however, was only and al-
ways a “mask of all-rightness,” one
that Ms. Merkin tried desperately to
maintain through much of her life.
Beneath the surface, for those who
cared to look, was privation.
Ms. Merkin’s earliest memories are
infused with “not-enoughness”: not
enough food, not enough clothing, not
enough support and not enough genu-
ine affection. To have not enough in a
poor family is one thing. But to have
not enough in a wealthy family is
quite another: It means that some-
thing is being intentionally withheld.
Enter the author’s Holocaust-survi-
vor mother, who Ms. Merkin loves to
“the exclusion of all else.” This
woman is a “fairly advanced narcis-
sist,” who responds to the inconsol-
able weeping of her young daughter
with the curt instruction not to be so
“moody,” informing the child that
“your tears don’t move me.” Parents
Please turn to page C6
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C6 | Saturday/Sunday, February 4 - 5, 2017
‘It is just as legitimate to fight an enemy in the rear as in the front. The only difference is in the danger.’ —John S. Mosby
Britain’s Rogue Army
Churchill’s Ministry of
Ungentlemanly Warfare
By Giles Milton
Picador, 356 pages, $28
BY HOWARD SCHNEIDER
IT IS INTRIGUING to imagine what
Robert Baden-Powell and the Mar-
quess of Queensberry would have
made of Giles Milton’s “Churchill’s
Ministry of Ungentlemanly Warfare:
The Mavericks Who Plotted Hitler’s
Defeat.” Baden-Powell, the father of
the Boy Scouts, and the marquess, the
namesake of boxing’s Queensberry
Rules, were both advocates of those
quintessential British ideals, fair play
and decorum. But the British World
War II operatives (and their Allied
counterparts) in Mr. Milton’s book
readily adopted devious and unscru-
pulous means of combat. “Churchill’s
Ministry of Ungentlemanly Warfare”
is a rousing account—and celebra-
tion—of most insidious heroes.
The ungentlemanly warfare of the
book’s title was behind-the-lines
guerrilla sabotage. Members of the
British military and government con-
cluded even before World War II be-
gan that such tactics would be imper-
GETTY IMAGES
ative if it became necessary to fight
the powerful Wehrmacht. The most
important of these men was Colin
Gubbins. A career officer of Scottish
descent, in his early 40s when the
war commenced, he was a “dapper
little fellow who wore smooth suede
gloves and walked with a silver-
topped cane,” Mr. Milton writes, and
was “as punctilious in his work as he
was fastidious in his manners.”
He was also a passionate propo-
nent of unconventional combat. He
had fought in World War I; in Mur-
mansk in 1919, “having a crack at
Lenin’s Bolsheviks”; and in Ireland,
“running street battles with Michael
Collins and his band of Sinn Fein rev-
olutionaries.” In the spring of 1939,
though still in the army, he joined
Section D, a secret civilian unit re-
sponsible for contriving guerrilla-war-
fare techniques. His first task was to
write a manual “setting out in terse
prose how best to kill, incapacitate or
maim the maximum number of peo-
ple.” His inspirations were Sinn Fein,
T.E. Lawrence—and Al Capone. Gub-
bins believed, Mr. Milton writes, that
guerrillas “should not think of them-
selves as soldiers; rather, they were
gangsters working outside the law.”
By 1940, when much of Europe
had been invaded by the Germans,
Section D had metamorphosed into
the Special Operations Executive
(SOE), which Prime Minister Winston
Churchill commanded to “set Europe
ablaze.” Gubbins didn’t become the
official head of the SOE until the war
was nearly over, but for much of the
conflict he was its heart, soul and
mastermind. He created a remarkably
sophisticated and deadly organiza-
tion that included schools in the Eng-
lish and Scottish countryside that
taught the arts of sabotage, survival
and hand-to-hand combat. One in-
structor showed his students “how to
induce a heart attack, snap the coc-
cyx and strangle a sentry” and
“bragged that he could kill a man
with a folded newspaper.”
The officer in charge of the special-
weapons units was Millis Jefferis. He
was described by one colleague (who
Continued from page C5
One way to tease out the difference
is to realize that he leaves room in
the human mind for intent—and he
points out that other types of minds
may lack it. Thus the distinction be-
tween “competence” and “compre-
hension.” Competence is the ability
to carry out an act, but comprehen-
sion implies that the organism (or
robot) carrying out the act has in-
tent and an understanding of what it
is doing. As I like to say, you may
have a theory about your dog, but
your dog doesn’t have any kind of
theory about you.
That the competence to do some-
thing does not require comprehen-
sion is proved over and over again
in the natural world, Mr. Dennett
notes. The idea of a Grand Designer
(top-down planning) was upended
by the reality of natural selection (a
bottom-up process), which revealed
that unknowing things, blindly se-
lected for, can build and shape the
magnificent creatures of the world.
Darwin first shouted the idea, but
Alan Turing was the one who sug-
gested how cascades of simple pro-
HANDLE WITH CARE A worker sealing the protective glass casing of a ‘sticky bomb’ grenade, 1943.
liked and admired him) as having “a
leathery looking face, a barrel-like
torso and arms that reached nearly to
the floor. . . . He looked like a gorilla.”
Jefferis was also an engineering virtu-
oso. Among the devices that he and
his colleagues invented were under-
water magnetic mines, the “sticky
bomb” antitank grenade, the “hedge-
hog” anti-U-Boat mortar and a wide
variety of “innovative booby traps.”
There was one other person who
was indispensable to the SOE’s flour-
ishing, indeed survival: Churchill, who
seemed to have a boy’s view of war as
an exciting adventure and who, in the
dark year of 1940, felt that “there was
no hope of conventional military ac-
tion against the Nazis for the foresee-
able future,” in Mr. Milton’s words.
Churchill’s unwavering support of the
SOE protected it from its government
enemies, such as the Secret Intelli-
gence Service, a civilian agency that
maintained that the SOE “risked com-
promising [the SIS’s] undercover
agents,” and the military establish-
ment, which considered the SOE’s tac-
tics and missions unseemly.
When it came to recruiting, Gub-
bins initially drafted “rugby-hardened
alumni from schools such as Eton,
Harrow and Winchester.” By 1940,
when 3,000 people were undergoing
guerrilla training, Gubbins’s hiring
plans had become more democratic.
The new trainees were “a quixotic mix
of men, most of whom had been hired
because they had a particular skill. . .
. A criminal past was no hindrance; in
fact it often provided a fast track to
employment.” As it turned out, the
mix of classes and talents—and na-
tionalities—proved redoubtable. Inci-
dentally, Gubbins was no sexist. “He
decided to employ women—lots of
them—and not just as secretaries.
They were to be given key positions
of responsibility.”
The guerrilla forays described in
this book were masterly and success-
Daniel Dennett Explains It All
cesses could build toward something
like what we call consciousness “in
much the way evolution by natural
selection builds ever more brilliant
internal arrangements, organs and
instincts without having to compre-
hend what it is doing.”
Armed with this distinction, Mr.
Dennett examines the advances of
artificial intelligence, which are
breathtaking at one level while be-
ing clumsy at another. While mar-
veling at what humans can cook up,
Mr. Dennett puts thoughtful con-
straints on our futuristic enthusi-
asms. He does not doubt the ad-
vances in AI, but he worries that we
will “overestimate” the comprehen-
sion that the new tools will have.
We humans too often prematurely
grant authority to things that in fact
lack comprehension.
Finally, Mr. Dennett renews his
commitment to Richard Dawkins’s
idea of “memes,” or the Darwinian
way in which ideas propagate
among human minds. While animal
minds are selected for their contri-
butions to reproductive fitness, the
human mind has been bathed in cul-
BOOKS
ful—at least on their own terms. In
May 1941 three French SOE sabo-
teurs infiltrated and destroyed a
huge electrical plant at Pessac, near
Bordeaux, that supplied power to
German-controlled chemical factories
and a submarine base. In 1942 opera-
tives hijacked three Axis vessels spy-
ing on Allied shipping from Fernando
A rousing account—and
celebration—of World
War II’s most insidious
and devious heroes.
Po, a Spanish colony in West Africa,
and transported them to Lagos, Nige-
ria, a British colony. Also in 1942 the
SOE helped plan and equip a com-
mando raid on a dry dock at Saint-
Nazaire, France. The dock was the
only one on the Atlantic Coast large
enough to repair the daunting Ger-
man battleship Tirpitz. In 1942, two
of Gubbins’s Czech agents assassi-
nated Reinhard Heydrich, the Reich
Protector of Bohemia and Moravia
and one of the major figures in orga-
nizing the Holocaust. As Allied forces
invaded Normandy on June 6, 1944,
an elite group of SOE guerrillas blew
up bridges, strewed antitank mines
and positioned hacked-down trees
across roads, keeping a crack panzer
division out of Normandy until the
Allied beachhead was secure enough
to fend it off.
After the Normandy invasion, Mr.
Milton writes, “even Gubbins accepted
that the time for sabotage and guer-
rilla warfare was almost at an end.”
This was true in Europe. But the U.S.
continued to obtain weapons from
Jefferis’s group until Japan was de-
feated. At last, on Jan. 15, 1946, “Gub-
bins’s outfit was dissolved at the
stroke of a pen.”
ture. In human culture we mani-
festly see that there are aspects of
human design that don’t always
augment the reproductive fitness of
those who come up with them. No
gorilla built Chartres Cathedral, and
no bonobo built a circuit board. But
these inventions, and the ideas be-
hind them, weren’t random muta-
tions without precedent. The minds
involved in human invention live in
a culture that records prior human
accomplishments and spreads them
around for one and all to benefit
from. The process can resemble the
way a virus spreads around to sur-
vive and grow.
Ideas are subject to a seemingly
extra-biological form of natural se-
lection, allowing humans to sky-
rocket to the head of Mother Na-
ture’s class. The depth of Mr.
Dennett’s knowledge and the playful-
ness of his writing are on display as
he examines the absorption and
transmission of culturally generated
memes. But he has important philo-
sophical points to make as well.
Remember how we were all
taught to toss out teleological think-
* ***
Mr. Milton, the author of 10 previ-
ous nonfiction books and three nov-
els, is a first-rate storyteller. Never-
theless, I have some misgivings
about “Churchill’s Ministry of Ungen-
tlemanly Warfare.” (And I’ve discov-
ered one mistake: Miss Moneypenny
wasn’t James Bond’s secretary; she
worked for his boss, M.) The assassi-
nation of Reinhard Heydrich came at
the price of German reprisals, whose
brutality I wish Mr. Milton had
weighed more thoroughly. More gen-
erally, he writes at length only about
the SOE’s successes. Readers could
better judge the agency’s ultimate ef-
ficacy if at least some of its setbacks
were fully described. If the SOE had
never existed, one finally wonders,
would the outcome of the war have
been any different? For example, Mr.
Milton implies that the Tirpitz’s fail-
ure to venture into the Atlantic to
prey on Allied ships was due to the
success of the SOE and the comman-
dos in pulverizing the French dry
dock. But surely he must know—al-
though he doesn’t mention it—that
the Royal Air Force and the Fleet Air
Arm ordered bombing raids on the
Tirpitz when it was in its Norwegian
anchorage. Mr. Milton must also be
aware that one of the more fantastic
undertakings of the war was an at-
tack on the Tirpitz, while it was an-
chored in Norway, by Royal Navy
midget submarines. The subs that
managed to reach the ship dis-
charged crew members who attached
mines that temporarily disabled the
vessel. A good case can be made that
the air and sub raids were more con-
sequential than the Saint-Nazaire as-
sault. Behind-the-lines warfare is
generally impressive and fascinating
to read about, but wars are usually
won by drudgery and slogging, mun-
dane campaigns.
Mr. Schneider reviews books for
newspapers and magazines.
ing—the idea that there is a purpose
or design to existence? We have all
been taught that Darwin upended
that idea. Mr. Dennett argues for an-
other perspective. “Darwin didn’t ex-
tinguish teleology: he naturalized it.”
With Dennett-ian flair, he juxtaposes
You may have a theory
about your dog, but your
dog doesn’t have any kind
of theory about you.
the castles built by termites with
Gaudí’s eerily similar La Sagrada Fa-
milia, his famous multi-spired
church in Barcelona. The termites
don’t know the reasons for their
structure, but Gaudí the human ar-
chitect knew the reasons for the
structures of his masterpiece. But
that’s the only essential difference,
Mr. Dennett argues.
Of course, great things were ac-
complished with bottom-up pro-
cesses: genetic mutation and the se-
THE WALL STREET JOURNAL.
Sadness
Sickness
Continued from page C5
these days aren’t supposed to think,
much less say, certain things: that a
child is hideous when she cries, that
the same child’s nose is ugly when
she smiles, that the child talks too
much about herself. But Ms. Merkin’s
mother says it all. The author con-
cludes, at the age of 8, at the point
when she is hospitalized for depres-
sion, that “my mother was only nice
to me when I was sick.”
Ms. Merkin is all too aware that in
recounting this stark childhood she
risks “coming off like a poor little rich
girl, mewling piteously against a
backdrop of plenitude.” She doesn’t,
primarily because she convincingly
shows that “there are deprivations
that can be at least as injurious as
material ones.”
In Ms. Merkin’s childhood summer
home, for example, she recalls a “nou-
veau riche” bathroom, fitted with a
marble sink and fancy gold-printed
wallpaper. It is here that her nanny,
Jane, drags her and begins “banging
my head against the wall” for fighting
with her brother. Affluence does not
preclude, and in some cases only
heightens, misery.
Like so many depressives, Ms. Mer-
kin’s life has been spent coming to
terms with these memories, sorting
out how they might lead to a viable fu-
ture, while combatting the nagging
sense that everything is, at present, a
hollow waste. We watch her relentless
campaign against depression—into
marriage and motherhood, through di-
vorce, through the offices of countless
therapists and pharmacologists, armed
with a battery of medications from
She battled depression
with countless therapists
and prescriptions that
worked until they didn’t.
Prozac to Klonopin to Remeron and Ef-
fexor (which worked until they didn’t).
For those intimately familiar with
such a battle, “This Close to Happy”
reveals what the German philosopher
Arthur Schopenhauer called a true
“companion in misery”—a kindred
spirit for those who often feel an un-
escapable lack of companionship.
For those lucky to be unfamiliar
with the travails of clinical depres-
sion, the book provides a rare insight
that dawns only in the twilight of a
life like Ms. Merkin’s: that this deep,
but not uncommon, sadness is not a
condition to be cured but to be
weathered. In the closing moments of
the book, Ms. Merkin announces that
it has been eight years since her last
stint in a hospital. This is a season of
clear skies: She has restaurants she
wants to visit, books she wants to
read (including an 800-page history
of the concentration camps), time she
wants to spend with her daughter,
and things she wants to say. These
last pages are tentatively hopeful.
Many people are never fully happy.
But sometimes they can get close,
close enough to wave, like a greeting.
Or a goodbye.
Mr. Kaag, a philosophy professor
at the University of Massachusetts
Lowell, is the author of “American
Philosophy: A Love Story.”
lection of novel traits in accordance
with their contributions to reproduc-
tive fitness. But we must now add to
the mix “memetic mutation” and se-
lection among ideas, philosophies
and technologies. Humans influence
the fate of the Earth in a top-down
manner with concepts or innova-
tions that spread without the direct
aid of sexual reproduction. We hu-
mans are the “reason-representers.”
And having created a mental space
for reasons, we have to fill it.
In its sweeping yet detailed view
of the human mind, “From Bacteria
to Bach and Back” plays to all of its
author’s strengths. The scope of his
canvas, and the power of his expla-
nations to widen our horizons, help
us believe that we can think up de-
cent answers to seemingly impene-
trable problems. This is a book to
read and relish and then read again.
Mr. Gazzaniga is director of the
SAGE Center for the Study of Mind
at the University of California,
Santa Barbara, and the author of
“Who’s in Charge?: Free Will and
the Science of the Brain.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | C7

BOOKS
‘We shall not cease from exploration / And the end of all our exploring / Will be to arrive where we started / And know the place for the first time.’ —T.S. Eliot

Honest and Ambitious Abe

garding the resolve of Southern states
Six Encounters With Lincoln to defend slavery, both at the war’s
By Elizabeth Brown Pryor start and also at its end, auguring a
Viking, 480 pages, $35 failed Reconstruction policy.
In her epilogue, Pryor casts Lin-
BY CAROL BUNDY coln’s love of Shakespeare, particu-
larly the history plays, as in part a
reflection of what she sees as his out-
ELIZABETH BROWN PRYOR, the au- size ego. From childhood, Lincoln had
thor of a Lincoln Prize–winning biog- aspired to the presidency. His law
raphy of Robert E. Lee, had essentially partner William Herndon recalled that
completed a companion book, “Six En- Lincoln was “the most ambitious man
counters With Lincoln: A President I ever saw or expect to see.” Such am-
Confronts Democracy and Its De- bition, o’er-leaping class, education
mons,” when she was killed in a car and experience, Pryor believes, raises
accident in the spring of 2015, at the questions about his fitness for office.
age of 64. In “Reading the Man: A Por- She also regards the legitimacy of his
trait of Robert E. Lee Through His Pri- election as suspect. Because both par-
vate Letters” (2007), Pryor had used a ties had split along regional lines, cre-
long-hidden cache of family corre- ating a four-way race that siphoned
spondence to look behind the Confed- away Southern support, Lincoln was
eracy’s greatest myth to reveal Lee as best placed to take votes from Ste-
a man with feet of clay who beat his phen Douglas, edging himself to a
slaves and broke up every slave family technical if hollow victory. By the time
save one to make big profits, selling of his inauguration, seven states had
“souls” down the river. already seceded. He was sworn in as
In the case of Pryor’s Lincoln, there president of what was left of the
are no long-hidden letters, just the Union. Pryor ends her book speculat-
skeptical eye of a professional civil ing on the “kind of desperation Abra-
servant. Pryor exploits her wealth of ham Lincoln must have felt, know-
experience as a diplomat in the State ing . . . he was never . . . truly president
GETTY IMAGES

Department to evaluate Lincoln as if of the entire United States.”

he were the president she served. Her
six “encounters” are small historical
moments, the kind that most of us
overlook and that only a veteran of
the governmental process, with
knowledge of Capitol Hill and the
newspaper-reading habits of those
who attempt to forge policy, could
tease into life. In each case, as Pryor
offers us a critique of how Lincoln
misplayed the moment, we sense the
veteran diplomat who appreciates a
valuable opportunity missed. Pryor is
particularly adept at conveying the
impossibility of Lincoln’s task: to rep-
resent a profoundly fractured country
in which, as one of Lincoln’s friends
put it, “the eyes of the whole nation
will be upon you while unfortunately
the ears of one half of it will be closed
to any thing you say.”
Lincoln lovers beware: The political
genius with his team of rivals is not to
be found here. No great emancipator,
nor the hope that, had he only lived,
Reconstruction would have been a
success. Pryor’s Lincoln is a man of
excessive ambition, handicapped by
strange looks and profound social
awkwardness, whose pragmatism of-
ten contradicts his loftier ideals.
Regarding Native Americans and
women, Lincoln shared all the obvious
prejudices of the era. His informality
as commander in chief undermined
the military. His famous humor, so ad-
mired for its ability to subtly lead to
the heart of the matter, turns out to
have been a way to dodge the point.
To my sense of things, Pryor
blames Lincoln for constraints that are
more appropriately labeled as the de-
mons of democracy. As is inevitable
with a posthumous book, one can’t
help wondering if another pass would
have gotten the balance slightly better.
Take Lincoln’s relationship with
the military. Pryor’s first chapter fo-
cuses on March 12, 1861, when 78 of-
ficers representing the United States
Army paid a call on their new com-
mander in chief. To the eyes of spit-
and-polish officers, she writes, the
thin, stooped president looked “unfit,
unkempt, and unready” and strug-
gled, as he would throughout his
presidency, to project an aura of
command. Pryor claims that Lincoln’s
nonchalant performance planted the
“seeds of chronic disobedience,” and
“the path was cleared for irregular
actions at every level.”
Certainly, in ways large and small,
Lincoln proved himself to be exactly
what he was: a civilian politician who
by virtue of an electoral and constitu-
tional process rather than talent, or
even any love of the military, had be-
come commander in chief. More chal-
lenging to the U.S. Army, “a miniature
army [18,000 men], wizened at the
top, and stifled throughout the ranks,”
was making fighting men of a vast
volunteer force no more fit for mili-
tary life than Abraham Lincoln was to
be their commander in chief. This was
the stiff price our democracy paid for
a civilian commander and the lack of
a standing army.
In another chapter, Pryor uses a
meeting in early August 1862 with Sgt.
Lucien Waters, an abolitionist member
of Lincoln’s cavalry guard, to show
how Lincoln’s views on slavery could
easily be misinterpreted. Approached
by Waters with yet another petition,
this one, albeit, in the noble cause of
abolition, Lincoln, worn out, expressed
frustration at the endless requests
concerning “the damned or Eternal
niggar, niggar.” Offended, and not
knowing Lincoln had already penned
the Emancipation Proclamation, Wa-
ters felt that the president needed “a
‘right smart’ talking to.” Another au-
thor might have dismissed this inci-
dent as an off moment, but Pryor
mines it. From this petty encounter,
when the president alienates one of
his most ardent supporters with an ill-
timed outburst, Pryor builds a com-
plex picture of Lincoln as he prepares
to “satisfy the diverse components of
the Union on a subject so volatile it
had brought on war itself.”
A meeting with John Ross, the
longtime leader of the slaveholding
Cherokee Nation, becomes an indict-
ment of Lincoln’s reputation “as a de-
fender of human rights.” Lincoln had
withdrawn federal troops from the na-
tion’s borders, and Ross, in 1862, was
seeking their return to safeguard his
territory’s neutrality. But Lincoln, a
child of the frontier and it’s Indian
wars, did not trust Ross, and turned a
deaf ear. True, the Cherokee were
slaveholders, but for Pryor, Lincoln’s
lack of compassion is more a case of
putting the white man’s greed before
the autonomy of the Indian. Pryor de-
clares, “By almost any measure, the
Lincoln administration was cata-
strophic for Native Americans.”
Harriet Beecher Stowe’s visit to the
White House in the winter of 1862 is
the focus of a chapter exploring as-
pects of Lincoln’s troubled relation-
ship with women. He had a sexual ap-
petite but was not skillful at
developing relationships. Shy, awk-
ward, socially clueless, Lincoln lacked
gentlemanly style. In an age when
women were increasingly demanding
a public voice, Lincoln, evidently, pre-
ferred the company of men. Women
To the eyes of spit-
and-polish officers, the
president looked ‘unfit,
unkempt, and unready.’
reacted badly. Stowe, who could find
compassion for the slave, had only
condescension for Lincoln’s poor man-
ners. After her visit, she recalled how
she and her fellow female visitors
“perfectly screamed and held our
sides while we relieved ourselves of
the pent up laughter.”
Pryor’s final chapter concerns Lin-
coln’s visit to Richmond, Va., on April
5, 1865, four days before Lee’s surren-
der at Appomattox and 10 days before
Lincoln’s assassination, where he met
with Duff Green, a controversial Ken-
tuckian with vast experience both
north and south of the Mason-Dixon
line. Lincoln had also met with him as
president-elect. Using Green’s counsel
at both these meetings about the
depth of Southern alienation, Pryor
makes a case for Lincoln’s naiveté re-
The insinuation that the drama of
Civil War had a narcissistic angle for
Lincoln is another place where, it
seems likely, a more measured assess-
ment would have emerged if Pryor
had lived to complete the project. Al-
though an ambitious man haunted by
the judgment of history, Lincoln was
remarkably self-effacing and devoid of
ego: No narcissist would have toler-
ated with such equanimity the snub-
bing by his generals, the condescen-
sion of his cabinet and such merciless
mockery by the press.
I read Lincoln’s fondness for Shake-
speare with a different take-away and
was moved by the pathos of Pryor’s
description of how Lincoln kept with
him, at all times, a pocket edition of
Shakespeare that he would regularly
pull out and read aloud, at length, of-
ten boring underlings forced to listen.
Amid the profound loneliness of lead-
ership, with a world crumbling around
him, these plays were his consolation
and these failed kings his companions:
Macbeth, Richard II, Henry IV, King
Lear. As he walked the wards of
Washington’s hospitals, sleepless,
bearing the weight of the intractable
conundrums of American democracy,
the suffering of the nation’s young
men remorselessly imprinting itself
upon his gaunt face and gangly form,
the bard’s words were, excepting the
Bible, the only wisdom our 16th presi-
dent could find in his ever elusive
hunt for, as Pryor puts it, “a route to
deeper understanding of power, poli-
tics, and human folly.”
Ms. Bundy is the author of “The
Nature of Sacrifice: A Biography of
Charles Russell Lowell, Jr., 1835-64.”

What to Expect on Ragnarok

ons. In one poem Odin is asked why land, seeing the flashes in the sky and marry, setting up family conflicts as in love with her? In Mr. Gaiman’s ver-
Norse Mythology he turned on his favorite, Eirik hiding under the stairs as the bombers well as species war. Nobody can be sion, he tells her how much Frey loves
By Neil Gaiman Bloodaxe, King of York. He replies: droned overhead, found Odin’s Val- trusted very far, certainly not Loki, her. In the Norse poem, he threatens
Norton, 293 pages, $25.95 “Because it’s not sure. The gray wolf kyries and Wild Hunt much more un- son of a giant, namesake of a giant, to hand her over to the frost-giants
watches the homes of the gods.” derstandable than what she heard in adopted by the gods. It is he who underground, where goats’ urine will
BY TOM SHIPPEY What does he mean? “The gray Sunday school. Ms. Harris, from a later engineers the death of Odin’s son be her drink. Gerd gives in and names
wolf” is Fenrir, who on the day of generation, saw the conflict between Balder the beautiful and prevents his her wedding day. But is Frey grateful?
Ragnarok will come with the other Loki and Thor as the clever nerd up- release from the gloomy realm ruled Not in the Norse poem. He’s just frus-
OLD NORSE MYTHS are familiar monsters, and the frost- and fire-gi- staging the dumb jock. by Hel, who is herself a child of Loki trated by the delay. Mr. Gaiman has
now. They went viral in the 19th cen- ants, to fight the combined hosts of Mr. Gaiman presents a wider per- by the giantess Angrboda. Yet it is Skirnir view his surly, ungracious lord
tury and have given rise since to no- gods and men. What’s “not sure” is spective than either, start to finish, Loki who devises the successful plan “with pity.” Real Norse myths rarely
body knows how many stories and when that day will come. Odin wants Creation to Doomsday. The world of to recover Thor’s hammer—probably say anything about feelings of any
fantasies and spin-offs. Everyone has to have his champions, picked like Norse myth began in ice and fire and out of sheer mischief, since the plan kind, least of all pity.
heard of Ragnarok and Valhalla, Thor Eirik from the battlefield by the will end in fire and ice. In between, depends on disguising muscle-bound Mr. Gaiman has produced what the
and Odin, the wolf Fenrir and the Valkyries, in Valhalla, his great Hall of gods and giants continually rob and Thor as a blushing bride. “People modern world likes: a clear, continu-
Midgard Serpent. the Slain, ready for Ragn- will think . . . I dress up in ous narrative, with big scenes the
arok at a moment’s notice. women’s clothes,” protests same as they always were but with
On that day of Ragnarok he Thor, in Mr. Gaiman’s emotional pointers added. Yet he can
There is little hope in these and we humans will still version. “Absolutely out of feel the undercurrents as well: the
lose. But it makes no differ- the question.” jealousies and betrayals, the sense
myths, but in the Viking ence. There is little hope in Mr. Gaiman milks such that Odin is always playing a long
view, there is no need for this mythology, but in the situations for all their humor game revealed to no one. They ener-
Viking view, there is no need and incongruity, very much gized the portrayal of Odin in Mr.
hope if you have heart. for hope if you have heart. in the spirit of the originals. Gaiman’s novel “American Gods”
In fact, you show heart For a modern audience, (2001), with its hidden sacrifices in
GETTY IMAGES

What has made the stories so pop-
ular? Unlike the classical myths that
everyone once knew, the Old Norse
myths are funny and irreverent. The
gods and goddesses are markedly in-
dividualized. Redbeard Thor the
bruiser is not too bright; one-eyed
Odin very bright indeed but not to be
trusted; Freya a beauty with a mind
of her own—and Loki, the adopted
child, is the gods’ go-to man when
there’s trouble, though usually he’s
the one who caused it.
Along with the humor, often cruel,
is the fierce stoicism. One reason
Odin can’t be trusted is that he fa-
tally betrays his own chosen champi-
when you have no hope. though, he has to spell things everyday America—as eerie a se-
The humor and stoicism out. When Thor’s magic goat quence as exists in modern fantasy.
made an intoxicating combi- is lamed by human careless- He feels the comedy too, which gave
nation. Many authors have STOUT Chessmen from a Viking hoard found in Scotland. ness, Mr. Gaiman makes it zest to his young-adult story “Odd
done their best to give the the result of another plot by and the Frost Giants” (2008).
scattered tales a narrative shape, in- cheat each other. The giants steal the Loki and adds angry dialogue to show Will Mr. Gaiman’s be the definitive
cluding in recent years A.S. Byatt with gods’ apples of immortality; Loki, dis- how furious Thor is. The Norse version version of Norse myth for our time?
“Ragnarok” (2011) and Joanne Harris guised in the shape of a falcon, steals just says that Thor’s “knuckles whit- No, because there never will be one.
with “The Gospel of Loki” (2014). Now them back. A giant builds the gods’ ened” on the shaft of his hammer. You Everyone takes the stories different
Neil Gaiman has joined their number stronghold of Asgard with the help of can figure out how angry he was from ways. Yet somehow, across a gap of a
with “Norse Mythology.” All three au- his stallion, Svadilfari, but is cheated the revealing detail—fist clenched, on thousand years or more, they speak to
thors pay tribute to the way some out of completing it by Loki, who in the edge of losing his temper, not us in a way that other, faded mytholo-
long-forgotten children’s book stirred mare shape decoys Svadilfari away. By quite there yet. gies do not. Why is that? One can only
their imaginations. But all three also contrast, the giants win when Thor Some things, moreover, are appar- keep rereading and retelling them.
feel the urge to fill the gaps, to answer and Loki go to visit Utgarda-Loki, chief ently too tough for modern taste.
the questions that the myths and po- of the giants, and are comprehensively How does Frey’s emissary Skirnir talk Mr. Shippey is completing a book
ets left hanging. fooled by his illusions. Gerd the giant-maid into agreeing to about Vikings and death titled
Ms. Byatt, a wartime child in Eng- The two sides nevertheless inter- marry Frey, who has fallen hopelessly “Laughing Shall I Die.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C8 | Saturday/Sunday, February 4 - 5, 2017
Better Than Perfect
Almost Perfect
By Joe Cox
Lyons, 264 pages, $26.95
BY PAUL DICKSON
BASEBALL EXHIBITS two character-
istics largely absent from other sports.
One is an absolute obsession with
numbers or, as one writer put it:
“Baseball is an island of activity
amidst a sea of statistics.” Baseball
also relishes comparisons and parallels
from one era to another, even when
they date back more than a hundred
years. Both these characteristics are
on display in Joe Cox’s “Almost Per-
fect: The Heartbreaking Pursuit of
Pitching’s Holy Grail,” in which the au-
thor looks at 16 players who, between
1908 and 2015, almost threw a perfect
game—a game in which a pitcher (or
combination of pitchers) wins a vic-
tory that lasts a minimum of nine in-
nings and in which no opposing player
reaches base. In the game’s 140 year
history only 23 perfect games have
been pitched, and the feat is one of the
hardest to achieve in all of sports.
Thirteen of the men featured in
Mr. Cox’s book began major league
games by retiring the first 26 oppos-
ing batters, but then, one out from
perfection, either faltered or fell vic-
tim to a bad break (or, in the case of
the Detroit Tigers’ Armando Galar-
GETTY IMAGES
raga in 2010, a blown call by an um-
pire). Three other pitchers featured in
the book did successfully retire 27
batters in a row, but still are not
credited with perfect games. The
most recent pitcher to do this was
Pedro Martinez of the Montreal Ex-
pos who on June 3, 1995, retired 27
San Diego Padres in nine innings but
then gave up a hit in the bottom of
the 10th inning. There are other ex-
amples in which pitchers have come
within an at bat of a perfect game but
made their misstep earlier in the
game; these, though, lack the drama
of those rare instances where the
game is perfect until the final at bat.
At first glance, the premise of this
book seems a bit thin: a parade of
near-misses ending in varying degrees
of frustration. Yet in Mr. Cox’s capable
hands each story has its own appeal,
not only in the recounting of the game
in question but in the stories of the
figures involved and the historical con-
text for each game, including World
War I (Ernie Shore of the Red Sox), the
Great Depression (Tommy Bridges of
the Detroit Tigers) and the 9/11 attacks
(Mike Mussina of the New York Yan-
kees). In most cases we get compelling
accounts of the lives of these pitchers
CHILDREN’S BOOKS: MEGHAN COX GURDON
YOUNG children who
assume that someone
has to drive to the
supermarket if there
are to be eggs and
milk for breakfast
may be dismayed—and enchanted—to
realize that horse-drawn wagons used
to deliver these stuffs right to a per-
son’s door. Illustrator Erin E. Stead
opens a portal to that vanished epoch
in the gentle picture book “Tony”
(Roaring Brook, 32 pages, $16.99).
Here, in delicate, finely observed
pencil drawings dappled with bright
yellow and the green of oxidized
copper, Ms. Stead captures the placid
Distracted by a yummy
fish, a stork sets down his
cargo. Eventually, the
baby arrives by post.
PENGUIN YOUNG READERS
beauty of a milk horse on his predawn
rounds with Tom, his young driver.
“Tony / that was his name / he was
such a wonderful horse,” writes Ed
Galing (1917-2013) in loose verse that
evokes the admiration of the un-
named narrator, who makes a point
of getting up to greet them: “Tom
would say / nice to see you out so
early, / sir, / and Tony always looks /
for you too, / wouldn’t miss Tony for
the world, / I would reply / sturdily, /
giving Tony another pat.” Readers
ages 3-6 may themselves want to pat
the lifelike pictures of Tony in these
hushed pages.
Children mostly aren’t supposed to
scribble in books, but parents may be
tempted to suspend that rule for
Misha Hoekstra’s elegant new transla-
tion of the Hans Christian Andersen
‘It breaks your heart. It is designed to break your heart.’ —A. Bartlett Giamatti
ACE Pedro Martinez in 1995, the year he pitched nine perfect innings in a game before giving up a hit in the 10th.
before and after their almost-perfect
games. Many are men one cannot help
but like: for example, the ever-optimis-
tic, All-American good guy Milt Pappas
of the Chicago Cubs, whose near-miss
came on Sept. 2, 1972, and who then
lived through personal tragedy with
the mysterious disappearance and
death of his wife. Pappas died in April
2016, before he could see his beloved
Cubs finally win it all.
Two of the most interesting stories
in “Almost Perfect” concern games in
which the pitcher was initially credited
with a perfect game but had it later
taken away by the game’s statistical
czars. The earliest example occurred
on June 23, 1917, when the Boston Red
Sox played the Washington Senators.
The starting pitcher was none other
than Babe Ruth. He walked the first
Washington batter and immediately
got into an altercation with the um-
pire, which resulted in his being
ejected from the game. Ernie Shore, a
man who taught mathematics in the
off-season and carried the nickname of
Special Deliveries
story “The Wild Swans” (Pushkin
Children’s, 61 pages, $9.99). For one
thing, it’s a paperback edition and thus
somehow more forgiving of an intrud-
ing pen or marker; for another, Helen
Crawford-White’s spacious illustra-
tions practically beg to be colored in.
(The “Wild Swans” coloring book that
Pushkin is publishing in a large format,
by the same illustrator, may not be
enough to relieve the itch.)
In the tale, a princess undergoes a
series of trials in order to restore her
11 bewitched brothers to their human
forms. The rich, specific language
lends itself especially well to reading
out loud, as befits one of Western
Civ’s most supple storytellers. Con-
sider this passage, which finds the
princess alone in a forest: “It was
completely still, and the air was mild,
and around her in the grass and moss
more than a hundred glow-worms
burned like green fire. And when she
touched one of the branches, the shin-
ing insects fell all about her like
shooting stars.” Beautiful.
The old euphemistic explanation
for the origin of babies gets an eccen-
tric reworking by L.J.R. Kelly in
BOOKS
Professor, was brought in to relieve.
The baserunner that Ruth had walked
was caught stealing, and Shore then
retired the next 26 batters and was
unofficially credited with a perfect
‘Hard-Luck’ Harvey
Haddix recorded 36
straight outs in 1959
—and took the loss.
game. In 1962, Sports Illustrated re-
ported that there was still some dis-
pute as to whether or not the game
was perfect or simply a no-hitter. In
1991—74 years after the game—base-
ball’s Committee for Statistical Accu-
racy tightened the official definition of
a perfect game and in doing so ruled
that Shore would not be credited with
a perfect game but only with a com-
bined no-hitter—a distinction the
swiftly ejected Ruth also gets to share.
“Sometimes It’s Storks” (Putnam,
32 pages, $16.99), with colorful,
blocky, retro illustrations by the
brothers Ben Hilts and Sean Hilts (see
below). “Babies arrive by different
means, / on rickshaws, beasts or sub-
marines, / and some, indeed, do come
by wing— / a bundle of baby, blanket
and string,” we read.
Misadventure ensues, however, for
in this picture book for 2- to 5-year-
olds the delivery stork gets distracted
by a yummy-looking fish. He sets
down his human cargo and soon
“you”—a bonny, blue-skinned baby—
are being passed from one wild animal
to another, from sea bream to whale
to migrating goose, until finally you
reach your parents in New York by
parcel post, “flown in via the Ivory
Coast.” This tall tale by the grandson
of Roald Dahl will suit those hoping to
forestall the inevitable chat and by
those who just enjoy a bit of nuttiness.
It’s Saturday, and 11-year-old Liam
is keen to go running with his best
friend, what with an important race a
matter of days away. Instead his
mother dragoons him into helping a
frail and ancient neighbor, Harry, sort
* ***
Then there’s the case of “Hard
Luck” Harvey Haddix’s 12-inning, 36-
consecutive-out performance on May
26, 1959. (Mr. Cox is not alone in
terming this “the greatest pitching
masterpieces in baseball history”).
This was recorded as a perfect game
because of its first 9 innings—until
that same 1991 committee deemed it
imperfect. The difference here was
that unlike Shore, Haddix was still
alive to feel the sting. The common
thread in “Almost Perfect” is heart-
break, and the book’s heroes are not
wrapped in glory as they are in
many sports books. But glory often
comes from the graceful way in
which many (but not all) reacted to
their near misses. When Harvey
Haddix was told that his perfect
game was denied 32 years after he
had pitched it he told his wife, “It’s
OK. I know what I did.”
Mr. Dickson is the author of “The
New Dickson Baseball Dictionary”
and the forthcoming “Leo Durocher.”
through one last box of papers. In
David Almond’s poignant, life-embrac-
ing story set in the north of England,
“Harry Miller’s Run” (Candlewick,
64 pages, $16), the old fellow is
shortly off to the nursing home. What
begins for Liam as a reluctant call to
duty turns into a fascinating day, as
the documents and photos in Harry’s
box spark the old man’s memories. It
turns out that when Harry himself was
11, he’d been a runner too; indeed, that
on one hot summer day in 1938 Harry
and three friends had run an astonish-
ing 13 miles from Newcastle-on-Tyne
to the seaside.
In Salvatore Rubbino’s lovely, lively
brush strokes, we see the great adven-
ture: three boys and a girl in old-fash-
ioned dress pelting along in heavy
boots, amazing passersby: “They say
it’s such a bliddy wonder!” Harry
recalls, in his thick accent, of people’s
reaction. “ ‘Good lads!’ they say. ‘Good
lass! Run! Run! There’s a wolf at your
tail! Run for your lives!’ ” Like Liam,
readers ages 8-11 are likely to leave
their encounter with Harry both heart-
ened and happy.
In a much darker tale, a 13-year-old
boy named Ash realizes that he may
be running for his life—with chilling
literalism—when he plays the role of
Stag Boy in his English town’s upcom-
ing re-enactment of an ancient ritual-
istic chase. In “Bone Jack” (Philomel,
244 pages, $16.99), Sara Crowe takes
readers ages 11-15 to a rural commu-
nity suffering the effects of drought
and disease—and to the boundary of
reality and retributive pagan mysti-
cism. Most of the townsfolk think that
the hunt is ceremonial, a tourist draw.
Ash does too, until his encounters with
a vengeful schoolmate and certain
eldritch figures in the mountains show
what’s really at stake in this intensely
spooky read.
THE WALL STREET JOURNAL.
MYSTERIES: TOM NOLAN
Do the Right
Thing
THE TITLE OF Michi-
gan author Stephen
Mack Jones’s outspo-
ken, witty, mayhem-
packed first novel, is
not an odd weather
prediction: “August Snow” (Soho, 312
pages, $25.95) is the narrator’s name.
August Octavio Snow is an ex-Marine
and (like his late African-American fa-
ther) a former cop. Fired from the
force for exposing corruption, he sued
the city and won $12 million, some of
which this “Blaxican” is using to fix up
his family home and neighboring
dwellings in his Mexicantown neigh-
borhood. Thanks to this money, he is
also able to finance his own investiga-
tion into the supposed suicide of a
wealthy man’s widow who had tried to
hire him to sort out some suspicious
behavior at her private investment
bank. Snow, raised Catholic and fa-
thered by a dedicated policeman, feels
guilt at having turned the woman
down. “We are defined,” he hears his
dad’s voice remind him, “by those we
could have helped and chose not to.”
Snow’s own voice has echoes of
Raymond Chandler’s—as when he re-
fers to Detroit’s “Byzantine city gov-
ernment intent on following the play-
book for the fall of Rome,” or
describes a tough female FBI agent as
“110 pounds of C-4 plastic explosive
with a strawberry-blonde ponytail.”
That agent co-opts Snow’s assistance
when he finds himself in the midst of
an ongoing bureau query into a fatally
August Snow is an ex-
Marine, a ‘Blaxican’ and
an action hero with
the heart of a mensch.
hostile takeover covertly underway in-
side the dead woman’s bank. “Your
bumbling around,” the agent says,
“has yielded more info than you can
possibly imagine.”
Snow gets help from his sole re-
maining semi-friend at the Detroit PD,
a hacker known as Skittles, and an ex-
security guard as eager as Snow to
protect the dead non-client’s vulnera-
ble daughter from the brutal men try-
ing to steal her inheritance. “It’s the
right time to be at the right place to
do the right thing,” this Army vet says.
Be assured that when the showdown
comes, Snow—an action-hero with the
heart of a mensch—and his crew prove
up to that task.
“Six Four” (Farrar, Straus & Gir-
oux, 566 pages, $27) is the case num-
ber for a 14-year-old unsolved crime—
the kidnap and murder of a Tokyo girl
—that continues to plague and shame
the Japanese police officers who popu-
late Hideo Yokoyama’s absorbing pro-
cedural-novel. One such cop is Yoshi-
nobu Mikami, a former detective
“promoted” to media-relations direc-
tor, a man who can empathize with the
father of that murdered schoolgirl: Mi-
kami’s own teenaged daughter has re-
cently disappeared, and it’s not known
whether she’s a runaway or the victim
of foul play.
At first it seems this daughter’s ab-
sence will be a prime focus of the
book, but other matters consume Mi-
kami’s attention. The reporters he
deals with daily are in revolt against
the police practice of withholding in-
formation about suspects and victims;
this jeopardizes press coverage of an
upcoming visit from the national
force’s head to announce a renewed
commitment to solving Six Four.
We suffer with Mikami through the
Kafka-like ordeals of his press-rela-
tions job, as he comes to believe he’s
being used as a pawn in a shadowy
power struggle—“Some things,” a su-
perior warns him, “must never be spo-
ken”—between bureaucrats and more
dedicated officers. Mikami is forced to
see other hard facts: “He’d made sacri-
fices . . . and he’d always blamed his
family. The truth was clear enough. He
could keep going without a family, but
he’d fall apart if he lost his place in the
force.” The media-relations officer res-
urrects his inner detective, determined
to discover the realities of Six Four.
“Six Four” is an intensely compli-
cated work, fleshed out by dozens of
well-sketched characters, filled with
changing perceptions and surprising
twists—a challenge for the reader as
much as for Mikami. But its rewards
are commensurate: unexpected revela-
tions and quiet instances of human
connection. “Not everything is bad,”
consoles the father of that murdered
schoolgirl. “There’s good out there,
too.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | C9

BOOKS
‘Vulgar ostentation is twice as easy as discipline.’ —Beatrice Warde

As the World Kerns

But immediately the story becomes
The Noblest Roman complicated. Like most metal type-
By Jerry Kelly & Misha Beletsky faces, it had variations in design from
David R. Godine, 120 pages, $45 size to size. Within a year Palatino
had been cast for the German branch
Palatino of the Linotype company, necessitat-
By Robert Bringhurst ing alterations in its design to accom-
David R. Godine, 292 pages, $65 modate the limitations of the linotype
machine. Detailing these adaptations
BY PAUL SHAW is only the beginning of Mr. Brin-
ghurst’s thorough explication of Pala-
tino’s knotty production history as, in
CENTAUR AND PALATINO are the span of less than 25 years, the
among the most important typefaces type went from foundry to hot-type
of the 20th century, on a par with the machine composition to film composi-
overly familiar Helvetica though less tion to a digital font.
well known. Centaur is a modern clas- When Palatino was first adapted
sic, a Renaissance-inspired seriffed ro- for film composition (in which individ-
man, used by the Metropolitan Mu- ual characters are projected onto
seum of Art from 1914 until around light-sensitive paper) in 1963, the de-
1940 as its house face. Palatino is a sign followed the restrictions of the li-
calligraphy-influenced seriffed roman notype machine. Zapf redrew letters in
but wholly original in conception. acknowledgment of the freedom af-
Two new studies of the fonts explore forded by film, but these Linofilm
their intricate histories. types were still based on Linotype
In “The Noblest Roman,” Jerry Palatino rather than foundry Palatino.
DAVID R. GODINE

Kelly and Misha Beletsky set out to
examine “the muddled issues of the
origination of the design, the intellec-
tual property issues involved, and the
curious story of the font’s recutting
for machine composition.” They have
done an admirable job of searching
the archives to investigate such mat-
ters, especially the Met’s role in Cen-
taur’s origins and the complicated
maneuvering behind the decision to
have the typeface adapted for com-
mercial use.
The designer of Centaur was Bruce
Rogers (1870-1957), considered by
many to be the greatest American
book designer of the first half of the
20th century. One of only two type-
faces he designed, Centaur was a late
product of the Arts & Crafts Move-
ment of the 1890s and the interest it
spawned in the influential roman
typeface cut by Nicolas Jenson in
1470. That interest was kicked off by
William Morris, who, when setting up
his Kelmscott Press beginning in 1889,
made the design of a new typeface his
priority. The Golden Type, the first of
his three typefaces, was modeled on
Jenson’s roman, considered by many
to be the first “pure” roman since it
was free of gothic influences. Morris’s
actions were widely copied, not only
by others looking to set up their own
private presses but also by type
foundries eager to profit from a new
trend toward more robust typefaces.
Amid the many Jensonian imita-
tors, Centaur stood out. Morris, in re-
acting to the febrile typefaces that
dominated 19th-century printing, had
emphasized robustness in his designs.
That was what had drawn him to Jen-
son in the first place. Those following
his lead trumpeted the ruggedness
and darkness of their new types. But
Rogers tacked against this trend with
Centaur. His design, despite its Jenso-
nian roots, was sharp, crisp and light.
SIMPLY CAPITAL Letters from Sistina, a titling typeface designed by Hermann Zapf as a companion to his Palatino.
The secret to Rogers’s balancing
act lay in his method for designing
Centaur. He traced over the lower-
case letters in an enlarged print of
Jenson’s roman with a broad-edged
pen and then retouched the results
with white paint. Morris had also
worked from enlarged photographs
of Jenson’s type. But he drew over
the letters with a pencil before inking
them, rather than writing over them.
By first outlining letters, Morris had
to constantly determine what the
true shape of a letter was beneath its
“ink squash” (the thickening at the
edges of letters produced by the
pressure of printing). Instead of cre-
ating outlines of letters, Rogers es-
tablished their skeletal structure. In
doing so, he ended up with a lighter
letter than Morris.
The Centaur type was cast in 1914.
That year, the Metropolitan Museum
of Art purchased the 14-point cutting
for its exclusive use—with the excep-
tion of allowing Rogers to use it for
his own purposes. Other sizes of the
Centaur capitals, known as the Mu-
seum Capitals, were cut specifically
for the Met. The first book to use the
typeface was “The Centaur” by Mau-
rice de Guérin, designed by Rogers
and printed at the Montague Press in
1915. The book gave the type its name.
In the mid-1920s there was pres-
sure, including from Rogers himself,
to make Centaur available to other us-
ers besides the Met. Not only did Rog-
ers need to negotiate the face’s re-
lease from museum exclusivity, he
also had to choose whether it would
be made commercially available as
foundry type—individual metal char-
acters cast for hand composition—or
as type on either the linotype or
monotype, the two dominant compos-
ing machines. In the end Rogers opted
for monotype and then jockeyed to
have it produced in England by the
Monotype Corp. rather than by the
Lanston Monotype Machine Co. in
To make Centaur, Bruce Rogers traced over enlarged
prints of characters from a 15th-century typeface.
Philadelphia. Messrs. Kelly and Be-
letsky rightly attribute this decision
to the reputation of the English com-
pany for better quality types. Inevita-
bly, the monotype version of Centaur
differed from the foundry version in a
number of respects, though the au-
thors show only 10 characters for
comparison.
This is where “The Noblest Ro-
man” falls short. Messrs. Kelly and
Beletsky attempt to “address the aes-
thetic legacy of the type,” but they
continually fail to provide details
about changes in the letters of Cen-
taur over time. For instance, at one
point, they write: “The original
foundry Centaur type was modified at
various stages after its initial cutting.
The i, w, y, and other characters, in-
cluding most of the punctuation,
which originally was quite small,
were recut. At some point, a variant
e was cut with a quite un-Venetian
horizontal crossbar.” What exactly
happened to the i, w and y?
A typeface of Centaur’s beauty and
reputation deserves to be analyzed in
more depth. Instead, too much of
“The Noblest Roman” is devoted to
showing Centaur in use in various
books and ephemera. Messrs. Kelly
and Beletsky have successfully untan-
gled the history of Centaur, but they
have not convincingly explained why
it still deserves to be called “the no-
blest roman of them all.”
“Palatino: The Natural History of a
Typeface” by Robert Bringhurst
stands in stark contrast. It too is de-
voted to the story of a single type-
face—or rather a single typeface and
its offspring (a whopping total of 204
variations, by his count). Mr. Brin-
ghurst does not shy away from mak-
ing letter comparisons. In fact, such
comparisons are the heart and soul of
his book: type drawings vs. type
proofs vs. final designs, cast type vs.
the printed image and so on. He not
only shows pairs of letters but ex-
plains the differences among them in
astonishing detail. At times the level
of detail can be daunting, but the
points he makes are always insightful.
Palatino, Mr. Bringhurst writes, is a
“lyrical and taut” face that “remem-
bers in every stroke both its identity
as type and its indebtedness to the
pen.” The original version, created by
the great German designer Hermann
Zapf (1918–2015), was issued in 1949.
Unfortunately, they became the default
version of the typeface and as such
the model in 1978 for Linotron Pala-
tino, the first digital incarnation of
Palatino. This in turn became the basis
for PostScript Palatino (1985), one of
the two most widely distributed digi-
tal versions. The other was Book Anti-
qua (1991), Microsoft’s “barefaced imi-
tation of Palatino.” Strangely enough,
Zapf was involved in redesigning Book
Antiqua in the late 1990s for Microsoft
to fit the new OpenType digital for-
mat. The result was confusingly
named Palatino Linotype (1997), de-
spite having no direct connection to
the original Linotype Palatino.
The final entry in “Palatino” is
Palatino Nova (2005), a root-and-
branch redesign by Zapf of his iconic
face, undertaken in concert with Akira
Kobayashi. Although it is clear that
Mr. Bringhurst’s sympathies lie with
the three-dimensional metal versions
of Palatino over the two-dimensional
ones, he is scrupulous enough to point
out the advantages of the digital ver-
sions, most notably the expansion of
character sets to accommodate more
of the world’s languages.
“Palatino” is more than a type
nerd’s delight or an ode to a great
typeface. In telling the story of Pala-
tino from foundry type to digital type,
Mr. Bringhurst has in effect recounted
the technological history of type in
the 20th century. His book is an ele-
gant and methodically thorough in-
vestigation of how technology has in-
fluenced design, positively as well as
negatively, seen through the lens of a
single typeface. Whether one likes
Palatino or not, Mr. Bringhurst’s book
is an instant classic.
Mr. Shaw is a graphic designer
and historian of typography who
teaches at Parsons School of Design,
a division of the New School.

An Ancient Greek Computer

A Portable Cosmos
By Alexander Jones
Oxford, 288 pages, $34.95
BY JOHN J. MILLER
NEAR AN ISLAND about halfway
between the Peloponnese and Crete,
two boats of Greek divers sought
shelter from a storm. The year was
1900, and the men were either on
their way to the sponge banks near
Libya or heading home from them.
One diver took a plunge, hoping to
add to his harvest. He came up with a
bronze arm. In the depths below, he
had located a 2,000-year-old ship-
wreck—and the biggest hoard of
ancient Greek sculptures ever found.
A rescue operation eventually
hauled up a treasure trove. The most
noteworthy items, including a
bronze statue known as the “Anti-
kythera Youth,” are now on display
in the National Archaeological Mu-
If the contraption hadn’t surfaced,
few people would dare imagine it. As
researchers have learned, it was once
an intricate system of gears enclosed
in a case about the size of a bread
box. It kept a calendar, tracked the
motions of heavenly bodies and even
predicted eclipses. The technology
was beyond anything else known to
have existed at the time.
One of the device’s early investiga-
tors, the science historian
Derek de Solla Price, likened
its discovery to “opening a
pyramid and finding an
atomic bomb.” When the
physicist Richard Feynman
gazed on a reconstruction
of the mechanism’s frag-
ments in 1980, he called it
“so entirely different and
strange that it is nearly im-
possible.” It also fired the
imagination of science-fic-
tion author Arthur C.
Clarke, who offered the
wishful suggestion that, had
ASSOCIATED PRESS
improved, so did insights. By 2006,
says Mr. Jones, “a gradual, interdisci-
plinary process” that involved archae-
ologists, scientists and technicians
finally allowed the device to be rebuilt
according to its original design.
A historian of science and technol-
ogy, Mr. Jones played a role in this
endeavor. His job was to link the com-
plexities of the Antikythera Mecha-
nism to what the ancient Greeks
minimum of specialized jargon,” Mr.
Jones can write sentences such as:
“The outer scale was divided in the
same manner into 12 equal sectors
and a 13th smaller sector subtending
one-sixth of the arc subtended by the
larger sectors.” There is probably no
way to avoid some of this, but
stretches of “A Portable Cosmos”
feel like a species of technical litera-
ture. Readers who seek a more
accessible introduction to
the Antikythera Mecha-
nism should turn to “De-
The Antikythera
Mechanism kept a
calendar, tracked
heavenly bodies
and could even
predict eclipses.
tion between someone possessing a
degree of astronomical knowledge
and someone with outstanding
mechanical skill and creativity.”
So what was it for? “I do not
believe that its purpose was to
compute data or make predictions
to be applied in some practical con-
text,” writes Mr. Jones. Instead, he
thinks it was a teaching aid—the
closest thing the ancient world
would have had to an episode of the
documentary series “Cosmos,” us-
ing visual elements to promote “the
diffusion of the basics of astronomy
among students of philosophy and
the educated elite.” He speculates
that it was manufactured on the is-
land of Rhodes and bound for an
owner in Epirus, a region that
straddles present-day Albania and
Greece. On its doomed voyage,
writes Mr. Jones, “we may conjec-
ture that it was in the care of a
technician trained to operate it and
maintain it in working order.”
Then, around 60 B.C., it sank. We

seum in Athens.
One of the last objects that the res-
cuers found was a fragile slab of cor-
roded metal. It didn’t look like much.
Yet it turned out to be a remnant of
“the most important artifact of
ancient science that archeology has
ever brought to light,” writes Alexan-
der Jones in “A Portable Cosmos.” A
professor of history at New York Uni-
versity, Mr. Jones provides a detailed
account of how the world’s first ana-
log computer—now called the Anti-
kythera Mechanism—came to be built
and lost more than two millennia ago,
found more than a century ago, and
understood only in recent years.
Greek technology continued
to develop apace, “we
would not merely be putter-
ing around on the Moon, we
would have reached the GEAR A
nearer stars.”
The long effort to understand the
Antikythera Mechanism represents a
feat of science worthy of the object
itself. For half a century after its dis-
covery, its fragments remained
stashed away in cigar boxes. Scholars
barely knew it existed. Serious work
began in the 1950s and leapt forward
in the 1970s, when X-ray imaging
allowed glimpses of hitherto hidden
gears and inscriptions. As methods
coding the Heavens,” a can’t possibly know what happened to
2009 book by science jour- Mr. Jones’s technician, though the
nalist Jo Marchant. shipwreck has revealed the remains of
Even so, Mr. Jones can several people. A partial skeleton
fragment of the Antikythera Mechanism. be refreshingly candid, became known only last summer, bur-
avoiding scholarly habits of ied below pottery shards and sand in
believed about the astronomy of a overcaution. Although he admires the what Archaeology magazine called
geocentric universe. His virtue as an Antikythera Mechanism, he stops one of the top 10 discoveries of 2016.
author is an exhaustive knowledge of short of reverence, calling it “a re- Experts hope to conduct DNA testing
his subject, such as how Greek calen- markable creation, but not a miracle and learn ever more about the people
dars varied from city to city and how of perfection.” Its flaws include “inef- who came before us—and whose
pre-Copernican astral calculations ficient gearwork” that would have ingenuity we underestimate.
accounted for the mystery of the made it prone to “intermittent jam-
planets’ retrograde motion. ming,” and its astronomy may not Mr. Miller is director of the
Unfortunately, such erudition have been state-of-the-art for its time. Dow Journalism Program at
doesn’t always translate into great He also envisions the workshop of its Hillsdale College and a writer
storytelling. Although he promises “a creation, proposing “a true collabora- for National Review.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C10 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

BOOKS
‘Does one unceasingly talk about a thousand years and enemies destroyed, if one is certain of these thousand years and this annihilation?’ —Victor Klemperer

FICTION CHRONICLE: SAM SACKS FIVE BEST: A PERSONAL CHOICE

Saul Friedländer
on daily life in wartime Nazi Germany
the Nazi regime.” Yet though anti-
The German War Nazi dissent was real, it had no im-
By Nicholas Stargardt (2015) pact on the regime’s policies. As Mr.
Moorhouse shows, most of the four
GETTY IMAGES

1
OF ALL THE analyses of Ger- million inhabitants of Berlin in-
man steadfastness even when creasingly expended their energy
defeat was looming in World combating the growing hardship
War II, Nicholas Stargardt’s is the they faced, especially after 1943.
most convincing. The resilience of Food was scarce, bombers came al-

Videodrome the Germans, he argues, actually in-

creased the worse their war went.
“Far from leading to collapse, suc-
most daily and news from the
fronts was ever more threatening.
As for the quintessential enemy, the
JOHN DARNIELLE’S story or thriller, exactly, but an explo- cessive crises acted as catalysts of Jews, some 5,000 survived in hiding
“Universal Harvest- ration of the warping effects of grief, radical transformation, as Germans throughout the Reich. The memo- MR. FRIEDLÄNDER is a historian
er” (Farrar, Straus, because the amateur videographer tried to master the situation and re- rial book for the Jews of Berlin and the author, most recently, of
214 pages, $25) is turns out to be haunted by the same think what they could expect.” alone lists the total number of ‘Where Memory Leads: My Life.’
set in 2000, during thing as Jeremy—the “incapacitating Though inner divisions became in- those who perished as 55,696.
the twilight of the loss” of a parent. As is the case with creasingly bitter between civilians great part of Berlin and most major
VHS tape. Jeremy Heldt, 22, works at so much contemporary fiction, child- who bore the brunt of the suffering cities of the Reich. The voice of the
Video Hut in a small town in central hood trauma is the skeleton key that and those who enjoyed a quieter An Iron Wind Jewish witness Victor Klemperer,
Iowa. He lives with his father, main- opens this novel’s meanings. Mr. Darn- life far from the front, the sense of By Peter Fritzsche (2016) an inhabitant of Dresden trying to
taining a loving but fragile status quo ielle possesses the clairvoyant’s gift an existential struggle permeated flee the city, gives us a glimpse of

that grew up in the wake of Jeremy’s
mother’s death in a car accident six
years earlier. Their routine is dis-
turbed when the movies Jeremy
brings home begin to reveal some-
thing creepy: Spliced into them are ex-
cerpts from homemade videos. One
shows a woman sitting in a barn with
a canvas bag over her head. In an-
other a different woman flees through
the dark down a long gravel driveway.
The clips, though brief and obscure,
provide a glimpse of the underside of
for looking beneath the surface, but
what he reveals is something seen
many times before.
Ali Smith’s “Autumn” (Pantheon,
264 pages, $24.95) actually takes
place in summer. Last summer to be
specific, in an England divided by the
Brexit referendum, which makes its
mood chilly and autumnal. The loosely
arranged story is built on the relation-
ship between a young art historian
named Elisabeth Demand and her
longtime neighbor and confidant Dan-
3
much of German society. Even after PETER FRITZSCHE’S har-
the defeat, 37% of the respondents rowing picture of the victims
to an Allied questionnaire “were of German occupation is de-
prepared to endorse the view that rived mainly from eyewitness ac-
‘the extermination of the Jews and counts. Among these he includes
the Poles and other non-Aryans’ voices of the occupiers and views
had been necessary for ‘the security from the German home front. A
of the Germans.’ ” single diary entry of a journalist,
Lisa de Boor, gives an uncanny feel
for the mood of a cross-section of
Berlin at War Germans—people at the Kassel rail-
By Roger Moorhouse (2010) way station on March 10, 1943—at
a particular stage of the war. “The
the effects: “The dead were scat-
tered across our path. The skull of
one had been torn away, the top of
the head was a dark red
bowl. . . . Crowds streamed unceas-
ingly between these islands, past
the corpses and smashed vehicles,
up and down the Elbe, a silent, agi-
tated procession.” Did these bomb-
ings remain a strategic necessity, a
way of smashing the remnants of
German morale? The debate contin-
ues, not without venom, as a Ger-

prairie country known mostly for its
scenic rolling cornfields. “Near sun-
set,” Mr. Darnielle warns, “long wheel-
A novel about noticing
things, particularly the
iel Gluck, who, at the age of 101, is co-
matose in a care facility. Elisabeth’s
country is splintering and her dearest
friend is slipping away: “It was the
worst of times, it was the worst of
times,” the novel opens.
The chapters spin like a tilt-a-whirl.
Some follow Elisabeth on her daily er-
2
WERE THE RESIDENTS of couple evacuated from Cologne man best seller, Jörg Friedrich’s
Berlin more critical of the re- with kids, the husband on leave “The Fire,” showed in 2002.
gime than the people else- from Africa waiting on the plat-
where in the Reich? Roger Moor- form. . . . Next to him, a blinded sol-
house contends that this was dier, on his way to the School for KL: A History of the
indeed the case. “The reasons for the Blind in Marburg, greedily Nazi Concentration Camps
the city’s comparative resistance to smoking the cigarette that his com- By Nikolaus Wachsmann (2015)
Hitler’s charms were twofold. panion has stuck in his mouth.

hurt and desperation that
people bear under their
exterior of polite reserve.
ing shadows suggest a different sort
of picture, one with maybe a quiet
hint of menace to it.” The novel jumps
amongst the view points of locals who
have become transfixed by the videos,
and it chases the mystery further in
an extended flashback to the 1960s.
“Universal Harvester” is a novel
about noticing hidden things, particu-
rands in a township riven by distrust
and unkindness, in which officials con-
stantly ask to check her identification.
Ms. Smith’s tone is accusatory: Elisa-
beth reads Huxley’s “Brave New
World” with alarm and recognition.
But other, brighter chapters portray
formative scenes with Daniel when
Elisabeth was young. And still others
lose themselves in the surreal imagery
of his dreaming mind: “He’s nothing
but a torn leaf scrap on the surface of
a running brook, green veins and leaf
stuff, water and current, Daniel Gluck
taking leaf of his senses at last.”
The background events of “Au-
Firstly, Berlin’s left-wing heritage Then a big, fat soldier on crutches,
was hugely influential. . . ,” and “as without shoes, his feet wrapped in
the seat of government, the city bandages, the frozen toes having
was the natural home of the na- been amputated. Next to him, two
tion’s elite and attracted a large soldiers from around Vjasma; they
number of intellectuals, lawyers and have been on the road for seven
politicians, many of whom opposed days, their homes in Cologne are
burned out. . . . Hitler Youth, called
up to a military training camp,
pore over guidebooks on the
proper use of a submachine gun.”
Armageddon
By Max Hastings (2004)
5
WHILE MOST of the German
population struggled with the
hardships of everyday war-
time life, another segment, proba-
bly several hundreds of thousands
strong, was busy exterminating
hapless civilians and prisoners. At
the center of the killing system
stood the immense network of con-
centration camps (Konzentrations-
lager, or KL). The Soviet Gulag has
become the most common point of
comparison with the Nazi camps. In
his superb history of the German
concentration-camp system, Niko-
laus Wachsmann disagrees. “Al-

larly the hurt and desperation that
people bear under their exterior of
polite reserve. “If you learn to look
hard enough, you can find stories in
seemingly impenetrable tableaus,” Mr.
Darnielle writes. As he proved in his
excellent debut novel, “Wolf in White
Van” (2014), he’s discerning and skill-
ful at navigating the inner lives of the
4
tumn,” the first in a planned quartet, ONE OF THE focuses of Max though the Soviet camps were ini-
are remarkably recent, and Ms. Smith’s Hastings’s description of the tially more deadly, for example, the
haste to complete the novel is palpa- final 18 months of the Battle KL later took a more radical turn,”
ble. Just what do the digressions about for Germany is the fate of the Ger- he writes, “and developed along far
Pop Art painter Pauline Boty have to man civilian population under the more lethal lines, culminating in the
do with the rest? But she gets away daily punishment descending from Auschwitz extermination complex,
with indiscipline thanks to the punch- the skies. One may argue that until which had no equal in the USSR or
drunk brio of her prose, which delights the end of 1944 the bombings had a anywhere else. . . . The Nazi regime
in puns and lyric reveries. For a book clear strategic function and re- was not inspired by the Gulag in
GETTY IMAGES

easily ignored: recluses, outcasts, even
cordial middle American retail clerks.
But the letdown of this absorbing
book is the narrowness of its vision.
What ultimately unfolds isn’t a horror
about decline and disintegration, “Au-
tumn” remains irrepressibly hopeful
about life, something “you worked to
catch, the intense happiness of an ob-
ject slightly set apart from you.”
mained necessary to break German
morale. But the bombing went on
without interruption to the very
1943 A poster (‘One struggle, one end, leading to the destruction of
victory!’) marking 10 years of Nazi rule. Dresden in February 1945 and of a
any major way and it is hard to
imagine that the history of the SS
concentration camps would have
been substantially different had the
Gulag never existed.”

Best-Selling Books | Week Ended Jan. 29

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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
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Hillbilly Elegy 1 2 Strengths Finder 2.0 6 10 Never Never 1 1 The Mistress 6 5 from more than 16,000 locations across the U.S.,
representing about 85% of the nation’s book
J.D. Vance/Harper Tom Rath/Gallup Press James Patterson&Candice Fox/Little, Brown and Company Danielle Steel/Delacorte Press sales. Print-book data providers include all major
Tools of Titans 2 8 The Magnolia Story 7 7 Double Down (DWK #11) 2 3 Fantastic Beasts 7 7 booksellers (now inclusive of Wal-Mart) and
Web retailers, and food stores. E-book data
Timothy Ferriss/Houghton Mifflin Chip & Joanna Gaines/Thomas Nelson Jeff Kinney/Amulet Books J. K. Rowling /Arthur A. Levine Books providers include all major e-book retailers.
Free e-books and those sold for less than 99
Killing the Rising Sun 3 4 I Got This: To Gold and Beyond 8 New Carve the Mark 3 2 Dog Man Unleashed (Dog Man #2) 8 10
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include adult, young adult, and
Three Days in January 4 1 Atlas Obscura 9 – The Whistler 4 6 Oh, The Places You’ll Go! 9 – juvenile titles; the business list
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Jesus Always 5 5 Food, Health, and Happiness 10 3 The Underground Railroad 5 8 Harry Potter and the Cursed Child 10 4 and e-book formats; audio books are excluded.
Sarah Young/Thomas Nelson Oprah Winfrey/Flatiron Books Colson Whitehead/Doubleday Books J.ThornewithJ.K.Rowling&J.Tiffany/ArthurA.LevineBooks Refer questions to Peter.Saenger@wsj.com.

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The Greatest Generation 1 – Hidden Figures 1 1 The Trapped Girl 1 New A Dog’s Purpose 1 2 Strengths Finder 2.0 1 1
Tom Brokaw/Random House Publishing Group Margot Lee Shetterly/William Morrow & Company Robert Dugoni/Thomas & Mercer W. Bruce Cameron/Forge Tom Rath/Gallup Press
Hillbilly Elegy 2 1 Hillbilly Elegy 2 2 1984 2 – 1984 2 – The Five Dysfunctions of a Team 2 4
J.D. Vance/HarperCollins Publishers J.D. Vance/Harper George Orwell/Houghton Mifflin Harcourt George Orwell/Signet Book Patrick Lencioni/Jossey-Bass
The Origins of Totalitarianism 3 – Killing the Rising Sun 3 5 What She Knew 3 4 Never Never 3 1 Total Money Makeover 3 2
Hannah Arendt/Houghton Mifflin Harcourt Bill O’Reilly & Martin Dugard/Henry Holt & Company Gilly Macmillan/HarperCollins Publishers James Patterson&Candice Fox/Little, Brown and Company Dave Ramsey/Thomas Nelson
Hidden Figures 4 2 Tools of Titans 4 – Power Game 4 New The Trapped Girl 4 New Emotional Intelligence 2.0 4 6
Margot Lee Shetterly/HarperCollins Publishers Timothy Ferriss/Houghton Mifflin Christine Feehan/Penguin Publishing Group Robert Dugoni/Thomas & Mercer Travis Bradberry & Jean Greaves/Talentsmart
The Indifferent Stars Above 5 – Milk And Honey 5 4 Staying For Good 5 New A Man Called Ove 5 3 Extreme Ownership 5 7
Daniel James Brown/HarperCollins Publishers Rupi Kaur/Andrews McMeel Publishing Catherine Bybee/Montlake Romance Fredrik Backman/Washington Square Press Jocko Willink & Leif Babin/St. Martin’s Press
An Unquiet Mind 6 – The Greatest Generation 6 – The Room Mate 6 New The Girl on the Train 6 5 The Energy Bus 6 8
Kay Redfield Jamison/Knopf Doubleday Publishing Group Tom Brokaw/Random House Publishing Trade Kendall Ryan/Kendall Ryan Paula Hawkins/Riverhead Books Jon Gordon /John Wiley & Sons
An Invisible Thread 7 6 Three Days in January 7 3 Never Never 7 1 Power Game 7 New The Ideal Team Player 7 –
Laura Schroff and Alex Tresniowski/Howard Books Bret Baier with Catherine Whitney/William Morrow&Co. James Patterson&Candice Fox/Little, Brown and Company Christine Feehan/Berkley Books Patrick M. Lencioni/Jossey-Bass
Gosnell 8 New Uninvited 8 6 Accidentally on Purpose 8 New The Apartment 8 New Good to Great 8 9
Ann McElhinney & Phelim McAleer /Regnery Publishing Lysa TerKeurst/Thomas Nelson Jill Shalvis/HarperCollins Publishers Danielle Steel/Dell Jim Collins/HarperBusiness
Killing the Rising Sun 9 10 Gosnell 9 New Egomaniac 9 3 Accidentally on Purpose 9 New The 4-Hour Workweek 9 –
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Irena’s Children 10 – The Magnolia Story 10 7 Eleventh Grave in Moonlight 10 New The Whistler 10 6 The ONE Thing 10 –
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 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
TAYLOR GLASCOCK FOR THE WALL STREET JOURNAL
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Sian Beilock
UNIVERSITY OF CHICAGO psychol-
ogy professor Sian Beilock has
spent years investigating how peo-
ple perform under pressure—and
how they can avoid the dreaded
choke. The research has proved use-
ful in her own life.
For example, to boost her con-
centration, she might take a walk
outside before a big meeting. And
if she experiences the beating
heart and sweaty palms of anxiety
before a speech, she talks herself
into thinking they’re signs that
she’s excited and ready to go—not
that she’s about to flop. “I’ve
started practicing a lot of what I
preach,” she says.
Dr. Beilock, who just turned 41
and also serves as the executive
vice provost of the University of
Chicago, has used performance
tests and neuroimaging to figure
out why people think differently
under stress. She has published
more than 100 papers on the sub-
ject. Her most recent book, “How
the Body Knows Its Mind” (2015),
discusses what scientists have
learned about the influence of body
movement on brain activity. It in-
cludes tips such as pacing around a
room for a creativity boost.
Last month, Dr. Beilock won the
2017 Troland Research Award from
the National Academy of Sciences
for her research. The $75,000 prize
is given to two scientists age 40 or
MOVING TARGETS: JOE QUEENAN
It’s High Time for Toys to Tell More Stories
BIG THINGS are expected when
“The Lego Batman Movie” opens in
theaters on Valentine’s Day week-
end. Buoyed by the success of “The
Lego Movie” in 2014, Warner Bros.
hopes to outpace the sexy “Fifty
Shades Darker” and the bloody
“John Wick: Chapter 2,” also out
that weekend.
If this happens, the question
will immediately arise: Might the
“Fifty Shades” and “Wick” movies
have done better at the box office
if they had been made with Lego
characters rather than, respec-
tively, Dakota Johnson and Keanu
Reeves?
The question isn’t as imperti-
nent as it seems. Dakota Johnson
and Keanu Reeves bear a striking
similarity to Lego characters in
that they have a limited range of
facial expressions but are really
great to look at. The obvious ad-
vantage of using Lego characters
instead of flesh-and-blood actors
is that they work cheap. The fact
* * * *
under in recognition of unusual
achievements in experimental psy-
chology. She plans to use the money
to support her latest research, on
helping children overcome anxiety
and pressure in school (though she
did allow herself one fun purchase
with the prize money, a pair of
black boots).
Dr. Beilock is particularly inter-
ested in children’s attitudes toward
math. She was struck by how many
smart people, including her teenage
stepdaughter, talk about “not being
a math person,” but she has rarely
heard people say the same for read-
ing. In a study published in 2015 in
Psychological Science, she and her
team found that the first- and sec-
ond-grade children of parents who
were anxious about math were more
likely to have math anxiety and per-
form worse in the subject, but only
when the parents frequently helped
out on math homework. “Involve-
ment is good, but it can backfire if
parents are really worried or don’t
like math,” she says.
She is investigating ways to get
parents more involved in a non-
threatening way, such as bringing
math into regular conversation, and
has used brain imaging to shed
more light on the issue. She has
found that when students with
math anxiety think about doing
math, the pain centers of their
brains activate—suggesting that
that other Lego movies are in the
works is a pretty good indication
that toy-cast motion pictures are
the wave of the future.
Inevitably, other toy companies
will get into the act. “La La Land”
was a sweet little film that did
very nicely at the box office, but
like most of the other Oscar con-
tenders this year, it didn’t
threaten the numbers put up by
“Titanic” or “Gladiator.” It might
have, if it had been “The Playmo-
bil La La Land Movie,” if only
because Playmobil characters
can dance at least as well as
Ryan Gosling. Other Oscar nomi-
nees that might have raked in
more loot with toy-based casts
include “The Nerf Hacksaw
Ridge,” “The Bratz Hell or High
Water” and “The American
Girl Doll Fences.”
Looking back on some of the
big disappointments of the past
year, it’s pretty clear that the films
would have sold a lot more tickets
REVIEW
Why do people choke in stressful situations?
A psychology professor uncovers the science
training in the control of negative
emotions could help to boost their
math scores.
Dr. Beilock became interested in
cognitive psychology at an early age.
The daughter of two lawyers, she
grew up in the San Francisco Bay
Area and played soccer in a program
meant to develop athletes for the
Olympics. As a goalkeeper, she was
often under pressure and wondered
why she sometimes played her
worst when she wanted to play her
‘When we’re
worried, it
captures our
attention.’
best. She got a Ph.D. in psychology
and kinesiology (the study of body
movement) at Michigan State Uni-
versity and joined the University of
Chicago faculty in 2005.
She and her husband, an evolu-
tionary biologist at the University
of Chicago, have three children—
two teenagers from his first mar-
riage and one 5-year-old together.
In her down time, Dr. Beilock likes
to run, do yoga and play the violin.
She and her daughter share a violin
teacher, but she makes sure to have
What if ‘Fifty
Shades Darker’
starred Lego
characters?
Saturday/Sunday, February 4 - 5, 2017 | C11
her own lesson separately, not with
her daughter. “I am trying not to
stress her out!” she jokes.
She’s found that people are ca-
pable of making just about any-
thing feel like a stressful, high-
stakes activity. “Some of the
greatest chokes are on the Olympic
stage, but they also happen when
you can’t say eloquently what you
want to say in a meeting,” she says.
Even parallel parking can cause
panic. When her husband is in the
car, Dr. Beilock says that she often
has trouble. “I’m really good when
he’s not there,” she says.
Overthinking often trips people
up. “It’s paralysis by analysis,” she
says—people get confused when
they think too much about what
they’re doing.
At her lab—the Human Perfor-
mance Laboratory, where she is di-
rector—Dr. Beilock and her col-
leagues explore the physiological
mechanisms by which people buckle
under pressure. They have mea-
sured the amount of cortisol in a
person’s saliva to gauge stress lev-
els and have used neuroimaging to
see which areas of the brain are ac-
tivated during high-pressure situa-
tions. They also have tested reac-
tion time and accuracy to
understand, for instance, why golf-
ers choke in front of spectators.
She has often used golfers in
her research. For one thing, it’s
had they been made with popular
toys instead of Vin Diesel. The
“Ghostbusters” remake might have
done a lot better as “The Play-Doh
Ghostbusters.” The same holds
true for “The Beanie Babies Ben-
Hur Movie,” “The Etch A Sketch
Deepwater Horizon” and “The
ZhuZhu Pets Billy Lynn’s Long
Halftime Walk.”
Nor should the horror genre be
overlooked. In “The Ring” and
“The Ring Two,” anyone who
watches a creepy videotape dies
within seven days. In the latest in-
stallment—“Rings,” which comes
to theaters this weekend—a sec-
ond creepy video is hidden in-
side the first creepy video.
What would be really, really
bloodcurdling would be a two-
toy-branded “Rings” with a
scary little Lego girl slithering
out of the TV set and an even
scarier little Playmobil girl right
behind her.
If you want to take the
easy to stress them out by getting
them to think about the technical
aspects of their swing. If you re-
ally want to mess with a golfer’s
game, she says, you could just say,
“That was a great shot! What were
you doing with your elbow?”
As a general piece of advice, she
encourages people to write down
their worries before an event. In a
paper published in the journal Sci-
ence in 2011, she studied groups of
students about to take a test. Those
who spent 10 minutes before the
test writing down their worries
scored higher than those who
didn’t, and especially students who
reported being anxious about tests
got higher scores.
“When we’re worried, it cap-
tures our attention,” says Dr.
Beilock. “It’s like doing two things
at once.” Since we only have a lim-
ited amount of attention, she says,
it’s hard to recall information and
worry at the same time. Writing it
all down makes the worries con-
crete and helps to prevent them
“from popping up and distracting
you,” she says.
Dr. Beilock also has found that
“pausing the choke,” such as taking
a break to meditate or to take a
walk during a stressful situation
like an argument, can calm us. “We
think of the mind as telling the
body what to do,” she says, “but it’s
not a one-way street.”
premise a bit further and go com-
pletely retro, how about “The My
Little Pony Texas Chainsaw Massa-
cre Movie”? Or “The Muppets’
Nightmare on Elm Street”? Or even
“The Cabbage Patch Kids Saw IV”?
Right now, Lego is making a ma-
jor push to be a Tinseltown player.
But it would be a pity if all the
other toy companies ceded this
vast pop cultural terrain to Lego.
And it would be an even greater
mistake if Hollywood limited its ar-
tistic vision to kid stuff.
It would be thrilling to see toy
companies and movie studios pool
their resources to make far more
ambitious and daring films. “The
Mr. Potato Head Revenant” imme-
diately comes to mind, as does
“The Super Soaker Manchester by
the Sea.” Not to mention a best-
foreign-film Oscar nominee like
NISHANT CHOKSI
Sweden’s “The Tickle Me Elmo a
Man Called Ove.” If that doesn’t
get the turnstiles moving, I don’t
know what will.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C12 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

REVIEW

EXHIBIT

CHURCHILL’S UNDERGROUND LAIR

B

HOW TENSE did Winston Churchill get at War Cabinet meetings during World War
II? The arms of his chair provide one clue: He dug his nails into the wood, leaving
behind deep scratches. A photograph of that chair and other images of the British
prime minister’s wartime headquarters in London are showcased in the new book
C “Secrets of Churchill’s War Rooms” (University of Chicago Press, $45), by Jonathan
Asbury. The underground complex of about 150 rooms is now part of the Imperial War Museum. Churchill
didn’t enjoy his time underground, though he was fond of the Map Room, the war rooms’ nerve center.
Down the hall was the Cabinet Room. When he walked into it for the first time as prime minister in 1940,
Churchill declared, “This is the room from which I’ll direct the war.” —Alexandra Wolfe D

E
F
A. A ‘Quiet Please’ sign was posted near Churchill’s personal
quarters. B. This hallway was reinforced with concrete in the
winter of 1940 to help make the complex more bomb-resistant.
C. The other half of this sign reads ‘Warning,’ to indicate an im-
minent threat. D. Churchill sitting in the No. 10 Annex Map
Room, directly above the underground War Rooms, 1945. E. This
main corridor stretches about 250 feet, connecting the Cabinet
Room, Churchill’s bedroom and the Map Room, among other of-
fices. F. The heads of the British army, navy and air force sat in J
the center of the Cabinet Room, directly across from the prime
minister. G.-H. Churchill is said to have spent the night in this
bedroom three times. The room also had microphones, which he
used to broadcast speeches over the radio. I. A calendar in the
Map Room shows the last day the War Rooms were used, after
Japan surrendered. J. A detail from the Annex Map Room. I
H

©IWM

PLAYLIST: MARGOT LEE SHETTERLY

The Road to ‘Hidden Figures’

Nina Simone’s ‘To Be Young, Gifted and Black’
transports the author to NASA’s glory days
Margot Lee Shetterly, 47, is the author of years later, listening to a black woman sing
“Hidden Figures” (William Morrow), the with such confidence didn’t come as a shock.
story of four black female mathematicians I had grown up hearing Aretha Franklin,
who worked for NASA in the 1960s. Her Gladys Knight and so many other great fe-
book was recently made into a movie. She male artists sing, not to mention women
spoke with Marc Myers. singing in church.
What stood out was how Nina sang the
My father was an atmospheric scientist at song and how it was arranged. Delivered in
NASA in Virginia, and my mother was an her earthy, insistent voice, “To Be Young,
EVERETT COLLECTION

English professor at Hampton University, a
historically black college. When I was little
in the mid-1970s, my mother often took me
to cultural events on campus. That’s where
I first heard a choir sing “TO BE YOUNG,
GIFTED AND BLACK.”
At the time, I didn’t know that Weldon
Irvine had written the lyric in tribute to
playwright Lorraine Hansberry, who wrote
“A Raisin in the Sun” and died at age 34.
Or that Nina Simone had written the music
and first recorded the song in 1969.
Of course, when I heard the single some
Gifted and Black” was exuberant, proud
and political.
The single opens with Nina playing a pi-
ano run, followed by a large gospel choir
singing. Nina joins in and leads, and the
expansive music rushes at you like a wall
of sound:
“Young, gifted and black / Oh what a
lovely precious dream / To be young,
gifted and black / Open your heart to what
I mean.”
To me, the song is about being on cen-
ter stage, about saying to oneself, “I’m
NINA SIMONE
performing in
June 1965.
supposed to be here, and I’m not making
any apologies for that.”
I grew up in a household that embraced
the space program’s optimism about the fu-
ture. I heard that same hope in Nina’s voice.
It’s not subtle or shy but a direct statement
about personal freedom and self-worth.
While writing my book “Hidden Fig-
ures,” I felt transported by the song, and I
relived what these NASA women and their
generation of black Americans experi-
enced. I also was reminded of the hope
that we all share—to be seen and to see
ourselves as fully realized.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | C13

PLAY
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal
VARSITY MATH Provided by the National Museum of Mathematics

1. A Chinese-born billionaire liv- boom, what are brewers doing to It’s game night for the Varsity Math team members, but Puny Pegs
ing in Hong Kong has gone miss- reverse falling sales of the sometime during the evening they become intrigued by what would Raven is playing peg
ing, amid suspicions of foul play cheapest suds? happen if they played their games on tiny boards. solitaire. Different puzzles
by China. What’s his name? have different

A. Giving them funny names starting
Small Sudoku configurations,

A. Xiao Jianhua
B. Offering free “Deplorable Ariel is solving but all of the

B. Xiao Yongming Me!” hats with every 12-pack Sudoku puzzles. pegs are on

C. Yang Xiaoqing
C. Boasting of more Interna- Inspired by the grid points

D. Zhou Xiaoguang tional Bitterness Units the of a square

D. Adding ounces and cans to evening’s grid. On each
packages without raising prices theme, turn, you can
Ariel jump any peg
2. The
thinks over any other adjacent peg
Transpor- about 4-
tation De- 6. What company approached horizontally or vertically,
by-4 removing the peg jumped
partment Macy’s about a takeover? puzzles, over.
is con- in which The diagram shows a 6-by-6
cerned
A. Hudson’s Bay the solution game in progress, where
with dogs
B. Sears, Roebuck must contain black circles represent pegs
lately. Why?
C. Marshall Field each of the and white circles represent

D. Bonwit Teller numbers 1 through 4 empty spaces. Peg A could

A. Dogsled accidents are way in each row, in each column, and in jump over either peg B or
up. each of the 2-by-2 squares in the peg C, removing that peg
7. Among major economies, corners of the grid. In the example and landing on space D or

B. The barring of dogs but diagram, the space labeled with a “?” must be
not cats by airlines could be un- which is the most closed to for- space E, respectively. It can’t
filled with a three, because the lower left 2-by-2 jump over peg F because it
lawful discrimination. eign investment, per the OECD? already has a 1, a 2 and a 4. isn’t adjacent, and it can’t

C. More people are bringing What is the smallest number of clues (filled-

A. Brazil jump over peg G because the
“emotional support animals” in squares) that can be given for a 4-by-4 space where it would land is
aboard flights.
B. Russia sudoku so that it will have a unique solution? In occupied.

D. Dog-riding remains legal in
C. India other words, so that there will only be one way What is the smallest
many states.
D. China to fill in the rest of the squares while obeying square board for peg
all the rules? solitaire in which you can
start with every grid point
3. Pakistan’s bourgeoisie is boom- 8. President Donald Trump fired For previous weeks’ puzzles, and to discuss
except one occupied and end
ing. According to market research the acting attorney general. Who strategies with other solvers, go to WSJ.com/puzzle. up with all but one empty?
last year, how many people there was that? ILLUSTRATION BY LUCI GUTIÉRREZ
are middle- or upper-class?

A. Richard Yates

A. 24 million
B. Sally Yates + Learn more about the National Museum of Mathematics (MoMath) at momath.org

B. 44 million
C. Sally Hansen

C. 64 million
D. David Salle SOLUTIONS TO LAST WEEK’S PUZZLES

D. 84 million Left, Right and Center Insurance Exchange
9. The Atlanta Falcons’ Matt ACROSS LEFT 1. SEPTUM (anag.) R A C I A L R EWE D S P A N E T T A
S E P T UM P P A I R E D E R O I C A I R O B O T C L A S H E D
4. Facebook got a $900 million Ryan is the less-famous quarter- 5. AS + IAGO 6. MIN(C)ER 7. B + A S I A G O A E R R A T A
M E D I A C O V E R A G E T E M P E R S
U S E C I N E M Y E R S P A N A M A
windfall—from what? back in tomorrow’s Super Bowl. LOTTO 8. AT + TICS 9. SHELVE (hid.)
M I N C E R R S K A T E R S T R A I N E R S N A C H T T I L

Where did he go to college? 11. A + SSERT (“tress” rev.) 13. LA + B A G G A G E C L A I M H O R N E

TINA 15. PR(O)OFS 16. H(INT)AT

B L O T T O T T A T A M I A R A B S T R A Y D O E P I G S
FROM TOP: ISTOCK; ASSOCIATED PRESS

L A I R C D E A P R O N S P E C

A. Charging users by the 17. A + VIp + ATE 18. SPA(SM)S A T T I C S I O L E F I N S Y R F L I G H T R I S K C A R A F E

“like”
A. University of Michigan S H E L V E S S K I I N G A

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B. Stanford University DOWN LEFT 1. SAM BASs 2. P(IN)OT A S S E R T A T E N A N T I N A S N I T N E A Y E N T E G O N

A S F A C T P AWN B R O K E R E D D

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D. Bard College 10. ESTONIA (anag.) 11. ALP + HAS
cushions 12. TASTES (anag.) 14. I(OTA)S (“oat” H I N T A T H S H R U B S
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5. ER(RAT)A 6. S(KATE)R 7. TATAMI
5. Battered by the craft-beer (anag.) 8. OLE + FIN 9. SKIING (anag.) Varsity Math
DOWN RIGHT 1. PES(T)OS 2. I +
11. TEN(AN)T 13. EL NIÑO (anag.) RATE 3. RATAFIA (anag.) 4. DARIN + The angles called for by last week’s
To see answers, please 15. E + LANDS 16. SH + RUBS G 10. INN(A + RD)S 11. TE(ESU)P problems, The Second Bisection

turn to page C4. 17. UPDIKE (hid. rev.) 18. POS(T)ED (rev.) 12. TO + SS + ED 14. I + NUIT The Third Circle, are both 60 degrees.

THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 46 Big name in jets
47 Didn’t take the 1
19 20 21 22
trophy
23 24 25 48 Far from ruddy 2
26 27 28 29 30 50 Renaissance 3
artist Albrecht
31 32 33 34 35 52 They may be 4
36 37 38 39 dressed in pads

40 41 42 43 44 45 46 47 48
53 Depends on 5
58 “I give!”
49 50 51 52 53 54 59 Knock down ___ 6
61 Call’s companion
55 56 57 58 59
62 1994 pact
7
60 61 62 63 64 in English,
French and 8
65 66 67 68
Spanish
69 70 71 72 73 74 75 76 77 64 Forrest in the
9
Pro Football Hall
78 79 80 81 82
of Fame
10
83 84 85 86 87 65 Amgen’s 11
industry
88 89 90 91 92
67 Play-Doh 12
93 94 95 96 company
97 98 99 100 101 102 103 104 105 106
69 Michael of 13
“Juno”
107 108 109 110 70 Sapporo sashes 14
71 Stock exchange?
111 112 113 114 115 116 117
72 CPR pros Loop-the-Loop | by Patrick Berry
118 119 120
74 “Metropolis” Answers fit into this grid in two 7 • “Have at it, everyone!” • Decisive defeat for the
121 122 123 director Fritz ways, Rows and Loops. Each Row (2 wds.) First French Empire (8)
75 Subpoena, e.g. contains two consecutive answers
• Wayne Manor’s command • “Seinfeld” surname (8)
Missing the Big Game | by Alex Eaton-Salners 76 Sty cry clued in order of appearance. The
center
77 Heed answer to each Loop clue will • Screens of crisscrossed
Across 49 Hindu dietary 93 Tired mover? 7 Wrap up by 80 Country sound occupy one of the grid’s heavily 8 • Athens in 1896, famously slats (8)
1 The U.S.’s first guideline? 94 Forwarded 8 Chilling outlined loops, starting in any
82 Somewhat (2 wds.) • Paranoia that prompted
multimillionaire 51 Will of “Blue 96 Something to 9 Chickadee’s square and reading clockwise or
84 One bound for • Günter Grass’s birthplace the Hollywood blacklist
6 Didn’t bother Bloods” ruminate on kin the pound counterclockwise, as shown in the
12 Paul McCartney, 54 Flying Cloud and 97 Very best wurst? 10 Avril Lavigne’s CIRCULAR example. 9 • Devices that can rotate (3,5)
86 Skin soother
Speed Wagon, “Sk8er ___” • Reprimanded at length (8)
e.g.
e.g.
101 Some have 87 Choice, as a job in any direction
19 “Doctor Who” built-in 11 DDE’s 1940s U C I R • English parish priest’s
55 Served as 89 Jones of “Angie • Sixth of an inch, to
genre teleprompters command
Tribeca” L R I C C U
56 Subject of Keats’s 12 Chef’s herb typographers homestead (8)
20 The least bit 107 Sound on
91 Suffix with A R C R A L
“O Attic shape!” entering the 13 Field workers 10 • Attic beam • Knocked about by strong
22 Falcons’ home Manhattan or
57 Author Welty Jacuzzi 14 Blotto Loop clues are ordered by length winds (8)
23 Greenskeeper’s Brooklyn • Idol à la Billy Idol (2 wds.)
charity? 59 Shame 108 Hopped up 15 Didn’t play
(shown in parentheses after each
94 Belgium-to- • Editor’s spot in a newspaper
25 Strove to achieve 60 Halftime spots 109 Greedy desire 16 Impress, as an Switzerland dir.
clue) but otherwise randomly, so 11 • Team leader’s concern
61 Bond portrayer use the Row answers to determine office (4,4)
26 Paleozoic, 110 Dressy affair idea 95 Starfleet’s base • Easings of political
before Craig where each Loop belongs. • Disclosed (8)
Mesozoic and 111 Tied the knot 17 Keep for later 96 Battle of tensions
Cenozoic 63 Get-together on 113 Title for a 18 Pieman’s wares Normandy city • They don’t play by the rules
27 Scorch a ladder? synopsis of pie
12 • Pretender
21 Declare void 97 Far from ruddy (8)
28 They’re hit on 65 Queen’s and brittle • Performers who’ll do
attendant 24 WWII 98 Maureen of • Casually mention famous
their heads recipes? “Miracle on 34th Rows anything for a laugh
entertainment
30 Its first line went 66 Second-hand 118 Trample centers Street” friends (4-4)
items? 1 • Person who’s left the 13 • “That’s admittedly true”
from City Hall to 119 Gloria Estefan, 29 Six-pack 99 Less gregarious • Must-have items (10)
145th St. 68 Half of a 1990s by birth makeup
office, say • Gentle Cycle detergent
cartoon duo 100 Having a slight • Establishes connections
31 Beams up, e.g. 120 NRG Stadium, 32 Grunt lead • Pay-cable channel brand
33 Curses directed 69 Setting for some for Super Bowl LI between (10)
fishy jokes? 33 Period 102 Plain-spoken launched in 1980 14 • Lead on
at a happy 121 Gridiron gains • Tale often told around a
73 Anchor’s stretch 34 Revealed to the 103 “The Red Badge 2 • Domestic flight? • Sideways football passes
couple? 122 Fortitude campfire (5,5)
world of Courage”
36 DDE’s rival in 75 Took the trophy 123 Some body 35 Like commuter author • Jazz saxophonist John Loops • Buenos Aires natives (10)
1952 and 1956 78 Kindle download problems towns 104 Wilson of “The 3 • Reception worker • Word spoken while • Like mortgages offered by
37 Non-alcoholic 79 Dull finishes Down Office”
beer brand 38 Best • Literary genre that usually uncovering one’s eyes (8)
81 Dip, as stock 1 Balance sheet 105 Language from predatory lenders (8-4)
39 Ranchero 40 “Take a Chance ends happily • Rub the wrong way (8)
prices entry on Me” group which “Alaska” • Test taken by prospective
sobriquet 82 Alvin and the comes
2 Get a touchdown, 41 Andre in the 4 • Fling with force • Pot on the floor of a students (8,4)
40 “Love’s shadows Chipmunks, e.g. 106 Targets for
say Pro Football Hall • 1942 horror film later Wild West saloon (8) • What VIPs who fear for
___ rich in joy”: 83 Anarchic event crackers
3 Affected by the of Fame
Romeo
84 Shake insert 112 Pop remade with Nastassia • Rustic homeless shelter of their lives might demand
43 Doc Brown’s moon, in a way 42 They’re open
85 Center of a daily 114 Denver omelet Kinski (2 wds.) yore (4,4) (6,6)
first name in 4 It follows the
the “Back to the trampoline? Super Bowl 43 River through ingredient 5 • Was on TV
Get the solutions to this week’s Journal Weekend Puzzles in next
s

Future” movies 88 States firmly 5 Sugar Loaf Aragon 115 Fruit sampler • Digest quickly (Hyph.)
45 Control center 90 On Mountain 44 Haberdasher’s 116 Gillette Stadium Saturday’s Wall Street Journal. Solve crosswords and acrostics
for the heart 92 Pancake served location inventory player, for short 6 • Babysitters’ banes online, get pointers on solving cryptic puzzles and discuss all of the
and lungs with applesauce 6 Solitude seeker 45 Have in mind 117 Boxers’ letters? • Briefly reviews (2 wds.) puzzles online at WSJ.com/Puzzles.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C14 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

REVIEW
‘ABSTRACT
PAINTING (946-3)’
from 2016 will be part
of the Gerhard Richter
show in Cologne.

Richter’s Late-Life Bloom

A museum in Germany
shows a flurry of new work
BY J.S. MARCUS
GERMAN ARTIST Gerhard Richter turns 85
next Thursday, and a museum in his home city
of Cologne will use the opportunity to mount
an eye-catching birthday celebration: an exhi-
bition bursting with his new paintings.
What’s unusual is that Mr. Richter will un-
veil 26 abstract works all completed in 2016 in
a museum rather than in a commercial gallery.
The artist’s highly productive 85th year recalls
the “late style” of artists from Titian to Pi-
casso. For centuries, the twilight of an artist’s
life was often looked down on as “a period of
decline or stagnation,” says Sam Smiles, a pro-
fessor emeritus of art history at Britain’s
Plymouth University and co-editor of the re-
cent book of essays, “Late Style and its Discon-
tents.” But since around 1900, he says, critics
and audiences have been more willing to view
the output of a great artist’s later years as a “a
sudden, final flaring up of creative light—and
a kind of triumph.”
Mr. Richter holds the auction record for
work by a living European artist: In February
2015, one of his enormous abstract oils sold
for more than $46 million in an auction at So-
theby’s London. Buyers needn’t inquire about
the new works yet. After the show at Cologne’s
Museum Ludwig and a subsequent exhibition
stop in Dresden, the artist plans to keep the
new pictures “for himself,” says Dietmar Elger,
the German art historian who is the editor and
chief author of Mr. Richter’s au-
thoritative catalog of paintings.
The new paintings are the lat- ‘He allows
est in a series dating back to the
1970s. By the mid-1980s, Mr. Rich-
the paint
ter had established his now signa- to behave
ture abstract style, creating works
on canvas, panel and aluminum,
in its own
using specially constructed squee- way,’ says
gees to apply and remove paint
layers. The artist tends to work on
a friend.
several paintings at once, altering
the colored surfaces in tandem.
Although Mr. Richter can anticipate the effect
of the squeegee, he cannot entirely control it,
and that’s the point, says longtime friend Die-
ter Schwarz, a spokesman for the artist.
“Chance is very important to Richter,” says
Mr. Schwarz, director of Switzerland’s Kunst-
museum Winterthur, known for its collection
of Richter drawings. “He allows the paint to
behave in its own way.”
Rita Kersting, the Museum Ludwig’s deputy
director, says that the squeegee technique
helps Mr. Richter depersonalize his paintings
by “hiding the hand of the artist.” As if to em-
phasize their impersonal quality, Mr. Richter
gives his paintings serial numbers that are
part of their titles, corresponding to their
place in his career catalog. Ms. Kersting says
that Mr. Richter has used a
kitchen knife to complete the sur-
faces of some of his new paint-
ings. In the resulting effect, Ms.
Kersting detects a subtle attempt
to add something more per-
sonal—a hint of the artist’s own
hand.
In addition to the 26 new ab-
stract pictures, the Cologne show,
“Gerhard Richter: New Paintings,”
includes “Zwei Grau—Two Greys
(948),” a new work of enameled
glass with a mirrorlike effect. The 50-item ex-
hibition also features all the Richter holdings
of the Museum Ludwig and a few works from
the artist’s private collection.
Mr. Richter grew up in Nazi Germany and
came of age as an artist in communist East
Germany, fleeing to the West in 1961, months
before the building of the Berlin Wall. He first
came to prominence in the 1960s with paint-
ings based on photographs, like his 1966 work
“Ema,” showing a nude woman on a staircase.
It is on view in the new exhibition.
As Richter-watchers gear up for the new
work in Cologne, the commercial art world
has been busy with the artist as well. New
York auction house Phillips is revisiting Mr.
Richter’s pioneering squeegee works in a
small show, “Abstract Painting,” named after
the artist’s ongoing series. The show features
three large-scale abstracts created from 1985
to 1991. Phillips has sought private sales and
says there are now holds on all three works.
Each is valued at between $15 million and $25
million, says Robert Manley, Phillips deputy
chairman. (A private collector has lent a
fourth 1980s picture for the show.)
In London, Sotheby’s is getting ready to sell
“Iceberg,” a painting in Mr. Richter’s photore-
alist series. A painting by the German roman-
tic Caspar David Friedrich inspired Mr. Rich-
ter’s 1982 painting, which is based on photos
Mr. Richter took in Greenland. Sotheby’s is
showing “Iceberg” through Monday in New
York ahead of its March auction, where it has
a presale estimate of about $10 million to $15
million.
Ms. Kersting sees little evidence of a falloff
in quality on the part of the octogenarian Mr.
Richter: “There is incredible depth, and the
colors are glowing.”

GERHARD RICHTER, 2016

MASTERPIECE: ’THE DEATH OF IVAN ILYICH’ (1886), BY LEO TOLSTOY

REDEMPTION AT
him on his deathbed, Gerasim.
Gerasim is everything Ilyich is not:
humble, poor, devout and selfless.

THE VERY END His material poverty contrasts with

BY JORDAN MICHAEL SMITH
IN 2004, Oprah Winfrey selected
“Anna Karenina” for her Book Club,
making Tolstoy’s 19th-century novel
an unlikely best seller in the 21st. At
more than 850 pages, “Anna” is a
daunting work, presumably still un-
finished by many of Oprah’s followers
who purchased it. She might have
his spiritual richness. Ilyich finds
comfort in his presence as he ex-
ways. “Every time I read it, I find pires, managing to learn from
my world put under an intense, un- Gerasim right before his last breath.
forgiving microscope,” the novelist The directness, seriousness and
Zadie Smith has said. plainness of “Ilyich” make it almost
Tolstoy’s microscope could in- a Christian parable. Perhaps if the
deed be unforgiving. Most of the novella lacked psychological acuity
characters surrounding Ilyich fail to and verisimilitude, it would be too
achieve his measure of last-minute moralizing to be gratifying. Many
grace. The novella opens with Ily- of Tolstoy’s writings from this time
ich’s colleagues—he was a judge, are religious parables and essays.
RYAN INZANA

been better off selecting “The Death
of Ivan Ilyich,” which is about 75
pages. But “Ilyich” has not been read
as widely as “Anna” and
“War and Peace,” Tolstoy’s
other great novel. That is a A wasted
shame, because “Ilyich” is
every bit their equal, per-
life; a
haps the greatest novella moment
ever written.
The story is simple: A
of grace.
man on this deathbed re-
alizes he has wasted his
life by living badly, and he is terri-
fied of his swiftly approaching
death. The plot’s minimalism enables
Tolstoy to focus the reader’s atten-
tion on Ilyich’s life, illness and spiri-
tual crisis. Though the subject mat-
ter mostly ranges from depressing to
morbid, “Ilyich” achieves a measure
of redemption in the closing lines of
the book. In portraying the life and
death of a man with such force and
clarity, Tolstoy suggests readers
should live their own lives in better
which is the spiritual equivalent in
Tolstoy’s fiction of being the Rus-
sian in a Bond film—learning about
his death. Each of them
instantly imagines what
Ilyich’s death means for his
own professional life, and
thinks of how grateful he is
that it is Ilyich, not he,
who has died. The de-
ceased judge’s best friend
hurries to his funeral,
where he competes with
Ilyich’s widow in seeing who can pre-
tend to be devastated more. The mix-
ture of selfishness and disingenuous-
ness on display is contemptible but
also extraordinarily recognizable.
“Ivan Ilyich’s life had been most
simple and most ordinary and there-
fore most terrible,” reads the open-
ing of the second part of the story.
Few other lines in Tolstoy’s oeuvre
so well demonstrate his unmatched
ability to succinctly, horribly encap-
sulate a character. Ilyich is a pleas-
ant, competent fellow who has lived
a pleasant, competent life. In his 45
years, he has always aimed to please
his social betters, moving up in the
world as he did. In exchange for lux-
ury and status, Ilyich sacrificed au-
thenticity and intimacy.
That deal results in a spiritual
barrenness that leaves him ill-
equipped to deal with the specter of
death. As a mysterious illness over-
comes him, Ilyich is faced with a
mortality he never acknowledged.
Exactly like his colleagues, Ilyich had
always presumed that death was
something reserved for other people.
Now he realizes its inescapability,
and he is tormented. “Ivan Ilyich,
with all my feelings and thoughts—
for me it’s another matter. And it
cannot be that I should die. It would
be terrible,” he thinks.
All of this might be too morose to
be enjoyable were it not for Tolstoy’s
unmatched skill in rendering lifelike
characters and situations. What
makes “Ilyich” chill-inducing is its re-
latability. Avoiding thoughts about
death in favor of superficialities is
not a flaw reserved for 19th-century
Russian magistrates. The sheer hor-
ror that merely considering death in-
duces is universal, and it is replicated
in this book as in no other.
But while death might be as inevi-
table as taxation, a poorly lived life
is a choice. Ilyich’s last days are
worsened tremendously by his real-
ization that he has squandered his
short time on earth with trivialities.
His shallowness is contrasted with
that of the servant who attends to
After writing “War and Peace”
(1869) and “Anna Karenina” (1877),
he came to feel that writing any-
thing that didn’t spread Christ’s
message was frivolous. He made
something of an exception for “Ily-
ich,” though the book is as religious
in its own way, and far more effec-
tive in delivering its message, than
his parables like, say, “How Much
Land Does a Man Need?” (1886).
There is drama in seeing Ilyich’s
life recalled, and though we know
from the book’s opening lines that
he will die, the manner in which his
death unfolds is a surprise, as is the
ending. And that is what ultimately
makes “The Death of Ivan Ilyich” a
masterpiece: Ilyich’s redemption can
be ours, too.
Mr. Smith, a writer in New York,
has written about Leo Tolstoy for
the American Interest and the
Weekly Standard.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

Valentine’s Day Dan Neil on the

gifts that are (theatrically
literally wide) Ford F-150
heartfelt Raptor truck
D3 D10

EATING | DRINKING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, February 4 - 5, 2017 | D1

How Pho
Will You Go?
You may know it as a beefy noodle soup, but why
confine Vietnam’s national dish to the same old
bowl? With riffs on the recipe ranging
from dumplings to burritos to
cocktails, it’s time to expand
your pho-rizons

BY ANDREA NGUYEN

T
HIRTY YEARS AGO, writ-
ing for a newspaper in the
U.S., I would have had to
provide a definition of
“pho,” a word then unfa-
miliar to so many readers. In this very
publication, in 2013, an article defined
the dish as “rice noodles swimming in
broth, topped by a bit of meat (usually
beef) and accompanied by a plate of
garnishes like greens, sprouts, lime
wedges and hot pepper slices.” Indeed,
this is the version of the Vietnamese
national dish now known and loved far
beyond the borders of its native land.
But that’s only the beginning. “Pho”
actually denotes both the noodle soup
and the flat rice noodle itself; the dish
may be served as noodles in broth or,
sans broth, pan-fried or stir-fried or re-
packaged in any number of ways. Trav-
eling in Vietnam, I’ve found deep-fried
pho noodles topped with a saucy stir-
fry; chicken pho noodle salad with
broth on the side; pho rolls filled with
stir-fried beef and lettuce; and even a
pho cocktail of gin and Cointreau suf-
fused with star anise, chili and other
pho-ish aromatics, at a Hanoi hotel.
Stateside, I’ve seen pho sandwiches and
pho burritos take hold in Los Angeles. A
Brooklyn outfit is making pho dump-
lings. I could go on.
The soup version alone comes in
countless variations, thanks to genera-
tions of creative and entrepreneurial
Vietnamese cooks. Chicken pho was
concocted around 1930 because of beef
shortages. Buddhist restaurants have
served up vegetarian pho with tofu and
mock meats for decades.
I fell for the beefy soup when I was PHO REAL The recipe for
5 years old, perched on a wooden this chicken pho (on page D8)
bench at my parent’s favorite pho joint comes together in under
in Saigon. The adults watched in 45 minutes.
Please turn to page D8
JOHN LEE

[ INSIDE ]

FALL GUYS
Our guide to the key trends from the 2017 FLOWER SCHOOL
Autumn/Winter runways D2 An arrangement inspired by a piece of
Sheila Hicks’s textile art D6

FINER CHINA
Now open to
tourists: the lush,
remote region near UPSET BY YOUR SET?
Shangri-La With tech-advances plateauing and prices
D4 low, now’s the time to buy a new TV D9
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D2 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

THE ONE SHEET

Anglo Angles
Designers toyed with
all manner of Anglo-
influenced checks. In
some looks, the inter-
sections were modernly
mismatched, like Wooy-
From relatable clothes—camel coats, Fair Isle knits—to a Supreme moment oungmi’s pairing of
jacket and pants in two
of high-fashion hype, the men’s fall 2017 runway shows ran the gamut. different plaids. Other
A guide to the top trends from London, Milan, Paris and New York labels played it tradi-
tional—see Balenciaga’s
countryside-ready
checked overcoat. From
left: Valentino, Balen-
ciaga, MP Massimo Pi-
ombo and Wooyoungmi

Hump
Days
Our forecast for next
winter: perhaps a bliz-
zard or two, and a whole
lot of camel. While the
tawny-hued overcoats
aren’t a novel concept in
menswear, this season
designers full-throatedly
embraced the staple,
each giving it an unusual
spin. Exhibit A: Berluti’s
fuzzy, fur-collared rendi-
tion; and B: Acne’s
thick-as-a-gold-brick
iteration. Already have
camel in your closet?
Don’t worry, that’ll work
too. From left: Acne
Studios, Berluti and
Salvatore Ferragamo

The Creative
Cadet
Military style for
fall is not just about
camo and field jack-
ets. Designers
pushed past stan-
dard tactics, un-
leashing ballistic
straps, maxing out
Make It a Double cargo pockets and
incorporating quilt-
All year, fashion watchdogs (including those at WSJ) have wondered if the suit was heading the way of the dodo. ing a la bulletproof
After a month of fashion shows, we can officially declare that all the hand-wringing was for naught. Brands aren’t vests. From left:
eschewing suits—in fact, they’re literally doubling down. Out in full force on the runways: Broad, double-breasted Christopher Raeburn,
suits, often shown in a looser cuts like those at E. Tautz and tailoring stalwart Ermenegildo Zegna. Safe to say: the Julien David, Craig
suit is here to stay. From left: E. Tautz, Giorgio Armani, Lemaire, Haider Ackermann and Ermenegildo Zegna Green and OAMC

Haute
Hygge
It’s possible that in this
uncertain time, design-
ers were hankering for
hygge—the Scandi-
navian-style cozi-
ness that’s become
as over-referenced
as wabi-sabi. Enter
the graphic sweater.
J.W. Anderson
took cues from the
granny crew with
quaintly crocheted
pieces. Prada got
folksy with a quilt
motif, while Raf Si-
mons paid homage
to his new NYC
The Wheel Deal home and Dries Van
Ever wondered what pop-culture stoner icon Jeff Spicoli would have worn if Noten rolled out
he had actually graduated from Ridgemont High? The fall runways offered one some reverent and
potential answer, with labels such as Louis Vuitton and Off-White revisiting rustic Fair Isles. From
tropes of 1980s and ’90s skate- and surfwear—checker prints, techy anoraks left: J.W. Anderson,
and washed denim—and taking them to a grown-up and often luxurious new Prada, Raf Simons
place. From left: Lanvin, Louis Vuitton, Ami, Patrik Ervell and Off-White and Dries Van Noten

Where was Gucci?

What about Michael
Kors? How about
Jil Sander?
These major labels were
not seen on the runways
this menswear season.
Some, like Gucci, Bottega
Veneta and Michael Kors,

The Collabo will be showing their fall

collections in tandem with

Craze their women’s collections

LUDWIG BONNET (LOUIS VUITTON); SHOJI FUJII (JULIEN DAVID); GETTY (E. TAUTZ)

later this month—a growing

It takes a lot to impress Kate Moss, trend—while others like Jil
David Beckham and countless jaded Sander and Brioni took the
fashion editors, but Louis Vuitton did just season off entirely. The
that on day two of Paris fashion week, rolling out plus side? Their absence al-
a collaboration with New York’s infamous kings of cool, lowed brands that would oth-
skate brand Supreme. The dual-logoed items, including erwise be marginalized to find
fanny packs (near right), camo jackets and a skateboard their way into the spotlight.
case, were buzzed about all week. The same week, Two such labels were Martine
Japanese label Sacai partnered with American outdoor Rose, which returned to the
outfitter the North Face, while Junya Watanabe rolled London catwalks after a four-
out a collection that included no less than 12 collabora- year hiatus with a modish,
tions with brands including the North Face (far right), suit-and-tie-rich collection
Carhartt and Levi's. For his part, Russian designer Gosha (right) and Milanese brand
Rubchinskiy debuted a collaboration with Adidas Football Sunnei, which made its mark
(above) that will continue through the 2018 World Cup with a spirited show of bright
in Moscow. It looks like teamwork is the new black. pieces that would seem per-
fectly at home in David Hock-
ney’s closet. —Jacob Gallagher
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | D3

STYLE & FASHION

Undone and Done

Deconstruction ripped GIVE PIECED A CHANCE // ACCESSIBLE DECON FASHION

through spring shows.

Here, how to wear it
and look put-together

BY NANDINI WOLFE

T
HE MEN’S SHIRT:
It’s a classic garment
that’s long been
a staple in women’s
wardrobes. Even in
its endless variations—slim,
striped, made of slippery silk—
it’s still familiar.
That wasn’t quite the case, how-
ever, with the shirts on the spring
runways. Collars were tugged
aside, exposing a single bare
shoulder, cuffs were uneven and
extra-long. There was mis-button- Pair Sacai’s
ing as well as mismatching of vari- skirt of pleated
ous kinds of banker-ish stripes. broderie anglaise and
And none of it seemed to be a mis- organza with a white
take. At Céline in Paris, a corn- T-shirt and dark car-
flower-blue button-up had been digan. Skirt, $1,205,
flipped backward, elongated and, net-a-porter.com
with the addition of a pretty
pleated skirt, turned into an avant-
garde, drop-waist dress. This was
not business as usual. Designer Simone
Rocha patchworked
seven fabrics for this
sweetly subversive
‘A deconstructed shirt dress. Try it with sneak-
makes you look relevant. ers, as she advised.
Dress, $5,200, Simone
You stand out.’
GETTY IMAGES (HILL); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (SHIRT) AND JILL TELESNICKI (DRESS)

Rocha, 646-810-4785

For the fashion-savvy woman SLIP AWAY Taking

taking it all in, it was clear that
deconstruction, always a provoca-
tive look, had reared its deliber-
ately messy head.
The D-word is one of those
fashion terms that’s bandied about
but perhaps not entirely under-
stood. “Deconstruction is a con-
cept that goes back to architec-
ture,” said Kaat Debo, director of
Antwerp’s Mode Museum. “It
means taking apart something ex-
isting, the building blocks—of a
building or a garment—and then
reshuffling the parts and making
something new out of it.” That
could mean a vintage leather
jacket fashioned into a skirt. Or a
blazer designed inside-out.
Belgian designers such as Mar-
tin Margiela, the focus of MoMu’s
“Margiela: The Hermès Years” ex-
hibit opening next month, are
among fashion’s most noted de-
constructionists.
When it first appeared in the
late 1980s, deconstruction, said
Ms. Debo, was not welcome.
Comme des Garçons designer Rei
a sophisticated
approach, as Taylor
Tomasi Hill does
here, is one way to
keep deconstruction
from looking messy.
Kawakubo showed lingerie on the
outside of a garment that had no
functional use. “It had never been
seen,” she said. “It shocked people.
It shocked the press.”
That was then. This is now. De-
construction, when executed well,
is clever—a witty and knowing vi-
sual joke. It’s also beautiful, if just
a bit unconventionally so.
And while deconstruction
wasn’t limited to shirting for
spring, the reworked button-ups
from labels like Monse, Stella
McCartney and Alexander Wang
did offer an easy way to wear
the trend. “A deconstructed shirt
makes an outfit look as if
you’ve done something special—
and you’ve done nothing at all,”
said fashion executive Sarah
Rutson, a fan of decon pieces
from Monse and Japanese
brand Sacai. “You look relevant.
You stand out.”
The key to balancing a decon-
structed piece’s headier elements
is to pair it with something
immediately familiar. Ms. Rutson
recently wore a structured
Comme des Garçons blazer, with
slashed shoulders that revealed its
internal padding, with Levi’s and
brogues. “That’s how we’re going
to see women wearing [the
trend],” said Marina Larroude,
fashion director at Barneys New
York. “With cool shoes and jeans.”
Another route is to keep every-
thing very sophisticated, as Taylor
New York label Monse made its name
with reworked shirting, like this but-
ton-up-turned-bustier. Wear it with
jeans or a pencil skirt. Top, $990,
bergdorfgoodman.com
Tomasi Hill, creative and fashion
director of Dallas boutique Forty
Five Ten, has done in the photo-
graph above. The sleek dark-navy
palette and ladylike accessories go
beyond the call-of-duty in reining
in her off-kilter Christian Dior
jacket and the wink-wink pearl
strap of her Natasha Zinko corset
underneath.
Selling such unconventional
pieces, however, isn’t easy, as they
often lack hanger appeal. Ashley
Vermillion Webb, owner of bou-
tique Vermillion in Raleigh, N.C.,
gets the message across by hosting
in-store fashion shows and taking
advantage of the store’s various
social-media feeds. She recently
posted a picture on Instagram of a
model in a loose, striped Balen-
ciaga dress, with one long sleeve
and one short, worn breezily
with chunky-heeled sandals and
an embroidered clutch. Ms.
Vermillion Webb doesn’t feel
that deconstructed pieces are
challenging to wear. “It’s a fun
way to be fashionable but
comfortable,” she said.
British designer Simone Rocha,
whose spring collection included
girlish dresses Frankenstein’d to-
gether from various fabrics, as
well as one-sided trench coats, has
a similar approach. Her suggestion
is to wear decon pieces in as nor-
mal a fashion as possible. Even
with sneakers. “I’m practical,” in-
sisted Ms. Rocha.

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D4 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

China’s Wild West
On the Tibetan Plateau, a small lodge and touring
company is making the rugged region around Shangri-La
more accessible to less-than-rugged travelers

JOSH WAND (PRAYER WHEEL, VENDOR); BAIMA DUOJI (HOTEL); MAP BY JASON LEE
BY GEORGIA FREEDMAN

IN THE VILLAGE of Rongding,

in the northern reaches of
China’s Yunnan Province, is a
tiny temple draped in prayer
flags. Hundreds, if not thou-
sands, of pilgrims from across
the Tibetan regions of China
come here to begin a two-
week kora, or meditative trek,
around Kawagebo Mountain.
I had come to undertake
another kind of pilgrimage.
Like many sinophiles, I first
learned about the region
through the writings of
Joseph Rock, an Australian-
American explorer who trav-
eled there in the 1920s and
’30s and published stories in
National Geographic, regaling
readers with tales of bandits
and isolated monasteries. The
area has been modernized
since Rock’s time, but until
recently travel there was dif-
ficult, especially for visitors
who don’t speak Chinese.
So when Songtsam, a hotel
company owned by a Tibetan
businessman, built five small
lodges here in 2011, the area
suddenly become more acces-
sible. This past fall, I booked
a three-day tour along the
Songtsam “circuit”—a chauf-
feured trip linking the proper-
ties—and set out with my
husband and young daughter.
We started out in the
county capital, a city called
Shangri-La—at least since
2001, when officials adopted
the new name to promote
tourism. But those visitors
expecting to find an earthly
paradise may be disap-
pointed: Much of Shangri-La
is now a construction site.
Tibetans from all over China
are streaming in to try to
cash in on the area’s mythic
beauty and the increasing
number of tourists. The whole
place feels like a Tibetan ver-
sion of the Wild West.
The main tourist attraction
is Old Town Shangri-La. This
historic Tibetan quarter is
a warren of ornate wooden
buildings that now house gift
shops and restaurants. Songt-
sam’s first hotel was built
just outside of Shangri-La, in
2000, but we opted to spend
the night at a more modest
hotel in the Old Town and ex-
plore on foot. At a small tem-
ple in the center of town, we
came across a giant gilded
prayer wheel; some 68 feet
high, it requires at least half
a dozen people at a time to
move it. Below the temple,
a narrow alley led to the
Shangri-La Handicraft Devel-
opment Center, which sells
goods made by local women,
ranging from ginger-scented
soaps to thick, colorful rugs.
A few blocks away, we found
a coffee bar brewing surpris-
ingly good but pricey coffee
made from Yunnan beans.
The next morning, we
met our Songtsam driver, a
young Tibetan man named
Dan Zheng. We drove for two
hours along a wide, newly
paved road, following the
northern stretches of the
Monks in deep-red
robes were busy
putting in a new roof.
Yangtze River (called the Jin-
sha here) to Benzilan, a town
tucked into the valley. Benzi-
lan was once an important
stop along the Tea Horse
Road, a trading route named
for its main commodities: Ti-
betans traded horses, which
the Chinese army needed, for
tea and other goods from
Yunnan and Southeast Asia.
The Songtsam hotel is
WHEEL OF FORTUNE Clockwise from above: Zhuangjin Tong prayer wheel, in the tourist
boomtown of Shangri-La; a vendor in Shangri-La; Songtsam Meili lodge.
a couple minutes outside of
town, in the tiny village of
Bairen. A three-story stone
building, set in a small garden
of fruit trees, it’s designed in
the local Tibetan style, square
and sturdy with decorative
wooden lintels over the doors
and windows. The interior
is filled with local tapestries
and antique carpets. Within
a few minutes of checking in,
we were sipping tea in the
lobby while the staff tried to
figure out what size slippers
we wore. (Our dusty sneakers
were given their own shelf in
a cupboard by the front door.)
We spent the afternoon
exploring the village. There
were only a few homes, each
with a large vegetable garden
and a shed housing pigs and
chickens. Just up the road we
came upon two large prayer
wheels with wooden paddles
reaching down into a narrow
stream so that the water
turned them day and night.
The following morning we
drove north to Dongzhulin
Monastery, passing signs for
a vista called “The Great Bend
of the Jinsha River.” A high
wall built along the road ob-
structs the view of the bend—
if you want to see it, you
need to pay to walk on to the
platform. We decided to skip
it. When we arrived at the
monastery, monks in deep-
red robes were busy putting
in a new roof, laying down
wooden beams and covering
them with new copper. Inside,
the main hall had enough
cushions for 400 monks, but
we had the place all to our-
selves. The altar housed half a
dozen statues of holy figures
and intricately carved “butter
flowers,” scenes of animals,
trees and blossoms shaped
out of butter dyed in vivid
colors. (They last up to a few
days in the cold weather). Up-
stairs sat an enormous golden
statue of the Buddha that had
been hidden during the Cul-
tural Revolution before it
made its way there.
In the afternoon we ar-
rived at Gu Ji, a village 15
miles or so from the Tibetan
border. The hotel there, the
Songtsam Meili, sits on the
side of a mountain, granting
us a direct view of glacier-
capped Kawagebo—the tallest
peak of Meili Snow Mountain
and one of the holiest moun-
tains in Tibetan Buddhism—
from our sun-filled room.
The next day, an hour be-
fore dawn, we drove to the
Meili Snow Mountain viewing
spot to watch the sun rise
over its three peaks, with
Kawagebo at the center. We
arrived at 7 a.m., paid the
viewing fee and walked out
onto a platform to wait along-
side a few dozen Chinese
tourists. As the sky began to
lighten, the crowd around me
stared into the distance, hop-
ing for a break in the clouds.
But the fog only thickened.
The mountain stayed hidden
that morning.
 For details on traveling in
Yunnan, see WSJ.com/travel.

BOOKSHELF

ALL HAIL JOURNEYS BY RAIL

A mini-influx of illustrated coffee-table books celebrates the slower, saner mode of transportation, past and present

‘Orient Express: The Legend of Travel’ ‘The Journey: The Fine Art of Traveling by Train’ ‘Canadian Pacific: Creating a Brand, Building a Nation’
Assouline, $85 Gestalten, $55 Callisto Publishers, $900 for premium edition, $70 for standard edition

An ode to the world’s most famous train—and arguably litera-
ture’s most glamorous crime scene—this new glossy book chroni-
cles the Orient Express from its launch in 1883 onward. The au-
thor, design writer Sixtine Dubly, touts it as the locomotive of
Though travel by train is seldom the speediest option, ”The
Journey” makes a strong case for present-day rail travel over
planes and cars. ”If you are boarding a train, you can let go
and let the outside world float past,” said author Sven Eh-
At 20 pounds and $900, the new premium edition of “Canadian
Pacific,” a massive book that arrives in a wood-veneer case,
weighs nearly as much as the beaver depicted in the company’s
logo—and costs about as much as a trans-Canadian train ticket.
F. MARTIN RAMIN/THE WALL STREET JOURNAL

choice in the ’20s and ’30s for spies, kings and mystery maven
Agatha Christie, who penned 1934’s “Murder on the Orient Ex-
press” and rode it 60-plus times. They all rolled along in art deco
splendor for the 76-hour trip from Paris to Istanbul, and indeed,
the book’s most compelling photos are close-ups of interior de-
tails, such as the wooden marquetries of René Prou and the glass
panels of René Lalique. Though the original Orient Express ended
service in 1977, today the Venice Simplon-Orient-Express (unaffili-
ated with its namesake) offers a similarly cushy ride from Paris to
Istanbul, albeit just once a year. Standard service is London to
Venice. Presumably, kings—if not spies—are still welcome.
mann, the creative director of the Berlin-based publishing
house Gestalten. Divided into geographic sections—Europe,
Asia, Americas, Africa and Oceania—the book details 42 rail
trips, both long and short, and presents each with evocative
photos, maps and suggested routes. The trains run the
gamut from the ultra-luxurious, such as the Kyushu Seven
Stars, billed as “Japan’s answer to the Orient Express,” to
the highly scenic, like the Glacier Express, which slices up
and down the Swiss Alps, to the historic, including Colorado’s
Durango & Silverton Narrow Gauge Railroad, a restored loco-
motive that steams its way through the Rocky Mountains.
If the price tag and presentation seem remarkable, consider the
railway whose legacy it chronicles. “The history of Canada is in-
separable from the history of Canadian Pacific,” writes author
Marc H. Choko, explaining how the railway helped unify the new
nation by establishing a route from the Atlantic to the Pacific in
1885. Energetically illustrated with “true to original” reproductions
of travel posters, graphics and landscape photos, the ambitious
volume charts the company’s expansion as it grew to include
cruise lines, hotels and more. Today, Canadian Pacific operates
just one passenger train, the Royal Canadian Pacific, but only as
an exclusive charter in the Rockies. —Lane Florsheim
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | D5

ADVENTURE & TRAVEL

TRAVELER’S TALE NOVELIST EOWYN IVEY ON HUNTING FOR SEA FOSSILS IN THE TALKEETNA MOUNTAINS

Stranded in Alaska’s Hinterland With Mom

WE WOKE IN THE DARK to an icy
tapping on our tent, a sound that
persisted through the night. At
dawn, I unzipped the door and
looked out. Several inches of new
snow covered our tent, and more
ominously, a thick fog had settled
around us. The dramatic peaks and
rocky valleys of the Talkeetna
Mountains had vanished.
“Damn,” I said. No one would be
coming for us in this weather.
A few days before, a bush pilot
had flown me and my mother, the
poet Julie LeMay, into this remote
camp in a Cessna 185. The skies had
been blue and the tundra a kaleido-
scope of autumn colors as we set
up our tent. Maybe winter would
hold off just a while longer, we
thought. We were pushing the cal-
endar; September in Alaska’s high
country often brings snow. But we
felt a certain urgency ourselves.
For years my mom and I had
talked about making this trip, and
then she was diagnosed with stage
IV ovarian cancer. We considered
going after her surgery, between
her weekly chemotherapy treat-
ments, but the oncologists advised
against it. When white blood cells
are obliterated, a fever can be life-
threatening. Once all her initial
treatments were done, and she
was months into one of her many
temporary remissions, we seized
the day—we went to the moun-
tains to hunt for sea fossils.

The Talkeetna range, northeast
of Anchorage, is renowned for
its fossilized ferns, insects, mol-
lusks and petrified forests. In
1994, the skeleton of a duck-billed
dinosaur called a hadrosaur was
found in the area.
As a child, my mom hunted for
trilobites and bivalves in the creek
behind her home in Buffalo, N.Y.
It was her earliest taste of freedom
and adventure, and she passed the
craving on to me. When I was a
child, almost any hunting trip or
hiking excursion with my parents
included a stop to look for fossils or
interesting rocks. But I did not be-
come a paleontologist or geologist.
My search has always been less
about scientific discovery than pure
wonder. Seashells in the mountains!
Trees made of rock!
The first two days were sunny
and pleasant, and along the creek,
we found a scattering of fossilized
shells. State laws are murky,
but we followed the etiquette of
Alaskan rockhounds—if we had
discovered part of a dinosaur, we
would have left it to the experts.
Instead, we kept the small, com-
mon fossils we found.
We could have been the last
two people on earth—there was
not a single house or town or an-
other camp as far as the eye could
see in any direction. As we wan-
dered across the alpine tundra,
with its cotton-headed dryas,
dwarf willow, lichen and crow-
berry, we occasionally brushed
against an aromatic plant that
gave off a scent like sage and eu-
calyptus. Later my mom identified
it as type of Artemisia, known for
its healing properties. We spotted
several Dall sheep not far from
camp, and watched a small herd
of five caribou meander through
the valley far below us. Arctic
ground squirrels chirped at us
from nearby outcroppings.
On the third morning we woke to
the cold, white silence of winter. We
decided to move camp to the land-
ing strip—if the weather cleared,
the pilot could still pick us up that
day as planned. We packed our gear
into waterproof sacks and shook the
snow from the tent. We wrapped
our fossils in canvas bags.
Once we relocated our camp, we
huddled in the tent, thankful for
the Mr. Buddy propane heater my
husband had insisted we bring.
The small, square heater radiated
a warm glow, and my mom and
I joked that we were falling in love
with Mr. Buddy.
The pilot had given us a plan in
case an unexpected, deep snowfall
kept him from landing on the
mountain: We could hike down to
another landing strip in the valley
where, at lower elevation, it
wouldn’t snow as much and he
could pick us up. But it was the
dense fog, not the few inches of
snow, that made flying into either
landing strip treacherous.
The first two days were
sunny and pleasant
and, along the creek,
we found a scattering
of fossilized shells.
For now, we would stay put. We
had enough freeze-dried food for
another week. We would ration the
propane and hope the storm lifted
rather than worsened.
Curled up in our sleeping bags,
we read aloud to each other:
“…and I faced the threat without
feeling anything like despair; but
we were hungry and wet, and the
wind from the mountains was still
thick with snow and bitterly cold,”
my mom read from a collection of
John Muir’s writing.
I had a paperback copy of
“Tales of the Greek Heroes,” with
a cartoon of Medusa’s disembodied
head on the cover. “At the com-
mand of Zeus a chasm then
opened in the earth, so deep and
mysterious that no bird ever dared
fly over it, and through this Diony-
sus passed up to Olympus, leading
his mother by the hand ….” I read.
Eventually, our voices tired,
we fell silent. My mom began
a poem about fossils, snow and Ar-
temisia (it’s now part of her newest
poetry collection, “The Echo of Ice
Letting Go,” which comes out in
February). I daydreamed about the
fog ghosts that would haunt my
newest novel. In an indigenous
story, Alaska’s mountains are de-
scribed as a gateway to an after-
world, where the dead go to hunt
prehistoric creatures.
Outside the tent, the fog
thickened.
Why, with my mother plagued
by a terminal illness, had we come
here? Why go to the mountains,
with no hot baths or downy beds
or hospitals but only windswept
tundra? Because it’s exhilarating
to stand on top of a mountain and
look across the snowy peaks. The
PING ZHU
air is bracing. The landscape feels
scrubbed clean. The ordinary is
made precious—dry sleeping bags,
a cup of hot tea, the smell of
wild herbs.
Left behind is the passive weari-
ness, the oppression of illness,
doctor appointments and daily
chores. Here, we are insignificant,
yet entirely and beautifully alive.
The next afternoon, the sun
emerged, the snow began to
melt, and the fog dissipated. We
heard the buzz of the engines
before we saw the airplanes. The
pilot and his son-in-law arrived
like superheroes, grinning in the
sun, pleased to see us both smil-
ing as well. We had found every-
thing we came for—poems, day-
dreams, unexpected adventure.
And sea fossils.
The next year in the Talkeetna
Mountains, an Anchorage collector
uncovered the 70-million-year-old
fossilized bones of an elasmosaur,
a marine reptile that evokes the
Loch Ness Monster.
Ms. Ivey is the author, most re-
cently, of the novel “To the Bright
Edge of the World” (Little, Brown)
and the Pulitzer Prize-finalist “The
Snow Child” (Little, Brown).

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D6 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

FRESH PICKS

Paris Batch
Seven winning looks from 2017’s trend-spotting
French design show, Maison & Objet
THE FRENCH CAPITAL’S fixation on fash-
ion was an unspoken theme at this year’s
Maison & Objet design trade fair, which
was slotted into the city’s calendar be-
tween the menswear and couture shows.
Buyers and the press alighted on hot new
names (ceramist Ismaël Carré) and bank-
able trends (metallic fabrics, cosmos-in-
spired lighting). But some of the most in-
triguing new offerings flitted successfully
between style and honest-to-goodness
usefulness: a cushy child’s seat modeled
on a dump truck by French stalwart Ligne
Roset; fetish-worthy stationery from To-
kyo-based Ito Bindery; soft vinyl mats
mimicking cement tile patterns from Beija
Flor of Israel. The message: Being fashion-
able isn’t enough anymore. Here are the
best-in-show examples of style and practi-
cality. —Sarah Medford
BACK TO THE FUTURE When it was designed in 1925, this oak stor-
age unit with slim metal legs by Le Corbusier, Pierre Jeanneret and
Charlotte Perriand looked futuristic; today, newly reissued by Cassina in
two sizes and a range of finishes, the cult classic could fit in nearly any
room in any house. LC Casiers Standard, $7,800 as shown, about 86
inches long by 15 inches deep by 55 inches tall, cassina.com

SPIN CITY Inspired by global dining

adventures, specifically “the abun-
LIGHT IN OH, DOMINO
dance and discovery of Chinese
THE FOREST Suggestive of
cuisine,” architect Jean Nou-
The glow from languorous fire-
vel (author of Manhattan’s
this standing side (or, in a few
sky-piercing 53W53), con-
lamp—a cloche of months, beach-
cocted a table with a lazy-su-
Saint-Louis cut side) afternoons,
san-style center in two-tone
crystal atop a sap- this luxed-up
synthetic lacquer—scratch-resistant
ling-thin ash base— version of a clas-
and winning in oceanic blue/green or 37
mimics the effect sic tabletop game is rendered in burl wood, brass,
custom colors. Li-Da Dining Table, $8,850
of dappled sun in suede, cream-colored resin and embossed sharkskin.
for 59 inches in diameter, $9,125 for 71
a tree-shaded land- Shagreen Domino Set, $1,100, aerin.com
inches, preorder at roche-bobois.com
scape. Designer
Noé Duchaufour-
Lawrance’s collec-
tion for Saint-
Louis, called Folia,
evokes the lush for- SQUARING THE CIRCLE WILLFULLY
est in which the A morning espresso would be VAGUE
French crystal man- just about the right size to top The trippy, out-
ufacturer launched this sculptural table in egg-yolk of-focus camera
in 1586. The lan- yellow ceramic by effect known as
tern bathes its Sebastian bokeh animates the
surroundings in Herkner, which design of this sepia-
leaf-patterned captures the hal- toned carpet, hand-
light—a sort of cyon vibes of a crafted in silk (or your
disco ball for na- Brancusi and the choice of fibers, including
ture lovers. Lampa- sunny disposition of ABOVE THE FOLD Martha Sturdy’s wool, cashmere and mo-
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about 56 inches Sebastian Herkner Asian landscape painting and, at 10 feet per-inch. Tai Ping Bokeh II
tall, $6,400, preor- Mila High Table by tall by 8 feet wide fully extended, as pow- Carpet, $105 to $315 a square
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FLOWER SCHOOL

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Floral designer Lindsey Taylor tries her hand at translating a
IN
Sheila Hicks textile work into a tightly woven bouquet

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Sheila Hicks, a Nebraska-born art-
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Though she studied painting at
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ber, weaving her impressions of
the world into vibrant fabric feats
with a powerful, sensual presence.
I recently caught her show “Sheila
Hicks: Material Voices,” which
ends Feb. 5, at Toronto’s Textile
Museum of Canada.
When it came to choosing a
jumping-off point for an arrange-
ment in cold, gloomy February, I THE INSPIRATION
gravitated toward her “Emerging
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might cozy things up a bit. I found russet chrysanthemums, yellow A branch of cotton,
using flowers to translate a textile roses tipped with fleshy pink, a amid tulips, mums

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market, I stumbled on a branch of Hicks’s ‘Emerging
cotton, the ideal echo for the
white seashell cradled in this
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quet not only buoyed my spirits from $10,
but made me eager to try my hand jamaligarden.com
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | D7

EATING & DRINKING

MESSAGE IN A BOTTLE NOVELIST AND MUSICIAN JOHN DARNIELLE ON PLANTATION O.F.T.D. OVERPROOF RUM

The Cocktail-Custard Pie Continuum

LET’S BE CLEAR: The framing ternet for substitutes, eventually
conceit of this series is “The Wall settling on a combination of tapi-
Street Journal sends a bottle of oca and corn starches. And while
spirits to a writer who is tasked I suspect that if it’d been small-
with getting to the bottom of it.” pearl tapioca instead of tapioca
That didn’t happen here. The bot- starch, my pie would have won
tle that turned up in its very fes- several awards in contests it
tively accessorized box—doodads, hadn’t even been entered in,
plastic monkeys, crunchy-paper there were no pearls to hand, and
packing material and stories the custard did not cust.
about secret meetings in France I was left with a pie shell filled
where plots to bring back the with a dark yellowish unfinished-
strong rums of old were pudding-thick sauce. This may
hatched—was full of Plantation not sound very appetizing to you,
O.F.T.D. Overproof Rum. That’s but the aroma was positively in-
69% overproof, which means it’s toxicating, the stuff of dreams. It
138 proof, which means that the owed this almost entirely to the
John Darnielle who would have rum, which had been heated in a
finished this bottle in plenty of double-boiler with sugar until the
time to write about what he kitchen took on the character of a
found down there at the bottom mythical pirates’ brig where the
has been in hiding and presumed pirates were all secretly swell
dead for a number of years. In his people who’d never hurt a living
place is a fellow who still occa- soul, just sitting around singing
sionally overdoes it but has mid-tempo dirges all day. I refrig-
gained equal measures of fear erated the non-pie overnight, and
and respect for anything whose in the morning I spooned a bunch
outer label announces, explicitly, of it over some vanilla ice cream.
that it will leave marks on your I suspected it would be good.
soft inner parts. It looked good, it smelled good.
Still, as I extracted the bottle But I wasn’t really ready for
from its package, that younger what followed, because it was

F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOTTLE), LETTERING BY ANGELA SOUTHERN

self—with whom I am, in Joan
Didion’s phrase, “on nodding
terms,” but just barely—bobbed
up to the surface briefly, like a
corpse thrown overboard years
ago but with a little life left in it
still. “You could make a real mess
with this,” he said. “Think about
how much destruction you could
wreak in one night. You wouldn’t
even have to think about it. You
could just...let yourself go.”
I gave him the condescending
nod you give friends who aren’t
ever going to know any better—
maybe they don’t deserve that
nod at first, but after some years
you’re justified—and then my
grown-up self did what comes
naturally to him: I got out my
recipe books.
In “The Standard Bartender’s
Guide” (Patrick Gavin Duffy,
Perma Books, 1940; revised and
enlarged by James Beard, 1956), I
found no food recipes, but I did
pause at the Rum Zoom: 1 tea-
spoon honey in an equal amount
of boiling water, shake with 1 tea-
spoon cream and 2 jiggers rum,
add ice, re-shake, strain into
glass. Say, that sounds delicious.
It was nine in the morning when I
observed that the Overproof Rum
Zoom, which would pack the
punch of approximately four
beers, sounded good. My children
had just left for school.
The John Darnielle who never
got his act together would have
had a pretty wild tale to tell from
this point out: that first Rum
Zoom, and then the second, the
sweetness of the honey and the
depth of the cream, honestly such
a winning combination, you never
really think about the taste of rum
but the strong dark stuff like this,
there’s much to recommend it.
And then, after a third one, the
party planning would have en-
sued, why shouldn’t the kids also
have a little fun, we’ll have a
whole tropical scene ready for
them when they get home, make
some kind of virgin punch and cue
up that one album by the guy with
the loops and the Hawaiian guitar,
what’s he call the project? Mon-
ster Rally, right, just perfect, play
the Monster Rally album, it’ll be a
whole thing. And then, the after-
math: the noon crash; the head-
ache; the kids do come home from
school and they need a snack, and
to be entertained, but I feel like a
truck ran over me on its way back
to the garage from the Monster
Rally, which turned out badly.
The real John Darnielle turned
to Dolores Casella, whose “A
World of Baking” is an all-time
classic, and looked up “rum” in
the index. There, he saw a recipe
for Rum Chiffon Pie I, in response
to which he said “Oh hell yes”
loud enough for the neighbors to
hear. Rum as a flavor in baking is
underutilized lately. Bourbon gets
a lot of play, and so does ama-
retto. But rum, a drink seldom
served with tasting notes, is
wine’s only true peer in the
one of the most delicious things I
have ever tasted in my entire life.
This, again, was the rum. I am
not a guy who finds mischie-
vously reedy overtones of sage
and frangipani in wine. But I
tasted butterscotch, I tasted va-
nilla, I tasted orange-blossom wa-
ter and sweet sandalwood and
stewed cherries, and the only fla-
voring here, beyond sugar, was
half a cup of a rum that would
have knocked me over if I’d drunk
it. I shall be having more of this
pie for dinner.
Much of the foregoing is
technically true. Several details—
perhaps a few more than several—
may be more true than others.
Perhaps I didn’t exactly eat rum
chiffon pie with ice cream for
breakfast. Perhaps I will not
have more of it for dinner. But,
kitchen. It blends effortlessly with as the publicity materials accom-
sweet, rich desserts, and a little panying the bottle attest, some-
goes a long way. Add a tablespoon times the telling of a good story
to pretty much any standard cake takes precedence over a more
recipe and you’ve got yourself the mundane truth: that some guys
kind of grown-up dessert that’ll with a little capital recently
allow you to imagine yourself in a had an idea for some really strong
Fitzgerald novel, preferably closer and delicious top-shelf rum, say.
to the beginning than the end. Or that some guy in North
But Rum Chiffon Pie I is not Carolina, given a bottle to play
any standard cake recipe, or pie with, baked a pie with it, which,
recipe for that matter, and this is while only a pie according to
where our little rumrunner hit the loosest definition of the
rough waters. Fruit pies are easy; word, still tasted awfully, wonder-
custard pies are harder. If the fully good.
recipe calls for gelatin and you
don’t want to use any, which I Mr. Darnielle is the author of
didn’t, they’re harder still. So I “Universal Harvester,” published
combed through the rest of my this week by Farrar, Straus and
cookbooks, and I scoured the in- Giroux.

SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

Lentil Cakes With Mushroom Cream Sauce

“IT’S ONE of those wonderful recipes that’s
very flexible,” said chef Hugo Ortega of
these pan-fried lentil cakes, his third Slow
Food Fast contribution.
The recipe dates back to when Mr. Ortega
was the chef at Houston’s Backstreet Cafe, a
of caviar they resemble, these black lentils
bring meaty oomph to meatless dishes and
hold together well when puréed, formed into
cakes and fried.
With the addition of the creamy mush-
room sauce offered here, the cakes make an
JAMES RANSOM FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY NIDIA CUEVA

restaurant he now owns with his wife, Tracy indulgent midwinter meal. But they’re deli-
Vaught. “We were trying to come up with cious without sauce, too, warm or at room
vegetarian recipes,” he said. “I started to temperature, with a salad, fish or meat. Fry
think about beluga lentils because they have a batch to anchor any plate that needs a lit-
The Chef the most flavor.” Named for the tiny pearls tle crunch and charisma. —Kitty Greenwald
Hugo Ortega
TOTAL TIME: 35 minutes SERVES: 4
His Restaurants
Backstreet Cafe, 2 cups cooked black ¼ cup grated Parmesan ½ poblano chili, thinly sliced
Hugo’s, Caracol, beluga lentils cheese 8 ounces button mushrooms,
Hugo’s Cocina and ½ cup olive oil 1/
3 cup chopped cilantro quartered
the forthcoming 1 medium white onion, Salt and freshly ground 1 cup heavy cream
Xochi, all in Hous- finely diced black pepper ¼ teaspoon dried oregano,
ton; Origen, in 1½ cloves garlic, minced 1 egg preferably Mexican
Oaxaca, Mexico ¼ cup shredded cotija ½ cup milk 2 radishes, sliced
cheese 1 cup panko or breadcrumbs 1 avocado, sliced
What He’s
Known For 1. In a food processor, pulse lentils to form a off, then dip in breadcrumbs to coat completely.
Nuanced, personal coarse purée. Heat 2 tablespoons oil in a large 4. Heat ¼ cup oil in cleaned skillet over medium-
takes on traditional skillet over medium-high heat. Once hot, sauté high heat. Working in batches, cook patties until
Mexican cooking half the onions until lightly browned, about 3 browned all over, 2 minutes per side.
minutes. Add garlic and cook until fragrant, 30 5. Heat remaining oil in a medium skillet over
seconds. Transfer puréed lentils and sautéed on- high heat. Add sliced chili and remaining onions.
ions plus drippings to a large bowl along with Sauté until slightly browned, 2 minutes. Season
both cheeses. Stir in cilantro and season with with salt and pepper. Add mushrooms and cook
salt and pepper. Wipe skillet clean. until browned and tender, 5 minutes. Add cream
2. In a bowl, beat egg and milk together until to pan and bring to a simmer. Cook until cream
combined. Place panko in a separate bowl. thickens and coats mushrooms, 3 minutes. Sea-
3. Use your hands to shape lentil mixture into son with oregano and salt.
patties 2½ inches across and ¾-inch thick. Dip 6. Spoon mushroom sauce onto plates and top PULSE POINTS Two cheeses, cilantro and sautéed onions lend their flavors
patties in egg mixture to coat, letting excess run with patties. Serve with avocados and radishes. to the very tasty black lentils in these patties.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D8 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

Continued from page D1
amazement as I wielded chopsticks
and spoon with determination. The
fragrant broth, savory beef and
springy rice noodles captivated me
as I emptied the bowl, comforted
and enriched.
Not long after that, in 1975, we
immigrated to the States. Since
there were no neighborhood pho
shops in San Clemente, Calif., where
we settled, the pho forays that fol-
lowed were at home, often after
Sunday mass, when our family as-
sembled to slurp up my mother’s
beef or chicken pho. Like my father
taught me, I plowed through my pho
while it was steaming hot, at its de-
lectable peak. Later I sought out
restaurant versions in Chinatowns
up and down the West Coast, and
from my mother I learned to make
pho that rivaled the best of them.
Beyond that, I didn’t consider
pho much until friends, and then my
publisher, urged me to write a pho
cookbook. I was skeptical about it
being worthy of a whole book but
soon realized that my lifelong food
love was an extraordinary culinary
and cultural gem.
I learned that pho was born in
and around Hanoi in the early 1900s
when French colonials ordered the
slaughtering of cows (traditionally
draft animals in Vietnam), and the
leftover bones and tough cuts were
deftly turned into soup by resource-
ful street vendors. The original pho
was simple: thinly sliced beef in
broth with rice noodles. At first it
was enjoyed by laborers working on
the Red River, but its popularity
quickly spread throughout the capi-
tal and to all walks of life.
PHO-NOMENAL RECIPES
Given pho’s pronunciation,
“fuhh,” some have conjectured that
it’s related to feu—“fire” in French—
as in French pot-au-feu, the boiled
beef dinner. Somewhat homopho-
2 4
nous though they may be, the terms
are not in fact kin. Around 1930, a
Vietnamese dictionary traced the
name to the Viet pronunciation of
fen, the Chinese term for flat rice
noodle. And though China heavily
3
influenced the food culture of its
5 neighbor to the south, pho was a
1 wholly Vietnamese creation. During
the 20th century, pho was used in
poetry and prose to convey national
pride and identity. It was even de-
6 ployed for espionage, when a Saigon
pho shop served as a communist
7
hub for organizing part of the 1968
Tet Offensive.
Over the years, I’ve taught hun-
dreds of cooks of diverse back-
grounds to prepare pho, and I guar-
10 antee that if you can boil water, you
can master this dish. Since we just
entered the Year of the Rooster,
8 start by tackling the quick chicken
pho recipe below, which employs
standard supermarket ingredients to
yield two satisfying servings in
about 40 minutes. For a snack on
9 Super Bowl Sunday or any occasion
11 that calls for pleasing a crowd, try
the pot stickers—all the meaty fla-
vor and aromatic herbs we associate
with pho, folded into ready-made
dumpling wrappers. Or go for the
ultimate Viet mash-up, my beef pho
banh mi, a take on the French Dip
Garnishes Galore sandwich that comes with a side of
One of the great joys of pho is the spread of aromatic herbs, chilies and sprouts that comes along with the dish, allowing beefy broth for dunking.
diners to garnish to their heart’s content. The mix of flavors is a big part of what defines pho—whatever form it takes. Have we reached peak pho?
1. Bean Spouts 2. Spicy Mint 3. Rice Paddy Herb 4. Culantro 5. Lime 6. Fresno Chili Hardly. I still love to slurp up a clas-
7. Jalapeño 8. Spearmint 9. Thai Chili 10. Serrano Chili 11. Thai Basil sic, soupy bowl. But why stop there?

Quick Chicken Pho

This pho is ready in under 45 minutes, during which you’ll doctor a store-
bought broth. Swanson brand is less fussed up than other broths and easy to
manipulate. Stocked at many supermarkets, Annie Chun pad Thai rice noodles
and Megachef fish sauce also work well here. The optional and delicious gin-
ger sauce is for dipping the chicken into between spoonfuls of soup.
TOTAL TIME: 40 minutes SERVES: 2

For the pho: sea salt lime juice

1 (3/4-inch) piece 5 ounces dried, 1 tablespoon sugar
ginger, peeled narrow flat rice 11/2 tablespoons fish
2 large scallions noodles sauce
1 small bunch cilantro 3 teaspoons fish 1 teaspoon seeded
1½ teaspoons sauce and finely chopped
coriander seeds ½ teaspoon sugar jalapeño
1 whole clove Freshly ground black To garnish:
4 cups low-sodium pepper (optional) Bean sprouts
chicken broth For the ginger dipping Mint
2 cups water sauce (optional): Thai basil
1 (8-ounce) boneless, 1 packed tablespoon Lime wedges
skinless chicken peeled and finely Sliced chili, such as
breast or thigh chopped ginger Fresno, Thai,
½ teaspoon fine 3 tablespoons fresh serrano or jalapeño

1. Slice ginger into 4-5 rounds. 4. While liquid simmers, soak noo-
Smack ginger with a mallet or flat dles in a bowl of hot water until pli-
side of a knife to bruise. Thinly slice able and opaque, about 15 minutes.
green parts of scallions to yield 3 ta- Drain, rinse and set aside.
blespoons and set aside for garnish. 5. Make ginger sauce (optional):
Cut remaining parts of scallions into Combine all ingredients in a bowl.
pinkie-size lengths, then smack to Rest 15 minutes before serving.
bruise. Chop leafy tops of cilantro to 6. Once broth is done simmering,
yield 2 tablespoons, and set aside place a fine-mesh sieve over a 2-
for garnish. quart pot. Strain broth and discard
Pho Pot Stickers 2. In a 3- to 4-quart pot over solids. (You should have about 4
The filling for these dumplings includes elements of pho—aromatics and a pho spice blend, as well as a little broth and medium heat, toast coriander cups broth.) Season with fish
fish sauce. These freeze well, so make some in advance and trot them out for company as an impressive snack. seeds and cloves until fra- sauce and sugar.
TOTAL TIME: 11/2 hours MAKES: 24 dumplings to serve 4-6 grant, 1-2 minutes. Add ginger 7. Bring broth to a boil over
and scallion strips to pot. Stir high heat. Put noodles in a
For the pho spice blend: 1 Fresno or jalapeño chili, ¼ cup low-sodium sticker” or “gyoza until aromatic, about 30 sec- strainer or sieve and dunk into
1 star anise pod, broken seeded and finely chicken broth or water skins”) onds. Remove pot from heat, hot broth to warm and
into 8 points chopped 3½ tablespoons canola or All-purpose flour, for wait 15 seconds or so to briefly soften, about 1 minute. Re-
1 whole clove ¼ cup finely chopped other neutral oil, plus work surface cool, then pour in broth. move noodles from pot and di-
¼ teaspoon fennel seeds fresh Thai basil, cilantro more as needed For the dipping sauce: 3. Return pot to heat and add water, vide between 2 bowls.
½ teaspoon coriander or mint 8 ounces ground meat, 2 tablespoons soy sauce remaining cilantro, chicken and salt. 8. Divide chicken and place on top
seeds 1/
3 cup finely chopped such as beef chuck, 1½ tablespoons Bring to a boil over high heat, then of noodles. Garnish with chopped
5 black peppercorns scallions, white and dark-meat chicken or unseasoned Japanese lower heat to medium-low and scallions, cilantro and pepper. Ad-
8 teaspoon ground green parts lamb rice vinegar gently simmer until chicken is just broth seasoning to taste. Re-
1/

cinnamon 1/
8 teaspoon freshly ground 1¼ teaspoons cornstarch, 3 tablespoons water cooked through, yielding only slightly turn broth to a boil, then ladle into
For the dumplings: black pepper as needed 5 thin slices seeded when pressed, 5-10 minutes. Trans- bowls. Enjoy with any or all of the
2 teaspoons peeled and ¼ teaspoon fine sea salt 24 round dumpling jalapeño chili fer chicken to a bowl, flush with cold following garnishes: bean sprouts,
minced ginger 1 tablespoon fish sauce wrappers (labeled “pot (optional) water to stop cooking, then drain. mint, Thai basil, lime wedges and
Let cool, then cut or shred into bite- sliced chili. Serve with individual
1. Make pho spice water and chilies, if using. Set aside. as you arrange them on baking size pieces. Cover loosely with plastic bowls of ginger sauce for dipping
blend: In a small 4. Make pot stickers: Line a baking sheet. wrap. Meanwhile, continue simmer- chicken, if desired.
skillet over me- sheet with parchment paper and 5. Heat remaining oil in a lidded, ing broth until reduced by about –Adapted from “The Pho Cookbook”
dium heat, toast lightly dust with flour. Working with large nonstick skillet over medium- one-third, 20-25 minutes. by Andrea Nguyen (Ten Speed Press)
star anise, 6 at a time, place wrappers on work high heat. Add dumplings in a circular
clove, fennel surface, then brush edges of wrap- pattern, allowing them to touch. Fry
seeds, coriander pers with water. To assemble each until golden or light brown, 1-2 min-
seeds and pepper- pot sticker, hold a wrapper in a utes. Use a measuring cup to add ¼-
JOHN LEE (3); F. MARTIN RAMIN/THE WALL STREET JOURNAL (GINGER, CILANTRO)

corns until fragrant and
slightly darkened, about 3
minutes. Set aside and let cool. Once
cool, finely grind spices in a spice
grinder or mortar and pestle. Add cin-
namon and pulse 3 times to combine.
2. Make filling: In a bowl, stir to-
gether ginger, chilies, basil, scallions,
pepper, salt, 1 teaspoon pho spice
blend, fish sauce, broth and 1½ table-
spoons oil. Taste and adjust season-
ing as needed. Add ground meat to
bowl. Use a fork to vigorously stir un-
til liquid is incorporated. If meat mix-
ture feels too soft to handle, stir in
cornstarch. Cover and set aside 20
minutes or refrigerate up to 2 days
before using.
3. Meanwhile, make sauce: In a bowl,
stir to combine soy sauce, vinegar,
slightly cupped hand. Use a knife to
place 2-3 teaspoons filling on wrap-
per, slightly off-center, toward
upper half of wrapper.
(Amount of filling used
depends on wrapper
size.) Shape filling into
a flat mound, leaving a
¾–inch border all
around. Fold bottom
half of wrapper up
over filling to create a
half-moon shape. Use
your thumb and fore-
finger to crimp edges,
sealing pot sticker. Place on pre-
pared baking sheet, and cover with a
dry kitchen towel. Repeat with re-
maining wrappers and filling, pre-
venting pot stickers from touching
inch water to pan, holding a lid close
to the skillet as a shield. Cover and
decrease heat to medium. Let
cook until water has mostly
evaporated, 4-6 minutes. After
about 3 minutes, slide lid ajar for
venting. Once most of water is
gone, continue to fry dump-
lings, uncovered, without flip-
ping, to crisp bottoms, 1-2
minutes. Turn off heat.
6. Once sizzling stops, use a
spatula to transfer dumplings to serv-
ing plate, crisp bottoms facing up. (If
the dumplings have stuck together in
a mass, invert onto serving plate.)
Serve with dipping sauce.
–Adapted from “The Pho Cookbook”
by Andrea Nguyen (Ten Speed
Press)  Find a recipe for beef pho banh mi at wsj.com/food.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 4 - 5, 2017 | D9

GEAR & GADGETS

Time for a Timely New TV?
Don’t wait for the tech to stop evolving before you replace a decrepit set. Super Bowl week is actually a great time to buy

BY GEOFFREY A. FOWLER

S
PLURGING ON A
big-screen TV used
to be a major life
decision, one that
required you to ask
some pretty tough questions,
like: Is owning this awesome
home theater worth dipping
into Junior’s college fund?
If you’ve been patiently wait-
ing on the sidelines, wary of
making a mistake or falling for
a set that will soon be obsolete,
it’s time to get into the game.
Aside from Black Friday, before
and after Super Bowl Sunday
are two of the best times to
snag a deal. With the uptick in
TVs sold before the big game,
retailers and manufacturers
offer discounts to sweeten the
deal. Expect low prices be-
tween now and May, when 2017
models start rolling out.
The technology has leveled
off, too. Among the TVs slated
to be released in 2017, not
one is so amazing that you’ll
regret buying a discounted
2016 model. Sure, in a few
months we’ll see TVs that are
impossibly thin (LG will release
a model that could pass for
rather exciting wallpaper), but
for the most part, the improve-
ments are incremental.

If you’ve been wary
of making a mistake or
falling for a set that
will soon be obsolete,
get in the game.
Deciding among all the op-
tions has gotten easier, too.
Features that just a few years
ago commanded hefty up-
charges—most notably 4K,
or ultra-high definition—now
come standard in better sets.
A newish feature called HDR,
short for high-dynamic range,
improves the picture quality
and is one perk worth splurg-
ing on. But unless you’re a
cinephile (see the OLED model
at right), you needn’t spend
more than $1,500 on a TV. If
you have more to spend, put
the money toward a soundbar
or audio system.
One last note: Deciding be-
tween a curved or flat-screen
TV is simple. If you’ll only be
watching all by yourself in your
man (or woman) cave, go for
the curved. If you’ll ever watch
with someone else (and let’s
hope so), opt for flat. A curved
screen may offer a more im-
mersive viewing experience,
but these sets only look good
when viewed straight on.
Here, four standout models
that are great values at differ-
ing price points.
KAGAN MCLEOD
TAKE A WALK ON THE WIDE SIDE // THE FOUR BEST-IN-CLASS TELEVISIONS
FOR MAKING YOUR FOR THE DORM ROOM
NEIGHBORS JEALOUS TCL Roku TV 3750
LG B6 OLED 4K HDR You won’t get a super slim
Smart TV TV for the rock-bottom
Only a handful of TVs out prices that TCL Roku TVs
there boast image quality sell for. But if you haven’t
that’s impressive enough to upgraded your set in the
stop you in your tracks. This is past few years, you’ll be
one. Unlike the other models shocked by how much you
shown here, it uses a pricey can get for your money
technology called OLED that these days. This TV has
excels at rendering the dark Roku software and apps built right in, making it ideal for cable-cutters who
parts of an image, resulting in a picture that appears more vivid and lifelike. want to get their latest programming without the expense (and clutter) of
OLED used to be insanely expensive, but prices have come down dramati- a separate box. And the price is something to celebrate: The 32-inch TCL
cally. This 65-inch TV (model OLED65B6P) made its debut at over $6,500 Roku TV 3780 (model 32S3750) costs just $170, making it ideal for a dorm
in May; now you can get it for $3,000. (The only time the price has been room. This is a purchase both parents and their offspring will be happy with.
lower was for Black Friday, when it was $2,800.) $3,000, lg.com From $170, tclusa.com/roku
FOR ERADICATING REMOTE- FOR A BALANCE OF PRICE
CONTROL CLUTTER AND PICTURE QUALITY
Samsung KS9000 65-inch 4K VIZIO E-Series 65”
LED Smart TV Class Full Array LED
The image on this thin-bezeled Samsung Smart TV
(model UN65KS9000 ) is astoundingly Despite the aggressively low
bright—which is helpful if you like to price of this 65-inch Vizio
watch TV during the day with all the cur- (models E65-E0, E65-E1 and
tains open. In addition to great image E65-C3), it still has amazing
quality (especially when viewing high dy- image quality. In fact, the set
namic-range, or HDR, content available uses a technology called lo-
through Amazon Video, Netflix and others), Samsung TVs also have the best user cal dimming to prevent light
interface. This set comes with a stellar remote control that automatically comman- from seeping into the dark portions of an image. Although local dimming isn’t
deers a cable box, Apple TV and pretty much anything else you’d ever want to as effective as OLED, it gives this TV a far better picture than anything else
connect to your TV. If the price is too steep, consider the $1,100 Samsung KU6300 in its price range, particularly for dark scenes, like the nighttime shots in the
(model UN65KU6300FXZA), a 65-incher that sacrifices a bit of picture quality but Harry Potter or Dark Knight movies. Still, there are a few caveats: Not all E-
includes the same universal remote control that will keep your family members series Vizio TVs have the same features—some models lack local dimming or
from complaining when they can’t find the right clicker. $2,000, samsung.com built-in tuners. And the user interface is clunky. $800, vizio.com

MY TECH ESSENTIALS
Goop’s G. Spotting app is a fun way to get to know
a city. You can put in what you want to do—shopping,
KELSEA BALLERINI food, sightseeing—and it will show you the off-the-
beaten-path, really cool stuff to do in the city. We always
use that to book hotels, especially in L.A. and New York.
The Grammy-nominated country-music star on the best I love staying at places that I’ve never heard of before.
guitar for petite players, making a tour bus feel like home
and becoming a slow-cooker gourmet

My management team has

access to my Twitter and
My band and I love games. One we play a lot is When I signed with my record label, Facebook accounts, but I’m
an app called Heads Up! You put your phone up they offered to buy me a guitar, so the only one who has my
to your head and have to guess the phrase [the I went down to Guitar Center in Instagram password, so it’s
app is displaying]. Say it’s “The Wizard of Oz.” Nashville and played a bunch of them. kind of like my baby. I use
Everyone will yell out “Toto, ruby slippers.” And As soon as I played the Larrivee an editing app called VSCO
the app takes a video of everyone yelling at you. OM-03R, I just fell in love with it. for my posts. You can
It’s super small. Some guitar bodies add filters or a color tint
are bigger than me and I can’t get and adjust the shadows.
F. MARTIN RAMIN/THE WALL STREET JOURNAL (CAMERA)

my arm all the way around them.

I bring a ton of I use the 8mm

photos with me on Vintage Camera
the road. I have an app on my phone I am a pretty terrible cook, but I’ve mas-
Fujifilm instax to make behind- My go-to gadget is the Keurig K250 tered the Crock-Pot. I’ll throw things in,
mini 8 instant the-scenes videos Coffee Maker. We have one on my put it on medium and come back eight
camera—which is for Instagram. It tour bus, and I got so used to having hours later and feel like a chef. I like cook-
like a Polaroid—so makes the video coffee in 50 seconds that I bought one ing steel-cut oatmeal with apples or dried
I can take a picture feel like a kind for my home. I try to have the same berries and a little agave and almond milk.
of my friends and stick it on the mirror of old-school things in both places so that it doesn’t It’s really good. —Edited from an interview
in my tour bus right away. cinematic clip. feel too different when I leave. by Chris Kornelis
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D10 | Saturday/Sunday, February 4 - 5, 2017 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

FROM TOP: DAN NEIL/THE WALL STREET JOURNAL, FORD

BROAD CITY
The Ford F-150 Raptor’s
lane-filling sprawl is
reminiscent of the old
military-style Hummer H1.

RUMBLE SEAT DAN NEIL

Ford F-150 Raptor: A Substantial Frivolity

WHILE IT’S MAJESTIC in every
direction, the 2017 Ford F-150
Raptor pickup is especially awing
in width, in its improbable dis-
tance from one shining headlamp
to the other. This, the second
coming of Ford’s delightfully frivo-
lous man-toy, or “high-perfor-
mance off-road truck,” starts life
with an already ample F-150 steel
frame, widened with a half-foot
gusset of structural steel down
the middle.
Truck nuts—you don’t mind if I
call you that?—will recognize the
Raptor’s widescreen aesthetic as
inspired by Baja trophy trucks,
which are not trucks at all but
specialized tube-frame racers,
driven by insane millionaires who
have lost all feeling in their but-
tocks. The added span between the
wheels has distinct mechanical ad-
vantages having to do with high-
speed off-roading and wheel artic-
ulation, which I’ll get to as soon as
the Raptor brings back the sun.
Oh man, somebody took their
girthy pills. The front fenders
bulge bigly over the BF Goodrich
all-terrain tires, which themselves
stand almost 3 feet tall. The
truck’s self-love is celebrated with
blueprint-like block lettering,
FORD, spanning the grille as if it
were written in Panavision (and at
night, bracketed by torrid amber
light bars).
At 7.2 feet between the front
fenders, the Raptor has the broad-
est shoulders of any light-duty ve-
hicle on the market, as wide as the
original, military-style Hummer
H1, and you remember how be-
loved they were.
Also, tall, by way of the factory
lift kit. The roof height is 6.5 feet
and the driver seat’s comes to about
mid-thorax on me when I stand in
the door. Thusly jacked, the new
Raptor offers 11.5 inches of ground
clearance and 13.0/13.9 inches wheel
travel, front/rear. Full-size luxury
sedans look like Raptor droppings.
There’s big and there’s damn
big. The Raptor SuperCab (starting
at $49,520) is a mere 220 inches
long, over a 131.5-inch wheelbase.
Our tester was the SuperCrew ver-
sion ($51,845), with four full-size
doors and vast rear cabin, measur-
ing 231 inches nose to tail, over a
145-inch wheelbase. It’s Johnny
Long Torso.
Hoisting myself into the cab for
the first time, I was keen that I
not take off a side mirror or inad-
vertently crush a mailbox. To my
surprise, the Raptor drives nar-
rower than it is, thanks to its com-
manding seat height, vast windows
and the human-aquarium outward
views. The multi-mode electric-as-
Our Raptor was fairly
usable around town,
though I wouldn’t
want to deliver pizzas
in it.
sist steering system is nicely di-
aled in, too, well centered and di-
rect, so narrow lanes are
negotiated confidently.
In many of the best ways the
Raptor is just like any other F-150:
well-sorted, comfortable, quiet
(minus the dull roar of A/T tires),
and available with fine electronic
amenities (trailer-backup assist!)
and creature comforts. With the
help of the optional 360-degree
cameras, animated guidelines,
parking sensors, our Raptor was
even fairly usable around town,
though I wouldn’t want to deliver
pizzas in it.
Other motorists may need time
to adjust. At night the Raptor’s
lane-filling girth and elaborate ex-
terior lighting make it look like
the rescue squad. The truck’s high-
set LED headlamps always seem to
blaze into the rearview mirror of
the car ahead, causing insanity.
Ripped and ’roided, stacked to
the rafters, and armed to the teeth
with Baja-style race-tech (long-
travel coil suspension with dual-
strut Fox shocks, beadlock rims,
skid plates, and a bunch of auxiliary
cooling circuits), the Raptor practi-
cally seethes bad-ass. But like a
200-mph Lamborghini Aventador
sitting in traffic, the Raptor looks
more than a little ridiculous when
it’s out of its element, like a guy on
the elevator in full scuba gear.
The irony is that few Raptor
owners will dare exercise theirs
properly off-road. Because that
would be madness. It would only
take one weekend of pounding
trail to turn this glossy, high-tech
terrabot into an old truck with a
$1,200-a-month payment. Not only
that, the residuals of Raptors are
so strong they are practically in-
stant collectibles. I’d keep mine
under a mink blanket.
How about a little hardware?
Under that storm drain-looking
hood louver is Ford’s twin-turbo,
3.5-liter EcoBoost V6, reinforced
top and bottom, and boosted to
the stars for the occasion. The
high-pressure turbocharging raises
output to 450 hp (and 510 lb-ft of
torque), 85 hp higher than the
standard EcoBoost tune and even
39 hp more than the previous V8.
The 6.2-liter V8 is n’more. And
even though the V6 produces more
power and torque from roughly
half the displacement, it doesn’t
grumble and shout like a big V8
with dual pipes. I get people’s dis-
appointment. If you a considering
a truck as big as a railcar, atten-
tion is probably something you
crave.
Between the engine and heavy-
duty wheel hubs are a brilliant 10-
speed transmission and a state-of-
the-art transfer case, combining
clutch-based AWD operation (on-
road operation), and 4x4 High and
4x4 Low, with 50:1 crawl ratio and
mechanically locking center and
rear diffs, and limited-slip front
axle. Thanks to the terrain-sensing
software, the workings of these
systems are virtually automatic.
Good to know if you have a coro-
nary driving through Moab.
Peeking out from behind the
mighty tires is, for my money, the
Raptor’s secret ingredient: the
dual-strut Fox shocks with bypass
valving. These dual-stage shocks
are the only things keeping the
Raptor from wallowing in its own
elasticity, a three-ton Shake
Weight. The truck’s body control
2017 FORD F-150 RAPTOR SUPERCREW
Base price: $53,140
Price, as tested: $65,965
Powertrain: Twin turbocharged/inter-
cooled, direct- and port-injection 3.5-
liter V6, with stop/start; 10-speed au-
tomatic transmission with manual-
shift mode; two-speed transfer case,
with clutch-based AWD and mechani-
cally locked 4WD; rear-biased all-
wheel drive, with locking center and
rear differentials and optional limited
and ride refinement are quite
good, actually, apart from a brief,
pneumatic tremor when the big
tires brush off a pothole, or Honda
Civic.
Of course, trophy trucks live
Out West. Here in the pine boonies
of North Carolina, I found the Rap-
tor to be a bit of mixed bag. It can
climb, crawl and churn through
the deep suck, no problem, and
boil dust off a logging road at
three-digit speeds. About the only
thing it can’t do is follow a Jeep
CJ down narrow trails between
close-set pines. We have a lot of
them around here. So wide is not a
universal good.
Still, broadly speaking, the Rap-
tor is awesome.
slip front differential.
Power/torque: 450 hp at 5,000
rpm/510 lb-ft at 3,500 rpm
Length/weight: 231.5 inches/5,924
pounds
Wheelbase: 145.0 inches
0-60 mph: 5.1 seconds (Car and
Driver)
EPA fuel economy: 15/18/16 mpg,
city/highway/combined
Interior cabin volume: 136 cubic feet

HAVE YOU EVER surveyed the smartphone from up to 800 feet tive shackle sleeve will be sold

UNDER LOCK AND DIGITAL KEY pilferage on the San Francisco

Police Department’s Anti Bike
Theft Twitter feed? There, in jpeg
after jpeg, the police publicize a
A new app-connected bike lock promises to keep your ride secure— few of the 4,000-odd bikes that
but hits a few potholes on its maiden journey local cyclists lose to larceny every
year. It’s enough to make you
wonder if the city should start
The A solar posting photos of missing bikes
Ellipse can be panel keeps on the sides of soy-milk cartons.
unlocked remotely the lock charged The handmade electric-bike
with an Android while on the prototype that disappeared from
or iOS app. go. Jack Al-Kahwati’s garage four
years ago didn’t make the feed,
F. MARTIN RAMIN/THE WALL STREET JOURNAL
away. Poke a button in the app
and the lock opens and shuts.
Give your friends and co-workers
the digital key, and you’ve got a
small-scale bike-share program.
The list of ingenuities contin-
ues: The thrifty power source is a
shielded solar panel on the
crossbar, which can charge under
the dim bulb in your garage.
(Plan B: plugging a backup bat-
tery into the lock’s micro-USB
port.) If your phone dies mid-
ride? Use the concealed keypad
separately.)
So what happens if the app
connects to Ellipse, but the latch
won’t clinch properly, preventing
you from securing your bike to
the rack? Or what if, later on, the
latch refuses to release, threaten-
ing to leave you stranded 6 miles
from home? Can the lock detect
profanity, uttered in close prox-
imity and at high volume?
That’s what happened to us
during a recent road test. Mr. Al-
Kahwati reported that some early

but it did inform what the S.F.
engineer invented next: Ellipse, a
smart U-lock and app, slated for
release in March. If bike theft is a
There’s
crime of dumb force (the tools
also a hidden
for the job are a bolt cutter or an
keypad to unlock
angle grinder), Ellipse suggests
manually, should
the solution is a lock with a brain.
your phone
Or at least an impressive
die.
amount of hardened circuitry. El-
lipse syncs securely to the rider’s
to manually punch in a code.
Ellipse is brawny. The U-
shaped shackle clasps into the
crossbar sockets at both ends,
forcing reprobates to saw
through the lock twice; an accel-
erometer detects when the lock
has been aggressively jostled and
sends an alert. On the down side,
the raw steel is also tough on
your bike’s paint job. (A protec-
manufacturing runs of Ellipse al-
lowed the device to remain half-
closed—and fully inoperable. This
issue has been corrected with the
units that will be shipped next
month, he said.
The technology in the Ellipse
may be novel, but our experience
brought back analog memories:
It felt just like losing a key. $199,
lattis.io — Michael Tortorello